Document:

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                                                                    EXHIBIT 10.2

                     FORM OF REGISTRATION RIGHTS AGREEMENT

                 REGISTRATION RIGHTS AGREEMENT, dated as of March 31, 2000
between FastComm Communications Corporation, a Virginia corporation (the
"Company"), and _________________________ (the "Holder").

                 1.       Introduction.  Pursuant to an Agreement and Plan of
Reorganization dated as of March 27, 2000 among the Company, Cronus Technology,
Inc., Cronus Communications Inc, and certain Principal Stockholders of Cronus
Technology, Inc. (the "Seller") (the "Agreement"), the Board of Directors of
the Company has authorized the grant of certain registration rights to the
Holder on the terms and conditions set forth herein.

                 2.       Registration under the Securities Act.  The Holder
shall have the registration rights specified below:

                          2.1     Primary Registration.  The Company will use
best efforts to affect the registration under the Securities Act of the
Registrable Shares within 45 days after the Company has filed its Annual Report
on form 10-K for the Company's year 2000 fiscal year.  In that regard, the
Company will:

                                  (a)      prepare and file with the Commission
a registration statement on any form that the Company is eligible to use, such
form to be selected by the Company after consultation with counsel, with
respect to such Registrable Securities and use best efforts to cause such
registration statement to become effective as soon as practicable.  If, for any
reason, such registration statement is not filed with the Commission on or
before September 30, 2000, the Holder shall have the right to demand
registration of his Registrable Securities. Upon receipt of such demand, the
Company shall, as promptly as practicable prepare and file with the Commission
a registration statement sufficient to permit the public offering of the
Registrable Securities and will use best efforts through it's officers,
directors, auditors, and counsel, in all matters necessary or advisable, to
cause such registration statement to become effective as promptly as
practicable; provided, however, the Company shall only be obligated to file one
such registration for the Registrable Securities;

                                  (b)      prepare and file with the Commission
such amendments and supplements to such registration statement and the
prospectus used in connection therewith as may be necessary to keep such
registration statement effective and to comply with the provisions of the
Securities Act with respect to the disposition of all Registrable Securities
and other securities covered by such registration statement until the earlier
of such time as all of such Registrable Securities and securities have been
disposed of in accordance with the intended methods of disposition by the
Holder thereof set forth in such registration statement or the expiration of
one

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hundred and eighty (180) days after such registration statement becomes
effective; and will furnish, within a reasonable time prior to filing, to the
Holder's Representative prior to the filing thereof a copy of any amendment or
supplement to such registration statement or prospectus and shall not file any
such amendment or supplement to which the Holder's Representative shall have
reasonably objected on the grounds that such amendment or supplement does not
comply in all material respects with the requirements of the Securities Act or
of the rules or regulations thereunder;

                                  (c)      furnish to the Holder's
Representative of such Registrable Securities a copy of each such amendment and
supplement thereto (in each case including all exhibits), and such documents,
if any, incorporated by reference in such registration statement or prospectus,
and such other documents, as the Holder's Representatives may reasonably
request;

                                  (d)      use best efforts to register or
qualify all Registrable Securities and other securities covered by such
registration statement under such other securities or blue sky laws of the
States of the United States as the Holder shall reasonably request, to keep
such registration or qualification in effect for so long as such registration
statement remains in effect, and do any and all other acts and things which may
be necessary or advisable to enable the Holder to consummate the disposition in
such jurisdictions of his Registrable Securities offered by such registration
statement, except that the Company shall not for any such purpose be required
to qualify generally to do business as a foreign corporation in any
jurisdiction wherein it would not but for the requirements of this subsection
(d) be obligated to be so qualified, or to subject itself to taxation in any
such jurisdiction, or to consent general service of process in any such
jurisdiction;

                                  In addition, the Company shall not be
required to qualify the Registrable Shares or any portion thereof in any
jurisdiction where the Registrable Shares do not meet the requirements of such
jurisdiction.

                                  (e)      upon request, furnish to the Holder
of Registrable Securities a signed counterpart, addressed to the Holder, an
opinion of counsel for the Company, dated the effective date of such
registration statement covering such items that are customarily covered in the
opinion of issuer's counsel delivered to underwriters in underwritten public
offerings of securities;

                                  (f)      provide and cause to be maintained a
transfer agent and registrar for all Registrable Securities covered by such
registration statement from and after a date not later than the effective date
of such registration statement;

                                  (g)      use best efforts to list all
Registrable Securities covered by such registration statement on each
securities exchange on which any of the Company's Common Stock is then listed
or, if the Common Stock is not then quoted on NASDAQ or listed on any national
securities exchange, use its best efforts to have such Company's Common Stock
covered by such registration statement quoted by NASDAQ or, at the option of
the Company, listed on a national securities exchange; and

                                  (h)      Expenses.  Except as otherwise
required by applicable law, the Company shall pay all Registration Expenses in
connection with the registration of the Registrable Securities pursuant to
Section 2.1.

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                                  (i)      Penalty.  If the Company has not
filed the Registration Statement referenced in this Section 2.1 within the time
period specified above and such non-filing was not caused by force majeure,
then the Company will pay to the Holder's Representative a penalty of $100,000.

                          2.2 Piggy-Back Registration.

                                  (a)      Right to Include Registrable Shares.
If the Company at any time proposes to register any of its securities under the
Securities Act (other than a registration on Form S-4, S-8, or any successor or
similar forms and other than pursuant to Section 2.1), for sale to the public
whether on its own account or on account of the other holders or both, it will
each such time give prompt written notice to the Holder's Representative of its
intention to do so and of the Holder's rights under this Section 2.2.  Upon the
written request of the Holder made within thirty (30) days after the receipt of
the notice (which request shall specify the Registrable Shares intended to be
disposed of by the Holder and the intended method of disposition thereof), the
Company will use its best efforts to effect the registration under the
Securities Act of all Registrable Shares which the Company has been so
requested to register by the Holder, to the extent requisite to permit the
disposition (in accordance with the intended methods thereof as aforesaid) of
the Registrable Shares so to be registered, by inclusion of such Registrable
Shares in the registration statement and, in the case of an underwritten
offering, the underwriting which covers the securities which the Company
proposes to register; provided, however, that if, at any time after giving
written notice or its intention to register any securities and prior to the
effective date of the registration statement filed in connection with such
registration, the Company shall determine for any reason either not to register
or to delay registration of such securities, the Company may, at its election,
give written notice of such determination to the Holder's Representative and,
upon the giving of such notice, (i) in the case of a determination not to
register, shall be relieved of its obligation to register any Registrable
Shares in connection with such registration (but shall pay all Registration
Expenses in connection therewith), and (ii) in the case of a determination to
delay registering, shall be permitted to delay registering such other
securities.  No registration effected under this Section 2.2 shall relieve the
Company of its obligation to effect the Primary Registration under Section 2.1.
The Holder's participation in any such piggyback registration shall not require
that he or she pay any portion of the Registration Expenses incurred by the
Company but such Holder shall pay the proportional amount of all underwriting
discounts and commissions applicable to Registrable Shares sold by it and fees
and disbursements of any legal counsel or accountants retained by such Holder.

                                  (b)      Priority in Piggy-Back
Registrations.  If (i) a registration pursuant to this Section 2.2 involves an
underwritten offering of the securities so being registered to be distributed
(on a firm commitment basis) by or through one or more underwriters of
recognized standing under underwriting terms appropriate for such a
transaction, and (ii) the managing underwriter of such underwritten offering
shall inform the Company and the Holder's Representative (if any Registrable
Shares held by the Holder have been requested to be included in such
underwritten offering) by letter of its belief that the distribution of all or
a specified number of the Registrable Shares requested to be included
concurrently with the securities being distributed by such underwriters would
interfere with the successful marketing of the securities being distributed by
such underwriters (such writing to state the basis of such belief and the
approximate number of

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the Registrable Shares requested to be included which may be distributed
without such effect), then the Company may, upon written notice to the Holder's
Representative, reduce (if and to the extent stated by such managing
underwriter to be necessary to eliminate such effect) the number of the
Registrable Shares, if any, requested to be included so that the resultant
aggregate number of the Registrable Shares requested to be included that will
be included in such registration shall be equal to the number of shares stated
in such managing underwriter's letter; provided, however, that the priority in
such registration shall be subject to the following restriction.  The parties
who received Common Stock of the Company are divided into two classes: (1)
former creditors, and (ii) former stockholders of the Seller.  See Attachment 1
hereto.  To the extent that there is a limit on the number of shares that can
be registered, such shares shall be registered in the following order of
priority: (i) stockholder-creditors of the Seller, and (ii) non-creditor,
stockholder of the Seller.

                                  (c)      Expiration of Piggy-Back Rights.
The Company shall not be obligated to include Registrable Shares in any
registration statement pursuant to this Section 2.2 that will become effective
during a period when the Holder thereof is eligible to sell such Registrable
Shares pursuant to the Commission's Rule 144.

                                  (d)      Lack of Information.  The Company
shall not be required to register or cause the registration of the Registrable
Shares or any portion thereof pursuant to this Section 2.2 hereof if the Holder
shall not promptly supply the Company with any information about the Holder or
his Registrable Shares which the Company may reasonably and timely request in
written form in order to permit the preparation, filing and effectiveness of a
registration statement in accordance with the Securities Act and any rules and
regulations promulgated by the Commission thereunder.

                          2.3     Registration Procedures.  If and whenever the
Company is required to use best efforts to effect the registration of any
Registrable Shares under the Securities Act as provided in Sections 2.1 and 2.2
the Company shall, as expeditiously as possible:

                                  (i)      prepare and (within sixty (60) days
after the end of the period within which requests for registration may be given
to the Company or in any event as soon thereafter as possible) file with the
Commission the requisite registration statement to effect such registration and
thereafter use best efforts to cause such registration statement to become and
remain effective; provided, however, that the Company may discontinue any
registration of its securities which are not Registrable Shares (and, under the
circumstances specified in Section 2.2(a), its securities which are Registrable
Shares) at any time prior to the effective date of the registration statement
relating thereto;

                                  (ii)     prepare and file with the Commission
such amendments and supplements to such registration statement and the
prospectus used in connection therewith as may be necessary to keep such
registration statement effective and to comply with the provisions of the
Securities Act with respect to the disposition of all Registrable Shares
covered by such registration statement until the earlier of such time as all of
such securities have been disposed of in accordance with the intended methods
of disposition by the Holder thereof set forth in such registration statement
or (a) in the case of a registration pursuant to Section 2.1, the period of
time specified in Section 2.1, or (b) in the case of a registration pursuant to
Section 2.2, the expiration of one hundred eighty (180) days after such
registration statement becomes effective;

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                                  (iii)            furnish to the Holder's
Representative of the Registrable Shares covered by such registration statement
and each underwriter, if any, of the securities being sold by such seller such
number of conformed copies of such registration statement and of each such
amendment and supplement thereto (in each case including all exhibits), such
number of copies of the prospectus contained in such registration statement
(including each preliminary prospectus and any summary prospectus) and any
other prospectus filed under Rule 424 under the Securities Act, in conformity
with the requirements of the Securities Act, and such other documents, as the
Holder and underwriter, if any, may reasonably request in order to facilitate
the public sale or other disposition of the Registrable Shares owned by such
seller;

                                  (iv)     use best efforts to register or
qualify all Registrable Shares and other securities covered by such
registration statement under such other securities laws or blue sky laws of
such jurisdiction the Holder and any underwriter of the securities being sold
by such underwriter and the Holder shall reasonably request, to keep such
registration statement in effect, and take any other action which may be
reasonably necessary or advisable to enable the Holder and underwriter to
consummate the disposition in such jurisdictions of the securities owned by
such seller, except that the Company shall not for any such purpose be required
to qualify generally to do business as a foreign corporation in any
jurisdiction wherein it would not but for the requirements of this subdivision
(iv) be obligated to be so qualified, to subject itself to taxation in any such
jurisdiction or to consent to general service of process in any such
jurisdiction;

                                  (v)      notify each seller of Registrable
Shares covered by such registration statement and the Holder, at any time when
a prospectus relating thereto is required to be delivered under the Securities
Act, upon the Company's discovery that, or upon the happening of any event as a
result of which, the prospectus included in such registration statement, as
then in effect, includes an untrue statement of a material fact or omits to
state any material fact required to be stated therein or necessary to make the
statements therein not misleading in the light of the circumstances under which
they were made, and at the request of any such seller or the Holder promptly
prepare and furnish to such seller or the Holder and each underwriter, if any,
a reasonable number of copies of a supplement to or an amendment of such
prospectus as may be necessary so that, as thereafter delivered to the
purchasers of such securities, such prospectus shall not include an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading in
the light of the circumstances under which they were made; and

                          The Holder  agrees that, upon receipt of any notice
from the Company of the occurrence of any event of the kind described in
subdivision (v) of this Section 2.3, the Holder  will forthwith discontinue his
disposition of Registrable Shares until the Holder's receipt of the copies of
the supplemented or amended prospectus contemplated by subdivision (v) of this
Section 2.3 and, if so directed by the Company (at the Company's expense) all
copies, other than permanent file copies, then in the Holder's possession of
the prospectus relating to such Registrable Shares current at the time of
receipt of such notice.  In the event the Company shall give any such notice,
the period mentioned in paragraph (ii) of this Section 2.3 shall be extended by
the length of the period from and including the date when each seller of any
Registrable Shares covered by such registration statement shall have received
such notice to the date on which each such seller has received the

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copies of the supplemented or amended prospectus contemplated by paragraph (v)
of this Section 2.3.

                          2.4     Underwritten Offerings.

                                  (a)      Underwritten Piggy-Back Offerings.
The Holder of Registrable Shares to be distributed by underwriters in a
registration pursuant to Section 2.2 shall be parties to the underwriting
agreement between the Company and such underwriters and may require that any or
all of the conditions precedent to the obligations of such underwriters under
such underwriting agreement also be conditions precedent to the obligations of
the Holder of Registrable Shares.  The Holder agrees to make such
representations or warranties to or agreements with the Company or the
underwriters as are customarily given to the underwriters and any other
representation required by law.

                                  (b)      Holdback Agreements.  Holder agrees,
if so required by the managing underwriter, not to effect any public sale or
distribution of any securities of the Company during the seven days prior to
and the one hundred eighty (180) days (or such longer period as the managing
underwriter may reasonably require for all holdback agreements entered into
with holders of Common Stock) after any underwritten registration pursuant to
Section 2.2 has become effective (the "Holdback"), except as part of such
underwritten registration, whether or not such Holder participates in such
registration; provided however, that if a Holder does not participate in a
registration, such Holder shall not be subject to the Holdback beyond the
expiration of this Agreement, unless agreed to in writing.

                          2.5     Preparation; Reasonable Investigation.
Notwithstanding Section 2.1 hereof and despite a Request, the Company shall not
be required to file any registration statement, or if filed cause any
registration statement to become effective, if at the time the Holder makes a
Request, or during the period after filing but before effectiveness, the
Company is engaged in negotiations to acquire the stock or assets of any
business entity which would be required to make any public announcement
thereof; provided, however, no such delay occasioned under this Section shall
exceed ninety (90) days.  If, however, the Company shall take any action with
respect to the acquisition of the stock or assets of any business entity which
would require the Company to amend any prospectus included in a registration
statement which became effective under the provisions of Section 2.1 hereof by
including therein financial statements which conform to the requirements of
Regulation S-X promulgated by the Commission, the Holder agrees to suspend the
offering or sale of the Registrable Shares or any portion thereof for a period
not to exceed 90 days so that the Company may prepare such financial
statements, provided that the Company uses best efforts to prepare such
financial statements as promptly as possible and provided further that the
ninety (90) day period referred to in the first sentence of this Section shall
be extended for a period equivalent to the delay.

                 The Company shall furnish the Holder's Representative with a
printer's proof of Part I of any registration statement sufficiently in advance
of its filing with the Commission to provide the Holder and it's counsel with a
reasonable opportunity for review and comment, which proof shall not be
materially different in content from Part I of the registration statement as
filed.  In addition, the Company shall furnish to the Holder's Representative,
within reasonable time prior to the filing

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thereof, a copy of any registration statement as filed with the Commission and
any amendments thereto, including if requested, copies of any exhibits and
consents filed therewith and of any exhibits incorporated therein by reference,
and shall not circulate any preliminary prospectus until five (5) days after a
copy of the same has been furnished to the Holder's Representative.  In
addition, the Company shall furnish the Holder's Representative as many copies
of any prospectuses (and of any preliminary, amended or supplemented
prospectuses) in connection with such registration as the Holder's
Representative may reasonably request.

                 3.       Definitions.  As used herein, unless the context
otherwise requires, the following terms have the following respective meanings:

                          (a)     Agreement: As defined in Section 1 of this
Agreement.

                          (b)     Closing Date: As defined in Section 1 (c) of
the Agreement.

                          (c)     Commission: The Securities and Exchange
Commission or any other Federal agency at the time administering the Securities
Act.

                          (d)     Common Stock: The common stock, .01 par
value, of the Company.

                          (e)     Company: As defined in the introductory
paragraph of this Agreement.

                          (f)     Holder: As defined in the introductory
paragraph to this Agreement.  "Holders" shall mean all of the former
stockholders of Seller listed on Attachment 1.

                          (g)     Holder's Representative shall mean William J.
Dawson.

                          (h)     Person: A corporation, an association, a
partnership, an organization, business, an individual, a governmental or
political subdivision thereof or a governmental agency.

                          (i)     Registrable Shares or Registrable Securities:
(a) Any shares of Common Stock received by Holder pursuant to the Agreement,
and (b) any additional shares of Common Stock receivable or received by the
Holder upon the payment of stock dividends thereon and (c) any securities
issued or issuable with respect to the Common Stock referred to in the
foregoing subdivision by way of stock dividend or stock split or in connection
with a combination of shares, recapitalization, merger, consolidation or other
reorganization or otherwise, excepting any of the aforementioned shares which,
in the opinion of Sokolow, Dunaud, Mercadier & Carreras, LLP (or if such firm
is not counsel to the Company, counsel to the Holder), may at the time of
proposed sale or registration be sold pursuant to Rule 144(k) of the Securities
Act or any exemption to the same effect which permits such shares to be freely
sold.  Any particular Registrable Shares shall cease to be Registrable Shares
when (i) a registration statement with respect to the sale of such securities
shall have become effective under the Securities Act and such securities shall
have been disposed of in accordance with such registration statement, (ii) they
may be distributed to the public pursuant to Rule 144 (or any successor
provision) under the Securities Act, or (iii) three years shall have expired
since the Closing Date.

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                          (j)     Registration Expenses: All expenses incident
to the Company's performance of or compliance with Section 2, including,
without limitation, all registration, filing Securities and Exchange commission
and National Association of Securities Dealers, Inc. fees, all fees and
expenses of complying with securities or blue sky laws, all word processing,
duplicating and printing expenses, messenger and delivery expenses, internal
expenses, the fees and disbursement of counsel for the Company and of its
independent public accountants any fees and disbursements of underwriters
customarily paid by issuers of securities, but excluding underwriting discounts
and commissions and fees and disbursements of legal counsel and accountants, if
any, retained by the Holders.

                          (k)     Request:  The act of the Holder or Holder's
Representative to either demand or request registration by the Company of
either all or any portion thereof of it's Registrable Shares.

                          (l)     Securities Act: The Securities Act of 1933,
as amended, or any similar Federal statute, and the rules and regulations of
the Commission thereunder, all as of the same shall be in effect at the time.
References to a particular section of the Securities Act of 1933 shall include
a reference to the comparable section, if any, of any such similar Federal
statute.

                 4.       Covenants and Representations of the Company.

                          (a)     From the date of this Agreement, the Company
shall not, without the prior written consent of the holders of at least a
majority of the outstanding Registrable Securities held by the Holders, enter
into any agreement with any holder or prospective holder of any securities of
the Company which gives such holder or prospective holder rights that are
superior to, or which adversely affect, the rights granted under this
Agreement; provided however, that the foregoing covenant shall be null and void
upon the earlier of (i) the Registration of the Registrable Shares pursuant to
Section 2.1; (ii) the Registration of the Registrable Shares pursuant to
Section 2.2; (iii) the availability for resale of the Registrable Shares
pursuant to Rule 144, or other applicable rule.

                          (b)     The Company hereby represents and warrants
that there are no other registration rights which it has previously granted
which are superior to those stated herein, except as set forth in Attachment 2
hereof.

                 5.       Rule 144.  The Company shall timely request and/or
file the reports required to be filed by it under the Securities Exchange Act
of 1934 (including but not limited to the reports under Sections 13 and 15(d)
of the Exchange Act referred to in subparagraph (c)(1) of Rule 144 adopted by
the Commission under the Securities Act) and the rules and regulations adopted
by the Commission thereunder and will take such further action as any Holder of
Registrable Shares may reasonably request, all to the extent required from time
to time to enable such Holder to sell Registrable Shares without registration
under the Securities Act within the limitation of the exemptions provided by
(a) Rule 144 under the Securities Act, as such Rule may be amended from time to
time, or (b) any similar rule or regulation hereafter adopted by the
Commission.  Upon the request of the Holder, the Company will deliver to such
Holder a written statement as to whether it has complied with such
requirements.

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                 6.       Amendments and Waivers.  This Agreement may be
amended only by written instrument signed by the parties hereto.

                 7.       Nominees for Beneficial Owners.  In the event that
any Registrable Shares are held by a nominee for the beneficial owner thereof,
the beneficial owner thereof may, at his election, be treated as the Holder of
such Registrable Shares for purposes of any request or other action by any
Holder or the Holders pursuant to this Agreement.  If the beneficial owner of
any Registrable Shares so elects, the Company may require assurance reasonably
satisfactory to it of such owner's beneficial ownership of such Registrable
Shares.

                 8.       Notices.  Any notice or other communication required
or permitted to be given hereunder shall be deemed to have been given if
delivered, or five (5) days after mailing by certified or registered mail,
return receipt requested, first class postage prepaid, or one business day
after the time dispatched by telecopy; in every case addressed as follows:

<TABLE>
                 <S>      <C>                          <C>
                 (a)      If to the Company:           FastComm Communications Corporation
                                                       45472 Holiday Drive
                                                       Sterling, Virginia  20166

                 (b)      If to the Holder or the
                          Holder's Representative:     William J. Dawson
                                                       4001 Prentice Lane
                                                       Austin, Texas 78746

                 (c)      With Copies to:              Robert B. Webb, III
                                                       Reed Smith Hazel & Thomas LLP
                                                       8251 Greensboro Drive - Suite 1100
                                                       Suite 1100
                                                       McLean, Virginia 22102
</TABLE>

    (which shall not constitute notice to Holder or Holder's Representative)

or at such address as the party addressed may from time to time designate in
writing to the other parties in like manner.  Any communication dispatched by
telecopy shall be confirmed by letter.

                 9.       Indemnification.  The Company and the Holder agree to
indemnify each other on the terms and conditions set forth below:

                          (a)     Indemnification by the Company.  The Company
will indemnify and hold harmless the Holder and each underwriter (as defined in
the Securities Act) employed by the Holder (including any broker or dealer
through whom the shares may be sold) and each person, if any, who controls the
Holder or any such underwriter within the meaning of the Securities Act from
and against any and all losses, claims, damages, expenses or liabilities, joint
or several, to which they or any of them may become subject under the
Securities Act or under any other statute or at common law or otherwise,
including the Blue Sky laws of the various jurisdictions, and, except as
hereinafter

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provided, will reimburse the Holder and each of the underwriters and each such
controlling person, if any, for any legal or other expenses reasonably incurred
by them or any of them in connection with investigating or defending any
actions whether or not resulting in any liability, insofar as such losses,
claims, damages, expenses, liabilities or actions arise out of or are based
upon any untrue statement of a material fact, or omission to state a material
fact required to be stated therein or necessary in order to make the statements
therein not misleading, contained in any registration statement, preliminary or
amended prospectus or any prospectus (or any registration statement or
prospectus as from time to time amended or supplemented by the Company) which
the Company  shall file pursuant to either Sections 2.1 or 2.2 hereof, unless
such untrue statement or omission was made in such registration statement,
preliminary or amended preliminary prospectus or prospectus (or any
registration statement or prospectus as from time to time amended or
supplemented by the Company) in reliance upon and in conformity with
information furnished in writing to the Company by the Holder or any
underwriter employed by the Holder and arising out of any violations by the
Company of any rule or regulation promulgated under the Securities Act
applicable to the Company in connection with such registration.  Promptly after
receipt by the Holder or any underwriter or any person controlling the Holder
or such underwriter of notice of the commencement of any action (but in no
event later than ten (10) days prior to the time any notice of appearance or
any response thereto is required) in respect of which indemnity may be sought
against the Company, the Holder or such underwriter, as the case may be, shall
notify the Company in writing of the commencement thereof, and, subject to the
provisions hereinafter stated, the Company shall assume the defense of such
action (including the employment of counsel) insofar as such action shall
relate to any alleged liability in respect of which indemnity may be sought
against the Company.  The Holder or any underwriter or any such controlling
person shall have the right to employ separate counsel in any such action and
to participate in the defense thereof, but the fees and expenses of such
counsel shall not be at the expense of the Company unless the employment of
such counsel has been specifically authorized by it.  The Company shall not be
liable to indemnify any person, as required by this Section, for any settlement
of any such action effected without its consent, nor shall it be liable to
indemnify any person unless it shall be notified of the commencement of any
action within the time limits and as set forth above.

                          (b)     Indemnification by the Holder.  The Holder
will indemnify and hold harmless the Company, each of its directors and
officers who have signed the registration statement and each person, if any,
who controls the Company with the meaning of Section 15 of the Securities Act
from and against any and all losses, claims, damages, expenses or liabilities,
joint or several, to which they or any of them may become subject under the
Securities Act or under any other statute or at common law or otherwise,
including the Blue Sky laws of the various jurisdictions, and except as
hereinafter provided, will reimburse the Company and each such director,
officer or controlling person for any legal or other expenses reasonably
incurred by them or any of them in connection with investigating or defending
any actions whether or not resulting in any liability, insofar as such losses,
claims, damages, expenses, liabilities or actions arise out of or are based
upon any untrue statement of material fact, or an omission to state therein a
material fact required to be stated therein or necessary in order to make the
statements therein not misleading, contained in any registration statement, any
preliminary or amended preliminary prospectus or in any prospectus (or the
registration statement or prospectus as from time to time amended or
supplemented) which the Company shall file pursuant to Sections 2.1 or 2.2
hereof, but only insofar as any such statement or

                                       10
<PAGE>   11
omission was made in reliance upon and in conformity with information furnished
in writing to the Company by the Holder or any underwriter employed by the
Holder.  Promptly after receipt of notice of the commencement of any action in
respect of which indemnity may be sought against the Holder (but in no event
later than ten (10) days prior to the time any notice of appearance or any
response thereto is required) the Company shall notify the Holder in writing of
the commencement thereof, and the Holder shall, subject to the provisions
hereinafter stated, assume the defense of such action (including the employment
of counsel) insofar as such action shall relate to any alleged liability in
respect of which indemnity may be sought against the Holder.  The Company and
each director, officer or controlling person shall have the right to employ
separate counsel in any such action and to participate in the defense thereof,
but the fees and expenses of such counsel shall not be at the expense of the
Holder unless the employment of such counsel has been specifically authorized
by him.  The Holder shall not be liable to indemnify any person, as required by
this Section, for any settlement of any such action effected without the
Holder's consent, nor shall he be liable to indemnify any person unless he
shall be notified of the commencement of any action within the time limits and
as set forth above.

                 10.      Miscellaneous.

                          (a)     Assignment.  This Agreement and the rights,
interests and obligations hereunder shall be binding upon and inure to the
benefit of and be enforceable by the parties hereto and their respective
successors and assigns.  In addition, and whether or not any express assignment
shall have been made, the provisions of this Agreement which are for the
benefit of the parties hereto other than the Company shall also be for the
benefit of and enforceable by any subsequent Holder of any Registrable Shares.
Any assignment pursuant hereto by either party shall be consented in writing,
and any such written consent shall not be unreasonably withheld by either
party.

                          (b)     No Third-Party Beneficiaries.  Except for the
provisions of Section 9(a) and (b) this Agreement is for the sole benefit of
the parties hereto and their respective successors and permitted assigns and
nothing herein expressed or implied shall give or be construed to give to any
Person, other than the parties hereto and such successors and assigns, any
legal or equitable rights hereunder, except to the extent otherwise provided in
this Agreement.

                          (c)     Descriptive Headings.  The descriptive
headings of the several sections and paragraphs of this Agreement are inserted
for reference only and shall not limit or otherwise affect the meaning hereof.

                          (d)     Waivers.  No failure or delay of any party in
exercising any power or right hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such a right or power,
preclude any other or further exercise thereof or the exercise of any other
right or power.  The rights and remedies of the parties hereunder are
cumulative and are not exclusive of any rights or remedies which the parties
would otherwise have.  No waiver of any provision of this Agreement or consent
to any departure by the Company therefrom shall in any event be effective
unless the same shall be effected in accordance with this Section 10(d), and
then such waiver or consent shall be effective only in the specific instance
and for the purpose for which given.  No notice or demand on the

                                       11
<PAGE>   12
Company in any case shall entitle the Company to any other or further notice or
demand in similar or other circumstances.  Neither this Agreement nor any
provision hereof may be waived, amended or modified except pursuant to prior
written consent of the Holders.

                          (e)     Governing Law.  This Agreement shall be
construed and enforced in accordance with, and the rights of the parties shall
be governed by, the laws of the Commonwealth of Virginia without reference to
the principles of conflicts of laws.

                          (f)     Counterparts.  This Agreement may be executed
simultaneously in any number of counterparts, and may be executed in any number
of counterparts, each of which shall be deemed an original, but all such
counterparts shall together constitute one and the same instrument.

                          (g)     Entire Agreement.  This Agreement embodies
the entire agreement and understanding between the Company and each other party
hereto and supersedes all prior agreements and understandings related to the
subject matter hereof.

                          (h)     Severability.  In the event that any one or
more of the provisions contained herein, or the application thereof in any
circumstance, is held invalid, illegal or unenforceable in any respect for any
reason, the validity, legality and enforceability of any such provision in
every other respect and of the remaining provisions held invalid, illegal or
unenforceable shall substantially impair the benefits of the remaining
provisions hereof.

                 IN WITNESS WHEREOF, the parties have caused this Agreement to
be executed and delivered as of the date first above written.

<TABLE>
<S>                                      <C>
                                           THE COMPANY:

                                           FASTCOMM COMMUNICATIONS CORPORATION

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

                                           THE HOLDER:

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

                                           HOLDER'S REPRESENTATIVE

                                           --------------------------------
                                           William J. Dawson
</TABLE>

                                       12
<PAGE>   13
                                  ATTACHMENT 1

CREDITOR-STOCKHOLDERS

1.       WILLIAM J. DAWSON
2.       J.A. SUNKEL
3.       WILLIAM F. FERGUSON
4.       GEORGE CHEN

NON-CREDITOR STOCKHOLDERS:

                                       13
<PAGE>   14
                                  ATTACHMENT 2

1.       REGISTRATION RIGHTS GRANTED TO KAUFMAN BROS. LLP

                                       14<PAGE>   1
                                                                    EXHIBIT 10.3

                                                       FORM OF WARRANT AGREEMENT
                                                          ISSUED TO DAWSON GROUP

VOID AFTER 5:00 P.M. NEW YORK CITY
TIME ON MARCH 31, 2002

THIS WARRANT CERTIFICATE AND THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE
NOT BEEN REGISTERED UNDER THE SECURITITES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. THE SECURITIES
REPRESENTED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED UNLESS THE
SECURITIES ARE REGISTERED UNDER THE SECURITIES ACT AND APPLICABLE STATE
SECURITIES LAWS, OR ANY SUCH OFFER, SALE OR TRANSFER IS MADE PURSUANT TO AN
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THOSE LAWS.

                                          Right to Purchase __________ Shares of
                                          Common Stock, par value $.01 per share

Date: March 31, 2000

                       FASTCOMM COMMUNICATIONS CORPORATION
                       STOCK PURCHASE WARRANT CERTIFICATE

            THIS CERTIFIES THAT, for value received,
_______________________________("Holder") is entitled to purchase from FASTCOMM
COMMUNICATIONS CORPORATION, a Virginia corporation (the "COMPANY"), at any time
during the period specified in Section 2 hereof,
___________________________________________________ (________________) fully
paid and nonassessable shares of the Company's common stock, par value $.01 per
share (the "COMMON STOCK" or "WARRANT SHARES"), at an exercise price per share
(the "EXERCISE PRICE") of $7.30 per share. The term "WARRANTS" means this
Warrant and the other warrants of the Company issued in connection with the
satisfaction of certain indebtedness of the Holder and others to the Company

            This Warrant is subject to the following terms, provisions, and
            conditions:

<PAGE>   2

       MANNER OF EXERCISE; ISSUANCE OF CERTIFICATES; PAYMENT FOR SHARES. Subject
       to the provisions hereof, this Warrant may be exercised by the Holder
       hereof, by the surrender of this Warrant, together with a completed
       exercise agreement in the form attached hereto (the "EXERCISE
       AGREEMENT"), to the Company during normal business hours on any business
       day at the Company's principal executive offices (or such other office or
       agency of the Company as it may designate by notice to the Holder
       hereof), and upon payment to the Company in cash, by certified or
       official bank check or by wire transfer for the account of the Company,
       of the Exercise Price for all of the Warrant Shares. The Warrant Shares
       so purchased shall be deemed to be issued to the Holder hereof, as the
       record owner of such shares, as of the close of business on the date on
       which this Warrant shall have been surrendered, the completed Exercise
       Agreement shall have been delivered, and payment shall have been made for
       such shares as set forth above. THE WARRANT SHARES SO PURCHASED WILL BE
       "RESTRICTED" AND UNREGISTERED SHARES. Certificates for the Warrant Shares
       so purchased, representing the aggregate number of shares specified in
       the Exercise Agreement, shall be delivered to the Holder hereof within a
       reasonable time, not exceeding twenty (20) business days, after this
       Warrant shall have been so exercised. The certificates so delivered shall
       be in such denominations as may be requested by the Holder hereof and
       shall be registered in the name of such Holder.

1.     PERIOD OF EXERCISE. This Warrant is exercisable at any time or from time
       to time on or after the date on which this Warrant is issued and before
       5:00 p.m. New York City time on the second (2nd) anniversary of the date
       of issuance (the "EXERCISE PERIOD").

2.     CERTAIN AGREEMENTS OF THE COMPANY. The Company hereby covenants and
       agrees as follows:

(a)    SHARES TO BE FULLY PAID. All Warrant Shares will, upon issuance in
       accordance with the terms of this Warrant, be validly issued, fully paid,
       and non-assessable and free from all taxes, liens, claims and
       encumbrances.

(b)    RESERVATION OF SHARES. During the Exercise Period, the Company shall at
       all times have authorized, and reserved for the purpose of issuance upon
       exercise of this Warrant, a sufficient number of shares of Common Stock
       to provide for the exercise of this Warrant.

(c)    LISTING. The Company will secure the listing of the shares of Common
       Stock issuable upon exercise of this Warrant upon the automated quotation
       system, the OTC Bulletin Board or on any other system or exchange on
       which the Company shares may hereafter be listed or traded, upon which
       shares of Common Stock are currently listed and shall maintain, so long
       as any other shares of Common Stock shall be so listed, such listing of
       all shares of Common Stock issuable upon the exercise of this Warrant;
       and the Company shall so list on such automated quotation system and
       shall maintain such listing of, any other shares of capital stock of the
       Company issuable upon the exercise of this Warrant if and so long as any
       shares of the same class shall be listed on such automated quotation
       system.

                                       2
<PAGE>   3

(d)    CERTAIN ACTIONS PROHIBITED. The Company will not, by amendment of its
       charter or through any reorganization, transfer of assets, consolidation,
       merger, dissolution, issue or sale of securities, or any other voluntary
       action, avoid or seek to avoid the observance or performance of any of
       the terms to be observed or performed by it hereunder, but will at all
       times in good faith assist in the carrying out of all the provisions of
       this Warrant and in the taking of all such action as may reasonably be
       requested by the Holder of this Warrant in order to protect the exercise
       privilege of the Holder of this Warrant during the exercise period.
       Without limiting the generality of the foregoing, the Company (i) will
       not increase the par value of any shares of Common Stock receivable upon
       the exercise of this Warrant above the Exercise Price then in effect, and
       (ii) will take all such actions as may be necessary or appropriate in
       order that the Company may validly and legally issue fully paid and
       non-assessable shares of Common Stock upon the exercise of this Warrant.

(e)    SUCCESSORS AND ASSIGNS. This Warrant will be binding upon any entity
       succeeding to the Company by merger, consolidation, or acquisition of all
       or substantially all of the Company's assets (a "change in control"). In
       the event of a change in control, the surviving entity may call all
       outstanding ("in the money") warrants upon thirty (30) days notice.

3.     ISSUE TAX. The issuance of certificates for Warrant Shares upon the
       exercise of this Warrant shall be made without charge to the Holder of
       this Warrant or such Warrant Shares for any issuance tax or other costs
       in respect thereof, provided that the Company shall not be required to
       pay any tax which may be payable in respect of any transfer involved in
       the issuance and delivery of any certificate in a name other than the
       Holder of this Warrant, or any tax due with respect to the resale of any
       Warrant Shares.

4.     NO RIGHTS OR LIABILITIES AS A SHAREHOLDER. This Warrant shall not entitle
       the Holder hereof to any voting rights or other rights as a shareholder
       of the Company. No provision of this Warrant, in the absence of
       affirmative action by the Holder hereof to purchase Warrant Shares, and
       no mere enumeration herein of the rights or privileges of the Holder
       hereof, shall give rise to any liability of such Holder for the Exercise
       Price or as a shareholder of the Company, whether such liability is
       asserted by the Company or by creditors of the Company.

6.     ANTIDILUTION PROVISIONS. After the initial issuance of this Warrant, the
       Exercise Price and the number of Warrant Shares shall be subject to
       adjustment from time to time as provided in this Section 6.

       In the event that any adjustment of the Exercise Price as required herein
       results in a fraction of a cent, such Exercise Price shall be rounded up
       or down to the nearest cent.

(a)    SUBDIVISION OR COMBINATION OF COMMON STOCK. If the Company, at any time
       after the initial issuance of this Warrant, subdivides (by any stock
       split, stock dividend, recapitalization, reorganization, reclassification
       or otherwise) its shares of Common Stock into a greater number of shares,
       then, after the date of record for effecting such subdivision, the
       Exercise Price in effect immediately prior to such subdivision will be
       proportionately reduced. If the Company, at any time after the initial
       issuance of this Warrant, combines (by

                                       3
<PAGE>   4

       reverse stock split, recapitalization, reorganization, reclassification
       or otherwise) its shares of Common Stock into a smaller number of shares,
       then, after the date of record for effecting such combination, the
       Exercise Price in effect immediately prior to such combination will be
       proportionately increased.

(b)    ADJUSTMENT IN NUMBER OF SHARES. Upon each adjustment of the Exercise
       Price pursuant to the provisions of this Section 6, the number of shares
       of Common Stock issuable upon exercise of this Warrant shall be adjusted
       by multiplying a number equal to the Exercise Price in effect immediately
       prior to such adjustment by the number of shares of Common Stock issuable
       upon exercise of this Warrant immediately prior to such adjustment and
       dividing the product so obtained by the adjusted Exercise Price.

(c)    CONSOLIDATION, MERGER OR SALE. In case of any consolidation of the
       Company with, or merger of the Company into any other corporation, or in
       case of any sale or conveyance of all or substantially all of the assets
       of the Company other than in connection with a plan of complete
       liquidation of the Company at any time after the initial issuance of this
       Warrant, then adequate provision will be made in such transaction whereby
       the holder of this Warrant will have the right to acquire and receive
       upon exercise of this Warrant in lieu of the shares of Common Stock
       immediately theretofore acquirable upon the exercise of this Warrant,
       such shares of stock, securities or assets as may be issued or payable
       with respect to or in exchange for the number of shares of Common Stock
       immediately theretofore acquirable and receivable upon exercise of this
       Warrant had such consolidation, merger or sale or conveyance not taken
       place. In any such case, the Company will make appropriate provision to
       insure that the provisions of this Section 6 hereof will thereafter be
       applicable as nearly as may be in relation to any shares of stock or
       securities thereafter deliverable upon the exercise of this Warrant. The
       Company will not effect any consolidation, merger or sale or conveyance
       unless prior to the consummation thereof, the successor corporation (if
       other than the Company) assumes by written instrument the obligations
       under this Section 6 and the obligations to deliver to the holder of this
       Warrant such shares of stock, securities or assets as, in accordance with
       the foregoing provisions, the holder may be entitled to acquire.

(d)    DISTRIBUTION OF ASSETS. In case the Company shall declare or make any
       distribution of its assets (or rights to acquire its assets) to holders
       of Common Stock as a partial liquidating dividend, by way of return of
       capital or otherwise (including any dividend or distribution to the
       Company's shareholders of cash or shares (or rights to acquire shares) of
       capital stock of a subsidiary) (a "DISTRIBUTION"), at any time after the
       initial issuance of this Warrant, then the holder of this Warrant shall
       be entitled upon exercise of this Warrant for the purchase of any or all
       of the shares of Common Stock subject hereto, to receive the amount of
       such assets (or rights) which would have been payable to the holder had
       such holder been the holder of such shares of Common Stock on the record
       date for the determination of shareholders entitled to such Distribution.

(e)    NOTICE OF ADJUSTMENT. Upon the occurrence of any event which requires any
       adjustment of the Exercise Price, then, and in each such case, the
       Company shall give notice thereof to the holder of this Warrant, which
       notice shall state the Exercise Price resulting from such

                                       4
<PAGE>   5

       adjustment and the increase or decrease in the number of Warrant Shares
       purchasable at such price upon exercise, setting forth in reasonable
       detail the method of calculation and the facts upon which such
       calculation is based. Such calculation shall be certified by the chief
       financial officer of the Company.

(f)    MINIMUM ADJUSTMENT OF EXERCISE PRICE. No adjustment of the Exercise Price
       shall be made in an amount of less than 1% of the Exercise Price in
       effect at the time such adjustment is otherwise required to be made, but
       any such lesser adjustment shall be carried forward and shall be made at
       the time and together with the next subsequent adjustment which, together
       with any adjustments so carried forward, shall amount to not less than 1%
       of such Exercise Price.

(g)    NO FRACTIONAL SHARES. No fractional shares of Common Stock are to be
       issued upon the exercise of this Warrant, but the Company shall pay a
       cash adjustment in respect of any fractional share which would otherwise
       be issuable in an amount equal to the same fraction of the Market Price
       of a share of Common Stock on the date of such exercise.

(h)    NO ADJUSTMENT. Notwithstanding anything in this Section 6 to the
       contrary, no adjustment in the number of securities purchaseable on
       exercise of this Warrant shall be made with respect to dilution which
       would result from the issuance of Common Stock pursuant to the exercise
       of outstanding warrants or options or warrants or options which may be
       granted pursuant to an incentive plan of the Company, whether qualified
       or nonqualified and for the benefit of employers and non-employees.

(i)    OTHER NOTICES. In case at any time:

       (i) the Company shall declare any dividend upon the Common Stock payable
in shares of stock of any class or make any other distribution (other than
dividends or distributions payable in cash out of retained earnings consistent
with the Company's past practices with respect to declaring dividends and making
distributions) to the holders of the Common Stock;

       (ii) there shall be any capital reorganization of the Company, or
reclassification of the Common Stock, or consolidation or merger of the Company
with or into, or sale of all or substantially all of its assets to, another
corporation or entity; or

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

then, in each such case, the Company shall give to the holder of this Warrant
(a) notice of the date on which the books of the Company shall close or a record
shall be taken for determining the holders of Common Stock entitled to receive
any such dividend, distribution, or subscription rights or for determining the
holders of Common Stock entitled to vote in respect of any such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or
winding-up and (b) in the case of any such reorganization, reclassification,
consolidation, merger, sale, dissolution, liquidation or winding-up, notice of
the date (or, if not then known, a reasonable approximation thereof by the
Company) when the same shall take place. Such notice shall also

                                       5
<PAGE>   6

specify the date on which the holders of Common Stock shall be entitled to
receive such dividend, distribution, or subscription rights or to exchange their
Common Stock for stock or other securities or property deliverable upon such
reorganization, reclassification, consolidation, merger, sale, dissolution,
liquidation, or winding-up, as the case may be. Such notice shall be given at
least 30 days prior to the record date or the date on which the Company's books
are closed in respect thereto; provided, however, that the Company shall not be
required to disclose any material information to the holder hereof prior to the
public disclosure thereof. Failure to give any such notice or any defect therein
shall not affect the validity of the proceedings referred to in clauses (i),
(ii), and (iii) above.

7.     TRANSFER, EXCHANGE, REDEMPTION AND REPLACEMENT OF WARRANT.

(a)    RESTRICTION ON TRANSFER. This Warrant and the rights granted to the
       Holder hereof are not transferable, in whole or in part, without the
       written consent of the Company, and delivery of the form of transfer
       attached hereto duly executed by the registered Holder hereof,

(b)    WARRANT EXCHANGEABLE FOR DIFFERENT DENOMINATIONS. This Warrant is
       exchangeable, upon the surrender hereof by the Holder hereof at the
       office or agency of the Company referred to in Section 6(e) below, for
       new Warrants of like tenor of different denominations representing in the
       aggregate the right to purchase the number of shares of Common Stock
       which may be purchased hereunder, each of such new Warrants to represent
       the right to purchase such number of shares as shall be designated by the
       Holder hereof at the time of such surrender.

(c)    REPLACEMENT OF WARRANT. Upon receipt of evidence reasonably satisfactory
       to the Company of the loss, theft, destruction, or mutilation of this
       Warrant and, in the case of any such loss, theft, or destruction, upon
       delivery of an indemnity agreement reasonably satisfactory in form and
       amount to the Company (which may, in the Company's discretion require
       delivery of a bond), or, in the case of any such mutilation, upon
       surrender and cancellation of this Warrant, the Company, at its expense,
       will execute and deliver, in lieu thereof, a new Warrant of like tenor.

(d)    CANCELLATION; PAYMENT OF EXPENSES. Upon the surrender of this Warrant in
       connection with any transfer, exchange, or replacement as provided in
       this Section 7, this Warrant shall be promptly canceled by the Company.
       The Warrant Holder shall pay all taxes (including securities transfer
       taxes) and all other expenses (including legal expenses, if any, incurred
       by the Holder, the Company or transferees) and charges payable in
       connection with the preparation, execution, and delivery of new Warrants
       pursuant to this Section 7(d).

(e)    WARRANT REGISTER. The Company shall maintain, at its principal executive
       offices (or such other office or agency of the Company as it may
       designate by notice to the Holder hereof), a register for this Warrant
       and all Warrants of like term, in which the Company shall record the name
       and address of the person in whose name this Warrant has been issued.

                                       6
<PAGE>   7

8.          REGISTRATION OF WARRANT SHARES.

(a)    If the Company at any time or times proposes to register any of its
       securities under the Securities Act (other than a registration effected
       solely to implement an employee benefit plan or any other form or type of
       registration in which Warrant Shares cannot be included pursuant to
       Commission rule or practice), the Company will give written notice to the
       Holder of its intention to do so and such registration shall be governed
       by the terms and conditions of a certain Registration Rights Agreement of
       even date hereof between the Holder and the Company.

(b)    The Holder's right to require registration of the Warrant Shares under
       this Section 8, shall cease and terminate as to any particular Warrant
       Shares when such Warrant Shares shall have been effectively registered
       under the Securities Act in accordance with the Registration Rights
       Agreement. For purposes of this Warrant Certificate, shares of Common
       Stock issued hereunder shall also cease to be Warrant Shares when such
       shares have been sold to the public pursuant to an exemption from
       registration thereunder.

(c)    The Company covenants that it will, so long as any Warrant Shares or
       Warrants exercisable for Warrant Shares remain outstanding, file all
       reports required to be filed by it under the Securities Act and the
       Securities Exchange Act of 1934 and the rules and regulations promulgated
       by the Securities and Exchange Commission thereunder (or, if it is not
       required to file such reports , it will upon the request of any Holder
       make publicly available such information as will enable such Holder to
       sell such Warrant Shares without registration within the limitations of
       the exemptions provide by (i) Rule 144 promulgated under the Securities
       Act, as such rule may be amended from time to time, or (ii) any similar
       rule or regulation hereafter promulgated by the Securities Exchange
       Commission.

9.     NOTICES.

Any notices required or permitted to be given under the terms of this Warrant
shall be sent by certified or registered mail (return receipt requested) or
delivered personally or by courier or by confirmed telecopy, and shall be
effective five days after being placed in the mail, if mailed, or upon receipt
or refusal of receipt, if delivered personally or by courier or confirmed
telecopy, in each case addressed to a party. The addresses for such
communications shall be:

                        If to the Company:

                        FastComm Communications Corporation
                        45472 Holiday Drive, Suite Three
                        Dulles, Virginia 20166
                        Telecopy: (703) 318-4315
                        Attn: Chief Financial Officer

and if to the Holder, at such address as such Holder shall have provided in
writing to the Company, or at such other address as each such party furnishes by
notice given in accordance with this Section 8. The Company may deem and treat
the registered Holder of this certificate as

                                       7
<PAGE>   8

the absolute owner of the Warrant Certificate for all purposes and shall not be
affected by any notice to the contrary.

10.    GOVERNING LAW. This Warrant Certificate shall be governed by and
       construed in accordance with the laws of the Commonwealth of Virginia
       without regard to its conflicts of laws rules as applied to contracts
       made and to be performed in the Commonwealth of Virginia.

11.    MISCELLANEOUS.

(a)    AMENDMENTS. This Warrant and any provision hereof may only be amended by
       an instrument in writing signed by the Company and the Holder hereof.

(b)    DESCRIPTIVE HEADINGS. The descriptive headings of the several sections of
       this Warrant are inserted for purposes of reference only, and shall not
       affect the meaning or construction of any of the provisions hereof.

(c)    FORCE MAJEURE. Neither the Company nor the Holder hereof shall be
       responsible for any delay or failure to perform any part of this Warrant
       to the extent that such delay or failure is solely caused by fire, flood,
       earthquake, explosion, war, labor strike, riot, act of governmental,
       civil or military authority which imposes a moratorium on the performance
       of the specific obligation in question, failure of transfer agent, postal
       strike or other comparable extraordinary event beyond the Company's or
       Holder's control. Notice with full details of any such event shall be
       given to the other party as promptly as practicable after its occurrence.
       The affected party shall use its best efforts to minimize the effects of
       or end any such event so as to facilitate the resumption of full
       performance hereunder.

            IN WITNESS WHEREOF, the Company has caused this Warrant Certificate
to be signed by its duly authorized officer.

                                 FASTCOMM COMMUNICATIONS
                                 CORPORATION

                                 By:    /s/ Mark H. Rafferty
                                       --------------------------------

                                 Name:  Mark H. Rafferty
                                       -----------------
                                 Title: Vice President & Chief Financial Officer
                                       -----------------------------------------

                                       8
<PAGE>   9

                           FORM OF EXERCISE AGREEMENT

         (TO BE EXECUTED BY THE HOLDER IN ORDER TO EXERCISE THE WARRANT)

            The undersigned hereby irrevocably exercises the right to purchase
_____________ shares of common stock of FastComm Communications Corporation, a
Virginia corporation (the "COMPANY"), evidenced by the attached Warrant
Certificate, and herewith makes payment of the Exercise Price with respect to
such shares, in full, all in accordance with the conditions and provisions of
said Warrant.

The undersigned agrees not to offer, sell, transfer or otherwise dispose of any
Common Stock obtained on exercise of the Warrant, except under circumstances
that will not result in a violation of the Securities Act of 1933, as amended,
or any state securities laws.

The undersigned requests that stock certificates for such shares be issued,
pursuant to the Warrant in the name of the Holder and delivered to the
undersigned at the address set forth below:

Dated:___________,_____

            -------------------------------------
                                                  Signature of Holder

            -------------------------------------
                                                  Name of Holder (Print)

            Address:

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

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

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

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

<PAGE>   10

                         TRANSFER OF WARRANT CERTIFICATE

For value received___________________________________________________
hereby sells, assigns and transfers unto __________________________ the rights
to purchase_______ shares of common stock, $.01 par value, of FastComm
Communications Corporation, which rights are represented by the within Warrant
Certificate, and does hereby irrevocably constitute and appoint
__________________________attorney to transfer said rights on the books of the
within named Corporation, with full power of substitution in the premises.

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

Dated:
In the Presence of

Social Security or Other identifying
Number of Assignee:
                    -----------------
Address of Assignee:
Street               -----------------
City, State and Zip Code

Approved by the Company:

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

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