Document:

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                                                                     EXHIBIT 4.4

                           PATTERSON-UTI ENERGY, INC.

                          2001 LONG-TERM INCENTIVE PLAN

ARTICLE I: GENERAL

         SECTION 1.1 Purpose of the Plan. This 2001 Long-Term Incentive Plan
(the "Plan") of Patterson-UTI Energy, Inc. (the "Company") is intended to
advance the best interests of the Company, its subsidiaries and its stockholders
in order to attract, retain and motivate employees by providing them with
additional incentives through (i) the grant of options ("Options") to purchase
shares of Common Stock, par value $.01 per share, of the Company ("Common
Stock"), (ii) the grant of stock appreciation rights ("Stock Appreciation
Rights"), (iii) the award of shares of restricted Common Stock ("Restricted
Stock") and (iv) the award of units payable in cash or shares of Common Stock
based on performance ("Performance Awards"), thereby increasing the personal
stake of such employees in the continued success and growth of the Company.

         SECTION 1.2 Administration of the Plan. (a) The Plan shall be
administered either by the full Board of Directors of the Company (the "Board of
Directors") or by the Compensation Committee or other designated committee of
the Board of Directors. The Board of Directors or such committee is referred to
herein as the "Committee." The Committee shall have authority to interpret
conclusively the provisions of the Plan, to adopt such rules and regulations for
carrying out the Plan as it may deem advisable, to decide conclusively all
questions of fact arising in the application of the Plan, to establish
performance criteria in respect of Awards (as defined herein) under the Plan, to
certify that Plan requirements have been met for any participant in the Plan, to
submit such matters as it may deem advisable to the Company's stockholders for
their approval, and to make all other determinations and take all other actions
necessary or desirable for the administration of the Plan. The Committee is
expressly authorized to adopt rules and regulations limiting or eliminating its
discretion in respect of certain matters as it may deem advisable to comply with
or obtain preferential treatment under any applicable tax or other law rule, or
regulation. All decisions and acts of the Committee shall be final and binding
upon all affected Plan participants.

         (b) The Committee shall designate the eligible employees, if any, to be
granted Awards and the type and amount of such Awards and the time when Awards
will be granted. All Awards granted under the Plan shall be on the terms and
subject to the conditions determined by the Committee consistent with the Plan.

         SECTION 1.3 Eligible Participants. Employees of the Company and its
Subsidiaries (hereinafter defined) other than officers or directors of the
Company or any of its Subsidiaries shall be eligible for Awards under the Plan.
For purposes of the Plan, Subsidiaries of the Company consist of any
corporation, limited liability company, limited partnership or similar entity,
50% percent of the interests of which is directly or indirectly owned or
controlled by the

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Company, provided that the inclusion of such entity is permitted pursuant to
Section 424 of the Code and such entity is a disregarded entity for federal
income tax purposes (collectively referred to herein as "Subsidiaries").

         SECTION 1.4 Awards Under the Plan. Awards to employees may be in the
form of (i) Options, (ii) Stock Appreciation Rights, which may be issued
independent of or in tandem with Options, (iii) shares of Restricted Stock, (iv)
Performance Awards, or (v) any combination of the foregoing (collectively,
"Awards").

         SECTION 1.5 Shares Subject to the Plan. Initially, the aggregate number
of shares of Common Stock that may be issued under the Plan shall be 2,000,000,
subject to adjustment as provided in Section 5.2 of the Plan. Shares distributed
pursuant to the Plan may consist of authorized but unissued shares or treasury
shares of the Company, as shall be determined from time to time by the Board of
Directors.

         If any Award under the Plan shall expire, terminate or be canceled
(including cancellation upon an Option holder's exercise of a related Stock
Appreciation Right) for any reason without having been exercised in full, or if
any Award shall be forfeited to the Company, the unexercised or forfeited Award
shall not count against the above limits and shall again become available for
Awards under the Plan (unless the holder of such Award received dividends or
other economic benefits with respect to such Award, which dividends or other
economic benefits are not forfeited, in which case the Award shall count against
the above limits). Shares of Common Stock equal in number to the shares
surrendered in payment of the option price, and shares of Common Stock which are
withheld in order to satisfy Federal, state or local tax liability, shall count
against the above limits. Only the number of shares of Common Stock actually
issued upon exercise of a Stock Appreciation Right shall count against the above
limits, and any shares which were estimated to be used for such purposes and
were not in fact so used shall again become available for Awards under the Plan.
Cash exercises of Stock Appreciation Rights and cash settlement of other Awards
will not count against the above limits.

         The aggregate number of shares of Common Stock subject to Options or
Stock Appreciation Rights that may be granted to any one participant in any one
year under the Plan shall be 300,000, subject to adjustment as provided in
Section 5.2 of the Plan. The aggregate number of shares of Common Stock that may
be granted to any one participant in any one year in respect of Restricted Stock
shall be 300,000, subject to adjustment as provided in Section 5.2 of the Plan.
The aggregate number of shares of Common Stock that may be received by any one
participant in any one year in respect of a Performance Award shall be 300,000,
subject to adjustment as provided in Section 5.2 of the Plan, and the aggregate
amount of cash that may be received by any one participant in any one year in
respect to a Performance Award shall be $500,000.

         The total number of Awards (or portions thereof) settled in cash under
the Plan, based on the number of shares covered by such Awards (e.g., 100 shares
for a Stock Appreciation Right with respect to 100 shares), shall not exceed a
number equal to (i) the number of shares initially available for issuance under
the Plan plus (ii) the number of shares that have become available for issuance
under the Plan pursuant to the first paragraph of this Section 1.5.

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         SECTION 1.6 Other Compensation Programs. Nothing contained in the Plan
shall be construed to preempt or limit the authority of the Board of Directors
to exercise its corporate rights and powers, including, but not by way of
limitation, the right of the Board of Directors (i) to grant incentive awards
for proper corporate purposes otherwise than under the Plan to any employee,
officer, director or other person or entity or (ii) to grant incentive awards
to, or assume incentive awards of, any person or entity in connection with the
acquisition (whether by purchase, lease, merger, consolidation or otherwise) of
the business or assets (in whole or in part) of any person or entity.

ARTICLE II: STOCK OPTIONS AND STOCK APPRECIATION RIGHTS

         SECTION 2.1 Terms and Conditions of Options. Subject to the following
provisions, all Options granted under the Plan to employees of the Company and
its Subsidiaries shall be in such form and shall have such terms and conditions
as the Committee, in its discretion, may from time to time determine consistent
with the Plan.

         (a) Option Price. The option price per share shall be determined by the
Committee.

         (b) Term of Option. The term of an Option shall be determined by the
Committee and, notwithstanding any other provision of this Plan, no Option shall
be exercised after the expiration of its term.

         (c) Exercise of Options. Options shall be exercisable at such time or
times and subject to such terms and conditions as the Committee shall specify in
the Option grant. Unless the Option grant specifies otherwise, the Committee
shall have discretion at any time to accelerate such time or times and otherwise
waive or amend any conditions in respect of all or any portion of the Options
held by any optionee. An Option may be exercised in accordance with its terms as
to any or all shares purchasable thereunder.

         (d) Payment for Shares. The Committee may authorize payment for shares
as to which an Option is exercised to be made in cash, shares of Common Stock, a
combination thereof, by "cashless exercise" or in such other manner as the
Committee in its discretion may provide.

         (e) Stockholder Rights. The holder of an Option shall, as such, have
none of the rights of a stockholder.

         (f) Termination of Employment. The Committee shall have discretion to
specify in the Option grant, or, with the consent of the optionee, an amendment
thereof, provisions with respect to the period, not extending beyond the term of
the Option, during which the Option may be exercised following the optionee's
termination of employment.

         SECTION 2.2 Stock Appreciation Rights in Tandem with Options. (a) The
Committee may, either at the time of grant of an Option or at any time during
the term of the Option, grant Stock Appreciation Rights ("Tandem SARs") with
respect to all or any portion of the shares of Common Stock covered by such
Option. A Tandem SAR may be exercised at any time the

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Option to which it relates is then exercisable, but only to the extent the
Option to which it relates is exercisable, and shall be subject to the
conditions applicable to such Option. When a Tandem SAR is exercised, the Option
to which it relates shall cease to be exercisable to the extent of the number of
shares with respect to which the Tandem SAR is exercised. Similarly, when an
Option is exercised, the Tandem SARs relating to the shares covered by such
Option exercise shall terminate. Any Tandem SAR which is outstanding on the last
day of the term of the related Option (as determined pursuant to Section 2.1(b))
shall be automatically exercised on such date for cash without any action by the
optionee.

         (b) Upon exercise of a Tandem SAR, the holder shall receive, for each
share with respect to which the Tandem SAR is exercised, an amount (the
"Appreciation") equal to the difference between the option price per share of
the Option to which the Tandem SAR relates and the fair market value (as
determined by the Committee) of a share of Common Stock on the date of exercise
of the Tandem SAR. The Appreciation shall be payable in cash, Common Stock, or a
combination of both, at the option of the Committee, and shall be paid within 30
days of the exercise of the Tandem SAR.

         SECTION 2.3 Stock Appreciation Rights Independent of Options. Subject
to the following provisions, all Stock Appreciation Rights granted independent
of Options ("Independent SARs") under the Plan to employees of the Company and
its Subsidiaries shall be in such form and shall have such terms and conditions
as the Committee, in its discretion, may from time to time determine consistent
with the Plan.

         (a) Exercise Price. The exercise price per share shall be determined by
the Committee on the date the Independent SAR is granted.

         (b) Term of Independent SAR. The term of an Independent SAR shall be
determined by the Committee, and, notwithstanding any other provision of this
Plan, no Independent SAR shall be exercised after the expiration of its term.

         (c) Exercise of Independent SARs. Independent SARs shall be exercisable
at such time or times and subject to such terms and conditions as the Committee
shall specify in the Independent SAR grant. Unless the Independent SAR grant
specifies otherwise, the Committee shall have discretion at any time to
accelerate such time or times and otherwise waive or amend any conditions in
respect of all or any portion of the Independent SARs held by any participant.
Upon exercise of an Independent SAR, the holder shall receive, for each share
specified in the Independent SAR grant, an amount (the "Appreciation") equal to
the difference between the exercise price per share specified in the Independent
SAR grant and the fair market value (as determined by the Committee) of a share
of Common Stock on the date of exercise of the Independent SAR. The Appreciation
shall be payable in cash, Common Stock, or a combination of both, at the option
of the Committee, and shall be paid within 30 days of the exercise of the
Independent SAR.

         (d) Stockholder Rights. The holder of an Independent SAR shall, as
such, have none of the rights of a stockholder.

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         (e) Termination of Employment. The Committee shall have discretion to
specify in the Independent SAR grant, or, with the consent of the holder, an
amendment thereof, provisions with respect to the period, not extending beyond
the term of the Independent SAR, during which the Independent SAR may be
exercised following the holder's termination of employment.

         SECTION 2.4 Statutory Options. The Committee shall not have the
authority to grant Incentive Stock Options within the meaning of Section 422 of
the Internal Revenue Code (the "Code").

         SECTION 2.5 Change of Control. Unless otherwise specifically provided
for in the grant thereof, upon the event of a Change of Control (as defined in
Section 5.9) all Options and Stock Appreciation Rights shall remain subject to
the vesting schedules governing such Options or Stock Appreciation Rights.
Notwithstanding the foregoing, the Committee, in its discretion, may provide in
a grant of an Option or Stock Appreciation Right that upon the occurrence of a
Change of Control such Option or Stock Appreciation Right shall vest and become
immediately exercisable and, unless the participant agrees otherwise in writing,
remain exercisable for three years (but not beyond the term of the Option or
Stock Appreciation Right) after the employee's termination of employment for any
reason other than termination by the Company or a subsidiary of the Company for
dishonesty, conviction of a felony, willful unauthorized disclosure of
confidential information or willful refusal to perform the duties of such
employee's position or positions with the Company or such subsidiary
(termination for "Cause").

ARTICLE III:  RESTRICTED STOCK

         SECTION 3.1 Terms and Conditions of Restricted Stock Awards. Subject to
the following provisions, all Awards of Restricted Stock under the Plan to
employees of the Company and its Subsidiaries shall be in such form and shall
have such terms and conditions as the Committee, in its discretion, may from
time to time determine consistent with the Plan.

         (a) Restricted Stock Award. The Restricted Stock Award shall specify
the number of shares of Restricted Stock to be awarded, the price, if any, to be
paid by the recipient of the Restricted Stock, and the date or dates on which
the Restricted Stock will vest. The vesting and number of shares of Restricted
Stock may be conditioned upon the completion of a specified period of service
with the Company or its Subsidiaries, upon the attainment of specified
performance objectives, or upon such other criteria as the Committee may
determine in accordance with the provisions hereof. Performance objectives will
be based on increases in share prices, operating income, net income or cash flow
thresholds on a company wide, subsidiary or division or group basis, rig
utilization, safety records, return on common equity or any combination of the
foregoing.

         (b) Restrictions on Transfer. Stock certificates representing the
Restricted Stock granted to an employee shall be registered in the employee's
name. Such certificates shall either be held by the Company on behalf of the
employee, or delivered to the employee bearing a legend to restrict transfer of
the certificate until the Restricted Stock has vested, as determined by the
Committee. The Committee shall determine whether the employee shall have the
right to vote and/or receive dividends on the Restricted Stock before it has
vested. No share of Restricted

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Stock may be sold, transferred, assigned, or pledged by the employee until such
share has vested in accordance with the terms of the Restricted Stock Award.
Unless the grant of a Restricted Stock Award specifies otherwise, in the event
of an employee's termination of employment before all the employee's Restricted
Stock has vested, or in the event other conditions to the vesting of Restricted
Stock have not been satisfied prior to any deadline for the satisfaction of such
conditions set forth in the Award, the shares of Restricted Stock that have not
vested shall be forfeited and any purchase price paid by the employee shall be
returned to the employee. At the time Restricted Stock vests (and, if the
employee has been issued legended certificates of Restricted Stock, upon the
return of such certificates to the Company), a certificate for such vested
shares shall be delivered to the employee or the employee's estate, free of all
restrictions.

         (c) Accelerated Vesting. Notwithstanding the vesting conditions set
forth in the Restricted Stock Award, unless the Restricted Stock grant specifies
otherwise, the Committee may in its discretion at any time accelerate the
vesting of Restricted Stock or otherwise waive or amend any conditions of a
grant of Restricted Stock. Unless otherwise specifically provided for in the
grant thereof, upon the event of a Change of Control all Restricted Stock Awards
shall remain subject the vesting schedules governing such Restricted Stock
Awards.

ARTICLE IV:  PERFORMANCE AWARDS

         SECTION 4.1 Terms and Conditions of Performance Awards. The Committee
shall be authorized to grant Performance Awards, which are payable in stock,
cash or a combination thereof, at the discretion of the Committee.

         (a) Performance Period. The Committee shall establish with respect to
each Performance Award a performance period over which the performance goal of
such Performance Award shall be measured. The performance period for a
Performance Award shall be established prior to the time such Performance Award
is granted and may overlap with performance periods relating to other
Performance Awards granted hereunder to the same employee.

         (b) Performance Objectives. The Committee shall establish a minimum
level of acceptable achievement for the holder at the time of each Award. Each
Performance Award shall be contingent upon future performances and achievement
of objectives described either in terms of Company-wide performance or in terms
that are related to performance of the employee or of the division, subsidiary,
department or function within the Company in which the employee is employed. The
Committee shall have the authority to establish the specific performance
objectives and measures applicable to such objectives. Such objectives, however,
shall be based on increases in share prices, operating income, net income or
cash flow thresholds on a company wide, subsidiary or division or group, rig
utilization, safety records, return on common equity or any combination of the
foregoing.

         (c) Size, Frequency and Vesting. The Committee shall have the authority
to determine at the time of the Award the maximum value of a Performance Award,
the frequency of Awards and the date or dates when Awards vest.

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         (d) Payment. Following the end of each performance period, the holder
of each Performance Award will be entitled to receive payment of an amount, not
exceeding the maximum value of the Performance Award, based on the achievement
of the performance measures for such performance period, as determined by the
Committee. If at the end of the performance period the specified objectives have
been attained, the employee shall be deemed to have fully earned the Performance
Award. If the employee exceeds the specified minimum level of acceptable
achievement but does not fully attain such objectives, the employee shall be
deemed to have partly earned the Performance Award, and shall become entitled to
receive a portion of the total Award, as determined by the Committee. If a
Performance Award is granted after the start of a performance period, the Award
shall be reduced to reflect the portion of the performance period during which
the Award was in effect. Unless the Award specifies otherwise, including
restrictions in order to satisfy the conditions under Section 162(m) of the
Code, the Committee may adjust the payment of Awards or the performance
objectives if events occur or circumstances arise which would cause a particular
payment or set of performance objectives to be inappropriate, as determined by
the Committee.

         (e) Termination of Employment. A recipient of a Performance Award who,
by reason of death, disability or retirement, terminates employment before the
end of the applicable performance period shall be entitled to receive, to the
extent earned, a portion of the Award which is proportional to the portion of
the performance period during which the employee was employed. A recipient of a
Performance Award who terminates employment for any other reason shall not be
entitled to any part of the Award unless the Committee determines otherwise;
however, the Committee may in no event pay the employee more than that portion
of the Award which is proportional to his or her period of actual service.

         (f) Accelerated Vesting. Notwithstanding the vesting conditions set
forth in a Performance Award, unless the Award specifies otherwise, the
Committee may in its discretion at any time accelerate vesting of the Award or
otherwise waive or amend any conditions (including but not limited to
performance objectives) in respect of a Performance Award. Unless otherwise
specifically provided for in the grant thereof, upon the event of a Change of
Control all Performance Awards shall remain subject the vesting schedules
governing such Performance Awards.

         (g) Stockholder Rights. The holder of a Performance Award shall, as
such, have none of the rights of a stockholder.

ARTICLE V: ADDITIONAL PROVISIONS

         SECTION 5.1 General Restrictions. Each Award under the Plan shall be
subject to the requirement that, if at any time the Committee shall determine
that (i) the listing, registration or qualification of the shares of Common
Stock subject or related thereto upon any securities exchange or under any state
or Federal law, or (ii) the consent or approval of any government regulatory
body, or (iii) an agreement by the recipient of an Award with respect to the
disposition of shares of Common Stock, is necessary or desirable (in connection
with any requirement or interpretation of any Federal or state securities law,
rule or regulation) as a condition of, or in connection with, the granting of
such Award or the issuance, purchase or

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delivery of shares of Common Stock thereunder, such Award may not be consummated
in whole or in part unless such listing, registration, qualification, consent,
approval or agreement shall have been effected or obtained free of any
conditions not acceptable to the Committee.

         SECTION 5.2 Adjustments for Changes in Capitalization. In the event of
any stock dividends, stock splits, recapitalizations, combinations, exchanges of
shares, mergers, consolidation, liquidations, split-ups, split-offs, spin-offs,
or other similar changes in capitalization, or any distribution to stockholders,
including a rights offering, other than regular cash dividends, changes in the
outstanding stock of the Company by reason of any increase or decrease in the
number of issued shares of Common Stock resulting from a split-up or
consolidation of shares or any similar capital adjustment or the payment of any
stock dividend, any share repurchase at a price in excess of the market price of
the Common Stock at the time such repurchase is announced or other increase or
decrease in the number of such shares, the Committee shall make appropriate
adjustment in the number and kind of shares authorized by the Plan, in the
number, price or kind of shares covered by the Awards and in any outstanding
Awards under the Plan; provided, however, that no such adjustment shall increase
the aggregate value of any outstanding Award.

         In the event of any adjustment in the number of shares covered by any
Award, any fractional shares resulting from such adjustment shall be disregarded
and each such Award shall cover only the number of full shares resulting from
such adjustment.

         SECTION 5.3 Amendments. (a) The Board of Directors may at any time and
from time to time and in any respect amend or modify the Plan.

         (b) The Committee shall have the authority to amend any Award to
include any provision which, at the time of such amendment, is authorized under
the terms of the Plan; however, no outstanding Award may be revoked or altered
in a manner unfavorable to the holder without the written consent of the holder.

         SECTION 5.4 Cancellation of Awards. Any Award granted under the Plan
may be cancelled at any time with the consent of the holder and a new Award may
be granted to such holder in lieu thereof, which Award may, in the discretion of
the Committee, be on more favorable terms and conditions than the canceled
Award.

         SECTION 5.5 Withholding. Whenever the Company proposes or is required
to issue or transfer shares of Common Stock under the Plan, the Company shall
have the right to require the holder to pay an amount in cash or to retain or
sell without notice, or demand surrender of, shares of Common Stock in value
sufficient to satisfy any Federal, state or local withholding tax liability
("Withholding Tax") prior to the delivery of any certificate for such shares (or
remainder of shares if Common Stock is retained to satisfy such tax liability).
Whenever under the Plan payments are to be made in cash, such payments shall be
net of an amount sufficient to satisfy any Federal, state or local withholding
tax liability. An Award may also provide the holder with the right to satisfy
the Withholding Tax with previously owned shares of Common Stock or shares of
Common Stock otherwise issuable to the holder.

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         Whenever Common Stock is so retained or surrendered to satisfy
Withholding Tax, the value of shares of Common Stock so retained or surrendered
shall be determined by the Committee, and the value of shares of Common Stock so
sold shall be the net proceeds (after deduction of commissions) received by the
Company from such sale, as determined by the Committee.

         SECTION 5.6 Assignability. Except as expressly provided in the Plan or
in any agreements, no Award under the Plan shall be assignable or transferable
by the holder thereof except by will or by the laws of descent and distribution.
During the life of the holder, Awards under the Plan shall be exercisable only
by such holder or by the guardian or legal representative of such holder.

         SECTION 5.7 Non-uniform Determinations. Determinations by the Committee
under the Plan (including, without limitation, determinations of the persons to
receive Awards; the form, amount and timing of such Awards; the terms and
provisions of such Awards and the agreements evidencing same; and provisions
with respect to termination of employment) need not be uniform and may be made
by it selectively among persons who receive, or are eligible to receive, Awards
under the Plan, whether or not such persons are similarly situated.

         SECTION 5.8 No Guarantee of Employment. The grant of an Award under the
Plan shall not constitute an assurance of continued employment for any period or
any obligation of the Board of Directors to nominate any director for reelection
by the Company's stockholders.

         SECTION 5.9 Change of Control. A "Change of Control" shall be deemed to
have occurred if:

         (1) any Person (as defined below), other than a Designated Person, is
or becomes the Beneficial Owner (as defined below) of securities of the Company
representing 35% or more of the Voting Power (as defined below);

         (2) there shall occur a change in the composition of a majority of the
Board of Directors within any period of four consecutive years which change
shall not have been approved by a majority of the Board of Directors as
constituted immediately prior to the commencement of such period;

         (3) at any meeting of the stockholders of the Company called for the
purpose of electing directors, more than one of the persons nominated by the
Board of Directors for election as directors shall fail to be elected; or

         (4) the stockholders of the Company approve a merger, consolidation,
sale of substantially all assets or other reorganization of the Company, other
than a reincorporation, in which the Company does not survive.

         For purposes of this Section 5.9, (i) "Person" shall have the meaning
set forth in Sections 3(a)(9) and 13(d)(3) of the Securities Exchange Act of
1934 (the "Exchange Act"), (ii) "Beneficial Owner" shall have the meaning set
forth in Rules 13d-3 and 13d-5 promulgated

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under the Exchange Act; (iii) "Voting Power" shall mean the voting power of the
outstanding securities of the Company having the right under ordinary
circumstances to vote at an election of the Board of Directors; and (iv)
"Designated Person" shall mean any Person whose Beneficial Ownership of
securities is solely the result of such Person acquiring securities as an
underwriter in an underwritten public offering of such securities.

         SECTION 5.10 Duration and Termination.

         (a) The Plan shall be of unlimited duration.

         (b) The Board of Directors may suspend, discontinue or terminate the
Plan at any time. Such action shall not impair any of the rights of any holder
of any Award outstanding on the date of the Plan's suspension, discontinuance or
termination without the holder's written consent.

         SECTION 5.11 Deferred Compensation and Trust Agreements. The Committee
may authorize and establish deferred compensation agreements and arrangements in
connection with Awards under the Plan and may establish trusts and other
arrangements including "rabbi trusts", with respect to such agreements and
appoint one or more trustees for such trusts. Shares of Common Stock under the
Plan may also be acquired by one or more trustees from the Company, in the open
market or otherwise.

         SECTION 5.12 Effective Date. The Plan is effective as of July 24, 2001.

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                                                                    EXHIBIT 10.1

                    AGREEMENT TO EFFECT ORDERLY LIQUIDATION

                          OF MESSAGEMEDIA EUROPE, B.V.

                   BY AND BETWEEN MESSAGEMEDIA EUROPE, B.V.,

                               MESSAGEMEDIA, INC.,

                        MESSAGEMEDIA US/EUROPE, INC. AND

                                  @viso LIMITED

                                DATED MAY 9, 2001

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         AGREEMENT TO EFFECT ORDERLY LIQUIDATION OF MESSAGEMEDIA EUROPE, B.V., a
Netherlands corporation (together with its subsidiaries, the "JOINT VENTURE"),
dated May 9, 2001, by and between the JOINT VENTURE, MESSAGEMEDIA, INC., a
Delaware corporation ("MESSAGEMEDIA US"), MESSAGEMEDIA US/EUROPE, INC., a
Delaware corporation wholly-owned by MessageMedia US ("MESSAGEMEDIA SUB," and,
collectively with MessageMedia US, "MESSAGEMEDIA"), and @VISO LIMITED, a company
incorporated under the laws of England and Wales ("@viso") (this "AGREEMENT").

         WHEREAS, MessageMedia, MessageMedia Sub and @viso are parties to that
certain Shareholders Agreement, dated March 7, 2000, pursuant to which they are
associated as shareholders of the Joint Venture (the "SHAREHOLDERS AGREEMENT");

         WHEREAS, MessageMedia US and the Joint Venture are parties to that
certain Master License and Services Agreement, dated March 10, 2000, referred to
in Section 1(c) of the Shareholders Agreement (the "LICENSE AGREEMENT");

         WHEREAS, @viso and the Joint Venture are parties to that certain Credit
Agreement, referred to in Section 1(d) of the Shareholders Agreement (the
"CREDIT AGREEMENT");

         WHEREAS, MessageMedia US and @viso are parties to that certain Loan
Agreement, dated March 7, 2000, referred to in Section 1(e) of the Shareholders
Agreement (the "LOAN AGREEMENT");

         WHEREAS, the Joint Venture, MessageMedia and @viso desire to effect the
orderly liquidation of the Joint Venture, and to terminate the Shareholders
Agreement, License Agreement, Credit Agreement and Loan Agreement, to the extent
and upon the terms and conditions hereinafter set forth.

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein set forth, the parties hereby agree as follows:

1.       INITIAL PAYMENTS.

         (a) No later than May 11, 2001 (the "FUNDING DATE"), @viso will
contribute to the Joint Venture $2,000,000 (US dollars) (the "@viso CONTRIBUTED
AMOUNT") by wire transfer of immediately available funds to an account
designated by the Joint Venture, which funds shall be used to satisfy (i) all
creditors' and employees' claims of the Joint Venture and any accounting, audit
or legal fees and expenses incurred by the Joint Venture in connection with its
shut down and liquidation, (ii) that certain e1,239,393 (euros) obligation due
@viso by the Joint Venture as a result of services provided to the Joint Venture
by @viso pursuant to Section 2(d) of the Shareholders Agreement, and (iii) all
reimbursable expenses and monthly license and support fees earned by
MessageMedia US through the date hereof pursuant to the License Agreement, but
excluding: (x) any and all severance payments due David Ehrenthal, the Chief
Executive Officer of the Joint Venture, (y) obligations due pursuant to that
certain $5,300,000 promissory note, issued in March 2000 and used by the Joint
Venture to purchase technology pursuant to Section 1.29 of the License Agreement
(the "$5,300,000 NOTE"), and (z) any and all expenses, costs, fees or other
obligations not specifically identified above due either to @viso or
MessageMedia US (hereafter these claims, obligations, expenses and fees,
including those

                                       1.
<PAGE>   3

referred to in (i), (ii) and (iii) above, but excluding those referred to in
(x), (y) and (z) above, shall be referred to as the "SHUTDOWN COSTS").

         (b) On the Funding Date, @viso will loan MessageMedia US $2,000,000
(the "MESSAGEMEDIA CONTRIBUTED AMOUNT" and, collectively with the @viso
Contributed Amount, the "CONTRIBUTED AMOUNTS"), pursuant to the terms of the
MessageMedia Contributed Amount Note attached hereto as Exhibit A (the
"CONTRIBUTED AMOUNT NOTE"), which funds concurrently shall be contributed by
MessageMedia US to the Joint Venture by a direct wire transfer of immediately
available funds from @viso to an account designated by the Joint Venture and be
used exclusively to fund the Shutdown Costs. In the event that the Contributed
Amounts exceed the Shutdown Costs (the "EXCESS CONTRIBUTED AMOUNTS"),
concurrently with the liquidation of the Joint Venture, the Joint Venture shall
distribute the Excess Contributed Amounts to @viso by wire transfer of
immediately available funds to an account designated by @viso; provided,
however, that 50% of such Excess Contributed Amounts shall be applied to the
principal amount at the time outstanding under the Contributed Amount Note,
which principal amount correspondingly shall be reduced (as set forth in such
note).

         (c) On the Funding Date, in consideration of the termination, release
and cancellation of the Loan Agreement, as set forth in Section 3(c) below,
MessageMedia US will issue @viso a promissory note with a principal amount of
$2,500,000 (the "TERMINATION NOTE"), the form of which is attached hereto as
Exhibit B.

2.       REPRESENTATIONS AND WARRANTIES.

         Each of MessageMedia US and @viso hereby represents and warrants to the
other as follows:

         (a) It is a company duly organized, validly existing and in good
standing under the laws of its jurisdiction of incorporation, with full power
and authority to enter into and perform this Agreement.

         (b) No consent, approval or authorization of, or declaration or filing
with, any governmental authority or person or entity is required on its part in
connection with the execution and performance of this Agreement.

         (c) The execution and delivery of this Agreement and the performance of
its obligations hereunder will not (i) violate or be in conflict with any
provision of law, any order, rule or regulation of any court or other agency of
government, or any provision of its charter or bylaws, or (ii) violate, be in
conflict with, result in a breach of, or constitute a default under any material
indenture, license, lease, agreement or other instrument to which it is a party
or by which it or any of its properties is bound.

3.       TERMINATION OF AGREEMENTS.

         (a) TERMINATION OF CREDIT AGREEMENT. Effective as of the receipt by the
Joint Venture of the Contributed Amounts, the Credit Agreement shall terminate
and be of no further force or effect and all liabilities and claims thereunder
forever shall be discharged and released.

                                       2.
<PAGE>   4

         (b) TERMINATION OF SHAREHOLDERS AGREEMENT. Effective as of the receipt
by the Joint Venture of the Contributed Amounts, the Shareholders Agreement
shall terminate and be of no further force or effect and all liabilities and
claims thereunder forever shall be discharged and released.

         (c) TERMINATION OF LOAN AGREEMENT. Effective upon the issuance of the
Termination Note by MessageMedia US to @viso, the Loan Agreement shall terminate
and be of no further force or effect and all liabilities and claims thereunder
forever shall be discharged and released.

         (d) TERMINATION OF LICENSE AGREEMENT AND RELEASE OF $5,300,000
PROMISSORY NOTE. Effective as of the receipt by the Joint Venture of the
Contributed Amounts, the License Agreement shall terminate and be of no further
force or effect and all liabilities and claims thereunder forever shall be
discharged and released, including, without limitation, the $5,300,000 Note;
provided, however, that, MessageMedia US shall be entitled to recover in the
liquidation of the Joint Venture the amounts referred to in Section 1(a)(iii)
above.

4.       MUTUAL RELEASE.

         Except otherwise as set forth immediately below and otherwise in this
Agreement, and excluding the obligations created pursuant to the Termination
Note and the Contributed Amount Note, effective as of the receipt by the Joint
Venture of the Contributed Amounts, each of the parties hereto hereby releases,
acquits and forever discharges the other party, including such other party's
current and former officers, directors, agents, servants, employees,
stockholders, attorneys, successors, assigns and affiliates, of and from any and
all claims, liabilities, demands, causes of action, costs, expenses, attorneys'
fees, damages, indemnities and obligations of every kind and nature, in law,
equity or otherwise, known and unknown, suspected and unsuspected, disclosed and
undisclosed, arising out of or in any way related to agreements, events, acts or
conduct occurring at any time prior to and including the date of this Agreement,
including, without limitation, any and all claims and demands directly or
indirectly arising out of or in any way connected with the execution and
negotiation of this Agreement (or any related agreement) or the Shareholders
Agreement, or with regard to forming and operating the Joint Venture. If any
party has filed any claim, complaint, or charge against any party indemnified
hereunder before any local, state, federal or foreign administrative body or
court, such party agrees to dismiss with prejudice such claim, complaint, or
charge, and to send confirmation of dismissal to such other party within 14 days
after the date of this Agreement. Each party agrees that in the event it brings
a claim or charge covered by this release or does not dismiss and withdraw any
claim covered by this release in which such party seeks damages or any other
relief against any other party indemnified hereunder, this Agreement shall serve
as a complete defense to such claim or charge.

5.       ASSUMPTION OF CERTAIN JOINT VENTURE ASSETS/SEVERANCE COSTS.

         (a) MessageMedia US shall have the right to assume any and all of the
Joint Venture's customer contracts, including, without limitation, any contract
by and between the Joint Venture and Vivendi Universal S.A. ("VIVENDI") or any
affiliate or non-wholly owned subsidiary of Vivendi. If MessageMedia US, in its
sole discretion, elects to assume any contract

                                       3.
<PAGE>   5

by and between the Joint Venture and Vivendi or any affiliate or non-wholly
owned subsidiary of Vivendi, it also shall assume any and all obligations
imposed by the terms and conditions of such contract.

         (b) MessageMedia US shall have the right to hire any personnel of the
Joint Venture required to service such assumed customers, and shall provide
@viso with a list of the key Joint Venture personnel it intends to hire, and
shall use commercially reasonable effort to provide such list on or before May
31, 2001, and, in any event, shall do so prior to the final liquidation of the
Joint Venture.

         (c) Notwithstanding anything in this Section 5 to the contrary, without
the written consent of @viso, the Joint Venture shall not in any way be
restricted from proceeding with its shut down and liquidation to accommodate the
assumption of such customer contracts or the hiring of such personnel.

         (d) MessageMedia US agrees to pay all costs which directly result from
the assignment of such Joint Venture customer contracts in accordance with local
laws, including, without limitation, any transfer tax associated with such
assignment, but excluding any operational costs of the Joint Venture (which
include any labor or employment costs of the Joint Venture).

         (e) MessageMedia shall use commercially reasonable efforts to reassign
to an appropriate position rather than terminate any employee of the Joint
Venture who as of the time immediately prior to such termination MessageMedia
intends to retain as a future employee of the Joint Venture or MessageMedia. In
addition, Message Media US agrees to reimburse @ viso for any severance expenses
incurred by @viso in connection with terminating any Joint Venture employee who
MessageMedia or the Joint Venture shall rehire after such severance expense has
been incurred.

         (f) MessageMedia US agrees to hold harmless and indemnify @viso,
including @viso's current and former officers, directors, agents, servants,
employees, stockholders, attorneys, successors, assigns and affiliates (the
"@viso INDEMNITEES"), against any and all expenses that the @viso Indemnitees
become legally obligated to pay because of any claims, liabilities, demands or
causes of action, in law, equity or otherwise, arising out of acts or conduct of
MessageMedia relating to the performance or alleged non-performance of one or
more of such assumed contracts and occurring after the date on which
MessageMedia US assumes the Joint Venture customer contract that is the subject
of such claim, liability, demand or cause of action.

6.       SELECTION OF PERSONNEL.

         @viso and MessageMedia US agree that they mutually shall select the
personnel responsible for the shut down and liquidation of the Joint Venture.

7.       CONFIDENTIALITY/NON-DISCLOSURE.

         Each of the parties acknowledges that confidentiality and nondisclosure
are material considerations for the parties entering into this Agreement. As
such, each of the parties agree not to publicize nor to disclose the existence
or the terms of this Agreement with any individual in

                                       4.
<PAGE>   6

any manner whatsoever, written or oral, including, but not limited to, the print
or broadcast media, any public network such as the Internet, any other outbound
data program such as computer generated mail, reports or faxes, or any source
likely to result in publication or computerized access. Notwithstanding the
prohibitions in this paragraph, the parties may disclose this Agreement: (a) in
confidence to their respective attorneys, spouses, accountants, auditors, tax
preparers, insurance carrier, and financial advisors; (b) as necessary to
fulfill standard or legally required corporate reporting, disclosure
requirements or financing requirements; (c) upon request from any government
entity; (d) to investors or potential investors, purchasers or potential
purchasers, successors and potential successors, and any current or prospective
parent corporation; and (e) insofar as such disclosure may be necessary to
enforce its terms or otherwise as required by law.

8.       MESSAGEMEDIA US CHANGE OF CONTROL PREMIUM PAYABLE TO @VISO.

         As additional consideration for the obligations of the parties hereto,
MessageMedia US agrees that if there shall occur a "change of control" (as
defined in the Contributed Amount Note) of MessageMedia US that is consummated
on or before December 31, 2003, concurrently with the consummation of such
change of control, MessageMedia US shall make a cash payment to @viso in an
amount based upon the following formula:

Y = A x B x ((C - D) / D)

where:

Y =      the cash payment to @viso;

A =      0.5;

B =      the sum of the principal amounts outstanding under the Contributed
         Amount Note and the Termination Note as of immediately prior to the
         time such change of control is consummated;

C =      the fair value of the consideration per share (as defined below) paid
         to MessageMedia US stockholders in connection with such change of
         control; and

D =      the closing market price of MessageMedia US common stock as quoted on
         the Nasdaq Market as of the date hereof (as adjusted for any stock
         splits, combinations or dividends effected after the date hereof);

         provided, further, that the quotient of ((C - D) / D) shall in no event
exceed 0.25.

         The fair value of the consideration paid per share, if the
consideration received by MessageMedia US stockholders is other than cash, will
be deemed its fair market value as determined in good faith by the Board of
Directors of MessageMedia US; provided, however, any securities shall be valued
as follows:

         (a) Securities not subject to investment letter or other similar
restrictions on free marketability covered by (b) below:

                  (i) if traded on a securities exchange or through the Nasdaq
National Market, the value shall be deemed to be the average of the closing
prices of the securities on such

                                       5.
<PAGE>   7

quotation system over the 30 day period ending three days prior to the
consummation of the change of control;

                  (ii) if actively traded over-the-counter, the value shall be
deemed to be the average of the closing bid or sale prices (whichever is
applicable) over the 30 day period ending three days prior to the consummation
of the change of control; and

                  (iii) if there is no active public market, the value shall be
the fair market value thereof, as determined in good faith by the Board of
Directors of MessageMedia US.

         (b) The method of valuation of securities subject to investment letter
or other restrictions on free marketability (other than restrictions arising
solely by virtue of a stockholder's status as an affiliate or former affiliate)
shall be to make an appropriate discount from the market value determined as
above in (a)(i), (ii) or (iii) to reflect the approximate fair market value
thereof, as determined in good faith by the Board of Directors of MessageMedia
US.

9.       MISCELLANEOUS.

         (a) All the terms and provisions of this Agreement shall be binding
upon and inure to the benefit of and be enforceable by the respective successors
and assigns of the parties hereto except as otherwise expressly limited herein.

         (b) Each party shall bear its own costs incurred in the negotiations
and preparation of this Agreement and of matters incidental thereto.

         (c) All notices, requests, demands and other communications hereunder
shall be in writing and shall be deemed to have been duly given if delivered or
mailed, first-class airmail, postage prepaid:

         To MessageMedia:       371 Centennial Parkway
                                Louisville, CO 80027
                                Attention: A. Laurence Jones, President
                                and Chief Executive Officer

                                Telephone: 303-440-7550
                                Fax: 303-440-0303

          With a copy to:       Cooley Godward LLP
                                380 Interlocken Crescent, Suite 900
                                Broomfield, CO 80021-8023
                                Attention: Michael Platt, Esq.

                                Telephone: 720-566-4012
                                Fax: 720-566-4099

                                       6.
<PAGE>   8

                To @viso:       @viso Limited
                                c/o Macfarlanes
                                10 Norwich Street
                                London EC4A 1BD
                                England

                                Attention: Charles Martin

                                Telephone: 44-207-831-9222
                                Fax: 44-207-831-9607

          With a copy to:       Watson, Farley & Williams
                                47, rue de Monceau
                                75008 Paris, France
                                Attention: George Rigo

                                Telephone: 33-683-82-3949
                                Fax: 33 (1) 45 61 09 01

    To the Joint Venture:       MessageMedia Europe, B.V.
                                Le Richelieu
                                21, rue des Trois Fontanot
                                Immeuble le Richelieu
                                92024 Nanterre Cedex

                                Telephone: 33-141-91-6868
                                Fax: 33-141-91-6850

          With a copy to:       MessageMedia, Inc. and Cooley Godward LLP,
                                as set forth above

or, in each case, to such other address as the party may have furnished to the
other party in writing.

         (d) In the event of the invalidity of any part or provision of this
Agreement, such invalidity shall not affect the enforceability of any other part
or provision of this Agreement.

         (e) No waiver by any party or any default in the strict performance of
or compliance with any provision herein shall be deemed to be a waiver of
performance and compliance as to any other provision in the future; nor shall
any delay or omission of any party to exercise any right hereunder in any manner
impair the exercise of any such right accruing to it thereafter. No remedy
expressly granted herein to any party shall be deemed to exclude any other
remedies which otherwise would be available.

         (f) This Agreement constitutes the entire agreement between the parties
with respect to the subject matter hereof and supersedes all prior
understandings and agreements between the parties with respect to such subject
matter. The parties hereto agree to vote their shares in the

                                       7.
<PAGE>   9

Joint Venture to give effect to this Agreement and, in the event of a conflict
between this Agreement and the Articles of Association of the Joint Venture, the
provisions of this Agreement shall prevail. If the implementation or performance
of this Agreement is in any way precluded by the Articles of Association of the
Joint Venture, the parties hereto promptly shall amend such Articles to permit
full implementation and performance.

         (g) This Agreement may be executed in counterparts, each of which shall
be deemed an original, but which together shall constitute one and the same
instrument.

         (h) This Agreement will be governed by and construed in accordance with
the laws of the State of New York. Each party hereto hereby submits to the
jurisdiction of the federal and state courts located in New York City, New York,
with respect to any action or claim brought by a party hereto to enforce any
provision of this Agreement.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

                                       8.
<PAGE>   10

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

                                      MESSAGEMEDIA EUROPE B.V.

                                       By: /s/ A. Laurence Jones
                                          --------------------------------------

                                       Name: A. Laurence Jones

                                       Its:
                                           -------------------------------------

                                       MESSAGEMEDIA, INC.

                                       By: /s/ A. Laurence Jones
                                          --------------------------------------
                                          A. Laurence Jones
                                          President and Chief Executive Officer

                                       MESSAGEMEDIA US/EUROPE, INC.

                                       By: /s/ A. Laurence Jones
                                          --------------------------------------

                                       Name: A. Laurence Jones

                                       Its:
                                           -------------------------------------

                                      @VISO LIMITED

                                      By: /s/ Ronald Fisher
                                          --------------------------------------
                                          Ronald Fisher
                                          Director

                                      By: /s/ Frank Boulben
                                          --------------------------------------
                                          Frank Boulben
                                          Director

           SIGNATURE PAGE TO AGREEMENT TO EFFECT ORDERLY LIQUIDATION

<PAGE>   11

                                    EXHIBIT A

                       CONTRIBUTED AMOUNT PROMISSORY NOTE

$2,000,000                                                           May 9, 2001
                                                            Louisville, Colorado

         FOR VALUE RECEIVED, MESSAGEMEDIA, INC., a Delaware corporation
("BORROWER"), hereby promises to pay to the order of @VISO LIMITED, a company
incorporated under the laws of England and Wales ("LENDER"), in lawful money of
the United States of America and in immediately available funds, the principal
sum of $2,000,000 (subject to adjustment as set forth below in Section 2) (the
"LOAN"), together with accrued and unpaid interest thereon, each due and payable
on the date and in the manner set forth below.

1. PRINCIPAL REPAYMENT. The outstanding principal amount of the Loan shall be
unsecured and subordinated to the repayment of any secured indebtedness and be
due and payable on December 31, 2003; provided, however, that this Note
(including accrued interest) will be immediately due and payable upon a "change
of control" (the "MATURITY DATE"). For purposes of this Note, a "CHANGE OF
CONTROL" means any of the following: (i) a sale, lease or other disposition of
all or substantially all of the assets of Borrower; (ii) a merger or
consolidation in which Borrower is not the surviving corporation (other than one
to effect a mere reincorporation of Borrower) or a reverse merger in which
Borrower is the surviving corporation but the shares of Borrower's common stock
outstanding immediately preceding the merger are converted by virtue of the
merger into other property, whether in the form of securities, cash or
otherwise, in either case in which the holders of outstanding voting securities
of Borrower immediately prior to the effective date of such transaction would
have beneficial ownership of less than 50% of the total combined voting power of
the surviving corporation following the consummation of such transaction; or
(iii) any transaction (or series of related transactions involving a person or
entity, or a group of affiliated persons or entities) in which in excess of 50%
of Borrower's outstanding voting power is transferred.

2. ADJUSTMENT OF PRINCIPAL. As described in Section 1(b) of that certain
Agreement to Effect Orderly Liquidation of MessageMedia Europe, B.V., by and
between MessageMedia Europe, B.V. (the "JOINT VENTURE"), Borrower, MessageMedia
US/Europe, Inc. and Lender, dated the date hereof (the "SHUTDOWN AGREEMENT"),
Borrower and Lender agree that in the event that the Contributed Amounts (as
defined in the Shutdown Agreement) exceed the Shutdown Costs (as defined in the
Shutdown Agreement) (such excess amount, the "EXCESS CONTRIBUTED AMOUNTS"),
concurrently with the liquidation of the Joint Venture, the principal amount of
this Note shall automatically and without any further action be reduced by an
amount equal to 50% of the Excess Contributed Amounts (interest hereunder shall
cease to accrue on such eliminated principal amount as of such time).

3. INTEREST RATE. Borrower further promises to pay interest on the outstanding
principal amount hereof from the date hereof until payment in full, which
interest shall be payable as follows (or, if less, at the maximum rate
permissible by law, which under the laws of the State of

                                      A-1
<PAGE>   12

New York shall be deemed to be the laws relating to permissible rates of
interest on commercial loans):

         (a) beginning as of the date on which Borrower causes to be obtained a
security interest in its assets in favor of Lender that is subordinate to any
security interest in such assets held by Wells Fargo Equipment Finance, Inc.
(which Borrower shall use commercially reasonable efforts to obtain), the
interest on this Note shall accrue at the rate of 10% per annum, and any
interest hereunder accrued and not paid as of such date and any subsequent
interest which shall accrue hereunder shall be due and payable on the Maturity
Date; and

         (b) subject to clause (a) above, until such time as Borrower causes to
be obtained a security interest in its assets in favor of Lender that is
subordinate to any security interest in such assets held by Wells Fargo
Equipment Finance, Inc., the interest on this Note shall accrue at the rate of
15% per annum and be due and payable on the six month anniversary date hereof
and on each six month anniversary date thereafter, until all principal amounts
due hereunder shall have been paid in full.

Interest shall be calculated on the basis of a 365-day year for the actual
number of days elapsed.

4. PLACE OF PAYMENT. All amounts payable hereunder shall be payable at the
office of Lender, 10 Norwich Street, London EC4A 1BD, England, unless another
place of payment shall be specified in writing by Lender.

5. APPLICATION OF PAYMENTS. Payments on this Note shall be applied first to
accrued interest, and thereafter to the outstanding principal balance hereof.

6. WAIVER. Borrower waives presentment and demand for payment, notice of
dishonor, protest and notice of protest of this Note, and shall pay all costs of
collection when incurred, including, without limitation, reasonable attorneys'
fees, costs and other expenses. The right to plead any and all statutes of
limitations as a defense to any demands hereunder hereby is waived to the full
extent permitted by law.

7. GOVERNING LAW AND SUBMISSION TO JURISDICTION. This Note shall be governed by,
and construed and enforced in accordance with, the laws of the State of New
York, excluding conflict of law principles that would cause the application of
law of any other jurisdiction. The Borrower hereby irrevocably submits to the
jurisdiction of the federal and state courts located in New York City, New York
with respect to any action or claim brought by the Lender to enforce any
provision of this Note.

8. SUCCESSORS AND ASSIGNS. The provisions of this Note shall inure to the
benefit of and be binding on any successor to Borrower and shall extend to any
holder hereof.

9. SUBORDINATION. The indebtedness evidenced by this Note hereby is expressly
subordinated, to the extent and in the manner hereinafter set forth, in right of
payment to the prior payment in full of the Senior Indebtedness.

         "SENIOR INDEBTEDNESS" shall mean, unless expressly subordinated to or
made on a parity with the amounts due under this Note, the principal of, unpaid
interest on and amounts

                                      A-2
<PAGE>   13

reimbursable, fees, expenses, costs of enforcement and other amounts due in
connection with (a) indebtedness of Borrower to Wells Fargo Equipment Finance,
Inc. (the "WELLS FARGO FACILITY") outstanding as of the date hereof or any other
debt facility (whether from Wells Fargo Equipment Finance, Inc., or any
affiliate thereof, or not) which replaces the Wells Fargo Facility (such
replacement debt not to exceed $3,000,000), whether or not secured, or
indebtedness of Borrower to banks or commercial finance or other lending
institutions regularly engaged in the business of lending money incurred at any
future date if secured solely by the accounts receivable of Borrower, whether or
not secured, and (b) any such indebtedness or any debentures, notes or other
evidence of indebtedness issued in exchange for such Senior Indebtedness, or any
indebtedness arising from the satisfaction of such Senior Indebtedness by a
guarantor.

         (a) INSOLVENCY PROCEEDINGS. If there shall occur any receivership,
insolvency, assignment for the benefit of creditors, bankruptcy, reorganization,
or arrangements with creditors (whether or not pursuant to bankruptcy or other
insolvency laws), sale of all or substantially all of the assets, dissolution,
liquidation, or any other marshaling of the assets and liabilities of Borrower,
(a) no amount shall be paid by Borrower in respect of the principal of, interest
on or other amounts due with respect to this Note at the time outstanding,
unless and until the principal of and interest on the Senior Indebtedness then
outstanding shall be paid in full, and (b) no claim or proof of claim shall be
filed by or on behalf of Lender which shall assert any right to receive any
payments in respect of the principal of and interest on this Note, except
subject to the payment in full of the principal of and interest on all of the
Senior Indebtedness then outstanding.

         (b) DEFAULT ON SENIOR INDEBTEDNESS. If there shall occur an event of
default which has been declared in writing with respect to any Senior
Indebtedness, as defined therein, or in the instrument under which it is
outstanding, permitting the holder to accelerate the maturity thereof, and
Lender shall have received written notice thereof from the holder of such Senior
Indebtedness, then, unless and until such event of default shall have been cured
or waived or shall have ceased to exist, or all Senior Indebtedness shall have
been paid in full, no payment shall be made in respect of the principal of or
interest on this Note unless within 180 days after the happening of such event
of default the maturity of such Senior Indebtedness shall not have been
accelerated. Not more than one notice may be given to Lender pursuant to the
terms of this Section 9(b) during any 365-day period.

         (c) FURTHER ASSURANCES. By acceptance of this Note, Lender agrees to
execute and deliver a customary form of security agreement in the event Borrower
causes to be obtained the security interest referred to in Section 3(a) and
subordination agreement requested from time to time by the holders of Senior
Indebtedness and, as a condition to Lender's rights hereunder, Borrower may
require that Lender execute such forms of security agreement and subordination
agreement.

         (d) OTHER INDEBTEDNESS. No indebtedness, which does not constitute
Senior Indebtedness, shall be senior in any respect to the indebtedness
represented by this Note.

         (e) SUBROGATION. Subject to the payment in full of all Senior
Indebtedness, Lender shall be subrogated to the rights of the holder(s) of such
Senior Indebtedness (to the extent of the

                                      A-3
<PAGE>   14

payments or distributions made to the holder(s) of such Senior Indebtedness
pursuant to the provisions of this Section 9) to receive payments and
distributions of assets of Borrower applicable to the Senior Indebtedness. No
such payments or distributions applicable to the Senior Indebtedness shall, as
between Borrower and its creditors, other than the holders of Senior
Indebtedness and Lender, be deemed to be a payment by Borrower to or on account
of this Note; and for purposes of such subrogation, no payments or distributions
to the holders of Senior Indebtedness to which Lender would be entitled except
for the provisions of this Section 9 shall, as between Borrower and its
creditors, other than the holders of Senior Indebtedness and Lender, be deemed
to be a payment by Borrower to or on account of the Senior Indebtedness.

         (f) NO IMPAIRMENT. Subject to the rights, if any, of the holders of
Senior Indebtedness under this Section 9 to receive cash, securities or other
properties otherwise payable or deliverable to Lender, nothing contained in this
Section 9 shall impair, as between Borrower and Lender, the obligation of
Borrower, subject to the terms and conditions hereof, to pay to Lender the
principal hereof and interest hereon as and when the same become due and
payable, or shall prevent Lender, upon default hereunder, from exercising all
rights, powers and remedies otherwise provided herein or by applicable law.

         (g) LIEN SUBORDINATION. Any lien or security interest of Lender,
whether now or hereafter existing in connection with the amounts due under this
Note, on any assets or property of Borrower or any proceeds or revenues
therefrom which Lender may have at any time as security for any amounts due and
obligations under this Note, shall be subordinate to all liens or security
interests now or hereafter granted to a holder of Senior Indebtedness by
Borrower or by law notwithstanding the date, order or method of attachment or
perfection of any such lien or security interest or the provisions of any
applicable law.

         (h) APPLICABILITY OF PRIORITIES. The priority of the holder of the
Senior Indebtedness provided for herein with respect to security interests and
liens are applicable only to the extent that such security interests and liens
are enforceable and perfected and have not been avoided; if a security interest
or lien judicially is determined to be unenforceable or unperfected or
judicially is avoided with respect to any claim of the holder of the Senior
Indebtedness or any part thereof, the priority provided for herein shall not be
available to such security interest or lien to the extent that it is avoided or
determined to be unenforceable or unperfected. The foregoing notwithstanding,
Lender covenants and agrees that it shall not challenge, attack or seek to avoid
any security interest or lien to the extent that it secures any holder of the
Senior Indebtedness. Nothing in this Section 9(h) affects the operation of any
subordination of indebtedness or turnover of payment provisions hereof, or of
any other agreements among any of the parties hereto.

         (i) RELIANCE OF HOLDERS OF SENIOR INDEBTEDNESS. Lender, by its
acceptance hereof, shall be deemed to acknowledge and agree that the foregoing
subordination provisions are, and are intended to be, an inducement to and a
consideration of each holder of Senior Indebtedness, whether such Senior
Indebtedness was created or acquired before or after the creation of the
indebtedness evidenced by this Note, and each such holder of Senior Indebtedness
shall be deemed conclusively to have relied on such subordination provisions in
acquiring and holding, or in continuing to hold, such Senior Indebtedness.

                                      A-4
<PAGE>   15

         IN WITNESS WHEREOF, the parties hereto have duly executed and delivered
this Contributed Amount Promissory Note as of the day and year first above
written.

                                      BORROWER:

                                      MESSAGEMEDIA, INC.

                                      By: /s/ A. Laurence Jones
                                          --------------------------------------
                                          A. Laurence Jones
                                          President and Chief Executive Officer

                                      LENDER:

                                      @VISO LIMITED

                                      By: /s/ Ronald Fisher
                                          --------------------------------------
                                          Ronald Fisher
                                          Director

                                      By: /s/ Frank Boulben
                                          --------------------------------------
                                          Frank Boulben
                                          Director

                                      A-5
<PAGE>   16

                                    EXHIBIT B

                                TERMINATION NOTE

$2,500,000                                                           May 9, 2001
                                                            Louisville, Colorado

         FOR VALUE RECEIVED AND IN CONSIDERATION FOR THE TERMINATION AND RELEASE
OF THAT CERTAIN LOAN AGREEMENT, DATED AS OF MARCH 7, 2000, BY AND BETWEEN @VISO
LIMITED AND MESSAGEMEDIA, INC. (THE "LOAN AGREEMENT"), MESSAGEMEDIA, INC., a
Delaware corporation ("BORROWER"), hereby promises to pay to the order of @VISO
LIMITED, a company incorporated under the laws of England and Wales ("LENDER"),
in lawful money of the United States of America and in immediately available
funds, the principal sum of $2,500,000 (the "LOAN"), together with accrued and
unpaid interest thereon, each due and payable on the date and in the manner set
forth below.

1. PRINCIPAL REPAYMENT. The outstanding principal amount of the Loan shall be
unsecured and subordinated to the repayment of any secured indebtedness and be
due and payable on December 31, 2003; provided, however, that this Note will be
immediately due and payable upon a "change of control" (the "MATURITY DATE").
For purposes of this Note, a "CHANGE OF CONTROL" means any of the following: (i)
a sale, lease or other disposition of all or substantially all of the assets of
Borrower; (ii) a merger or consolidation in which Borrower is not the surviving
corporation (other than one to effect a mere reincorporation of Borrower) or a
reverse merger in which Borrower is the surviving corporation but the shares of
Borrower's common stock outstanding immediately preceding the merger are
converted by virtue of the merger into other property, whether in the form of
securities, cash or otherwise, in either case in which the holders of
outstanding voting securities of Borrower immediately prior to the effective
date of such transaction would have beneficial ownership of less than 50% of the
total combined voting power of the surviving corporation following the
consummation of such transaction; or (iii) any transaction (or series of related
transactions involving a person or entity, or a group of affiliated persons or
entities) in which in excess of 50% of Borrower's outstanding voting power is
transferred.

2. INTEREST RATE. Borrower further promises to pay interest on the outstanding
principal amount hereof from the date hereof until payment in full, which
interest shall be payable as follows (or, if less, at the maximum rate
permissible by law, which under the laws of the State of New York shall be
deemed to be the laws relating to permissible rates of interest on commercial
loans):

         (a) beginning as of the date on which Borrower causes to be obtained a
security interest in its assets in favor of Lender that is subordinate to any
security interest in such assets held by Wells Fargo Equipment Finance, Inc.
(which Borrower shall use commercially reasonable efforts to obtain), the
interest on this Note shall accrue at the rate of 10% per annum, and any
interest hereunder accrued and not paid as of such date and any subsequent
interest which shall accrue hereunder shall be due and payable on the Maturity
Date; and

                                      B-1
<PAGE>   17

         (b) subject to clause (a) above, until such time as Borrower causes to
be obtained a security interest in its assets in favor of Lender that is
subordinate to any security interest in such assets held by Wells Fargo
Equipment Finance, Inc., the interest on this Note shall accrue at the rate of
15% per annum and be due and payable on the six month anniversary date hereof
and on each six month anniversary date thereafter, until all principal amounts
due hereunder shall have been paid in full.

Interest shall be calculated on the basis of a 365-day year for the actual
number of days elapsed.

3. PLACE OF PAYMENT. All amounts payable hereunder shall be payable at the
office of Lender, 10 Norwich Street, London EC4A 1BD, England, unless another
place of payment shall be specified in writing by Lender.

4. APPLICATION OF PAYMENTS. Payments on this Note shall be applied first to
accrued interest, and thereafter to the outstanding principal balance hereof.

5. WAIVER. Borrower waives presentment and demand for payment, notice of
dishonor, protest and notice of protest of this Note, and shall pay all costs of
collection when incurred, including, without limitation, reasonable attorneys'
fees, costs and other expenses. The right to plead any and all statutes of
limitations as a defense to any demands hereunder hereby is waived to the full
extent permitted by law.

6. GOVERNING LAW AND SUBMISSION TO JURISDICTION. This Note shall be governed by,
and construed and enforced in accordance with, the laws of the State of New
York, excluding conflict of law principles that would cause the application of
law of any other jurisdiction. The Borrower hereby irrevocably submits to the
jurisdiction of the federal and state courts located in New York City, New York
with respect to any action or claim brought by the Lender to enforce any
provision of this Note.

7. SUCCESSORS AND ASSIGNS. The provisions of this Note shall inure to the
benefit of and be binding on any successor to Borrower and shall extend to any
holder hereof.

8. SUBORDINATION. The indebtedness evidenced by this Note hereby is expressly
subordinated, to the extent and in the manner hereinafter set forth, in right of
payment to the prior payment in full of the Senior Indebtedness.

         "SENIOR INDEBTEDNESS" shall mean, unless expressly subordinated to or
made on a parity with the amounts due under this Note, the principal of, unpaid
interest on and amounts reimbursable, fees, expenses, costs of enforcement and
other amounts due in connection with (a) indebtedness of Borrower to Wells Fargo
Equipment Finance, Inc. (the "WELLS FARGO FACILITY") outstanding as of the date
hereof or any other debt facility (whether from Wells Fargo Equipment Finance,
Inc., or any affiliate thereof, or not) which replaces the Wells Fargo Facility
(such replacement debt not to exceed $3,000,000), whether or not secured, or
indebtedness of Borrower to banks or commercial finance or other lending
institutions regularly engaged in the business of lending money incurred at any
future date if secured solely by the accounts receivable of Borrower, whether or
not secured, and any such indebtedness or any debentures, notes or other
evidence of indebtedness issued in exchange for such Senior Indebtedness, or any
indebtedness arising from the satisfaction of such Senior Indebtedness by a
guarantor.

                                      B-2
<PAGE>   18

         (a) INSOLVENCY PROCEEDINGS. If there shall occur any receivership,
insolvency, assignment for the benefit of creditors, bankruptcy, reorganization,
or arrangements with creditors (whether or not pursuant to bankruptcy or other
insolvency laws), sale of all or substantially all of the assets, dissolution,
liquidation, or any other marshaling of the assets and liabilities of Borrower,
(a) no amount shall be paid by Borrower in respect of the principal of, interest
on or other amounts due with respect to this Note at the time outstanding,
unless and until the principal of and interest on the Senior Indebtedness then
outstanding shall be paid in full, and (b) no claim or proof of claim shall be
filed by or on behalf of Lender which shall assert any right to receive any
payments in respect of the principal of and interest on this Note, except
subject to the payment in full of the principal of and interest on all of the
Senior Indebtedness then outstanding.

         (b) DEFAULT ON SENIOR INDEBTEDNESS. If there shall occur an event of
default which has been declared in writing with respect to any Senior
Indebtedness, as defined therein, or in the instrument under which it is
outstanding, permitting the holder to accelerate the maturity thereof, and
Lender shall have received written notice thereof from the holder of such Senior
Indebtedness, then, unless and until such event of default shall have been cured
or waived or shall have ceased to exist, or all Senior Indebtedness shall have
been paid in full, no payment shall be made in respect of the principal of or
interest on this Note unless within 180 days after the happening of such event
of default the maturity of such Senior Indebtedness shall not have been
accelerated. Not more than one notice may be given to Lender pursuant to the
terms of this Section 8(b) during any 365-day period.

         (c) FURTHER ASSURANCES. By acceptance of this Note, Lender agrees to
execute and deliver a customary form of security agreement in the event Borrower
causes to be obtained the security interest referred to in Section 2(a) and
subordination agreement requested from time to time by the holders of Senior
Indebtedness and, as a condition to Lender's rights hereunder, Borrower may
require that Lender execute such forms of security agreement and subordination
agreement.

         (d) OTHER INDEBTEDNESS. No indebtedness, which does not constitute
Senior Indebtedness, shall be senior in any respect to the indebtedness
represented by this Note.

         (e) SUBROGATION. Subject to the payment in full of all Senior
Indebtedness, Lender shall be subrogated to the rights of the holder(s) of such
Senior Indebtedness (to the extent of the payments or distributions made to the
holder(s) of such Senior Indebtedness pursuant to the provisions of this Section
8) to receive payments and distributions of assets of Borrower applicable to the
Senior Indebtedness. No such payments or distributions applicable to the Senior
Indebtedness shall, as between Borrower and its creditors, other than the
holders of Senior Indebtedness and Lender, be deemed to be a payment by Borrower
to or on account of this Note; and for purposes of such subrogation, no payments
or distributions to the holders of Senior Indebtedness to which Lender would be
entitled except for the provisions of this Section 8 shall, as between Borrower
and its creditors, other than the holders of Senior Indebtedness and Lender, be
deemed to be a payment by Borrower to or on account of the Senior Indebtedness.

         (f) NO IMPAIRMENT. Subject to the rights, if any, of the holders of
Senior Indebtedness under this Section 8 to receive cash, securities or other
properties otherwise

                                      B-3
<PAGE>   19

payable or deliverable to Lender, nothing contained in this Section 8 shall
impair, as between Borrower and Lender, the obligation of Borrower, subject to
the terms and conditions hereof, to pay to Lender the principal hereof and
interest hereon as and when the same become due and payable, or shall prevent
Lender, upon default hereunder, from exercising all rights, powers and remedies
otherwise provided herein or by applicable law.

         (g) LIEN SUBORDINATION. Any lien or security interest of Lender,
whether now or hereafter existing in connection with the amounts due under this
Note, on any assets or property of Borrower or any proceeds or revenues
therefrom which Lender may have at any time as security for any amounts due and
obligations under this Note, shall be subordinate to all liens or security
interests now or hereafter granted to a holder of Senior Indebtedness by
Borrower or by law notwithstanding the date, order or method of attachment or
perfection of any such lien or security interest or the provisions of any
applicable law.

         (h) APPLICABILITY OF PRIORITIES. The priority of the holder of the
Senior Indebtedness provided for herein with respect to security interests and
liens are applicable only to the extent that such security interests and liens
are enforceable and perfected and have not been avoided; if a security interest
or lien judicially is determined to be unenforceable or unperfected or
judicially is avoided with respect to any claim of the holder of the Senior
Indebtedness or any part thereof, the priority provided for herein shall not be
available to such security interest or lien to the extent that it is avoided or
determined to be unenforceable or unperfected. The foregoing notwithstanding,
Lender covenants and agrees that it shall not challenge, attack or seek to avoid
any security interest or lien to the extent that it secures any holder of the
Senior Indebtedness. Nothing in this Section 8(h) affects the operation of any
subordination of indebtedness or turnover of payment provisions hereof, or of
any other agreements among any of the parties hereto.

         (i) RELIANCE OF HOLDERS OF SENIOR INDEBTEDNESS. Lender, by its
acceptance hereof, shall be deemed to acknowledge and agree that the foregoing
subordination provisions are, and are intended to be, an inducement to and a
consideration of each holder of Senior Indebtedness, whether such Senior
Indebtedness was created or acquired before or after the creation of the
indebtedness evidenced by this Note, and each such holder of Senior Indebtedness
shall be deemed conclusively to have relied on such subordination provisions in
acquiring and holding, or in continuing to hold, such Senior Indebtedness.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

                                      B-4
<PAGE>   20

         IN WITNESS WHEREOF, the parties hereto have duly executed and delivered
this Termination Note as of the day and year first above written.

                                      BORROWER:

                                      MESSAGEMEDIA, INC.

                                      By: /s/ A. Laurence Jones
                                          --------------------------------------
                                          A. Laurence Jones
                                          President and Chief Executive Officer

                                      LENDER:

                                      @VISO LIMITED

                                      By: /s/ Ronald Fisher
                                          --------------------------------------
                                          Ronald Fisher
                                          Director

                                      By: /s/ Frank Boulben
                                          --------------------------------------
                                          Frank Boulben
                                          Director

                                      B-5

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