Document:

Exhibit 4.1

         Registered                                          Registered

No. 1
$15,000,000
CUSIP No: 61740A AA2

                            J.P. MORGAN CHASE & CO.

                CONSUMER PRICE INDEXED SECURITIES(sm) (CPIS(sm))

This security is not a deposit or other obligation of a depositary institution
and is not insured by the Federal Deposit Insurance Corporation or by any other
government entity.

This security is a Global Security within the meaning of the Indenture
hereinafter referred to and is registered in the name of Cede & Co., the
nominee of The Depository Trust Company (the "Depositary"). This Global
Security is exchangeable for CPIS registered in the name of a Person other than
the Depositary or its nominee only in the limited circumstances described in
the Indenture, and no transfer of this security (other than a transfer of this
security as a whole by the Depositary to a nominee of the Depositary or by a
nominee of the Depositary to the Depositary or another nominee of the
Depositary) may be registered except in such limited circumstances. The
Depositary will not sell, assign, transfer or otherwise convey any beneficial
interest in this Global Security unless such beneficial interest is in an
amount equal to an authorized denomination for the CPIS, and the Depositary, by
its acceptance hereof, agrees to be so bound.

Unless this security is presented by an authorized representative of the
Depositary to J.P. Morgan Chase & Co. or its agent for registration of
transfer, exchange or payment, and any CPIS issued are registered in the name
of Cede & Co. or such other name as is requested by an authorized
representative of the Depositary (and any payment is made to Cede & Co. or to
such other entity as is an authorized representative of the Depositary), any
transfer, pledge or other use hereof for value or otherwise by or to any Person
is wrongful since the registered owner hereof, Cede & Co., has an interest
herein.

J.P. Morgan Chase & Co., a corporation duly organized and existing under the
laws of the State of Delaware (herein called the "Company", which term includes
any successor corporation under the Indenture hereinafter referred to), for
value received, hereby promises to pay to CEDE & CO., or registered assigns
(unless previously redeemed by the Holder), the amount due upon maturity, as
determined in accordance with the formula set forth under "Payments on the
CPIS" below, with respect to the principal sum of

                     FIFTEEN MILLION DOLLARS ($15,000,000),

on January 15, 2010 (except to the extent maturity is extended as a result of a
Market Disruption Event), on the terms and in the manner described on the
reverse hereof.

Payment at maturity or upon redemption of this security will be made at the
office or agency of the Company maintained for that purpose in the Borough of
Manhattan, The City of New York, in such coin or currency of the United States
of America as at the time of payment is legal tender for the payment of public
and private debts: provided, however, that at the option of the Company,
payment at maturity or upon redemption may be made by check mailed to the
address of the Person entitled thereto as such address shall appear in the
Security Register.

Reference is hereby made to the further provisions of this security set forth
on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place.

<PAGE>

Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof, or an Authenticating Agent, by
manual signature, this security shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

Payments on the CPIS

This security pays no interest. Unless previously redeemed at the option of the
Holder, this security will mature on January 15, 2010, unless that date is
extended due to a Market Disruption Event (as defined below).

At maturity, a Holder will be entitled to receive an amount in cash per each
$1,250 principal amount of this security equal to the sum of $1,948.42 plus the
product of the Multiplier times the Index Amount (which equals the Ending Index
minus the Forward Index) (each as defined below); provided that this amount
cannot be less than zero.

The "Multiplier" equals 57.30659. The "Forward Index" equals 208.50. The
"Ending Index" is the Reference CPI at maturity. The "Reference CPI" is the
same Reference CPI used to calculate the inflation indexed principal in the
4.25% Treasury Inflation Protected Securities due January 15, 2010, issued by
the United States Department of the Treasury (the "Reference TIPS"). The
determination of the Reference CPI is subject to various Index Contingencies
(as defined below).

If at maturity, a Market Disruption Event shall have occurred and be
continuing, the maturity date shall be the next day on which there no longer
exists a Market Disruption Event as determined by Morgan Guaranty Trust Company
of New York, in its capacity as calculation agent (the "Calculation Agent") in
its sole discretion.

Reference CPI

The Reference CPI for the first day of any calendar month is the CPI for the
third preceding calendar month, as is usually reported by the Bureau of Labor
Statistics in the second preceding calendar month. The Reference CPI for any
day of the month other than the first day of such month is the linear
interpolation between the Reference CPI for the first day of the month and the
first day of the immediately following month.

The formula for the Reference CPI for a specific date using linear
interpolation is:

                                       (t-l)
Reference CPI Date = Reference CPI M + (---) (Reference CPI M - Reference CPI M)
                                       ( D )

Where:

o    Reference CPI Date = the determination date;
o    D = the number of days in the month in which the Reference CPI Date falls;
o    t = the calendar day corresponding to the Reference CPI Date;
o    Reference CPI M = Reference CPI for the first day of the calendar month in
     which the Reference CPI Date falls;
o    Reference CPI M+1 = Reference CPI for the first day of the calendar
     month immediately following the Reference CPI Date.

For purposes of interpolation, calculations with regard to the Reference CPI by
the U.S. Treasury Department for a specific date are truncated to six decimal
places and rounded to five decimal places.

                                       2
<PAGE>

The Company will use the same "Index Contingencies" that the Treasury
Department uses for the Reference TIPS as described in the Department of the
Treasury Circular, Public Debt Series No. 1- 93.

Optional Redemption

Beginning in 2003, the CPIS will be subject to redemption prior to their
maturity at the election of the Holders thereof on each January 15 (each an
"Optional Redemption Date") for the Optional Redemption Value calculated as set
forth below. In order to exercise the redemption right, any redeeming Holder
will be required to provide notice to the Company of the aggregate principal
amount of CPIS to be redeemed by such Holder on such Optional Redemption Date.

If a Market Disruption Event shall have occurred on the "Optional Redemption
Determination Date", which shall be the fifth Business Day prior to the
applicable Optional Redemption Date, the Optional Redemption Determination Date
shall be the first subsequent day on which there no longer exists a Market
Disruption Event as determined by the Calculation Agent in its sole discretion.

The Optional Redemption Value ("ORV") for each $1,250 principal amount of CPIS
will be determined using the following formula:

ORV = ($1,948.42 + (M x (EI Early - FI)) x PVF; provided that this amount cannot
be less than zero.

Where:

o    M = Multiplier = 57.30659;
o    EI Early = Early Ending Index (derived below);
o    FI = Forward Index = 208.50;
o    PVF = Present Value Factor (derived below).

EI Early, is derived using the formula: EI Early = RCPI x FIF.

Where:

o    RCPI = Reference CPI on the Optional Redemption Determination Date;
o    FIF = Future Inflation Factor (derived below);

FIF is derived using the formula: (1 + EIR) N.

Where:

N = Number of years remaining until maturity (2N = 2 X N);

o    EIR = Expected Inflation Rate (derived below).
                                            (              BY          ) 2
                                            (          1 + --          )
                                            (              2           )
EIR - is derived using the formula: EIR =   ( -----------------------  ) - 1
                                            (     TY   Redemption Fee  )
                                            ( 1 + -- + --------------  )
                                            (     2          2         )
Where:

                                       3
<PAGE>

o    BY = Base Yield = The ask side yield on the 6.50% U.S. Treasury
     Security due February 15, 2010 (the "Reference Government Notes") as
     determined by polling 3 dealers in such instruments, one of which may
     be the Calculation Agent;

o    TY = TIPS Yield = The bid side yield on the Reference TIPS as
     determined by polling 3 dealers in such instruments, one of which may
     be the Calculation Agent;

o    Redemption Fee = 30 basis points (0.30%).

The Expected Inflation Rate (EIR) is derived from the Fischer Relation, which
states:

(1 + Nominal Rate) = (1 + Real Rate) x (1 + Expected Inflation Rate).

Present Value Factor is derived as follows:
                                                       1
     PVF = Present Value Factor:   ----------------------------------------
                                   (    Zero Yield   Applicable Spread)2N
                                   (1 + ---------- + -----------------)
                                   (         2               2        )

Where:

o    Zero Yield = The semiannual compound rate implied in the discount
     factor to maturity determined by the Calculation Agent by polling
     three swap dealers, one of which may be the Calculation Agent. The
     discount factor represents the value the swap dealers would pay today
     for the right to receive $1 at maturity. Zero Yield solves the
     equation:

                                            1
                   discount factor = -------------------
                                     (    Zero Yield)2N
                                     (1 + ----------)
                                     (        2     )

o    The Applicable Spread will equal (1) in the case of a liquidation of
     the Company, zero, or (2) in the case of all other redemptions, the
     greater of zero and the difference between the Funding Spread and the
     Swap Spread. If the Swap Spread is greater than the Funding Spread
     then the Applicable Spread will be zero.

o    Swap Spread refers to the difference between the swap rate for a given
     maturity and the yield of the benchmark government bond in that maturity
     sector. The Swap Spread for these purposes will be equal to the offer side
     U.S. dollar swap spread for the maturity closest to the remaining maturity
     as determined by the Calculation Agent (except that, in the case of a
     determination for which the remaining maturity is one year or less, the
     Swap Spread will be the difference between then current yields on U.S.
     Dollar LIBOR-based deposits and yields on Treasury Bills with maturities
     approximately equal to the remaining maturity as determined by the
     Calculation Agent).

o    The Funding Spread shall be the yield spread between (1) the average
     quotations from three dealers in such instruments chosen in the discretion
     of the Calculation Agent, one of which may be the Calculation Agent, for
     notional issuances of debt securities by the Company in a notional amount
     equal to the aggregate principal amount of the CPIS being redeemed at such
     time (or, if such notional amount is smaller than commercially
     practicable, the smallest commercially practicable amount) and (2) US
     government securities of approximately similar maturities, as such yield
     spread may be reasonably determined by the Calculation Agent.

                                       4
<PAGE>

o    If the source supplying any of the yield or spread data is unavailable or
     ceases to report such data, the Calculation Agent shall calculate such
     yield or spread in good faith.

The Reference CPI on the applicable Optional Redemption Determination Date will
be determined for such day by interpolation.

For all interim calculations, the Company will round to 6 decimals. The final
result (the Optional Redemption Value) will be rounded to 2 decimals.

Early Determination of the Ending Index

If either of the Reference Government Notes or the Reference TIPS (either, a
"Reference Treasury") is subject to a buyback or is called by the Treasury
Department, or if the outstanding amount of either such Reference Treasury is

     o    reduced by 10% or more from the greatest outstanding amount since
          issuance of the CPIS (a "First Reference Treasury Event"), or

     o    subsequently reduced by 10% from the amount outstanding at the time
          of the First Reference Treasury Event or any subsequent reduction (a
          "Subsequent Reference Treasury Event"),

then the Company has the right, but not the obligation, on such date or within
30 days of such date, to permanently fix the Ending Index (the "Fixed Ending
Index"). For purposes of this security, all references to a Refrence Treasury
Event include both a First Reference Treasury Event or any Subsequent Reference
Treasury Event. However, the CPIS will not be automatically redeemed and will
remain outstanding until maturity or redemption.

The value of the Fixed Ending Index will be determined using the same
methodology for determining the Early Ending Index in a redemption. Thus, the
Fixed Ending Index ("EIFixed") will be derived per the following formula:

                  (              BY          )2N
                  (          1 + --          )
                  (              2           )
EI Fixed = RCPI x ( -----------------------  )    .
                  (     TY   Redemption Fee  )
                  ( 1 + -- + --------------  )
                  (     2          2         )

Where:

o    RCPI = Reference CPI on the date such Ending Index is to be fixed;
o    BY = Base Yield = The ask side yield on the Reference Government Notes as
     determined by polling three dealers in such instruments, one of which may
     be the Calculation Agent;
o    TY = TIPS Yield = The bid side yield on the Reference TIPS as determined
     by polling 3 dealers in such instruments, one of which may be the
     Calculation Agent;
o    Redemption Fee = 30 basis points (0.30%);
o    N = Number of years remaining until maturity (2N = 2 x N).

When determining the Fixed Ending Index under the above circumstances, the
Company may, at its sole discretion, reduce the redemption fee, although it is
not obligated to do so.

Once the Fixed Ending Index has been derived as the result of a Reference
Treasury Event, it will be used in any determination of a payment on the CPIS
at maturity or upon redemption (replacing the Early Ending Index in a
redemption).

                                       5
<PAGE>

Procedures for Payment at Maturity or on Optional Redemption

In the case of a redemption by a Holder on an Optional Redemption Date, any
such redeeming Holder will be required to provide notice of the aggregate
principal amount of the CPIS to be redeemed on such Optional Redemption Date to
a participant or a direct participant in the Depositary. Such participant or
direct participant must communicate such notice to the Depositary no earlier
than 20 scheduled Business Days prior to, but no later than 10 scheduled
Business Days prior to, the applicable Optional Redemption Date. The Depositary
will then provide notice to the Transfer Agent of the total number of CPIS to
be redeemed on the Optional Redemption Date (the "Applicable Notice"). Each
Applicable Notice will be provided by the Depositary to the Transfer Agent by
12:30 p.m. New York time on the Business Day next succeeding the last day of
the applicable notice period. A "Business Day" is any Monday, Tuesday,
Wednesday, Thursday or Friday which is not a day on which banking institutions
in The City of New York, New York are authorized or obligated by law to close.

A Holder may only provide one such notice for each applicable Optional
Redemption Date. Each Applicable Notice will be irrevocable upon receipt by the
Company or The Chase Manhattan Bank, as transfer agent (the "Transfer Agent"),
and may not be withdrawn or modified after such receipt. Additionally, the
Optional Redemption Determination Date will not be deemed to occur, and the
calculation of Optional Redemption Value will not be determined, until at least
one day after the Transfer Agent receives the Applicable Notice and
communicates it to the Company. The applicable Optional Redemption Date will be
subject to extension in the case of a Market Disruption Event.

Payment at maturity or upon redemption, as applicable, will be made by the
delivery of cash no later than the maturity date or applicable Optional
Redemption Date with respect to such CPIS (subject to delay in the case of a
Market Disruption Event) or, if later, the time of delivery or book- entry
transfer of such CPIS.

The Company will irrevocably deposit with the Depositary no later than the
close of business on the maturity date or applicable Optional Redemption Date
funds sufficient to make payments at maturity or upon redemption, as
applicable, payable with respect to the CPIS on such date. The Company will
give the Depositary irrevocable instructions and authority to pay such amount
to the Holders entitled thereto. In the event that any such date is not a
Business Day, then payments payable on such date will be made on the next
succeeding Business Day with the same force and effect as if made on such date,
except that, if such Business Day falls in the next calendar year such payment
will be made on the immediately preceding Business Day.

Market Disruption Events

A "Market Disruption Event" will be deemed to have occurred on any day if the
Calculation Agent determines, in its sole discretion, that the Reference CPI
level may not be obtained or has not been promulgated by the Treasury
Department (in the event of a delay by the Bureau of Labor Statistics in
publishing the CPI) or the Treasury Department has not cured an existing Index
Contingency for such day. Such Market Disruption Event may continue
indefinitely. However, if such Market Disruption Event remains in effect for
longer than 20 consecutive Business Days and, in the sole discretion of the
Calculation Agent, such Market Disruption Event is likely to remain in effect,
then the applicable Reference CPI may be determined in good faith by the
Calculation Agent (however, it has no obligation to determine such applicable
Reference CPI).

Additionally, a Market Disruption Event with respect to an Optional Redemption
Determination Date shall occur (a) if the U.S. treasury market is not open on
such Optional Redemption

                                       6
<PAGE>

Determination Date, (b) if an input in the Optional Redemption Value
calculation is not available or (c) if the input data are potentially subject
to extraordinary influences, in the sole discretion of the Calculation Agent,
due to the fact that the underlying instrument on which such data are based is
subject to an issuer buyback or early call (e.g., the Treasury Department is
buying back the Reference Government Notes used for determining the Base Yield
in the Optional Redemption Value calculation). Such market disruption may
require the Calculation Agent to determine certain inputs in good faith and
such determinations may be delayed or cause a delay in the Optional Redemption
Determination Date and payment of the Optional Redemption Value. See
"--Optional Redemption" for further information on the calculation of the
Optional Redemption Value.

Events of Default

In addition to the Events of Default contained in Section 501 of the Indenture,
it shall be an Event of Default under the Indenture with respect to the CPIS if
the Company fails to make any payment due on the CPIS at maturity or on
redemption. In case an Event of Default with respect to this security shall
have occurred and be continuing, the amount payable upon any acceleration of
this security shall be determined in the same manner as the Optional Redemption
Value as though the date of acceleration were an Optional Redemption
Determination Date.

Modification

In addition to the provisions contained in Section 902 of the Indenture, the
Company may not, without the consent of each affected Holder, change the
payment due at maturity or upon redemption of the CPIS.

Defeasance

The CPIS will not be subject to the defeasance provisions contained in Article
13 of the Indenture.

                                       7
<PAGE>

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed
under its corporate seal.

Date: March __, 2001

J.P. MORGAN CHASE & CO.

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

Attest:
        ---------------------------
Name:
Title:

[Seal]

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the securities referred to in the within-mentioned Indenture.

BANKERS TRUST COMPANY,
AS TRUSTEE

By: The Chase Manhattan Bank,
as Authenticating Agent

By:
   ----------------------------
Authorized Officer

                                       8
<PAGE>

                             [REVERSE OF SECURITY]

               Consumer Price Indexed Securities(sm) (CPIS(sm))

This security is one of a duly authorized issue of securities of the Company
(herein called the "CPIS"), issued and to be issued in one or more series under
an Indenture dated as of December 1, 1989, as supplemented by the Agreement of
Resignation, Appointment and Acceptance dated as of March 29, 1996 (herein
collectively called the "Indenture"), between the Company and Bankers Trust
Company, as successor Trustee (herein called the "Trustee", which term includes
any successor trustee under the Indenture), to which Indenture reference is
hereby made for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Company, the Trustee, and the Holders
and of the terms upon which the CPIS are, and are to be, authenticated and
delivered. This security is one of the series designated as the Consumer Price
Indexed Securities of the Company, which series shall have an initial aggregate
principal amount of $15,000,000, which principal amount may be increased from
time to time through the issuance of additional CPIS.

The CPIS are not redeemable at the option of the Company prior to maturity and
are not subject to any sinking fund.

If an Event of Default specified under the Indenture or on the face hereof with
respect to the CPIS shall occur and be continuing, the CPIS may be declared due
and payable in the manner and with the effect provided in the Indenture and on
the face hereof. Upon payment of the amount so declared due and payable, all of
the Company's obligations in respect of the payment due at maturity or upon
redemption, if any, on the CPIS shall terminate.

The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of a majority in principal amount of the securities
at the time Outstanding of each series to be affected. The Indenture also
contains provisions permitting the Holders of specified percentages in
principal amount of the securities of each series at the time Outstanding, on
behalf of the Holders of all securities of such series, to waive compliance by
the Company with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the
Holder of this security shall be conclusive and binding upon such Holder and
upon all future holders of this security and of any CPIS issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this security.

As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this security is registrable in the Security Register,
upon surrender of this security for registration of transfer in any place where
the amount due at maturity or upon redemption of this security is payable, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new CPIS, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees.

The CPIS are issuable only in registered form without coupons in denominations
of $1,250 and any integral multiple thereof. As provided in the Indenture and
subject to certain limitations therein set forth, CPIS are exchangeable for a
like aggregate principal amount of CPIS of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same.

<PAGE>

No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

Prior to due presentment of this security for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this security is registered as the owner hereof and for
all purposes, whether or not this security shall be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

No recourse for the payment of amounts due at maturity or upon redemption of
this security or for any claim based hereon or otherwise in respect hereof, and
no recourse under or upon any obligation, covenant or agreement of the Company
in the Indenture or any indenture supplemental thereto or in this security, or
because of the creation of any indebtedness represented thereby, shall be had
against any incorporator, stockholder, officer or director, as such, past,
present or future, of the Company or of any successor corporation, either
directly or through the Company, or any successor corporation, whether by
virtue of any constitution, statute or rule of law or by the enforcement of any
assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issue hereof, expressly waived
and released by each Holder of this security.

All terms used in this security which are defined in the Indenture shall have
the meanings assigned to them in the Indenture.

This security shall be governed by and construed in accordance with the laws of
the State of New York.

                                       2<PAGE>
                          AGREEMENT AND PLAN OF MERGER

                                      AMONG

                           ENRON GLOBAL MARKETS, LLC,

                           WEBMODAL ACQUISITION CORP.

                              CHRISTOPHER R. KRAVAS

                              STONEPATH GROUP, INC.

                                       AND

                                 WEBMODAL, INC.

                                FEBRUARY 8, 2001

<PAGE>
                                TABLE OF CONTENTS
<TABLE>
<S>      <C>        <C>                                                                                         <C>
ARTICLE I  THE MERGER

         1.1  The Merger..........................................................................................1
         1.2  Closing Date........................................................................................1
         1.3  Consummation of the Merger..........................................................................2
         1.4  Effects of the Merger...............................................................................2
         1.5  Certificate of Incorporation; Bylaws................................................................2
         1.6  Directors and Officers..............................................................................2
         1.7  Conversion of Securities............................................................................2
         1.8  Exchange of Certificates............................................................................3
         1.9  Lost Certificates...................................................................................4
         1.10  Taking of Necessary Action; Further Action.........................................................4

ARTICLE II  REPRESENTATIONS AND WARRANTIES

         2.1  Representations and Warranties of EGM and Sub.......................................................4
                  (a)  Organization...............................................................................4
                  (b)  Authorization and Validity of Agreement....................................................4
                  (c)  No Approvals or Notices Required; No Conflict with
                       Instruments to which EGM or Sub is a Party.................................................4
         2.2  Representations and Warranties of Webmodal..........................................................5
                  (a)  Organization and Compliance with Law.......................................................5
                  (b)  Capitalization, Subsidiaries...............................................................5
                  (c)  Authorization and Validity of Agreement....................................................7
                  (d)  No Approvals or Notices Required; No Conflict with
                       Instruments to which Webmodal is a Party...................................................7
                  (e)  Financial Statements.......................................................................8
                  (f)  Absence of Undisclosed Liabilities.........................................................8
                  (g)  Conduct of Business in the Ordinary Course; Absence of Certain Changes and Events..........8
                  (h)  Litigation.................................................................................9
                  (i)  Employee Benefit Plans.....................................................................9
                  (j)  Taxes.....................................................................................11
                  (k)  Environmental Matters.....................................................................12
                  (l)  Insurance.................................................................................13
                  (m)  Affiliate Transactions....................................................................13
                  (n)  Contracts.................................................................................13
                  (o)  Business Relationships....................................................................14
                  (p)  Accounts Receivable.......................................................................14
                  (q)  Intellectual Property.....................................................................14
                  (r)  Labor Relations...........................................................................15
                  (s)  Severance, Termination, Change in Control and Similar Agreements..........................16
                  (t)  No Excess Parachute Payments..............................................................16
                  (u)  Brokers...................................................................................16
                  (v)  Disclosure................................................................................16

</TABLE>

                                       i
<PAGE>
<TABLE>
<S>      <C>        <C>                                                                                         <C>
         2.3  Representations and Warranties of Stonepath........................................................16
                  (a)  Organization..............................................................................16
                  (b)  Authorization and Validity of Agreement...................................................16
                  (c)  Webmodal Stock Ownership..................................................................17

ARTICLE III  COVENANTS OF WEBMODAL PRIOR TO THE EFFECTIVE TIME

         3.1  Conduct of Business by Webmodal Pending the Merger.................................................17
         3.2  Notice to Warrant Holders..........................................................................19
         3.3  Meeting of Stockholders of Webmodal................................................................19
         3.4  Cancellation of Carrier Equity Program.............................................................19
         3.5  Termination of Advisory Panel......................................................................20
         3.6  Termination of External Sales Representatives......................................................20
         3.7  Termination of Webmodal 401(k) Savings Plan........................................................20
         3.8  No Solicitation....................................................................................20

ARTICLE IV  ADDITIONAL AGREEMENTS

         4.1  Voting Agreement and Proxies.......................................................................20
         4.2  Filings; Consents; Reasonable Efforts..............................................................21
         4.3  Notification of Certain Matters....................................................................21
         4.4  Agreement to Defend................................................................................21
         4.5  Termination of Stonepath Warrant...................................................................22
         4.6  Repayment of Stonepath Debt........................................................................22
         4.7  Escrow of Portion of Kravas' Merger Consideration..................................................22
         4.8  Webmodal Employee Benefits.........................................................................24
         4.9  Webmodal Options...................................................................................24
         4.10  Cancellation of Vested and Vesting Webmodal Stock Options.........................................24
         4.11  Post-Effective Time Mailing.......................................................................25

ARTICLE V  CONDITIONS

         5.1  Conditions to Obligation of Each Party to Effect the Merger........................................25
         5.2  Additional Conditions to Obligations of EGM and Sub................................................26
         5.3  Additional Conditions to Obligations of Webmodal...................................................27

ARTICLE VI  INDEMNIFICATION

         6.1  Indemnification by Kravas, Webmodal and Stonepath..................................................27
         6.2  Indemnification by EGM and Sub.....................................................................29
         6.3  Conditions of Indemnification......................................................................29
         6.4  Exclusive Remedy for Breach........................................................................30
         6.5  Indemnification of Kravas..........................................................................30

ARTICLE VII  MISCELLANEOUS

         7.1  Termination........................................................................................31
         7.2  Waiver and Amendment...............................................................................32
         7.3  Nonsurvival of Representations, Warranties and Agreements..........................................32

</TABLE>
                                       ii
<PAGE>
<TABLE>
<S>      <C>        <C>                                                                                         <C>
         7.4  Public Statements..................................................................................32
         7.5  Assignment.........................................................................................33
         7.6  Notices............................................................................................33
         7.7  Governing Law......................................................................................34
         7.8  Severability.......................................................................................34
         7.9  Counterparts.......................................................................................34
         7.10  Headings..........................................................................................34
         7.11  Entire Agreement; Third Party Beneficiaries.......................................................34
         7.12  Schedules.........................................................................................34
         7.13  Disclosure........................................................................................34
         7.14  Expenses..........................................................................................34
         7.15  Binding Arbitration...............................................................................34

</TABLE>

                             Schedules and Exhibits

         Schedule 1.6 - Officers of Surviving Corporation
         Schedule 2.2(b) - Capitalization
         Schedule 2.2(d) - Approvals
         Schedule 2.2(f) - Liabilities
         Schedule 2.2(g) - Conduct of Business
         Schedule 2.2(i) - Benefit Plans, Etc.
         Schedule 2.2(j) - Tax Matters
         Schedule 2.2(l) - Insurance
         Schedule 2.2(m) - Affiliate Transactions
         Schedule 2.2(n) - Contracts
         Schedule 2.2(o) - Business Relationships
         Schedule 2.2(q) - Intellectual Property
         Schedule 2.2(s) - Severance, Termination and Change of Control
                           Agreements
         Schedule 2.2(t) - Parachute Payments
         Schedule 4.9    - Employment, Consulting and Severance Terms

         Exhibit A - Form of Escrow Agreement
         Exhibit B - Form of Guaranty
         Exhibit C - Form of Legal Opinion of Mayer, Brown & Platt
         Exhibit D - Form of Legal Opinion of Gardere Wynne Sewell LLP

                                      iii
<PAGE>

                          AGREEMENT AND PLAN OF MERGER

         This Agreement and Plan of Merger, dated as of the 8th day of February,
2001 (the "Agreement"), is among Enron Global Markets, LLC, a Delaware limited
liability company ("EGM"), Webmodal Acquisition Corp., a newly formed Delaware
corporation and a wholly owned subsidiary of EGM ("Sub"), Christopher R. Kravas
("Kravas"), Stonepath Group, Inc. (formerly known as Net Value Holdings, Inc.),
a Delaware corporation ("Stonepath"), and Webmodal, Inc., a Delaware corporation
("Webmodal").

                                   WITNESSETH:

         WHEREAS, subject to and in accordance with the terms and conditions of
this Agreement, the respective Boards of Directors of Sub and Webmodal, and EGM
as sole stockholder of Sub, after determining that it is in the best interests
of their respective stockholders, have approved the merger of Sub with and into
Webmodal (the "Merger"), whereby each issued and outstanding share of Series A
Convertible Preferred stock, $1.00 par value per share, of Webmodal (the
"Webmodal Preferred Stock") and common stock, $0.0001 par value per share, of
Webmodal (the "Webmodal Common Stock") not owned directly or indirectly by
Webmodal will be converted into the right to receive cash as provided herein;

         WHEREAS, the parties hereto desire to set forth certain
representations, warranties and covenants made by each to the other as an
inducement to the consummation of the Merger;

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

                                   ARTICLE I

                                   THE MERGER

         1.1 The Merger. Subject to and in accordance with the terms and
conditions of this Agreement and in accordance with the General Corporation Law
of the State of Delaware (the "DGCL"), at the Effective Time (as defined in
Section 1.3) Sub shall be merged with and into Webmodal. As a result of the
Merger, the separate corporate existence of Sub shall cease and Webmodal shall
continue as the surviving corporation (sometimes referred to herein as the
"Surviving Corporation"), and all the properties, rights, privileges, powers and
franchises of Webmodal and Sub shall vest in the Surviving Corporation, without
any transfer or assignment having occurred, and all debts, liabilities and
duties of Webmodal and Sub shall attach to the Surviving Corporation, all in
accordance with the DGCL.

         1.2 Closing Date. The closing of the transactions contemplated by this
Agreement (the "Closing") shall take place at the offices of Gardere Wynne
Sewell L.L.P., 1000 Louisiana, Suite 3400, Houston, Texas 77002, as soon as
practicable after the satisfaction or waiver of the conditions set forth in
Article V or at such other time and place and on such other date as EGM and
Webmodal shall agree; provided, that the closing conditions set forth in Article
V shall have been satisfied or waived at or prior to such time. The date on
which the Closing occurs is herein referred to as the "Closing Date."

                                       1
<PAGE>

         1.3 Consummation of the Merger. As soon as practicable on the Closing
Date, the parties hereto will cause the Merger to be consummated by filing with
the Secretary of State of Delaware a certificate of merger in such form as
required by, and executed in accordance with, the relevant provisions of the
DGCL. The "Effective Time" of the Merger as that term is used in this Agreement
shall mean such time as the certificate of merger is duly filed with the
Secretary of State of Delaware.

         1.4 Effects of the Merger. The Merger shall have the effects set forth
in the applicable provisions of the DGCL.

         1.5 Certificate of Incorporation; Bylaws. At the Effective Time, the
Certificate of Incorporation and Bylaws of Webmodal, as in effect immediately
prior to the Effective Time, shall be the Certificate of Incorporation and
Bylaws, respectively, of the Surviving Corporation.

         1.6 Directors and Officers. At and after the Effective Time, James
Derrick, Mark A. Frevert, and Michael S. McConnel shall be the directors of the
Surviving Corporation, and shall serve as such until the next annual meeting of
the Surviving Corporation (or until their earlier resignation or removal) or
until their respective successors are duly elected and qualified. At and after
the Effective Time, the officers of the Surviving Corporation shall be as set
forth on Schedule 1.6 hereof, each of whom shall serve in such capacities until
their successors are duly elected or until their earlier resignation or removal.

         1.7 Conversion of Securities. Subject to the terms and conditions of
this Agreement, at the Effective Time, by virtue of the Merger and without any
action on the part of EGM, Webmodal, Sub or their stockholders:

                  (a) Each share of Webmodal Preferred Stock issued and
         outstanding immediately prior to the Effective Time, other than shares
         of Webmodal Preferred Stock to be cancelled pursuant to Section 1.7(d),
         shall be converted into the right to receive a cash payment of $8.88
         per share plus all accrued and unpaid dividends on each such share of
         Webmodal Preferred Stock (the "Preferred Stock Consideration").

                  (b) Each of the 800,000 shares of Webmodal Common Stock issued
         and outstanding immediately prior to the Effective Time and held of
         record by Kravas shall be converted into the right to receive a cash
         payment of $4.22.

                  (c) Each share of Webmodal Common Stock issued and outstanding
         immediately prior to the Effective Time, other than any shares of
         Webmodal Common Stock referred to in Section 1.7(b) or to be cancelled
         pursuant to Section 1.7(d), shall be converted into the right to
         receive a cash payment equal to the quotient obtained by dividing (i)
         an amount equal to (A) $8,594,470 minus (B) the product of (x) the
         Preferred Stock Consideration multiplied by (y) the number of shares of
         Webmodal Preferred Stock issued and outstanding immediately prior to
         the Effective Time, by (ii) the number of shares of Webmodal Common
         Stock issued and outstanding (or deemed outstanding pursuant to Section
         3.4 hereof) immediately prior to the Effective Time other than the
         800,000 shares of Webmodal Common Stock held of record by Kravas (the
         "Common Stock Consideration").

                                       2
<PAGE>

                  (d) Each share of Webmodal Preferred Stock and Webmodal Common
         Stock held in the treasury of Webmodal and each share of Webmodal
         Preferred Stock and Webmodal Common Stock owned by Sub, EGM or any
         direct or indirect wholly owned subsidiary of EGM or of Webmodal
         immediately prior to the Effective Time shall be cancelled and
         extinguished without any conversion thereof and no payment shall be
         made with respect thereto.

                  (e) Any share of Webmodal Common Stock owned by any holder who
         properly perfects its right to appraisal rights in accordance with the
         DGCL (a "Dissenting Stockholder") shall not be converted into the right
         to receive the Common Stock Consideration, but such Dissenting
         Stockholder shall be entitled to only such payments as are provided by
         the DGCL, which shall be paid by the Surviving Corporation. If any
         Dissenting Stockholder shall effectively withdraw or lose (through
         failure to perfect or otherwise) its right to appraisal, then, as of
         the later of the Effective Time or the occurrence of such event, each
         share of Webmodal Common Stock owned by such Dissenting Stockholder
         shall automatically be converted into the right to receive the Common
         Stock Consideration.

                  (f) Each share of common stock, par value $1.00 per share, of
         Sub issued and outstanding immediately prior to the Effective Time
         shall be converted into one share of common stock, $0.0001 par value
         per share, of the Surviving Corporation.

         1.8 Exchange of Certificates.

                  (a) From and after the Effective Time, each holder of a
         certificate that prior thereto represented shares of Webmodal Preferred
         Stock or Webmodal Common Stock shall be entitled, upon surrender
         thereof to the Surviving Corporation, to receive in exchange therefor,
         a cash payment which the shares of Webmodal Preferred Stock or Webmodal
         Common Stock so surrendered shall have been converted as aforesaid.
         Until so surrendered and exchanged, each certificate that prior to the
         Effective Time represented shares of Webmodal Preferred Stock or
         Webmodal Common Stock shall represent solely the right to receive cash.

                  (b) All cash issued upon the surrender for exchange of
         certificates that prior to the Effective Time represented shares of
         Webmodal Preferred Stock or Webmodal Common Stock in accordance with
         the terms hereof shall be deemed to have been issued in full
         satisfaction of all rights pertaining to such shares of Webmodal
         Preferred Stock or Webmodal Common Stock. At and after the Effective
         Time, there shall be no further registration of transfers on the stock
         transfer books of the Surviving Corporation of the shares of Webmodal
         Preferred Stock or Webmodal Common Stock that were outstanding
         immediately prior to the Effective Time. If, after the Effective Time,
         certificates which prior to the Effective Time represented shares of
         Webmodal Preferred Stock or Webmodal Common Stock are presented to the
         Surviving Corporation for any reason, they shall be cancelled and
         exchanged as provided in this Article I.

                  (c) None of EGM, Sub, Webmodal, the Surviving Corporation or
         their transfer agents shall be liable to a holder of shares of Webmodal

                                       3
<PAGE>

         Preferred Stock or Webmodal Common Stock for any amount properly paid
         to a public official pursuant to applicable property, escheat or
         similar laws.

         1.9 Lost Certificates. If any certificate representing shares of
Webmodal Preferred Stock or Webmodal Common Stock shall have been lost, stolen
or destroyed, upon the making of an affidavit of that fact by the person
claiming such certificate to be lost, stolen or destroyed and, if required by
the Surviving Corporation, the posting by such person of a bond in such
reasonable amount as the Surviving Corporation may direct as indemnity against
any claim that may be made against the Surviving Corporation with respect to
such certificate, and the cash payable in exchange for the shares represented by
such lost, stolen or destroyed certificate shall be paid to such person.

         1.10 Taking of Necessary Action; Further Action. The parties hereto
shall take all such reasonable and lawful action as may be necessary or
appropriate in order to effectuate the Merger as promptly as possible. If, at
any time after the Effective Time, any such further action is necessary or
desirable to carry out the purposes of this Agreement and to vest the Surviving
Corporation with full right, title and possession to all assets, property,
rights, privileges, powers and franchises of Webmodal or Sub, such corporations
shall direct their respective officers and directors to take all such lawful and
necessary action.

                                   ARTICLE II

                         REPRESENTATIONS AND WARRANTIES

         2.1 Representations and Warranties of EGM and Sub. EGM and Sub hereby
jointly and severally represent and warrant to Webmodal that:

                  (a) Organization. EGM is a limited liability company, duly
         organized, validly existing and in good standing under the laws of
         Delaware. Sub is a corporation duly organized, validly existing and in
         good standing under the laws of Delaware.

                  (b) Authorization and Validity of Agreement. EGM and Sub have
         all requisite corporate power and authority to enter into this
         Agreement and to perform their obligations hereunder. The execution and
         delivery by EGM and Sub of this Agreement and the consummation by each
         of them of the transactions contemplated hereby have been duly
         authorized by all necessary corporate action. This Agreement has been
         duly executed and delivered by EGM and Sub and is the valid and binding
         obligation of EGM and Sub, enforceable against EGM and Sub in
         accordance with its terms.

                  (c) No Approvals or Notices Required; No Conflict with
         Instruments to which EGM or Sub is a Party. Neither the execution and
         delivery of this Agreement nor the performance by EGM and Sub of their
         respective obligations hereunder, nor the consummation of the
         transactions contemplated hereby by EGM and Sub, will (i) conflict with
         the LLC Agreement of EGM or the certificate of incorporation or the
         bylaws of Sub; (ii) assuming satisfaction of the requirements set forth
         in clause (iii) below, violate any provision of law applicable to EGM
         and Sub; (iii) except for the filing of a certificate of merger in
         accordance with the DGCL, require any consent or approval of, or filing

                                       4
<PAGE>

         with or notice to, any public body or authority, domestic or foreign,
         under any provision of law applicable to EGM or Sub; or (iv) require
         any consent, approval or notice under, or violate, breach, be in
         conflict with or constitute a default (or an event that, with notice or
         lapse of time or both, would constitute a default) under, or permit the
         termination of any provision of, or result in the creation or
         imposition of any lien upon any properties, assets or business of EGM
         or Sub under, any note, bond, indenture, mortgage, deed of trust,
         lease, franchise, permit, authorization, license, contract, instrument
         or other agreement or commitment or any order, judgment or decree to
         which EGM or Sub is a party or by which EGM or Sub or any of their
         assets or properties is bound or encumbered, except those that have
         already been given, obtained or filed or those where the failure to so
         give, obtain or file would not have a material adverse effect on the
         financial condition, results of operations or business of EGM and Sub,
         taken as a whole.

         2.2 Representations and Warranties of Webmodal. Webmodal and Kravas
hereby jointly and severally represent and warrant to EGM and Sub that:

                  (a) Organization and Compliance with Law. Webmodal is a
         corporation duly organized, validly existing and in good standing under
         the laws of Delaware and has all requisite corporate power and
         authority and all necessary governmental authorizations to own, lease
         and operate all of its properties and assets and to carry on its
         business as now being conducted, except where the failure to be so
         organized, existing or in good standing or to have such governmental
         authority would not have a material adverse effect on the financial
         condition, results of operations or business of Webmodal (a "Webmodal
         MAE"). Webmodal is duly qualified as a foreign corporation to do
         business, and is in good standing, in each jurisdiction in which the
         property owned, leased or operated by it or the nature of the business
         conducted by it makes such qualification necessary, except in such
         jurisdictions where the failure to be duly qualified does not and would
         not, either individually or in the aggregate, have a Webmodal MAE.
         Webmodal is in compliance with all applicable laws, judgments, orders,
         rules and regulations, domestic and foreign, except where failure to be
         in such compliance would not have a Webmodal MAE.

                  (b) Capitalization, Subsidiaries.

                           (i) The authorized capital stock of Webmodal consists
                  of 10,000,000 shares of Webmodal Common Stock and 3,000,000
                  shares of preferred stock, par value $1.00 per share, of which
                  563,000 shares have been designated as Series A Convertible
                  Preferred Stock (previously defined in Section 1.7(a) as the
                  "Webmodal Preferred Stock"). As of the date hereof, there are
                  issued and outstanding 563,000 shares of Webmodal Preferred
                  Stock and 1,262,400 shares of Webmodal Common Stock, and,
                  except as set forth on Schedule 2.2(b) hereof, no shares of
                  Webmodal Common Stock or Webmodal Preferred Stock are held as
                  treasury shares. As of the date hereof and as of the Closing
                  Date, Kravas is the record and beneficial holder of 800,000
                  shares of Webmodal Common Stock, and Stonepath is the record
                  holder of 551,740 shares of Webmodal Preferred Stock and
                  122,100 shares of Webmodal Common Stock. Kravas has no
                  interest in any capital stock of Webmodal or any securities
                  exercisable for or convertible into shares of capital stock of
                  Webmodal other than as set forth in this Section 2.2(b). All

                                       5
<PAGE>

                  issued shares of Webmodal Preferred Stock and Webmodal Common
                  Stock were duly authorized and validly issued, are fully paid
                  and nonassessable, and were issued in compliance with
                  applicable securities laws and not in violation of any
                  applicable preemptive rights. Except as set forth in Schedule
                  2.2(b) hereof, no holder of any issued and outstanding shares
                  of Webmodal Common Stock or Webmodal Preferred Stock is
                  entitled to preemptive rights. Except as set forth in Schedule
                  2.2(b) hereof, Webmodal is not a party to, and is not aware
                  of, any voting agreement, voting trust or similar agreement or
                  arrangement relating to any class or series of its capital
                  stock, or any agreement or arrangement providing for
                  registration rights with respect to any capital stock or other
                  securities of Webmodal.

                           (ii) As of the date hereof, there are outstanding
                  options (the "Webmodal Options") to purchase an aggregate of
                  294,350 shares of Webmodal Common Stock under the Webmodal,
                  Inc. Long-Term Stock Incentive Plan (the "Webmodal Stock
                  Option Plan"). Of the outstanding options under the Webmodal
                  Stock Option Plan, options to purchase an aggregate of 52,557
                  shares of Webmodal Common Stock with an exercise price of less
                  than $6.16 per share are vested and exercisable as of the date
                  hereof (the "Vested Webmodal Options") and options to purchase
                  an aggregate of 4,394 shares of Webmodal Common Stock with an
                  exercise price of less than $6.16 per share may vest and
                  become exercisable on or before March 30, 2001 (the "Vesting
                  Webmodal Options"). A complete listing of all such stock
                  options under the Webmodal Stock Option Plan, including the
                  vesting schedule for such options, is set forth in Schedule
                  2.2(b) hereof. As of the date hereof, Stonepath is the record
                  holder of warrants to purchase up to 166,600 shares of
                  Webmodal Common Stock at an exercise price of $8.88 per share
                  pursuant to Warrant Certificate No. 2 dated October 31, 2000
                  (the "Stonepath Warrant"), which warrants shall expire at the
                  Effective Time if not previously exercised. As of the date
                  hereof, Paul H. Stevens and Eleanor M. Stephens, Trustees
                  under Trust Agreement dated July 6, 1998, are the record
                  holder of warrants to purchase up to 3,400 shares of Webmodal
                  Common Stock at an exercise price of $8.88 per share pursuant
                  to Warrant Certificate No. 3 dated October 31, 2000 (the
                  "Stephens Warrant"), which warrants shall expire at the
                  Effective Time if not previously exercised. As of the date
                  hereof, Webmodal is obligated to issue an aggregate of 65,250
                  shares of Webmodal Common Stock to participants in the
                  Webmodal Carrier Equity Program, which shares of Webmodal
                  Common Stock shall be deemed issued immediately prior to the
                  Effective Time as set forth in Section 3.4 hereof. Other than
                  as set forth in this Section 2.2(b), there are not now, and at
                  the Effective Time there will not be, any (A) shares of
                  capital stock or other equity securities of Webmodal
                  outstanding, other than Webmodal Common Stock issued pursuant
                  to the exercise of Vested Webmodal Options or Vesting Webmodal
                  Options that become exercisable prior to the Effective Time,
                  or (B) outstanding options, warrants, scrip, rights to
                  subscribe for, calls or commitments of any character
                  whatsoever relating to, or securities or rights convertible
                  into or exchangeable for, shares of any class of capital stock
                  of Webmodal, or contracts, understandings or arrangements to
                  which Webmodal is a party, or by which it is or may be bound,
                  to issue additional shares of its capital stock or options,

                                       6
<PAGE>

                  warrants, scrip or rights to subscribe for, or securities or
                  rights convertible into or exchangeable for, any additional
                  shares of its capital stock. Without limiting the foregoing,
                  (A) no subscription agreements were received or accepted in
                  connection with the proposed offering of up to $4,000,000 of
                  convertible subordinated notes by Webmodal pursuant to the
                  private placement memorandum dated October 23, 2000, no such
                  securities were issued by Webmodal in such proposed offering,
                  and Webmodal has no obligations or understandings to issue any
                  such securities in the future, and (B) upon the termination of
                  the External Sales Representative Agreements listed in
                  Schedule 2.2(n) hereof pursuant to Section 3.7 hereof,
                  Webmodal will not issue any shares of its capital stock or any
                  options, warrants, scrip or rights to subscribe for, or
                  securities or rights convertible into or exchangeable for, any
                  additional shares of its capital stock, nor will Webmodal have
                  any obligation to issue any such capital stock or other
                  securities, to any of the terminated external sales
                  representatives.

                           (iii) Webmodal has no subsidiaries and, except as set
                  forth in Schedule 2.2(b) hereof, does not own any capital
                  stock, limited partnership interests, general partnership
                  interests, or other equity interests in any organization or
                  entity.

                  (c) Authorization and Validity of Agreement. Webmodal has all
         requisite corporate power and authority to enter into this Agreement
         and to perform its obligations hereunder. The execution and delivery by
         Webmodal of this Agreement and the consummation by it of the
         transactions contemplated hereby have been duly authorized by all
         necessary corporate action (subject only, with respect to the Merger,
         to approval of the Merger by the affirmative vote of the holders of a
         majority of the outstanding shares of Webmodal Preferred Stock and of a
         majority of the outstanding shares of Webmodal Common Stock as provided
         for in Sections 3.3 and 5.1(a)). On or prior to the date hereof, the
         Board of Directors of Webmodal has determined to recommend approval of
         the Merger to the stockholders of Webmodal, and such determination is
         in effect as of the date hereof. The member of the board of directors
         of Webmodal designated by Stonepath pursuant to the Stockholders'
         Agreement among Webmodal, Kravas and Stonepath dated May 9, 2000, has
         voted in favor of the Merger. This Agreement has been duly executed and
         delivered by Webmodal and Kravas and is the valid and binding
         obligation of Webmodal and Kravas, enforceable against Webmodal and
         Kravas in accordance with its terms.

                  (d) No Approvals or Notices Required; No Conflict with
         Instruments to which Webmodal is a Party. Except as set forth in
         Schedule 2.2(d) hereof, neither the execution and delivery of this
         Agreement nor the performance by Webmodal of its obligations hereunder,
         nor the consummation of the transactions contemplated hereby by
         Webmodal, will (i) conflict with the certificate of incorporation or
         the bylaws of Webmodal; (ii) assuming satisfaction of the requirements
         set forth in clause (iii) below, violate any provision of law
         applicable to Webmodal; (iii) except for the filing of a certificate of
         merger in accordance with the DGCL, require any consent or approval of,
         or filing with or notice to, any public body or authority, domestic or
         foreign, under any provision of law applicable to Webmodal; or (iv)
         require any consent, approval or notice under, or violate, breach, be

                                       7
<PAGE>

         in conflict with or constitute a default (or an event that, with notice
         or lapse of time or both, would constitute a default) under, or permit
         the termination of any provision of, or result in the creation or
         imposition of any lien upon any properties, assets or business of
         Webmodal under, any note, bond, indenture, mortgage, deed of trust,
         lease, franchise, permit, authorization, license, contract, instrument
         or other agreement or commitment or any order, judgment or decree to
         which Webmodal is a party or by which Webmodal or any of its assets or
         properties is bound or encumbered, except those that have already been
         given, obtained or filed or those where the failure to so give, obtain
         or file would not have a Webmodal MAE.

                  (e) Financial Statements.

                           (i) Webmodal has previously furnished to EGM copies
                  of Webmodal's audited consolidated financial statements
                  (including a balance sheet as of December 31, 1999, and the
                  related statements of operations, stockholders equity, and
                  cash flows for the period from July 28, 1999 (inception)
                  through December 31, 1999), together with the related audit
                  report of KPMG LLP, independent certified accountants.

                           (ii) Webmodal has also previously furnished to EGM
                  unaudited consolidated financial statements of Webmodal
                  containing a balance sheet at November 30, 2000 and the
                  related statements of operations, stockholders equity, and
                  cash flows for the period from January 1, 2000 through
                  November 30, 2000.

                           (iii) The financial statements referred to in
                  Sections 2.2(e)(i) and (ii) (collectively, the "Financial
                  Statements") are true and complete in all material respects,
                  and have been prepared in accordance with U.S. generally
                  accepted accounting principles ("GAAP") applied on a
                  consistent basis from period to period, except such changes as
                  are required or permitted by changes in generally accepted
                  accounting principles and approved by Webmodal's certified
                  public accountants, and except that the unaudited consolidated
                  financial statements do not contain footnotes. The Financial
                  Statements fairly present in all material respects the
                  financial condition of Webmodal at the respective dates
                  thereof and the results of operations of Webmodal for the
                  periods then ended.

                  (f) Absence of Undisclosed Liabilities. Except as set forth on
         Schedule 2.2(f), as of the date hereof Webmodal has no liabilities,
         obligations or contingencies of any nature whatsoever (whether
         absolute, accrued, contingent or otherwise) required to be disclosed on
         a financial statement (or the notes thereto) prepared in accordance
         with GAAP, except for (i) liabilities, obligations or contingencies
         which are accrued or reserved against on the Financial Statements and
         (ii) liabilities which were incurred after the date of the Financial
         Statements in the ordinary course of business.

                  (g) Conduct of Business in the Ordinary Course; Absence of
         Certain Changes and Events. Since December 31, 1999, except as
         contemplated by this Agreement or as disclosed in the Financial
         Statements or as set forth in Schedule 2.2(g) hereof, there has not
         been (i) through the date hereof, any Webmodal MAE, or any condition,

                                       8
<PAGE>

         event or development that reasonably may be expected to result in a
         Webmodal MAE; (ii) any material change by Webmodal in its accounting
         methods, principles or practices; (iii) any revaluation by Webmodal of
         any of its assets, including, without limitation, writing down the
         value of inventory or writing off notes or accounts receivable other
         than in the ordinary course of business, other than a write down of its
         investment in common stock of Stonepath; (iv) any entry by Webmodal
         into any commitment or transaction material to Webmodal other than
         pursuant to contracts and agreements listed Schedules 2.2(b), 2.2(i),
         2.2(l), 2.2(m), 2.2(n), 2.2(q) or 2.2(s) hereof, (v) any declaration,
         setting aside or payment of any dividends or distributions in respect
         of the Webmodal Preferred Stock or Webmodal Common Stock or any
         redemption, purchase or other acquisition of any of its securities;
         (vi) any damage, destruction or loss (whether or not covered by
         insurance) materially adversely affecting the properties or business of
         Webmodal; (vii) any increase in indebtedness for borrowed money other
         than borrowings from Stonepath incurred with the consent of EGM
         pursuant to Section 3.1(e) hereof; or (viii) any granting of a security
         interest or lien on any property or assets of Webmodal.

                  (h) Litigation. As of the date hereof, there are no claims,
         actions, suits, investigations, inquiries or proceedings pending or, to
         the knowledge of Webmodal, overtly threatened against or affecting
         Webmodal or any of its properties at law or in equity, or any of its
         employee benefit plans or fiduciaries of such plans, or before or by
         any federal, state, municipal or other governmental agency or
         authority, or before any arbitration board or panel, wherever located.

                  (i) Employee Benefit Plans.

                           (i) Schedule 2.2(i) hereof provides a list of each of
                  the following which is sponsored, maintained or contributed to
                  by Webmodal or any corporation, trade, business or entity
                  under common control with Webmodal within the meaning of
                  Section 414(b), (c), (m) or (o) of the Internal Revenue Code
                  of 1986, as amended (the "Code") or Section 4001 of ERISA (a
                  "Webmodal ERISA Affiliate") for the benefit of its employees,
                  or has been so sponsored, maintained or contributed to within
                  six years prior to the Closing Date:

                                    (A) each "employee benefit plan," as such
                           term is defined in Section 3(3) of the Employee
                           Retirement Income Security Act of 1974, as amended
                           ("ERISA"), and any related trust or funding
                           arrangement ("Plan"); and

                                    (B) each personnel policy, stock option
                           plan, collective bargaining agreement, bonus plan or
                           arrangement, incentive award plan or arrangement,
                           vacation policy, severance pay plan, policy or
                           agreement, deferred compensation agreement or
                           arrangement, executive compensation or supplemental
                           income arrangement, consulting agreement, employment
                           agreement and each other employee benefit plan,
                           agreement, arrangement, program, practice or
                           understanding that is not described in Section
                           2.1(i)(i)(A) ("Benefit Program or Agreement").

                           True, correct and complete copies of each of the
                  Plans, Benefit Programs or Agreements, and all amendments
                  thereto, have been furnished to EGM. There has also been
                  furnished to EGM, with respect to each Plan required to file
                  such report and description, the three most recent annual
                  reports on Form 5500 and the summary plan description.

                                      9
<PAGE>
                           (ii) Except as otherwise set forth in Schedule 2.2(i)
                  hereof:

                                    (A) None of the Plans is subject to Title IV
                           of ERISA, and none of the Plans is a multiemployer
                           plan within the meaning of Section 3(37) of ERISA;

                                    (B) Each Plan and each Benefit Program or
                           Agreement has been administered, maintained and
                           operated in all material respects in accordance with
                           the terms thereof and in compliance in all material
                           respects with its governing documents and applicable
                           law (including, where applicable, ERISA and the
                           Code);

                                    (C) There is no matter pending with respect
                           to any of the Plans before any governmental agency,
                           and there are no actions, suits or claims pending
                           (other than routine claims for benefits) or, to the
                           knowledge of Webmodal, threatened against, or with
                           respect to, any of the Plans or Benefit Programs or
                           Agreements or their assets;

                                    (D) No act, omission or transaction has
                           occurred which would result in imposition on Webmodal
                           or any Webmodal ERISA Affiliate of breach of
                           fiduciary duty liability damages under Section 409 of
                           ERISA, a civil penalty assessed pursuant to
                           Subsections (c), (i) or (l) of Section 502 of ERISA
                           or a tax imposed pursuant to Chapter 43 of Subtitle D
                           of the Code; and

                                    (E) Except as provided in Sections 2.2(s),
                           4.8 or 4.9 hereof or in separate agreements entered
                           into between EGM and individual employees of
                           Webmodal, the execution and delivery of this
                           Agreement and the consummation of the transactions
                           contemplated hereby will not require Webmodal or any
                           Webmodal ERISA Affiliate to make a larger
                           contribution to, or pay greater benefits under, any
                           Plan, Benefit Program or Agreement than it otherwise
                           would or create or give rise to any additional vested
                           rights or service credits under any Plan or Benefit
                           Program or Agreement.

                                    (F) For each Plan that is intended to
                           qualify under Section 401(a) of the Code, Webmodal
                           has delivered to EGM a copy of the most recent
                           determination letter issued by the IRS as to the
                           qualification thereof, and there have been no
                           developments or occurrences since the dates of such
                           determination letter, including, but not limited to
                           amendment or operation, which would result in the
                           loss of such qualification.

                                       10
<PAGE>

                           (iii) Each Plan which is an "employee welfare benefit
                  plan," as such term is defined in Section 3(1) of ERISA,
                  provides that it may be unilaterally amended or terminated in
                  its entirety without liability, and no such plan provides for
                  the accrual of additional liability after such amendment or
                  termination.

                  (j) Taxes. Except as set forth in Schedule 2.2(j) hereof, all
         federal, state, local, and foreign returns, declarations, reports,
         including claims for refunds, estimates, information returns and
         statements (including any amendments thereof) ("Tax Returns") of or
         relating to any Tax (as defined below) that are required to be filed on
         or before the Closing Date by or with respect to Webmodal or any other
         corporation that is or was a member of an affiliated group (within the
         meaning of Section 1504 (a) of the Code) of corporations of which
         Webmodal was a member for any period ending on or prior to the Closing
         Date, have been or will be duly and timely filed with appropriate
         governmental authorities, and all Taxes, including interest and
         penalties, due and payable pursuant to such Tax Returns or otherwise
         required to be duly paid or deposited by or with respect to Webmodal
         have been paid or adequately provided for in reserves established by
         Webmodal. There is no claim against Webmodal with respect to any Taxes,
         and no assessment, deficiency or adjustment has been asserted or
         proposed with respect to any Tax Return of or with respect to Webmodal
         that has not been adequately provided for in reserves established by
         Webmodal in the Financial Statements. The total amounts set up as
         liabilities for current and deferred Taxes in the Financial Statements
         have been prepared in accordance with generally accepted accounting
         principles and are sufficient to cover the payment of all Taxes,
         including any penalties or interest thereon and whether or not assessed
         or disputed, that are, or are hereafter found to be, or to have been,
         due with respect to the operations of Webmodal through the periods
         covered thereby. Webmodal has (and as of the Closing Date will have)
         made all deposits (including estimated tax payments for taxable years
         for which its federal income tax return is not yet due) required with
         respect to Taxes. No waiver or extension of any statute of limitations
         as to any federal, state, local or foreign Tax matter has been given by
         or requested from Webmodal. Except for statutory liens for current
         Taxes not yet due, no liens for Taxes exist upon the assets of
         Webmodal. Webmodal (i) has not filed consolidated income Tax Returns
         with any other corporation, (ii) is not a party to any tax sharing or
         indemnity agreement, and (iii) has no liability for Taxes of any other
         person under Treasury Regulation ss.1.1502-6 (or any similar provision
         of state, local or foreign law), as a transferee or successor, by
         contract or otherwise.

                  Webmodal has previously provided to EGM true and correct
         copies of all federal, state and local income and franchise Tax
         Returns, examination reports and statements of deficiencies asserted or
         assessed against or agreed to by Webmodal for all open Tax periods.
         None of the assets of Webmodal (i) is property that is required to be
         treated as being owned by any other person pursuant to the "safe harbor
         lease" provisions of former Section 168(f)(8) of the Code, (ii) is
         "tax-exempt use property" within the meaning of Section 168(h) of the
         Code, or (iii) secures any debt the interest on which is tax-exempt
         under Section 103(a) of the Code.

                  For purposes of this Agreement, "Tax" or "Taxes" means any and
         all taxes, fees, levies, duties, tariffs, imposts and other charges of
         any kind (together with any and all interest, penalties, additions to

                                       11
<PAGE>

         tax and additional amounts imposed with respect thereto) imposed by any
         government or taxing authority, including, without limitation: taxes or
         other charges on or with respect to income, franchises, windfall
         profits, severance, gross receipts, property, sales, use, capital
         stock, payroll, employment, social security, workers' compensation,
         unemployment compensation, disability or net worth; taxes or other
         charges in the nature of excise, withholding, ad valorem, stamp,
         transfer, value added or gains taxes; license, registration and
         documentation fees; and custom duties, tariffs and similar charges
         whether or not disputed; and including any transferee or secondary
         liability in respect of any tax (whether imposed by law, contractual
         agreement or otherwise) and any liability in respect of any tax as a
         result of being a member of any affiliated, consolidated, combined,
         unitary or similar group.

                  (k) Environmental Matters. Webmodal has complied in all
         material respects and is in compliance in all material respects with
         all applicable Environmental Laws (as defined below) pertaining to its
         assets and ownership thereof, and to the operation of its business. As
         of the date hereof, Webmodal has not received any written notice, or,
         to Webmodal's knowledge, any other notice, alleging that it is in
         violation of any applicable Environmental Law relating to any of its
         assets or to the use or ownership thereof, or to the operation of its
         business.

                  Neither Webmodal nor, to the knowledge of Webmodal, any other
         person has caused or taken any action that will result in, and Webmodal
         is not subject to, any material liability or obligation (other than
         restrictions on the use of such property or assets imposed by law, none
         of which restrictions materially affect the operation of the business
         of Webmodal as presently conducted) relating to (i) the environmental
         conditions on, under, or about the properties or assets of Webmodal
         owned, leased, operated or used by Webmodal or any predecessor thereto
         at the present time or in the past, including, without limitation, the
         air, soil and groundwater conditions at such properties or (ii) the
         past or present use, management, handling, transport, treatment,
         generation, storage, disposal or release of any Hazardous Materials.

                  Webmodal has disclosed and made available to EGM all material
         information, including, without limitation, all studies, analyses and
         test results, in the possession, custody or control of or otherwise
         known to Webmodal relating to (i) the environmental conditions on,
         under or about the properties or assets of Webmodal owned, leased,
         operated or used by Webmodal or any predecessor in interest thereto at
         the present time or in the past, and (ii) any Hazardous Materials used,
         managed, handled, transported, treated, generated, stored or released
         by Webmodal or any other person on, under, about or from any of the
         properties or assets of Webmodal or in connection with the operation of
         Webmodal's business.

                  For purposes of this Agreement, the term "Environmental Laws"
         shall mean, as to any given asset or operation of Webmodal, all
         applicable laws, statutes, ordinances, rules and regulations of any
         public, governmental or regulatory body, agency, department,
         commission, board, bureau or other authority or instrumentality
         (domestic or foreign), including any court or tribunal pertaining to
         protection of the environment. For purposes of this Agreement, the term
         "Hazardous Materials" shall mean any substance which is listed or

                                       12
<PAGE>

         defined as a hazardous substance, hazardous constituent or solid waste
         pursuant to any applicable Environmental Law.

                  (l) Insurance. Schedule 2.2(l) hereof sets forth a list and
         brief description of the insurance policies of Webmodal relating to its
         properties and the conduct of its business. All premiums due and
         arising thereon have been paid and such policies are in full force and
         effect. True, correct and complete copies of all such insurance
         policies have been provided to EGM.

                  (m) Affiliate Transactions. Schedule 2.2(m) hereof contains a
         list of all contracts, agreements, transactions or commitments between
         any stockholder or former stockholder of Webmodal, any officer,
         employee or director of Webmodal, any family member of any of the
         foregoing or any other affiliate of any of the foregoing (including any
         entity in which any of the foregoing has a 5% (or more) ownership
         interest), on the one hand, and Webmodal, on the other hand, other than
         compensation paid as part of the employment relationship for services
         rendered.

                  (n) Contracts. Set forth on Schedule 2.2(n) hereof is a
         complete and accurate list as of the date hereof of all agreements,
         licenses, contracts, leases and commitments of the following types (and
         all amendments thereto), to which Webmodal is a party or by which it or
         any of its properties is bound as of the date hereof, true and correct
         copies of which have been provided by Webmodal to EGM:

                           (i) mortgages, indentures, security agreements and
                  other agreements and instruments relating to the borrowing of
                  money or advances of credit;

                           (ii) partnership or joint venture agreements;

                           (iii) sales agency or sales representative
                  agreements, distributorship agreements, supply agreements,
                  marketing agreements, advertising or other media agreements
                  and any agreements relating to Intellectual Property not
                  listed on Schedule 2.2(q);

                           (iv) agreements to provide funds or to make any
                  investment (in the form of a loan, capital contribution or
                  otherwise) in any entity or business;

                           (v) contracts or binding commitments limiting the
                  freedom of Webmodal to compete in any line of business or in
                  any geographical area or with any person or entity;

                           (vi) contracts or binding commitments obligating
                  Webmodal to purchase minimum amounts of goods or services,
                  including a summary of such requirements and a good faith
                  estimate of Webmodal's purchases of such goods or services as
                  of January 26, 2001;

                           (vii) all agreements, contracts or commitments
                  relating to the Webmodal Carrier Equity Program;

                                       13
<PAGE>
                           (viii) all agreements, contracts or commitments
                  relating to any real property owned or leased by Webmodal; and

                           (ix) all other agreements, contracts and commitments
                  (excluding purchase orders and sales orders created in the
                  ordinary course of business) (i) any one (or series) of which
                  in any way involve payments or receipts of more than $50,000
                  in the course of the year following the date hereof or (ii)
                  which cannot be cancelled on thirty (30) days' (or less)
                  notice at no cost or penalty.

                  As of the date hereof, all of the agreements, licenses,
         contracts, leases and commitments and other arrangements listed or
         referred to in Schedule 2.2(m) or Schedule 2.2(n) are in full force and
         effect and enforceable in accordance with their terms, and except as
         listed in Schedule 2.2(n), Webmodal and, to the knowledge of Webmodal,
         no other party to such agreement, license, contract, lease or
         commitment or other arrangement, has breached any provisions of, or is
         in default under, the terms thereof, and to the knowledge of Webmodal,
         no event that with the giving of notice, lapse of time or the happening
         of any event, or both, would become a default, has occurred thereunder.

                  (o) Business Relationships. Except as set forth in Schedule
         2.2(o) hereof, as of the date hereof Webmodal has not received any
         written or, to Webmodal's knowledge, any other notice, that any person
         or entity with whom Webmodal does a material amount of business will
         not continue to do business with Webmodal after the Effective Time on
         terms and conditions substantially the same as those prevailing during
         the past 12 months.

                  (p) Accounts Receivable. All the accounts and notes receivable
         of Webmodal as of the Closing Date will be bona fide, will reflect
         actual transactions, and will have arisen in the ordinary course of
         business, and to Webmodal's knowledge, such accounts will be
         collectible in the ordinary course of business (subject to
         uncollectible accounts not in excess of Webmodal's historical
         experience). Webmodal has delivered to EGM an accurate listing and
         dating of all the accounts and notes receivable of it as of January 19,
         2001.

                  (q) Intellectual Property.

                           (i) For purposes of this Section 2.2(q), the term
                  "Intellectual Property" means the United States and foreign
                  trademarks, trade names, trade dress, copyrights, and similar
                  rights, including registrations and applications to register
                  or renew the registration of any of the foregoing, the United
                  States and foreign letters patent and patent applications, and
                  inventions, processes, designs, formulae, trade secrets,
                  know-how, confidential information, computer software, data
                  and documentation, and all similar intellectual property
                  rights, tangible embodiments of any of the foregoing (in any
                  medium including electronic media), and licenses of any of the
                  foregoing.

                           (ii) Schedule 2.2(q) hereof sets forth a complete and
                  correct list of all patents and patent applications, trademark

                                       14
<PAGE>
                  registrations and trademark applications and material
                  unregistered trademarks, and copyright registrations, mask
                  work, copyright and mask work applications, and material
                  unregistered copyrights, in each case owned by Webmodal
                  (together with all other Intellectual Property owned by
                  Webmodal, the "Owned Intellectual Property"). Except as set
                  forth in Schedule 2.2(q), Webmodal owns the Owned Intellectual
                  Property free and clear of any liens or encumbrances. The
                  Owned Intellectual Property constitutes all of the
                  Intellectual Property used or held for use in connection with,
                  necessary for the conduct of, or otherwise material to
                  Webmodal's business as presently conducted, except for
                  computer software licensed to Webmodal by third parties and
                  any other Intellectual Property Licenses (as defined below)
                  under which Webmodal is a licensee. Schedule 2.2(q) sets forth
                  a complete and correct list of all licenses and arrangements
                  (i) pursuant to which the use by any person of Owned
                  Intellectual Property is permitted by Webmodal and (ii)
                  pursuant to which the use by Webmodal of Intellectual Property
                  (other than standard commercially available computer software)
                  is permitted by any person (collectively, together with any of
                  the foregoing relating to computer software, the "Intellectual
                  Property Licenses"). All Intellectual Property Licenses are in
                  full force and effect in accordance with their terms, and are
                  free and clear of any liens, claims or encumbrances, except as
                  set forth in Schedule 2.2(q). Neither Webmodal nor, to the
                  knowledge of Webmodal, any other party thereto, is in default
                  under any Intellectual Property License, except where such
                  default would not have a Webmodal MAE, and, to the knowledge
                  of Webmodal, no such default is currently threatened. The
                  conduct of Webmodal's business does not infringe the rights of
                  any third party in respect of any Intellectual Property,
                  except as set forth on Schedule 2.2(q). Except as set forth on
                  Schedule 2.2(q), to the knowledge of Webmodal, none of the
                  Owned Intellectual Property is being infringed by third
                  parties. Except as set forth on Schedule 2.2(q), there is no
                  claim or demand of any person pertaining to, or any proceeding
                  which is pending or, to Webmodal's knowledge, threatened that
                  challenges the rights of Webmodal in respect of any Owned
                  Intellectual Property or Intellectual Property License, or
                  that claims that any default exists under any Intellectual
                  Property License. Except as set forth on Schedule 2.2(q), the
                  Owned Intellectual Property has been duly registered with,
                  filed in or issued by, as the case may be, the United States
                  Patent and Trademark Office and United States Copyright Office
                  or other filing offices, domestic or foreign, to the extent
                  necessary or, in the reasonable judgment of Webmodal,
                  desirable, to ensure sufficient protection under any
                  applicable law, and the same remain in full force and effect.
                  The consummation of the Merger will not adversely affect any
                  of Webmodal's rights to any Intellectual Property used by it
                  in its business.

                  (r) Labor Relations. Webmodal is not a party to, or bound by,
         any collective bargaining agreement, contract or other agreement or
         understanding with respect to a labor union or labor organization, and
         to the knowledge of Webmodal, there are no organizational efforts with
         respect to the formation of a collective bargaining unit presently
         being made or threatened involving employees of Webmodal. As of the
         date hereof, there are no unfair labor practice complaints against
         Webmodal pending before the National Labor Relations Board and there is
         no labor strike, dispute, slow down or stoppage, or any union

                                       15
<PAGE>
         organizing campaign, actually pending or, to the knowledge of Webmodal,
         threatened against Webmodal.

                  (s) Severance, Termination, Change in Control and Similar
         Agreements. Except as set forth on Schedule 2.2(s) hereof, Webmodal is
         not a party to or bound by any agreement, commitment or arrangement
         with or for the benefit of any current or former employee, officer,
         director or consultant providing for any severance, termination, change
         in control or retention payments or benefits or for the vesting,
         enhancement or acceleration of any payments or benefits in connection
         with or as a result of, directly or indirectly, any change in control
         of Webmodal, nor will Webmodal be a party to or bound by any such
         agreement, commitment or arrangement at the Effective Time.

                  (t) No Excess Parachute Payments. Except as disclosed in
         Schedule 2.2(t) hereof, any amount that could be received (whether in
         cash or property or the vesting of property) as a result of any of the
         transactions contemplated by this Agreement by any employee, officer or
         director of Webmodal or any of its affiliates who is a "Disqualified
         Individual" (as such term is defined in proposed Treasury Regulation
         1.280G-1) under any employment, severance or termination agreement,
         other compensation arrangement or benefit plan currently in effect
         would not be characterized as an "Excess Parachute Payment" (as such
         term is defined in Section 280G(b)(1) of the Code).

                  (u) Brokers. All negotiations relative to this Agreement and
         the transactions contemplated hereby have been carried out by Webmodal
         directly with EGM, without the intervention of any person on behalf of
         Webmodal in such manner as to give rise to any valid claim by any
         person against Webmodal, the Surviving Corporation, EGM or any of their
         subsidiaries for a finders' fee, brokerage commission or similar
         payment.

                  (v) Disclosure. This Agreement and each certificate or other
         instrument or document furnished by or on behalf of Webmodal or Kravas
         at the Closing to EGM, Sub or any agent or representative of EGM or Sub
         pursuant hereto, or in connection herewith, taken as a whole, do not
         contain any untrue statement of material fact, or omit to state a
         material fact, required to be stated herein or therein, or necessary to
         make the statements contained herein or therein, in light of the
         circumstances under which they were made, not materially misleading.

         2.3 Representations and Warranties of Stonepath. Stonepath hereby
represents and warrants to EGM and Sub that:

                  (a) Organization. Stonepath is a corporation duly organized,
         validly existing and in good standing under the laws of Delaware.

                  (b) Authorization and Validity of Agreement. Stonepath has all
         requisite corporate power and authority to enter into this Agreement
         and to perform its obligations hereunder. The execution and delivery by
         Stonepath of this Agreement and the consummation by it of the
         transactions contemplated hereby have been duly authorized by all
         necessary corporate action. This Agreement has been duly executed and

                                       16
<PAGE>
         delivered by Stonepath and is the valid and binding obligation of
         Stonepath, enforceable against Stonepath in accordance with its terms.

                  (c) Webmodal Stock Ownership. Stonepath is the record and
         beneficial owner of 551,740 shares of Webmodal Preferred Stock, 122,100
         shares of Webmodal Common Stock and warrants to purchase 166,600 shares
         of Webmodal Common Stock at an exercise price of $8.88 per share
         pursuant to the Stonepath Warrant. Stonepath has no interest in any
         capital stock of Webmodal or any securities exercisable for or
         convertible into shares of capital stock of Webmodal other than as set
         forth in this Section 2.3(c).

                                  ARTICLE III

                COVENANTS OF WEBMODAL PRIOR TO THE EFFECTIVE TIME

         Webmodal covenants and agrees as follows, and Kravas covenants and
agrees to cause Webmodal to do as follows:

         3.1 Conduct of Business by Webmodal Pending the Merger. From the date
of this Agreement until the Effective Time, unless EGM shall otherwise agree in
writing or as otherwise expressly contemplated by this Agreement:

                  (a) The business of Webmodal shall be conducted only in, and
         Webmodal shall not take any action except in, the ordinary course of
         business and consistent with past practice;

                  (b) Webmodal shall not directly or indirectly: (i) issue,
         sell, pledge, dispose of or encumber any capital stock of Webmodal
         except upon the exercise of Vested Webmodal Options or Vesting Webmodal
         Options that shall have become exercisable prior to the Effective Time;
         (ii) amend or propose to amend the certificate of incorporation or
         bylaws of Webmodal; (iii) split, combine or reclassify any outstanding
         capital stock, or declare, set aside or pay any dividend or other
         distribution payable in cash, stock, property or otherwise with respect
         to its capital stock whether now or hereafter outstanding; (iv) redeem,
         purchase or acquire or offer to acquire any of its capital stock; (v)
         enter into any contract, agreement, commitment or arrangement with
         respect to any of the matters set forth in this Section 3.1(b); (vi)
         enter into, adopt or amend or terminate any bonus, profit sharing,
         compensation, severance, termination, stock option, stock appreciation
         right, restricted stock, performance unit, stock equivalent, stock
         purchase, pension, retirement, deferred compensation, employment,
         severance or other employee benefit agreement, trust, plan, fund or
         other arrangement for the benefit or welfare of any consultant,
         director, officer or employee; (vii) increase in any manner the
         compensation or fringe benefits of any director, officer, employee or
         consultant; (viii) pay to any director, officer or employee any benefit
         not required by any employee benefit agreement, trust, plan, fund or
         other arrangement as in effect on the date hereof; (ix) commence any
         legal proceedings against any party or settle any legal proceedings or
         claims against Webmodal; or (x) lend or advance any funds or otherwise
         extend credit to any person other than advances to employees for

                                       17
<PAGE>

         business related expenses consistent with past practice and trade
         credit extended in the ordinary course of business;

                  (c) Webmodal shall use its reasonable efforts (i) to preserve
         intact the business organization of Webmodal, (ii) to maintain in
         effect any authorizations or similar rights of Webmodal, (iii) to keep
         available the services of the current officers and key employees of
         Webmodal, (iv) to preserve the goodwill of those having business
         relationships with it, (v) to maintain and keep its properties in as
         good a repair and condition as presently exists, except for
         deterioration due to ordinary wear and tear and damage due to casualty;
         and (vi) to maintain in full force and effect insurance comparable in
         amount and scope of coverage to that currently maintained by it;

                  (d) Webmodal shall not make or agree to make capital
         expenditures that in the aggregate exceed $25,000;

                  (e) Webmodal shall not (i) sell, pledge, dispose of or
         encumber any material portion of its assets, (ii) incur, assume or
         guarantee indebtedness for money borrowed, or (iii) prepay any
         indebtedness or other material liability, except prepayments made to
         obtain prepayment discounts consistent with past practice;

                  (f) Webmodal shall not authorize, propose or announce an
         intention to authorize or propose, or enter into an agreement with
         respect to, any merger, consolidation or business combination (other
         than the Merger) or any acquisition of a material amount of assets or
         securities, form any subsidiaries, or otherwise acquire direct or
         indirect control over any other person, except for (i) investments in
         connection with cash management activities consistent with past
         practice, or (ii) purchases of inventory, spares and replacements
         consistent with past practice;

                  (g) Unless the other party thereto breaches its obligations
         thereunder, Webmodal shall perform its obligations under any material
         contracts and agreements to which it is a party or to which any of its
         assets is subject;

                  (h) Webmodal shall not intentionally take any action that
         would result in any of the representations and warranties set forth in
         this Agreement becoming untrue or any of the conditions to the Merger
         set forth in Article V not being satisfied;

                  (i) Webmodal shall make available to EGM and its
         representatives such information with respect to the business and
         affairs of Webmodal as EGM shall reasonably request, and shall confer
         at such times as EGM may reasonably request with one or more
         representatives of EGM with respect to Webmodal's material operational
         matters and the general status of its operations;

                  (j) Webmodal shall prepare and timely file all Tax Returns
         required to be filed by Webmodal (except for any Tax Return for which
         an extension has been granted as permitted hereunder) on or before the
         Effective Date, and shall pay all Taxes (including estimated Taxes) due
         on such Tax Returns (or due with respect to Tax Returns for which an
         extension has been granted as permitted hereunder) or which are
         otherwise required to be paid at any time prior to or during such
         period. Such Tax Returns shall be prepared in accordance with the most

                                       18
<PAGE>

         recent Tax practices as to elections and accounting methods except for
         new elections that may be made therein that were not previously
         available, subject to EGM's consent (which shall not be unreasonably
         withheld or delayed);

                  (k) To the extent Webmodal has knowledge of the commencement
         or scheduling of any Tax audit, the assessment of any Tax, the issuance
         of any notice of Tax due or any bill for collection of any Taxes, or
         the commencement or scheduling of any other administrative or judicial
         proceeding with respect to the determination, assessment or collection
         of any Tax of Webmodal, Webmodal shall provide prompt notice to EGM of
         such matter, setting forth information (to the extent known) describing
         any asserted Tax liability in reasonable detail and including copies of
         any notice or other documentation received from the applicable Tax
         authority with respect to such matter; and

                  (l) Webmodal shall not take any of the following actions: (i)
         make, revoke or amend any Tax election; (ii) execute any waiver of
         restrictions on assessment or collection of any Tax; or (iii) enter
         into or amend any agreement or settlement with any Tax authority.

         3.2 Notice to Warrant Holders. Webmodal shall give written notice to
Paul H. Stevens and Eleanor M. Stephens, Trustees under Trust Agreement dated
July 6, 1998, of the Merger at least 30 days prior to the Effective Time in
accordance with the terms of Stephens Warrant, or shall obtain a written waiver
of such notice in a form reasonably acceptable to EGM.

         3.3 Meeting of Stockholders of Webmodal. Webmodal shall promptly take
all action reasonably necessary in accordance with the DGCL and the certificate
of incorporation and bylaws of Webmodal to convene a meeting of its stockholders
(including any adjournments thereof, the "Webmodal Stockholders' Meeting") to
consider and vote upon the adoption and approval of this Agreement and the
Merger, including but not limited to giving notice to such stockholders of
appraisal rights pursuant to Section 262 of the DGCL.

         3.4 Cancellation of Carrier Equity Program. Promptly after the date
hereof, Webmodal shall provide written notice, the form and content of which
shall be reasonably acceptable to EGM, to all participants in the Carrier Equity
Program that the Carrier Equity Program will be cancelled immediately prior to
the Effective Time, that the shares to which they would be entitled under such
program will be determined as of the date hereof, informing each participant of
the number of shares of Webmodal Common Stock it will be entitled to receive
under the plan as so terminated, and the cash amount each such participant will
receive in lieu of such shares of Webmodal Common Stock upon conversion as set
forth in Section 1.7 hereof. Such notice shall also solicit the consent of each
participant in the Carrier Equity Program to such cancellation and the terms
thereof, and Webmodal shall use its reasonable efforts to obtain such consents.
The 65,250 shares of Webmodal Common Stock issuable under the Carrier Equity
Plan shall be deemed, for the purposes of this Agreement, to be issued and
outstanding immediately prior to the Effective Time, and the participants
therein shall be entitled to receive cash payments as if they held such shares
immediately prior to the Effective Time under Section 1.7(c).

                                       19
<PAGE>

         3.5 Termination of Advisory Panel. Prior to the Effective Time,
Webmodal shall terminate the advisory services of all of the members of
Webmodal's Advisory Panel in accordance with the terms of the Advisory Panel
Agreement with each such advisor.

         3.6 Termination of External Sales Representatives. Prior to the
Effective Time, Webmodal shall terminate the sales representative arrangements
with each of the three external sales representatives of Webmodal pursuant to
the terms of the External Sales Representative Agreement with each such person.

         3.7 Termination of Webmodal 401(k) Savings Plan. Prior to the Effective
Time, Webmodal shall terminate the Webmodal 401(k) Savings Plan.

         3.8 No Solicitation. From and after the date of this Agreement and
until the sooner of the Effective Time or the expiration or termination of this
Agreement, Webmodal shall not, directly or indirectly, through any officer,
director, employee, representative or agent of Webmodal, (i) solicit or
knowingly encourage, including by way of furnishing information, the initiation
of any inquiries or proposals regarding (A) any merger, tender offer, sale of
shares of capital stock or similar business combination transactions involving
Webmodal, or (B) any sale of 5% or more of the assets of Webmodal (any of the
foregoing transactions being referred to herein as a "Webmodal Acquisition
Transaction"), (ii) negotiate or otherwise engage in discussions with any person
(other than EGM, Sub or their respective directors, officers, employees, agents
and representatives) with respect to any Webmodal Acquisition Transaction, or
(iii) enter into any agreement, arrangement or understanding requiring it to
abandon, terminate or fail to consummate the Merger or any other transactions
contemplated by this Agreement.

                                   ARTICLE IV

                              ADDITIONAL AGREEMENTS

         4.1 Voting Agreement and Proxies.

                  (a) In consideration of the mutual covenants and agreements in
         this Agreement, each of Stonepath and Kravas agree to vote all of the
         shares of capital stock of Webmodal held of record by it or him as of
         the date hereof, and any additional shares of capital stock of Webmodal
         acquired by it or him after the date hereof and on or before the record
         date for determining the stockholders entitled to vote at the Webmodal
         Stockholders' Meeting, in favor of the Merger. In furtherance of such
         agreements, Stonepath and Kravas agree not to dispose of any such
         shares of capital stock of Webmodal after the date hereof until the
         sooner of the Effective Time or the expiration or termination of this
         Agreement.

                  (b) Stonepath and Kravas each hereby irrevocably appoint EGM
         as proxy to vote all of their shares of capital stock of Webmodal,
         including shares of Webmodal Preferred Stock and Webmodal Common Stock,
         held on the record date for determining the stockholders entitled to
         vote at the Webmodal Stockholders' Meeting, in favor of the Merger at
         the Webmodal Stockholders' Meeting. The parties acknowledge and agree

                                       20
<PAGE>

         that these proxies are coupled with the interest of EGM in Webmodal
         arising out of the mutual rights and obligations of the parties under
         this Agreement.

                  (c) Stonepath agrees to take any and all actions necessary to
         cause the director of Webmodal designated by it pursuant to the
         Stockholders' Agreement among Webmodal, Kravas and Stonepath dated May
         9, 2000, to vote in favor of the Merger, including but not limited to
         removing the designated director if he fails to vote in favor of the
         Merger and designating a new director.

                  (d) Stonepath and Kravas shall take such further actions and
         execute such additional documents as may be necessary or desirable to
         effect the voting of such shares of capital stock of Webmodal in favor
         of the Merger at the Webmodal Stockholders' Meeting or, upon the
         request of EGM, by written consent in accordance with the provisions of
         the DGCL.

         4.2 Filings; Consents; Reasonable Efforts. Subject to the terms and
conditions of this Agreement, Webmodal and EGM shall (i) use all reasonable
efforts to obtain all consents, waivers, approvals, authorizations and orders
required in connection with the authorization, execution and delivery of this
Agreement and the consummation of the Merger; and (ii) take, or cause to be
taken, all appropriate action, and do, or cause to be done, all things
necessary, proper or advisable to consummate and make effective as promptly as
practicable the transactions contemplated by this Agreement.

         4.3 Notification of Certain Matters. Webmodal shall give prompt written
notice by facsimile to EGM, and EGM shall give prompt written notice by
facsimile to Webmodal of (i) the occurrence, or failure to occur, of any event
which occurrence or failure would be likely to cause any of its representations
or warranties contained in this Agreement to be untrue or inaccurate in any
material respect (without regard to any materiality qualifications contained
therein) at any time from the date hereof to the Effective Time, (ii) any change
or event having, or which, insofar as reasonably can be foreseen, would have, a
Webmodal MAE, and (iii) any material failure by it or any of its officers,
directors, employees or agents to comply with or satisfy any covenant, condition
or agreement to be complied with or satisfied by it hereunder.

         Any such disclosure shall supplement and amend the appropriate Schedule
hereto. No such supplement or amendment to any Schedule shall be deemed to cure
any breach for purposes of Section 5.2(a) or limit any liability for any such
breach if EGM and Sub do not waive the conditions set forth in Section 5.2(a).
If EGM and Sub waive any failure to satisfy the conditions set forth in Section
5.2(a) caused by the disclosure in such supplement and amendment and proceed
with the Closing, any such supplement and amendment will be effective to cure
and correct for all purposes any breach of any representation, warranty or
covenant that would have existed if such amendment and supplement had not been
made and all references to any Schedule hereto that is supplemented and amended
as provided in this Section shall for all purposes (except as provided in the
immediately preceding sentence) be deemed to be a reference to such Schedule as
so supplemented and amended.

         4.4 Agreement to Defend. If any claim, action, suit, investigation or
other proceeding by any governmental body or other person or other legal or
administrative proceeding is commenced that questions the validity or legality

                                       21
<PAGE>

of the transactions contemplated hereby or seeks damages in connection
therewith, the parties hereto agree to cooperate and use their reasonable
efforts to defend against and respond thereto.

         4.5 Termination of Stonepath Warrant. Stonepath hereby waives any and
all required notice of the Merger or any of the other transactions contemplated
by this Agreement pursuant to the terms of the Stonepath Warrant and agrees that
at the Effective Time, without any further action by the parties, the Stonepath
Warrant will by its terms terminate and expire, and Stonepath shall have no
further rights thereunder.

         4.6 Repayment of Stonepath Debt. EGM agrees to cause the Surviving
Corporation to repay (i) the $500,000 principal amount of indebtedness currently
owed by Webmodal to Stonepath pursuant to that certain Loan Agreement dated
December 22, 2000, plus accrued and unpaid interest thereunder, (ii) the
$500,000 principal amount of indebtedness currently owed by Webmodal to
Stonepath pursuant to that certain Loan Agreement dated January 29, 2001, plus
accrued and unpaid interest thereunder, and (iii) any additional indebtedness
incurred by Webmodal from Stonepath after the date hereof pursuant to and in
accordance with Section 3.1(e) hereof, promptly after the Effective Time.

         4.7 Escrow of Portion of Kravas' Merger Consideration.

                  (a) In recognition that the value of Webmodal will be
         significantly less than the merger consideration contemplated by this
         Agreement if Kravas does not continue to be associated with Webmodal
         after the Effective Time, Kravas agrees that $2,000,000 of the merger
         consideration he is entitled to receive under Section 1.7(b) hereof
         will be deposited in escrow pursuant to an Escrow Agreement in the form
         of Exhibit A hereto (the "Escrow Agreement") and will be subject to
         forfeiture as set forth in this Section 4.7. As of the date hereof,
         Kravas and EGM have entered into an employment agreement (the "Kravas
         Employment Agreement"), which shall become effective as of the
         Effective Time, and which provides for Kravas' continued association
         with Webmodal as an employee of EGM.

                  (b) The $2,000,000 deposited in escrow pursuant to the Escrow
         Agreement shall be invested in common stock of Enron Corp. as set forth
         therein. The shares of Enron Corp. common stock held in escrow pursuant
         to the Escrow Agreement after such investment is referred to herein as
         the "Escrowed Property." Kravas shall have the right to vote the
         Escrowed Property, but all dividends or other distributions thereon
         shall be held in escrow under the Escrow Agreement.

                  (c) The escrow agent under the Escrow Agreement (the "Escrow
         Agent") shall release from escrow and deliver to Kravas one third of
         the Escrowed Property, along with all dividends and other distributions
         on such one third of the Escrowed Property, on each of the first,
         second and third anniversaries of the Effective Date if Kravas
         continues as an employee of EGM on such date. As a result, if Kravas
         continues as an employee of EGM on the third anniversary of the
         Effective Date, all of the Escrowed Property and all dividends and
         distributions thereon will have been released from escrow and delivered
         to Kravas, and the Escrow Agreement will terminate.

                                       22
<PAGE>

                  (d) If Kravas ceases to be an employee of EGM due to his
         resignation without Good Reason (as defined below) or EGM's termination
         of Kravas for Cause (as defined below), all of the Escrowed Property
         that is held in escrow under the Escrow Agreement at the time of such
         resignation or termination shall be forfeited to EGM, and the Escrow
         Agent shall release the Escrowed Property from escrow and deliver it to
         EGM. If Kravas ceases to be an employee of EGM other than by his
         resignation without Good Reason or EGM's termination of Kravas for
         Cause, all of the Escrowed Property that is held in escrow under the
         Escrow Agreement at the time Kravas ceases to be an employee of EGM
         shall be released from escrow and delivered by the Escrow Agent to
         Kravas.

                  (e) As used in this Section 4.7, "Cause" shall mean (i)
         Kravas' gross negligence or willful misconduct in the performance of
         the duties and services as an employee of EGM or any other Enron
         affiliate; (ii) Kravas' final conviction of a felony by a trial court;
         (iii) Kravas' material breach of any provision of the Kravas Employment
         Agreement, which, if possible to correct, remains uncorrected for 30
         days following EGM's written notice to Kravas of such breach; or (iv)
         Kravas' material violation of any material policy of EGM, Enron, or any
         Enron affiliate for which Kravas provides services, which, if possible
         to correct, remains uncorrected for 30 days following EGM's written
         notice to Kravas of such violation. As used in this Section 4.7, Kravas
         will have "Good Reason" to resign as an employee of EGM if (i) EGM
         materially breaches its obligations under the Kravas Employment
         Agreement and such breach continues unremedied for 30 days following
         Kravas' written notice to EGM of such breach, (ii) EGM significantly
         and adversely changes Kravas' duties and responsibilities, (iii) Kravas
         is required to relocate outside of the greater Houston area without his
         consent, or (iv) after the expiration of the Kravas Employment
         Agreement, EGM reduces Kravas' compensation below the levels payable
         under the Kravas Employment Agreement at the expiration thereof.

                  (f) The parties acknowledge and agree that all of the merger
         consideration Kravas is entitled to receive under Section 1.7(b) hereof
         in connection with the Merger will be paid as consideration for the
         shares of Webmodal Common Stock owned by Kravas immediately prior to
         the Effective Time, and none of such consideration will be paid to him
         in consideration for his future services to the Surviving Corporation,
         but that the forfeiture provisions set forth in the Escrow Agreement
         are intended as an estimate of the decreased value of Webmodal as of
         the Effective Time if Kravas is not associated with Webmodal for a
         period of at least three years after the Effective Time as set forth
         herein.

                  (g) In the event any of the EGM Indemnitees (as defined in
         Article VI hereof) are entitled to recover and EGM Damages (as defined
         in Article VI hereof) from Kravas pursuant to Article VI hereof, EGM
         shall be entitled to receive distributions of the Escrowed Property
         under the terms of the Escrow Agreement in satisfaction thereof.

                  (h) The parties agree to deliver to the Escrow Agent
         certificates and such other instructions as may be required under the
         Escrow Agreement in order to implement the provisions of this Section
         4.7.

                                       23
<PAGE>

         4.8 Webmodal Employee Benefits. As soon as practicable after the
Effective Time, those employees of Webmodal who become employees of the
Surviving Corporation or EGM (the "Webmodal Employees") shall be entitled to
participate in the employee benefit plans maintained for the benefit of
similarly situated employees of EGM (the "EGM Plans"), except that those
employees who become employees of the Surviving Corporation shall not be
entitled to participate in any severance plan of EGM or any of its affiliates
(including but not limited to Enron Corp.). With respect to eligibility and
vesting requirements (but not benefit accrual, employer contributions, benefit
formulas incorporating service, or employer subsidies) of such employee benefit
plans, except for retiree medical benefits, the Webmodal Employees shall be
given credit for past service with Webmodal, to the extent recognized under
Webmodal's equivalent Plans.

         4.9 Webmodal Options.

                  (a) Either before or promptly after the date hereof, EGM shall
         make offers of transfers of employment to some of the current employees
         of Webmodal, and Webmodal shall provide a retention bonus arrangement
         to all such employees who do not accept such transfer offer and all
         Webmodal employees who are not offered transfers of employment by EGM,
         all as set forth in Schedule 4.9 hereof. In the event that any such
         employee does not accept such retention offer, Webmodal shall provide
         such employee severance as set forth in Schedule 4.9 hereof upon
         execution of a Waiver and Release Agreement. Each such offer and any
         Waiver and Release Agreement shall provide that the employee cancels
         and waives all rights under any existing Webmodal Options held by such
         employee (other than the Vested Webmodal Options and the Vesting
         Webmodal Options that become exercisable prior to the Effective Date)
         by accepting such offer. All such employment, retention, and severance
         and the related cancellation and waiver of Webmodal Options shall be
         effective upon the Effective Time. Webmodal and EGM shall use their
         reasonable efforts to obtain such agreements from each current employee
         of Webmodal.

                  (b) At the Effective Time, each outstanding Webmodal Option
         under the Webmodal Stock Option Plan that has not been cancelled
         pursuant to the agreements described in Section 4.9(a) (other than the
         Vested Webmodal Options and the Vesting Webmodal Options that become
         exercisable prior to the Effective Date) shall be deemed to constitute
         an option to acquire a cash amount per share equal to the Common Stock
         Consideration.

                  (c) The Board of Directors of Webmodal shall, prior to or as
         of the Effective Time, take all necessary actions, pursuant to and in
         accordance with the terms of the Webmodal Stock Option Plan and the
         instruments evidencing the Webmodal Options, to provide for the
         conversion of the Webmodal Options into the right to acquire cash as
         set forth in Section 4.9(b), and to ensure that no consent of the
         holders of the Webmodal Options is required in connection with such
         conversion.

         4.10 Cancellation of Vested and Vesting Webmodal Stock Options. Prior
to or promptly after the date hereof, Webmodal shall have offered or shall offer
in writing, the form and content of which shall be reasonably acceptable to EGM,
to pay each holder of Vested Webmodal Stock Options and Vesting Webmodal Stock

                                       24
<PAGE>
Options that vest prior to the Effective Time a cash payment, payable at the
Effective Time, equal to the number of such vested options multiplied by the
excess of the Common Stock Consideration over the exercise price per share of
such vested options. The acceptance of such offer shall require the holder of
such options to agree to the cancellation of and waiver of all rights under any
unvested Webmodal Stock Options held by him as of the Effective Time, to the
extent such cancellation and waiver has not already been received from the
holder of such options under Section 4.9 hereof. The Surviving Corporation shall
pay such amounts to the holders of such options at the Effective Time. Such
agreements shall not constitute an exercise of the Vested Webmodal Stock Options
or the Vesting Webmodal Stock Options.

         4.11 Post-Effective Time Mailing. As soon as practicable following the
Effective Time, the Surviving Corporation shall cause to be mailed to each
holder of certificates that represented shares of Webmodal Common Stock
immediately prior to the Effective Time, at such holder's address as it appears
on Webmodal's stock transfer records, a letter of transmittal and other
information advising such holder of the consummation of the Merger along with
information and instructions to enable such holder to effect the conversion of
their Webmodal stock as contemplated by Article I of this Agreement.

                                   ARTICLE V

                                   CONDITIONS

         5.1 Conditions to Obligation of Each Party to Effect the Merger. The
respective obligations of each party to effect the Merger shall be subject to
the fulfillment at or prior to the Closing Date of the following conditions:

                  (a) This Agreement shall have been approved and adopted by the
         requisite vote of the stockholders of Webmodal, as may be required by
         law and by any applicable provisions of Webmodal' certificate of
         incorporation or bylaws;

                  (b) No order shall have been entered and remain in effect in
         any action or proceeding before any foreign, federal or state court or
         governmental agency or other foreign, federal or state regulatory or
         administrative agency or commission that would prevent or make illegal
         the consummation of the Merger;

                  (c) There shall have been obtained any and all material
         permits, approvals and consents of any governmental body or agency that
         reasonably may be deemed necessary so that the consummation of the
         Merger and the transactions contemplated thereby will be in compliance
         with applicable laws, the failure to comply with which would have a
         material adverse effect on the business, financial condition or results
         of operations of the Surviving Corporation after consummation of the
         Merger; and

                  (d) All approvals of private persons or corporations, (i) the
         granting of which is necessary for the consummation of the Merger or
         the transactions contemplated in connection therewith and (ii) the
         non-receipt of which would have a material adverse effect on the

                                       25
<PAGE>

         business, financial condition or results of operations of the Surviving
         Corporation after the consummation of the Merger, shall have been
         obtained.

         5.2 Additional Conditions to Obligations of EGM and Sub. The obligation
of EGM and Sub to effect the Merger is, at the option of EGM and Sub, also
subject to the fulfillment at or prior to the Closing Date of the following
conditions:

                  (a) The representations and warranties of Webmodal and Kravas
         contained in Sections 2.2 and of Stonepath contained in Section 2.3
         shall be accurate as of the date of this Agreement and (except to the
         extent such representations and warranties speak specifically as of an
         earlier date) as of the Closing Date as though such representations and
         warranties had been made at and as of that time; all of the terms,
         covenants and conditions of this Agreement to be complied with and
         performed by Webmodal, Kravas and Stonepath on or before the Closing
         Date shall have been duly complied with and performed in all material
         respects; and a certificate to the foregoing effect dated the Closing
         Date and signed by the chief executive officer of Webmodal shall have
         been delivered to EGM and Sub;

                  (b) If Webmodal shall have received prior to the taking of the
         vote at the Webmodal Stockholders' Meeting a written demand for
         appraisal under the DGCL in connection with the Merger from any holder
         of shares of Webmodal Preferred Stock or from holders of more than 3%
         of the shares of Webmodal Common Stock outstanding immediately prior to
         the Effective Time, then each such holder of Webmodal Preferred Stock
         making demand shall have either voted in favor of the Merger at the
         Webmodal Stockholders' Meeting or waived or otherwise withdrawn such
         demand in writing to the satisfaction of EGM, and a number of the
         holders of the Webmodal Common Stock making such demand shall have
         either voted in favor of the Merger at the Webmodal Stockholders'
         Meeting or waived or otherwise withdrawn such demand in writing to the
         reasonable satisfaction of EGM such that the holders of not more than
         3% of the Webmodal Common Stock outstanding immediately prior to the
         Effective Time shall have perfected and retain appraisal rights under
         the DGCL immediately prior to the Effective Time; and a certificate to
         the foregoing effect dated the Closing Date and signed by the chief
         executive officer of Webmodal shall have been delivered to EGM and Sub;

                  (c) Neither Kravas nor Ken Crane shall have taken any action
         or given any notice that would breach (anticipatorily or otherwise),
         cancel or terminate the employment agreements between each such person
         and EGM entered into on the date hereof (which agreements by their
         terms are to be effective as of the Effective Time). Each such person
         shall be ready, willing and able to begin their services under such
         agreements as of the Effective Time, and such employment agreements
         shall be in full force and effect (subject to becoming effective as of
         the Effective Time);

                  (d) The holders of the Vested Webmodal Options and any Vesting
         Webmodal Options that become exercisable prior to the Effective Time
         shall have agreed to the cancellation of such options and all other
         Webmodal Options held by them as set forth in Section 4.10 hereof, and
         options to acquire not more than either (i) 12,000 shares of Webmodal

                                       26
<PAGE>
         Common Stock held by all option holders, or (ii) 5,500 shares of
         Webmodal Common Stock held by any single option holder, shall remain
         outstanding under the Webmodal Stock Option Plan after giving effect to
         the cancellations and waivers of Webmodal Options as set forth in
         Sections 4.9 and 4.10 hereof;

                  (e) Webmodal shall have received consents from each
         participant in the Carrier Equity Program to the termination of such
         program and the terms and conditions of such termination as set forth
         in Section 3.4 hereof, and Webmodal shall have provided copies of such
         consents to EGM; and

                  (f) EGM shall have received from Mayer, Brown & Platt, counsel
         to Webmodal, an opinion dated the Closing Date in the form of Exhibit C
         hereto.

         5.3 Additional Conditions to Obligations of Webmodal. The obligation of
Webmodal to effect the Merger is, at the option of Webmodal, also subject to the
fulfillment at or prior to the Closing Date of the following conditions:

                  (a) The representations and warranties of EGM and Sub
         contained in Section 2.1 shall be accurate as of the date of this
         Agreement and (except to the extent such representations and warranties
         speak specifically as of an earlier date) as of the Closing Date as
         though such representations and warranties had been made at and as of
         that time; all the terms, covenants and conditions of this Agreement to
         be complied with and performed by EGM or Sub on or before the Closing
         Date shall have been duly complied with and performed in all material
         respects; and a certificate to the foregoing effect dated the Closing
         Date and signed by an authorized officer of EGM shall have been
         delivered to Webmodal;

                  (b) EGM shall have delivered to Webmodal on the date hereof a
         Guaranty of the obligations of EGM and Sub hereunder by Enron in the
         form of Exhibit B hereto, and such Guaranty shall be in full force and
         effect on the Closing Date; and

                  (c) Webmodal shall have received from Gardere Wynne Sewell
         LLP, counsel to EGM, an opinion dated the Closing Date in the form of
         Exhibit D hereto.

                                   ARTICLE VI

                                 INDEMNIFICATION

         6.1 Indemnification by Kravas, Webmodal and Stonepath.

                  (a) Subject to the terms and conditions set forth herein,
         Kravas and Webmodal, jointly and severally, shall indemnify EGM, Sub,
         the Surviving Corporation and their respective affiliates and officers,
         directors, employees, agents, advisors and representatives
         (collectively, the "EGM Indemnitees"), and hold such EGM Indemnitees
         harmless from and against, and pay and reimburse the EGM Indemnitees
         for, any and all demands, claims, actions, losses, damages,
         liabilities, obligations, fines, Taxes, royalties, deficiencies,
         penalties, costs and expenses (including reasonable attorneys' fees and
         costs of investigation), whether or not resulting from third-party
         claims (collectively, "EGM Damages"), asserted against or incurred or

                                       27
<PAGE>

         sustained by an EGM Indemnitee as a result of or arising out of any
         misrepresentation or breach of any representation, warranty, covenant
         or agreement of Kravas or Webmodal contained in or made pursuant to
         this Agreement or in any schedule or other instrument, certificate,
         agreement or document delivered by Kravas or Webmodal at the Closing
         pursuant to this Agreement (in the case of any such representation or
         warranty, without taking into account any qualification as to the
         materiality or material adverse effect contained in such representation
         or warranty); provided, however, that a notice of a Claim (as defined
         in Section 6.3 hereof) by an EGM Indemnitee shall have been given to
         Kravas not later than one year after the Effective Time; and provided,
         further, that the indemnification obligations of Webmodal hereunder
         shall not survive the Effective Time.

                  (b) Since following the Effective Time Webmodal will be merged
         with Sub and will be the Surviving Corporation, Kravas agrees that he
         has no right of reimbursement or contribution against the Surviving
         Corporation with respect to any claim sought against him after the
         Effective Time.

                  (c) Subject to the terms and conditions set forth herein,
         Stonepath shall indemnify the EGM Indemnitees, and hold such EGM
         Indemnitees harmless from and against, and pay and reimburse the EGM
         Indemnitees for, any and all EGM Damages asserted against or incurred
         or sustained by an EGM Indemnitee as a result of or arising out of any
         misrepresentation or breach of any representation, warranty, covenant
         or agreement of Stonepath contained in or made pursuant to this
         Agreement or in any schedule or other instrument, certificate,
         agreement or document delivered by Stonepath at the Closing pursuant to
         this Agreement (in the case of any such representation or warranty,
         without taking into account any qualification as to the materiality or
         material adverse effect contained in such representation or warranty);
         provided, however, that the indemnification obligations of Stonepath
         hereunder shall not survive the Effective Time.

                  (d) In the event of any Claim for indemnity under Section
         6.1(a) against Kravas, the EGM Indemnitees making such Claim shall not
         be entitled to indemnification for any Claim for EGM Damages of less
         than $7,500, and shall not be entitled to indemnification for any Claim
         for EGM Damages unless the aggregate amount of EGM Damages for
         individual Claims for EGM Damages in excess of $7,500 is greater than
         $300,000, in which case the EGM Indemnitees shall be entitled to
         indemnification only for EGM Damages in excess of such $300,000.
         Notwithstanding anything herein to the contrary, in no event shall
         Kravas' liability for indemnification hereunder arising after the
         Effective Time exceed the lesser of (i) $2,000,000 or (ii) the market
         value at the time of payment of such Claim of (A) the cash and property
         held under the Escrow Agreement and (B) any cash and property
         distributed from escrow to Kravas under the Escrow Agreement prior to
         the time of payment of such Claim. In the event any EGM Indemnitee is
         entitled to recover any EGM Damages from Kravas pursuant to Section
         6.1(a), such EGM Indemnitee shall recover such amount from the assets
         held in escrow under the Escrow Agreement until no such assets remain
         prior to recovering any amount directly from Kravas. The liability of
         Kravas for any indemnification hereunder shall be reduced by the amount
         of other indemnity or insurance proceeds actually received by the EGM
         Indemnities with respect to the applicable Claim. Each EMG Indemnitee

                                       28
<PAGE>

         shall use all commercially reasonable efforts to obtain such indemnity
         and insurance proceeds and, if any such proceeds are received by an EMG
         Indemnitee with respect to any EMG Damages after Kravas has made a
         payment to the EMG Indemnitee with respect thereto, the EMG Indemnitee
         shall promptly pay to Kravas the amount of such proceeds (up to the
         amount of the payment previously made by Kravas).

         6.2 Indemnification by EGM and Sub. Subject to the terms and conditions
set forth herein, EGM and Sub, jointly and severally, shall indemnify Kravas,
Webmodal and Stonepath and their respective affiliates, agents, advisors and
representatives (collectively, the "Seller Indemnitees") and hold the Seller
Indemnitees harmless from and against, and pay and reimburse the Seller
Indemnitees for, any and all demands, claims, actions, losses, damages,
liabilities, obligations, fines, Taxes, royalties, deficiencies, costs and
expenses, whether or not resulting from third-party claims, including interest
and penalties with respect thereto (collectively, "Seller Damages"), asserted
against or incurred or sustained by any Seller Indemnitee as a result of or
arising out of any misrepresentation or breach of any representation, warranty,
covenant or agreement of EGM or Sub contained in or made pursuant to this
Agreement or in any schedule or other instrument, certificate, agreement or
document delivered by EGM or Sub at the Closing pursuant to this Agreement.

         6.3 Conditions of Indemnification. The right of any EGM Indemnitee or
any Seller Indemnitee, as the case may be (any such indemnitee, an
"Indemnitee"), to indemnity with respect to claims for EGM Damages or Seller
Damages under Section 6.1 or 6.2, as the case may be (any such claim, a
"Claim"), shall be subject to the following terms and conditions:

                  (a) Such Indemnitee shall give the party or parties from which
         indemnity is sought (any such recipient of any such notice, the
         "Indemnifying Parties") prompt notice of any Claim asserted against or
         incurred by such Indemnitee (but in no event later than the date set
         forth in Section 6.1(a) hereof) and shall specify in reasonable detail
         the fact alleged to constitute a basis for such Claim. Such Indemnitee
         shall permit the Indemnifying Parties (at their own expense) to assume
         the defense of any claim or any litigation resulting therefrom,
         provided that (i) counsel for the Indemnifying Parties who shall
         conduct the defense of such claim or litigation shall be reasonably
         satisfactory to such Indemnitee, and (ii) such Indemnitee may
         participate in such defense at the expense of such Indemnitee. Except
         with the prior written consent of such Indemnitee, the Indemnifying
         Parties, in the defense of any such Claim, shall not consent to entry
         of any judgment or enter into any settlement that provides for
         injunctive or other non-monetary relief affecting such Indemnitee.
         Except with the consent of the Indemnifying Parties, in the defense of
         any such Claim in which the Indemnifying Parties have assumed the
         defense, such Indemnitee shall not consent to the entry of any judgment
         or enter into any settlement. After notice from the Indemnifying
         Parties to such Indemnitee of their election to assume the defense of
         such claim or action, the Indemnifying Parties shall not be liable to
         such Indemnitee under Sections 6.1, 6.2 or 6.3 for any legal or other
         expenses subsequently incurred by such Indemnitee in connection with
         the defense thereof, other than reasonable costs of investigation;
         provided, however, that such Indemnitee shall have the right to employ
         separate counsel in any such action and to participate in the defense
         thereof, but the fees and expenses for such counsel shall be at the
         expense of such Indemnitee unless (x) the employment thereof has been
         specifically authorized by the Indemnifying Parties or (y) such

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<PAGE>

         Indemnitee shall have been advised by counsel that there may be one or
         more legal defenses available to it which are different from or
         additional to those available to the Indemnifying parties and in the
         reasonable judgment of such counsel it is advisable for such
         Indemnitees to employ separate counsel.

                  (b) In the event that within thirty (30) business days after
         the Indemnifying Parties' receipt of an Indemnitee's delivery of notice
         of any Claim pursuant to Section 6.3(a), the Indemnifying Parties fail
         to notify such Indemnitee of their intention to defend such claim, such
         Indemnitee shall (upon further notice to the Indemnifying Parties) have
         the right to undertake the defense, compromise, settlement or payment
         in full of such Claim for the account of the Indemnifying Parties.

         6.4 Exclusive Remedy for Breach. Following the Closing, except for
actions for statutory or common law fraud or intentional misrepresentation
arising out of or relating to this Agreement, the indemnities provided for in
this Article VI are the parties' sole and exclusive remedies for all
inaccuracies of representations and warranties or breaches of covenants and
agreements in this Agreement, and to the extent that any Indemnitee incurs or
sustains any EMG Damages or Seller Damages in connection with or related to this
Agreement or the transactions contemplated hereby for which it may assert any
other right to indemnification, contribution or recovery, such Indemnitee hereby
waives, releases and agrees not to assert such right.

         6.5 Indemnification of Kravas.

                  (a) The consideration issuable to the holders of the Webmodal
         Common Stock and Webmodal Preferred Stock under Section 1.7 of this
         Agreement in connection with the Merger was the result of arms'-length
         negotiations among the parties to this Agreement. If, notwithstanding
         the foregoing, any tax authority asserts that Kravas should be deemed
         to receive consideration in excess of the consideration he actually
         received pursuant to Section 1.7 of this Agreement, EGM shall, subject
         to the terms and conditions of this Section 6.5, indemnify Kravas, on
         an after-tax basis, from and against any federal, state, and local
         taxes, interest and penalties and any expenses (including reasonable
         attorney's and accountant's fees and expenses) incurred by Kravas
         resulting from the deemed receipt of such additional consideration and
         any deemed transfer of such additional consideration to the other
         holders of any Webmodal stock.

                  (b) In the event that any tax authority asserts that Kravas
         should be deemed to have received consideration in excess of the
         consideration he actually receives pursuant to Section 1.7 hereof,
         Kravas shall within 10 business days notify EGM in writing of such
         matter. Such written notice shall contain factual information (to the
         extent known) describing any asserted tax liability in reasonable
         detail and shall be accompanied by copies of any notice or other
         documents received from any tax authority with respect to such matter.
         If Kravas has knowledge of an asserted tax liability with respect to a
         matter for which he is to be indemnified under this Section 6.5 and he
         fails to provide EGM notice of such asserted tax liability within the
         time period set forth above, then (i) if EGM is precluded from
         contesting the asserted tax liability in any forum as a result of the
         failure to give prompt notice, EGM shall have no obligation to
         indemnify Kravas pursuant to this Section 6.5, and (ii) if EGM is not

                                       30
<PAGE>
         precluded from contesting the asserted tax liability in any forum, but
         such failure to provide prompt notice results in a monetary detriment
         to EGM, then any amount which EGM is otherwise required to pay Kravas
         pursuant to this Section 6.5 shall be reduced by the amount of such
         detriment.

                  (c) In connection with any audits, disputes, administrative,
         judicial or other proceedings arising from an assertion that Kravas
         should be deemed to have received consideration in excess of the
         consideration he actually received pursuant to Section 1.7 hereof, EGM
         shall be entitled to fully participate, at its own cost and expense,
         solely in that portion of the proceedings relating to its
         indemnification obligations under this Section 6.5. For purposes of
         this Section 6.5, the term "participate" shall include (i)
         participation in all conferences, meetings or other proceedings with
         any tax authority, (ii) participation in all appearances before any
         court or tribunal, and (iii) with respect to the matters described in
         the preceding clauses (i) and (ii), participation in the submission and
         determination of the content of all documentation, protests, memoranda
         of fact and law, briefs, and the conduct of oral arguments and
         presentations.

                  (d) Kravas shall not agree to settle any tax liability or
         compromise any claim with respect to taxes, which settlement or
         compromise would affect EGM's indemnification obligation under this
         Section 6.5 without the consent of EGM, which consent shall not be
         unreasonably withheld or delayed.

                  (e) Kravas and EGM will fully cooperate with each other and
         with each other's agents, including accounting firms and legal counsel,
         in connection with tax matters relating to EGM's indemnification
         obligations under this Section 6.5. Kravas shall retain all tax
         returns, schedules and work papers, and all material records and other
         documents relating to EGM's indemnification obligations under this
         Section 6.5.

                  (f) EGM's obligations under this Section 6.5 shall continue
         until all applicable statutes of limitations, including waivers and
         extensions, have expired with respect Kravas' 2001 individual tax
         return.

                                  ARTICLE VII

                                  MISCELLANEOUS

         7.1 Termination. This Agreement may be terminated and the Merger and
the other transactions contemplated herein may be abandoned at any time prior to
the Effective Time, whether prior to or after approval by the stockholders of
Webmodal:

                  (a) by mutual consent of EGM and Webmodal;

                  (b) by either EGM or Webmodal if the Merger has not been
         effected on or before March 30, 2001; provided, however, that the right
         to terminate this Agreement under this Section 7.1(b) shall not be
         available to Webmodal if the failure of the Merger to occur on or
         before such date has been caused by or has resulted from a failure by
         Webmodal or Kravas to fulfill any of their respective obligations under
         this Agreement, and the right to terminate this Agreement under this
         Section 7.1(b) shall not be available to EGM if the failure of the
         Merger to occur on or before such date has been caused by or has

                                       31
<PAGE>

         resulted from a failure by EGM or Sub to fulfill any of their
         respective obligations under this Agreement;

                  (c) by either EGM or Webmodal if a final, unappealable order
         of a judicial or administrative authority of competent jurisdiction to
         restrain, enjoin or otherwise prevent a consummation of this Agreement
         or the transactions contemplated in connection herewith shall have been
         entered;

                  (d) by EGM if (i) since the date of this Agreement there has
         been a material adverse change in the results of operations, financial
         condition or business of Webmodal or a Webmodal MAE (but taking into
         account Webmodal's current cash "burn rate" and any additional
         indebtedness incurred therefor in accordance with Section 3.1(e)
         hereof), or (ii) there has been a breach of any representation or
         warranty or covenant set forth in this Agreement by Webmodal which
         breach has not been cured within 30 days following receipt by Webmodal
         of notice of such breach; or

                  (e) by Webmodal if there has been a breach of any
         representation or warranty or covenant set forth in this Agreement by
         EGM which breach has not been cured within 30 days following receipt by
         EGM of notice of such breach.

         7.2 Waiver and Amendment. Any provision of this Agreement may be waived
at any time by the party that is, or whose stockholders are, entitled to the
benefits thereof. This Agreement may not be amended or supplemented at any time,
except by an instrument in writing signed on behalf of each party hereto,
provided that after this Agreement has been approved and adopted by the
stockholders of Webmodal, this Agreement may be amended only as may be permitted
by applicable provisions of the DGCL. The waiver by any party hereto of any
condition or of a breach of another provision of this Agreement shall not
operate or be construed as a waiver of any other condition or subsequent breach.
The waiver by any party hereto of any of the conditions precedent to its
obligations under this Agreement shall not preclude it from seeking redress for
breach of this Agreement other than with respect to the condition so waived.

         7.3 Nonsurvival of Representations, Warranties and Agreements. None of
the representations, warranties, covenants or agreements in this Agreement shall
survive the Effective Time, except for the representations and warranties made
by Kravas jointly and severally with Webmodal in Section 2.2 (which shall not
survive as made by Webmodal but shall survive as made by Kravas), which
representations and warranties shall survive for a period of one year after the
Effective Time, and the terms of Article I, Sections 4.5 through 4.12
(inclusive), Article VI and Article VII.

         7.4 Public Statements. Webmodal, Kravas, Stonepath and EGM agree to
consult with each other prior to issuing any press release or otherwise making
any public statement with respect to the transactions contemplated hereby, and,
except as required by applicable law or stock exchange rules, none of them shall
issue any such press release or make any such public statement without the
consent of the others (which consent shall not be unreasonably withheld or
delayed).

                                       32
<PAGE>

         7.5 Assignment. This Agreement shall inure to the benefit of and will
be binding upon the parties hereto and their respective legal representatives,
successors and permitted assigns. Except as set forth in this Agreement, this
Agreement shall not be assignable by the parties hereto.

         7.6 Notices. All notices, requests, demands, claims and other
communications which are required to be or may be given under this Agreement
shall be in writing and shall be deemed to have been duly given if (i) delivered
in person or by courier, (ii) sent by confirmed telecopy or facsimile
transmission, or (iii) mailed, certified first class mail, postage prepaid,
return receipt requested, to the parties hereto at the following addresses:

if to Webmodal or Kravas:           Webmodal, Inc.
                                    580 Waters Edge Drive, Suite 220
                                    Lombard, IL  60148
                                    Attention:  Christopher R. Kravas
                                    Fax: (630) 620-5779

with a copy to:                     Mayer, Brown & Platt
                                    190 South LaSalle Street
                                    Chicago, IL  60603
                                    Attention:  James J. Junewicz
                                    Fax: (312) 706-8157

if to Stonepath:                    Stonepath Group, Inc.
                                    Two Penn Center Plaza
                                    Suite 605
                                    Philadelphia, PA 19103
                                    Attention:  Stephen M. Cohen
                                    Fax: (215) 564-3133

if to EGM or Sub:                   Enron Global Markets, LLC
                                    P. O. Box 1188
                                    1400 Smith Street
                                    Houston, Texas  77251-1188
                                    Attention:  Dan Reck
                                    Fax: (713) 646-2492

with a copy to:                     Gardere Wynne Sewell LLP
                                    1000 Louisiana, Suite 3400
                                    Houston, Texas 77002-5007
                                    Attention:  William Mark Young
                                    Fax: (713) 276-6864

or to such other address as any party shall have furnished to the other by
notice given in accordance with this Section 7.6. Such notices shall be
effective, (i) if delivered in person or by courier, upon actual receipt by the
intended recipient, (ii) if sent by telecopy or facsimile transmission, on the

                                       33
<PAGE>
date indicated by the confirmation, or (iii) if mailed, upon the earlier of five
days after deposit in the mail and the date of delivery as shown by the return
receipt therefor.

         7.7 Governing Law. This Agreement shall be governed by and in
accordance with the laws of Texas, except that the provisions of the Delaware
General Corporation Law shall govern those aspects of the Merger as are required
thereunder to be governed thereby.

         7.8 Severability. If any term, provision, covenant or restriction of
this Agreement is held by a court of competent jurisdiction to be invalid, void
or unenforceable, the remainder of the terms, provision, covenants and
restrictions of this Agreement shall continue in full force and effect and shall
in no way be affected, impaired or invalidated.

         7.9 Counterparts. This Agreement may be executed in counterparts, each
of which shall be an original, but all of which together shall constitute one
and the same agreement.

         7.10 Headings. The Section headings herein are for convenience only and
shall not affect the construction hereof.

         7.11 Entire Agreement; Third Party Beneficiaries. This Agreement
constitutes the entire agreement and supersedes all other prior agreements and
understandings, both oral and written, among the parties or any of them, with
respect to the subject matter hereof and neither this nor any document delivered
in connection with this Agreement confers upon any person not a party hereto any
rights or remedies hereunder.

         7.12 Schedules. Notwithstanding anything to the contrary contained in
this Agreement or in any of the Schedules attached hereto, any information
disclosed pursuant to any Schedule shall be deemed to be disclosed in all
Schedules for all purposes of this Agreement.

         7.13 Disclosure. EGM and Sub acknowledge that they have conducted a due
diligence investigation of Webmodal and have had sufficient opportunity to make
whatever investigation and ask whatever questions of Webmodal and Kravas as they
have deemed necessary and advisable for the purposes of determining whether or
not to enter into this Agreement. EGM and Sub acknowledge that Webmodal and
Kravas have made no representations or warranties regarding Webmodal or its
business other than those expressly included in this Agreement and that Webmodal
and Kravas have made no representations or warranties regarding any matters not
contained in this Agreement, including any projections, cost estimates or other
information that may have been provided to EGM and Sub during their due
diligence investigation of Webmodal.

         7.14 Expenses. Whether or not the Merger is consummated, all costs and
expenses incurred in connection with this Agreement and the transactions
contemplated hereby shall be paid by the party incurring such expense.

         7.15 Binding Arbitration. In the event of any dispute, difference or
question arising out of relating to the transactions contemplated by this
Agreement ("Dispute") between any of the parties hereto ("Disputing Parties")
which cannot be otherwise resolved by the Disputing Parties themselves, the
Dispute will be settled by arbitration by an arbitrator mutually acceptable to
the Disputing Parties in an arbitration proceeding conducted in Houston, Texas

                                       34
<PAGE>

in accordance with the rules existing at the date hereof of the American
Arbitration Association. If the Disputing Parties hereto cannot agree on an
arbitrator within ten (10) days of the initiation of the arbitration proceeding,
an arbitrator shall be selected for the Disputing Parties by the American
Arbitration Association. The Disputing Parties shall use their best efforts to
have the arbitral proceeding concluded and a judgment rendered by the arbitrator
within forty (40) business days of the initiation of the arbitration proceeding.
The decision of such arbitrator shall be final and judgment upon the award
rendered by the arbitration may be entered in any court having jurisdiction
thereof, and the costs (including, without limitation, reasonable fees and
expenses of counsel and experts for the Disputing Parties) of such arbitration
(including the cost to enforce or preserve the rights awarded in the
arbitration) shall be borne by the Disputing Party whom the decision of the
arbitrator is against. If the decision of the arbitrator is not clearly against
one of the Disputing Parties, or the decisions of the arbitrator is against more
than one Disputing Party on one or more issues, costs of such arbitration shall
be borne equally by the Disputing Parties. Notwithstanding anything herein to
the contrary, the arbitration provisions of this Section 7.15 shall not apply to
any claim by any party for equitable relief. Further, the provisions of this
Section 7.15 shall not be construed to limit the right or obligation of the
indemnified party pursuant to Article VI above to participate or assume the
defense of a claim or to entitle the indemnified party to re-litigate in an
arbitration proceeding any issues previously determined in a court proceeding.

                     [REMAINDER OF PAGE INTENTIONALLY BLANK.
                      THE NEXT PAGE IS THE SIGNATURE PAGE.]

                                       35
<PAGE>

         IN WITNESS WHEREOF, each of the parties has caused this Agreement to be
executed as of the date first above written.

                        WEBMODAL, INC.

                        By:
                           ----------------------------------------------
                                 Christopher R. Kravas, President

                        STONEPATH GROUP, INC.

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

                        CHRISTOPHER R. KRAVAS

                       ENRON GLOBAL MARKETS, LLC

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

                       WEBMODAL ACQUISITION CORP.

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

                                       36

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