Document:

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                                                                    Exhibit 10.2

                                REAL MEDIA, INC.
                         1999 EMPLOYEE STOCK OPTION PLAN

SECTION 1.  PURPOSE

            The purpose of the Real Media, Inc. 1999 Employee Stock Option Plan
(the "Plan") is to provide an additional incentive to directors, key employees,
independent contractors, agents and consultants of Real Media, Inc. (the
"Company"), to aid in attracting and retaining directors, employees, independent
contractors, agents and consultants of outstanding ability, and to align their
interests with those of shareholders.

SECTION 2.  DEFINITIONS

            Unless the context clearly indicates otherwise, the following terms,
when used in this Plan, shall have the meanings set forth in this Section 2.

            (a)   "BOARD" shall mean the Board of Directors of the Company.

            (b)   "CAUSE" means conduct on the part of a Grantee that involves
(i) a willful failure to perform the Grantee's duties, (ii) engaging in serious
misconduct that is injurious to the Company, or (iii) the Grantee's conviction
of or a plea of guilty or nolo contendere to a felony or other crime involving
moral turpitude.

            (c)   "CHANGE IN CONTROL" shall mean, following the effective date
of this Plan, the occurrence of any of the following events:

                  (i)   the acquisition in one or more transactions by any
                        "Person" (as such term is used for purposes of Section
                        13(d) or Section 14(d) of the Exchange Act) but
                        excluding, for this purpose, the Company or its
                        Subsidiaries or any shareholder of the Company on the
                        date the Plan is adopted by the Board or any employee
                        benefit plan of the Company or its Subsidiaries, of
                        "Beneficial Ownership" (within the meaning of Rule 13d-3
                        under the Exchange Act) of 50% or more of the combined
                        voting power of the Company's then outstanding voting
                        securities (the "Voting Securities");

                  (ii)  the individuals who, as of the effective date of the
                        Plan, constitute the Board (the "Incumbent Board") cease
                        for any reason to constitute at least a majority of the
                        Board; provided, however, that if the election, or
                        nomination for election by the Company's shareholders,
                        of any new Director was approved by a vote of at

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                        least a majority of the Incumbent Board, such new
                        Director shall be considered as a member of the
                        Incumbent Board, and provided further that any
                        reductions in the size of the Board that are instituted
                        voluntarily by the Incumbent Board shall not constitute
                        a Change in Control, and after any such reduction the
                        "Incumbent Board" shall mean the Board as so reduced;

                  (iii) a merger or consolidation involving the Company if the
                        shareholders of the Company, immediately before such
                        merger or consolidation, do not own, directly or
                        indirectly, immediately following such merger or
                        consolidation, more than 50% of the combined voting
                        power of the outstanding Voting Securities of the
                        corporation resulting from such merger or consolidation
                        or a complete liquidation or dissolution of the Company
                        or a sale or other disposition of all or substantially
                        all of the assets of the Company; or

                  (iv)  acceptance by shareholders of the Company of shares
                        in a share exchange if the shareholders of the Company,
                        immediately before such share exchange, do not own,
                        directly or indirectly, immediately following such share
                        exchange, more than 50% of the combined voting power of
                        the outstanding Voting Securities of the corporation
                        resulting from such share exchange.

            (d)   "CODE" shall mean the Internal Revenue Code of 1986 and the
rules and regulations thereunder, as it or they may be amended from time to
time.

            (e)   "COMMITTEE" shall mean the full Board, Compensation Committee
of the Board or such other committee as may be designated by the Board. Once the
Company becomes Publicly Traded, the Committee shall consist of two or more
members of the Board who are "non-employee directors" under Rule 16b-3 and all
members of the Committee shall qualify as "outside directors" for purposes of
Section 162(m) of the Code.

            (f)   "DATE OF EXERCISE" shall mean the earlier of the date on which
written notice of exercise, together with payment in full, is received at the
office of the Secretary of the Company or the date on which such notice and
payment are mailed to the Secretary of the Company at its principal office by
certified or registered mail.

            (g)   "DIRECTOR" shall mean a member of the Board.

            (h)   "DISABILITY" means a medically determinable condition of a
permanent nature which, as determined by the Committee in a uniformly applied
manner, renders a Grantee

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incapable of fulfilling the duties and responsibilities that the Grantee was
performing for the Company and its Subsidiaries immediately prior to the on-set
of such condition.

            (i)   "EMPLOYEE" shall mean any employee or any officer of the
Company or any of its Subsidiaries, or any other person, who is an independent
contractor, agent or consultant of the Company or any of its Subsidiaries, and
excluding any Director who is not otherwise an employee of the Company. For the
purposes of any provision of this Plan relating to Incentive Stock Options, the
term "Employee" shall be limited to mean any employee (as that term is defined
under Code Section 3401(c)) or officer of the Company or any of its
Subsidiaries, but not any person who is merely an independent contractor, agent
or consultant of the Company or any of its subsidiaries.

            (j)   "EXCHANGE ACT" means the Securities Exchange Act of 1934, as
amended.

            (k)   "FAIR MARKET VALUE" of the Stock means, for all purposes of
the Plan unless otherwise provided (i) the mean between the high and low sales
prices of the Stock as reported on the National Market System or Small Cap
Market of the National Association of Securities Dealers, Inc., Automated
Quotation System, or any similar system of automated dissemination of quotations
of securities prices then in common use, if so quoted, or (ii) if not quoted as
described in clause (i), the mean between the high bid and low asked quotations
for the Stock as reported by a the National Quotation Bureau Incorporated or
such other source as the Committee shall determine, or (iii) if the Stock is
listed or admitted for trading on any national securities exchange, the mean
between the high and low sales price, or the closing bid price if no sale
occurred, of the Stock on the principal securities exchange on which the Stock
is listed. In the event that the method for determining the Fair Market Value of
the Stock provided for above shall either be not applicable or not be practical,
in the opinion of the Committee, then the Fair Market Value shall be determined
by such other reasonable method as the Committee, in its discretion, shall
select and apply.

            (l)   "GRANTEE" shall mean an Employee or Director granted a Stock
Option.

            (m)   "GRANTING DATE" shall mean the date on which the Committee
authorizes the issuance of a Stock Option for a specified number of shares of
Stock to a specified Employee or Director.

            (n)   "INCENTIVE STOCK OPTION" shall mean a Stock Option granted
under the Plan which is intended to qualify as an incentive stock option under
the provisions of Section 422 of the Code.

            (o)   "NONQUALIFIED STOCK OPTION" shall mean a Stock Option granted
within the Plan which is not an Incentive Stock Option.

            (p)   "PROGRESSIVE STOCK OPTION" shall mean a Stock Option granted
pursuant to Section 5(i) of the Plan.

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<PAGE>   4

            (q) "PUBLICLY TRADED" means the Company is required to register
shares of any class of common equity under Section 12 of the Exchange Act.

            (r) "RETIREMENT" shall mean, unless otherwise provided by the
Committee, a Grantee's termination of service with the Company (other than for
Cause, death or Disability) on or after the Grantee's attainment of age 65 or on
or after any other retirement date referred to in the contract between the
Grantee and the Company or one of its Subsidiaries.

            (s) "RULE 16b-3" shall mean Rule 16b-3 promulgated by the Securities
and Exchange Commission pursuant to the Exchange Act or any rule in replacement
thereof.

            (t) "STOCK" shall mean the Common Stock, par value $.001 per share,
of the Company.

            (u) "STOCK APPRECIATION RIGHT" shall mean a right granted pursuant
to the Plan to receive Stock, cash, or a combination thereof, upon the surrender
of the right to purchase all or part of the shares of Stock covered by a Stock
Option.

            (v) "STOCK OPTION" shall mean an Incentive Stock Option or
Nonqualified Stock Option granted pursuant to the Plan to purchase shares of
Stock.

            (w) "SUBSIDIARY" shall mean any subsidiary corporation, as defined
in Section 424(f) of the Code, of the Company.

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<PAGE>   5

SECTION 3.  SHARES OF STOCK SUBJECT TO THE PLAN

            Subject to adjustment pursuant to Section 9, 263,188 shares of Stock
shall be reserved for issuance upon the exercise of Stock Options granted
pursuant to this Plan. Shares delivered under the Plan may be authorized and
unissued shares or issued shares held by the Company in its treasury. If any
Stock Options expire or terminate without having been exercised, the shares of
Stock covered by such Stock Option shall become available again for the grant of
Stock Options hereunder; provided, that any such shares shall count against the
maximum number of shares which may be issued to an Employee under the last
sentence of this Section. Similarly, if any Stock Options are surrendered for
cash pursuant to the provisions of Section 7, the shares of Stock covered by
such Stock Options shall also become available again for the grant of Stock
Options hereunder. Shares of Stock covered by Stock Options surrendered for
Stock pursuant to Section 7, however, shall not become available again for the
grant of Stock Options hereunder. Once the Company becomes Publicly Traded, in
no event may any Employee receive Stock Options for more than 50,000 shares of
Stock in any year.

SECTION 4.  ADMINISTRATION OF THE PLAN

(a)   The Plan shall be administered by the Committee. Subject to the express
provisions of the Plan, the Committee shall have authority to interpret the
Plan, to prescribe, amend and rescind rules and regulations relating to it, to
determine the terms and provisions of Stock Option grants, and to make all other
determinations necessary or advisable for the administration of the Plan.

            (b)   Once the Company becomes Publicly Traded, it is intended that
the Plan and any transaction hereunder meet all of the requirements of Rule
16b-3, as such rule is currently in effect or as hereafter modified or amended,
and all other applicable laws. If any provision of the Plan or any transaction
would disqualify the Plan or such transaction under, or would not comply with,
Rule 16b-3 or other applicable laws, such provision or transaction shall be
construed or deemed amended to conform to Rule 16b-3 or such other applicable
laws or otherwise shall be deemed to be null and void, in each case to the
extent permitted by law and deemed advisable by the Committee.

            (c)   Any controversy or claim arising out of or related to this
Plan shall be determined unilaterally by and at the sole discretion of the
Committee; and such determinations shall be conclusive and binding on all
persons and otherwise accorded the maximum deference permitted by law.

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SECTION 5.  GRANTING OF STOCK OPTIONS

(a)   Directors and Employees shall be eligible to receive Stock Options under
the Plan. Only employees of the Company and its Subsidiaries shall be eligible
to receive Incentive Stock Options under the Plan.

            (b)   The option price of each share of Stock subject to an
Incentive Stock Option shall be at least 100% of the Fair Market Value of a
share of the Stock on the Granting Date.

            (c)   The option price of each share of Stock subject to a
Nonqualified Stock Option shall in no event be less than the par value of the
Stock and shall be in an amount as the Committee shall determine appropriate to
the purposes of the Plan and to the Company's total compensation program.

            (d)   The Committee shall determine and designate from time to time
those persons who are to be granted Stock Options and whether the particular
Stock Options are to be Incentive Stock Options or Nonqualified Stock Options,
shall also specify in the applicable award agreement the number of shares
covered by and the option price per share of each Stock Option and shall set
forth the time at which the Stock Options shall vest and first become
exercisable. Each Stock Option granted under the Plan shall be clearly
identified as to its status as a Nonqualified Stock Option or an Incentive Stock
Option. To the extent a Stock Option does not qualify as an Incentive Stock
Option, it shall constitute a separate Nonqualified Stock Option.

            (e)   The aggregate Fair Market Value (determined at the time the
Stock Option is granted) of the Stock with respect to which Incentive Stock
Options are exercisable for the first time by any individual during any calendar
year (under all plans of the individual's employer corporation and its parent
and subsidiary corporations) shall not exceed $100,000.

            (f)   A Stock Option shall be exercisable during such period or
periods and in such installments as shall be fixed by the Committee at the time
the Stock Option is granted, as reflected in the applicable award agreement, or
in any amendment thereto; but each Stock Option shall expire not later than ten
years from the Granting Date.

            (g)   The Committee shall have the authority to grant both
transferable Nonqualified Stock Options and nontransferable Nonqualified Stock
Options, and to amend outstanding nontransferable Nonqualified Stock Options to
provide for transferability. Each Stock Option intended to qualify as an
Incentive Stock Option, and any other Nonqualified Stock Option intended to be
nontransferable, shall provide by its terms that it is not transferable other
than by will or the laws of descent and distribution, and is exercisable, during
the Grantee's lifetime, only by the Grantee. Each transferable Nonqualified
Stock Option may provide for such limitations on transferability and
exercisability as the Committee may designate at the time the Nonqualified Stock
Option is granted or is otherwise amended to provide for transferability.

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<PAGE>   7

            (h)   Stock Options may be granted to an Employee or Director who
has previously received Stock Options or other options whether such prior Stock
Options or other options are still outstanding, have previously been exercised
or surrendered in whole or in part, or are canceled in connection with the
issuance of new Stock Options.

            (i)   Without in any way limiting the authority of the Committee to
make grants of Stock Options under the Plan, and in order to induce persons to
retain ownership of Stock, the Committee shall have the authority (but not the
obligation) to include within any award agreement reflecting a grant of a Stock
Option a provision entitling the Grantee of such a Stock Option to a further
Stock Option (a "Progressive Stock Option") in the event the Grantee exercises
such Stock Option evidenced by such agreement, in whole or in part, by
surrendering other shares of Stock in accordance with this Plan and the terms
and conditions of such agreement. Any such Progressive Stock Option shall be for
a number of shares of Stock equal to the number of surrendered shares, shall
become exercisable no sooner than six months after the Granting Date of the
Progressive Stock Option or such longer period as the Committee may establish,
shall have an option price per share equal to one hundred percent (100%) of the
Fair Market Value of a share of Stock on the Granting Date of the Progressive
Stock Option, and shall be subject to such other terms and conditions as the
Committee may determine.

            (j)   Notwithstanding the foregoing, the option price of an
Incentive Stock Option in the case of a Grantee who owns more than ten percent
of the total combined voting power of all classes of stock of the Company or any
of its Subsidiaries, will not be less than one-hundred-ten percent (110%) of the
Fair Market Value of the Stock at the Granting Date, and in the case of such a
Grantee, the Incentive Stock Option may be exercised no more than five years
after the Granting Date.

SECTION 6.  EXERCISE OF STOCK OPTIONS

(a)   Except as provided in Section 8, no Stock Option may be exercised at any
time unless the Grantee is an Employee or a Director on the Date of Exercise.

            (b)   The Grantee shall pay the option price in full on the Date of
Exercise of a Stock Option in cash, by check, or by delivery of full shares of
Stock of the Company, duly endorsed for transfer to the Company with signature
guaranteed, by any combination thereof or by such other mode of payment as the
Committee may approve, including payment through a broker in accordance with
procedures permitted by rules and regulations of the Federal Reserve Board.
Stock will be accepted at its Fair Market Value on the Date of Exercise.

            (c)   Subject to the approval of the Committee, or of such person to
whom the Committee may delegate such authority ("its designee"), and subject
further to the applicable regulations of any governmental authority, the Company
may loan to the Grantee a sum equal to an amount which is not in excess of 100%
of the purchase price of the shares of Stock acquired upon exercise of a Stock
Option, such loan to be evidenced by the execution and delivery of a promissory
note. All notes executed hereunder shall be payable at such times and in such

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amounts and shall contain such other terms as shall be specified by the
Committee or its designee or stated in the option agreement. Such note shall be
secured by a pledge of Stock or such other security, if any, as the Committee,
or its designee determines appropriate.

SECTION 7.  STOCK APPRECIATION RIGHTS

(a)   The Committee may grant to any Employee or Director, Stock Appreciation
Rights in connection with any Stock Option. Stock Appreciation Rights may be
granted at the time the related Stock Option is granted or at any time
thereafter up to six months prior to the expiration of the related Stock Option.

            (b)   Stock Appreciation Rights shall be exercisable at such times
and to the extent that the related Stock Option shall be exercisable and only to
the extent the Stock Appreciation Right has a positive value, unless the
Committee specifies a more restrictive period.

            (c)   Upon the exercise of a Stock Appreciation Right, the Grantee
shall surrender the related Stock Option or a portion thereof and shall be
entitled to receive payment of an amount determined by multiplying the number of
shares as to which the Stock Option rights are surrendered by the difference
obtained by subtracting the exercise price per share of the related Stock Option
from the Fair Market Value of a share of Stock on the Date of Exercise of the
Stock Appreciation Right.

            (d)   Payment of the amount determined under Section 7(c) shall be
made in Stock, in cash, or partly in cash and partly in Stock as the Committee
shall determine in its sole discretion.

            (e)   Once the Company becomes Publicly Traded, except as provided
in Section 10(b), the exercise of a Stock Appreciation Right for cash may be
made only during the period beginning on the third business day following the
release of quarterly or annual financial data and ending on the twelfth business
day following such date.

SECTION 8.  TERMINATION OF SERVICE

            Except as otherwise provided by the Committee in the applicable
award agreement, at the time a Stock Option is granted or of any amendment
thereto, if a Grantee ceases to be an Employee and a Director then:

            (a)   if termination of service is voluntary or involuntary without
Cause, the Grantee may exercise each Stock Option held by the Grantee within
three months after such termination (but not after the expiration date of the
Stock Option) to the extent each such Stock Option is vested and exercisable as
of the date of termination;

            (b)   if termination is for Cause, all Stock Options, whether or not
vested, held by the Grantee shall be canceled as of the date of termination;

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            (c)   subject to the provisions of Section 8(d), if termination is
(i) by reason of Retirement, or (ii) by reason of Disability, each Stock Option
held by the Grantee, to the extent each such Stock Option is vested and
exercisable at the date of termination, may be exercised by the Grantee within
the one-year period following the date of termination, but not later than the
expiration date of the Stock Option; provided that no Incentive Stock Option
held by such a Grantee may be exercised later than one year after the date of
termination;

            (d)   if termination is by reason of the death of the Grantee, or if
the Grantee dies after a termination due to Retirement or Disability as referred
to in Section 8(c), each Stock Option held by the Grantee, to the extent such
Stock Option is vested and exercisable at the date of death, may be exercised by
the Grantee's estate, or by any person who acquires the right to exercise the
Stock Option by reason of the Grantee's death, at any time within the one-year
period following such death, but not later than the expiration date of the Stock
Option; provided that no Incentive Stock Option held by such a Grantee may be
exercised later than one-year after the date of termination; or

            (e)   if the Grantee should die within three months after voluntary
termination of employment or involuntary termination without cause, as
contemplated in Section 8(a), each Stock Option held by the Grantee, to the
extent each such Stock Option is vested and exercisable at the date of such
death, may be exercised by the Grantee's estate, or by any person who acquires
the right to exercise by reason of the Grantee's death, at any time within the
one-year period following such death, but not later than the expiration date of
the Stock Option.

            Notwithstanding the foregoing, termination of service as an
employee, director or independent contractor, agent or consultant shall not be
treated as a termination of service for purposes of this Section 8 if the
Grantee continues without interruption to serve immediately thereafter in
another one (or more) of such other capacities; provided that, with respect to
any Incentive Stock Option held by an employee, a termination of employment with
the Company and its Subsidiaries shall be treated as a termination of service
for purposes of this Section 8.

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<PAGE>   10

SECTION 9.  ADJUSTMENTS

            In the event of any merger, consolidation, reorganization,
recapitalization, stock dividend, stock split or other change in the corporate
structure or capitalization affecting the Stock, there shall be an appropriate
adjustment made by the Committee in the number and kind of shares that may be
granted in the aggregate and to individual Grantees under the Plan, the number
and kind of shares subject to each outstanding Stock Option and Stock
Appreciation Right and their option prices. If such transaction involves a
consolidation or merger of the Company with another entity, the sale or exchange
of all or substantially all of the assets of the Company or a reorganization or
liquidation of the Company, then in lieu of the foregoing, the Committee may
upon written notice to the Grantees provide that their Options shall terminate
on a date not less than 20 days after the date of such notice unless theretofore
exercised. In connection with such notice, the Committee may in its discretion
accelerate or waive any deferred exercise period.

SECTION 10. CHANGE IN CONTROL

(a)   A Stock Option shall become immediately exercisable to the extent of
the total number of shares subject to the Stock Option in the event of a Change
in Control of the Company.

            (b)   Without limiting the generality of Section 7(e), the
Committee, as constituted immediately before the applicable Change in Control of
the Company, may authorize the payment of cash upon the exercise of a Stock
Appreciation Right during a period beginning on the date on which a Change in
Control of the Company occurs and ending on the twelfth business day following
such date.

SECTION 11. GENERAL PROVISIONS

(a)   Each Stock Option shall be evidenced by a written award agreement
containing such terms and conditions, not inconsistent with the Plan, as the
Committee shall approve.

            (b)   The granting of a Stock Option in any year shall not give the
Grantee any right to similar grants in future years or any right to be retained
in the employ or other service of the Company or any Subsidiary or interfere in
any way with the right of the Company or such Subsidiary to terminate a
Grantee's employment or other service at any time.

            (c)   The Company shall have the right to deduct from any payment or
distribution under the Plan any federal, state or local taxes of any kind
required by law to be withheld with respect to such payments or to take such
other action as may be necessary to satisfy all obligations for the payment of
such taxes. In case distributions are made in shares of Stock, the Company shall
have the right to retain the value of sufficient shares of Stock to equal the
amount of tax to be withheld for such distributions or require a recipient to
pay the Company for any such taxes required to be withheld on such terms and
conditions prescribed by the Committee.

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<PAGE>   11

            (d)   No Grantee shall have any of the rights of a shareholder by
reason of a Stock Option until it is exercised.

            (e)   If shares of Stock acquired upon exercise of an Incentive
Stock Option are disposed of in a disqualifying disposition within the meaning
of Section 422 of the Code by a Grantee prior to the expiration of either two
years from the date of grant of such Stock Option or one year from the transfer
of shares to the Grantee pursuant to the exercise of such Stock Option, or in
any other disqualifying disposition within the meaning of Section 422 of the
Code, such Grantee shall notify the Company in writing as soon as practicable
thereafter of the date and terms of such disposition and, if the Company (or any
affiliate thereof) thereupon has a tax-withholding obligation, shall pay to the
Company (or such affiliate) an amount equal to any withholding tax the Company
(or affiliate) is required to pay as a result of the disqualifying disposition.

            (f)   Each grant of Stock Options (or issuance of Shares in respect
thereof) is subject to the requirement that, if at any time the Committee
determines, in its discretion, that the listing, registration or qualification
of shares of Stock issuable pursuant to the Plan is required by any securities
exchange or under any state or federal law, or the consent or approval of any
governmental regulatory body is necessary or desirable as a condition of, or in
connection with, the issuance of Options or shares of Stock, no shares shall be
issued, unless listing, registration, qualification, consent or approval has
been effected or obtained free of any conditions in a manner acceptable to the
Committee.

            (g)   In the event that the disposition of stock acquired pursuant
to the Plan is not covered by a then current registration statement under the
Securities Act of 1933, as amended (the "Securities Act"), and is not otherwise
exempt from such registration, such shares of Stock shall be restricted against
transfer to the extent required under the Securities Act, and the Committee may
require any individual receiving shares of Stock pursuant to the Plan, as a
condition precedent to receipt of such shares of Stock, to represent to the
Company in writing that such shares of Stock will be disposed of only if
registered for sale under the Securities Act or if there is an available
exemption for such disposition.

            (h)   This Plan shall be construed and enforced in accordance with
the laws of the State of Delaware (without regard to the legislative or judicial
conflict of laws rules of any state), except to the extent superseded by federal
law.

SECTION 12. AMENDMENT AND TERMINATION

(a)   The Plan shall terminate 10 years from the date of Board approval of the
Plan, unless terminated earlier by the Board, and no Stock Option shall be
granted hereunder after that date, provided that the Board may terminate the
Plan at any time prior thereto.

            (b)   The Board may amend the Plan at any time without notice,
provided however, that the Board may not, without prior approval by the
shareholders, (i) make any amendment in the Plan that would, if such amendment
were not approved by the shareholders,

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cause the Plan to fail to comply with any requirement of applicable law or
regulation, or (ii) materially modify the requirements as to eligibility for
participation in the Plan.

            (c)   No termination or amendment of the Plan may, without the
consent of a Grantee to whom a Stock Option shall theretofore have been granted,
adversely affect the rights of such Grantee under such Stock Option.

SECTION 13. EFFECTIVE DATE

            The Plan shall become effective as of the date it is approved by the
Board, subject to the Plan's approval by the Company's shareholders within 12
months of such date.

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<PAGE>   13

1999 NSO-

                                                                    _____ Shares

                                REAL MEDIA, INC.

                         1999 EMPLOYEE STOCK OPTION PLAN
                      NONSTATUTORY STOCK OPTION CERTIFICATE

      Real Media, Inc. (the "Company"), a Delaware corporation, hereby grants to
the person named below an option to purchase shares of Common Stock, par value
$0.001 per share, of the Company (the "Option") under and subject to the
Company's 1999 Employee Stock Option Plan (the "Plan") exercisable on the
following terms and conditions and those set forth on the reverse side of this
certificate:

          Name of Grantee:
                  Address:
      Social Security No.:
         Number of Shares:
             Option Price:
         Date of Granting:

                             EXERCISABILITY SCHEDULE

<TABLE>
<CAPTION>
ELAPSED TIME FROM GRANTING DATE                                           PERCENTAGE OF OPTION SHARES
-------------------------------                                              AVAILABLE FOR PURCHASE
                                                                             ----------------------

<S>                                                                        <C>
I Year                                                                                50%
I Year and 90 days                                                                   62.5%
1 Year and 180 days                                                                   75%
1 Year and 270 days                                                                  87.5%
2 Years                                                                               100%
</TABLE>

Expiration Date:

Special Provisions Regarding Rights if Grantee Ceases to
Perform Services for Company and its Subsidiaries:

Other Special Provisions:

      The Option shall not be treated as an Incentive Stock Option under section
422 of the Intenal Revenue Code of 1986, as amended (the "Code").

<PAGE>   14

      By acceptance of this Option, the Grantee agrees to the terms and
conditions hereof.

Dated:                                    REAL MEDIA, INC.

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

ACCEPTED:

------------------------------
[Name of Grantee]

<PAGE>   15

1999 ISO-1

                                                                    _____ Shares

                                REAL MEDIA, INC.

                         1999 EMPLOYEE STOCK OPTION PLAN
                       INCENTIVE STOCK OPTION CERTIFICATE

      Real Media, Inc. (the "Company"), a Delaware corporation, hereby grants to
the person named below an option to purchase shares of Common Stock, par value
$0.001 per share, of the Company (the "Option") under and subject to the
Company's 1999 Employee Stock Option Plan (the "Plan") exercisable on the
following terms and conditions and those set forth on the reverse side of this
certificate:

           Name of Grantee:
                   Address:
       Social Security No.:
          Number of Shares:
              Option Price:      $
          Date of Granting:

                             EXERCISABILITY SCHEDULE

<TABLE>
<CAPTION>
ELAPSED TIME FROM GRANTING DATE                                           PERCENTAGE OF OPTION SHARES
-------------------------------                                              AVAILABLE FOR PURCHASE
                                                                             ----------------------

<S>                                                                        <C>
I Year                                                                                50%
I Year and 90 days                                                                   62.5%
1 Year and 180 days                                                                   75%
1 Year and 270 days                                                                  87.5%
2 Years                                                                               100%
</TABLE>

Expiration Date:

SPECIAL PROVISIONS REGARDING RIGHTS IF GRANTEE CEASES
TO PERFORM SERVICES FOR COMPANY AND ITS SUBSIDIARIES:
Other Special Provisions:

      Although this Option is intended to be treated as an Incentive Stock
Option under Section 422 of the Internal Revenue Code of 1986, as amended (the
"Code"), the Company does not and cannot guaranty or warranty that the Option
will be so treated. Certain acts of the Grantee such as disposing of the Stock
issued pursuant to this Option prior to the expiration of the holding periods
required under Code Section 422 will prevent this Option from being treated as
an Incentive Stock Option.

<PAGE>   16

      By acceptance of this Option, the Grantee agrees to the terms and
conditions hereof.

Dated:                                    REAL MEDIA, INC.

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

ACCEPTED:

------------------------------
[Name of Grantee]

<PAGE>   17

                REAL MEDIA, INC. 1999 EMPLOYEE STOCK OPTION PLAN

                   INCENTIVE STOCK OPTION TERMS AND CONDITIONS

            2.    Plan Incorporated by Reference. This Option is issued pursuant
to the terms of the Plan and may be amended as provided in the Plan. Capitalized
terms used and not otherwise defined in this certificate have the meanings given
to them in the Plan. This certificate does not set forth all of the terms and
conditions of the Plan, which are incorporated herein by reference. The
Committee administers the Plan and its determinations regarding the operation of
the Plan are final and binding. Copies of the Plan may be obtained upon written
request without charge from the President of the Company.

            3.    Option Price. The price to be paid for each share of Common
Stock issued upon exercise of the whole or any part of this Option is the Option
Price set forth on the face of this certificate.

            4.    Exercisability Schedule. This Option may be exercised at any
time and from time to time for the number of shares and in accordance with the
exercisability schedule set forth on the face of this certificate, but only for
the purchase of whole shares. This Option may not be exercised as to any shares
after the Expiration Date.

            5.    Method of Exercise. To exercise this Option, the Grantee shall
deliver written notice of exercise to the Secretary of the Company specifying
the number of shares with respect to which the Option is being exercised
accompanied by payment of the Option Price for such shares in cash, by certified
check or in such other form, including shares of Common Stock of the Company
valued at their Fair Market Value on the date of delivery, as the Committee may
at the time of exercise approve. Promptly following such notice, the Company
will deliver to the Grantee a certificate representing the number of shares with
respect to which the Option is being exercised.

            6.    Rights as a Stockholder or Employee. The Grantee shall not
have any rights in respect of shares as to which the Option shall not have been
exercised and payment made as provided above. The Grantee shall not have any
rights to continued employment by the Company or any Subsidiary by virtue of the
grant of this Option.

            7.    Recapitalization, Mergers, Etc. As provided in the Plan, in
the event of certain corporate transactions affecting the Company's outstanding
Common Stock, the Committee shall equitably adjust the number and kind of shares
subject to this Option and the exercise price hereunder. If such transaction
involves a consolidation or merger of the Company with another entity, the sale
or exchange of all or substantially all of the assets of the Company or a
reorganization or liquidation of the Company, then in lieu of the foregoing, the
Committee may upon written notice to the Grantee provide that this Option shall
terminate on a date not less than 20 days after the date of such notice unless
theretofore exercised. In connection with such notice, the Committee may in its
discretion accelerate or waive any deferred exercise period.

            8.    Option Not Transferable.

                  a.    During the Grantee's lifetime, the Option hereunder
shall be exercisable only by the Grantee or any guardian or legal representative
of the Grantee, and the Option shall not be transferable except, in case of the
death of the Grantee, by will or the laws of

<PAGE>   18

descent and distribution, nor shall the Option be subject to attachment,
execution or other similar process. In the event of (i) any attempt by the
Grantee to alienate, assign, pledge, hypothecate or otherwise dispose of the
Option, except as provided for herein, or (ii) the levy of any attachment,
execution or similar process upon the rights or interest hereby conferred, which
shall not be released or discharged within thirty (30) days after entry, the
Company may terminate the Option by notice to the Grantee and it shall thereupon
become null and void.

                  b.    Grantee may not offer, sell, transfer, pledge or
mortgage Option Shares to any person without the prior written consent of the
Company except pursuant to this Section 7(b).

                        (1)   If the Grantee desires to sell any shares obtained
upon exercise of tile Option, then prior thereto, the Grantee shall first obtain
a bona fide written offer from an independent third party for the purchase for
cash of such shares (the shares being subject to the bona fide offer being
hereinafter referred to as the "Offered Option Shares"). The Grantee shall then
deliver to the Company written notice stating the terms of the bona fide offer,
the name and address of the person making the offer and a copy of the offer
(hereinafter referred to as the "Notice").

                        (2)   Simultaneously with delivery of the Notice, the
Grantee shall offer in writing to sell to the Company the Offered Option Shares,
on terms at a price per share at least as favorable to the Company as the price
and terms stipulated in the Notice (the "Offer Price"). The Company may (and, at
the written direction of the Board, shall) purchase all (but not less than all)
of the Offered Option Shares by delivering written notice thereof to the Grantee
within 45 days after receipt by the Company of the Notice.

                        (3)   If the Company does not exercise its option
granted pursuant to Section 7(b)(ii) hereof, the Grantee may sell all (but not
less than all) of the Offered Option Shares, but only to the person making, and
in accordance with the terms and conditions of, the bona fide offer accompanying
the Notice, and subject to the conditions that (I) such sale is consummated no
later than 45 days following the expiration of the offer to the Company
described in Section 7(b)(ii) hereof, and (II) the purchaser agrees in writing
to be bound by the terms of this Agreement and the Amended and Restated Voting
and Stockholders Agreement dated April 8, 1998 by and among the Company and the
Company's stockholders as a stockholder by executing counterparts to such
agreements. If such sale has not been consummated within such 45 day period, the
Offered Option Shares shall then become subject to all the restrictions of this
Agreement.

                        (4)   Should Grantee be deemed by the Board to have
violated any of the restrictions set forth herein, the Company shall have the
right, but not the obligation, for a period of sixty (60) days following such
determination, to repurchase all of the shares obtained upon exercise of the
Option then owned of record by Grantee at the Option Price.

            9.    Compliance with Securities Laws. It shall be a condition to
the Grantee's right to purchase shares of Common Stock hereunder that the
Company may, in its discretion, require (a) that the shares of Common Stock
reserved for issue upon the exercise of this Option shall have been duly listed,
upon official notice of issuance, upon any national securities exchange or
automated quotation system on which the Company's Common Stock may then be
listed or quoted, (b) that either (i) a registration statement under the
Securities Act of

<PAGE>   19

1933 with respect to the shares shall be in effect, or (ii) in the opinion of
counsel for the Company, the proposed purchase shall be exempt from registration
under that Act and the Grantee shall have made such undertakings and agreements
with the Company as the Company may reasonably require, and (c) that such other
steps, if any, as counsel for the Company shall consider necessary to comply
with any law applicable to the issue of such shares by the Company shall have
been taken by the Company or the Grantee, or both. The certificates representing
the shares purchased under this Option may contain such legends as counsel for
the Company shall consider necessary to comply with any applicable law.

            10.   Payment of Taxes. The Grantee shall pay to the Company, or
make provision satisfactory to the Company for payment of, any taxes required by
law to be withheld with respect to the exercise of this Option. The Committee
may, in its discretion, require any other Federal or state taxes imposed oil the
sale of the shares to be paid by the Grantee. In the Committee's discretion,
such tax obligations may be paid in whole or in part in shares of Common Stock,
including shares retained from the exercise of this Option, valued at their Fair
Market Value on the date of delivery. The Company and Its Subsidiaries may, to
the extent permitted by law, deduct any such tax obligations from any payment of
any kind otherwise due to the Grantee.<PAGE>   1
                                                                   Exhibit 10.4

CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED BY MEANS OF BLACKOUT
OF THE TEXT (THE "MARK"). THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION WITHOUT THE MARK PURSUANT TO THE COMPANY'S
APPLICATION REQUESTING CONFIDENTIAL TREATMENT UNDER RULE 406 UNDER THE
SECURITIES ACT.

                            STOCK PURCHASE AGREEMENT

      This Agreement is made April 8, 1998 between REAL MEDIA, INC., a Delaware
corporation ("Real Media"), and ADVANCE INTERNET INC., a New Jersey corporation
("Advance").

      Subject to the terms and conditions herein, the parties agree as follows:

                                   ARTICLE I
                                SALE AND PURCHASE

      1.1. SALE AND PURCHASE OF SHARES. Simultaneously with the execution and
delivery of this Agreement, Real Media is issuing and selling to Advance, and
Advance is purchasing from Real Media, free and clear of all claims, liens,
security interests and other encumbrances ("Liens"), Two Million One Hundred
Ninety-Five Thousand (2,195,000) shares of the common stock, $.001 par value, of
Real Media (the "Shares").

      1.2. CONSIDERATION. In consideration of the sale of the Shares, Advance is
paying Real Media on the date hereof, by wire transfer of immediately available
funds, an aggregate of Three Million Dollars ($3,000,000).

      1.3. STOCKHOLDERS AGREEMENT. In connection with the sale and purchase of
the Shares, Real Media, Advance and the current shareholders of Real Media are
simultaneously with the execution hereof entering into an Amended and Restated
Voting and Stockholders Agreement (the "Stockholders Agreement").

                                   ARTICLE II
                         REPRESENTATIONS AND WARRANTIES
                                   OF ADVANCE

      2.1. REPRESENTATIONS AND WARRANTIES OF ADVANCE. Advance represents and
warrants to Real Media as follows:

           2.1.1. EXISTENCE AND POWER. Advance is a corporation validly
existing and in good standing under the laws of the State of New Jersey and has
the full corporate power and authority to enter into and perform this Agreement
and to carry on its business as now conducted.

           2.1.2. AUTHORIZATION. The execution, delivery and performance of this
Agreement by Advance have been duly authorized by all necessary action, and this
Agreement constitutes the valid and binding obligation of Advance enforceable
against it in accordance with its terms, except to the extent enforceability may
be limited by bankruptcy, insolvency, reorganization, moratorium or other
similar laws affecting the enforcement of creditors' rights in general and
subject to general principles of equity (regardless of whether enforceability is
considered in a proceeding in equity or at law).

<PAGE>   2

           2.1.3. NO CONFLICTS; CONSENTS. Except for conflicts, breaches,
terminations, accelerations, defaults and violations specified in (b) and (c)
below that could not reasonably be expected to have a material adverse effect on
Advance's ability to perform its obligations under this Agreement, the
execution, delivery and performance of this Agreement by Advance will not: (a)
violate or conflict with the Certificate of Incorporation or By-Laws of Advance;
(b) conflict with, or result in the breach, termination or acceleration of, or
constitute a default under, any lease, agreement, commitment or other instrument
to which Advance is a party or by which it or its properties are bound; (c)
constitute a violation of any law, regulation, order, writ, judgment, injunction
or decree applicable to Advance or any of its properties or (d) require any
governmental consent or approval.

           2.1.4. INVESTMENT REPRESENTATION. The Shares purchased by Advance
pursuant to this Agreement are being acquired for investment only and not with a
view to any resale or distribution thereof, in whole or in part, in violation of
the Securities Act of 1933, as amended, and to the best knowledge of Advance,
the Shares have not been offered to, or acquired by, it through any
advertisement or general solicitation.

                                  ARTICLE III
                         REPRESENTATIONS AND WARRANTIES
                                  OF REAL MEDIA

      3.1. REPRESENTATIONS AND WARRANTIES OF REAL MEDIA. Real Media represents
and warrants to Advance as follows:

           3.1.1. EXISTENCE AND POWER. Real Media is a corporation validly
existing and in good standing under the laws of the State of Delaware and has
the full corporate power and authority to enter into and perform this Agreement
and to carry on its business as now conducted and to own, lease and operate its
properties as it now does. Real Media is qualified to do business as a foreign
corporation in all jurisdictions where the failure to be so qualified would have
a material adverse effect on Real Media's assets, business or properties.

           3.1.2. AUTHORIZATION. The execution, delivery and performance of this
Agreement by Real Media have been duly authorized by all necessary action, and
this Agreement constitutes the valid and binding obligation of Real Media
enforceable against it in accordance with its terms, except to the extent
enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting the enforcement of creditors', rights
in general and subject to general principles of equity (regardless of whether
enforceability is considered in a proceeding in equity or at law).

           3.1.3. NO CONFLICTS; CONSENTS. Except for conflicts, breaches,
terminations, accelerations, defaults and violations specified in (b) and (c)
below that could not reasonably be expected to have a material adverse effect on
Real Media's ability to perform its obligations under this Agreement, or have a
material adverse effect on its business or properties, the execution, delivery
and performance of this Agreement by Real Media will not: (a) violate or
conflict with the Articles of Incorporation or By-Laws of Real Media; (b)
conflict with, or result in the breach, termination or acceleration of, or
constitute a default under, any lease, agreement,

<PAGE>   3

commitment or other instrument to which Real Media is a party or by which it or
its properties are bound; (c) constitute a violation of any law, regulation,
order, writ, judgment, injunction or decree applicable to Real Media or any or
its properties; (d) require any governmental consent or approval; or (e) result
in the creation of any Lien upon the properties or assets of Real Media.

           3.1.4. LITIGATION. There is no litigation or proceeding or any
governmental investigation pending or, to the knowledge of Real Media,
threatened, nor is there any order, injunction or decree outstanding, against
Real Media that could reasonably be expected to have a material adverse effect
on Real Media or its ability to perform its obligations under this Agreement.

           3.1.5. SUBSIDIARIES. Real Media does not own any equity interest in
any other business.

           3.1.6. RECORDS. The copies of the Articles of Incorporation and
By-Laws of Real Media that have been delivered to Advance are complete and
correct, and the minute books of Real Media that have been exhibited to Advance
are complete and correct in all material respects as of the date hereof.

           3.1.7. CAPITALIZATION. Schedule 3.1.7 sets forth the authorized
capital stock of Real Media, the number of issued and outstanding shares
thereof, the name of each owner of record and each beneficial owner and the
number of shares owned by each. All of the issued and outstanding shares of
capital stock of Real Media were duly authorized for issuance and are validly
issued, fully paid and nonassessable.

      Except as set forth on Schedule 3.1.7, there are no outstanding options or
rights of any kind to acquire any capital stock or any securities convertible
into any capital stock of Real Media, nor are there any obligations to issue any
such capital stock, rights or securities. Except as provided in the Stockholders
Agreement, there are no restrictions of any kind on the transfer of the
outstanding capital stock of Real Media, except those imposed by applicable
federal and state securities laws. Except as set forth in the Stockholders
Agreement or as set forth on Schedule 3.1.7, there are no contracts or other
understandings (whether formal or informal, written or oral, firm or contingent)
that require or may require Real Media to repurchase any of its capital stock,
nor are there any preemptive or similar rights with respect to Real Media's
capital stock. Except as set forth in the Stockholders Agreement, neither Real
Media nor, to the best of Real Media's knowledge, any shareholder of Real Media
is a party to any voting agreement, voting trust, proxy or any other agreement
or understanding with respect to the voting of any capital stock of Real Media,
or any agreements with respect to the transferability, purchase or redemption of
any capital stock of Real Media. Upon transfer of the Shares pursuant to this
Agreement, Advance will own twenty-four and four/tenths percent (24.4%) of the
total capital stock of Real Media.

           3.1.8. FINANCIAL STATEMENTS. The unaudited balance sheet of Real
Media at December 31, 1997 and the related unaudited statements of income and
cash flows of Real Media for the twelve months then ended previously provided to
Advance have been prepared in accordance with generally accepted accounting
principles ("GAAP"), consistently applied at

<PAGE>   4

such dates and for such periods, and present fairly the financial condition and
results of operations of Real Media at such dates and for such periods. There is
no material liability or obligation of any kind, whether accrued, absolute,
fixed or contingent, of Real Media that is not reflected or reserved for in such
financial statements as of their respective dates, other than liabilities
incurred in the ordinary course of business since December 31, 1997.

           3.1.9. ABSENCE OF CERTAIN CHANGES OR EVENTS. Since December 31, 1997,
Real Media has operated its business only in the ordinary course consistent with
past practice, and there has not been with respect to Real Media:

                  (a) any change, development or other event that could
reasonably be expected, individually or in the aggregate, to have a material
adverse effect on Real Media;

                  (b) any incurrence of indebtedness for money borrowed or the
creation of any Lien on any properties or assets (whether tangible or
intangible);

                  (c) any general increase in the salaries, wages, compensation,
bonuses, commissions or pension or other benefits payable by Real Media to its
directors, officers, employees or agents, or any specific increase in any of the
foregoing payable by Real Media to any director, officer, employee or agent;

                  (d) the entering into any new or amended agreement, plan,
policy, program or arrangement to pay pensions, profit sharing, deferred
compensation, retirement allowances or other employee benefits to any director,
officer, employee or agent, whether past or present, including any severance or
consulting arrangement;

                  (e) any termination, discontinuance, closing or disposition of
any plant, facility or business operation, any lay-offs of employees or
implementation of any early retirement or separation program;

                  (f) any transfer or grant of any rights under or in respect of
any agreements, leases, licenses or intellectual property;

                  (g) any capital expenditure, except those made in the ordinary
course of business consistent with past practice which did not exceed $50,000 in
the aggregate;

                  (h) any material damage, destruction or loss (not covered by
insurance) to any physical assets or properties of Real Media in excess of
$50,000 in book value in the aggregate;

                  (i) any declaration, setting aside or payment of any dividend
or other distribution on or in respect of its shares of capital stock or any
direct or indirect redemption, retirement, purchase or other acquisition of any
such shares; or

                  (j) any announcement or agreement to do any of the foregoing.

<PAGE>   5

           3.1.10. TAXES. Real Media has (a) filed with the appropriate federal,
state and local taxing authorities all tax returns required to be filed by or
with respect to Real Media, and those tax returns are correct and complete in
all material respects, and (b) paid in full or made adequate provision for the
payment of all taxes shown to be due on those tax returns. Real Media has not
received any notice of deficiency or assessment from any federal, state or local
taxing authority with respect to liabilities for taxes that have not been fully
paid or finally settled.

           3.1.11. MATERIAL CONTRACTS. Set forth on Schedule 3.1.11 is a list
of: (a) each commitment or agreement to which Real Media is a party for the
purchase of any materials, supplies or services that involves or will involve an
expenditure by Real Media of more than $50,000; (b) each personal property lease
under which Real Media is either a lessor or lessee that involves annual
payments or receipts of more than $50,000; (c) each agreement with customers
that involves annual payments to Real Media of more than $50,000; (d) each
agreement between Real Media, on the one hand, and any of its affiliates,
associates or shareholders, on the other hand; (e) each other commitment,
agreement and instrument (including, without limitation, mortgages, indentures
and other agreements and instruments relating to indebtedness for borrowed
money) to which Real Media is a party or by which it or its properties are bound
that requires annual payments by Real Media of more than $50,000. In this
Agreement, the term "Material Contract" means any commit-ment, agreement, lease,
order or instrument required to be disclosed under this Section 3.1.11.

           3.1.12. REAL PROPERTY. Set forth on Schedule 3.1.12 is a brief
description of each lease of real property to which Real Media is a party and
all real property owned by Real Media.

           3.1.13. DEFAULTS. Real Media is not in default under any Material
Contract or real property lease, which may reasonably be expected to result in a
termination of the Material Contract or real property lease or a claim for
material damages thereunder. Real Media is not in default of any payment
obligation under any loan or credit agreement to which it is a party. No party
has notified Real Media of its intention to cease to perform any of its
obligations under any Material Contract or real property lease and each of the
Material Contracts and real property leases is in full force and effect.

           3.1.14. AGREEMENTS REGARDING EMPLOYEES. Real Media is not a party to
or bound by any collective bargaining or similar labor agreement and is not
aware of efforts or actions by any employees to organize or join a labor union
or similar organization for collective bargaining purposes. Real Media is in
compliance in all material respects with all applicable laws and regulations
respecting labor, employment, fair employment practices, terms and conditions of
employment and wage and hour restrictions. Real Media is not a party to or bound
by any agreement, arrangement or understanding with any current or former
employee or consultant that cannot be terminated by Real Media on notice of
sixty (60) days or less without material liability to it. Set forth on Schedule
3.1.14 is a list of all employees of Real Media and their cash compensation as
of the date of this Agreement. No senior officer or key employee or group
thereof has notified Real Media that he, she or they intend to terminate his,
her or their employment with Real Media, and Real Media does not have a present
intention to terminate any

<PAGE>   6

senior officer or key employee or group thereof. There are no existing or
threatened disputes involving the current or former employees of Real Media.

           3.1.15. PROPRIETARY RIGHTS. Set forth on Schedule 3.1.15 is a list of
all patents, trademarks, trade names, service marks, copyrights (other than
routine promotional and similar materials) and applications therefor owned or
used or held for use by Real Media ("Proprietary Rights"), specifying as to
each, as applicable: (a) the nature of the Proprietary Right; (b) the user of
the Proprietary Right; and (c) material licenses, sublicenses and other
agreements to which Real Media is a party and pursuant to which any person is
authorized to use the Proprietary Right. Real Media has used the Proprietary
Rights without infringing any other party's rights and is not a party in any
pending or, to the best of Real Media's knowledge, threatened suit, action or
proceeding that involves a claim of infringement of any Proprietary Right. No
Proprietary Right is subject to any outstanding order, judgment, decree,
stipulation or agreement restricting its use by Real Media or restricting the
licensing thereof to any person by Real Media.

           3.1.16. ENVIRONMENTAL MATTERS. Real Media is in compliance in all
material respects with all applicable federal, state and local laws, ordinances,
regulations, rules or administrative orders relating to employee health and
safety, air, water and noise pollution or otherwise relating to public health
and safety or environmental protection (including the protection of endangered
species), or the use, generation, manufacture, accumulation, storage, discharge,
release, disposal or transportation of hazardous materials.

           3.1.17. PERMITS AND LICENSES. Real Media has all material permits,
licenses, franchises and other authorizations necessary for the conduct of its
business as currently conducted, and all such permits, licenses, franchises and
authorizations are valid and in full force and effect.

           3.1.18. RELATED PARTY TRANSACTIONS. Other than the Stockholders
Agreement, Real Media is not engaged in any transaction with any of its
shareholders or any of their affiliates or associates.

           3.1.19. INSURANCE. The insurance policies Real Media has in effect in
the aggregate constitute adequate insurance for the business in which Real Media
is engaged within accepted industry standards.

           3.1.20. COMPLIANCE WITH LAW. Real Media is not in violation of any
applicable law, regulation, ordinance or other requirement of any governmental
body or court, which violations in the aggregate would have a material adverse
effect on Real Media, and no written notices have been received by Real Media
alleging any such violations.

                                   ARTICLE IV
                             COVENANTS OF REAL MEDIA

      4.1. BOOKS AND RECORDS. Real Media will maintain current and complete
records and books of account, in which will be entered fully and accurately all
transactions of the company.

<PAGE>   7

The books of Real Media shall be kept on an accrual basis of accounting in
accordance with GAAP. All such books and records shall be maintained at the
principal offices of Real Media and shall be available for inspection and
copying by Advance or its duly authorized representatives, at its own expense,
during normal business hours.

      4.2. FINANCIAL REPORTS AND NOTICES OF MATERIAL LITIGATION. Real Media
shall prepare and deliver to Advance:

           (a) Promptly upon availability, but in any event within thirty days
of the end of each month, (i) a consolidated balance sheet as of the end of such
month; and (ii) consolidated statements of income or loss and of cash flows for
the interim period through the end of such month and for the month then ended,
and setting forth in each case in comparative form the figures for such previous
fiscal periods and comparisons to the budget, with an explanation of all
material variances;

           (b) Promptly upon availability but in any event within forty days of
the end of each quarter, (i) a consolidated balance sheet as of the end of such
quarter; and (ii) consolidated statements of income or loss and of cash flows
for the interim period through the end of such quarter and for the quarter then
ended, and setting fourth in each case in comparative form the figures for such
previous fiscal periods and comparisons to budget, with an explanation of all
material variances;

           (c) Promptly upon availability but in any event within sixty days of
the end of each fiscal year of Real Media, a consolidated balance sheet of the
company as of the end of such fiscal year, and a consolidated statement of
income or loss and a statement of cash flows for such fiscal year, all in
reasonable detail, setting forth in each case in comparative form the figures
for the previous year, with an explanation of all material variances, certified
by Real Media's auditors;

           (d) With reasonable promptness, such other financial information and
reports, which shall include (without limitation) a summary of intercompany
transactions and payments and transactions between Real Media and its
stockholders and a statement of income for each of its subsidiaries, if any, and
such projections as from time to time may be requested by Advance; and

           (e) prompt notice of the commencement or institution by or against
Real media of any dispute, litigation, suit, action or other proceeding before
any court or other governmental, administrative or taxing authority which Real
Media in good faith determines is reasonably likely to have a material adverse
effect upon Advance or any of its affiliates.

      4.3. ADVERTISING REPRESENTATION. Real Media will not enter into any
agreement or arrangement with any third party that would preclude or restrict it
in any way from representing Advance or any of Advance's affiliates with respect
to the solicitation and sale of advertising on the Internet.

<PAGE>   8

      4.4. PRODUCTION. At any time that Real Media is to create or provide for
the creation of custom content sponsorship or other feature sections, it will
provide Advance's subsidiary Journal Square Interactive ("JSI") with the
opportunity to propose a price and other terms for performance of such project,
will give any such proposal all due consideration and will engage JSI to perform
the project if the price and terms proposed are not materially less favorable to
Real Media than the price and terms proposed by a third party.

                                    ARTICLE V
                                 INDEMNIFICATION

      5.1. INDEMNIFICATION BY REAL MEDIA. Subject to the provisions of this
Article V, Real Media shall indemnify and hold Advance harmless from and against
all losses, liabilities, damages and expenses (including reasonable attorneys'
fees) ("Losses") resulting from any breach of representation or warranty or
failure to perform any covenant or agreement by Real Media under this Agreement.

      5.2. INDEMNIFICATION BY ADVANCE. Subject to the provisions of this Article
V, Advance shall indemnify and hold Real Media harmless from and against all
Losses resulting from any breach of representation or warranty or failure to
perform any covenant or agreement by Advance under this Agreement.

      5.3. TIME AND MANNER OF CERTAIN CLAIMS. The representations, warranties,
covenants and agreements contained in this Agreement shall survive the execution
and delivery hereof for a period of three years, except for the covenants
contained in Article IV hereof, which shall survive as long as Advance owns any
Shares of Real Media. Any notice of claim hereunder shall set forth the
representation, warranty, covenant or agreement with respect to which the claim
is made, the facts giving rise to and the alleged basis for the claim and the
amount of liability asserted by reason of the claim.

      5.4. DEFENSE OF CLAIMS BY THIRD PARTIES. If any claim is made against any
person or entity that, if sustained, would give rise to a liability of a party
for breach of representation or warranty or failure to perform any covenant or
agreement under this Agreement, the parties shall cooperate to cause notice of
the claim to be delivered promptly to the party who may be liable under this
Agreement, and shall afford that party and its counsel, at that party's sole
expense, the opportunity to defend or settle the claim.

                                   ARTICLE VI
                                  MISCELLANEOUS

      6.1. GOVERNING LAW. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York applicable to agreements made
and to be performed wholly in New York.

      6.2. NOTICES. All notices and other communications under this Agreement
shall be in writing and may be given by personal delivery, facsimile
transmission, registered or certified mail, postage prepaid, return receipt
requested or overnight delivery service. Notices shall be

<PAGE>   9

sent to the appropriate party at its address or facsimile number given below (or
at such other address or facsimile number for that party as shall be specified
by notice given under this Section 6.2):

           if to Real Media, to:

           Real Media, Inc.
           32 East 31st Street
           New York, NY 10016
           Attention: David Morgan
           Tel: (212) 725-4537
           Fax: (212) 725-4573

           with a copy co:

           Dechert Price & Rhoads
           Princeton Pike Corporate Center
           997 Lenox Drive
           Building 3, Suite 210
           Lawrenceville, NJ 08648
           Attention: Gil C. Tily, Esq.
           Tel: (609) 620-3224
           Fax: (609) 620-3259

           if to Advance, to:

           Advance Internet Inc.
           30 Journal Square, Suite 400
           Jersey City, NJ 07306
           Attention: Donald Perri
           Tel: (201) 459-2851
           Fax: (201) 418-7675

           with a copy to:

           Sabin, Bermant & Gould
           350 Madison Avenue
           New York, New York 10017
           Attention: Emily M. Beck, Esq.
           Tel: (212) 692-4453
           Fax: (212) 692-4406

      All such notices and communications shall be deemed received upon (a)
actual receipt by the addressee, (b) actual delivery to the appropriate address
or (c) in the case of a facsimile transmission, upon transmission by the sender
and issuance by the transmitting machine of a

<PAGE>   10

confirmation slip confirming the number of pages constituting the notice have
been transmitted without error.

      6.3. FURTHER ASSURANCES. From time to time, each party shall take such
action and execute and deliver such documents as the other may reasonably
request to carry out the transactions contemplated by this Agreement.

      6.4. FEES AND EXPENSES. Neither party shall be responsible for the other's
fees or expenses, including, without limitation, those in connection with the
transactions contemplated by this Agreement and the Stockholders Agreement.

      6.5. COUNTERPARTS. This Agreement may be executed in counterparts, each of
which shall be considered an original, but both of which together shall
constitute the same instrument.

      6.6. ENTIRE AGREEMENT. This Agreement and the Stockholders Agreement
contain a complete statement of all the arrangements between the parties with
respect to its subject matter, supersede all existing agreements between them
with respect to that subject matter, may not be changed or terminated orally and
any amendment or modification must be in writing and signed by the party to be
charged.

                                                 REAL MEDIA, INC.

                                                 By: /S/ David Morgan
                                                    ----------------------------
                                                    Name:  David Morgan
                                                    Title: President

                                                 ADVANCE INTERNET INC.

                                                 By: /S/ Donald Perri
                                                    ----------------------------
                                                    Name:  Donald Perri
                                                    Title:

<PAGE>   11

CAPITALIZATION                          SCHEDULE 3.1.7

<TABLE>
<CAPTION>
          PERSON                    STOCK               OPTIONS              TOTAL
          ------                    -----               -------              -----
<S>                             <C>                     <C>              <C>
David Morgan                      1,088,000               20,000           1,108,000
Gil Beyda                         1,004,000               10,000           1,014,000
Mark Pinney                       1,044,000              121,720           1,165,720
*                                      *                    *                   *
*                                      *                    *                   *
*                                      *                    *                   *
*                                      *                    *                   *
*                                      *                    *                   *
*                                      *                    *                   *
*                                      *                    *                   *
*                                      *                    *                   *
*                                      *                    *                   *
*                                      *                    *                   *
*                                      *                    *                   *
*                                      *                    *                   *
*                                      *                    *                   *
*                                      *                    *                   *
*                                      *                    *                   *
*                                      *                    *                   *
*                                      *                    *                   *
*                                      *                    *                   *
*                                      *                    *                   *
*                                      *                    *                   *
*                                      *                    *                   *
                                                      --------------     --------------
                                  3,440,000              560,000           4,000,000

PUBLIGROUPE                       2,800,000

AUTHORIZED:

                                  COMMON STOCK        9,000,000 to be amended to 18,000,000
                                  PREFERRED STOCK          9,000,000
</TABLE>

* Confidential treatment requested
<PAGE>   12

MATERIAL CONTRACTS                      SCHEDULE 3.1.11

      (a)   Purchase of materials, supplies, and services involving expenditure
            of more than $50,000

                      Microserve (contract provided)

      (b)   Personal property lease involving payments of more than $50,000

                      none

      (c)   Agreement with customers involving annual payments of more than
            $50,000

                      none

      (d)   Agreement between Real Media and associates

                      Technology Transfer Agreement with Publigroupe dated as of
                      April 6, 1998

      (e)   Other agreements involving payments of more than $50,000

                      none

      Other contracts provided: Netscape, Lexis-Nexis, Business Week, Deloitte &
      Touche, DoubleByte.

<PAGE>   13

REAL PROPERTY                        SCHEDULE 3.1.12

        Description of each lease of real property

              32 East 31st Street, 9th floor, New York, NY 10016
              - $2,500 per month through September 1998
              - $2,625 per month through September 1999

              270 Commerce Drive, Suite 6000, Fort Washington, PA 19034
              - $1,000 per month - month to month lease with 60 days notice

              2180 Bryant Street, San Francisco, CA 94110
              - $1,260 per month through September 1998

        Real property owned

              none

<PAGE>   14

EMPLOYEES                               SCHEDULE 3.1.14

<TABLE>
<CAPTION>
Employees                                        Compensation
---------                                        ------------
<S>                                               <C>
[*]                                                      [*]
</TABLE>

*CONFIDENTIAL TREATMENT REQUESTED
<PAGE>   15

PROPRIETARY RIGHTS                      SCHEDULE 3.1.15

Trade Marks

<TABLE>
<CAPTION>
Real Media
----------
<S>                                     <C>
(a)  nature of proprietary right          common law use
(b)  user of proprietary right
(c)  material (sub)licenses               PubliGroupe, South Africa, Hong Kong
</TABLE>

On August 6, 1997, Real Media, Inc. filed an opposition proceeding in the U.S.
Patent and Trademark Office challenging the application of Real Networks, Inc.
(f/k/a Progressive Network, Inc.) to register REAL MEDIA as a trademark for
"computer software which allows the viewing and transmitting of picture and/or
video and/or text segments and audio segments over global information networks
that transfer and disseminate a wide range of information." The use has been
limited to a naming protocol for its software architecture. In its Notice of
Opposition, Real Media has asserted that it has prior rights in the mark REAL
MEDIA in connection with its on-line advertising services and related
proprietary software and that Real Networks' use of the same mark on the goods
specified in its application is likely to cause confusion. The parties are
currently engaged in negotiations to resolve the dispute and various related
issues, including the proposed assignment to Real Media of various domain name
registrations, including adstream.com and mediaexpress.com.

<TABLE>
<CAPTION>
Open AdStream
-------------
<S>                                     <C>
(a)  nature of proprietary right          common law use - in process of filing federal
                                          trademark application
(b)  user of proprietary right
(c)  material (sub)licenses               PubliGroupe

AdStream
--------
(a)  nature of proprietary right          common law use
(b)  user of proprietary right
(c)  material (sub)licenses
</TABLE>

"Innovation on the Internet" filed an application to register ADSTREAMS for
Internet advertising, but has since abandoned the application.

Digital Business Resource, Inc. ("DBR"), a small value added reseller ("VAR")
company, has a pending application to register ADSTREAM for "a digital,
downloadable, computer-based messaging device" - namely a software application
that stores and transmits audio advertisements into convenience stores and gas
stations and tracks the play times. Real Media has not opposed DBR's application
even though Real Media has a priority of use, believing that DBR's use will not
pose a significant threat of confusion among Real Media's clients, online media
publishers.

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