Document:

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                                                                  Exhibit 4.3(b)

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITY LAWS AND
MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE
REGISTRATION THEREOF UNDER SUCH ACT OR LAWS OR PURSUANT TO RULE 144 OR AN
OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION AND ITS COUNSEL,
THAT SUCH REGISTRATION IS NOT REQUIRED.

                        WARRANT TO PURCHASE COMMON STOCK

Corporation:  iPhysician Net Inc.
Number of Shares:  See Below
Class of Stock:  Series C Preferred
Initial Exercise Price:  See Below
Issue Date:  October  4, 1999
Expiration Date:  October 4, 2004

THIS WARRANT CERTIFIES THAT, for the agreed upon value of One Dollar ($1.00) and
for other good and valuable consideration, FAR EAST CAPITAL CORPORATION
("Holder") is entitled to purchase the number of fully paid and nonassessable
shares of Series C Preferred Stock (the "Shares") of the corporation (the
"Company") at the price per Share (the "Warrant Price") all as set forth herein
and as adjusted pursuant to Article 2 of this Warrant, subject to the provisions
and upon the terms and conditions set forth of this Warrant. The Warrant Price
shall be equal to the conversion price determined in accordance with Article IV,
Section 4 (Conversion) of the Company's Amended and Restated Certificate of
Incorporation. The number of Shares that Holder may purchase under this Warrant
is equal to the product of Two Hundred Thousand Dollars ($200,000) divided by
the Warrant Price.

EXERCISE.

         1.1 Method of Exercise. Holder may exercise this Warrant by delivering
a duly executed Notice of Exercise in substantially the form attached as
Appendix 1 to the principal office of the Company. Unless Holder is exercising
the conversion right set forth in Section 1.2, Holder shall also deliver to the
Company a certified check for the aggregate Warrant Price for the Shares being
purchased.

         1.2 Conversion Right. In lieu of exercising this Warrant as specified
in Section 1.1, Holder may from time to time convert this Warrant, in whole or
in part, into a number of Shares determined by dividing (a) the aggregate fair
market value of the Shares or other securities otherwise issuable upon exercise
of this Warrant minus the aggregate Warrant Price of such Shares by (b) the fair
market value of one Share. The fair market value of the Shares shall be
determined at the time of such conversion pursuant to Section 1.4.

         1.3 No Rights of Shareholder. This Warrant does not entitle Holder to
any voting or other rights as a shareholder of the Company prior to the exercise
hereof.

         1.4 Fair Market Value. If the Shares are traded in a public market, the
fair market value of the Shares shall be the closing price of the Shares (or the
closing price of the Company's stock into which the Shares are convertible)
reported for the business day immediately before Holder delivers its Notice of
Exercise to the Company. If the Shares are not traded in a public market, the
Board of Directors of the Company shall determine fair market value in its
reasonable good faith judgment. The foregoing notwithstanding, if Holder advises
the Board of Directors in writing that Holder disagrees with
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such determination, then the Company and Holder shall promptly agree upon a
reputable investment banking or public accounting firm to undertake such
valuation. If the valuation of such investment banking firm is greater than that
determined by the Board of Directors, then all fees and expenses of such
investment banking firm shall be paid by the Company. In all other
circumstances, such fees and expenses shall be paid by Holder.

         1.5 Delivery of Certificate and New Warrant. Promptly after Holder
exercises or converts this Warrant, the Company shall deliver to Holder
certificates for the Shares acquired and, if this Warrant has not been fully
exercised or converted and has not expired, a new Warrant representing the
Shares not so acquired.

         1.6 Replacement of Warrants. On receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and, in the case of loss, theft or destruction, on delivery of an
indemnity agreement reasonably satisfactory in form and amount to the Company
or, in the case of mutilation, or surrender and cancellation of this Warrant,
the Company at its expense shall execute and deliver, in lieu of this Warrant, a
new warrant of like tenor.

         1.7 Assumption on Sale, Merger, or Consolidation of the Company.

                  1.7.1 "Acquisition". For the purpose of this Warrant,
"Acquisition" means any sale, transfer, or other disposition of all or
substantially all of the assets of the Company, or any reorganization,
consolidation, or merger of the Company where the holders of the Company's
securities before the transaction beneficially own less than 50% of the
outstanding voting securities of the surviving entity after the transaction.

                  1.7.2 Assumption of Warrant. Upon the closing of any
Acquisition the successor entity shall assume the obligations of this Warrant,
and this Warrant shall be exercisable for the same securities, cash, and
property as would be payable for the Shares issuable upon exercise of the
unexercised portion of this Warrant as if such Shares were outstanding on the
record date for the Acquisition and subsequent closing. The Warrant Price shall
be adjusted accordingly.

                  1.7.3 Purchase Right. At the election of Holder, the Company
shall purchase the unexercised portion of this Warrant for cash upon the closing
of any Acquisition for an amount equal to (a) the fair market value of any
consideration that would have been received by Holder in consideration of the
Shares had Holder exercised the unexercised portion of this Warrant immediately
before the record date for determining the shareholders entitled to participate
in the proceeds of the Acquisition, less (b) the aggregate Warrant Price of the
Shares, but in no event less than zero.

Article 2.        ADJUSTMENTS TO THE SHARES.

         2.1 Stock Dividends, Splits, Etc. If the Company declares or pays a
dividend on its common stock payable in common stock, or other securities,
subdivides the outstanding common stock into a greater amount of common stock,
then upon exercise of this Warrant, for each Share acquired, Holder shall
receive, without additional cost to Holder, the total number and kind of
securities to which Holder would have been entitled had Holder owned the Shares
of record as of the date the dividend or subdivision occurred.

         2.2 Reclassification, Exchange or Substitution. Upon any
reclassification, exchange, substitution, or other event that results in a
change of the number and/or class of the securities issuable upon exercise or
conversion of this Warrant, Holder shall be entitled to receive, upon exercise
or

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conversion of this Warrant, the number and kind of securities and property that
Holder would have received for the Shares if this Warrant had been exercised
immediately before such reclassification, exchange, substitution, or other
event. The Company or its successor shall promptly issue to Holder a new Warrant
for such new securities or other property. The new Warrant shall provide for
adjustments which shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Article 2 including, without limitation,
adjustments to the Warrant Price and to the number of securities or property
issuable upon exercise of the new Warrant. The provisions of this Section 2.2
shall similarly apply to successive reclassifications, exchanges, substitutions,
or other events.

         2.3 Adjustments for Combinations, Etc. If the outstanding Shares are
combined or consolidated, by reclassification or otherwise, into a lesser number
of shares, the Warrant Price shall be proportionately increased.

         2.4 Price Adjustment. If the Company issues additional common shares
(including shares of common stock ultimately issuable upon conversion of a
security convertible into common stock) after the date of the Warrant other then
the issuance of shares upon conversion or exercise of securities outstanding as
of the date hereof, and other than securities (including options and warrants)
issued to employees, consultants and directors of the Company and the
consideration per additional common share is less than, the price at which the
Shares are converted to common stock if the Shares are Preferred Stock, then
such conversion price shall be adjusted in accordance with the treatment of such
Preferred Stock under the Company's Articles of Incorporation in effect on the
Issue Date.

         2.5 No Impairment. The Company shall not, by amendment of its Articles
of Incorporation or through a reorganization, transfer of assets, consolidation,
merger, dissolution, issue, or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms to be
observed or performed under this Warrant by the Company, but shall at all times
in good faith assist in carrying out of all the provisions of this Article 2 and
in taking all such action as may be necessary or appropriate to protect Holder's
rights under this Article against impairment. If the Company takes any action
affecting the Shares or its common stock other than as described above that
adversely affects Holder's rights under this Warrant, the Warrant Price shall be
adjusted downward and the number of Shares issuable upon exercise of this
Warrant shall be adjusted upward in such a manner that the aggregate Warrant
Price of this Warrant is unchanged.

         2.6 Fractional Shares. No fractional Shares shall be issuable upon
exercise or conversion of the Warrant and the number of Shares to be issued
shall be rounded down to the nearest whole Share. If a fractional share interest
arises upon any exercise or conversion of the Warrant, the Company shall
eliminate such fractional share interest by paying Holder amount computed by
multiplying the fractional interest by the fair market value of a full Share.

         2.7 Certificate as to Adjustments. Upon each adjustment of the Warrant
Price, the Company at its expense shall promptly compute such adjustment, and
furnish Holder with a certificate of its Chief Financial Officer setting forth
such adjustment and the facts upon which such adjustment is based. The Company
shall, upon written request, furnish Holder a certificate setting forth the
Warrant Price in effect upon the date thereof and the series of adjustments
leading to such Warrant Price.

Article 3.        REPRESENTATIONS AND COVENANTS OF THE COMPANY.

         3.1 Representations and Warranties. The Company hereby represents and
warrants to the Holder that all Shares which may be issued upon the exercise of
the purchase right represented by this Warrant, and all securities, if any,
issuable upon conversion of the Shares, shall, upon issuance, be duly

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authorized, validly issued, fully paid and nonassessable, and free of any liens
and encumbrances except for restrictions on transfer provided for herein or
under applicable federal and state securities laws. The Company shall at all
times reserve a sufficient number of shares of stock for issuance upon Holder's
exercise of its rights hereunder. Notwithstanding the foregoing, Holder hereby
agrees that it will execute any "lock-up" or similar agreement requested by the
Company's managing underwriters in any public offering of common stock in a form
to be executed by other security holders of the Company. Holder agrees to
execute a counterpart signature page and be bound by the Securityholder
Agreement as a condition to such rights.

         3.2 Notice of Certain Events. If the Company proposes at any time (a)
to declare any dividend or distribution upon its common stock, whether in cash,
property, stock, or other securities and whether or not a regular cash dividend;
(b) to effect any reclassification or recapitalization of common stock; (c) to
merge or consolidate with or into any other corporation, or sell, lease,
license, or convey all or substantially all of its assets, or to liquidate,
dissolve or wind up; or (d) then, in connection with each such event, the
Company shall give Holder (1) at least 20 days prior written notice of the date
on which a record will be taken for such dividend, distribution, or subscription
rights (and specifying the date on which the holders of common stock will be
entitled thereto) or for determining rights to vote, if any, in respect of the
matters referred to in (b) and (c) above; (2) in the case of the matters
referred to in (b) and (c) above at least 20 days prior written notice of the
date when the same will take place (and specifying the date on which the holders
of common stock will be entitled to exchange their common stock for securities
or other property deliverable upon the occurrence of such event).

         3.3 Information Rights. So long as the Holder holds this Warrant and/or
any of the Shares, the Company shall deliver to the Holder (a) promptly after
mailing, copies of all notices or other written communications to the
shareholders of the Company, (b) within ninety (90) days after the end of each
fiscal year of the Company, the annual financial statements of the Company.

         3.4 Registration Under Securities Act of 1933, as amended. The Company
hereby grants to Holder the same registration rights granted to the Holders, as
such term is defined in the Amended and Restated Registration Rights Agreement,
dated as of August 24, 1999 (the "Securityholders Agreement"). The Shares shall
be Registrable Securities, as such term is defined in the Securityholders
Agreement, and will be given such rights and priority as set forth in the
Securityholders Agreement.

Article 4.

         4.1 Term. This Warrant is exercisable, in whole or in part, at any time
and from time to time on or before the Expiration Date set forth above.

         4.2 Legends. This Warrant and the Shares (and the securities issuable,
directly or indirectly, upon conversion of the Shares, if any) shall be
imprinted with a legend in substantially the following form:

         THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933
         OR ANY STATE SECURITIES LAWS, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED
         OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF
         UNDER SUCH ACT OR LAWS PURSUANT TO RULE 144 OR AN OPINION OF COUNSEL
         REASONABLY SATISFACTORY TO THE CORPORATION AND ITS COUNSEL THAT SUCH
         REGISTRATION IS NOT REQUIRED.

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         4.3 Compliance with Securities Laws on Transfer. This Warrant and the
Shares issuable upon exercise this Warrant (and the securities issuable,
directly or indirectly, upon conversion of the Shares, if any) may not be
transferred or assigned in whole or in part without compliance with applicable
federal and state securities laws by the transferor and the transferee
(including, without limitation, the delivery of investment representation
letters and legal opinions reasonably satisfactory to the Company, as reasonably
requested by the Company).

         4.4 Transfer Procedure. Subject to the provisions of Section 4.3,
Holder may transfer all or part of this Warrant or the Shares issuable upon
exercise of this Warrant (or the securities issuable, directly or indirectly,
upon conversion of the Shares, if any) by giving the Company notice of the
portion of the Warrant being transferred setting forth the name, address and
taxpayer identification number of the transferee and surrendering this Warrant
to the Company for reissuance to the transferee(s) (and Holder if applicable).
Unless the Company is filing financial information with the SEC pursuant to the
Securities Exchange Act of 1934, the Company shall have the right to refuse to
transfer any portion of this Warrant to any person who directly competes with
the Company.

         4.5 Notices. All notices and other communications from the Company to
the Holder, or vice versa, shall be deemed delivered and effective when given
personally or mailed by first-class registered or certified mail, postage
prepaid, at such address as may have been furnished to the Company or the
Holder, as the case may be, in writing by the Company or such holder from time
to time.

         4.6 Waiver. This Warrant and any term hereof may be changed, waived,
discharged or terminated only by an instrument in writing signed by the party
against which enforcement of such change, waiver, discharge or termination is
sought.

         4.7 Attorneys Fees. In the event of any dispute between the parties
concerning the terms and provisions of this Warrant, the party prevailing in
such dispute shall be entitled to collect from the other party all costs
incurred in such dispute, including reasonable attorneys' fees.

         4.8 Governing Law. This Warrant shall be governed by and construed in
accordance with the laws of the State of Delaware, without giving effect to its
principles regarding conflicts of law.

                                     iPHYSICIAN NET INC.

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

                                     HOLDER:  FAR EAST CAPITAL CORPORATION

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

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                                   APPENDIX 1

                               NOTICE OF EXERCISE

         1. The undersigned hereby elects to purchase __________ shares of the
Stock of __________________________ pursuant to the terms of the attached
Warrant, and tenders herewith payment of the purchase price of such shares in
full.

         1. The undersigned hereby elects to convert the attached Warrant into
Shares/cash [strike one] in the manner specified in the Warrant. This conversion
is exercised with respect to _____________________ of the Shares covered by the
Warrant.

         [Strike paragraph that does not apply.]

         2. Please issue a certificate or certificates representing said shares
in the name of the undersigned or in such other name as is specified below:

                       ___________________________________
                                     (Name)

                       ___________________________________

                       ___________________________________
                                    (Address)

         3. The undersigned represents it is acquiring the shares solely for its
own account and not as a nominee for any other party and not with a view toward
the resale or distribution thereof except in compliance with applicable
securities laws.

                                            ___________________________________
                                            (Signature)

___________________________________
(Date)

                                       6<PAGE>   1
                                                                  Exhibit 4.3(c)

                                     WARRANT

               THE SECURITIES  REPRESENTED BY THIS  CERTIFICATE WERE
               ISSUED IN A PRIVATE PLACEMENT,  WITHOUT  REGISTRATION
               UNDER THE  SECURITIES  ACT OF 1933,  AS AMENDED  (THE
               "ACT"),  AND MAY NOT BE SOLD,  ASSIGNED,  PLEDGED  OR
               OTHERWISE  TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE
               REGISTRATION  UNDER THE ACT  COVERING THE TRANSFER OR
               AN OPINION OF  COUNSEL,  SATISFACTORY  TO THE ISSUER,
               THAT REGISTRATION UNDER THE ACT IS NOT REQUIRED.

No. PCT001

                               iPhysician Net Inc.
                            STOCK WARRANT CERTIFICATE

         THIS CERTIFIES that, for value received, PictureTel Corporation
("PictureTel") or its registered successors and assigns, is the owner of
Warrants to purchase Nine Hundred Ninety-Seven Thousand Seven Hundred Fifty
(997,750) shares of Series A preferred stock, $0.001 par value (the "Series A
Preferred Stock"), of iPhysician Net Inc., a Delaware corporation (formerly
Integrated Physician Networks, Inc. and formerly IPNI Communications
Corporation) (herein called the "Company"), at any time, at an initial exercise
price per share equal to one cent ($0.01) per share, subject to adjustment from
time to time pursuant to the provisions of Section 3 hereof (the "Exercise
Price"); provided that, in the event the Company consummates an initial public
offering of shares of its common stock, $0.001 par value (the "Common Stock"),
pursuant to an effective registration statement on Form S-1 under the Securities
Act of 1933, as amended (an "IPO"), this Warrant shall entitle PictureTel to
purchase, in lieu of shares of Series A Preferred Stock, at the Exercise Price
then in effect, a number of shares of Common Stock into which the then remaining
and unexercised shares of Series A Preferred Stock subject to this Warrant are
then convertible in accordance with the terms of the Series A Preferred Stock,
as set forth in the Company's Certificate of Incorporation, as amended (such
shares of Common Stock or Series A Preferred Stock for which this Warrant are
exercisable are hereinafter referred to as the "Warrant Shares"). The Warrants
evidenced by this certificate shall terminate and become void as of the close of
business upon the earlier of (i) the sale of all or substantially all of the
Company's property, (ii) merger of the Company into any other company, (iii) an
underwritten public offering of the Company's Common Stock, or (iv) September
22, 2002. For purposes of this Warrant certificate: (i) the terms "Series A
Preferred Stock" and "Common Stock" shall mean the classes of capital stock of
the Company designated Series A Preferred Stock and Common Stock, respectively,
pursuant to the Company's Certificate of Incorporation, as from time to time in
effect (the "Certificate of Incorporation"), and any other class of capital
stock of the Company resulting from successive changes or reclassification of
the Series A Preferred or Common Stock; and (ii) the term "Relationship
Agreement" shall mean that certain Agreement dated as of September 22, 1997,
between the Company and PictureTel, as amended by Amendment No. 1 and by
Amendment No. 2, and as may be further amended from time to time.
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         1. Definitions.  Capitalized terms used herein without  definition have
the meanings ascribed to them in the Relationship Agreement.

         2. Exercise of Warrants.

                  2.1 Cash Exercise. The Warrants evidenced hereby may be
exercised at any time by the registered holder hereof, in whole or in part, by
the surrender of this Warrant certificate, duly endorsed (unless endorsement is
waived in writing by the Company), at the principal office of the Company (or at
such other office or agency of the Company as it may designate by notice in
writing to the registered holder hereof at such holder's last address appearing
on the books of the Company) and upon payment to the Company by wire transfer or
a certified or bank check payable to the order of the Company for the Exercise
Price for each Warrant exercised. The certificate(s) for Warrant Shares shall be
delivered to the registered holder hereof as soon as practicable but, in any
event, not later than ten days after Warrants evidenced hereby shall have been
so exercised and a new Warrant certificate evidencing the number of Warrants, if
any, remaining unexercised shall also be issued to the registered holder within
such time unless such Warrants have expired. The holder of the Warrants
evidenced by this certificate shall have all the rights of a holder of Warrant
Shares to be issued upon exercise of the Warrants when such Warrant holder
tenders payment of the Exercise Price to the Company along with this Warrant
certificate duly endorsed in accordance with this Section 2. No fractional
Warrant Shares of the Company, or scrip for any such fractional shares, shall be
issued upon the exercise of any Warrants; but the holder hereof shall be
entitled to cash equal to such fraction multiplied by the then effective
Exercise Price.

                  2.2 Net Issue Exercise.

                         (a)  In lieu of a cash exercise of this Warrant, the
                              holder hereof may elect, at any time or times when
                              this Warrant is otherwise exercisable in
                              accordance with Section 2.2 hereof, to receive a
                              number of Warrant Shares equal to the value of the
                              Warrants evidenced hereby (or the portion thereof
                              being canceled) by surrender of this Warrant
                              certificate at the principal office of the Company
                              together with written notice of such election,
                              with an appropriate signature guarantee, in which
                              event the Company shall issue to the holder hereof
                              a number of Warrant Shares computed using the
                              following formula:

                                  X = Y (A - B)
                                      --------
                                          A

Where:              X =    The number of Warrant Shares to be issued to Holder;

                    Y =    The number of Warrant Shares issuable upon exercise
                           of the number of Warrants which the Holder elects to
                           exercise;

                    A =    The fair market value of one share of the Company's
                           Warrant Shares; and

                    B =    The Exercise Price (as adjusted to the date of such
                           calculations).

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                         (b)  For purposes of this Section, fair market value of
                              the Company's Warrant Shares shall mean the
                              average of the closing bid and asked prices of the
                              Company's Common Stock quoted in the
                              over-the-counter market summary or the average
                              closing price quoted on any exchange on which the
                              Common Stock is listed, or on the NASDAQ National
                              Market, whichever is applicable, as published in
                              the Eastern Edition of The Wall Street Journal for
                              the ten trading days prior to the date of
                              determination of fair market value. If the Common
                              Stock is not traded over-the-counter or on an
                              exchange, the fair market value shall be
                              determined in good faith by the Board of Directors
                              of the Company subject to the approval of
                              PictureTel, which approval shall not be
                              unreasonably withheld. In the event this Warrant
                              is exercised in conjunction with or upon
                              consummation of the closing of an IPO, the fair
                              market value shall be deemed to be the final price
                              to public as shown on the final prospectus of the
                              Company filed with the Securities and Exchange
                              Commission pursuant to Rule 424(b) under the
                              Securities Act of 1933, as amended.

         3. Adjustment in Exercise Price and Number of Shares. The Exercise
Price per Warrant shall be subject to adjustment from time to time as
hereinafter provided. Upon each adjustment of the Exercise Price pursuant to
Section 3.2 and 3.3 hereof (but not any other provision of this Warrant), the
holder of this Warrant shall thereafter be entitled to purchase at the Exercise
Price resulting from such adjustment, the number of shares obtained by dividing
(1) the product of (x) the number of shares purchasable pursuant hereto
immediately prior to such adjustment and (y) the Exercise Price immediately
preceding such adjustment by (2) the Exercise Price resulting from such
adjustment.

                  3.1 Issuance of Additional Shares.

                         (a)  Special Definitions. For purposes of this Section
                              3.1, the following definitions shall apply:

                              (i)  "Options" shall mean rights, options or
                                   warrants to subscribe for, purchase or
                                   otherwise acquire either Common Stock or
                                   Convertible Securities.

                              (ii) "Convertible Securities" shall mean any
                                   evidences of indebtedness, shares or other
                                   securities convertible into or exchangeable
                                   for Common Stock or convertible into or
                                   exchangeable for securities convertible into
                                   or exchangeable for Common Stock.

                              (iii) "Additional Shares of Stock" shall mean all
                                   shares of Series A Preferred Stock or Common
                                   Stock issued by the Company after the date
                                   hereof, provided that no adjustments shall be
                                   made under this Warrant by virtue of:

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                              (A)  shares of Common Stock issued to employees,
                                   officers and directors of the Company under
                                   the Company's stock option plans if such
                                   plans are approved by the board of directors
                                   and stockholders of the Company;

                              (B)  shares issuable upon exercise of the Warrants
                                   evidenced by this Warrant Certificate; and

                              (C)  any event for which adjustment is provided
                                   pursuant to Sections 3.2 or 3.3 hereof.

                         (b)  No Adjustment of Exercise Price. No adjustment in
                              the applicable Exercise Price shall be made in
                              respect of the issuance of Additional Shares of
                              Common Stock unless the consideration per share
                              for an Additional Share of Common Stock issued or
                              deemed to be issued by the Company is less than
                              the applicable Exercise Price in effect on the
                              date of, and immediately prior to, such issue.

                         (c)  Deemed Issue of Additional Shares of Common Stock
                              - Options and Convertible Securities. Except as
                              provided in Sections 3.1(a) or 3.1(b) hereof, in
                              the event the Company at any time or from time to
                              time after the date hereof shall issue any Options
                              or Convertible Securities or shall fix a record
                              date for the determination of holders of any class
                              of securities entitled to receive any such Options
                              or Convertible Securities, then the maximum number
                              of shares (as set forth in the instrument relating
                              thereto without regard to any provisions contained
                              therein for a subsequent adjustment of such
                              number) of Common Stock issuable upon the exercise
                              of such Options or, in the case of Convertible
                              Securities and Options therefor, the conversion or
                              exchange of such Convertible Securities, shall be
                              deemed to be the number of Additional Shares of
                              Common Stock issued as of the time of such issue
                              or, in case such a record date shall have been
                              fixed, as of the close of business on such record
                              date, provided that in any such case in which
                              Additional Shares of Common Stock are deemed to be
                              issued,

                              (i)  no further adjustment in the applicable
                                   Exercise Price shall be made upon the
                                   subsequent issue of Convertible Securities or
                                   shares of Common Stock upon the exercise of
                                   such Options or conversion or exchange of
                                   such Convertible Securities;

                              (ii) if such Options or Convertible Securities by
                                   their terms provide, with the passage of time
                                   or otherwise, for any increase in the
                                   consideration payable to the Company, or

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                                   decrease in the number of shares of Common
                                   Stock issuable, upon the exercise, conversion
                                   or exchange thereof, the applicable Exercise
                                   Price computed upon the original issue
                                   thereof (or upon the occurrence of a record
                                   date with respect thereto), and any
                                   subsequent adjustments based thereon, shall,
                                   upon any such increase or decrease becoming
                                   effective, be recomputed to reflect such
                                   increase or decrease insofar as it affects
                                   such Options or the rights of conversion or
                                   exchange under such Convertible Securities;

                              (iii) upon the expiration of any such Options or
                                   any rights of conversion or exchange under
                                   such Convertible Securities which shall not
                                   have been exercised, the applicable Exercise
                                   Price computed upon the original issue
                                   thereof (or upon the occurrence of a record
                                   date with respect thereto), and any
                                   subsequent adjustments based thereon, shall,
                                   upon such expiration, be recomputed as if,

                                   (A)  in the case of Convertible Securities or
                                        Options for Common Stock, the only
                                        Additional Shares of Common Stock issued
                                        were shares of Common Stock, if any,
                                        actually issued upon the exercise of
                                        such Options or the conversion or
                                        exchange of such Convertible Securities
                                        and the consideration received therefor
                                        was the consideration actually received
                                        by the Company for the issue of all such
                                        Options, whether or not exercised, plus
                                        the consideration actually received by
                                        the Company upon such exercise, or for
                                        the issue of all such Convertible
                                        Securities whether or not converted or
                                        exchanged, plus the additional
                                        consideration, if any, actually received
                                        by the Company upon such conversion or
                                        exchange, and

                                   (B)  in the case of Options for Convertible
                                        Securities, only the Convertible
                                        Securities, if any, actually issued upon
                                        the exercise thereof were issued at the
                                        time of issue of such Options, and the
                                        consideration received by the Company
                                        for the Additional Shares of Common
                                        Stock deemed to have been then issued
                                        was the consideration actually received
                                        by the Company for the issue of all such
                                        Options, whether or not exercised, plus
                                        the consideration deemed to have been
                                        received by the Company upon the issue
                                        of the Convertible Securities with
                                        respect to which such Options were
                                        actually exercised.

                                       5
<PAGE>   6
                         (d)  Adjustment of Exercise Price Upon Issuance of
                              Additional Shares of Common Stock. In the event
                              the Company shall issue Additional Shares of
                              Common Stock (including Additional Shares of
                              Common Stock deemed to be issued pursuant to
                              Section 3.1(c)) without consideration or for a
                              consideration per share less than the applicable
                              Exercise Price of the Warrant in effect on the
                              date of and immediately prior to such issue, then
                              and in such event, the applicable Exercise Price
                              shall be reduced, concurrently with such issue, to
                              a price determined by multiplying such Exercise
                              Price by a fraction, the numerator of which shall
                              be the number of shares of Common Stock
                              outstanding immediately prior to such issue,
                              including any Common Stock issuable pursuant to
                              any then outstanding Options and Convertible
                              Securities, plus the number of shares of Common
                              Stock which the aggregate consideration received
                              by the Company for the total number of Additional
                              Shares of Common Stock so issued would purchase at
                              the then applicable Exercise Price and the
                              denominator of which shall be the number of shares
                              of Common Stock outstanding immediately prior to
                              such issue, including any Common Stock issuable
                              pursuant to any then outstanding Options and
                              Convertible Securities, plus the number of such
                              Additional Shares of Common Stock so issued.

                         (e)  Determination of Consideration. For purposes of
                              this Section 3.1, the consideration received by
                              the Company for the issue of any Additional Shares
                              of Common Stock shall be computed as follows:

                              (i)  Cash and Other Consideration: Such
                                   consideration shall:

                                   (A)  insofar as it consists of cash, be
                                        computed at the aggregate amount of cash
                                        received by the Company excluding
                                        amounts paid or payable for accrued
                                        interest or accrued dividends;

                                   (B)  insofar as it consists of consideration
                                        other than cash, be computed at the fair
                                        value thereof at the time of such issue,
                                        as determined in good faith by the Board
                                        of Directors of the Company; and

                                   (C)  in the event Additional Shares of Common
                                        Stock are issued together with other
                                        shares or securities or other assets of
                                        the Company for consideration which
                                        covers both, be the proportion of such
                                        consideration so received, computed as
                                        provided in clauses (A) and (B) above,
                                        as determined in good faith by the Board
                                        of Directors.

                                       6
<PAGE>   7
                              (ii) Options and Convertible Securities. The
                                   consideration per share received by the
                                   Company for Additional Shares of Common Stock
                                   deemed to have been issued pursuant to
                                   Section 3.1(c), relating to Options and
                                   Convertible Securities, shall be determined
                                   by dividing

                                   (A)  the total amount, if any, received or
                                        receivable by the Company as
                                        consideration for the issue of such
                                        Options or Convertible Securities, plus
                                        the minimum aggregate amount of
                                        additional consideration (as set forth
                                        in the instruments relating thereto,
                                        without regard to any provision
                                        contained therein for a subsequent
                                        adjustment of such consideration)
                                        payable to the Company upon the exercise
                                        of such Options or the conversion or
                                        exchange of such Convertible Securities,
                                        or in the case of Options for
                                        Convertible Securities, the exercise of
                                        such Options for Convertible Securities
                                        and the conversion or exchange of such
                                        Convertible Securities by

                                   (B)  the maximum number of shares of Common
                                        Stock (as set forth in the instruments
                                        relating thereto, without regard to any
                                        provision contained therein for a
                                        subsequent adjustment of such number)
                                        issuable upon the exercise of such
                                        Options or the conversion or exchange of
                                        such Convertible Securities.

         3.2 Stock Dividends. If and whenever at any time the Company shall
declare a dividend or make any other distribution upon any class or series of
stock of the Company, in each case payable in Common Shares or securities
convertible into or exercisable for Common Stock, the number of Common Shares to
be obtained upon exercise of this Warrant shall be proportionately adjusted to
reflect the issuance of any such securities issuable in payment of such dividend
or distribution.

         3.3 Subdivision or Combination of Stock. If and whenever the Company
shall at any time subdivide its outstanding Common Shares into a greater number
of shares, the Exercise Price in effect immediately prior to such subdivision
shall be proportionately reduced, and conversely, in case the outstanding Common
Shares of the Company shall be combined into a smaller number of shares, the
Exercise Price in effect immediately prior to such combination shall be
proportionately increased.

         3.4 Recapitalizations, Merger, etc. If at any time or from time to time
(a) there shall be any capital reorganization or reclassification of the capital
stock of the Company, consolidation or merger of the Company with another
corporation (other than a consolidation or merger in which the Company is the
continuing corporation and which does not result in any

                                       7
<PAGE>   8
reclassification of the Common Stock) or (b) the Company pays any distribution
or dividend in cash or property of the Company in complete or partial
liquidation (but not including ordinary periodic cash dividends), the registered
holder hereof shall thereafter, upon exercise of this Warrant certificate, be
entitled to receive the number of shares of stock or other securities or cash or
property of the Company (or of the successor corporation resulting from any
consolidation or merger) to which the Series A Preferred Stock or Common Stock,
as applicable (and any other securities) deliverable upon the exercise of this
Warrant certificate would have been entitled if this Warrant certificate had
been exercised immediately prior to such event, and the Exercise Price shall be
adjusted appropriately so that the aggregate amount payable by the registered
holder hereof upon the full exercise of this Warrant certificate remains the
same. The Company shall not effect any such recapitalization, consolidation or
merger unless, upon the consummation thereof, the successor corporation shall
assume by written instrument the obligation to deliver to the registered holder
hereof such shares of stock, securities, cash or property as such holder shall
be entitled to purchase in accordance with the foregoing provisions.

         4. Company to Provide Stock.

         The Company covenants and agrees that all the Warrant Shares which may
be issued upon the exercise of the Warrants evidenced hereby upon the due
exercise thereof, including the receipt by the Company of the aggregate Exercise
Price for all Warrants exercised, will be duly authorized, validly issued and
fully paid and nonassessable and free from all taxes, liens and charges with
respect to the issue thereof to the registered holder hereof other than those
which the Company shall promptly pay or discharge. The Company further covenants
and agrees that during the period within which the Warrants evidenced hereby may
be exercised, the Company will at all times reserve such number of Warrant
Shares as may be sufficient to permit the exercise in full of the Warrants.

         5. Other Notices. If at any time the Warrants evidenced hereby are
outstanding:

                  5.1 The Company shall declare any dividend on the Series A
Preferred Shares payable in shares of capital stock of the Company; or

                  5.2 The Company shall authorize the issue of any options,
warrants or rights pro rata to all holders of capital stock entitling them to
subscribe for or purchase any shares of stock of the Company or to receive any
other rights; or

                  5.3 The Company shall authorize the distribution pro rata to
all holders of capital its stock as evidences of its indebtedness or assets
(including cash dividends or distributions paid out of retained earnings or
retained surplus); or

                  5.4 There shall occur any reclassification of any of the
capital shares of the Company, or any consolidation or merger of the Company
with or into another corporation (other than a consolidation or merger in which
the Company is the continuing corporation and which does not result in any
reclassification of any of the capital shares of the Company) or a sale or
transfer to another corporation of all or substantially all of the properties of
the Company; or

                                       8
<PAGE>   9
                  5.5 There shall occur the voluntary or involuntary
liquidation, dissolution or winding up of the affairs of the Company;

then, and in each of such cases, the Company shall mail to the registered holder
hereof at its last address appearing on the books of the Company, as promptly as
practicable but in any event at least twenty days prior to the applicable record
date (or determination date) mentioned below, a notice stating, to the extent
such information is available, (i) the date on which a record is to be taken for
the purpose of such dividend, distribution or rights, or, if a record is not to
be taken, the date as of which the holders of the capital stock of record to be
entitled to such dividend, distribution or rights are to be determined, or (ii)
the date on which such liquidation, dissolution or winding up is expected to
become effective and the date as of which it is expected that holders of Series
A Preferred Shares of record shall be entitled to exchange their Series A
Preferred Shares for securities or other property deliverable upon such
reclassification, consolidation, merger, sale, transfer, liquidation,
dissolution or winding up.

         6. Replacement of Warrants. On receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of any
Warrant, and in the case of any such loss, theft or destruction of any Warrant,
on delivery of an indemnity agreement or security reasonably satisfactory in
form and amount to the Company or, in the case of any such mutilation, on
surrender and cancellation of such Warrant, unless the Company has received
notice that any such Warrant has been acquired by a bona fide purchaser, the
Company at its expense will execute and deliver, in lieu thereof, a new Warrant
of like tenor; provided, however, if any Warrant of which the original holder of
this Warrant, its nominee, or any of its affiliates is the registered holder is
lost, stolen or destroyed, the affidavit of any authorized officer of the
registered holder setting forth the circumstances with respect to such loss,
theft or destruction shall be accepted as satisfactory evidence thereof, and no
indemnity bond or other security shall be required as a condition to the
execution and delivery by the Company of a new Warrant in replacement of such
lost, stolen or destroyed Warrant other than the registered holder's written
agreement to indemnify the Company.

         7. Registered Holder. The registered holder of this Warrant certificate
shall be deemed the owner hereof and of the Warrants evidenced hereby for all
purposes. The registered holder of this Warrant certificate shall not be
entitled by virtue of ownership of this Warrant certificate to any rights
whatsoever as a shareholder of the Company.

         8. Amendments and Waivers. Any provision in this Warrant certificate to
the contrary notwithstanding, changes in or additions to this Warrant
certificate may be made and compliance with any covenant or provision herein set
forth may be omitted or waived if the Company shall obtain consent thereto in
writing from persons holding or having the right to acquire a majority of the
aggregate of the Warrants issued and then outstanding. Any modification or
amendment made in accordance with this Section 8 will be conclusive and binding
on all present and future holders of Warrants and all present and future holders
of Warrant Shares issued upon exercise of Warrants, whether or not notation of
such modification or amendment is made upon such Warrant or certificate(s)
representing such Warrant Shares. Any instrument given by or on behalf of any
holder of a Warrant in connection with any consent to any modification or
amendment will be conclusive and binding on all subsequent holders of such
Warrants and Warrant Shares.

                                       9
<PAGE>   10
         9. Covenants.

                  9.1 Reports and Notices. The Company covenants and agrees to
deliver to the holder of the Warrants the following reports and notices;
provided, however, that after the consummation by the Company of an IPO, the
provisions of Section 9.1 may be satisfied by delivery of copies of the
Company's public reports filed with the Securities and Exchange Commission under
the Exchange Act and delivered to all other stockholders at or after the time of
such filing.

                         (a)  Commencing with the Company's 1999 fiscal year, as
                              soon as available and in any event within 90 days
                              after the end of each fiscal year, a copy of the
                              annual audit report for such year for the Company
                              and its subsidiaries, including therein
                              consolidated balance sheets of the Company and its
                              subsidiaries as of the end of such fiscal year and
                              consolidated statements of income and a
                              consolidated statement of cash flows of the
                              Company and its subsidiaries for such fiscal year,
                              in each case accompanied by an unqualified opinion
                              of the Company's independent public accountants of
                              nationally recognized standing. PictureTel may at
                              its option review Company's financial records
                              relating to those fiscal years for which there are
                              no audited financial statements provided to
                              PictureTel hereunder.

                         (b)  As soon as available and in any event within 45
                              days after the end of each of the first three
                              quarters of each fiscal year, consolidated balance
                              sheets of the Company and its subsidiaries as of
                              the end of such quarter and consolidated
                              statements of income and a consolidated statement
                              of cash flows of the Company and its subsidiaries
                              for the period commencing at the end of the
                              previous fiscal quarter and ending with the end of
                              such fiscal quarter and consolidated statements of
                              income and a consolidated statement of cash flows
                              of the Company and its subsidiaries for the period
                              commencing at the end of the previous fiscal year
                              and ending with the end of such quarter, setting
                              forth in each case in comparative form the
                              corresponding figures for the corresponding period
                              of the preceding fiscal year, all in reasonable
                              detail and duly certified (subject to year-end
                              audit adjustments) by the chief financial officer
                              of the Company as having been prepared in
                              accordance with generally accepted accounting
                              principles consistently applied.

                         (c)  As soon as available PictureTel shall receive
                              forecasts prepared by management of the Company of
                              balance sheets, income statements and cash flow
                              statements on a quarterly basis as presented to
                              the Company's Board of Directors.

                                       10
<PAGE>   11
                  9.2 Transactions with Affiliates.

                         (a)  The Company shall not enter into or be a party to
                              any transaction with any Affiliate of the Company,
                              except in the ordinary course of and pursuant to
                              the reasonable requirements of the Company's
                              business and upon fair and reasonable terms that
                              are no less favorable to the Company than would
                              obtain in a comparable arm's length transaction
                              with a Person not an Affiliate of the Company.

                         (b)  For purposes of this Section 9.2 the term
                              "Affiliate" shall have the meaning referred to in
                              the Securities Act of 1933, as amended.

                  9.3 [Reserved]

                  9.4 Modifications of Charter and Bylaws. The Company shall not
amend or modify any provisions of its Articles of Incorporation or Bylaws in any
way which would adversely affect the interests of the holders of the Warrants.

                  9.5 Liquidation, Dissolution. The Company shall not, and shall
not permit any material subsidiary to, wind up, liquidate or dissolve its
affairs.

         10. Transfer. The Company hereby consents to each Holder's transfer of
this Warrant certificate and the Warrants evidenced hereby at any time or times
in whole or in part in accordance with the terms hereof; provided, however, that
the Company may withhold its consent to any transfer of any single transaction
whereby less than 10% of the Warrants then outstanding would be transferred. In
the event that any of the Holders do so transfer the Warrant, such Holder(s)
shall promptly thereafter notify the Company of the identities of the
transferee. The transferee of such Warrant(s) will be bound by and will receive
the benefits of this Warrant. Notwithstanding the foregoing, this Warrant and
the Warrant Shares issued upon exercise hereof may not be transferred or
assigned without compliance with applicable federal and state securities laws by
the transferor and the transferee and in accordance with the legend appearing on
the face of this Warrant (including the delivery of investment representation
letters and legal opinions reasonably satisfactory to the Company, if reasonably
requested by the Company). Subject to the provisions of this Section 10, title
to this Warrant may be transferred in the same manner as a negotiable instrument
transferable by endorsement and delivery with signatures appropriately
guaranteed.

                            [SIGNATURE PAGE FOLLOWS]

                                       11
<PAGE>   12
         IN WITNESS WHEREOF, iPhysician Net Inc. has caused this Warrant
certificate, amended and restated, to be signed by a duly authorized officer
under its corporate seal.

                                         iPhysician Net Inc.

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

AGREED AND ACCEPTED
UPON THE TERMS HEREOF:

PictureTel Corporation

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

                                       12

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