Document:

<PAGE>   1
                                                                     EXHIBIT 4.3

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED. SUCH SECURITIES AND ANY SECURITIES OR SHARES ISSUED
HEREUNDER MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR
AN EXEMPTION THEREFROM UNDER SAID ACT.

No. WC-1                                   Warrants to Purchase 450,000 shares
                                           of Series C Preferred Stock (subject
                                           to adjustment)

                  WARRANT TO PURCHASE SERIES C PREFERRED STOCK

                                       OF

                               ACTIVETOUCH, INC.

                              VOID APRIL 30, 2000

     This certifies that, for value received, receipt and sufficiency of which
are hereby acknowledged, 1. T-TELEMATIK VENTURE BETEILIGUNGSGESELLSCHAFT MBH, or
its registered assigns (the "Holder"), is entitled, subject to the terms and
conditions set forth herein, to purchase from ActiveTouch, Inc., a California
corporation, (the "Company"), 450,000 shares of the Company's Series C
Preferred Stock (the "Series C Preferred Stock") at an exercise price as
provided for in Section 2. The term "Warrant" as used herein shall mean this
Warrant, and any warrants delivered in substitution or exchange therefor as
provided herein.

     This Warrant is issued pursuant to that certain Series C Preferred Stock
and Warrant Purchase Agreement of even date herewith (the "Purchase
Agreement"), by and among the Company and the Holder. This is one of the
"Warrants" referred to in the Purchase Agreement and the Holder is subject to
certain obligations set forth in the Purchase Agreement.

     1.   Term of Warrant. Subject to the terms and conditions set forth
herein, this Warrant shall vest and become exercisable, in whole only, during
the term (the "Exercise Period") commencing on the earlier of: (a) the date on
which the Company enters into revenue sharing agreements with Deutsche Telekom
AG ("D.T.") which the Company determines will assure the Company of receiving
in the aggregate at least $3,000,000 in revenues in the one year period
following the earliest effective date of such revenue sharing agreements
(collectively the "D. Telekom Agreement") and (b) the closing of a firmly
underwritten public offering pursuant to a registration statement filed by the
Company under the Securities Act of 1933, as amended (the "Securities Act"),
with a public offering price of at least $10.00 per share and with gross
proceeds to the company of $20,000,000 or more (the "IPO"). The Exercise Period
will end and the Warrant will expire at 5:00 p.m., Pacific standard time, on
April 30, 2000, regardless of whether the Warrant has vested by such time.

     2.   Number of Shares, Exercise Price. The Warrant shall be exercisable
for 450,000 shares of Series C Preferred Stock at an exercise price per share
of $0.01.

                                      -1-
<PAGE>   2
     3.  Exercise of Warrant.

     (a) Cash Exercise. This Warrant may be exercised in whole by the Holder
during the Exercise Period by (i) the surrender of this Warrant to the Company,
with the Notice of Exercise annexed hereto duly completed and executed on behalf
of the Holder, including a copy of the D. Telekom Agreement (unless this Warrant
is being exercised in connection with the IPO), at the office of the Company (or
such other office or agency of the Company as it may designate by notice in
writing to the Holder at the address of the Holder appearing on the books of the
Company) and (ii) the delivery of payment to the Company, for the account of the
Company, by (i) cash, (ii) wire transfer of immediately available funds to a
bank account specified by the Company, (iii) certified or bank cashier's check,
or (iv) a combination of any of the above, of the Exercise Price for the number
of shares of Series C Preferred Stock specified in the Exercise Form in lawful
money of the United States of America.

     (b) Net Issue Exercise. In lieu of exercising this Warrant pursuant to
Section 3(a) hereof, this Warrant may be exercised in whole by the Holder by the
surrender of this Warrant to the Company, with a duly executed Notice of
Exercise marked to reflect Net Issue Exercise, during normal business hours on
any business day during the Exercise Period. Upon such exercise, the Company
shall issue to Holder a number of Shares of Series C Preferred Stock, computed
as of the date of surrender of this Warrant to the Company using the following
formula:

                              X  =  Y(A-B)
                                    ------
                                      A

Where X =  the number of shares of Series C Preferred Stock to be issued to
           Holder under this Section 3(b);

           Where Y =  the number of share of Series C Preferred Stock otherwise
           purchasable under this Warrant;

           Where A =  the fair market value of one share of the Company's Series
           C Preferred Stock at the date of such calculation;

           Where B =  the Exercise Price.

     (c) Fair Market Value. For purposes of Section 3(b) hereof, if there
exists a public market for the Company's Common Stock at the time of such
exercise, the fair market value of one share of Series C Preferred Stock shall
mean, as of any such exercise date:

          (i)  the fair market value of (x) the shares of Common Stock into
     which such share of Series C Preferred Stock is convertible as of such
     date, or (y) one (1) share of the Company's Common Stock, as the case may
     be, as determined from the last closing price per share of the Company's
     Common Stock on the principal national securities exchange on which the
     Common Stock is listed or admitted to trading, or

          (ii) the fair market value of (x) the shares of Common Stock into
     which such share of Series C Preferred Stock is convertible as of such
     date, or (y) one (1) share of

                                      -2-

<PAGE>   3

      Common Stock, as the case may be, as determined from the last reported
      sales price per share of the Company's Common Stock on the Nasdaq
      National Market or the Nasdaq Small-Cap Market (collectively, "Nasdaq")
      if the Company's Common Stock is not listed or traded on any such
      exchange, or

            (iii) the fair market value of (x) the shares of Common Stock into
      which such share of Series C Preferred Stock is convertible as of such
      date, or (y) one (1) share of Common Stock, as the case may be, as
      determined from the average of the bid and asked price per share as
      reported in the "pink sheets" published by the National Quotation Bureau,
      Inc. (the "pink sheets") if the Company's Common Stock is not listed or
      traded on any exchange or Nasdaq, or

            (iv)  if there is no such public market for the Company's Common
      Stock or if such quotations are not available, the fair market value per
      share of the Company's Series C Preferred Stock or Common Stock on the
      date such notice was received by the Company as reasonably determined in
      good faith by the Board of Directors of the Company.

      (d)   Delivery of Stock Certificates. This Warrant shall be deemed to
have been exercised immediately prior to the close of business on the date of
its surrender for exercise as provided above, and the person entitled to
receive the Series C Preferred Stock issuable upon such exercise shall be
treated for all purposes as the holder of record of such shares as of the close
of business on such date. As promptly as practicable on or after such date and
in any event within ten (10) business days thereafter, the Company at its
expense shall issue and deliver to the person of persons entitled to receive
the same a certificate or certificates for the number of shares issuable upon
such exercise.

      (e)   Adjustment. In the event the Company (i) splits, subdivides, or
combines the Series C Preferred Stock into a different number of securities of
the same class, (ii) redeems or converts its Series C Preferred Stock into
shares of the Company's Common Stock, (iii) pays a dividend on the Series C
Preferred Stock in securities or property other than cash, (iv) reclassifies
the Series C Preferred Stock into the same or a different number of securities
(each, an "Adjustment Event"), then the Exercise Price shall be appropriately
adjusted and this Warrant shall represent the right to acquire such number and
the kind of securities that would have been issued had the Holder exercised
this Warrant immediately prior to such an Adjustment Event.

      (f)   Registration Rights. Upon exercise of this Warrant, the Holder
shall have registration rights under that certain Amended and Restated
Registration Rights Agreement, of even date herewith, by and among the Company
and the parties who have executed the counterpart signature pages thereto or
are otherwise bound thereby (the "Investors' Rights Agreement").

      4.    No Fractional Shares or Scrip. No fractional shares or scrip
representing fractional shares shall be issued upon the exercise of this
Warrant. In lieu of any fractional share to which the Holder would otherwise be
entitled, the Company shall make a cash payment equal to the Exercise Price
multiplied by such fraction.

                                      -3-
<PAGE>   4
     5.   Replacement of Warrant. On receipt of evidence reasonably satisfactory
to the Company of the loss, theft, destruction or mutilation of this Warrant
and, in the case of loss, theft or destruction on delivery of an indemnity
agreement reasonably satisfactory in form and substance to the Company or, in
the case of mutilation, on surrender and cancellation of this Warrant, the
Company at its expense shall execute and deliver, in lieu of this Warrant, a new
warrant of like tenor and amount.

     6.   Rights as Shareholder. The Holder shall not be entitled to vote or
receive dividends or be deemed the holder of Series C Preferred Stock or any
other securities of the Company that may at any time be issuable on the
exercise hereof for any purpose, nor shall anything contained herein be
construed to confer upon the Holder, as such, any of the rights of a
shareholder of the Company or any right to vote for the election of directors
or upon any matter submitted to shareholders at any meeting thereof, or to give
or withhold consent to any corporate action (whether upon any recapitalization,
issuance of stock, reclassification of stock, change of par value, or change of
stock to no par value, consolidation, merger, conveyance, or otherwise) or to
receive notice of meetings, or to receive dividends or subscription rights or
otherwise until the Warrant shall have been exercised as provided herein.

     7.   Transfer of Warrant.

     (a)  Warrant Register. The Company will maintain a register (the "Warrant
Register") containing the names and addresses of the Holder or Holders. Any
Holder of this Warrant or any portion thereof may change his address as shown
on the Warrant Register by written notice to the Company requesting such
change. Any notice or written communication required or permitted to be given
to the Holder may be delivered or given by mail to such Holder as shown on the
Warrant Register and at the address shown on the Warrant Register. Until this
Warrant is transferred on the Warrant Register of the Company, the Company may
treat the Holder as shown on the Warrant Register as the absolute owner of this
Warrant for all purposes, notwithstanding any notice to the contrary.

     (b)  Warrant Agent. The Company may, by written notice to the Holder,
appoint an agent for the purpose of maintaining the Warrant Register referred
to in Section 7(a) hereof, issuing the Series C Preferred Stock or other
securities then issuable upon the exercise of this Warrant, exchanging this
Warrant, replacing this Warrant, or any or all of the foregoing. Thereafter,
any such registration, issuance, exchange, or replacement as the case may be,
shall be made at the office of such agent.

     (c)  Transferability and Nonnegotiability of Warrant. This Warrant is
nontransferable except to Affiliates of the Holder. For purposes of this
section 7(c) "Affiliate" shall have the same meaning as provided for in the
Investors' Rights Agreement. With respect to any offer, sale or other
disposition of this Warrant to an Affiliate, the Holder will give written
notice to the Company prior thereto, describing briefly the manner thereof.
Unless the Company reasonably determines that such transfer would violate
applicable securities laws, or that such transfer would adversely affect the
Company's ability to account for future transactions to which it is a party as
a pooling of interests, and notifies the Holder thereof within ten (10)
business days after receiving notice of the transfer, the Holder may effect
such transfer. Such transfer shall not be valid until the transferee executes
an agreement in form and substance satisfactory to the

                                      -4-

<PAGE>   5
Company to be bound by the provisions of this Warrant and the Investors Rights
Agreement. Each Warrant thus transferred and each certificate representing the
securities thus transferred shall bear a legend as to the applicable
restrictions on transferability in order to ensure compliance with the 1933
Act, unless in the opinion of counsel for the Company such legend is not
required in order to ensure compliance with the 1933 Act. The Company may issue
stop transfer instructions to its transfer agent in connection with such
restrictions.

     (d)  Exchange of Warrant Upon a Transfer. On surrender of this Warrant for
exchange, properly endorsed on the Assignment Form and subject to the
provisions of this Warrant with respect to compliance with the Securities Act
and with the limitations on assignments and transfers and contained in this
Section 7, the Company at its expense shall issue to or on the order of the
Holder a new warrant or warrants of like tenor, in the name of the Holder or as
the Holder (on payment by the Holder of any applicable transfer taxes) may
direct, for the number of shares issuable upon exercise hereof.

     (e)  Compliance with Securities Laws.

          (i)   The Holder of this Warrant, by acceptance hereof, acknowledges
     that this Warrant and the Series C Preferred Stock to be issued upon
     exercise hereof and the Common Stock to be issued upon conversion thereof
     are being acquired solely for the Holder's own account and not as a
     nominee for any other party, and for investment, and that the Holder will
     not offer, sell or otherwise dispose of this Warrant or any Series C
     Preferred Stock to be issued upon exercise hereof or conversion thereof
     except under circumstances that will not result in a violation of the
     Securities Act or any applicable state securities laws. Upon exercise of
     this Warrant, the Holder shall, if requested by the Company, confirm in
     writing, in a form satisfactory to the Company, that the Series C
     Preferred Stock (or Common Stock issuable upon conversion thereof) so
     purchased are being acquired solely for the Holder's own account and not
     as a nominee for any other party, for investment, and not with a view
     toward distribution or resale.

          (ii)  This Warrant and all certificates representing the Series C
     Preferred Stock issued upon exercise hereof (or Common Stock issuable upon
     conversation thereof) (the "Securities") shall be stamped or imprinted
     with a legend in substantially the following form (in addition to any
     legend required by state securities laws):

     THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
     SECURITIES ACT OF 1933, AS AMENDED. SUCH SECURITIES AND ANY SECURITIES OR
     SHARES ISSUED HEREUNDER MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF
     SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SAID ACT.

          (iii) The Company agrees to remove promptly, upon the request of the
     holder of this Warrant and Securities issuable upon exercise of the
     Warrant, the legend set forth in Section 7(e)(ii) hereof from the
     documents/certificates for such securities upon full compliance with this
     Agreement and Rules 144 and 145.

                                      -5-
<PAGE>   6
     8.   Notices.

     (a)  In case:

          (i)   the Company shall take a record of the holders of its Preferred
     Stock or Common Stock (or other stock or securities at the time receivable
     upon the exercise of this Warrant) for the purpose of entitling them to
     receive any dividend or other distribution, or any right to subscribe for
     or purchase any shares of stock of any class or any other securities, or to
     receive any other right;

          (ii)  of any capital reorganization of the Company, any
     reclassification of the capital stock of the Company, any consolidation or
     merger of the Company with or into another corporation, or any conveyance
     of all or substantially all of the assets of the Company to another
     corporation;

          (iii) of any voluntary dissolution, liquidation or winding-up of the
     Company;

          (iv)  of an Adjustment Event as provided for in Section 3(c);

          (v)   of any redemption or conversion of all outstanding Series C
     Preferred Stock; or

          (vi)  of the filing of the Company's first registration statement
     with the U.S. Securities and Exchange Commission (the "SEC");

then, and in each such case, the Company will mail or cause to be mailed to the
Holder or Holders a notice specifying, as the case may be, (A) the date on
which a record is to be taken for the purpose of such dividend, distribution or
right, and stating the amount and character of such dividend, distribution or
right, (B) the date on which such reorganization, reclassification,
consolidation, merger, conveyance, dissolution, liquidation, winding-up,
redemption or conversion is to take place, and the time, if any is to be fixed,
as of which the holders of record of Preferred Stock or Common Stock (or such
stock or securities at the time receivable upon the exercise of this Warrant)
shall be entitled to exchange their shares of Preferred Stock or Common Stock
(or such other stock or securities) for securities or other property
deliverable upon such reorganization, reclassification, consolidation, merger,
conveyance, dissolution, liquidation or winding-up, (C) the date on which the
Adjustment Event took place and a detailed description of its effect on the
terms of this Warrant or (D) the anticipated date on which the Company expects
its first registration statement with the SEC to become effective. Such notice
shall be mailed at least fifteen (15) days prior to the date therein specified.

     (b)  Any notice required or permitted hereunder shall be delivered in
person or sent by telecopier or air courier fees prepaid in all cases; to the
address for such party shown on the signature pages hereto, or to such other
address as has been specified by prior written notice to the sending party.
Notice shall be effective upon delivery if it is hand-delivered; upon receipt
if it is transmitted by telecopier or air courier.

     9.   Amendments. Any provision of this Warrant may be amended, waived or
modified (either generally or in a particular instance, either retroactively or
prospectively and

                                      -6-
<PAGE>   7
either for a specified period of time or indefinitely), upon the written
consent of the Company and Holder.

     10.  Representations and Covenants of Holder. This Warrant has been
entered into by the Company in reliance upon the representations and covenants
of the Holder which the Holder makes by execution of the Purchase Agreement.

     11.  Miscellaneous.

     (a)  This Warrant shall be governed by and construed in accordance with
California law, without regard to the conflict of laws provisions thereof.

     (b)  In the event of a dispute with regard to the interpretation of this
Warrant, the prevailing party may collect the cost of attorney's fees,
litigation expenses or such other expenses as may be incurred in the
enforcement of the prevailing party's rights hereunder.

     (c)  This Warrant shall be exercisable as provided for herein, except that
in the event that the expiration date of this Warrant shall fall on a Saturday,
Sunday and or United States federally recognized Holiday, this expiration date
for this Warrant shall be extended to 5:00 p.m. Pacific standard time on the
business day following such Saturday, Sunday or recognized Holiday.

     12.  Headings; References. All headings used herein are used for
convenience only and shall not be used to continue or interpret this Warrant.
Except as otherwise indicated, all references herein to Sections refer to
Sections hereof.

                                      -7-
<PAGE>   8

      13.   Counterparts. This Warrant may be executed in any number of
counterparts, each of which will be deemed an original, but all of which
together will constitute one and the same instrument.

      IN WITNESS WHEREOF, ActiveTouch, Inc. and the Holder have caused this
Warrant to be executed by their officers thereunto duly authorized.

      Dated: June __, 1999.

                                 ACTIVETOUCH, INC.

                                 By /s/ Subrah Iyar
                                   ------------------------------------------
                                             Subrah Iyar
                                      Chief Executive Officer

                                 Address: 5225 Betsy Ross Drive
                                          Santa Clara CA 95054
                                          Attn: Subrah Iyar
                                          Fax: (408) 980-5280

                                 1. T-TELEMATIK VENTURE
                                 BETEILIGUNGSGESELLSCHAFT MBH

                                 By /s/ Dr. Thomas W. Kohr
                                   ------------------------------------------

                                 Name Dr. Thomas W. Kohr
                                     ----------------------------------------

                                 Title Geschattsfuhrer
                                      ---------------------------------------

                                 Address: T-Telematik Beteiligungsgesellschaft
                                          mbH
                                          Godesberger Allee 73
                                          53175 Bonn
                                          Germany
                                          Attn: Dr. Thomas Kuehr
                                          Fax: 011-49-228-30848-19

                                      -8-
<PAGE>   9
                               NOTICE OF EXERCISE

To: ACTIVETOUCH, INC.

     (1)  The undersigned hereby elects to purchase 450,000 shares of Series C
Preferred Stock of ACTIVETOUCH, INC., pursuant to the terms of the attached
Warrant and [ ] tenders herewith payment of the purchase price for such shares
in full along with a copy of the D. Telekom Agreement (as defined this Warrant)
or [ ] elects the Net Issue Exercise Option.

     (2)  In exercising this Warrant, the undersigned hereby confirms and
acknowledges that the shares of Series C Preferred Stock to be issued upon
conversion thereof are being acquired solely for the account of the undersigned
and not as a nominee for any other party, or for investment, and that the
undersigned will not offer, sell or otherwise dispose of any such shares of
Series C Preferred Stock except under circumstances that will not result in a
violation of the Securities Act of 1933, as amended, or any applicable state
securities laws.

     (3)  Please issue a certificate or certificates representing said shares
of Series C Preferred Stock in the name of the undersigned Holder.

     Dated: ________________.

                                        HOLDER

                                        ______________________________

                                        By ___________________________

                                        Name _________________________

                                        Title ________________________

                                      -9-

<PAGE>   10

                                ASSIGNMENT FORM

        FOR VALUE RECEIVED, the undersigned registered owner of this Warrant
hereby sells, assigns and transfers unto the Assignee named below all of the
rights of the undersigned under the within Warrant and does hereby irrevocably
constitute and appoint Attorney ____________________________ to make such
transfer on the books of ACTIVETOUCH, INC., maintained for the purpose, with
full power of substitution in the premises.

        The Assignee acknowledges that this Warrant and the shares of stock to
be issued upon exercise hereof or conversion thereof are being acquired for
investment and that the Assignee will not offer, sell or otherwise dispose of
this Warrant or any shares of stock to be issued upon exercise hereof or
conversion thereof except under circumstances which will not result in a
violation of the Securities Act of 1933, as amended, or any applicable state
securities laws. Further, the Assignee acknowledges that upon exercise of this
Warrant, the shares of stock so purchased are being acquired for investment and
not with a view toward distribution or resale and that such shares of stock are
subject to the terms and conditions contained in the Investors' Rights
Agreement (as defined in this Warrant).

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

                                        HOLDER

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

                                        By
                                          -------------------------------------

                                        Name
                                            -----------------------------------

                                        Title
                                             ----------------------------------

                                        ASSIGNEE

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

                                        By
                                          -------------------------------------

                                        Name
                                            -----------------------------------

                                        Title
                                             ----------------------------------

                                      -10-<PAGE>   1
                                                                     EXHIBIT 4.4

CONFIDENITAL TREATMENT REQUESTED. CONFIDENTIAL PORTIONS OF THIS DOCUMENT HAVE
BEEN REDACTED AND HAVE BEEN SEPARATELY FILED WITH THE COMMISSION

NEITHER THE WARRANT NOR THE SHARES OF STOCK ISSUABLE UPON EXERCISE HEREOF HAVE
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"). NO
SALE, TRANSFER OR OTHER DISPOSITION OF THIS WARRANT OR SAID SHARES MAY BE
EFFECTED WITHOUT (i) AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO, (ii)
AN OPINION OF COUNSEL FOR THE PURCHASER, WHICH COUNSEL SHALL BE REASONABLY
SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED OR (iii)
RECEIPT OF A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION TO THE
EFFECT THAT REGISTRATION UNDER THE ACT IS NOT REQUIRED.

Date of Issuance: March 29, 2000 ("Date of Issuance")          Warrant No.: W-D1

                        WARRANT TO PURCHASE UP TO 339,915
                       SHARES OF SERIES D PREFERRED STOCK
                                 OF WEBEX, INC.

        THIS CERTIFIES THAT Yahoo! Inc., a Delaware corporation ("Purchaser"),
is entitled to purchase under this Warrant up to 339,915 shares of Series D
Preferred Stock, no par value per share (including any other class of securities
for which this Warrant becomes exercisable pursuant to the provisions hereof,
the "Company Stock") of WebEx, Inc., California corporation (the "Company"), at
a per share price of $12.50 (the "Exercise Price"), subject to the provisions
and upon the terms and conditions hereinafter set forth. The shares of Company
Stock or other securities for which this Warrant becomes exercisable pursuant to
the provisions hereof are hereinafter referred to as the "Shares."

        1. Vesting and Term.

                1.1 Vesting Date. All of the Shares subject to this Warrant
shall be fully vested on the Date of Issuance. This Warrant shall become
exercisable with respect to all of the Shares on the first annual anniversary of
the Date of Issuance.

                1.2 Termination Date. This Warrant shall remain exercisable with
respect to the Shares until 5:00 p.m. California time on the second annual
anniversary of the Date of Issuance.

        2. Conversion.

                2.1 Method of Exercise; Payment; Issuance of New Warrant. This
Warrant may be exercised by the Purchaser hereof, in whole or in part and from
time to time, by the surrender of this Warrant (with a notice of exercise in the
form attached as Exhibit A and the investment representation certificate in the
form attached as Exhibit B duly executed) at the principal office of the Company
and by the payment to the Company by check or wire transfer, of an amount equal
to the then current Exercise Price per share multiplied by the number of

                                       1
<PAGE>   2
Shares then being purchased (the "Aggregate Exercise Price"). The person or
persons in whose name(s) any certificate(s) representing Shares shall be
issuable upon exercise of this Warrant shall be deemed to have become the
Purchaser(s) of record of, and shall be treated for all purposes as the record
Purchaser(s) of the shares represented thereby (and such shares shall be deemed
to have been issued) immediately prior to the close of business on the date or
dates upon which this Warrant is exercised. In the event of any exercise of this
Warrant, certificates for the Shares so purchased shall be delivered to the
Purchaser hereof as soon as possible and in any event within thirty (30) days of
receipt of such notice by the Company and, unless this Warrant has been fully
exercised or expired, a new Warrant representing the portion of the Shares, if
any, with respect to which this Warrant shall not then have been exercised shall
also be issued to the Purchaser hereof as soon as possible and in any event
within such thirty-day period.

               2.2 Right to Convert Warrant into Stock; Net Issuance. In
addition to and without limiting the rights of the Purchaser under the terms of
this Warrant, the Purchaser may elect to convert this Warrant or any portion
thereof (the "Conversion Right"), but only to the extent that the Purchaser then
has a right to exercise this Warrant, into Shares, the aggregate value of which
Shares shall be equal to the value of this Warrant or the portion thereof being
converted. The Conversion Right may be exercised by the Purchaser by surrender
of this Warrant at the principal office of the Company together with notice of
the Purchaser's intention to exercise the Conversion Right, in which event the
Company shall issue to the Purchaser a number of Shares computed using the
following formula:

               X= Y(A-B)
                  ------
                    A

Where:

                X       The number of Shares to be issued to the Purchaser.

                Y       The number of Shares representing the portion of this
                        Warrant that is being converted.

                A       The fair market value of one Share.

                B       The Exercise Price (as adjusted to the date of such
                        calculations).

For purposes of this Section 2.2, the "fair market value" per Share shall mean:

               (a) the product of (i) the average daily Market Price (as defined
below) during the period of the most recent 20 days, ending on the last business
day before the effective date of exercise of the Conversion Right, on which the
national securities exchanges were open for trading and (ii) the number of
shares of the Common Stock (as defined herein) into which each Share is
convertible on such date; or

                                       2
<PAGE>   3

               (b) if no class of Common Stock is then listed or admitted to
trading on any national securities exchange or quoted in the over-counter
market, the fair market value shall be the Market Price on the last business day
before the effective date of exercise of the Conversion Right.

               If the Common Stock is traded on a national securities exchange
or admitted to unlisted trading privileges on such an exchange, or is listed on
the National Market System (the "National Market System") of the National
Association of Securities Dealers Automated Quotations System (the "NASDAQ"),
the Market Price as of a specified day shall be the last reported sale price of
Common Stock on such exchange or on the National Market System on such date or
if no such sale is made on such day, the mean of the closing bid and asked
prices for such day on such exchange or on the National Market System. If the
Common Stock is not so listed or admitted to unlisted trading privileges, the
Market Price as of a specified day shall be the mean of the last bid and asked
prices reported on such date (x) by the NASDAQ or (y) if reports are unavailable
under clause (x) above by the National Quotation Bureau Incorporated. If the
Common Stock is not so listed or admitted to unlisted trading privileges and bid
and ask prices are not reported, the Market Price as of a specified day shall be
determined in good faith by written resolution of the Board of Directors of the
Company.

        3. Securities Fully Paid; Reservation of Shares; Capitalization
Representations. All Shares that may be issued upon the exercise of the rights
represented by this Warrant (and shares of the Company's Common Stock issuable
upon conversion of the Shares), upon issuance, will be fully paid and
nonassessable, and free from all taxes, liens and charges with respect to the
issue thereof. During the period within which the rights represented by the
Warrant may be exercised, the Company will at all times have authorized and
reserved for the purpose of issuance upon exercise of the purchase rights
evidenced by this Warrant, a sufficient number of shares of Company Stock (and
shares of Common Stock issuable upon conversion of the Shares) as from time to
time shall be issuable upon the exercise of this Warrant. As of the Date of
Issuance, each share of Preferred Stock may be converted into one (1) share of
Common Stock.

        4. Adjustment of Exercise Price and Number of Shares. The number and
kind of securities purchasable upon the exercise of the Warrant and the Exercise
Price shall be subject to adjustment from time to time upon the occurrence of
certain events, as follows:

               4.1 Reclassification or Merger. In case of any reclassification,
change or conversion of securities in the class issuable upon exercise of this
Warrant (other than a change in par value, or from par value to no par value, or
from no par value to par value, or as a result of a subdivision or combination),
or in case of any merger of the Company with or into another corporation (other
than a merger with another corporation in which the Company is a continuing
corporation and which does not result in any reclassification or change of
outstanding securities issuable upon exercise of this Warrant), or in case of
any sale or transfer of all or substantially all of the assets of the Company,
unless this Warrant shall have been exercised or terminated in accordance with
its terms, the Purchaser of this Warrant shall have the right to exercise this
Warrant and upon such exercise to receive, in lieu of the Shares theretofore
issuable upon

                                       3
<PAGE>   4
exercise of this Warrant, the kind and amount of consideration, including but
not limited to shares of stock, other securities, money and property receivable
upon such reclassification, change, conversion, merger, sale or transfer as
would have been received if this Warrant had been exercised in full immediately
prior to such event. The provisions of this subparagraph shall similarly apply
to successive reclassifications, changes, conversions, mergers, sales or
transfers.

               4.2 Subdivisions or Combination of Shares. If at any time while
this Warrant remains outstanding and unexpired the Company shall subdivide or
combine its Company Stock, the Exercise Price and the number of Shares issuable
upon exercise hereof shall be proportionately adjusted.

               4.3 Stock Dividends. If at any time while this Warrant is
outstanding and unexpired the Company shall pay a dividend payable in shares of
Company Stock (except any distribution specifically provided for in the
foregoing subparagraphs 4.1 and 4.2), then the Exercise Price shall be adjusted,
from and after the date of determination of shareholders entitled to receive
such dividend or distribution, to that price determined by multiplying the
Exercise Price in effect immediately prior to such date of determination by a
fraction (a) the numerator of which shall be the total number of shares of
Company Stock outstanding immediately prior to such dividend or distribution,
and (b) the denominator of which shall be the total number of shares of Company
Stock outstanding immediately after such dividend or distribution and the number
of Shares subject to this Warrant shall be proportionately adjusted.

               4.4 Notice of Adjustments. Whenever the Exercise Price shall be
adjusted pursuant to the provisions hereof, the Company shall within thirty (30)
days of such adjustment deliver a certificate signed by its chief financial
officer to Purchaser setting forth, in reasonable detail, the event requiring
the adjustment, the amount of the adjustment, the method by which such
adjustment was calculated, and the number of Shares subject to this Warrant and
the Exercise Price therefor, as applicable, after giving effect to such
adjustment.

        5. Compliance with Securities Laws.

               5.1 Accredited Investor. This Warrant is conditioned upon, and by
its acceptance hereof Purchaser hereby confirms, that Purchaser is an
"accredited investor" as that term is defined under Regulation D under the
Securities Act of 1933, as amended (the "Securities Act").

               5.2 Legend. Upon issuance, the Shares shall be imprinted with a
legend in substantially the following form:

        THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
        AS AMENDED, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED
        WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR PURSUANT TO
        RULE 144 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE

                                       4
<PAGE>   5
        CORPORATION AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED.

together with any legend required under applicable State securities laws.

               5.3 Compliance with Securities Laws on Transfer. This Warrant and
the Shares issuable upon exercise of this Warrant may not be transferred or
assigned in whole or in part without compliance with applicable federal and
state securities laws by the transferor and the transferee (including, without
limitation, the delivery of investment representation letters and legal opinions
reasonably satisfactory to the Company).

        6. Fractional Shares. No fractional shares will be issued in connection
with any exercise hereunder, but in lieu of such fractional shares the Company
shall make a cash payment therefor upon the basis of the Exercise Price then in
effect.

        7. Registration Rights. Purchaser shall be a party to the Company's
Amended and Restated Investors Rights Agreement dated as of March 29, 2000 (the
"Investors Rights Agreement"). In addition, the Shares subject to this Warrant
shall be deemed to be "Registrable Securities" pursuant to the Investors Rights
Agreement, and Purchaser shall be entitled to receive registration rights and
other rights contained in the Investors Rights Agreement on a pari passu basis
with the other Holders (as defined in the Investors Rights Agreement) of
Registrable Securities as set forth in the Investors Rights Agreement.

        8. Modification and Waiver. This Warrant and any provision hereof may be
changed, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of the same is sought.

        9. Notices.

               9.1 Notice of Certain Events. The Company shall provide the
Purchaser with at least ten (10) business days notice (or such greater amount of
notice as California law requires to be given to shareholders having the right
to vote at a meeting on any Sale Event, as defined herein) prior to (i) a merger
of the Company with or into, the consolidation of the Company with, or the sale
or transfer by the Company of all or substantially all of its assets to, another
person or entity (other than such a transaction wherein the shareholders of the
Company prior to such transaction retain or obtain a majority of the voting
capital stock of the surviving, resulting or purchasing entity)(a "Sale Event"),
(ii) any liquidation, dissolution or winding up of the Company or (iii) the
record date for any cash dividend declared on the Company Stock (each, a "Notice
Event"). If the notice is provided pursuant to subsection (i) or (ii) of the
previous sentence, the notice will indicate the expected date of the Notice
Event.

               9.2 Notice Procedure. Any notice required or permitted pursuant
to this Warrant shall be in writing and shall be deemed sufficient when either
(a) delivered personally, (b) sent by e-mail or fax with confirmation of receipt
or (c) deposited in the U.S. mail, as certified or registered mail, with postage
prepaid, addressed as follows:

                                       5
<PAGE>   6
        IF TO THE PURCHASER:

        Yahoo! Inc.
        3420 Central Expressway
        Santa Clara, California 95051
        Attention: Senior Vice President Corporate Development
        e-mail:  ****
        Fax:     ****

        with a copy to:

        Yahoo! Inc.
        3420 Central Expressway
        Santa Clara, California 95051
        Attention: General Counsel
        e-mail:  ****
        Fax:     ****

        IF TO THE COMPANY:

        WebEx, Inc.
        110 Rose Orchard Way
        San Jose, California  95134
        Attention:  Subrah S. Iyar
        e-mail:  ****
        Fax:     ****

        With a copy to:

        Pillsbury Madison & Sutro LLP
        2550 Hanover Street
        Palo Alto, California  94304
        Attention:  Allison Leopold Tilley
        e-mail:  ****
        Fax:     ****

        Each of the foregoing parties shall be entitled to specify a different
address by giving five (5) days advance written notice as aforesaid to the other
parties. All such notices and communications shall be deemed to have been
received (i) in the case of personal delivery or delivery by e-mail or fax, on
the date of such delivery (provided there is confirmation of such delivery) and
(ii) in the case of mailing, on the third business day following the date of
such mailing.

        10. Lost Warrants or Stock Certificates. Upon receipt of evidence
reasonably satisfactory to the Company of the loss, theft, destruction, or
mutilation of this Warrant or any

* CONFIDENTIAL MATERIAL REDACTED AND FILED SEPARATELY WITH THE COMMISSION.

                                       6
<PAGE>   7
stock certificate and, in the case of any such loss, theft or destruction, upon
receipt of an indemnity reasonably satisfactory to the Company, or in the case
of any such mutilation upon surrender and cancellation of such Warrant or stock
certificate, the Company will make and deliver a new Warrant or stock
certificate, of like tenor, in lieu of the lost, stolen, destroyed or mutilated
Warrant or stock certificate.

        11. Non-Disclosure. The terms and conditions of this Warrant shall be
considered confidential and shall not be disclosed to any third parties except
to Company's or Purchaser's accountants, attorneys, members of its board of
directors or existing shareholders (solely in connection with the Company's
private financings) or except as otherwise required by law. Neither Company nor
Purchaser shall make any public announcement regarding the existence of this
Warrant without the other party's prior written approval and consent. If Company
or Purchaser desires to make a public announcement regarding the existence of
this Warrant, it shall provide the other with a minimum of three (3) business
days notice of the intended disclosure. If this Agreement or any of its terms
must be disclosed by Company under any law, rule or regulation, Company shall
(i) give written notice of the intended disclosure to Purchaser at least five
(5) days in advance of the date of disclosure, (ii) redact portions of this
Agreement as reasonably requested by Purchaser, and (iii) submit a request, to
be agreed upon by Purchaser, that such portions and other provisions of this
Agreement requested by Purchaser pursuant to the preceding clause (ii) receive
confidential treatment under the laws, rules and regulations of the body or
tribunal to which disclosure is being made or otherwise be held in the strictest
confidence to the fullest extent permitted under the laws, rules or regulations
of any other applicable governing body.

        12. No Impairment. The Company will not, through any reorganization,
recapitalization, transfer of assets, consolidation, merger, dissolution,
issuance or sale of securities or any other voluntary action, avoid or seek to
avoid the observance or performance of any of the terms to be observed or
performed hereunder by the Company, but will at all times in good faith assist
in the carrying out of all the provisions of this Warrant and in the taking of
all such action as may be necessary or appropriate in order to protect the
rights of the holder of this Warrant against impairment.

        13. Governing Law. This Warrant shall be construed and enforced in
accordance with, and the rights of the parties shall be governed by, the laws of
the State of California, without regard to conflict of laws provisions thereof.

                                       7
<PAGE>   8
        IN WITNESS WHEREOF, this Warrant has been executed as of the Date of
Issuance.

                                         WEBEX, INC.

                                         By    /s/ Subrah S. Iyar
                                               ---------------------------------
                                         Name  Subrah S. Iyar
                                               ---------------------------------
                                         Title CEO
                                               ---------------------------------

                                         YAHOO! INC.

                                         By    /s/ Ellen Siminoff
                                               ---------------------------------
                                         Name  Ellen Siminoff
                                               ---------------------------------
                                         Title SVP Corporate Development
                                               ---------------------------------

                                       8
<PAGE>   9
                                   EXHIBIT "A"

                             NOTICE OF EXERCISE FORM

                    (To be executed only upon partial or full
                         exercise of the within Warrant)

        The undersigned registered Purchaser of the within Warrant hereby
irrevocably exercises the within Warrant for and purchases shares of Series D
Preferred Stock of WebEx, Inc. and herewith makes payment therefor in the amount
of $___ , all at the price and on the terms and conditions specified in the
within Warrant and requests that a certificate (or ___ certificates in
denominations of shares) for the shares of Series D Preferred Stock of WebEx,
Inc. hereby purchased be issued in the name of and delivered to (choose one) (a)
the undersigned or (b) [NAME], whose address is
____________________________________ and, if such shares of Series D Preferred
Stock shall not include all the shares of Series D Preferred Stock issuable as
provided in the within Warrant, that a new Warrant of like tenor for the number
of shares of Series D Preferred Stock of WebEx, Inc. not being purchased
hereunder be issued in the name of and delivered to (choose one) (a) the
undersigned or (b) [NAME], whose address is _____________________________.

Date:
      ----------------------

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

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

                                      By:
                                             -----------------------------------
                                             (Signature of Registered Purchaser)
                                      Title:
                                             -----------------------------------

NOTICE: The signature to this Notice of Exercise must correspond with the name
        as written upon the face of the within Warrant in every particular,
        without alteration or enlargement or any change whatever.

                                       9
<PAGE>   10
                                   EXHIBIT "B"

                      INVESTMENT REPRESENTATION CERTIFICATE

Purchaser:

Company:              WebEx, Inc.

Security:             Series D Preferred Stock

Amount:

Date:

        In connection with the purchase of the above-listed securities (the
"Securities"), the undersigned (the "Purchaser") represents to the Company as
follows:

        The Purchaser is aware of the Company's business affairs and financial
condition, and has acquired sufficient information about the Company to reach an
informed and knowledgeable decision to acquire the Securities. The Purchaser is
purchasing the Securities for its own account for investment purposes only and
not with a view to, or for the resale in connection with, any "distribution"
thereof for purposes of the Securities Act of 1933, as amended (the "Securities
Act");

        The Purchaser understands that the Securities have not been registered
under the Securities Act in reliance upon a specific exemption therefor, which
exemption depends upon, among other things, the bona fide nature of the
Purchaser's investment intent as expressed herein. In this connection, the
Purchaser understands that, in the view of the Securities and Exchange
Commission ("SEC"), the statutory basis for such exemption may be unavailable if
the Purchaser's representation was predicated solely upon a present intention to
hold these Securities for the minimum capital gains period specified under tax
statutes, for a deferred sale, for or until an increase or decrease in the
market price of the Securities, or for a period of one year or any other fixed
period in the future. The Purchaser is an "accredited investor" as that term is
defined under Regulation D promulgated by the Securities and Exchange Commission
under the Securities Act;

        The Purchaser further understands that the Securities must be held
indefinitely unless subsequently registered under the Securities Act or unless
an exemption from registration is otherwise available. In addition, the
Purchaser understands that the certificate evidencing the Securities will be
imprinted with the legend referred to in this Warrant under which the Securities
are being purchased;

        The Purchaser is aware of the provisions of Rule 144, promulgated under
the Securities Act, which, in substance, permit limited public resale of
"restricted securities" acquired, directly or indirectly, from the issuer
thereof (or from an affiliate of such issuer), in a non-public offering subject
to the satisfaction of certain conditions, if applicable, including, among other
things:

                                       10
<PAGE>   11
(i) the availability of certain public information about the Company; (ii) the
resale occurring not less than one (1) year after the party has purchased and
paid for the securities to be sold; (iii) the sale being made through a broker
in an unsolicited "broker's transaction" or in transactions directly with a
market maker (as said term is defined under the Securities Exchange Act of 1934,
as amended) and the amount of securities being sold during any three-month
period not exceeding the specified limitations stated therein;

        The Purchaser further understands that at the time it wishes to sell the
Securities there may be no public market upon which to make such a sale, and
that, even if such a public market upon which to make such a sale then exists,
notwithstanding the Company's best efforts obligation to do so set forth in the
Warrant, the Company may not be satisfying the current public information
requirements of Rule 144, and that, in such event, the Purchaser may be
precluded from selling the Securities under Rule 144 even if the one-year
minimum holding period had been satisfied; and

        The Purchaser further understands that in the event all of the
requirements of Rule 144 are not satisfied, registration under the Securities
Act, compliance with Regulation A, or some other registration exemption will be
required; and that, notwithstanding the fact that Rule 144 is not exclusive, the
staff of the SEC has expressed its opinion that persons proposing to sell
private placement securities other than in a registered offering and otherwise
than pursuant to Rule 144 will have a substantial burden of proof in
establishing that an exemption from registration is available for such offers or
sales, and that such persons and their respective brokers who participate in
such transactions do so at their own risk.

Date:
      -----------------

                                        PURCHASER:

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

                                       11

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