Document:

<PAGE>   1
                                                                    EXHIBIT 10.7

                        MASTER EQUIPMENT LEASE AGREEMENT
                   Agreement No. 2192 Dated: November 4, 1999

LESSOR:    LIGHTHOUSE CAPITAL PARTNERS III, L.P., a Delaware limited partnership
           ("Lessor"), 100 Drakes Landing Road, Suite 260, Greenbrae, California
            94904-3121

LESSEE:    CHEMCONNECT, INC., a Delaware corporation ("Lessee")

ADDRESS:   44 Montgomery Street, Suite 250, San Francisco, California 94104

         IN CONSIDERATION of the mutual covenants contained herein, the parties
agree as follows:

         1. LEASE. Lessor leases to Lessee and Lessee leases from Lessor the
personal property described in each Equipment Schedule executed pursuant hereto,
subject to the terms and conditions of this Master Equipment Lease Agreement
("Master Lease") and the applicable Lease Line Schedule (defined below). The
"Equipment" (as defined in the Lease Line Schedule) is being leased for
commercial or business purposes only, and not for personal, home, or family
purposes. The parties agree that each Lease is a "finance lease" under the
Uniform Commercial Code (as in effect in the State of California during the term
of the Lease and referred to hereafter as the "UCC").

         2. LEASE LINE SCHEDULE. "Lease Line Schedule" means a Lease Line
Schedule in the form of EXHIBIT A, signed by Lessor and Lessee and incorporating
by reference the terms and provisions of this Master Lease.

         3. EQUIPMENT SCHEDULES. "Equipment Schedule" means an Equipment
Schedule in the form of EXHIBIT B, signed by Lessor and Lessee and
incorporating, by reference, the terms and provisions of this Master Lease and
the applicable Lease Line Schedule. Each Equipment Schedule shall constitute a
separate and independent lease (a "Lease"); the original of such Lease shall
consist of the signed Equipment Schedule and a copy of the Master Lease and
applicable Lease Line Schedule. Capitalized terms used, but not defined, in this
Master Lease have the meanings given to such terms in the applicable Lease Line
Schedule or Equipment Schedule, as the case may be.

         4. TERM AND RENTALS.

                  (a) ACCEPTANCE. The Lease shall commence with respect to
Equipment described on the Equipment Schedule upon the Acceptance Date. The
"Acceptance Date" shall be the date upon which Lessee executes a Delivery and
Acceptance Certificate in the form of EXHIBIT C.

                  (b) TERM AND PAYMENT OF RENT. The lease term for the Equipment
shall be the "Lease Term" set forth in the Equipment Schedule which shall
commence on the "Commencement Date" (as defined in the Lease Line Schedule).
Lessee agrees to pay to Lessor the "Rental Payments" for the Lease Term, in the
amounts and at the times set forth in the Equipment Schedule.

                  (c) INTERIM PERIOD. If the Acceptance Date does not fall on
the Commencement Date, then Lessee agrees to pay to Lessor "Interim Rent" for
the period commencing on the Acceptance Date through and including the day
preceding the Commencement Date (the "Interim Period"). The Interim Rent payment
for the Interim Period shall accrue at the "Interim Rate" (as defined in the
Lease Line Schedule) and shall be due and payable in full on the Commencement
Date.

                  (d) LEASE TERMINATION. Lessee may terminate the Lease at the
expiration of the Lease Term or any renewal term (the "Lease Termination") by
submitting to Lessor a Notice of Election in the form of EXHIBIT D. If a Notice
of Election is not submitted by Lessee to Lessor during the "Advance Notice
Period" (as defined in the Lease Line Schedule), then the Lease Term or any
renewal Term will be automatically extended for an additional period equal to
the "Automatic Extension Period" (as defined in the Lease Line Schedule). The
Lease will continue

<PAGE>   2
to automatically extend until Lessee submits to Lessor a Notice of Election. The
Lease may only be terminated as expressly provided in this Section, in the
applicable Lease Line Schedule or in the applicable Equipment Schedule. Lessee
agrees to continue paying rent for the Equipment in the amount of the Rental
Payment set forth in the Equipment Schedule until the later of (i) the
expiration of the Lease Term, any renewal term and any Automatic Extension
Period and (ii) either (A) the purchase option price is paid pursuant to SECTION
6(a), or (B) a mutually agreed renewal of the Lease takes effect pursuant to
SECTION 6(b), or (C) the Equipment is returned in the manner and condition
prescribed in SECTION 6(c), in each case after delivery of a Notice of Election.

                  (e) NET LEASE. Each Equipment Schedule shall be a net lease,
and Lessee's obligation to pay all rent and other sums thereunder shall be
absolute and unconditional, and shall not be subject to any abatement,
reduction, set-off, defense, counterclaims, interruption, deferment or
recoupment, for any reason whatsoever.

         5. LATE FEE. Lessee shall pay a late charge on any rent payments or
other sums due hereunder which are past due, in the amount specified in the
Lease Line Schedule, payable on demand. In addition, interest shall accrue daily
at the "Default Rate" (as defined in the Lease Line Schedule), or if such rate
exceeds the maximum rate allowed by law, then at such maximum rate, and shall be
payable on demand.

         6. LEASE TERMINATION OPTIONS. Upon Lease Termination, Lessee will have
the option to purchase the Equipment, renew the term of the Lease, or return the
Equipment to Lessor, as set forth below. Lessee shall specify its election of a
Lease Termination Option in the Notice of Election.

                  (a) PURCHASE OPTION. If Lessee exercises the option to
purchase, then, provided no Event of Default has occurred and is then
continuing, Lessee shall at the expiration of the Lease Term, renewal term or
extension, as the case may be, purchase the Equipment. The purchase price shall
be the Equipment's then fair market value ("FMV"). FMV, as applied to a purchase
option, shall be determined by Lessor based on the price a willing buyer would
pay and a willing seller would accept (neither buyer nor seller being under
compulsion to act) for the Equipment as installed and in use, giving due
consideration to its condition, utility, revenue-producing capability, and
replacement costs. If Lessee fails to agree with Lessor's good faith
determination of the FMV, Lessee shall nevertheless pay Lessor's invoice and
provide Lessor with a written request for a determination of the FMV with or
prior to such payment. Within ten (10) days after such request Lessor and Lessee
shall agree on an appraiser to determine the FMV or, lacking such agreement,
shall each tender the name of an appraiser. The appraiser(s) shall, within
thirty (30) days, either agree on the FMV or select a third appraiser, to form a
committee to determine the FMV. Determination by the appraiser(s) shall be final
and binding on both parties. Within fifteen (15) days after such determination,
Lessor shall refund any excess received over the FMV, and/or Lessee shall pay
any additional amount of the FMV above the amount previously paid. Each party
shall bear the fees and expenses of any appraiser which it names and share
equally the fees and expenses of any appraiser(s) jointly selected. If the
appraised FMV is within 5% of the amount invoiced by Lessor, then Lessee shall
pay all appraiser fees and expenses. The purchase option price shall be paid not
later than the last day of the Lease Term.

                  (b) RENEWAL. If Lessee exercises the option to renew this
Lease, such renewal shall be upon the terms and conditions of this Master Lease
and the applicable Lease Line Schedule, for a rental period and rental amount to
be agreed upon by Lessee and Lessor.

                  (c) RETURN. If the Notice of Election specifies return of the
Equipment, Lessee at its own risk and expense (i) will immediately return the
Equipment to Lessor in the same condition as when delivered, ordinary wear and
tear excepted, at such location as Lessor shall designate provided, however,
that Lessee's expense shall be limited to the cost of returning the Equipment
(including expenses relating to the provision of insurance) to Lessor's address
as set forth herein; and (ii) will, on request from Lessor, use best efforts to
obtain from the Equipment supplier (or other maintenance service supplier
approved by Lessor) a certificate stating that the Equipment qualifies for
continued maintenance service at the standard rates and terms then in effect.

         7.  USE; MAINTENANCE.

                  (a) Lessee, at its expense, shall make all necessary site
preparations and cause the Equipment to be operated in accordance with any
applicable operating manuals and manufacturer's instructions. Notwithstanding
any transfer or assignment by Lessor and provided that no Event of Default
exists hereunder, Lessee shall have the

<PAGE>   3
right to quietly possess and use the Equipment as provided herein without
interference by Lessor, its assigns or any other third party claiming through or
under Lessor.

                  (b) Lessee shall effect and bear the expense of all necessary
repair, maintenance, operation and replacements required to be made to maintain
the Equipment in good condition, reasonable wear and tear excepted, and to
comply with all domestic and international laws to which the use and operation
of the Equipment may be or become subject, except to the extent that failure to
comply would not have an adverse effect on the Equipment or Lessor's rights
hereunder. All replacement Equipment and parts furnished in connection with such
maintenance or repair shall immediately become the property of Lessor and part
of the Equipment for all purposes hereof. All such maintenance, repair and
replacement services shall be immediately paid for and discharged by Lessee with
the result that no lien under any applicable laws will attach to the Equipment
as a result of the performance of such services or the provision of any such
material which is enforceable by the holder thereof, except for liens that are
being contested in good faith by proceedings that are being diligently pursued
and for which adequate reserves in accordance with generally accepted accounting
principles have been created.

         8. INSURANCE. Lessee shall obtain and maintain for the Lease Term (and
any renewal term or extension), at its own expense, (a) "all risk" insurance
against loss or damage to the Equipment, (b) commercial general liability
insurance (including contractual liability, products liability and completed
operations coverage) reasonably satisfactory to Lessor, and (c) such other
insurance against such other risks of loss and with such terms, as shall in each
case be reasonably satisfactory to or reasonably required by Lessor (as to
carriers, amounts and otherwise). The amount of the "all risk" insurance shall
be greater than or equal to the Stipulated Loss Value (as defined in SECTION 9
below) of all Equipment outstanding under the Lease Line Schedule, and must
otherwise be reasonably satisfactory to Lessor as of each anniversary date of
this Lease. Any increase in the amount of such insurance coverage, other than
"all risk", reasonably requested by Lessor shall be put into effect on the next
succeeding renewal date of such insurance.

         Each "all risk" policy shall: (i) name Lessor as sole loss payee with
respect to the Equipment, (ii) provide for each insurer's waiver of its right of
subrogation against Lessor and Lessee, and (iii) provide that such insurance
shall not be invalidated by any action of, or breach of warranty by, Lessee of a
provision of any of its insurance policies, and shall waive set-off,
counterclaim or offset against Lessor.

         Each liability policy shall name Lessor as an additional insured and
provide that such insurance shall have cross-liability and severability of
interest endorsements (which shall not increase the aggregate policy limits of
Lessee's insurance).

         All insurance policies shall provide that Lessee's insurance shall be
primary without a right of contribution of Lessor's insurance, if any, or any
obligation on the part of Lessor to pay premiums of Lessee, and shall contain a
clause requiring the insurer to give Lessor at least 30 days' prior written
notice of its cancellation (other than cancellation for non-payment for which 10
days' notice shall be sufficient). Lessee shall on or prior to the date of
Equipment Schedule No. 01 and prior to each policy renewal, furnish to Lessor
certificates of insurance or other evidence satisfactory to Lessor that such
insurance coverage is in effect. Lessee further agrees to give Lessor prompt
notice of any damage to, or loss of, the Equipment, or any part thereof.

         9. LOSS OR DAMAGE. If any items of Equipment shall become lost, stolen,
destroyed, or damaged beyond repair for any reason, or in the event of
condemnation, confiscation, seizure or requisition of title to or use of such
items (collectively, an "Event of Loss"), Lessee shall, subject to the second
paragraph of this SECTION 9, promptly pay to Lessor the applicable Stipulated
Loss Value of the Equipment subject to the Event of Loss. Upon payment by Lessee
of the Stipulated Loss Value, Lessor will transfer to Lessee, "AS IS, WHERE IS,
WITHOUT RECOURSE, REPRESENTATION OR WARRANTY," all of Lessor's right, title and
interest, if any, in such items of Equipment. The "Stipulated Loss Value"
payable by Lessee under this Lease shall be an amount equal to the product of
(a) Lessor's Cost of the affected Equipment and (b) the percentage set
forth in the table attached to the applicable Lease Line Schedule as ANNEX A
opposite the Rental Payment number next following the Event of Loss. Stipulated
Loss Values and Rental Payments shall not be prorated.

Notwithstanding any other provision hereof, Lessee shall have the right to
replace an item of Equipment that is the subject of an Event of Loss, with a
replacement item of Equipment (the "Replacement Equipment") reasonably

<PAGE>   4
acceptable to Lessor, rather than pay the applicable Stipulated Loss Value of
such Equipment, provided that all of the following conditions precedent are
satisfied (i) no Event of Default has occurred and is continuing, (ii) Lessee
conveys to Lessor good title to the Replacement Equipment free and clear of all
liens and encumbrances, (iii) Lessee executes and delivers bills of sale, lease
supplements and such other documents relating to the Replacement Equipment that
Lessor reasonably determines are necessary to transfer title to the Replacement
Equipment to Lessor and to give notice of or to perfect Lessor's rights, title
and interest therein, (iv) the Replacement Equipment is in as good condition and
has the same fair market value and residual value, utility, and remaining useful
life as the Equipment being replaced, and (v) Lessee indemnifies Lessor against
any adverse tax consequences relating to such replacement.

         10.  TITLE, INSPECTION AND LOCATION.

                  (a) TITLE. Lessor and Lessee confirm their intent that title
to the Equipment shall remain in Lessor (or its successors and assigns)
exclusively. If requested by Lessor, Lessee will affix plates or markings on the
Equipment and on any operating manuals and manufacturer's instructions
indicating the interests of Lessor and its assigns therein, and Lessee will not
allow any other indicia of ownership or other interest in the Equipment to be
placed on the Equipment. Lessee shall not sell, assign, grant a security
interest in, sublet, pledge, hypothecate or otherwise encumber or suffer a lien
upon or against this Lease or the Equipment.

                  (b) INSPECTION. Lessor (through any of its officers, employees
or agents) shall have the right to inspect the Equipment during regular business
hours, with reasonable notice, and in compliance with Lessee's reasonable
security procedures; provided, that such inspections will be conducted no more
often then once every six (6) months unless an Event of Default, or event which,
with notice or lapse of time or both, would become an Event of Default, has
occurred and is continuing.

                  (c) LOCATION. In the case of Equipment other than mobile
Equipment, Lessee may move such Equipment from the installation address shown on
the Equipment Schedule (or any other location for which Lessee has complied with
this provision) only if (i) the new location is within the continental United
States, and (ii) Lessee gives at least 30 days' prior written notice of the
relocation and provides UCC financing statements, landlord waivers or such other
documentation as Lessor reasonably requests to protect its interest in the
Equipment. In the case of mobile equipment (including, without limitation,
lap-top computers), Lessee agrees to obtain from the person using such mobile
Equipment and deliver to Lessor, an Acknowledgment in the form of EXHIBIT F.

                  (d) Lessee shall keep copies of all operating manuals and
manufacturer's instructions with respect to the Equipment in good condition at
the locations specified in SECTION 10(c).

         11. LESSEE'S REPRESENTATIONS, WARRANTIES AND WAIVERS. Upon execution of
the Master Lease and each Equipment Schedule, Lessee warrants and represents the
following:

                  (a) Lessee is a corporation duly organized, validly existing
and in good standing under the laws of its state of incorporation. Lessee has
full power and authority and all necessary licenses and permits to carry on its
business as presently conducted, to own or hold under lease its properties and
to enter into this Master Lease, the Lease Line Schedule and each Equipment
Schedule and to perform its obligations thereunder; and Lessee is duly qualified
to do business as a foreign corporation and is in good standing in each
jurisdiction in which the character of its properties or the nature of its
business or the performance of its obligations under this Master Lease, the
Lease Line Schedule and any Equipment Schedule requires such qualification,
except for such jurisdictions in which failure to qualify would not have a
material adverse effect on Lessee.

                  (b) The execution and delivery by Lessee of this Master Lease,
the Lease Line Schedule and each Equipment Schedule and the performance by
Lessee of its obligations thereunder have been duly authorized by all necessary
corporate action on the part of Lessee; and do not and will not contravene the
provisions of, or constitute a default (either with or without notice or lapse
of time, or both) under, or result in the creation of any lien upon, the
Equipment or any property of Lessee under any indenture, mortgage, contract or
other instrument to which Lessee is a party or by which Lessee or its properties
is bound.

<PAGE>   5
                  (c) No consent or approval of, giving of notice to,
registration with, or taking of any other action by, any state, federal, foreign
or other governmental commission, agency or regulatory authority or any other
person or entity is required for the consummation or performance by Lessee of
the transactions contemplated under this Master Lease, the Lease Line Schedule
and each Equipment Schedule.

                  (d) This Master Lease, the Lease Line Schedule and each
Equipment Schedule, when executed by Lessee, constitute legal, valid and binding
agreements of Lessee enforceable against Lessee in accordance with their terms,
except as limited by any bankruptcy, insolvency, reorganization, or other
similar laws of general application affecting the enforcement of creditor or
Lessor rights and general principles of equity.

                  (e) There are no actions, suits or proceedings pending or
threatened against or affecting Lessee or any property of Lessee in any court,
before any arbitrator of any kind or before or by any federal state, municipal
or other government department, commission, board, bureau, agency or
instrumentality (collectively "Governmental Body"), which, if adversely
determined, would materially adversely affect the business, financial condition,
assets, or operations of Lessee, or adversely affect the ability of Lessee to
perform its obligations under this Master Lease, the Lease Line Schedule and
each Equipment Schedule; and Lessee is not in default with respect to any order
of any court, arbitrator or Governmental Body or with respect to any material
loan agreement, debt instrument or contract with a supplier or customer of
Lessee, except as disclosed in writing to Lessor.

                  (f) To the extent permitted by applicable law, Lessee waives
any and all rights and remedies to: (i) cancel this Lease; (ii) repudiate this
Lease; (iii) reject the Equipment; (iv) revoke acceptance of the Equipment; (v)
recover damages from Lessor for any breaches of warranty or for any other
reason; (vi) claim a security interest in the Equipment in Lessee's possession
or control for any reason; (vii) deduct from Rental Payments all or any part of
any claimed damages resulting from Lessor's default, if any, under this Lease;
(viii) accept partial delivery of the Equipment; (ix) "cover" by making any
purchase or lease of or contract to purchase or lease equipment in substitution
for Equipment designated in the Lease; (x) recover any direct, general, special,
incidental, indirect, exemplary or consequential damages, for any reason
whatsoever; and (xi) obtain specific performance, replevin, detinue,
sequestration, claim and delivery or the like for any Equipment identified to
this Lease. To the extent permitted by applicable law, Lessee also waives any
rights now or hereafter conferred by statute or otherwise which may require
Lessor to sell, lease or otherwise use any Equipment in mitigation of Lessor's
damages or which may otherwise limit or modify any of Lessor's rights or
remedies.

         12. ASSIGNMENT BY LESSOR. LESSEE ACKNOWLEDGES THAT LESSOR MAY SELL,
ASSIGN, GRANT A SECURITY INTEREST IN, OR OTHERWISE TRANSFER ALL OR ANY PART OF
ITS RIGHTS, TITLE AND INTEREST IN THIS LEASE AND THE EQUIPMENT WITHOUT NOTICE TO
OR CONSENT OF LESSEE. Upon Lessor's written notice to Lessee that this Lease, or
the right to the Rental Payments hereunder, have been assigned, Lessee shall, if
requested, pay directly to Lessor's assignee without abatement, deduction or
set-off all amounts which become due hereunder. Lessee waives and agrees it will
not assert against Lessor's assignee any counterclaim or set-off in any action
for rent under this Lease. Upon the assignment of this Lease, Lessor's assignee
shall have and be entitled to exercise any and all rights and remedies (but none
of the obligations) of Lessor hereunder, and all references herein to Lessor
shall include Lessor's assignee. Lessee acknowledges that any assignment or
transfer by Lessor does not materially change Lessee's duties or obligations
under this Lease nor materially increase the burdens or risks imposed on Lessee.

         13. ASSIGNMENT BY LESSEE. LESSEE MAY NOT, WITHOUT LESSOR'S PRIOR
WRITTEN CONSENT, (i) ASSIGN THIS LEASE, WHETHER BY OPERATION OF LAW OR
OTHERWISE, OR SUBLEASE THE EQUIPMENT OR ANY PART THEREOF OR (ii) ASSIGN, GRANT A
SECURITY INTEREST IN, OR OTHERWISE TRANSFER ALL OR ANY PART OF ITS RIGHTS, TITLE
AND INTEREST IN AND TO THIS LEASE OR THE EQUIPMENT. In the event Lessee makes an
assignment, sublease or other transfer (to which Lessor has consented), Lessee
shall not thereby be relieved of its duties and obligations hereunder, for which
it shall remain fully responsible and liable (independent of its assignee).

Notwithstanding the foregoing, in the event of a merger, sale of substantially
all of the assets or other reorganization involving Lessee in which the
shareholders of Lessee immediately prior to such transaction own less than 50%
of the voting securities of the surviving entity or purchaser of assets (or its
parent) in such transaction, Lessor shall not

<PAGE>   6
withhold its consent to the assignment of this Lease to the successor entity if
each of the following conditions precedent is satisfied:

         (i) the successor entity as of the date of such assignment meets
Lessor's then current credit standards, as determined by Lessor in Lessor's sole
reasonable judgment;

         (ii) Lessee gives Lessor at least thirty (30) days prior written notice
of such merger, sale of assets or other reorganization;

         (iii) such merger, sale of assets or other reorganization does not
adversely affect the rights of Lessor;

         (iv) the corporation that results from such merger or other
reorganization or which purchases the assets in the case of a sale of assets
(the "Surviving Corporation") shall have executed and delivered to Lessor an
agreement in form and substance reasonably satisfactory to Lessor, containing an
assumption by Surviving Corporation of the due and punctual performance and
observance of each covenant and condition of Lessee in the Master Lease, Lease
Line Schedule and Equipment Schedules (the "Lease Documents") and making
representations and warranties with respect to the Surviving Corporation similar
in scope and substance to the representations and warranties made by Lessee in
the Lease Documents;

         (v) the Surviving Corporation executes any precautionary financing
statements or amendments thereto reasonably requested by Lessor; and

         (vi) immediately after giving effect of such merger, sale of assets or
other reorganization, no Event of Default or, event which with the lapse of time
or giving of notice or both, would result in an Event of Default shall have
occurred and be continuing.

         14. TAXES.

                  (a) Lessee shall comply with all applicable federal, state,
local, foreign and international laws, regulations and orders relating to this
Lease. Lessee assumes liability for, and shall pay when due, and on a net
after-tax basis shall indemnify and defend Lessor against, all federal, state,
local, foreign and international fees, taxes and government charges (including,
without limitation, interest and penalties) of any nature imposed upon or in any
way relating to Lessor, Lessee, any item of Equipment or this Lease, except
federal, state and local taxes on or measured by Lessor's net income (other than
any such tax which is in substitution for or relieves Lessee from the payment of
taxes it would otherwise be obligated to pay to or reimburse Lessor for as
herein provided). Lessee shall at its expense file when due with the appropriate
authorities any and all tax and similar returns and reports required to be filed
with respect thereto or, if requested by Lessor, notify Lessor of all such
requirements and furnish Lessor with all information required for Lessor to
effect such filings, which filings shall also be at Lessee's expense. Any fees,
taxes or other charges paid by Lessor upon failure of Lessee to make such
payments shall at Lessor's option become immediately due from Lessee to Lessor.

                  (b) This Lease has been entered into on the assumption that
Lessor shall be entitled to all deductions, credits, and other tax benefits as
are provided in the Internal Revenue Code of 1986, including amendments as may
occur (the "Code"), to an owner of property including, without limitation,
depreciation deductions and interest deductions with respect to any debts
incurred to finance the purchase of the Equipment. If, as a result of any acts,
omissions or misrepresentations by Lessee, Lessor's projected after-tax economic
return resulting from ownership and lease of the Equipment is reduced, then
Lessee's Rental Payments shall be increased in an amount (based on Lessor's
reasonable calculations) sufficient to provide the same net after-tax economic
return as if such acts or omissions or changes had not occurred. Appropriate
increases shall also be made in the applicable Stipulated Loss Values for this
Lease. In the event the Equipment is sold by Lessor to another party, the net
after-tax economic returns considered shall be those of such other party.

         15. EQUIPMENT WARRANTIES. Lessee acknowledges that (i) Lessee has
selected the supplier of the Equipment, (ii) Lessor acquired the goods or the
right to possession and use of the goods in connection with the Lease, and (iii)
Lessee received a copy of the contract by which Lessor acquired the Equipment or
the right to possession and use of the Equipment before signing the Lease.
LESSOR MAKES NO EXPRESS OR IMPLIED

<PAGE>   7
WARRANTIES INCLUDING THOSE OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR USE
WITH RESPECT TO THE EQUIPMENT AND DISCLAIMS THE SAME. Lessor shall have no
liability for any damages, whether direct, indirect, general, special,
incidental, exemplary or consequential, incurred by Lessee as a result of any
defect or malfunction of the Equipment. Lessee shall look solely to the
Equipment supplier for any and all claims related to the Equipment. Lessor
assigns to Lessee, for and during the Lease Term, any warranty on the Equipment
provided by the supplier. Lessor and Lessee agree that all limitations on
remedies and liability contained in this Lease represent a reasonable allocation
of risks that is part of the fundamental bargain between the parties.

         16. EVENTS OF DEFAULT. An Event of Default shall occur if Lessee (i)
fails to pay any Rental Payment or other payment required under the Lease when
due and such failure continues for a period of five (5) days after written
notice from Lessor; or (ii) fails to perform or observe any other covenant,
condition or agreement to be performed or observed by it or breaches any
provision contained in the Lease or in any other document furnished to Lessor in
connection herewith, and such failure or breach continues for a period of thirty
(30) days after written notice from Lessor; or (iii) without Lessor's consent,
attempts to assign this Lease or sell, transfer, encumber, part with possession,
or sublet any item of Equipment; or (iv) makes any representation or warranty
herein or in any document furnished by Lessee in connection herewith, which
shall have been materially false or inaccurate when made or at the time to which
such representation or warranty relates; or (v) shall commit an act of
bankruptcy or become insolvent or bankrupt or make an assignment for the benefit
of creditors or consent to the appointment of a Trustee or Receiver or either
shall be appointed for Lessee or for a substantial part of its property without
its consent, or bankruptcy reorganization, or insolvency proceedings shall be
instituted by or against Lessee, and, if instituted against Lessee, shall not be
vacated or dismissed within sixty (60) days. Any Event of Default shall be
deemed material and a substantial impairment of Lessor's interests for the
purposes of this Lease, the UCC, and any other applicable law.

         17. REMEDIES. Upon the occurrences of any Events of Default and at any
time thereafter, provided such Event of Default is then continuing, Lessor may,
in its discretion, do any one or more of the following:

                  (a) cancel any or all Leases which reference this Master Lease
or the Lease Line Schedule, upon notice to Lessee;

                  (b) recover any accrued and unpaid Rental Payments and other
amounts which are due and owing under the Leases so canceled on the Rental
Payment Date immediately preceding the date on which Lessor obtains possession
of the Equipment (or such earlier date as judgment is entered in favor of
Lessor) (the "Determination Date"), plus interest at the Default Rate;

                  (c) with or without canceling this Lease, recover such
Stipulated Loss Value as of the Rental Payment Date immediately preceding the
Determination Date;

                  (d) recover any amounts due under any indemnity then
determinable, plus interest at the Default Rate;

                  (e) require that Lessee provide the return and certification
of the Equipment in accordance with SECTION 6(c) hereof;

                  (f) enter the premises where such Equipment is located and
take immediate possession of and remove the same, all without liability to
Lessor or its agents for such entry;

                  (g) sell any or all of the Equipment at public or private
sale, with or without notice to Lessee or advertisement, or otherwise dispose
of, hold, use, operate, lease to others or keep idle such Equipment, all free
and clear of any rights of Lessee with the exception of providing Lessee, upon
written request, an accounting of the proceeds with respect thereto; and

                  (h) exercise any other right or remedy which may be available
to it under the UCC or other applicable law including the right to recover
damages for the breach hereof.

<PAGE>   8
         In addition, Lessee shall be liable for, and reimburse Lessor for, all
reasonable legal fees and all commercially reasonable costs and expenses
incurred by Lessor as a result of the foregoing defaults or the exercise of
Lessor's remedies, including without limitation recovering possession of the
Equipment, selling or leasing the Equipment (including broker's and sales
representative's fees and commissions), and placing any Equipment in the
condition and obtaining the certificate required by SECTION 6(c) hereof. No
remedy referred to in this Section is intended to be exclusive, but each shall
be cumulative and in addition to any other remedy referred to above or otherwise
available to Lessor at law or in equity. No express or implied waiver by Lessor
of any default shall constitute a waiver of any other default by Lessor, or a
waiver of any of Lessor's rights.

         18. INDEMNIFICATION. Lessee assumes liability for, and shall pay when
due, and shall indemnify, reimburse and hold each Indemnified Person (defined
below) harmless from and against all Claims (defined below), directly or
indirectly relating to or arising out of the acquisition, use, manufacture,
purchase, shipment, transportation, delivery, installation, lease or sublease,
ownership, operation, possession, control, storage, return or condition of any
item of Equipment (regardless of whether such item of Equipment is at the time
in the possession of Lessee), the falsity of any non-tax representation or
warranty of Lessee or Lessee's failure to comply with the terms of the Lease
during the Lease Term. The foregoing indemnity shall cover, without limitation,
(i) any Claim in connection with a design or other defect (latent or patent) in
any item of Equipment, (ii) any Claim for infringement of any patent, copyright,
trademark or other intellectual property right, or (iii) any Claim for
negligence or strict or absolute liability in tort; provided, however, that
Lessee shall not indemnify any Indemnified Person for any liability to the
extent it results from such Indemnified Person's gross negligence or willful
misconduct.

         "Claim" means all liabilities, losses, damages, actions, suits,
demands, claims of any kind and nature (including, without limitation, claims
relating to environmental discharge, cleanup or compliance), and all costs and
expenses whatsoever to the extent they may be incurred or suffered by an
Indemnified Person in connection therewith (including, without limitation,
reasonable attorneys' fees and expenses), fines, penalties (and other charges of
applicable governmental authorities), licensing fees relating to any item of
Equipment, damage to or loss of use of property (including, without limitation,
consequential or special damages to third parties or damages to Lessee's
property), or bodily injury to or death of any person (including, without
limitation, any agent or employee of Lessee).

         "Indemnified Person" means Lessor (including without limitation, each
of its partners) and each of their respective successors, assigns, agents,
officers, directors, shareholders, partners, servants, agents and employees.

         Such indemnities shall continue in full force and effect,
notwithstanding the expiration or termination of this Lease. Upon Lessor's
written demand, Lessee shall assume and diligently conduct, at its sole cost and
expense, the entire defense of any Indemnified Person against any indemnified
Claim described in this SECTION 18. Lessor may not enter into any settlement or
other compromise with respect to any Claim covered by the indemnity set forth in
this SECTION 18 without Lessee's prior written consent, which shall not be
unreasonably withheld, conditioned or delayed, and if a claim is settled or
compromised without such consent, Lessee shall not be obligated to provide
indemnification under this SECTION 18. If any Indemnified Person obtains
recovery of any of the amounts that Lessee has paid to such Indemnified Person
pursuant to the indemnity set forth in this SECTION 18, then such Indemnified
Person shall promptly pay to Lessee the amount of such recovery. Lessee shall
not settle or compromise any Claim against or involving Lessor without first
obtaining Lessor's written consent thereto, which consent shall not be
unreasonably withheld. Lessee shall give Lessor prompt notice of any occurrence,
event or condition in connection with which Lessor may be entitled to
indemnification hereunder. The provisions of this SECTION 18 are in addition to,
and not in limitation of, the provisions of SECTION 14(b).

         19. NOTICES. Any notices or demands required or permitted hereunder
shall be given to the parties in writing and by personal delivery, regular or
certified mail, facsimile or telegram at the address set forth in the Lease Line
Schedule or to such other address as the parties may hereafter substitute by
written notice given in the manner prescribed in this Section. Such notices or
demands shall be deemed given upon receipt in the case of personal delivery and
upon mailing or transmission in the case of mail, facsimile or telegram. Lessee
agrees to provide Lessor with thirty (30) days' prior written notice of (a) any
merger or consolidation with or into any other business organization, (b) any
sale, lease or other disposition of assets not in the ordinary course of
business, and (c) any other material change in Lessee's financial structure or
ownership.

<PAGE>   9
         20. CONFIDENTIALITY. By execution of this Lease, Lessor agrees that, in
addition to any other agreement regarding confidentiality executed by it, Lessor
will not provide or disclose to any third party any confidential information
relating to the Lease or obtained from time to time in connection with the
Lease, or relating to Lessee or its business, business prospects or affairs,
except (a) to its own directors, officers, employees, auditors, counsel and
other professional advisors and to its affiliates if Lessor reasonably
determines that any such party should have access to such information; (b) if
such information is generally available to the public; (c) if required or
appropriate in any report, statement or testimony submitted to any governmental
authority having or claiming to have jurisdiction over Lessor; (d) if required
or appropriate in response to any summons or subpoena or in connection with any
litigation, to the extent permitted or deemed advisable by counsel; (e) to
comply with any requirement or law applicable to Lessor; (f) to the extent
necessary in connection with the exercise of any right or remedy under the
Lease; (g) to any participant or assignee of Lessor or any prospective
participant or assignee, provided that such participant or assignee or
prospective participant or assignee agrees in writing to be bound by this
SECTION 20 prior to disclosure, or (h) otherwise with the prior consent of
Lessee; provided, however, that any disclosure made in violation of the Lease
shall not affect the obligations of Lessee under the Lease. Confidential
information means any information, other than information readily available in
the public domain, that is identified to Lessor as confidential or proprietary
or is otherwise reasonably known to Lessor to be information that Lessee would
expect to remain confidential, including without limitation nonpublic financial
information, projections, business plans, customer lists, trade secrets and
other proprietary information. Lessor shall inform any third party to whom it
discloses confidential information that such information is subject to a
confidentiality agreement, provided, however, that failure to do so shall not
affect the obligation of Lessee hereunder and Lessor shall not be responsible
for any action/inaction of said third party.

         21. FURTHER ASSURANCES. Lessee will promptly execute and deliver to
Lessor such further reasonable documents and take such further reasonable action
as Lessor may request in order to more effectively carry out the intent and
purpose of this Lease or an assignment of Lessor's interest herein.

         22. MISCELLANEOUS. This Lease shall be binding upon and inure to the
benefit of the parties hereto, their permitted successors and assigns. Any
provision of the Lease which is unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof; and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction; provided,
however, that to the extent that the provisions of any such applicable law can
be waived, they are waived by Lessee. Time is of the essence with respect to the
Lease. The captions set forth herein are for convenience only and shall not
define or limit any of the terms hereof. THIS LEASE SHALL IN ALL RESPECTS BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
CALIFORNIA, WITHOUT REFERENCE TO CONFLICT OF LAWS PRINCIPLES. LESSOR AND LESSEE
WAIVE ALL RIGHTS TO TRIAL BY JURY IN ANY LITIGATION ARISING FROM THIS LEASE.
THIS LEASE SHALL BECOME EFFECTIVE AND BINDING ON THE PARTIES, THEIR RESPECTIVE
SUCCESSORS AND PERMITTED ASSIGNS, AND SHALL BE DEEMED EXECUTED AND PERFORMED IN
THE STATE OF CALIFORNIA, WHEN THE RELATED EQUIPMENT SCHEDULE IS ACCEPTED BY
LESSOR. LESSEE CONSENTS TO THE NON-EXCLUSIVE JURISDICTION OF THE STATE COURTS OF
CALIFORNIA FOR THE RESOLUTION OF ANY DISPUTES HEREUNDER.

<PAGE>   10
         23. AMENDMENTS, MODIFICATIONS, WAIVERS. NONE OF THE PROVISIONS OF THIS
LEASE MAY BE AMENDED, MODIFIED OR WAIVED EXCEPT IN A WRITING SIGNED BY LESSOR
AND LESSEE.

INITIALS  /s/ PJR  (LESSEE)           INITIALS   /s/ RDS    (LESSOR)
         ---------                             -------------

LESSEE:                               LESSOR:

CHEMCONNECT, INC.                     LIGHTHOUSE CAPITAL PARTNERS III, L.P.

By: /s/ Philip J. Ringo               By: LIGHTHOUSE MANAGEMENT
   -------------------------------        PARTNERS III, L.L.C.,
                                          its general partner

Name:  Phil J. Ringo                  By:     /s/ Richard D. Stubblefield
       --------------------------            -----------------------------------
Title: President and COO              Name:  Richard D. Stubblefield
       --------------------------            -----------------------------------
                                      Title: Managing Director
                                             -----------------------------------
<PAGE>   11
                                    EXHIBIT A

                        LEASE LINE SCHEDULE NO. 01, dated
                    November 4, 1999 ("Lease Line Schedule"),
                                       to
                   MASTER EQUIPMENT LEASE AGREEMENT NO. 2192,
                    dated November 4, 1999 ("Master Lease"),
                                 by and between
                     LIGHTHOUSE CAPITAL PARTNERS III, L.P.,
                 a Delaware limited partnership ("Lessor") and
              CHEMCONNECT, INC., a Delaware corporation ("Lessee").

(All capitalized terms not otherwise defined herein shall have the meanings
given to such terms in the Master Lease.)

IN CONSIDERATION of the mutual covenants contained herein, the parties agree as
follows:

         LEASE LINE. The total Lessor's Cost of all units of Equipment under all
Equipment Schedules pursuant to this Lease Line Schedule shall not exceed
$500,000.00 (the "Commitment"). "LESSOR'S COST" means, with respect to a unit of
Equipment, the total cost to Lessor of purchasing such unit, as indicated on the
applicable Equipment Schedule. Lessor's obligation to fund Equipment Schedules
under the Commitment shall terminate on July 31, 2000 (the "Commitment
Termination Date"). The minimum Lessor's Cost for each Delivery & Acceptance
Certificate shall be $10,000.00.

         RENTAL FACTOR. The Rental Factor for each Equipment Schedule will be
2.98% of scheduled Lessor's Cost per month, payable monthly in advance. The
Rental Payment under a particular Equipment Schedule shall be an amount equal to
the product of (a) the Rental Factor and (b) the aggregate Lessor's Cost of
Equipment subject to such Equipment Schedule.

         INTERIM RENT. The daily Interim Rent factor shall be equal to 0.0208%
for each item of Equipment (the "Interim Rate"). The daily Interim Rent payment
shall be an amount equal to the product of (a) 0.0208%, and (b) the Lessor's
Cost for each item of Equipment.

         ADVANCE RENT. On the Commencement Date set forth in each Equipment
Schedule to this Lease Line Schedule, Lessee shall pay to Lessor advance rent
equal to the product of (a) the Rental Factor and (b) the aggregate Lessor's
Cost of Equipment subject to such Equipment Schedule ("Advance Rent"), to be
applied toward the last Rental Payment due from Lessee to Lessor under each
Equipment Schedule.

         EXPENSES. Lessee agrees to reimburse Lessor for up to One Thousand
Dollars ($1,000.00) of expenses incurred in connection with the negotiation and
documentation of this transaction, promptly upon receipt of an invoice.

         ELIGIBLE EQUIPMENT. All equipment to be financed under an Equipment
Schedule must be Eligible Equipment. "Eligible Equipment" means the following
types of equipment to the extent acceptable to Lessor:

         Various new and used computers, peripherals, analytical and test
equipment, laboratory equipment and furniture, office furniture and equipment,
software in an amount not to exceed thirty percent (30%), and other equipment as
mutually agreed to by Lessee and Lessor, together with all replacements, parts,
cables, repairs, additions and accessories incorporated therein or affixed
thereto and all operating manuals and manufacturer's instructions (collectively
hereinafter called the "Equipment"). Such replacements, parts, cables, repairs,
additions and accessories shall (whether or not purchased by Lessor) be
considered part of the Equipment for all purposes and, when installed in or
attached to the Equipment (unless otherwise agreed), be or become the property
of the Lessor. Except as otherwise specifically provided or the context so
requires, the term "Equipment" includes operating system or other bundled
software which is delivered on or with the Equipment and which constitutes an
accession that could not be removed upon Lease Termination without adversely
affecting the functionality of Equipment in which it is installed or is included
on the Equipment Schedules. Equipment that is older than ninety (90) days will
be valued at its net book value

         COMMENCEMENT DATE. The "Commencement Date" for each Equipment Schedule
shall be the first day of the calendar month following the Acceptance Date for
the items of Equipment subject to such Equipment Schedule.

                                       1
<PAGE>   12
         LEASE TERMINATION OPTIONS. Upon Lease Termination (as defined in the
Master Lease), Lessee will have, with respect to all but not less than all of
the Equipment governed by this Lease Line Schedule, the option to (a) purchase
the Equipment for the lesser of its then fair market value or twenty percent
(20%) of Lessor's Cost, (b) renew the Lease or (c) return the Equipment to
Lessor as provided in SECTION 6 of the Master Lease.

         ADVANCE NOTICE PERIOD. The "Advance Notice Period" shall be at least
ninety (90) days, but not more than 180 days, prior to Lease Termination (as
defined in the Master Lease) of Equipment Schedule No. 01 to this Lease Line
Schedule.

         AUTOMATIC EXTENSION PERIOD. The "Automatic Extension Period" shall
equal three (3) months and affects each Equipment Schedule under this Lease Line
Schedule.

         INSURANCE. The amount of commercial general liability insurance (other
than products liability coverage and completed operations insurance) required
under the Master Lease shall be at least $2,000,000 per occurrence. The amount
of the products liability and completed operations insurance under the Master
Lease shall be at least $2,000,000 per occurrence.

         FINANCIAL STATEMENTS. Lessee shall deliver to Lessor: (a) as soon as
available, but in any event within twenty (20) days after the end of each month,
a company prepared balance sheet, income statement and cash flow statement
covering Lessee's operations during such period, certified by an officer of
Lessee reasonably acceptable to Lessor; (b) as soon as available, but in any
event within ninety (90) days after the end of Lessee's fiscal year, audited
financial statements of Lessee prepared in accordance with generally accepted
accounting principles, consistently applied, together with an unqualified
opinion (other than a going concern qualification) on such financial statements
of an independent certified public accounting firm reasonably acceptable to
Lessor; (c) promptly upon becoming available, copies of all statements, reports,
budgets, sales projections, operating plans and notices sent or made available
generally by Lessee to its security holders; (d) immediately upon receipt of
notice thereof, a report of any material legal actions pending or threatened
against Lessee; and (e) such other financial information as Lessor may
reasonably request from time to time.

         MAINTENANCE SERVICE CONTRACTS. Lessee shall obtain and keep in effect
at all times during the Lease Term (and any renewal or extension thereof),
maintenance service contracts covering any Equipment with (i) a Lessor's Cost in
excess of $10,000 and/or (ii) Equipment for which maintenance service contracts
are customarily available with the Equipment supplier or with suppliers of
maintenance services approved by Lessor, such approval not to be unreasonably
withheld.

         INSTALLATION, HANDLING AND DELIVERY CHARGES. Any handling and delivery
charge to cover all Equipment transportation, rigging, drayage, packing,
installation and handling to and from vendor's plant and upon return to Lessor's
designated location shall be paid by Lessee.

         MISCELLANEOUS TAXES. Without limitation of the provisions of the Master
Lease, Lessee agrees to pay and to indemnify Lessor for any sales or use tax and
any property tax in connection with the sale, lease or use of the Equipment.

         LATE FEE. Lessee shall pay a late charge on any rent payments or other
sums due hereunder which are more than ten (10) days past due, in an amount
equal to 2% of the past due amount, payable on demand.

         DEFAULT RATE. The Default Rate of interest on late payments shall be
eighteen percent (18%) per annum.

         NOTICES. All notices shall be addressed as follows:

<TABLE>
<S>                                                   <C>
         IF TO LESSOR:                                IF TO LESSEE:

         Lighthouse Capital Partners III, L.P.        ChemConnect, Inc.
         100 Drake's Landing, Suite 260               44 Montgomery Street, Suite 250
         Greenbrae, CA 94904-3121                     San Francisco, CA 94104
         Attn.:  Contract Administration              Attn.:  Chief Financial Officer
</TABLE>

                                       2
<PAGE>   13

<TABLE>
<S>                                                   <C>
         Phone: (415) 925-3370                        Phone: (415) 364-3300
         Fax: (415) 925-3387                          Fax: (415) 646-0010
</TABLE>

         CONDITIONS TO THE FIRST EQUIPMENT SCHEDULE. On or prior to the date of
execution of the first Equipment Schedule under this Lease Line Schedule, Lessor
shall have received in form and substance satisfactory to Lessor, each of the
following:

         1.   A Warrant substantially in the form of EXHIBIT H to the Master
              Lease.

         2.   Copies, certified by the Secretary or Assistant Secretary or Chief
              Financial Officer of Lessee, of: (i) the Articles of Incorporation
              and By-Laws of Lessee (as amended to the date of the Lease) and
              (ii) the resolutions adopted by Lessee's board of directors
              authorizing the execution and delivery of this Lease, the Lease
              Line Schedule, the Equipment Schedules, the Warrant and the other
              documents referred in this Lease Line Schedule and the performance
              by Lessee of its obligations in such documents.

         3.   A Good Standing Certificate (including franchise tax status) with
              respect to Lessee from Lessee's state of incorporation, dated a
              date reasonably close to the date of acceptance of the Lease by
              Lessor.

         4.   A Software Rider substantially in the form of ANNEX B to this
              Lease Line Schedule.

         5.   Evidence of the insurance coverage required by SECTION 8 of the
              Master Lease.

         6.   All necessary consents of shareholders and other third parties
              with respect to the subject matter of the Master Lease, the Lease
              Line Schedule, the Equipment Schedules and the Warrant.

         CONDITIONS TO ALL FUNDINGS UNDER ALL EQUIPMENT SCHEDULES. On or prior
to each funding under each Equipment Schedule under this Lease Line Schedule,
each of the following conditions shall have been satisfied:

         1.   No Event of Default or event which, with notice or lapse of time
              or both, would become an Event of Default, has occurred and is
              continuing.

         2.   Lessor shall have received a Software Licenses Assignment
              Agreement in substantially the form of ANNEX B-1 to this Lease
              Line Schedule with respect to each Vendor of software to be
              financed under this Lease Line Schedule.

         3.   Lessor shall have received all necessary or desirable estoppel
              certificates and UCC filings, releases or terminations.

         4.   Lessor shall have used its best efforts to obtain a landlord
              waiver and consent in substantially the form of EXHIBIT E to the
              Master Lease with respect to each equipment location.

         5.   There shall not have occurred (i) any material adverse change to
              the general affairs, management, results of operations, condition
              (financial or otherwise) or prospects of Lessee, whether or not
              arising from transactions in the ordinary course of business, or
              (ii) any material adverse deviation by Lessee from the business
              plan of Lessee presented to and not disapproved by Lessor, since
              the date of the Master Lease.

         6.   Lessee shall have delivered to Lessor an Equipment Schedule
              covering the appropriate funding period.

         7.   Lessee shall have delivered to Lessor (i) in the case of a
              sale-leaseback, original vendor invoices, copies of canceled
              checks or other proof of payment, a Bill of Sale, a Delivery and
              Acceptance Certificate, and any UCC filings or other notices
              deemed necessary or desirable in connection with the
              sale-leaseback or (ii) at Lessor's request, in the case of a
              purchase of new equipment in excess of $100,000 from an equipment
              vendor, a Purchase Order and Invoice Assignment and a Delivery and
              Acceptance Certificate.

                                       3
<PAGE>   14

         8.   Payment of the Advance Rent.

         9.   All terms and conditions in the Equipment Schedule shall have been
              satisfied by the Acceptance Date for the Equipment under such
              Equipment Schedule.

         All other documents as Lessor shall have reasonably requested.

LESSEE:                               LESSOR:

CHEMCONNECT, INC.                     LIGHTHOUSE CAPITAL PARTNERS III, L.P.

By:                                   By: LIGHTHOUSE MANAGEMENT
                                          PARTNERS III, L.L.C.,
                                          its general partner

Name:  Phil J. Ringo                  By:
       --------------------------            -----------------------------------
Title: President and COO              Name:  Richard D. Stubblefield
       --------------------------            -----------------------------------
                                      Title: Managing Member
                                             -----------------------------------

ANNEX A     -  Stipulated Loss Value Table
ANNEX B     -  Software Rider
ANNEX B-1   -  Software License Assignment Agreement

                                       4
<PAGE>   15

                                     ANNEX A

                           STIPULATED LOSS VALUE TABLE
                                       TO
             LEASE LINE SCHEDULE NO. 01, dated November 4, 1999, to
        MASTER EQUIPMENT LEASE AGREEMENT NO. 2192, dated November 4, 1999
                        ("Master Lease"), by and between
      LIGHTHOUSE CAPITAL PARTNERS III, L.P., a Delaware limited partnership
      ("Lessor"), and CHEMCONNECT, INC., a Delaware corporation ("Lessee").

(All capitalized terms not otherwise defined herein shall have the meanings
given to such terms in the Master Lease.)

In the case of an Event of Loss, the Stipulated Loss Value for each item of
leased Equipment is the Lessor's Cost for the item multiplied by Stipulated Loss
Value Percentage for the Rent Payment Number following the month of the Event of
Loss.

<TABLE>
<CAPTION>
                    Stipulated                                   Stipulated
Rent                Loss                     Rent                Loss
Payment             Value                    Payment             Value
Number              Percentage               Number              Percentage
-------             ----------               ------              ----------
<S>                 <C>                      <C>                 <C>
  1                  111.88%                 19                  69.19%
  2                  109.78%                 20                  66.76%
  3                  106.95%                 21                  64.31%
  4                  104.54%                 22                  61.85%
  5                  102.11%                 23                  59.36%
  6                   98.78%                 24                  56.86%
  7                   96.64%                 25                  54.33%
  8                   94.47%                 26                  51.79%
  9                   92.28%                 27                  49.22%
  10                  90.07%                 28                  46.63%
  11                  87.84%                 29                  44.03%
  12                  85.59%                 30                  41.40%
  13                  83.31%                 31                  38.74%
  14                  81.09%                 32                  35.07%
  15                  78.69%                 33                  31.64%
  16                  76.35%                 34                  27.76%
  17                  73.99%                 35                  23.88%
  18                  71.60%                 36 and thereafter   20.00%
</TABLE>

Lessee:  ____________________                      Lessor:  ____________________

                                       5
<PAGE>   16
                                     ANNEX B

                                 SOFTWARE RIDER

         THIS SOFTWARE RIDER (this "Rider") is made a part of Lease Line
Schedule No. 01 (the ("Lease Line Schedule") dated November 4, 1999, by and
between LIGHTHOUSE CAPITAL PARTNERS III, L.P., a Delaware limited partnership
("Lessor") and CHEMCONNECT, INC., a Delaware corporation ("Lessee").

All capitalized terms used and not otherwise defined herein are defined in the
Lease Line Schedule.

         In the event any computer software (as described in any applicable
Equipment Schedule and collectively with all manuals, updates, revisions,
program and data files, and documentation relating thereto or used or usable in
connection therewith, the "Software"), is purchased or licensed pursuant to the
Lease Line Schedule, then, in addition to all other terms and conditions of the
Master Lease and the Lease Line Schedule, all of which are incorporated herein
by this reference:

         1. SOFTWARE AS GENERAL INTANGIBLES. All Software shall be "Equipment"
as defined under the Lease Line Schedule. Lessee hereby grants to Lessor as
collateral security for Lessee's payment and performance of all Lessee's
obligations of payment and performance under this Rider, the Lease Line
Schedule, the Master Lease, and every other present or future Equipment Schedule
or other agreement between Lessee and Lessor, a security interest in all of its
right, title and interest in and to the Software, including without limitation
general intangibles, licenses, and intellectual property rights with respect
thereto, but excluding all licenses and other agreements that by law or by the
terms thereof may not be assigned by Lessee or may only be assigned by Lessee
with the consent of the other party to such license or other agreement, and all
substitutions, modifications, replacements, additions, accessions, proceeds, and
products of, to, or for any of the foregoing.

         2. EXCLUSION OF WARRANTIES. Without limiting the generality of all
exclusions of warranty set forth in the Lease Line Schedule and Master Lease,
Lessor makes no and specifically excludes any representation or warranty
relating to any Software, including without limitation any warranty of title,
validity or enforceability of license, noninfringement, availability or quality
of vendor support, or fitness for any particular purpose.

         3. LICENSE ASSIGNMENT AGREEMENT. Lessee will use its best efforts to
obtain a License Assignment Agreement in form and substance satisfactory to
Lessor and as set forth on EXHIBIT 1 hereto (the "Software License Assignment
Agreement") prior to the advance by Lessor of any funds to any party with
respect to the Software. Breach by Lessee of any term or condition of any
license agreement governing the right to use any Software shall be an Event of
Default under SECTION 16(ii) of the Master Lease if such breach is likely to
have a material adverse effect on the Equipment or Lessor's rights under the
Lease Line Schedule, Master Lease or any other documents relating to the lease
of the Equipment to Lessee.

         4. APPLICABILITY OF LEASE. The Master Lease, Lease Line Schedule,
Equipment Schedule, Software License Assignment Agreement, and this Rider, and
all documents entered into in connection therewith, govern Lessee's obligations
of payment and performance to Lessor with respect to the Software, whether or
not the Software represents goods capable of being leased pursuant to the UCC.

         5. LICENSE PERFORMANCE. Lessee agrees that in addition to Lessor's
remedies following an Event of Default, Lessor may upon notice to Lessee
requiring the same cause Lessee to cease all use of the Software and to assemble
and deliver to Lessor the same in electronic or other form. Lessee shall remit
to Lessor upon demand any amounts due and payable with respect to the licensing
of any Software or the assignment thereof. Lessee agrees that monetary damages
are not a sufficient remedy and will not adequately compensate Lessor for
Lessee's breach of this Section, and that Lessor shall be entitled to seek
specific performance or other injunctive or equitable relief.

                                       1
<PAGE>   17

         6. INTEGRATION. This Rider represents the entirety of the
understanding between the parties with respect to its subject matter, and may
only be modified by a written instrument signed by the party to be charged. All
rights and remedies of Lessor herein are in addition to, and not in limitation
of, the rights and remedies of Lessor under the Lease.

LESSEE:                               LESSOR:

CHEMCONNECT, INC.                     LIGHTHOUSE CAPITAL PARTNERS III, L.P.

                                      By: LIGHTHOUSE MANAGEMENT
                                          PARTNERS III, L.L.C.,
                                          its general partner

By:    EXHIBIT ONLY                   By:
       -------------------------             -----------------------------------
Name:  Phil J. Ringo                  Name:  Richard D. Stubblefield
       -------------------------             -----------------------------------
Title: President and COO              Title: Managing Member
       -------------------------             -----------------------------------

                                       2
<PAGE>   18
                                    ANNEX B-1

                                    EXHIBIT 1
                      SOFTWARE LICENSE ASSIGNMENT AGREEMENT

         This SOFTWARE LICENSE ASSIGNMENT AGREEMENT (this "Agreement") is
entered into _____, 1999, by and between ______________________ ("Vendor"),
LIGHTHOUSE CAPITAL PARTNERS III, L.P., a Delaware limited partnership ("Lessor")
and CHEMCONNECT, INC., a Delaware corporation ("Lessee"), with respect to
certain items of computer software purchased or licensed from Vendor as more
specifically described in attachments hereto (the "Software") in connection with
that certain Equipment Schedule No. 01 between Lessee and Lessor (collectively
with all documents entered into in connection therewith, the "Lease") dated
__________

         1. ACKNOWLEDGMENT OF LICENSE. The parties acknowledge that the right to
use the Software is being acquired pursuant to a software license agreement (the
"License") between Vendor and Lessee, and agree as follows:

                  (a) Lessee reaffirms all of its rights and obligations under
the License and under the Lease. Lessor is not a party to the License, but is an
express third party beneficiary thereof.

                  (b) Lessee assigns to Lessor all of its rights and benefits,
but Lessee retains all the obligations and burdens, under the License. Vendor
consents to such assignment.

                  (c) Lessor sublicenses back to Lessee, expiring once there has
been an Event of Default under the Lease, the rights and benefits under the
License.

         2. ASSIGNMENT. Lessor may upon notice to Vendor succeed to all of
Lessee's right, title and interest in and to the License, and may sell or assign
the same to any person, without the imposition of any transfer fee payable to
Vendor, effective upon such person's execution of the License, who shall upon
such execution succeed to the obligations and burdens under such license.

         3. NO COMMITMENT. This is not a commitment by Lessor to purchase or
finance any other items of software or hardware other than the Software.

         4. INTEGRATION. This Agreement represents the entirety of the
understanding between the parties with respect to its subject matter, and may
only be modified by a written instrument signed by the party to be charged.

VENDOR                                LIGHTHOUSE CAPITAL PARTNERS III, L.P.

By:                                   By: LIGHTHOUSE MANAGEMENT
       -------------------------          PARTNERS III, L.L.C.,
                                          its general partner
By:
       ------------------------
Title:                                By:
       -------------------------             -----------------------------------
                                      Name:  Richard D. Stubblefield
                                             -----------------------------------
                                      Title: Managing Member
                                             -----------------------------------

CHEMCONNECT, INC.

By:    EXHIBIT ONLY
       -------------------------
Name:  Phil J. Ringo
       -------------------------
Title: President and COO
       -------------------------

                                       3
<PAGE>   19
                                    EXHIBIT B

    EQUIPMENT SCHEDULE NO. 01, dated ______________ ("Equipment Schedule") to
 LEASE LINE SCHEDULE NO. 01, dated November 4, 1999 ("Lease Line Schedule"), to
                   MASTER EQUIPMENT LEASE AGREEMENT NO. 2192,
                    dated November 4, 1999 ("Master Lease"),
       by and between LIGHTHOUSE CAPITAL PARTNERS III, L.P. ("Lessor") and
              CHEMCONNECT, INC., a Delaware corporation ("Lessee").

(All capitalized terms not otherwise defined herein shall have the meanings
given to such terms in the Master Lease.)

<TABLE>
<S>                             <C>
Total Lessor's Cost:            The total Lessor's Cost under this Equipment
                                Schedule shall be an amount equal to the sum of
                                the Lessor's Cost under each Delivery and
                                Acceptance Certificate executed by
                                Lessee between the date of this Equipment
                                Schedule and ten days prior to the Commencement
                                Date, and which refers to this Equipment
                                Schedule.

Lease Term:                     36 Months

Commencement Date:              December 1, 1999

Interim  Rent:                  On or about the Commencement Date, Lessor
                                shall send Lessee a "Summary of Equipment
                                Schedule" in the form of ANNEX A hereto,
                                specifying, among other things, the applicable
                                Interim Rent; provided, however, that any
                                failure by Lessor to send Lessee a Summary of
                                Equipment Schedule shall not relieve Lessee of
                                its obligation to pay rent hereunder.

Rental Factor:                  The Rental Factor shall be set forth in the
                                Summary of Equipment Schedule.

Rental Payments:                The amount of the monthly Rental Payments,
                                calculated in accordance with the
                                Lease Line Schedule and payable monthly in
                                advance, shall be set forth in the Summary of
                                Equipment Schedule. Payments shall be made to
                                Lessor's address set forth in the Lease Line
                                Schedule.

Rental Payment Dates:           First day of each calendar month.

Equipment Description:          The Equipment shall be described in
                                each Delivery and Acceptance Certificate
                                executed by Lessee between the date of this
                                Equipment Schedule and the Commencement Date,
                                and which refers to this Equipment Schedule.
                                Delivery and Acceptance Certificates under this
                                Equipment Schedule must be received by Lessor no
                                later than ten business days prior to the
                                Commencement Date.

Equipment Location:             44 Montgomery Street, Suite 250, San Francisco,
                                California 94104

Terms and Conditions:           The terms and conditions of the above-referenced
                                Master Lease and Lease Line Schedule are
                                incorporated herein. In addition, the following
                                attachments apply to this Equipment Schedule
                                only: None.
</TABLE>

                                       1

<PAGE>   20

<TABLE>
<S>                             <C>
No Default:                     No Event of Default or event which, with notice
                                or lapse of time or both, would become an Event
                                of Default, has occurred and is continuing.
</TABLE>

LESSEE:                               LESSOR:

CHEMCONNECT, INC.                     LIGHTHOUSE CAPITAL PARTNERS III, L.P.

                                      By: LIGHTHOUSE MANAGEMENT
                                          PARTNERS III, L.L.C.,
                                          its general partner

By:    EXHIBIT ONLY                   By:
       --------------------------            -----------------------------------
Name:  Phil J. Ringo                  Name:  Richard D. Stubblefield
       --------------------------            -----------------------------------
Title: President and COO              Title: Managing Member
       --------------------------            -----------------------------------

                                       2
<PAGE>   21
                                     ANNEX A

                     SUMMARY OF EQUIPMENT SCHEDULE NO. 01 to
             LEASE LINE SCHEDULE NO. 01, dated November 4, 1999, to
                   MASTER EQUIPMENT LEASE AGREEMENT NO. 2192,
                 dated November 4, 1999 ("Master Lease") by and
          between LIGHTHOUSE CAPITAL PARTNERS III, L.P. ("Lessor") and
              CHEMCONNECT, INC., a Delaware corporation ("Lessee").

(All capitalized terms not otherwise defined herein shall have the meanings
given to such terms in the Master Lease.)

<TABLE>
<S>                                             <C>
Total Lessor's Cost:                            $______________

Total Interim Rent:                             $______________

Rental Factor:                                  2.98%

Rental Payments:                                36 payments of $________________
                                                each, payable monthly in advance

Amount of Advance Rent applied to this
  Equipment Schedule:                           $______________
</TABLE>

                               LIGHTHOUSE CAPITAL III, L.P.

                               By: LIGHTHOUSE MANAGEMENT PARTNERS III, L.L.C.,
                                   its general partner

                               By:      EXHIBIT ONLY
                                        ----------------------------------------
                               Name:    Richard D Stubblefield
                                        ----------------------------------------
                               Title:   Managing Member
                                        ----------------------------------------

                                       7
<PAGE>   22
                                    EXHIBIT C

                       DELIVERY AND ACCEPTANCE CERTIFICATE
                                      UNDER
               EQUIPMENT SCHEDULE NO. 01, dated _______________ to
              LEASE LINE SCHEDULE NO. 01, dated November 4, 1999 to
        MASTER EQUIPMENT LEASE AGREEMENT NO. 2192, dated November 4, 1999
         by and between LIGHTHOUSE CAPITAL PARTNERS III, L.P. ("Lessor")
                             and CHEMCONNECT, INC.,
                       a Delaware corporation ("Lessee").

(All capitalized terms not otherwise defined herein shall have the meanings
given to such terms in the Master Lease.)

<TABLE>
<S>                                         <C>
Installation Address:   44 Montgomery Street, Suite 250, San Francisco, CA 94104

Lessor's Cost:          $______________

Commencement Date:      December 1, 1999

Equipment Description:
</TABLE>

<TABLE>
<CAPTION>
                                                            Original Unit
       Qty               Model & Description                Purchase Price         Lessor's Cost
       ---               -------------------                --------------         -------------
<S>                      <C>                                <C>                    <C>
                             SEE ANNEX A
</TABLE>

         Lessee acknowledges receipt and acceptance of the Equipment listed in
ANNEX A and agrees the Equipment has been delivered and is ready for use under
the terms of the above-referenced Master Equipment Lease Agreement, Lease Line
Schedule, and Equipment Schedule, the terms and conditions of which are
incorporated herein, including, without limitation, the obligation to pay
Interim Rent and to make Rental Payments.

Acceptance Date: _________________

LESSEE:

CHEMCONNECT, INC.

By:      EXHIBIT ONLY
         --------------------------
Name:    Phil J. Ringo
         --------------------------
Title:   President and COO
         --------------------------

<PAGE>   23

                                     ANNEX A

                              EQUIPMENT DESCRIPTION

<TABLE>
<CAPTION>
                                                            Original Unit
       Qty               Model & Description                Purchase Price         Lessor's Cost
       ---               -------------------                --------------         -------------
<S>                      <C>                                <C>                    <C>

</TABLE>

                                       2.
<PAGE>   24
                                    ANNEX B-1

                                  BILL OF SALE

         For and in consideration of the sum of One Dollar ($1.00) and other
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, CHEMCONNECT, INC. (herein "Seller"), does hereby sell, grant,
transfer and deliver all right, title and interest in and to the equipment
further described on ANNEX A hereto (herein the "Equipment"), together with all
warranties, guarantees or other similar rights with respect to the Equipment
("Equipment Warranties") unto LIGHTHOUSE CAPITAL PARTNERS III, L.P. (herein
"Purchaser") and to its successors and assigns to have and to hold said
Equipment and the Equipment Warranties forever. Except for the Equipment
Warranties, the Equipment is sold "as is" and "where is" and the description of
the Equipment is for the sole purpose of identifying it and is not part of the
basis of the bargain.

         Seller represents and warrants that it holds all right, title and
interest in and to the Equipment being transferred free and clear of all liens
and encumbrances of any kind and Seller does for itself, its successors and
assigns covenant and agree with Purchaser, its successors and assigns, to
warrant and defend the sale of the Equipment and the transfer of the Equipment
Warranties unto Purchaser, its successors and assigns against all and every
person and persons whomsoever claiming or laying claim to the same, except for
any defects in title or liens or encumbrances in or to the Equipment arising
solely by reason of Purchaser's own acts.

         THE WARRANTY SET FORTH IN THE FOREGOING PARAGRAPH AND THE EQUIPMENT
WARRANTIES ARE EXCLUSIVE AND IN LIEU OF ALL OTHER WARRANTIES OF SELLER, WHETHER
WRITTEN, ORAL OR IMPLIED, AND SELLER SHALL NOT, BY VIRTUE OF HAVING SOLD THE
EQUIPMENT HEREWITH, BE DEEMED TO HAVE MADE ANY REPRESENTATION OF WARRANTY AS TO
THE MERCHANTABILITY, FITNESS, DESIGN OR CONDITION OF, OR AS TO THE QUALITY OF
THE MATERIAL OR WORKMANSHIP IN, THE EQUIPMENT.

         IN WITNESS WHEREOF, we have set our hand and seal this ___________ day
of ________, 1999.

LESSEE:

CHEMCONNECT, INC.

By:
         ---------------------------
Name:    Phil J. Ringo
         ---------------------------
Title:   President and COO
         ---------------------------

<PAGE>   25

                                    ANNEX B-2

         THIS PURCHASE ORDER ASSIGNMENT, dated as of _____, 199____ (this
"Assignment"), between CHEMCONNECT, INC. ("Assignor") and LIGHTHOUSE CAPITAL
PARTNERS III, L.P. ("Assignee").

                              W I T N E S S E T H :

                  WHEREAS, Assignor has submitted its Purchase Orders and
Invoices listed in SCHEDULE 1 hereto (collectively, the "Purchase Orders"), to
___________________ (the "Vendor") concerning certain units of equipment (the
"Units") listed in SCHEDULE 1 hereto to be subject to a Master Equipment Lease
Agreement No. 2192, dated as of November 4, 1999 (the "Master Lease"), between
Assignor and Assignee (all terms used but not otherwise defined herein shall
have the meaning given to them in the Master Lease):

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

                  1. Assignor does hereby sell, assign, transfer and set over
unto Assignee, all of the Assignor's rights to and interests in the Purchase
Orders as and to the extent that the same relates to the Units. The assignment
herein shall include, without limitation, the right of Assignee to purchase the
Units pursuant to the Purchase Orders and to take title to the Units, all claims
for damages in respect of the Units arising as a result of any default by Vendor
under the Purchase Orders, together with any and all rights of Assignor to
compel performance of the terms of the Purchase Orders in respect of the Units.

                  2. The exercise by Assignee of any of the rights assigned
hereunder shall not release Assignor from any of its duties or obligations to
Vendor under the Purchase Orders except to the extent that such exercise by
Assignee shall constitute performance of such duties and obligations.

                  3. Upon satisfaction of the conditions set forth in the
applicable Lease Line Schedule to the Master Lease with respect to the Units,
Assignee shall purchase such Unit by paying or causing to be paid, by check
mailed or delivered to Vendor, on such date or thereafter as permitted by
Vendor, an amount equal to the purchase price of the Unit, as such amount may be
adjusted in accordance with the terms of the Purchase Orders and reflected on
invoices prepared by Vendor to Assignee on or before the date of delivery and
acceptance of the Unit.

                  4. Assignor agrees that it will, at any time and from time to
time, upon the written consent of Assignee, promptly and duly exercise and
deliver any and all such further instruments and documents and take such further
action as Assignee may reasonably request in order that Assignee may obtain the
full benefits of this Agreement and of the rights and powers herein granted.

                  5. Assignor represents and warrants that the Purchase Orders
are in full force and effect and that Assignor is not in default under any of
them. Assignor further represents and warrants that Assignor has not assigned or
pledged, and so long as this Assignment shall remain in effect, will not assign
or pledge, the whole or any part of the rights hereby assigned or any of its
rights with respect to the Units under the Purchase Orders to anyone other than
Assignee.

<PAGE>   26
         IN WITNESS WHEREOF, the parties hereto have caused this Purchase Order
Assignment to be duly executed as of the day and year first above written.

LESSEE:                               LESSOR:

CHEMCONNECT, INC.                     LIGHTHOUSE CAPITAL PARTNERS III, L.P.

By:      EXHIBIT ONLY                 By:      LIGHTHOUSE MANAGEMENT
         ------------------------              PARTNERS III, L.L.C., its
                                               general partner

Name:    Phil J. Ringo                By:
         ------------------------              ------------------------------
Title:   President and COO            Name:    Richard D. Stubblefield
         ------------------------              ------------------------------
                                      Title:   Managing Member
                                               ------------------------------

ACKNOWLEDGED AND CONSENTED to this   ____________ day of __________, 199___.

VENDOR:

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

<PAGE>   27
                                    EXHIBIT D

                               NOTICE OF ELECTION

       under LEASE LINE SCHEDULE NO. 01, dated November 4, 1999, to MASTER
       EQUIPMENT LEASE AGREEMENT NO. 2192, dated November 4, 1999 ("Master
     Lease") by and between LIGHTHOUSE CAPITAL PARTNERS III, L.P. ("Lessor")
               and CHEMCONNECT, a Delaware corporation ("Lessee").

(All capitalized terms not otherwise defined herein shall have the meanings
given to such terms in the Master Lease.)

         1. Pursuant to SECTION 4(d) of the Master Lease, Lessee hereby elects
the Lease Termination Option indicated below for the above Lease Line Schedule.

                  Option                    Election (check one)
                  ------                    --------------------

                  Purchase                  ______________________
                  Renew                     ______________________
                  Return                    ______________________

         2. If the renewal option is selected, then Lessee and Lessor must agree
upon the rental period and rental amount. If Lessee and Lessor are unable to
agree upon the terms of renewal, then this Notice of Election shall be deemed
invalid and a new Notice of Election must be submitted by Lessee.

Dated: __________________

                                            CHEMCONNECT

                                            By:      EXHIBIT ONLY
                                                     ---------------------------
                                            Name:    Phil J. Ringo
                                                     ---------------------------
                                            Title:   President and COO
                                                     ---------------------------

<PAGE>   28
                                    EXHIBIT E

RECORDING REQUESTED BY
AND WHEN RECORDED RETURN TO:
Lighthouse Capital Partners III, L.P.
100 Drake's Landing Road, Suite 260
Greenbrae, CA  94904-3121
Attn.: Contract Administration

--------------------------------------------------------------------------------
                     CONSENT TO REMOVAL OF PERSONAL PROPERTY

KNOW ALL PERSONS BY THESE PRESENTS:

         (a) The undersigned has an interest as owner and landlord in that
certain real property (the "Real Property") in the County of Santa Clara, State
of California, described as: SEE EXHIBIT 1 ATTACHED HERETO FOR FULL LEGAL
DESCRIPTION, and commonly known as 44 Montgomery Street, Suite 250, San
Francisco, California 94104 (Parcel No. ).

         (b) CHEMCONNECT, INC., a Delaware corporation ("Lessee"), has entered
into or will enter into a Master Equipment Lease Agreement with LIGHTHOUSE
CAPITAL PARTNERS III, L.P. ("Lessor") (as amended and supplemented from time to
time, the "Lease Agreement").

         (c) Lessor, as a condition to entering into the Lease Agreement,
requires that the undersigned consent to the removal by Lessor of the equipment
and other assets covered by the Lease Agreement (hereinafter the "Equipment")
from the Real Property, no matter how it is affixed thereto, and to the other
matters set forth below.

NOW, THEREFORE, for good and sufficient consideration, receipt of which is
hereby acknowledged, the undersigned consents to the placing of the Equipment on
the Real Property, and agrees with Lessor as follows:

         1. The undersigned waives and releases each and every right which
undersigned now has, under the laws of the State of California or by virtue of
the lease for the Real Property now in effect, to levy or distrain upon for
rent, in arrears, in advance or both, or to claim or assert title to the
Equipment that is already on said Real Property, or may hereafter be delivered
or installed thereon.

         2. The Equipment shall be considered to be personal property and shall
not be considered part of the Real Property regardless of whether or by what
means it is or may become attached or affixed to the Real Property.

         3. The undersigned will permit Lessor, or its agent or representative,
to enter upon the Real Property for the purpose of exercising any right it may
have under the terms of the Lease Agreement or otherwise, including, without
limitation, the right to remove the Equipment; provided, however, that if
Lessor, in removing the Equipment damages any improvements of the undersigned on
the Real Property, Lessor will, at its expense, cause same to be repaired,
normal wear and tear excepted. The right of Lessor to enter the Real Property
shall not terminate until thirty (30) days after Lessor receives written notice
from the undersigned of the termination of the Lease.

         4. This agreement shall be binding upon the heirs, successors and
assigns of the undersigned and shall inure to the benefit of Lessor and its
successors and assigns.

IN WITNESS WHEREOF, the undersigned has executed this instrument this ____ day
of __________________, 1999.

LANDLORD                                    Notarial Acknowledgment required.
                                            --------------------------------

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

                  ATTACH LEGAL DESCRIPTION OF THE REAL PROPERTY

                                       1
<PAGE>   29
                                    EXHIBIT F

                  ACKNOWLEDGMENT FROM USER OF MOBILE EQUIPMENT

                                      UNDER

      EQUIPMENT SCHEDULE NO. 01, dated _________ ("Equipment Schedule"), to
 LEASE LINE SCHEDULE NO. 01, dated November 4, 1999 ("Lease Line Schedule"), to
                   MASTER EQUIPMENT LEASE AGREEMENT NO. 2192,
                     dated November 4, 1999 ("Master Lease")
       by and between LIGHTHOUSE CAPITAL PARTNERS III, L.P. ("Lessor") and
              CHEMCONNECT, INC., a Delaware corporation ("Lessee").

 (All capitalized terms not otherwise defined herein shall have the meanings
given to such terms in the Master Lease.)

         1.       The undersigned acknowledges and agrees that:

                  (a) the Equipment listed below is owned by Lessor and is
subject to the terms and conditions of the Master Lease, Lease Line Schedule and
Equipment Schedule; and

                  (b) upon the occurrence and continuance of an Event of Default
under the Master Lease, Lessor may, among other things, take possession of the
Equipment and upon request the undersigned agrees to make such Equipment
available to Lessor.

         2.        The undersigned's address is:

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

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

                   -------------------------------------
                   Phone:
                          ------------------------------
                   Fax:
                          ------------------------------

<TABLE>
<CAPTION>
  QTY         MODEL & DESCRIPTION       SERIAL NUMBER       LCP ASSET TAG NUMBER
  ---         -------------------       -------------       --------------------
<S>           <C>                       <C>                 <C>
   1
</TABLE>

         IN WITNESS WHEREOF, the undersigned has executed this Acknowledgment as
of the date written below.

Dated: _______________, 1999

                                         MOBILE EQUIPMENT USER

                                         By:    EXHIBIT ONLY
                                                --------------------------------
                                         Name:
                                                --------------------------------
                                         Title:
                                                --------------------------------

<PAGE>   30
                                    EXHIBIT G

                               OPINION OF COUNSEL
                                CHEMCONNECT, INC.

This requirement has been waived for all funding under Lease Line Schedule No.
02 to Master Equipment Lease Agreement No. 2192.

<PAGE>   31
                                    EXHIBIT H

THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "1933 ACT"), OR ANY APPLICABLE STATE SECURITIES LAWS, AND MAY NOT
BE SOLD OR TRANSFERRED UNLESS SUCH SALE OR TRANSFER IS IN ACCORDANCE WITH THE
REGISTRATION REQUIREMENTS OF SUCH ACT AND APPLICABLE LAWS OR SOME OTHER
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND APPLICABLE LAWS IS
AVAILABLE WITH RESPECT THERETO.

                        PREFERRED STOCK PURCHASE WARRANT

Warrant No. __________                                   Number of Shares: 5,714
                                                      Series C-2 Preferred Stock

                                CHEMCONNECT, INC.

                           Void after October 31, 2006

         1. ISSUANCE. This Warrant is issued to LIGHTHOUSE CAPITAL PARTNERS III,
L.P. by CHEMCONNECT, INC., a Delaware corporation (hereinafter with its
successors called the "Company").

         2. PURCHASE PRICE; NUMBER OF SHARES. The registered holder of this
Warrant (the "Holder"), commencing on the date hereof, is entitled upon
surrender of this Warrant with the subscription form annexed hereto duly
executed, at the principal office of the Company, to purchase from the Company
the following securities (collectively, the "Shares") at a price per share of
$3.50 (the "Purchase Price"), 5,714 fully paid and nonassessable shares of
Series C-2 Preferred Stock, $0.0001 par value, of the Company (the "Preferred
Stock"). Until such time as this Warrant is exercised in full or expires, the
Purchase Price and the securities issuable upon exercise of this Warrant are
subject to adjustment as hereinafter provided. The person or persons in whose
name or names any certificate representing shares of Preferred Stock is issued
hereunder shall be deemed to have become the holder of record of the shares
represented thereby as at the close of business on the date this Warrant is
exercised with respect to such shares, whether or not the transfer books of the
Company shall be closed.

         3. PAYMENT OF PURCHASE PRICE. The Purchase Price may be paid (i) in
cash or by check, (ii) by the surrender by the Holder to the Company of any
promissory notes or other obligations issued by the Company, with all such notes
and obligations so surrendered being credited against the Purchase Price in an
amount equal to the principal amount thereof plus accrued interest to the date
of surrender, or (iii) by any combination of the foregoing.

         4. NET ISSUE ELECTION. The Holder may elect to receive, without the
payment by the Holder of any additional consideration, shares of Preferred Stock
equal to the value of this Warrant or any portion hereof by the surrender of
this Warrant or such portion to the Company, with the net issue election notice
annexed hereto duly executed, at the principal office of the Company. Thereupon,
the Company shall issue to the Holder such number of fully paid and
nonassessable shares of Preferred Stock as is computed using the following
formula:

                                    X=Y(A-B)/A
                                        A

where:   X    =   the number of shares of Preferred Stock to be issued to the
                  Holder pursuant to this SECTION 4.

                  Y    =   the number of shares of Preferred Stock covered by
                           this Warrant in respect of which the net issue
                           election is made pursuant to this SECTION 4.

                                       1.
<PAGE>   32

                  A    =   the Fair Market Value (defined below) of one share
                           of Preferred Stock, as determined at the time the net
                           issue election is made pursuant to this SECTION 4.

                  B    =   the Purchase Price in effect under this Warrant at
                           the time the net issue election is made pursuant to
                           this SECTION 4.

"Fair Market Value" of a share of Preferred Stock (or Common Stock if the
Preferred Stock has been automatically converted into Common Stock) as of a
particular date (the "Determination Date") shall mean:

                  (a) If the net issue election is made in connection with and
         contingent upon the closing of the sale of the Company's Common Stock
         to the public in a public offering pursuant to a Registration Statement
         under the Securities Act of 1933 ("1933 Act") (a "Public Offering"),
         and if the Company's Registration Statement relating to such Public
         Offering ("Registration Statement") has been declared effective by the
         Securities and Exchange Commission, then the initial "Price to Public"
         specified in the final prospectus with respect to such offering
         multiplied by the number of shares of Common Stock into which each
         share of Preferred Stock is then convertible.

                  (b) If the net issue election is not made in connection with
         and contingent upon a Public Offering, then as follows:

                           (i) If traded on a securities exchange or the Nasdaq
                  National Market, the fair market value of the Common Stock
                  shall be deemed to be the average of the closing or last
                  reported sale prices of the Common Stock on such exchange or
                  market over the five day period ending five business days
                  prior to the Determination Date, and the fair market value of
                  the Preferred Stock shall be deemed to be such fair market
                  value of the Common Stock multiplied by the number of shares
                  of Common Stock into which each share of Preferred Stock is
                  then convertible;

                           (ii) If otherwise traded in an over-the-counter
                  market, the fair market value of the Common Stock shall be
                  deemed to be the average of the closing ask prices of the
                  Common Stock over the five day period ending five business
                  days prior to the Determination Date, and the fair market
                  value of the Preferred Stock shall be deemed to be such fair
                  market value of the Common Stock multiplied by the number of
                  shares of Common Stock into which each share of Preferred
                  Stock is then convertible; and

                           (iii) If there is no public market for the Common
                  Stock, then fair market value shall be determined in good
                  faith by the Company's Board of Directors.

         5. PARTIAL EXERCISE. This Warrant may be exercised in part, and the
Holder shall be entitled to receive a new warrant, which shall be dated as of
the date of this Warrant, covering the number of shares in respect of which this
Warrant shall not have been exercised.

         6. FRACTIONAL SHARES. In no event shall any fractional share of
Preferred Stock be issued upon any exercise of this Warrant. If, upon exercise
of this Warrant in its entirety, the Holder would, except as provided in this
SECTION 6, be entitled to receive a fractional share of Preferred Stock, then
the Company shall pay in lieu thereof, the Fair Market Value of such fractional
share in cash.

         7. EXPIRATION DATE; AUTOMATIC EXERCISE. This Warrant shall expire at
the close of business on October 31, 2006, and shall be void thereafter.
Notwithstanding the foregoing, this Warrant shall automatically be deemed to be
exercised in full pursuant to the provisions of SECTION 4 hereof, without any
further action on behalf of the Holder, immediately prior to the time this
Warrant would otherwise expire pursuant to the preceding sentence.

         8. RESERVED SHARES; VALID ISSUANCE. The Company covenants that it will
at all times from and after the date hereof reserve and keep available such
number of its authorized shares of Preferred Stock and Common Stock, $0.0001 par
value, of the Company (the "Common Stock"), free from all preemptive or similar

                                       2.
<PAGE>   33
rights therein, as will be sufficient to permit, respectively, the exercise of
this Warrant in full and the conversion into shares of Common Stock of all
shares of Preferred Stock receivable upon such exercise. The Company further
covenants that such shares as may be issued pursuant to such exercise and/or
conversion will, upon issuance, be duly and validly issued, fully paid and
nonassessable and free from all taxes, liens and charges with respect to the
issuance thereof.

         9. STOCK SPLITS AND DIVIDENDS. If after the date hereof the Company
shall subdivide the Preferred Stock, by split-up or otherwise, or combine the
Preferred Stock, or issue additional shares of Preferred Stock in payment of a
stock dividend on the Preferred Stock, the number of shares of Preferred Stock
issuable on the exercise of this Warrant shall forthwith be proportionately
increased in the case of a subdivision or stock dividend, or proportionately
decreased in the case of a combination, and the Purchase Price shall forthwith
be proportionately decreased in the case of a subdivision or stock dividend, or
proportionately increased in the case of a combination.

         10. NO STOCKHOLDER RIGHTS. Except as expressly provided in this
Warrant, prior to exercise of this Warrant, the Holder shall not be entitled to
any rights of a stockholder with respect to the Shares, including without
limitation the right to vote such Shares, receive dividends or other
distributions thereon, exercise preemptive rights or be notified of stockholder
meetings, and such Holder shall not be entitled to any notice or other
communication concerning the business or affairs of the Company, provided,
however, that nothing in this SECTION 10 shall limit the right of the Holder to
be provided the notices required under the Warrant.

         11. MERGERS AND RECLASSIFICATIONS. If after the date hereof the Company
shall enter into any Reorganization (as hereinafter defined), then, as a
condition of such Reorganization, lawful provisions shall be made, and duly
executed documents evidencing the same from the Company or its successor shall
be delivered to the Holder, so that the Holder shall thereafter have the right
to purchase, at a total price not to exceed that payable upon the exercise of
this Warrant in full, the kind and amount of shares of stock and other
securities and property receivable upon such Reorganization by a holder of the
number of shares of Preferred Stock which might have been purchased by the
Holder immediately prior to such Reorganization, and in any such case
appropriate provisions shall be made with respect to the rights and interest of
the Holder to the end that the provisions hereof (including without limitation,
provisions for the adjustment of the Purchase Price and the number of shares
issuable hereunder and the provisions relating to the net issue election) shall
thereafter be applicable in relation to any shares of stock or other securities
and property thereafter deliverable upon exercise hereof. For the purposes of
this SECTION 11, the term "Reorganization" shall mean and refer to (i) an
acquisition of the Company by another entity by means of a merger,
consolidation, or other transaction or series of related transactions resulting
in the exchange of the outstanding shares of the Company's capital stock such
that stockholders of the Company prior to such transaction own, directly or
indirectly, less than 50% of the voting power of the surviving entity, or (ii) a
sale or transfer of all or substantially all of the Company's asset to any other
person.

         12. CERTIFICATE OF ADJUSTMENT. Whenever the Purchase Price is adjusted,
as herein provided, the Company shall promptly deliver to the Holder a
certificate of the Company's chief financial officer setting forth the Purchase
Price after such adjustment and setting forth a brief statement of the facts
requiring such adjustment.

         13. NOTICES OF RECORD DATE, ETC. In the event of:

                  (a) 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 or other distribution, or any right to
subscribe for, purchase, sell or otherwise acquire or dispose of any shares of
stock of any class or any other securities or property, or to receive any other
right;

                  (b) any reclassification of the capital stock of the Company,
capital reorganization of the Company, consolidation or merger involving the
Company, or sale or conveyance of all or substantially all of its assets; or

                  (c) any voluntary or involuntary dissolution, liquidation or
winding-up of the Company;

                                       3.
<PAGE>   34
then in each such event the Company will provide or cause to be provided to the
Holder a written notice thereof. Such notice shall be provided at least twenty
(20) business days prior to the date specified in such notice on which any such
action is to be taken.

         14. REPRESENTATIONS, WARRANTIES AND COVENANTS. This Warrant is issued
and delivered by the Company and accepted by each Holder on the basis of the
following representations, warranties and covenants made by the Company:

                  (a) The Company has all necessary authority to issue, execute
and deliver this Warrant and to perform its obligations hereunder. This Warrant
has been duly authorized issued, executed and delivered by the Company and is
the valid and binding obligation of the Company, enforceable in accordance with
its terms.

                  (b) The shares of Preferred Stock issuable upon the exercise
of this Warrant have been duly authorized and reserved for issuance by the
Company and, when issued in accordance with the terms hereof, will be validly
issued, fully paid and nonassessable.

                  (c) The issuance, execution and delivery of this Warrant do
not, and the issuance of the shares of Preferred Stock upon the exercise of this
Warrant in accordance with the terms hereof will not, (i) violate or contravene
the Certificate or by-laws, or to the Company's knowledge, any law, statute,
regulation, rule, judgment or order applicable to the Company, (ii) violate,
contravene or result in a breach or default under any contract, agreement or
instrument to which the Company is a party or by which the Company or any of its
assets are bound or (iii) require the consent or approval of or the filing of
any notice or registration with any person or entity.

                  (d) As long as this Warrant is, or any shares of Preferred
Stock issued upon exercise of this Warrant or any shares of Common Stock issued
upon conversion of such shares of Preferred Stock are, issued and outstanding,
the Company will provide to the Holder the financial and other information
described in that certain Lease Line Schedule No. 01 to Master Equipment Lease
Agreement No. 2192 between the Company and Lighthouse Capital Partners III, L.P.
dated as of November 4, 1999.

                   (e) As of the date hereof, the authorized capital stock of
the Company consists of (i)thirty million (30,000,000) shares of Common Stock,
of which one million nine hundred thirty-eight thousand fifty-two (1,938,052)
are outstanding, (ii) five million six hundred eighty-six thousand five hundred
seventy-three (5,686,573) shares of Series A Preferred Stock, all of which are
issued and outstanding, (iii) four million three hundred forty-six thousand five
hundred thirty-nine (4,346,539) shares of Series B Preferred Stock, four million
three hundred twenty-five thousand (4,325,000) of which are issued and
outstanding, (iv) one million nine hundred thousand (1,900,000) shares of Series
C-1 Preferred Stock, six hundred sixty-six thousand six hundred sixty-seven
(666,667) of which are issued and outstanding, and (v) eight million (8,000,000)
shares of Series C-2 Preferred Stock, seven million nine hundred twenty-eight
thousand five hundred seventy (7,928,570) of which are issued and outstanding.

                  Attached hereto as EXHIBIT C is a capitalization table
summarizing the capitalization of the Company, including, without limitation,
the current Conversion Price of the Series C-2 Preferred Stock.

         15. INVESTORS' RIGHTS AGREEMENT. The Company agrees that, upon the next
amendment of that certain Amended and Restated Investors' Rights Agreement by
and among the Company, the Investors and the Founders listed therein dated as of
July 15, 1999 (the "Investors' Rights Agreement"), it will use its best efforts
to effect such amendment so that the Holder shall be an Investor within the
meaning of such Investors' Rights Agreement.

         16. RIGHT OF FIRST REFUSAL. Subject to the terms and conditions
contained in this SECTION 16, the Company agrees that the holder of this Warrant
has the right of first refusal to purchase its pro rata portion of any New
Securities (as defined in SECTION 16(a) below) which the Company may, from time
to time, propose to sell and issue. A holder's pro rata portion for purposes of
this SECTION 16 is the ratio that (x) the sum of the number of shares of the
Company's Common Stock then issued or issuable to the holder (including upon
conversion of any Preferred Stock held by the holder and upon exercise of this
Warrant and conversion of the Shares issued thereupon) bears to (y) the sum of
the total number of shares of Company's Common Stock then outstanding, the
number of shares of

                                       4.
<PAGE>   35
the Company's Common Stock issuable upon conversion of the Preferred Stock then
outstanding, and the number of shares of the Company's Common Stock issuable to
the holder upon exercise of this Warrant and conversion of the Shares issued
thereupon.

                  (a) DEFINITION OF NEW SECURITIES. Except as set forth below,
"New Securities" shall mean any shares of capital stock of the Company,
including Common Stock and Preferred Stock, whether now authorized or not, and
rights, options or warrants to purchase said shares of Common Stock or Preferred
Stock, and securities of any type whatsoever that are, or may become,
convertible into or exercisable for said shares of Common Stock or Preferred
Stock. Notwithstanding the foregoing, "New Securities" does not include: (i)
Common Stock issuable upon conversion of any Preferred Stock outstanding as of
the grant date; (ii) securities offered to the public generally pursuant to a
registration statement under the Securities Act; (iii) securities issued
pursuant to the acquisition of another corporation by the Company by merger,
purchase of substantially all of the assets or shares or other reorganization;
(iv) shares of the Company's Common Stock or related options convertible into or
exercisable for such Common Stock issued to employees, officers and directors
of, and consultants to, the Company, pursuant to any compensatory benefit plan;
(v) stock issued pursuant to any rights or agreements, including, without
limitation, convertible securities, options and warrants, provided that the
Company shall have complied with the right of first refusal established by this
SECTION 16 with respect to the initial sale or grant by the Company of such
rights or agreements; or (vi) stock issued in connection with any stock split,
reverse stock split, stock dividend, combination or recapitalization by the
Company.

                  (b) NOTICE OF RIGHT. In the event the Company proposes to
undertake an issuance of New Securities, it shall give the holder written notice
of its intention, describing the type of New Securities and the price and terms
upon which the Company proposes to issue the same. The holder shall have fifteen
(15) days from the date of receipt of any such notice to agree to purchase
shares of such New Securities (up to the amount referred to in this SECTION 16),
for the price and upon the terms specified in the notice, by giving written
notice to the Company and stating therein the quantity of New Securities to be
purchased.

                  (c) EXERCISE OF RIGHT. If the holder exercises its right of
first refusal hereunder, the closing of the purchase of the New Securities with
respect to which such right has been exercised shall take place within ninety
(90) calendar days after the holder gives notice of such exercise, which period
of time shall be extended in order to comply with applicable laws and
regulations. Upon exercise of such right of first refusal, the Company and the
holder shall be legally obligated to consummate the purchase contemplated
thereby and shall use their best efforts to secure any approvals required in
connection therewith.

                  (d) LAPSE AND REINSTATEMENT OF RIGHT. In the event the holder
fails to exercise the right of first refusal provided in this SECTION 16 within
said fifteen (15) day period, the Company shall have ninety (90) days thereafter
to sell or enter into an agreement (pursuant to which the sale of New Securities
covered thereby shall be closed, if at all, within sixty (60) days from the date
of said agreement) to sell the New Securities not elected to be purchased by the
holder at the price and upon the terms no more favorable to the purchasers of
such securities than specified in the Company's notice. In the event the Company
has not sold the New Securities or entered into an agreement to sell the New
Securities within said ninety (90) day period (or sold and issued New Securities
in accordance with the foregoing within sixty (60) days from the date of said
agreement), the Company shall not thereafter issue or sell any New Securities
without first offering such securities to the holder in the manner provided
above.

                  (e) ASSIGNMENT. The right of the holder to purchase any part
of the New Securities may be assigned in whole or in part to any partner,
subsidiary, affiliate or shareholder of the holder.

                  (f) TERMINATION OF RIGHT OF FIRST REFUSAL. The right of first
refusal granted under SECTION 16 shall terminate on and be of no further force
or effect upon the closing of a firmly underwritten public offering of the
securities of the Company.

         17. AMENDMENT. The terms of this Warrant may be amended, modified or
waived only with the written consent of the Holder and the Company.

                                       5.
<PAGE>   36
         18. REPRESENTATIONS AND COVENANTS OF THE HOLDER. This Preferred Stock
Purchase Warrant has been entered into by the Company in reliance upon the
following representations and covenants of the Holder, which by its execution
hereof the Holder hereby confirms:

                  (a) INVESTMENT PURPOSE. The right to acquire Preferred Stock
issuable upon exercise of the Holder's rights contained herein or Common Stock
issuable upon conversion thereof (the "Conversion Shares") will be acquired for
investment and not with a view to the sale or distribution of any part thereof,
and the Holder has no present intention of selling or engaging in any public
distribution of the same except pursuant to a registration or exemption. The
Holder further represents that such Holder does not have any contract,
undertaking, agreement or arrangement with any person to sell, transfer, or
grant participations to such person or to any third person, with respect to any
of the Preferred Stock or Conversion Shares.

                  (b) ACCREDITED INVESTOR. Holder is an "accredited investor"
within the meaning of the Securities and Exchange Rule 501 of Regulation D, as
presently in effect.

                  (c) PRIVATE ISSUE. The Holder understands (i) that the
Preferred Stock issuable upon exercise of the Holder's rights contained herein
and the Conversion Shares is not registered under the 1933 Act or qualified
under applicable state securities laws on the ground that the issuance
contemplated by this Warrant will be exempt from the registration and
qualifications requirements thereof, and (ii) that the Company's reliance on
such exemption is predicated on the representations set forth in this SECTION
18.

                  (d) FINANCIAL RISK. The Holder is an investor in securities of
companies in the development stage and has such knowledge and experience in
financial and business matters as to be capable of evaluating the merits and
risks of its investment and has the ability to bear the economic risks of its
investment.

                  (e) DISCLOSURE OF INFORMATION. The Holder believes it has
received all the information it considers necessary or appropriate for deciding
whether to purchase the Warrant and the Preferred Stock issuable upon exercise
thereof. Such Holder further represents that it has had the opportunity to ask
questions and receive answers from the Company regarding the terms and
conditions of the Preferred Stock and the business, properties, prospects and
financial condition of the Company.

         19.      NOTICES, TRANSFERS, ETC.

                  (a) Any notice or written communication required or permitted
to be given to the Holder may be given by certified mail or delivered to the
Holder at the address most recently provided by the Holder to the Company.

                  (b) Subject to compliance with applicable federal and state
securities laws, this Warrant may be transferred by the Holder with respect to
any or all of the shares purchasable hereunder. Upon surrender of this Warrant
to the Company, together with the assignment notice annexed hereto duly
executed, for transfer of this Warrant as an entirety by the Holder, the Company
shall issue a new warrant of the same denomination to the assignee. Upon
surrender of this Warrant to the Company, together with the assignment hereof
properly endorsed, by the Holder for transfer with respect to a portion of the
shares of Preferred Stock purchasable hereunder, the Company shall issue a new
warrant to the assignee, in such denomination as shall be requested by the
Holder hereof, and shall issue to such Holder a new warrant covering the number
of shares in respect of which this Warrant shall not have been transferred.

                  (c) In case this Warrant shall be mutilated, lost, stolen or
destroyed, the Company shall issue a new warrant of like tenor and denomination
and deliver the same (i) in exchange and substitution for and upon surrender and
cancellation of any mutilated Warrant, or (ii) in lieu of any Warrant lost,
stolen or destroyed, upon receipt of an affidavit of the Holder or other
evidence reasonably satisfactory to the Company of the loss, theft or
destruction of such Warrant

                                       6.
<PAGE>   37
         20. NO IMPAIRMENT. The Company will not, by amendment of its
Certificate or through any reclassification, capital reorganization,
consolidation, merger, sale or conveyance of assets, dissolution, liquidation,
issue or sale of securities or any other voluntary action, avoid or seek to
avoid the observance of performance of any of the terms of this Warrant, but
will at all times in good faith assist in the carrying out of all such terms and
in the taking of all such action as may be necessary or appropriate in order to
protect the rights of the Holder.

         21. GOVERNING LAW. The provisions and terms of this Warrant shall be
governed by and construed in accordance with the internal laws of the State of
California.

         22. SUCCESSORS AND ASSIGNS. This Warrant shall be binding upon the
Company's successors and assigns and shall inure to the benefit of the Holder's
successors, legal representatives and permitted assigns.

         23. BUSINESS DAYS. If the last or appointed day for the taking of any
action required or the expiration of any rights granted herein shall be a
Saturday or Sunday or a legal holiday in California, then such action may be
taken or right may be exercised on the next succeeding day which is not a
Saturday or Sunday or such a legal holiday.

         24. QUALIFYING PUBLIC OFFERING. If the Company shall effect a firm
commitment underwritten public offering of shares of Common Stock which results
in the conversion of the Preferred Stock into Common Stock pursuant to the
Certificate in effect immediately prior to such offering, then, effective upon
such conversion, this Warrant shall change from the right to purchase shares of
Preferred Stock to the right to purchase shares of Common Stock, and the Holder
shall thereupon have the right to purchase, at a total price equal to that
payable upon the exercise of this Warrant in full, the number of shares of
Common Stock which would have been receivable by the Holder upon the exercise of
this Warrant for shares of Preferred Stock immediately prior to such conversion
of such shares of Preferred Stock into shares of Common Stock, and in such event
appropriate provisions shall be made with respect to the rights and interest of
the Holder to the end that the provisions hereof (including, without limitation,
the provisions for the adjustment of the Purchase Price and of the number of
shares purchasable upon exercise of this Warrant and the provisions relating to
the net issue election) shall thereafter be applicable to any shares of Common
Stock deliverable upon the exercise hereof.

         25. VALUE. The Company and the Holder agree that the value of this
Warrant on the date of grant is $125.

Dated:  November ____, 1999            CHEMCONNECT, INC.

                                       By:
                                              ----------------------------------
                                       Name:  Phil J. Ringo
                                              ----------------------------------
                                       Title: President and COO
                                              ----------------------------------

          [CORPORATE SEAL]

Attest:

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

                                      7.
<PAGE>   38

                                  SUBSCRIPTION

To: __________________________________________________ Date: ___________________

         The undersigned hereby subscribes for ____________ shares of Preferred
Stock covered by this Warrant. The certificate(s) for such shares shall be
issued in the name of the undersigned or as otherwise indicated below:

                                Signature:______________________________________

                                Name for Registration:__________________________

                                Mailing Address:________________________________

                                ________________________________________________

                            NET ISSUE ELECTION NOTICE

To: __________________________________________________ Date: ___________________

         The undersigned hereby elects under SECTION 4 to surrender the right to
purchase __________ shares of Preferred Stock pursuant to this Warrant. The
certificate(s) for such shares issuable upon such net issue election shall be
issued in the name of the undersigned or as otherwise indicated below:

                                Signature:______________________________________

                                Name for Registration:__________________________

                                Mailing Address:________________________________

<PAGE>   39
                                   ASSIGNMENT

        For value received ___________________________ hereby sells, assigns and
transfers unto
________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

        [Please print or typewrite name and address of Assignee]

________________________________________________________________________________
the within Warrant, and does hereby irrevocably constitute and appoints
________________________________ its attorney to transfer the within Warrant on
the books of the within named Company with full power of substitution on the
premises.

Dated:______________________________________

In the Presence of:

____________________________________________

<PAGE>   40
                                    EXHIBIT A

                      RESTATED CERTIFICATE OF INCORPORATION

                               See attached pages.

<PAGE>   41
                                    EXHIBIT B

                              CAPITALIZATION TABLE

                               See attached pages.

<PAGE>   42

                                    EXHIBIT I

                               ANCILLARY DOCUMENTS

         Certificate of Secretary
         UCC Financing Statement Attachment - Annex "A"
         Insurance Request

<PAGE>   43
                                CHEMCONNECT, INC.

                            CERTIFICATE OF SECRETARY

         The undersigned, _______________, hereby certifies that:

         1. He/She is the duly elected and acting Secretary of
CHEMCONNECT, INC., a Delaware corporation (the "Company").

         2. That on the date hereof, each person listed below holds the
office in the Company indicated opposite his or her name and that the signature
appearing thereon is the genuine signature of each such person:

<TABLE>
<CAPTION>
     NAME                         OFFICE                        SIGNATURE
     ----                         ------                        ---------
<S>                               <C>                           <C>
     Paul J. Ringo                President and COO             ________________

     _______________________      ________________________      ________________

     _______________________      ________________________      ________________
</TABLE>

         3. Attached hereto as EXHIBIT A is a true and correct copy of the
Certificate of Incorporation of the Company, as amended, as in effect as of the
date hereof.

         4. Attached hereto as EXHIBIT B is a true and correct copy of the
Bylaws of the Company, as amended, as in effect as of the date hereof.

         5. Attached hereto as EXHIBIT C is a copy of the resolutions of the
Board of Directors of the Company authorizing and approving the Company's
execution, delivery and performance of a lease line with Lighthouse Capital
Partners III, L.P.

         IN WITNESS WHEREOF, the undersigned has executed this Certificate of
Secretary this ____ day of November 1999.

                                      CHEMCONNECT, INC.

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

         I, the President and COO of the Company, do hereby certify that
_________________ is the duly qualified, elected and acting Secretary/Assistant
Secretary of the Company and that the above signature is his or her genuine
signature.

         IN WITNESS WHEREOF, the undersigned has executed and delivered this
Certificate of Secretary this ____ day of November 1999.

                                      CHEMCONNECT, INC.

                                      By:    EXHIBIT ONLY
                                             -----------------------------------
                                      Name:  Phil J. Ringo
                                             -----------------------------------
                                      Title: President and COO
                                             -----------------------------------

<PAGE>   44
                                    ANNEX "A"

                     UCC-1 FINANCING STATEMENT CONTINUATION

DEBTOR/LESSEE/TRANSFEROR:                 CHEMCONNECT, INC.

SECURED PARTY/LESSOR/TRANSFEREE:          LIGHTHOUSE CAPITAL PARTNERS III, L.P.

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

COLLATERAL DESCRIPTION:

         All now owned or hereafter acquired equipment, software and other
personal property leased by Lessor to Lessee pursuant to any present or future
equipment lease, together with all substitutions, replacements, additions,
accessions, proceeds, and products of to or for any of the foregoing.

         Lessee has no right to sell or otherwise dispose of any of the
foregoing.

         As provided in Uniform Commercial Code Section 9408, the execution and
filing of this financing statement is not intended to imply and in no way
constitutes evidence that the described items of property are owned by the
Debtor/Lessee/Transferor. However, if notwithstanding the intent of the parties,
the Lease is held to create a secured financing or lease for security, the
Lessee shall be deemed to have granted to Lessor a security interest in the
above described equipment and other property.

                                  ---------------                ---------------
                                  Lessee Initials                Lessor Initials
<PAGE>   45
                              EVIDENCE OF INSURANCE

                                CHEMCONNECT, INC.

RE: Master Equipment Lease Agreement No. 2192 ("Lease")

As required by SECTION 8 of the referenced Lease, please provide evidence of
insurance as outlined below:

~    "all risk" insurance against loss or damage to the equipment naming
     LIGHTHOUSE CAPITAL PARTNERS III, L.P. as LOSS PAYEE with respect to the
     equipment.

     Minimum amount of "all risk" coverage: $500,000

~    commercial general liability insurance in an amount of at least $2,000,000
     naming LIGHTHOUSE CAPITAL PARTNERS III, L.P. as an ADDITIONAL INSURED.

General Information:

CERTIFICATE HOLDER:

     Lighthouse Capital Partners III, L.P.
     100 Drake's Landing Road, Suite 260
     Greenbrae, CA 94904-3121
     Attn.:  Contract Administration

If you or your agent have any questions we can be reached at the above address
or by,

     phone:  415-925-3370

     fax:    415-925-3387

     e-mail: leasing@lighthse.com

Please note that the above Certificate(s) of Insurance are required PRIOR to
funding under the Lease.

<PAGE>   46
               LEASE LINE SCHEDULE NO. 01, dated November 4, 1999
                            ("Lease Line Schedule"),
                                       to
        MASTER EQUIPMENT LEASE AGREEMENT NO. 2192, dated November 4, 1999
                                ("Master Lease"),
                                 by and between
                     LIGHTHOUSE CAPITAL PARTNERS III, L.P.,
                  a Delaware limited partnership ("Lessor") and
              CHEMCONNECT, INC., a Delaware corporation ("Lessee").

(All capitalized terms not otherwise defined herein shall have the meanings
given to such terms in the Master Lease.)

IN CONSIDERATION of the mutual covenants contained herein, the parties agree as
follows:

         LEASE LINE. The total Lessor's Cost of all units of Equipment under all
Equipment Schedules pursuant to this Lease Line Schedule shall not exceed
$500,000.00 (the "Commitment"). "LESSOR'S COST" means, with respect to a unit of
Equipment, the total cost to Lessor of purchasing such unit, as indicated on the
applicable Equipment Schedule. Lessor's obligation to fund Equipment Schedules
under the Commitment shall terminate on July 31, 2000 (the "Commitment
Termination Date"). The minimum Lessor's Cost for each Delivery & Acceptance
Certificate shall be $10,000.00.

         RENTAL FACTOR. The Rental Factor for each Equipment Schedule will be
2.98% of scheduled Lessor's Cost per month, payable monthly in advance. The
Rental Payment under a particular Equipment Schedule shall be an amount equal to
the product of (a) the Rental Factor and (b) the aggregate Lessor's Cost of
Equipment subject to such Equipment Schedule.

         INTERIM RENT. The daily Interim Rent factor shall be equal to 0.0208%
for each item of Equipment (the "Interim Rate"). The daily Interim Rent payment
shall be an amount equal to the product of (a) 0.0208%, and (b) the Lessor's
Cost for each item of Equipment.

         ADVANCE RENT. On the Commencement Date set forth in each Equipment
Schedule to this Lease Line Schedule, Lessee shall pay to Lessor advance rent
equal to the product of (a) the Rental Factor and (b) the aggregate Lessor's
Cost of Equipment subject to such Equipment Schedule ("Advance Rent"), to be
applied toward the last Rental Payment due from Lessee to Lessor under each
Equipment Schedule.

         EXPENSES. Lessee agrees to reimburse Lessor for up to One Thousand
Dollars ($1,000.00) of expenses incurred in connection with the negotiation and
documentation of this transaction, promptly upon receipt of an invoice.

         ELIGIBLE EQUIPMENT. All equipment to be financed under an Equipment
Schedule must be Eligible Equipment. "Eligible Equipment" means the following
types of equipment to the extent acceptable to Lessor:

         Various new and used computers, peripherals, analytical and test
equipment, laboratory equipment and furniture, office furniture and equipment,
software in an amount not to exceed thirty percent (30%), and other equipment as
mutually agreed to by Lessee and Lessor, together with all replacements, parts,
cables, repairs, additions and accessories incorporated therein or affixed
thereto and all operating manuals and manufacturer's instructions (collectively
hereinafter called the "Equipment"). Such replacements, parts, cables, repairs,
additions and accessories shall (whether or not purchased by Lessor) be
considered part of the Equipment for all purposes and, when installed in or
attached to the Equipment (unless otherwise agreed), be or become the property
of the Lessor. Except as otherwise specifically provided or the context so
requires, the term "Equipment" includes operating system or other bundled
software which is delivered on or with the Equipment and which constitutes an
accession that could not be removed upon Lease Termination without adversely
affecting the functionality of Equipment in which it is installed or is included
on the Equipment Schedules. Equipment that is older than ninety (90) days will
be valued at its net book value

         COMMENCEMENT DATE. The "Commencement Date" for each Equipment Schedule
shall be the first day of the calendar month following the Acceptance Date for
the items of Equipment subject to such Equipment Schedule.

                                       1.
<PAGE>   47
         LEASE TERMINATION OPTIONS. Upon Lease Termination (as defined in the
Master Lease), Lessee will have, with respect to all but not less than all of
the Equipment governed by this Lease Line Schedule, the option to (a) purchase
the Equipment for the lesser of its then fair market value or twenty percent
(20%) of Lessor's Cost, (b) renew the Lease or (c) return the Equipment to
Lessor as provided in SECTION 6 of the Master Lease.

         ADVANCE NOTICE PERIOD. The "Advance Notice Period" shall be at least
ninety (90) days, but not more than 180 days, prior to Lease Termination (as
defined in the Master Lease) of Equipment Schedule No. 01 to this Lease Line
Schedule.

         AUTOMATIC EXTENSION PERIOD. The "Automatic Extension Period" shall
equal three (3) months and affects each Equipment Schedule under this Lease Line
Schedule.

         INSURANCE. The amount of commercial general liability insurance (other
than products liability coverage and completed operations insurance) required
under the Master Lease shall be at least $2,000,000 per occurrence. The amount
of the products liability and completed operations insurance under the Master
Lease shall be at least $2,000,000 per occurrence.

         FINANCIAL STATEMENTS. Lessee shall deliver to Lessor: (a) as soon as
available, but in any event within twenty (20) days after the end of each month,
a company prepared balance sheet, income statement and cash flow statement
covering Lessee's operations during such period, certified by an officer of
Lessee reasonably acceptable to Lessor; (b) as soon as available, but in any
event within ninety (90) days after the end of Lessee's fiscal year, audited
financial statements of Lessee prepared in accordance with generally accepted
accounting principles, consistently applied, together with an unqualified
opinion (other than a going concern qualification) on such financial statements
of an independent certified public accounting firm reasonably acceptable to
Lessor; (c) promptly upon becoming available, copies of all statements, reports,
budgets, sales projections, operating plans and notices sent or made available
generally by Lessee to its security holders; (d) immediately upon receipt of
notice thereof, a report of any material legal actions pending or threatened
against Lessee; and (e) such other financial information as Lessor may
reasonably request from time to time.

         MAINTENANCE SERVICE CONTRACTS. Lessee shall obtain and keep in effect
at all times during the Lease Term (and any renewal or extension thereof),
maintenance service contracts covering any Equipment with (i) a Lessor's Cost in
excess of $10,000 and/or (ii) Equipment for which maintenance service contracts
are customarily available with the Equipment supplier or with suppliers of
maintenance services approved by Lessor, such approval not to be unreasonably
withheld.

         INSTALLATION, HANDLING AND DELIVERY CHARGES. Any handling and delivery
charge to cover all Equipment transportation, rigging, drayage, packing,
installation and handling to and from vendor's plant and upon return to Lessor's
designated location shall be paid by Lessee.

         MISCELLANEOUS TAXES. Without limitation of the provisions of the Master
Lease, Lessee agrees to pay and to indemnify Lessor for any sales or use tax and
any property tax in connection with the sale, lease or use of the Equipment.

         LATE FEE. Lessee shall pay a late charge on any rent payments or other
sums due hereunder which are more than ten (10) days past due, in an amount
equal to 2% of the past due amount, payable on demand.

         DEFAULT RATE. The Default Rate of interest on late payments shall be
eighteen percent (18%) per annum.

         NOTICES.  All notices shall be addressed as follows:

<TABLE>
<S>                                                   <C>
         IF TO LESSOR:                                IF TO LESSEE:

         Lighthouse Capital Partners III, L.P.        ChemConnect, Inc.
         100 Drake's Landing, Suite 260               44 Montgomery Street, Suite 250
         Greenbrae, CA 94904-3121                     San Francisco, CA 94104
         Attn.:  Contract Administration              Attn.:  Chief Financial Officer
</TABLE>

                                       2.
<PAGE>   48

<TABLE>
<S>                                                   <C>
         Phone: (415) 925-3370                        Phone: (415) 364-3300
         Fax: (415) 925-3387                          Fax: (415) 646-0010
</TABLE>

         CONDITIONS TO THE FIRST EQUIPMENT SCHEDULE. On or prior to the date of
execution of the first Equipment Schedule under this Lease Line Schedule, Lessor
shall have received in form and substance satisfactory to Lessor, each of the
following:

         1.   A Warrant substantially in the form of EXHIBIT H to the Master
              Lease.

         2.   Copies, certified by the Secretary or Assistant Secretary or Chief
              Financial Officer of Lessee, of: (i) the Articles of Incorporation
              and By-Laws of Lessee (as amended to the date of the Lease) and
              (ii) the resolutions adopted by Lessee's board of directors
              authorizing the execution and delivery of this Lease, the Lease
              Line Schedule, the Equipment Schedules, the Warrant and the other
              documents referred in this Lease Line Schedule and the performance
              by Lessee of its obligations in such documents.

         3.   A Good Standing Certificate (including franchise tax status) with
              respect to Lessee from Lessee's state of incorporation, dated a
              date reasonably close to the date of acceptance of the Lease by
              Lessor.

         4.   A Software Rider substantially in the form of ANNEX B to this
              Lease Line Schedule.

         5.   Evidence of the insurance coverage required by SECTION 8 of the
              Master Lease.

         6.  All necessary consents of shareholders and other third parties
              with respect to the subject matter of the Master Lease, the Lease
              Line Schedule, the Equipment Schedules and the Warrant.

         CONDITIONS TO ALL FUNDINGS UNDER ALL EQUIPMENT SCHEDULES. On or prior
to each funding under each Equipment Schedule under this Lease Line Schedule,
each of the following conditions shall have been satisfied:

         1.   No Event of Default or event which, with notice or lapse of time
              or both, would become an Event of Default, has occurred and is
              continuing.

         2.   Lessor shall have received a Software Licenses Assignment
              Agreement in substantially the form of ANNEX B-1 to this Lease
              Line Schedule with respect to each Vendor of software to be
              financed under this Lease Line Schedule.

         3.   Lessor shall have received all necessary or desirable estoppel
              certificates and UCC filings, releases or terminations.

         4.   Lessor shall have used its best efforts to obtain a landlord
              waiver and consent in substantially the form of EXHIBIT E to the
              Master Lease with respect to each equipment location.

         5.   There shall not have occurred (i) any material adverse change to
              the general affairs, management, results of operations, condition
              (financial or otherwise) or prospects of Lessee, whether or not
              arising from transactions in the ordinary course of business, or
              (ii) any material adverse deviation by Lessee from the business
              plan of Lessee presented to and not disapproved by Lessor, since
              the date of the Master Lease.

         6.   Lessee shall have delivered to Lessor an Equipment Schedule
              covering the appropriate funding period.

         7.   Lessee shall have delivered to Lessor (i) in the case of a
              sale-leaseback, original vendor invoices, copies of canceled
              checks or other proof of payment, a Bill of Sale, a Delivery and
              Acceptance Certificate, and any UCC filings or other notices
              deemed necessary or desirable in connection with the
              sale-leaseback or (ii) at Lessor's request, in the case of a
              purchase of new equipment in excess of $100,000 from an equipment
              vendor, a Purchase Order and Invoice Assignment and a Delivery and
              Acceptance Certificate.

                                       3
<PAGE>   49

         8.   Payment of the Advance Rent.

         9.   All terms and conditions in the Equipment Schedule shall have been
              satisfied by the Acceptance Date for the Equipment under such
              Equipment Schedule.

         All other documents as Lessor shall have reasonably requested.

LESSEE:                               LESSOR:

CHEMCONNECT, INC.                     LIGHTHOUSE CAPITAL PARTNERS III, L.P.

By:    /s/ Philip J. Ringo            By: LIGHTHOUSE MANAGEMENT
   ------------------------------         PARTNERS III, L.L.C.,
                                          its general partner

Name:  Phil J. Ringo                  By:     /s/ Richard D. Stubblefield
       --------------------------            -----------------------------------
Title: President and COO              Name:  Richard D. Stubblefield
       --------------------------            -----------------------------------
                                      Title: Managing Member
                                             -----------------------------------

ANNEX A     -  Stipulated Loss Value Table
ANNEX B     -  Software Rider
ANNEX B-1   -  Software License Assignment Agreement

                                                                              12
<PAGE>   50
                                     ANNEX A

                           STIPULATED LOSS VALUE TABLE
                                       TO
                           LEASE LINE SCHEDULE NO. 01,
                           dated November 4, 1999, to
                   MASTER EQUIPMENT LEASE AGREEMENT NO. 2192,
                    dated November 4, 1999 ("Master Lease"),
             by and between LIGHTHOUSE CAPITAL PARTNERS III, L.P.,
                         a Delaware limited partnership
                       ("Lessor"), and CHEMCONNECT, INC.,
                       a Delaware corporation ("Lessee").

(All capitalized terms not otherwise defined herein shall have the meanings
given to such terms in the Master Lease.)

In the case of an Event of Loss, the Stipulated Loss Value for each item of
leased Equipment is the Lessor's Cost for the item multiplied by Stipulated Loss
Value Percentage for the Rent Payment Number following the month of the Event of
Loss.

<TABLE>
<CAPTION>
             Stipulated                                        Stipulated
Rent         Loss                           Rent               Loss
Payment      Value                          Payment            Value
Number       Percentage                     Number             Percentage
------       ----------                     -------            ----------
<S>          <C>                            <C>                <C>
  1           111.88%                       19                  69.19%
  2           109.78%                       20                  66.76%
  3           106.95%                       21                  64.31%
  4           104.54%                       22                  61.85%
  5           102.11%                       23                  59.36%
  6            98.78%                       24                  56.86%
  7            96.64%                       25                  54.33%
  8            94.47%                       26                  51.79%
  9            92.28%                       27                  49.22%
  10           90.07%                       28                  46.63%
  11           87.84%                       29                  44.03%
  12           85.59%                       30                  41.40%
  13           83.31%                       31                  38.74%
  14           81.09%                       32                  35.07%
  15           78.69%                       33                  31.64%
  16           76.35%                       34                  27.76%
  17           73.99%                       35                  23.88%
  18           71.60%                       36 and thereafter   20.00%
</TABLE>

Lessee: /s/ PJR                             Lessor:  /s/ RDS
      ----------------------                       --------------------

                                       13
<PAGE>   51
                                     ANNEX B

                                 SOFTWARE RIDER

         THIS SOFTWARE RIDER (this "Rider") is made a part of Lease Line
Schedule No. 01 (the ("Lease Line Schedule") dated November 4, 1999, by and
between LIGHTHOUSE CAPITAL PARTNERS III, L.P., a Delaware limited partnership
("Lessor") and CHEMCONNECT, INC., a Delaware corporation ("Lessee").

All capitalized terms used and not otherwise defined herein are defined in the
Lease Line Schedule.

         In the event any computer software (as described in any applicable
Equipment Schedule and collectively with all manuals, updates, revisions,
program and data files, and documentation relating thereto or used or usable in
connection therewith, the "Software"), is purchased or licensed pursuant to the
Lease Line Schedule, then, in addition to all other terms and conditions of the
Master Lease and the Lease Line Schedule, all of which are incorporated herein
by this reference:

         1. SOFTWARE AS GENERAL INTANGIBLES. All Software shall be "Equipment"
as defined under the Lease Line Schedule. Lessee hereby grants to Lessor as
collateral security for Lessee's payment and performance of all Lessee's
obligations of payment and performance under this Rider, the Lease Line
Schedule, the Master Lease, and every other present or future Equipment Schedule
or other agreement between Lessee and Lessor, a security interest in all of its
right, title and interest in and to the Software, including without limitation
general intangibles, licenses, and intellectual property rights with respect
thereto, but excluding all licenses and other agreements that by law or by the
terms thereof may not be assigned by Lessee or may only be assigned by Lessee
with the consent of the other party to such license or other agreement, and all
substitutions, modifications, replacements, additions, accessions, proceeds, and
products of, to, or for any of the foregoing.

         2. EXCLUSION OF WARRANTIES. Without limiting the generality of all
exclusions of warranty set forth in the Lease Line Schedule and Master Lease,
Lessor makes no and specifically excludes any representation or warranty
relating to any Software, including without limitation any warranty of title,
validity or enforceability of license, noninfringement, availability or quality
of vendor support, or fitness for any particular purpose.

         3. LICENSE ASSIGNMENT AGREEMENT. Lessee will use its best efforts to
obtain a License Assignment Agreement in form and substance satisfactory to
Lessor and as set forth on EXHIBIT 1 hereto (the "Software License Assignment
Agreement")prior to the advance by Lessor of any funds to any party with respect
to the Software. Breach by Lessee of any term or condition of any license
agreement governing the right to use any Software shall be an Event of Default
under SECTION 16(ii) of the Master Lease if such breach is likely to have a
material adverse effect on the Equipment or Lessor's rights under the Lease Line
Schedule, Master Lease or any other documents relating to the lease of the
Equipment to Lessee.

         4.  APPLICABILITY OF LEASE. The Master Lease, Lease Line Schedule,
Equipment Schedule, Software License Assignment Agreement, and this Rider, and
all documents entered into in connection therewith, govern Lessee's obligations
of payment and performance to Lessor with respect to the Software, whether or
not the Software represents goods capable of being leased pursuant to the UCC.

         5.  LICENSE PERFORMANCE. Lessee agrees that in addition to Lessor's
remedies following an Event of Default, Lessor may upon notice to Lessee
requiring the same cause Lessee to cease all use of the Software and to assemble
and deliver to Lessor the same in electronic or other form. Lessee shall remit
to Lessor upon demand any amounts due and payable with respect to the licensing
of any Software or the assignment thereof. Lessee agrees that monetary damages
are not a sufficient remedy and will not adequately compensate Lessor for

Lessee's breach of this Section, and that Lessor shall be entitled to seek
specific performance or other injunctive or equitable relief.

                                       1
<PAGE>   52
        6. INTEGRATION. This Rider represents the entirety of the understanding
between the parties with respect to its subject matter, and may only be modified
by a written instrument signed by the party to be charged. All rights and
remedies of Lessor herein are in addition to, and not in limitation of, the
rights and remedies of Lessor under the Lease.

LESSEE:                               LESSOR:

CHEMCONNECT, INC.                     LIGHTHOUSE CAPITAL PARTNERS III, L.P.

By:EXHIBIT ONLY                           By: LIGHTHOUSE MANAGEMENT
   ------------------------------         PARTNERS III, L.L.C.,
                                          its general partner

Name:  Phil J. Ringo                  By:
       --------------------------            -----------------------------------
Title: President and COO              Name:  Richard D. Stubblefield
       --------------------------            -----------------------------------
                                      Title: Managing Member
                                             -----------------------------------

                                       2
<PAGE>   53
                                    ANNEX B-1

                                    EXHIBIT 1
                      SOFTWARE LICENSE ASSIGNMENT AGREEMENT

         This SOFTWARE LICENSE ASSIGNMENT AGREEMENT (this "Agreement") is
entered into _____, 1999, by and between ______________________ ("Vendor"),
LIGHTHOUSE CAPITAL PARTNERS III, L.P., a Delaware limited partnership ("Lessor")
and CHEMCONNECT, INC., a Delaware corporation ("Lessee"), with respect to
certain items of computer software purchased or licensed from Vendor as more
specifically described in attachments hereto (the "Software") in connection with
that certain Equipment Schedule No. 01 between Lessee and Lessor (collectively
with all documents entered into in connection therewith, the "Lease") dated
__________

         1. ACKNOWLEDGMENT OF LICENSE. The parties acknowledge that the right to
use the Software is being acquired pursuant to a software license agreement (the
"License") between Vendor and Lessee, and agree as follows:

                  (a) Lessee reaffirms all of its rights and obligations under
the License and under the Lease. Lessor is not a party to the License, but is an
express third party beneficiary thereof.

                  (b) Lessee assigns to Lessor all of its rights and benefits,
but Lessee retains all the obligations and burdens, under the License. Vendor
consents to such assignment.

                  (c) Lessor sublicenses back to Lessee, expiring once there has
been an Event of Default under the Lease, the rights and benefits under the
License.

         2. ASSIGNMENT. Lessor may upon notice to Vendor succeed to all of
Lessee's right, title and interest in and to the License, and may sell or assign
the same to any person, without the imposition of any transfer fee payable to
Vendor, effective upon such person's execution of the License, who shall upon
such execution succeed to the obligations and burdens under such license.

         3. NO COMMITMENT. This is not a commitment by Lessor to purchase or
finance any other items of software or hardware other than the Software.

         4. INTEGRATION. This Agreement represents the entirety of the
understanding between the parties with respect to its subject matter, and may
only be modified by a written instrument signed by the party to be charged.

VENDOR:

                                      LIGHTHOUSE CAPITAL PARTNERS III, L.P.

By:                                   By: LIGHTHOUSE MANAGEMENT
   -----------------------------          PARTNERS III, L.L.C.,
                                          its general partner

By:                                   By:
   -----------------------------             -----------------------------------
Title:                                Name:  Richard D. Stubblefield
       -------------------------             -----------------------------------
                                      Title: Managing Member
CHEMCONNECT, INC.                            -----------------------------------

By:    EXHIBIT ONLY
       -------------------------
Name:  Phil J. Ringo
       -------------------------
Title: President and COO
       -------------------------<PAGE>   1
                                                                    EXHIBIT 10.8

                                CHEMCONNECT, INC.

                                 1998 STOCK PLAN

                          ADOPTED ON DECEMBER 14, 1998

<PAGE>   2

<TABLE>
<CAPTION>
                                                                                          PAGE NO.
                                                                                          --------
<S>                                                                                       <C>
SECTION 1.  ESTABLISHMENT AND PURPOSE.....................................................   1

SECTION 2.  ADMINISTRATION................................................................   1

   (a)  Committees of the Board of Directors..............................................   1
   (b)  Authority of the Board of Directors...............................................   1

SECTION 3.  ELIGIBILITY...................................................................   1

   (a)  General Rule......................................................................   1
   (b)  Ten-Percent Stockholders..........................................................   1

SECTION 4.  STOCK SUBJECT TO PLAN.........................................................   2

   (a)  Basic Limitation..................................................................   2
   (b)  Additional Shares.................................................................   2

SECTION 5.  TERMS AND CONDITIONS OF AWARDS OR SALES.......................................   2

   (a)  Stock Purchase Agreement..........................................................   2
   (b)  Duration of Offers and Nontransferability of Rights...............................   2
   (c)  Purchase Price....................................................................   2
   (d)  Withholding Taxes.................................................................   2
   (e)  Restrictions on Transfer of Shares and Minimum Vesting............................   3
   (f)  Accelerated Vesting...............................................................   3

SECTION 6.  TERMS AND CONDITIONS OF OPTIONS...............................................   3

   (a)  Stock Option Agreement............................................................   3
   (b)  Number of Shares..................................................................   3
   (c)  Exercise Price....................................................................   3
   (d)  Withholding Taxes.................................................................   3
   (e)  Exercisability....................................................................   4
   (f)  Accelerated Exercisability........................................................   4
   (g)  Basic Term........................................................................   4
   (h)  Nontransferability................................................................   4
   (i)  Termination of Service (Except by Death)..........................................   4
   (j)  Leaves of Absence.................................................................   5
   (k)  Death of Optionee.................................................................   5
   (l)  No Rights as a Stockholder........................................................   5
   (m)  Modification, Extension and Assumption of Options.................................   5
   (n)  Restrictions on Transfer of Shares and Minimum Vesting............................   5
   (o)  Accelerated Vesting...............................................................   6
</TABLE>

                                       i
<PAGE>   3

<TABLE>
<S>                                                                                       <C>
SECTION 7.  PAYMENT FOR SHARES............................................................   6

   (a)  General Rule......................................................................   6
   (b)  Surrender of Stock................................................................   6
   (c)  Services Rendered.................................................................   6
   (d)  Promissory Note...................................................................   6
   (e)  Exercise/Sale.....................................................................   7
   (f)  Exercise/Pledge...................................................................   7

SECTION 8.  ADJUSTMENT OF SHARES..........................................................   7

   (a)  General...........................................................................   7
   (b)  Mergers and Consolidations........................................................   7
   (c)  Reservation of Rights.............................................................   8

SECTION 9.  SECURITIES LAWS REQUIREMENTS..................................................   8

   (a)  General...........................................................................   8
   (b)  Financial Reports.................................................................   8

SECTION 10.  NO RETENTION RIGHTS..........................................................   8

SECTION 11.  DURATION AND AMENDMENTS......................................................   8

   (a)  Term of the Plan..................................................................   8
   (b)  Right to Amend or Terminate the Plan..............................................   9
   (c)  Effect of Amendment or Termination................................................   9

SECTION 12.  DEFINITIONS..................................................................   9
</TABLE>

                                       ii

<PAGE>   4
                        CHEMCONNECT, INC. 1998 STOCK PLAN

SECTION 1. ESTABLISHMENT AND PURPOSE.

        The purpose of the Plan is to offer selected individuals an opportunity
to acquire a proprietary interest in the success of the Company, or to increase
such interest, by purchasing Shares of the Company's Stock. The Plan provides
both for the direct award or sale of Shares and for the grant of Options to
purchase Shares. Options granted under the Plan may include Nonstatutory Options
as well as ISOs intended to qualify under Section 422 of the Code.

        Capitalized terms are defined in Section 12.

SECTION 2. ADMINISTRATION.

        (a) COMMITTEES OF THE BOARD OF DIRECTORS. The Plan may be administered
by one or more Committees. Each Committee shall consist of one or more members
of the Board of Directors who have been appointed by the Board of Directors.
Each Committee shall have such authority and be responsible for such functions
as the Board of Directors has assigned to it. If no Committee has been
appointed, the entire Board of Directors shall administer the Plan. Any
reference to the Board of Directors in the Plan shall be construed as a
reference to the Committee (if any) to whom the Board of Directors has assigned
a particular function.

        (b) AUTHORITY OF THE BOARD OF DIRECTORS. Subject to the provisions of
the Plan, the Board of Directors shall have full authority and discretion to
take any actions it deems necessary or advisable for the administration of the
Plan. All decisions, interpretations and other actions of the Board of Directors
shall be final and binding on all Purchasers, all Optionees and all persons
deriving their rights from a Purchaser or Optionee.

SECTION 3. ELIGIBILITY.

        (a) GENERAL RULE. Only Employees, Outside Directors and Consultants
shall be eligible for the grant of Options or the direct award or sale of
Shares. Only Employees shall be eligible for the grant of ISOs.

        (b) TEN-PERCENT STOCKHOLDERS. An individual who owns more than 10% of
the total combined voting power of all classes of outstanding stock of the
Company, its Parent or any of its Subsidiaries shall not be eligible for
designation as an Optionee or Purchaser unless (i) the Exercise Price is at
least 110% of the Fair Market Value of a Share on the date of grant, (ii) the
Purchase Price (if any) is at least 100% of the Fair Market Value of a Share and
(iii) in the case of an ISO, such ISO by its terms is not exercisable after the
expiration of five years from the date of grant. For purposes of this Subsection
(b), in determining stock ownership, the attribution rules of Section 424(d) of
the Code shall be applied.

<PAGE>   5
SECTION 4. STOCK SUBJECT TO PLAN.

        (a) BASIC LIMITATION. Shares offered under the Plan may be authorized
but unissued Shares or treasury Shares. The aggregate number of Shares that may
be issued under the Plan (upon exercise of Options or other rights to acquire
Shares) shall not exceed 3,313,427 Shares, subject to adjustment pursuant to
Section 8. The number of Shares that are subject to Options or other rights
outstanding at any time under the Plan shall not exceed the number of Shares
that then remain available for issuance under the Plan. The Company, during the
term of the Plan, shall at all times reserve and keep available sufficient
Shares to satisfy the requirements of the Plan.

        (b) ADDITIONAL SHARES. In the event that any outstanding Option or other
right for any reason expires or is canceled or otherwise terminated, the Shares
allocable to the unexercised portion of such Option or other right shall again
be available for the purposes of the Plan. In the event that Shares issued under
the Plan are reacquired by the Company pursuant to any forfeiture provision,
right of repurchase or right of first refusal, such Shares shall again be
available for the purposes of the Plan, except that the aggregate number of
Shares which may be issued upon the exercise of ISOs shall in no event exceed
3,313,427 Shares (subject to adjustment pursuant to Section 8).

SECTION 5. TERMS AND CONDITIONS OF AWARDS OR SALES.

        (a) STOCK PURCHASE AGREEMENT. Each award or sale of Shares under the
Plan (other than upon exercise of an Option) shall be evidenced by a Stock
Purchase Agreement between the Purchaser and the Company. Such award or sale
shall be subject to all applicable terms and conditions of the Plan and may be
subject to any other terms and conditions which are not inconsistent with the
Plan and which the Board of Directors deems appropriate for inclusion in a Stock
Purchase Agreement. The provisions of the various Stock Purchase Agreements
entered into under the Plan need not be identical.

        (b) DURATION OF OFFERS AND NONTRANSFERABILITY OF RIGHTS. Any right to
acquire Shares under the Plan (other than an Option) shall automatically expire
if not exercised by the Purchaser within 30 days after the grant of such right
was communicated to the Purchaser by the Company. Such right shall not be
transferable and shall be exercisable only by the Purchaser to whom such right
was granted.

        (c) PURCHASE PRICE. The Purchase Price of Shares to be offered under the
Plan shall not be less than 85% of the Fair Market Value of such Shares, and a
higher percentage may be required by Section 3(b). Subject to the preceding
sentence, the Purchase Price shall be determined by the Board of Directors at
its sole discretion. The Purchase Price shall be payable in a form described in
Section 7.

        (d) WITHHOLDING TAXES. As a condition to the purchase of Shares, the
Purchaser shall make such arrangements as the Board of Directors may require for
the satisfaction of any federal, state, local or foreign withholding tax
obligations that may arise in connection with such purchase.

                                       2
<PAGE>   6
        (e) RESTRICTIONS ON TRANSFER OF SHARES AND MINIMUM VESTING. Any Shares
awarded or sold under the Plan shall be subject to such special forfeiture
conditions, rights of repurchase, rights of first refusal and other transfer
restrictions as the Board of Directors may determine. Such restrictions shall be
set forth in the applicable Stock Purchase Agreement and shall apply in addition
to any restrictions that may apply to holders of Shares generally. In the case
of a Purchaser who is not an officer of the Company, an Outside Director or a
Consultant, any right to repurchase the Purchaser's Shares at the original
Purchase Price (if any) upon termination of the Purchaser's Service shall lapse
at least as rapidly as 20% per year over the five-year period commencing on the
date of the award or sale of the Shares. Any such right may be exercised only
within 90 days after the termination of the Purchaser's Service for cash or for
cancellation of indebtedness incurred in purchasing the Shares.

        (f) ACCELERATED VESTING. Unless the applicable Stock Purchase Agreement
provides otherwise, any right to repurchase a Purchaser's Shares at the original
Purchase Price (if any) upon termination of the Purchaser's Service shall lapse
and all of such Shares shall become vested if (i) the Company is subject to a
Change in Control before the Purchaser's Service terminates and (ii) the
repurchase right is not assigned to the entity that employs the Purchaser
immediately after the Change in Control or to its parent or subsidiary.

SECTION 6. TERMS AND CONDITIONS OF OPTIONS.

        (a) STOCK OPTION AGREEMENT. Each grant of an Option under the Plan shall
be evidenced by a Stock Option Agreement between the Optionee and the Company.
Such Option shall be subject to all applicable terms and conditions of the Plan
and may be subject to any other terms and conditions which are not inconsistent
with the Plan and which the Board of Directors deems appropriate for inclusion
in a Stock Option Agreement. The provisions of the various Stock Option
Agreements entered into under the Plan need not be identical.

        (b) NUMBER OF SHARES. Each Stock Option Agreement shall specify the
number of Shares that are subject to the Option and shall provide for the
adjustment of such number in accordance with Section 8. The Stock Option
Agreement shall also specify whether the Option is an ISO or a Nonstatutory
Option.

        (c) EXERCISE PRICE. Each Stock Option Agreement shall specify the
Exercise Price. The Exercise Price of an ISO shall not be less than 100% of the
Fair Market Value of a Share on the date of grant, and a higher percentage may
be required by Section 3(b). The Exercise Price of a Nonstatutory Option shall
not be less than 85% of the Fair Market Value of a Share on the date of grant,
and a higher percentage may be required by Section 3(b). Subject to the
preceding two sentences, the Exercise Price under any Option shall be determined
by the Board of Directors at its sole discretion. The Exercise Price shall be
payable in a form described in Section 7.

        (d) WITHHOLDING TAXES. As a condition to the exercise of an Option, the
Optionee shall make such arrangements as the Board of Directors may require for
the satisfaction of any federal, state, local or foreign withholding tax
obligations that may arise in connection with such exercise. The Optionee shall
also make such arrangements as the Board of Directors may require

                                       3
<PAGE>   7
for the satisfaction of any federal, state, local or foreign withholding tax
obligations that may arise in connection with the disposition of Shares acquired
by exercising an Option.

        (e) EXERCISABILITY. Each Stock Option Agreement shall specify the date
when all or any installment of the Option is to become exercisable. In the case
of an Optionee who is not an officer of the Company, an Outside Director or a
Consultant, an Option shall become exercisable at least as rapidly as 20% per
year over the five-year period commencing on the date of grant. Subject to the
preceding sentence, the exercisability provisions of any Stock Option Agreement
shall be determined by the Board of Directors at its sole discretion.

        (f) ACCELERATED EXERCISABILITY. Unless the applicable Stock Option
Agreement provides otherwise, all of an Optionee's Options shall become
exercisable in full if (i) the Company is subject to a Change in Control before
the Optionee's Service terminates, (ii) such Options do not remain outstanding,
(iii) such Options are not assumed by the surviving corporation or its parent
and (iv) the surviving corporation or its parent does not substitute options
with substantially the same terms for such Options.

        (g) BASIC TERM. The Stock Option Agreement shall specify the term of the
Option. The term shall not exceed 10 years from the date of grant, and a shorter
term may be required by Section 3(b). Subject to the preceding sentence, the
Board of Directors at its sole discretion shall determine when an Option is to
expire.

        (h) NONTRANSFERABILITY. No Option shall be transferable by the Optionee
other than by beneficiary designation, will or the laws of descent and
distribution. An Option may be exercised during the lifetime of the Optionee
only by the Optionee or by the Optionee's guardian or legal representative. No
Option or interest therein may be transferred, assigned, pledged or hypothecated
by the Optionee during the Optionee's lifetime, whether by operation of law or
otherwise, or be made subject to execution, attachment or similar process.

        (i) TERMINATION OF SERVICE (EXCEPT BY DEATH). If an Optionee's Service
terminates for any reason other than the Optionee's death, then the Optionee's
Options shall expire on the earliest of the following occasions:

                (i) The expiration date determined pursuant to Subsection (g)
        above;

                (ii) The date three months after the termination of the
        Optionee's Service for any reason other than Disability, or such later
        date as the Board of Directors may determine; or

                (iii) The date six months after the termination of the
        Optionee's Service by reason of Disability, or such later date as the
        Board of Directors may determine.

The Optionee may exercise all or part of the Optionee's Options at any time
before the expiration of such Options under the preceding sentence, but only to
the extent that such Options had become exercisable before the Optionee's
Service terminated (or became exercisable as a result of the termination) and
the underlying Shares had vested before the Optionee's Service terminated (or
vested as a result of the termination). The balance of such Options shall lapse

                                       4
<PAGE>   8
when the Optionee's Service terminates. In the event that the Optionee dies
after the termination of the Optionee's Service but before the expiration of the
Optionee's Options, all or part of such Options may be exercised (prior to
expiration) by the executors or administrators of the Optionee's estate or by
any person who has acquired such Options directly from the Optionee by
beneficiary designation, bequest or inheritance, but only to the extent that
such Options had become exercisable before the Optionee's Service terminated (or
became exercisable as a result of the termination) and the underlying Shares had
vested before the Optionee's Service terminated (or vested as a result of the
termination).

        (j) LEAVES OF ABSENCE. For purposes of Subsection (i) above, Service
shall be deemed to continue while the Optionee is on a bona fide leave of
absence, if such leave was approved by the Company in writing and if continued
crediting of Service for this purpose is expressly required by the terms of such
leave or by applicable law (as determined by the Company).

        (k) DEATH OF OPTIONEE. If an Optionee dies while the Optionee is in
Service, then the Optionee's Options shall expire on the earlier of the
following dates:

                (i) The expiration date determined pursuant to Subsection (g)
        above; or

                (ii) The date 12 months after the Optionee's death.

All or part of the Optionee's Options may be exercised at any time before the
expiration of such Options under the preceding sentence by the executors or
administrators of the Optionee's estate or by any person who has acquired such
Options directly from the Optionee by beneficiary designation, bequest or
inheritance, but only to the extent that such Options had become exercisable
before the Optionee's death or became exercisable as a result of the death. The
balance of such Options shall lapse when the Optionee dies.

        (l) NO RIGHTS AS A STOCKHOLDER. An Optionee, or a transferee of an
Optionee, shall have no rights as a stockholder with respect to any Shares
covered by the Optionee's Option until such person becomes entitled to receive
such Shares by filing a notice of exercise and paying the Exercise Price
pursuant to the terms of such Option.

        (m) MODIFICATION, EXTENSION AND ASSUMPTION OF OPTIONS. Within the
limitations of the Plan, the Board of Directors may modify, extend or assume
outstanding Options or may accept the cancellation of outstanding Options
(whether granted by the Company or another issuer) in return for the grant of
new Options for the same or a different number of Shares and at the same or a
different Exercise Price. The foregoing notwithstanding, no modification of an
Option shall, without the consent of the Optionee, impair the Optionee's rights
or increase the Optionee's obligations under such Option.

        (n) RESTRICTIONS ON TRANSFER OF SHARES AND MINIMUM VESTING. Any Shares
issued upon exercise of an Option shall be subject to such special forfeiture
conditions, rights of repurchase, rights of first refusal and other transfer
restrictions as the Board of Directors may determine. Such restrictions shall be
set forth in the applicable Stock Option Agreement and

                                       5
<PAGE>   9
shall apply in addition to any restrictions that may apply to holders of Shares
generally. In the case of an Optionee who is not an officer of the Company, an
Outside Director or a Consultant:

                (i) Any right to repurchase the Optionee's Shares at the
        original Exercise Price upon termination of the Optionee's Service shall
        lapse at least as rapidly as 20% per year over the five-year period
        commencing on the date of the option grant;

                (ii) Any such right may be exercised only for cash or for
        cancellation of indebtedness incurred in purchasing the Shares; and

                (iii) Any such right may be exercised only within 90 days after
        the later of (A) the termination of the Optionee's Service or (B) the
        date of the option exercise.

        (o) ACCELERATED VESTING. Unless the applicable Stock Option Agreement
provides otherwise, any right to repurchase an Optionee's Shares at the original
Exercise Price upon termination of the Optionee's Service shall lapse and all of
such Shares shall become vested if (i) the Company is subject to a Change in
Control before the Optionee's Service terminates and (ii) the repurchase right
is not assigned to the entity that employs the Optionee immediately after the
Change in Control or to its parent or subsidiary.

SECTION 7. PAYMENT FOR SHARES.

        (a) GENERAL RULE. The entire Purchase Price or Exercise Price of Shares
issued under the Plan shall be payable in cash or cash equivalents at the time
when such Shares are purchased, except as otherwise provided in this Section 7.

        (b) SURRENDER OF STOCK. To the extent that a Stock Option Agreement so
provides, all or any part of the Exercise Price may be paid by surrendering, or
attesting to the ownership of, Shares that are already owned by the Optionee.
Such Shares shall be surrendered to the Company in good form for transfer and
shall be valued at their Fair Market Value on the date when the Option is
exercised. The Optionee shall not surrender, or attest to the ownership of,
Shares in payment of the Exercise Price if such action would cause the Company
to recognize compensation expense (or additional compensation expense) with
respect to the Option for financial reporting purposes.

        (c) SERVICES RENDERED. At the discretion of the Board of Directors,
Shares may be awarded under the Plan in consideration of services rendered to
the Company, a Parent or a Subsidiary prior to the award. At the discretion of
the Board of Directors, Shares may also be awarded under the Plan in
consideration of services to be rendered to the Company, a Parent or a
Subsidiary after the award, except that the par value of such Shares, if newly
issued, shall be paid in cash or cash equivalents.

        (d) PROMISSORY NOTE. To the extent that a Stock Option Agreement or
Stock Purchase Agreement so provides, all or a portion of the Exercise Price or
Purchase Price (as the case may be) of Shares issued under the Plan may be paid
with a full-recourse promissory note.

                                       6
<PAGE>   10
However, the par value of the Shares, if newly issued, shall be paid in cash or
cash equivalents. The Shares shall be pledged as security for payment of the
principal amount of the promissory note and interest thereon. The interest rate
payable under the terms of the promissory note shall not be less than the
minimum rate (if any) required to avoid the imputation of additional interest
under the Code. Subject to the foregoing, the Board of Directors (at its sole
discretion) shall specify the term, interest rate, amortization requirements (if
any) and other provisions of such note.

        (e) EXERCISE/SALE. To the extent that a Stock Option Agreement so
provides, and if Stock is publicly traded, payment may be made all or in part by
the delivery (on a form prescribed by the Company) of an irrevocable direction
to a securities broker approved by the Company to sell Shares and to deliver all
or part of the sales proceeds to the Company in payment of all or part of the
Exercise Price and any withholding taxes.

        (f) EXERCISE/PLEDGE. To the extent that a Stock Option Agreement so
provides, and if Stock is publicly traded, payment may be made all or in part by
the delivery (on a form prescribed by the Company) of an irrevocable direction
to pledge Shares to a securities broker or lender approved by the Company, as
security for a loan, and to deliver all or part of the loan proceeds to the
Company in payment of all or part of the Exercise Price and any withholding
taxes.

SECTION 8. ADJUSTMENT OF SHARES.

        (a) GENERAL. In the event of a subdivision of the outstanding Stock, a
declaration of a dividend payable in Shares, a declaration of an extraordinary
dividend payable in a form other than Shares in an amount that has a material
effect on the Fair Market Value of the Stock, a combination or consolidation of
the outstanding Stock into a lesser number of Shares, a recapitalization, a
spin-off, a reclassification or a similar occurrence, the Board of Directors
shall make appropriate adjustments in one or more of (i) the number of Shares
available for future grants under Section 4, (ii) the number of Shares covered
by each outstanding Option or (iii) the Exercise Price under each outstanding
Option.

        (b) MERGERS AND CONSOLIDATIONS. In the event that the Company is a party
to a merger or consolidation, outstanding Options shall be subject to the
agreement of merger or consolidation. Such agreement, without the Optionees'
consent, may provide for:

                (i) The continuation of such outstanding Options by the Company
        (if the Company is the surviving corporation);

                (ii) The assumption of the Plan and such outstanding Options by
        the surviving corporation or its parent;

                (iii) The substitution by the surviving corporation or its
        parent of options with substantially the same terms for such outstanding
        Options; or

                (iv) The cancellation of such outstanding Options without
        payment of any consideration.

                                       7
<PAGE>   11
        (c) RESERVATION OF RIGHTS. Except as provided in this Section 8, an
Optionee or Purchaser shall have no rights by reason of (i) any subdivision or
consolidation of shares of stock of any class, (ii) the payment of any dividend
or (iii) any other increase or decrease in the number of shares of stock of any
class. Any issuance by the Company of shares of stock of any class, or
securities convertible into shares of stock of any class, shall not affect, and
no adjustment by reason thereof shall be made with respect to, the number or
Exercise Price of Shares subject to an Option. The grant of an Option pursuant
to the Plan shall not affect in any way the right or power of the Company to
make adjustments, reclassifications, reorganizations or changes of its capital
or business structure, to merge or consolidate or to dissolve, liquidate, sell
or transfer all or any part of its business or assets.

SECTION 9. SECURITIES LAW REQUIREMENTS.

        (a) GENERAL. Shares shall not be issued under the Plan unless the
issuance and delivery of such Shares comply with (or are exempt from) all
applicable requirements of law, including (without limitation) the Securities
Act of 1933, as amended, the rules and regulations promulgated thereunder, state
securities laws and regulations, and the regulations of any stock exchange or
other securities market on which the Company's securities may then be traded.

        (b) FINANCIAL REPORTS. The Company each year shall furnish to Optionees,
Purchasers and stockholders who have received Stock under the Plan its balance
sheet and income statement, unless such Optionees, Purchasers or stockholders
are key Employees whose duties with the Company assure them access to equivalent
information. Such balance sheet and income statement need not be audited.

SECTION 10. NO RETENTION RIGHTS.

        Nothing in the Plan or in any right or Option granted under the Plan
shall confer upon the Purchaser or Optionee any right to continue in Service for
any period of specific duration or interfere with or otherwise restrict in any
way the rights of the Company (or any Parent or Subsidiary employing or
retaining the Purchaser or Optionee) or of the Purchaser or Optionee, which
rights are hereby expressly reserved by each, to terminate his or her Service at
any time and for any reason, with or without cause.

SECTION 11. DURATION AND AMENDMENTS.

        (a) TERM OF THE PLAN. The Plan, as set forth herein, shall become
effective on the date of its adoption by the Board of Directors, subject to the
approval of the Company's stockholders. In the event that the stockholders fail
to approve the Plan within 12 months after its adoption by the Board of
Directors, any grants of Options or sales or awards of Shares that have already
occurred shall be rescinded, and no additional grants, sales or awards shall be
made thereafter under the Plan. The Plan shall terminate automatically 10 years
after its adoption by the Board of Directors and may be terminated on any
earlier date pursuant to Subsection (b) below.

                                       8
<PAGE>   12
        (b) RIGHT TO AMEND OR TERMINATE THE PLAN. The Board of Directors may
amend, suspend or terminate the Plan at any time and for any reason; provided,
however, that any amendment of the Plan which increases the number of Shares
available for issuance under the Plan (except as provided in Section 8), or
which materially changes the class of persons who are eligible for the grant of
ISOs, shall be subject to the approval of the Company's stockholders.
Stockholder approval shall not be required for any other amendment of the Plan.

        (c) EFFECT OF AMENDMENT OR TERMINATION. No Shares shall be issued or
sold under the Plan after the termination thereof, except upon exercise of an
Option granted prior to such termination. The termination of the Plan, or any
amendment thereof, shall not affect any Share previously issued or any Option
previously granted under the Plan.

SECTION 12. DEFINITIONS.

        (a) "BOARD OF DIRECTORS" shall mean the Board of Directors of the
Company, as constituted from time to time.

        (b) "CHANGE IN CONTROL" shall mean:

                (i) The consummation of a merger or consolidation of the Company
        with or into another entity or any other corporate reorganization, if
        persons who were not shareholders of the Company immediately prior to
        such merger, consolidation or other reorganization own immediately after
        such merger, consolidation or other reorganization 50% or more of the
        voting power of the outstanding securities of each of (A) the continuing
        or surviving entity and (B) any direct or indirect parent corporation of
        such continuing or surviving entity; or

                (ii) The sale, transfer or other disposition of all or
        substantially all of the Company's assets.

A transaction shall not constitute a Change in Control if its sole purpose is to
change the state of the Company's incorporation or to create a holding company
that will be owned in substantially the same proportions by the persons who held
the Company's securities immediately before such transaction.

        (c) "CODE" shall mean the Internal Revenue Code of 1986, as amended.

        (d) "COMMITTEE" shall mean a committee of the Board of Directors, as
described in Section 2(a).

        (e) "COMPANY" shall mean ChemConnect, Inc., a Delaware corporation.

        (f) "CONSULTANT" shall mean a person who performs bona fide services for
the Company, a Parent or a Subsidiary as a consultant or advisor, excluding
Employees and Outside Directors.

                                       9
<PAGE>   13
        (g) "DISABILITY" shall mean that the Optionee is unable to engage in any
substantial gainful activity by reason of any medically determinable physical or
mental impairment.

        (h) "EMPLOYEE" shall mean any individual who is a common-law employee of
the Company, a Parent or a Subsidiary.

        (i) "EXERCISE PRICE" shall mean the amount for which one Share may be
purchased upon exercise of an Option, as specified by the Board of Directors in
the applicable Stock Option Agreement.

        (j) "FAIR MARKET VALUE" shall mean the fair market value of a Share, as
determined by the Board of Directors in good faith. Such determination shall be
conclusive and binding on all persons.

        (k) "ISO" shall mean an employee incentive stock option described in
Section 422(b) of the Code.

        (l) "NONSTATUTORY OPTION" shall mean a stock option not described in
Sections 422(b) or 423(b) of the Code.

        (m) "OPTION" shall mean an ISO or Nonstatutory Option granted under the
Plan and entitling the holder to purchase Shares.

        (n) "OPTIONEE" shall mean an individual who holds an Option.

        (o) "OUTSIDE DIRECTOR" shall mean a member of the Board of
Directors who is not an Employee.

        (p) "PARENT" shall mean any corporation (other than the Company) in an
unbroken chain of corporations ending with the Company, if each of the
corporations other than the Company owns stock possessing 50% or more of the
total combined voting power of all classes of stock in one of the other
corporations in such chain. A corporation that attains the status of a Parent on
a date after the adoption of the Plan shall be considered a Parent commencing as
of such date.

        (q) "PLAN" shall mean this ChemConnect, Inc. 1998 Stock Plan.

        (r) "PURCHASE PRICE" shall mean the consideration for which one Share
may be acquired under the Plan (other than upon exercise of an Option), as
specified by the Board of Directors.

        (s) "PURCHASER" shall mean an individual to whom the Board of Directors
has offered the right to acquire Shares under the Plan (other than upon exercise
of an Option).

        (t) "SERVICE" shall mean service as an Employee, Outside Director or
Consultant.

        (u) "SHARE" shall mean one share of Stock, as adjusted in accordance
with Section 8 (if applicable).

                                       10
<PAGE>   14
        (v) "STOCK" shall mean the Common Stock of the Company, with a par value
of $0.0001 per Share.

        (w) "STOCK OPTION AGREEMENT" shall mean the agreement between the
Company and an Optionee which contains the terms, conditions and restrictions
pertaining to the Optionee's Option.

        (x) "STOCK PURCHASE AGREEMENT" shall mean the agreement between the
Company and a Purchaser who acquires Shares under the Plan which contains the
terms, conditions and restrictions pertaining to the acquisition of such Shares.

        (y) "SUBSIDIARY" means any corporation (other than the Company) in an
unbroken chain of corporations beginning with the Company, if each of the
corporations other than the last corporation in the unbroken chain owns stock
possessing 50% or more of the total combined voting power of all classes of
stock in one of the other corporations in such chain. A corporation that attains
the status of a Subsidiary on a date after the adoption of the Plan shall be
considered a Subsidiary commencing as of such date.

                                       11
<PAGE>   15

                        CHEMCONNECT, INC. 1998 STOCK PLAN

                          NOTICE OF STOCK OPTION GRANT

        You have been granted the following option to purchase Common Stock of
ChemConnect, Inc. (the "Company"):

        Name of Optionee:               <<Name>>

        Total Number of Shares Granted: <<TotalShares>>

        Type of Option:                 Incentive Stock Option

                                        Nonstatutory Stock Option

        Exercise Price Per Share:       $<<PricePerShare>>

        Date of Grant:                  <<DateGrant>>

        Date Exercisable:               This option may be exercised, in whole
                                        or in part, for 100% of the Shares
                                        subject to this option at any time after
                                        the Date of Grant.

        Vesting Commencement Date:      <<VestComDate>>

        Vesting Schedule:               The Right of Repurchase shall lapse with
                                        respect to the first <<Percent>>% of the
                                        Shares subject to this option when the
                                        Optionee completes <<CliffPeriod>>months
                                        of continuous Service after the Vesting
                                        Commencement Date. The Right of
                                        Repurchase shall lapse with respect to
                                        an additional <<Fraction>>% of the
                                        Shares subject to this option when the
                                        Optionee completes each month of
                                        continuous Service thereafter.

        Expiration Date:                <<ExpDate>>

By your signature and the signature of the Company's representative below, you
and the Company agree that this option is granted under and governed by the
terms and conditions of the 1998 Stock Plan and the Stock Option Agreement, both
of which are attached to and made a part of this document.

OPTIONEE:                              CHEMCONNECT, INC.

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

                                       Title:
---------------------------------            -----------------------------------
Print Name

<PAGE>   16
THE OPTION GRANTED PURSUANT TO THIS AGREEMENT AND THE SHARES ISSUABLE UPON THE
EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN
EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL,
SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT
REQUIRED.

                       CHEMCONNECT, INC. 1998 STOCK PLAN:

                             STOCK OPTION AGREEMENT

SECTION 1. GRANT OF OPTION.

            (a) OPTION. On the terms and conditions set forth in the Notice of
Stock Option Grant and this Agreement, the Company grants to the Optionee on the
Date of Grant the option to purchase at the Exercise Price the number of Shares
set forth in the Notice of Stock Option Grant. The Exercise Price is agreed to
be at least 100% of the Fair Market Value per Share on the Date of Grant (110%
of Fair Market Value if Section 3(b) of the Plan applies). This option is
intended to be an ISO or a Nonstatutory Option, as provided in the Notice of
Stock Option Grant.

            (b) STOCK PLAN AND DEFINED TERMS. This option is granted pursuant to
the Plan, a copy of which the Optionee acknowledges having received. The
provisions of the Plan are incorporated into this Agreement by this reference.
Capitalized terms are defined in Section 14 of this Agreement.

SECTION 2. RIGHT TO EXERCISE.

            (a) EXERCISABILITY. Subject to Subsections (b) and (c) below and the
other conditions set forth in this Agreement, all or part of this option may be
exercised prior to its expiration at the time or times set forth in the Notice
of Stock Option Grant. Shares purchased by exercising this option may be subject
to the Right of Repurchase under Section 7.

            (b) $100,000 LIMITATION. If this option is designated as an ISO in
the Notice of Stock Option Grant, then the Optionee's right to exercise this
option shall be deferred to the extent (and only to the extent) that this option
otherwise would not be treated as an ISO by reason of the $100,000 annual
limitation under Section 422(d) of the Code, except that:

                (i) The Optionee's right to exercise this option shall in any
        event become exercisable at least as rapidly as 20% per year over the
        five-year period commencing on the Date of Grant, unless the Optionee is
        an officer of the Company, an Outside Director or a Consultant; and

                (ii) The Optionee's right to exercise this option shall no
        longer be deferred if (A) the Company is subject to a Change in Control
        before the

<PAGE>   17
        Optionee's Service terminates, (B) this option does not remain
        outstanding, (C) this option is not assumed by the surviving corporation
        or its parent and (D) the surviving corporation or its parent does not
        substitute an option with substantially the same terms for this option .

            (c) STOCKHOLDER APPROVAL. Any other provision of this Agreement
notwithstanding, no portion of this option shall be exercisable at any time
prior to the approval of the Plan by the Company's stockholders.

SECTION 3. NO TRANSFER OR ASSIGNMENT OF OPTION.

               Except as otherwise provided in this Agreement, this option and
the rights and privileges conferred hereby shall not be sold, pledged or
otherwise transferred (whether by operation of law or otherwise) and shall not
be subject to sale under execution, attachment, levy or similar process.

SECTION 4. EXERCISE PROCEDURES.

            (a) NOTICE OF EXERCISE. The Optionee or the Optionee's
representative may exercise this option by giving written notice to the Company
pursuant to Section 13(c). The notice shall specify the election to exercise
this option, the number of Shares for which it is being exercised and the form
of payment. The notice shall be signed by the person exercising this option. In
the event that this option is being exercised by the representative of the
Optionee, the notice shall be accompanied by proof (satisfactory to the Company)
of the representative's right to exercise this option. The Optionee or the
Optionee's representative shall deliver to the Company, at the time of giving
the notice, payment in a form permissible under Section 5 for the full amount of
the Purchase Price.

            (b) ISSUANCE OF SHARES. After receiving a proper notice of exercise,
the Company shall cause to be issued a certificate or certificates for the
Shares as to which this option has been exercised, registered in the name of the
person exercising this option (or in the names of such person and his or her
spouse as community property or as joint tenants with right of survivorship).
The Company shall cause such certificate or certificates to be deposited in
escrow or delivered to or upon the order of the person exercising this option.

            (c) WITHHOLDING TAXES. In the event that the Company determines that
it is required to withhold any tax as a result of the exercise of this option,
the Optionee, as a condition to the exercise of this option, shall make
arrangements satisfactory to the Company to enable it to satisfy all withholding
requirements. The Optionee shall also make arrangements satisfactory to the
Company to enable it to satisfy any withholding requirements that may arise in
connection with the vesting or disposition of Shares purchased by exercising
this option.

SECTION 5. PAYMENT FOR STOCK.

            (a) CASH. All or part of the Purchase Price may be paid in cash or
cash equivalents.

                                       2
<PAGE>   18
            (b) SURRENDER OF STOCK. All or any part of the Purchase Price may be
paid by surrendering, or attesting to the ownership of, Shares that are already
owned by the Optionee. Such Shares shall be surrendered to the Company in good
form for transfer and shall be valued at their Fair Market Value on the date
when this option is exercised. The Optionee shall not surrender, or attest to
the ownership of, Shares in payment of the Purchase Price if such action would
cause the Company to recognize compensation expense (or additional compensation
expense) with respect to this option for financial reporting purposes.

            (c) EXERCISE/SALE. If Stock is publicly traded, all or part of the
Purchase Price and any withholding taxes may be paid by the delivery (on a form
prescribed by the Company) of an irrevocable direction to a securities broker
approved by the Company to sell Shares and to deliver all or part of the sales
proceeds to the Company.

            (d) EXERCISE/PLEDGE. If Stock is publicly traded, all or part of the
Purchase Price and any withholding taxes may be paid by the delivery (on a form
prescribed by the Company) of an irrevocable direction to pledge Shares to a
securities broker or lender approved by the Company, as security for a loan, and
to deliver all or part of the loan proceeds to the Company.

SECTION 6. TERM AND EXPIRATION.

            (a) BASIC TERM. This option shall in any event expire on the
expiration date set forth in the Notice of Stock Option Grant, which date is 10
years after the Date of Grant (five years after the Date of Grant if this option
is designated as an ISO in the Notice of Stock Option Grant and Section 3(b) of
the Plan applies).

            (b) TERMINATION OF SERVICE (EXCEPT BY DEATH). If the Optionee's
Service terminates for any reason other than death, then this option shall
expire on the earliest of the following occasions:

                (i) The expiration date determined pursuant to Subsection (a)
        above;

                (ii) The date three months after the termination of the
        Optionee's Service for any reason other than Disability; or

                (iii) The date six months after the termination of the
        Optionee's Service by reason of Disability.

The Optionee may exercise all or part of this option at any time before its
expiration under the preceding sentence, but only to the extent that this option
had become exercisable before the Optionee's Service terminated. When the
Optionee's Service terminates, this option shall expire immediately with respect
to the number of Shares for which this option is not yet exercisable and with
respect to any Restricted Shares. In the event that the Optionee dies after
termination of Service but before the expiration of this option, all or part of
this option may be exercised (prior to expiration) by the executors or
administrators of the Optionee's estate or by any person who has acquired this
option directly from the Optionee by beneficiary designation, bequest or
inheritance, but only to the extent that this option had become exercisable
before the Optionee's Service terminated.

                                       3
<PAGE>   19
            (c) DEATH OF THE OPTIONEE. If the Optionee dies while in Service,
then this option shall expire on the earlier of the following dates:

                (i) The expiration date determined pursuant to Subsection (a)
        above; or

                (ii) The date 12 months after the Optionee's death.

All or part of this option may be exercised at any time before its expiration
under the preceding sentence by the executors or administrators of the
Optionee's estate or by any person who has acquired this option directly from
the Optionee by beneficiary designation, bequest or inheritance, but only to the
extent that this option had become exercisable before the Optionee's death. When
the Optionee dies, this option shall expire immediately with respect to the
number of Shares for which this option is not yet exercisable and with respect
to any Restricted Shares.

            (d) LEAVES OF ABSENCE. For any purpose under this Agreement, Service
shall be deemed to continue while the Optionee is on a bona fide leave of
absence, if such leave was approved by the Company in writing and if continued
crediting of Service for such purpose is expressly required by the terms of such
leave or by applicable law (as determined by the Company).

            (e) NOTICE CONCERNING ISO TREATMENT. If this option is designated as
an ISO in the Notice of Stock Option Grant, it ceases to qualify for favorable
tax treatment as an ISO to the extent it is exercised (i) more than three months
after the date the Optionee ceases to be an Employee for any reason other than
death or permanent and total disability (as defined in Section 22(e)(3) of the
Code), (ii) more than 12 months after the date the Optionee ceases to be an
Employee by reason of such permanent and total disability or (iii) after the
Optionee has been on a leave of absence for more than 90 days, unless the
Optionee's reemployment rights are guaranteed by statute or by contract.

SECTION 7. RIGHT OF REPURCHASE.

            (a) SCOPE OF REPURCHASE RIGHT. Unless they have become vested in
accordance with the Notice of Stock Option Grant and Subsection (c) below, the
Shares acquired under this Agreement initially shall be Restricted Shares and
shall be subject to a right (but not an obligation) of repurchase by the
Company. The Optionee shall not transfer, assign, encumber or otherwise dispose
of any Restricted Shares, except as provided in the following sentence. The
Optionee may transfer Restricted Shares (i) by beneficiary designation, will or
intestate succession or (ii) to the Optionee's spouse, children or grandchildren
or to a trust established by the Optionee for the benefit of the Optionee or the
Optionee's spouse, children or grandchildren, provided in either case that the
Transferee agrees in writing on a form prescribed by the Company to be bound by
all provisions of this Agreement. If the Optionee transfers any Restricted
Shares, then this Section 7 shall apply to the Transferee to the same extent as
to the Optionee.

            (b) CONDITION PRECEDENT TO EXERCISE. The Right of Repurchase shall
be exercisable with respect to any Restricted Shares only during the 60-day
period next following the later of:

                                       4
<PAGE>   20
                (i) The date when the Optionee's Service terminates for any
        reason, with or without cause, including (without limitation) death or
        disability; or

                (ii) The date when such Restricted Shares were purchased by the
        Optionee, the executors or administrators of the Optionee's estate or
        any person who has acquired this option directly from the Optionee by
        bequest, inheritance or beneficiary designation.

            (c) LAPSE OF REPURCHASE RIGHT. The Right of Repurchase shall lapse
with respect to the Shares subject to this option in accordance with the vesting
schedule set forth in the Notice of Stock Option Grant. In addition, the Right
of Repurchase shall lapse and all of the remaining Restricted Shares shall
become vested if (i) the Company is subject to a Change in Control before the
Optionee's Service terminates and (ii) the Right of Repurchase is not assigned
to the entity that employs the Optionee immediately after the Change in Control
or to its parent or subsidiary.

            (d) REPURCHASE COST. If the Company exercises the Right of
Repurchase, it shall pay the Optionee an amount equal to the Exercise Price for
each of the Restricted Shares being repurchased.

            (e) EXERCISE OF REPURCHASE RIGHT. The Right of Repurchase shall be
exercisable only by written notice delivered to the Optionee prior to the
expiration of the 60-day period specified in Subsection (b) above. The notice
shall set forth the date on which the repurchase is to be effected. Such date
shall not be more than 30 days after the date of the notice. The certificate(s)
representing the Restricted Shares to be repurchased shall, prior to the close
of business on the date specified for the repurchase, be delivered to the
Company properly endorsed for transfer. The Company shall, concurrently with the
receipt of such certificate(s), pay to the Optionee the purchase price
determined according to Subsection (d) above. Payment shall be made in cash or
cash equivalents or by canceling indebtedness to the Company incurred by the
Optionee in the purchase of the Restricted Shares. The Right of Repurchase shall
terminate with respect to any Restricted Shares for which it has not been timely
exercised pursuant to this Subsection (e).

            (f) ADDITIONAL SHARES OR SUBSTITUTED SECURITIES. In the event of the
declaration of a stock dividend, the declaration of an extraordinary dividend
payable in a form other than stock, a spin-off, a stock split, an adjustment in
conversion ratio, a recapitalization or a similar transaction affecting the
Company's outstanding securities without receipt of consideration, any new,
substituted or additional securities or other property (including money paid
other than as an ordinary cash dividend) which are by reason of such transaction
distributed with respect to any Restricted Shares or into which such Restricted
Shares thereby become convertible shall immediately be subject to the Right of
Repurchase. Appropriate adjustments to reflect the distribution of such
securities or property shall be made to the number and/or class of the
Restricted Shares. Appropriate adjustments shall also, after each such
transaction, be made to the price per share to be paid upon the exercise of the
Right of Repurchase in order to reflect any change in the Company's outstanding
securities effected without receipt of consideration therefor; provided,
however, that the aggregate purchase price payable for the Restricted Shares
shall remain the same.

                                       5
<PAGE>   21
            (g) TERMINATION OF RIGHTS AS STOCKHOLDER. If the Company makes
available, at the time and place and in the amount and form provided in this
Agreement, the consideration for the Restricted Shares to be repurchased in
accordance with this Section 7, then after such time the person from whom such
Restricted Shares are to be repurchased shall no longer have any rights as a
holder of such Restricted Shares (other than the right to receive payment of
such consideration in accordance with this Agreement). Such Restricted Shares
shall be deemed to have been repurchased in accordance with the applicable
provisions hereof, whether or not the certificate(s) therefor have been
delivered as required by this Agreement.

            (h) ESCROW. Upon issuance, the certificates for Restricted Shares
shall be deposited in escrow with the Company to be held in accordance with the
provisions of this Agreement. Any new, substituted or additional securities or
other property described in Subsection (f) above shall immediately be delivered
to the Company to be held in escrow, but only to the extent the Shares are at
the time Restricted Shares. All regular cash dividends on Restricted Shares (or
other securities at the time held in escrow) shall be paid directly to the
Optionee and shall not be held in escrow. Restricted Shares, together with any
other assets or securities held in escrow hereunder, shall be (i) surrendered to
the Company for repurchase and cancellation upon the Company's exercise of its
Right of Repurchase or Right of First Refusal or (ii) released to the Optionee
upon the Optionee's request to the extent the Shares are no longer Restricted
Shares (but not more frequently than once every six months). In any event, all
Shares which have vested (and any other vested assets and securities
attributable thereto) shall be released within 60 days after the earlier of (i)
the Optionee's cessation of Service or (ii) the lapse of the Right of First
Refusal.

SECTION 8. RIGHT OF FIRST REFUSAL.

            (a) RIGHT OF FIRST REFUSAL. In the event that the Optionee proposes
to sell, pledge or otherwise transfer to a third party any Shares acquired under
this Agreement, or any interest in such Shares, the Company shall have the Right
of First Refusal with respect to all (and not less than all) of such Shares. If
the Optionee desires to transfer Shares acquired under this Agreement, the
Optionee shall give a written Transfer Notice to the Company describing fully
the proposed transfer, including the number of Shares proposed to be
transferred, the proposed transfer price, the name and address of the proposed
Transferee and proof satisfactory to the Company that the proposed sale or
transfer will not violate any applicable federal or state securities laws. The
Transfer Notice shall be signed both by the Optionee and by the proposed
Transferee and must constitute a binding commitment of both parties to the
transfer of the Shares. The Company shall have the right to purchase all, and
not less than all, of the Shares on the terms of the proposal described in the
Transfer Notice (subject, however, to any change in such terms permitted under
Subsection (b) below) by delivery of a notice of exercise of the Right of First
Refusal within 30 days after the date when the Transfer Notice was received by
the Company. The Company's rights under this Subsection (a) shall be freely
assignable, in whole or in part.

            (b) TRANSFER OF SHARES. If the Company fails to exercise its Right
of First Refusal within 30 days after the date when it received the Transfer
Notice, the Optionee may, not later than 90 days following receipt of the
Transfer Notice by the Company, conclude a transfer of the Shares subject to the
Transfer Notice on the terms and conditions described in the Transfer Notice,
provided that any such sale is made in compliance with applicable federal and
state

                                       6
<PAGE>   22
securities laws and not in violation of any other contractual restrictions to
which the Optionee is bound. Any proposed transfer on terms and conditions
different from those described in the Transfer Notice, as well as any subsequent
proposed transfer by the Optionee, shall again be subject to the Right of First
Refusal and shall require compliance with the procedure described in Subsection
(a) above. If the Company exercises its Right of First Refusal, the parties
shall consummate the sale of the Shares on the terms set forth in the Transfer
Notice within 60 days after the date when the Company received the Transfer
Notice (or within such longer period as may have been specified in the Transfer
Notice); provided, however, that in the event the Transfer Notice provided that
payment for the Shares was to be made in a form other than cash or cash
equivalents paid at the time of transfer, the Company shall have the option of
paying for the Shares with cash or cash equivalents equal to the present value
of the consideration described in the Transfer Notice.

            (c) ADDITIONAL SHARES OR SUBSTITUTED SECURITIES. In the event of the
declaration of a stock dividend, the declaration of an extraordinary dividend
payable in a form other than stock, a spin-off, a stock split, an adjustment in
conversion ratio, a recapitalization or a similar transaction affecting the
Company's outstanding securities without receipt of consideration, any new,
substituted or additional securities or other property (including money paid
other than as an ordinary cash dividend) which are by reason of such transaction
distributed with respect to any Shares subject to this Section 8 or into which
such Shares thereby become convertible shall immediately be subject to this
Section 8. Appropriate adjustments to reflect the distribution of such
securities or property shall be made to the number and/or class of the Shares
subject to this Section 8.

            (d) TERMINATION OF RIGHT OF FIRST REFUSAL. Any other provision of
this Section 8 notwithstanding, in the event that the Stock is readily tradable
on an established securities market when the Optionee desires to transfer
Shares, the Company shall have no Right of First Refusal, and the Optionee shall
have no obligation to comply with the procedures prescribed by Subsections (a)
and (b) above.

            (e) PERMITTED TRANSFERS. This Section 8 shall not apply to (i) a
transfer by beneficiary designation, will or intestate succession or (ii) a
transfer to the Optionee's spouse, children or grandchildren or to a trust
established by the Optionee for the benefit of the Optionee or the Optionee's
spouse, children or grandchildren, provided in either case that the Transferee
agrees in writing on a form prescribed by the Company to be bound by all
provisions of this Agreement. If the Optionee transfers any Shares acquired
under this Agreement, either under this Subsection (e) or after the Company has
failed to exercise the Right of First Refusal, then this Section 8 shall apply
to the Transferee to the same extent as to the Optionee.

            (f) TERMINATION OF RIGHTS AS STOCKHOLDER. If the Company makes
available, at the time and place and in the amount and form provided in this
Agreement, the consideration for the Shares to be purchased in accordance with
this Section 8, then after such time the person from whom such Shares are to be
purchased shall no longer have any rights as a holder of such Shares (other than
the right to receive payment of such consideration in accordance with this
Agreement). Such Shares shall be deemed to have been purchased in accordance
with the applicable provisions hereof, whether or not the certificate(s)
therefor have been delivered as required by this Agreement.

                                       7
<PAGE>   23
SECTION 9. LEGALITY OF INITIAL ISSUANCE.

               No Shares shall be issued upon the exercise of this option unless
and until the Company has determined that:

            (a) It and the Optionee have taken any actions required to register
the Shares under the Securities Act or to perfect an exemption from the
registration requirements thereof;

            (b) Any applicable listing requirement of any stock exchange or
other securities market on which Stock is listed has been satisfied; and

            (c) Any other applicable provision of state or federal law has been
satisfied.

SECTION 10. NO REGISTRATION RIGHTS.

               The Company may, but shall not be obligated to, register or
qualify the sale of Shares under the Securities Act or any other applicable law.
The Company shall not be obligated to take any affirmative action in order to
cause the sale of Shares under this Agreement to comply with any law.

SECTION 11. RESTRICTIONS ON TRANSFER.

            (a) SECURITIES LAW RESTRICTIONS. Regardless of whether the offering
and sale of Shares under the Plan have been registered under the Securities Act
or have been registered or qualified under the securities laws of any state, the
Company at its discretion may impose restrictions upon the sale, pledge or other
transfer of such Shares (including the placement of appropriate legends on stock
certificates or the imposition of stop-transfer instructions) if, in the
judgment of the Company, such restrictions are necessary or desirable in order
to achieve compliance with the Securities Act, the securities laws of any state
or any other law.

            (b) MARKET STAND-OFF. In connection with any underwritten public
offering by the Company of its equity securities pursuant to an effective
registration statement filed under the Securities Act, including the Company's
initial public offering, the Optionee shall not directly or indirectly sell,
make any short sale of, loan, hypothecate, pledge, offer, grant or sell any
option or other contract for the purchase of, purchase any option or other
contract for the sale of, or otherwise dispose of or transfer, or agree to
engage in any of the foregoing transactions with respect to, any Shares acquired
under this Agreement without the prior written consent of the Company or its
underwriters. Such restriction (the "Market Stand-Off") shall be in effect for
such period of time following the date of the final prospectus for the offering
as may be requested by the Company or such underwriters. In no event, however,
shall such period exceed 180 days. The Market Stand-Off shall in any event
terminate two years after the date of the Company's initial public offering. In
the event of the declaration of a stock dividend, a spin-off, a stock split, an
adjustment in conversion ratio, a recapitalization or a similar transaction
affecting the Company's outstanding securities without receipt of consideration,
any new, substituted or additional securities which are by reason of such
transaction distributed with respect to any Shares subject to the Market
Stand-Off, or into which such Shares thereby become convertible, shall
immediately be subject to the Market Stand-Off. In order to enforce the Market
Stand-Off, the Company may impose stop-transfer instructions with respect to the
Shares

                                       8
<PAGE>   24
acquired under this Agreement until the end of the applicable stand-off period.
The Company's underwriters shall be beneficiaries of the agreement set forth in
this Subsection (b). This Subsection (b) shall not apply to Shares registered in
the public offering under the Securities Act, and the Optionee shall be subject
to this Subsection (b) only if the directors and officers of the Company are
subject to similar arrangements.

            (c) INVESTMENT INTENT AT GRANT. The Optionee represents and agrees
that the Shares to be acquired upon exercising this option will be acquired for
investment, and not with a view to the sale or distribution thereof.

            (d) INVESTMENT INTENT AT EXERCISE. In the event that the sale of
Shares under the Plan is not registered under the Securities Act but an
exemption is available which requires an investment representation or other
representation, the Optionee shall represent and agree at the time of exercise
that the Shares being acquired upon exercising this option are being acquired
for investment, and not with a view to the sale or distribution thereof, and
shall make such other representations as are deemed necessary or appropriate by
the Company and its counsel.

            (e) LEGENDS. All certificates evidencing Shares purchased under this
Agreement shall bear the following legend:

        "THE SHARES REPRESENTED HEREBY MAY NOT BE SOLD, ASSIGNED, TRANSFERRED,
        ENCUMBERED OR IN ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE
        TERMS OF A WRITTEN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED
        HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE SHARES).
        SUCH AGREEMENT GRANTS TO THE COMPANY CERTAIN RIGHTS OF FIRST REFUSAL
        UPON AN ATTEMPTED TRANSFER OF THE SHARES AND CERTAIN REPURCHASE RIGHTS
        UPON TERMINATION OF SERVICE WITH THE COMPANY. THE SECRETARY OF THE
        COMPANY WILL UPON WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO
        THE HOLDER HEREOF WITHOUT CHARGE."

All certificates evidencing Shares purchased under this Agreement in an
unregistered transaction shall bear the following legend (and such other
restrictive legends as are required or deemed advisable under the provisions of
any applicable law):

        "THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
        SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR
        OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER
        SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS
        COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED."

            (f) REMOVAL OF LEGENDS. If, in the opinion of the Company and its
counsel, any legend placed on a stock certificate representing Shares sold under
this Agreement is no longer

                                       9
<PAGE>   25
required, the holder of such certificate shall be entitled to exchange such
certificate for a certificate representing the same number of Shares but without
such legend.

            (g) ADMINISTRATION. Any determination by the Company and its counsel
in connection with any of the matters set forth in this Section 11 shall be
conclusive and binding on the Optionee and all other persons.

SECTION 12. ADJUSTMENT OF SHARES.

               In the event of any transaction described in Section 8(a) of the
Plan, the terms of this option (including, without limitation, the number and
kind of Shares subject to this option and the Exercise Price) shall be adjusted
as set forth in Section 8(a) of the Plan. In the event that the Company is a
party to a merger or consolidation, this option shall be subject to the
agreement of merger or consolidation, as provided in Section 8(b) of the Plan.

SECTION 13. MISCELLANEOUS PROVISIONS.

            (a) RIGHTS AS A STOCKHOLDER. Neither the Optionee nor the Optionee's
representative shall have any rights as a stockholder with respect to any Shares
subject to this option until the Optionee or the Optionee's representative
becomes entitled to receive such Shares by filing a notice of exercise and
paying the Purchase Price pursuant to Sections 4 and 5.

            (b) NO RETENTION RIGHTS. Nothing in this option or in the Plan shall
confer upon the Optionee any right to continue in Service for any period of
specific duration or interfere with or otherwise restrict in any way the rights
of the Company (or any Parent or Subsidiary employing or retaining the Optionee)
or of the Optionee, which rights are hereby expressly reserved by each, to
terminate his or her Service at any time and for any reason, with or without
cause.

            (c) NOTICE. Any notice required by the terms of this Agreement shall
be given in writing and shall be deemed effective upon personal delivery or upon
deposit with the United States Postal Service, by registered or certified mail,
with postage and fees prepaid. Notice shall be addressed to the Company at its
principal executive office and to the Optionee at the address that he or she
most recently provided to the Company.

            (d) ENTIRE AGREEMENT. The Notice of Stock Option Grant, this
Agreement and the Plan constitute the entire contract between the parties hereto
with regard to the subject matter hereof. They supersede any other agreements,
representations or understandings (whether oral or written and whether express
or implied) which relate to the subject matter hereof.

            (e) CHOICE OF LAW. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of California, as such laws
are applied to contracts entered into and performed in such State.

SECTION 14. DEFINITIONS.

            (a) "AGREEMENT" shall mean this Stock Option Agreement.

                                       10
<PAGE>   26
            (b) "BOARD OF DIRECTORS" shall mean the Board of Directors of the
Company, as constituted from time to time or, if a Committee has been appointed,
such Committee.

            (c) "CHANGE IN CONTROL" shall mean:

                (i) The consummation of a merger or consolidation of the Company
        with or into another entity or any other corporate reorganization, if
        persons who were not shareholders of the Company immediately prior to
        such merger, consolidation or other reorganization own immediately after
        such merger, consolidation or other reorganization 50% or more of the
        voting power of the outstanding securities of each of (A) the continuing
        or surviving entity and (B) any direct or indirect parent corporation of
        such continuing or surviving entity; or

                (ii) The sale, transfer or other disposition of all or
        substantially all of the Company's assets.

A transaction shall not constitute a Change in Control if its sole purpose is to
change the state of the Company's incorporation or to create a holding company
that will be owned in substantially the same proportions by the persons who held
the Company's securities immediately before such transaction.

            (d) "CODE" shall mean the Internal Revenue Code of 1986, as amended.

            (e) "COMMITTEE" shall mean a committee of the Board of Directors, as
described in Section 2 of the Plan.

            (f) "COMPANY" shall mean ChemConnect, Inc., a Delaware corporation.

            (g) "CONSULTANT" shall mean a person who performs bona fide services
for the Company, a Parent or a Subsidiary as a consultant or advisor, excluding
Employees and Outside Directors.

            (h) "DATE OF GRANT" shall mean the date specified in the Notice of
Stock Option Grant, which date shall be the later of (i) the date on which the
Board of Directors resolved to grant this option or (ii) the first day of the
Optionee's Service.

            (i) "DISABILITY" shall mean that the Optionee is unable to engage in
any substantial gainful activity by reason of any medically determinable
physical or mental impairment.

            (j) "EMPLOYEE" shall mean any individual who is a common-law
employee of the Company, a Parent or a Subsidiary.

            (k) "EXERCISE PRICE" shall mean the amount for which one Share may
be purchased upon exercise of this option, as specified in the Notice of Stock
Option Grant.

                                       11
<PAGE>   27
            (l) "FAIR MARKET VALUE" shall mean the fair market value of a Share,
as determined by the Board of Directors in good faith. Such determination shall
be conclusive and binding on all persons.

            (m) "ISO" shall mean an employee incentive stock option described in
Section 422(b) of the Code.

            (n) "NONSTATUTORY OPTION" shall mean a stock option not described in
Sections 422(b) or 423(b) of the Code.

            (o) "NOTICE OF STOCK OPTION GRANT" shall mean the document so
entitled to which this Agreement is attached.

            (p) "OPTIONEE" shall mean the individual named in the Notice of
Stock Option Grant.

            (q) "OUTSIDE DIRECTOR" shall mean a member of the Board of Directors
who is not an Employee.

            (r) "PARENT" shall mean any corporation (other than the Company) in
an unbroken chain of corporations ending with the Company, if each of the
corporations other than the Company owns stock possessing 50% or more of the
total combined voting power of all classes of stock in one of the other
corporations in such chain.

            (s) "PLAN" shall mean the ChemConnect, Inc. 1998 Stock Plan, as in
effect on the Date of Grant.

            (t) "PURCHASE PRICE" shall mean the Exercise Price multiplied by the
number of Shares with respect to which this option is being exercised.

            (u) "RESTRICTED SHARE" shall mean a Share that is subject to the
Right of Repurchase.

            (v) "RIGHT OF FIRST REFUSAL" shall mean the Company's right of first
refusal described in Section 8.

            (w) "RIGHT OF REPURCHASE" shall mean the Company's right of
repurchase described in Section 7.

            (x) "SECURITIES ACT" shall mean the Securities Act of 1933, as
amended.

            (y) "SERVICE" shall mean service as an Employee, Outside Director or
Consultant.

            (z) "SHARE" shall mean one share of Stock, as adjusted in accordance
with Section 8 of the Plan (if applicable).

                                       12
<PAGE>   28

            (aa) "STOCK" shall mean the Common Stock of the Company, with a par
value of $0.0001 per Share.

            (bb) "SUBSIDIARY" shall mean any corporation (other than the
Company) in an unbroken chain of corporations beginning with the Company, if
each of the corporations other than the last corporation in the unbroken chain
owns stock possessing 50% or more of the total combined voting power of all
classes of stock in one of the other corporations in such chain.

            (cc) "TRANSFEREE" shall mean any person to whom the Optionee has
directly or indirectly transferred any Share acquired under this Agreement.

            (dd) "TRANSFER NOTICE" shall mean the notice of a proposed transfer
of Shares described in Section 8.

                                       13
<PAGE>   29

                       CHEMCONNECT, INC. 1998 STOCK PLAN:

                            SUMMARY OF STOCK PURCHASE

By your signature and the signature of the Company's representative below, you
and the Company agree that you are purchasing shares subject to the terms and
conditions of the 1998 Stock Plan and the Stock Purchase Agreement, both of
which are attached to and made a part of this document.

<TABLE>
        <S>                                       <C>
        Name of Purchaser:                        <<Name>>

        Total Number of Purchased Shares:         <<TotalShares>>

        Purchase Price Per Share:                 $<<PricePerShare>>

        Date of Offer:                            <<DatePurchase>>

        Date of Purchase:                         <<DatePurchase>>

        Vesting Commencement Date:                <<VestComDate>>

        Vesting Schedule:                          The Right of Repurchase shall lapse with
                                                   respect to the first <<Percent>> of the
                                                   Purchased Shares when the Purchaser
                                                   completes <<CliffPeriod>> months of
                                                   continuous Service after the Vesting
                                                   Commencement Date.  The Right of
                                                   Repurchase shall lapse with respect to an
                                                   additional <<Fraction>>% of the Purchased
                                                   Shares when the Purchaser completes each
                                                   month of continuous Service thereafter.
</TABLE>

THE PURCHASE PRICE MUST BE PAID ON OR BEFORE THE DATE OF PURCHASE SET FORTH
ABOVE. IF YOU FAIL TO PAY ON TIME, THIS OFFER AUTOMATICALLY TERMINATES.

PURCHASER:                                  CHEMCONNECT, INC.

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

                                            Title:
----------------------------------                ------------------------------
Print Name

<PAGE>   30

                       CHEMCONNECT, INC. 1998 STOCK PLAN:

                            STOCK PURCHASE AGREEMENT

SECTION 1.       ACQUISITION OF SHARES.

           (a) TRANSFER. On the terms and conditions set forth in the Summary of
Stock Purchase and this Agreement, the Company agrees to transfer to the
Purchaser the number of Shares set forth in the Summary of Stock Purchase. The
transfer shall occur at the offices of the Company on the date of purchase set
forth in the Summary of Stock Purchase or at such other place and time as the
parties may agree.

           (b) CONSIDERATION. The Purchaser agrees to pay the Purchase Price set
forth in the Summary of Stock Purchase for each Purchased Share. The Purchase
Price is agreed to be at least 100% of the Fair Market Value of the Purchased
Shares. Payment shall be made in cash or cash equivalents on the date of
purchase set forth in the Summary of Stock Purchase.

           (c) STOCK PLAN AND DEFINED TERMS. The transfer of the Purchased
Shares is subject to the Plan, a copy of which the Purchaser acknowledges having
received. The provisions of the Plan are incorporated into this Agreement by
this reference. Capitalized terms are defined in Section 12 of this Agreement.

SECTION 2.       RIGHT OF REPURCHASE.

           (a) SCOPE OF REPURCHASE RIGHT. All Purchased Shares initially shall
be Restricted Shares and shall be subject to a right (but not an obligation) of
repurchase by the Company. The Purchaser shall not transfer, assign, encumber or
otherwise dispose of any Restricted Shares, except as provided in the following
sentence. The Purchaser may transfer Restricted Shares (i) by beneficiary
designation, will or intestate succession or (ii) to the Purchaser's spouse,
children or grandchildren or to a trust established by the Purchaser for the
benefit of the Purchaser or the Purchaser's spouse, children or grandchildren,
provided in either case that the Transferee agrees in writing on a form
prescribed by the Company to be bound by all provisions of this Agreement. If
the Purchaser transfers any Restricted Shares, then this Section 2 shall apply
to the Transferee to the same extent as to the Purchaser.

           (b) CONDITION PRECEDENT TO EXERCISE. The Right of Repurchase shall be
exercisable only during the 60-day period next following the date when the
Purchaser's Service terminates for any reason, with or without cause, including
(without limitation) death or disability.

           (c) LAPSE OF REPURCHASE RIGHT. The Right of Repurchase shall lapse
with respect to the Purchased Shares in accordance with the vesting schedule set
forth in the Summary of Stock Purchase. In addition, the Right of Repurchase
shall lapse and all of the remaining Restricted Shares shall become vested if
(i) the Company is subject to a Change in Control

<PAGE>   31

before the Purchaser's Service terminates and (ii) the Right of Repurchase is
not assigned to the entity that employs the Purchaser immediately after the
Change in Control or to its parent or subsidiary.

           (d) REPURCHASE COST. If the Company exercises the Right of
Repurchase, it shall pay the Purchaser an amount equal to the Purchase Price for
each of the Restricted Shares being repurchased.

           (e) EXERCISE OF REPURCHASE RIGHT. The Right of Repurchase shall be
exercisable only by written notice delivered to the Purchaser prior to the
expiration of the 60-day period specified in Subsection (b) above. The notice
shall set forth the date on which the repurchase is to be effected. Such date
shall not be more than 30 days after the date of the notice. The certificate(s)
representing the Restricted Shares to be repurchased shall, prior to the close
of business on the date specified for the repurchase, be delivered to the
Company properly endorsed for transfer. The Company shall, concurrently with the
receipt of such certificate(s), pay to the Purchaser the purchase price
determined according to Subsection (d) above. Payment shall be made in cash or
cash equivalents or by canceling indebtedness to the Company incurred by the
Purchaser in the purchase of the Restricted Shares. The Right of Repurchase
shall terminate with respect to any Restricted Shares for which it has not been
timely exercised pursuant to this Subsection (e).

           (f) ADDITIONAL SHARES OR SUBSTITUTED SECURITIES. In the event of the
declaration of a stock dividend, the declaration of an extraordinary dividend
payable in a form other than stock, a spin-off, a stock split, an adjustment in
conversion ratio, a recapitalization or a similar transaction affecting the
Company's outstanding securities without receipt of consideration, any new,
substituted or additional securities or other property (including money paid
other than as an ordinary cash dividend) which are by reason of such transaction
distributed with respect to any Restricted Shares or into which such Restricted
Shares thereby become convertible shall immediately be subject to the Right of
Repurchase. Appropriate adjustments to reflect the distribution of such
securities or property shall be made to the number and/or class of the
Restricted Shares. Appropriate adjustments shall also, after each such
transaction, be made to the price per share to be paid upon the exercise of the
Right of Repurchase in order to reflect any change in the Company's outstanding
securities effected without receipt of consideration therefor; provided,
however, that the aggregate purchase price payable for the Restricted Shares
shall remain the same.

           (g) TERMINATION OF RIGHTS AS STOCKHOLDER. If the Company makes
available, at the time and place and in the amount and form provided in this
Agreement, the consideration for the Restricted Shares to be repurchased in
accordance with this Section 2, then after such time the person from whom such
Restricted Shares are to be repurchased shall no longer have any rights as a
holder of such Restricted Shares (other than the right to receive payment of
such consideration in accordance with this Agreement). Such Restricted Shares
shall be deemed to have been repurchased in accordance with the applicable
provisions hereof, whether or not the certificate(s) therefor have been
delivered as required by this Agreement.

           (h) ESCROW. Upon issuance, the certificates for Restricted Shares
shall be deposited in escrow with the Company to be held in accordance with the
provisions of this Agreement. Any

                                       2
<PAGE>   32

new, substituted or additional securities or other property described in
Subsection (f) above shall immediately be delivered to the Company to be held in
escrow, but only to the extent the Purchased Shares are at the time Restricted
Shares. All regular cash dividends on Restricted Shares (or other securities at
the time held in escrow) shall be paid directly to the Purchaser and shall not
be held in escrow. Restricted Shares, together with any other assets or
securities held in escrow hereunder, shall be (i) surrendered to the Company for
repurchase and cancellation upon the Company's exercise of its Right of
Repurchase or Right of First Refusal or (ii) released to the Purchaser upon the
Purchaser's request to the extent the Purchased Shares are no longer Restricted
Shares (but not more frequently than once every six months). In any event, all
Purchased Shares which have vested (and any other vested assets and securities
attributable thereto) shall be released within 60 days after the earlier of (i)
the Purchaser's cessation of Service or (ii) the lapse of the Right of First
Refusal.

SECTION 3.       RIGHT OF FIRST REFUSAL.

           (a) RIGHT OF FIRST REFUSAL. In the event that the Purchaser proposes
to sell, pledge or otherwise transfer to a third party any Purchased Shares, or
any interest in such Purchased Shares, the Company shall have the Right of First
Refusal with respect to all (and not less than all) of such Purchased Shares. If
the Purchaser desires to transfer Purchased Shares, the Purchaser shall give a
written Transfer Notice to the Company describing fully the proposed transfer,
including the number of Purchased Shares proposed to be transferred, the
proposed transfer price, the name and address of the proposed Transferee and
proof satisfactory to the Company that the proposed sale or transfer will not
violate any applicable federal or state securities laws. The Transfer Notice
shall be signed both by the Purchaser and by the proposed Transferee and must
constitute a binding commitment of both parties to the transfer of the Purchased
Shares. The Company shall have the right to purchase all, and not less than all,
of the Purchased Shares on the terms of the proposal described in the Transfer
Notice (subject, however, to any change in such terms permitted under Subsection
(b) below) by delivery of a notice of exercise of the Right of First Refusal
within 30 days after the date when the Transfer Notice was received by the
Company. The Company's rights under this Subsection (a) shall be freely
assignable, in whole or in part.

           (b) TRANSFER OF SHARES. If the Company fails to exercise its Right of
First Refusal within 30 days after the date when it received the Transfer
Notice, the Purchaser may, not later than 90 days following receipt of the
Transfer Notice by the Company, conclude a transfer of the Purchased Shares
subject to the Transfer Notice on the terms and conditions described in the
Transfer Notice, provided that any such sale is made in compliance with
applicable federal and state securities laws and not in violation of any other
contractual restrictions to which the Purchaser is bound. Any proposed transfer
on terms and conditions different from those described in the Transfer Notice,
as well as any subsequent proposed transfer by the Purchaser, shall again be
subject to the Right of First Refusal and shall require compliance with the
procedure described in Subsection (a) above. If the Company exercises its Right
of First Refusal, the parties shall consummate the sale of the Purchased Shares
on the terms set forth in the Transfer Notice within 60 days after the date when
the Company received the Transfer Notice (or within such longer period as may
have been specified in the Transfer Notice); provided, however, that in the
event the Transfer Notice provided that payment for the Purchased Shares was to
be made in a form other than cash or cash equivalents paid at the time

                                       3
<PAGE>   33

of transfer, the Company shall have the option of paying for the Purchased
Shares with cash or cash equivalents equal to the present value of the
consideration described in the Transfer Notice.

           (c) ADDITIONAL SHARES OR SUBSTITUTED SECURITIES. In the event of the
declaration of a stock dividend, the declaration of an extraordinary dividend
payable in a form other than stock, a spin-off, a stock split, an adjustment in
conversion ratio, a recapitalization or a similar transaction affecting the
Company's outstanding securities without receipt of consideration, any new,
substituted or additional securities or other property (including money paid
other than as an ordinary cash dividend) which are by reason of such transaction
distributed with respect to any Purchased Shares subject to this Section 3 or
into which such Purchased Shares thereby become convertible shall immediately be
subject to this Section 3. Appropriate adjustments to reflect the distribution
of such securities or property shall be made to the number and/or class of
Purchased Shares subject to this Section 3.

           (d) TERMINATION OF RIGHT OF FIRST REFUSAL. Any other provision of
this Section 3 notwithstanding, in the event that the Stock is readily tradable
on an established securities market when the Purchaser desires to transfer
Purchased Shares, the Company shall have no Right of First Refusal, and the
Purchaser shall have no obligation to comply with the procedures prescribed by
Subsections (a) and (b) above.

           (e) PERMITTED TRANSFERS. This Section 3 shall not apply to (i) a
transfer by beneficiary designation, will or intestate succession or (ii) a
transfer to the Purchaser's spouse, children or grandchildren or to a trust
established by the Purchaser for the benefit of the Purchaser or the Purchaser's
spouse, children or grandchildren, provided in either case that the Transferee
agrees in writing on a form prescribed by the Company to be bound by all
provisions of this Agreement. If the Purchaser transfers any Purchased Shares,
either under this Subsection (e) or after the Company has failed to exercise the
Right of First Refusal, then this Section 3 shall apply to the Transferee to the
same extent as to the Purchaser.

           (f) TERMINATION OF RIGHTS AS STOCKHOLDER. If the Company makes
available, at the time and place and in the amount and form provided in this
Agreement, the consideration for the Purchased Shares to be purchased in
accordance with this Section 3, then after such time the person from whom such
Purchased Shares are to be purchased shall no longer have any rights as a holder
of such Purchased Shares (other than the right to receive payment of such
consideration in accordance with this Agreement). Such Purchased Shares shall be
deemed to have been purchased in accordance with the applicable provisions
hereof, whether or not the certificate(s) therefor have been delivered as
required by this Agreement.

SECTION 4.       OTHER RESTRICTIONS ON TRANSFER.

           (a) PURCHASER REPRESENTATIONS. In connection with the issuance and
acquisition of Shares under this Agreement, the Purchaser hereby represents and
warrants to the Company as follows:

                  (i) The Purchaser is acquiring and will hold the Purchased
        Shares for investment for his or her account only and not with a view
        to, or for resale in connection with, any "distribution" thereof within
        the meaning of the Securities Act.

                                       4
<PAGE>   34

                  (ii) The Purchaser understands that the Purchased Shares have
        not been registered under the Securities Act by reason of a specific
        exemption therefrom and that the Purchased Shares must be held
        indefinitely, unless they are subsequently registered under the
        Securities Act or the Purchaser obtains an opinion of counsel, in form
        and substance satisfactory to the Company and its counsel, that such
        registration is not required. The Purchaser further acknowledges and
        understands that the Company is under no obligation to register the
        Purchased Shares.

                  (iii) The Purchaser is aware of the adoption of Rule 144 by
        the Securities and Exchange Commission under the Securities Act, which
        permits limited public resales of securities acquired in a non-public
        offering, subject to the satisfaction of certain conditions, including
        (without limitation) the availability of certain current public
        information about the issuer, the resale occurring only after the
        holding period required by Rule 144 has been satisfied, the sale
        occurring through an unsolicited "broker's transaction," and the amount
        of securities being sold during any three-month period not exceeding
        specified limitations. The Purchaser acknowledges and understands that
        the conditions for resale set forth in Rule 144 have not been satisfied
        and that the Company has no plans to satisfy these conditions in the
        foreseeable future.

                  (iv) The Purchaser will not sell, transfer or otherwise
        dispose of the Purchased Shares in violation of the Securities Act, the
        Securities Exchange Act of 1934, or the rules promulgated thereunder,
        including Rule 144 under the Securities Act. The Purchaser agrees that
        he or she will not dispose of the Purchased Shares unless and until he
        or she has complied with all requirements of this Agreement applicable
        to the disposition of Purchased Shares and he or she has provided the
        Company with written assurances, in substance and form satisfactory to
        the Company, that (A) the proposed disposition does not require
        registration of the Purchased Shares under the Securities Act or all
        appropriate action necessary for compliance with the registration
        requirements of the Securities Act or with any exemption from
        registration available under the Securities Act (including Rule 144) has
        been taken and (B) the proposed disposition will not result in the
        contravention of any transfer restrictions applicable to the Purchased
        Shares under the Rules of the California Corporations Commissioner.

                  (v) The Purchaser has been furnished with, and has had access
        to, such information as he or she considers necessary or appropriate for
        deciding whether to invest in the Purchased Shares, and the Purchaser
        has had an opportunity to ask questions and receive answers from the
        Company regarding the terms and conditions of the issuance of the
        Purchased Shares.

                  (vi) The Purchaser is aware that his or her investment in the
        Company is a speculative investment which has limited liquidity and is
        subject to the risk of complete loss. The Purchaser is able, without
        impairing his or her financial condition, to hold the Purchased Shares
        for an indefinite period and to suffer a complete loss of his or her
        investment in the Purchased Shares.

           (b) SECURITIES LAW RESTRICTIONS. Regardless of whether the offering
and sale of Shares under the Plan have been registered under the Securities Act
or have been registered or

                                       5
<PAGE>   35

qualified under the securities laws of any state, the Company at its discretion
may impose restrictions upon the sale, pledge or other transfer of the Purchased
Shares (including the placement of appropriate legends on stock certificates or
the imposition of stop-transfer instructions) if, in the judgment of the
Company, such restrictions are necessary or desirable in order to achieve
compliance with the Securities Act, the securities laws of any state or any
other law.

           (c) MARKET STAND-OFF. In connection with any underwritten public
offering by the Company of its equity securities pursuant to an effective
registration statement filed under the Securities Act, including the Company's
initial public offering, the Purchaser shall not directly or indirectly sell,
make any short sale of, loan, hypothecate, pledge, offer, grant or sell any
option or other contract for the purchase of, purchase any option or other
contract for the sale of, or otherwise dispose of or transfer, or agree to
engage in any of the foregoing transactions with respect to, any Purchased
Shares without the prior written consent of the Company or its underwriters.
Such restriction (the "Market Stand-Off") shall be in effect for such period of
time following the date of the final prospectus for the offering as may be
requested by the Company or such underwriters. In no event, however, shall such
period exceed 180 days. The Market Stand-Off shall in any event terminate two
years after the date of the Company's initial public offering. In the event of
the declaration of a stock dividend, a spin-off, a stock split, an adjustment in
conversion ratio, a recapitalization or a similar transaction affecting the
Company's outstanding securities without receipt of consideration, any new,
substituted or additional securities which are by reason of such transaction
distributed with respect to any Shares subject to the Market Stand-Off, or into
which such Shares thereby become convertible, shall immediately be subject to
the Market Stand-Off. In order to enforce the Market Stand-Off, the Company may
impose stop-transfer instructions with respect to the Purchased Shares until the
end of the applicable stand-off period. The Company's underwriters shall be
beneficiaries of the agreement set forth in this Subsection (c). This Subsection
(c) shall not apply to Shares registered in the public offering under the
Securities Act, and the Purchaser shall be subject to this Subsection (c) only
if the directors and officers of the Company are subject to similar
arrangements.

           (d) RIGHTS OF THE COMPANY. The Company shall not be required to (i)
transfer on its books any Purchased Shares that have been sold or transferred in
contravention of this Agreement or (ii) treat as the owner of Purchased Shares,
or otherwise to accord voting, dividend or liquidation rights to, any transferee
to whom Purchased Shares have been transferred in contravention of this
Agreement.

SECTION 5.       SUCCESSORS AND ASSIGNS.

               Except as otherwise expressly provided to the contrary, the
provisions of this Agreement shall inure to the benefit of, and be binding upon,
the Company and its successors and assigns and be binding upon the Purchaser and
the Purchaser's legal representatives, heirs, legatees, distributees, assigns
and transferees by operation of law, whether or not any such person has become a
party to this Agreement or has agreed in writing to join herein and to be bound
by the terms, conditions and restrictions hereof.

                                       6
<PAGE>   36

SECTION 6.       NO RETENTION RIGHTS.

               Nothing in this Agreement or in the Plan shall confer upon the
Purchaser any right to continue in Service for any period of specific duration
or interfere with or otherwise restrict in any way the rights of the Company (or
any Parent or Subsidiary employing or retaining the Purchaser) or of the
Purchaser, which rights are hereby expressly reserved by each, to terminate his
or her Service at any time and for any reason, with or without cause.

SECTION 7.       TAX ELECTION.

               The acquisition of the Purchased Shares may result in adverse tax
consequences that may be avoided or mitigated by filing an election under Code
Section 83(b). Such election may be filed only within 30 days after the date of
purchase set forth in the Summary of Stock Purchase. The form for making the
Code Section 83(b) election is attached to this Agreement as an Exhibit. THE
PURCHASER SHOULD CONSULT WITH HIS OR HER TAX ADVISOR TO DETERMINE THE TAX
CONSEQUENCES OF ACQUIRING THE PURCHASED SHARES AND THE ADVANTAGES AND
DISADVANTAGES OF FILING THE CODE SECTION 83(b) ELECTION. THE PURCHASER
ACKNOWLEDGES THAT IT IS HIS OR HER SOLE RESPONSIBILITY, AND NOT THE COMPANY'S,
TO FILE A TIMELY ELECTION UNDER CODE SECTION 83(b), EVEN IF THE PURCHASER
REQUESTS THE COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON HIS OR HER
BEHALF.

SECTION 8.       LEGENDS.

               All certificates evidencing Purchased Shares shall bear the
following legends:

        "THE SHARES REPRESENTED HEREBY MAY NOT BE SOLD, ASSIGNED, TRANSFERRED,
        ENCUMBERED OR IN ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE
        TERMS OF A WRITTEN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED
        HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE SHARES).
        SUCH AGREEMENT GRANTS TO THE COMPANY CERTAIN RIGHTS OF FIRST REFUSAL
        UPON AN ATTEMPTED TRANSFER OF THE SHARES AND CERTAIN REPURCHASE RIGHTS
        UPON TERMINATION OF SERVICE WITH THE COMPANY. THE SECRETARY OF THE
        COMPANY WILL UPON WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO
        THE HOLDER HEREOF WITHOUT CHARGE."

        "THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
        SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR
        OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER
        SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS
        COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED."

                                       7
<PAGE>   37

If required by the authorities of any state in connection with the issuance of
the Purchased Shares, the legend or legends required by such state authorities
shall also be endorsed on all such certificates.

SECTION 9.       NOTICE.

               Any notice required by the terms of this Agreement shall be given
in writing and shall be deemed effective upon personal delivery or upon deposit
with the United States Postal Service, by registered or certified mail, with
postage and fees prepaid. Notice shall be addressed to the Company at its
principal executive office and to the Purchaser at the address that he or she
most recently provided to the Company.

SECTION 10.      ENTIRE AGREEMENT.

               The Summary of Stock Purchase, this Agreement and the Plan
constitute the entire contract between the parties hereto with regard to the
subject matter hereof. They supersede any other agreements, representations or
understandings (whether oral or written and whether express or implied) which
relate to the subject matter hereof.

SECTION 11.      CHOICE OF LAW.

               This Agreement shall be governed by, and construed in accordance
with, the laws of the State of California, as such laws are applied to contracts
entered into and performed in such State.

SECTION 12.      DEFINITIONS.

           (a) "AGREEMENT" shall mean this Stock Purchase Agreement.

           (b) "BOARD OF DIRECTORS" shall mean the Board of Directors of the
Company, as constituted from time to time or, if a Committee has been appointed,
such Committee.

           (c) "CHANGE IN CONTROL" shall mean:

                (i) The consummation of a merger or consolidation of the Company
        with or into another entity or any other corporate reorganization, if
        persons who were not shareholders of the Company immediately prior to
        such merger, consolidation or other reorganization own immediately after
        such merger, consolidation or other reorganization 50% or more of the
        voting power of the outstanding securities of each of (A) the continuing
        or surviving entity and (B) any direct or indirect parent corporation of
        such continuing or surviving entity; or

                (ii) The sale, transfer or other disposition of all or
        substantially all of the Company's assets.

                                       8
<PAGE>   38

A transaction shall not constitute a Change in Control if its sole purpose is to
change the state of the Company's incorporation or to create a holding company
that will be owned in substantially the same proportions by the persons who held
the Company's securities immediately before such transaction.

           (d) "CODE" shall mean the Internal Revenue Code of 1986, as amended.

           (e) "COMMITTEE" shall mean a committee of the Board of Directors, as
described in Section 2 of the Plan.

           (f) "COMPANY" shall mean ChemConnect, Inc., a Delaware corporation.

           (g) "CONSULTANT" shall mean a person who performs bona fide services
for the Company, a Parent or a Subsidiary as a consultant or advisor, excluding
Employees and Outside Directors.

           (h) "EMPLOYEE" shall mean any individual who is a common-law employee
of the Company, a Parent or a Subsidiary.

           (i) "FAIR MARKET VALUE" shall mean the fair market value of a Share,
as determined by the Board of Directors in good faith. Such determination shall
be conclusive and binding on all persons.

           (j) "OUTSIDE DIRECTOR" shall mean a member of the Board of Directors
who is not an Employee.

           (k) "PARENT" shall mean any corporation (other than the Company) in
an unbroken chain of corporations ending with the Company, if each of the
corporations other than the Company owns stock possessing 50% or more of the
total combined voting power of all classes of stock in one of the other
corporations in such chain.

           (l) "PLAN" shall mean the ChemConnect, Inc. 1998 Stock Plan, as
amended.

           (m) "PURCHASED SHARES" shall mean the Shares purchased by the
Purchaser pursuant to this Agreement.

           (n) "PURCHASE PRICE" shall mean the amount for which one Share may be
purchased pursuant to this Agreement, as specified in the Summary of Stock
Purchase.

           (o) "PURCHASER" shall mean the individual named in the Summary of
Stock Purchase.

           (p) "RESTRICTED SHARE" shall mean a Purchased Share that is subject
to the Right of Repurchase.

           (q) "RIGHT OF FIRST REFUSAL" shall mean the Company's right of first
refusal described in Section 3.

                                       9
<PAGE>   39

           (r) "RIGHT OF REPURCHASE" shall mean the Company's right of
repurchase described in Section 2.

           (s) "SECURITIES ACT" shall mean the Securities Act of 1933, as
amended.

           (t) "SERVICE" shall mean service as an Employee, Outside Director or
Consultant.

           (u) "SHARE" shall mean one share of Stock, as adjusted in accordance
with Section 8 of the Plan (if applicable).

           (v) "STOCK" shall mean the Common Stock of the Company, with a par
value of $____ per Share.

           (w) "SUBSIDIARY" shall mean any corporation (other than the Company)
in an unbroken chain of corporations beginning with the Company, if each of the
corporations other than the last corporation in the unbroken chain owns stock
possessing 50% or more of the total combined voting power of all classes of
stock in one of the other corporations in such chain.

           (x) "SUMMARY OF STOCK PURCHASE" shall mean the document so entitled
to which this Agreement is attached.

           (y) "TRANSFEREE" shall mean any person to whom the Purchaser has
directly or indirectly transferred any Purchased Share.

           (z) "TRANSFER NOTICE" shall mean the notice of a proposed transfer of
Purchased Shares described in Section 3.

                                       10
<PAGE>   40

                                                                       EXHIBIT I

                             SECTION 83(b) ELECTION

This statement is made under Section 83(b) of the Internal Revenue Code of 1986,
as amended, pursuant to Treasury Regulations Section 1.83-2.

(1)     The taxpayer who performed the services is:

        Name:

        Address:

        Social Security No.:

(2)     The property with respect to which the election is made is ______ shares
        of the common stock of ChemConnect, Inc.

(3)     The property was transferred on ________ __, 1998_.

(4)     The taxable year for which the election is made is the calendar year
        1998_.

(5)     The property is subject to a repurchase right pursuant to which the
        issuer has the right to acquire the property at the original purchase
        price if for any reason taxpayer's service with the issuer is
        terminated. The issuer's repurchase right lapses in a series of
        installments over a ______-year period ending on ___________
        ____, _____.

(6)     The fair market value of such property at the time of transfer
        (determined without regard to any restriction other than a restriction
        which by its terms will never lapse) is $___ per share.

(7)     The amount paid for such property is $____ per share.

(8)     A copy of this statement was furnished to ChemConnect, Inc., for whom
        taxpayer rendered the services underlying the transfer of such property.

(9)     This statement is executed on _______ __, 1998__.

-----------------------------------         ------------------------------------
Spouse (if any)                             Taxpayer

This election must be filed with the Internal Revenue Service Center with which
the Purchaser files his or her Federal income tax returns and must be filed
within 30 days after the date of purchase. This filing should be made by
registered or certified mail, return receipt requested. The Purchaser must
retain two copies of the completed form for filing with his or her Federal and
state tax returns for the current tax year and an additional copy for his or her
records.
<PAGE>   41

                       CHEMCONNECT, INC. 1998 STOCK PLAN
                         NOTICE OF STOCK OPTION EXERCISE

OPTIONEE INFORMATION:
Name:                                  Social Security Number:    -    -
     -----------------------------                            ------------------

Address:                               Employee Number:
        --------------------------                     -------------------------

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

OPTION INFORMATION:

Date of Grant:             ,  19       Type of Option: [ ] Nonstatutory (NSO) or
              -------------     --                     [ ] Incentive (ISO)

Exercise Price per Share: $
                           ---------

Total number of shares of Common Stock of
ChemConnect, Inc. (the "Company") covered by                     shares
option:
                                                      ------------

EXERCISE INFORMATION:

Number of shares of Common Stock of the Company for which option is being
exercised now:____________. (These shares are referred to below as the
"Purchased Shares.")

Total Exercise Price for the Purchased Shares: $
                                                --------------

Form of payment enclosed [CHECK ALL THAT APPLY]:

<TABLE>
 <S>                               <C>
 [ ] Check for $___________,       [ ]   Certificate(s) for ______ shares of the Common Stock
     made payable to                     of the Company that I have owned for at least six
     "ChemConnect, Inc."                 months.  (These shares will be valued as of the date
                                         when this notice is received by the Company.)

                                   [ ]   Attestation Form covering ______ shares
                                         of the Common Stock of the Company.
                                         (These shares will be valued as of the
                                         date when this notice is received by
                                         the Company.)
</TABLE>

Names in which the Purchased Shares should be registered [YOU MUST CHECK ONE]:

<TABLE>
 <S>                                                              <C>
 [ ]   In my name only

 [ ]   In the names of my spouse and myself as community          My spouse's name (if applicable):
       property

 [ ]   In the names of my spouse and myself as joint
       tenants with the right of survivorship
                                                                  ---------------------------------
</TABLE>

The certificate for the Purchased       ----------------------------------------
Shares should be sent to the            ----------------------------------------
following address:                      ----------------------------------------

      YOU MUST SIGN THIS NOTICE ON THE SECOND PAGE BEFORE SUBMITTING IT TO THE
COMPANY.

<PAGE>   42

REPRESENTATIONS AND ACKNOWLEDGMENTS OF THE OPTIONEE:

1.  I represent and warrant to the Company that I am acquiring and will hold the
    Purchased Shares for investment for my account only, and not with a view to,
    or for resale in connection with, any "distribution" of the Purchased Shares
    within the meaning of the Securities Act of 1933, as amended (the
    "Securities Act").

2.  I understand that the Purchased Shares have not been registered under the
    Securities Act by reason of a specific exemption therefrom and that the
    Purchased Shares must be held indefinitely, unless they are subsequently
    registered under the Securities Act or I obtain an opinion of counsel (in
    form and substance satisfactory to the Company and its counsel) that
    registration is not required.

3.  I acknowledge that the Company is under no obligation to register the
    Purchased Shares.

4.  I am aware of the adoption of Rule 144 by the Securities and Exchange
    Commission under the Securities Act, which permits limited public resales of
    securities acquired in a non-public offering, subject to the satisfaction of
    certain conditions. These conditions include (without limitation) that
    certain current public information about the issuer is available, that the
    resale occurs only after the holding period required by Rule 144 has been
    satisfied, that the sale occurs through an unsolicited "broker's
    transaction" and that the amount of securities being sold during any
    three-month period does not exceed specified limitations. I understand that
    the conditions for resale set forth in Rule 144 have not been satisfied and
    that the Company has no plans to satisfy these conditions in the foreseeable
    future.

5.  I will not sell, transfer or otherwise dispose of the Purchased Shares in
    violation of the Securities Act, the Securities Exchange Act of 1934, or the
    rules promulgated thereunder, including Rule 144 under the Securities Act.

6.  I acknowledge that I have received and had access to such information as I
    consider necessary or appropriate for deciding whether to invest in the
    Purchased Shares and that I had an opportunity to ask questions and receive
    answers from the Company regarding the terms and conditions of the issuance
    of the Purchased Shares.

7.  I am aware that my investment in the Company is a speculative investment
    which has limited liquidity and is subject to the risk of complete loss. I
    am able, without impairing my financial condition, to hold the Purchased
    Shares for an indefinite period and to suffer a complete loss of my
    investment in the Purchased Shares.

8.  I acknowledge that the Purchased Shares remain subject to the Company's
    right of first refusal and may remain subject to the Company's right of
    repurchase at the exercise price, all in accordance with the applicable
    Notice of Stock Option Grant and Stock Option Agreement.

9.  I acknowledge that I am acquiring the Purchased Shares subject to all other
    terms of the Notice of Stock Option Grant and Stock Option Agreement.

10. I acknowledge that I have received a copy of the Company's memorandum
    regarding the federal income tax consequences of an option exercise and the
    tax election under section 83(b) of the Internal Revenue Code. In the event
    that I choose to make a section 83(b) election, I acknowledge that it is my
    responsibility--and not the Company's responsibility--to file the election
    in a timely manner, even if I ask the Company or its agents to make the
    filing on my behalf. I acknowledge that the Company has encouraged me to
    consult my own adviser to determine the tax consequences of acquiring the
    Purchased Shares at this time.

11. I agree to seek the consent of my spouse to the extent required by the
    Company to enforce the foregoing.

SIGNATURE:

                                                                  ,  19
--------------------------------------       ---------------------     ---

                                       2
<PAGE>   43

                       FEDERAL INCOME TAX CONSEQUENCES AND
                             SECTION 83(b) ELECTION
                          (Current as of October 1998)

PURPOSE OF THIS MEMORANDUM

The purpose of this memorandum is to provide you with a brief summary of the tax
consequences of exercising your option. For a number of reasons, this memorandum
is no substitute for personal tax advice:

~   To make the memorandum short and readable, only the highlights are covered.
    Some tax rules are not addressed, even though they may be important in
    particular cases.

~   While the summary attempts to deal with the most common situations, your own
    tax situation may well be different from the norm.

~   State or foreign income taxes are not addressed at all, even though they
    could have a significant impact on your tax planning. Likewise, federal gift
    and estate taxes and state inheritance taxes are not discussed.

~   Tax planning involving incentive stock options is exceedingly complex, in
    part because of the possible application of the alternative minimum tax.

~   The memorandum assumes that you are paying the exercise price of your option
    in cash (or in the form of a full-recourse promissory note with an interest
    rate that meets IRS requirements). If you are paying the exercise price in
    the form of stock, you become subject to special rules that are not
    addressed here.

~   The tax rules change often, and the Company is not responsible for updating
    this summary.

FOR THESE REASONS, THE COMPANY STRONGLY ENCOURAGES YOU TO CONSULT YOUR OWN TAX
ADVISER BEFORE EXERCISING YOUR OPTION AND BEFORE MAKING A DECISION ABOUT FILING
OR NOT FILING A SECTION 83(b) ELECTION.

LIMIT ON ISO TREATMENT

The Notice of Stock Option Grant indicates whether your option is a nonstatutory
stock option (NSO) or an incentive stock option (ISO). But the favorable tax
treatment for ISOs is limited, regardless of what the Notice of Stock Option
Grant indicates. Of the options that become exercisable in any calendar year,
only options covering the first $100,000 of stock are eligible for ISO
treatment. The excess over $100,000 automatically receives NSO treatment. For
this purpose, stock is valued at the time of grant. This means that the value is
generally equal to the exercise price.

For example, assume that you hold an option to buy 50,000 shares for $4 per
share. Assume further that the entire option is exercisable immediately after
the date of grant. (It is irrelevant

                                       3
<PAGE>   44

when the underlying stock vests.) Only the first 25,000 shares qualify for ISO
treatment. (25,000 times $4 equals $100,000.) The remaining 25,000 shares will
be treated as if they had been acquired by exercising an NSO. This is true
regardless of when the option is actually exercised; what matters is when it
first could have been exercised.

EXERCISE OF NONSTATUTORY STOCK OPTION TO PURCHASE VESTED SHARES

The Notice of Stock Option Grant indicates whether your Purchased Shares are
already vested. Vested shares are no longer subject to the Company's right to
repurchase them at the exercise price, although they are still subject to the
Company's right of first refusal. If you know that your Purchased Shares are
already vested, there is no need to file a section 83(b) election.

If you are exercising an NSO to purchase vested shares, you will be taxed now.
You will recognize ordinary income in an amount equal to the difference between
(a) the fair market value of the Purchased Shares on the date of exercise and
(b) the exercise price you are paying. If you are an employee or former employee
of the Company, this amount is subject to withholding for income and payroll
taxes. Your tax basis in the Purchased Shares (to calculate capital gain when
you sell the shares) is equal to their fair market value on the date of
exercise.

EXERCISE OF NSO TO PURCHASE NON-VESTED SHARES

If you are exercising an NSO to purchase non-vested shares, and if you do not
file a timely election under section 83(b) of the Tax Code, then you will not be
taxed now. Instead, you will be taxed whenever an increment of Purchased Shares
vests--in other words, when the Company no longer has the right to repurchase
those shares at the exercise price. The Notice of Stock Option Grant indicates
when this occurs, generally over a period of several years. Whenever an
increment of Purchased Shares vests, you will recognize ordinary income in an
amount equal to the difference between (a) the fair market value of those
Purchased Shares on the date of vesting and (b) the exercise price you are
paying for those Purchased Shares. If you are an employee or former employee of
the Company, this amount will be subject to withholding for income and payroll
taxes. Your tax basis in the Purchased Shares (to calculate capital gain when
you sell the shares) will be equal to their fair market value on the date of
vesting.

If you are exercising an NSO to purchase non-vested shares, and if you file a
timely election under section 83(b) of the Tax Code, then you will be taxed now.
You will recognize ordinary income in an amount equal to the difference between
(a) the fair market value of the Purchased Shares on the date of exercise and
(b) the exercise price you are paying. If you are an employee or former employee
of the Company, this amount is subject to withholding for income and payroll
taxes. Your tax basis in the Purchased Shares (to calculate capital gain when
you sell the shares) is equal to their fair market value on the date of
exercise. Even if the fair market value of the Purchased Shares on the date of
exercise equals the exercise price (and thus no tax is payable), the 83(b)
election must be made in order to avoid having any subsequent appreciation taxed
as ordinary income at the time of vesting.

AN 83(b) ELECTION MUST BE FILED WITH THE INTERNAL REVENUE SERVICE WITHIN 30 DAYS
AFTER THE NOTICE OF EXERCISE OF STOCK OPTION IS SIGNED. The 30-day filing period
cannot be extended. If you miss the deadline, you will be taxed as the Purchased
Shares vest,

                                       4
<PAGE>   45

based on the value of the shares at that time.  (See above.)  The form for
making the 83(b) election is attached.

EXERCISE OF ISO AND ISO HOLDING PERIODS

If you are exercising an ISO, you will not be taxed under the regular tax rules
until you dispose of the Purchased Shares.(1) (The alternative minimum tax rules
are described below.) The tax treatment at the time of disposition depends on
how long you hold the shares. You will satisfy the ISO holding periods if you
hold the Purchased Shares until the later of the following dates:

~   The date two years after the ISO was granted, and

~   The date one year after the ISO is exercised.

DISPOSITION OF ISO SHARES

If you dispose of the Purchased Shares after satisfying both of the ISO holding
periods, then you will recognize only a long-term capital gain at the time of
disposition. The amount of the capital gain is equal to the difference between
(a) the sales proceeds and (b) the exercise price. In general, the maximum
marginal federal income tax rate on long-term capital gains is 20%.

If you dispose of the Purchased Shares when either or both of the ISO holding
periods are not met, then you will recognize ordinary income at the time of
disposition. The calculation of the ordinary income amount depends on whether
the shares are vested at the time of exercise.

~   SHARES VESTED. If the shares are vested at the time of exercise, the
    amount of ordinary income will be equal to the difference between (a)
    the fair market value of the Purchased Shares on the date of exercise
    and (b) the exercise price. But if the disposition is an arm's length
    sale to an unrelated party, the amount of ordinary income will not
    exceed the total gain from the sale. Under current IRS rules, the
    ordinary income will not be subject to withholding for income or payroll
    taxes. Your tax basis in the Purchased Shares will be equal to their
    fair market value on the date of exercise. Any gain in excess of your
    basis will be taxed as a capital gain--either long-term or short-term,
    depending on how long you hold the Purchased Shares after the date of
    exercise.

~   SHARES NOT VESTED--NO 83(b) ELECTION FILED. If the Purchased Shares are
    not vested at the time of exercise, and if you do not file a timely
    election under section 83(b) of the Tax Code, then the amount of
    ordinary income will be equal to the difference between (a) the fair
    market value of the Purchased Shares on the date of vesting and (b) the
    exercise price. But if the disposition is an arm's length sale to an
    unrelated party, the amount of ordinary income will not exceed the total
    gain from the sale. Under current IRS rules, the ordinary income will
    not be subject to withholding for income or payroll taxes. Your tax
    basis in the Purchased Shares will be equal to their fair market value
    on the date of vesting. Any gain in

----------
(1) Generally, a "disposition" of shares purchased under an ISO encompasses any
transfer of legal title, such as a transfer by sale, exchange or gift, but does
not include a transfer to your spouse, a transfer into joint ownership with
right of survivorship (if you remain one of the joint owners), a pledge, a
transfer by bequest or inheritance, or certain tax free exchanges permitted
under the Tax Code.

                                       5
<PAGE>   46

    excess of your basis will be taxed as a capital gain--either long-term or
    short-term, depending on how long you hold the Purchased Shares after the
    date of vesting.

~   SHARES NOT VESTED--TIMELY 83(b) ELECTION FILED. If the shares are not
    vested at the time of exercise, and if you file a timely election under
    section 83(b) of the Tax Code, then the amount of ordinary income will
    be equal to the difference between (a) the fair market value of the
    Purchased Shares on the date of exercise and (b) the exercise price. In
    other words, the 83(b) election causes the ordinary income to be
    calculated as if the shares were vested at the time of exercise. All
    other rules described above for the purchase of vested shares by
    exercising an ISO apply here as well. AN 83(b) ELECTION MUST BE FILED
    WITH THE INTERNAL REVENUE SERVICE WITHIN 30 DAYS AFTER THE NOTICE OF
    EXERCISE OF STOCK OPTION IS SIGNED. The 30-day filing period cannot be
    extended. Note that, in the case of an ISO, the 83(b) election does not
    trigger an immediate tax; it merely affects how the ordinary income is
    calculated when you dispose of the Purchased Shares. If you miss the
    filing deadline, the amount of your ordinary income will be based on the
    value of the Purchased Shares at the time they vest. (See above.) The
    form for making the 83(b) election is attached.

You may not know at this time whether you will dispose of your Purchased Shares
before meeting the two holding periods. You should nevertheless consider filing
an 83(b) election. If you meet the holding periods, the election will be moot
for purposes of the regular tax system, since you will have no ordinary income.
(The effect of the election under the alternative minimum tax system is
discussed below.) If you do not satisfy the holding periods, then the election
will take effect and will limit your ordinary income to the gain that existed at
the time of exercise.

SUMMARY OF ALTERNATIVE MINIMUM TAX

The alternative minimum tax (AMT) must be paid if it exceeds your regular income
tax. The AMT is equal to 26% of your alternative minimum tax base up to $175,000
and 28% of the excess over $175,000. (In the case of married individuals filing
separately, the breakpoint is $87,500 rather than $175,000.) Your alternative
minimum tax base is equal to your alternative minimum taxable income (AMTI)
minus your exemption amount.

~   ALTERNATIVE MINIMUM TAXABLE INCOME. Your AMTI is equal to your regular
    taxable income, subject to certain adjustments and increased by items of tax
    preference. Among the many adjustments made in computing AMTI are the
    following:

~   State and local income and property taxes are not allowed as a deduction.

~   Miscellaneous itemized deductions are not allowed.

~   Medical expenses are not allowed as a deduction until they exceed 10% of
    adjusted gross income (as opposed to the 7.5% floor that applies to
    regular income taxes).

~   Certain interest deductions are not allowed.

~   The standard deduction and personal exemptions are not allowed.

                                       6
<PAGE>   47
~   When an ISO is exercised, the spread is treated as if the option were an
    NSO. (See discussion below.)

~   EXEMPTION AMOUNT. Before AMT is calculated, AMTI is reduced by the
    exemption amount. The exemption amount is as follows:

<TABLE>
   <S>                            <C>                          <C>
       Joint Returns: $45,000         Single Returns: $33,750      Separate Returns: $22,500
</TABLE>

    The exemption amount is phased out by 25 cents for each $1 by which AMTI
    exceeds the following levels:

<TABLE>
       <S>                            <C>                           <C>
       Joint Returns: $150,000        Single Returns: $112,500      Separate Returns: $75,000
</TABLE>

    This means, for example, that the entire $45,000 exemption amount disappears
    for married individuals filing joint returns when AMTI reaches $330,000.

APPLICATION OF AMT WHEN ISO IS EXERCISED

As noted above, when an ISO is exercised, the spread is treated for AMT purposes
as if the option were an NSO. In other words, the spread is included in AMTI at
the time of exercise, unless the Purchased Shares are not yet vested at the time
of exercise. If the Purchased Shares are not yet vested, the value of the shares
minus the exercise price is included in AMTI when the shares vest. If you makes
an election under section 83(b) within 30 days after exercise, then the spread
should be included in AMTI at the time of exercise. AN 83(B) ELECTION MUST BE
FILED WITH THE INTERNAL REVENUE SERVICE WITHIN 30 DAYS AFTER THE NOTICE OF
EXERCISE OF STOCK OPTION IS SIGNED. The 30-day filing period cannot be extended.

A special rule applies if you dispose of the Purchased Shares in the same year
in which you exercised the ISO. If the amount you realize on the sale is less
than the value of the stock at the time of exercise, then the amount includable
in AMTI on account of the ISO exercise is limited to the gain realized on the
sale.(2)

To the extent that a your AMT is attributable to the spread on exercising an ISO
(and certain other items), the AMT paid may be applied as a credit against your
regular income tax liability in future years. But this tax credit cannot reduce
your regular income tax liability in any future tax year below your AMT for that
year. The AMT credit may be carried forward indefinitely, but it may not be
carried back. (In practice, many optionees who paid AMT upon exercising an ISO
find that they cannot fully use this tax credit for many years, if at all.)

When Purchased Shares are sold, your basis for purposes of computing the capital
gain or loss under the AMT system is increased by the option spread that exists
at the time of exercise. Again, an ISO is treated under the AMT system much like
an NSO is treated under the regular tax system. But your basis in the ISO shares
for purposes of computing gain or loss under the

----------
(2) This is similar to the rule that applies under the regular tax system in the
event of a disqualifying disposition of ISO stock. The amount of ordinary income
that must be recognized in that case generally does not exceed the amount of the
gain realized in the disposition.

                                       7
<PAGE>   48

regular tax system is equal to the exercise price; it does not reflect any AMT
that you pay on the spread at exercise. Therefore, if you pay AMT in the year of
the ISO exercise and regular income tax in the year of selling the Purchased
Shares, you could pay tax twice on the same gain (except to the extent that you
can use the AMT credit described above).

                                       8
<PAGE>   49

                             SECTION 83(b) ELECTION

This statement is made under Section 83(b) of the Internal Revenue Code of 1986,
as amended, pursuant to Treasury Regulations Section 1.83-2.

        (1)     The taxpayer who performed the services is:

           Name:
                      ---------------------------------

           Address:
                      ---------------------------------
                      ---------------------------------

          Social Security No.:
                              -------------------------

        (2)     The property with respect to which the election is made is
                ______ shares of the common stock of ChemConnect, Inc.

        (3)     The property was transferred on ________ __, _____.

        (4)     The taxable year for which the election is made is the calendar
                year _____.

        (5)     The property is subject to a repurchase right pursuant to which
                the issuer has the right to acquire the property at the original
                purchase price if for any reason taxpayer's employment with the
                issuer is terminated. The issuer's repurchase right lapses in a
                series of installments over a ______-year period ending on
                ___________ ____, _____.

        (6)     The fair market value of such property at the time of transfer
                (determined without regard to any restriction other than a
                restriction which by its terms will never lapse) is $_____ per
                share.

        (7)     The amount paid for such property is $_____ per share.

        (8)     A copy of this statement was furnished to ChemConnect, Inc., for
                whom taxpayer rendered the services underlying the transfer of
                such property.

        (9)     This statement is executed on _______ __, _____.

----------------------------------               -------------------------------
Spouse (if any)                                  Taxpayer

THIS ELECTION MUST BE FILED WITH THE INTERNAL REVENUE SERVICE CENTER WITH WHICH
THE OPTIONEE FILES HIS OR HER FEDERAL INCOME TAX RETURNS AND MUST BE FILED
WITHIN 30 DAYS AFTER THE DATE OF PURCHASE. THIS FILING SHOULD BE MADE BY
REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED. THE OPTIONEE MUST RETAIN
TWO COPIES OF THE COMPLETED FORM FOR FILING WITH HIS OR HER FEDERAL AND STATE
TAX RETURNS FOR THE CURRENT TAX YEAR AND AN ADDITIONAL COPY FOR HIS OR HER
RECORDS.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00007-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00007-of-00352.parquet"}]]