Document:

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                                                                    EXHIBIT 10.1

                              EMPLOYMENT AGREEMENT

      THIS EMPLOYMENT AGREEMENT is made and entered into effective as of the 1st
day of July, 2000, by and between THE SPORTSMAN'S GUIDE, INC., a Minnesota
corporation (the "Company"), and Gary Olen ("Employee"), under the following
circumstances:

            A.    Employee has been employed by the Company and has significant
                  experience in the operation and management of the Company's
                  business.

            B.    The Company and Employee previously entered into an Employment
                  Agreement dated July 25, 1997 (the "Original Agreement").

            C.    The parties desire to amend and restate the Original Agreement
                  to reflect the terms and conditions stated herein.

      NOW, THEREFORE, in consideration of the mutual covenants contained herein,
the parties hereby agree as follows:

      1. Employment and Duties; Standard of Service. The Company hereby employs
Employee as its Chairman of the Board, with such duties and responsibilities as
may be determined from time to time by the Board of Directors of the Company
(the "Board of Directors"). Employee hereby accepts such employment and agrees
that while employed by the Company, he shall be available to consult with and
advise the senior management of the Company during normal business hours when
and as requested by the Company and to use the Employee's best efforts to
perform faithfully and efficiently such responsibilities.

      2. Term.

        (a) Term. Subject to Section 3 hereunder, the term of this Agreement
shall begin as of the date hereof and shall continue until June 30, 2002
(the "Term").

         (b) Survival of Certain Provisions. Notwithstanding anything to the
contrary set forth in this Agreement, the provisions contained in this Section
2(b), Section 3(d) and Sections 5, 6, 7 and 12 of this Agreement shall survive
the termination of this Agreement.

      3. Early Termination/Compensation Upon Termination.

         (a) Death, Disability or Mutual Agreement. This Agreement shall
terminate prior to its stated termination date, and immediately upon the
happening of any of the following events:

             (i)   the death of Employee;

             (ii)  the mental or physical disability or incapacity of Employee,
                   which causes Employee to be unable to perform his duties
                   hereunder, which such disability or incapacity shall be
                   deemed to have

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                   occurred upon the earlier of (A) Employee becoming entitled
                   to receive "total disability benefits" (or their substantive
                   equivalent form of benefits) under the Company's disability
                   plan(s) then in effect; (B) a determination that Employee has
                   become permanently disabled made by an independent physician
                   mutually agreed upon by the Company and Employee in good
                   faith or (C) Employee shall have been unable, unwilling, or
                   shall have failed to perform his duties hereunder for a
                   period of one hundred eighty (180) days during any twelve
                   (12) consecutive months; or

             (iii) execution by the Company and Employee of a written agreement
                   of termination (which may specify a later effective date of
                   such termination).

         (b) By the Company. The Company may terminate this Agreement at any
time upon thirty (30) days' prior written notice to Employee.

         (c) By Employee. Employee may terminate this Agreement at any time upon
thirty (30) days' prior written notice to the Company.

         (d) Compensation Upon Termination. Upon termination of Employee's
employment, Employee shall receive the following:

             (i) Death or Disability. Upon any termination of Employee's
             employment described in Sections 3(a)(i) or 3(a)(ii), Employee
             shall, within ten (10) days of such termination, receive the Base
             Salary specified in Section 4 of this Agreement through the date of
             such termination, and without further action by the Board of
             Directors or any committee thereof, shall further receive, within
             ninety (90) days of such termination, a lump sum payment equal to
             the amount of remaining Base Salary due to Employee through the end
             of the Term; such payment to be at least partially funded through
             the Company's purchase of life and disability insurance provided
             that the Company's failure to obtain and/or maintain any such
             insurance shall not relieve the Company of any obligation under
             this Section 3(d)(i).

             (ii) Termination by Mutual Agreement. If Employee's employment
             under this Agreement is terminated by the mutual agreement of
             Employee and the Company, the Company shall provide Employee with
             the payments and benefits specified in such agreement.

             (iii) Termination by Company. Upon any termination of employment by
             the Company pursuant to Section 3(b), the Company shall, without
             further action by the Board of Directors or any committee thereof
             and within ten (10) days of such termination, make a lump sum
             payment to

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             Employee equal to the amount of remaining Base Salary due to
             Employee through the end of the Term, and shall continue to provide
             Employee with all Benefits (as hereinafter defined) at the same
             level as currently in effect through the end of the Term.

             (iv) Termination by Employee. Upon any termination of employment by
             Employee pursuant to Section 3(c), Employee shall be entitled to
             receive the Base Salary payable at the times and otherwise as
             specified in Section 4, and shall continue to receive all Benefits
             at the same level as currently in effect, through the end of the
             Term.

             (v) Termination Upon Occurrence of a Substantial Event. Upon the
             occurrence of a Substantial Event (as hereinafter defined) prior to
             the expiration of the Term, Employee's employment shall terminate
             and Employee shall receive the payments and benefits described in
             Section 5(c) hereof.

         (e) In consideration of this Agreement,

             (i) in the event that this Agreement is terminated by the Company
             without cause pursuant to Section 3(b), all options to purchase
             shares of Common Stock of the Company then held by Employee shall
             remain in effect and continue to vest in accordance with their
             terms until June 30, 2002, at which time Employee's employment
             shall be deemed to have terminated under the terms of such options.

             (ii) in the event that this Agreement is terminated by Employee
             pursuant to Section 3(c), all options to purchase shares of Common
             Stock of the Company then held by Employee which have vested as of
             the date of such termination shall be and remain exercisable for a
             period of thirty (30) days; at which time, if not exercised, such
             options will expire. All other such options which have not vested
             as of the date of such termination shall be immediately cancelled
             and forfeited.

             (iii) notwithstanding any other provision to the contrary herein,
             in the event Employee breaches or otherwise violates the covenants
             contained in Section 7(b), regardless of the reason for
             termination, all options (granted on or after July 1, 1997) to
             purchase shares of Common Stock of the Company then held by
             Employee shall be cancelled and forfeited and all shares of Common
             Stock previously acquired by Employee upon the exercise of such
             options granted by the Company shall be sold to the Company at the
             exercise price of the option (or if such shares are not then owned,
             Employee shall pay to the Company an amount equal to any economic
             gain realized on the sale). All shares of Common Stock issued

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            upon exercise of any option held by Employee shall be endorsed with
            a legend evidencing the restrictions described in this Section
            3(e)(ii).

      4. Compensation, Benefits, Expenses and Fees.

         (a) Base Salary. For all services rendered under this Agreement during
the term of Employee's employment, the Company shall pay Employee a base salary
at an annual rate of Two Hundred Sixty Two Thousand Five Hundred Dollars
($262,500) (the "Base Salary"). Except as otherwise set forth herein, the Base
Salary shall be payable in accordance with the Company's customary payroll
procedures.

         (b) Benefits. In accordance with their terms, Employee shall be
entitled to participate in any plans, programs, policies or arrangements
sponsored, maintained or contributed to by the Company, to which the Company is
a party or under which employees of the Company are covered, including, without
limitation, any employee benefit plan such as a thrift, pension, profit sharing,
deferred compensation, medical, dental, disability, accident, life insurance,
automobile allowance, perquisite, fringe benefit, vacation, sick or parental
leave, severance or relocation plan or policy or any other agreement, plan,
program, policy or arrangement intended to benefit employees or executive
officers of the Company (collectively, "Plans" and each a "Plan"). A list of all
benefits provided to Employee under the Plans as of the date hereof (the
"Benefits") is attached hereto and made a part hereof as Exhibit A.

         (c) Business Expenses. During the term of Employee's employment under
this Agreement, the Company shall, in accordance with, and to the extent of, its
uniform policies in effect from time to time, bear all ordinary and necessary
business expenses incurred by Employee in performing his duties hereunder
including, without limitation, all travel, lodging, meal and entertainment
expenses while away from home on business in the service of the Company,
provided that Employee accounts for such expenses to the Company, in the manner
reasonably prescribed from time to time by the Company.

         (d) Director Fees. While serving as Chairman of the Board or as a
member of the Board of Directors, Employee shall receive the same fees and
expenses paid to directors who are not employees of the Company.

         (e) Legal Fees. The Company shall reimburse Employee for legal fees
incurred in connection with this Agreement to a maximum of Two Thousand Five
Hundred Dollars ($2,500).

      5. Certain Rights Upon a Substantial Event.

         (a) Substantial Event Defined. For purposes of this Agreement, a
"Substantial Event" shall mean the following events:

             (i) the Company sells, transfers, or otherwise disposes for value
             all or substantially all of its assets;

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             (ii) the Company's shareholders authorize the Company to become
             party to a merger, consolidation, sale of assets or other
             reorganization as a consequence of which members of the Board of
             Directors in office immediately prior to such transaction or event
             constitute less than a majority of the Board of Directors
             thereafter; or

             (i) a tender offer is consummated for the acquisition of fifty
             percent (50%) or more of the Company's issued and outstanding
             voting capital stock.

         (b) Events Occurring Upon a Substantial Event. Immediately upon the
occurrence of a Substantial Event, without any action by the Board of Directors
or any committee thereof, all outstanding options granted as of such date to
Employee under the Company's 1996 Stock Option Plan or any subsequent plan
covering the grant of "incentive stock options" as defined under Section 422 of
the Code shall, to the extent not then exercisable, become immediately
exercisable in full and shall remain exercisable during the remaining term
thereof, whether or not Employee remains employed by the Company.

         (c) Compensation Upon Occurrence of a Substantial Event. Upon the
occurrence of a Substantial Event prior to the expiration of the Term,
Employee's employment shall terminate and, without further action by the Board
of Directors or any committee thereof, the Company shall, within ten (10) days
of such termination, make a lump sum payment to Employee equal to the amount of
remaining Base Salary due to Employee through the end of the Term, and shall
continue to provide Employee with all Benefits at the same level as currently in
effect through the end of the Term. In lieu of continuing Benefits through the
end of the Term, the Company may, within sixty (60) days following the
Substantial Event, make a lump sum payment to Employee equal to the present
value of the Benefits as of the date of the Substantial Event, computed using a
discount rate equal to the interest rate then being paid by the Company under
its revolving line of credit, unless Employee cannot replace the Benefits with
substantially similar benefits at a cost substantially equivalent to the lump
sum payment.

      6. Taxes.

         (a) Withholding. All payments under this Agreement shall be subject to
reduction in the amount of any income, withholding, social security, disability
insurance, or similar taxes or payments which the Company may be required or
authorized to deduct by law or custom.

         (b) Excess Parachute Payments. Notwithstanding anything to the contrary
set forth in or construed under this Agreement, if any of the payments or
benefits provided for in this Agreement, together with any other payments which
Employee has the right to receive from the Company or any corporation which is a
member of an "affiliated group" (as defined in Section 1504(a) of the Internal
Revenue Code of 1986, as amended (the "Code"), without regard to Section 1504(b)
of the Code) of which the Company is a member, constitute an "excess

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parachute payment" (as defined in Section 280G(b) of the Code), the payments
pursuant to this Agreement shall be increased to the extent necessary to
reimburse Employee (on a federal, state and local income and employment
after-tax basis) for the amount of the excise tax, if any, imposed against
Employee under Section 4999 of the Code, or any applicable state and/or local
counterpart thereto. The determination as to whether any increase in the
payments under this Agreement pursuant to this Section 6(b) is necessary shall
be made by Employee in good faith and such determination shall be conclusive and
binding upon the Company. The increased payments required under this Section
6(b) shall be promptly paid to Employee upon written demand therefor.

      7. Confidential Information and Nonsolicitation.

         (a) Prohibitions Against Disclosure. Employee agrees that upon
termination of his employment with the Company for whatever reason, he will
deliver to the Company all copies of information with respect to the Company or
its business which is not publicly known and which is in his possession.
Employee further agrees that, without the express written consent of the
Company, he will not, at any time during the term of this Agreement or for a
period of five (5) years thereafter, divulge, furnish, disclose or make
accessible to any person, firm, organization or corporation, or use in any
manner whatsoever to the detriment of the Company any such information or
materials with respect to the Company, or any aspect of its business or
operations, which are not already lawfully in the public domain.

         (b) Employee agrees that he shall not, without the express prior
written consent of the Company, at any time from the date of this Agreement and
for a period of one (1) year from the termination of Employee's employment, for
any reason, with the Company, directly or indirectly, solicit, entice, call upon
or approach any employees of the Company to enter the employment of Employee or
any employer or business with which Employee is associated or in which Employee
has a financial interest. Further, Employee agrees that, during the Term and
indefinitely thereafter, he shall not, directly or indirectly, make any
statements relating to the Company or the Company's shareholders, directors,
officers, employees, agents or products which are disparaging or which in any
way reflect adversely on the reputation of the Company or such persons.
Similarly, the Company agrees that, during the Term and indefinitely thereafter,
the Company and its controlling shareholders, directors, officers, employees and
agents shall not, directly or indirectly, make any statements relating to
Employee or his business activities which are disparaging or which in any way
reflect adversely on the reputation of Employee.

         (c) Specific Performance. Employee acknowledges that the information
received by him in the course of his employment with the Company is of such
character as to render the same unique and, therefore, agrees disclosure thereof
in violation of the covenants of Sections 7(a) or 7(b) would be of irreparable
damage to the Company. Accordingly, Employee agrees and consents that in the
event any action or proceeding shall be instituted by the Company to enforce any
provision of this Agreement, Employee waives the claim or defense in such action
that there is an adequate remedy at law available to the Company, and Employee
shall not urge in any such action or proceeding the claim or defense that such
remedy at law exists. The parties

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agree that the Company's remedies for breach of this Agreement expressly
described herein shall be cumulative and the seeking or obtainment of injunctive
relief shall not preclude a claim or award for damages or other relief as
provided for herein or as otherwise may be available to the Company.

         (d) Permitted Business Activities. Subject to Employee's covenants in
Sections 7(a) and 7(b), Employee may, during the Term and while he serves as
Chairman of the Board or as a member of the Board of Directors, engage in the
design, manufacture and wholesale distribution of products which are the same as
or similar to the products offered for sale by the Company.

      8. Notices. All notices hereunder shall be in writing and shall be deemed
to have been given at the time when mailed in any general or branch United
States Post Office enclosed in a certified or registered postpaid envelope
addressed to the respective party at the address set forth below, or at such
changed address as either party may have fixed by notice; provided, however,
that any notice or change of address shall be effective only upon receipt:

         Address of Company:                The Sportsman's Guide, Inc.
                                            411 Farwell Avenue
                                            South St. Paul, MN  55075

         with a copy to:                    Steven R. Watts, Esq.
                                            Chernesky, Heyman & Kress P.L.L.
                                            10 Courthouse Plaza S.W., Suite 1100
                                            Dayton, OH  45402

         Address of Employee:               Gary Olen
                                            4115 Havenhill Circle
                                            Eagan, MN  55123-1661

         with a copy to:                    Thomas J. Tucci, Esq.
                                            Fabyanske, Westra & Hart, P.A.
                                            920 Second Avenue South, Suite 1100
                                            Minneapolis, MN  55402

      9. Divisibility. The provisions of this Agreement are divisible. If any
provision shall be deemed invalid or unenforceable as to any periods of time,
territory or business activities, such provisions shall be deemed limited to the
extent necessary to render it valid and enforceable. If any provision shall be
deemed invalid or unenforceable to any other extent, the remaining provisions of
this Agreement shall not be rendered unenforceable as a result thereof.

      10. Waiver. Failure by either party to insist upon strict compliance with
any of the terms, covenants or conditions hereof shall not be deemed a waiver of
such term, covenant or condition nor shall any waiver or relinquishment of any
right or power hereunder at any one or

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more times be deemed a waiver or relinquishment of such right or power at any
other time or times.

      11. Captions. The captions used in connection with this Agreement are for
reference purposes only and shall not be construed as a part of this
Agreement.

      12. Successors and Assigns.

          (a) Successors and Assigns of the Company. This Agreement shall be
binding upon and inure to the benefit of any successor of the Company and any
such successor shall absolutely and unconditionally assume all of the Company's
obligations hereunder. Upon Employee's written request, the Company shall seek
to have any such successor, by agreement in form and substance satisfactory to
Employee, assent to the fulfillment by the Company of its obligations hereunder.

          (b) Successors and Assigns of Employee. This Agreement and all rights
of Employee hereunder shall inure to the benefit of and be enforceable by
Employee's personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees. If Employee should die
while any amounts would still be payable to Employee hereunder, all such
amounts, unless otherwise provided herein, shall be paid in accordance with the
terms of this Agreement to Employee's devisee, legatee or other designee or, if
there be no such designee, to Employee's estate. Except as otherwise expressly
set forth in this Section 12(b), Employee may not assign this Agreement, in
whole or in part, without the prior written consent of the Company.

      13. Complete Agreement and Governing Law. This Agreement supersedes and
terminates all prior agreements written or oral with respect to the subject
matter hereof, including, without limitation, the Original Agreement. This
Agreement is intended as a complete and exclusive statement of the terms of the
agreement between the parties with respect to its subject matter. This Agreement
may be changed or terminated only in writing executed by each party and shall be
governed by the laws of the State of Minnesota.

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

                                     THE SPORTSMAN'S GUIDE, INC.

                                     By:    /s/ Greg Binkley
                                        ---------------------------------------

                                     Title:   President
                                           ------------------------------------

                                     EMPLOYEE:

                                      /s/ Gary Olen
                                     -------------------------------------------
                                     Gary Olen

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                                                                       EXHIBIT A

                                    BENEFITS

Benefits provided to Employee as of July 1, 2000:

o     Medical insurance

o     Dental insurance

o     Supplemental medical/dental insurance

o     Disability insurance

o     Life insurance

o     5 weeks vacation (not applicable during Term)

o     Paid sick leave (not applicable during Term)

o     Holiday, birthday pay (not applicable during Term)

o     Participation in Company cash bonus and stock option program (Employee is
      not entitled to any cash bonuses or new stock option grants during the
      Term)

o     Legal fees - estate planning (with prior approval of the Company)

o     Accounting fees regarding stock option exercises, tax implications, annual
      tax preparation

o     Leased 1999 Mercedes ML430, gas, insurance, repair/maintenance, car phone
      expense

o     Merchandise purchase at executive pricing

o     Reimbursement of business expenses

o     Home computer, fax maintenance

o     Home business phone expenses

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                                                                     EXHIBIT 4.1

THE WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT (THE
"SECURITIES") HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
"SECURITIES ACT") OR UNDER ANY STATE SECURITIES OR BLUE SKY LAWS ("BLUE SKY
LAWS"). NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER
DISPOSITION OF THIS WARRANT OR THE SECURITIES OR ANY INTEREST THEREIN MAY BE
MADE EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT AND ANY APPLICABLE BLUE SKY LAWS OR (B) IF THE COMPANY HAS BEEN
FURNISHED WITH BOTH AN OPINION OF COUNSEL FOR THE HOLDER, WHICH OPINION AND
COUNSEL SHALL BE REASONABLY SATISFACTORY TO THE COMPANY, TO THE EFFECT THAT NO
REGISTRATION IS REQUIRED BECAUSE OF THE AVAILABILITY OF AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT AND APPLICABLE BLUE SKY LAWS, AND
ASSURANCES THAT THE TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER
DISPOSITION WILL BE MADE ONLY IN COMPLIANCE WITH THE CONDITIONS OF ANY SUCH
REGISTRATION OR EXEMPTION.

                   WARRANT TO PURCHASE SHARES OF COMMON STOCK
                              OF POPMAIL.COM, INC.

WARRANT NO. CB-1                                                   Irving, Texas
                                                                   July 19, 2000

         This certifies that, for value received, CAM BIRGE or his successors or
assigns ("Holder") is entitled to purchase from PopMail.com, inc. (the
"Company") Fifty Thousand (50,000) fully paid and nonassessable shares (the
"Shares") of the Company's Common Stock, $.01 par value (the "Common Stock") at
any time and from time to time from the date hereof until July 19, 2005, at an
exercise price of $.75 per share (the "Exercise Price"), subject to adjustment
as herein provided.

         This Warrant is subject to the following provisions, terms and
conditions:

         1. Vesting of Warrant Shares. Holder's rights to purchase the Shares
under this Warrant are only exercisable in the event the closing sale price of
the Company's Common Stock, as reported by the National Association of
Securities Dealers, Inc. Automated Quotation System ("Nasdaq") SmallCap Market,
has been at least One Dollar ($1.00) for five (5) consecutive trading days.

         2. Exercise of Warrant.

           a. Exercise for Cash. Subject to Section 1 hereof, the rights
represented by this Warrant may be exercised by the Holder, in whole or in part
(but not as to a fractional share of Common Stock), by the surrender of this
Warrant (properly endorsed, if required, at the Company's principal office in
Irving, Texas, or such other office or agency of the Company as the Company may
designate by notice in writing to the Holder at the address of such Holder
appearing on the books of the Company at any time within the period above
named), and upon payment to it by certified check, bank draft or cash of the
purchase price for such Shares. The Company agrees that the Shares so purchased
shall have and are deemed to be issued to the Holder as the record owner of such
Shares as of the close of business on the date on which this Warrant shall have
been surrendered and payment made for such Shares as aforesaid. Certificates for
the Shares of Common Stock so purchased shall be delivered to the Holder within
a reasonable time, not exceeding ten (10) days, after the rights represented by
this Warrant shall have been so exercised, and, unless this Warrant has expired,
a new Warrant representing the number of Shares, if any, with respect to which
this Warrant shall not then have been exercised shall also be delivered to the
Holder within such time. The Company may require that any such new Warrant or
any certificate for Shares purchased upon the exercise hereof bear a legend
substantially similar to that which is contained on the face of this Warrant.

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            b. Cashless Exercise. Subject to Section 1 hereof, upon receipt of a
notice of cashless exercise, the Company shall deliver to the Holder (without
payment by the Holder of any exercise price) that number of Shares that is equal
to the quotient obtained by dividing (x) the value of the Warrant on the date
that the Warrant shall have been surrendered (determined by subtracting the
aggregate exercise price for the Shares in effect on the Exercise Date from the
aggregate Fair Market Value (hereinafter defined) for the Shares by (y) the Fair
Market Value of one share of Common Stock. A notice of "cashless exercise" shall
state the number of Shares as to which the Warrant is being exercised. "Fair
Market Value" for purposes of this Section (b) shall mean the average of the
Common Stock closing prices reported by the principal exchange on which the
Common Stock is traded, or the last sale prices as reported by the Nasdaq
National Market or SmallCap Market, as the case may be, for the ten (10)
business days immediately preceding the Exercise Date or, in the event no public
market shall exist for the Common Stock at the time of such cashless exercise,
Fair Market Value shall mean the fair market value of the Common Stock as the
same shall be determined in the good faith discretion of the Board of Directors,
after full consideration of all factors then deemed relevant by such Board in
establishing such value, including by way of illustration and not limitation,
the per share purchase price of Common Stock or per security convertible into
one share of Common Stock of the most recent sale of shares of Common Stock or
securities convertible into Common Stock by the Company after the date hereof
all as evidenced by the vote of a majority of the directors then in office.

         3. Transferability of this Warrant. This Warrant is issued upon the
following terms, to which each Holder consents and agrees:

            a. Until this Warrant is transferred on the books of the Company,
         the Company will treat the Holder of this Warrant registered as such on
         the books of the Company as the absolute owner hereof for all purposes
         without being affected by any notice to the contrary.

            b. This Warrant may not be exercised, and this Warrant and the
         Shares underlying this Warrant shall not be transferable, except in
         compliance with all applicable state and federal securities laws,
         regulations and orders, and with all other applicable laws, regulations
         and orders.

            c. Prior to making any disposition of this Warrant or of any of the
         Shares underlying this Warrant, the Holder will give written notice to
         the Company describing the manner of any such proposed disposition. The
         Warrant may not be transferred, and the Shares may not be transferred,
         without the Holder obtaining an opinion of counsel satisfactory in form
         and substance to the Company's counsel stating that the proposed
         transaction will not result in a prohibited transaction under the
         Securities Act of 1933, as amended ("Securities Act"), and applicable
         Blue Sky laws. By accepting this Warrant, the Holder agrees to act in
         accordance with any conditions reasonably imposed on such transfer by
         such opinion of counsel.

            d. Neither this issuance of this Warrant nor the issuance of the
         Shares underlying this Warrant have been registered under the
         Securities Act.

         4. Certain Covenants of the Company. The Company covenants and agrees
that all Shares which may be issued upon the exercise of the rights represented
by this Warrant, upon issuance and full payment for the Shares so purchased,
will be duly authorized and issued, fully paid

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and nonassessable and free from all taxes, liens and charges with respect to the
issue hereof, except those that may be created by or imposed upon the Holder or
its property, and without limiting the generality of the foregoing, the Company
covenants and agrees that it will from time to time take all such actions as may
be requisite to assure that the par value per share of the Common Stock is at
all times equal to or less than the effective purchase price per share of the
Common Stock issuable pursuant to this Warrant. The Company further covenants
and agrees that during the period within which the rights represented by this
Warrant may be exercised, the Company will at all times have authorized and
reserved free of preemptive or other rights for the exclusive purpose of issue
upon exercise of the purchase rights evidenced by this Warrant, a sufficient
number of shares of its Common Stock to provide for the exercise of the rights
represented by this Warrant.

         5. Adjustment of Exercise Price and Number of Shares. The Exercise
Price and number of Shares are subject to the following adjustments:

            a. Adjustment of Exercise Price for Stock Dividend, Stock Split or
         Stock Combination. In the event that (i) any dividends on any class of
         stock of the Company payable in Common Stock or securities convertible
         into or exercisable for Common Stock ("Common Stock Equivalents") shall
         be paid by the Company, (ii) the Company shall subdivide its then
         outstanding shares of Common Stock into a greater number of shares, or
         (iii) the Company shall combine its outstanding shares of Common Stock,
         by reclassification or otherwise, then, in any such event, the Exercise
         Price in effect immediately prior to such event shall (until adjusted
         again pursuant hereto) be adjusted immediately after such event to a
         price (calculated to the nearest full cent) determined by dividing (a)
         the number of shares of Common Stock outstanding immediately prior to
         such event, multiplied by the then existing Exercise Price, by (b) the
         total number of shares of Common Stock outstanding immediately after
         such event, and the resulting quotient shall be the adjusted Exercise
         Price per share. No adjustment of the Exercise Price shall be made if
         the amount of such adjustment shall be less than $.05 per share, but in
         such case any adjustment that would otherwise be required then to be
         made shall be carried forward and shall be made at the time and
         together with the next subsequent adjustment which, together with any
         adjustment or adjustments so carried forward, shall amount to not less
         than $.05 per share.

            b. Adjustment of Number of Shares Purchasable on Exercise of
         Warrants. Upon each adjustment of the Exercise Price pursuant to this
         Section, the Holder shall thereafter (until another such adjustment) be
         entitled to purchase at the adjusted Exercise Price the number of
         shares, calculated to the nearest full share, obtained by multiplying
         the number of shares specified in such Warrant (as adjusted as a result
         of all adjustments in the Exercise Price in effect prior to such
         adjustment) by the Exercise Price in effect prior to such adjustment
         and dividing the product so obtained by the adjusted Exercise Price.

            c. Notice as to Adjustment. Upon any adjustment of the Exercise
         Price and any increase or decrease in the number of shares of Common
         Stock purchasable upon the exercise of the Warrant, then, and in each
         such case, the Company within thirty (30) days thereafter shall give
         written notice thereof, by first class mail, postage prepaid, addressed
         to each Holder as shown on the books of the Company, which notice shall
         state the adjusted Exercise Price and the increased or decreased number
         of shares purchasable upon the exercise of the Warrants, and shall set
         forth in reasonable detail the method of calculation and the facts upon
         which such calculation is based.

                                       3

<PAGE>   4

            d. Effect of Reorganization, Reclassification, Merger, etc. If at
         any time while any Warrant is outstanding there should be any capital
         reorganization of the capital stock of the Company (other than the
         issuance of any shares of Common Stock in subdivision of outstanding
         shares of Common Stock by reclassification or otherwise and other than
         a combination of shares provided for in Section 4(a) hereof), or any
         consolidation or merger of the Company with another corporation, or any
         sale, conveyance, lease or other transfer by the Company of all or
         substantially all of its property to any other corporation, which is
         effected in such a manner that the holders of Common Stock shall be
         entitled to receive cash, stock, securities, or assets with respect to
         or in exchange for Common Stock, then, as a part of such transaction,
         lawful provision shall be made so that each Holder shall have the right
         thereafter to receive, upon the exercise hereof, the number of shares
         of stock or other securities or property of the Company, or of the
         successor corporation resulting from such consolidation or merger, or
         of the corporation to which the property of the Company has been sold,
         conveyed, leased or otherwise transferred, as the case may be, which
         the Holder would have been entitled to receive upon such capital
         reorganization, reclassification of capital stock, consolidation,
         merger, sale, conveyance, lease or other transfer, if such Warrant had
         been exercised immediately prior to such capital reorganization,
         reclassification of capital stock, consolidation, merger, sale,
         conveyance, lease or other transfer. In any such case, appropriate
         adjustments (as determined by the Board of Directors of the Company)
         shall be made in the application of the provisions set forth in this
         Warrant (including the adjustment of the Exercise Price and the number
         of Shares issuable upon the exercise of the Warrants) to the end that
         the provisions set forth herein shall thereafter be applicable, as near
         as reasonably may be, in relation to any shares or other property
         thereafter deliverable upon the exercise of the Warrants as if the
         Warrants had been exercised immediately prior to such capital
         reorganization, reclassification of capital stock, such consolidation,
         merger, sale, conveyance, lease or other transfer and the Warrant
         Holders had carried out the terms of the exchange as provided for by
         such capital reorganization, consolidation or merger. The Company shall
         not effect any such capital reorganization, consolidation, merger or
         transfer unless, upon or prior to the consummation thereof, the
         successor corporation or the corporation to which the property of the
         Company has been sold, conveyed, leased or otherwise transferred shall
         assume by written instrument the obligation to deliver to each Holder
         such shares of stock, securities, cash or property as in accordance
         with the foregoing provisions such Holder shall be entitled to
         purchase.

         6. Registration Rights. If at any time, the Company shall propose to
file any registration statement (other than any registration on Form S-4, S-8 or
any other similarly inappropriate form, or any successor forms thereto) under
the 1933 Act covering a public offering of the Company's Common Stock, it will
notify the Holder hereof at least thirty (30) days prior to each such filing and
will use its best efforts to include in the Registration Statement (to the
extent permitted by applicable regulation), the Shares purchased or purchasable
by the Holder upon the exercise of the Warrant to the extent requested by the
Holder hereof within twenty (20) days after receipt of notice of such filing
(which request shall specify the interest in this Warrant or the Shares intended
to be sold or disposed of by such Holder and describe the nature of any proposed
sale or other disposition thereof); provided, however, that if a greater number
of Warrants and Shares is offered for participation in the proposed offering
than in the reasonable opinion of the managing underwriter of the proposed
offering can be accommodated without adversely affecting the proposed offering,
then the amount of Warrant and Shares proposed to be offered by such Holders for
registration, as well as the number of

                                       4

<PAGE>   5

securities of any other selling shareholders participating in the registration,
shall be proportionately reduced to a number deemed satisfactory by the managing
underwriter. The Company shall bear all expenses and fees incurred in connection
with the preparation, filing, and amendment of the Registration Statement with
the Commission, except that the Holder shall pay all fees, disbursements and
expenses of any counsel or expert retained by the Holder and all underwriting
discounts and commissions, filing fees and any transfer or other taxes relating
to the Shares included in the Registration Statement. The Holder of this Warrant
agrees to cooperate with the Company in the preparation and filing of any
Registration Statement, and in the furnishing of information concerning the
Holder for inclusion therein, or in any efforts by the Company to establish that
the proposed sale is exempt under the 1933 Act as to any proposed distribution.

         7. No Rights as Stockholders. This Warrant shall not entitle the Holder
as such to any voting rights or other rights as a stockholder of the Company.

         8. Company Redemption Option. Notwithstanding anything to the contrary
contained in this Warrant, following the effectiveness of the Registration
Statement, the Company's Board of Directors shall have the right to redeem the
Warrant at a redemption price of $.01 per Share if the average closing price of
the Company's Common Stock for any ten (10) consecutive trading days is at least
$6.00 per share (as appropriately adjusted for stock splits, stock dividends and
combinations). Notice of redemption to the Holder shall be given by mailing via
first class mail a notice of such redemption not less than thirty (30) days
prior to the date fixed for redemption. Any notice given in the manner described
above shall be conclusively presumed to have been given whether or not the
Holder receives the notice.

         9. Governing Law. This Warrant shall be governed by and construed in
accordance with the laws of the State of Minnesota.

         10. Amendments and Waivers. The provisions of this Warrant may not be
amended, modified or supplemented, and waiver or consents to departures from the
provisions hereof may not be given, unless the Company agrees in writing and has
obtained the written consent of the Holders.

         11. Notices. All notices or communications hereunder, except as herein
otherwise specifically provided, shall be in writing and if sent to the Holder
shall be mailed, delivered, or telefaxed and confirmed to the Holder at his or
her address set forth on the records of the Company; or if sent to the Company
shall be mailed, delivered, or telefaxed and confirmed to PopMail.com, inc.,
1333 Corporate Drive, Suite 350, Irving, Texas, 75038 or to such other address
as the Company or the Holder shall notify the other as provided in this Section.

         IN WITNESS WHEREOF, PopMail.com, inc. has caused this Warrant to be
signed by its duly authorized officer in the date set forth above.

                                POPMAIL.COM, INC.

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

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

                                       5

<PAGE>   6

                                SUBSCRIPTION FORM

         To be signed only upon exercise of Warrant.

         The undersigned, the holder of the within Warrant, hereby irrevocably
elects to exercise the purchase right represented by such Warrant for, and to
purchase thereunder, ____________________ of the shares of Common Stock of
PopMail.com, inc. (the "Shares") to which such Warrant relates and herewith
makes payment of $_____________ therefor in cash, certified check or bank draft
and requests that a certificate evidencing the Shares be delivered to,
_____________________________, the address for whom is set forth below the
signature of the undersigned:

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

                                       -----------------------------------------
                                       [Signature]

                                       -----------------------------------------
                                       [Printed]

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

                                       -----------------------------------------
                                       [Address]

                                      ~ ~ ~

                                 ASSIGNMENT FORM

         To be signed only upon authorized transfer of Warrant.

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and
transfers unto _____________________________________ the right to purchase
shares of Common Stock of PopMail.com, inc. to which the within Warrant relates
and appoints ____________________ attorney, to transfer said right on the books
of _________________ with full power of substitution in the premises.

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

                                       -----------------------------------------
                                       [Signature]

                                       -----------------------------------------
                                       [Printed]

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

                                       -----------------------------------------
                                       [Address]

                                       6

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