Document:

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                                                                   Exhibit 10.11

             STOCK OPTION TERMINATION AND STOCK REPURCHASE AGREEMENT

      This Stock Option Termination Agreement, dated July 15, 1999, is made
between Real Media, Inc., a Delaware corporation (the "Company"), and David
Morgan (the "Stockholder").

                                   Background

      The Company and Stockholder desire to make additional shares of the
Company's Common Stock available for the grant of options by the Company to its
employees, consultants and non-employee directors. The Stockholder is willing to
(a) rescind and terminate Stockholder's options to purchase from the Company an
aggregate of 20,000 shares of the Company's Common Stock (the "Option Shares"),
and (b) sell to the Company 40,000 shares of the Company's Common Stock (the
"Shares") at par, provided that such option shares and repurchased shares of
Common Stock are used by the company for the grant of options to employees of
the Company.

                                      Terms

      NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:

            1.    Option Termination. The Option Agreement for the Option Shares
is hereby terminated and shall not entitle the Employee to purchase shares of
the Company's Common Stock. As of the date of this Agreement, all of the terms
and conditions set forth in such Option Agreement shall have no legal force and
effect whatsoever.

            2.    Repurchase of Shares. Stockholder hereby sells, transfers and
assigns to the Company, and the Company hereby purchases from Stockholder, the
Shares for the purchase price of $.001 per share.

            3.    Shares Available for Options. The Option Shares and the Shares
shall be reserved for issuance to employees, consultants and non-employee
directors pursuant to options, warrants, stock awards or other similar rights to
be granted by the Company.

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            4.    Entire Agreement. This Agreement constitutes the entire
understanding and agreement between the parties and supercedes all prior
understandings and agreements between the parties with respect to the subject
matter hereof.

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the
day first above written.

                                 STOCKHOLDER:

                                      /s/ David Morgan
                                      ----------------------------------
                                 David Morgan

                                 REAL MEDIA, INC.

                                 By:  /s/ Mark Pinney
                                    ------------------------------------
                                    Name:      Mark Pinney
                                    Title:     CFO

                                     - 2 -<PAGE>   1
                                                                   Exhibit 10.17
c

                           CONVERTIBLE PROMISSORY NOTE

$2,500,000
                                                        As of October 11th, 1999

      FOR VALUE RECEIVED, REAL MEDIA, INC., a New York corporation with offices
      at 260 Fifth Avenue, 4th floor, New York, NY 1000 1 ("Maker"), hereby
      promises to pay to the order of PUBLIGROUPE SA, a Swiss corporation c/o
      Squadron, Ellenoff, Plesent & Sheinfeld, LLP at 551 Fifth Avenue, New
      York. NY 10176 ("Holder"), or its assigns, at the offices of Holder set
      forth above or at such place as Holder may direct, in lawful money of the
      United States, the principal amount of TWO MILLION FIVE HUNDRED THOUSAND
      DOLLARS AND NO CENTS ($2,500,000.00), together with interest from the date
      hereof on the outstanding principal amount hereof at the prime rate,
      determined from time to time by Citibank, N.A., New York, New York,
      computed on the basis of the actual number of days elapsed in a year
      consisting of 360 days. Any change in the rate of interest hereunder shall
      be effective as of the opening of business on the effective date of the
      corresponding change in such prime rate. The outstanding principal amount
      hereof and the accrued interest shall be due and payable in one lump sum
      on October 30, 2000.

            1.    APPLICATION OF PAYMENTS. All payments hereunder, including any
prepayments, shall be applied (a) first, to any amounts due pursuant to Section
5 hereof, (b) second, to outstanding interest; and (c) third, to principal.

            2.    PREPAYMENT. The outstanding principal balance from time to
time evidenced by this Note may be prepaid by Maker at any time, without penalty
or premium; provided that any such prepayment shall be applied in accordance
with Section 1 hereof

            3.    EVENTS OF DEFAULT. Holder, at its option, may declare an event
of default, accelerate the indebtedness represented hereby and declare the same
due and payable upon any of the following events: (a) failure of Maker to pay
any principal or interest when due or any other breach of its obligations
hereunder; (b) if any moratorium, bankruptcy, insolvency, reorganization,
arrangement, assignment for the benefit of creditors, composition or like
proceeding or any proceeding for the appointment of a trustee, receiver,
conservator or similar official shall be commenced on behalf of, or against,
Maker, or (c) upon a breach by the Maker of any of its obligations under the
agreement of even date by and between Maker and Holder.

            4.    WAIVER. Maker waives presentment, demand for payment, protest,
diligence in bringing suit, notice of protest and notice of dishonor and all
other notices and demands of any kind.

            5.    EXPENSES. Maker agrees to pay all reasonable costs and
expenses incurred by Holder in enforcement of Maker's obligations hereunder,
including, without limitation, attorneys' fees and expenses.

            6.    ASSIGNMENT. This Note shall inure to the benefit of Holder and
its successors and assigns and shall be binding upon Maker and its heirs,

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            7.    CONVERSION. This Note shall be convertible into common stock
of Maker coincident with the investment of an additional $7.5 million by Holder
in the common stock of Maker, at the then to be determined conversion price.

            8.    GOVERNING LAW; JURISDICTION. This Note shall be governed by
the laws of the State of New York, without regard to its principles of conflicts
of laws. Maker hereby submits to the exclusive jurisdiction of the courts of the
State of New York located in New York County and agrees that venue will be
proper in any such court.

            9.    REMEDIES. The remedies of Holder herein provided for are
cumulative and not exclusive of any remedies provided by law. No failure on the
part of Holder to exercise, no delay by Holder in exercising,, and no course of
dealing with respect to, any right hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise by Holder of any right hereunder
preclude any other or further exercise thereof or the exercise of any other
right. A waiver by Holder of any breach of any provision of this Note shall not
operate or be construed as a waiver of similar or dissimilar provisions at the
same time or at any prior or subsequent time. Maker hereby waives any right to
set-off or counterclaim against Holder with respect to the obligations of Maker
under this Note.

            10.   NOTICES. Any notice or other communication required or
permitted hereunder shall be in writing and shall be sufficiently given on the
date when delivered in person or two days after having been mailed by registered
or certified mail, postage prepaid, addressed to Maker or Holder, as the case
may be, at their respective addresses set forth above or at such other addresses
as shall be furnished by notice to the other party.

            11.   MISCELLANEOUS. This Note may not be changed orally, but only
by an instrument in writing executed by Maker and Holder. No agreements or
representations, oral or otherwise, express or implied, with respect to the
subject matter hereof have been made by the Maker or Holder which are not set
forth expressly in this Note. The invalidity or unenforceability of any
provision or provisions of this Note shall not effect the validity or
enforceability of any other provisions of this Note, which shall remain in full
force and effect. The headings contained herein are for reference purposes only
and shall not in any way affect the meaning or interpretation of any provision
or provisions of this Note.

            IN WITNESS WHEREOF, Maker has executed this Note as of the date
first written above.

                                 REAL MEDIA, INC.

                                 By:      /s/ Norman Blashka
                                    ---------------------------------------
                                          CFO

                                     - 2 -<PAGE>   1
                                                                   Exhibit 10.18

                           CONVERTIBLE PROMISSORY NOTE

$1,000,000
                                                          As of October 25, 1999

      FOR VALUE RECEIVED, REAL MEDIA, INC., a New York corporation with offices
at 260 Fifth Avenue, 4th floor, New York, NY 10001 ("Maker"), hereby promises to
pay to the order of PUBLIGROUPE S.A., a Swiss corporation c/o Squadron,
Ellenoff, Plesent Sheinfeld, LLP at 551 Fifth Avenue, New York, NY 10 176
("Holder"), or Its assigns, at the offices of Holder set forth above or at such
place as Holder may direct, in lawful money of the United States, the principal
amount of ONE MILLION DOLLARS AND NO CENTS ($1,000,000.00), together with
interest from the date hereof on the outstanding principal amount hereof at the
prime rate, determined from time to time by Citibank, N.A., New York, New York,
computed on the basis of the actual number of days elapsed in a year consisting
of 360 days. Any change in the rate of interest hereunder shall be effective as
of the opening of business on the effective date of the corresponding change in
such prime rate. The outstanding principal amount hereof and the accrued
interest shall be due and payable in one lump sum on October 30, 2000.

      1.    APPLICATION OF PAYMENTS. All payments hereunder, including any
prepayments, shall be applied (a) first, to any amounts due pursuant to Section
5 hereof, (b) second, to outstanding interest; and (c) third, to principal.

      2.    PREPAYMENT. The outstanding principal balance from time to time
evidenced by this Note may be prepaid by Maker at any time, without penalty or
premium; provided that any such prepayment shall be billed in accordance with
Section 1 hereof.

      3.    EVENTS OF DEFAULT. Holder, at its option, may declare an event of
default, accelerate the indebtedness represented hereby and declare the same due
and payable upon any of the following events: (a) failure of Maker to pay any
principal or interest when due or any other breach of its obligations hereunder;
(b) if any moratorium, bankruptcy, insolvency, reorganization, arrangement,
assignment for the benefit of creditors, composition or like proceeding or any
proceeding for the appointment of a trustee, receiver, conservator or similar
official shall be commenced on behalf of, or against, Maker, or (c) upon a
breach by the Maker of any of its obligations under the agreement of even date
by and between Maker and Holder.

      4.    WAIVER. Maker waives presentment, demand for payment, protest,
diligence in bringing suit, notice of protest and notice of dishonor and all
other notices and demands of any kind.

      5.    EXPENSES. Maker agrees to pay all reasonable costs and expenses
incurred by Holder in enforcement of Maker's obligations hereunder, including,
without limitation, attorneys' fees and expenses.

      6.    ASSIGNMENT. This Note shall inure to the benefit of Holder and its
successors and assigns and shall be binding upon Maker and its heirs, successors
and assigns.

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This Note may be assigned by Holder, in whole or in part, from time to time, at
its sole option. Maker may not assign, delegate or otherwise transfer any of its
obligations hereunder.

      7.    CONVERSION. This Note shall be convertible into common stock of
Maker coincident with the investment of an additional $9 million by Holder in
the common stock of Maker, at the then to be determined conversion price.

      8.    GOVERNING LAW; JURISDICTION. This Note shall be governed by the laws
of the State of New York, without regard to its principles of conflicts of laws.
Maker hereby submits to the exclusive jurisdiction of the courts of the State of
New York located in New York County and agrees that venue will be proper in any
such court.

      9.    REMEDIES. The remedies of Holder herein provided for are cumulative
and not exclusive of any remedies provided by law. No failure on the part of
Holder to exercise, no delay by Holder in exercising, and no course of dealing
with respect to, any right hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise by Holder of any right hereunder preclude
any other or farther exercise thereof or the exercise of any other right. A
waiver by Holder of any breach of any provision of this Note shall not operate
or be construed as a waiver of similar or dissimilar provisions at the same time
or at any prior or subsequent time. Maker hereby waives any right to set-off or
counterclaim against Holder with respect to the obligations of Maker under this
Note.

      10.   NOTICES. Any notice or other communication required or permitted
hereunder shall be in writing and shall be sufficiently given on the date when
delivered in person or two days after having been mailed by registered or
certified mail, postage prepaid, addressed to Maker or Holder, as the case may
be, at their respective addresses set forth above or at such other addresses as
shall be furnished by notice to the other party.

      11.   MISCELLANEOUS. This Note may not be changed orally, but only by an
instrument in writing executed by Maker and Holder. No agreements or
representations, oral or otherwise, express or implied, with respect to the
subject matter hereof have been made by the Maker or Holder which are not set
forth expressly in this Note. The invalidity or unenforceability of any
provision or provisions of this Note shall not effect the validity or
enforceability of any other provisions of this Note, which shall remain in full
force and effect. The headings contained herein are for reference purposes only
and shall not in any way affect the meaning or interpretation of any provision
or provisions of this Note.

      IN WITNESS WHEREOF, Maker has executed this Note as of the date first
written above.

                                          REAL MEDIA, INC.

                                          By     /s/ Norman Blashka
                                            ---------------------------------
                                                 SVP & CFO

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