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                                                                    EXHIBIT 10.3

                         F.A.S.T. MANAGEMENT GROUP, INC.

                             1997 STOCK OPTION PLAN

         SECTION 1. Purpose. The purpose of this 1997 Stock Option Plan (this
"Plan") is to provide a means whereby F.A.S.T. MANAGEMENT GROUP, Inc. (the
"Company") or any parent or subsidiary of the Company, as defined in Subsection
5.9 (the "related Corporations"), may continue to attract, motivate and retain
selected employees, officers, independent contractors and directors (subject to
the restrictions contained in Sections 2 and 4) and to encourage stock ownership
in the Company through granting incentive stock options and/or nonqualified
stock options to purchase the Common Stock of the Company (as defined in Section
3), so that such key employees will more closely identify their interests with
those of the Company and its shareholders.

         SECTION 2. Administration. This Plan shall be administered by the Board
of Directors of the Company (the "Board") or, in the event the Board shall
appoint or authorize a committee to administer this Plan, by such committee. The
administrator of this Plan shall hereinafter be referred to as the "Plan
Administrator."

                  2.1 Procedures. The Board may designate one of the members of
the Plan Administrator as chairperson. The Plan Administrator may hold meetings
at such times and places as it shall determine. The acts of a majority of the
members of the Plan Administrator present at meetings at which a quorum exists,
or acts reduced to or approved in writing by all Plan Administrator members,
shall be valid acts of the Plan Administrator.

                  2.2 Responsibilities. Except for the terms and conditions
explicitly required in this Plan, the Plan Administrator shall have the
authority, in its discretion, to determine all matters relating to the options
to be granted under this Plan, including selection of the individuals to be
granted options, the number of shares to be subject to each option, the exercise
price, and all other terms and conditions of the options. Grants under this Plan
need not be identical in any respect, even when made simultaneously. The
interpretation and construction by the Plan Administrator of any terms or
provisions of this Plan or any option issued under this Plan, or of any rule or
regulation promulgated in connection with this Plan, shall be conclusive and
binding on all interested parties, so long as such interpretation and
construction with respect to incentive stock options correspond to the
requirements of Section 422 of the Internal Revenue Code (the "Code"), as
amended, and the regulations thereunder.

                  2.3 Section 16(b) Compliance and Bifurcation of Plan. In the
event the Company registers any of its equity securities pursuant to Section
12(b) or 12(g) of the Exchange Act, it is the intention of the Company that this
Plan, and options granted under this Plan, comply in all respects with Rule
16b-3 under the Exchange Act and, if any Plan provision is later found not to be
in compliance with such Section, the provision shall be deemed null and void,
and in all events this Plan shall be construed in favor of its meeting the
requirements of Rule 16b-3. Notwithstanding anything in this Plan to the
contrary, the Board, in its absolute discretion, may bifurcate this Plan so as
to restrict, limit or condition the use of any provision of this Plan to
participants who are officers and directors subject to Section 16(b) of the
Exchange Act without so restricting, limiting or conditioning other Plan
participants.

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         SECTION 3. Stock Subject to This Plan. The stock subject to this Plan
shall be the Company's Common Stock (the "Common Stock"), presently authorized
but unissued or now held or subsequently acquired by the Company as treasury
shares. Subject to adjustment as provided in Section 7 of this Plan, the
aggregate amount of Common Stock to be delivered upon the exercise of all
options granted under this Plan shall not exceed 700,000 shares as such Common
Stock was constituted on the effective date of this Plan. If any option granted
under this Plan expires or is surrendered, exchanged for another option,
canceled or terminated for any reason without having been exercised in full, the
unpurchased shares subject to such option shall again be available for purposes
of this Plan, including for replacement options which may be granted in exchange
for such surrendered, canceled or terminated options.

         SECTION 4. Eligibility. An incentive stock option may be granted only
to an individual who, at the time the option is granted, is an employee of the
Company and who the Board may from time to time select for participation in this
Plan. Members of the Board shall not be eligible for grants of incentive stock
options unless they are also employees of the Company. At the discretion of the
Plan Administrator, employees, officers, independent contractors and directors
of the Company (including nonemployee directors) may receive nonqualified stock
options. Any party to whom an option is granted under this Plan shall be
referred to in this Plan as an "Optionee."

         SECTION 5. Terms and Conditions of Options. Options granted under this
Plan shall be evidenced by written agreements which shall contain such terms,
conditions, limitations and restrictions as the Plan Administrator shall deem
advisable and which are not inconsistent with this Plan. Notwithstanding the
foregoing, options shall include or incorporate by reference the following terms
and conditions:

                  5.1 Number of Shares. The maximum number of shares that may be
purchased pursuant to the exercise of each option shall be as established by the
Plan Administrator.

                  5.2 Price of Shares. The price per share at which each option
is exercisable (the "exercise price") shall be as established by the Plan
Administrator, provided that the Plan Administrator shall act in good faith to
establish the exercise price as follows:

                           5.2.1 Incentive Stock Options. With respect to
incentive stock options intended to qualify under Section 422 of the Internal
Revenue Code, and subject to Subsection 5.2.3 below, the exercise price shall be
not less than the fair market value per share of the Common Stock at the time
the option is granted.

                           5.2.2 Nonqualified Stock Options. With respect to
nonqualified stock options, the exercise price shall be the amount set by the
Plan Administrator, provided that if the Company has registered any of its
equity securities pursuant to Section 12(b) or 12(g) of the Exchange Act, the
exercise price shall not be less than 85 percent of the fair market value of a
share of the Common Stock at the time the option is granted.

                           5.2.3 Incentive Stock Options to Greater than 10%
Shareholders. With respect to incentive stock options granted to greater than
10% shareholders, the exercise price shall be as required by Section 6.

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                           5.2.4 Fair Market Value. The fair market value per
share of the Common Stock for the purpose of determining the exercise price
under this Section 5.2 shall be determined by the Board in good faith at the
time the option is granted.

                  5.3 Term and Maturity. Subject to the restrictions contained
in Section 6 with respect to granting incentive stock options to greater than
10% shareholders, the term of each incentive stock option shall be ten (10)
years from the date it is granted unless a shorter or longer period of time is
established by the Plan Administrator, but in no event shall the term of any
incentive stock option exceed 10 years. The term of each nonqualified stock
option shall also be ten (10) years from the date it is granted unless a shorter
period of time is established by the Plan Administrator. To ensure that the
Company or related corporation will achieve the purpose and receive the benefits
contemplated in this Plan, any option granted to any Optionee under this Plan
shall, unless the condition of this sentence is waived or modified in the
agreement evidencing the option or by resolution adopted by the Plan
Administrator, be exercisable according to the following schedule:

             Period of Optionee's
            Continuous Relationship
          With the Company or Related
           Corporation From the Date                  Portion of Total Option
             the Option Is Granted                     Which Is Exercisable
          ---------------------------                 -----------------------

                  after 1 year                                 25%
                  after 2 years                                50%
                  after 3 years                                75%
                  after 4 years                               100%

                  5.4 Exercise. Subject to the vesting schedule described in
subsection 5.3 above and to any additional holding period required by applicable
law, each option may be exercised in whole or in part; provided, however, that
only whole shares will be issued pursuant to the exercise of any option. During
an Optionee's lifetime, any incentive stock options granted under this Plan are
personal to him or her and are exercisable solely by such Optionee. Options
shall be exercised by delivery to the Company of notice of the number of shares
with respect to which the option is exercised, together with payment of the
exercise price.

                  5.5 Payment of Exercise Price. Payment of the option exercise
price shall be made in full at the time the notice of exercise of the option is
delivered to the Company and shall be in cash, bank certified or cashier's check
or personal check (unless at the time of exercise the Plan Administrator in a
particular case determines not to accept a personal check) for the Class A
Common Stock being purchased.

                  The Plan Administrator can determine at the time the option is
granted for incentive stock options, or at any time before exercise for
nonqualified stock options, that additional forms of payment will be permitted,
including installment payments on such terms and over such period as the Plan
Administrator may determine in its discretion. To the extent permitted by the
Plan Administrator and applicable laws and regulations (including, but not
limited to, federal tax and

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securities laws and regulations and state corporate law), an option may be
exercised by:

                  (a) delivery of shares of stock of the Company held by an
Optionee having a fair market value equal to the exercise price, such fair
market value to be determined in good faith by the Plan Administrator;

                  (b) delivery of a full-recourse promissory note executed by
the Optionee, provided that (i) such note delivered in connection with an
incentive stock option shall, and such note delivered in connection with a
nonqualified stock option may, in the sole discretion of the Plan Administrator,
bear interest at a rate specified by the Plan Administrator but in no case less
than the rate required to avoid imputation of interest (taking into account any
exceptions to the imputed interest rules) for federal income tax purposes; (ii)
the Plan Administrator in its sole discretion shall specify the term and other
provisions of such note at the time an incentive stock option is granted or at
any time prior to exercise of a nonqualified stock option; (iii) the Plan
Administrator may require that the Optionee pledge the Optionee's shares to the
Company for the purpose of securing the payment of such note and may require
that the certificate representing such shares be held in escrow in order to
perfect the Company's security interest; (iv) the note provides that 90 days
following the Optionee's termination of employment with the Company or a related
entity, the entire outstanding balance under the note shall become due and
payable, if not previously due and payable; and (v) the Plan Administrator in
its sole discretion may at any time restrict or rescind this right upon
notification to the Optionee;

                  (c) delivery of a properly executed exercise notice, together
with irrevocable instructions to a broker, all in accordance with the
regulations of the Federal Reserve Board, to promptly deliver to the Company the
amount of sale or loan proceeds to pay the exercise price and any federal, state
or local withholding tax obligations that may arise in connection with the
exercise; provided, that the Plan Administrator, in its sole discretion, may at
any time determine that this Subparagraph (c), to the extent the instructions to
the broker call for an immediate sale of the shares, shall not be applicable to
any Optionee who is subject to Section 16(b) of the Exchange Act if such
transaction would result in a violation of Section 16(b), or is not an employee
at the time of exercise;

                  (d) delivery of a properly executed exercise notice, together
with a request by the Optionee for the Company to pay the exercise price by
withholding from the shares that would otherwise be issued that number of shares
having a fair market value equal to the option exercise price; provided, the
Plan Administrator retains complete discretion to honor or deny the Optionee's
request for such a method of exercise.

                  5.6 Withholding Tax Requirement. The Company or any related
entity shall have the right to retain and withhold from any payment of cash or
Class A Common Stock under this Plan the amount of taxes required by any
government to be withheld or otherwise deducted and paid with respect to such
payment. At its discretion, the Company may require an Optionee receiving shares
of Class A Common Stock to reimburse the Company or a related entity for any
such taxes required to be withheld and may withhold any distribution in whole or
in part until the Company, or related entity, is so reimbursed. In lieu of such
withholding or reimbursement, the Company (or related entity) shall have the
right to withhold from any other cash amounts due or to become due from the
Company (or related entity) to the Optionee an amount equal to such taxes or

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to retain and withhold a number of shares having a market value not less than
the amount of such taxes required to be withheld as reimbursement for any such
taxes and cancel (in whole or in part) any such shares so withheld.

                  5.7 Nontransferability of Option. Options granted under this
Plan and the rights and privileges conferred by this Plan may not be
transferred, assigned, pledged or hypothecated in any manner (whether by
operation of law or otherwise) other than by will or by the applicable laws of
descent and distribution; provided, with respect to a non-qualified stock
option, an Optionee may transfer the option to a revocable trust created by the
Optionee for the benefit of his or her descendants, to an immediate family
member or to a partnership in which only immediate family members or such trusts
are partners. Options under this Plan shall not be subject to execution,
attachment or similar process. Any attempt to transfer, assign, pledge,
hypothecate or otherwise dispose of any option under this Plan or of any right
or privilege conferred by this Plan, contrary to the Code or to the provisions
of this Plan, or the sale or levy or any attachment or similar process upon the
rights and privileges conferred by this Plan shall be null and void.
Notwithstanding the foregoing, an Optionee may during the Optionee's lifetime,
designate a person who may exercise the option after the Optionee's death by
giving written notice of such designation to the Plan Administrator. Such
designation may be changed from time to time by the Optionee by giving written
notice to the Plan Administrator revoking any earlier designation and making a
new designation.

                  5.8 Termination of Relationship.

                           5.8.1 Termination Other Than Termination For Cause,
Death or Total Disability. If the Optionee's relationship with the Company or
any related corporation ceases for any reason other than termination for cause,
death or total disability, and unless by its terms the option sooner terminates
or expires, then the Optionee may exercise, for a three (3) month period after
such cessation, that portion of the Optionee's option which is exercisable at
the time of such cessation. The Optionee's option, however, shall terminate at
the end of the three (3) month period following such cessation as to all Shares
for which it has not been exercised, unless such provision is waived in the
agreement evidencing the option or by resolution adopted by the Plan
Administrator. If, in the case of an incentive stock option, an Optionee's
relationship with the Company or related corporation changes (i.e., from
employee to nonemployee, such as a consultant), such change shall constitute a
termination of an Optionee's employment with the Company or related corporation
and the Optionee's incentive stock option shall terminate in accordance with
this subsection. Upon the expiration of the three (3) month period following
cessation of employment, the Plan Administrator shall have sole discretion in a
particular circumstance to extend the exercise period following such cessation
beyond that specified above. If, however, in the case of an incentive stock
option, the Optionee does not exercise the Optionee's option within three (3)
months after cessation of employment, the option will no longer qualify as an
incentive stock option under the Code.

                           5.8.2 Termination For Cause. If an Optionee is
terminated for cause, any option granted under this Plan shall automatically
terminate as of the first discovery by the Company of any reason for termination
for cause, and such Optionee shall have no right to purchase any shares pursuant
to such option. "Termination for cause" shall mean dismissal for dishonesty,
conviction or confession of a crime punishable by law (except minor violations),
fraud,

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misconduct or disclosure of confidential information. If an Optionee is
suspended pending an investigation of whether or not the Optionee shall be
terminated for cause, all Optionee's rights under any option granted under this
Plan shall likewise be suspended during the period of investigation.

                           5.8.3 Termination Because of Total Disability. If an
Optionee's relationship with the Company or any related corporation ceases
because of a total disability, the Optionee's option shall not terminate or, in
the case of an incentive stock option, cease to be treated as an incentive stock
option until the end of the 12-month period following such cessation (unless by
its terms it sooner terminates and expires). As used in this Plan, the term
"total disability" refers to a mental or physical impairment of the Optionee
which is expected to result in death or which has lasted or is expected to last
for a continuous period of 12 months or more and which causes the Optionee to be
unable, in the opinion of the Company and two independent physicians, to perform
his or her duties for the Company and to be engaged in any substantial gainful
activity. Total disability shall be deemed to have occurred on the first day
after the Company and the two independent physicians have furnished their
opinion of total disability to the Plan Administrator.

                           5.8.4 Transfer of Relationship Between Company and
Related Company. For purposes of this subsection 5.9, a transfer of relationship
between or among the Company and/or any related corporation (as defined in
Section 5.9.6 below) shall not be deemed to constitute a cessation of
relationship with the Company or any of its related corporations.

                           5.8.5 Military Leave, Sick Leave and Bona Fide Leave
of Absence. For purposes of this subsection 5.9, with respect to incentive stock
options, employment shall be deemed to continue while the Optionee is on
military leave, sick leave or other bona fide leave of absence (as determined by
the Plan Administrator). The foregoing notwithstanding, employment shall not be
deemed to continue beyond the first 90 days of such leave, unless the Optionee's
reemployment rights are guaranteed by statute or by contract.

                           5.8.6 Related Corporation. As used in this Plan, the
term "related corporation," when referring to a subsidiary corporation, shall
mean any corporation (other than the Company) which, at the time of the granting
of the option, is in an unbroken chain of corporations ending with the Company,
if stock possessing 50% or more of the total combined voting power of all
classes of stock of each of the corporations other than the Company is owned by
one of the other corporations in such chain. When referring to a parent
corporation, the term "related corporation" shall mean any corporation in an
unbroken chain of corporations ending with the Company if, at the time of the
granting of the option, each of the corporations other than the Company owns
stock possessing 50% or more of the total combined voting power of all classes
of stock in one of the other corporations in such chain.

                  5.9 Death of Optionee. If an Optionee dies while he or she has
a relationship with the Company or any related corporation or dies within the
three (3) month period (or 12-month period in the case of totally disabled
Optionees) following cessation of such relationship, any option held by such
Optionee to the extent that the Optionee would have been entitled to exercise
such option, may be exercised within one year after his or her death by the
personal representative of his or her estate or by the person or persons to whom
the Optionee's rights under the option shall pass by will or by the applicable
laws of descent and distribution.

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                  5.10 Status of Shareholder. Neither the Optionee nor any party
to which the Optionee's rights and privileges under the option may pass shall
be, or have any of the rights or privileges of, a shareholder of the Company
with respect to any of the shares issuable upon the exercise of any option
granted under this Plan unless and until such option has been exercised.

                  5.11 Continuation of Employment. Nothing in this Plan or in
any option granted pursuant to this Plan shall confer upon any Optionee any
right to continue in the employ of the Company or of a related corporation, or
to interfere in any way with the right of the Company or of any related
corporation to terminate his or her employment or other relationship with the
Company at any time.

                  5.12 Modification and Amendment of Option. Subject to the
requirements of Code Section 422 with respect to incentive stock options and to
the terms and conditions and within the limitations of this Plan, the Plan
Administrator may modify or amend outstanding options granted under this Plan.
The modification or amendment of an outstanding option shall not, without the
consent of the Optionee, impair or diminish any of his or her rights or any of
the obligations of the Company under such option. Except as otherwise provided
in this Plan, no outstanding option shall be terminated without the consent of
the Optionee. Unless the Optionee agrees otherwise, any changes or adjustments
made to outstanding incentive stock options granted under this Plan shall be
made in such a manner so as not to constitute a "modification" as defined in
Code Section 424(h) and so as not to cause any incentive stock option issued
hereunder to fail to continue to qualify as an incentive stock option as defined
in Code Section 422(b).

                  5.13 Limitation on Value for Incentive Stock Options. As to
all incentive stock options granted under the terms of this Plan, to the extent
that the aggregate fair market value (determined at the time the incentive stock
option is granted) of the stock with respect to which incentive stock options
are exercisable for the first time by the Optionee during any calendar year
(under this Plan and all other incentive stock option plans of the Company, a
related corporation or a predecessor corporation) exceeds $100,000, those
options (or the portion of an option) beyond the $100,000 threshold shall be
treated as nonqualified stock options. The previous sentence shall not apply if
the Internal Revenue Service publicly rules, issues a private ruling to the
Company, any Optionee, or any legatee, personal representative or distributee of
an Optionee or issues regulations changing or eliminating such annual limit.

                  5.14 Shareholders' Agreement. To the extent required by the
Plan Administrator upon exercise of an option the Optionee shall agree to enter
into and be bound by the agreement then in effect, if any, between the Company
and its shareholders relating to the repurchase by the Company of its
outstanding Class A Common Stock.

         SECTION 6. Greater Than 10% Shareholders.

                  6.1 Exercise Price and Term of Incentive Stock Options. If
incentive stock options are granted under this Plan to employees who own more
than 10% of the total combined voting power of all classes of stock of the
Company or any related corporation, the term of such incentive stock options
shall not exceed five years and the exercise price shall be not less than 110%
of the fair market value of the Common Stock at the time the incentive stock
option is granted. This

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provision shall control notwithstanding any contrary terms contained in an
option agreement or any other document.

                  6.2 Attribution Rule. For purposes of subsection 6.1, in
determining stock ownership, an employee shall be deemed to own the stock owned,
directly or indirectly, by or for his brothers, sisters, spouse, ancestors and
lineal descendants. Stock owned, directly or indirectly, by or for a
corporation, partnership, estate or trust shall be deemed to be owned
proportionately by or for its shareholders, partners or beneficiaries. If an
employee or a person related to the employee owns an unexercised option or
warrant to purchase stock of the Company, the stock subject to that portion of
the option or warrant which is unexercised shall not be counted in determining
stock ownership. For purposes of this Section 6, stock owned by an employee
shall include all stock actually issued and outstanding immediately before the
grant of the incentive stock option to the employee.

         SECTION 7. Adjustments Upon Changes in Capitalization. The aggregate
number and class of shares for which options may be granted under this Plan, the
number and class of shares covered by each outstanding option and the exercise
price per share thereof (but not the total price), and each such option, shall
all be proportionately adjusted for any increase or decrease in the number of
issued shares of Common Stock of the Company resulting from a split-up or
consolidation of shares or any like capital adjustment, or the payment of any
stock dividend.

                  7.1 Effect of Liquidation, Reorganization or Change in
Control.

                           7.1.1 Cash, Stock or Other Property for Stock. Except
as provided in subsection 7.1.2, upon a merger (other than a merger of the
Company in which the holders of Common Stock immediately prior to the merger
have the same proportionate ownership of Common Stock in the surviving
corporation immediately after the merger), consolidation, acquisition of
property or stock, separation, reorganization (other than a mere reincorporation
or the creation of a holding company) or liquidation of the Company, as a result
of which the shareholders of the Company receive cash, stock or other property
in exchange for or in connection with their shares of Common Stock, any option
granted under this plan shall terminate, but the Optionee shall have the right
immediately prior to any such merger, consolidation, acquisition of property or
stock, separation, reorganization or liquidation to exercise such option in
whole or in part, to the extent the vesting requirements set forth in the option
agreement have been satisfied, unless stated otherwise in the optionee's
individual option agreement.

                           7.1.2 Conversion of Options on Stock for Stock
Exchange. If the shareholders of the Company receive capital stock of another
corporation ("Exchange Stock") in exchange for their shares of Common Stock in
any transaction involving a merger (other than a merger of the Company in which
the holders of Common Stock immediately prior to the merger have the same
proportionate ownership of Common Stock in the surviving corporation immediately
after the merger), consolidation, acquisition of property or stock, separation
or reorganization (other than a mere reincorporation or the creation of a
holding company), all options granted under this Plan shall be converted into
options to purchase shares of Exchange Stock unless the Company and the
corporation issuing the Exchange Stock, in their sole discretion, determine that
any or all such options granted under this Plan shall not be converted into
options to purchase shares of Exchange Stock, but instead shall terminate in
accordance with the provisions of subsection 7.1.1. The

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amount and price of converted options shall be determined by adjusting the
amount and price of the options granted under this Plan in the same proportion
as used for determining the number of shares of Exchange Stock the holders of
the Common Stock receive in such merger, consolidation, acquisition of property
or stock, separation or reorganization. Unless accelerated by the Board, the
vesting schedule set forth in the option agreement shall continue to apply for
the Exchange Stock.

                           7.1.3 Change in Control. In the event of a "Change in
Control", as defined below, of the Company, unless otherwise determined by the
Board prior to the occurrence of such Change in Control, any options or portions
of such options outstanding as of the date such Change in Control is determined
to have occurred that are not yet fully vested on such date shall become
immediately exercisable in full.

                           7.1.4 Definition of "Change in Control." For purposes
of this Plan, a "Change in Control" shall mean (a) the first approval by the
Board or by the stockholders of the Company of an Extraordinary Event, (b) a
Purchase, or (c) a Board Change. For purposes of the Plan, an "Extraordinary
Event" shall mean any of the following actions:

                  (i) any consolidation or merger of the Company in which the
         Company is not the continuing or surviving corporation or pursuant to
         which shares of Common Stock would be converted into cash, securities
         or other property, other than a merger of the Company in which the
         holders of Common Stock immediately prior to the merger have the same
         proportionate ownership of common stock of the surviving corporation
         immediately after the merger;

                  (ii) any sale, lease, exchange or other transfer (in one
         transaction or a series of related transactions) of all, or
         substantially all, the assets of the Company; or

                  (iii) the adoption of any plan or proposal for liquidation or
         dissolution of the Company.

                  For purposes of the Plan, a "Purchase" shall mean the
         acquisition by any person (as such term is defined in Section 13(d) of
         the Exchange Act) of any shares of Common Stock or securities
         convertible into Common Stock) without the prior approval of a majority
         of the Continuing Directors (as defined below) of the Company, if after
         making such acquisition such person is the beneficial owner (as such
         term is defined in Rule 13d-3 under the Exchange Act) directly or
         indirectly of Securities of the Company representing 20% or more of the
         combined voting power of the Company's then outstanding securities
         (calculated as provided in paragraph (d) of such Rule 13d-3). For
         purposes of the Plan, a "Board Change" shall have occurred if
         individuals who constitute the Board of the Company at the time of
         adoption of this Plan (the "Continuing Directors") cease for any reason
         to constitute at least a majority of the Board, provided that any
         person becoming a Director subsequent to the date of adoption of this
         Plan whose nomination for election was approved by a vote of at least a
         majority of the Continuing Directors (other than a nomination of an
         individual whose initial assumption of office is in connection with an
         actual threatened election contest relating to the election of the
         Directors of the Company, as such terms are used in Rule 14a-11 of
         Regulation 14A under the Exchange Act) shall be deemed to be a
         Continuing Director.

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

                  7.3 Determination of Board to Be Final. All Section 7
adjustments shall be made by the Board, and its determination as to what
adjustments shall be made, and the extent of such adjustments, shall be final,
binding and conclusive. Unless an Optionee agrees otherwise, any change or
adjustment to an incentive stock option shall be made in such a manner so as not
to constitute a "modification" as defined in Code Section 424(h) and so as not
to cause his or her incentive stock option issued hereunder to fail to continue
to qualify as an incentive stock option as defined in Code Section 422(b).

         SECTION 8. Securities Regulation. Shares shall not be issued with
respect to an option granted under this Plan unless the exercise of such option
and the issuance and delivery of such shares pursuant to the exercise of such
option shall comply with all relevant provisions of law, including, without
limitation, any applicable state securities laws, the Securities Act of 1933, as
amended, the Exchange Act, the rules and regulations promulgated thereunder, and
the requirements of any stock exchange upon which the shares may then be listed,
and shall be further subject to the approval of counsel for the Company with
respect to such compliance, including the availability of an exemption from
registration for the issuance and sale of any shares under this Plan. Inability
of the Company to obtain from any regulatory body having jurisdiction, the
authority deemed by the Company's counsel to be necessary for the lawful
issuance and sale of any shares under this Plan or the unavailability of an
exemption from registration for the issuance and sale of any shares under this
Plan shall relieve the Company of any liability in respect of the nonissuance or
sale of such shares as to which such requisite authority shall not have been
obtained.

         As a condition to the exercise of an option, the Company may require
the Optionee to represent and warrant at the time of any such exercise that the
shares are being purchased only for investment and without any present intention
to sell or distribute such shares if, in the opinion of counsel for the Company,
such a representation is required by any relevant provision of the
aforementioned laws. At the option of the Company, a stop-transfer order against
any shares of stock may be placed on the official stock books and records of the
Company, and a legend indicating that the stock may not be pledged, sold or
otherwise transferred unless an opinion of counsel is provided (concurred in by
counsel for the Company) stating that such transfer is not in violation of any
applicable law or regulation, may be stamped on stock certificates in order to
assure exemption from registration. The Plan Administrator may also require such
other action or agreement by the Optionees as may from time to time be necessary
to comply with the federal and state securities laws. THIS PROVISION SHALL NOT
OBLIGATE THE COMPANY TO UNDERTAKE REGISTRATION OF THE OPTIONS OR STOCK
HEREUNDER.

         Should any of the Company's capital stock of the same class as the
stock subject to options granted under this Plan be listed on a national
securities exchange, all stock issued under this Plan if not previously listed
on such exchange shall be authorized by that exchange for listing on such
exchange prior to the issuance of such stock.

<PAGE>   11

         SECTION 9. Amendment and Termination.

                  9.1 Board Action. The Board may at any time suspend, amend or
terminate this Plan, provided that except as set forth in Section 7, the
approval of the Company's shareholders is necessary within 12 months before or
after the adoption by the Board of any amendment which will:

                           (a) increase the number of shares which are to be
reserved for the issuance of options under this Plan;

                           (b) permit the granting of stock options to a class
of persons other than those presently permitted to receive stock options under
this Plan; or

                           (c) require shareholder approval under applicable
law.

         Any amendment made to this Plan which would constitute a "modification"
to incentive stock options outstanding on the date of such amendment, shall not
be applicable to such outstanding incentive stock options, but shall have
prospective effect only, unless the Optionee agrees otherwise.

                  9.2 Automatic Termination. Unless sooner terminated by the
Board, this Plan shall terminate ten years from the earlier of (a) the date on
which this Plan is adopted by the Board or (b) the date on which this Plan is
approved by the shareholders of the Company. No option may be granted after such
termination or during any suspension of this Plan. The amendment or termination
of this Plan shall not, without the consent of the option holder, alter or
impair any rights or obligations under any option previously granted under this
Plan.

         SECTION 10. Effectiveness of This Plan. This Plan shall become
effective upon adoption by the Board so long as it is approved by the Company's
shareholders any time within 12 months before or after the adoption of this
Plan.

Adopted by the Board of Directors on May 14, 1997, and approved by the
shareholders on May 14, 1997.<PAGE>   1

                                                                    EXHIBIT 10.5

                             STOCK PURCHASE WARRANT

         This Warrant is issued as of this 8th day of October, 1997, by
BUILDNET, INC., a North Carolina corporation (the "Company"), to PETRA CAPITAL,
LLC, a Georgia limited liability company (Petra Capital, LLC and any subsequent
assignee or transferee hereof are hereinafter referred to collectively as
"Holder" or "Holders").

                                   AGREEMENT:

         Section 1. Issuance of Warrant, Term.

         (a) Petra Capital, LLC ("Petra") is making a loan to the Company in the
amount of $3,000,000 (the "Loan"). Petra is funding $2,000,000 of the Loan, and
Piedmont Venture Partners Limited Partnership ("Piedmont") is funding $1,000,000
of the Loan. The portion of the Loan funded by Petra is evidenced by a Secured
Promissory Note of even date herewith, in the original principal amount of
$2,000,000, payable to the order of Petra (together with any and all extensions,
replacements and renewals thereof, the "Note") and a Loan and Security Agreement
of even date herewith (as amended, supplemented or otherwise modified from time
to time, the "Loan Agreement"). In consideration of the funding of $2,000,000 of
the Loan, the receipt and sufficiency of which are hereby acknowledged, the
Company hereby grants to Holder the right to purchase 25,318 shares of the
Company's common stock (the "Common Stock"), which the Company hereby represents
to equal 2% of the shares of capital stock outstanding on the date hereof,
calculated on a Fully Diluted Basis (as hereinafter defined) assuming exercise
of this Warrant and issuance of such shares. For purposes of this Warrant,
"Fully Diluted Basis" means at any time, without duplication, the number of
outstanding shares of Common Stock, after giving effect to (x) all shares of
Common Stock actually outstanding at the time of determination, (y) all shares
of Common Stock issuable upon the exercise of any option, warrant (including,
without limitation, this Warrant) or similar right outstanding at the time of
determination, and (z) all shares of Common Stock issuable upon the exercise of
any conversion or exchange right contained in any security convertible into or
exchangeable for shares of Common Stock, and assuming that (i) 16,891 shares of
Common Stock were issuable upon the conversion of all of the convertible
indebtedness of the Company outstanding on the date hereof, (ii) that 1,800
shares of common stock, or warrants to purchase such number of shares, were
issuable to certain vendors of the Company as of the date hereof; (iii) that
options to purchase 155,000 shares of Common Stock were outstanding as of the
date hereof under the Company's 1997 Stock Plan; (iv) that options outstanding
under the Sun Forest Systems, Inc. 1995 Stock Award Plan (the "Sun Forest Plan")
were not outstanding as of the date hereof, (v) that options to purchase 7,323
shares of Common Stock to a financial consultant to the Company were outstanding
as of the date hereof.

         (b) The shares of Common Stock issuable upon exercise of this Warrant
are hereinafter referred to as the "Shares." This Warrant shall be exercisable
at any time and from time to time from the date hereof until October 7, 2007.

         Section 2. Exercise Price. The exercise price (the "Exercise Price")
per share for which all or any of the Shares may be purchased pursuant to the
terms of this Warrant shall be one cent ($.01).

         Section 3. Exercise.
<PAGE>   2

         (a) This Warrant may be exercised by the Holder hereof (but only on the
conditions hereafter set forth) as to all or any increment or increments of one
hundred (100) Shares (or the balance of the Shares if less than such number),
upon delivery of written notice of intent to exercise to the Company at the
following address: 4815 Emperor Blvd., Suite 214, Durham, NC 27703, Attention:
Steve Thompson, or such other address as the Company shall designate in a
written notice to the Holder hereof, together with this Warrant and payment to
the Company of the aggregate Exercise Price of the Shares so purchased. The
Exercise Price shall be payable, at the option of the Holder, (i) by certified
or bank check, (ii) by the surrender of the Note or portion thereof having an
outstanding principal balance equal to the aggregate Exercise Price. Upon
exercise of this Warrant as aforesaid, the Company shall as promptly as
practicable, and in any event within fifteen (15) days thereafter, execute and
deliver to the Holder of this Warrant a certificate or certificates for the
total number of whole Shares for which this Warrant is being exercised in such
names and denominations as are requested by such Holder. If this Warrant shall
be exercised with respect to less than all of the Shares, the Holder shall be
entitled to receive a new Warrant covering the number of Shares in respect of
which this Warrant shall not have been exercised, which new Warrant shall in all
other respects be identical to this Warrant. The Company covenants and agrees
that it will pay when due any and all state and federal issue taxes which may be
payable in respect of the issuance of this Warrant or the issuance of any Shares
upon exercise of this Warrant.

         (b) In lieu of exercising this Warrant pursuant to Section 3(a) above,
the Holder shall have the right to require the Company to convert this Warrant
(as it may be adjusted pursuant to Section 5 hereof), in whole or in part and at
any time or times into Shares (the "Conversion Right"), upon delivery of written
notice of intent to convert to the Company at its address in Section 3(a) or
such other address as the Company shall designate in a written notice to the
Holder hereof, together with this Warrant. Upon exercise of the Conversion
Right, the Company shall deliver to the Holder (without payment by the Holder of
any Exercise Price) that number of Shares which is equal to the quotient
obtained by dividing (x) the net value of the number of Shares with respect to
which Holder is then exercising the Conversion Right (determined by subtracting
the aggregate Exercise Price for the Shares with respect to which Holder is then
exercising the Conversion Right from a number equal to the product of (i) the
Fair Market Value per Share (as such term is defined in Section 5(b)) as at such
time, multiplied by (ii) that number of Shares with respect to which Holder is
then exercising the Conversion Right), by (y) the Fair Market Value per Share.
Any references in any Warrants to the "exercise" of this Warrant, and the use of
the term exercise herein, shall be deemed to include (without limitation) any
exercise of the Conversion Right.

         Section 4. Covenants and Conditions. The above provisions are subject
to the following:

         (a) Neither this Warrant nor the Shares have been registered under the
Securities Act of 1933, as amended ("Securities Act") or any state securities
laws ("Blue Sky Laws"). This Warrant has been acquired for investment purposes
and not with a view to distribution or resale. Except for the Holder's intended
transfer to Petra Special Purpose, LLC (the "SPV") and the subsequent collateral
assignment by the SPV, this Warrant may not be pledged, hypothecated, sold, made
subject to a security interest, or otherwise transferred without (i) an
effective registration statement for such Warrant under the Securities Act and
such applicable Blue Sky Laws, or (ii) an opinion of counsel, which opinion and
counsel shall be reasonably satisfactory to the Company and its counsel, that
registration is not required under the Securities Act or under any applicable
Blue Sky Laws (the Company hereby acknowledges that Sherrard & Roe, PLC is
acceptable counsel). Transfer of Shares

                                       2
<PAGE>   3

issued upon the exercise of this Warrant shall be restricted in the same manner
and to the same extent as the Warrant, and the certificates representing such
Shares shall, subject to Section 6 hereof, bear substantially the following
legend:

         THE SHARES OF COMMON STOCK REPRESENTED BY THIS CERTIFICATE HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY
APPLICABLE STATE SECURITIES LAW AND MAY NOT BE TRANSFERRED UNTIL (I) A
REGISTRATION STATEMENT UNDER THE ACT OR SUCH APPLICABLE STATE SECURITIES LAW S
SHALL HAVE BECOME EFFECTIVE WITH REGARD THERETO, OR (11) IN THE OPINION OF
COUNSEL ACCEPTABLE TO THE COMPANY, REGISTRATION UNDER SUCH SECURITIES ACTS OR
SUCH APPLICABLE STATE SECURITIES LAWS IS NOT REQUIRED IN CONNECTION WITH SUCH
PROPOSED TRANSFER.

The Holder hereof and the Company agree to execute such other documents and
instruments as counsel for the Company reasonably deems necessary to effect the
compliance of the issuance of this Warrant and any shares of Common Stock issued
upon exercise hereof with applicable federal and state securities laws.

         (b) The Company covenants and agrees that all Shares which may be
issued upon exercise of this Warrant will, upon issuance and payment therefor,
be legally and validly issued and outstanding, fully paid and nonassessable,
free from all taxes, liens, charges and preemptive rights (other-than any
created by the Holder), if any, with respect thereto or to the issuance thereof.
The Company shall at all times reserve and keep available for issuance upon the
exercise of this Warrant such number of authorized but unissued shares of Common
Stock as will be sufficient to permit the exercise in full of this Warrant.

         Section 5. Adjustment of Exercise Price and Number of Shares Issuable.
The Exercise Price and the number of Shares (or other securities or property)
issuable upon exercise of this Warrant shall be subject to adjustment from time
to time upon the occurrence of any of the events enumerated in this Section 5.

         (a) Common Stock Reorganization. If the Company shall (i) subdivide or
consolidate its outstanding shares of Common Stock (or any class thereof) into a
greater or smaller number of shares, (ii) pay a dividend or make a distribution
on its Common Stock (or any class thereof) in shares of its capital stock, or
(iii) issue by reclassification of its Common Stock (or any class thereof) any
shares of its capital stock (any such event described in clauses (i), (ii) or
(iii) being called a "Common Stock Reorganization"), then the Exercise Price and
the type of securities for which this Warrant is exercisable shall be adjusted
immediately such that the Holder thereafter shall be entitled to received upon
exercise of this Warrant the aggregate number and type of securities that it
would have received if this Warrant had been exercised immediately prior to such
Common Stock Reorganization.

         (b) Common Stock Distribution. If the Company shall issue, sell,
distribute or otherwise grant any shares of Common Stock, other than pursuant to
a Common Stock Reorganization (any such issuance, sale, distribution or grant
being herein called a "Common Stock Distribution"), for a consideration per
share less than the Fair Market Value per Share immediately prior to such Common
Stock Distribution, then the Exercise Price shall be reduced to the price
determined by multiplying

                                       3
<PAGE>   4

such Exercise Price 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 Stock Distribution plus the number of shares issuable upon exercise of
this Warrant and any Additional Warrants issued pursuant to the Loan Agreement
plus (B) the quotient obtained by dividing the aggregate consideration, if any,
received by the Company upon such Common Stock Distribution by such Fair Market
Value per Share, and the denominator of which shall be the total number of
shares of Common Stock outstanding immediately after such Common Stock
Distribution plus the number of shares issuable upon exercise of this Warrant
and any Additional Warrants issued pursuant to the Loan Agreement. "Fair Market
Value per Share" as of any time means the fair market value of the Company as of
such time divided by the number of outstanding shares of Common Stock, as of
such time after giving effect to the exercise of this Warrant and any Additional
Warrants issued pursuant to the Loan Agreement.

         (c) Convertible Securities and Option Securities. If the Company shall
issue, sell, distribute or otherwise grant (including by assumption):

                  (i) any stock or other securities convertible into or
         exchangeable for Common Stock, whether or not the rights to exchange or
         convert thereunder are immediately exercisable such convertible or
         exchangeable stock or securities being herein called "Convertible
         Securities"), or

                  (ii) any rights to subscribe for or to purchase, or any
         warrants or options for the purchase of, Common Stock or Convertible
         Securities, whether or not immediately exercisable, other than (A) any
         Additional Warrants issued pursuant to the Loan Agreement, -or (B)
         Permitted Plan Options (as defined below) (such rights, warrants or
         options being herein called "Option Securities"),

and the lowest aggregate consideration per share for which Common Stock is
issuable upon the exercise of such Convertible Securities or Option Securities
(and, if applicable, upon conversion or exchange of Convertible Securities
issuable upon exercise of Option Securities) shall be less than the Fair Market
Value per Share at such time, then the Exercise Price shall be reduced to the
price determined by multiplying such Exercise Price by a fraction, the numerator
of which shall be the sum of (A) the number of shares of Common Stock then
outstanding plus the number of shares issuable upon exercise of this Warrant and
any Additional Warrants issued pursuant to the Loan Agreement plus (B) the
quotient obtained by dividing the aggregate consideration, if any, received or
receivable by the Company upon such issuance, sale, distribution or grant by
such Fair Market Value per Share, and the denominator of which shall be the
total number of shares of Common Stock then outstanding plus the number of
shares issuable upon exercise of this Warrant and any Additional Warrants issued
pursuant to the Loan Agreement plus the total maximum number of shares issuable
upon exercise or conversion of such Convertible Securities or Option Securities
and, in the case of Option Securities to acquire Convertible Securities, upon
conversion or exchange of the total maximum amount of such Convertible
Securities issuable upon the exercise of such Option Securities. If any of such
Convertible Securities or Option Securities shall have terminated, lapsed or
expired prior to exercise, exchange or conversion, the Exercise Price then in
effect shall forthwith be readjusted (effective only with respect to any
exercise of Warrants after such readjustment) to the Exercise Price which would
then be in effect had the adjustment not been made upon the issuance, sale,
distribution or grant of such Convertible Securities or Option Securities. For
purposes hereof, "Permitted Plan Options" shall mean Option Securities issued
pursuant to the Company's 1997 Stock Plan; provided that the number of shares of

                                       4
<PAGE>   5

Common Stock issuable upon exercise thereof shall not exceed in the aggregate,
the sum of (i) 155,000 shares, less (ii) any shares of Common Stock issuable
upon the exercise of options granted under the Sun Forest Plan (net of any
options thereunder which have been canceled), in each case, adjusted to account
for any stock splits, subdivisions or the like.

         (d) Adjustment in Number of Shares. Upon each adjustment to the
Exercise Price pursuant to subsections (a), (b) or (c) this Section 5, this
Warrant shall thereafter evidence the right to receive upon payment of the
adjusted Exercise Price that number of Shares obtained by multiplying the number
of Shares previously issuable upon exercise of this Warrant by a fraction the
numerator of which is the Exercise Price prior to adjustment and the denominator
of which is the adjusted Exercise Price.

         (e) Non-Cash Consideration. If any shares of Common Stock, Option
Securities or Convertible Securities shall be issued, sold, distributed or
granted for a consideration other than cash, the amount of the consideration
other than cash received by the Company shall be deemed to be the fair market
value of such consideration, as determined in good faith by the Corporation's
Board of Directors. If any shares of Common Stock, Option Securities or
Convertible Securities shall be issued in connection with any merger in which
the Company is the surviving corporation, the amount of consideration therefor
shall be deemed to be the fair market value, as determined in good faith by the
Corporation's Board of Directors, of such portion of the assets and business of
the non-surviving corporation as shall be attributable to such Common Stock,
Option Securities or Convertible Securities, as the case may be.

         (f) Capital Reorganizations. If there shall be any consolidation,
merger or amalgamation of the Company with another person or entity or any
acquisition of capital stock of the Company by means of a share exchange, other
than a consolidation, merger or share exchange in which the Company is the
continuing corporation or any sale or conveyance of the property of the Company
as an entirety or substantially as an entirety, or any reorganization or
recapitalization of the Company (any such event being called a "Capital
Reorganization", then the Holder of this Warrant shall no longer have the right
to purchase Common Stock, but shall have instead the right to purchase, upon
exercise of this Warrant, the kind and amount of shares of stock and other
securities and property (including cash) which the Holder would have owned or
have been entitled to receive pursuant to such Capital Reorganization if this
Warrant had been exercised immediately prior to the -effective date of such
Capital Reorganization. As a condition to effecting any Capital Reorganization,
the Company or the successor or surviving corporation, as the case may be, shall
assume by a supplemental agreement, reasonably satisfactory in form, scope and
substance to the Holder (which shall be mailed or delivered to the Holder of
this Warrant at the last address of such Holder appearing on the books of the
Company) the obligation to deliver to such Holder such shares of stock,
securities, cash or property as, in accordance with the foregoing provisions,
such Holder may be entitled to purchase, and all other obligations of the
Company set forth in this Warrant.

         (g) Determination of Fair Market Value. Subject to the provisions set
forth below, the fair market value of the Company or of any non-cash
consideration received by the Company upon any Common Stock Distribution shall
be determined in good faith by the Board of Directors of the Company. Upon each
such determination, the Company shall promptly give notice thereof to the
Holder, setting forth in reasonable detail the calculation of such fair market
value and the method and basis of determination thereof (the "Company
Determination"). If the Holder shall disagree with the

                                       5
<PAGE>   6

Company Determination and shall, by notice to the Company given within thirty
(30) days after the Company's notice of the Company Determination, elect to
dispute the Company Determination, the Company shall, within thirty (30) days
after such notice, engage an investment bank or other qualified appraisal firm
acceptable to the Holder to make an independent determination of the fair market
value of the Company or of any non-cash consideration received by the Company
upon any Common Stock Distribution (the "Appraiser Determination"). The
Appraiser Determination shall be final and binding on the Company and the
Holder. The cost of the Appraiser Determination shall be borne by the Company.

         (h) Adjustment Rules. Any adjustments pursuant to this Section 5 shall
be made successively whenever an event referred to herein shall occur. No
adjustment shall be made pursuant to this Section 5: (i) in respect of the
issuance from time to time of shares of Common Stock upon the exercise of this
Warrant, (ii) in respect of the issuance from time to time of shares of Common
Stock upon the exercise of the Warrant to be issued to Piedmont, (iii) the
exercise or conversion of any other Option Securities or Convertible Securities,
or (iii) in respect of the issuance or exercise of any Additional Warrants (as
defined in the Loan Agreement).

         (i) Proceedings 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 5, the Company shall take any action which
may be necessary, including obtaining regulatory approvals or exemptions, in
order that (a) the Company may thereafter validly and legally issue as fully
paid and nonassessable all shares of Common Stock which the Holder of this
Warrant is entitled to receive upon exercise thereof.

         (j) Notice of Adjustment. Not less than 10 days prior to the record
date or effective date, as the case may be, of any action which requires or
might require an adjustment or readjustment pursuant to this Section 5, the
Company shall give notice to the Holder of such event, describing such event in
reasonable detail and specifying the record date or effective date, as the case
may be, and, if determinable, the required adjustment and the computation
thereof. If the required adjustment is not determinable at the time of such
notice, the Company shall give notice to the Holder of such adjustment and
computation promptly after such adjustment becomes determinable.

         Section 6. Transfer of Warrant. Subject to the provisions of Section 4
hereof, this Warrant may be transferred, in whole or in part, to any person or
business entity, by presentation of the Warrant to the Company with written
instructions for such transfer. Upon such presentation for transfer, the Company
shall promptly execute and deliver a new Warrant or Warrants in the form hereof
in the name of the assignee or assignees and in the denominations specified in
such instructions. The Company shall pay all expenses incurred by it in
connection with the preparation, issuance and delivery of Warrants under this
Section.

         Section 7. Warrant Holder Not Shareholder; Rights Offering; Preemptive
Rights. Except as otherwise provided herein, this Warrant does not confer upon
the Holder, as such, any right whatsoever as a shareholder of the Company. The
Company shall not grant any preemptive rights with respect to any of its capital
stock if such preemptive rights are exercisable upon exercise of this Warrant.

         Section 8. Observation Rights; Interim Dividends.

                                       6
<PAGE>   7

         (a) Observation Rights. The Holder of this Warrant shall receive notice
of and be entitled to attend or may send a representative to attend all meetings
of the Company's Board of Directors in a non-voting observation capacity and
shall receive a copy of all correspondence and information delivered to the
Company's Board of Directors, from the date hereof until such time as the
indebtedness evidenced by the Note has been paid in full.

         (b) Interim Dividends. If the Company pays a dividend or makes a
distribution to the holders of its capital stock of any securities (other than
capital stock) or property (including cash and securities of other companies) of
the Company, or any rights, options or warrants to purchase securities (other
than capital stock) or property (including securities of other companies) of the
Company, then, simultaneously with the payment of such dividend or the making of
such distribution, and as a condition precedent to its right to do so, it will
pay or distribute to the Holder of this Warrant an amount of property (including
without limitation cash) and/or securities (including without limitation
securities of other companies) of the Company as would have been received by
such Holder had it exercised this Warrant and received all of the Shares of
Common Stock issuable upon the exercise of this Warrant immediately prior to the
record date (or other applicable date) used for determining stockholders of the
Company entitled to receive such dividend or distribution. Anything in Section 5
to the contrary notwithstanding, no adjustment to the Exercise Price shall be
made for any distribution of Convertible Securities of the Company to the Holder
pursuant to the provisions of this Section 8.

         Section 9. Financial Statements and Reports. Unless the Company is
otherwise furnishing such information to the Holder hereof, from the date hereof
until the earlier to occur of (i) the exercise in full of this Warrant or (ii)
its termination, the Company shall deliver to the Holder the following financial
information:

                  (a) within one hundred twenty (120) days after the end of each
         fiscal year of Borrower, (A) audited consolidated financial statements
         of Borrower, including a balance sheet as of the close of such fiscal
         year, an income statement and statements of changes in stockholders'
         equity, and of cash flows for such fiscal year, all in reasonable
         detail, prepared in accordance with GAAP consistently applied, and with
         the report thereon of independent public accountants, reasonably
         acceptable to Lender, and (B) unaudited consolidating financial
         statements, including a balance sheet as of the close of such fiscal
         year, an income statement and statements of changes in stockholders'
         equity, and of cash flows for such fiscal year;

                  (b) within thirty (30) days after the end of each calendar
         month, a consolidated balance sheet of Borrower as of the close of such
         month and consolidated statements of earnings and retained earnings of
         Borrower for such month and for the prior months of the current fiscal
         year (on a year to date basis), each compared to the same period in the
         previous fiscal year, all in reasonable detail, and unaudited but
         prepared on the basis of GAAP consistently applied (except for the
         absence of footnotes and subject to year-end adjustments), together
         with a narrative status report of Borrower's management; and

                  (c) with reasonable promptness, such other financial data as
Lender may reasonably request.

         Section 10. Certain Notices. In case at any time the Company shall
propose to:

                                       7
<PAGE>   8

         (a) declare any cash dividend upon its Common Stock;

         (b) declare any dividend upon its Common Stock payable in stock or make
any special dividend or other distribution to the holders of its Common Stock;

         (c) offer for subscription to the holders of any of its Common Stock
any additional shares of stock in any class or other rights;

         (d) reorganize, or reclassify the capital stock of the Company, or
consolidate, merge or otherwise combine with, or sell all or substantially all
of its assets to, another corporation; or

         (e) voluntarily or involuntarily dissolve, liquidate or wind up of the
affairs of the Company;

then, in any one or more of said cases, the Company shall give to the Holder, by
certified or registered mail, (i) at least twenty (20) days' prior written
notice of the date on which the books of the Company shall close or a record
shall be taken for such dividend, distribution or subscription rights or for
determining rights to vote in respect of any such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or
winding up, and (ii) in the case of such reorganization, reclassification,
consolidation, merger, sale, dissolution, liquidation or winding up, at least
twenty (20) days' prior written notice of the date when the same shall take
place. Any notice required by clause (i) shall also specify, in the case of any
such dividend, distribution or subscription rights, the date on which the
holders of Common Stock shall be entitled thereto, and any notice required by
clause (ii) shall specify the date on which the holders of Common Stock shall be
entitled to exchange their Common Stock for securities or other property
deliverable upon such reorganization, reclassification, consolidation, merger,
sale, dissolution, liquidation or winding up, as the case may be.

         Section 11. Put Right.

         (a) The Company hereby irrevocably grants and issues to Holder the
right and option to sell to the Company (the "Put") this Warrant or the Shares
with respect to which this Warrant is exercisable, in whole or part, at any time
after October 7, 2002 at a purchase price (the "Purchase Price") equal to the
Put Value (as hereinafter defined) of the shares of Common Stock issuable to
Holder upon exercise of this Warrant.

         (b) The Company shall pay to the Holder, in cash or certified or
cashier's check, the Purchase Price within thirty (30) days of the receipt of
written notice from the Holder stating its intention to exercise the Put and the
number of shares with respect to which it is then exercising the Put (the "Put
Securities").

         (c) The Put Value shall by equal to the fair market value of the
Company (determined pursuant to Section 5(g) of this Warrant) multiplied by a
fraction, the numerator of which shall be the number of Put Securities and the
denominator of which shall be the number of shares of Common Stock then
outstanding (including the Put Securities).

                                       8
<PAGE>   9

                  [Remainder of Page Intentionally Left Blank]

                                       9
<PAGE>   10

                   [SIGNATURE PAGE TO STOCK PURCHASE WARRANT]

         IN WITNESS WHEREOF, the parties hereto have set their hands as of the
date first above written.

                                        BUILDNET, INC.

                                        By: /s/ Keith T. Brown
                                        Name:  Keith T. Brown
                                        Title:  President and CEO

                                        Attest:  /s/ J. William Waddell
                                        Name:  J. William Waddell
                                        Title:  Secretary

                                        PETRA CAPITAL, LLC, a Georgia
                                        limited liability company

                                        By: Petra Capital Management, LLC,
                                            Manager

                                        By:  /s/ John Stein
                                        Name:  John Stein
                                        Title:  Member

                                       10
<PAGE>   11
                                 BUILDNET, INC.

                    CONSENT, WAIVER AND AMENDMENT AGREEMENT

         THIS CONSENT, WAIVER AND AMENDMENT AGREEMENT (the "Agreement") is
entered into by and among Buildnet, Inc., a North Carolina corporation (the
"Company"), Petra Capital, LLC, a Georgia limited liability company and its
assignee, Petra Special Purpose, LLC, a Delaware limited liability company
(collectively, "Petra"), Piedmont Venture Partners Limited Partnership, a North
Carolina limited partnership ("Piedmont"), Southeast Interactive Technology
Fund I, LLC, and Southeast Interactive Technology Fund II, LLC, (collectively,
"Southeast"), John Stein ("Stein") and Stein Family Partners, L.P. ("Stein
Partners"), and is effective this 20th day of May 1999. Petra and Piedmont are
sometimes referred to herein as a "Lender" and collectively as the "Lenders."

                                    RECITALS

         WHEREAS, the Company has entered into an Agreement and Plan of Merger
(the "Merger Agreement") with The F.A.S.T. Management Group, Inc., a Washington
corporation ("FAST"), a copy of which is attached hereto as Exhibit A, whereby
FAST has merged with a wholly owned subsidiary of the Company so that FAST is a
wholly owned subsidiary of the Company (the "FAST Merger"). As a result of the
FAST Merger, shareholders of FAST are now shareholders of the Company.

         WHEREAS, following consummation of the FAST Merger, the Company
desires to enter into a Series B Preferred Stock Purchase Agreement (the
"Purchase Agreement"), a copy of which is attached hereto as Exhibit B,
pursuant to which the Company would issue approximately 3,300,000 shares of its
Series B Preferred Stock for an aggregate purchase price of approximately
$30,000,000 (excluding convertible debt) (the "Series B Financing"); and

         WHEREAS, the Company, Petra and Piedmont are parties to that certain
Loan and Security Agreement dated October 8, 1997 (the "Senior Loan
Agreement"), whereby consents, waivers and amendments under the Senior Loan
Agreement require the agreement of the Required Lenders pursuant to Section
9.15(b) thereof, and Petra and Piedmont collectively constitute the Required
Lenders; and

         WHEREAS, Petra and Piedmont hold certain stock purchase warrants and
Petra holds rights to receive future warrants pursuant to the terms of the
Senior Loan Agreement (the "Senior Warrants"), and such Senior Warrants contain
adjustment provisions upon the Company's issuance of securities or other rights
to purchase securities convertible or exchangeable for Common Stock of the
Company; and

         WHEREAS, the Company and Piedmont are parties to that certain Loan and
Security Agreement dated April 24, 1998 (the "Junior Loan Agreement"), whereby
consents, waivers and amendments under the Junior Loan Agreement require the
agreement of Piedmont pursuant to Section 8.14(b) thereof; and
<PAGE>   12

         WHEREAS, Piedmont holds certain stock purchase warrants and rights to
receive future warrants pursuant to the terms of the Junior Loan Agreement (the
"Junior Warrants"), and such Junior Warrants contain adjustment provisions upon
the Company's issuance of securities or other rights to purchase securities
convertible or exchangeable for Common Stock of the Company; and

         WHEREAS, Petra and Piedmont, in their capacities as Lenders, are
willing to consent to the transactions described herein; and

         WHEREAS, the Company desires to issue to Petra a warrant to purchase
12,000 shares of Common Stock of the Company at an exercise price of $0.01 per
share and otherwise in substantially the same format as the Senior Warrants (as
amended pursuant to the terms contained herein) in consideration for the
amendment of each Senior Warrant held by it or that it is entitled to receive
(the "New Petra Warrant"); and

         WHEREAS, the Company and Petra, Piedmont, Southeast, and certain other
shareholders (collectively, the "Rights Investors") are parties to that certain
Amended and Restated Investor Rights Agreement dated October 8, 1997, as
amended on December 30, 1997 and April 24, 1998 (the "Rights Agreement"),
pursuant to which Section 3 grants the Rights Investors the right of first
refusal to purchase up to their pro rata share of New Securities (as such term
is defined therein); and

         WHEREAS, Section 6.5 of the Rights Agreement provides that any term of
such Rights Agreement may be waived with the written consent of the holders of
at least two thirds of the shares of Registrable Securities (as defined
therein); and

         WHEREAS, the requisite percentage of Rights Investors desire to waive
the rights of first refusal pursuant to the Rights Agreement in connection with
the Company's issuance of Common Stock pursuant to the FAST Merger and the
Company's execution of the Purchase Agreement and issuance of Series B
Preferred Stock pursuant to the terms thereof; and

         WHEREAS, the Company is party to a Note and Warrant Purchase
Agreement, dated November 12, 1998 with Piedmont and Southeast, a Note and
Warrant Purchase Agreement, dated February 22, 1999 with Stein and a Note and
Warrant Purchase Agreement, dated April 9, 1999 with Stein Partners and
Southeast, and has issued warrants to purchase Common Stock of the Company in
connection therewith (the "Bridge Warrants"); and

         WHEREAS, the holders of the Bridge Warrants each have the right to
receive additional shares of Common Stock exercisable pursuant to such Bridge
Warrants if the next Equity Financing of the Company (as defined in the
applicable Note and Warrant Purchase Agreement) was not consummated on or
before May 15, 1999, and such holders desire to waive their rights to receive
additional shares of Common Stock exercisable pursuant to the Bridge Warrants
upon these terms.

         NOW, THEREFORE, in consideration of the premises, and other good and
valuable consideration, the receipt of which is hereby acknowledged, and
pursuant to Section 9.15(b) of the Senior Loan Agreement, Section 8.14(b) of
the Junior Loan Agreement and Section 6.5 of the Rights Agreement, the parties
hereby agree as follows.
<PAGE>   13

1.       Consent under Senior Loan Agreement. Pursuant to the terms of the
         Senior Loan Agreement, each of Petra and Piedmont hereby consents to
         the FAST Merger and the Series B Financing, including the Company's
         execution and delivery of the Merger Agreement, the Purchase Agreement
         and the transactions contemplated therein. Specifically, and with
         reference to the Merger Agreement and Purchase Agreement each of Petra
         and Piedmont (i) waives any prohibition contained in Section 4.17 of
         the Senior Loan Agreement against acquiring the business of or merging
         or consolidating with any other entity or acquiring or creating a
         subsidiary, (ii) waives any prohibition contained in Section 4.30 of
         the Senior Loan Agreement against issuing any shares of Common Stock
         or any securities convertible into shares of Common Stock, (iii)
         waives any prohibition contained in Section 4.19 of the Senior Loan
         Agreement against declaring a dividend of $3.15 per share on the
         Series A Preferred Stock of the Company in connection with the Series
         B Financing and (iv) acknowledges that this Agreement shall serve as
         adequate notice of the issuance of capital stock or instruments
         convertible into or exchangeable for shares of capital stock of the
         Company as required by Section 4.22 of the Senior Loan Agreement.

2.       Consent under Junior Loan Agreement. Pursuant to the terms of the
         Junior Loan Agreement, Piedmont hereby consents to the FAST Merger and
         the Series B Financing, including the Company's execution and delivery
         of the Merger Agreement, the Purchase Agreement and the transactions
         contemplated therein. Specifically, and with reference to the Merger
         Agreement and Purchase Agreement, Piedmont (i) waives any prohibition
         contained in Section 4.16 of the Junior Loan Agreement against
         acquiring the business of or merging or consolidating with any other
         entity or acquiring or creating a subsidiary, (ii) waives any
         prohibition contained in Section 4.28 of the Junior Loan Agreement
         against issuing any shares of Common Stock or securities convertible
         into shares of Common Stock, (iii) waives any prohibition contained in
         Section 4.18 of the Senior Loan Agreement against declaring a dividend
         of $3.15 per share on the Series A Preferred Stock of the Company in
         connection with the Series B Financing and (iv) acknowledges that this
         Agreement shall serve as adequate notice of the issuance of capital
         stock or instruments convertible into or exchangeable for shares of
         capital stock of the Company as required by Section 4.21 of the Junior
         Loan Agreement.

         Additionally, Piedmont hereby waives its right to receive an
         additional warrant issuable as of April 24, 1999 pursuant to the terms
         of Section 1.4(b)(i) of the Junior Loan Agreement in exchange for the
         Company's obligation to pay to Piedmont $315,000 in cash, exchangeable
         for shares of the Company's Series B Preferred Stock issued pursuant
         to the Purchase Agreement and in accordance with the terms of the
         Series B Financing.

3.       Waiver of Adjustment and Amendment of Senior Warrants. Each of Petra
         and Piedmont hereby waive all adjustment rights contained in Section
         5(c) of all Senior Warrants held by it or which it is entitled to
         receive, with respect to the issuance of securities by the Company:
         (a) pursuant to the Note and Warrant
<PAGE>   14

         Purchase Agreements executed by the Company on each of October 6,
         1998, November 12, 1998, February 22, 1999 and April 9, 1999; (b)
         pursuant to the Merger Agreement; or (c) pursuant to the Purchase
         Agreement. Additionally, each of Petra and Piedmont hereby agrees to
         amend and restate Section 11(a) of each Senior Warrant held by it or
         that it is entitled to receive to read as follows.

                  (a)   The Company hereby irrevocably grants and issues to
                  Holder the right and option to sell to the Company (the
                  "Put") this Warrant or the Shares with respect to which this
                  Warrant is exercisable, in whole or part, at any time after
                  May 31, 2006 at a purchase price (the "Purchase Price") equal
                  to the Put Value (as hereinafter defined) of the shares of
                  Common Stock issuable to holder upon exercise of this
                  Warrant.

         Additionally, each of Petra and Piedmont hereby agrees to amend
         Section 11(c) of each Senior Warrant held by it or that it is entitled
         to receive by adding the following sentence at the end thereof: For
         purposes of this Section 11(c) the "number of shares of Common Stock
         then outstanding" shall be deemed to include all shares of Common
         Stock issuable upon exercise or conversion of all then outstanding
         Convertible Securities directly or indirectly exercisable for or
         convertible into Common Stock.

         Each of Petra and Piedmont may request that the Company issue to it
         amended Senior Warrants reflecting this change.

4.       Waiver of Adjustment and Amendment of Junior Warrants. Piedmont hereby
         waives all adjustment rights contained in Section 5(c) of all Junior
         Warrants held by it or which it is entitled to receive, with respect
         to the issuance of securities by the Company: (a) pursuant to the Note
         and Warrant Purchase Agreements executed by the Company on each of
         October 6, 1998, November 12, 1998, February 22, 1999 and April 9,
         1999; (b) pursuant to the Merger Agreement; or (c) pursuant to the
         Purchase Agreement. Piedmont hereby agrees to amend and restate
         Section 11(a) of each Junior Warrant held by it or that it is entitled
         to receive to read as follows.

                  (a)   The Company hereby irrevocably grants and issues to
                  Holder the right and option to sell to the Company (the
                  "Put") this Warrant or the Shares with respect to which this
                  Warrant is exercisable, in whole or part, at any time after
                  May 31, 2006 at a purchase price (the "Purchase Price") equal
                  to the Put Value (as hereinafter defined) of the shares of
                  Common Stock issuable to holder upon exercise of this
                  Warrant.

         Additionally, Piedmont hereby agrees to amend Section 11(c) of each
         Junior Warrant held by it or that it is entitled to receive by adding
         the following sentence at the end thereof: For purposes of this
         Section 11(c) the "number of shares of Common Stock then outstanding"
         shall be deemed to include all shares of Common Stock issuable upon
         exercise or
<PAGE>   15

         conversion of all then outstanding Convertible Securities directly or
         indirectly exercisable for or convertible into Common Stock.

         Piedmont may request that the Company issue to it amended Junior
         Warrants reflecting this change.

5.       Approval for New Petra Warrant. In connection with the amendment of
         the Senior Warrants as provided in Section 4 above, the Company shall
         issue to Petra the New Petra Warrant exercisable for 12,000 shares of
         Common Stock of the Company at $0.01 per share. Each of Petra,
         Piedmont and Southeast hereby waives any and all approval rights and
         preemptive rights it may have with respect to the issuance of the New
         Petra Warrant and any antidilution rights it may have with respect to
         the issuance and subsequent exercise of the New Petra Warrant.

6.       Waiver of Rights of First Refusal. The requisite percentage of Rights
         Investors hereby waives any and all right of first refusal to purchase
         up to a pro rata share of New Securities pursuant to Section 3 of the
         Rights Agreement, in connection with the FAST Merger and the Series B
         Financing, including all securities issued or authorized for issuance
         pursuant to the terms of the FAST Merger and Series B Financing.

7.       Waiver of Adjustment of Bridge Warrants. Each of Piedmont, Southeast,
         Stein and Stein Partners hereby waives all rights to receive
         additional shares of Common Stock exercisable pursuant to the Bridge
         Warrants if the next Equity Financing of the Company (as defined in
         the applicable Note and Warrant Purchase Agreement) is not consummated
         on or before May 15, 1999; provided that no such waiver shall be
         applicable if the Equity Financing of the Company is consummated after
         May 30, 1999.

8.       Copies. Each of the parties hereto acknowledges that is has received
         copies of the Merger Agreement and the Purchase Agreement.

9.       Validity. The consents and waivers contained herein shall be
         applicable only if both the FAST Merger and the Series B Financing are
         consummated within ten (10) business days of each other.

10.      Governing Law. All questions concerning the construction, validity and
         interpretation of this Agreement will be governed by and construed in
         accordance with the internal law (and not the law of conflicts) of
         North Carolina.

11.      Counterparts. This Agreement may be executed in any number of
         counterparts, each of which shall constitute an original but all of
         which when taken together shall constitute but one agreement.

                     [THE NEXT PAGE IS THE SIGNATURE PAGE.]
<PAGE>   16

         This Consent, Waiver and Amendment Agreement is effective as of the
date first set forth above and may be signed in counterparts.

COMPANY:                                    BUILDNET, INC.

                                            By: /s/ Keith T. Brown
                                            Name: Keith T. Brown
                                            Title: CEO

PETRA:                                      PETRA CAPITAL, LLC

                                            By: /s/ Michael W. Blackburn
                                            Name: Michael W. Blackburn
                                            Title: Member

                                            PETRA SPECIAL PURPOSE, LLC

                                            By: /s/ Michael W. Blackburn
                                            Name: Michael W. Blackburn
                                            Title: Member

PIEDMONT:                                   PIEDMONT VENTURE PARTNERS
                                            LIMITED PARTNERSHIP

                                            By:  Piedmont Management, Inc.,
                                            Its General Partner

                                            By: /s/ W. W. Neal
                                            Name: W.W. Neal
                                            Title: Managing Principal

SOUTHEAST:                                  SOUTHEAST INTERACTIVE
                                            TECHNOLOGY FUND I, LLC

                                            By: /s/ David C. Blivin
                                            Name: David C. Blivin
                                            Title: Managing Director
<PAGE>   17

                                            SOUTHEAST INTERACTIVE
                                            TECHNOLOGY FUND II, LLC

                                            By: /s/ David C. Blivin
                                            Name: David C. Blivin
                                            Title: Managing Director

STEIN:                                      JOHN STEIN

                                            /s/ John Stein

STEIN PARTNERS:                             STEIN FAMILY PARTNERS, L.P.

                                            By: /s/ John Stein
                                            Name: John Stein
                                            Title: Managing General Partner

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