Document:

THIS WARRANT AND THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY
STATE, AND MAY NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT, THE RULES AND
REGULATIONS THEREUNDER OR ANY STATE SECURITIES LAWS OR THE PROVISIONS OF THIS
WARRANT.

                         No. of Shares of Common Stock:

                                     WARRANT

                           To Purchase Common Stock of

                            GLOBAL iTECHNOLOGY, INC.

                  THIS IS TO CERTIFY THAT ______________(the "Holder"), or its
registered assigns, is entitled, at any time from the Warrant Issuance Date (as
hereinafter defined) to the Expiration Date (as hereinafter defined), to
purchase from GLOBAL iTECHNOLOGY, INC., a Delaware corporation (the "Company"),
_________ shares of Common Stock (as hereinafter defined and subject to
adjustment as provided herein), in whole or in part, including fractional parts,
at a purchase price per share equal to $.1875 subject to any adjustments made to
such amount pursuant to Section 4 hereto) on the terms and conditions and
pursuant to the provisions hereinafter set forth.

         This Warrant is part of a series of 66,000 Warrants of like tenor.

1.    DEFINITIONS

                  As used in this Warrant, the following terms have the
respective meanings set forth below:

                  "Additional Shares of Common Stock" shall mean all shares of
Common Stock issued by the Company after the Closing Date, other than Warrant
Stock.

                  "Book Value" shall mean, in respect of any share of Common
Stock on any date herein specified, the consolidated book value of the Company
as of the last day of any month immediately preceding such date, divided by the
number of Fully Diluted Outstanding shares of Common Stock as determined in
accordance with GAAP (assuming the payment of the exercise prices for such
shares) by a firm of independent certified public accountants of recognized
national standing selected by the Company and reasonably acceptable to the
Holder.

                  "Business Day" shall mean any day that is not a Saturday or
Sunday or a day on which banks are required or permitted to be closed in the
State of New York.

                  "Closing Date" shall have the meaning set forth in the
Subscription Agreement.

                  "Commission" shall mean the Securities and Exchange Commission
or any other federal agency then administering the Securities Act and other
federal securities laws.

                                       1
<PAGE>

                  "Common Stock" shall mean (except where the context otherwise
indicates) the Common Stock, par value $.01 per share, of the Company as
constituted on the Closing Date, and any capital stock into which such Common
Stock may thereafter be changed, and shall also include (i) capital stock of the
Company of any other class (regardless of how denominated) issued to the holders
of shares of Common Stock upon any reclassification thereof which is also not
preferred as to dividends or assets over any other class of stock of the Company
and which is not subject to redemption and (ii) shares of common stock of any
successor or acquiring corporation received by or distributed to the holders of
Common Stock of the Company in the circumstances contemplated by Section 4.4.

                  "Convertible Securities" shall mean evidences of indebtedness,
shares of stock or other securities which are convertible into or exchangeable,
with or without payment of additional consideration in cash or property, for
shares of Common Stock, either immediately or upon the occurrence of a specified
date or a specified event.

                  "Current Warrant Price" shall mean $1.875 subject to any
adjustments to such amount made in accordance with Section 4 hereof.

                  "Exchange Act" shall mean the Securities Exchange Act of 1934,
as amended, or any successor federal statute, and the rules and regulations of
the Commission thereunder, all as the same shall be in effect from time to time.

                  "Exercise Period" shall mean the period during which this
Warrant is exercisable pursuant to Section 2.1.

                  "Expiration Date" shall mean August 10, 2003.

                  "Fully Diluted Outstanding" shall mean, when used with
reference to Common Stock, at any date as of which the number of shares thereof
is to be determined, all shares of Common Stock Outstanding at such date and all
shares of Common Stock issuable in respect of this Warrant, outstanding on such
date, and other options or warrants to purchase, or securities convertible into,
including without limitation the shares of Common Stock outstanding on such date
which would be deemed outstanding in accordance with GAAP for purposes of
determining book value or net income per share.

                  "GAAP" shall mean generally accepted accounting principles in
the United States of America as from time to time in effect.

                   "Holder" shall mean the Person in whose name the Warrant or
Warrant Stock set forth herein is registered on the books of the Company
maintained for such purpose.

                  "Market Price" per Common Share means the average of the
closing bid prices of the Common Shares as reported on the National Association
of Securities Dealers Automated Quotation System for the National Market,
("NASDAQ") or, if such security is not listed or admitted to trading on the
NASDAQ, on the principal national security exchange or quotation system on which
such security is quoted or listed or admitted to trading, or, if not quoted or
listed or admitted to trading on any national securities exchange or quotation
system, the closing bid price of such security on the over-the-counter market on
the day in question as reported by the

                                       2
<PAGE>

National Association of Security Dealers, Inc., or a similar generally accepted
reporting service, as the case may be, for the five (5) trading days immediately
preceding the date of determination.

                  "Other Property" shall have the meaning set forth in Section
4.5.

                  "Outstanding" shall mean, when used with reference to Common
Stock, at any date as of which the number of shares thereof is to be determined,
all issued shares of Common Stock, except shares then owned or held by or for
the account of the Company or any subsidiary thereof, and shall include all
shares issuable in respect of outstanding scrip or any certificates representing
fractional interests in shares of Common Stock.

                  "Person" shall mean any individual, sole proprietorship,
partnership, joint venture, trust, incorporated organization, association,
corporation, institution, public benefit corporation, entity or government
(whether federal, state, county, city, municipal or otherwise, including,
without limitation, any instrumentality, division, agency, body or department
thereof).

                  "Registration Rights Agreement" shall mean the Registration
Rights Agreement dated a date even herewith by and between the Company and the
Holder, as it may be amended from time to time.

                  "Restricted Common Stock" shall mean shares of Common Stock
which are, or which upon their issuance on the exercise of this Warrant would
be, evidenced by a certificate bearing the restrictive legend set forth in
Section 9.1(a).

                  "Securities Act" shall mean the Securities Act of 1933, as
amended, or any successor federal statute, and the rules and regulations of the
Commission thereunder, all as the same shall be in effect at the time.

                  "Subscription Agreement" shall mean the Subscription Agreement
dated as of a date even herewith by and between the Company and the Holder, as
it may be amended from time to time.

                  "Transfer" shall mean any disposition of any Warrant or
Warrant Stock or of any interest in either thereof, which would constitute a
sale thereof within the meaning of the Securities Act.

                  "Transfer Notice" shall have the meaning set forth in Section
9.2.

                  "Warrant Issuance Date" shall mean any date on which Warrants
are issued pursuant to the Securities Purchase Agreement.

                  "Warrants" shall mean this Warrant and all warrants issued
upon transfer, division or combination of, or in substitution for, any thereof.
All Warrants shall at all times be identical as to terms and conditions and
date, except as to the number of shares of Common Stock for which they may be
exercised.

                                       3
<PAGE>

                  "Warrant Price" shall mean an amount equal to (i) the number
of shares of Common Stock being purchased upon exercise of this Warrant pursuant
to Section 2.1, multiplied by (ii) the Current Warrant Price as of the date of
such exercise.

                  "Warrant Stock" shall mean the shares of Common Stock
purchased by the holders of the Warrants upon the exercise thereof.

2.    EXERCISE OF WARRANT

                  2.1. Manner of Exercise. From and after the Warrant Issuance
Date and until 5:00 P.M., New York City time, on the Expiration Date, Holder may
exercise this Warrant, on any Business Day, for all or any part of the number of
shares of Common Stock purchasable hereunder.

                  In order to exercise this Warrant, in whole or in part, Holder
shall deliver to the Company at the office or agency designated by the Company
pursuant to Section 12, (i) a written notice of Holder's election to exercise
this Warrant, which notice shall specify the number of shares of Common Stock to
be purchased, (ii) payment by cash, check or bank draft payable to the Company
of the Warrant Price in cash or by wire transfer or cashier's check drawn on a
United States bank or by the Holder's surrender of Warrant Stock (or the right
to receive such number of shares) having an aggregate Market Price equal to the
Warrant Price for all shares then being purchased and (iii) this Warrant. Such
notice shall be substantially in the form of the subscription form appearing at
the end of this Warrant as Exhibit 1, duly executed by Holder or its agent or
attorney. Upon receipt of the items referred to in clauses (i), (ii) and (iii)
above, the Company shall, as promptly as practicable, and in any event within
five (5) Business Days thereafter, execute or cause to be executed and deliver
or cause to be delivered to Holder a certificate or certificates representing
the aggregate number of full shares of Common Stock issuable upon such exercise,
together with cash in lieu of any fraction of a share, as hereinafter provided.
The stock certificate or certificates so delivered shall be, to the extent
possible, in such denomination or denominations as Holder shall request in the
notice and shall be registered in the name of Holder or, subject to Section 9,
such other name as shall be designated in the notice. This Warrant shall be
deemed to have been exercised and such certificate or certificates shall be
deemed to have been issued, and Holder or any other Person so designated to be
named therein shall be deemed to have become a holder of record of such shares
for all purposes, as of the date the Warrant has been exercised by payment to
the Company of the Warrant Price. If this Warrant shall have been exercised in
part, the Company shall, at the time of delivery of the certificate or
certificates representing Warrant Stock, deliver to Holder a new Warrant
evidencing the rights of Holder to purchase the unpurchased shares of Common
Stock called for by this Warrant, which new Warrant shall in all other respects
be identical with this Warrant.

                  The Holder shall be entitled to exercise the Warrant
notwithstanding the commencement of any case under 11 U.S.C. ss. 101 et seq.
(the "Bankruptcy Code"). In the event the Company is a debtor under the
Bankruptcy Code, the Company hereby waives to the fullest extent permitted any
rights to relief it may have under 11 U.S.C. ss. 362 in respect of the Holder's
exercise right. The Company hereby waives to the fullest extent permitted any
rights to relief it may have under 11 U.S.C. ss. 362 in respect of the exercise
of the Warrant. The Company agrees,

                                       4
<PAGE>

without cost or expense to the Holder, to take or consent to any and all action
necessary to effectuate relief under 11 U.S.C. ss. 362.

                  2.2. Payment of Taxes and Charges. All shares of Common Stock
issuable upon the exercise of this Warrant pursuant to the terms hereof shall be
validly issued, fully paid and nonassessable, and without any preemptive rights.
The Company shall pay all expenses in connection with, and all taxes and other
governmental charges that may be imposed with respect to, the issue or delivery
thereof.

                  2.3. Fractional Shares. The Company shall not be required to
issue a fractional share of Common Stock upon exercise of any Warrant. As to any
fraction of a share which Holder would otherwise be entitled to purchase upon
such exercise, the Company shall pay a cash adjustment in respect of such final
fraction in an amount equal to the same fraction of the Market Price per share
of Common Stock on the relevant exercise date.

                  2.4. Continued Validity. A holder of shares of Common Stock
issued upon the exercise of this Warrant, in whole or in part (other than a
holder who acquires such shares after the same have been publicly sold pursuant
to a Registration Statement under the Securities Act or sold pursuant to Rule
144 thereunder), shall continue to be entitled with respect to such shares to
all rights to which it would have been entitled as Holder under Sections 9, 10
and 14 of this Warrant. The Company will, at the time of exercise of this
Warrant, in whole or in part, upon the request of Holder, acknowledge in
writing, in form reasonably satisfactory to Holder, its continuing obligation to
afford Holder all such rights; provided, however, that if Holder shall fail to
make any such request, such failure shall not affect the continuing obligation
of the Company to afford to Holder all such rights.

3.    TRANSFER, DIVISION AND COMBINATION

                  3.1. Transfer. Subject to compliance with Sections 9, transfer
of this Warrant and all rights hereunder, in whole or in part, shall be
registered on the books of the Company to be maintained for such purpose, upon
surrender of this Warrant at the principal office of the Company referred to in
Section 2.1 or the office or agency designated by the Company pursuant to
Section 12, together with a written assignment of this Warrant substantially in
the form of Exhibit 2 hereto duly executed by Holder or its agent or attorney.
Upon such surrender, the Company shall, subject to Section 9, execute and
deliver a new Warrant or Warrants in the name of the assignee or assignees and
in the denomination specified in such instrument of assignment, and shall issue
to the assignor a new Warrant evidencing the portion of this Warrant not so
assigned, and this Warrant shall promptly be cancelled. A Warrant, if properly
assigned in compliance with Section 9, may be exercised by a new Holder for the
purchase of shares of Common Stock without having a new Warrant issued.

                  3.2. Division and Combination. Subject to Section 9, this
Warrant may be divided or combined with other Warrants upon presentation hereof
at the aforesaid office or agency of the Company, together with a written notice
specifying the names and denominations in which new Warrants are to be issued,
signed by Holder or its agent or attorney. Subject to compliance with Section
3.1 and with Section 9, as to any transfer which may be involved in such
division or combination, the Company shall execute and deliver a new Warrant or
Warrants

                                       5
<PAGE>

in exchange for the Warrant or Warrants to be divided or combined in accordance
with such notice.

                  3.3. Expenses. The Company shall prepare, issue and deliver at
its own expense the new Warrant or Warrants under this Section 3.

                  3.4. Maintenance of Books. The Company agrees to maintain, at
its aforesaid office or agency, books for the registration and the registration
of transfer of the Warrants.

4.    ADJUSTMENTS

                  The number of shares of Common Stock for which this Warrant is
exercisable, or the price at which such shares may be purchased upon exercise of
this Warrant, shall be subject to adjustment from time to time as set forth in
this Section 4. The Company shall give Holder notice of any event described
below which requires an adjustment pursuant to this Section 4 at the time of
such event.

                  4.1. Stock Dividends, Subdivisions and Combinations. If at any
time the Company shall:

                           (a) take a record of the holders of its Common Stock
for the purpose of entitling them to receive a dividend payable in, or other
distribution of, Additional Shares of Common Stock,

                           (b) subdivide its outstanding shares of Common Stock
into a larger number of shares of Common Stock, or

                           (c) combine its outstanding shares of Common Stock
into a smaller number of shares of Common Stock,

                  then (i) the number of shares of Common Stock for which this
Warrant is exercisable immediately after the occurrence of any such event shall
be adjusted to equal the number of shares of Common Stock which a record holder
of the same number of shares of Common Stock for which this Warrant is
exercisable immediately prior to the occurrence of such event would own or be
entitled to receive after the happening of such event, and (ii) the Current
Warrant Price shall be adjusted to equal (A) the Current Warrant Price
multiplied by the number of shares of Common Stock for which this Warrant is
exercisable immediately prior to the adjustment divided by (B) the number of
shares for which this Warrant is exercisable immediately after such adjustment.

                  4.2. Certain Other Distributions.

                  In case the Company shall issue any Common Stock or any
rights, options or warrants to all holders of record of its Common Stock
entitling all holders to subscribe for or purchase shares of Common Stock at a
price per share less than the Market Price per share of the Common Stock on the
date fixed for such issue, the Current Warrant Price in effect immediately prior
to the close of business on the date fixed for such determination shall be
reduced to the amount determined by multiplying such Current Warrant Price by a
fraction, the numerator of

                                       6
<PAGE>

which shall be the number of shares of Common Stock outstanding immediately
prior to the close of business on the date fixed for such determination plus the
number of shares of Common Stock which the aggregate of the offering price of
the total number of shares of Common Stock so offered for subscription or
purchase would purchase at such Market Price and the denominator of which shall
be the number of shares of Common Stock outstanding immediately prior to the
close of business on the date fixed for such determination plus the number of
shares of Common Stock so offered for subscription or purchase, such reduced
amount to become effective immediately after the close of business on the date
fixed for such determination. For the purposes of this clause (b), (i) the
number of shares of Common Stock at any time outstanding shall not include
shares held in the treasury of the Company and (ii) in the case of any rights,
options or warrants which expire by their terms not more than 60 days after the
date of issue, sale, grant or assumption thereof, no adjustment of the Current
Warrant Price shall be made until the expiration or exercise of all rights,
options or warrants, whereupon such adjustment shall be made in the manner
provided in this clause (b), but only with respect to the shares of Common Stock
actually issued pursuant thereto. Such adjustment shall be made successively
whenever any event specified above shall occur. In the event that any or all
rights, options or warrants covered by this clause (b) are not so issued or
expire or terminate before being exercised, the Current Warrant Price then in
effect shall be appropriately readjusted.

                  4.3.     Common Share Distribution.

                           (a) If, other than in an Exempt Distribution, the
Company shall issue or otherwise sell any shares of its Common Stock (any such
issuance or sale other than an Exempt Distribution, including any event
described in paragraphs (b) and (c) of this Section 4.3, hereafter being called
a "Common Share Distribution"), the Current Warrant Price shall be reduced to
the price (calculated to the nearest cent) determined by multiplying the Current
Warrant Price in effect immediately prior to such Common Share Distribution by a
fraction, the numerator of which shall be the sum of (A) the number of shares of
Common Stock outstanding immediately prior to such Common Share Distribution
multiplied by the Market Price per share on the date of such Common Share
Distribution plus (B) the consideration received by the Company upon such Common
Share Distribution, and the denominator of which shall be the product of (1) the
total number of shares of Common Stock outstanding immediately after such Common
Share Distribution, multiplied by (2) the Market Price per share on the date of
such Common Share Distribution.

                  No adjustment of the Current Warrant Price shall be made in an
amount less than 1% of such Current Warrant Price, but any such lesser
adjustment shall be carried forward and shall be made at the time of, and
together with, the next subsequent adjustment which together with any
adjustments so carried forward shall aggregate an amount equal to or greater
than 1% of such Current Warrant Price.

                  If any Common Share Distribution shall require an adjustment
to the Current Warrant Price pursuant to the foregoing provisions of this
Section 4.3, then effective at the time such adjustment is made, the number of
shares of Common Stock subject to purchase upon exercise of this Warrant shall
be increased to a number determined by multiplying the number of shares of
Common Stock subject to purchase immediately before such Common Share
Distribution by a fraction, the numerator of which shall be the number of shares
outstanding immediately after giving effect to such Common Share Distribution
and the denominator shall be the sum of the number of shares outstanding

                                       7
<PAGE>

immediately before giving effect to such Common Share Distribution plus the
number of shares of Common Stock which the aggregate consideration received by
the Company with respect to such Common Share Distribution would purchase at the
Market Price on the date of such Common Share Distribution (before giving effect
to such Common Share Distribution). The provisions of this Section 4.3 shall not
operate to increase the Current Warrant Price or reduce the number of shares of
Common Stock subject to purchase upon exercise of this Warrant.

                           (b) For the purposes of this Section 4, "Exempt
Distribution" shall means an issuance or other sale by the Company of any shares
of its Common Stock:

                           (i) (a) to the Company's officers or directors or (b)
         to the Company's officers, directors or employees pursuant to employee
         stock option, benefit or incentive plans established for their benefit,
         whether in existence on the date hereof or approved by the Board of
         Directors of the Company after the date hereof;

                           (ii) upon the conversion or exercise of any options,
         warrants or other convertible securities of the Company outstanding on
         August 18, 2000;

                           (iii) the issuance of Common Stock, options, warrants
         or other convertible securities of the Company or the exercise or
         conversion thereof, in connection with a private placement of up to
         $2.5 million.

                  4.4. Other Provisions Applicable to Adjustments under this
Section. The following provisions shall be applicable to the making of
adjustments of the number of shares of Common Stock for which this Warrant is
exercisable and the Current Warrant Price provided for in this Section 4:

                           (a) When Adjustments to Be Made. The adjustments
required by this Section 4 shall be made whenever and as often as any specified
event requiring an adjustment shall occur. For the purpose of any adjustment,
any specified event shall be deemed to have occurred at the close of business on
the date of its occurrence.

                           (b) Fractional Interests. In computing adjustments
under this Section 4, fractional interests in Common Stock shall be taken into
account to the nearest 1/10th of a share.

                           (c) When Adjustment Not Required. If the Company
shall take a record of the holders of its Common Stock for the purpose of
entitling them to receive a dividend or distribution or subscription or purchase
rights and shall, thereafter and before the distribution to stockholders
thereof, legally abandon its plan to pay or deliver such dividend, distribution,
subscription or purchase rights, then thereafter no adjustment shall be required
by reason of the taking of such record and any such adjustment previously made
in respect thereof shall be rescinded and annulled.

                                       8
<PAGE>

                           (d) Challenge to Good Faith Determination. Whenever
the Board of Directors of the Company shall be required to make a determination
in good faith of the fair value of any item under this Section 4, such
determination may be challenged in good faith by the Holder, and any dispute
shall be resolved by an investment banking firm of recognized national standing
selected by the Holder and reasonably acceptable to the Company.

                           (e) Proceeding Prior to Any Action Requiring
Adjustment. As a condition precedent to the taking of any action which would
require an adjustment pursuant to this Section 4, the Company shall take any
action which may be necessary, including obtaining regulatory approvals or
exemptions, in order that the Company may thereafter validly and legally issue
as fully paid and nonassessable all shares of Common Stock which the Holder is
entitled to receive upon exercise hereof.

                  4.5. Reorganization, Reclassification, Merger, Consolidation
or Disposition of Assets. In case the Company shall reorganize its capital,
reclassify its capital stock, consolidate or merge with or into another
corporation (where the Company is not the surviving corporation or where there
is a change in or distribution with respect to the Common Stock of the Company),
or sell, transfer or otherwise dispose of all or substantially all its property,
assets or business to another corporation and, pursuant to the terms of such
reorganization, reclassification, merger, consolidation or disposition of
assets, shares of common stock of the successor or acquiring corporation, or any
cash, shares of stock or other securities or property of any nature whatsoever
(including warrants or other subscription or purchase rights) in addition to or
in lieu of common stock of the successor or acquiring corporation ("Other
Property"), are to be received by or distributed to the holders of Common Stock
of the Company, then Holder shall have the right thereafter to receive, upon
exercise of the Warrant, the number of shares of common stock of the successor
or acquiring corporation or of the Company, if it is the surviving corporation,
and Other Property receivable upon or as a result of such reorganization,
reclassification, merger, consolidation or disposition of assets by a holder of
the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such event. In case of any such reorganization,
reclassification, merger, consolidation or disposition of assets, the successor
or acquiring corporation (if other than the Company) shall expressly assume the
due and punctual observance and performance of each and every covenant and
condition of this Warrant to be performed and observed by the Company and all
the obligations and liabilities hereunder, subject to such modifications as may
be deemed appropriate, subject to the Holder's consent, in order to provide for
adjustments of shares of Common Stock for which this Warrant is exercisable
which shall be as nearly equivalent as practicable to the adjustments provided
for in this Section 4. For purposes of this Section 4.5, "common stock of the
successor or acquiring corporation" shall include stock of such corporation of
any class which is not preferred as to dividends or assets over any other class
of stock of such corporation and which is not subject to redemption and shall
also include any evidences of indebtedness, shares of stock or other securities
which are convertible into or exchangeable for any such stock, either
immediately or upon the arrival of a specified date or the happening of a
specified event and any warrants or other rights to subscribe for or purchase
any such stock. The foregoing provisions of this Section 4.4 shall similarly
apply to successive reorganizations, reclassifications, mergers, consolidations
or disposition of assets.

                  4.6. Other Action Affecting Common Stock. In case at any time
or from time to time the Company shall take any action in respect of its Common
Stock, other than any action

                                       9
<PAGE>

taken in the ordinary course of the Company's business or any action described
in this Section 4, which would have a material adverse effect upon the rights of
the Holder, the number of shares of Common Stock and/or the purchase price
thereof shall be adjusted in such manner as may be equitable in the
circumstances, as determined in good faith by an investment bank selected by
Holder.

                  4.6. Certain Limitations. Notwithstanding anything herein to
the contrary, the Company agrees not to enter into any transaction which, by
reason of any adjustment hereunder, would cause the Current Warrant Price to be
less than the par value per share of Common Stock.

                  4.7. No Voting Rights. This Warrant shall not entitle its
Holder to any voting rights or other rights as a shareholder of the Company.

5.    NOTICES TO HOLDER

                  5.1. Notice of Adjustments. Whenever the number of shares of
Common Stock for which this Warrant is exercisable, or whenever the price at
which a share of such Common Stock may be purchased upon exercise of the
Warrants, shall be adjusted pursuant to Section 4, the Company shall forthwith
prepare a certificate to be executed by an executive officer of the Company
setting forth, in reasonable detail, the event requiring the adjustment and the
method by which such adjustment was calculated, specifying the number of shares
of Common Stock for which this Warrant is exercisable and (if such adjustment
was made pursuant to Section 4.4 or 4.5) describing the number and kind of any
other shares of stock or Other Property for which this Warrant is exercisable,
and any change in the purchase price or prices thereof, after giving effect to
such adjustment or change. The Company shall promptly cause a signed copy of
such certificate to be delivered to the Holder in accordance with Section 14.2.
The Company shall keep at its office or agency designated pursuant to Section 12
copies of all such certificates and cause the same to be available for
inspection at said office during normal business hours by the Holder, its
representatives, or any prospective purchaser of a Warrant designated by the
Holder.

                  5.2. Notice of Corporate Action. If at any time

                           (a) the Company shall take a record of the holders of
its Common Stock for the purpose of entitling them to receive a dividend or
other distribution (whether in cash, or any right to subscribe for or purchase
any evidences of its indebtedness, any shares of stock of any class or any other
securities or property of any nature whatsoever, or to receive any warrants or
other rights (including, without limitation, rights to subscribe for or purchase
any evidences of its indebtedness, any shares of its stock or any other
securities or property of any nature whatsoever), or

                           (b) there shall be any capital reorganization of the
Company, any reclassification or recapitalization of the capital stock of the
Company or any consolidation or merger of the Company with, or any sale,
transfer or other disposition of all or substantially all the property, assets
or business of the Company to, another corporation, or

                           (c) there shall be a voluntary or involuntary
dissolution, liquidation or winding up of the Company;

                                       10
<PAGE>

then, in any one or more of such cases, the Company shall give to Holder (i) at
least thirty (30) Business Days' prior written notice of the date on which a
record date shall be selected for such dividend, distribution or right or for
determining rights to vote in respect of any such reorganization,
reclassification, merger, consolidation, sale, transfer, disposition,
dissolution, liquidation or winding up, and (ii) in the case of any such
reorganization, reclassification, merger, consolidation, sale, transfer,
disposition, dissolution, liquidation or winding up, at least thirty (30)
Business Days' prior written notice of the date when the same shall take place.
Such notice in accordance with the foregoing clause also shall specify (i) the
date on which any such record is to be taken for the purpose of such dividend,
distribution or right, the date on which the holders of Common Stock shall be
entitled to any such dividend, distribution or right, and the amount and
character thereof, and (ii) the date on which any such reorganization,
reclassification, merger, consolidation, sale, transfer, disposition,
dissolution, liquidation or winding up is to take place and the time, if any
such time is to be fixed, as of which the holders of Common Stock shall be
entitled to exchange their shares of Common Stock for securities or other
property deliverable upon such reorganization, reclassification, merger,
consolidation, sale, transfer, disposition, dissolution, liquidation or winding
up. Each such written notice shall be sufficiently given if addressed to Holder
at the last address of Holder appearing on the books of the Company and
delivered in accordance with Section 14.2.

                  A reclassification of the Common Stock (other than a change in
par value, or from par value to no par value or from no par value to par value)
into shares of Common Stock and shares of any other class of stock shall be
deemed a distribution by the Company to the holders of its Common Stock of such
shares of such other class of stock within the meaning of this Section and, if
the outstanding shares of Common Stock shall be changed into a larger or smaller
number of shares of Common Stock as a part of such reclassification, such change
shall be deemed a subdivision or combination, as the case may be, of the
outstanding shares of Common Stock within the meaning of Section 4.1.

6.    NO IMPAIRMENT

                  The Company shall not by any action, including, without
limitation, amending its certificate of incorporation or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the
taking of all such actions as may be necessary or appropriate to protect the
rights of Holder against impairment. Without limiting the generality of the
foregoing, the Company will (a) not increase the par value of any shares of
Common Stock receivable upon the exercise of this Warrant above the amount
payable therefor upon such exercise immediately prior to such increase in par
value, (b) take all such action as may be necessary or appropriate in order that
the Company may validly and legally issue fully paid and nonassessable shares of
Common Stock upon the exercise of this Warrant, and (c) use its best efforts to
obtain all such authorizations, exemptions or consents from any public
regulatory body having jurisdiction thereof as may be necessary to enable the
Company to perform its obligations under this Warrant.

                                       11
<PAGE>

                  Upon the request of Holder, the Company will at any time
during the period this Warrant is outstanding acknowledge in writing, in form
reasonably satisfactory to Holder, the continuing validity of this Warrant and
the obligations of the Company hereunder.

7.    RESERVATION AND AUTHORIZATION OF COMMON STOCK

                  From and after the Closing Date, the Company shall at all
times reserve and keep available for issue upon the exercise of Warrants such
number of its authorized but unissued shares of Common Stock as will be
sufficient to permit the exercise in full of all outstanding Warrants. All
shares of Common Stock which shall be so issuable, when issued upon exercise of
any Warrant and payment therefor in accordance with the terms of such Warrant,
shall be duly and validly issued and fully paid and nonassessable, and not
subject to preemptive rights.

                  Before taking any action which would cause an adjustment
reducing the Current Warrant Price below the then par value, if any, of the
shares of Common Stock issuable upon exercise of the Warrants, the Company shall
take any corporate action which may be necessary in order that the Company may
validly and legally issue fully paid and non-assessable shares of such Common
Stock at such adjusted Current Warrant Price.

                  Before taking any action which would result in an adjustment
in the number of shares of Common Stock for which this Warrant is exercisable or
in the Current Warrant Price, the Company shall obtain all such authorizations
or exemptions thereof, or consents thereto, as may be necessary from any public
regulatory body or bodies having jurisdiction thereof.

8.    TAKING OF RECORD; STOCK AND WARRANT TRANSFER BOOKS

                  In the case of all dividends or other distributions by the
Company to the holders of its Common Stock with respect to which any provision
of Section 4 refers to the taking of a record of such holders, the Company will
in each such case take such a record as of the close of business on a Business
Day. The Company will not at any time close its stock transfer books or Warrant
transfer books so as to result in preventing or delaying the exercise or
transfer of any Warrant.

9.    RESTRICTIONS ON TRANSFERABILITY

                  The Warrants and the Warrant Stock shall not be transferred,
hypothecated or assigned before satisfaction of the conditions specified in this
Section 9, which conditions are intended to ensure compliance with the
provisions of the Securities Act with respect to the Transfer of any Warrant or
any Warrant Stock. Holder, by acceptance of this Warrant, agrees to be bound by
the provisions of this Section 9.

                  9.1. Restrictive Legend. The Holder by accepting this Warrant
and any Warrant Stock agrees that this Warrant and the Warrant Stock issuable
upon exercise hereof may not be assigned or otherwise transferred unless and
until (i) the Company has received an opinion of counsel for the Holder that
such securities may be sold pursuant to an exemption from registration under the
Securities Act or (ii) a registration statement relating to such securities has
been filed by the Company and declared effective by the Commission.

                                       12
<PAGE>

                           (a) Each certificate for Warrant Stock issuable
hereunder shall bear a legend substantially worded as follows unless such
securities have been sold pursuant to an effective registration statement under
the Securities Act:

                           "The securities represented by this certificate have
                           not been registered under the Securities Act of 1933,
                           as amended (the "Act") or any state securities laws.
                           The securities may not be offered for sale, sold,
                           assigned, offered, transferred or otherwise
                           distributed for value except (i) pursuant to an
                           effective registration statement under the Act or any
                           state securities laws or (ii) pursuant to an
                           exemption from registration or prospectus delivery
                           requirements under the Act or any state securities
                           laws in respect of which the Company has received an
                           opinion of counsel satisfactory to the Company to
                           such effect. Copies of the agreement covering both
                           the purchase of the securities and restricting their
                           transfer may be obtained at no cost by written
                           request made by the holder of record of this
                           certificate to the Secretary of the Company at the
                           principal executive offices of the Company."

                           (b) Except as otherwise provided in this Section 9,
the Warrant shall be stamped or otherwise imprinted with a legend in
substantially the following form:

                           "This Warrant and the securities represented hereby
                           have not been registered under the Securities Act of
                           1933, as amended, or any state securities laws and
                           may not be transferred in violation of such Act, the
                           rules and regulations thereunder or any state
                           securities laws or the provisions of this Warrant."

                  9.2. Notice of Proposed Transfers. Prior to any Transfer or
attempted Transfer of any Warrants or any shares of Restricted Common Stock, the
Holder shall give five (5) days' prior written notice (a "Transfer Notice") to
the Company of Holder's intention to effect such Transfer, describing the manner
and circumstances of the proposed Transfer, and obtain from counsel to Holder an
opinion that the proposed Transfer of such Warrants or such Restricted Common
Stock may be effected without registration under the Securities Act or state
securities laws. After the Company's receipt of the Transfer Notice and opinion,
such Holder shall thereupon be entitled to Transfer such Warrants or such
Restricted Common Stock, in accordance with the terms of the Transfer Notice.
Each certificate, if any, evidencing such shares of Restricted Common Stock
issued upon such Transfer and the Warrant issued upon such Transfer shall bear
the restrictive legends set forth in Section 9.1, unless in the opinion of such
counsel such legend is not required in order to ensure compliance with the
Securities Act.

                  9.3. Termination of Restrictions. Notwithstanding the
foregoing provisions of Section 9, the restrictions imposed by this Section upon
the transferability of the Warrants, the Warrant Stock and the Restricted Common
Stock (or Common Stock issuable upon the exercise of the Warrants) and the
legend requirements of Section 9.1 shall terminate as to any particular Warrant
or share of Warrant Stock or Restricted Common Stock (or Common Stock issuable
upon the exercise of the Warrants) (i) when and so long as such security shall
have been effectively registered under the Securities Act and applicable state
securities laws and disposed

                                       13
<PAGE>

of pursuant thereto or (ii) when the Company shall have received an opinion of
counsel that such shares may be transferred without registration thereof under
the Securities Act and applicable state securities laws. Whenever the
restrictions imposed by Section 9 shall terminate as to this Warrant, as
hereinabove provided, the Holder hereof shall be entitled to receive from the
Company upon written request of the Holder, at the expense of the Company, a new
Warrant bearing the following legend in place of the restrictive legend set
forth hereon:

                  "THE RESTRICTIONS ON TRANSFERABILITY OF THE WITHIN WARRANT
                  CONTAINED IN SECTION 9 HEREOF TERMINATED ON ________, 20__,
                  AND ARE OF NO FURTHER FORCE AND EFFECT."

All Warrants issued upon registration of transfer, division or combination of,
or in substitution for, any Warrant or Warrants entitled to bear such legend
shall have a similar legend endorsed thereon. Whenever the restrictions imposed
by this Section shall terminate as to any share of Restricted Common Stock, as
hereinabove provided, the holder thereof shall be entitled to receive from the
Company, at the Company's expense, a new certificate representing such Common
Stock not bearing the restrictive legends set forth in Section 9.1.

                  9.4. Listing on Securities Exchange. If the Company shall list
any shares of Common Stock on any securities exchange, it will, at its expense,
list thereon, maintain and, when necessary, increase such listing of, all shares
of Common Stock issued or, to the extent permissible under the applicable
securities exchange rules, issuable upon the exercise of this Warrant so long as
any shares of Common Stock shall be so listed during the Exercise Period.

10.   SUPPLYING INFORMATION

                  The Company shall cooperate with Holder in supplying such
information as may be reasonably necessary for Holder to complete and file any
information reporting forms presently or hereafter required by the Commission as
a condition to the availability of an exemption from the Securities Act for the
sale of any Warrant or Restricted Common Stock.

11.   LOSS OR MUTILATION

                  Upon receipt by the Company from Holder of evidence reasonably
satisfactory to it of the ownership of and the loss, theft, destruction or
mutilation of this Warrant and indemnity reasonably satisfactory to it (it being
understood that the written agreement of the Holder shall be sufficient
indemnity), and in case of mutilation upon surrender and cancellation hereof,
the Company will execute and deliver in lieu hereof a new Warrant of like tenor
to Holder; provided, in the case of mutilation, no indemnity shall be required
if this Warrant in identifiable form is surrendered to the Company for
cancellation.

12.   OFFICE OF THE COMPANY

                  As long as any of the Warrants remain outstanding, the Company
shall maintain an office or agency (which may be the principal executive offices
of the Company) where the Warrants may be presented for exercise, registration
of transfer, division or combination as provided in this Warrant, such office to
be initially located at 317 Madison Avenue, Suite 807,

                                       14
<PAGE>

New York, NY 10017 fax: (212) 818-9148, provided, however, that the Company
shall provide prior written notice to Holder of a change in address no less than
thirty (30) days prior to such change.

13.   LIMITATION OF LIABILITY

                  No provision hereof, in the absence of affirmative action by
Holder to purchase shares of Common Stock, and no enumeration herein of the
rights or privileges of Holder hereof, shall give rise to any liability of
Holder for the purchase price of any Common Stock or as a stockholder of the
Company, whether such liability is asserted by the Company or by creditors of
the Company.

14.   MISCELLANEOUS

                  14.1. Nonwaiver and Expenses. No course of dealing or any
delay or failure to exercise any right hereunder on the part of Holder shall
operate as a waiver of such right or otherwise prejudice Holder's rights, powers
or remedies, notwithstanding all rights hereunder terminate on the Expiration
Date. If the Company fails to make, when due, any payments provided for
hereunder, or fails to comply with any other provision of this Warrant, the
Company shall pay to Holder such amounts as shall be sufficient to cover any
direct and indirect losses, damages, costs and expenses including, but not
limited to, reasonable attorneys' fees, including those of appellate
proceedings, incurred by Holder in collecting any amounts due pursuant hereto or
in otherwise enforcing any of its rights, powers or remedies hereunder.

                  14.2. Notice Generally. Except as may be otherwise provided
herein, any notice or other communication or delivery required or permitted
hereunder shall be in writing and shall be delivered personally or sent by
certified mail, postage prepaid, or by a nationally recognized overnight courier
service, and shall be deemed given when so delivered personally or by overnight
courier service, or, if mailed, three (3) days after the date of deposit in the
United States mails, as follows:

(a)      if to the Company, to:             Global iTechnology, Inc.
                                            317 Madison Avenue, Suite 807
                                            New York, NY  10017
                                            Attention:  Mr. Lee Montellaro
                                            Phone:    (212) 697-6131
                                            Fax:      (212) 818-9148

         with a copy to:                    Sommer & Schneider LLP
                                            595 Stewart Avenue, Suite 710
                                            Garden City, NY  11530
                                            Attention:  Herbert H. Sommer, Esq.
                                            Phone: (516) 228-8181
                                            Fax:   (516) 228-8211

 (b)     if to the Purchaser to:            At the address set forth in the
                                            Subscription Agreement

                                       15
<PAGE>

         The Company or the Holder may change the foregoing address by notice
given pursuant to this Section 14.2.

                  14.3. Successors and Assigns. Subject to the provisions of
Sections 3.1 and 9, this Warrant and the rights evidenced hereby shall inure to
the benefit of and be binding upon the successors of the Company and the
successors and assigns of Holder. The provisions of this Warrant are intended to
be for the benefit of all Holders from time to time of this Warrant and, with
respect to Section 9 hereof, holders of Warrant Stock, and shall be enforceable
by any such Holder or holder of Warrant Stock.

                  14.4. Amendment. This Warrant and all other Warrants may be
modified or amended or the provisions hereof waived only with the prior written
consent of the Company and the Holder.

                  14.5. Severability. Wherever possible, each provision of this
Warrant shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Warrant shall be prohibited by or
invalid under applicable law, such provision shall be ineffective to the extent
of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Warrant.

                  14.6. Headings. The headings used in this Warrant are for the
convenience of reference only and shall not, for any purpose, be deemed a part
of this Warrant.

                  14.7. Governing Law. This Warrant shall be governed by the
laws of the State of New York, without regard to the provisions thereof relating
to conflict of laws. The Company consents to the jurisdiction of the federal
courts whose districts encompass any part of the City of New York or the state
courts of the State of New York sitting in the City of New York in connection
with any dispute arising under this Warrant or any of the transactions
contemplated hereby, and hereby waives, to the maximum extent permitted by law,
any objection, including any objections based on forum non conveniens, to the
bringing of any such proceeding in such jurisdictions.

                                       16
<PAGE>

         IN WITNESS WHEREOF, the Company has caused this Warrant to be duly
executed and its corporate seal to be impressed hereon and attested by its
Secretary or an Assistant Secretary.

Dated:  ________________, 2000

                                                 GLOBAL iTECHNOLOGY, INC.

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

                                       17
<PAGE>

                                    EXHIBIT 1
                                SUBSCRIPTION FORM

[To be executed only upon exercise of Warrant]

The undersigned registered owner of this Warrant irrevocably exercises this
Warrant for the purchase of ______ Shares of Common Stock of Global iTechnology,
Inc., and herewith makes payment therefor in cash or by check or bank draft made
payable to the Company, all at the price and on the terms and conditions
specified in this Warrant and requests that certificates for the shares of
Common Stock hereby purchased (and any securities or other property issuable
upon such exercise) be issued in the name of and delivered to _____________
whose address is _________________ and, if such shares of Common Stock shall not
include all of the shares of Common Stock issuable as provided in this Warrant,
that a new Warrant of like tenor and date for the balance of the shares of
Common Stock issuable hereunder be delivered to the undersigned.

                                    -----------------------------------------
                                    (Name of Registered Owner)

                                    ------------------------------------------
                                    (Signature of Registered Owner)

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

                                    ------------------------------------------
                                    (City)   (State)               (Zip Code)

         NOTICE: The signature on this subscription must correspond with the
name as written upon the face of the within Warrant in every particular, without
alteration or enlargement or any change whatsoever.

                                       18
<PAGE>

                                    EXHIBIT 2
                                 ASSIGNMENT FORM

                  FOR VALUE RECEIVED the undersigned registered owner of this
Warrant hereby sells, assigns and transfers unto the Assignee named below all of
the rights of the undersigned under this Warrant, with respect to the number of
shares of Common Stock set forth below:

                  Name and Address of Assignee                 No. of Shares of
                  ----------------------------                 ----------------

                  Common Stock

and does hereby irrevocably constitute and appoint ________________________
attorney-in-fact to register such transfer on the books of Global iTechnology,
Inc. maintained for the purpose, with full power of substitution in the
premises.

         Dated:__________________         Print Name:__________________________

                                          Signature:___________________________

                                          Witness:_____________________________

         NOTICE: The signature on this assignment must correspond with the name
as written upon the face of the within Warrant in every particular, without
alteration or enlargement or any change whatsoever.

                                       19THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE
               UPON THE EXERCISE OF THIS WARRANT ARE TRANSFERABLE
                  ONLY IN ACCORDANCE WITH PARAGRAPH H HEREOF.

             Void after 5:00 P.M., New York Time, on August 10, 2003

                               Warrant to Purchase
                                 _______ Shares
                                 of Common Stock

                        WARRANT TO PURCHASE COMMON STOCK

This is to  Certify  That,  FOR VALUE  RECEIVED,  __________________,  having an
office  at  _____________________________________________________________   (the
"Holder") is entitled to purchase,  subject to the  provisions  of this Warrant,
from Global iTechnology,  Inc., a Delaware corporation,  having an office at 317
Madison  Avenue,  Suite  807,  New York,  New York  10017  (the  "Company"),  an
aggregate of _________  shares (the "Warrant  Shares") of the  Company's  Common
Stock,  par value $.01 per share ("Common  Stock") at a price of $2.00 per share
(or such other  price  computed by applying  all  adjustments  made on or before
August 10, 2003,  in  accordance  with Section F. hereof,  to $2.00 as if it had
been the initial  Exercise  Price per share  hereunder)  at any time on or after
August 11, 2000 until 5:00 P.M. New York Time, on August 10, 2003. The number of
shares of Common Stock to be received  upon the exercise of this Warrant and the
price to be paid for a share of Common  Stock may be adjusted  from time to time
as  hereinafter  set forth.  The shares of Common  Stock  deliverable  upon such
exercise,  and as adjusted from time to time, are hereinafter sometimes referred
to as "Warrant  Shares"  and the  exercise  price of a share of Common  Stock in
effect at any time and as adjusted  from time to time is  hereinafter  sometimes
referred to as the "Exercise Price."

The Warrants  represented by the Certificate are part of an authorized  class of
225,000 Warrants.

A.       EXERCISE OF WARRANT.  Subject to the following conditions precedent and
         the provisions of Section H and I hereof, this Warrant may be exercised
         in whole or in part at any time or from time to time on or after August
         11, 2000, and before 5:00 P.M. New York Time on August 10, 2003, or, if
         either such day is a day on which banking  institutions  are authorized
         by law to close,  then on the next  succeeding  day which  shall not be
         such a day, by presentation  and surrender hereof to the Company at any
         office  maintained  by it in New York,  or at the office of its Warrant
         Agent,  if any, with the Purchase Form annexed hereto duly executed and
         accompanied  by payment of the Exercise  Price for the number of shares
         specified  in such form.  If this  Warrant  should be exercised in part
         only,   the  Company   shall,   upon  surrender  of  this  Warrant  for
         cancellation,  execute and deliver a new Warrant  evidencing the rights
         of the Holder hereof to purchase the balance of the shares  purchasable
         hereunder.  Upon  receipt by the Company of this Warrant at its office,
         or by the Warrant  Agent of the  Company at its

<PAGE>

         office,  in proper form for exercise,  the Holder shall be deemed to be
         the holder of record of the shares of Common Stock  issuable  upon such
         exercise,  notwithstanding that the stock transfer books of the Company
         shall then be closed or that  certificate  representing  such shares of
         Common Stock shall not then be actually delivered to the Holder.

B.       RESERVATION  OF SHARES.  The  Company  hereby  agrees that at all times
         there shall be reserved for issuance  and/or  delivery upon exercise of
         this  Warrant  such  number of shares of its  Common  Stock as shall be
         required for issuance of delivery upon exercise of this Warrant.

C.       FRACTIONAL   SHARES.  No  fractional   shares  or  scrip   representing
         fractional  shares shall be issued upon the  exercise of this  Warrant.
         With  respect  to any  fraction  of a share  called  for upon  exercise
         hereof, the Company shall issue to the Holder the next whole share.

D.       EXCHANGE,  ASSIGNMENT OR LOSS OF WARRANT. This Warrant is exchangeable,
         without  expense,  at the option of the Holder,  upon  presentation and
         surrender  hereof to the company or at the office of the Warrant  Agent
         for other  Warrants of  different  denominations  entitling  the holder
         thereof to  purchase in  aggregate  the same number of shares of Common
         Stock purchasable  hereunder.  The term Warrant as used herein includes
         any Warrants into which this Warrant may be divided or exchanged.  Upon
         receipt by the Company of evidence reasonably satisfactory to it of the
         loss, theft,  destruction,  or mutilation of this Warrant,  and (in the
         case  of  loss,  theft  or  destruction)  of  reasonably   satisfactory
         indemnification,  and upon surrender and  cancellation of this Warrant,
         if  mutilated,  the Company  will  execute and deliver a new Warrant of
         like tenor and date. Any such new warrant  executed and delivered shall
         constitute  an  additional  contractual  obligation  on the part of the
         Company,  whether or not this  Warrant so lost  stolen,  destroyed,  or
         mutilated shall be at any time enforceable by anyone.

E.       RIGHTS OF THE  HOLDER.  The  Holder  shall not,  by virtue  here of, be
         entitled to any rights of a shareholder  in the Company,  either at law
         or equity,  and the rights of the Holder are limited to those expressed
         in the Warrant and are not  enforceable  against the Company  except to
         the extent set forth herein.

F.       STOCK  DIVIDENDS,   RECLASSIFICATION,   REORGANIZATION,   ANTI-DILUTION
         PROVISIONS,  ETC.  This  Warrant is subject  to the  following  further
         provisions:

         1.       In case,  prior to the  expiration of this Warrant by exercise
                  or by its terms,  the  Company  shall  issue any shares of its
                  Common Stock as a stock  dividend or  subdivide  the number of
                  outstanding  shares of Common  Stock into a greater  number of
                  shares,  then, in either of such cases, the Exercise Price per
                  share  of the  Warrant  Shares  purchasable  pursuant  to this
                  Warrant  in  effect  at the  time  of  such  action  shall  be
                  proportionately  reduced  and the number of Warrant  Shares at
                  that  time  purchasable  pursuant  to this  Warrant  shall  be
                  proportionately  increased;  and

                                        2
<PAGE>

                  conversely, in the event the Company shall contract the number
                  of outstanding shares of Common Stock by combining such shares
                  into a smaller  number of  shares,  then,  in such  case,  the
                  Exercise  Price per share of the  Warrant  Shares  purchasable
                  pursuant to this  Warrant in effect at the time of such action
                  shall be  proportionately  increased and the number of Warrant
                  Shares at that time purchasable pursuant to this Warrant shall
                  be proportionately decreased. Any dividend paid or distributed
                  upon  the  Common  Stock  in  stock  of  any  other  class  of
                  securities  convertible  into shares of Common  Stock shall be
                  treated as a dividend  paid in Common Stock to the extent that
                  shares  of  Common  Stock  are  issuable  upon the  conversion
                  thereof.

         2.       In case,  prior to the  expiration of this Warrant by exercise
                  or by  its  terms,  the  Company  shall  be  recapitalized  by
                  reclassifying its outstanding Common Stock, par value $.01 per
                  share,  into stock with a  different  par value or by changing
                  its  outstanding  Common Stock with par value to stock without
                  par,  the  Company  or  a  successor   corporation   shall  be
                  consolidated or merge with or convey all or substantially  all
                  of its or of any successor  corporation's  property and assets
                  to any other corporation or corporations (any such corporation
                  being  included  within  the  meaning  of the  term  successor
                  corporation in the event of any consolidation or merger of any
                  such corporation with, or the sale of all or substantially all
                  of  the  property  of  any  such   corporation   to,   another
                  corporation  or  corporations),   in  exchange  for  stock  or
                  securities  of a  successor  corporation,  the  holder of this
                  Warrant shall  thereafter  have the right to purchase upon the
                  terms and  conditions  and during the time  specified  in this
                  Warrant, in lieu of the Warrant Shares theretofore purchasable
                  upon the  exercise  of this  Warrant,  the kind and  amount of
                  shares  of stock  and other  securities  receivable  upon such
                  recapitalization  or consolidation,  merger or conveyance by a
                  holder of the  number of  shares  of  Common  Stock  which the
                  holder of this Warrant might have purchased  immediately prior
                  to  such   recapitalization   or   consolidation,   merger  or
                  conveyance.

         3.       Upon the  occurrence of each event  requiring an adjustment of
                  the  Exercise  Price  and  of the  number  of  Warrant  Shares
                  purchasable at such adjusted  Exercise Price by reason of such
                  event in  accordance  with the  provisions of this Section F.,
                  the Company shall compute the adjusted  Exercise Price and the
                  adjusted number of Warrant Shares purchasable at such adjusted
                  Exercise Price by reason of such event in accordance  with the
                  provisions  of this Section F. and shall prepare a certificate
                  setting  forth such adjusted  Exercise  Price and the adjusted
                  number of Warrant  Shares and showing in detail the facts upon
                  which such  conclusions  are  based.  The  Company  shall mail
                  forthwith  to  each  holder  of  this  Warrant  a copy of such
                  certificate,   and  thereafter  said   certificate   shall  be
                  conclusive  and  shall be  binding  upon  such  holder  unless
                  contested  by such  holder by  written  notice to the  Company
                  within  thirty (30) days after receipt of the  certificate  by
                  such holder.

         4.       In case:

                                        3
<PAGE>

                  (a)      the Company shall take a record of the holders of its
                           Common  Stock for the  purpose of  entitling  them to
                           receive  a  dividend  or any  other  distribution  in
                           respect  of  the  Common  Stock   (including   cash),
                           pursuant  to  without   limitation,   any   spin-off,
                           split-off or distribution of the Company's assets; or

                  (b)      the Company shall take a record of the holders of its
                           Common  Stock for the  purpose of  entitling  them to
                           subscribe  for or purchase any shares of stock of any
                           class or to receive any other rights; or

                  (c)      of  any  classification,  reclassification  or  other
                           reorganization  of the capital  stock of the Company,
                           consolidation  or merger of the Company  with or into
                           another   corporation,   or   conveyance  of  all  or
                           substantially all of the assets of the Company; or

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

                  then,  and in any such  case,  the  Company  shall mail to the
                  Holder,  at least  twenty  (20) days prior  thereto,  a notice
                  stating the date or  expected  date on which a record is to be
                  taken for the  purpose of such  dividend  or  distribution  of
                  rights,   or  the   date   on   which   such   classification,
                  reclassification,   reorganization,   consolidation,   merger,
                  conveyance, dissolution, liquidation, or winding up is to take
                  place,  as the case may be. Such notice shall also specify the
                  date or  expected  date,  if any is to be  fixed,  as of which
                  holders  of  Common  Stock  of  record  shall be  entitled  to
                  participate  in said dividend on  distribution  of rights,  or
                  shall be entitled to exchange their shares of Common stock for
                  securities   or   other   property   deliverable   upon   such
                  classification,       reclassification,        reorganization,
                  consolidation,  merger, conveyance, dissolution,  liquidation,
                  or winding  up, as the case may be.  The  failure to give such
                  notice shall not affect the validity of any such proceeding or
                  transaction  and shall not  affect  the right of the holder of
                  this Warrant to participate in said dividend,  distribution of
                  rights,  or any such  exchange and acquire the kind and amount
                  of cash, securities or other property as the Holder would have
                  been  entitled  to acquire if it was the record  holder of the
                  Warrant  Shares  which could be obtained  upon the exercise of
                  the   Warrants   immediately   before   such   proceeding   or
                  transaction;  provided that, the Holder exercises the Warrants
                  within 30 days after  discovery that such action or proceeding
                  has taken place.

         5.       In case the  Company  at any time  while  this  Warrant  shall
                  remain unexpired and unexercised,  shall dissolve,  liquidate,
                  or  wind up its  affairs,  the  holder  of  this  Warrant  may
                  thereafter  receive upon exercise hereof in lieu of each share
                  of  Common  Stock of the  Company  which it  would  have  been
                  entitled  to  receive,   the

                                       4
<PAGE>

                  same  kind and  amount of any  securities  or assets as may be
                  issuable,  distributable or payable upon any such dissolution,
                  liquidation or winding up with respect to each share of Common
                  Stock of the Company.

G.       OFFICER'S CERTIFICATE. Whenever the Exercise Price shall be adjusted as
         required by the provisions of the foregoing Section,  the Company shall
         forthwith file in the custody of its Secretary at its principal  office
         and with the  Warrant  agent,  an  officer's  certificate  showing  the
         adjusted Exercise Price determined as therein  provided,  setting forth
         in reasonable  detail the facts requiring such adjustment,  including a
         statement of the number of additional  shares of Common Stock,  if any,
         the  consideration  for such  shares,  determined  as such  Section  F.
         provided, and such other facts as shall be necessary to show the reason
         for and the manner of computing  such  adjustment.  Each such officer's
         certificate  shall  be  made  available  at all  reasonable  times  for
         inspection by the holder and the Company  shall,  forthwith  after each
         such adjustment, mail a copy of such certificate to the holder.

H.       TRANSFER  TO  COMPLY  WITH THE  SECURITIES  ACT OF 1933.  Neither  this
         Warrant,  the Warrant Shares, nor any other security issued or issuable
         upon  exercise  of this  Warrant may be sold or  otherwise  disposed or
         except as follows:

         1.       to  a  person  who,  in  the  opinion  of  counsel  reasonably
                  satisfactory  to the Company,  is a person to whom the Warrant
                  or  Warrant   Shares  may  legally  be   transferred   without
                  registration and without the delivery of a current  prospectus
                  under the  Securities Act of 1933, as amended (the "Act") with
                  respect  thereto and then only against receipt of an agreement
                  of such person to comply with the  provisions  of this Section
                  H. with  respect  to any resale or other  disposition  of such
                  securities; or

         2.       to any person upon  delivery of a prospectus  then meeting the
                  requirements  of the Act relating to such  securities  and the
                  offering thereof for such sale or disposition.

I.       REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

         The Company represents and warrants to the holder as follows:

         1.       The  Company  is duly  organized  and,  as of the  date of the
                  original  issuance  hereof,   validly  existing  and  in  good
                  standing under the laws of the state of Delaware.

         2.       The Company shall at all times reserve and keep  available out
                  of its  authorized  shares of  Common  Stock,  solely  for the
                  purpose of issuing  Warrant  Shares upon the  exercise of this
                  Warrant,  such  shares as may be  issuable  upon the  exercise
                  hereof.

                                       5
<PAGE>

         3.       Warrant  Shares,  when issued and paid for in accordance  with
                  the  terms  of  this  Warrant,  will  be  fully  paid  and not
                  assessable.

         4.       This  Warrant  has been duly  authorized  and  approved by all
                  required  corporate action by the Company and does not violate
                  the certificate of incorporation or by-laws of the Company.

                                                     GLOBAL iTECHNOLOGY, INC.
[CORPORATE SEAL]

                                                     By: /s/ Lee Montellaro
                                                        ------------------------
                                                        Lee Montellaro
                                                        Chief Financial Officer

Dated:  August 11, 2000

                                       6
<PAGE>

                                  PURCHASE FORM
                                 TO BE EXECUTED
                            UPON EXERCISE OF WARRANTS

TO:      Global iTechnology, Inc.
         317 Madison Avenue, Suite 807
         New York, New York 10017

         The undersigned hereby exercises, according to the terms and conditions
thereof, the right to purchase _____________ Shares of Common Stock, evidenced
by the within Warrant Certificate, and herewith makes payment of the purchase
price in full,

         Dated:     ___________________________________________________________

         Name:      ___________________________________________________________

         Address:   ___________________________________________________________

         Signature: ___________________________________________________________

         UPON EXERCISE OF THIS WARRANT PAYMENT SHOULD BE MADE TO THE ORDER OF
GLOBAL itechnology, inc.

                                       7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00014-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00014-of-00352.parquet"}]]