Document:

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                                                                   EXHIBIT 10.82

                             STOCKHOLDERS AGREEMENT

                  STOCKHOLDERS AGREEMENT (the "Agreement"), dated as of July 10,
2001 by and among (i) Williams Communications, LLC, a Delaware limited liability
company ("Williams"), (ii) iBeam Broadcasting Corporation, a Delaware
corporation (the "Company"), (iii) the other stockholders of the Company set
forth on the signature page hereto (the "Other Stockholders") and (iii) each
other Person (defined below) who becomes a party to this Agreement in accordance
with the terms hereof.

                                  WITNESSETH:

                  WHEREAS, this Agreement shall become effective (the "Effective
Date") on the date of, and simultaneously with, the closing under the Stock
Purchase Agreement, dated as of June 24, 2001 between the Company, Williams and
the Other Stockholders (the "Stock Purchase Agreement");

                  WHEREAS, on the Effective Date, (i) the authorized capital
stock of the Company will consist of 413,000,000 shares of common stock, $.0001
par value (the "Common Stock"), and 10,000,000 shares of preferred stock, $.0001
par value (the "Preferred Stock") of which 3,000,000 shares will be designated
Series A Convertible Preferred Stock, $.0001 par value (the "Series A Preferred
Stock") and (ii) the issued and outstanding capital stock of the Company will
consist of 127,353,381 shares of Common Stock and 2,400,939 shares of Series A
Preferred Stock, with 240,930,900 shares of Common Stock reserved for issuance
upon the exercise of certain stock options and warrants and upon conversion of
the Series A Preferred Stock; and

                  WHEREAS, on the Effective Date Williams shall hold 1,800,704
shares of Series A Preferred Stock and the Other Stockholders shall hold, in the
aggregate, 600,235 shares of Series A Preferred Stock;

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

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                                   ARTICLE I

                                  DEFINITIONS

                  Section 1.1 Definitions. As used in this Agreement, the
following terms have the following meanings:

                  "Affiliate" as applied to any Person, shall mean any other
Person directly or indirectly controlling or controlled by or under, direct or
indirect, common control with such Person. For the purposes of this definition,
control when used with respect to any Person means the power to direct the
management and policies of such person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms
"controlling" and "controlled" have meanings correlative to the foregoing.
Notwithstanding the foregoing, neither Williams and its Affiliates nor the Other
Stockholders and their respective Affiliates shall be deemed Affiliates of the
Company for purposes of this Agreement.

                  "beneficially own" and "beneficial ownership" have the
meanings given to them in Rule 13d-3 under the Exchange Act.

                  "Board of Directors" shall mean the Board of Directors of the
Company.

                  "Business Day" shall mean each day other than Saturdays,
Sundays and days when commercial banks are authorized to be closed for business
in New York, New York.

                  "Certificate of Designations" shall mean the Certificate of
Designations of the Series A Preferred Stock attached hereto as Exhibits A.

                  "Charter Documents" shall mean the Certificate of
Incorporation and By-Laws of the Company, in effect as of the Effective Date,
attached hereto as Exhibits B and C, respectively.

                  "Commission" shall mean the United States Securities and
Exchange Commission.

                  "Common Stock" shall have the meaning set forth in the
recitals.

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                  "Company" shall have the meaning set forth in the preamble.

                  "Company Offered Securities" shall have the meaning set forth
in Section 6.1.

                  "Effective Date" shall have the meaning set forth in the
recitals.

                  "Exchange Act" shall mean the Securities Exchange Act of 1934,
as amended, and the rules and regulations promulgated thereunder.

                  "Indebtedness" of any Person at any date shall include (i) all
indebtedness of such Person for borrowed money or for the deferred purchase
price of property or services, including earnout or similar contingent purchase
amounts, (ii) any other indebtedness of such Person which is evidenced by a
note, mortgage, bond, debenture or similar instrument, (iii) all obligations of
such Person under capitalized leases, (iv) all payments made or to be made
pursuant to sale-leaseback transactions, (v) all payments made or to be made
pursuant to a non-compete payment obligation, change of control payment
obligation, and severance and retention obligations, and (vi) all guarantees by
such Person of obligations of others whether or not such Person has assumed or
otherwise become directly liable for the payment thereof.

                  "MD&A" shall mean a management's discussion and analysis of
the Company's financial condition and results of operation comparable to the
discussion that is required to be included in periodic reports filed under the
Exchange Act.

                  "Notices" shall have the meaning set forth in Section 8.6.

                  "Permitted Transferee" shall mean with respect to any Person,
any other Person that is an Affiliate of the such Person.

                  "Person" shall mean an individual or a corporation, limited
liability company, partnership, trust, or any other entity or organization,
including a government or political subdivision or an agency or instrumentality
thereof.

                  "Preemptive Rights Offer" shall have the meaning set forth in
Section 6.1.

                  "Preemptive Rights Offer Notice" shall have the meaning set
forth in Section 6.1.

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                  "Preemptive Rights Transaction" shall have the meaning set
forth in Section 6.1.

                  "Preferred Stock" shall have the meaning set forth in the
recitals.

                  "Registration Rights Agreements" shall mean the Registration
Rights Agreement, dated as of the date hereof, by and between the Company,
Williams and the Other Stockholders, attached hereto as Exhibit D.

                  "Securities Act" shall mean the Securities Act of 1933, as
amended, and the rules and regulations thereunder.

                  "Series A Preferred Stock" shall have the meaning set forth in
 the recitals.

                  "Shares" shall mean, collectively, the Common Stock and the
Preferred Stock. Whenever this Agreement refers to a number or percentage of
Shares, such number or percentage shall be calculated as if each of the Shares
had been exchanged or converted into shares of Common Stock immediately prior to
such calculation regardless of the existence of any restrictions on or
conditions to such exchange or conversion.

                  "Standstill Period" shall have the meaning set forth in
Section 5.1.

                  "Stock Purchase Agreement" shall have the meaning set forth in
the recitals.

                  "Subsidiary" shall mean, with respect to any Person, (a) a
corporation a majority of whose capital stock with voting power, under ordinary
circumstances, to elect directors is at the time, directly or indirectly, owned
by such Person, by a Subsidiary of such Person, or by such Person and one or
more Subsidiaries of such Person, (b) a partnership in which such Person or a
Subsidiary of such Person is, at the date of determination, a general partner of
such partnership, or (c) any other Person in which such Person, a Subsidiary of
such Person or such Person and one or more Subsidiaries of such Person, directly
or indirectly, at the date of determination thereof, has (i) at least a majority
ownership interest or (ii) the power to elect or direct the election of the
directors or other governing body of such Person.

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                  "Transaction Documents" shall have the meaning set forth in
the Stock Purchase Agreement.

                  "Transfer" shall mean (i) when used as a noun: any direct or
indirect transfer, sale, assignment, pledge, hypothecation, encumbrance or other
disposition and (ii) when used as a verb: to directly or indirectly transfer,
sell, assign, pledge, hypothecate, encumber, or otherwise dispose of.

                  "Transferee" shall mean any Person to whom Shares have been
Transferred in compliance with the terms of this Agreement.

                  "Voting Stock" means the capital stock of any class or kind
ordinarily having the power to vote generally for the election of directors (or
other persons or bodies performing similar functions) of the Company. With
respect to the Company, as of the Effective Date, Voting Stock includes (i) the
Common Stock, and (ii) the Series A Preferred Stock.

                  "Williams Nominees" shall have the meaning set forth in
Section 4.l(a).

                                   ARTICLE II

                           RESTRICTIONS ON TRANSFERS

                  Section 2.1 Transfers in Accordance with this Agreement. Any
attempt to Transfer, or purported Transfer of, any of the Shares held by
Williams, the Other Stockholders or their respective Permitted Transferees in
violation of the terms of this Agreement shall be null and void and the Company
shall not register upon its books, and shall direct its transfer agent not to
register on its books any such Transfer. A copy of this Agreement shall be
filed with the Secretary of the Company and the Company's transfer agent and
kept with the records of the Company.

                  Section 2.2 Restrictions on Transfer.

                          (a) Except as set forth below, prior to the second
anniversary of the date hereof, Williams and its Permitted Transferees shall
not Transfer any Shares except (i) to a Permitted Transferee, (ii) pursuant to
an effective registration statement filed with the Commission (including a
registration statement contem-

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plated by the Registration Rights Agreement) or (iii) to any other stockholder
of the Company who is bound by the terms of this Agreement.

                          (b) Following the second anniversary hereof and
subject to the other terms of this Agreement, Williams and its Permitted
Transferees may, subject to applicable law, Transfer any Shares to any Person,
provided that if such Transferee is not a Permitted Transferee then such
Transferee must, to the extent it becomes a party to this Agreement, agree that
it waives and otherwise has no rights under Section 4.2(b). Subject to the other
terms of this Agreement, after the date hereof, the Other Stockholders and their
respective Permitted Transferees may, subject to applicable law, Transfer any
Shares to any Person. Prior to any Transfer of Shares by Williams, an Other
Stockholder or their Permitted Transferees which is not registered under the
Securities Act, the proposed transferor shall give written notice to the Company
of such transferor's intention to effect such Transfer. Each such notice shall
describe the manner of the proposed Transfer. If within three (3) Business Days
after receipt by the Company of such notice, the Company requests in writing an
opinion of counsel for such transferor that the proposed Transfer may be
effected without registration of such Shares under the Securities Act, then
prior to Transferring such Shares, such transferor shall provide the Company an
opinion of counsel (which counsel and opinion shall each be reasonably
satisfactory to the Company) that such Transfer may be effected without
registration of such Shares under the Securities Act.

                          (c) No Transfer provided in the foregoing clauses (a)
and (b) of this Section 2.2 (other than pursuant to an effective registration
statement filed with the Commission) shall be permitted unless (i) the
certificates representing such Shares issued to the Transferee bear the legend
provided in Section 2.3 and (ii) the Transferee (if not already a party hereto)
has executed and delivered to each other party hereto, as a condition precedent
to such Transfer, an instrument or instruments, reasonably satisfactory to the
Company, confirming that the Transferee agrees to be bound by the terms of this
Agreement in the same manner as such Transferee's transferor, except as
otherwise provided in this Agreement.

                          (d) The Company agrees that it will not unreasonably
deny any request for a waiver of the restrictions set forth in this Section 2.2
made by Williams, the Other Stockholders or their respective Permitted
Transferees.

                  Section 2.3 Legend. Williams and the Other Stockholders hereby
agree that each outstanding certificate representing Shares issued to it and its

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Permitted Transferees, or any certificate issued in exchange for or upon
conversion of any similarly legended certificate, shall bear a legend reading
substantially as follows:

         THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
         UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY STATE
         SECURITIES LAWS, AND MAY BE OFFERED AND SOLD ONLY IF SO REGISTERED OR
         AN EXEMPTION FROM REGISTRATION IS AVAILABLE. THE SHARES REPRESENTED
         BY THIS CERTIFICATE ALSO ARE SUBJECT TO ADDITIONAL RESTRICTIONS ON
         TRANSFER AS SET FORTH IN THE STOCKHOLDERS AGREEMENT, DATED AS OF JULY
         10, 2001, A COPY OF WHICH MAY BE OBTAINED FROM THE COMPANY. NO TRANSFER
         OF SUCH SHARES WILL BE MADE ON THE BOOKS OF THE COMPANY UNLESS
         ACCOMPANIED BY EVIDENCE OF COMPLIANCE WITH THE TERMS OF SUCH AGREEMENT
         AND BY AN AGREEMENT OF THE TRANSFEREE TO BE BOUND BY THE RESTRICTIONS
         SET FORTH IN THE STOCKHOLDERS AGREEMENT.

                  Section 2.4 Right of First Refusal.

                          (a) Except with respect to a Transfer of Common Stock
pursuant to an effective registration statement in an underwritten public
offering (which will be subject to Section 2.5 below), if at any time Allen &
Company Incorporated, Touch America, Inc. or any their respective Permitted
Transferees (each, an "Offeror") proposes to Transfer any Shares to any Person
other than to one of its Permitted Transferees (such Person, a "Third Party"),
the Offeror shall, before such Transfer, deliver to Williams an offer (the
"Offer") to Transfer such Shares to Williams upon the terms set forth in this
Section 2.4. The Offer shall (i) state that the Offeror proposes to Transfer the
Shares, (ii) specify the number of Shares (the "Offered Shares") proposed to be
Transferred, and (iii) state the terms (including the purchase price) of the
proposed Transfer. The Offer shall remain open and irrevocable for a period of
fifteen (15) days (the "Acceptance Period") from the date of its receipt by
Williams.

                          (b) Williams may accept the Offer by delivering to the
Offeror written notice within the Acceptance Period, which notice shall state
the number (the "Accepted Number") of Offered Shares Williams desires to
purchase.

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Williams may exercise its right to purchase any or all of the Offered Shares
pursuant to the Offer.

                          (c) The Transfer of Offered Shares to Williams, to the
extent Williams has exercised its rights under this Section 2.4, shall be made
on a business day, as designated by the Offeror, not less than 10 nor more than
30 days after expiration of the Acceptance Period on the terms and conditions
specified in the Offer, which terms and conditions shall be identical to the
terms of the proposed Transfer to the Third Party.

                          (d) If the number of Offered Shares exceeds the
Offered Shares with respect to which Williams exercised its rights under this
Section 2.4, the Offer shall be deemed to be withdrawn with respect to such
excess and the Offeror may Transfer, subject to the provisions of Section 2
hereof, such excess Offered Shares on the terms, conditions and purchase price
specified in the Offer (which shall be the same terms, conditions and purchase
price available to Williams exercising rights pursuant to this Section 2) to any
Third Party within 60 days after expiration of the Acceptance Period, so long as
such Third Party agrees in writing to become a party hereto and be bound hereby.
If such Transfer is not made within such 60-day period, the restrictions
provided for in this Section 2 shall again become effective.

                          (e) In the event an Offeror or such Third Party, as
the case may be, shall modify the terms of the proposed Transfer of Offered
Shares in any way, the Offeror shall send an amended Offer to Williams. Williams
shall, if it so desires to exercise its right of Offer, as so amended, prior to
the later of five (5) days after the date such amended Offer is received by the
Company or the end of the original Acceptance Period, deliver to the Offeror an
amended notice of acceptance specifying the amended Accepted Number and/or such
other amended term of Williams' acceptance pursuant to this Section 2.

                          (f) This Section 2.4 is subject to Article V.
Accordingly, to the extent that Williams and its Permitted Transferees are
prohibited from acquiring Offered Shares as a result of the restrictions imposed
by Article V, Williams shall have the right to assign (without the consent of
the other parties hereto) its right to purchase such Offered Shares to any
Person who is not an Affiliate of Williams, provided that (i) such Person agrees
to be bound by the terms of this Agreement, including Section 2.4 and Section
2.5, and (ii) such Person has the financial capability to purchase such Offered
Shares. In the event that Williams does not purchase any or all of the Offered
Shares and the Offeror Transfers such Offered Shares to a

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Third Party (other than pursuant to an effective registration statement) then,
prior to such Transfer, such Third Party must agree to be bound by the terms of
this Agreement, including Section 2.4 and Section 2.5.

                  Section 2.5 Right of First Offer in Underwritten Offering.

                          (a) If at any time an Offeror proposes to Transfer any
shares of Common Stock to a Third Party pursuant to an effective registration
statement in an underwritten public offering, the Offeror shall, before such
Transfer, deliver to Williams an offer (the "Underwritten Offer") to Transfer to
Williams, upon the terms set forth in this Section 2.5, (i) such shares of
Common Stock, (ii) if such Offeror then holds shares of Series A Preferred
Stock, such number of shares of Series A Preferred Stock which, upon conversion
into shares of Common Stock, would equal the number of shares of Common Stock
proposed to be Transferred pursuant to an effective registration statement in
such underwritten public offering, and (iii) if such Offeror then holds shares
of both Common Stock and Series A Preferred Stock, a combination of shares of
Common Stock and Series A Preferred Stock which, on an as if converted basis, is
equal to the number of shares of Common Stock proposed to be Transferred
pursuant to an effective registration statement in such underwritten public
offering. The Underwritten Offer shall (i) state that the Offeror proposes to
Transfer the shares of Common Stock and Series A Preferred Stock, as the case
may be, (ii) specify the number of shares of Common Stock and Series A Preferred
Stock, as the case may be, proposed to be Transferred (the "Underwritten Offered
Shares"), and (iii) state the terms of the proposed Transfer (including the per
share purchase price as determined in Section 2.5(c)). The Underwritten Offer
shall remain open and irrevocable for a period of fifteen (15) days (the
"Underwritten Acceptance Period") from the date of its receipt by Williams. At
the time of delivery of the Underwritten Offer to Williams, the Offeror must
have a bona fide intention to Transfer such shares of Common Stock pursuant to
an effective registration statement in an underwritten public offering within
105 days of delivery of such Underwritten Offer.

                          (b) Williams may accept the Underwritten Offer by
delivering to the Offeror written notice (the "Underwritten Acceptance Notice")
within the Underwritten Acceptance Period, which notice shall state the number
of Underwritten Offered Shares Williams desires to purchase. Williams may
exercise its right to purchase any or all of the Underwritten Offered Shares
pursuant to the Underwritten Offer. The actual combination of shares of Common
Stock and Series A Preferred Stock referred to in clause (iii) of the first
sentence of Section 2.5(a) shall be determined by Williams in its sole
discretion based on the shares of Common Stock and

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Series A Preferred Stock held by the Offeror at the time of the Underwritten
Offer is received by Williams.

                          (c) The per share purchase price of the Underwritten
Offered Shares shall be determined as follows: (i) for Underwritten Offered
Shares which are Common Stock, the per share purchase price of such Underwritten
Offered Shares shall be the average per share Closing Price (as defined below)
of the Common Stock during the period beginning on the date of receipt by
Williams of the Underwritten Offer and ending on the date Williams delivers to
the Offeror the Underwritten Acceptance Notice (the "Common Stock Purchase
Price"), and (ii) for Underwritten Offered Shares which are Series A Preferred
Stock, the per share purchase price of such Underwritten Offered Shares shall be
the product of (A) the Common Stock Purchase Price, and (B) the number equal to
the number of shares of Common Stock into which each share of Series A Preferred
Stock is convertible on the Underwritten Closing Date (as defined below).
"Closing Price" means, as to any particular day, the average closing prices on
such day of the sales of Common Stock on all domestic securities exchanges on
which the Common Stock may at the time be listed, or, if there have been no
sales on any such exchanges on any day, the average of the highest bid and
lowest asked prices on all such exchanges at the end of such day, or, if on any
day the Common Stock is not so listed on a domestic securities exchange, the
average of the representative bid and asked prices quoted on the NASDAQ Stock
Market as of 4:00 P.M., New York City time, on such day, or, if on any day the
Common Stock is not listed on a domestic securities exchange or quoted on the
NASDAQ Stock Market, the average of the highest bid and lowest asked prices on
such day in the domestic over-the-counter market as reported by the National
Quotation Bureau, Incorporated, or any similar or successor organization (and in
each such case excluding any trades that are not bona fide, arm's length
transactions).

                          (d) The Transfer of Underwritten Offered Shares to
Williams, to the extent Williams has exercised its rights under this Section
2.5, shall be made on a business day, as designated by Williams, not less than
10 nor more than 30 days after expiration of the Underwritten Acceptance Period
(the "Underwritten Closing Date") on the terms and conditions specified in the
Underwritten Offer.

                          (e) If the number of Underwritten Offered Shares
exceeds the Underwritten Offered Shares with respect to which Williams exercised
its rights under this Section 2.5, the Underwritten Offer shall be deemed to be
withdrawn with respect to such excess and the Offeror may Transfer, subject to
the provisions of Section 2 hereof, such excess Underwritten Offered Shares to
any Third Party,

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provided that such Transfer is made pursuant to an effective registration
statement in an underwritten public offering within 90 days after expiration of
the Acceptance Period. If such Transfer is not made pursuant to an effective
registration statement in an underwritten public offering within such 90-day
period, the restrictions provided for in this Section 2 shall again become
effective.

                          (f) This Section 2.5 is subject to Article V.
Accordingly, to the extent that Williams and its Permitted Transferees are
prohibited from acquiring Underwritten Offered Shares as a result of the
restrictions imposed by Article V, Williams shall have the right to assign
(without the consent of the other parties hereto) its right to purchase such
Underwritten Offered Shares to any Person who is not an Affiliate of Williams,
provided that (i) such Person agrees to be bound by the terms of this Agreement,
including Section 2.4 and Section 2.5, and (ii) such Person has the financial
capability to purchase such Underwritten Offered Shares.

                                  ARTICLE III

                      ADDITIONAL RIGHTS AND OBLIGATIONS OF
                WILLIAMS, THE OTHER STOCKHOLDERS AND THE COMPANY

                  Section 3.1 Access to Information; Confidentiality. Upon the
request of Williams, the Company shall afford Williams and its accountants,
counsel and other representatives reasonable access to all of the properties,
books, contracts, commitments and records (including, but not limited to, tax
returns) of the Company and its Subsidiaries that are reasonably requested.
Williams will, and will cause its agents and other representatives to, conduct
any such investigations on reasonable advance notice, during normal business
hours, with reasonable numbers of persons and in such a manner as not to
interfere unreasonably with the normal operations of the Company and its
Subsidiaries. Except as otherwise required by applicable law, neither the
Company nor any of its Subsidiaries shall be required to provide access to or to
disclose information where such access or disclosure would jeopardize the
attorney-client privilege of the Person in possession or control of such
information, or would violate any applicable law. The parties hereto will make
appropriate substitute disclosure arrangements under circumstances in which the
restrictions of the preceding sentence apply. Williams shall, and shall use its
reasonable best efforts to cause its representatives to, keep confidential all
such information to the same extent such information is treated as confidential
by the Company. The obligation to keep such information confidential shall not
apply to (i) any information that (x) was

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already in Williams' possession prior to the disclosure thereof by the Company,
(y) was then generally known to the public, or (z) was disclosed to Williams by
a third party not known by Williams to be bound by an obligation of
confidentiality or (ii) disclosures made as required by law, legal process or
stock exchange rule. If either Williams or its Affiliates is nonetheless, in the
opinion of their respective counsel, compelled to disclose information
concerning the Company to any tribunal or governmental body or agency or else
stand liable for contempt or suffer other censure or penalty, Williams and such
Affiliate may disclose such information to such tribunal or governmental body or
agency without liability hereunder.

                  Section 3.2 Furnishing of Information. (a) The Company shall
deliver to Williams and the Other Stockholders, as the case may be, as long as
such Person (together with its Permitted Transferees) beneficially owns in the
aggregate 10% or more of the Shares issued pursuant to the Stock Purchase
Agreement on the Effective Date:

                  (i) As promptly as practical, but in no event later than 30
         days after the end of each calendar month, a copy of the monthly
         financial reporting package for such month customarily prepared for the
         Company's Chief Executive Officer;

                  (ii) As promptly as practical, but in no event later than 45
         days after the close of each of its first three quarterly accounting
         periods during any fiscal year of the Company, the consolidated
         balance sheet of the Company as at the end of such quarterly period,
         and the related consolidated statements of operations, stockholders'
         equity and cash flows for such quarterly period, and for the elapsed
         portion of the fiscal year ended with the last day of such quarterly
         period, and in each case setting forth comparative figures for the
         related periods in the prior fiscal year all of which shall be
         certified by the Chief Financial Officer of the Company, to have been
         prepared in accordance with generally accepted accounting principles,
         subject to year-end audit adjustments, together with an MD&A;

                  (iii) As promptly as practical, but in no event later than 90
         days after the close of each fiscal year of the Company, the
         consolidated balance sheet of the Company as of the end of such fiscal
         year and the related consolidated statements of operations,
         stockholders' equity and cash flows for such fiscal year, in each case

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         setting forth comparative figures for the preceding fiscal year, and
         certified by independent certified public accountants of recognized
         national standing, together with an MD&A; and

                  (iv) All reports, if any, filed by the Company or any
         Subsidiary of the Company with the Commission under the Exchange Act,
         as promptly as practical, but in no event later than 5 days after
         filing any such reports with the Commission.

                                   ARTICLE IV

                        CORPORATE GOVERNANCE AND VOTING

                  Section 4.1 Board of Directors of the Company.

                          (a) The Company and its directors have taken all
appropriate and necessary action to (i) cause the Board of Directors of the
Company, as of the Effective Date, to be composed of nine (9) members and
divided into three (3) classes designated as Class I, Class II and Class III,
each class consisting of three (3) directors, and (ii) reclassify one of the
existing Class III directors as a Class II director. For so long as Williams,
together with any and all of its Permitted Transferees, beneficially own in the
aggregate 25% or more of the Shares beneficially owned by Williams on the
Effective Date, the size of the Board of Directors shall not exceed nine (9)
members. Williams shall be entitled to nominate four members to the Board of
Directors (collectively, the "Williams Nominees"). One Williams Nominee shall be
classified as a Class I Director of the Company, two Williams Nominees shall be
classified as Class II Directors of the Company and one Williams Nominees shall
be classified as a Class III Director of the Company.

                          (b) The Company and its directors have taken all
appropriate action to cause the appointment of the Williams Nominees to become
effective as of the Effective Date. For so long as Williams, together with any
and all of its Permitted Transferees, beneficially own in the aggregate 25% or
more of the Shares beneficially owned by Williams on the Effective Date,
Williams, the Other Stock-

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holders and each of their Permitted Transferees shall vote all of its Voting
Stock of the Company, and shall take all other necessary or desirable actions
within their control, and the Company shall take all necessary or desirable
action within its control, to cause the Williams Nominees to be nominated for
and elected to the Board of Directors.

                          (c) The Company shall use its best efforts to call, or
cause the appropriate officers and directors of the Company, to call, a special
meeting of stockholders of the Company, as applicable, to cause the removal
(with or without cause) of any Williams Nominee if Williams requests such
director's removal in writing for any reason and the Other Stockholders agree to
vote their Voting Stock to remove such director. Williams shall have the right
to designate a new nominee in the event any Williams Nominee shall be so removed
under this Section 4.1(c) or shall vacate his directorship for any reason.

                          (d) The initial Williams Nominees shall be Howard
Janzen, John Bumgarner, Jr., Laura Kenny and Paul Gould. Any other person
designated by Williams as a Williams Nominee shall either be (x) an employee or
director of Williams or its Affiliates or (y) if not such an employee or
director of Williams or its Affiliates, a person who is reasonably acceptable to
the Company.

                          (e) At such time as Williams, together with any and
all of its Permitted Transferees, cease to beneficially own in the aggregate 50%
or more of the Shares beneficially owned by Williams on the Effective Date but
such Persons beneficially own in the aggregate 25% or more of the Shares
beneficially owned by Williams on the Effective Date, Williams shall be entitled
to nominate only three Williams Nominees in accordance with this Section 4. At
such time as Williams, together with any and all of its Permitted Transferees,
cease to beneficially own in aggregate 25% or more of the Shares beneficially
owned by Williams on the Effective Date but such Persons beneficially own in
the aggregate 10% or more of the Shares beneficially owned by Williams on the
Effective Date, Williams shall be entitled to nominate only two Williams
Nominees in accordance with this Section 4. At such time as Williams, together
with any and all of its Permitted Transferees, cease to beneficially own in
aggregate 10% or more of the Shares beneficially owned by Williams on the
Effective Date, Williams shall no longer be entitled to nominate any Williams
Nominees in accordance with this Section 4. Williams shall take all appropriate
action to cause one or more of the Williams Nominees to resign as a director of
the Company as necessary to comply with this Section 4.1(e).

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<PAGE>   15

                          (f) The Company, the Other Stockholders and Williams
shall take all such action to cause one of the Williams Nominees to be Chairman
of the Compensation Committee of the Board of Directors.

                          (g) The Company and its directors have established,
and will continue to take all such action necessary to maintain, an Executive
Committee of the Board of Directors, comprised of three members as follows (i)
the Company's Chief Executive Officer, (ii) an executive vice president or more
senior executive officer of the Company who is also a director of the Company
and (iii) a Williams Nominee, provided that the right of Williams to have a
Williams Nominee on the Executive Committee of the Board of Directors shall be
effective only during such periods of time that Williams is entitled to have
three or more nominees on the Board of Directors. The duties of the Executive
Committee shall be established by the Board of Directors and shall include,
among other things, the development of the Company's annual business plan, which
plan shall be submitted to the Board of Directors for approval each fiscal year.
As long as Williams, together with any and all of its Permitted Transferees,
beneficially owns, in the aggregate, at least aggregate 25% or more of the
Shares beneficially owned by Williams on the Effective Date, the annual business
plan of the Company and any material adjustments to such plan shall require the
affirmative vote of a majority of the entire Board of Directors and the
affirmative vote of each Williams Nominee. In the event that the Company's
annual business plan and any material adjustments thereto is not approved by the
requisite vote set forth in the previous sentence, the annual business plan of
the Company shall revert back to the Company's previous annual business plan, or
in the case of any material adjustments, shall not be so adjusted. The Executive
Committee shall have authority, subject to applicable law, to take all actions
that (A) are ancillary to or arise in the normal course of the businesses of the
Company, and (B) implement and are consistent with resolutions of the Board of
Directors, provided, however, that such Executive Committee shall not be
authorized to take any action which, if proposed to be taken by the full Board
of Directors, would require the affirmative vote of the Williams Nominees in
accordance with Section 4.2. Each committee of the Board of Directors shall
include a proportionate number of Williams nominees equal to the percentage of
Williams nominees on the entire Board of Directors.

                          (h) In the event that a director on the Board who is
an "independent director" under the rules and regulations of the Nasdaq Stock
Market (other than any Williams Nominee) resigns, is removed from office or
otherwise ceases to be a director, the Company shall, and Williams and the Other
Stockholders shall take such action within their respective control to cause the
Company to,

                                       15
<PAGE>   16

comply with the "independent director" requirements of The Nasdaq Stock Market,
and the Company shall have the right to approve the replacement of such
"independent director." So long as Williams beneficially owns less than a
majority of the outstanding Voting Stock, Williams agrees that (i) it shall not
call a special meeting of the Company's stockholders or take any other action
for the purpose of removing the non-Williams Nominees on the Board of Directors,
and (ii) in the event a non-Williams Nominee resigns, is removed from office or
otherwise ceases to be a director, the remaining non-Williams Nominees on the
Board of Directors shall have the right to appoint a replacement director.

                          (i) Each committee of the Board of Directors, to which
authority has been delegated, shall keep complete and accurate minutes and
records of all actions taken by such committee, prepare such minutes and records
in a timely fashion and promptly distribute such minutes and records to each
member of the Board of Directors.

                          (j) The parties agree that upon the request of
Williams, the Company shall cause the Board of Directors of any Subsidiary of
the Company to include such number of individuals designated by Williams in the
same proportion of the total number of members of the Board of Directors of such
Subsidiary as the proportion of the Company's Board of Directors to which
Williams is entitled pursuant to Section 4.1.

                  Section 4.2 Action by the Board of Directors.

                          (a) Except as provided herein, all decisions of the
Board of Directors shall require the affirmative vote of a majority of the
directors of the Company then in office, or a majority of the members of an
Executive Committee of the Board of Directors, to the extent such decisions may
be delegated to an Executive Committee pursuant to applicable law and Section
4.1(g).

                          (b) As long as Williams, together with any and all of
its Permitted Transferees, beneficially owns in aggregate 40% or more of the
Shares beneficially owned by Williams on the Effective Date, without the
affirmative vote of each of the Williams Nominees, the Company shall not, and it
shall cause each of its Subsidiaries not to, directly or indirectly, (i) incur a
significant amount of Indebtedness in the aggregate (which for purposes of this
clause (i), any amount in excess of $10 million in the aggregate shall be deemed
to be significant); (ii) redeem, purchase or otherwise acquire for value, or set
apart money or other property for any

                                       16
<PAGE>   17

mandatory purchase or other similar fund for the redemption, purchase or
acquisition of any shares of Common Stock or Junior Stock (as defined in the
Certificates of Designations), except for the repurchase by the Company of up to
5% of the outstanding Common Stock of the Company outstanding on the Effective
Date; (iii) declare or pay any dividend or make any distribution (whether in
cash, shares of capital stock of the Company, or other property) on shares of
Common Stock or Junior Stock; (iv) sell, lease, license or otherwise dispose of,
in any single transaction or series of related transactions, a significant
amount of the property and other assets of the Company, (v) amend, alter or
repeal, in any manner whatsoever, the designations, preferences, privileges and
relative rights and limitations and restrictions of the Series A Preferred
Stock, (vi) increase or decrease the number of authorized shares of Common Stock
or Preferred Stock, (vii) enter into any transaction which results, directly or
indirectly, in the sale, merger, consolidation or corporate reorganization of,
or other similar transaction involving, the Company, including, without
limitation, any transaction which would result in a Change in Control (as
defined in the Certificates of Designations) of the Company, (viii) create (by
reclassification or otherwise), authorize or issue any new class or series of
equity security having designations, preferences, privileges or rights senior
to, or on parity with, the Series A Preferred Stock, (ix) create (by
reclassification or otherwise), authorize or issue any class, series or shares
of capital stock or other securities junior to the Series A Preferred Stock if
such junior securities may be redeemed in any circumstance on or prior to the
Final Redemption Date (as defined in the Certificates of Designations"), (x)
amend, alter or repeal any of the provisions of the Charter Documents or the
Certificates of Designations in a manner that would adversely affect the holders
of the Series A Preferred Stock; (xi) adopt, and if adopted, amend or waive any
provision of, a shareholder rights plan or similar plan or agreement, (xii)
effect a voluntary liquidation, dissolution or winding up of the Company; or
(xiii) voluntarily file for bankruptcy, or otherwise seek protection under any
federal or state bankruptcy or similar law.

                          (c) Until the 6th month anniversary of the date
hereof, any termination of Nicholas Baletta's, Robert Davis' or Scott Klososky's
employment by the Company without Cause (as defined in the Company's Retention
Bonus Plan) shall require the affirmative vote of a majority of the Board of
Directors. Notwithstanding anything to the contrary herein, the approval of the
termination of such persons employment may not be delegated to a committee of
the Board of Directors.

                                       17
<PAGE>   18

                  Section 4.3 Certificates of Designations; Charter Documents.
(a) The Certificate of Designations, as in effect on the date hereof, is set
forth in Exhibit A hereto. The Charter Documents, as in effect on the date
hereof, are set forth in Exhibits B and C hereto.

                          (b) The Company covenants that it will act in
accordance with its Charter Documents and the Certificate of Designations. The
Company shall take all action necessary, to ensure that (i) the Charter
Documents and Certificate of Designations do not, at any time, conflict with the
provisions of this Agreement, and (ii) unless an amendment is approved by the
Board of Directors in accordance with Section 4.2, the Charter Documents and the
Certificate of Designations continue to be in effect in the forms attached
hereto.

                  Section 4.4 Meetings of Stockholders. The Other Stockholders
and Williams agree that their representatives shall meet, either in person or by
teleconference, at least five (5) Business Days prior to any meeting of
stockholders of the Company to discuss their respective views and opinions with
regard to the matters proposed for consideration at such stockholders meeting.

                                   ARTICLE V

                                   STANDSTILL

                  Section 5.1 Standstill (a) Without the prior written consent
of the Company or except as provided in this Agreement, from the date hereof
until the second anniversary of the date hereof (the "Standstill Period"), each
of Williams and the Other Stockholders shall not, and shall not permit any of
their respective Permitted Transferees or other Affiliates to, acquire,
publicly announce an intention to acquire, or agree to acquire beneficial
ownership of any Voting Stock of the Company resulting in an increase in their
respective percentage beneficial ownership, at such time, of the Company's
Voting Stock on a fully diluted basis.

                          (b) Notwithstanding anything in this Agreement
(including this Section 5.1) to the contrary, during the Standstill Period, (i)
each of Williams, the Other Stockholders and their respective Permitted
Transferees and other Affiliates may acquire additional Voting Stock upon the
conversion or exchange of the Series A Preferred Stock, (ii) each of Williams,
the Other Stockholders and their respective Permitted Transferees and other
Affiliates may, subject to compliance with applica-

                                       18
<PAGE>   19

ble law, propose, announce and otherwise make an offer to purchase all of the
outstanding capital stock of the Company and pursuant to such offer acquire such
shares of capital stock, and (iii) each of Williams, the Other Stockholders and
their respective Permitted Transferees and other Affiliates may make open market
purchases of the Company's Voting Stock as may be necessary for such Persons
(either directly or through its Permitted Transferees) to maintain their
respective fully diluted ownership percentage of the Company's Voting Stock
existing on the date hereof. The Company agrees that it will not unreasonably
deny any request for a waiver of the restrictions set forth in this Article V
made by Williams, the Other Stockholders or their respective Permitted
Transferees.

                                   ARTICLE VI

                               PREEMPTIVE RIGHTS

                  Section 6.1 Preemptive Rights.

                          (a) In case the Company proposes at any time to issue
or sell any shares of equity securities of the Company (or securities
convertible or exchangeable for equity securities of the Company) issued by the
Company after the date hereof (collectively, the "Company Offered Securities"),
the Company shall, no later than twenty (20) days prior to the consummation of
such transaction (a "Preemptive Rights Transaction"), give notice in writing
(the "Preemptive Rights Offer Notice") to Williams, the Other Stockholders and
their respective Permitted Transferees of such Preemptive Rights Transaction.
The Preemptive Rights Offer Notice shall describe the proposed Preemptive Rights
Transaction, identify the proposed purchaser or purchasers, and contain an offer
(the "Preemptive Rights Offer") to sell Williams, the Other Stockholders and
their respective Permitted Transferees, at the same price and for the same
consideration to be paid by the proposed purchaser (provided, that, in the event
any of such consideration is non-cash consideration, at the election of
Williams, the Other Stockholders or their respective Permitted Transferees to
whom the Preemptive Rights Offer is made, Williams, the Other Stockholders and
their respective Permitted Transferees may pay cash equal to the value of such
non-cash consideration), all or any part of Williams', the Other Stockholders'
and their respective Permitted Transferees' pro rata portion of the Company
Offered Securities (which shall be a fraction of the Company Offered Securities
determined by dividing the number of shares of outstanding Voting Stock

                                       19
<PAGE>   20

owned by Williams, the Other Stockholders or such of their Permitted
Transferees, as the case may be, by the total number of outstanding shares of
Voting Stock). If Williams, the Other Stockholders or their respective Permitted
Transferees to whom a Preemptive Rights Offer is made fail to accept (each a
"Non-Responding Holder") in writing the Preemptive Rights Offer by the fifteenth
(15 th ) day after the Company's delivery of the Preemptive Rights Offer Notice,
such Non-Responding Holders shall have no further rights with respect to the
proposed Preemptive Rights Transaction and the Company may proceed with the
proposed Preemptive Rights Transaction, free of any right on the part of such
Non-Responding Holders, as the case may be, under this Section 6 in respect
thereof.

                          (b) The parties hereto agree that preemptive rights
granted pursuant to paragraph (a) of this Section 6.1 shall not be effective for
issuances of shares of Common Stock pursuant to the Company's 2000 Employee
Stock Purchase Plan, in accordance with the terms of such plan as in effect on
the date hereof and without giving effect to any amendment, alteration or repeal
of any of the terms of such plan or any increase in the number of shares of
Common Stock reserved for issuance under such plan.

                                  ARTICLE VII

                                  TERMINATION

                  Section 7.1 Termination. Except as otherwise provided herein
with respect to certain specific provisions, this Agreement shall terminate upon
the earlier to occur of:

                          (i) the mutual agreement of Williams and the Company,

                          (ii) Williams and its Permitted Transferees ceasing to
         beneficially own in the aggregate 10% or more of the Shares
         beneficially owned by Williams on the Effective Date, and

                          (iii) with respect to each Other Stockholder, such
         Other Stockholder and its Permitted Transferees ceasing to

                                       20

<PAGE>   21

beneficially own in the aggregate 10% or more of the Shares beneficially owned
by such Other Stockholder on the Effective Date.

                                  ARTICLE VIII

                                 MISCELLANEOUS

                  Section 8.1 Consolidation. In the event that in the reasonable
judgment of Williams, Williams or its Affiliates are required to consolidate
their interest in the Company for financial accounting purposes, then, at the
request of Williams, the Company, the Other Stockholders and Williams shall
amend the terms of the Transaction Documents such that the neither Williams nor
its Affiliates are required to consolidate their interest in the Company for
financial accounting purposes.

                  Section 8.2 No Inconsistent Agreements. The Company represents
and agrees that, as of the Effective Date, there is no (and from and after the
Effective Date they will not, and will cause its respective Subsidiaries and
Affiliates not to, enter into any) agreement with respect to any securities of
the Company or any of its Subsidiaries (and from and after the Effective Date
Company shall not take, or permit any of its Subsidiaries or Affiliates to take,
any action) that is inconsistent with the rights granted to Williams and the
Other Stockholders in this Agreement. Without limiting the foregoing, the
Company represents that there are no existing agreements relating to the voting
or registration of any equity securities of the Company or any of its
Subsidiaries other than the Company's Third Amended and Restated Investors
Rights Agreement dated April 28, 2000, and there are no other existing
agreements between the Company and any other holder of Shares relating to the
transfer of any equity securities of the Company or any of its Subsidiaries.

                  Section 8.3 Recapitalization. Exchanges, etc. If any capital
stock or other securities are issued in respect of, in exchange for, or in
substitution of, any Shares by reason of any reorganization, recapitalization,
reclassification, merger, consolidation, spin-off, partial or complete
liquidation, stock dividend, split-up, sale of assets, distribution to
stockholders or combination of the Shares or any other change in capital
structure of the Company, appropriate adjustments shall be made with respect to
the relevant provisions of this Agreement so as to fairly and equitably
preserve, as far as practicable, the original rights and obligations of the
parties hereto under this Agreement and the terms "Common Stock," "Preferred
Stock" and

                                       21

<PAGE>   22

"Shares," each as used herein, shall be deemed to include shares of such capital
stock or other securities, as appropriate. Without limiting the foregoing,
whenever a particular number of Shares is specified herein, such number shall be
adjusted to reflect stock dividends, stock-splits, combinations or other
reclassifications of stock or any similar transactions.

                  Section 8.4 Successors and Assigns. This Agreement shall be
binding upon and shall inure to the benefit of the parties hereto, and their
respective successors and permitted assigns; provided that (i) neither this
Agreement nor any rights or obligations hereunder may be transferred or assigned
by the Company; and (ii) neither this Agreement nor any rights or obligations
hereunder may be transferred or assigned by Williams or the Other Stockholders
except (A) to any Person to whom it has Transferred Shares in compliance with
this Agreement and who has become bound by this Agreement pursuant to Section
2.2 hereof, and (B) to any Person pursuant Section 2.4(f).

                  Section 8.5 No Waivers; Amendments. (a) No failure or delay by
any party in exercising any right, power or privilege hereunder shall operate as
a waiver thereof, nor shall any single or partial exercise thereof preclude any
other or further exercise thereof or the exercise of any other right, power or
privilege. The rights and remedies herein provided shall be cumulative and not
exclusive of any rights or remedies provided by law.

                          (b) This Agreement may not be amended or modified, nor
may any provision hereof be waived, other than by a written instrument signed by
the Company and Williams, provided that any amendment, modification or waiver
that materially and adversely affects the rights of one of the Other
Stockholders hereunder shall require the written consent of such Other
Stockholder.

                  Section 8.6 Notices. All notices, demands, requests, consents
or approvals (collectively, "Notices") required or permitted to be given
hereunder or which are given with respect to this Agreement shall be in writing
and shall be personally delivered or mailed, registered or certified, return
receipt requested, postage prepaid (or by a substantially similar method), or
delivered by a reputable overnight courier service with charges prepaid, or
transmitted by hand delivery or facsimile, addressed as set forth below, or such
other address (and with such other copy) as such party shall have specified most
recently by written Notice. Notice shall be deemed given or delivered on the
date of service or transmission if personally served or transmitted by
facsimile. Notice otherwise sent as provided herein

                                       22

<PAGE>   23

shall be deemed given or delivered on the third business day following the date
mailed or on the next business day following delivery of such Notice to a
reputable overnight courier service.

                    To the Company:

                         iBeam Broadcasting Corporation
                         645 Almanor Avenue, Suite 100
                         Sunnyvale, California 94085
                         Attn: General Counsel
                         Fax: (408) 524-0567

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

                         Orrick, Herrington & Sutcliffe LLP
                         400 Sansome Street
                         San Francisco, CA 94111
                         Attn: John F. Seegal, Esq.
                         Fax: (415) 773-5759

                    To Williams:

                         Williams Communications, LLC
                         One Williams Center 41-3
                         Tulsa, Oklahoma 74172
                         Attn: General Counsel
                         Fax: (918) 573-3005

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

                         Skadden, Arps, Slate, Meagher & Flom LLP
                         Four Times Square
                         New York, NY 10036
                         Attn: Alan C. Myers, Esq.
                         Fax: (212) 735-2000

To the Other Stockholders to the address and persons set forth on the signature
pages hereto.

                                       23
<PAGE>   24

                  Section 8.7 Inspection. So long as this Agreement shall be in
effect, this Agreement and any amendments hereto and waivers hereof shall be
distributed to all parties hereto after becoming effective and shall be made
available for inspection at the principal office of the Company.

                  Section 8.8 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE. EACH PARTY
HERETO CONSENTS TO THE NON-EXCLUSIVE JURISDICTION OF THE FEDERAL AND STATE
COURTS WITHIN THE STATE OF DELAWARE.

                  Section 8.9 Headings. The section headings contained in this
Agreement are for reference purposes only and shall not affect the meaning or
interpretation of this Agreement.

                  Section 8.10 Entire Agreement. This Agreement, together with
the other Transaction Documents, constitutes the entire agreement and
understanding among the parties hereto with respect to the subject matter hereof
and thereof and supersedes any and all prior agreements and understandings,
written or oral, relating to the subject matter hereof.

                  Section 8.11 Severability. Any term or provision of this
Agreement which is invalid or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such invalidity or
unenforceability without rendering invalid or unenforceable the remaining terms
and provisions of this Agreement or affecting the validity or enforceability of
any of the terms or provisions of this Agreement in any other jurisdictions, it
being intended that all rights and obligations of the parties hereunder shall be
enforceable to the fullest extent permitted by law.

                  Section 8.12 Counterparts. This Agreement may be signed in
counterparts, each of which shall constitute an original and which together
shall constitute one and the same agreement.

                  Section 8.13 Required Approvals. If approval of this Agreement
or any of the transactions contemplated hereby shall be required by any
governmental agency or instrumentality or is considered to be necessary or
advisable by the parties hereto, all parties hereto shall use their reasonable
best efforts to obtain such approval.

                                       24
<PAGE>   25

                  Section 8.14 Public Disclosure. The Company shall not, and
shall not permit any of its Subsidiaries to, make any public announcements or
disclosures relating or referring to Williams, the Other Stockholder or any of
their respective Affiliates, or any of their respective directors, officers,
employees or agents (including, without limitation, any Person designated as a
director of the Company pursuant to the terms hereof) unless such Person has
consented to the form and substance thereof, which consent shall not be
unreasonably withheld except to the extent such disclosure is required by law or
by stock exchange regulation, provided that (i) any such required disclosure
shall only be made, to the extent consistent with the law, after consultation
with such Person and (ii) no such announcement or disclosure (except as required
by law or by stock exchange regulation) shall identify any such Person without
such Person's prior consent.

                                      * * *

                                       25

<PAGE>   26

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

                                        iBEAM BROADCASTING CORPORATION

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

                                        WILLIAMS COMMUNICATIONS, LLC

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

                   OTHER STOCKHOLDERS SIGNATURE PAGES FOLLOW

<PAGE>   27

                  By execution of this signature page, the undersigned shall
become an Other Stockholder under, and a party to, the Stockholders Agreement,
dated as of _______ __, 2001 by and among iBeam Communications Corporation,
Williams Communications, LLC and the Other Stockholders.

Notice:                                 ALLEN & COMPANY INCORPORATED
Allen & Company Incorporated
711 5th Avenue - 9th Floor              By:
New York, New York                          -------------------------------
Fax: (212) 832-8023                     Name:
Attn: Paul Gould                        Title:

<PAGE>   28

                  By execution of this signature page, the undersigned shall
become an Other Stockholder under, and a party to, the Stockholders Agreement,
dated as of _______ __, 2001 by and among iBeam Communications Corporation,
Williams Communications, LLC and the Other Stockholders.

Notice:                                 LUNN iBEAM, LLC
Lunn iBeam, LLC
One North Franklin                      By:
Suite 750                                   ---------------------------
Chicago, Illinois 60606                 Name:
Fax: (312) 629-2622                     Title:

<PAGE>   29

                  By execution of this signature page, the undersigned shall
become an Other Stockholder under, and a party to, the Stockholders Agreement,
dated as of _______ __, 2001 by and among iBeam Communications Corporation,
Williams Communications, LLC and the Other Stockholders.

Notice:                                 TOUCH AMERICA, INC.
Touch America, Inc.
130 North Main Street                   By:
Butte, MT 59701-9394                        -------------------------------
Fax: (406) 497-5240                     Name:
Attn: General Counsel                   Title:<PAGE>   1
                                                                   EXHIBIT 10.01

                           THIRD AMENDED AND RESTATED

                   1995 CRESCENT REAL ESTATE EQUITIES COMPANY
                              STOCK INCENTIVE PLAN

                                    ARTICLE I
                                    THE PLAN

                  1.1 NAME. This plan shall be known as the "1995 Crescent Real
Estate Equities Company Stock Incentive Plan." Capitalized terms used herein are
defined in Article X hereof.

                  1.2 PURPOSE. The purpose of the Plan is to promote the growth
and general prosperity of the Company by permitting the Company and its
Subsidiaries to grant Options to its Employees, Outside Directors and Advisors
and Restricted Stock to its Employees and Advisors. The Plan is designed to help
the Company and its Subsidiaries attract and retain superior personnel for
positions of substantial responsibility and to provide Employees (including
officers), Outside Directors and Advisors with an additional incentive to
contribute to the success of the Company and its Subsidiaries. The Company
intends that Incentive Stock Options granted pursuant to Article IV will qualify
as "incentive stock options" within the meaning of Section 422 of the Code.
Subject to Article VII, Outside Directors may elect to receive Common Stock in
lieu of Director's Fees. With respect to Reporting Participants, transactions
under the Plan are intended to comply with all applicable conditions of Rule
16b-3 or its successors under the Exchange Act. To the extent that any provision
of the Plan or action by the Committee fails to so comply, it shall be deemed
null and void to the extent permitted by law and deemed advisable by the
Committee.

                  1.3 EFFECTIVE DATE. The Plan shall become effective upon the
Effective Date.

                  1.4 ELIGIBILITY TO PARTICIPATE. Any Employee, Outside Director
or Advisor shall be eligible to participate in the Plan; provided that Incentive
Stock Options may be granted only to persons who are Employees of the Company or
any of its Subsidiaries. Consistent with the foregoing, the Committee may grant
Options to Employees and Advisors in accordance with such determinations as the
Committee from time to time in its sole discretion may make.

                  1.5 MAXIMUM NUMBER OF SHARES OF COMMON STOCK SUBJECT TO
AWARDS. The shares of Common Stock subject to Awards pursuant to the Plan may be
either authorized and unissued shares or shares issued and thereafter acquired
by the Company. Subject to adjustment pursuant to the provisions of Section 8.2,
and subject to any additional restrictions elsewhere in the Plan:

                         (a) The maximum aggregate number of shares of Common
         Stock that may be issued from time to time pursuant to the Plan shall
         be 2,850,000.

                         (b) The maximum aggregate number of shares of Common
         Stock that may be issued under the Plan shall increase automatically on
         January 1 of each year by an amount equal to 8.5% of the increase in
         the number of shares of Common Stock outstanding and number of Units
         outstanding since January 1 of the preceding year. For this purpose,
         shares subject to a Cashless Exercise Option shall be disregarded to
         the extent that they may not be delivered to the Participant or
         beneficiary because the shares must be withheld to satisfy the
         applicable income tax withholding obligation (at the minimum required
         28% rate) or to pay the purchase price of the Option, assuming that the
         value of a share increases by 50% by the date that the Option is
         exercised. For this purpose, "Cashless Exercise Option" means an Option
         the Option Agreement for which specifies that the purchase price of
         Plan Shares shall be paid by delivery to the Company via attestation of
         shares of Common Stock already owned by the Participant as permitted by
         Section 3.2(iii), and that the applicable tax withholding obligation
         shall be satisfied by withholding a portion of the Plan Shares as
         permitted by Section 1.8(b)(iv).

<PAGE>   2

                         (c) The maximum number of shares of Common Stock with
         respect to which Awards may be granted to any Reporting Participant
         during any calendar year (all within the meaning of Section 162(m) of
         the Code) shall be 1,000,000 shares under this Plan.

                         (d) The maximum number of shares of Common Stock which
         may be issued under Incentive Stock Options during the life of the Plan
         (all within the meaning of Section 422 of the Code) shall be one
         hundred fifty thousand (150,000) shares.

For purposes of applying the limits in this Section 1.5, and except to the
extent inconsistent with applicable law, (i) to the extent any shares of Common
Stock covered by an Award are not delivered to a Participant or beneficiary
because the Award is forfeited or canceled, or the shares of Common Stock are
not delivered because the Award is settled in cash or are used to satisfy the
applicable tax withholding obligation, such shares shall not be deemed to have
been issued, and (ii) if the exercise price of any Option granted under the Plan
is satisfied by tendering shares of Common Stock to the Company (by either
actual delivery or by attestation), only the number of shares of Common Stock
issued net of the shares of Common Stock tendered shall be deemed issued.

                  1.6 CONDITIONS PRECEDENT. The Company shall not issue or
deliver any certificate for Plan Shares pursuant to the Plan before fulfillment
of all of the following conditions:

                         (a) The admission of the Plan Shares to listing on all
         stock exchanges on which the Common Stock is then listed, unless the
         Committee determines in its sole discretion that such listing is
         neither necessary nor advisable;

                         (b) The completion of any registration or other
         qualification of the sale of the Plan Shares under any federal or state
         law or under the rulings or regulations of the Securities and Exchange
         Commission or any other governmental regulatory body that the Committee
         in its sole discretion deems necessary or advisable; and

                         (c) The obtaining of any approval or other clearance
         from any federal or state governmental agency that the Committee in its
         sole discretion determines to be necessary or advisable.

                  1.7 RESERVATION OF SHARES OF COMMON STOCK. During the term of
the Plan, the Company shall at all times reserve and keep available such number
of shares of Common Stock as may be necessary to satisfy the requirements of the
Plan as to the number of Plan Shares. In addition, the Company shall from time
to time, as is necessary to accomplish the purposes of the Plan, use its best
efforts to obtain from any regulatory agency having jurisdiction any requisite
authority necessary to issue Plan Shares hereunder. The inability of the Company
to obtain from any regulatory agency having jurisdiction the authority deemed by
the Company's counsel to be necessary for the lawful issuance of any Plan Shares
shall relieve the Company of any liability in respect of the nonissuance of Plan
Shares as to which the requisite authority has not been obtained.

                  1.8 TAX WITHHOLDING.

                         (a) Condition Precedent. The issuances of Plan Shares
         pursuant to Awards under the Plan are subject to the condition that if
         at any time the Committee determines, in its discretion, that the
         satisfaction of withholding tax or other withholding liabilities under
         any federal, state or local law is necessary or desirable as a
         condition of, or in connection with such issuances, then the issuances
         shall not be effective unless the withholding has been effected or
         obtained in a manner acceptable to the Committee. Each Option granted
         to a Reporting Participant shall contain a provision in the related
         Option Agreement making any required withholding tax or other
         withholding liability mandatory, and specifying that the Company
         withhold a portion of the Plan Shares as specified in clause (iv) of
         paragraph (b) below.

<PAGE>   3

                         (b) Manner of Satisfying Withholding Obligation. When a
         Participant is required to pay to the Company an amount required to be
         withheld under applicable income tax laws in connection with an Award,
         such payment may be made in one or more of the following forms: (i) in
         cash, (ii) by certified or cashier's check, (iii) by delivery to the
         Company (either directly or by attestation) of shares of Common Stock
         already owned by the Participant having a Fair Market Value on the date
         the amount of tax to be withheld is to be determined (the "Tax Date")
         equal to the minimum statutory amount required to be withheld, (iv)
         with respect to Options, to the extent permitted by the Committee in
         its discretion, through the withholding by the Company ("Company
         Withholding") of a portion of the Plan Shares acquired upon the
         exercise of the Options having a Fair Market Value on the Tax Date
         equal to the amount required to be withheld, or (v) in any other form
         of valid consideration, as permitted by the Committee in its
         discretion.

                         (c) Notice of Disposition of Stock Acquired Pursuant to
         Incentive Stock Options. The Company may require as a condition to the
         issuance of Plan Shares covered by any Incentive Stock Option that the
         party receiving such shares give a written representation to the
         Company, which is satisfactory in form and substance to its counsel and
         upon which the Company may reasonably rely, that he shall report to the
         Company any disposition of such shares before the expiration of the
         holding periods specified by Section 422(a)(1) of the Code. If and to
         the extent that the realization of income in such a disposition imposes
         upon the Company federal, state or local withholding tax requirements,
         or any such withholding is required to secure for the Company an
         otherwise available tax deduction, the Company shall have the right to
         require that the recipient remit to the Company an amount sufficient to
         satisfy those requirements; and the Company may require as a condition
         to the issuance of Plan Shares covered by an Incentive Stock Option
         that the party receiving such shares give a satisfactory written
         representation promising to make such a remittance.

                  1.9 ACCELERATION IN CERTAIN EVENTS. The Committee may
accelerate the exercisability of any Option or waive any restrictions with
respect to shares of Restricted Stock in whole or in part at any time.
Notwithstanding the provisions of any Option Agreement or Restricted Stock
Agreement, the following provisions shall apply:

                         (a) Mergers and Reorganizations. If the Company or its
         shareholders enter into an agreement to dispose of all or substantially
         all of the assets of the Company by means of a sale, merger or other
         reorganization, liquidation or otherwise in a transaction in which the
         Company is not the surviving corporation, any Option shall become
         immediately exercisable with respect to the full number of shares
         subject to that Option, and all restrictions shall lapse with respect
         to an Award of Restricted Stock during the period commencing as of the
         date of the agreement to dispose of all or substantially all of the
         assets of the Company and ending when the disposition of assets
         contemplated by that agreement is consummated or the Award is otherwise
         terminated in accordance with its provisions or the provisions of the
         Plan, whichever occurs first; provided that no Option will be
         immediately exercisable, and no restrictions will lapse with respect to
         an Award of Restricted Stock under this Section on account of any
         agreement of merger or other reorganization when the shareholders of
         the Company immediately before the consummation of the transaction will
         own at least fifty percent of the total combined voting power of all
         classes of stock entitled to vote of the surviving entity immediately
         after the consummation of the transaction. An Option will not become
         immediately exercisable and no restrictions will lapse with respect to
         an Award of Restricted Stock if the transaction contemplated in the
         agreement is a merger or reorganization in which the Company will
         survive.

                         (b) Change in Control. In the event of a change in
         control or threatened change in control of the Company, all Options
         granted before the change in control or threatened change in control
         shall become immediately exercisable, and all restrictions shall lapse
         with respect to awards of Restricted Stock granted before the change in
         control or threatened change in control. The term "change in control"
         for purposes of this Section refers to the acquisition of 15% or more
         of the voting securities of the Company by any person or by persons
         acting as a group

<PAGE>   4

         within the meaning of Section 13(d)(3) of the Exchange Act (other than
         an acquisition by (i) a person or group meeting the requirements of
         clauses (i) and (ii) of Rule 13d-1(b)(1) promulgated under the Exchange
         Act, (ii) or any employee pension benefit plan (within the meaning of
         Section 3(2) of ERISA) of the Company or of its Subsidiaries, including
         a trust established pursuant to such plan); provided that no change in
         control or threatened change in control shall be deemed to have
         occurred (i) if before the acquisition of, or offer to acquire, 15% or
         more of the voting securities of the Company, the full Board has
         adopted by not less than two-thirds vote a resolution specifically
         approving such acquisition or offer or (ii) from (A) a transfer of the
         Company's voting securities by Richard E. Rainwater ("Rainwater") to
         (i) a member of Rainwater's immediate family (within the meaning of
         Rule 16a-1(e) of the Exchange Act) either during Rainwater's lifetime
         or by will or the laws of descent and distribution; (ii) any trust as
         to which Rainwater or a member (or members) of his immediate family
         (within the meaning of Rule 16a-1(e) of the Exchange Act) is the
         beneficiary; (iii) any trust as to which Rainwater is the settlor with
         sole power to revoke; (iv) any entity over which Rainwater has the
         power, directly or indirectly, to direct or cause the direction of the
         management and policies of the entity, whether through the ownership of
         voting securities, by contract or otherwise; or (v) any charitable
         trust, foundation or corporation under Section 501(c)(3) of the Code
         that is funded by Rainwater; or (B) the acquisition of voting
         securities of the Corporation by either (i) Rainwater or (ii) a person,
         trust or other entity described in the foregoing clauses (A)(i)-(v) of
         this subsection. The term "person" for purposes of this Section refers
         to an individual or a corporation, partnership, trust, association,
         joint venture, pool, syndicate, sole proprietorship, unincorporated
         organization or any other form of entity not specifically listed
         herein. Whether a change in control is threatened shall be determined
         solely by the Committee.

                  1.10 COMPLIANCE WITH SECURITIES LAWS. Plan Shares shall not be
issued with respect to any Award unless the issuance and delivery of the Plan
Shares (and the exercise of an Option, if applicable) complies with all relevant
provisions of federal and state law, including without limitation the Securities
Act, the rules and regulations promulgated thereunder and the requirements of
any stock exchange upon which the Plan Shares may then be listed, and shall be
further subject to the approval of counsel for the Company with respect to such
compliance. The Committee may also require a Participant to furnish evidence
satisfactory to the Company, including, without limitation, a written and signed
representation letter and consent to be bound by any transfer restrictions
imposed by law, legend, condition or otherwise, and a representation that the
Plan Shares are being acquired only for investment and without any present
intention to sell or distribute the shares in violation of any federal or state
law, rule or regulation. Further, each Participant shall consent to the
imposition of a legend on the certificate representing the Plan Shares issued
pursuant to an Award restricting their transferability as required by law or by
this Section.

                  1.11 EMPLOYMENT OF PARTICIPANT. Nothing in the Plan or in any
Award granted hereunder will confer upon any Participant any right to continued
employment by the Company or any of its Subsidiaries or to continued service as
a Director or Advisor or limit in any way the right of the Company or any
Subsidiary at any time to terminate or alter the terms of that employment or
services as a Director or Advisor.

                  1.12 INFORMATION TO PARTICIPANTS. The Company shall furnish to
each Participant copies of annual reports, proxy statements and all other
reports sent to the Company's shareholders. Upon written request, the Company
shall furnish to each Participant a copy of its most recent Annual Report on
Form 10-K and each quarterly report to shareholders issued since the end of the
Company's most recent fiscal year.

                                   ARTICLE II
                                 ADMINISTRATION

                  2.1 COMMITTEE. The Plan shall be administered by the Board or
by a Committee of not fewer than two Directors appointed by the Board. As used
herein, "Committee" shall mean a committee consisting of two or more Directors,
each of whom shall be a "non-employee director" as

<PAGE>   5

defined in Rule 16b-3 under the Exchange Act and an "outside director" within
the meaning of Section 162(m) of the Code. Subject to the provisions of the
Plan, the Committee shall have the sole discretion and authority to determine
from time to time the Employees and Advisors to whom Awards will be granted and
the number of Plan Shares subject to each Award, to interpret the Plan, to
prescribe, amend and rescind any rules and regulations necessary or appropriate
for the administration of the Plan, to determine and interpret the details and
provisions of each Option Agreement and Restricted Stock Agreement, to modify or
amend any Option Agreement or Restricted Stock Agreement or waive any conditions
or restrictions applicable to any Option (or the exercise thereof) or to any
shares of Restricted Stock, to adopt and prescribe the contents of all forms
required in connection with the administration of the Plan, and to make all
other determinations advisable for the administration of the Plan. With respect
to any provision of the Plan granting the Committee the right to agree, in its
sole discretion, to further extend the term of any Award hereunder, the
Committee may exercise such right at the time of grant, in the Option Agreement
relating to such Award, or at any time or from time to time after the grant of
any Award hereunder. Notwithstanding any other provision of this Section 2.2 or
this Plan, all Awards made to Outside Directors shall be automatic and
nondiscretionary as set forth in this Plan.

                  2.2 MAJORITY RULE; UNANIMOUS WRITTEN CONSENT. A majority of
the members of the Committee shall constitute a quorum, and any action taken by
a majority present at a meeting at which a quorum is present or any action taken
without a meeting evidenced by a writing executed by all members of the
Committee shall constitute the action of the Committee. Meetings of the
Committee may take place by telephone conference call.

                  2.3 COMPANY ASSISTANCE. The Company shall supply full and
timely information to the Committee on all matters relating to Employees,
Outside Directors and Advisors, their employment, death, Retirement, Disability
or other termination of employment, and such other pertinent facts as the
Committee may require. The Company shall furnish the Committee with such
clerical and other assistance as is necessary to the performance of its duties.

                                   ARTICLE III
                                     OPTIONS

                  3.1 METHOD OF EXERCISE. Each Option shall be exercisable at
any time and from time in whole or in part in accordance with the terms of the
Option Agreement pursuant to which the Option was granted. No Option may be
exercised for a fraction of a Plan Share.

                  3.2 PAYMENT OF PURCHASE PRICE. The purchase price of any Plan
Shares purchased shall be paid at the time of exercise of the Option either (i)
in cash, (ii) by certified or cashier's check, (iii) by delivery to the Company
(either directly or by attestation) of shares of Common Stock already owned by
the Participant, if permitted by the Committee, (iv) as to Outside Directors, by
cash or certified or cashier's check for the par value of the Plan Shares plus a
promissory note for the balance of the purchase price, such note to provide for
the right to repay the note partially or wholly with Common Stock and to bear
interest at a fixed annual rate based on the weighted average interest rate of
the Company at the end of the preceding quarter plus 50 basis points, and
otherwise to have such terms as shall be specified by the Committee, (v) as to
Employees and Advisors, by cash or certified or cashier's check for the par
value of the Plan Shares plus a promissory note for the balance of the purchase
price, which note shall contain such terms and provisions as the Committee may
approve, including without limitation the right to repay the note partially or
wholly with Common Stock and to base the interest rate at a fixed annual rate
based on the weighted average interest rate of the Company at the end of the
preceding quarter plus 50 basis points, (vi) by delivery of a copy of
irrevocable instructions from the Optionee to a broker or dealer, reasonably
acceptable to the Company, to sell certain of the Plan Shares upon exercise of
the Option or to pledge them as collateral for a loan and promptly deliver to
the Company the amount of sale or loan proceeds necessary to pay such purchase
price or (vii) as to Employees and Advisors, in any other form of valid
consideration, as permitted by the Committee in its discretion. If any portion
of the purchase price or a note given at the time of exercise is paid in shares
of Common Stock, those shares shall be valued at the then Fair Market Value.

<PAGE>   6

                  3.3 WRITTEN NOTICE REQUIRED. Any Option shall be deemed to be
exercised for purposes of the Plan when written notice of exercise has been
received by the Company at its principal office from the person entitled to
exercise the Option and payment for the Plan Shares with respect to which the
Option is exercised has been received by the Company in accordance with Section
3.2.

                  3.4 RIGHTS OF OPTIONEES UPON TERMINATION OF EMPLOYMENT OR
SERVICE.

                           (a) In the event an Optionee ceases to be an Employee
         and Advisor, and does not continue to be a Director, for any reason
         other than death, Retirement, Disability or for Cause, (i) the
         Committee shall have the ability to accelerate the vesting of the
         Optionee's Option in its sole discretion, and (ii) such Optionee's
         Option shall be exercisable (to the extent exercisable on the date of
         termination of employment or service as an Employee or Advisor, or, if
         the Committee, in its discretion, has accelerated the vesting of such
         Option, to the extent exercisable following such acceleration) (a) if
         such Option is an Incentive Stock Option, at any time within three
         months after the date of termination of employment, unless by its terms
         the Option expires earlier; or (b) if such Option is a Nonqualified
         Stock Option, at any time within one year after the date of termination
         of employment or service as an Employee or Advisor, unless by its terms
         the Option expires earlier or unless the Committee agrees, in its sole
         discretion, to further extend the term of such Nonqualified Stock
         Option; provided that the term of any such Nonqualified Stock Option
         shall not be extended beyond its initial term. An Employee or Advisor
         who continues to be a Director shall not be deemed to have terminated
         employment or service.

                           (b) In addition, unless the Committee agrees, in its
         sole discretion, to extend the term of a Nonqualified Stock Option
         granted to an Employee or Advisor (provided that the term of any such
         Option shall not be extended beyond its initial term), an Optionee's
         Option may be exercised as follows in the event such Optionee ceases to
         serve as an Employee, Outside Director or Advisor due to death,
         Disability, Retirement or for Cause:

                                  (i) Death. If an Optionee dies while serving
                  as an Employee, Outside Director or Advisor, or within three
                  months after ceasing to be an Employee, Outside Director or
                  Advisor, his option shall become fully exercisable on the date
                  of his death and shall expire 12 months thereafter, unless by
                  its terms it expires sooner. During such period, the Option
                  may be fully exercised, to the extent that it remains
                  unexercised on the date of death, by the Optionee's personal
                  representative or by the distributees to whom the Optionee's
                  rights under the Option shall pass by will or by the laws of
                  descent and distribution.

                                  (ii) Retirement. If an Optionee ceases to
                  serve as an Employee, Outside Director or Advisor as a result
                  of Retirement, (i) his Option shall become fully exercisable
                  on the date of his Retirement and (a) if such Option is an
                  Incentive Stock Option, such Option shall be exercisable at
                  any time within three months after the effective date of such
                  Retirement, unless by its terms the Option expires earlier,
                  and (b) if such Option is a Nonqualified Stock Option, such
                  Option shall be exercisable at any time within one year after
                  the effective date of such Retirement, unless by its terms the
                  Option expires sooner.

                                  (iii) Disability. If an Optionee ceases to
                  serve as an Employee, Outside Director or Advisor as a result
                  of Disability, the Optionee's Option shall become fully
                  exercisable and shall expire 12 months thereafter, unless by
                  its terms it expires sooner.

                                  (iv) Cause. If an Optionee ceases to serve as
                  an Employee, Outside Director or Advisor, because the Optionee
                  is terminated for Cause, the Optionee's Option shall
                  automatically expire. If any facts that would constitute Cause
                  for termination or removal of an Employee or Advisor are
                  discovered after the Optionee's relationship with the Company
                  has ended, any Options then held by the Optionee may be

<PAGE>   7

                  immediately terminated by the Committee. Notwithstanding the
                  foregoing, if an Optionee is an Employee employed pursuant to
                  a written employment agreement, or is an Advisor retained
                  pursuant to a written agreement, the Optionee's relationship
                  with the Company shall be deemed terminated for "Cause" for
                  purposes of the Plan only if the Optionee is considered under
                  the circumstances to have been terminated for cause for
                  purposes of such written agreement.

                  3.5 TRANSFERABILITY OF OPTIONS. Except as otherwise provided
in this Section 3.5, options shall not be transferable other than pursuant to a
qualified domestic relations order, by will or by the laws of descent and
distribution and, with respect to an Incentive Stock Option, may be exercised
during the lifetime of an Optionee only by that Optionee or by his legally
authorized representative. However, the Optionee, with the approval of the
Committee, and subject to the terms of the Option Agreement, may transfer a
Nonqualified Stock Option for no consideration to or for the benefit of the
Optionee's Immediate Family (including, without limitation, to a trust for the
benefit of the Optionee's Immediate Family or to a partnership or limited
liability company for one or more members of the Optionee's Immediate Family),
subject to such limits as the Committee may establish, and the transferee shall
remain subject to all the terms and conditions applicable to the Option before
such transfer. If the original Optionee ceases to be an Employee and Advisor,
and does not continue to be a Director, the Nonqualified Stock Option in the
hands of the transferee shall be subject to the same treatment as if it were
still held by the original Optionee, and the Option shall be exercisable by the
transferee only to the extent, and for the periods specified in the Plan and the
Option Agreement. The term "Immediate Family" shall mean the Optionee's spouse,
parents, children, stepchildren, adoptive relationships, sisters, brothers and
grandchildren (and, for this purpose, shall also include the Optionee).

                                   ARTICLE IV
                             INCENTIVE STOCK OPTIONS

                  4.1 OPTION TERMS AND CONDITIONS. The terms and conditions of
Options granted under this Article may differ from one another as the Committee
may, in its discretion, determine, as long as all Options granted under this
Article satisfy the requirements of this Article.

                  4.2 DURATION OF OPTIONS. Each Option granted under this
Article shall expire on the date determined by the Committee, but in no event
will any Option granted under this Article expire earlier than one year or later
than ten years after the date on which the Option is granted. In addition, each
Option shall be subject to early termination as provided elsewhere in the Plan.

                  4.3 PURCHASE PRICE. The purchase price for Plan Shares
acquired pursuant to the exercise, in whole or in part, of any Option granted
under this Article shall not be less than the Fair Market Value of the Plan
Shares at the time of the grant of the Option.

                  4.4 MAXIMUM AMOUNT OF OPTIONS FIRST EXERCISABLE IN ANY
CALENDAR YEAR. The maximum aggregate Fair Market Value of Plan Shares
(determined at the time the Option is granted) with respect to which Options
issued under this Article are exercisable for the first time by any Employee
during any calendar year under all incentive stock option plans of the Company
and its Subsidiaries and affiliates may not exceed $100,000. Any portion of an
Option granted under the Plan and first exercisable in excess of the foregoing
limitations shall be considered granted under Article V.

                  4.5 REQUIREMENTS AS TO CERTAIN OPTIONS. In the event of the
grant of any Option to an individual who, at the time the Option is granted,
owns shares of stock possessing more than ten percent of the total combined
voting power of all classes of stock of the Company or any of its Subsidiaries
or affiliates within the meaning of Section 422 of the Code, the purchase price
for the Plan Shares subject to that Option must be at least 110% of the Fair
Market Value of those Plan Shares at the time the Option is granted, and the
Option must not be exercisable after the expiration of five years from the date
of its grant.

                  4.6 INDIVIDUAL OPTION AGREEMENTS. Each Employee receiving
Options under this Article shall be required to enter into a written Option
Agreement with the Company. In such Option

<PAGE>   8

Agreement, the Employee shall agree to be bound by the terms and conditions of
the Plan and such other matters as the Committee deems appropriate.

                                    ARTICLE V
                           NONQUALIFIED STOCK OPTIONS

                  5.1 OPTION TERMS AND CONDITIONS. The terms and conditions of
Options granted under this Article may differ from one another as the Committee
may, in its discretion, determine, as long as all Options granted under this
Article satisfy the requirements of this Article.

                  5.2 OUTSIDE DIRECTOR OPTION TERMS AND CONDITIONS. Each Outside
Director shall be granted an Option to purchase fourteen thousand (14,000)
shares of Common Stock on the date of commencement of each regular annual
stockholders' meeting beginning with the 1997 Annual Stockholder's meeting. Each
Option granted under this Section 5.2 shall vest ratably at the rate of 20% per
year on each anniversary of the date of grant of the Option, provided that the
Optionee is a Director on such date. Notwithstanding the preceding sentence,
each Option granted under this Section 5.2 shall vest if the Outside Director
dies while serving as an Outside Director, or ceases to serve as an Outside
Director as a result of Retirement or Disability as provided in Section 3.4(b).
Each Option granted to an Outside Director shall expire ten (10) years from the
date of grant, subject to early termination as provided elsewhere in the Plan.

                  5.3 DURATION OF OPTIONS. Each Option granted to an Employee or
Advisor under this Article and all rights thereunder shall expire on the date
determined by the Committee, but in no event will any Option granted under this
Article expire later than ten years after the date on which the Option is
granted. In addition, each Option shall be subject to early termination as
provided elsewhere in the Plan.

                  5.4 PURCHASE PRICE. The purchase price for Plan Shares
acquired pursuant to the exercise, in whole or in part, of any Option granted
under this Article shall be not less than the Fair Market Value of the Plan
Shares at the time of the grant of the Option.

                  5.5 INDIVIDUAL OPTION AGREEMENTS. Each Employee, Outside
Director or Advisor receiving Options under this Article shall be required to
enter into a written Option Agreement with the Company. In such Option
Agreement, the Employee, Outside Director or Advisor shall agree to be bound by
the terms and conditions of the Plan and such other matters as the Committee
deems appropriate.

                                   ARTICLE VI
                                RESTRICTED STOCK

                  6.1 TERMS AND CONDITIONS. Each Restricted Stock Grant confers
upon the recipient thereof the right to receive a specified number of shares of
Common Stock of the Company in accordance with the terms and conditions of each
Participant's individual written agreement as set forth in Section 6.2. The
general terms and conditions of the Restricted Stock awards shall be as follows:

                         (a) Any shares of Common Stock awarded hereunder to a
         Participant shall be restricted for a period of time to be determined
         by the Committee for each participant at the time of the Award, which
         period shall be not less than one year or more than ten years. The
         restrictions shall prohibit the sale, assignment, transfer, pledge or
         other encumbrance of such shares, and shall provide for possible
         reversion thereof to the Company in accordance with subparagraph (b)
         during the period of restriction.

                         (b) All Restricted Stock awarded under this Plan to a
         Participant shall be forfeited and returned to the Company in the event
         the Participant ceases to be employed by, serve as a Director of, or
         serve as an Advisor to the Company or one of its Subsidiaries before
         the expiration of the period of restriction, unless the Participant's
         termination of employment is due to

<PAGE>   9

         his or her death, Disability or Retirement. An Employee or Advisor who
         continues to be a Director shall not be deemed to have terminated
         employment or service.

                         (c) In the event of a Participant's death or
         Disability, the restrictions under subparagraph (a) shall lapse with
         respect to all Restricted Stock awarded to the Participant under this
         Plan before any such event, and the shares of Common Stock involved
         shall cease to be Restricted Stock within the meaning of this Plan and
         shall no longer be subject to forfeiture to the Company pursuant to
         subparagraph (b).

                         (d) In the event of a Participant's Retirement, the
         restrictions under subparagraph (a) shall continue to apply unless the
         Committee in its discretion shall shorten the restriction period.

                         (e) Stock certificates issued with respect to awards of
         Restricted Stock made under this Plan shall be registered in the name
         of the Participant, but shall be delivered by him or her to the Company
         together with a stock power endorsed in blank. Each such certificate
         shall bear the following legend:

                           "THE SHARES REPRESENTED BY THIS CERTIFICATE ARE
                           SUBJECT TO FORFEITURE, RESTRICTIONS ON TRANSFER AND
                           CERTAIN OTHER TERMS AND CONDITIONS SET FORTH IN THE
                           1995 CRESCENT REAL ESTATE EQUITIES COMPANY STOCK
                           INCENTIVE PLAN AND THE AGREEMENT BETWEEN THE
                           REGISTERED OWNER OF THE SHARES REPRESENTED BY THIS
                           CERTIFICATE AND CRESCENT REAL ESTATE EQUITIES COMPANY
                           ENTERED INTO PURSUANT TO SUCH PLAN."

                         (f) Upon the lapse of a restriction period as
         determined pursuant to subparagraph (a), the Company shall return the
         stock certificates representing the shares with respect to which the
         restriction has lapsed to the Participant or his or her legal
         representative, and pursuant to the instruction of the Participant or
         his or her legal representative shall issue a certificate for such
         shares which does not bear the legend set forth in subparagraph (e).

                         (g) Any other securities or assets (other than ordinary
         cash dividends) which are received by a Participant with respect to
         Restricted Stock awarded to him, which is still subject to restrictions
         provided for in subparagraph (a), shall be subject to the same
         restrictions and shall be delivered by the Participant to the Company
         as provided in subparagraph (e).

                         (h) From the time of grant of the Restricted Stock
         Award, the Participant shall be entitled to exercise all rights
         attributable to the Restricted Stock, subject to forfeiture of such
         rights and the stock as provided in subparagraph (b).

                  6.2 INDIVIDUAL AGREEMENTS. Each Participant receiving an Award
of Restricted Stock under this Article shall be required to enter into a written
Restricted Stock Agreement with the Company. In such Restricted Stock Agreement,
the Participant shall agree to be bound by the terms and conditions of the Plan
and such other matters as the Committee deems appropriate.

                                   ARTICLE VII
                    OUTSIDE DIRECTOR STOCK-FOR-FEES ELECTIONS

                  7.1 OUTSIDE DIRECTOR STOCK-FOR-FEES ELECTION. Each Outside
Director shall be permitted to receive Director's Fees in the form of Common
Stock rather than cash in accordance with the following provisions:

<PAGE>   10

                         (a) Each Outside Director shall have the right to elect
         to receive one-half or all of such Outside Director's Fees in the form
         of Common Stock rather than cash by tendering an irrevocable written
         election to the Secretary of the Company pursuant to which all
         Director's Fees otherwise payable to the Outside Director shall be paid
         in the form of Common Stock as provided in (b) below. Such election
         shall become effective six (6) months after its delivery to the
         Secretary of the Company by the Outside Director. Such election shall
         remain in effect until the earlier of (i) the date six (6) months after
         such Outside Director shall have delivered to the Secretary of the
         Company irrevocable written notice that his or her election to receive
         Common Stock shall cease as of the date six months following delivery
         of the notice, or (ii) the date on which such Outside Director
         terminates as a member of the Board of Directors by reason of
         resignation, non-reelection, death, or disability. Any Outside Director
         who having terminated an election to receive Common Stock or having
         failed to elect to receive Common Stock rather than cash may elect to
         receive Director's Fees in the form of Common Stock as of the date six
         (6) months following delivery of irrevocable written notice of such
         election to the Secretary of the Company. An Outside Director who does
         not elect to have Director's Fees paid in Common Stock shall receive
         his or her remuneration in cash at such times that such remuneration is
         otherwise due.

                         (b) If an Outside Director elects to receive payment of
         Director's Fees in the form of Common Stock, such Common Stock shall be
         issued as soon as practicable after the annual meeting of shareholders
         or meeting of the Board or Committee of the Board to which such
         remuneration relates. The number of shares of Common Stock to be issued
         to such Outside Director shall be determined by dividing:

                                    (i) the remuneration otherwise payable to
                  the Outside Director, by

                                    (ii) ninety percent (90%) of the Fair Market
                  Value of the Company's Common Stock on the determination date
                  on the rounding up or down any fractional share to the nearest
                  whole share.

         The determination date shall be the date that the relevant payment of
Director's Fees is payable.

                         (c) Shares of Common Stock issued under this Article
         VII shall be free of any restrictions except for restrictions
         applicable under the Exchange Act.

                  7.2 INCOME TAX. Each Outside Director who elects to receive
Director's Fees in the form of Common Stock rather than cash shall be
responsible for payment of federal, state, and local income taxes on the Fair
Market Value of such Common Stock.

                                  ARTICLE VIII
                      TERMINATION, AMENDMENT AND ADJUSTMENT

                  8.1 TERMINATION AND AMENDMENT. The Plan will terminate on June
11, 2005. No Awards will be granted under the Plan after that date of
termination, although Awards granted before such date shall remain outstanding
in accordance with their terms. Subject to the limitations contained in this
Section 8.1, the Committee may at any time amend or revise the terms of the
Plan, including the form and substance of the Option Agreements and Restricted
Stock Agreements to be used in connection herewith; provided that, without
shareholder approval, no amendment or revision may (i) increase the maximum
aggregate number of Plan Shares under Section 1.5, or any other limit under
Section 1.5 to the extent required to comply with Section 162(m) or 422 of the
Code, except as permitted under Section 1.5 and Section 8.2, (ii) change the
minimum purchase price for shares under Article IV or Article V, (iii) permit
the granting of an Award to anyone other than as provided in the Plan, or (iv)
modify the "material terms" of the Plan as to "covered employees" within the
meaning of Section 162(m) of the Code. In addition, if and to the extent
required by Rule 16b-3 of the Exchange Act, the provisions of the Plan may not
be amended more frequently than once every six months unless otherwise required
by law and permitted by Rule 16b-3 of the Exchange Act. No amendment, suspension
or termination of the Plan may, without the

<PAGE>   11

consent of a Participant who has received an Award hereunder, alter or impair
any of that Participant's rights or obligations under any Award granted under
the Plan before that amendment, suspension or termination, unless such
amendment, suspension or termination is required under applicable law, including
without limitation Section 422 of the Code.

                  8.2 ADJUSTMENT. If the outstanding Common Stock is increased,
decreased, changed into or exchanged for a different number or kind of shares or
securities through merger, consolidation, combination, exchange of shares, other
reorganization, recapitalization, reclassification, stock dividend, stock split
or reverse stock split, an appropriate and proportionate adjustment shall be
made in the maximum number and kind of Plan Shares as to which Awards may be
granted under the Plan. A corresponding adjustment shall be made in the number
or kind of shares allocated to and purchasable under unexercised Options, and
any shares of Restricted Stock with respect to which restrictions have not yet
lapsed before any such change. Any such adjustment in outstanding Options shall
be made without change in the aggregate purchase price applicable to the
unexercised portion of the Option, but with a corresponding adjustment in the
price for each share purchasable under the Option. Any new or additional or
different class of securities that are distributed to a Participant in his
capacity as the owner of Restricted Stock as granted hereunder shall be
considered to be Restricted Stock and shall be subject to all of the conditions
and restrictions provided herein applicable to Restricted Stock. The foregoing
adjustments and the manner of application of the foregoing provisions shall be
determined solely by the Committee, and any such adjustment may provide for the
elimination of fractional share interests.

                                   ARTICLE IX
                                  MISCELLANEOUS

                  9.1 OTHER COMPENSATION PLANS. The adoption of the Plan will
not affect any other stock option or incentive or other compensation plans in
effect for the Company or any of its Subsidiaries, nor will the Plan preclude
the Company or any of its Subsidiaries from establishing any other forms of
incentive or other compensation for Employees.

                  9.2 PLAN BINDING ON SUCCESSORS. The Plan shall be binding upon
the successors and assigns of the Company and any of its Subsidiaries that adopt
the Plan.

                  9.3 NUMBER AND GENDER. Whenever used herein, nouns in the
singular shall include the plural where appropriate, and the masculine pronoun
shall include the feminine gender.

                  9.4 HEADINGS. Headings of articles and sections hereof are
inserted for convenience of reference and constitute no part of the Plan.

                                    ARTICLE X
                                   DEFINITIONS

         As used herein with initial capital letters, the following terms have
the meanings set forth unless the context clearly indicates to the contrary:

                  10.1 "ADVISOR" means any person performing advisory or
consulting services for the Company or any Subsidiary of the Company, with or
without compensation, to whom the Company chooses to grant Options or Restricted
Stock in accordance with the Plan, provided that bona fide services must be
rendered by such person and such services shall not be rendered in connection
with the offer or sale of securities in a capital raising transaction.

                  10.2 "AWARD" means a grant of Options under Article IV or V of
the Plan or an award of Restricted Stock under Article VI of the Plan.

                  10.3 "BOARD" means the Board of Trust Managers of the Company.

<PAGE>   12

                  10.4 "CAUSE" shall mean an act or acts involving a felony,
fraud, willful misconduct, commission of any act that causes or reasonably may
be expected to cause substantial injury to the Company or other good cause. The
term "other good cause" as used in this Section shall include, but shall not be
limited to, habitual impertinence, a pattern of conduct that tends to hold the
Company up to ridicule in the community, conduct disloyal to the Company,
conviction of any crime of moral turpitude and abuse, as judged by the
Committee, of alcohol or any controlled substance. "Controlled substance" means
a drug, immediate precursor or other substance listed in Schedules I-V of the
Federal Comprehensive Drug Abuse Prevention Control Act of 1970, as amended.

                  10.5 "CODE" means the Internal Revenue Code of 1986, as
amended.

                  10.6 "COMMITTEE" shall have the meaning set forth in Section
2.1.

                  10.7 "COMMON STOCK" means the common shares of beneficial
interest, par value $.01 per share, of the Company or, in the event that the
outstanding shares of such Common Stock are hereafter changed into or exchanged
for shares of a different stock or security of the Company or some other
corporation, such other stock or security.

                  10.8 "COMPANY" means Crescent Real Estate Equities Company, a
Texas trust organized under the Texas Real Estate Investment Trust Act, as
amended, or any successor thereto.

                  10.9 "DIRECTOR" means a member of the Board of Trust Managers
of the Company.

                  10.10 "DIRECTOR'S FEES" means the remuneration otherwise
payable to an Outside Director as an annual retainer and for attending meetings
of the Board and meetings of the committees of the Board.

                  10.11 "DISABILITY" of a Participant shall be deemed to occur
whenever a Participant is rendered unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or which has lasted or can be expected
to last for a continuing period of not less than 12 months.

                  10.12 "EFFECTIVE DATE" means June 12, 1995, or, if applicable,
the date on which an amendment to this Plan is approved by the shareholders of
the Company in accordance with the provisions of Sections 162(m) and 422 of the
Code and Rule 16b-3 under the Exchange Act.

                  10.13 "EMPLOYEE" means an officer or other employee, as
defined under Section 3401(c) of the Code and the regulations promulgated
thereunder, of the Company or of any of its subsidiaries that adopt the Plan.

                  10.14 "ERISA" means the Employee Retirement Income Security
Act of 1974, as amended.

                  10.15 "EXCHANGE ACT" means the Securities Exchange Act of
1934, as amended.

                  10.16 "FAIR MARKET VALUE" means such value as will be
determined by the Committee on the basis of such factors as it deems
appropriate; provided that if the Common Stock is traded on a national
securities exchange, such value shall be determined by the Committee on the
basis of the last sale price for the Common Stock on the date for which such
determination is relevant, as reported on the New York Stock Exchange. If the
Common Stock is traded on more than one exchange, such value shall be determined
on the basis of the exchange trading the greatest volume of shares on such date.
In no event shall "Fair Market Value" be less than the par value of the Common
Stock.

                  10.17 "INCENTIVE STOCK OPTION" means an Option granted under
Article IV.

<PAGE>   13

                  10.18 "NONQUALIFIED STOCK OPTION" means an Option granted
under Article V.

                  10.19 "OPTION" means an Incentive Stock Option or a
Nonqualified Stock Option granted under the Plan.

                  10.20 "OPTION AGREEMENT" means an agreement between the
Company and a Participant with respect to one or more Options.

                  10.21 "OPTIONEE" means an Employee, Director or Advisor to
whom an Option has been granted hereunder.

                  10.22 "OUTSIDE DIRECTOR" means a Director who is not an
Employee of the Company or a Subsidiary.

                  10.23 "PARTICIPANT" means an Employee, Director or Advisor to
whom an Award has been granted hereunder.

                  10.24 "PLAN" means the 1995 Crescent Real Estate Equities
Company Stock Incentive Plan, as amended from time to time.

                  10.25 "PLAN SHARES" means shares of Common Stock issuable
pursuant to the Plan.

                  10.26 "REPORTING PARTICIPANT" means a Participant who is
subject to the reporting requirements of Section 16 of the Exchange Act.

                  10.27 "RESTRICTED STOCK" means an Award of Common Stock
granted under Article VI.

                  10.28 "RESTRICTED STOCK AGREEMENT" means an agreement between
the Company and a Participant with respect to an Award of Restricted Stock.

                  10.29 "RETIREMENT" means termination of employment or service
as a Director on or after the date on which a Participant attains age 70.

                  10.30 "SECURITIES ACT" means the Securities Act of 1933, as
amended.

                  10.31 "SUBSIDIARY" means a subsidiary corporation of the
Company, as defined in Section 424(f) of the Code.

                  10.32 "UNIT" means a unit of ownership interest in the
Crescent Real Estate Equities Limited Partnership, which is exchangeable on a
one-for-two basis for shares of Common Stock, or, at the option of the Company,
the cash equivalent thereof.

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