Document:

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                                                                   EXHIBIT 10.38

                                               DuPont
                                               1007 Market Street
                                               Wilmington, DE 19898
[LOGO]
                                               Executive Vice President - DuPont
                                               Chairman - DuPont Europe

                                 March 30, 1999

Mr. Jeff Arnold
WebMD, Inc.
400 The Lenox Building
3399 Peachtree Road NE,
Atlanta, Georgia 30326

Dear Jeff,

                  COLLABORATION AGREEMENT; WARRANT AGREEMENT;
                              INVESTMENT AGREEMENT

     Further to the above agreements which we have executed on the date of this
letter, we set out below our further agreement on two issues not expressly dealt
with in the above documents.

     WebMD will provide appropriate DuPont personnel with access to information
relating to WebMD's business, including but not limited to the following:
documents of incorporation and related corporate records; litigation to which
WebMD is a party; copies of all relevant agreements between WebMD and third
parties, to the extent that WebMD is permitted to disclose them by the terms
thereof; and, WebMD's S1 filing, amendments thereto and the comments of the SEC.

     Notwithstanding the provisions of Section 8.1 of the Collaboration
Agreement, DuPont confirms that WebMD may disclose the Collaboration Agreement,
or details of the terms thereof, to third parties during the course of due
diligence or negotiation of a relationship related to WebMD's internet service,
provided that any copies of the Collaboration Agreement, or details of the terms
thereof, so disclosed are redacted or edited in order to prevent disclosure of
DuPont as a party thereto. After the signature of a letter of intent or similar
document with any such third party, WebMD may disclose un-redacted or unedited
copies of the Collaboration Agreement, or details of the terms thereof, provided
that any such third party is bound by obligations of confidentiality to WebMD.

     Kindly indicate your acceptance of the above by countersigning the enclosed
copy of this letter.

                                                   Sincerely,

                                                 /s/
                                                   Kurt M. Landgraf
                                               Executive Vice President

Countersigned:

/s/
Jeff Arnold
CEO WebMD, Inc.<PAGE>   1

                                                                   EXHIBIT 10.39

THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE HEREOF HAVE
NOT BEEN REGISTERED UNDER THE FEDERAL SECURITIES ACT OF 1933, AS AMENDED, THE
GEORGIA SECURITIES ACT OF 1973, AS AMENDED, OR THE SECURITIES LAWS OF ANY OTHER
STATE. THIS WARRANT AND ANY OF SUCH SHARES MAY NOT BE SOLD, OFFERED FOR SALE,
PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED IN THE ABSENCE OF REGISTRATION
UNDER SAID ACTS AND ALL OTHER APPLICABLE SECURITIES LAWS UNLESS AN EXEMPTION
FROM REGISTRATION IS AVAILABLE.

THIS WARRANT IS SUBJECT TO THE RESTRICTIONS ON EXERCISE AND TRANSFER CONTAINED
IN ARTICLE IV HEREOF.

                           WARRANT TO PURCHASE SHARES
                                       OF
                                  COMMON STOCK
                                       OF
                                   WEBMD, INC.

Date of Issuance:  March 30, 1999

         THIS CERTIFIES that, for value received, WebMD, Inc., a Georgia
corporation (the "Company"), hereby grants to E.I. du Pont de Nemours and
Company, a Delaware corporation, or its registered assigns (the "Holder"), the
right to purchase, at any time and from time to time prior to the fifth (5th)
anniversary of the Date of Issuance indicated above, up to 4,000,000 shares in
the aggregate of Common Stock Series D, no par value per share (the "Common
Stock"), subject to the terms and conditions set forth herein. This warrant is
hereinafter referred to as the "Warrant".

                                    ARTICLE I

                               CERTAIN DEFINITIONS

         For all purposes of this Warrant, unless the context otherwise
requires, the following terms shall have the following respective meanings:

         "Act": the federal Securities Act of 1933, as amended, and the rules
and regulations of the Commission promulgated thereunder, all as the same shall
be in effect at the time.

         "Additional Shares of Common Stock": all shares of Common Stock issued
by the Company after the Date of Issuance, other than the Warrant Shares.

         "Common Stock":  as defined on the first page hereof.

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         "Commission": the Securities and Exchange Commission or any other
federal agency then administering the Act.

         "Company": WebMD, Inc., a Georgia corporation, located at 400 The Lenox
Building, 3399 Peachtree Road, Atlanta, Georgia, 30326, and any other
corporation assuming or required to assume the Warrant pursuant to Article V.

         "Convertible Securities": evidence of indebtedness, shares of stock or
other securities that are convertible or exchangeable for Additional Shares of
Common Stock.

         "Date of Issuance": the issue date of this Warrant, as set forth on the
first page hereof.

         "Exercise Price":  $20.00 per Warrant Share.

         "Holder":  as defined on the first page hereof.

         "Initial Public Offering": as defined in the Company's Articles of
Incorporation.

         "Person": any individual, corporation, partnership, limited liability
company, trust, unincorporated organization and any government, and any
political subdivision, instrumentality or agency thereof.

         "Stock Unit": one share of Common Stock, as such stock is constituted
on the Date of Issuance and thereafter the number of shares of Common Stock as
shall result from the adjustments specified in Article V.

         "Warrant":  as defined on the first page hereof.

         "Warrant Office":  as defined in Section 3.1.

         "Warrant Shares": the shares of Common Stock purchasable by the Holder
upon the exercise of this Warrant.

Following the occurrence of an Initial Public Offering, all references in this
Warrant to "Common Stock" shall be deemed to refer to the Company's authorized
Common Stock, no par value per share, without designation as to series, by
virtue of the automatic conversion of the Common Stock Series D into Common
Stock that will occur pursuant to the Company's Articles of Incorporation.

                                   ARTICLE II

                               EXERCISE OF WARRANT

         2.1      Method of Exercise. To exercise this Warrant, the Holder shall
deliver to the Company at the Warrant Office designated pursuant to Section 3.1,
(a) a Notice of Exercise

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substantially in the form attached hereto as Exhibit A duly executed by the
Holder specifying the number of Warrant Shares to be purchased, (b) payment of
an amount equal to the aggregate Exercise Price for all such Warrant Shares,
which shall be made in cash or by certified or bank cashier's check payable to
the order of the Company or by wire transfer of immediately available funds, and
(c) this Warrant. The number of Warrant Shares to be purchased in any exercise
hereunder shall be no fewer than 250,000 or the total number of Warrant Shares
available for purchase at the date of exercise, whichever is less. The Company
shall, as promptly as practicable, and in any event within five (5) days
thereafter, cause to be issued and delivered to the Holder (or its nominee) or
the transferee designated in the Notice of Exercise a certificate or
certificates representing the number of Warrant Shares specified in the Notice
of Exercise. The stock certificate or certificates so delivered shall be in
denominations of shares as may be specified in said notice and shall be issued
in the name of the Holder or such other name as shall be designated in said
notice. At the time of delivery of the certificate or certificates, appropriate
notation shall be made on the Warrant Shares Purchase Schedule attached to this
Warrant designating the number of shares purchased, and this Warrant shall then
be returned to the Holder if this Warrant has been exercised only in part. The
Holder or transferee so designated in the Notice of Exercise shall be deemed to
have become the Holder of record of such Warrant Shares for all purposes as of
the close of business on the date on which the Notice of Exercise is delivered
to the Warrant Office, provided that an amount equal to the aggregate Exercise
Price and this Warrant shall have also been delivered to the Company. The
Company shall pay all expenses, taxes (excluding capital gains and income taxes)
and other charges payable in connection with the preparation, issuance and
delivery of stock certificates, except that, in case stock certificates shall be
registered in a name or names other than the name of the Holder, funds
sufficient to pay all stock transfer taxes payable upon the issuance of stock
certificates shall be paid by the Holder promptly upon receipt of a written
request of the Company therefor.

         2.2      Shares to be Fully Paid and Non-Assessable. All Warrant Shares
issued upon the exercise of this Warrant and the payment therefor shall be
validly issued, fully paid, non-assessable and free from preemptive rights.

         2.3      No Fractional Shares to be Issued. The Company shall not be
required upon any exercise of this Warrant to issue a certificate representing
any fraction of a share of Common Stock.

         2.4      Legend on Warrant Shares. Each certificate for Warrant Shares
issued upon exercise of this Warrant, unless at the time of exercise such shares
are registered under the Act, shall bear substantially the following legend (and
any additional legend required by any national securities exchanges upon which
such shares may, at the time of such exercise, be listed or under applicable
securities laws):

         The securities represented by this certificate have not been registered
         under the federal Securities Act of 1933, as amended, or the Georgia
         Securities Act of 1973, as amended ("the Acts"), or the securities laws
         of any state. They may not be sold, transferred, assigned, pledged,
         hypothecated, encumbered, or otherwise disposed of unless, in the
         opinion of counsel reasonably acceptable to the issuer,

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         such transfer would be pursuant to an effective registration statement
         under said Acts or pursuant to an exemption from such registration.

         Any certificate issued at any time in exchange or substitution for any
certificate bearing such legend (except a new certificate issued upon completion
of a public distribution pursuant to a registration statement under the Act of
the securities represented thereby) shall also bear the above legend unless, in
the opinion of counsel to the Company, the securities represented thereby need
no longer be subject to the restrictions on transferability. In addition, the
provisions of Article IV shall be binding upon all subsequent holders of this
Warrant.

         2.5      Acknowledgment of Continuing Obligation. The Company shall, at
the time of any exercise of this Warrant in whole or in part, upon request of
the Holder, acknowledge in writing its continuing obligation to such holder in
respect of any rights to which the Holder shall continue to be entitled after
exercise in accordance with this Warrant; provided, however, that the failure of
the Holder to make any such request shall not affect the continuing obligation
of the Company to the Holder in respect of such rights.

                                   ARTICLE III

                       WARRANT OFFICE; TRANSFER, DIVISION
                           OR COMBINATION OF WARRANTS

         3.1      Warrant Office. The Company shall maintain an office for
certain purposes specified herein (the "Warrant Office"), which office shall
initially be the Company's location set forth in Article I hereof, and may
subsequently be such other office of the Company or of any transfer agent of the
Common Stock in the continental United States as to which written notice has
previously been given to all of the Holders of the Warrants.

         3.2      Ownership of Warrant. The Company may deem and treat the
Person in whose name this Warrant is registered as the Holder and owner hereof
(notwithstanding any notations of ownership or writing hereon made by anyone
other than the Company) for all purposes and shall not be affected by any notice
to the contrary, until presentation of this Warrant for registration of transfer
as provided in this Article III.

         3.3      Transfer of Warrant. The Company agrees to maintain at the
Warrant Office books for the registration of permitted transfers of this
Warrant. Subject to the provisions of Article IV, this Warrant and all rights
hereunder are transferable, in whole or in part, on the books at that office,
upon surrender of this Warrant at that office, together with a written
assignment of this Warrant duly executed by the Holder or his, her or its duly
authorized agent or attorney and funds sufficient to pay any transfer taxes
payable upon the making of the transfer. Subject to Article IV, upon surrender
and payment, the Company shall execute and deliver a new Warrant in the name of
the assignee, noting thereon the number of Warrant Shares theretofore purchased
under this Warrant, and this Warrant shall promptly be canceled. To the extent
this Warrant is transferred in part, the Company shall execute and deliver a new
Warrant in the name of the Holder for the balance of the Warrant Shares not
transferred to the assignee. A Warrant may be exercised by a new Holder for the
purchase of shares of Common Stock without having a new warrant issued.

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         3.4      Division or Combination of Warrants. Except as provided in
Section 3.3 above, this Warrant may not be divided or combined with any other
warrant.

         3.5      Expenses of Delivery of Warrants. The Company shall pay all
expenses, taxes (other than transfer taxes), and other charges payable in
connection with the preparation, issuance and delivery of new Warrants
hereunder.

                                   ARTICLE IV

                      RESTRICTIONS ON EXERCISE AND TRANSFER

         4.1      Restrictions on Exercise and Transfer. Notwithstanding any
provisions contained in this Warrant to the contrary, this Warrant shall not be
exercisable or transferable except upon the conditions specified in this Article
IV, which conditions are intended, among other things, to insure compliance with
the provisions of the Act in respect of the exercise or transfer of the Warrant.
The Holder, by acceptance hereof, agrees that he, she or it will not exercise or
transfer this Warrant prior to delivery to the Company of any required opinion
of the Holder's counsel (as the opinion and counsel are described in Section 4.2
hereof).

         4.2      Opinion of Counsel. In connection with any exercise or
transfer of this Warrant, the following provisions shall apply:

                  (a)      If, in the written opinion of counsel to the Holder
(which opinion and counsel must be reasonably acceptable to the Company), the
proposed exercise or transfer of this Warrant may be effected without
registration of this Warrant or the Common Stock issuable hereunder under the
Act, the Holder shall be entitled to exercise or transfer this Warrant as
proposed. In no event shall the Company be obligated (i) to effect a
registration under the Act or any state securities law so as to permit the
proposed exercise or transfer of this Warrant, (ii) to qualify to do business or
to file a general consent to service of process in any state or other
jurisdiction where the Company has not already done so, (iii) to effect a
transfer to more than three transferees, provided that each such transfer is for
at least 1,000,000 Warrant Shares, or (iv) to effect a transfer to any
transferee that is not a qualified institutional buyer, an institutional
accredited investor, an accredited investor or another person reasonably
acceptable to the Company.

                  (b)      If in the opinion of such counsel, the proposed
exercise or transfer of this Warrant may not be effected without registration of
this Warrant under the Act, the Holder shall not be entitled to exercise or
transfer this Warrant until registration is effective or until exercise or
transfer may be effected without registration, in the opinion of such counsel as
set forth in Section 4.2(a) above.

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                                    ARTICLE V

                                   ADJUSTMENTS

         5.1      Adjustments to Number of Stock Units. The number of shares of
Common Stock comprising a Stock Unit shall be subject to adjustment from time to
time as set forth in this Section 5.1.

                  (a)      Stock Dividends, Subdivision and Combination. In case
at any time or from time to time the Company shall:

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

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

                           (iii)    combine its outstanding shares of Common
Stock into a smaller number of shares of Common Stock;

then the number of shares of Common Stock comprising a Stock Unit immediately
after the happening of any such event shall be adjusted so as to consist of the
number of shares of Common Stock that a record holder of the number of shares of
Common Stock comprising a Stock Unit immediately prior to the happening of such
event would own or be entitled to receive after the happening of such event. The
adjustments required by this subsection shall be made whenever and as often as
any specified event requiring an adjustment shall occur.

                  (b)      Certain Other Dividends and Distributions. In case at
any time or from time to time the Company shall take a record of the holders of
its Common Stock for the purpose of entitling them to receive any dividend or
other distribution of

                           (i)      cash (other than a cash  distribution  made
as a dividend payable out of the net earnings or net profits of the Company
realized during the year of such distribution or the last preceding year and
accumulated net earnings or net profits of the Company from the date hereof to
the time of such distribution, computed in accordance with generally accepted
accounting principles employed by the Board of Directors of the Company for
purposes of financial reports to shareholders of the Company), or

                           (ii)     any evidences of its indebtedness, any
shares of its stock or any other securities or property of any nature whatsoever
(other than cash);

then at least fifteen (15) business days prior to the record date to determine
shareholders entitled to receive such dividend or distribution, the Company
shall give notice of such proposed

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dividend or distribution to the Holder for the purpose of enabling the Holder to
exercise the same, and thereby participate in such dividend or distribution.

                  (c)      Issuance of Additional Shares of Common Stock. In
case at any time prior to the date of the occurrence of the Initial Public
Offering the Company shall (except as hereinafter provided) issue or sell any
Additional Shares of Common Stock for a consideration per share less than the
Exercise Price, then the number of shares of Common Stock thereafter comprising
a Stock Unit shall be adjusted to that number determined by multiplying the
number of shares of Common Stock comprising a Stock Unit immediately prior to
such adjustment by a fraction (i) the numerator of which shall be the number of
shares of Common Stock issued and outstanding plus the number of Additional
Shares of Common Stock deemed to be outstanding pursuant to Subsection 5.1(d)
immediately prior to the issuance of such Additional Shares of Common Stock plus
the number of such Additional Shares of Common Stock so issued, and (ii) the
denominator of which shall be the number of shares of Common Stock issued and
outstanding plus the number of Additional Shares of Common Stock deemed to be
outstanding pursuant to Subsection 5.1(d) immediately prior to the issuance of
such Additional Shares of Common Stock plus the number of shares of Common Stock
that the aggregate consideration for the total number of such Additional Shares
of Common Stock so issued would purchase at the Exercise Price. The provisions
of this Subsection 5.1(c) shall not apply to any issuance of Additional Shares
of Common Stock for which an adjustment is provided under Subsection 5.1(a). No
adjustment of the number of shares of Common Stock comprising a Stock Unit shall
be made under this subsection upon the issuance of any Additional Shares of
Common Stock that are issued pursuant to the exercise of any warrants or other
subscription or purchase rights or pursuant to the exercise of any conversion or
exchange rights in any Convertible Securities, if any such adjustment shall
previously have been made upon the issuance of such warrants or other rights or
upon the issuance of such Convertible Securities (or upon the issuance of any
warrant or other rights therefor) pursuant to Subsection 5.1(d).

                  (d)      Issuance of Warrants, Convertible Securities or Other
Rights. In case at any time or from time to time the Company shall issue or sell
any warrants or other rights to subscribe for or purchase any Additional Shares
of Common Stock or any Convertible Securities, whether or not the rights to
exchange or convert thereunder are immediately exercisable, and the
consideration per share for which Additional Shares of Common Stock, may at any
time thereafter be issuable pursuant to such warrants or other rights or
pursuant to the terms of such Convertible Securities shall be lower than the
Exercise Price, then the number of shares of Common Stock thereafter comprising
a Stock Unit shall be adjusted as provided in Subsection 5.1(c) and the
aggregate consideration for such maximum number of Additional Shares of Common
Stock shall be deemed to be the minimum consideration received and receivable by
the Company for the issuance of such Additional Shares of Common Stock pursuant
to such warrants or other rights or pursuant to the terms of such Convertible
Securities. No adjustment of the number of shares of Common Stock comprising a
Stock Unit shall be made under this Subsection 5.1(d) upon the issuance of any
Convertible Securities that are issued pursuant to the exercise of any warrants
or other subscription or purchase rights therefor, if any such adjustment shall
previously been made upon the issuance of such warrants or other rights pursuant
to this Subsection 5.1(d).

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                  (e)      Superseding Adjustment of Stock Unit. Upon the
expiration of any options, warrants or rights to purchase any Additional Shares
of Common Stock, the termination of any rights to convert or exchange for any
Additional Shares of Common Stock, the expiration of any options related to such
Convertible Securities, or any increase in the consideration per share for any
Additional Shares of Common Stock are issuable on account of which any
adjustment of the number of shares of Common Stock comprising a Stock Unit shall
have been made pursuant to the foregoing Subsection 5.1(d) or any new
adjustments of the number of shares of Common Stock comprising a Stock Unit
shall have been made pursuant to this Subsection 5.1(e), then such previous
adjustment shall be rescinded and annulled and the Additional Shares of Common
Stock that were deemed to have been issued by virtue of the computation made in
connection with the adjustment so rescinded and annulled shall no longer be
deemed to have been issued by virtue of such computation. Thereupon, a
recomputation shall be made of the effect of such rights or options or other
Convertible Securities on the basis of the issuance of only the number of
Additional Shares of Common Stock actually issued upon the exercise of such
options, warrants or other Convertible Securities or upon the conversion or
exchange of such Convertible Securities or upon the rights related to such
Convertible Securities for the consideration actually paid.

                  (f)      Other Provisions Applicable to Adjustment Under This
Section. The following provisions shall be applicable to the making of
adjustments of the number of shares of Common Stock comprising a Stock Unit
hereinbefore provided for in this Section 5.1:

                           (i)      Treasury Stock. The sale or other
disposition of any issued shares of Common Stock owned or held by or for the
account of the Company shall be deemed an issuance thereof for the purposes of
this Section 5.1.

                           (ii)     Computation of Consideration. To the extent
that any Additional Shares of Common Stock or any Convertible Securities or any
warrants or other rights to subscribe for or purchase any Additional Shares of
Common Stock or any Convertible Securities shall be issued for a cash
consideration, the consideration received by the Company therefor shall be
deemed to be the amount of the cash received by the Company therefor, or, if
such Additional Shares of Common Stock or Convertible Securities are offered by
the Company for subscription, the subscription price, or, if such Additional
Shares of Common Stock or Convertible Securities are sold to underwriters or
dealers for public offering without a subscription offering, the initial public
offering price, in any such case excluding any amounts paid or receivable for
accrued interest or accrued dividends (but without deduction of any
compensation, discounts or expenses paid or incurred by the Company for and in
the underwriting of, or otherwise in connection with, the issuance thereof). To
the extent that such issuance shall be for a consideration other than cash,
then, except as herein otherwise expressly provided, the amount of such
consideration shall be deemed to be the fair value of such consideration at the
time of such issuance as determined in good faith by the Board of Directors of
the Company (but without deduction of any compensation, discounts or expenses
paid or incurred by the Company for and in the underwriting of, or otherwise in
connection with, the issuance thereof). In case any Additional Shares of Common
Stock or Convertible Securities or any warrants or other rights to subscribe for
or purchase such Additional Shares of Common Stock or Convertible Securities
shall be issued in connection with any merger in which the

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Company issues any securities, the amount of consideration therefor shall be
deemed to be the fair value, as determined in good faith by the Board of
Directors of the Company, of such portion of the assets and business of the
nonsurviving corporation as such Board in good faith shall determine to be
attributable to such Additional Shares of Common Stock, Convertible Securities,
warrants or other rights, as the case may be. In the event of any consolidation
or merger of the Company in which the Company is not the surviving corporation
or in the event of any sale of all or substantially all of the assets of the
Company for stock or other securities of any corporation, the Company shall be
deemed to have issued a number of Additional Shares of Common Stock or
Convertible Securities of the other corporation computed on the basis of the
actual exchange ratio on which the transaction was predicated, and the
consideration received for such issuance shall be equal to the fair market
value, as determined in good faith by the Board of Directors of the Company, on
the date of such transaction, of such stock or securities of the other
corporation, and if any such calculation results in adjustment of the number of
shares of Common Stock comprising a Stock Unit immediately prior to such merger,
conversion or sale for purposes of this Subsection 5.1(f), such merger,
conversion or sale shall be deemed to have been made after giving effect to such
adjustment. The consideration for any Additional Shares of Common Stock issuable
pursuant to any warrants or other rights to subscribe for or purchase the same
shall be the consideration received by the Company for issuing such warrants or
other rights, plus the additional consideration payable to the Company upon the
exercise of such warrants or other rights. The consideration for any Additional
Shares of Common Stock issuable pursuant to the terms of any Convertible
Securities shall be the consideration received by the Company for issuing any
warrants or other rights to subscribe for or purchase such Convertible
Securities, plus the consideration paid or payable to the Company in respect of
the subscription for or purchase of such Convertible Securities, plus the
additional consideration, if any, payable to the Company upon the exercise of
the right of conversion or exchange in such Convertible Securities. In case of
the issuance at any time of any Additional Shares of Common Stock or Convertible
Securities in payment or satisfaction of any dividends upon any class of stock
other than the Common Stock, the Company shall be deemed to have received for
such Additional Shares of Common Stock or Convertible Securities a consideration
equal to the amount of such dividend so paid or satisfied.

                           (iii)    When Adjustments to be Made. The adjustments
required by the preceding subsections of this Section 5.1 shall be made whenever
and as often as any specified event requiring an adjustment shall occur, except
that no adjustment of the number of shares of Common Stock comprising a Stock
Unit that would otherwise be required shall be made (except in the case of a
subdivision or combination of shares of the Common Stock, as provided for in
Subsection 5.1(a)) unless and until such adjustment, either by itself or with
other adjustments not previously made, adds or subtracts at least 1/20th of a
share to or from the number of shares of Common Stock comprising a Stock Unit
immediately prior to the making of such adjustment. Any adjustment representing
a change of less than such minimum amount (except as aforesaid) shall be carried
forward and made as soon as such adjustment, together with other adjustments
required by this section and not previously made, would result in a minimum
adjustment. For the purpose of any adjustment, any specified event shall be
deemed to have occurred at the close of business on the date of its occurrence.

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                           (iv)     Fractional Interests. In computing
adjustments under this section, fractional interests in Common Stock shall be
taken into account to the nearest one-thousandth of a share.

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

                  (g)      Reorganization, Reclassification, Merger,
Consolidation or Disposition of Assets. In case the Company shall reorganize its
capital, reclassify its capital stock, merge or consolidate into another
corporation, then the number of shares of stock purchasable upon exercise of
this Warrant shall be adjusted to consist of the number of shares of stock or
other securities that a record holder of the number of shares of Common Stock
purchasable upon exercise of this Warrant immediately prior to such event would
own or be entitled to receive immediately after such event.

                  (h)      No Adjustment. Notwithstanding the foregoing, an
adjustment as provided in this Section 5.1 shall not be made if (a) the Company
offers securities to the public pursuant to a registration statement under the
Securities Act, (b) the Company issues securities pursuant to the acquisition by
the Company of any product, technology, know-how or another corporation by
merger, purchase of all or substantially all of the assets, or any other
reorganization whereby the Company owns over fifty percent (50%) of the voting
power of such corporation, (c) the Company issues any shares of Common Stock of
the Company pursuant to options, warrants or rights granted either before or
after the Date of Issuance to purchase shares of such common stock, in favor of
employees, directors, officers or consultants of the Company or any subsidiary
thereof pursuant to a stock option plan or agreement approved by the Company's
Board of Directors; provided that such stock options thereunder, if granted
after the Date of Issuance, are granted at a conversion or exercise price that
the Company's Board of Directors determines in good faith is not less than the
fair market value of the securities into which they are exercisable as of the
date of grant, or (d) the conversion of any securities of the Company into
Common Stock pursuant to the Company's Articles of Incorporation, as amended.

         5.2      Notice to Holder. Whenever the Company takes any action that
causes the composition of a Stock Unit to change under Sections 5.1(a) through
5.1(g), the Company shall provide the Holder with written notice of such change
and the number of Warrant Shares for which this Warrant is or will become
exercisable. Such notice will be provided not more than ten (10) days after any
such action has occurred.

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                                   ARTICLE VI

                      ADDITIONAL NOTICES TO WARRANT HOLDER

         In addition to any other notice required hereunder, the Company shall
provide the Holder with a copy of any notice that the Company is required to
provide those Persons holding shares of Common Stock on the same date such
Persons receive such notice.

                                   ARTICLE VII

                                   EXPIRATION

         This Warrant shall continue in effect until the earlier of: (i) the
date on which the Warrant has been exercised or cancelled with respect to all of
the Warrant Shares, and (ii) the fifth (5th) anniversary of the Date of
Issuance.

                                  ARTICLE VIII

                                CERTAIN COVENANTS

         8.1      Covenants of the Company. The Company has taken all action
necessary to authorize the issuance of this Warrant and the issuance of shares
of Common Stock upon exercise hereof. The Company covenants and agrees that it
will reserve and set apart and have at all times, free from preemptive rights, a
number of shares of authorized but unissued Common Stock or other securities
deliverable upon the exercise of this Warrant from time to time sufficient to
enable it at any time to fulfill all its obligations hereunder.

         8.2      Covenants of the Holder. In the event that the exercise of
this Warrant for Common Stock would require any filing by the Holder under the
Hart Scott Rodino Antitrust Improvements Act of 1976 or any successor law and
rules and regulations issued pursuant to that Act or any successor law (the "HSR
Act"), then, before such exercise, either (i) the parties shall have been
granted early termination of the waiting period under the HSR Act, or (ii) the
applicable waiting period shall have expired without any agency having sought
injunctive relief with respect to the effectiveness of the voting rights. In
addition, if the Holder desires to exercise this Warrant prior to the Initial
Public Offering, the Holder covenants and agrees to execute and deliver to the
Company a joinder agreement pursuant to which the Holder and the Warrant Shares
will be subject to the Company's Restated Shareholders Agreement dated October
18, 1996, as amended, prior to such exercise.

                                   ARTICLE IX

                                  MISCELLANEOUS

         9.1      Entire Agreement. This Warrant contains the entire agreement
between the Holder and the Company with respect to the purchase of the Warrant
Shares and supersedes all prior arrangements or understandings with respect
thereto.

                                       11
<PAGE>   12

         9.2      Waiver and Amendment. Any term or provision of this Warrant
may be waived at any time by the party that is entitled to the benefits thereof,
and any term or provision of this Warrant may be amended or supplemented at any
time by agreement of the holder hereof and the Company, except that any waiver
of any term or condition, or any amendment or supplementation, of this Warrant
must be in writing. A waiver of any breach or failure to enforce any of the
terms or conditions of this Warrant shall not in any way affect, limit or waive
a party's rights hereunder at any time to enforce strict compliance thereafter
with any term or condition of this Warrant.

         9.3      Illegality. In the event that any one or more of the
provisions contained in this Warrant shall be determined to be invalid, illegal
or unenforceable in any respect for any reason, the validity, legality and
enforceability of any such provision in any other respect and the remaining
provisions of this Warrant shall not, at the election of the party for whom the
benefit of the provision exists, be in any way impaired.

         9.4      Filing of Warrant. A copy of this Warrant shall be filed in
the records of the Company.

         9.5      Notices. Any notice or other document required or permitted to
be given or delivered to the Holder shall be delivered personally, or sent by
certified or registered mail, to the Holder at the last address shown on the
books of the Company maintained at the Warrant Office for the registration of,
and the registration of transfer of, the Warrant or at any more recent address
of which any Holder shall have notified the Company in writing. Any notice or
other document required or permitted to be given or delivered to the Company
shall be delivered at, or sent by certified or registered mail to, the Warrant
Office, attention: Chief Executive Officer, or such other address within the
United States of America as shall have been furnished by the Company to the
Holder hereof.

         9.6      Limitation of Liability; Not Shareholders. No provision of
this Warrant shall be construed as conferring upon the Holder the right to vote,
consent, receive dividends or receive notice other than as herein expressly
provided in respect of meetings of shareholders for the election of directors of
the Company or any other matter whatsoever as a shareholder of the Company. No
provision hereof, in the absence of affirmative action by the Holder to purchase
Warrant Shares, and no enumeration herein of the rights or privileges of the
Holder, shall give rise to any liability of such Holder for the purchase price
of any Warrant Shares or as a shareholder of the Company, whether such liability
is asserted by the Company or by creditors of the Company.

         9.7      Loss, Destruction, Etc. of Warrant. Upon receipt of evidence
satisfactory to the Company of the loss, theft, mutilation or destruction of the
Warrant, and in the case of any such loss, theft or destruction, upon delivery
of a bond of indemnity in such form and amount as shall be reasonably
satisfactory to the Company, or in the event of such mutilation, upon surrender
and cancellation of the Warrant, the Company shall make and deliver a new
warrant, of like tenor, in lieu of such lost, stolen, destroyed or mutilated
Warrant. Any Warrant issued under the provisions of this Section 9.7 in lieu of
any Warrant alleged to be lost, destroyed or stolen, or in

                                       12
<PAGE>   13

lieu of any mutilated Warrant, shall constitute an original contractual
obligation on the part of the Company.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       13
<PAGE>   14

         IN WITNESS WHEREOF, the Company has caused this Warrant to be signed in
its name by its Chief Executive Officer and its corporate seal to be impressed
hereon as of the 30th day of March, 1999.

                                      WEBMD, INC.

                                      By:      /s/ Jeffrey T. Arnold
                                         ---------------------------------------
                                            Jeffrey T. Arnold
                                            Its:  Chief Executive Officer
[CORPORATE SEAL]

Attest:

By:      /s/ W. Michael Heekin
   -------------------------------
Name:     W. Michael Heekin
     -----------------------------
Title:   Executive Vice President
      ----------------------------

                                       14
<PAGE>   15

                        WARRANT SHARES PURCHASE SCHEDULE

<TABLE>
<CAPTION>
  NO. OF SHARES PURCHASED        DATE OF PURCHASE           NOTATION BY COMPANY OFFICER
<S>                            <C>                        <C>
-------------------------      --------------------       --------------------------------

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

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

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

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

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

</TABLE>

<PAGE>   16

                                    EXHIBIT A

                               NOTICE OF EXERCISE

                                                          Dated:________________

         The undersigned hereby irrevocably elects to exercise its right to
purchase _____ shares of the Common Stock, no par value per share, of WebMD,
Inc., such right being pursuant to a Warrant dated __________,1999, as issued to
E.I. du Pont de Nemours and Company, for up to 4,000,000 shares of Common Stock,
and remits herewith the sum of $_______ in payment for same in accordance with
said Warrant. After giving effect to the foregoing election to exercise, there
shall remain unexercised the right to purchase _____ shares of the Common Stock,
no par value per share (subject to adjustment) under this Warrant.

INSTRUCTIONS FOR REGISTRATION OF COMMON STOCK

Name
    ----------------------------------------------------------------------------
                  (Please typewrite or print in block letters)

Address
       -------------------------------------------------------------------------

                                     Signature:
                                               ---------------------------------

Shares Heretofore Purchased
Under Warrant:

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

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