Document:

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                                                                   EXHIBIT 10.24

        THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT
        OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, OR
        HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
        RELATED THERETO OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY,
        THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933,
        AS AMENDED.

                              COMMON STOCK WARRANT
                                       OF
                                 NEWSREAL, INC.

January 22, 2000

        THIS CERTIFIES that, for value received, Park & Vaughan LLP, 399 Sherman
Avenue, Suite 5, Palo Alto, CA 94306 (the "Warrantholder"), is entitled, upon
the terms and subject to the conditions set forth herein, to purchase from
NewsReal, Inc., a Delaware corporation (the "Company"), two thousand one hundred
twenty-two (2,122)(1) shares of the common stock, par value $.001 per share (the
"Common Stock"), of the Company (the "Shares") at the purchase price per share
of $5.88 (the "Exercise Price"). The number of shares and Exercise Price are
subject to adjustment as provided below.

        This Warrant is being issued to the Warrantholder in lieu of cash
compensation for services previously rendered by the Warrantholder to the
Company, and is subject to the following terms and conditions:

        1.      Exercise of Warrant. Upon satisfactory completion of the
services to be rendered under the Contractor Agreement, this Warrant may be
exercised in whole or in part, at any time, or from time to time, after the date
hereof and on or before the fifth anniversary of the date hereof by the
surrender of this Warrant and the Notice of Exercise annexed hereto (duly
completed and executed on behalf of the Warrantholder) to the Company and by the
payment of the Exercise Price for the Shares to be purchased by the
Warrantholder to the Company by cash or check acceptable to the Company, except
as provided in Section 13 hereof. The Company will prepare a certificate for the
Shares purchased and, if this Warrant is exercised in part, a new Warrant for
the unexercised portion of this Warrant. The Company agrees that, upon exercise
of this Warrant in accordance with the terms hereof, the Shares so purchased
will be deemed to be issued to the Warrantholder as the record owner of such
Shares as of the close of business on the date on which this Warrant was
exercised.

        The Warrantholder, by acceptance hereof, acknowledges that this Warrant
and Shares to be issued upon exercise hereof, are being acquired solely for the
Warrantholder's own account. The Warrantholder will not offer, sell or otherwise
dispose of this Warrant or the Shares to be issued upon exercise hereof except
under circumstances that will not result in a violation of Secunties Act

----------------
(1) This amount equals the value of services rendered divided by the exercise
price, times a factor of 1.5.

<PAGE>   2

of 1933, as amended (the "Act") or other applicable federal or state securities
laws. Upon exercise or transfer of this Warrant, the Warrantholder shall provide
the Company with such information as may be necessary or reasonably requested by
the Company to establish an exemption from the registration requirements under
the Act, including without limitation, representation regarding the status of
the Warrantholder as a non-U.S. Person or accredited investor and such other
matters as may be appropriate to establish the availability of the Regulation S
or Regulation D exemption from the registration requirements of the Act. If the
Company reasonably determines that registration under the Act is required or
that the Warrantholder has failed to provide the Company with such information
as may be necessary to establish an exemption from the registration requirements
under the Act, the Company may defer the exercise or transfer of this Warrant
until either a registration statement under the Act has been declared effective
or the Warrantholder has provided information satisfactory to the Company that
establishes the availability of an exemption from the registration requirements
under the Act.

        Certificates for Shares purchased under this Warrant and, on partial
exercise of this Warrant, a new Warrant for the unexercised portion of this
Warrant will be delivered to the Warrantholder or to such person or persons as
the Warrantholder may direct as promptly as practicable after the date on which
this Warrant was exercised. The Company covenants that all Shares that may be
issued upon the exercise of rights represented by this Warrant will, upon
exercise of the rights represented by this Warrant, payment of the Exercise
Price and issuance by the Company, be duly authorized, validly issued, fully
paid and nonassessable.

        With the consent of the Company, which consent will not be unreasonably
withheld, and subject to applicable laws and regulations, the Warrantholder may
direct that the certificates for Shares purchased under this Warrant be issued
in name or names other than the name of the Warrantholder. In this case, this
Warrant when surrendered for exercise must be accompanied by the Assignment Form
attached hereto duly executed by the Warrantholder and the Notice of Exercise
duly completed and executed and stating in whose name or names certificates are
to be issued.

        2.      Reservation of Shares; No Impairment or Amendment. The Company
will at all times reserve and keep available, solely for issuance, sale and
delivery upon the exercise of this Warrant, a number of shares of Common Stock
equal to the number of shares of Common Stock issuable upon the exercise of this
Warrant. The Company will not by any amendment of its Articles of Incorporation
or through any other means, avoid or seek to avoid the observance or performance
of any of the terms of this Warrant. The Company will take all such reasonable
action as may be necessary to assure that such shares of Common Stock may be
issued as provided herein without violation of any applicable law or regulation,
or of any requirements of any domestic securities exchange or automated
quotation system upon which the shares of Common Stock may be listed.

        3.      Expiration. This Warrant, if not exercised by Warrantholder
prior thereto, will expire on the fifth anniversary of the date hereof.

                                       -2-

<PAGE>   3

        4.      Adjustments of Exercise Price and Number of Shares Purchasable.
The Exercise Price and the number of shares purchasable under this Warrant is
subject to adjustment from time to time in accordance with the following
provisions:

                (a)     Reorganization, Reclassification, Consolidation or
Merger. If any capital reorganization or reclassification of the capital stock
of the Company, or an Exchange Transaction (as defined below), or the sale of
all or substantially all of its assets to another corporation shall be effected
in such a way that holders of Common Stock shall be entitled to receive stock,
securities, cash or other property with respect to or in exchange for Common
Stock, then, as a condition of such reorganization, reclassification, Exchange
Transaction or sale, lawful and adequate provision shall be made whereby the
holder of this Warrant shall have the right to acquire and receive upon exercise
of this Warrant such shares of stock, securities, cash or other property
issuable or payable (as part of the reorganization, reclassification, Exchange
Transaction or sale) with respect to or in exchange for such number of
outstanding shares of the Company's Common Stock as would have been received
upon exercise of this Warrant at the Exercise Price then in effect and which
represent Warrant Shares that are vested and exercisable as of the date
immediately preceding such reorganization, reclassification, Exchange
Transaction or sale. The Company will not effect any such Exchange Transaction
or sale, unless prior to the consummation thereof the successor corporation (if
other than the Company) resulting from such Exchange Transaction or the
corporation purchasing such assets shall assume by written instrument mailed or
delivered to the holder of this Warrant at the last address of such holder
appearing on the books of the Company, the obligation to deliver to such holder
such shares of stock, securities or assets as, in accordance with the foregoing
provisions, such holder may be entitled to purchase. If a purchase, tender or
exchange offer is made to and accepted by the holders of more than 50% of the
outstanding shares of Common Stock of the Company, the Company shall not effect
any Exchange Transaction or sale with the person having made such offer or with
any Affiliate of such person, unless prior to the consummation of such Exchange
Transaction or sale the holder of this Warrant shall have been given a
reasonable opportunity to then elect to receive upon the exercise of this
Warrant either the stock, securities or assets then issuable with respect to the
Common Stock of the Company or the stock, securities or assets, or the
equivalent, issued to previous holders of the Common Stock in accordance with
such offer, in each case with respect to Warrant Shares that are vested and
exercisable as of the date immediately preceding such reorganization,
reclassification, Exchange Transaction or sale or which, immediately after
giving effect to such a transaction, would be vested pursuant to Section 1.2
above. For purposes hereof, the term "Affiliate" with respect to any given
person shall mean any person controlling, controlled by or under common control
with the given person. This Warrant shall terminate with respect to any Shares
that are not vested or deemed vested pursuant to this Section 4 as of the date
of any reorganization, reclassification, Exchange Transaction or sale referred
to above effective simultaneously with such a transaction.

        For purposes hereof, the term "Exchange Transaction" means a merger
(other than a merger of the Company in which the holders of Common Stock
immediately prior to the merger

                                       -3-

<PAGE>   4

have the same proportionate ownership of Common Stock in the surviving
corporation immediately after the merger), consolidation, acquisition of
property or stock, separation, reorganization (other than a mere reincorporation
or the creation of a holding company), liquidation of the Company or any other
similar transaction or event so designated by the Board, in its sole discretion,
as a result of which the stockholders of the Company receive cash, stock or
other property in exchange for or in connection with their shares of Common
Stock.

                (b)     Adjustment to Exercise Price. The Exercise Price will be
proportionately adjusted based on any adjustment to the number of Shares
purchasable hereunder following the date of this Warrant.

        5.      Notice of Adjustment; Notices. Whenever the Exercise Price or
number of shares purchasable hereunder will be adjusted, the Company at its
expense will promptly issue a certificate signed by an executive officer of the
Company setting forth, in reasonable detail, the event requiring the adjustment,
the amount of the adjustment, the method by which such adjustment was calculated
and the Exercise Price and number of shares purchasable hereunder after giving
effect to such adjustment, and will cause a copy of such certificate to be sent
to the Warrantholder.

        6.      No Fractionalized Shares. No fractionalized shares of Common
Stock or other security will be issued upon exercise of this Warrant. The shares
of Common Stock or other security issued to the Warrantholder as a result of any
exercise of this Warrant in accordance with the terms hereof will be rounded
down to the nearest whole share.

        7.      Transfer of Warrant. Subject to section 1 hereof, this Warrant
and all rights hereunder are transferable, in whole or in part, but only with
the prior written consent of the Company, which consent will not be unreasonably
withheld. In order to transfer this Warrant, the Warrantholder must deliver to
the Company this Warrant together with the Assignment Form annexed hereto
properly endorsed. Upon receipt thereof, the Company will affect such transfer
as promptly as practicable.

        8.      No Voting Rights, Etc. Prior to the proper exercise of this
Warrant, the Warrantholder, as such, is not entitled to vote or receive
dividends or be deemed to be a shareholder of the Company for any purposes, nor
may anything contained in this Warrant be construed to confer such rights upon
Warrantholder.

        9.      Registry of Warrant. The Company will maintain a registry
showing the name and address of the Warrantholder and the Company will be
entitled to rely in all respects, prior to written notice to the contrary, upon
such registry. The Warrantholder is responsible for notifying the Company of any
change of its address.

        10.     Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt
by the Company of evidence reasonably satisfactory to it of the loss, theft,
destruction or mutilation of this Warrant,

                                      -4-
<PAGE>   5

and in case of loss, theft or destruction, of indemnity or security reasonably
satisfactory to the Company, and upon reimbursement to the Company of all
reasonable expenses incidental thereto, and upon surrender and cancellation of
this Warrant, if mutilated, the Company will replace this Warrant with a new
Warrant of like tenor, dated as of such cancellation, and deliver it to the
Warrantholder.

        11.     Office for Exercise or Exchange. This Warrant may be surrendered
for exchange, transfer or exercise, in accordance with its terms, at the
principal office of the Company, or at such other office or such other office or
agency of the Company as it may designate in writing to the Warrantholder at its
address appearing on the Company's registry or other books.

        12.     Charges, Taxes and Expenses. Issuance of certificates to the
Warrantholder for Shares upon the exercise of this Warrant will be made without
charge to the Warrantholder for any issue or transfer tax or other incidental
expense in respect of the issuance of such certificates, all of which taxes and
expenses will be paid by the Company. However, if the certificates are to be
issued in a name or names other than the name of the Warrantholder, the Company
may require, as a condition to such issuance, the payment of a sum sufficient to
reimburse it for any transfer tax incidental thereto.

        13.     Cashless Exercise. In lieu of payment of the aggregate Exercise
Price, the Warrantholder may exercise this Warrant with respect to the Shares
that are then vested and exercisable, in whole or in part, by presentation and
surrender of this Warrant to the Company, together with a Cashless Exercise Form
attached hereto (or a reasonable facsimile thereof) duly executed (a "Cashless
Exercise"). Acceptance by the Company of such presentation and surrender shall
be deemed a waiver of the Warrantholder's obligation to pay all or any portion
of the aggregate Exercise Price. In the event of a Cashless Exercise, the
Warrantholder shall exchange this Warrant for that number of shares of Common
Stock determined by multiplying the number of Shares being exercised by a
fraction, the numerator of which shall be the difference between the then
current market price per share of the Common Stock and the Exercise Price, and
the denominator of which shall be the then current market price per share of
Common Stock. For purposes of any computation under this Section 13, the then
current market price per share of Common Stock at any date shall be deemed to be
the average for the five consecutive business days immediately prior to the
Cashless Exercise of the daily closing prices of the Common Stock on the
principal national securities exchange on which the Common Stock is admitted to
trading or listed, or if not listed or admitted to trading on any such exchange,
the closing prices as reported by the Nasdaq National Market, or if not then
listed on the Nasdaq National Market, the average of the highest reported bid
and lowest reported asked prices as reported by the National Association of
Securities Dealers, Inc. Automated Quotations System ("NASDAQ") or if not then
publicly traded, the fair market price of the Common Stock as determined by the
Board.

                                      -5-

<PAGE>   6

            134. Miscellaneous.

                (a)     Governing Law. This Warrant constitutes a contract under
and will be construed in accordance with and governed by the internal laws of
the State of Delaware.

                (b)     Successors and Assigns. This Warrant is binding upon any
successors or assigns of the Company and the Warrantholder and of the Shares
issued or issuable upon the exercise hereof.

                (c)     Definition of Warrantholder. The term Warrantholder
means the Warrantholder named in the first paragraph of this Warrant and any
successor or permitted assign of such Warrantholder known to the Company and
reflected on the Company's registry as the holder of this Warrant.

                (d)     Restrictions. THESE SECURITIES HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR
SALE, PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF ANY EFFECTIVE REGISTRATION
STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED.

                (e)     Amendments. This Warrant may be amended and the
observance of any term of this Warrant may be waived only with the written
consent of the Company and the Warrantholder.

                (f)     Notice. Any notice required or permitted under this
Warrant will be deemed effectively given upon personal delivery, delivery by
recognized international express courier or upon deposit with the United States
Post Office, by certified mail, postage prepaid and addressed to the party to be
notified at the address indicated below for such party, or at such other address
as such other party may designate by ten-day advance written notice.

                (g)     Acceptance. Receipt of this Warrant by the Warrantholder
constitutes acceptance of and agreement to the foregoing terms and conditions.

            [The remainder of this page is left intentionally blank.]

                                       -6-

<PAGE>   7

         This Warrant Agreement has been duly executed on the date first written
above.

                                        NEWSREAL, INC., a Delaware corporation

                                        By:   \s\ DAVID C. HOPPMANN(SEAL)
                                            -----------------------
                                                David C. Hoppmann
                                                President & CEO

Agreed to and accepted by:

\s\DANIEL VAUGHAN
-------------------------
BY:  DANIEL VAUGHAN
   ----------------------
Name:  Daniel Vaughan
     --------------------
Title:
      -------------------

                                      -7-
<PAGE>   8

                               NOTICE OF EXERCISE

To: NEWSREAL, INC.

        1.      The undersigned hereby elects to purchase ____________________
shares of Common Stock ("Stock") of NEWSREAL, INC. (the "Company") pursuant to
the terms of the attached Warrant, and tenders herewith payment of the purchase
price, together with an Investment Representation Statement (see attached form)
in form and substance satisfactory to legal counsel to the Company.

        2.      The shares of Stock to be received by the undersigned upon
exercise of the Warrant are being acquired for its own account, not as a nominee
or agent, and not with a view to resale or distribution of any part thereof, and
the undersigned has no present intention of selling, granting any participation
in, or otherwise distributing the same. The undersigned further represents that
it does not have any contract, undertaking, agreement or arrangement with any
person to sell, transfer or grant participation to such person or to any third
person, with respect to the Stock. The undersigned believes it has received all
the information it considers necessary or appropriate for deciding whether to
purchase the Stock.

        3.      The undersigned understands that the shares of Stock and the
shares of the Company's Common Stock into which the Stock is convertible are
characterized as "restricted securities" under the federal securities laws
inasmuch as they are being acquired from the Company in transactions not
involving a public offering and that under such laws and applicable regulations
such securities may be resold without registration under the Securities Act of
1933, as amended (the "Act"), only in certain limited circumstances. In this
connection, the undersigned represents that it is familiar with Rule 144
promulgated under the Act, as presently in effect, and understandings the resale
limitations imposed thereby and by the Act.

        4.      The undersigned is an "accredited investor" as defined in Rule
502 of Regulation D under the Act or is not a "U.S. Person" as defined in Rule
902 regulations under the Act.

        5.      The undersigned understands the instruments evidencing the Stock
may bear one or all of the following legends:

                (a)     "THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE
        SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR
        SALE, PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE
        REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL
        SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER
        THE SECURiTIES ACT OF 1933, AS AMENDED."

                                       -8-

<PAGE>   9

                (b)    Any legend required by applicable state law.

        6.      Please issue a certificate or certificates representing said
shares of Stock in the name set forth below.

        ---------------------------
        [Please type or print name]

        7.      Please issue a new Warrant for the unexercised portion of the
attached Warrant in the name set forth below.

        ---------------------------
        [Please type or print name]

-----------------------------
Park & Vaughan LLP
By:
   --------------------------
Name:
      -----------------------
Title:
       ----------------------

Date:
     ------------------

                                      -9-
<PAGE>   10

                                 NEWSREAL, INC.
                             CASHLESS EXERCISE FORM

        (To be executed upon exercise of Warrant pursuant to Section 13)

        The undersigned hereby irrevocably elects to surrender
______________________ shares purchasable under this Warrant for such shares of
Common Stock issuable in exchange therefor pursuant to the Cashless Exercise
provisions of the within Warrant, as provided for in Section 13 of such Warrant.

        Please issue a certificate or certificates for such Common Stock in the
name of, and pay cash for fractional shares in the name of:

--------------------------------------------------------------------------------
(Please print name, address, and social security number/tax identification
number:)

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

and, if said number of shares of Common Stock shall not be all the shares of
Common Stock purchasable thereunder, that a new Warrant for the balance
remaining of the shares of Common Stock purchasable under the within Warrant be
registered in the name of the undersigned Warrantholder or his or her Assignee
as below indicated and delivered to the address stated below.

Dated:
      ---------------------------

Name of Holder
or Assignee:

--------------------------------------------------------------------------------
                                 (Please print)

Address:
        ------------------------------------------------------------------------

Signature:
          ----------------------------------------------------------------------

NOTE: The above signature must correspond exactly with the name on the first
page of this Warrant or with the name of the assignee appearing in the
assignment form below.

                                      -10-

<PAGE>   11

                                 ASSIGNMENT FORM

               (To assign the foregoing Warrant, execute this form and supply
               required information. Do not use this form to purchase shares.)

        FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced
thereby are hereby assigned to

                      ---------------------------
                      [Please type or print name.]

whose address is
                      --------------------------------------
                         [Please type or print address.]

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

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

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

Date:
    --------------------

Signature Guaranteed:
                     ---------------------

NOTE: The signature to this Assignment Form must correspond with the name as it
appears on the face of the Warrant, without alteration or enlargement or any
change whatever, and must be guaranteed by a bank or trust company. Officers of
a corporation and those acting in a fiduciary or other representative capacity
should file proper evidence of authority to assign the foregoing Warrant.

                                      -11-
<PAGE>   12

                        INVESTMENT REPRESENTATION STATEMENT

PURCHASER:
                        ---------------------------------------

COMPANY:                NEWSREAL, INC.

SECURITIES:             Warrant to purchase _____________ shares of Common Stock

DATE:
                        -----------------

In connection with the purchase of the above-listed Securities, the undersigned,
the Purchaser, represents to the Company the following:

                (a)     The undersigned is sufficiently aware of the Company's
business affairs and financial condition to reach an informed and knowledgeable
decision to acquire the Securities. The undersigned is purchasing these
Securities for its own account for investment purposes only and not with a view
to, or for the resale in connection with, any "distribution" thereof for
purposes of the Securities Act of 1933, as amended (the "Securities Act").

                (b)     The undersigned understands that the Securities have not
been registered under the Securities Act in reliance upon a specific exemption
therefrom, which exemption depends upon, among other things, the bona fide
nature of its investment intent as expressed herein. In this connection, the
undersigned understands that, in the view of the Securities and Exchange
Commission (the "SEC"), the statutory basis for such exemption may be
unavailable if its representation was predicated solely upon a present intention
to hold these Securities for the minimum capital gains period specified under
tax statutes for a deferred sale, for or until an increase or decrease in the
market price of the Securities, or for a period of one year or any other fixed
period in the future.

                (c)     The undersigned further understands that the Securities
must be held indefinitely unless subsequently registered under the Securities
Act or unless an exemption from registration is otherwise available (such as
Rule 144 under the Securities Act). In addition, the undersigned understands
that the certificate evidencing the Securities may be imprinted with a legend
which prohibits the transfer of the Securities unless they are registered or
such registration is not required in the opinion of counsel for the Company.

                (d)     The undersigned is familiar with the provisions of Rule
144, promulgated under the Securities Act, which, in substance, permits limited
public resale of "restricted securities" acquired, directly or indirectly, from
the issuer thereof (or from an affiliate of such issuer), in a non-public
offering subject to the satisfaction of certain conditions, including, among
other things: (1) The availability of certain public information about the
Company; (2) the resale occurring not less than two years after the party has
purchased, and made full payment for, within the meaning of Rule 144, the
securities to be

                                      -12-
<PAGE>   13

sold; and, in the case of an affiliate, or of a non-affiliate who has held the
securities less than three years; and (3) the sale being made through a broker
in an unsolicited "broker's transaction" or in transactions directly with a
market maker, as said term is defined under the Securities Exchange Act of 1934,
as amended (the "Exchange Act"), and the amount of securities being sold during
any three month period not exceeding the specified limitation stated therein, if
applicable. There can be no assurances that the requirements of Rule 144 will be
met, or that the Securities will ever be saleable.

                (e)     The undersigned further understands that at the time the
undersigned wishes to sell the Securities there may be no public market upon
which to make such a sale, and that, even if such a public market then exists,
the Company may not be satisfying the current public information requirements of
Rule 144, and that, in such event, the undersigned would be precluded from
selling the Securities under Rule 144 even if the two-year minimum holding
period has been satisfied.

                (f)     The undersigned further understands that in the event
all of the applicable requirements of Rule 144 are not satisfied registration
under the Securities Act, compliance with some other registration exemption or
the notification to the Company of the proposed disposition by it and the
furnishing to the Company of (i) detailed information regarding the disposition,
and (ii) opinion of its counsel to the effect that such disposition will not
require registration (the undersigned understands such counsel's opinion must
concur with the opinion by counsel for the Company and the undersigned must have
been informed of such compliance) will be required and that, notwithstanding the
fact that Rule 144 is not exclusive, the Staff of the SEC has expressed its
opinion that person proposing to sell private placement securities other than in
a registered offering and otherwise than pursuant to Rule 144 will have a
substantial burden of proof in establishing that an exemption from registration
is available for such offers or sales, and that such persons and their
respective brokers who participate in such transactions do so at their own risk.

                                                   Signature of Purchaser:

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

                                      -13-<PAGE>   1
                                                                   EXHIBIT 10.25

                                                                    CONFIDENTIAL

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT
AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AS AMENDED. THESE
SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID
ACT OR LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE CORPORATION THAT SUCH
REGISTRATION IS NOT REQUIRED.

                                 NEWSREAL, INC.

                           STOCK SUBSCRIPTION WARRANT

                                             April 4, 2000

     1.   GENERAL.

     (a)  THIS CERTIFIES that, for value received, AMERICA ONLINE, INC., a
Delaware corporation ("AOL"), or its assigns, is entitled to subscribe for and
purchase from NEWSREAL, INC., a Delaware corporation (the "Corporation"), at any
time or from time to time during the period (the "Exercise Period") commencing
with the date hereof and ending on the earlier of (i) the fourth anniversary of
the date hereof and (ii) the third anniversary of the Corporation's initial
public offering of Common Stock (as defined below) pursuant to an effective
registration statement under the Securities Act of 1933, as amended (the
"Termination Date"), on the terms and subject to the provisions hereinafter set
forth, up to 832,691 (subject to adjustment as provided herein)(the "Warrant
Shares") fully paid and non-assessable shares of common stock, $.001 par value
(the "Common Stock"), of the Corporation, at a price per share (the "Warrant
Price") of $3.72 at such times as shall be determined in accordance with Section
1(b) hereof.

This Warrant is being issued pursuant to an Interactive Services Agreement dated
as of the date hereof (the "Agreement"), between the Corporation and AOL. All
terms used but not defined herein shall have the meanings set forth in the
Agreement.

     (b)  This Warrant shall become exercisable as to that number of Warrant
Shares, and at such times, as are determined in accordance with Exhibit A
attached hereto; provided, however, that (i) this Warrant shall become
exercisable as to all of the Warrant Shares immediately upon the occurrence of a
Stipulated Event and (ii) no more Warrant Shares shall vest pursuant to this
Section 1(b) upon the occurrence of a termination of the Agreement that results
from a breach by AOL of the Agreement; provided, further however, all Warrant
Shares vested as of the time of such termination shall remain vested Warrant
Shares for purposes of this Warrant. As used herein, the term "Stipulated Event"
shall mean (a) a Corporate Transaction (as hereinafter defined) or (b) a
termination of the Agreement that results from a material breach by the
Corporation of the Agreement. "Corporate Transaction" means (A) any
consolidation or merger of the Corporation with or into any other corporation or
other entity, other than any
<PAGE>   2
                                                                    Confidential

merger or consolidation resulting in the holders of the capital stock of the
Corporation entitled to vote for the election of directors holding a majority
of the capital stock of the surviving or resulting corporation or other entity
entitled to vote for the election of directors, (B) any person or entity
(including any affiliates thereof) becoming the holder of a majority of the
capital stock of the Corporation entitled to vote for the election of
directors, or (C) any sale or other disposition by the Corporation of all or
substantially all of its assets or capital stock.

     2.   EXERCISE OF WARRANT. The rights represented by this Warrant may be
exercised by the holder hereof, as to those Warrant Shares for which this
Warrant is then exercisable as determined in accordance with Section 1, in whole
or in part, at any time or from time to time during the Exercise Period, by the
surrender of this Warrant (properly endorsed) at the office of the Corporation
at 66 Canal Center Plaza, Suite 700, Alexandria, Virginia 22314, or at such
other agency or office of the Corporation in the United States of America as it
may designate by notice in writing to the holder hereof at the address of such
holder appearing on the books of the Corporation, and by payment (either in
cash, by check, by cancellation of indebtedness with the prior approval of the
Corporation (which approval shall not be unreasonably withheld) and/or in shares
of capital stock of the Corporation valued at Fair Market Value (as hereinafter
defined) on the date of such exercise) to the Corporation of the Warrant Price
for each Warrant Share being purchased. In the event of the exercise of the
rights represented by this Warrant, a certificate or certificates for the
Warrant Shares so purchased, registered in the name of the holder, and if this
Warrant shall not have been exercised for all of the Warrant Shares, a new
Warrant, registered in the name of the holder hereof, of like tenor to this
Warrant, shall be delivered to the holder hereof within a reasonable time, not
exceeding ten days, after the rights represented by this Warrant shall have been
so exercised. The person in whose name any certificate for Warrant Shares is
issued upon exercise of this Warrant shall for all purposes be deemed to have
become the holder of record of such shares on the date on which the Warrant was
surrendered and payment of the Warrant Price and any applicable taxes was made,
irrespective of the date of delivery of such certificate, except that, if the
date of such surrender and payment is a date when the stock transfer books of
the Corporation are closed, such person shall be deemed to have become the
holder of such shares at the close of business on the next succeeding date on
which the stock transfer books are open.

     3.   EXCHANGE OF WARRANT.
          -------------------

          (a)  In addition to, and independent of, the rights of the holder of
this Warrant set forth in Section 2 hereof and solely to the extent this
Warrant has become exercisable pursuant to Section 1(b) hereof, the holder
hereof may at any time or from time to time elect to receive, without the
payment by the holder of any additional consideration, that number of Warrant
Shares determined as hereinafter provided in this Section 3 by surrender of
this Warrant or any portion hereof to the Corporation, accompanied by an
executed Notice of Exchange in substantially the form thereof attached hereto
(the "Net Issue Election"). Thereupon, the Corporation shall issue to the
holder hereof such number of fully paid and nonassessable Warrant Shares as is
computed using the following formula:

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

                                       2

<PAGE>   3
                                                                    CONFIDENTIAL

where  X  =  the number of Warrant Shares to be issued to the holder pursuant to
             this Section 3.

       Y  =  the number of Warrant Shares covered by this Warrant, and solely to
             the extent this Warrant has become exercisable pursuant to Section
             1(b) hereof, in respect of which the Net Issue Election is made
             pursuant to this Section 3.

       A  =  the Fair Market Value (as hereinafter defined) of one Warrant Share
             determined at the time the Net Issue Election is made pursuant to
             this Section 3 (the "Determination Date").

       B  =  the Warrant Price in effect under this Warrant at the time the Net
             Issue Election is made pursuant to this Section 3.

For purpose of the above calculation, "Fair Market Value" of one Warrant Share
as of the Determination Date shall mean:

          (i)   (A) if the Common Stock of the Corporation is not then traded on
     a national securities exchange, the average of the closing prices quoted on
     the National Association of Securities Dealers, Inc. Automated Quotation
     National Market System, if applicable, or the average of the closing bid
     and closing asked prices of the Common Stock quoted in the
     over-the-counter-market or (B) if the Common Stock is then traded on a
     national securities exchange, the average of the high and low prices of the
     Common Stock listed on the principal national securities exchange on which
     the Common Stock is so traded, in each case for the twenty (20) trading
     days immediately preceding the Determination Date or, if such date is not a
     business day on which shares are traded, the next immediately preceding
     trading day;

          (ii)  in the event of a Warrant Exchange in connection with a
     Corporate Transaction, the value per share of Common Stock received or
     receivable by each holder thereof (assuming for purposes of this
     determination, in the case of a sale of assets, the Corporation is
     liquidated immediately following such sale and the consideration paid to
     the Corporation is immediately distributed to its stockholders); and

          (iii) in all other circumstances, the fair market value per share of
     Common Stock as determined by the Corporation's Board of Directors in good
     faith after taking into consideration all factors it deems appropriate,
     including, without limitation, recent sale and offer prices of the capital
     stock of the Corporation in private transactions negotiated at arm's
     length.

The closing of any Warrant Exchange shall take place at the offices of the
Corporation on the date specified in the Notice of Exchange (the "Exchange
Date"), which shall be not less than five and not more than 30 days after the
delivery of such Notice. At such closing, the Corporation shall issue and
deliver to the holder or its designee a certificate or certificates for the
Warrant Shares to be issued upon such Warrant Exchange, registered in the name
of the holder or such designee, and if such Warrant Exchange shall not have
been for all Warrant Shares, a new Warrant, registered in the name of the
holder, of like tenor to this Warrant for the number of shares still subject to
this Warrant following such Warrant Exchange.

                                       3

<PAGE>   4

                                                                 CONFIDENTIAL

          (b)  If as of the Termination Date the Warrants are in the money
based on the cash or other property to be received, such exercise shall take
place automatically with respect to all then outstanding and exercisable (but
not yet exercised) Warrants (the "Termination Date Exercise"), on a net
issuance basis, immediately prior to the Termination Date; provided, however,
that the Corporation may condition such exercise on the delivery by the
Warrantholder of a duly completed Net Issue Election and the reasonable
satisfaction of the Corporation that all applicable securities laws have been
complied with, which the Corporation shall give notice to the Warrantholder of
within ten (10) days prior to the Termination Date.

     4.   COVENANTS AS TO COMMON STOCK. The Corporation covenants and agrees
that all shares of Common Stock that may be issued upon the exercise of the
rights represented by this Warrant, will, upon issuance, be validly issued,
fully paid and non-assessable and free from all taxes, liens and charges with
respect to the issuance thereof. The Corporation further covenants and agrees
that the Corporation will from time to time take all such action as may be
requisite to assure that the stated or par value per share of Common Stock is
at all times equal to or less than the then effective Warrant Price per share
of Common Stock issuable upon exercise of this Warrant. The Corporation further
covenants and agrees that the Corporation will at all times have authorized and
reserved, free from preemptive rights (without regard to any subscription
rights provided under any shareholders, rights or shareholders rights agreement
to which the Company is a party), a sufficient number of shares of Common Stock
to provide for the exercise of the rights represented by this Warrant;
provided, however, that in the event the Corporation does not have sufficient
number of shares of Common Stock to provide for exercise of the rights
represented by this Warrant, the Corporation shall have thirty (30) days to
cure such deficiency prior to being in breach of this Warrant. The Corporation
further covenants and agrees that if any shares of capital stock to be reserved
for the purpose of the issuance of shares of Common Stock upon the exercise of
this Warrant require registration with or approval of any governmental
authority under any Federal or state law before such shares may be validly
issued or delivered upon exercise, then the Corporation will in good faith and
expeditiously as possible endeavor to secure such registration or approval, as
the case may be. If and so long as the Common Stock issuable upon the exercise
of the rights represented by this Warrant is listed on any national securities
exchange, the Corporation will, if permitted by the rules of such exchange,
list and keep listed on such exchange, upon official notice of issuance, all
shares of such capital stock.

     5.   NO SHAREHOLDER RIGHTS. This Warrant shall not entitle the holder
hereof to any voting rights or other rights as a shareholder of the Corporation.

     6.   RESTRICTIONS ON TRANSFER. The holder of this Warrant acknowledges
that neither this Warrant nor the Warrant Shares have been registered under the
Securities Act of 1933, as amended (the "Securities Act") and the holder of
this Warrant agrees that no sale, transfer, assignment, hypothecation or other
disposition of this Warrant or the Warrant Shares shall be made in the absence
of (a) current registration statement under the Securities Act as to this
Warrant or the Warrant Shares and the registration or qualification of this
Warrant or the Warrant Shares under any applicable state securities laws is
then in effect or (ii) an opinion of counsel reasonably satisfactory to the
Corporation to the effect that such registration or qualification is not
required. Each certificate or other instrument for Warrant Shares issued upon

                                       4
<PAGE>   5
                                                                    CONFIDENTIAL

exercise of this Warrant shall, if required under the Securities Act or the
rules promulgated thereunder, be imprinted with a legend substantially to the
foregoing effect.

     7.   RIGHTS OF THE HOLDER.

          The Corporation hereby grants to the holder of this Warrant those
rights set forth on EXHIBIT B attached hereto, the provisions of which are
incorporated herein by reference and made a part hereof as if set forth herein
in their entirety.

     8.   TRANSFER OF WARRANT; AMENDMENT. Subject to the restriction set forth
in Section 6, this Warrant and all rights hereunder are transferable, in whole,
or in part, at the agency or office of the Corporation referred to in Section 2,
AOL or any other entity to an entity controlled by AOL, under common control
with or that controls AOL or to any other entity with the reasonable approval of
the Corporation in person or by duly authorized attorney, upon surrender of this
Warrant properly endorsed. Each taker and holder of this Warrant, by taking or
holding the same, consents and agrees that this Warrant, when endorsed, in
blank, shall be deemed negotiable, and, when so endorsed the holder hereof may
be treated by the Corporation and all other persons dealing with this Warrant
as the absolute owner hereof for any purposes and as the person entitled to
exercise the rights represented by this Warrant, or to the transfer hereof on
the books of the Corporation, any notice to the contrary notwithstanding; but
until each transfer on such books, the Corporation may treat the registered
holder hereof as the owner hereof for all purposes.

     9.   REORGANIZATIONS, ETC. In case, at any time during the Exercise Period,
of any capital reorganization, of any reclassification of the stock of the
Corporation (other than a change in par value or from par value to no par value
or from no par value to par value or as a result of a stock dividend or
subdivision, split-up or combination of shares), or the consolidation or merger
of the Corporation with or into another corporation (other than a consolidation
or merger in which the Corporation is the continuing operation and which does
not result in any change in the Common Stock) or of the sale of all or
substantially all the properties and assets of the Corporation as an entirety to
any other corporation, this Warrant shall, after such reorganization,
reclassification, consolidation, merger or sale, be exercisable for the kind and
number of shares of stock or other securities or property of the Corporation or
of the corporation resulting from such consolidation or surviving such merger or
to which such properties and assets shall have been sold to which such holder
would have been entitled if he had held the Common Stock issuable upon the
exercise hereof immediately prior to such reorganization, reclassification,
consolidation, merger or sale. In any such reorganization or other action or
transaction described above, appropriate provision shall be made with respect to
the rights and interests of the holder of this Warrant to the end that the
provisions hereof (including, without limitation, provisions for adjustments of
the Warrant Price and of the number of shares purchasable and receivable upon
the exercise of this Warrant) shall thereafter be applicable, as nearly as may
be, in relation to any shares of stock, securities or assets thereafter
deliverable upon the exercise hereof. The Corporation will not effect any such
consolidation, merger or sale unless, prior to the consummation thereof, the
successor corporation or entity (if other than the Corporation) resulting from
such transaction or the corporation or entity purchasing such assets shall
assume by written instrument, executed and mailed or delivered to the registered
holder hereof at the last address of such holder appearing on the books of the
Corporation, the obligation to deliver to

                                       5

<PAGE>   6
                                                                    CONFIDENTIAL

such holder such shares of stock, securities or assets as, in accordance with
the foregoing provision, such holder may be entitled to purchase.

     10. LOST, STOLEN, MUTILATED OR DESTROYED WARRANT. If this Warrant is lost,
stolen, mutilated or destroyed, the Corporation may, on such terms as to
indemnity or otherwise as it may in its discretion impose (which shall, in the
case of a mutilated Warrant, include the surrender thereof), issue a new
Warrant of like denomination and tenor as the Warrant so lost, stolen, mutilated
or destroyed. Any such new Warrant shall constitute an original contractual
obligation of the Corporation, whether or not the allegedly lost, stolen,
mutilated or destroyed Warrant shall be at any time enforceable by anyone.

     11. MODIFICATION AND WAIVER. This Warrant and any provision hereof may be
changed, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of the same is sought.

     12. NOTICES. All notices, advices and communications to be given or
otherwise made to any party to this Agreement shall be deemed to be sufficient
if contained in a written instrument delivered in person or by telecopier or
duly sent by first class registered or certified mail, return receipt
requested, postage prepaid, or by overnight courier, or by electronic mail, with
a copy thereof to be sent by mail (as aforesaid) within 24 hours of such
electronic mail, addressed to such party at the address set forth below or at
such other address as may hereafter be designated in writing by the addressee
to the addresser listing all parties:

          If to the Corporation, to:

               NewsReal, Inc.
               66 Canal Center Plaza,
               Alexandria, Virginia 22314
               Attention: Chief Financial Officer
               Telecopier: (703) 548-5161
               e-mail address:

       and

          If to AOL as follows:

               America Online, Inc.
               22000 AOL Way
               Dulles, Virginia 20166
               Attention: General Counsel
               Telecopier: (703) 265-2208
               e-mail address:

Or to such other address as the party to whom notice is to be given may have
furnished to the other parties hereto in writing in accordance herewith. Any
such notice or communication shall be deemed to have been delivered and
received (i) in the case of personal delivery or delivery by telecopier, on the
date of such deliver, (ii) in the case of nationally-recognized overnight
courier,

                                       6
<PAGE>   7
                                                                    CONFIDENTIAL

on the next business day after the date when sent and (ii) in the case of
mailing, on the third business day following that on which the piece of mail
containing such communication is posted. As used in this Section 14, "business
day" shall mean any day other than a day on which banking institutions in the
Commonwealth of Virginia are legally closed for business.

     13.  BINDING EFFECT ON SUCCESSORS; SURVIVAL. This Warrant shall be binding
upon any corporation succeeding the Corporation by merger, consolidation or
acquisition of all or substantially all of the Corporation's assets. All of the
obligations of the Corporation relating to the Common Stock issuable upon the
exercise of this Warrant shall survive the exercise and termination of this
Warrant. All of the covenants and agreements of the Corporation shall inure to
the benefit of the successors and assigns of AOL.

     14.  DESCRIPTIVE HEADINGS AND GOVERNING LAW. The description headings of
the several sections and paragraphs of this Warrant are inserted for
convenience only and do not constitute a part of this Warrant. This Warrant
shall be construed and enforced in accordance with, and the rights of the
parties shall be governed by, the laws of the State of Delaware.

     15.  FRACTIONAL SHARES. No fractional shares shall be issued upon exercise
of this Warrant. The Corporation shall, in lieu of issuing any fractional
share, pay the holder entitled to such fraction a sum in cash equal to such
fraction multiplied by the then Fair Market Value of one Warrant Share.

                                     * * *

                                       7

<PAGE>   8
                                                                    CONFIDENTIAL

     IN WITNESS WHEREOF, the undersigned have caused this Warrant and Warrant
Agreement to be executed by their duly authorized officers on the date first
above written.

                                        NEWSREAL, INC.

                                             /s/ DAVID C. HOPPMANN
                                        By:________________________

                                           Name:  David C. Hoppman
                                           Title: President and CEO

        /s/ JEFFREY P. MASSA
ATTEST:____________________________

       JEFFERY P. MASSA, SECRETARY

                                        AMERICA ONLINE, INC.

                                        By:________________________

                                           Name:

                                       8

<PAGE>   9
                                                                    CONFIDENTIAL

                              FORM OF SUBSCRIPTION

                    (To be signed upon exercise of Warrant)

     The undersigned, the holder of the Warrant, hereby irrevocably elects to
exercise the purchase rights represented by such Warrant for, and to purchase
thereunder,               shares of               of NewsReal, Inc. and
herewith makes payment of $             therefor, and requests that the
certificates for such shares be issued in the name of and delivered to,
                  , whose address is                                           .

Dated:
      ----------------------

                                             -----------------------------------
                                             (Signature)

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

                                       9
<PAGE>   10
                                                                    CONFIDENTIAL

                               NOTICE OF EXCHANGE

                        (To be executed by the Holder in
                        order to exchange the Warrant.)

     The undersigned hereby irrevocably elects to exchange this Warrant into
           shares (the foregoing number constituting the number of Warrant
Shares to be issued pursuant to Section 3 of this Warrant) of            of
NewsReal, Inc., minus any shares to be deducted from the foregoing number in
accordance with the terms of this Warrant, according to the conditions thereof.
The undersigned desires to consummate such exchange on                        .

Dated:

                                             -----------------------------------
                                             Name of Holder:

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

                                       10
<PAGE>   11
                                                                    Confidential

                               FORM OF ASSIGNMENT

                  (To be signed only upon transfer of Warrant)

     For value received, the undersigned hereby sells, assigns and transfers
unto the right represented by the Warrant to purchase             shares
of            of NewsReal, Inc., to which the Warrant relates, and appoints
[Name of Attorney] to transfer such right on the books of NewsReal, Inc., with
full power of substitution in the premises.

Dated:
      ---------------------------

                                             -----------------------------------
                                             (Signature)

Signed in the presence of:

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

                                       11
<PAGE>   12
                                                                    Confidential

                                   EXHIBIT A

                         NUMBER OF SHARES FOR WHICH THE
                     WARRANT SHALL BE EXERCISABLE: 832,691

Subject to the terms hereof, the Warrant Shares shall vest as follows:

--------------------------------------------------------------------------------
Number of Warrant Shares          Vesting

--------------------------------------------------------------------------------
(A) 277,563                       Fully vested upon issuance of the Warrant
--------------------------------------------------------------------------------
(B) 277,564                       At such time as the Corporation earns gross
                                  revenues of one million seven hundred fifty
                                  thousand dollars ($1,750,000) from all revenue
                                  streams in connection with the Agreement,
                                  including, without limitation, Advertising
                                  Revenue, Transaction Revenues, subscription
                                  fees, license fees, and any other amounts
                                  received in connection with any sale, license,
                                  or distribution in connection with the
                                  Agreement; provided that in no event shall
                                  these shares vest prior to twelve (12) months
                                  from the date hereof.
--------------------------------------------------------------------------------
(C) 277,564                       At such time as the Corporation earns gross
                                  revenues of three million five hundred
                                  thousand dollars ($3,500,000) from all revenue
                                  streams in connection with the Agreement,
                                  including, without limitation, Advertising
                                  Revenue, Transaction Revenues, subscription
                                  fees, license fees, and any other amounts
                                  received in connection with any sale, license,
                                  or distribution in connection with the
                                  Agreement; provided that in no event shall
                                  these shares vest prior to twelve (12) months
                                  from the date hereof.
--------------------------------------------------------------------------------
<PAGE>   13
                                                                    CONFIDENTIAL

                                   EXHIBIT B

                               ADDITIONAL RIGHTS

1.   Financial and Business Information. From and after the date on which AOL
exercises any of the Warrant Shares underlying this Warrant or otherwise
acquires shares of the Corporation's capital stock, the Corporation shall
deliver to AOL:

     (a)  Quarterly Statements - as soon as practicable, and in any event
within 30 days after the close of each of the first three fiscal quarters of
each fiscal year of the Corporation, a consolidated balance sheet, statement of
income and statement of cash flows of the Corporation and its subsidiaries as
at the close of such quarter and covering operations for such quarter and the
portion of the Corporation's fiscal year ending on the last day of such
quarter, prepared in accordance with generally accepted accounting principles
("GAAP"), subject to audit and year-end adjustments, setting forth in each case
in comparative form the figures for the comparable period of the previous
fiscal year.

     (b)  Annual Statements - as soon as practicable after the end of each
fiscal year of the Corporation, and in any event within 90 days thereafter,
duplicate copies of:

          (i)  consolidated and consolidating balance sheets of the Corporation
and its subsidiaries at the end of such year; and

          (ii) consolidated and consolidating statements of income,
stockholders' equity and cash flows of the Corporation and its subsidiaries for
such year, setting forth in each case in comparative form the figures for the
previous fiscal year, accompanied by an opinion thereon of independent
certified public accountants of recognized national standing selected by the
Corporation, which opinion shall state that such financial statements fairly
present the financial position of the Corporation and any subsidiaries on a
consolidated basis and have been prepared in accordance with GAAP (except for
changes in application in which such accountants concur) and that the
examination of such accountants in connection with such financial statements
has been made in accordance with generally accepted auditing standards, and
accordingly included such tests of the accounting records and such other
auditing procedures as were considered necessary in the circumstances.

2.   Transfers Of Stock.

     2.1. Right to Transfer. Except in accordance with Section 2.3 of this
Agreement, neither AOL nor any other permitted holder of this Warrant shall have
the right to Transfer the Warrant Shares acquired upon exercise of this Warrant
in a single transaction or any series of related transactions. For purposes of
this Agreement, a "Transfer" shall mean any direct or indirect sale, gift,
assignment or other disposition or transfer of shares of the Corporation's
Common Stock, or any interest therein, and any pledge or hypothecation of shares
of Common Stock, or any interest therein. Notwithstanding anything herein to the
contrary, nothing in this Agreement shall preclude or prevent any Transfer: (i)
to the Corporation; (ii) to any entity controlled by,
<PAGE>   14
                                                                    CONFIDENTIAL

under common control with or that controls AOL; or (iii) which may be required
by law or by a regulatory authority.

         2.2      Drag-Along Rights. (a) If at any time and from time to time
the Corporation or the investors listed on Schedule II hereto (the "QIP
Investors") determine, in accordance with, and pursuant to, the provisions of
Section 7(b) of the Securities Purchase Agreement dated December 11, 1997, to
sell the Corporation to a third party that is not an affiliate the QIP
Investors (the "Proposed Transferee"), the Corporation, upon the request of the
QIP Investors, shall have the right ("Drag-Along Right") to require AOL to sell
to the Proposed Transferee all shares of Common Stock then owned by AOL, upon
the same terms and conditions and concurrently with the sale by the QIP
Investors of their securities in the Corporation; provided, however, that AOL
shall not be required to sell under this Section 2.2(a) at a purchase price
less than (a) $4.65 per share of Common Stock during the first 12 months
following the date on which AOL first acquires Warrant Shares upon the exercise
of all or a portion of this Warrant, (b) $5.58 per share of Common Stock during
months 13 through 24 following such date, and (c) $3.72 per share of Common
Stock after 24 months following such date. AOL agrees to take all steps
necessary to enable it to comply with the provisions of this Section 2.2, to
facilitate the exercise of the Drag-Along Right.

                  (b)      To exercise a Drag-Along Right, the QIP Investors
or the Corporation shall give AOL a written notice (a "Drag-Along Notice")
containing (a) the name and address of the Proposed Transferee and (b) the
proposed purchase price, terms of payment and other material terms and
conditions of the Proposed Transferee's offer. AOL shall thereafter be
obligated to sell the shares of Common Stock held by them subject to such
Drag-Along Notice.

                  (c)      If the QIP Investors determine to exercise their
rights, in accordance with Section 2.2 hereof, to require AOL to sell all
shares of Common Stock then owned by AOL, then the QIP Investors in their sole
discretion have the right to determine that a sale of all or substantially all
of the assets of the Corporation, a voluntary liquidation of the Corporation or
a merger of the Corporation (each a "sale of the Corporation") is preferable to
a sale of all of the capital stock of the Corporation, whereupon the
Corporation or the QIP Investors shall give written notice to AOL of the QIP
Investors' determination to cause a sale of the Corporation (a "Sale Notice").
Upon receipt of such Sale Notice, AOL agrees to use its good faith efforts to
cooperate with the QIP Investors in effecting a sale of the Corporation,
including, without limitation, voting shares of capital stock of the
Corporation beneficially owned by AOL in favor of or granting written consent
to a sale of the Corporation.

                 (d)      The Corporation and AOL agree that the QIP Investors
shall have third party beneficiary rights to enforce this Section 2.2 of this
Agreement against the Corporation and AOL.

         2.3.     Certain Conditions to Stock Issuances and Transfers. No
Transfer of the shares of the Corporation's Common Stock owned by AOL shall be
valid or recorded in

<PAGE>   15
                                                                    CONFIDENTIAL

the Corporation's stock transfer books unless the transferees of such shares
shall have furnished to the Corporation (a) the written agreement of the
transferee to be bound by the terms and conditions of this Agreement (as if
such transferee were a party hereto), (b) if required by the Corporation's
Board of Directors, a written opinion of counsel (which opinion shall be
reasonably satisfactory to the Corporation) that the proposed Transfer may be
effected without registration under the Securities Act, and (c) a written
agreement to the effect that the transferee is acquiring such shares for its
own account, for investment, and not with a view to, or for sale in connection
with, the distribution thereof, and such transferee understands that such
shares have not been registered under the Securities Act and that such shares
must be held indefinitely unless a subsequent disposition thereof is registered
under the Securities Act or exempt from the registration requirements thereof,
or other agreements required by applicable securities laws and otherwise
acceptable to the Corporation.

     2.4. Representations and Warranties. As of the date of this Agreement and
on each date on which AOL exercises all or any portion of this Warrant, each
party hereto represents and warrants to each other party solely as to such
party:

          (a) if such party is not an individual or a corporation, it is a
validly existing partnership or limited liability Corporation or other entity
as indicated on the signature page of this Agrement.

          (b) if such party is not an individual, the execution, delivery and
performance by such party of this Agreement has been duly authorized.

          (c) if such party is an individual, he has full power and authority
to enter into this Agreement.

          (d) if such party is a corporation, it is validly existing and in
good standing in the jurisdiction in which it is incorporated.

          (e) the agreements set forth in this Agreement constitute valid and
binding obligations of such party.

          (f) the execution, delivery and performance of this Agreement by such
party will not (i) violate any provision of law, any order of any court or
other agency of government applicable to the Investor, any provision of any
note, bond, mortgage, indenture, license, lease, contract, agreement or other
instrument or obligation to which such party or its properties or assets are
bound, or the organizational documents of such party or (ii) conflict with,
result in a breach of or constitute (with due notice or lapse of time or both)
a default under any such note, bond, mortgage, indenture, license, lease,
contract, agreement or other instrument or obligation, or result in the
creation or imposition of any lien, charge, restriction, claim or encumbrance
of any nature upon any of the securities of the Corporation owned by such party.
<PAGE>   16
                                                                    CONFIDENTIAL

   2.5.  Injunctive Relief. The parties hereto declare that it is impossible to
measure in money the damages which will accrue to the parties hereto by reason
of the failure of any party hereto to perform any of its obligations set forth
in this Section 2. Therefore, the parties hereto shall have the right to
specific performance of such obligations, and if any party hereto shall
institute any action or proceeding to enforce the provisions hereof, the parties
hereto hereby waive the claim or defense that the party instituting such action
or proceeding has an adequate remedy at law. Such remedies shall, however, be
cumulative and not exclusive and shall be in addition to any other remedies
which any party may have under this Agreement or otherwise.

     2.6.  Termination. The provisions of Section 2 shall terminate upon the
closing of, and shall not apply to the Transfer of any shares hereunder
pursuant to, an initial public offering of the Corporation's Common Stock, or
any security issued in exchange for or as replacement of such Common Stock
pursuant to a registration under the Securities Act (the "IPO").

3.   Registration Rights.

     3.1   Definitions. As used in this Section 3:

           (a) the terms "register," "registered" and "registration" refer to a
registration effected by preparing and filing a registration statement in
compliance with the Securities Act (and any post-effective amendments filed or
required to be filed) and the declaration or ordering of effectiveness of such
registration statement;

           (b) the term "Registrable Securities" means (i) the shares of the
Corporation's Common Stock owned by AOL, (ii) any additional shares of Common
Stock acquired by AOL and (iii) any capital stock of the Corporation issued as
a dividend or other distribution with respect to, or in exchange for or in
replacement of, the shares of Common Stock referred to in clause (i) or (ii);

           (c) the term "Other Shareholders" shall mean any other shareholders
of the Corporation who are granted registration rights that would affect the
rights granted to AOL under this Agreement;

           (d) "Registration Expenses" shall mean all expenses incurred by the
Corporation in compliance with Section 3 hereof, including, without limitation,
all registration and filing fees, listing fees, printing expenses, fees and
disbursements of counsel for the Corporation, fees and expenses of one counsel
for all AOL and Other Shareholders, blue sky fees and expenses and the expense
of any special audits incident to or required by any such registration (but
excluding the compensation of regular employees of the Corporation, which shall
be paid in any event by the Corporation);
<PAGE>   17
                                                                    CONFIDENTIAL

          (e)  "Selling Expenses" shall mean all underwriting discounts and
selling commissions applicable to the sale of Registrable Securities;

          (f)  "Securities Act" shall mean the Securities Act of 1933, as
amended, or any similar law then in force; and

          (g)  "Exchange Act" shall mean the Securities Exchange Act of 1934,
as amended, or any similar law then in force.

     3.2. Corporation Registration.

          (a)  If the Corporation shall determine to register any of its equity
securities, other than a registration relating solely to employee stock option
and benefit plans utilizing Form S-8, or a registration of shares issued in a
reclassification, merger, consolidation or transfer of assets transaction
utilizing Form S-4, or any registration form which does not permit secondary
sales, the Corporation will:

               (i)  promptly give to AOL a written notice thereof (which shall
include a list of the jurisdictions in which the Corporation intends to attempt
to qualify such securities under the applicable blue sky or other state
securities laws); and

               (ii) include in such registration (and any related qualification
under blue sky laws or other compliance), and in any underwriting involved
therein, all the Registrable Securities specified in a written request or
requests, made by AOL within fifteen days after receipt of the written notice
from the Corporation described in clause (i) above, except as set forth in
Section 3.2(b) below. Such written request may specify all or a part of AOL's
Registrable Securities.

          (b)  If the registration pursuant to this Section 3.2 involves an
underwritten offering of the securities being registered, whether or not for
sale for the account of the Corporation, to be distributed on a firm commitment
basis by or through one or more underwriters of recognized national or regional
standing under underwriting terms appropriate for such a transaction, the
Corporation shall so advise AOL as a part of the written notice given pursuant
to Section 3.2(a)(i). In such event, the right of AOL to registration pursuant
to this Section 3.2 shall be conditioned upon AOL's participation in such
underwriting and the inclusion of AOL's Registrable Securities in the
underwriting to the extent provided herein. In that event, AOL shall (together
with the Corporation and the Other Shareholders distributing their securities
through such underwriting) enter into an underwriting agreement in customary
form with the representative of the underwriter or underwriters selected for
underwriting by the Corporation. Notwithstanding any other provision of this
Section 3.2, if the Corporation's representative determines in good faith that
marketing factors require a limitation on the number of shares to be
underwritten, the Corporation shall so advise all holders of securities
requesting registration, and the number of shares of securities that are
entitled to be included in the registration and underwriting shall be allocated
in the following manner: the number of securities that may be included in the
registration and
<PAGE>   18

                                                                    CONFIDENTIAL

underwriting by AOL and the Other Shareholders shall be reduced, on a pro rata
basis (based on the number of shares held by such holder), by such minimum
number of shares as is necessary to comply with such limitation. If AOL or any
Other Shareholders disapprove of the terms of any such underwriting, such
person may elect to withdraw therefrom by written notice to the Corporation and
the underwriter. Any Registrable Securities or other securities excluded or
withdrawn from such underwriting shall be withdrawn from such registration.

           3.3. Expenses of Registration.

All Registration Expenses incurred in connection with any registration,
qualification or compliance pursuant to this Agreement shall be borne by the
Corporation, and all Selling Expenses shall be borne by AOL whose Registrable
Securities are so registered pro rata on the basis of the number of their
shares so registered; provided, however, that the Corporation shall not be
required to pay any Registration Expenses if, as a result of the withdrawal of
a request for registration by AOL, the registration statement does not become
effective, in which case AOL and Other Shareholders requesting registration,
including such holder(s) so withdrawing, shall bear such Registration Expenses
pro rata on the basis of the number of their shares so included in the
registration request.

           3.4. Registration Procedures.

In the case of each registration effected by the Corporation pursuant to this
Agreement, the Corporation will keep AOL advised in writing as to the
initiation of each registration and as to the completion thereof. At its
expense, the Corporation will:

              (a) keep such registration effective for a period of 180 days or
until AOL have completed the distribution described in the registration
statement relating thereto, whichever first occurs; provided, however, that
such 180-day period shall be extended for a period of time equal to the period
during which AOL refrains from selling any securities included in such
registration in accordance with the provisions in Section 3.8 hereof; provided
that Rule 415, or any successor rule under the Securities Act, permits an
offering on a continuous or delayed basis, and provided further that applicable
rules under the Securities Act governing the obligation to file a
post-effective amendment permit, in lieu of filing a post-effective amendment
which (y) includes any prospectus required by Section 10(a) of the Securities
Act or (z) reflects facts or events representing a material or fundamental
change in the information set forth in the registration statement, the
incorporation by reference of information required to be included in (y) and
(z) above to be contained in periodic reports filed pursuant to Section 12 or
15(d) of the Exchange Act in the registration statement; and

             (b) furnish such number of prospectuses and other documents
incident thereto as AOL from time to time may reasonably request.

<PAGE>   19
                                                                    CONFIDENTIAL

     3.5. Indemnification.

          (a)  The Corporation will indemnify AOL, and each of its officers,
directors, shareholders and representatives, as the case may be, with respect
to each registration which has been effected pursuant to this Agreement, and
each underwriter (including any officers, directors and partners), if any, and
each person who controls any underwriter within the meaning of the Securities
Act, against all claims, losses, damages, expenses and liabilities (or actions
in respect thereof) arising out of or based on any untrue statement (or alleged
untrue statement) of a material fact contained in any prospectus, offering
circular or other document (including any registration statement, notification
or the like) incident to any such registration, qualification or compliance, or
based on any omission (or alleged omission) to state therein a material fact
required to be stated therein or necessary to make the statements therein, in
light of the circumstances in which they were made, not misleading, or any
violation by the Corporation of the Securities Act or any rule or regulation
applicable to the Corporation and relating to action or inaction required of
the Corporation in connection with any such registration, qualification or
compliance, and will reimburse AOL, each of its respective officers, directors
and shareholders, each such underwriter and each person who controls any such
underwriter, for any legal and any other expenses reasonably incurred in
connection with investigating and defending any such claim, loss, damage,
liability or action, provided that the Corporation will not be liable in any
such case to the extent that any such claim, loss, damage, liability or expense
arises out of or is based on any untrue statement or omission based upon
written information furnished to the Corporation by AOL or underwriter and
stated to be specifically for use therein.

          (b)  AOL will, if Registrable Securities held by it are included in
the securities as to which such registration, qualification or compliance is
being effected, indemnify the Corporation, each of its directors and officers
and each underwriter, if any, of the Corporation's securities covered by such a
registration statement, each person who controls the Corporation or such
underwriter, each Other Shareholder and each of their officers, directors, and
partners, and each person controlling such Other Shareholder against all claims,
losses, damages and liabilities (or actions in respect thereof) arising out of
or based on any untrue statement (or alleged untrue statement) of a material
fact contained in any such registration statement, prospectus, offering circular
or other document made by AOL, or any omission (or alleged omission) to state
therein a material fact required to be stated therein or necessary to make the
statements by AOL therein not misleading, and will reimburse the Corporation and
such Other Shareholders, directors, officers, partners, persons, underwriters or
control persons for any legal or any other expenses reasonably incurred in
connection with investigating or defending any such claim, loss, damage,
liability or action, in each case to the extent, but only to the extent, that
such untrue statement (or alleged untrue statement) or omission (or alleged
omission) is made in such registration statement, prospectus, offering circular
or other document in reliance upon and in conformity with written information
furnished to the Corporation by AOL, and stated to be specifically for use
therein; provided, however, that the obligations of AOL hereunder and under
Section 3.5(d) shall be limited to an amount equal to the net proceeds to AOL of
securities sold pursuant to such registration statement or prospectus.

<PAGE>   20
                                                                    CONFIDENTIAL

          (c)  Each party entitled to indemnification under this Section 3.5
(the "Indemnified Party") shall give notice to the party required to provide
indemnification (the "Indemnifying Party") promptly after such Indemnified Party
has actual knowledge of any claim as to which indemnity may be sought, and shall
permit the Indemnifying Party to assume the defense of any such claim or any
litigation resulting therefrom; provided that counsel for the Indemnifying
Party, who shall conduct the defense of such claim or any litigation resulting
therefrom, shall be approved by the Indemnified Party (whose timely approval
shall not unreasonably be withheld) and the Indemnified Party may participate in
such defense at such party's expense (unless the Indemnified Party shall have
reasonably concluded that there may be a conflict of interest between the
Indemnifying Party and the Indemnified Party in such action, in which case the
fees and expenses of counsel shall be at the expense of the Indemnifying Party),
and provided further that the failure of any Indemnified Party to give notice as
provided herein shall not relieve the Indemnifying Party of its obligations
under this Agreement unless the Indemnifying Party is materially prejudiced
thereby. No Indemnifying Party, in the defense of any such claim or litigation
shall, except with the consent of each Indemnified Party, consent to entry of
any judgment or enter into any settlement which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party of a release from all liability in respect to such claim or
litigation. Each Indemnified Party shall furnish such information regarding
itself or the claim in question as an Indemnifying Party may reasonably request
in writing and as shall be reasonably required in connection with the defense of
such claim and litigation resulting therefrom.

          (d)  If the indemnification provided for in this Section 3.5 is held
by a court of competent jurisdiction to be unavailable to an Indemnified Party
with respect to any loss, liability, claim, damage or expense referred to
herein, then the Indemnifying Party, in lieu of indemnifying such Indemnified
Party hereunder, shall contribute to the amount paid or payable by such
Indemnified Party as a result of such loss, liability, claim, damage or expense
in such proportion as is appropriate to reflect the relative fault of the
Indemnifying Party on the one hand and the of the Indemnified Party on the other
in connection with the statements or omissions which resulted in such loss,
liability, claim, damage or expense, as well as any other relevant equitable
considerations. The relative fault of the Indemnifying Party and of the
Indemnified Party shall be determined by reference to, among other things,
whether the untrue (or alleged untrue) statement of a material fact or the
omission (or alleged omission) to state a material fact relates to information
supplied by the Indemnifying Party or by the Indemnified Party and the parties'
relevant intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission.

          (e)  The foregoing indemnity agreement of the Corporation and AOL is
subject to the condition that, insofar as they relate to any loss, claim,
liability or damage made in a preliminary prospectus but eliminated or remedied
in the amended prospectus on file with the Securities and Exchange Commission
("SEC") at the time the registration statement in question becomes effective or
the amended prospectus filed with the SEC pursuant to SEC Rule 424(b) (the
"Final Prospectus"), such indemnity agreement shall not inure to the benefit of
any underwriter if a copy of the Final Prospectus was furnished

<PAGE>   21
                                                                    CONFIDENTIAL

to the underwriter and was not furnished to the person asserting the loss,
liability, claim or damage at or prior to the time such action is required by
the Securities Act.

     3.6  Information by AOL.

     AOL shall furnish to the Corporation such information regarding AOL and the
distribution proposed by AOL as the Corporation may reasonably request in
writing and as shall be reasonably required in connection with any registration,
qualification or compliance referred to in this Agreement.

     3.7  Rule 144 Reporting.

     With a view to making available the benefits of certain rules and
regulations of the SEC which may permit the sale of restricted securities to the
public without registration, the Corporation agrees to:

          (a)  make and keep public information available as those terms are
understood and defined in Rule 144, at all times from and after ninety (90) days
following the effective date of the first registration under the Securities Act
filed by the Corporation for an offering of its securities to the general
public;

          (b)  use its best efforts to file with the SEC in a timely manner all
reports and other documents required of the Corporation under the Securities Act
and the Exchange Act at any time after it has become subject to such reporting
requirements; and

          (c)  so long as AOL owns any Registrable Securities, furnish to AOL,
upon request, a written statement by the Corporation as to its compliance with
the reporting requirements of Rule 144 (at any time from and after ninety (90)
days following the effective date of the first registration statement filed by
the Corporation for an offering of its securities to the general public) and of
the Securities Act and the Exchange Act (at any time after it has become subject
to such reporting requirements), a copy of the most recent annual or quarterly
report of the Corporation, and such other reports and documents so filed as AOL
may reasonably request in availing itself of any rule or regulation of the SEC
allowing AOL to sell any such securities without registration.

     3.8  "Market Stand-off" Agreement.

     AOL agrees, if requested by the Corporation and an underwriter of Common
Stock (or other securities) of the Corporation, not to sell or otherwise
transfer or dispose of any shares (or other securities) of the Corporation held
by AOL during such period as the underwriter may reasonably require, such period
not to exceed 180 days following the effective date of a registration statement
of the Corporation filed under the Securities Act, provided that such agreement
only applies to the IPO. If requested by the underwriters, AOL shall execute a
separate agreement to the foregoing effect. The Corporation may impose
stop-transfer instructions with respect to the shares (or securities) subject to
the foregoing restriction until the end of said period. The provisions of this
Section 3.8 shall be binding upon any transferee who acquires Registrable
Securities.
<PAGE>   22
                                                                    CONFIDENTIAL

     3.9.  Assignment.

     The rights set forth in this Section 3 may be assigned, in whole or in
part, to any permitted transferee of Registrable Securities (who shall be
considered thereafter to be bound by all obligations and limitations of this
Agreement).

     3.10. Limited Scope of Registration Rights.

     AOL's registration rights hereunder shall extend only to Registrable
Securities acquired upon exercise of this Warrant or acquired in any other
manner, and shall not apply to this Warrant.

4.   IPO Participation Right.

Prior to the Corporation's filing of a registration statement with the SEC in
connection with a proposed public offering of the Corporation's equity
securities pursuant to an effective registration statement under the Securities
Act of 1933, as amended (the "Corporation IPO"), the Corporation may, in its
sole discretion, offer to AOL (the "Offer Notice") the right to participate in
a private placement of the Corporation's equity securities to be consummated
simultaneously with the Corporation IPO. Within fifteen (15) days following
receipt of such Offer Notice, AOL shall notify the Corporation whether, in its
sole discretion, it will participate in such purchase of the Corporation's
equity securities. AOL's right to purchase such equity securities shall be
limited to no more than three percent (3%) of the total number of shares to be
offered to the public in the Corporation IPO and to the extent otherwise
limited by the Corporation's underwriters. AOL's failure to timely respond to
the Corporation's notice shall be deemed a waiver of its right to participate
in the issuance of equity securities in the IPO.

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