Document:

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EXHIBIT 10.31.4

                               EXCHANGE AGREEMENT

                  THIS EXCHANGE AGREEMENT (this "Agreement") made as of this
27th day of March, 2003, by and between WOODWARD LLC, an entity organized and
existing under the laws of the Cayman Islands ("WOODWARD") and EUROTECH, LTD., a
District of Columbia corporation ("EUROTECH" or the "COMPANY"), and

                  When used in this Agreement, the following terms shall have
the specified definitions, unless the context otherwise requires:

                  "SERIES G STOCK" shall mean the Series G Preferred Stock of
Homecom Communications, Inc. ("HOMECOM"), $.0001 par value.

                  "COMMON STOCK" shall mean the Common Stock of Eurotech, $
..00025 par value.

                                 R E C I T A L S

                  A. Woodward is the owner and holder of the right to have
issued to it 10,000,000 shares of Common Stock, free and clear of all liens and
encumbrances (the "Exchanged Stock").

                  C. Eurotech wishes to acquire the Exchanged Stock from
Woodward for the purpose of retiring such shares, in exchange for 1,069 shares
of the Series G Stock, and Woodward and Eurotech desire to effect such exchange
(such transaction, the "EXCHANGE"), in each case on the terms set forth herein.

                  NOW, THEREFORE, for and in consideration of the premises and
the mutual agreement contained herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

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                  1. EXCHANGE. In consideration of the mutual benefits to be
gained by the parties hereto pursuant to the Exchange, at the Closing (as
defined below), Woodward agrees to exchange with Eurotech, and Eurotech agrees
to exchange with Woodward, respectively, the Exchanged Stock for the Series G
Stock.

                  2. CLOSING DATE. Subject to the satisfaction (or waiver) of
the conditions thereto set forth in Section 7 and Section 8 below, the date of
the closing of the Exchange pursuant to this Agreement (the "CLOSING DATE")
shall be on April 15, 2003 or such other mutually agreed upon time. The closing
of the transactions contemplated by this Agreement (the "CLOSING") shall occur
on the Closing Date at the offices of Krieger & Prager, 39 Broadway, Suite 1440,
New York, New York or at such other location as may be agreed to by the parties.

                  3. MUTUAL DELIVERIES. Upon the delivery by Woodward of the
release and surrender of its rights to receive the Exchange Stock, Eurotech
shall deliver to Woodward the Series G Stock, registered in the name of Woodward
or its designee, bearing substantially the following legend:

                  THE SECURITIES REPRESENTED HEREBY (THE "SECURITIES") HAVE NOT
                  BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
                  (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE
                  AND MAY NOT BE SOLD OR OFFERED FOR SALE IN THE ABSENCE OF AN
                  EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES OR AN
                  OPINION OF COUNSEL OR OTHER EVIDENCE ACCEPTABLE TO THE
                  CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED.

                  4. REPRESENTATIONS AND WARRANTIES OF EUROTECH. EUROTECH
represents and warrants to Woodward that:

                  (a) The Company has the corporate power and authority to enter
into this

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Agreement, and to perform its obligations hereunder. The execution and delivery
by the Company of this Agreement and the consummation by the Company of the
transactions contemplated hereby have been duly authorized by all necessary
corporate action on the part of the Company. This Agreement has been duly
executed and delivered by the Company and constitute a valid and binding
obligations of the Company enforceable against it in accordance with its terms,
subject to the effects of any applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditors' rights generally and to the
application of equitable principles in any proceeding (legal or equitable).

                  (b) There is no pending, or to the knowledge of the Company,
threatened, judicial, administrative or arbitral action, claim, suit, proceeding
or investigation which might affect the validity or enforceability of this
Agreement or which involves the Company and which if adversely determined, could
reasonably be expected to have a material adverse effect on the Company.

                  (c) Except for filings required by any applicable securities
laws, no consent or approval of, or exemption by, or filing with, any party or
governmental or public body or authority is required in connection with the
execution, delivery and performance of the Company under this Agreement or the
taking of any action contemplated hereunder.

                  (d) The execution, delivery and performance of this Agreement
by the Company and the consummation by the Company of the transactions
contemplated hereby, will not (i) conflict with or result in a violation of any
provision of its certificate of incorporation, bylaws or other organizational
documents, or (ii) violate or conflict with, or result in a breach of any
provision of, or constitute a default (or an event which with notice or lapse of
time or both could become a default) under, or give to others any rights of
termination, amendment, acceleration, modification

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or cancellation of, any contract, agreement, note, bond, indenture or other
instrument to which the Company is a party or under which the Company, its
assets or its capital stock is or may be effected, or (iii) result in a
violation of any law, rule, regulation, order, judgment or decree (including
federal and state securities laws and regulations and regulations of any
self-regulatory organizations) applicable to the Company or by which any
property of the Company, including, without limitation, the Series G Stock, will
be bound or affected. Except as specifically contemplated by this Agreement and
as required under the Securities Act of 1933, as amended (the "SECURITIES ACT"),
and any applicable federal and state securities laws, Eurotech is not required
to obtain any consent, authorization or order of, or make any filing or
registration with, any court, governmental agency, regulatory agency, self
regulatory organization or stock market or any third party in order for it to
execute, deliver or perform any of its obligations under this Agreement in
accordance with the terms hereof. Except for filings that may be required under
applicable federal and state securities laws, all consents, authorizations,
orders, filings and registrations which the Company is required to obtain
pursuant to the preceding sentence have been obtained or effected on or prior to
the date hereof.

                  (e) Eurotech is the owner of good and marketable title to the
shares of Series G Stock held by it , free and clear of all liens, pledges,
encumbrances or other stop transfer orders (except as may be required by the
applicable securities laws).

                  (f) Annexed hereto as Exhibit A is a true and complete copy of
the Certificate of Designations of the Series G Stock as filed with the
Secretary of State of the State of Delaware on or prior to the Closing Date.

                  5. REPRESENTATIONS AND WARRANTIES OF WOODWARD. Woodward hereby
represents and warrants to the Company that:

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                  (a) Woodward has the corporate power and authority to enter
into this Agreement and to perform its obligations hereunder. The execution and
delivery by Woodward of this Agreement, and the consummation by Woodward of the
transactions contemplated hereby, have been duly authorized by all necessary
corporate action on the part of the Woodward. This Agreement has been duly
executed and delivered by Woodward and constitute valid and binding obligations
of Woodward, enforceable against it in accordance with their respective terms,
subject to the effects of any applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditors' rights generally and to the
application of equitable principles in any proceeding (legal or equitable).

                  (b) There is no pending, or to the knowledge of Woodward,
threatened, judicial, administrative or arbitral action, claim, suit, proceeding
or investigation which might affect the validity or enforceability of this
Agreement or which involves Woodward, and which if adversely determined, could
reasonably be expected to have a material adverse effect on Woodward.

                  (c) No consent or approval of, or exemption by, or filing
with, any party or governmental or public body or authority is required in
connection with the execution, delivery and performance by Woodward under this
Agreement or the taking of any action contemplated hereunder.

                  (d) The execution, delivery and performance of this Agreement
by Woodward and the consummation by Woodward of the transactions contemplated
hereby, will not (i) conflict with or result in a violation of any provision of
its certificate of incorporation, bylaws or other organizational documents, or
(ii) violate or conflict with, or result in a breach of any provision of, or
constitute a default (or an event which with notice or lapse of time or both
could become a

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default) under, or give to others any rights of termination, amendment,
acceleration, modification or cancellation of, any contract, agreement, note,
bond, indenture or other instrument to which Woodward is a party, or (iii)
result in a violation of any law, rule, regulation, order, judgment or decree
(including federal and state securities laws and regulations and regulations of
any self- regulatory organizations) applicable to Woodward or by which any
property of Woodward are bound or affected. Except as specifically contemplated
by this Agreement and as required under the Securities Act and any applicable
federal and state securities laws, Woodward is not required to obtain any
consent, authorization or order of, or make any filing or registration with, any
court, governmental agency, regulatory agency, self regulatory organization or
stock market or any third party in order for it to execute, deliver or perform
any of its obligations under this Agreement in accordance with the terms hereof.
Except for filings that may be required under applicable federal and state
securities laws in connection with the exchange of the Exchanged Stock, all
consents, authorizations, orders, filings and registrations which Woodward is
required to obtain pursuant to the preceding sentence have been obtained or
effected on or prior to the date hereof.

                  (e) Woodward is a sophisticated investor (as described in Rule
506(b)(2)(ii) of Regulation D) and an accredited investor (as defined in Rule
501 of Regulation D), and Woodward has such experience in business and financial
matters that it is capable of evaluating the merits and risks of an investment
in the Series G Stock. Woodward acknowledges that an investment in the Series G
Stock is speculative and involves a high degree of risk.

                  (f) Woodward has received all documents, records, books and
other information pertaining to Woodward's acquisition of the Series G Stock
pursuant to the Exchange that have been requested by Woodward.

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                  (g) Eurotech has made available to Woodward, through
electronic filings on EDGAR, each registration statement, report, proxy
statement or information statement prepared by Homecom since December 31, 2001,
including its Annual Report on Form 10-KSB for the years ended December 31, 2001
and its Quarterly Reports on Form 10-QSB for the quarters ended since March 29,
2002, in the form (including exhibits, annexes and any amendments thereto) filed
with the Securities and Exchange Commission ("SEC") subsequent to the Agreement
Date, its "REPORTS").

                  (h) Woodward understands that (i) the sale or resale of the
shares of Series G Stock has not been and is not being registered under the
Securities Act or any applicable state securities laws, and the Series G Stock
may not be transferred unless (a) the Series G Stock are sold pursuant to an
effective registration statement under the Securities Act, (b) the Series G
Stock are sold or transferred pursuant to an exemption from such registration,
(c) the Series G Stock are sold or transferred to an "affiliate" (as defined in
Rule 144 promulgated under the Securities Act (or a successor rule) ("RULE
144")) who agrees to sell or otherwise transfer the Series G Stock only in
accordance with this section and who is an "accredited investor" (as defined
under the Securities Act"), or (d) the shares of Series G Stock are sold
pursuant to Rule 144, if such rule is available; (ii) any sale of such shares of
Series G Stock made in reliance on Rule 144 may be made only in accordance with
the terms of said rule and further, if said rule is not applicable, any resale
of such shares of Series G Stock under circumstances in which the seller (or the
person through whom the sale is made) may be deemed to be an underwriter (as
that term is defined in the Securities Act) may require compliance with some
other exemption under the Securities Act or the rules and regulations of the SEC
thereunder; and (iii) neither the Company nor any other person is under any
obligation

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to comply with the terms and conditions of any exemption under the Securities
Act. As used in this paragraph (g), Series G Stock includes the shares of Common
Stock issuable upon conversion of the Series G Stock.

                  (i) Woodward is the owner of good and marketable title to the
Exchanged Stock, free and clear of all liens, pledges, and encumbrances.

                  6. Nothing contained herein shall in any way otherwise limit
Woodward's right to sell or transfer the common stock of HomeCom to be delivered
to Woodward upon conversion of the Series G Stock.

                  7. CONDITIONS TO EUROTECH'S OBLIGATIONS. The obligations of
the Company hereunder to exchange and deliver the certificate(s) representing
the Homecom Series G Stock to Woodward at the Closing is subject to the
satisfaction, at or before the Closing Date of each of the following conditions
thereto, provided that these conditions are for Eurotech's sole benefit and may
be waived by Eurotech at any time in its sole discretion:

                  (a) Woodward shall have executed this Agreement and delivered
same to Eurotech.

                  (b) Woodward shall have delivered the a release of its rights
to receive the Exchanged Stock in accordance with Section 3 above.

                  (c) The representations and warranties of Woodward shall be
true and correct in all material respects as of the date when made and as of the
Closing Date as though made at that time (except for representations and
warranties that speak as of a specific date), and Woodward shall have performed,
satisfied and complied in all material respects with the covenants, agreements
and conditions required by this Agreement to be performed, satisfied or complied
with by Woodward

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at or prior to the Closing Date.

                  (d) No litigation, statute, rule, regulation, executive order,
decree, ruling or injunction shall have been enacted, entered, promulgated or
endorsed by or in any court or governmental authority of competent jurisdiction
or any self-regulatory organization having authority over the matters
contemplated hereby which prohibits the consummation of any of the transactions
contemplated by this Agreement.

                  8. CONDITIONS TO WOODWARD'S OBLIGATIONS. The obligations of
Woodward hereunder to exchange and deliver the certificate(s) representing the
Exchanged Stock to Eurotech at the Closing is subject to the satisfaction, at or
before the Closing Date of each of the following conditions, provided that these
conditions are for Woodward's sole benefit and may be waived by Woodward at any
time in its sole discretion.

                  (a) Eurotech shall have executed this Agreement and delivered
the same to Woodward.

                  (b) Eurotech shall have delivered to Woodward duly executed
certificate(s) representing the Series G Stock in accordance with Section 3
above.

                  (c) The representations and warranties of Eurotech shall be
true and correct in all material respects as of the date when made and as of the
Closing Date as though made at such time (except for representations and
warranties that speak as of a specific date) and Eurotech shall have performed,
satisfied and complied in all material respects with the covenants, agreements
and conditions required by this Agreement to be performed, satisfied or complied
with by Eurotech at or prior to the Closing Date.

                  (d) No litigation, statute, rule, regulation, executive order,
decree, ruling or

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injunction shall have been enacted, entered, promulgated or endorsed by or in
any court or governmental authority of competent jurisdiction or any
self-regulatory organization having authority over the matters contemplated
hereby which prohibits the consummation of any of the transactions contemplated
by this Agreement.

                  9.       GOVERNING LAW; MISCELLANEOUS

                  (a) Governing Law; Jurisdiction. THIS AGREEMENT SHALL BE
ENFORCED, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITH SUCH
STATE, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICT OF LAWS. THE PARTIES HERETO
HEREBY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES FEDERAL COURTS
LOCATED IN THE CITY OF NEW YORK, NEW YORK WITH RESPECT TO ANY DISPUTE ARISING
UNDER THIS AGREEMENT, THE AGREEMENTS ENTERED INTO IN CONNECTION HEREWITH OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. BOTH PARTIES IRREVOCABLY WAIVE THE
DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH SUIT OR PROCEEDING.
BOTH PARTIES FURTHER AGREE THAT SERVICE OF PROCESS UPON A PARTY MAILED BY FIRST
CLASS MAIL SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON
THE PARTY IN ANY SUCH SUIT OR PROCEEDING. NOTHING HEREIN SHALL AFFECT ANY
PARTY'S RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. THE PARTIES
AGREE THAT A FINAL NON-APPEALABLE JUDGMENT IN ANY SUCH SUIT OR PROCEEDING SHALL
BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON

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SUCH JUDGMENT OR IN ANY OTHER LAWFUL MANNER. THE PARTIES HEREBY WAIVE A TRIAL BY
JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES
HERETO AGAINST THE OTHER IN RESPECT OF ANY MATTER ARISING OUT OF OR IN
CONNECTION WITH THIS AGREEMENT.

                  (b) Jury Trial Waiver. The parties hereby waive a trial by
jury in any action, proceeding or counterclaim brought by either of the parties
hereto against the other in respect of any matter arising out of or in
connection with the Transaction Documents.

                  (c) Counterparts. This Agreement may be executed in one or
more counterparts and by facsimile transmission, each of which shall be deemed
an original but all of which shall constitute one and the same agreement and
shall become effective when counterparts have been signed by each party and
delivered to the other party. This Agreement, once executed by a party, may be
delivered to the other party hereto by facsimile transmission of a copy of this
Agreement bearing the signature of the party so delivering this Agreement.

                  (d) Headings. The headings of this Agreement are for
convenience of reference and shall not form part of, or affect the
interpretation of, this Agreement.

                  (e) Severability. If any provision of this Agreement shall be
invalid or unenforceable in any jurisdiction, such invalidity or
unenforceability shall not affect the validity or enforceability of the
remainder of this Agreement or the validity or enforceability of this Agreement
in any other jurisdiction.

                  (f) Entire Agreement; Amendments. This Agreement and the
instruments referenced herein contain the entire understanding of the parties
with respect to the matters covered herein and therein and, except as
specifically set forth herein or therein, neither the Company nor the

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Purchaser make any representation, warranty, covenant or undertaking with
respect to such matters. No provision of this Agreement may be waived other than
by an instrument in writing signed by the party to be charged with enforcement
and no provision of this Agreement may be amended other than by an instrument in
writing signed by the Company and the Purchaser.

                  (g) Notices. Any notices required or permitted to be given
under the terms of this Agreement shall be sent by certified or registered mail
(return receipt requested) or delivered personally or by courier, overnight
delivery service or by confirmed facsimile transmission, and shall be effective
five days after being placed in the mail, if mailed, or upon receipt or refusal
of receipt, if delivered personally or by courier, overnight delivery service or
confirmed telecopy, in each case addressed to a party. The addresses for such
communications shall be:

                  If to the Company:
                  Eurotech, Ltd.
                  10306 Eaton Place, Suite 220
                  Fairfax, VA 22030
                  Attention: Don Hahnfeldt, President
                  Fax: 703-352-5994

                  with a copy (which shall not constitute notice) to:

                  Ellenoff, Grossman Schole & Cyruli, LLP
                  370 Lexington Avenue
                  New York, NY 10017
                  Attention: Barry I. Grossman
                  Telecopier No.: 212-370-7889

                  If to Woodward:

                  Woodward LLC
                  P.O. Box 866, George Town
                  Anderson Square Building
                  Grand Cayman, Cayman Islands

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                  Attention: Director
                  Facsimile No.: (345) 949-8492

                  with a copy (which shall not constitute notice) to:

                  Krieger & Prager, LLP
                  39 Broadway
                  New York, New York 10006
                  Telephone No.: (212) 363-2900
                  Telecopier No.: (212) 363-2999

                  Each party shall provide notice to the other parties of any
change in address.

                  (h) Successors and Assigns. This Agreement shall be binding
upon and inure to the benefit of the parties and their successors and assigns.
Neither the Company nor any Purchaser shall assign this Agreement or any rights
or obligations hereunder without the prior written consent of the other.

                  (i) Third Party Beneficiaries. This Agreement is intended for
the benefit of the parties hereto and their respective permitted successors and
assigns, and is not for the benefit of, nor may any provision hereof be enforced
by, any other person.

                  (j) No Strict Construction. The language used in this
Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against
any party.

                  (k) Termination by Mutual Consent. This Agreement may be
terminated and the Exchange may be abandoned at any time prior to the Closing
Date by mutual written consent of Eurotech and the Company, through action of
their respective Boards of Directors.

                  11. Fees. Each party hereto agrees to assume their respective
legal fees and other expenses incurred by them in connection with the
negotiation, preparation, execution and

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implementation of this Agreement.

                  12. Publicity. The initial press release with respect to the
Exchange shall be a joint, mutually agreed press release. Thereafter, Eurotech
and the Company shall consult with each other prior to issuing any press
releases or otherwise making public announcements with respect to the Exchange
and prior to making any filings with any third party and/or any governmental
entity (including any securities exchange) with respect thereto, except as may
be required by Law or by obligations pursuant to any listing agreement with or
rules of any securities exchange.

                  13. Further Assurances. Each party shall do and perform or
cause to be done and perform, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and
documents, as the other party may reasonably request in order to carry out the
intent and accomplish the purposes of this Agreement and the consummation of the
transactions contemplated hereby.

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                  IN WITNESS WHEREOF, the parties have executed this Agreement
as of the date first written above.

                                           EUROTECH LTD.

                                           By: /s/ Don V. Hahnfeldt
                                               ---------------------------------
                                               Name: DonV. Hahnfeldt
                                               Title: President

                                           WOODWARD LLC

                                           By: /s/ David Sims
                                               ---------------------------------
                                               Name: David Sims, for Navigator
                                               Management, Ltd.
                                               Title: Director

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                                    EXHIBIT A

                     FORM OF CERTIFICATE OF DESIGNATIONS OF
                            SERIES G PREFERRED STOCK

                    CERTIFICATE OF DESIGNATIONS, PREFERENCES
                                  AND RIGHTS OF
                      SERIES G CONVERTIBLE PREFERRED STOCK
                                       OF
                          HOMECOM COMMUNICATIONS, INC.

         HomeCom Communications, Inc. (the "Company"), a corporation organized
and existing under the General Corporation Law of the State of Delaware, does
hereby certify that, pursuant to authority conferred upon the Board of Directors
of the Company by the Certificate of Incorporation of the Company, and pursuant
to Section 151 of the General Corporation Law of the State of Delaware, the
Board of Directors of the Company at a meeting duly held, adopted resolutions
(i) authorizing a series of the Company's authorized preferred stock, $.01 par
value per share, and (ii) providing for the designations, preferences and
relative, participating, optional or other rights, and the qualifications,
limitations or restrictions thereof, of 1,069 shares of Series G Convertible
Preferred Stock of the Company, as follows:

              RESOLVED, that the Company is authorized to issue 1,069 shares of
Series G Convertible Preferred Stock (the "Series G Preferred Shares"), $.01 par
value per share, which shall have the following powers, designations,
preferences and other special rights:

         (1) DIVIDENDS. The Series G Preferred Shares shall not bear any
dividends except as provided herein.

         (2) HOLDER'S CONVERSION OF SERIES G PREFERRED SHARES. A holder of
Series G Preferred Shares shall have the right, at such holder's option, to
convert the Series G Preferred Shares into shares of the Company's common stock,
$.0001 par value per share (the "Common Stock"), on the following terms and
conditions:

                  (a) CONVERSION RIGHT. Subject to the provisions of Section
3(a) below, at any time or times upon the earlier to occur of (i) a date on or
after 120 days after the Issuance Date (as defined herein) or (ii) the date that
the U.S. Securities & Exchange Commission declares the Company's Registration
Statement with respect to the Series G Preferred Shares (the "Effective Date"),
any holder of Series G Preferred Shares shall be entitled to convert any Series
G Preferred Shares into fully paid and nonassessable shares (rounded to the
nearest whole share in accordance with Section 2(h) below) of Common Stock, at
the Conversion Rate (as defined below); PROVIDED, HOWEVER, that in no event
other than upon a Mandatory Conversion pursuant to Section 2(f) hereof, shall
any holder be entitled to convert Series G Preferred Shares in excess of that

<PAGE>

number of Series G Preferred Shares which, upon giving effect to such
conversion, would cause the aggregate number of shares of Common Stock
beneficially owned by the holder and its affiliates to exceed 9.9% of the
outstanding shares of the Common Stock following such conversion. For purposes
of the foregoing proviso, the aggregate number of shares of Common Stock
beneficially owned by the holder and its affiliates shall include the number of
shares of Common Stock issuable upon conversion of the Series G Preferred Shares
with respect to which the determination of such proviso is being made, but shall
exclude the number of shares of Common Stock which would be issuable upon
conversion of the remaining, nonconverted Series G Preferred Shares beneficially
owned by the holder and its affiliates. Except as set forth in the preceding
sentence, for purposes of this paragraph, beneficial ownership shall be
calculated in accordance with Section 13(d) of the Securities Exchange Act of
1934, as amended.

                  (b) CONVERSION RATE. The number of shares of Common Stock
issuable upon conversion of each of the Series G Preferred Shares pursuant to
Section (2)(a) shall be determined according to the following formula (the
"Conversion Rate");

                                LIQUIDATION VALUE
               ---------------------------------------------------
                                CONVERSION PRICE

For purposes of this Certificate of Designations, the following terms shall have
the following meanings:

         (i) "CONVERSION PRICE" means, as of any Conversion Date (as defined
below), the, the amount obtained by multiplying the Conversion Percentage by the
Average Market Price for the Common Stock for the five (5) Trading Days
immediately preceding such date;

         (ii) "CONVERSION PERCENTAGE" means 82.5%;

         (iii) "AVERAGE MARKET PRICE" means, with respect to any security for
any period, that price which shall be computed as the arithmetic average of the
Closing Bid Prices (as defined below) for such security for each trading day in
such period;

          (iv) "CLOSING BID PRICE" means, for any security as of any date, the
last closing bid price on the Nasdaq SmallCap Market(TM) (the "Nasdaq-SM") as
reported by Bloomberg Financial Markets ("Bloomberg"), or, if the Nasdaq-SM is
not the principal trading market for such security, the last closing bid price
of such security on the principal securities exchange or trading market where
such security is listed or traded as reported by Bloomberg (the "Trading
Market"), or if the foregoing do not apply, the last closing bid price of such
security in the over-the-counter market on the pink sheets or bulletin board for
such security as reported by Bloomberg, or, if no closing bid

<PAGE>

price is reported for such security by Bloomberg, the last closing trade price
of such security as reported by Bloomberg. If the Closing Bid Price cannot be
calculated for such security on such date on any of the foregoing bases, the
Closing Bid Price of such security on such date shall be the fair market value
as reasonably determined in good faith by the Board of Directors of the Company
(all as appropriately adjusted for any stock dividend, stock split or other
similar transaction during such period);

         (v) "TRADING DAY" means any day on which the Company's Common Stock is
traded on the Principal Trading Market.

                  (c) ADJUSTMENT TO CONVERSION PRICE - DILUTION AND OTHER
EVENTS. In order to retain the rights granted under this Certificate of
Designations, the Conversion Price will be subject to adjustment from time to
time as provided in this Section 2(c).

                  (i)      ADJUSTMENT OF FIXED CONVERSION PRICE UPON SUBDIVISION
                           OR COMBINATION OF COMMON STOCK. If the Company at any
                           time subdivides (by any stock split, stock dividend,
                           recapitalization or otherwise) one or more classes of
                           its outstanding shares of Common Stock into a greater
                           number of shares, the Fixed Conversion Price in
                           effect immediately prior to such subdivision will be
                           proportionately reduced. If the Company at any time
                           combines (by combination, reverse stock split or
                           otherwise) one or more classes of its outstanding
                           shares of Common Stock into a smaller number of
                           shares, the Fixed Conversion Price in effect
                           immediately prior to such combination will be
                           proportionately increased.

                  (ii)     REORGANIZATION, RECLASSIFICATION, CONSOLIDATION,
                           MERGER, OR SALE. Any recapitalization reorganization,
                           reclassification, consolidation, merger, sale of all
                           or substantially all of the Company's assets to
                           another Person (as defined below) o other similar
                           transaction which is effected in such a way that
                           holders of Common Stock are entitled to receive
                           (either directly or upon subsequent liquidation)
                           stock, securities or assets with respect to or in
                           exchange for Common Stock is referred to herein as in
                           "Organic Change." Prior to the consummation of any
                           Organic Change, th Company will make appropriate
                           provisio to insure that each of the holders of the
                           Series G Preferred Shares will thereafter have the
                           right to acquire and receive in lieu of or in
                           addition to (as the case may be) the shares of Common
                           Stock immediately theretofore acquirable and
                           receivable upon the conversion of such holder's
                           Series G Preferred Shares, such shares of stock
                           securities or assets as may be issued or payable with
                           respect to or in exchange for the number of shares of
                           Common Stock immediately theretofore acquirable and
                           receivable upon the conversion of such holder's
                           Series G

<PAGE>

                           Preferred Shares had such Organic Change not taken
                           place. In any such case, the Company will make
                           appropriate provision (in form and substance
                           satisfactory to the holders of a majority of the
                           Series G Preferred Shares then outstanding) with
                           respect to such holders' rights and interests to
                           insur that the provisions of this Section 2(b) will
                           thereafter be applicable to the Series G Preferred
                           Shares. The Company will not effect any such
                           consolidation, merger or sale, unless prior to the
                           consummation thereof the successor entity (if other
                           than the Company) resulting from consolidation or
                           merger or the entity purchasing such assets assumes,
                           by written instrument (in form and substance
                           satisfactory to the holders of a majority of the
                           Series G Preferre Shares then outstanding), the
                           obligation to deliver to each holder o Series G
                           Preferred Shares such shares of stock, securities or
                           assets as, in accordance with the foregoing
                           provisions, such holder may be entitled to acquire.
                           Fo purposes of this Agreement, "PERSON" shall mean an
                           individual, a limited liability company, a
                           partnership, a joint venture, a corporation, a trust,
                           an unincorporated organization and a government or
                           any department or agency thereof.

                  (iii)    SPIN OFF. If, at any time prior to a Conversion Date,
                           the Company consummates a spin off or otherwise
                           divests itself of a part of its business or
                           operations or disposes of all or of a part of its
                           assets in a transaction (the "Spin Off") in which the
                           Company does not receive just compensation for such
                           business, operations or assets, but causes securities
                           of another entity (the "Spin Off Securities") to be
                           issued to security holders of the Company, then the
                           Company shall cause (i) to be reserved Spin Off
                           Securities equal to the number thereof which would
                           have been issued to the Holder had all of the
                           holder's Series G Preferred Shares outstanding on the
                           record date (the "Record Date") for determining the
                           amount and number of Spin Off Securities to be issued
                           to security holders of the Company been converted as
                           of the close of business on the trading day
                           immediately before the Record Date (the "Reserved
                           Spin Off Shares"), and (ii) to be issued to the
                           Holder on the conversion of all or any of the
                           outstanding Series G Preferred Shares, such amount of
                           the Reserved Spin Off Shares equal to (x) the
                           Reserved Spin Off Shares multiplied by (y) a
                           fraction, of which (a) the numerator is the principal
                           amount of the outstanding Series G Preferred Shares
                           then being converted, and (b) the denominator is the
                           principal amount of all the outstanding Series G
                           Preferred Shares.

<PAGE>

                  (iv)     NOTICES.

                           (A)      Immediately upon any adjustment of the
                                    Conversion Rate, the Company will give
                                    written notice thereof to each holder of
                                    Series G Preferred Shares, setting forth in
                                    reasonable detail and certifying the
                                    calculation of such adjustment.

                           (B)      The Company will give written notice to each
                                    holder of Series G Preferred Shares at least
                                    twenty (20) days prior to the date on which
                                    the Company closes its books or takes a
                                    record (I) with respect to any dividend or
                                    distribution upon the Common Stock, (II)
                                    with respect to any pro rata subscription
                                    offer to holders of Common Stock or (III)
                                    for determining rights to vote with respect
                                    to any Organic Change, dissolution or
                                    liquidation.

                           (C)      The Company will also give written notice to
                                    each holder of Series G Preferred Shares at
                                    least twenty (20) days prior to the date on
                                    which any Organic Change (as defined below),
                                    dissolution or liquidation will take place.

         (d) MECHANICS OF CONVERSION. Subject to the Company's ability to fully
satisfy its obligations under a Conversion Notice (as defined below) as provided
for in Section 5 below:

         (i)      HOLDER'S DELIVERY REQUIREMENTS. To convert Series G Preferred
                  Shares into full shares of Common Stock on any date (the
                  "Conversion Date"), the holder thereof shall (A) deliver or
                  transmit by facsimile, for receipt on or prior to 11:59 p.m.,
                  Eastern Standard Time, on such date, a copy of a fully
                  executed notice of conversion in the form attached hereto as
                  Exhibit I (the "Conversion Notice") to the Company or its
                  designated transfer agent (the "Transfer Agent"), and (B)
                  surrender to a common carrier for delivery to the Company or
                  the Transfer Agent as soon as practicable following such date,
                  the original certificates representing the Series G Preferred
                  Shares being converted (or an indemnification undertaking with
                  respect to such shares in the e case of their loss, theft or
                  destruction) (the "Preferred Stock Certificates") and the
                  originally executed Conversion Notice.

         (ii)     COMPANY'S RESPONSE. Upon receipt by the Company of a facsimile
                  copy of a Conversion Notice, the Company shall immediately
                  send, via facsimile, a confirmation of receipt of such
                  Conversion Notice to such holder. Upon receipt by the Company
                  or the Transfer Agent of the Preferred Stock Certificates to
                  be converted pursuant to a Conversion Notice, together with

<PAGE>

                  the originally executed Conversion Notice, the Company or the
                  Transfer Agent (as applicable) shall, within five (5) business
                  days following the date of receipt, (A) issue and surrender to
                  a common carrier for overnight delivery to the address as
                  specified in the Conversion Notice, a certificate, registered
                  in the name of the holder or its designee, for the number of
                  shares of Common Stock to which the holder shall be entitled
                  or (B) credit the aggregate number of shares of Common Stock
                  to which the holder shall be entitled to the holder's or its
                  designee's balance account at The Depository Trust Company.

         (iii)    RECORD HOLDER. The person or persons entitled to receive the
                  shares of Common Stock issuable upon a conversion of Series G
                  Preferred Shares shall be treated for all purposes as the
                  record holder or holders of such shares of Common Stock on the
                  Conversion Date.

         (e) NASDAQ LISTING. So long as the Common Stock is listed for trading
on NASDAQ or an exchange or quotation system with a rule substantially similar
to NASDAQ Rule 4460(i) then, notwithstanding anything to the contrary contained
herein if, at any time, the aggregate number of shares of Common Stock then
issued upon conversion of the Series G Preferred Shares (including any shares of
capital stock or rights to acquire shares of capital stock issued by the
Corporation which are aggregated or integrated with the Common Stock issued or
issuable upon conversion of the Series G Preferred Shares for purposes of such
rule) equals 19.99% of the "Outstanding Common Amount" (as hereinafter defined),
the Series G Preferred Shares shall, from that time forward, cease to be
convertible into Common Stock in accordance with the terms hereof, unless the
Corporation (i) has obtained approval of the issuance of the Common Stock upon
conversion of the Series G Preferred Shares by a majority of the total votes
cast on such proposal, in person or by proxy, by the holders of the
then-outstanding Common Stock (not including any shares of Common Stock held by
present or former holders of Series G Preferred Shares that were issued upon
conversion of Series G Preferred Shares (the "Stockholder Approval"), or (ii)
shall have otherwise obtained permission to allow such issuances from NASDAQ in
accordance with NASDAQ Rule 4460(i). If the Corporation's Common Stock is not
then listed on NASDAQ or an exchange or quotation system that has a rule
substantially similar to Rule 4460(i) then the limitations set forth herein
shall be inapplicable and of no force and effect. For purposes of this
paragraph, "Outstanding Common Amount" means (i) the number of shares of the
Common Stock outstanding on the date of issuance of the Series G Preferred
Shares pursuant to the Purchase Agreement plus (ii) any additional shares of
Common Stock issued thereafter in respect of such shares pursuant to a stock
dividend, stock split or similar event. The maximum number of shares of Common
Stock issuable as a result of the 19.99% limitation set forth herein is
hereinafter referred to as the "Maximum Share Amount." With respect to each
holder of Series G Preferred Stock, the Maximum Share Amount shall refer to such
holder's pro rata share thereof. In the event that Corporation obtains
Stockholder Approval or the approval of NASDAQ, or by reason of the
inapplicability of

<PAGE>

the rules of NASDAQ or otherwise, the Corporation concludes that it is able to
increase the number of shares to be issued above the Maximum Share Amount (such
increased number being the "New Maximum Share Amount"), the references to
Maximum Share Amount, above, shall be deemed to be, instead, references to the
greater New Maximum Share Amount. In the event that Stockholder Approval is
obtained and there are insufficient reserved or authorized shares, or a
registration statement covering the additional shares of Common Stock which
constitute the New Maximum Share Amount is not effective prior to the Maximum
Share Amount being issued (if such registration statement is necessary to allow
for the public resale of such securities), the Maximum Share Amount shall remain
unchanged; provided, however, that the holders of Series G Preferred Shares may
grant an extension to obtain a sufficient reserved or authorized amount of
shares or of the effective date of such registration statement. In the event
that (a) the aggregate number of shares of Common Stock actually issued upon
conversion of the outstanding Series G Preferred Shares represents at least
twenty percent (20%) of the Maximum Share Amount and (b) the sum of (x) the
aggregate number of shares of Common Stock issued upon conversion of Series G
Preferred Shares plus (y) the aggregate number of shares of Common Stock that
remain issuable upon conversion of Series G Preferred Shares and based on the
Conversion Price then in effect), represents at least one hundred percent (100%)
of the Maximum Share Amount, the Corporation will use its best reasonable
efforts to seek and obtain Stockholder Approval (or obtain such other relief as
will allow conversions hereunder in excess of the Maximum Share Amount) as soon
as practicable following the Triggering Event and before the Mandatory
Redemption Date.

         (f) FRACTIONAL SHARES. The Company shall not issue any fraction of a
share of Common Stock upon any conversion. All shares of Common Stock (including
fractions thereof) issuable upon conversion of more than one share of the Series
G Preferred Shares by a holder thereof shall be aggregated for purposes of
determining whether the conversion would result in the issuance of a fraction of
a share of Common Stock. lf, after the aforementioned aggregation, the issuance
would result in the issuance of a fraction of a share of Common Stock, the
Company shall round such fraction of a share of Common Stock up or down to the
nearest whole share.

         (g) TAXES. The Company shall pay any and all taxes which may be imposed
upon it with respect to the issuance and delivery of Common Stock upon the
conversion of the Series G Preferred Shares.

         (3) REISSUANCE OF CERTIFICATES. In the event of a conversion or
redemption pursuant to this Certificate of Designations of less than all of the
Series G Preferred Shares represented by a particular Preferred Stock
Certificate, the Company shall promptly cause to be issued and delivered to the
holder of such Series G Preferred Shares a Preferred Stock Certificate
representing the remaining Series G Preferred Shares which have not been so
converted or redeemed.

         (4) RESERVATION OF SHARES. During the Conversion Period, the Company
shall, so long as any of the Series G Preferred Shares are outstanding, reserve
and keep available out of its

<PAGE>

authorized and unissued Common Stock, solely for the purpose of effecting the
conversion of the Series G Preferred Shares, such number of shares of Common
Stock as shall from time to time be sufficient to affect the conversion of all
of the Series G Preferred Shares then outstanding; provided that the number of
shares of Common Stock so reserved shall at no time be less than 100% of the
number of shares of Common Stock for which the Series G Preferred Shares are at
any time convertible.

         (5) VOTING RIGHTS. Holders of Series G Preferred Shares shall have no
voting rights, except as required by law, including but not limited to the
General Corporation Law of Delaware.

         (6) LIQUIDATION, DISSOLUTION, WINDING-UP. In the event of any voluntary
or involuntary liquidation, dissolution, or winding up of the Company, the
holders of the Series G Preferred Shares shall be entitled to receive in cash
out of the assets of the Company, whether from capital or from earnings
available for distribution to its stockholders (the "Preferred Funds"), before
any amount shall be paid to the holders of any of the capital stock of the
Company of any class junior in rank to the Series G Preferred Shares (other than
the Series F Preferred Shares which shall be equal in rank) in respect of the
preferences as to the distributions and payments on the liquidation, dissolution
and winding up of the Company, an amount per Series G Preferred Share equal to
$1,000 (such sum being referred to as the "Liquidation Value"); provided that,
if the Preferred Funds are insufficient to pay the full amount due to the
holders of Series G Preferred Shares and holders of shares of other classes or
series of preferred stock of the Company that are of equal rank with the Series
G Preferred Shares as to payments of Preferred Funds (the "Pari Passu Shares"),
then each holder of Series G Preferred Shares and Pari Passu Shares shall
receive a percentage of the Preferred Funds equal to the full amount of
Preferred Funds payable to such holder as a liquidation preference, in
accordance with their respective Certificate of Designations, Preferences and
Rights, as a percentage of the full amount of Preferred Funds payable to all
holders of Series G Preferred Shares and Pari Passu Shares. The purchase or
redemption by the Company of stock of any class in any manner permitted by law,
shall not for the purposes hereof, be regarded as a liquidation, dissolution or
winding up of the Company. Neither the consolidation or merger of the Company
with or into any other Person, nor the sale or transfer by the Company of less
than substantially all of its assets, shall, for the purposes hereof, be deemed
to be a liquidation, dissolution or winding up of the Company. No holder of
Series G Preferred Shares shall be entitled to receive any amounts with respect
thereto upon any liquidation, dissolution or winding up of the Company other
than the amounts provided for herein.

         (7) PREFERRED RATE. All shares of Common Stock shall be of junior rank
to all Series G Preferred Shares in respect to the preferences as to
distributions and payments upon the liquidation, dissolution, and winding up of
the Company. The rights of the Series G Preferred Shares shall be subject to the
Preferences and relative rights of the Series B Convertible Preferred Stock,
Series C Convertible Preferred Stock, Series D Convertible Preferred Stock,
Series E Convertible Preferred Stock, and Series F Convertible Preferred Stock.
Without the prior express written consent of the holders of not less than a
majority of the then outstanding Series G Preferred Shares, the

<PAGE>

Company shall not hereafter authorize or issue additional or other capital stock
(other than the Series F Preferred Shares which shall be equal in rank) that is
of senior or equal rank to the Series G Preferred Shares in respect of the
preferences as to distributions and payments upon the liquidation, dissolution
and winding up of the Company. Without the prior express written consent of the
holders of not less than a majority of the then outstanding Series G Preferred
Shares, the Company shall not hereafter authorize or make any amendment to the
Company's Certificate of Incorporation or bylaws, or make any resolution of the
board of directors with the Delaware Secretary of State containing any
provisions, which would materially and adversely affect or otherwise impair the
rights or relative priority of the holders of the Series G Preferred Shares
relative to the holders of the Common Stock or the holders of any other class of
capital stock. In the event of the merger or consolidation of the Company with
or into another corporation, the Series G Preferred Shares shall maintain their
relative powers, designations, and preferences provided for herein and no merger
shall result inconsistent therewith.

         (8) RESTRICTION ON DIVIDENDS. If any Series G Preferred Shares are
outstanding, without the prior express written consent of the holders of not
less than a majority of the then outstanding Series G Preferred Shares, the
Company shall not directly or indirectly declare, pay or make any dividends or
other distributions upon any of the Common Stock so long as written notice
thereof has not been given to holders of the Series G Preferred Shares at least
30 days prior to the earlier of (a) the record date taken for or (b) the payment
of any such dividend or other distribution. Notwithstanding the foregoing, this
Section 8 shall not prohibit the Company from declaring and paying a dividend in
cash with respect to the Common Stock so long as the Company: (i) pays
simultaneously to each holder of Series G Preferred Shares an amount in cash
equal to the amount such holder would have received had all of such holder's
Series G Preferred Shares been converted to Common Stock pursuant to Section 2
hereof one business day prior to the record date for any such dividend, and (ii)
after giving effect to the payment of any dividend and any other payments
required in connection therewith including to the holders of the Series G
Preferred Shares, the Company has in cash or cash equivalents an amount equal to
the aggregate of: (A) all of its liabilities reflected on its most recently
available balance sheet, (B) the amount of any indebtedness incurred by the
Company or any of its subsidiaries since its most recent balance sheet and (C)
120% of the amount payable to all holders of any shares of any class of
preferred stock of the Company assuming a liquidation of the Company as the date
of its most recently available balance sheet.

         (9) VOTE TO CHANGE THE TERMS OF SERIES F PREFERRED SHARES. The
affirmative vote at a meeting duly called for such purpose, or the written
consent without a meeting of the holders of not less than 66-2/3% of the then
outstanding Series G Preferred Shares, shall be required for any change to this
Certificate of Designations or the Company's Certificate of Incorporation which
would amend, alter, change or repeal any of the powers, designations,
preferences and rights of the Series G Preferred Shares.

         (10) LOST OR STOLEN CERTIFICATES. Upon receipt by the Company of
evidence satisfactory to the Company of the loss, theft, destruction or
mutilation of any Preferred Stock

<PAGE>

Certificates representing the Series G Preferred Shares, and, in the case of
loss, theft or destruction, of any indemnification undertaking by the holder to
the Company and, in the case of mutilation, upon surrender and cancellation of
the Preferred Stock Certificate(s), the Company shall execute and deliver new
preferred stock certificate(s) of like tenor and date; provided, however, the
Company shall not be obligated to re-issue preferred stock certificates if the
holder contemporaneously requests the Company to convert such Series G Preferred
Shares into Common Stock.

         (11) WITHHOLDING TAX OBLIGATIONS. Notwithstanding anything herein to
the contrary, to the extent that the Company receives advice in writing from its
counsel that there is a reasonable basis to believe that the Company is required
by applicable federal laws or regulations and delivers a copy of such written
advice to the holders of the Series G Preferred Shares so effected, the Company
may reasonably condition the making of any distribution (as such term is defined
under applicable federal tax law and regulations) in respect of any Series G
Preferred Share on the holder of such Series G Preferred Shares depositing with
the Company an amount of cash sufficient to enable the Company to satisfy its
withholding tax obligations (the "Withholding Tax") with respect to such
distribution. Notwithstanding the foregoing or anything to the contrary, if any
holder of the Series G Preferred Shares so effected receives advice in writing
from its counsel that there is a reasonable basis to believe that the Company is
not so required by applicable federal laws or regulations and delivers a copy of
such written advice to the Company, the Company shall not be permitted to
condition the making of any such distribution in respect of any Series G
Preferred Share on the holder of such Series G Preferred Shares depositing with
the Company any Withholding Tax with respect to such distribution, PROVIDED,
HOWEVER, the Company may reasonably condition the making of any such
distribution in respect of any Series G Preferred Share on the holder of such
Series G Preferred Shares executing and delivering to the Company, at the
election of the holder, either: (i) if applicable, a properly completed Internal
Revenue Service Form 4224, or (a) an indemnification agreement in reasonably
acceptable form, with respect to any federal tax liability, penalties and
interest that may be imposed upon the Company by the Internal Revenue Service as
a result of the Company's failure to withhold in connection with such
distribution to such holder.

         IN WITNESS WHEREOF, the Company has caused this Certificate of
Designations to be signed by ___________________, its ____________________, as
of the ______ day of _____________, 2003.

                                           HOMECOM COMMUNICATIONS, INC.

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

<PAGE>

                                    EXHIBIT I

                          HOMECOM COMMUNICATIONS, INC.
                                CONVERSION NOTICE

Reference is made to the Certificate of Designations, Preferences and Rights of
HomeCom Communications, Inc. (the "CERTIFICATE OF DESIGNATIONS"). In accordance
with and pursuant to the Certificate of Designations, the undersigned hereby
elects to convert the number of shares of Series G Convertible Preferred Stock,
$.01 par value per share (the "Series G PREFERRED SHARES"), of HomeCom
Communications, Inc., a Delaware corporation (the "COMPANY"), indicated below
into shares of Common Stock, $.0001 par value per share (the "COMMON STOCK"), of
the Company, by tendering the stock certificate(s) representing the share(s) of
Series G Preferred Shares specified below as of the date specified below.

The undersigned acknowledges that any sales by the undersigned of the securities
issuable to the undersigned upon conversion of the Series G Preferred Shares
shall be made only pursuant to (i) a registration statement effective under the
Securities Act of 1933, as amended (the "ACT"), or (ii) advice of counsel that
such sale is exempt from registration required by Section 5 of the Act.

                   Date of Conversion:

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

                   Number of Series G
                   Preferred Shares to be converted
                   ---------------------------------------------

                   Stock certificate no(s). of Series G
                   Preferred Shares to be converted:
                   ---------------------------------------------

Please confirm the following information:

                   Number of shares of Common
                   Stock to be issued:

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

<PAGE>

please issue the Common Stock into which the Series G Preferred Shares are being
converted in the following name and to the following address:

                   Issue to:(1)

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

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

                   Facsimile Number:

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

                   Authorization:

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

                   By:

                   ---------------------------------------------
                   Title:

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

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

ACKNOWLEDGED AND AGREED:

HOMECOM COMMUNICATIONS, INC.

By: ________________________________
Name: ______________________________
Title: _____________________________

Date: ___________________

--------

       (1) If other than to the record holder of the SERIES G Preferred Shares,
any applicable transfer tax must be paid by the undersigned.<PAGE>

                                                                   EXHIBIT 10.10

                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT ("Agreement") is entered into as of the First
day of January 2002, to be effective as of the date services were first
rendered, by Technology Visions Group, Inc. (the "Company") and James B. Lahey
(the "Executive").

         WHEREAS, the Company desires to retain the services of the Executive as
Chief Executive Officer of the Company and the Executive desires to render such
services on the terms and conditions set forth herein;

         NOW, THEREFORE, in consideration of the mutual promises contained
herein, the receipt and sufficiency of which is hereby acknowledged, the parties
agree as follows:

1. Employment Term. The Company employs the Executive and the Executive accepts
employment by the Company, upon the terms and subject to the conditions set
forth in this Agreement, until January 1, 2004 provided, however, that such
employment may be sooner terminated pursuant to the terms of this Agreement.

2. Management of the Company. The Executive shall devote the Executive's time,
best efforts, attention and skill to, and shall perform faithfully, loyally and
efficiently the Executive's duties as Chief Executive Officer of the Company.
Further, the Executive will punctually and faithfully perform and observe any
and all rules and regulations, which the Company may now or shall hereafter
reasonably establish governing the Executive's conduct and the conduct of the
Company's business, which are consistent with this Agreement.

3. Compensation; Benefits. In consideration of the services rendered to the
Company by the Executive, the Company shall pay the Executive a salary at the
annual rate of $150,000 (the "Salary"). The Salary shall be payable in
accordance with the normal payroll practices of the Company then in effect. The
Salary, and all other forms of compensation paid to the Executive hereunder,
shall be subject to all applicable taxes required to be withheld by the Company
pursuant to federal, state or local law. The Executive shall be solely
responsible for income taxes imposed on the Executive by reasons of any cash or
non-cash compensation and benefits provided by this Agreement. The Executive
will also be entitled to a reasonable car allowance in the amount of $700.00 per
month.

         In addition to the Salary, during the Employment Term, the Executive
shall be entitled to: (i) all legal and religious holidays, and four (4) weeks
paid vacation per annum. The Executive shall arrange for vacations in advance at
such time or times as shall be mutually agreeable to the Executive and the
Company's Board of Directors. The Executive may not receive pay in lieu of
vacation; (ii) participate in all employee benefit plans and/or arrangements
adopted by the Company relating to pensions, hospital, medical, dental,
disability and life insurance, deferred salary and savings plans, and other
similar employee benefit plans or arrangements to the extent that the Executive

<PAGE>

meets the eligibility requirements for any such plan as in effect from time to
time; (iii) payment by the Company directly, or reimbursement by the Company
for, reasonable and customary business and out-of-pocket expenses incurred by
the Executive in connection with the performance by the Executive of the
Executive's duties under this Agreement in accordance with the Company's
policies and practices for reimbursement of such expenses, as in effect from
time to time, including, without limitation, reasonable and necessary travel,
lodging, entertainment and meals incurred by the Executive in furtherance of the
Company's business and at the Company's request.

         In addition to the payment of Salary, the Company hereby grants to the
Executive, 50,000 shares of Series A Convertible Preferred Stock (collectively,
the "Preferred Stock"), 100,000 non-qualified stock options per year
(collectively, the "Stock Options"). Each Stock Option provides the Executive
with the right to purchase one share of the Company's no par value common stock
at $0.05 per share. The Stock Options are non-transferable, vest immediately in
Executive, and expire at the close of business on January 1, 2007.

4. Termination of Employment. The Executive's employment hereunder shall
terminate upon the earliest to occur of any the following events, on the dates
and at the times specified below:

         (i) the close of business on January 1, 2004 (the "Expiration Date");

         (ii) the close of business on the date of the Executive's death
("Death");

         (iii) the close of business on the Termination Date (as defined below)
specified in the Notice of Termination (as defined below) which the Company
shall have delivered to the Executive due to the Executive's Disability.
"Disability" shall mean if (i) the Executive is absent from work for 30 calendar
days in any twelve-month period by reason of illness or incapacity whether
physical or otherwise) or (ii) the Company reasonably determines that the
Executive is unable to perform his duties, services and responsibilities by
reason of illness or incapacity (whether physical or otherwise) for a total of
30 calendar days in any twelve-month period during the Employment Term. The
Executive agrees, in the event of any dispute under this Section, and after
receipt by the Executive of such Notice of Termination from the Company, to
submit to a physical examination by a licensed physician selected by the
Company. The Executive may seek a second opinion from a licensed physician
acceptable to the Company. If the results of the first examination and the
second examination are different, a licensed physician selected by the
physicians who have performed the first and second examinations shall perform a
third physical examination of the Executive, the result of which shall be
determinative for purposes of this Section;

         (iv) the close of business on the Termination Date specified in the
Notice of Termination which the Executive shall have delivered to the Company to
terminate his employment ("Voluntary Termination");

                                       2
<PAGE>

         (v) the close of business on the Termination Date specified in the
Notice of Termination which the Company shall have delivered to the Executive to
terminate the Executive's employment for Cause. "Cause" as used herein means
termination based on (i) the Executive's material breach of this Agreement, (ii)
conviction of the Executive for (a) any crime constituting a felony in the
jurisdiction in which committed, (b) any crime involving moral turpitude whether
or not a felony), or (c) any other criminal act against the Company involving
dishonesty or willful misconduct intended to injure the Company (whether or not
a felony), (iii) substance abuse by the Executive, (iv) the failure or refusal
of the Executive to follow one or more lawful and proper directives of the Board
of Directors delivered to the Executive in writing, or (v) willful malfeasance
or gross misconduct by the Executive which discredits or damages the Company.

         Any purported termination by the Company or the Executive (other than
by reason of Death or on the Expiration Date) shall be communicated by written
Notice of Termination to the other. As used herein, the term "Notice of
Termination" shall mean a notice which indicates the specific termination
provision in this Agreement relied upon and sets forth in reasonable detail the
facts and circumstances claimed to provide a basis for termination of the
Executive's employment under the provision so indicated. After receipt of a
Notice of Termination, the Executive shall continue to be available to the
Company on a part-time basis at reasonable and customary hourly rates to assist
in the necessary transition.

         As used herein, the term "Termination Date" shall mean, (i) in the case
of Death, the date of the Executive's death, (ii) in the case of expiration of
the term hereof, the Expiration Date, or (iii) in all other cases, the date
specified in the Notice of Termination.

5.       Employee Covenants.

         TRADE SECRETS AND PROPRIETARY INFORMATION. The Executive agrees and
understands that due to the Executive's position with the Company, the Executive
will be exposed to, and has received and will receive, confidential and
proprietary information of the Company or relating to the Company's business or
affairs collectively, the "Trade Secrets"), including but not limited to
technical information, product information and formulae, processes, business and
marketing plans, strategies, customer information, other information concerning
the Company's products, promotions, development, financing, expansion plans,
business policies and practices and other forms of information considered by the
Company to be proprietary and confidential and in the nature of trade secrets.
Trade Secrets shall not include any such information which (A) was known to the
Executive prior to his employment by the Company or (B) was or becomes generally
available to the public other than as a result of a disclosure by the Executive
in violation of the provisions of this Section. Except to the extent that the
proper performance of the Executive's duties, services and responsibilities
hereunder may require disclosure, the Executive agrees that during the
Employment Term and at all times thereafter the Executive will keep such Trade
Secrets confidential and will not disclose such information, either directly or
indirectly, to any third person or entity without the prior written consent of
the Company. This confidentiality covenant has no temporal, geographical or
territorial restriction. On the Termination Date unless the Executive remains as
an employee of the Company thereafter in which case, on the date which the
Executive is no longer an employee of the Company), the Executive will promptly
supply to the Company all property, keys, notes, memoranda, writings, lists,
files, reports, customer lists, correspondence, tapes, disks, cards, surveys,
maps, logs, machines, technical data, formulae or any other tangible product or
document which has been produced by, received by or otherwise submitted to and
retained by the Executive in the course of his employment with the Company. Any
material breach of the terms of this paragraph shall be considered Cause.

                                       3
<PAGE>

         PROHIBITED AND COMPETITIVE ACTIVITIES. The Executive and the Company
recognize that due to the nature of the Executive's engagement hereunder and the
relationship of the Executive to the Company, the Executive has had and will
have access to, has had and will acquire, and has assisted and may continue to
assist in, developing confidential and proprietary information relating to the
business and operations of the Company and its affiliates, including, without
limitation, Trade Secrets. The Executive acknowledges that such information has
been and will be of central importance to the business of the Company and its
affiliates and that disclosure of it to, or its use by, others (including,
without limitation, the Executive (other than with respect to the Company's
business and affairs)) could cause substantial loss to the Company.

         The Executive and the Company also recognize that an important part of
the Executive's duties will be to develop good will for the Company and its
affiliates through the Executive's personal contact with Clients (as defined
below), employees, and others having business relationships with the Company,
and that there is a danger that this good will, a proprietary asset of the
Company, may follow the Executive if and when the Executive's relationship with
the Company is terminated. The Executive accordingly agrees as follows:

         (i) Prohibited Activities. The Executive agrees that the Executive will
not at any time during the Employment Term: (A) (other than in the course of the
Executive's employment) disclose or furnish to any other person or, directly or
indirectly, use for the Executive's own account or the account of any other
person, any Trade Secrets, no matter from where or in what manner he may have
acquired such Trade Secrets, and the Executive shall retain all such Trade
Secrets in trust for the benefit of the Company, its affiliates and the
successors and assigns of any of them, (B) directly or through one or more
intermediaries, solicit for employment or recommend to any subsequent employer
of the Executive the solicitation for employment of, any person who, at the time
of such solicitation, is employed by the Company or any affiliate, (C) directly
or indirectly, whether for the Executive's own account or for the account of any
other person, solicit, divert, or endeavor to entice away from the Company or
any entity controlled by the Company, or otherwise engage in any activity
intended to terminate, disrupt, or interfere with, the Company's or any of its
affiliates' relationships with, Clients, or otherwise adversely affect the
Company's or any of its affiliates' relationships with Clients or other business
relationships of the Company or any affiliate thereof, or (D) publish or make
any statement critical of the Company or any shareholder or affiliate of the
Company or in any way adversely affect or otherwise malign the business or
reputation of any of the foregoing persons (any activity described in clause
(A), (B), (C) or (D) of this Section being referred to as a Prohibited
Activity"); provided, however, that if in the written opinion of Counsel, the
Executive is legally compelled to disclose Trade Secrets to any tribunal or else
stand liable for contempt or suffer other similar censure or penalty, then the
disclosure to such tribunal of only those Trade Secrets which such counsel
advises in writing are legally required to be disclosed shall not constitute a
Prohibited Activity provided that the Executive shall give the Company as much
advance notice of such disclosure as is reasonably practicable. As used herein,
the term "Clients" shall mean those persons who, at any time during the
Executive's course of employment with the Company (including, without
limitation, prior to the date of this Agreement) are or were clients or
customers of the Company or any affiliate thereof or any predecessor of any of
the foregoing.

                                       4
<PAGE>

         (ii) Non-Competition. By and in consideration of the Company's entering
into this Agreement, the Executive agrees that the Executive will not, during
the Employment Term and for a period of eighteen months thereafter, engage in
any Competitive Activity. The term "Competitive Activity" means engaging in any
of the following activities: (A) serving as a director of any Competitor (as
defined below), (B) directly or indirectly through one or more intermediaries,
either (X) controlling any Competitor or (Y) owning any equity or debt interests
in any Competitor (other than equity or debt interests which are publicly traded
and, at the time of any acquisition thereof by the Executive, do not in the
aggregate exceed 5% of the particular class of interests of such Competitor then
outstanding) (it being understood that, if interests in any Competitor are owned
by an investment vehicle or other entity in which the Executive owns an equity
interest, a portion of the interests in such Competitor owned by such entity
shall be attributed to the Executive, such portion determined by applying the
percentage of the equity interest in such entity owned by the Executive to the
interests in such Competitor owned by such entity), (C) employment by (including
serving as an officer, director or partner of), providing consulting services to
(including, without limitation, as an independent contractor), or managing or
operating the business or affairs of, any Competitor or (D) participating in the
ownership, management, operation or control of or being connected in any manner
with any Competitor. The term "Competitor" as used herein (i) during the
Employment Term, means any person (other than the Company or any of their
respective affiliates) that competes, either directly or indirectly with any of
the business conducted by the Company or any affiliate.

         REMEDIES. The Executive agrees that any breach of the terms of this
Section would result in irreparable injury and damage to the Company for which
the Company would have no adequate remedy at law. The Executive therefore agrees
that in the event of said breach or any threat of breach, the Company shall be
entitled to an immediate injunction and restraining order to prevent such breach
and/or threatened breach and/or continued breach by the Executive and/or any and
all persons and/or entities acting for and/or with the Executive, without having
to prove damages. The terms of this paragraph shall not prevent the Company from
pursuing any other available remedies to which the Company may be entitled at
law or in equity for any breach or threatened breach hereof, including but not
limited to the recovery of damages from the Executive. the provisions of this
Section 8 shall survive any termination of this Agreement. The existence of any
claim or cause of action by the Executive against the Company, whether
predicated on this Agreement or otherwise, shall not constitute a defense to the
enforcement by the Company of the covenants and agreements of this Section.

         PROPRIETARY INFORMATION AND INVENTIONS. The Executive agrees that any
and all inventions, discoveries, improvements, processes, formulae, business
application software, patents, copyrights and trademarks made, developed,
discovered or acquired by him prior to and during the Employment Term, solely or
jointly with others or otherwise, which relate to the business of the Company,
and all knowledge possessed by the Executive relating thereto collectively, the
"Inventions"), shall be fully and promptly disclosed to the Board of Directors
and to such person or persons as the Board of Directors shall direct and the

                                       5
<PAGE>

Executive irrevocably assigns to the Company all of the Executive's right, title
and interest in and to all Inventions of the Company and all such Inventions
shall be the sole and absolute property of the Company and the Company shall be
the sole and absolute owner thereof. The Executive agrees that he will at all
times keep all Inventions secret from everyone except the Company and such
persons as the Board of Directors may from time to time direct. The Executive
shall, as requested by the Company at any time and from time to time, whether
prior to or after the expiration of the Employment Term, execute and deliver to
the Company any instruments deemed necessary by the Company to effect disclosure
and assignment of the Inventions to the Company or its designees and any patent
applications (United States or foreign) and renewals with respect thereto,
including any other instruments deemed necessary by the Company for the
prosecution of patent applications, the acquisition of letters patent and/or the
acquisition of patents or copyrights in any and all countries and to vest title
thereto in the Company or its nominee.

6. Representations and Warranties of the Executive. The Executive represents and
warrants to the Company that:

         (i) The Executive's employment by the Company as contemplated will not
conflict with, and will not be constrained by, any prior or current employment,
consulting agreement or relationship, whether written or oral; and

         (ii) The Executive does not possess confidential information arising
out of any employment, consulting agreement or relationship with any person or
entity other than the Company, which could be utilized in connection with the
Executive's employment by the Company.

7. Binding Effect or Assignment. This Agreement shall inure to the benefit of
and be binding upon the parties and their respective heirs, executors,
representatives, states, successors and assigns, including any successor or
assign to all or substantially all of the business and/or assets of the Company,
whether direct or indirect, by purchase, merger, consolidation, acquisition of
stock, or otherwise; provided, however, that the Executive, or any beneficiary
or legal representative of the Executive, shall not assign all or any portion of
the Executive's rights or obligations under this Agreement without the prior
written consent of the Company.

8. Notices. All notices and other communications given or made pursuant hereto
shall be in writing and shall be deemed to have been duly given or made as of
the date delivered, mailed or transmitted, and shall be effective upon receipt.

9. Amendment and Modification. No provision of this Agreement may be modified,
waived or discharged unless such waiver, modification or discharge is agreed to
in writing and signed by each of the Executive and the Company. No such waiver
or discharge by either party hereto at any time or any waiver or discharge of
any breach by the other party hereto of, or compliance with, any condition or
provision of this agreement to be performed by such other party, shall be deemed
a waiver or discharge of similar or dissimilar provisions or conditions, or a
waiver or discharge of any breach of any provisions, at the same or at any prior
or subsequent time.

                                       6
<PAGE>

10. Governing Law. This Agreement shall be governed by and construed and
enforced in accordance with the laws of Delaware without giving effect to the
conflict of law principles of that state.

11. Severability. In the event that any one or more of the provisions of this
Agreement shall be held to be invalid, illegal or unenforceable in any respect,
such invalidity, illegality or unenforceability shall not affect any other
portion of this Agreement, and this Agreement shall be construed as if such
provision had never been contained herein.

12. Withholding Taxes. Notwithstanding anything contained herein to the
contrary, all payments required to be made hereunder by the Company to the
Executive, or his estate or beneficiaries, shall be subject to the withholding
of such amounts as the Company may reasonably determine it should withhold
pursuant to any applicable federal, state or local law or regulation.

13. Arbitration of Disputes. The parties hereto mutually consent to the
resolution by arbitration of all claims and controversies arising out of or
relating to this Agreement.

14. Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall be deemed to be an original, but all of which together shall
constitute one and the same instrument.

15. Entire Agreement. This Agreement constitutes the entire agreement between
the parties and supersedes any and all prior agreements, written or oral,
understandings and arrangements, either oral or written, between the parties
with respect to the subject matter, and shall, as of the date hereof, constitute
the only employment agreement between the parties.

16. Further Assurances. Each party shall do and perform, or cause to be done and
performed, all further acts and things and shall execute and deliver all other
agreements, certificates, instruments, and documents as any other party
reasonably may request in order to carry out the intent and accomplish the
purposes of this Agreement and the consummation of the transactions
contemplated.

17. Construction. The headings in this Agreement are for reference purposes only
and shall not limit or otherwise affect the meaning or interpretation of this
Agreement.

         IN WITNESS WHEREOF, the undersigned have caused this Agreement to be
executed as of the date first above written.

"Company"                                  "Executive"

By: /s/ J. A. Giansiracusa                 By: /s/ James B. Lahey
    ---------------------                      --------------------------------
Name: J. A. Giansiracusa                         James B. Lahey
Title:   Secretary

                                       7

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