Document:

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                                                                    Exhibit 10.8

                                   SCHEDULE

                                      TO

                        FORM OF STOCK WARRANT AGREEMENT

    The following information sets forth the material details of our stock
warrant agreements, a form of which immediately follows this schedule:

                Party                           Maximum Number of Warrants
                -----                           --------------------------

Aetna Life Insurance Company                           7,091.59

Aetna Life Insurance Company                          24,103.10

AEW Partners III, L.P.                                48,004.51

Alaska State Pension Investment Board                  693.765

Boston Properties Limited Partnership                 231,681.34

Brookfield Properties, Inc.                           232,210.40

Cornerstone Properties Limited Partnership            230,402.29

Cousins Properties Incorporated                       88,233.54

Lend Lease Real Estate Investments, Inc.              558,737.96

McCord Development, Inc.                              12,132.92

Mezzanine Investors Partners                           82,307.11

The Milwaukee Employees' Retirement System             1,783.39

Principal Office Investors, LLC                        17,348.03

Shorenstein Company, L.P.                             181,135.31

SJ Plaza, LLC                                          4,170.84

Tower Realty Management Corporation                   169,886.82

Transwestern Investment Company LLC                    64,671.82

TrizecHahn Office Properties, Inc.                      76,524

Vornado Communications, L.L.C.                         346,723.43

Westbrook Fund III Acquisitions, L.L.C.                96,816.83

101 Park, LLC                                           1,932.70
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No. W____                                                     _________, 1999

     The securities represented by this Warrant and issuable upon exercise
hereof have not been registered or qualified under the Securities Act of 1933,
as amended (the "1933 Act"), or under the provisions of any applicable state
securities laws, but have been acquired by the registered holder hereof for
purposes of investment and in reliance on statutory exemptions under the 1933
Act and under any applicable state securities laws.  These securities and the
securities issued upon exercise hereof may not be sold, pledged, transferred or
assigned, nor may this Warrant be exercised, except in a transaction which is
exempt under provisions of the 1933 Act and any applicable state securities laws
or pursuant to an effective registration statement; and in the case of an
exemption, only if the Company has received an opinion of counsel satisfactory
to the Company that such transaction does not require registration of any such
securities.

                                    FORM OF
                            STOCK WARRANT AGREEMENT

     1.   Grant of Warrant.
          ----------------

          (a)  Cypress Communications, Inc. (the "Company"), a Delaware
corporation, hereby agrees that ____________________ (the "Holder") is entitled,
subject to the provisions of this Warrant, to purchase from the Company, subject
to the conditions set forth below during the period commencing on the date
hereof and expiring at 5:00 P.M. Atlanta, Georgia, time, on the ______ (____)
anniversary of the date of this Warrant (the "Expiration Date"), up to that
number of fully paid and non-assessable shares of Common Stock as set forth in
Section 2(c) herein, at a price of $19.00 per share (the "Exercise Price").

          (b)  The term "Common Stock" means the voting Common Stock, $0.001 par
value per share, of the Company as constituted on the date hereof, together with
any other equity securities that may be issued by the Company in substitution
therefor. The number of shares of Common Stock to be received upon the exercise
of this Warrant and the Exercise Price may be adjusted from time to time as
hereinafter set forth. The shares of Common Stock deliverable upon such
exercise, and as adjusted from time to time, are hereinafter referred to as
"Warrant Stock." The term "Company" means and includes the Company as well as
(i) any successor corporation resulting from the merger or consolidation of such
corporation with another corporation, or (ii) any corporation to which such
corporation has transferred its property or assets as an entirety or
substantially as an entirety. All other capitalized terms not otherwise defined
herein shall have the meanings ascribed to them in that certain Master
Communications License Transaction Agreement between the Company and Holder
dated _________________, 1999, as the same may be amended from time to time (the
"Master Agreement").

     2.   Exercise of Warrant.
          -------------------

          (a)  Subject to the limitations set forth in Section 5, this Warrant
may be exercised in whole or in part commencing at any time and from time to
time after (i) the completion of the Warrant Calculation and (ii) the earlier of
(A) the date six months following the closing of the IPO (as defined below), or
(B) September 30, 2000, or (C) the occurrence of an event described in Section
2(a)(ii) or Section 2(a)(iii) below, and prior to and including the Expiration
Date (if such day is a day on which banking institutions in Georgia are
authorized by
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law to close, then on the next succeeding day that shall not be such a day), if
any of the following conditions have occurred (each an "Exercise Event"):

               (i)  the closing of the first sale to the public of the equity
securities of the Company pursuant to a registration statement filed with, and
declared effective by, the Securities and Exchange Commission under the 1933 Act
(the "IPO");

               (ii) the consummation of any merger, consolidation, business
combination, reorganization or recapitalization of the Company to which the
Company is a party, except for a merger, consolidation or other corporate
reorganization, in which after giving effect to such event, the holders of the
Company's outstanding capital stock (or their Permitted Transferees, as such
term is described in the Company's Certificate of Incorporation) immediately
prior to such event own directly or indirectly at least 50% of the Company's
voting power under ordinary circumstances;

               (iii)  a sale, lease or other disposition of all or substantially
all of the assets of the Company;

               (iv) the execution by the Company and Holder (or any Affiliate of
Owner) of License Agreements pertaining to 75% or more of the GLA as represented
by the final Buildings List in accordance with the Master Agreement; or

               (v)  the Company's execution and delivery of License Agreements
to Holder pertaining to Buildings with an aggregate of at least 5,000,000 square
feet of GLA.

          (b)  The Company shall give written notice to Holder at least 30 days
prior to the date of any Exercise Event described in Section 2(a)(i), (ii) or
(iii). The Company shall promptly notify the Holder in writing following the
occurrence of any other Exercise Event.

          (c)  Promptly after the end of the Diligence Period, the Company shall
provide Holder a calculation of that number of shares of Warrant Stock (rounded
to the nearest whole number) which the Holder shall be entitled to purchase upon
exercise of this Warrant (the "Calculation Notice"). The number of shares of
Warrant Stock issuable upon exercise of this Warrant shall be the sum of the
following (the "Warrant Calculation"):

               (i)   GLA of Buildings designated as Exclusive on the Buildings
List shall be divided by 1,000,000, and that result shall be multiplied by ____;
              ----------                                     -------------

               plus:
               ----

               (ii)  GLA of Buildings designated as Semi-Exclusive on the
Buildings List shall be divided by 1,000,000, and that result shall be
                        ----------
multiplied by ________;
-------------
               plus:
               ----

               (iii) GLA of Buildings designated as Non-Exclusive on the
Buildings List shall be divided by 1,000,000, and that result shall be
                        ----------
multiplied by ________;
-------------

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               minus:
               -----

               (iv) The number of shares of Warrant Stock forfeited by Holder
pursuant to Section 9 prior to Holder's exercise of this Warrant.

Upon receipt of the Calculation Notice from the Company, the Holder shall have
twenty (20) days to provide to the Company written notice of any objection with
respect to such Warrant Calculation (the "Protest Notice").  If the Holder fails
to provide Company with such Protest Notice within such twenty-day period, the
Holder shall be deemed to have accepted such calculation, and thereafter shall
be entitled to exercise this Warrant only for the number of shares of Warrant
Stock so calculated (but subject to adjustment as provided in Section 4 below
and forfeiture as provided in Section 9 below).  If the Holder provides the
Company with such Protest Notice, such Warrant Calculation shall be submitted to
a nationally recognized accounting firm not affiliated with either the Company
or the Holder, and the Warrant Calculation as determined by such accounting firm
shall be binding upon the parties.  The accounting firm shall review the Warrant
Calculation and make any appropriate adjustment thereto within thirty (30) days
after submission to it.  The expenses of such accounting firm shall be split
evenly by the parties.

          (d)  The calculations described in Section 2(c) herein shall be made
irrespective of, and the number of shares of Warrant Stock issuable upon
exercise hereof shall not be affected by, (i) the Company's failure to submit a
Communications License Agreement for a Building prior to the expiration of the
Rollout Period, or (ii) the Company's loss of Exclusive or Semi-Exclusive Rights
as the result of the failure of the Company to complete installation within a
Building or Buildings prior to the expiration of the Rollout Period.

          (e)  The Holder may exercise this Warrant by presentation and
surrender of this Warrant to the Company at its principal office, or to its
stock transfer agent, if any, with the Warrant Exercise Form attached hereto
duly executed and accompanied by payment (either in cash or by certified or
official bank check, payable to the order of the Company, or by wire transfer of
immediately available funds to an account designated by the Company) of the
Exercise Price for the number of shares of Warrant Stock specified in such form.

          (f)  Following the IPO, in connection with any requested conversion of
this Warrant, and in lieu of the payment of the Exercise Price in cash, the
Company shall convert this Warrant, in whole or in part and at any time or
times, into Warrant Stock (the "Conversion Right"), as follows: Upon exercise of
the Conversion Right, the Company shall deliver to the Holder (without payment
by the Holder of any Exercise Price) that number of shares of Common Stock equal
to the quotient obtained by dividing (x) the difference of (A) the aggregate
Fair Market Value (as defined in Section 4(b)(viii) below) for all Warrant Stock
issuable upon exercise of the Warrants being converted, less (B) the aggregate
Exercise Price for all such Warrant Stock, by (y) the Fair Market Value of one
share of Warrant Stock.

          (g)  Upon receipt by the Company of this Warrant, together with the
Warrant Exercise Form and, in connection with any conversion other than under
Section 2(f), the Exercise Price (the "Exercise Time"), at its office, or by the
stock transfer agent of the Company at its office, the Holder shall be deemed to
be the holder of record of the shares of Common

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Stock issuable upon such exercise, notwithstanding that the stock transfer books
of the Company shall then be closed or that certificates representing such
shares of Common Stock shall not then be actually delivered to the Holder.

          (h)  The Company will deliver to Holder certificates for Warrant Stock
purchased upon exercise of this Warrant within five (5) business days after the
Exercise Time. Unless all of the purchase rights represented by this Warrant
have been exercised, the Company will prepare a new Warrant, substantially
identical hereto, representing the rights formerly represented by this Warrant
which have not expired or been exercised and will within such five-day period,
deliver such new Warrant to the Holder.

          (i)  The issuance of certificates for Warrant Stock upon exercise of
this Warrant will be made without charge to the Holder for any issuance tax in
respect thereof or other cost incurred by the Company in connection with such
exercise and the related issuance of Warrant Stock. The Holder or its transferee
shall pay any transfer tax payable in respect of a transfer of the Warrant or
the Warrant Stock to a third party.

          (j)  Notwithstanding any other provisions hereof, if an exercise of
any portion of this Warrant is to be made in connection with a public offering
of Common Stock or a merger or other sale of all or substantially all of the
stock or assets of the Company, the exercise of any portion of this Warrant may,
at the election of the Holder, be conditioned upon the consummation of the
public offering or the sale of the Company in which case such exercise shall not
be deemed to be effective until the consummation of such transaction.

     3.  Reservation of Shares. The Company shall at all times authorize and
         ---------------------
reserve for issuance and delivery all shares of Common Stock issuable upon
exercise of this Warrant. All such shares shall be duly authorized and, when
issued upon exercise in compliance with the terms of this Agreement, shall be
validly issued, fully paid and non-assessable. No fractional shares or scrip
representing fractional shares shall be issued upon the exercise of this
Warrant, but the Company shall pay the Holder an amount equal to the applicable
Exercise Price multiplied by such fraction in lieu of each fraction of a share
otherwise called for upon any exercise of this Warrant. If at any time the
number of authorized but unissued shares of Common Stock shall not be sufficient
to effect the conversion of this Warrant, the Company will take such corporate
action as may, in the opinion of its counsel, be necessary to increase its
authorized but unissued shares of Common Stock to such number of shares as shall
be sufficient for such purpose. The Company shall take all such actions as may
be necessary to assure that all such shares of Common Stock may be so issued
without violation of any applicable law or governmental regulation or any
requirements of any securities exchange or inter-dealer quotation system upon
which shares of Common Stock may be listed or traded (except for official notice
of issuance which shall be immediately transmitted by Company upon issuance).

     4.   Adjustments.
          -----------

          (a)  Capital Adjustments. If the Company at any time or from time to
               -------------------
time after the date hereof effects a subdivision of the outstanding Common Stock
(by stock split, stock dividend, recapitalization or otherwise) or a combination
the outstanding shares of Common Stock into a smaller number of shares (by
reverse stock split, recapitalization or otherwise), (i)

                                       4
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the Exercise Price in effect immediately before the subdivision or combination
shall be automatically adjusted by multiplying the Exercise Price by a fraction
(the "Capital Adjustment Factor"), (A) the numerator of which is the total
number of shares of Common Stock issued and outstanding immediately prior to the
time of such subdivision or combination, and (B) the denominator of which is the
total number of shares of Common Stock issued and outstanding immediately after
such subdivision or combination, and (ii) the number of shares of Warrant Stock
issuable upon exercise of this Warrant shall be automatically adjusted by
dividing such number of shares by the Capital Adjustment Factor.

          (b)  Below Market Issuances.
               ----------------------

               (i)  In the event that the Company issues or sells shares of
     Common Stock (other than Permitted Issuances, as described below) at a
     price per share below the "Fair Market Value" (as defined herein) of such
     shares (a "Below Market Transaction"), (A) the number of shares of Warrant
     Stock issuable upon exercise of this Warrant shall be adjusted so as to be
     equal to the product obtained by multiplying the number of shares of
     Warrant Stock issuable pursuant to this Warrant prior to the Below Market
     Transaction by a fraction (the "Market Adjustment Factor"), the numerator
     of which shall be (i) the number of shares of Common Stock outstanding
     immediately prior to consummation of the Below Market Transaction plus (ii)
                                                                       ----
     the number of shares of Common Stock issued or sold in the Below Market
     Transaction, and the denominator of which shall be (x) the number of shares
     of Common Stock outstanding immediately prior to the Below Market
     Transaction plus (y) th number of shares of Common Stock that the aggregate
                 ----
     consideration received by the Company in the Below Market Transaction would
     purchase at Fair Market Value, and (B) the Exercise Price shall be adjusted
     so as to be equal to the quotient obtained by dividing the Exercise Price
     in effect prior to the Below Market Transaction by the Market Adjustment
     Factor. For purposes of this subsection, Common Stock shall be deemed to
     include that number of shares of Common Stock that would be obtained
     assuming (A) the conversion of any securities of the Company which, by
     their terms, are convertible into or exchangeable for Common Stock, and (B)
     the exercise of all options to purchase or rights to subscribe for Common
     Stock or securities which, by their terms, are convertible into or
     exchangeable for Common Stock.

               (ii) If the Company in any manner issues or sells any stock or
     securities directly or indirectly convertible into or exchangeable for
     Common ("Convertible Securities"), other than Convertible Securities that
     are Issuances, and the price per share for which Common Stock is issuable
     upon conversion or exchange thereof is less than the Fair Market Value of
     the Common Stock immediately prior to the time of such issue or sale, then,
     for purposes of Section 4(b)(i), the total maximum number of shares of
     Common Stock issuable upon conversion or exchange of such Convertible
     Securities shall be deemed to have been issued and sold by the Company at
     the time of the issuance or sale of such Convertible Securities for such
     price per share. For the purposes of this paragraph, the "price per share
     for which Common Stock is issuable" shall be determined by dividing (A) the
     total amount received or receivable by the Company as consideration for the
     issue or sale of such Convertible Securities, plus the minimum aggregate
     amount of additional consideration, if any, payable to the Company upon the
     conversion or exchange thereof, by (B) the total

                                       5
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     maximum number of shares of Common Stock issuable upon the conversion or
     exchange of all such Convertible Securities. No further adjustment of the
     number of shares of Warrant Stock issuable upon exercise of this Warrant or
     the Exercise Price shall be made when Common Stock is actually issued upon
     the conversion, exercise or exchange of such Convertible Securities.

               (iii) If the Company in any manner grants or sells any rights,
     warrants or options to subscribe for or purchase Common Stock or
     Convertible Securities ("Options"), other than options that are Permitted
     Issuances, and the price per share for which Common Stock is issuable upon
     the exercise of such Options, or upon conversion or exchange of any
     Convertible Securities issuable upon exercise of such Options, is less than
     the Fair Market Value of the Common Stock immediately prior to the time of
     the granting or sale of such Options, then, for purposes of Section
     4(b)(i), the total maximum number of shares of Common Stock issuable upon
     the exercise of such Options or upon conversion or exchange of the total
     maximum amount of such Convertible Securities issuable upon the exercise of
     such Options shall be deemed to have been issued and sold by the Company at
     the time of the granting or sale of such Options for such price per share.
     For purposes of this paragraph, the "price per share for which Common Stock
     is issuable" shall be determined by dividing (A) the total amount, if any,
     received or receivable by the Company as consideration for the granting or
     sale of such Options, plus the minimum aggregate amount of additional
     consideration payable to the Company upon exercise of all such Options,
     plus in the case of such Options which relate to Convertible Securities,
     the minimum aggregate amount of additional consideration, if any, payable
     to the Company upon the issuance or sale of such Convertible Securities and
     the conversion or exchange thereof, by (B) the total maximum number of
     shares of Common Stock issuable upon the exercise of such Options or upon
     the conversion or exchange of all such Convertible Securities issuable upon
     the exercise of such Options. No further adjustment of the number of shares
     of Warrant Stock issuable upon exercise of this Warrant or the Exercise
     Price shall be made when Convertible Securities are actually issued upon
     the exercise of such Options or when Common Stock is actually issued upon
     the exercise of such Options or the conversion or exchange of such
     Convertible Securities.

               (iv) If the purchase price provided for in any Options, the
     additional consideration, if any, payable upon the conversion or exchange
     of any Convertible Securities or the rate at which any Convertible
     Securities are convertible into or exchangeable for Common Stock changes at
     any time, the number of shares of Warrant Stock issuable upon exercise of
     this Warrant and the Exercise Price in effect at the time of such change
     shall be immediately adjusted to the applicable number of shares of Warrant
     Stock issuable upon exercise of this Warrant and the Exercise Price which
     would have been in effect at such time had such Options or Convertible
     Securities still outstanding provided for such changed purchase price,
     additional consideration or conversion rate, as the case may be, at the
     time initially granted, issued or sold.

               (v) Upon the expiration of any Option or the termination of any
     right to convert or exchange any Convertible Security without the exercise
     of any such Option or right, the Exercise Price then in effect hereunder
     shall be adjusted immediately to the

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     applicable number of shares of Warrant Stock issuable upon exercise of this
     Warrant and the Exercise Price which would have been in effect at the time
     of such expiration or termination had such Option or Convertible Security,
     to the extent outstanding immediately prior to such expiration or
     termination, never been issued.

               (vi) If any Common Stock or Convertible Security is issued or
     sold or deemed to have been issued or sold for cash, the consideration
     received therefor shall be deemed to be the amount received by the Company
     therefor (net of discounts, commissions and related expenses). If any
     Common Stock or Convertible Security is issued or sold for a consideration
     other than cash, the amount of the consideration other than cash received
     by the Company shall be the fair value of such consideration. If any Common
     Stock or Convertible Security is issued to the owners of the non-surviving
     entity in connection with any merger in which the Company is the surviving
     corporation, the amount of consideration therefor shall be deemed to be the
     fair value of such portion of the net assets and business of the non-
     surviving entity as is attributable to such Common Stock or Convertible
     Security, as the case may be. The fair value of any consideration other
     than cash and securities shall be determined jointly by the Company and the
     Holder. If such parties are unable to reach agreement within a reasonable
     period of time, the fair value of such consideration shall be determined by
     an independent appraiser experienced in valuing such type of consideration
     jointly selected by the Company and the Holder. The determination of such
     appraiser shall be final and binding upon the parties, and the reasonable
     fees and expenses of such appraiser shall be borne by the Company. In case
     any Convertible Security is issued in connection with the issue or sale of
     other securities of the Company, together comprising one integrated
     transaction, the board of directors of the Company shall make a good faith
     determination of the portion of the consideration received therefor
     allocable as consideration for which the Company issued the Convertible
     Security.

               (vii) The number of shares of Common Stock outstanding at any
     given time shall not include shares owned or held by or for the account of
     the Company or any subsidiary, and the disposition of any shares so owned
     or held shall be considered an issue or sale of Common Stock.

               (viii) The term "Permitted Issuances," as used herein, means
     issuances to employees pursuant to the Company's management equity plans,
     as approved from time to time by the Company's Board of Directors. For
     purposes of this Section 4(b) and Section 2(f), if the Common Stock is
     traded on the Nasdaq Stock Market or other inter-dealer quotation system or
     is listed on any national securities exchange, the "Fair Market Value" of
     the Common Stock shall be average of the last reported sales prices of the
     Common Stock as reported by Nasdaq or, if the Common Stock is listed on a
     national securities exchange, the last reported sales prices of the Common
     Stock on such exchange, for the twenty (20) trading days immediately
     preceding the date of such sale or issuance of Common Stock. If the Common
     Stock is not so listed or traded, the Fair Market Value of the Common Stock
     shall be determined jointly by the Company and the Holder. If such parties
     are unable to reach agreement within 30 days of the date of such sale or
     issuance, the Fair Market Value of the Common Stock shall be determined by
     an independent appraiser jointly selected by the Company and the Holder.
     The

                                       7
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     determination of such appraiser shall be final and binding upon the
     parties, and the reasonable fees and expenses of such appraiser shall be
     borne by the Company.

          (c)  Reorganizations, Mergers, Consolidations or Sales of Assets.
               -----------------------------------------------------------
If at any time or from time to time after the date hereof, there is a capital
reorganization of the Common Stock (other than a recapitalization, subdivision,
combination, reclassification, exchange or substitution of shares provided for
elsewhere in this Section 4), as a part of such capital reorganization,
provision shall be made so that the Holder shall thereafter be entitled to
receive upon exercise of this Warrant the number of shares of stock or other
securities or property of the Company to which a holder of the number of shares
of Common Stock deliverable upon exercise of this Warrant would have been
entitled in connection with such capital reorganization, subject to adjustment
in respect of such stock or securities by the terms thereof. In any such case,
appropriate adjustment shall be made in the application of the provisions of
this Section 4 with respect to the rights of the Holder after the capital
reorganization to the end that the provisions of this Section 4 (including
adjustment of the Exercise Price and the number of shares of Warrant Stock
issuable upon exercise of this Warrant then in effect) shall be applicable after
that event and be as nearly equivalent as practicable.

          (d)  Notice to Warrant Holder of Adjustment. At any time following the
               --------------------------------------
delivery to Holder of a Calculation Notice, whenever the number of shares of
Warrant Stock issuable upon exercise of this Warrant or the Exercise Price is
adjusted as herein provided, the Company shall cause to be mailed to the Holder
in accordance with the provisions of this Section 4 a notice (i) stating that an
event giving rise to an adjustment hereunder has occurred, (ii) setting forth
the adjusted number of shares of Warrant Stock and the adjusted Exercise Price
and (iii) showing in reasonable detail the computations and the facts upon which
such adjustments are based. The Holder shall be entitled to review such
calculation (as well as any "Fair Market Value" calculation made by the board of
directors pursuant to Section 4(b)) and render any objections in the manner
provided in Section 4(b)(viii).

     5.   Restrictions on Transfer.
          ------------------------

          (a)  The Holder hereby acknowledges that neither this Warrant nor any
of the securities that may be acquired upon exercise of this Warrant have been
registered or qualified under the 1933 Act or under the securities laws of any
state. The Holder acknowledges that upon exercise of this Warrant the securities
to be issued upon such exercise may be subject to applicable federal and state
securities (or other) laws requiring registration, qualification or approval of
governmental authorities before such securities may be validly issued or
delivered upon notice of such exercise. The Holder agrees that the issuance of
such securities may be deferred until the issuance or sale of such securities
shall be lawful in all respects. The restrictions imposed by this Section 5 upon
the exercise of this Warrant shall cease and terminate as to any particular
shares of Warrant Stock (i) when such securities shall have been effectively
registered and qualified under the 1933 Act and all applicable state securities
laws and disposed of in accordance with the registration statement covering such
securities, or (ii) when, in the opinion of counsel for the Company, such
restrictions are no longer required in order to ensure compliance with the 1933
Act and all applicable state securities laws.

                                       8
<PAGE>

          (b)  Notwithstanding the provisions of Section 5(a), the Holder may
not offer, sell, contract to sell or otherwise dispose of any Warrant Stock
within one hundred eighty (180) days after the date of any final prospectus
related to the IPO except with the written consent of the Company and managing
underwriter or underwriters for such offering.

          (c)  Prior to the IPO, and except for the Permitted Transfers
described in Section 15(a), at least 30 days prior to making any sale or
transfer of any of Warrant Stock, the Holder shall deliver a written notice (the
"Offer Notice") to the Company. The Offer Notice shall disclose in reasonable
detail the proposed number of shares of Warrant Stock to be transferred and the
proposed terms and conditions of the transfer. The Company may elect to purchase
all, but not less than all, of the shares of Warrant Stock specified in the
Offer Notice at the price and on the terms specified therein by delivering
written notice of such election to the Holder as soon as practical but in any
event within 30 days after the delivery of the Offer Notice. To the extent that
the Company does not elect to purchase all of the shares of Warrant Stock being
offered, the Holder may, within 90 days after the expiration of the Company's
election period, transfer such shares of Warrant Stock to one or more third
parties at a price no less than the price per share specified in the Offer
Notice and on terms no more favorable to the transferees than offered to the
Company in the Offer Notice. The purchase price specified in the Offer Notice
shall be payable solely in cash at the closing of the transaction.

     6.   Piggy-Back Registration Rights.
          ------------------------------

          (a)  If the Company has registered or has determined to register any
of its securities for its own account or for the account of other security
holders of the Company on any registration form (other than Form S-4 or S-8)
which permits the inclusion of the Warrant Stock (a "Piggyback Registration"),
the Company will give the Holder written notice thereof promptly and, subject to
Section 6(c), shall include in such registration all the Warrant Stock requested
to be included therein pursuant to the written request of the Holder received
within twenty (20) days after delivery of the Company's notice.

          (b)  If the Piggyback Registration relates to an underwritten public
offering, the Company shall so advise the Holder as a part of the written notice
given pursuant to Section 6(a). In such event, the right of the Holder to
participate in such registration shall be conditioned upon Holder's
participation in such underwriting in accordance with the terms and conditions
thereof. Should the Holder propose to distribute its Warrant Stock through such
underwriting, it shall (together with the Company) enter into an underwriting
agreement in customary form with the representative of the underwriter or
underwriters selected by the Company.

          (c)  If such proposed Piggyback Registration is an underwritten
offering and the managing underwriter for such offering advises the Company that
the securities requested to be included therein exceeds the amount of securities
that can be sold in such offering, any (i) securities to be sold by the Company
in such offering and (ii) Registrable Securities (as such term is defined in the
Company's Third Amended and Restated Stockholders Agreement dated October 8,
1999) shall have priority over the Holder's Warrant Stock, and the number of
shares to be included by the Holder in such registration shall be reduced pro
rata on the basis of the percentage of the outstanding Warrant Stock held by the
Holder (assuming the exercise of all warrants held by the Holder) and all other
holders exercising equivalent registration rights.

                                       9
<PAGE>

          (d)  If the Holder requests but is unable to register all shares of
Warrant Stock in a Piggyback Registration within eighteen (18) months following
the IPO, the Holder shall have the option to include such Warrant Stock in a
Demand Registration pursuant to Section 7.

     7.   Demand Registration Rights.
          --------------------------

          (a)  Should the Holder request but be unable to include in a Piggyback
Registration all shares of Warrant Stock within eighteen (18) months following
the IPO as contemplated in Section 6 herein, the holders of Warrants or Warrant
Stock representing at least 50% of the aggregate shares of Warrant Stock
issuable upon exercise of this Warrant (including any Holders of Warrants or
Warrant Stock issuable as a result of an assignment of all or a portion hereof,
in the aggregate, as adjusted pursuant to Section 4) (the "Initiating Holders")
may, if available to the Company, require that the Company effect as many
registrations as the Initiating Holders may request under the Securities Act
utilizing a Form S-3 or any similar form (a "Demand Registration").

          (b)  The Company shall file a registration statement with respect to
such Demand Registration requested pursuant to Section 7(a) as soon as
practicable after receipt of the demand of the Initiating Holders; provided,
however, that if in the good faith judgment of the Board of Directors of the
Company, such registration would be seriously detrimental to the Company in that
such registration would interfere with a material corporate transaction and the
Board of Directors concludes, as a result, that it is advisable to defer the
filing of such registration statement at such time (as evidenced by an
appropriate resolution of the Board), then the Company shall have the right to
defer such filing for the period during which such registration would be
seriously detrimental; provided, however, that (i) the Company may not defer the
filing for a period of more than one hundred eighty (180) days after receipt of
any demand of the Initiating Holders and (ii) the Company shall not exercise its
right to defer a Demand Registration more than once.

          (c)  Notwithstanding any provision to the contrary contained in this
Warrant, a Holder's registration rights under Sections 6 and 7 shall
automatically terminate when all of the Warrant Stock owned by such Holder may
immediately be sold under Rule 144 under the 1933 Act.

     8.   Registration Procedures.
          -----------------------

     8.1  In the case of each registration effected by the Company pursuant to
Sections 6 or 7 of this Warrant, the Company will keep the Holder advised in
writing as to the initiation of such registration and as to the completion
thereof.  At its expense, the Company will use its best efforts to:

          (a) cause such registration to be declared effective by the Securities
and Exchange Commission (the "Commission") and, in the case of a Demand
Registration, keep such registration effective for a period of one hundred
eighty (180) days or until the Holder has completed the distribution described
in the registration statement relating thereto, whichever first occurs;

                                       10
<PAGE>

          (b)  prepare and file with the Commission such amendments and
supplements to such registration statement and the prospectus used in connection
with such registration statement (including post-effective amendments) as may be
necessary to comply with the provisions of the 1933 Act with respect to the
disposition of all securities covered by such registration statement;

          (c)  obtain appropriate qualifications of the securities covered by
such registration under state securities or "blue sky" laws in such
jurisdictions as may be requested by the Holder; provided, however, that the
Company shall not be required to file a general consent to service of process in
any jurisdiction in which it is not otherwise subject to service in order to
obtain any such qualification;

          (d)  furnish such number of prospectuses and other documents incident
thereto, including any amendment of or supplement to the prospectus, as the
Holder from time to time may reasonably request;

          (e)  notify the Holder, at any time when a prospectus relating thereto
is required to be delivered under the 1933 Act, of 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 a material fact required to be stated therein or necessary to make the
statements therein not misleading or incomplete in the light of the
circumstances then existing, and at the request of any such holder, prepare and
furnish to such holder 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 shares, 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 or
incomplete in the light of the circumstances then existing;

          (f)  cause all Warrant Stock covered by such registration to be listed
on each securities exchange or inter-dealer quotation system on which similar
securities issued by the Company are then listed;

          (g)  provide a transfer agent and registrar for all Warrant Stock
covered by such registration and a CUSIP number for all such securities, in each
case not later than the effective date of such registration;

          (h)  otherwise comply with all applicable rules and regulations of the
Commission, and make available to its security holders, as soon as reasonably
practicable, an earnings statement covering a period of at least twelve months,
but not more than eighteen months, beginning with the first month after the
effective date of the registration statement, which earnings statement shall
satisfy the provisions of Section 11(a) of the 1933 Act; and

          (i)  in connection with any underwritten Demand Registration, the
Company will (A) enter into an underwriting agreement reasonably satisfactory to
the Company and the Holder containing customary underwriting provisions,
including indemnification and contribution provisions, and (B) cooperate with
such underwriters and use its reasonable

                                       11
<PAGE>

commercial efforts to assist such underwriters in connection with the offering
and sale of Warrant Stock.

     8.2  Other Obligations. With a view to making available the benefits
          -----------------
of certain rules and regulations of the Securities and Exchange Commission which
may facilitate the registration of Warrant Stock or permit the sale of Warrant
Stock to the public without registration, the Company agrees to:

          (a)  after its initial registration under the 1933 Act, exercise
reasonable commercial efforts to cause the Company to be eligible to utilize
Form S-3 (or any similar form) for the registration of Warrant Stock;

          (b)  at such time as any Warrant Stock is eligible for transfer under
Rule 144(k), upon the request of the holder of such Warrant Stock, remove any
restrictive legend from the certificates evidencing such securities at no cost
to such holder;

          (c)  make and keep available public information as defined in Rule 144
under the 1933 Act at all times from and after ninety (90) days following its
initial registration under the 1933 Act;

          (d)  file with the Commission in a timely manner all reports and other
documents required of the Company under the 1933 Act and the Securities Exchange
Act of 1934 (the "1934 Act") at any time after it has become subject to such
reporting requirements; and

          (e)  furnish any holder of Warrant Stock upon request a written
statement by the Company as to its compliance with the reporting requirements of
Rule 144 (at any time from and after ninety (90) days following the IPO), and of
the 1933 Act and the 1934 Act (at any time after it has become subject to such
reporting requirements), a copy of the most recent annual or quarterly report of
the Company, and such other reports and documents as a holder of Warrant Stock
may reasonably request in availing itself of any rule or regulation of the
Securities and Exchange Commission (including Rule 144A) allowing a holder of
Warrant Stock to sell any such securities without registration.

     9.  Forfeiture of Warrants and Return of Proceeds.
         ---------------------------------------------

          (a)  If a Building covered by a License Agreement is sold and the
     purchaser of the Building fails to assume the License associated with such
     Building at the closing of such sale (a "Sale"), at the Company's written
     request, the Holder shall forfeit or return to the Company, as applicable,
     the right to acquire the Warrant Stock issuable upon exercise of this
     Warrant or, if this Warrant has been exercised, the Warrant Stock issued,
     which is attributable to the GLA from such Building, together with any
     dividends paid on such Warrant Stock, or if Holder has transferred such
     Warrant Stock, any proceeds resulting from the transfer of the Warrant
     Stock (collectively, the "Warrant Amount"), as set forth below:

               (i)  If a Sale occurs during the period commencing on the date of
          the Master Agreement and ending on the third (3rd) anniversary
          thereof, at the Company's written request, the Holder shall forfeit or
          return 100% of the Warrant Amount;

                                       12
<PAGE>

                    (ii) If a Sale occurs during the period following the third
          (3/rd/) anniversary of the date of the Master Agreement, at the
          Company's written request, the Holder shall forfeit or return to the
          Company the Warrant Amount as set forth below:

-------------------------------------------------------------------------------
After the 3/rd/ anniversary but prior to the 4/th/       80% of Warrant Amount
anniversary of the date of the Master Agreement
-------------------------------------------------------------------------------
On or after the 4/th/anniversary but prior to            60% of Warrant Amount
the 5/th/ anniversary of the date of the Master
Agreement
-------------------------------------------------------------------------------
On or after the 5/th/ anniversary but prior to the       40% of Warrant Amount
6/th/ anniversary of the date of the Master
Agreement
--------------------------------------------------------------------------------
On or after the 6/th/ anniversary but prior to the       20% of Warrant Amount
7/th/ anniversary of the date of the Master
Agreement
--------------------------------------------------------------------------------
On or after the 7/th/ anniversary of the date of          0% of Warrant Amount
the Master Agreement
--------------------------------------------------------------------------------

If Warrant Stock has not yet been issued at the time of a Sale, the Warrant
Amount applied to such Building shall be excluded from any calculation of
Warrant Stock to be issued upon any Exercise Event.  Upon surrender by Holder of
any Warrant Amount in the form of shares of Warrant Stock, the Company shall
refund to the Holder the Exercise Price paid to the Company attributable to such
surrendered Warrant Amount.  Any Warrant Amount payable by Holder hereunder in
the form of proceeds from the sale of Warrant Stock shall be net of the Exercise
Price paid to the Company for such shares of Warrant Stock.

          (b)  Notwithstanding the provisions of Section 9(a), no portion of the
Warrant Amount with respect to the GLA of a Building shall be returned or
forfeited if and to the extent that, within six (6) months after the Sale of the
Building, Holder enters or has previously entered into a License Agreement with
the Company, upon the terms set forth in the Master Agreement or upon other
terms reasonably satisfactory to the Company, for one or more other buildings
reasonably satisfactory to the Company not covered by the Master Agreement to
the extent of the GLA of such building or buildings.

          (c)  The provisions of Section 9(a) shall terminate and be of no
further effect upon (i) the expiration or non-renewal of the Master Agreement in
accordance with its terms or (ii) the termination of the Master Agreement as a
result of a breach of the Master Agreement by the Company. The provisions of
Section 9(a) shall apply only with respect to the initial sale of a Building by
Holder; any sale of such Building by a subsequent owner thereof shall have no
effect on the rights of the Holder hereunder.

          (d)  If Warrant Stock has been issued, and upon a Sale the Holder
fails to deliver to the Company the forfeited Warrant Amount (whether in the
form of a stock certificate or cash proceeds), the Company shall be entitled to
(i) cancel any such certificates registered in the Holder's name representing
the Warrant Stock on the books and records of the Company (at which time such
Warrant Stock shall be deemed canceled without any additional required action

                                       13
<PAGE>

on behalf of the Company or the Holder), and (but only to the extent necessary
after taking the action provided in clause (i) above) (ii) set off against any
amounts which the Company may owe Holder pursuant to the terms of the Master
Agreement the amount of such cash proceeds.

          (e)  In the event of the transfer or assignment of a portion of this
Warrant in accordance with Section 15 hereof, the Holder will provide written
notice to the Company specifying the particular Building or Buildings (and the
GLA thereof) to which the transferred Warrants relate. Thereafter, if any sale
of such Building or Buildings occurs such that any Warrant Amount becomes
payable to the Company pursuant to the provisions of this Section 9, the entire
amount of such Warrant Amount payable shall be forfeited by the holder (or
holders, pro rata) of the transferred Warrants in accordance with the forfeiture
provisions thereof, and any rights under this Warrant or shares of Warrant Stock
held by the transferor with respect to any other Building or Buildings shall not
be subject to forfeiture upon such sale; provided, however, that in the event
that such transferee has exercised its rights under the transferred Warrant and
sold the shares of Warrant Stock acquired thereupon (and such Warrant Amount is
payable to the Company by such transferee in cash), the transferor of the
Warrant shall remain liable for, and shall pay to the Company, such Warrant
Amount to the extent the Company is unable within 20 days after written demand
to the transferee, with a copy to the transferor, to collect such Warrant Amount
from the transferee.

     10.  Additional Offers of Warrant Rights.  Subject to the provisions of
          -----------------------------------
Section 4 of this Warrant, the Company is authorized to offer to other qualified
property owners similar warrant rights as provided in this Warrant prior to the
filing of its initial registration statement in connection with the IPO or
following the closing of the IPO.

     11.  Holder Representations and Warranties.
          -------------------------------------

          (a)  The Holder has all necessary power and authority under all
applicable provisions of law to execute and deliver this Warrant and to carry
out its provisions. All actions on Holder's part required for the lawful
execution and delivery of this Warrant have been taken.

          (b)  The Holder understands that neither the Warrant nor the Warrant
Stock has been registered under any state securities act or the 1933 Act. The
Holder also understands that the Warrants and the Warrant Stock are being
offered and sold pursuant to an exemption from registration contained in
applicable state securities acts and the 1933 Act based in part upon the
Holder's representations contained in this Warrant.

          (c)  The Holder has substantial experience in evaluating and investing
in private placement transactions of securities in companies similar to the
Company so that Holder is capable of evaluating the merits and risks of its
investment in the Company and has the capacity to protect its own interests. The
Holder must bear the economic risk of this investment indefinitely unless the
Warrants (or the Warrant Stock) are registered pursuant to the 1933 Act, or an
exemption from registration is available. The Holder understands that the
Company has no present intention of registering the Warrants, the Warrant Stock
or any shares of its Common Stock. The Holder also understands that there is no
assurance that any exemption from registration under the 1933 Act will be
available and that, even if available, such exemption may not allow the Holder
to transfer all or any portion of the Warrants or the Warrant Stock under the

                                       14
<PAGE>

circumstances, in the amounts or at the times the Holder might propose. The
Holder can bear the economic risk of losing its entire investment in the
Company.

          (d)  The Holder is acquiring the Warrants and the Warrant Stock for
Holder's own account or for the account of an Affiliate or Owner for investment
only, and not with a view towards their resale or distribution in violation of
applicable securities laws.

          (e)  The Holder represents that, by reason of Holder's or of its
management's business or financial experience, the Holder has the capacity to
protect its own interests in connection with the transactions contemplated in
this Warrant. Further, the Holder is aware of no publication of any
advertisement in connection with the transactions contemplated by the Warrant.

          (f)  The Holder represents that Holder is an accredited investor
within the meaning of Regulation D under the 1933 Act.

          (g)  The Holder has had an opportunity to discuss the Company's
business, management and financial affairs with directors, officers and
management of the Company. The Holder has also had the opportunity to ask
questions of, and receive answers from, the Company and its management regarding
the terms and conditions of this investment. The Holder has had an adequate
opportunity to inspect and copy all material documents relating to the Company
which it has requested.

     12.  Company Representations and Warranties.
          --------------------------------------

     The Company hereby represents and warrants to, and agrees with, each
Purchaser as follows:

          (a)  Organization.  The Company is a corporation duly organized,
               ------------
validly existing and in good standing under the laws of the State of Delaware.
The Company has all requisite corporate power and authority to own and operate
its properties and assets, to execute and deliver this Warrant to issue the
shares of Warrant Stock upon exercise of the Warrant, to carry out the other
provisions of this Warrant and the transactions contemplated hereby, and to
carry on its business as presently conducted and as presently proposed to be
conducted.

          (b)  Capitalization.
               --------------

               (i)  The authorized capital stock of the Company as of November
     16, 1999, consists of (i) Ten Million Eight Hundred Ninety-Four Thousand
     Seventy-One and 62/100 (10,894,071.62) shares of Common Stock, Five Hundred
     Eighty Five Thousand Nine Hundred Eighty and 46/100 (585,980.46) shares of
     which are issued and outstanding, and (ii) Seven Million Six Hundred
     Eighty-Seven Thousand Seven Hundred Four and 16/100 (7,687,704.16) shares
     of Preferred Stock, of which One Million Two Hundred Eleven Thousand One
     Hundred Forty (1,211,140) are designated as Series A Preferred Stock (the
     "Series A Preferred"), all of which are issued and outstanding, One Million
     Nine Hundred Nineteen Thousand One Hundred Eighty Eight (1,919,188) are
     designated as Series B Preferred Stock (the "Series B Preferred"), One
     Million Three Hundred Thirty Nine Thousand Five Hundred Seventy Five
     (1,339,575) of which are

                                       15
<PAGE>

     issued and outstanding, Five Hundred Seventy Nine Thousand Six Hundred
     Thirteen (579,613) are designated as Series B-1 Preferred Stock (the
     "Series B-1 Preferred"), all of which are issued and outstanding, Three
     Million Nine Hundred Seventy Seven Thousand Seven Hundred Sixty Three and
     16/100 (3,977,763.16) are designated as Series C Preferred Stock (the
     "Series C Preferred"), Two Million Eight Hundred Nineteen Thousand Eight
     Hundred Sixty-Eight and 39/100 (2,819,868.39) of which are issued and
     outstanding (the Series A Preferred, Series B Preferred, Series B-1
     Preferred and Series C Preferred are collectively referred to herein as the
     "Preferred Stock").

               (ii) Except for the shares of Preferred Stock described in
     12(b)(i) and (i) 1,200,000 shares of Common Stock reserved by the Company
     for issuance pursuant to warrants granted in connection with the Company's
     current licensing efforts, (ii) 2,000,000 shares of Common Stock reserved
     for issuance in connection with the Company's Management Option Plan, and
     (iii) 710,526.31 shares of Series C Preferred Stock the Company has
     committed to issue as part of its Series C Preferred Stock Offering, as of
     November 16, 1999, the Company does not have outstanding any capital stock
     or other securities convertible into or exchangeable for any shares of its
     capital stock.

          (c)  Authorization; Binding Obligations. All corporate action on the
               ----------------------------------
part of the Company, its officers, directors and stockholders necessary for the
authorization, execution and delivery of this Warrant and each other document or
instrument executed by it, or any of its officers, in connection herewith or
therewith or pursuant hereto or thereto, the performance of all obligations of
the Company under the Warrant and for the authorization, sale, issuance and
delivery of the shares issuable upon exercise of the Warrant has been taken.
When issued in compliance with the provisions of this Warrant, the shares will
be duly authorized, validly issued, fully paid and nonassessable, free of any
liens, preemptive or similar rights, or, except as set forth herein, any other
encumbrances and issued in compliance with all applicable state and federal
securities laws. This Warrant has been duly executed and delivered by the
Company and constitutes the legal, valid and binding obligations of the Company
enforceable in accordance with its terms.

          (d)  No Violations. The execution, delivery and performance of this
               -------------
Warrant and the performance by the Company of its obligations hereunder do not
and will not conflict with or violate any provision of the certificate of
incorporation or bylaws of the Company or any law, statute, rule or regulation
or any agreement, contract or instrument or any order, judgment or decree to
which the Company is subject or by which any of its assets are bound.

          (e)  No Other Representations or Warranties. The representations and
               --------------------------------------
warranties made by the Company in this Warrant supersede any prior statements,
representations and warranties of any person with respect to the Company or the
transactions contemplated hereby. The representations and warranties of the
Company in this Warrant are the only representations and warranties by the
Company upon which Holder may rely in connection with transactions contemplated
by this Warrant.

     13.  Legends.  Unless (i) the shares of Warrant Stock have been registered
          -------
under the 1933 Act, or (ii) in the opinion of counsel for the Company such
legend is no longer required in

                                       16
<PAGE>

order to ensure compliance with the 1933 Act and all applicable state securities
laws, upon the issuance of any of the shares of Warrant Stock, all certificates
representing such shares shall bear on the face thereof substantially the
following legend:

     THE SECURITIES REPRESENTED BY THIS CERTIFICATE (THE
     "SECURITIES") HAVE BEEN ISSUED AND SOLD IN RELIANCE UPON AN
     EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933
     (THE "1933 ACT") AND APPLICABLE STATE SECURITIES LAWS. THE
     SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD OR TRANSFERRED
     OTHER THAN (i) PURSUANT TO AN EFFECTIVE REGISTRATION OR AN
     EXEMPTION THEREFROM UNDER THE 1933 ACT AND APPLICABLE STATE
     SECURITIES LAWS, AND (ii) UPON RECEIPT BY THE ISSUER OF
     EVIDENCE SATISFACTORY TO IT OF COMPLIANCE WITH THE 1933 ACT
     AND THE APPLICABLE SECURITIES LAWS OF ANY OTHER
     JURISDICTION. THE ISSUER SHALL BE ENTITLED TO REQUIRE AN
     OPINION OF COUNSEL SATISFACTORY TO IT WITH RESPECT TO
     COMPLIANCE WITH THE ABOVE LAWS. IN MAKING AN INVESTMENT
     DECISION INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE
     PERSON OR ENTITY CREATING THE SECURITIES AND THE TERMS OF
     THE OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED. THESE
     SECURITIES HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE
     SECURITIES COMMISSION OR REGULATORY AUTHORITY. ANY
     REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
     INVESTORS SHOULD BE AWARE THAT THEY WILL BE REQUIRED TO BEAR
     THE FINANCIAL RISKS OF THEIR INVESTMENT IN THESE SECURITIES
     FOR AN INDEFINITE PERIOD OF TIME.

     Additionally, prior to the IPO all certificates representing
     shares of Warrant Stock shall bear on the face thereof
     substantially the following legend:

     THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
     CERTAIN TERMS AND PROVISIONS OF A WARRANT AGREEMENT
     DATED______________, 1999, WHICH PROVIDES, AMONG OTHER
     THINGS, FOR RESTRICTIONS ON THE TRANSFER OF SUCH SHARES. A
     COPY OF SUCH WARRANT AGREEMENT IS ON FILE AT THE PRINCIPAL
     OFFICE OF THE COMPANY AND WILL BE FURNISHED UPON REQUEST TO
     ANY HOLDER OF THE SHARES REPRESENTED BY THIS CERTIFICATE.

     14.  Notices of Record Date, Etc.  In case:
          ---------------------------

          (a)  the Company shall establish a record date for the holders of its
Common Stock for the purpose of entitling them 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 to receive any other
right;

                                       17
<PAGE>

          (b)  of any capital reorganization of the Company, any
reclassification of the capital stock of the Company, any consolidation or
merger of the Company with or into another corporation, any share exchange for
shares of capital stock of another corporation or any conveyance of all or
substantially all of the assets of the Company to another corporation;

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

          (d)  the Company shall enter into a letter of intent or agreement with
respect to a transaction by which all of the outstanding shares of Common Stock
of the Company are to be acquired by a third party;

then the Company shall mail or cause to be mailed to the Holder at the time
outstanding a notice specifying, as the case may be, (i) the date on which a
record is to be taken for the purpose of such dividend, distribution or rights,
and stating the amount and character of such dividend, distribution or rights,
(ii) the date on which such reorganization, reclassification, consolidation,
merger, conveyance, dissolution, liquidation or winding up is to take place, and
the time, if any is to be fixed, as to which the holders of record of Common
Stock shall be entitled to exchange their shares for securities or other
property deliverable upon the completion of such transaction, or (iii) the
closing of the acquisition by a third party of all of the outstanding shares of
Common Stock.  Such notice shall be mailed as soon as practicable after the
occurrence or likelihood of such event is publicly disclosed.

     15.  Transfer and Assignment.
          -----------------------

          (a)  This Warrant and all rights hereunder may be transferred, in
whole or in part, without charge to the Holder, upon surrender of this Warrant
with a properly executed Assignment (in the form attached hereto) and written
notice specifying the particular Buildings and GLA to which the assignment
relates at the principal office of the Company. Notwithstanding the foregoing,
prior to the consummation of the IPO, without the consent of the Company (which
consent shall not be unreasonably withheld), this Warrant and any part hereof
may be transferred only (i) to an Affiliate of Holder or an Owner of any
Building, (ii) to any direct or indirect shareholder, partner, member of other
equity holder or lender of such Owner, (iii) any successor by merger of Holder,
of any Affiliate of Holder or of any Owner or any subsidiary of such successor
by merger, or (iv) any entity acquiring all or any portion of the assets of
Holder (each, a "Permitted Transfer"). Prior to any assignment or transfer
hereunder the Holder must provide to the Company evidence satisfactory to the
Company that the proposed transfer will be effected in compliance with all
applicable laws, including without limitation federal and state securities laws,
and that the transferring Holder, notwithstanding the transfer, remains
primarily and directly bound by, and that the transferee agrees to be bound by,
the terms of this Warrant. The Company reserves the right to consent to any such
transfer if in its reasonable opinion, or the opinion of its counsel, the
transfer would have an adverse effect on the Company's ability to complete on a
timely basis its IPO. In no event will the Company permit any transfer after the
Company files its registration statement and prior to the closing of the IPO
unless the transferor can demonstrate to the Company's reasonable satisfaction
that the transferor had discussions with the transferee regarding the proposed
transfer prior to the filing of the registration statement.

                                       18
<PAGE>

          (b)  Except as set forth in paragraph (a) above, neither this Warrant
nor any rights hereunder may be assigned, transferred, pledged or hypothecated
in any way (whether by operation of law or otherwise). This Warrant shall not be
subject to execution, attachment or similar process. Any attempted assignment,
transfer, pledge, hypothecation or other disposition of this Warrant contrary to
the provisions of this Warrant shall be null and void and without legal effect.

          (c)  The Company shall maintain at its principal executive offices
books for the registration and the registration of transfer of Warrants. The
Company may deem and treat the registered owner as the absolute owner hereof
(notwithstanding any notation of ownership or other writing thereon made by
anyone) for all purposes and shall not be affected by any notice (other than a
duly executed Assignment) to the contrary.

     16.  Notices.  All notices required hereunder must be in writing and shall
          -------
be deemed given when telefaxed, delivered personally or by overnight delivery
service or within three days after mailing when mailed by certified or
registered mail, return receipt requested, if to the Company, at Fifteen
Piedmont Center, Suite 710, Atlanta, Georgia 30305, Attention: R. Stanley Allen,
with a courtesy copy to Powell, Goldstein, Frazer & Murphy LLP, 191 Peachtree
Street, NE, 16th Floor, Atlanta, Georgia 30303, Attention: William M. Ragland,
Jr., and James K. Wagner, Jr., and if to the Holder, at the address for the
registered Holder as it appears on the books of the Company, or at such other
address of which the Company or Holder has been advised by notice hereunder.

     17.  Rights as a Shareholder.  Unless otherwise expressly provided herein,
          -----------------------
the Holder shall have no rights as a shareholder with respect to any shares
covered by this Warrant until the date of issuance of such shares. No provision
hereof, in the absence of affirmative action by the Holder to purchase Warrant
Stock, and no enumeration herein of the rights or privileges of the Holder shall
give rise to any liability of such holder for the Exercise Price of Warrant
Stock acquirable by exercise hereof or as a stockholder of the Company.

     18.  Lost or Destroyed Warrant.  Upon receipt by the Company of evidence
          -------------------------
reasonably satisfactory to the Company of the loss, theft, destruction or
mutilation of this Warrant and, and upon surrender and cancellation of this
Warrant, if mutilated, the Company shall execute and deliver a new Warrant of
like tenor and date. The Holder agrees with the Company that this Warrant is
issued, and all the rights hereunder shall be held subject to, all of the
conditions, limitations and provisions set forth herein.

     19.  Warrant Exchangeable for Different Denominations.  This Warrant is
          ------------------------------------------------
exchangeable, upon the surrender hereof by the Holder at the principal office of
the Company, for new Warrants of like tenor representing in the aggregate the
purchase rights hereunder, and each of such new Warrants will represent such
portion of such rights as is designated by the Holder at the time of such
surrender. The date that the Company initially issues this Warrant will be
deemed to be the date of this Warrant regardless of the number of times new
certificates representing the unexpired and unexercised rights formerly
represented by this Warrant shall be issued. All Warrants representing portions
of the rights hereunder are referred to herein as the "Warrant" or the
"Warrants."

                                       19
<PAGE>

     20.  Applicable Law.  The Warrant is issued under and shall for all
          --------------
purposes be governed by and construed in accordance with the internal laws of
the State of Delaware, without regard to conflicts of laws principles.

     21.  Entire Agreement.  This Warrant and the other agreements,
          ----------------
certificates and documents delivered in connection with this Agreement contain
the entire agreement among the Company and Holder with respect to the
transactions described herein, and supersede all prior agreements or statements,
written or oral, with respect thereto.

        [THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK.]

                                       20
<PAGE>

     IN WITNESS WHEREOF, the Company and the Holder have caused this Warrant to
be signed as of the day and year first above written.

                                        CYPRESS COMMUNICATIONS, INC.

                                        By:_______________________________
                                        Name:_____________________________
                                        Title:____________________________

                                        [HOLDER]

                                        By:_______________________________
                                        Name:_____________________________
                                        Title:____________________________

                                       21
<PAGE>

                             WARRANT EXERCISE FORM
                             ---------------------

     The undersigned hereby irrevocably elects to exercise the within Warrant to
the extent of purchasing __________ shares of Common Stock of Cypress
Communications, Inc., a Delaware corporation, and hereby makes payment of
$____________ in payment therefor.

                                                ______________________________
                                                Signature

                                                ______________________________
                                                Signature, if jointly held

Date:___________________

********************************************************************************

                       INSTRUCTIONS FOR ISSUANCE OF STOCK
                       ----------------------------------

(if other than to the registered holder of the within Warrant)

Name_________________________________________________________________________
     (Please typewrite or print in block letters)

Address_______________________________________________________________________

Social Security or Taxpayer Identification Number_____________________________

********************************************************************************

                                ASSIGNMENT FORM
                                ---------------

     FOR VALUE RECEIVED, _____________ hereby sells, assigns and transfers unto
_______________________________________________________________________________
               Name (please typewrite or print in block letters)

the right to purchase Common Stock of Cypress Communications, Inc., a Delaware
corporation, represented by this Warrant (which may be a copy if the right to
receive less than all of the shares of Common Stock covered by such Warrant is
being transferred) with respect to the number of shares covered thereby set
forth below and does hereby irrevocably constitute and appoint ________________
______________________________, Attorney, to transfer the same on the books of
the Company with full power of substitution in the premises.

Number of Shares:___________________

Dated:______________________________

                                           Signature___________________________

                                           Signature, if jointly held___________

                                       22<PAGE>

                                                                   Exhibit 10.16

                                    FORM OF
                           INDEMNIFICATION AGREEMENT

     This Agreement made and entered into this ____ day of ______ ,
("Agreement"), by and between Cypress Communications, Inc., a Delaware
corporation (the "Company," which term shall include, where appropriate, any
Entity (as hereinafter defined) controlled directly or indirectly by the
Company) and ____________ ("Indemnitee"):

     WHEREAS, it is essential to the Company that it be able to retain and
attract as directors and officers the most capable persons available;

     WHEREAS, increased corporate litigation has subjected directors and
officers to litigation risks and expenses, and the limitations on the
availability of directors and officers liability insurance have made it
increasingly difficult for companies to attract and retain such persons;

     WHEREAS, the Company's Amended and Restated Certificate of Incorporation,
as amended (the "Certificate of Incorporation"), and Amended and Restated By-
laws (the "By-laws") require it to indemnify its directors and officers to the
fullest extent permitted by law and permit it to make other indemnification
arrangements and agreements;

     WHEREAS, the Company desires to provide Indemnitee with specific
contractual assurance of Indemnitee's rights to full indemnification against
litigation risks and expenses (regardless, among other things, of any amendment
to or revocation of the Certificate of Incorporation or By-laws or any change in
the ownership of the Company or the composition of its Board of Directors);

     WHEREAS, the Company intends that this Agreement provide Indemnitee with
greater protection than that which is provided by the Company's Certificate of
Incorporation or By-laws; and

     WHEREAS, Indemnitee is relying upon the rights afforded under this
Agreement in [becoming] [continuing as] a director and/or officer of the
Company:

     NOW, THEREFORE, in consideration of the promises and the covenants
contained herein, the Company and Indemnitee do hereby covenant and agree as
follows:

     1.   Definitions.

          (a)   "Corporate Status" describes the status of a person who is
     serving or has served (i) as a director and/or officer of the Company, (ii)
     in any capacity with respect to any employee benefit plan of the Company,
     or (iii) as a director, partner, trustee, officer, employee, or agent of
     any other Entity at the request of the Company. For purposes of subsection
     (iii) of this Section 1(a), if Indemnitee is serving or has served
<PAGE>

     as a director, partner, trustee, officer, employee or agent of a
     Subsidiary, Indemnitee shall be deemed to be serving at the request of the
     Company.

          (b)   "Entity" shall mean any corporation, partnership, limited
liability company, joint venture, trust, foundation, association, organization
or other legal entity.

          (c)   "Expenses" shall mean all fees, costs and expenses incurred by
          Indemnitee in connection with any Proceeding (as defined below),
          including, without limitation, reasonable attorneys' fees,
          disbursements and retainers (including, without limitation, any such
          fees, disbursements and retainers incurred by Indemnitee pursuant to
          Sections 10 and 11(c) of this Agreement), fees and disbursements of
          expert witnesses, private investigators and professional advisors
          (including, without limitation, accountants and investment bankers),
          court costs, transcript costs, fees of experts, travel expenses,
          duplicating, printing and binding costs, telephone and fax
          transmission charges, postage, delivery services, secretarial
          services, and other disbursements and expenses.

          (d)   "Indemnifiable Expenses," "Indemnifiable Liabilities" and
         "Indemnifiable Amounts" shall have the meanings ascribed to those terms
         in Section 3(a) below.

          (e)   "Liabilities" shall mean judgments, damages, liabilities,
          losses, penalties, excise taxes, fines and amounts paid in settlement.

          (f)   "Proceeding" shall mean any threatened, pending or completed
          claim, action, suit, arbitration, alternate dispute resolution
          process, investigation, administrative hearing, appeal, or any other
          proceeding, whether civil, criminal, administrative, arbitrative or
          investigative, whether formal or informal, including a proceeding
          initiated by Indemnitee pursuant to Section 10 of this Agreement to
          enforce Indemnitee's rights hereunder.

          (g)   "Subsidiary" shall mean any corporation, partnership, limited
          liability company, joint venture, trust or other Entity of which the
          Company owns (either directly or through or together with another
          Subsidiary of the Company) either (i) a general partner, managing
          member or other similar interest or (ii) (A) 50% or more of the voting
          power of the voting capital equity interests of such corporation,
          partnership, limited liability company, joint venture or other Entity,
          or (B) 50% or more of the outstanding voting capital stock or other
          voting equity interests of such corporation, partnership, limited
          liability company, joint venture or other Entity.

                                       2
<PAGE>

     2.   Services of Indemnitee. In consideration of the Company's covenants
and commitments hereunder, Indemnitee agrees to serve or continue to serve as a
director and/or officer of the Company. However, this Agreement shall not impose
any obligation on Indemnitee or the Company to continue Indemnitee's service to
the Company beyond any period otherwise required by law or by other agreements
of the parties, if any.

     3.   Agreement to Indemnify. The Company agrees to indemnify Indemnitee as
follows:

          (a)   Subject to the exceptions contained in Section 4(a) below, if
          Indemnitee was or is a party or is threatened to be made a party to
          any Proceeding (other than an action by or in the right of the
          Company) by reason of Indemnitee's Corporate Status, Indemnitee shall
          be indemnified by the Company against all Expenses and Liabilities
          incurred or paid by Indemnitee in connection with such Proceeding
          (referred to herein as "Indemnifiable Expenses" and "Indemnifiable
          Liabilities," respectively, and collectively as "Indemnifiable
          Amounts").

          (b)   Subject to the exceptions contained in Section 4(b) below, if
          Indemnitee was or is a party or is threatened to be made a party to
          any Proceeding by or in the right of the Company to procure a judgment
          in its favor by reason of Indemnitee's Corporate Status, Indemnitee
          shall be indemnified by the Company against all Indemnifiable
          Expenses.

     4.   Exceptions to Indemnification. Indemnitee shall be entitled to
indemnification under Sections 3(a) and 3(b) above in all circumstances other
than the following:

          (a)   If indemnification is requested under Section 3(a) and it has
          been adjudicated finally by a court of competent jurisdiction that, in
          connection with the subject of the Proceeding out of which the claim
          for indemnification has arisen, Indemnitee failed to act (i) in good
          faith and (ii) in a manner Indemnitee reasonably believed to be in or
          not opposed to the best interests of the Company, or, with respect to
          any criminal action or proceeding, Indemnitee had reasonable cause to
          believe that Indemnitee's conduct was unlawful, Indemnitee shall not
          be entitled to payment of Indemnifiable Amounts hereunder.

          (b)   If indemnification is requested under Section 3(b) and

                      (i) it has been adjudicated finally by a court of
                      competent jurisdiction that, in connection with the
                      subject of the Proceeding out of which the claim for
                      indemnification has arisen, Indemnitee failed to act (A)
                      in good faith and (B) in a manner Indemnitee reasonably
                      believed to be in or not opposed to the best interests of
                      the Company, Indemnitee shall not be entitled to payment
                      of Indemnifiable Expenses hereunder; or

                                       3
<PAGE>

                      (ii) it has been adjudicated finally by a court of
                      competent jurisdiction that Indemnitee is liable to the
                      Company with respect to any claim, issue or matter
                      involved in the Proceeding out of which the claim for
                      indemnification has arisen, including, without limitation,
                      a claim that Indemnitee received an improper personal
                      benefit, no Indemnifiable Expenses shall be paid with
                      respect to such claim, issue or matter unless the Court of
                      Chancery or another court in which such Proceeding was
                      brought shall determine upon application that, despite the
                      adjudication of liability, but in view of all the
                      circumstances of the case, Indemnitee is fairly and
                      reasonably entitled to indemnity for such Indemnifiable
                      Expenses which such court shall deem proper.

     5.   Procedure for Payment of Indemnifiable Amounts. Indemnitee shall
submit to the Company a written request specifying the Indemnifiable Amounts for
which Indemnitee seeks payment under Section 3 of this Agreement and the basis
for the claim. The Company shall pay such Indemnifiable Amounts to Indemnitee
within sixty (60) calendar days of receipt of the request. At the request of the
Company, Indemnitee shall furnish such documentation and information as are
reasonably available to Indemnitee and necessary to establish that Indemnitee is
entitled to indemnification hereunder.

     6.   Indemnification for Expenses of a Party Who is Wholly or Partly
Successful. Notwithstanding any other provision of this Agreement, and without
limiting any such provision, to the extent that Indemnitee is, by reason of
Indemnitee's Corporate Status, a party to and is successful, on the merits or
otherwise, in any Proceeding, Indemnitee shall be indemnified against all
Expenses reasonably incurred by Indemnitee or on Indemnitee's behalf in
connection therewith. If Indemnitee is not wholly successful in such Proceeding
but is successful, on the merits or otherwise, as to one or more but less than
all claims, issues or matters in such Proceeding, the Company shall indemnify
Indemnitee against all Expenses reasonably incurred by Indemnitee or on
Indemnitee's behalf in connection with each successfully resolved claim, issue
or matter. For purposes of this Agreement, the termination of any claim, issue
or matter in such a Proceeding by dismissal, with or without prejudice, by
reason of settlement, judgement, order or otherwise, shall be deemed to be a
successful result as to such claim, issue or matter.

     7.   Effect of Certain Resolutions. Neither the settlement or termination
of any Proceeding nor the failure of the Company to award indemnification or to
determine that indemnification is payable shall create an adverse presumption
that Indemnitee is not entitled to indemnification hereunder. In addition, the
termination of any proceeding by judgment, order, settlement, conviction, or
upon a plea of nolo contendere or its equivalent shall not create a presumption
that Indemnitee did not act in good faith and in a manner which Indemnitee
reasonably believed to be in or not opposed to the best interests of the Company
or, with respect to any criminal action or proceeding, had reasonable cause to
believe that Indemnitee's action was unlawful.

                                       4
<PAGE>

     8.   Agreement to Advance Expenses; Undertaking. The Company shall advance
all Expenses incurred by or on behalf Indemnitee in connection with any
Proceeding, including a Proceeding by or in the right of the Company, in which
Indemnitee is involved by reason of such Indemnitee's Corporate Status within
ten (10) days after the receipt by the Company of a written statement from
Indemnitee requesting such advance or advances from time to time, whether prior
to or after final disposition of such Proceeding. To the extent required by
Delaware law, Indemnitee hereby undertakes to repay the amount of Indemnifiable
Expenses paid to Indemnitee if it is finally determined by a court of competent
jurisdiction that Indemnitee is not entitled under this Agreement to
indemnification with respect to such Expenses. This undertaking is an unlimited
general obligation of Indemnitee.

     9.   Procedure for Advance Payment of Expenses. Indemnitee shall submit to
the Company a written request specifying the Indemnifiable Expenses for which
Indemnitee seeks an advancement under Section 8 of this Agreement, together with
documentation evidencing that Indemnitee has incurred such Indemnifiable
Expenses. Payment of Indemnifiable Expenses under Section 8 shall be made no
later than ten (10) calendar days after the Company's receipt of such request.

     10.  Remedies of Indemnitee.

          (a)   Right to Petition Court. In the event that Indemnitee makes a
                -----------------------
          request for payment of Indemnifiable Amounts under Sections 3 and 5
          above or a request for an advancement of Indemnifiable Expenses under
          Sections 8 and 9 above and the Company fails to make such payment or
          advancement in a timely manner pursuant to the terms of this
          Agreement, Indemnitee may petition the Court of Chancery to enforce
          the Company's obligations under this Agreement.

          (b)   Burden of Proof. In any judicial proceeding brought under
                ---------------
          Section 10(a) above, the Company shall have the burden of proving that
          Indemnitee is not entitled to payment of Indemnifiable Amounts
          hereunder.

          (c)   Expenses. If Indemnitee is successful in whole or in part in
                --------
          connection with any action brought by Indemnitee under Section 10(a)
          above, the Company agrees to reimburse Indemnitee in full for any
          Expenses incurred by Indemnitee in connection with investigating,
          preparing for, litigating, defending or settling any such action, or
          in connection with any claim or counterclaim brought by the Company in
          connection therewith.

          (d)   Validity of Agreement. The Company shall be precluded from
                ---------------------
          asserting in any Proceeding, including, without limitation, an action
          under Section 10(a) above, that the provisions of this Agreement are
          not valid, binding and enforceable or that there is insufficient
          consideration for this Agreement and shall stipulate in court that the
          Company is bound by all the provisions of this Agreement.

                                       5
<PAGE>

          (e)   Failure to Act Not a Defense.  The failure of the Company
                ----------------------------
          (including its Board of Directors or any committee thereof,
          independent legal counsel, or stockholders) to make a determination
          concerning the permissibility of the payment of Indemnifiable Amounts
          or the advancement of Indemnifiable Expenses under this Agreement
          shall not be a defense in any action brought under Section 10(a)
          above, and shall not create a presumption that such payment or
          advancement is not permissible.

     11.  Defense of the Underlying Proceeding.

          (a)   Notice by Indemnitee. Indemnitee agrees to notify the Company
                --------------------
          promptly upon being served with any summons, citation, subpoena,
          complaint, indictment, information, or other document relating to any
          Proceeding which may result in the payment of Indemnifiable Amounts or
          the advancement of Indemnifiable Expenses hereunder; provided,
          however, that the failure to give any such notice shall not disqualify
          Indemnitee from the right to receive payments of Indemnifiable Amounts
          or advancements of Indemnifiable Expenses unless the Company's ability
          to defend in such Proceeding is materially and adversely prejudiced
          thereby.

          (b)   Defense by Company. Subject to the provisions of the last
                ------------------
          sentence of this Section 11(b) and of Section 11(c) below, the Company
          shall have the right to defend Indemnitee in any Proceeding which may
          give rise to the payment of Indemnifiable Amounts hereunder; provided,
          however that the Company shall notify Indemnitee of any such decision
          to defend within ten (10) days of receipt of notice of any such
          Proceeding under Section 11(a) above.  The Company shall not, without
          the prior written consent of Indemnitee, consent to the entry of any
          judgment against Indemnitee or enter into any settlement or compromise
          which (i) includes an admission of fault of Indemnitee or (ii) does
          not include, as an unconditional term thereof, the full release of
          Indemnitee from all liability in respect of such Proceeding, which
          release shall be in form and substance reasonably satisfactory to
          Indemnitee.  This Section 11(b) shall not apply to a Proceeding
          brought by Indemnitee under Section 10(a) above or pursuant to Section
          19 below.

          (c)   Indemnitee's Right to Counsel. Notwithstanding the provisions of
                -----------------------------
          Section 11(b) above, if in a Proceeding to which Indemnitee is a party
          by reason of Indemnitee's Corporate Status, (i) Indemnitee reasonably
          concludes that it may have separate defenses or counterclaims to
          assert with respect to any issue which may not be consistent with the
          position of other defendants in such Proceeding or (ii) a conflict of
          interest or potential conflict of interest exists between the
          Indemnitee and the Company, or if the Company fails to assume the
          defense of such proceeding in a timely manner, Indemnitee shall be
          entitled to

                                       6
<PAGE>

          be represented by separate legal counsel of Indemnitee's choice at the
          expense of the Company. In addition, if the Company fails to comply
          with any of its obligations under this Agreement or in the event that
          the Company or any other person takes any action to declare this
          Agreement void or unenforceable, or institutes any action, suit or
          proceeding to deny or to recover from Indemnitee the benefits intended
          to be provided to Indemnitee hereunder, Indemnitee shall have the
          right to retain counsel of Indemnitee's choice, at the expense of the
          Company, to represent Indemnitee in connection with any such matter.

     12.  Representations and Warranties of the Company.  The Company hereby
represents and warrants to Indemnitee as follows:

          (a)   Authority. The Company has all necessary power and authority to
                ---------
          enter into, and be bound by the terms of, this Agreement, and the
          execution, delivery and performance of the undertakings contemplated
          by this Agreement have been duly authorized by the Company.

          (b)   Enforceability. This Agreement, when executed and delivered by
                --------------
          the Company in accordance with the provisions hereof, shall be a
          legal, valid and binding obligation of the Company, enforceable
          against the Company in accordance with its terms, except as such
          enforceability may be limited by applicable bankruptcy, insolvency,
          moratorium, reorganization or similar laws affecting the enforcement
          of creditors' rights generally.

     13.  Insurance. The Company shall, from time to time, make the good faith
determination whether or not it is practicable for the Company to obtain and
maintain a policy or policies of insurance with a reputable insurance company
providing the Indemnitee with coverage for losses from wrongful acts, and to
ensure the Company's performance of its indemnification obligations under this
Agreement. Among other considerations, the Company will weigh the costs of
obtaining such insurance coverage against the protection afforded by such
coverage. In all policies of director and officer liability insurance,
Indemnitee shall be named as an insured in such a manner as to provide
Indemnitee the same rights and benefits as are accorded to the most favorably
insured of the Company's officers and directors. Notwithstanding the foregoing,
the Company shall have no obligation to obtain or maintain such insurance if the
Company determines in good faith that such insurance is not reasonably
available, if the premium costs for such insurance are disproportionate to the
amount of coverage provided, or if the coverage provided by such insurance is
limited by exclusions so as to provide an insufficient benefit. The Company
shall promptly notify Indemnitee of any good faith determination not to provide
such coverage.

     14.  Contract Rights Not Exclusive. The rights to payment of Indemnifiable
Amounts and advancement of Indemnifiable Expenses provided by this Agreement
shall be in addition to, but not exclusive of, any other rights which Indemnitee
may have at any time under applicable law, the Company's Certificate of
Incorporation or By-laws, or any other

                                       7
<PAGE>

agreement, vote of stockholders or directors (or a committee of directors), or
otherwise, both as to action in Indemnitee's official capacity and as to action
in any other capacity as a result of Indemnitee's serving as a director and/or
officer of the Company.

     15.  Successors. This Agreement shall be (a) binding upon all successors
and assigns of the Company (including any transferee of all or a substantial
portion of the business, stock and/or assets of the Company and any direct or
indirect successor by merger or consolidation or otherwise by operation of law)
and (b) binding on and shall inure to the benefit of the heirs, personal
representatives, executors and administrators of Indemnitee. This Agreement
shall continue for the benefit of Indemnitee and such heirs, personal
representatives, executors and administrators after Indemnitee has ceased to
have Corporate Status.

     16.  Subrogation. In the event of any payment of Indemnifiable Amounts
under this Agreement, the Company shall be subrogated to the extent of such
payment to all of the rights of contribution or recovery of Indemnitee against
other persons, and Indemnitee shall take, at the request of the Company, all
reasonable action necessary to secure such rights, including the execution of
such documents as are necessary to enable the Company to bring suit to enforce
such rights.

     17.  Change in Law. To the extent that a change in Delaware law (whether by
statute or judicial decision) shall permit broader indemnification or
advancement of expenses than is provided under the terms of the By-laws of the
Company and this Agreement, Indemnitee shall be entitled to such broader
indemnification and advancements, and this Agreement shall be deemed to be
amended to such extent.

     18.  Severability. Whenever possible, each provision of this Agreement
shall be interpreted in such a manner as to be effective and valid under
applicable law, but if any provision of this Agreement, or any clause thereof,
shall be determined by a court of competent jurisdiction to be illegal, invalid
or unenforceable, in whole or in part, such provision or clause shall be limited
or modified in its application to the minimum extent necessary to make such
provision or clause valid, legal and enforceable, and the remaining provisions
and clauses of this Agreement shall remain fully enforceable and binding on the
parties.

     19.  Indemnitee as Plaintiff. Except as provided in Section 10(c) of this
Agreement and in the next sentence, Indemnitee shall not be entitled to payment
of Indemnifiable Amounts or advancement of Indemnifiable Expenses with respect
to any Proceeding brought by Indemnitee against the Company, any Entity which it
controls, any director or officer thereof, or any third party, unless the Board
of Directors of the Company has consented to the initiation of such Proceeding.
This Section shall not apply to counterclaims or affirmative defenses asserted
by Indemnitee in an action brought against Indemnitee.

                                       8
<PAGE>

     20.  Modifications and Waiver. Except as provided in Section 17 above with
respect to changes in Delaware law which broaden the right of Indemnitee to be
indemnified by the Company, no supplement, modification or amendment of this
Agreement shall be binding unless executed in writing by each of the parties
hereto. No waiver of any of the provisions of this Agreement shall be deemed or
shall constitute a waiver of any other provisions of this Agreement (whether or
not similar), nor shall such waiver constitute a continuing waiver.

     21.  General Notices. All notices, requests, demands and other
communications hereunder shall be in writing and shall be deemed to have been
duly given (a) when delivered by hand, (b) when transmitted by facsimile and
receipt is acknowledged, or (c) if mailed by certified or registered mail with
postage prepaid, on the third business day after the date on which it is so
mailed:

          (i)  If to Indemnitee, to:

          (ii) If to the Company, to:

                    Cypress Communications, Inc.
                    Fifteen Piedmont Center, Suite 710
                    Atlanta, Georgia 30305
                    Attn: Robert W. McCarthy, Esq.
                    Fax: (404) 869-2525

or to such other address as may have been furnished in the same manner by any
party to the others.

     22.  Governing Law; Consent to Jurisdiction; Service of Process. This
Agreement shall be governed by and construed in accordance with the laws of the
State of Delaware without regard to its rules of conflict of laws. Each of the
Company and the Indemnitee hereby irrevocably and unconditionally consents to
submit to the exclusive jurisdiction of the Court of Chancery of the State of
Delaware and the courts of the United States of America located in the State of
Delaware (the "Delaware Courts") for any litigation arising out of or relating
to this Agreement and the transactions contemplated hereby (and agrees not to
commence any litigation relating thereto except in such courts), waives any
objection to the laying of venue of any such litigation in the Delaware Courts
and agrees not to plead or claim in any Delaware Court that such litigation
brought therein has been brought in an inconvenient forum. Each of the parties
hereto agrees, (a) to the extent such party is not otherwise subject to service
of process in the State of Delaware, to appoint and maintain an agent in the
State of Delaware as such party's agent for acceptance of legal process, and (b)
that service of process may also be made on such party by prepaid certified mail
with a proof of mailing receipt validated by the United States Postal Service
constituting evidence of valid service. Service made pursuant to (a) or (b)
above shall have the same legal force and effect as

                                       9
<PAGE>

if served upon such party personally within the State of Delaware. For purposes
of implementing the parties' agreement to appoint and maintain an agent for
service of process in the State of Delaware, each such party does hereby appoint
The Corporation Trust Company, 1209 Orange Street, Wilmington, New Castle
County, Delaware 19801, as such agent and each such party hereby agrees to
complete all actions necessary for such appointment.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the day and year first above written.

                                    CYPRESS COMMUNICATIONS, INC.

                                    By:
                                       -----------------------------------
                                       Its:

                                    INDEMNITEE

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

                                       10

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