Document:

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                                                                   EXHIBIT 10.24

                                                                  April 23, 1998

       THIS WARRANT AND ANY SECURITIES ACQUIRED UPON THE EXERCISE OF
       THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
       OF 1933, AS AMENDED (THE "ACT"), OR THE SECURITIES LAWS OF ANY
       STATE AND NEITHER THIS WARRANT, SUCH SECURITIES NOR ANY
       INTEREST THEREIN MAY BE SOLD, TRANSFERRED, PLEDGED OR OTHERWISE
       DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
       STATEMENT UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS OR
       PURSUANT TO A WRITTEN OPINION OF COUNSEL SATISFACTORY TO THE
       COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

       NEITHER THIS WARRANT NOR THE SECURITIES ACQUIRED UPON EXERCISE
       OF THIS WARRANT MAY BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED,
       IN WHOLE OR IN PART, EXCEPT TO AFFILIATES OF THE HOLDER,
       WITHOUT THE PRIOR WRITTEN CONSENT OF THE ISSUER.

                      OPTIMARK TECHNOLOGIES, INC.

                     COMMON STOCK PURCHASE WARRANT

       THIS CERTIFIES THAT, for value received, Virginia Surety Company, Inc.,
or its permitted assigns (the "Holder"), is entitled to subscribe for and
purchase up to Five Hundred Thousand (500,000) validly issued, fully paid and
nonassessable shares ("Warrant Shares") of voting Common Stock of OptiMark
Technologies, Inc., a Delaware corporation (the "Company"), at the exercise
price to be determined in accordance with Section 2 below (the "Exercise
Price"), subject to the terms, conditions and adjustments herein after set
forth.

1.     Definitions.  As used in this Warrant, in addition to other capitalized
terms defined elsewhere herein, the following terms have the meanings indicated:

       "Act" means the Securities Act of 1933, as amended, and the Rules and
Regulations promulgated thereunder.

       "Additional Shares" has the meaning specified in Section 6(b)(ii) below.

       "Additional Warrant" has the meaning specified in Section 6(b)(ii) below.

       "Affiliate" of any named Person means any other Person who is an
"affiliate"of the named Person, as defined in Rule 501(b) under the Act.

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       "Board of Directors" means the board of directors of the Company, as
constituted from time to time.

       "Business Day" means any day other than a Saturday, Sunday or a day on
which national banks are authorized by law to close in the State of New York.

       "Capital Stock" means, with respect to any Person, any and all shares,
interests, participations, rights in, or other equivalents (however designated
and whether voting or non-voting) of, such Person's capital stock and any and
all rights, warrants or options exchangeable for or convertible into such
capital stock.

       "Common Stock" means the voting and nonvoting common stock, $.01 par
value per share, of the Company, or any other capital stock of the Company into
which such stock is reclassified or reconstituted.

       "Common Stock Equivalent" means any security or obligation which is by
its terms convertible into or exchangeable for shares of Common Stock,
including, without limitation, this Warrant, the Series A Preferred Stock, the
Series B Preferred Stock, and any option, warrant or other subscription or
purchase right with respect to shares of Common Stock.

       "Company" has the meaning specified on the cover of this Warrant.

       "Distribution" has the meaning specified in Section 6(b)(i) below.

       "Excluded Transaction" means (i) the issuance of up to 6,534,268 shares
of Common Stock pursuant to options, warrants and compensatory stock grants,
issued and reserved for issuance as incentives for the Corporation's officers,
directors, employees, former employees and consultants, (ii) the issuance
pursuant to a warrant in favor of The Pacific Exchange, Incorporated dated
August 27, 1996, of up to 2,104,000 shares of Common Stock (subject to
adjustment as provided therein), (iii) the issuance pursuant to a warrant in
favor of The Chicago Board Options Exchange, Incorporated dated December 31,
1996, of up to 1,000,000 shares of Common Stock (subject to adjustment as
provided therein), (iv) the issuance pursuant to a warrant in favor of Dow Jones
& Company, Inc. dated May 29, 1997, of up to 2,161,764 shares of Common Stock
(subject to adjustment as provided therein), (v) the issuance of Common Stock
pursuant to a warrant expected to be negotiated with the National Association of
Securities Dealers, Inc. or one of its affiliates, as an incentive to make the
Corporation's proprietary OptiMark trading system available on NASDAQ, (vi) the
issuance of Common Stock upon conversion of the Series A Preferred Stock, and
(vii) the issuance of Common Stock upon conversion of the Series B Preferred
Stock.

       "Exercise Date" has the meaning specified in Section 3(c) below.

       "Exercise Form" means an Exercise Form in the form annexed hereto as
Exhibit A.

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       "Exercise Period" has the meaning specified in Section 2(a) below.

       "Expiration Date" means December 31, 2001.

       "Fair Market Value" means the amount that a willing buyer would pay a
willing seller in an arm's length transaction, as reasonably determined by the
Board of Directors in good faith.

       "Issue Date" has the meaning specified in Section 6(d) below.

       "Offering Price" has the meaning set forth in Section 6(d) below.

       "Person" means any individual, firm, corporation, partnership, limited
liability company, trust, incorporated or unincorporated association, joint
venture, joint stock company, governmental authority or other entity of any
kind, and shall include any successor (by merger or otherwise) of such entity.

       "Registration Rights Agreement" means the Registration Rights Agreement,
dated April 23, 1998 between the Company and the holders of the Series B Stock.

       "Relevant Date" has the meaning specified in Section 6(d) below.

       "Series A Preferred Stock" means the Company's Series A Convertible
Participating Preferred Stock, $.01 par value per share.

       "Series B Preferred Stock" means the Company's Series B Convertible
Participating Preferred Stock, $.01 par value per share.

       "Shares outstanding" or "shares then outstanding" means all shares of
Common Stock outstanding and all Common Stock Equivalents outstanding.

       "Transaction" has the meaning specified in Section 7 below.

       "Warrant Issue Date" means April 23, 1998.

       2. Exercise of Warrant.

       (a) Term of Warrant. Subject to the terms and conditions set forth below,
this Warrant may be exercised, in whole or in part, by the Holder at any time,
or from time to time, during the term commencing on the Warrant Issue Date and
ending at 5:00 p.m., New York City time on the Expiration Date (the "Exercise
Period"). This Warrant shall expire on the Expiration Date if and to the extent
not exercised by the Holder during the Exercise Period.

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            (b) Exercise Price. Subject to potential adjustment from time to
time pursuant to Section 6 hereof, this Warrant shall be exercisable at an
Exercise Price of Ten Dollars ($10.00) per share of Common Stock.

       3. Method of Exercise; Payment; Stock Certificates.

       (a) Method of Exercise; Payment of Purchase Price. The purchase rights
represented by this Warrant may be exercised by the Holder, in whole or in part,
at any time, or from time to time, during the Exercise Period by the surrender
of this Warrant (with a duly executed Exercise Form specifying the number of
Warrant Shares to be purchased) at the principal office of the Company, and by
the payment to the Company in cash, by certified, cashier's or other check
acceptable to the Company, of an amount equal to the aggregate Exercise Price
for those Warrant Shares specified in the Exercise Form.

       (b) Stock Certificates. In the event of the exercise of the rights
represented by this Warrant as provided above, the Company shall promptly (i)
issue and deliver to the Holder, one or more certificates representing the
shares of voting Common Stock so purchased by the Holder, in such name or names
as may be designated by the Holder, and (ii) if applicable, cash in lieu of any
fraction of a share.

       (c) When Exercise Effective. The exercise of this Warrant shall be deemed
effective immediately prior to the close of business on the Business Day on
which this Warrant is surrendered to the Company as provided in this Section 3
(the "Exercise Date"). The Person in whose name any certificate for shares of
Common Stock shall be issuable upon such exercise, as provided in Section 3(b),
shall be deemed to be the record holder of such shares of Common Stock for all
purposes on the Exercise Date. In the event that this Warrant is exercised in
part, the Company at its expense will execute and deliver a new Warrant of like
tenor exercisable for the number of Warrant Shares for which this Warrant may
still thereafter be exercised.

       4. Stock Fully Paid; Reservation of Shares. All of the shares of Common
Stock issuable upon the exercise of the rights represented by this Warrant will,
upon issuance, be duly authorized, validly issued, fully paid and nonassessable,
and free of all taxes, liens and charges with respect to the issue thereof.
During the Exercise Period, the Company shall at all times have authorized and
reserved a sufficient number of shares of its voting Common Stock to provide for
the exercise of the rights represented by this Warrant.

       5. Fractional Shares. No fractional shares of Common Stock will be issued
in connection with any exercise hereunder. In lieu of such fractional shares the
Company shall make a cash payment therefor based upon the Fair Market Value of
the Common Stock.

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       6. Certain Adjustments.

       (a) Capital Adjustments. The number of Warrant Shares purchasable upon
the exercise of this Warrant and the Exercise Price then in effect pursuant to
Section 2(b) shall be subject to adjustment as follows:

          (i) Stock Dividends, Splits, Etc. If at any time after the Warrant
Issue Date (A) the Company shall pay a stock dividend payable in shares of
Common Stock or (B) the number of shares of Common Stock shall be increased by a
subdivision or split-up of shares of Common Stock, then, on the date of the
payment of such dividend or immediately after the effective date of subdivision
or split up, as the case may be, the number of Warrant Shares to be delivered
upon exercise of this Warrant will be increased so that the Holder will be
entitled to receive the number of shares of Common Stock that such Holder would
have owned immediately following such action had this Warrant been exercised
immediately prior thereto, and the Exercise Price will be adjusted as provided
below in paragraph (iii).

          (ii) Combination of Stock. If the number of shares of Common Stock
outstanding at any time after the Warrant Issue Date shall be decreased by a
combination of the outstanding shares of Common Stock, then, immediately after
the effective date of such combination, the number of Warrant Shares to be
delivered upon exercise of this Warrant will be decreased so that the Holder
thereafter will be entitled to receive the number of shares of Common Stock that
such Holder would have owned immediately following such action had this Warrant
been exercised immediately prior thereto, and the Exercise Price will be
adjusted as provided below in paragraph (iii).

          (iii) Exercise Price Adjustment. Whenever the number of Warrant Shares
purchasable upon the exercise of this Warrant is adjusted as provided pursuant
to this Section 6(a), the Exercise Price payable upon the exercise of this
Warrant shall be adjusted by multiplying such Exercise Price immediately prior
to such adjustment by a fraction, of which the numerator shall be the number of
Warrant Shares purchasable upon the exercise of the Warrant immediately prior to
such adjustment, and of which the denominator shall be the number of Warrant
Shares purchasable immediately thereafter; provided, however, that the Exercise
Price for each Warrant Share shall in no event be less than the par value of
such Warrant Share.

     (b) Certain Distributions.

          (i) Exercise Price Adjustment. In case the Company shall at any time
or from time to time distribute to all or substantially all of the holders of
shares of its Common Stock (including, but not limited to, any distribution made
in connection with a merger or consolidation in which the Company is the
resulting or surviving Person and the Common Stock is not changed or exchanged)
cash, evidences of indebtedness of the Company or another Person, securities of
the Company or another Person, or other assets (excluding dividends payable in
shares of Common Stock for which adjustment is made under Section 6(a)(i)) or
rights or warrants to subscribe for or purchase the foregoing

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(each, a "Distribution"), then, and in each such case, the Exercise Price then
in effect shall be adjusted (and any other appropriate actions shall be taken by
the Company) by multiplying the Exercise Price in effect immediately prior to
the date of such distribution by a fraction (A) the numerator of which shall be
the Fair Market Value of the Common Stock less the Fair Market Value of the
amount of cash, evidences of indebtedness, securities or other assets so
distributed or of such subscription rights or warrants applicable to one share
of Common Stock and (B) the denominator of which shall be the Fair Market Value
of the Common Stock, all as determined on the record date referred to below.
Such adjustment shall be made whenever any distribution is made and shall become
effective retroactively to the date immediately following the close of business
on the record date for the determination of stockholders entitled to receive
such distribution.

          (ii) Additional Shares. In addition to the Exercise Price adjustment
pursuant to clause (i) above, in case the Company shall at any time or from time
to time distribute to all or substantially all of the holders of shares of its
Common Stock (including, but not limited to, any distribution made in connection
with a merger or consolidation in which the Company is the resulting or
surviving Person and the Common Stock is not changed or exchanged) securities of
the Company or another Person (the "Additional Shares"), then, and in each such
case, the Company shall, at its expense, cause an additional warrant (the
"Additional Warrant"), substantially in the form of this Warrant, to be issued
by such Person or the Company, as the case may be, to evidence the Holder's
right to acquire the kind and amount of Additional Shares receivable by a holder
of the number of shares of Common Stock that such Holder would have been
entitled to receive upon exercise of this Warrant had this Warrant been
exercised immediately before such Distribution is made, subject to adjustments
that shall be as nearly equivalent as practicable to the adjustments provided
for in this Section 6. The Additional Warrant shall be subject to adjustments
that shall be as nearly equivalent as practicable to the adjustments provided in
this Section 6. The exercise price for each Additional Share shall be reasonably
determined by the Board of Directors in good faith after considering the
relationship that exists (as of the date of the issuance of the Additional
Warrant) between the Exercise Price and the Fair Market Value of each Warrant
Share; provided, however, that such exercise price shall in no event be greater
than the amount by which the Exercise Price was decreased pursuant to clause (i)
above.

     (c) No Adjustment. If the Company shall take a record of the holders of its
Common Stock for the purpose of entitling them to receive a dividend or other
distribution, and shall thereafter and before the distribution to stockholders
thereof legally abandon its plan to pay or deliver such dividend or
distribution, then thereafter no adjustment in the number of Warrant Shares
and/or the Exercise Price then in effect shall be required by reason of the
taking of such record.

     (d) Issuances Below Exercise Price. In addition to any adjustments made
pursuant to this Section 6, the Exercise Price then in effect pursuant to
Section 2(b) shall be subject to adjustment if the Company shall at any time or
from time to time issue or sell any Common Stock or Common Stock Equivalents at
a price per share (the "Offering Price") that is less than the Exercise Price
then in effect as of the record date or Issue

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Date referred to in the following sentence, as the case may be (the "Relevant
Date") (treating the Offering Price per share of Common Stock, in the case of
the issuance of any Common Stock Equivalent, as equal to (x) the sum of the
price for such Common Stock Equivalent plus any additional consideration payable
(without regard to any anti-dilution adjustments) upon the conversion, exchange
or exercise of such Common Stock Equivalent divided by (y) the number of shares
of Common Stock initially underlying such Common Stock Equivalent), other than
(1) issuances or sales for which an adjustment is made pursuant to another
paragraph of this Section 6 and (2) issuances of Common Stock in connection with
an Excluded Transaction, then, and in each such case, the Exercise Price then in
effect shall be reduced, concurrently with such issuance, to a price determined
by multiplying such Exercise Price by a fraction, the numerator of which shall
be the number of shares of Common Stock outstanding immediately prior to such
issuance plus the number of shares of Common Stock that the aggregate
consideration received by the Company for the total number of additional shares
of Common Stock or Common Stock Equivalents so issued would purchase at such
Exercise Price; and the denominator of which shall be the number of shares of
Common Stock outstanding immediately prior to such issuance plus the number of
such additional shares of Common Stock or Common Stock Equivalents so issued.
Such adjustment shall be made whenever such shares of Common Stock or Common
Stock Equivalents are issued, and shall become effective retroactively to a date
immediately following the close of business (x) in the case of an issuance to
the stockholders of the Company, as such, on the record date for the
determination of stockholders entitled to receive such shares of Common Stock or
Common Stock Equivalents and (y) in all other cases, on the date (the "Issue
Date") of such issuance; provided, however, that the determination as to whether
an adjustment is required to be made pursuant to this Section 6 shall only be
made upon the issuance of such shares of Common Stock or Common Stock
Equivalents, and not upon the issuance of the security into which such Common
Stock Equivalents convert, exchange or may be exercised; and provided further,
that if the convertibility or exercisability feature of such Common Stock
Equivalents expires prior to conversion or exercise thereof, then the Exercise
Price shall be readjusted (but to no greater extent than originally adjusted) to
an Exercise Price equal to that price which would have existed had the expired
Common Stock Equivalents never been issued or sold.

     (e) Similar Actions. In the case the Company, at any time or from time to
time, shall take any action affecting its Common Stock similar to or having an
effect similar to any of the actions described in Section 6(a), (b) or (d) (but
not including any action described in any such subsections) and the Board of
Directors in good faith determines that it would be equitable in the
circumstances to adjust the number of Warrant Shares and/or the Exercise Price
as a result of such action, then, and in each such case, the number of Warrant
Shares and/or the Exercise Price shall be adjusted in such manner and at such
time as the Board of Directors of the Company in good faith determines would be
equitable in the circumstances (such determination to be evidenced in a
resolution, a certified copy of which shall be mailed to the Holder).

     7. Reorganization, etc. If any capital reorganization of the Company, or
any reclassification of the Common Stock, or any consolidation of the Company
with or

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merger of the Company with or into any other Person (other than a consolidation
or merger in which the Corporation is the resulting or surviving Person which
does not result in any reclassification or change of outstanding Common Stock)
or any sale, lease or other transfer of all or substantially all of the assets
of the Company to any other Person (each, a "Transaction"), shall be effected in
such a way that the holders of Common Stock shall be entitled to receive stock,
other securities or assets (whether such stock, other securities or assets are
issued or distributed by the Company or another Person), in lieu of or in
addition to cash, with respect to or in exchange for Common Stock, then, upon
exercise of this Warrant, the Holder shall have the right to receive the same
kind and amount of stock, other securities, cash and/or assets receivable upon
such reorganization, reclassification, consolidation, merger or sale, lease or
other transfer by a holder of the number of shares of Common Stock that such
Holder would have been entitled to receive upon exercise of this Warrant had
this Warrant been exercised immediately before such reorganization,
reclassification, consolidation, merger or sale, lease or other transfer,
subject to adjustments that shall be as nearly equivalent as may be practicable
to the adjustments provided for in Section 6.

            8. Notices of Adjustment. Whenever the Exercise Price and/or the
number of Warrant Shares purchasable hereunder shall be adjusted pursuant to
Section 6 hereof, the Company shall deliver to the Holder a certificate setting
forth, in reasonable detail, the event requiring the adjustment, the amount of
the adjustment, the method by which such adjustment was calculated, and the
Exercise Price and the number of Warrant Shares purchasable hereunder after
giving effect to such adjustment.

     9. Notices of Corporate Action. Prior to the Expiration Date, if this
Warrant has not theretofore been exercised in full, then in the event of:

          (a) any taking by the Company of a record of the holders of its
Capital Stock for the purpose of determining the holders thereof who are
entitled to receive any dividend or other distribution, or any right to
subscribe for, purchase or otherwise acquire any shares of stock of any class or
any other securities or property, or to receive any other right;

          (b) any capital reorganization of the Company, any reclassification or
recapitalization of any Capital Stock of the Company, any consolidation or
merger involving the Company and any other Person, or any transfer of all or
substantially all the assets of the Company to any other Person;

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

the Company will mail to the Holder a notice specifying (x) the date or expected
date on which any such record is to be taken for the purpose of such dividend,
distri bution or right and the amount and character of any such dividend,
distribution or right, and (y) the date or expected date on which any such
reorganization, reclassification, recapitalization, consolidation, merger,
transfer, dissolution, liquidation or winding-up is to take place and

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the time, if any, as of which the holders of record of Capital Stock (or other
securities) shall be entitled to exchange their shares of Capital Stock (or
other securities) for the securities or other property deliverable upon such
reorganization, reclassification, recapitalization, consolidation, merger,
transfer, dissolution, liquidation or winding-up. Such notice shall be
delivered at least 10 days prior to the date therein specified, in the case of
any date referred to in the foregoing clauses (x) and (y).

     10. Registration Rights Agreement. All shares of Common Stock acquired by
the Holder upon exercise of this Warrant shall be subject, in full, to all
provisions of the Registration Rights Agreement.

     11. Representations of the Company. The Company represents and warrants
that all corporate actions on the part of the Company, its officers, directors
and stockholders necessary for the issuance of this Warrant, for the sale and
issuance of the shares of Common Stock pursuant hereto, and for the performance
of the Company's obligations hereunder, were taken prior to and are effective as
of the Warrant Issue Date.

     12. Representations and Warranties by the Holder. The Holder represents and
warrants to the Company as follows:

     (a) This Warrant is being acquired and any Warrant Shares will be acquired
for the Holder's own account, for investment and not with a view to, or for
resale in connection with, any distribution or public offering thereof within
the meaning of the Act.

     (b) The Holder understands that this Warrant has not been and the Warrant
Shares will not be registered under the Act by reason of their issuance in a
transaction exempt from the registration and prospectus delivery requirements of
the Act pursuant to Section 4(2) thereof. Accordingly, this Warrant and the
Warrant Shares must be held by the Holder indefinitely, and the Holder must
therefore bear the economic risk of such investment indefinitely, unless a
subsequent disposition thereof is registered under the Act or is exempted from
such registration.

     (c) The Holder has such knowledge and experience in financial and business
matters that it is capable of evaluating the merits and risks of the purchase of
this Warrant and the Warrant Shares and of protecting its interests in
connection therewith.

     (d) The Holder is able to bear the economic risk of the purchase of Warrant
Shares pursuant to the terms of this Warrant.

     13. Replacement of Warrant. On receipt by the Company of an affidavit of an
authorized representative of the Holder stating the circumstances of the loss,
theft, destruction or mutilation of this Warrant (and in the case of any such
mutilation, on surrender and cancellation of such Warrant), the Company, at its
expense, shall promptly execute and deliver, in lieu thereof, a new Warrant of
like tenor.

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     14. Restrictions on Transfer; Restrictive Legends.

     (a) This Warrant and any Warrant Shares may be freely sold or otherwise
transferred, in whole or in part, to one or more Affiliates of the Holder.
Except for the foregoing, neither this Warrant nor any Warrant Shares may be
sold, pledged or otherwise transferred, in whole or in part, to any Person
without the prior written consent of the Company.

     (b) Each Warrant issued in substitution for this Warrant shall be stamped
or otherwise imprinted with legends in substantially the following form:

     THIS WARRANT AND ANY SECURITIES ACQUIRED UPON THE EXERCISE OF THIS
     WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
     AS AMENDED (THE "ACT"), OR THE SECURITIES LAWS OF ANY STATE, AND
     NEITHER THIS WARRANT, SUCH SECURITIES NOR ANY INTEREST THEREIN MAY
     BE SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT
     PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND
     APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO A WRITTEN OPINION OF
     COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT
     REQUIRED.

     NEITHER THIS WARRANT NOR THE SECURITIES ACQUIRED UPON EXERCISE OF
     THIS WARRANT MAY BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED, IN WHOLE
     OR IN PART, EXCEPT TO AN AFFILIATE OF THE HOLDER, WITHOUT THE PRIOR
     WRITTEN CONSENT OF THE ISSUER.

     (c) Each stock certificate for Warrant Shares issued upon the exercise of
any Warrant and each stock certificate issued upon the direct or indirect
transfer of any Warrant Shares shall be stamped or otherwise imprinted with
legends in substantially the following form:

     THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
     REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"),
     OR THE SECURITIES LAWS OF ANY STATE. THE SECURITIES MAY NOT BE SOLD,
     TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN
     EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND APPLICABLE STATE
     SECURITIES LAWS OR PURSUANT TO A WRITTEN OPINION OF COUNSEL SATISFACTORY TO

<PAGE>   11

     THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

     THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD,
     PLEDGED OR OTHERWISE TRANSFERRED, IN WHOLE OR IN PART, EXCEPT TO AN
     AFFILIATE OF THE HOLDER, WITHOUT THE PRIOR WRITTEN CONSENT OF THE
     ISSUER.

     15. Rights of Stockholders. This Warrant shall not entitle its Holder to
any of the rights of a stockholder of the Company.

     16. Successors and Assigns. The provisions of this Warrant shall inure to
the benefit of and be binding upon the Company, the Holder and their respective
permitted assigns. Nothing in this Warrant, express or implied, is intended to
confer upon any party other than the parties hereto or their respective
successors and permitted assigns any rights, remedies, obligations or
liabilities under or by reason of this Warrant, except as expressly provided in
this Warrant.

     17. Amendment or Waiver. This Warrant and any term hereof may be amended,
waived, discharged or terminated only by and with the written consent of the
Company and the Holder.

     18. Specific Performance. The parties hereto intend that each of the
parties have the right to seek damages or specific performance in the event that
any other party hereto fails to perform such party's obligations hereunder.
Therefore, if any party shall initiate any action or proceeding to enforce the
provisions hereof, any party against whom such action or proceeding is brought
hereby waives any claim or defense therein that the plaintiff party has an
adequate remedy at law.

     19. Charges, Taxes and Expenses. Issuance of certificates representing
Warrant Shares shall be made without charge to the Holder for any issue or
transfer tax, or other incidental expense, in respect of the issuance or
delivery of such certificates or the securities represented thereby, all of
which taxes and expenses shall be paid by the Company; provided, however, the
Company shall not be required (a) to pay any tax or other incidental expense
which may be payable in respect of (i) any transfer or delivery of this Warrant
by the Holder to another Person or (ii) the issuance or delivery of certificates
representing Warrant Shares to a Person other than the Holder, or (b) to issue
or deliver certificates representing Warrant Shares to a Person other than the
Holder until any such tax payable by the Holder as provided in clause (ii) above
shall have been paid or until it has been established to the Company's
reasonable satisfaction that no such tax is due.

     20. Notices. All notices, demands and other communications provided for or
permitted hereunder shall be given in the manner specified in Section 8(e) of
the Registration Rights Agreement.

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     21. GOVERNING LAW. THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE
PRINCIPLES OF CONFLICTS OF LAW THEREOF.

     22. Headings. The headings in this Warrant are for convenience of reference
only and shall not limit or otherwise affect the meaning hereof.

     23. Severability. Any term or provision of this Warrant which is invalid or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such invalidity or unenforceability without rendering invalid
or unenforceable the terms and provisions of this Warrant or affecting the
validity or enforceability of any of the terms or provisions of this Warrant in
any other jurisdiction.

                                                    OPTIMARK TECHNOLOGIES, INC.

                                                    By:  /s/   William A. Lupien
                                                    Chief Executive Officer

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                                                                       Exhibit A

                                  EXERCISE FORM

                  (To be executed upon exercise of the Warrant)

Reference is made to the attached Common Stock Purchase Warrant. The undersigned
hereby irrevocably elects to exercise the right, represented by the attached
Warrant, to purchase __________ Warrant Shares and herewith tenders payment for
such Warrant Shares to the order of OptiMark Technologies, Inc. in the amount of
$__________ in accordance with the terms of the Warrant. The undersigned
requests that a certificate for such Warrant Shares be registered in the name of
the undersigned and that such certificate be delivered to the undersigned's
address below.

If such number of Warrant Shares purchased shall not be all of the Warrant
Shares evidenced by the Warrant, the undersigned requests that a new Warrant of
like tenor for the balance remaining of such Warrant Shares be registered in the
name of the undersigned and that such Warrant be delivered to the undersigned's
address below.

Dated:
      -----------------
                                              Signature

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

                                              ---------------------------------
                                              (Street Address)

                                              ---------------------------------
                                              (City)   (State)  (Zip Code)

Signed in the presence of:

----------------------------<PAGE>   1

                                                                   Exhibit 10.25

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD OR OFFERED FOR SALE
IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER
SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO A WRITTEN
OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT
REQUIRED.

                          COMMON STOCK PURCHASE WARRANT

                   OPTIMARK TECHNOLOGIES, INC. (the "Company")

                     DATE OF INITIAL ISSUANCE: JUNE 19, 1998

      THIS CERTIFIES THAT for value received, TRANSAMERICA BUSINESS CREDIT
CORPORATION or its registered assigns (hereinafter called the "Holder") is
entitled to purchase from the Company, at any time during the Term of this
Warrant, Forty Two Thousand Five Hundred (42,500) shares (subject to the
limitation set forth in Section 2.3 below) of common stock, $0.01 par value, of
the Company (the "Common Stock"), at the Warrant Price, payable as provided
herein. The exercise of this Warrant shall be subject to the provisions,
limitations and restrictions herein contained, and may be exercised in whole or
in part.

SECTION 1. Definitions.

      For all purposes of this Warrant, the following terms shall have the
meanings indicated:

      Common Stock - shall mean and include the Company's authorized Common
Stock, $0.01 par value, as constituted at the date hereof.

      Exchange Act - shall mean the Securities Exchange Act of 1934, as amended
from time to time.

      Securities Act - the Securities Act of 1933, as amended.

      Term of this Warrant - shall mean the period beginning on the date of
initial issuance hereof and ending on June 18, 2003.

      Warrant Price - $10.00 per share, subject to adjustment in accordance with
Section 4 hereof.

      Warrant - this Warrant issued in connection with a Commitment Letter dated
April 23, 1998 executed by the Company and Transamerica Business Credit
Corporation (the "Commitment Letter") to the original holder of this Warrant, or
any permitted transferees from such original holder or this Holder.

      Warrant Shares - shares of Common Stock purchased or purchasable by the
Holder of this Warrant upon the exercise hereof.
<PAGE>   2

SECTION 2. Exercise of Warrant.

      2.1. Procedure for Exercise of Warrant. To exercise this Warrant in whole
or in part (but not as to any fractional share of Common Stock), the Holder
shall deliver to the Company at its office referred to in Section 11 hereof at
any time and from time to time during the Term of this Warrant: (i) the Notice
of Exercise in the form attached hereto, (ii) cash, certified or official bank
check payable to the order of the Company, wire transfer of funds to the
Company's account (or any combination of any of the foregoing) in the amount of
the aggregate Warrant Price for each Warrant Share being purchased, and (iii)
this Warrant. Notwithstanding any provisions herein to the contrary, if the
Current Market Price (as defined in Section 5) is greater than the Warrant Price
(at the date of calculation, as set forth below), in lieu of exercising this
Warrant as hereinabove permitted, the Holder may elect to receive shares of
Common Stock equal to the value (as determined below) of this Warrant (or the
portion thereof being canceled) by surrender of this Warrant at the office of
the Company referred to in Section 11 hereof, together with the Notice of
Exercise, in which event the Company shall issue to the Holder that number of
shares of Common Stock computed using the following formula:

                               CS = WCS x (CMP-WP)
                                    --------------
                                          CMP

Where

      CS    equals the number of shares of Common Stock to be issued to the
            Holder

      WCS   equals the number of shares of Common Stock purchasable under the
            Warrant or, if only a portion of the Warrant is being exercised, the
            portion of the Warrant being exercised (at the date of such
            calculation)

      CMP   equals the Current Market Price (at the date of such calculation)

      WP    equals the Warrant Price (as adjusted to the date of such
            calculation)

Subject to the limitations set forth in Section 6.2 hereof regarding the
transfer of Warrant Shares, in the event of any exercise of the rights
represented by this Warrant, a certificate or certificates for the Warrant
Shares so purchased, registered in the name of the Holder or such other name or
names as may be designated by the Holder, shall be delivered to the Holder
hereof within a reasonable time, not exceeding fifteen (15) days, after the
rights represented by this Warrant shall have been so exercised; and, unless
this Warrant has expired, a new Warrant representing the number of Warrant
Shares (except a remaining fractional share), if any, with respect to which this
Warrant shall not then have been exercised shall also be issued to the Holder
hereof within such time. The person in whose name any certificate for Warrant
Shares is issued upon exercise of this Warrant shall for all purposes be deemed
to have become the holder of record of such shares on the date on which the
Warrant was surrendered and payment of the aggregate Warrant Price and any
applicable taxes was made, irrespective of the date of delivery of such
certificate, except that, if the date of such surrender and payment is a date
when the stock transfer books of the Company are closed, such person shall be
deemed to have become the holder of such shares at the close of business on the
next succeeding date on which the stock transfer books are open.

      2.2. Transfer Restriction Legend. Each certificate for Warrant Shares
shall bear the following legends (and any additional legend required by (i) any
applicable state securities laws and (ii) any securities exchange upon which
such Warrant Shares may, at the time of such exercise, be listed) on

                                       2
<PAGE>   3

the face thereof unless at the time of exercise such Warrant Shares shall be
registered under the Securities Act:

      THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
      UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR THE
      SECURITIES LAWS OF ANY STATE. THE SECURITIES MAY NOT BE SOLD, TRANSFERRED,
      PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
      REGISTRATION STATEMENT UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS
      OR PURSUANT TO A WRITTEN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY
      THAT SUCH REGISTRATION IS NOT REQUIRED.

      THE SALE, ASSIGNMENT, TRANSFER OR OTHER DISPOSITION OF THE SECURITIES
      REPRESENTED BY THIS CERTIFICATE ARE RESTRICTED BY THE TERMS OF THAT COMMON
      STOCK PURCHASE WARRANT DATED JUNE 19, 1998 IN FAVOR OF TRANSAMERICA
      BUSINESS CREDIT CORPORATION, A COPY OF WHICH MAY BE INSPECTED AT THE
      COMPANY'S PRINCIPAL OFFICE.

Any certificate issued at any time in exchange or substitution for any
certificate bearing such legend (except a new certificate issued upon completion
of a public distribution under a registration statement of the securities
represented thereby) shall also bear such legend unless, in the written opinion
of counsel for the holder thereof (which counsel shall be reasonably
satisfactory to counsel for the Company) the securities represented thereby are
not, at such time, required by law to bear such legend.

      2.3. Limitation on Exercise; Reduction of Number of Warrant Shares. Prior
to March 31, 1999, the Holder shall not be permitted to exercise this Warrant
for a greater number of Warrant Shares than results from the following
computation: 42,500 times a fraction, the numerator of which is the aggregate
amount of Equipment Cost represented by all Lease Schedules funded under the
Master Lease Agreement dated as of June 19, 1998 under which the Company is
Lessee (the "Master Lease"), and the denominator of which is $5,000,000. In the
event that the Lessor under the Master Lease declines to fund further Lease
Schedules under the Master Lease on the grounds that the Lessee has suffered a
material adverse change, then this Warrant will thereafter be exerciseable only
for the number of Warrant Shares set forth in the preceding sentence. If, as of
March 31, 1999, the Lessor has not declined to fund Lease Schedules in this
manner, then this Warrant shall thereafter be fully exerciseable as though this
Section 2.3 were not present.

SECTION 3. Covenants as to Common Stock. The Company covenants and agrees that
all shares of Common Stock that may be issued upon the exercise of the rights
represented by this Warrant will, upon issuance, be validly issued, fully paid
and nonassessable, and free from all taxes, liens and charges with respect to
the issue thereof. The Company further covenants and agrees that it will pay
when due and payable any and all federal and state taxes which may be payable in
respect of the issue of this Warrant or any Common Stock or certificates
therefor issuable upon the exercise of this Warrant; provided, however, the
Company shall not be required to pay any tax or other incidental expense which
may be payable in respect of (i) any transfer or delivery of this Warrant by the
Holder to another person or entity or (ii) the issuance or delivery of
certificates representing Warrant Shares to a person or entity other than the
Holder. The Company further covenants and agrees that the Company will at all
times have authorized and reserved, free from preemptive rights, a sufficient
number of shares of Common Stock to provide for the exercise of the rights
represented by this Warrant. The Company further covenants and agrees that if

                                       3
<PAGE>   4

any shares of capital stock to be reserved for the purpose of the issuance of
Warrant Shares upon the exercise of this Warrant require registration with or
approval of any governmental authority under any federal or state law before
such Warrant Shares may be validly issued or delivered upon exercise, then the
Company will in good faith and as expeditiously as possible endeavor to secure
such registration or approval, as the case may be.

SECTION 4. Certain Adjustments

            a. Capital Adjustments. The number of Warrant Shares purchasable
upon the exercise of this Warrant and the Warrant Price then in effect shall be
subject to adjustment as follows:

                  i. Stock Dividends, Splits, Etc.. If at any time during the
Term of this Warrant (A) the Company shall pay a stock dividend payable in
shares of Common Stock or (B) the number of shares of Common Stock shall be
increased by a subdivision or split-up of shares of Common Stock, then, on the
date of the payment of such dividend or immediately after the effective date of
subdivision or split up, as the case may be, the number of Warrant Shares to be
delivered upon exercise of this Warrant will be increased so that the Holder
will be entitled to receive the number of shares of Common Stock that such
Holder would have owned immediately following such action had this Warrant been
exercised immediately prior thereto, and the Warrant Price will be adjusted as
provided below in paragraph (iii).

                  ii. Combination of Stock. If the number of shares of Common
Stock outstanding at any time during the Term of this Warrant shall be decreased
by a combination of the outstanding shares of Common Stock, then, immediately
after the effective date of such combination, the number of Warrant Shares to be
delivered upon exercise of this Warrant will be decreased so that the Holder
thereafter will be entitled to receive the number of shares of common Stock that
such Holder would have owned immediately following such action had this Warrant
been exercised immediately prior thereto, and the Warrant Price will be adjusted
as provided below in paragraph (iii).

                  iii. Warrant Price Adjustment. Whenever the number of Warrant
Shares purchasable upon the exercise of this Warrant is adjusted as provided
pursuant to this Section 4(a), the Warrant Price payable upon the exercise of
this Warrant shall be adjusted by multiplying such Warrant Price immediately
prior to such adjustment by a fraction, of which the numerator shall be the
number of Warrant Shares purchasable upon the exercise of the Warrant
immediately prior to such adjustment, and of which the denominator shall be the
number of Warrant Shares purchasable immediately thereafter; provided, however,
that the Warrant Price for each Warrant Share shall in no event be less than the
par value of such Warrant Share.

            b. Certain Distributions.

                  i. Warrant Price Adjustment. In case the Company shall at any
time or from time to time distribute to all or substantially all of the holders
of shares of its Common Stock (including, but not limited to, any distribution
made in connection with a merger or consolidation in which the Company is the
resulting or surviving entity and the Common Stock is not changed or exchanged),
evidences of indebtedness of the Company or another entity, securities of the
Company or another entity, or other assets (excluding dividends payable in
shares of Common Stock for which adjustment is made under Section 4(a)(i) and
excluding cash dividends and distributions) or rights or warrants to subscribe
for or purchase the foregoing (excluding options to purchase and rights to
subscribe for Common Stock or other securities of the Company convertible into
or exchangeable for Common

                                       4
<PAGE>   5

Stock), or if the Company shall declare a cash dividend upon its Common Stock
payable otherwise then out of earnings or earned surplus (each, a
"Distribution"), then, and in each such case, the Warrant Price then in effect
shall be adjusted (and any other appropriate actions shall be taken by the
Company) by multiplying the Warrant Price in effect immediately prior to the
date of such Distribution by a fraction (A) the numerator of which shall be the
Current Market Price of the Common Stock less the fair market value of the
evidences of indebtedness, securities or other assets so distributed or of such
subscription rights or warrants applicable to one share of Common Stock (as
determined in good faith by the Board of Directors of the Company, whose
determination shall be conclusive), and (B) the denominator of which shall be
the Current Market Price of the Common Stock. Such adjustment shall be made
whenever any Distribution is made.

                  ii. Additional Shares. In addition to the Warrant Price
adjustment pursuant to paragraph (i) above, in case the Company shall at any
time or from time to time make a Distribution of securities of the Company or
another entity as described in paragraph (i) above (the "Additional Shares"),
then, and in each such case, the Company shall, at its expense, cause an
additional warrant (the "Additional Warrant"), substantially in the form of this
Warrant, to be issued by such entity or the Company, as the case may be, to
evidence the Holder's right to acquire the kind and amount of Additional Shares
receivable by a holder of the number of shares of Common Stock that such Holder
would have been entitled to receive upon exercise of this Warrant had this
Warrant been exercised immediately before such Distribution is made, subject to
adjustments that shall be as nearly equivalent as practicable to the adjustments
provided for in this Section 4. The Additional Warrant shall be subject to
adjustments that shall be as nearly equivalent as practicable to the adjustments
provided for in this Section 4. The exercise price for each Additional Share
shall be determined conclusively by the Board of Directors in good faith after
considering the relationship that exists (as of the date of the issuance of the
Additional Warrant) between the Warrant Price and the fair market value of each
Warrant Share; provided, however, that such exercise price shall in no event be
greater than the amount by which the Warrant Price was decreased pursuant to
paragraph (i) above.

            c. No Adjustment. If the Company shall take a record of the holders
of its Common Stock for the purpose of entitling them to receive a dividend or
other distribution, and shall thereafter and before the distribution to
stockholders thereof legally abandon its plan to pay or deliver such dividend or
distribution, then thereafter no adjustment in the number of Warrant Shares
and/or the Warrant Price then in effect shall be required by reason of the
taking of such record.

SECTION 5. Additional Adjustment Provisions. (a) All calculations under Section
4 shall be made to the nearest cent or to the nearest one-tenth (1/10) of a
share, as the case may be.

      (b) For the purpose of any computation pursuant to Section 4, the Current
Market Price at any date of one share of Common Stock shall be deemed to be the
average of the daily closing prices for the 15 consecutive business days ending
on the last business day before the day in question (as adjusted for any stock
dividend, split, combination or reclassification that took effect during such 15
business day period). The closing price for each day shall be the last reported
sales price regular way or, in case no such reported sales took place on such
day, the average of the last reported bid and asked prices regular way, in
either case on the principal national securities exchange on which the Common
Stock is listed or admitted to trading or as reported by Nasdaq (or if the
Common Stock is not at the time listed or admitted for trading on any such
exchange or if prices of the Common Stock are not reported by Nasdaq then such
price shall be equal to the average of the last reported bid and asked prices on
such day as reported by The National Quotation Bureau Incorporated or any
similar reputable quotation and reporting service, if such quotation is not
reported by The National Quotation Bureau Incorporated); provided, however, that

                                       5
<PAGE>   6

if the Common Stock is not traded in such manner that the quotations referred to
in this clause (b) are available for the period required hereunder, the Current
Market Price shall be determined in good faith by the Board of Directors of the
Company.

      (c) Whenever the Warrant Price shall be adjusted as provided in Section 4,
the Company shall prepare a statement showing the facts requiring such
adjustment and the Warrant Price that shall be in effect after such adjustment.
The Company shall cause a copy of such statement to be sent by mail, first class
postage prepaid, to each Holder of this Warrant at its, his or her address
appearing on the Company's records. Where appropriate, such copy may be given in
advance and may be included as part of the notice required to be mailed under
the provisions of subsection (e) of this Section 5.

      (d) Adjustments made pursuant to Section 4 shall be made on the date such
dividend, subdivision, split-up, combination or Distribution, as the case may
be, is made, and shall become effective at the opening of business on the
business day next following the record date for the determination of
stockholders entitled to such dividend, subdivision, split-up, combination or
distribution.

      (e) In the event the Company shall propose to take any action of the types
described in Section 4, the Company shall forward, at the same time and in the
same manner, to the Holder of this Warrant such notice, if any, which the
Company shall give to the holders of capital stock of the Company.

      (f) In any case in which an adjustment shall become effective immediately
after a record date for an event, the Company may defer until the occurrence of
such event issuing to the Holder of all or any part of this Warrant which is
exercised after such record date and before the occurrence of such event the
additional shares of capital stock (if any) issuable upon such exercise by
reason of the adjustment required by such event over and above the shares of
capital stock issuable upon such exercise before giving effect to such
adjustment exercise; provided, however, that upon such exercise by the Holder,
the Company shall deliver to such Holder a due bill or other appropriate
instrument evidencing such Holder's right to receive such additional shares upon
the occurrence of the event requiring such adjustment.

SECTION 6. Ownership.

      6.1. Ownership of This Warrant. The Company may deem and treat the person
in whose name this Warrant is registered as the holder and owner hereof
(notwithstanding any notations of ownership or writing hereon made by anyone
other than the Company) for all purposes and shall not be affected by any notice
to the contrary until presentation of this Warrant for registration of transfer
as provided in this Section 6.

      6.2. Transfer and Replacement. Subject to the limitations set forth in
this Section 6.2, this Warrant and all rights hereunder are transferable in
whole or in part upon the books of the Company by the Holder hereof in person or
by duly authorized attorney, and a new Warrant or Warrants, of the same tenor as
this Warrant but registered in the name of the transferee or transferees (and in
the name of the Holder, if a partial transfer is effected) shall be made and
delivered by the Company upon surrender of this Warrant duly endorsed, at the
office of the Company referred to in Section 11 hereof. Notwithstanding any
other provision of this Warrant, no transfer of this Warrant or the Warrant
Shares may by made unless such transfer complies in all respects with applicable
federal and state securities laws, including without limitation, the Securities
Act and provided that such transfer does not result in the Company having a
class of equity security held of record by 500 or more persons as determined in
accordance with Section 12(g) of the Exchange Act and the rules and regulations
promulgated thereunder. If requested by the Company in the event of a proposed
transfer of this Warrant or the

                                       6
<PAGE>   7

Warrant Shares by the Holder, an opinion of counsel to the Holder transferring
this Warrant or the Warrant Shares (which shall be satisfactory to the Company)
shall be supplied to the Company at such transferring Holder's expense, to the
effect that such transfer complies with the applicable state and federal
securities laws. Notwithstanding the foregoing, no opinion of counsel will be
required in the case of a transfer of the entire Warrant (and all of the Warrant
Shares) by the Holder to an entity whose beneficial ownership is not different
from that of the Holder, where the Holder receives no consideration from an
unaffiliated third party in connection with such transfer, provided that such
transfer complies with the applicable state and federal securities laws. Upon
receipt by the Company of evidence reasonably satisfactory to it of the loss,
theft or destruction, and, in such case, of indemnity or security reasonably
satisfactory to it, and upon surrender of this Warrant if mutilated, the Company
will make and deliver a new Warrant of like tenor, in lieu of this Warrant;
provided that if the Holder hereof is an instrumentality of a state or local
government or an institutional holder or a nominee for such an instrumentality
or institutional holder an irrevocable agreement of indemnity by such Holder
shall be sufficient for all purposes of this Section 6, and no evidence of loss
or theft or destruction shall be necessary. This Warrant shall be promptly
cancelled by the Company upon the surrender hereof in connection with any
transfer or replacement. In the case of the loss, theft or destruction of this
Warrant, the Company shall pay all expenses, taxes and other charges payable in
connection with any replacement of this Warrant. Stock transfer taxes (if any)
payable in connection with a transfer of this Warrant shall be payable by the
Holder.

SECTION 7. Mergers, Consolidation, Sales. In the case of any proposed
consolidation or merger of the Company with another entity, or the proposed sale
of all or substantially all of its assets to another person or entity, or any
proposed reorganization or reclassification of the capital stock of the Company,
then, lawful and adequate provision shall be made whereby the Holder of this
Warrant shall thereafter have the right to receive upon the basis and upon the
terms and conditions specified herein, in lieu of the shares of the Common Stock
of the Company immediately theretofore purchasable hereunder, such shares of
stock, securities or assets as may (by virtue of such consolidation, merger,
sale, reorganization or reclassification) be issued or payable with respect to
or in exchange for the number of shares of such Common Stock purchasable
hereunder immediately before such consolidation, merger, sale, reorganization or
reclassification. In any such case appropriate provision shall be made with
respect to the rights and interests of the Holder of this Warrant to the end
that the provisions hereof shall thereafter be applicable as nearly as may be,
in relation to any shares of stock, securities or assets thereafter deliverable
upon the exercise of this Warrant.

SECTION 8. Notice of Dissolution or Liquidation. In case of any distribution of
the assets of the Company in dissolution or liquidation (except under
circumstances when the foregoing Section 7 shall be applicable), the Company
shall give notice thereof to the Holder hereof and shall make no distribution to
shareholders until the expiration often (10) business days from the date of
mailing of the aforesaid notice and, in any case, the Holder hereof may exercise
this Warrant within ten (10) business days from the date of the giving of such
notice, and all rights herein granted not so exercised within such thirty-day
period shall thereafter become null and void.

SECTION 9. Notice of Extraordinary Dividends. If the Board of Directors of the
Company shall declare any dividend or other distribution on its Common Stock
except out of earned surplus or by way of a stock dividend payable in shares of
its Common Stock, the Company shall mail notice thereof to the Holder hereof not
less than ten (10) business days prior to the record date fixed for determining
shareholders entitled to participate in such dividend or other distribution, and
the Holder hereof shall not participate in such dividend or other distribution
unless this Warrant is exercised prior to such record

                                       7
<PAGE>   8

date. The provisions of this Section 9 shall not apply to distributions made in
connection with transactions covered by Section 7.

SECTION 10. Fractional Shares. Fractional shares shall not be issued upon the
exercise of this Warrant but in any case where the Holder would, except for the
provisions of this Section 10, be entitled under the terms hereof to receive a
fractional share upon the complete exercise of this Warrant, the Company shall,
upon the exercise of this Warrant for the largest number of whole shares then
called for, pay a sum in cash equal to the excess of the value of such
fractional share (determined in such reasonable manner as may be prescribed in
good faith by the Board of Directors of the Company) over the Warrant Price for
such fractional share.

SECTION 11. Notices. Any notice or other document required or permitted to be
given or delivered to the Holder shall be delivered at, or sent by certified or
registered mail, courier service or overnight mail to, the Holder at
Transamerica Technology Finance Division, 76 Batterson Park Road, Farmington,
Connecticut 06032, Attention: Assistant Vice President, Lease Administration,
with a copy to the Lender at Riverway II, West Office Tower, 9399 West Higgins
Road, Rosemont, Illinois 60018, Attention: Legal Department or to such other
address as shall have been furnished to the Company in writing by the Holder.
Any notice or other document required or permitted to be given or delivered to
the Company shall be delivered at, or sent by certified or registered mail,
courier service or overnight mail to, the Company at 10 Exchange Place, 12th
Floor, Jersey City, New Jersey, 07032, Attention: Vice President Finance &
Administration with a copy to Ducker, Montgomery & Lewis, P.C., One Civic Center
Plaza, 1560 Broadway, Suite 1500, Denver, Colorado 80202, Attn: Michael J.
Kelly, Esq. or to such other address as shall have been furnished in writing to
the Holder by the Company. Any notice so addressed and mailed by registered or
certified mail shall be deemed to be given when delivered by hand, if personally
delivered; when delivered by courier or overnight mail, if delivered by
commercial courier service or overnight mail; and when mailed, if sent by
registered or certified mail.

SECTION 12. No Rights as Stockholder; Limitation of Liability. This Warrant
shall not entitle the Holder to any of the rights of a shareholder of the
Company except upon exercise in accordance with the terms hereof. No provision
hereof, in the absence of affirmative action by the Holder to purchase shares of
Common Stock, and no mere enumeration herein of the rights or privileges of the
Holder, shall give rise to any liability of the Holder for the Warrant Price
hereunder or as a shareholder of the Company, whether such liability is asserted
by the Company or by creditors of the Company.

SECTION 13. Law Governing. THE VALIDITY, INTERPRETATION, AND ENFORCEMENT OF THIS
WARRANT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES
THEREOF.

SECTION 14. Miscellaneous. This Warrant and any provision hereof may be changed,
waived, discharged or terminated only by an instrument in writing signed by both
parties (or any respective predecessor in interest thereof). The headings in
this Warrant are for purposes of reference only and shall not affect the meaning
or construction of any of the provisions hereof.

SECTION 15. Successors. The provisions of this Warrant shall inure to the
benefit of and be binding upon the Company, the Holder and their respective
permitted assigns. Nothing in this Warrant, express or implied, is intended to
confer upon any party other than the parties hereto or their respective
successors and permitted assigns any rights, remedies, obligations or
liabilities under or by reason of this Warrant, except as expressly provided in
this Warrant.

                                       8
<PAGE>   9

SECTION 16. Representations and Warranties by the Holder. The Holder represents
and warrants to the Company as follows:

            a. This Warrant is being acquired and any Warrant Shares will be
acquired for the Holder's own account, for investment and not with a view to, or
for resale in connection with, any distribution or public offering thereof
within the meaning of the Securities Act.

            b. The Holder understands that this Warrant has not been and the
Warrant Shares will not be registered under the Securities Act by reason of
their issuance in a transaction exempt from the registration and prospectus
delivery requirements of the Securities Act pursuant to Section 4(2) thereof.
Accordingly, this Warrant and the Warrant Shares must be held by the Holder
indefinitely, and the Holder must therefore bear the economic risk of such
investment indefinitely, unless a subsequent disposition thereof is registered
under the Securities Act or is exempted from such registration.

            c. The Holder has such knowledge and experience in financial and
business matters that it is capable of evaluating the merits and risks of the
acquisition of this Warrant and the Warrant Shares and of protecting its
interests in connection therewith.

            d. The Holder is able to bear the economic risk of the purchase of
Warrant Shares pursuant to the terms of this Warrant.

      IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by
its duly authorized officer this 19th day of June, 1998.

                                      OPTIMARK TECHNOLOGIES, INC.

[CORPORATE SEAL]                      By: /s/ Paul I. Kasnetz
                                          ------------------------------

                                      Title: VP Finance & Adm.
                                             ---------------------------

                                       9
<PAGE>   10

                           FORM OF NOTICE OF EXERCISE

                [To be signed only upon exercise of the Warrant]

                     TO BE EXECUTED BY THE REGISTERED HOLDER
                         TO EXERCISE THE WITHIN WARRANT

      The undersigned hereby exercises the right to purchase __________ shares
of Common Stock which the undersigned is entitled to purchase by the terms of
the within Warrant according to the conditions thereof, and herewith

[check one]

                             o     makes payment of $___________ therefor; or

                             o     directs the Company to issue _______ shares,
                                   and to withhold ____ shares in lieu of
                                   payment of the Warrant Price, as described in
                                   Section 2.1 of the Warrant.

All shares to be issued pursuant hereto shall be issued in the name of and the
initial address of such person to be entered on the books of the Company shall
be:

      The shares are to be issued in certificates of the following
denominations:

                                      ________________________________________

                                      [Type Name of Holder]

                                      By: ____________________________________

                                      Title: _________________________________

Dated: ___________________________

                                       10
<PAGE>   11

                               FORM OF ASSIGNMENT
                                    (ENTIRE)

               [To be signed only upon transfer of entire Warrant]

                     TO BE EXECUTED BY THE REGISTERED HOLDER
                         TO TRANSFER THE WITHIN WARRANT

      FOR VALUE RECEIVED ___________________________ hereby sells, assigns and
transfers unto _________________________________ all rights of the undersigned
under and pursuant to the within Warrant, and the undersigned does hereby
irrevocably constitute and appoint ___________________________ Attorney to
transfer the said Warrant on the books of the Company, with full power of
substitution.

                                      ________________________________________

                                      [Type Name of Holder]

                                      By: ____________________________________

                                      Title: _________________________________

Dated: ___________________________

NOTICE

      The signature to the foregoing Assignment must correspond to the name as
written upon the face of the within Warrant in every particular, without
alteration or enlargement or any change whatsoever.

                                       11
<PAGE>   12

                               FORM OF ASSIGNMENT
                                    (PARTIAL)

              [To be signed only upon partial transfer of Warrant]

                     TO BE EXECUTED BY THE REGISTERED HOLDER
                         TO TRANSFER THE WITHIN WARRANT

      FOR VALUE RECEIVED __________________ hereby sells, assigns and transfers
unto _________________________________ (i) the rights of the undersigned to
purchase ___ shares of Common Stock under and pursuant to the within Warrant,
and (ii) on a non-exclusive basis, all other rights of the undersigned under and
pursuant to the within Warrant, it being understood that the undersigned shall
retain, severally (and not jointly) with the transferee(s) named herein, all
rights assigned on such non-exclusive basis. The undersigned does hereby
irrevocably constitute and appoint ____________________________ Attorney to
transfer the said Warrant on the books of the Company, with full power of
substitution.

                                      ________________________________________

                                      [Type Name of Holder]

                                      By: ____________________________________

                                      Title: _________________________________

Dated: ___________________________

NOTICE

      The signature to the foregoing Assignment must correspond to the name as
written upon the face of the within Warrant in every particular, without
alteration or enlargement or any change whatsoever.

                                       12

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