Document:

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                                                                    Exhibit 10.1

      EMPLOYMENT AGREEMENT made as of the 21st day of February, 2005 by and
between LUCILLE FARMS, INC., a Delaware corporation having offices at 150 River
Road, P.O. Box 517, Montville, New Jersey 07045 (hereinafter referred to as the
"Company"), and DON DESJARLAIS, residing at W1179 County Road AH, Lomira, WI
53048 (hereinafter referred to as "Employee").

                              W I T N E S S E T H:
                               - - - - - - - - - -

      WHEREAS, the Company desires to employ Employee, and Employee is willing
to accept such employment, all on the terms and subject to the conditions
hereinafter set forth.

      NOW, THEREFORE, in consideration of the terms and conditions hereinafter
set forth, the parties hereto agree as follows:

      1.    Employment

      The Company hereby employs Employee, and Employee hereby accepts
employment with the Company, as Executive Vice President and Chief Financial
Officer, on the terms and conditions herein set forth.

      2.    Term of Agreement

      Unless terminated sooner pursuant to the express provisions hereof, the
term of employment hereunder shall commence on the date hereof (the
"Commencement Date"), shall continue through February 28, 2010 (the "Employment
Period").

      3.    Duties

      During the Employment Period, Employee shall perform such functions as are
normally carried out by the Chief Financial Officer of a business of the type in
which the Company is engaged, and such other functions as the Chief Executive
Officer of the Company ("CEO") and the Board of Directors of the Company (the
"Board") shall from time to time reasonably determine. Employee shall devote his
energies and abilities exclusively to the Company's business pursuant to, and in
accordance with, reasonable business policies and procedures, as fixed from time
to time by the CEO and the Board. Employee covenants and agrees that he will
faithfully adhere to and fulfill such policies as are established from time to
time by the CEO and the Board of Directors. Employee shall not be assigned, by
the CEO or the Board of Directors, responsibilities, in any material manner,
inconsistent with his position as Chief Financial Officer.

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      4.    Compensation

            4.1 During the Employment Period, Employee's base salary shall be
not less than $150,000 per annum, payable weekly or, in the event the Company
changes its current payroll period, in accordance with the Company's changed
payroll procedures.

            4.2 During the Employment Period, in addition to Employee's base
salary, Employee may be entitled to annual performance based bonuses based upon
criteria that may be adopted by the Company after consultation with the Employee
and consideration thereof by the Board.

            4.3 During the Employment Period, the Company will provide Employee
with a non-accountable automobile allowance of $600.00 per month.

            4.4 During the Employment Period, the Company will provide Employee
with family medical coverage pursuant to the Company's plan for its employees.

            4.5 Employee shall also be eligible, to the extent he qualifies, to
participate in such fringe benefit plans (including retirement, pension, life or
other similar employee benefit plans), if any, which the Company may from time
to time make available to its employees, provided that the Company shall have
the right from time to time to modify, terminate or replace any and all of such
plans. The Company shall pay for a term life insurance policy equal to 2 times
the employee's base salary.

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            4.6 The Company shall reimburse Employee for all reasonable business
expenses incurred by Employee in connection with the performance of his duties
hereunder, provided Employee submits supporting vouchers for such expenses.

            4.7 Employee shall be entitled to a four (4) week paid vacation each
year during the Employment Period, to be taken at such time as is consistent
with the needs of the Company and the convenience of Employee.

            4.8 Pending the Employee's relocation of his family to Vermont
(which relocation shall take place within six (6) months of the Commencement
Date, the Company shall rent an apartment in Vermont for use by the Employee,
which apartment shall be reasonably acceptable to the Employee and the Company,
and the Company shall reimburse the Employee reasonable travel expense to
commute home during the relocation period.

            4.9 The Company agrees to pay directly for or reimburse the Employee
for all relocation expenses. For the purpose of this provision, relocation
expenses shall include actual moving, packing and unpacking expenses for all
household goods and automobiles, expenses incurred in the sale of the relocated
employees home, including sales commissions and normal and customary closing
costs, expenses incurred in the purchase of a new home in the new location,
including normal and customary closing costs.

      5.    Stock Options

            Subject to affirmative action by the Board (which shall not be
unreasonably delayed), as of the Commencement Date, Employee shall be granted a
10 year Stock Option ("Option"), under the Company's 2002 Stock Option Plan, to
purchase 50,000 shares of the Company's common stock, par value $.001 per share,
at a price of $3.00 per share. The Option shall vest over a 4-year period to the
extent of 10,000 shares on the Commencement Date and 10,000 shares on each of
the next four anniversary dates of the Commencement Date; provided, however,
that in the event of a sale of all or substantially all of the assets or all of
the outstanding shares of capital stock of the Company or the merger or
consolidation of the Company with or into another entity involving a "change of
control" (i.e. an ownership change of more than 50%), in addition to that part
of the Option which already has vested, there shall vest, immediately prior to
the consummation of such event, that portion of the Option which is to vest
during the year in which such event is consummated.

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      6.    Termination

            The Employment Period shall terminate upon the happening of any of
the following events:

            6.1   Automatically and without notice upon the death of Employee.

            6.2   Employee leaves the employ of the Company.

            6.3   Upon written notice of termination from the Board of the
Company to Employee in the event that Employee becomes physically or mentally
disabled ("Disability") during the Employment Period such that (a) in the
Board's good faith judgment, Employee is permanently incapable of properly
performing the duties customarily performed by him hereunder, or (b) such
Disability lasts for a period of 60 consecutive days or 90 days in any 150 day
period and the Board elects to treat such Disability as being permanent in
nature;

            6.4   Upon discharge of Employee, on written notice, by the Board
for cause. For purposes of this Agreement, "cause" shall mean the following: the
commission of a felony or crime involving moral turpitude or other act causing
material harm to the Corporation's standing and reputation, failure to carry
out, after reasonable written notice of such failure, the reasonable policies of
the Board as they may relate to Employee's duties hereunder (other than for
reasons beyond his control), persistent absenteeism, a material default or
breach of any of the covenants made by Employee in this Agreement, a breach of
Employee's duty of loyalty to the Company or any act of dishonesty or fraud with
respect to the Company, or the Employee's willful engaging in misconduct
injurious to the Company.

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            6.5   In the event any one of the foregoing events referred to in
Sections 6.1 through 6.4 hereof shall occur, the Company shall be obligated to
pay to Employee the compensation due him under Section 4.1 hereof up to the date
of termination only and Employee shall not be entitled to receive any additional
compensation of any nature whatsoever.

            6.6   In the event that Employee's employment with the Company is
terminated by the Board during the Employment Period for a reason other than as
is set forth above in Sections 6.1 through 6.4 hereof, the Company shall be
required to continue to pay Employee the salary provided for in Section 4.1
hereof for a period of twelve (12) months; provided, however, that the Employee
shall have affirmative obligation to seek comparable employment and mitigate the
Company's damages.

      7.    Non-Competition, Etc.

            7.1   In view of the unique and valuable services that Employee has
rendered and is expected to render to the Company, and Employee's knowledge of
the business of the Company and proprietary information relating to the business
of the Company and similar knowledge regarding the Company that Employee has
obtained and is expected to obtain during the course of his employment with the
Company and in consideration of the compensation to be received by Employee
hereunder, Employee agrees that during the Employment Period and for a period of
twelve months immediately following the termination or expiration thereof,
Employee will not compete with, or, directly or indirectly, own, manage,
operate, control, loan money to, or participate in the ownership, operation or
control of, or be connected with as a director, partner, consultant, agent,
independent contractor or otherwise, or acquiesce in the use of his name in any
other business or organization which is in competition with the Company in any
geographical area in which the Company is then conducting business or any
geographical area in which, to the knowledge of Employee at the time of
cessation of employment, the Company plans to conduct business within twenty
four months from the date thereof.

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            7.2   Employee will not, during the twenty-four months following
termination or expiration of the Employment Period, solicit or interfere with,
or endeavor to entice away from the Company, any of its employees or customers
without the written consent of the Company or unless such employee is Employee's
personal secretary.

            7.3   Employee covenants and agrees that for so long as he is
employed by the Company or thereafter, he shall not in any manner, divulge or
disclose to any natural person or entity, other than to the Company or its
affiliates, any confidential information ("Confidential Information") including,
but not limited to, customer lists, trade secrets, suppliers, formulae, plans,
data, marketing or methods of operations of the Company or its affiliates, or
any other confidential information of the Company or its affiliates. Employee
shall return all tangible evidence of the Confidential Information to the
Company prior to or at the termination or expiration of his employment by the
Company. Notwithstanding the foregoing, Confidential Information shall not
include any information which (i) at the time it is first learned by Employee is
in the public domain, (ii) after disclosure to Employee, enters the public
domain without fault of the Employee or (iii) is known to Employee prior to the
Commencement Date.

            7.4   Since a breach of the provisions of this Section 7 could not
adequately be compensated by money damages and will cause irreparable injury to
the Company, the Company shall be entitled, in addition to any other right or
remedy available to it, to an injunction or restraining order restraining such
breach or a threatened breach, and no bond or other security shall be required
in connection therewith, and Employee hereby consents to the issuance of any
such injunction or restraining order. Employee agrees that the provisions of
this Section 7 are reasonable and necessary to protect the Company and its
business. It is the desire and intent of the parties that the provisions of this
Section 7 shall be enforced to the fullest extent permitted under the public
policies and laws applied in each jurisdiction in which enforcement is sought.
If any restriction contained in this Section 7 shall be deemed to be invalid,
illegal or unenforceable by reason of the extent, duration or geographical scope
thereof, or otherwise, then the court making such determination shall have the
right to reduce such extent, duration, geographical scope or other provision
hereof and in its reduced form such restriction shall then be enforceable in the
manner contemplated hereby.

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            7.5   No provision of this Agreement shall be deemed to preclude
Employee from serving as a director on the board of companies not in competition
with the Company or of charitable organizations, provided, that any such
directorship or consulting activities do not reduce Employee's ability to attend
to his duties on behalf of the Company.

      8.    Entire Agreement

            The provisions hereof and the agreements referred to herein
constitute the entire agreement between the parties with respect to the subject
matter hereof and supersede any prior oral understanding, and no modification,
supplement or discharge hereof shall be effective unless in writing and executed
on behalf of the Company and Employee.

      9.    Assignability

            This Agreement, and its rights and obligations may not be assigned
by Employee. The Company may assign any of its rights and obligations hereunder
to a successor or surviving corporation resulting from a merger or consolidation
of the Company, the sale by the Company of all or substantially all of its
assets or other similar corporate reorganization, upon condition that the
assignee shall assume, either expressly or by operation of law, all of the
Company's obligations hereunder.

      10.   Waiver

            No waiver by either party of any condition, term or provision of
this Agreement shall be deemed to be a waiver of any prior or succeeding breach
of the same or of any other condition, term or provision thereof.

      11.   Notices

            All notices required or permitted to be given by either party
hereunder shall be in writing and mailed by registered mail, return receipt
requested, to the other party at the address set forth above or such different
address as may be given by notice as provided for herein. Any notice mailed as
provided above shall be deemed given seven (7) days after the date of mailing or
on the date of receipt, whichever is sooner.

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      12.   Counterparts This Agreement may be executed in several counterparts,
each of which shall be deemed an original but all of which together shall
constitute one and the same instrument.

      13. Construction This Agreement shall be construed in accordance with the
laws of the State of Vermont.

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

                                             /s/ Don Desjarlais
                                             --------------------------
                                             DON DESJARLAIS

                                             LUCILLE FARMS, INC.

                                             By:/s/ Jay Rosengarten
                                                --------------------------
                                                Authorized Signatory

                                       8EXHIBIT 4.5

                              Form of $1.00 Warrant

NEITHER THESE  SECURITIES  NOR THE  SECURITIES  FOR WHICH THESE  SECURITIES  ARE
EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE  COMMISSION OR
THE  SECURITIES  COMMISSION  OF ANY STATE IN  RELIANCE  UPON AN  EXEMPTION  FROM
REGISTRATION  UNDER THE  SECURITIES  ACT OF 1933,  AS AMENDED  (THE  "SECURITIES
ACT"),  AND,  ACCORDINGLY,  MAY NOT BE OFFERED  OR SOLD  EXCEPT  PURSUANT  TO AN
EFFECTIVE  REGISTRATION  STATEMENT  UNDER THE  SECURITIES  ACT OR PURSUANT TO AN
AVAILABLE  EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE  REGISTRATION
REQUIREMENTS  OF THE  SECURITIES  ACT AND IN COMPLIANCE  WITH  APPLICABLE  STATE
SECURITIES OR BLUE SKY LAWS. THESE  SECURITIES AND THE SECURITIES  ISSUABLE UPON
EXERCISE  OF THESE  SECURITIES  MAY BE  PLEDGED IN  CONNECTION  WITH A BONA FIDE
MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

                           ONSTREAM MEDIA CORPORATION

                                     WARRANT

Warrant No. [ ]                                          Dated: ______ ___, 2005

      Onstream  Media  Corporation,  a Florida  corporation  (formerly  known as
Visual Data  Corporation,  the  "COMPANY"),  hereby  certifies  that,  for value
received, [Name of Holder] or its registered assigns (the "HOLDER"), is entitled
to  purchase  from the  Company at any time and from time to time from and after
the date  hereof and through  and  including  the date that is one year from the
date of issuance hereof (the  "EXPIRATION  DATE"),  and subject to the following
terms and conditions up to (a) a total of [ ](1) shares of common stock, $0.0001
par value per share (the "COMMON  STOCK"),  of the Company  (each such share,  a
"WARRANT SHARE" and all such shares,  the "WARRANT SHARES") at an exercise price
equal to $1.00 per share (as  adjusted  from time to time as provided in Section
9, the  "EXERCISE  PRICE") and (b) an  Additional  Warrant in the form  attached
hereto as Exhibit A,  exercisable  for a number of shares of Common  Stock (each
such share, an "ADDITIONAL  WARRANT SHARE" and all such shares,  the "ADDITIONAL
WARRANT SHARES"),  calculated as set forth in Section 4(b) of this Warrant, with
an exercise price per share as set forth in the Additional Warrant. This Warrant
(this  "WARRANT") is one of a series of similar warrants issued pursuant to that
certain Letter  Agreement,  dated as of February ___, 2005, by the Company.  All
such warrants are referred to herein, collectively, as the "WARRANTS."

      1.  Definitions.  In  addition  to the  terms  defined  elsewhere  in this
Warrant,  capitalized  terms  that are not  otherwise  defined  herein  have the
meanings given to such terms in that certain Securities  Purchase Agreement (the
"ORIGINAL  PURCHASE  AGREEMENT"),  dated as of June 8,  2004,  by and  among the
Company and the Purchasers  identified  therein , together with their successors
and assigns (the "PURCHASERS" and together with the Company, the "PARTIES"),  as
amended by (i) that certain  First  Amendment to Securities  Purchase  Agreement
(the "FIRST  AMENDMENT") and (ii) that certain  Addendum to Securities  Purchase
Agreement (the "ADDENDUM" and collectively with the Original Purchase  Agreement
and the First Amendment, the " "PURCHASE AGREEMENT").

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(1) Number of shares  equal to the  principal  amount of the Notes issued to the
applicable Purchaser upon such Purchaser's exercise of its Additional Investment
Right.

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      2. Registration of Warrant. The Company shall register this Warrant,  upon
records  to be  maintained  by  the  Company  for  that  purpose  (the  "WARRANT
REGISTER"),  in the name of the  record  Holder  hereof  from time to time.  The
Company may deem and treat the registered Holder of this Warrant as the absolute
owner hereof for the purpose of any exercise  hereof or any  distribution to the
Holder, and for all other purposes, absent actual notice to the contrary.

      3.  Registration of Transfers.  The Company shall register the transfer of
any portion of this  Warrant in the Warrant  Register,  upon  surrender  of this
Warrant,  with the Form of Assignment attached hereto duly completed and signed,
to the Transfer Agent or to the Company at its address  specified  herein.  Upon
any such  registration  or transfer,  a new warrant to purchase Common Stock, in
substantially the form of this Warrant (any such new warrant,  a "NEW Warrant"),
evidencing  the portion of this  Warrant so  transferred  shall be issued to the
transferee and a New Warrant  evidencing  the remaining  portion of this Warrant
not so  transferred,  if any, shall be issued to the  transferring  Holder.  The
acceptance  of the New  Warrant by the  transferee  thereof  shall be deemed the
acceptance by such  transferee of all of the rights and  obligations of a holder
of a Warrant.

      4. Exercise and Duration of Warrants.

            (a) This Warrant shall be exercisable  by the  registered  Holder at
any time and from time to time on or after the date hereof to and  including the
Expiration  Date. At 5:30 P.M., New York City time on the  Expiration  Date, the
portion of this Warrant not exercised prior thereto shall be and become void and
of no value.  Notwithstanding  anything to the contrary  herein,  the Expiration
Date shall be extended for each day following the First  Effective Date that the
First Registration Statement is not effective.

            (b) A Holder may exercise  this Warrant by delivering to the Company
(i) an exercise  notice,  in the form attached  hereto (the "EXERCISE  NOTICE"),
appropriately  completed and duly signed, and (ii) payment of the Exercise Price
for the number of Warrant Shares and the Additional Warrant  exercisable for the
number of Additional Warrant Shares as to which this Warrant is being exercised,
and the  date  such  items  are  delivered  to the  Company  (as  determined  in
accordance with the notice provisions  hereof) is an "EXERCISE DATE." The number
of Additional  Warrant Shares  issuable upon exercise of the Additional  Warrant
shall be equal to the  product of 0.50  multiplied  by the number of  Additional
Shares as to which the  Holder has  exercised  this  Warrant,  rounded up to the
nearest  whole  number with an  exercise  price of $1.65 per share and a term of
five  years  from  the  date of the  grant  thereof.  The  date of  grant of the
Additional  Warrant  will be deemed to be the date of exercise of this  Warrant.
The Holder  shall not be required to deliver  the  original  Warrant in order to
effect an exercise  hereunder.  Execution  and delivery of the  Exercise  Notice
shall have the same effect as cancellation of the original  Warrant and issuance
of a New  Warrant  evidencing  the right to  purchase  the  remaining  number of
Warrant Shares.

      5. Delivery of Warrant Shares.

            (a) Upon exercise of this Warrant,  the Company shall  promptly (but
in no event  later than three  Trading  Days after the  Exercise  Date) issue or
cause to be issued and cause to be delivered to or upon the written order of the
Holder and in such name or names as the Holder may designate,  (i) a certificate
for the Warrant Shares issuable upon such exercise,  free of restrictive legends
unless a  registration  statement  covering the resale of the Warrant Shares and
naming the Holder as a selling stockholder  thereunder is not then effective and
the  Warrant  Shares are not freely  transferable  without  volume  restrictions
pursuant to Rule 144 under the  Securities  Act, and (ii) an Additional  Warrant
exercisable  for  the  appropriate   number  of  Additional  Warrant  Shares  as
calculated  pursuant  to  Section  4(b)  hereof.  The  Holder,  or any Person so
designated by the Holder to receive  Warrant Shares and the Additional  Warrant,
shall be deemed to have become  holder of record of such Warrant  Shares and the
Additional  Warrant as of the Exercise Date. The Company shall,  upon request of
the  Holder,   use  its  best  efforts  to  deliver  Warrant  Shares   hereunder
electronically  through the Depository Trust Corporation or another  established
clearing corporation performing similar functions.

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            (b) This  Warrant is  exercisable,  either in its  entirety or, from
time to time,  for a portion of the number of Warrant  Shares and an  Additional
Warrant  exercisable for the appropriate  number of Additional Warrant Shares as
calculated  pursuant to Section  4(b)  hereof.  Upon  surrender  of this Warrant
following one or more partial exercises,  the Company shall issue or cause to be
issued,  at its  expense,  a New Warrant  evidencing  the right to purchase  the
remaining number of Warrant Shares and an Additional Warrant exercisable for the
appropriate number of Additional Warrant Shares in respect thereof as calculated
pursuant to Section 4(b) hereof.

            (c) In addition to any other rights  available  to a Holder,  if the
Company fails to deliver to the Holder a certificate representing Warrant Shares
and an  Additional  Warrant  by the  third  Trading  Day after the date on which
delivery of such  certificate  is required  by this  Warrant,  and if after such
third  Trading  Day the  Holder  purchases  (in an open  market  transaction  or
otherwise)  shares of Common Stock to deliver in  satisfaction  of a sale by the
Holder of the  Warrant  Shares or  Additional  Warrant  Shares  that the  Holder
anticipated  receiving  from the Company (a "BUY-IN"),  then the Company  shall,
within  three  Trading  Days  after the  Holder's  request  and in the  Holder's
discretion, either (i) pay cash to the Holder in an amount equal to the Holder's
total purchase price (including brokerage commissions, if any) for the shares of
Common Stock so purchased  (the "BUY-IN  PRICE"),  at which point the  Company's
obligation  to deliver such  certificate  (and to issue such Common Stock) shall
terminate,  or (ii)  promptly  honor its  obligation  to deliver to the Holder a
certificate or certificates  representing  such Common Stock and pay cash to the
Holder in an amount  equal to the excess (if any) of the Buy-In  Price minus the
product  of (A) such  number of shares of Common  Stock,  times (B) the  Closing
Price  on the date of the  event  giving  rise to the  Company's  obligation  to
deliver such certificate.

            (d) The Company's  obligations  to issue and deliver  Warrant Shares
and the Additional  Warrant  subject to and in accordance  with the terms hereof
are absolute and  unconditional,  irrespective  of any action or inaction by the
Holder,  other than in the event the issuing  and/or  delivering of such Warrant
Shares to the Holder  would  result in a violation  of law, to enforce the same,
any waiver or consent with respect to any provision hereof,  the recovery of any
judgment  against any Person or any action to enforce  the same,  or any setoff,
counterclaim,  recoupment,  limitation or termination,  or any breach or alleged
breach by the Holder or any other Person of any obligation to the Company or any
violation  or alleged  violation of law by the Holder or any other  Person,  and
irrespective  of  any  other  circumstance  which  might  otherwise  limit  such
obligation  of the  Company to the Holder in  connection  with the  issuance  of
Warrant Shares and the Additional Warrant. Nothing herein shall limit a Holder's
right to pursue  any other  remedies  available  to it  hereunder,  at law or in
equity including,  without limitation,  a decree of specific  performance and/or
injunctive  relief with respect to the Company's  failure to timely  deliver the
Additional  Warrant or  certificates  representing  shares of Common  Stock upon
exercise of the Warrant as required pursuant to the terms hereof.

      6. Charges, Taxes and Expenses.  Issuance and delivery of certificates for
shares of Common  Stock upon  exercise  of this  Warrant  and of the  Additional
Warrant  shall be made  without  charge to the Holder for any issue or  transfer
tax,  withholding tax,  transfer agent fee or other incidental tax or expense in
respect of the issuance of such certificates and the Additional Warrant,  all of
which taxes and expenses shall be paid by the Company;  provided,  however, that
the Company shall not be required to pay any tax which may be payable in respect
of any transfer  involved in the  registration of any  certificates  for Warrant
Shares or the  Additional  Warrant in a name other than that of the Holder or an
Affiliate  thereof.  The Holder shall be responsible for all other tax liability
that may arise as a result of holding or transferring  this Warrant or receiving
Warrant Shares or the Additional Warrant upon exercise hereof.

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      7. Replacement of Warrant.  If this Warrant is mutilated,  lost, stolen or
destroyed,  the  Company  shall  issue or cause to be  issued  in  exchange  and
substitution for and upon  cancellation  hereof,  or in lieu of and substitution
for this Warrant,  a New Warrant,  but only upon receipt of evidence  reasonably
satisfactory to the Company of such loss, theft or destruction and customary and
reasonable  indemnity,  if  requested.  Applicants  for a New Warrant under such
circumstances  shall also  comply  with such other  reasonable  regulations  and
procedures and pay such other  reasonable  third-party  costs as the Company may
prescribe.

      8.  Reservation  of Warrant  Shares and  Additional  Warrant  Shares.  The
Company  covenants  that it will at all times reserve and keep  available out of
the aggregate of its  authorized  but unissued and otherwise  unreserved  Common
Stock,  solely for the  purpose of  enabling  it to issue  Warrant  Shares  upon
exercise of this  Warrant as herein  provided  and to issue  Additional  Warrant
Shares upon exercise of the Additional  Warrant as provided therein,  the number
of Warrant Shares which are then issuable and  deliverable  upon the exercise of
this entire Warrant or the Additional  Warrant,  free from preemptive  rights or
any other  contingent  purchase  rights of persons other than the Holder (taking
into  account  the  adjustments  and  restrictions  of Section 9 of each of this
Warrant and the  Additional  Warrant).  The Company  covenants  that all Warrant
Shares and Additional  Warrant Shares so issuable and  deliverable  shall,  upon
issuance and the payment of the applicable Exercise Price in accordance with the
terms  hereof,  be duly  and  validly  authorized,  issued  and  fully  paid and
nonassessable.  The  Company  will take all such action as may be  necessary  to
assure that such shares of Common Stock may be issued as provided herein without
violation of any  applicable law or regulation,  or of any  requirements  of any
securities  exchange or automated  quotation  system upon which the Common Stock
may be listed.

      9. Certain  Adjustments.  The Exercise  Price and number of Warrant Shares
issuable upon  exercise of this Warrant are subject to  adjustment  from time to
time as set forth in this Section 9.

            (a) Stock  Dividends and Splits.  If the Company,  at any time while
this Warrant is  outstanding,  (i) pays a stock  dividend on its Common Stock or
otherwise  makes a distribution on any class of capital stock that is payable in
shares of Common  Stock other than the shares  issuable as dividends on the A-10
Preferred  Stock of the Company,  (ii) subdivides  outstanding  shares of Common
Stock into a larger number of shares,  or (iii) combines  outstanding  shares of
Common  Stock  into a  smaller  number  of  shares,  then in each  such case the
Exercise Price shall be multiplied by a fraction of which the numerator shall be
the number of shares of Common Stock outstanding  immediately  before such event
and of which the  denominator  shall be the  number  of  shares of Common  Stock
outstanding immediately after such event. Any adjustment made pursuant to clause
(i) of this paragraph shall become effective  immediately  after the record date
for the  determination  of  stockholders  entitled to receive  such  dividend or
distribution,  and any  adjustment  pursuant  to  clause  (ii) or  (iii) of this
paragraph shall become  effective  immediately  after the effective date of such
subdivision or combination.

            (b) Pro Rata  Distributions.  If the Company, at any time while this
Warrant is outstanding,  distributes to holders of Common Stock (i) evidences of
its  indebtedness,  (ii) any security (other than a distribution of Common Stock
covered by the preceding  paragraph),  (iii) rights or warrants to subscribe for
or purchase any  security,  or (iv) any other asset (in each case,  "DISTRIBUTED
PROPERTY"),  then in each such  case the  Exercise  Price in effect  immediately
prior to the record date fixed for  determination  of  stockholders  entitled to
receive such distribution  shall be adjusted  (effective on such record date) to
equal  the  product  of such  Exercise  Price  times a  fraction  of  which  the
denominator shall be the average of the Closing Prices for the five Trading Days
immediately  prior to (but not  including)  such  record  date and of which  the
numerator  shall  be such  average  less  the  then  fair  market  value  of the
Distributed  Property  distributed in respect of one outstanding share of Common
Stock, as determined by the Company's  independent  certified public accountants
that   regularly   examine  the  financial   statements  of  the  Company,   (an
"APPRAISER").  In such event, the Holder,  after receipt of the determination by
the  Appraiser,  shall have the right to select an additional  appraiser  (which
shall be a  nationally  recognized  accounting  firm),  in which  case such fair
market  value shall be deemed to equal the average of the values  determined  by
each of the Appraiser and such  appraiser.  As an  alternative  to the foregoing
adjustment to the Exercise Price, at the request of the Holder  delivered before
the 90th day after such record  date,  the Company  will deliver to such Holder,
within five Trading Days after such request (or, if later, on the effective date
of such distribution), the Distributed Property that such Holder would have been
entitled  to receive in respect  of the  Warrant  Shares for which this  Warrant
could  have  been  exercised  immediately  prior to such  record  date.  If such
Distributed  Property is not  delivered  to a Holder  pursuant to the  preceding
sentence,  then upon  expiration  of or any  exercise of the Warrant that occurs
after such  record  date,  such Holder  shall  remain  entitled  to receive,  in
addition  to the  Warrant  Shares  otherwise  issuable  upon such  exercise  (if
applicable), such Distributed Property.

                                       4
<PAGE>

            (c) Fundamental Transactions.  If, at any time while this Warrant is
outstanding,  (i) the Company effects any merger or consolidation of the Company
with or into another  Person in which it is not the surviving  entity,  (ii) the
Company effects any sale of all or  substantially  all of its assets in one or a
series  of  related  transactions,  (iii) any  tender  offer or  exchange  offer
(whether  by the  Company or  another  Person) is  completed  pursuant  to which
holders of Common  Stock are  permitted  to tender or exchange  their shares for
other   securities,   cash  or  property,   or  (iv)  the  Company  effects  any
reclassification  of the Common Stock or any compulsory share exchange  pursuant
to which the Common Stock is  effectively  converted into or exchanged for other
securities,  cash or  property  (other  than as a  result  of a  subdivision  or
combination  of shares of Common  Stock  covered by Section  9(a) above) (in any
such case, a  "FUNDAMENTAL  TRANSACTION"),  then the Holder shall have the right
thereafter to receive,  upon exercise of this Warrant,  the same amount and kind
of  securities,  cash or property as it would have been entitled to receive upon
the occurrence of such Fundamental Transaction if it had been, immediately prior
to such Fundamental Transaction, the holder of the number of Warrant Shares then
issuable upon exercise in full of this Warrant (the "ALTERNATE  CONSIDERATION").
The aggregate  Exercise  Price for this Warrant will not be affected by any such
Fundamental Transaction, but the Company shall apportion such aggregate Exercise
Price among the Alternate  Consideration in a reasonable  manner  reflecting the
relative value of any different  components of the Alternate  Consideration.  If
holders  of Common  Stock are given  any  choice as to the  securities,  cash or
property to be received in a Fundamental  Transaction,  then the Holder shall be
given the same choice as to the  Alternate  Consideration  it receives  upon any
exercise of this Warrant following such Fundamental Transaction. In the event of
a Fundamental Transaction, the Company or the successor or purchasing Person, as
the case may be,  shall  execute with the Holder a written  agreement  providing
that:

            (x) this Warrant shall thereafter entitle the Holder to purchase the
      Alternate Consideration in accordance with this section 9(c),

            (y) in the case of any such  successor or  purchasing  Person,  upon
      such  consolidation,  merger,  statutory  exchange,  combination,  sale or
      conveyance  such  successor  or  purchasing  Person  shall be jointly  and
      severally  liable  with  the  Company  for the  performance  of all of the
      Company's  obligations  under this Warrant and the Transaction  Documents,
      and

            (z) if registration or  qualification is required under the Exchange
      Act or applicable  state law for the public resale by the Holder of shares
      of stock and other  securities  so issuable upon exercise of this Warrant,
      such  registration  or  qualification  shall  be  completed  prior to such
      reclassification,   change,  consolidation,  merger,  statutory  exchange,
      combination or sale.

If, in the case of any  Fundamental  Transaction,  the  Alternate  Consideration
includes shares of stock, other securities, other property or assets of a Person
other than the Company or any such successor or purchasing  Person,  as the case
may be, in such Fundamental Transaction,  then such written agreement shall also
be executed by such other Person and shall contain such additional provisions to
protect the  interests  of the Holder as the Board of  Directors  of the Company
shall reasonably consider necessary by reason of the foregoing.  At the Holder's
request,  any successor to the Company or surviving  entity in such  Fundamental
Transaction  shall  issue  to the  Holder  a new  warrant  consistent  with  the
foregoing provisions and evidencing the Holder's right to purchase the Alternate
Consideration for the aggregate Exercise Price upon exercise thereof.  The terms
of any agreement  pursuant to which a Fundamental  Transaction is effected shall
include terms  requiring any such  successor or surviving  entity to comply with
the  provisions of this paragraph (c) and insuring that the Warrant (or any such
replacement security) will be similarly adjusted upon any subsequent transaction
analogous  to  a  Fundamental   Transaction.   If  any  Fundamental  Transaction
constitutes or results in a Change of Control, then at the request of the Holder
delivered  before the 90th day after such Fundamental  Transaction,  the Company
(or any such  successor or surviving  entity) will purchase the Warrant from the
Holder for a purchase price, payable in cash within five Trading Days after such
request (or, if later,  on the effective date of the  Fundamental  Transaction),
equal to the Black-Scholes  value of the remaining  unexercised  portion of this
Warrant on the date of such request.

                                       5
<PAGE>

            (d) Subsequent Equity Sales.

                  (i) If, at any time while this  Warrant  is  outstanding,  the
      Company or any  Subsidiary  issues  additional  shares of Common  Stock or
      rights,  warrants,  options  or  other  securities  or  debt  convertible,
      exercisable  or  exchangeable  for  shares  of Common  Stock or  otherwise
      entitling  any Person to  acquire  shares of Common  Stock  (collectively,
      "Common Stock  Equivalents") at a price (exclusive of commissions  payable
      by the Company in  connection  therewith)  per share of Common  Stock (the
      "Effective  Price") less than the Exercise Price (as adjusted hereunder to
      such date),  then the Exercise Price shall be reduced to equal the product
      of (A) the Exercise Price in effect  immediately prior to such issuance of
      Common  Stock or  Common  Stock  Equivalents  times  (B) a  fraction,  the
      numerator  of which is the sum of (1) the number of shares of Common Stock
      outstanding  immediately  prior to such  issuance,  plus (2) the number of
      shares of Common Stock which the aggregate  Effective  Price of the Common
      Stock  issued (or  deemed to be issued)  would  purchase  at the  Exercise
      Price,  and the denominator of which is the aggregate  number of shares of
      Ordinary Shares outstanding or deemed to be outstanding  immediately after
      such  issuance.  For purposes of this  paragraph,  in connection  with any
      issuance of any Common Stock Equivalents, (A) the maximum number of shares
      of Common Stock potentially issuable at any time upon conversion, exercise
      or exchange of such Common Stock  Equivalents  (the "Deemed Number") shall
      be  deemed  to  be   outstanding   upon  issuance  of  such  Common  Stock
      Equivalents, (B) the Effective Price applicable to such Common Stock shall
      equal the minimum dollar value of consideration  payable to the Company to
      purchase  such  Common  Stock  Equivalents  and to  convert,  exercise  or
      exchange them into Common Stock (net of any discounts,  fees,  commissions
      and other  expenses),  divided  by the Deemed  Number,  and (C) no further
      adjustment shall be made to the Exercise Price upon the actual issuance of
      Common  Stock upon  conversion,  exercise or exchange of such Common Stock
      Equivalents.

                  (ii) If, at any time while this  Warrant is  outstanding,  the
      Company  or  any  Subsidiary  issues  Common  Stock  Equivalents  with  an
      Effective Price or a number of underlying  shares that floats or resets or
      otherwise   varies  or  is  subject  to  adjustment   based  (directly  or
      indirectly)  on  market  prices of the  Common  Stock (a  "Floating  Price
      Security"),  then for  purposes of applying  the  preceding  paragraph  in
      connection  with any  subsequent  exercise,  the  Effective  Price will be
      determined  separately  on each  Exercise Date and will be deemed to equal
      the  lowest  Effective  Price at which any holder of such  Floating  Price
      Security  is  entitled  to  acquire  Common  Stock on such  Exercise  Date
      (regardless  of whether any such holder  actually  acquires  any shares on
      such date).

                  (iii)  Notwithstanding  the foregoing,  no adjustment  will be
      made under  this  paragraph  (d) in respect of any shares of Common  Stock
      issued or issuable (A) upon exercise, conversion or exchange of any Common
      Stock Equivalents  described in Schedule 3.1(g) of the Purchase  Agreement
      (provided that such exercise of conversion  occurs in accordance  with the
      terms  thereof,  without  amendment  or  modification);  (B) to  officers,
      directors  or  employees  of,  or  advisers,  consultants  or  independent
      contractors  acting in a similar  capacity  to, the  Company  pursuant  to
      restricted  stock  issuances,  stock  grants,  stock  options  or  similar
      employee stock incentives, in each case approved by the Board of Directors
      of the Company;  or (C) the issuance of securities  in  connection  with a
      bona fide joint venture or development  agreement or strategic partnership
      or similar  agreement  approved by the Company's  board of directors,  the
      primary purpose of which is not to raise equity capital.

                                       6
<PAGE>

            (e) Number of Warrant Shares.  Simultaneously with any adjustment to
the Exercise Price pursuant to paragraphs  (a), (b) or (d) of this Section,  the
number of Warrant  Shares that may be  purchased  upon  exercise of this Warrant
shall be increased or decreased  proportionately,  so that after such adjustment
the aggregate  Exercise  Price payable  hereunder for the increased or decreased
number of Warrant  Shares shall be the same as the aggregate  Exercise  Price in
effect immediately prior to such adjustment.

            (f)  Calculations.  All  calculations  under this Section 9 shall be
made to the nearest cent or the nearest 1/100th of a share,  as applicable.  The
number of shares of Common Stock outstanding at any given time shall not include
shares owned or held by or for the account of the Company,  and the  disposition
of any such shares shall be considered an issue or sale of Common Stock.

            (g) Notice of  Adjustments.  Upon the occurrence of each  adjustment
pursuant to this  Section 9, the Company at its expense  will  promptly  compute
such  adjustment  in  accordance  with the terms of this  Warrant  and prepare a
certificate setting forth such adjustment, including a statement of the adjusted
Exercise Price and adjusted number or type of Warrant Shares or other securities
issuable  upon  exercise  of  this  Warrant  (as  applicable),   describing  the
transactions  giving  rise to such  adjustments  and showing in detail the facts
upon which such  adjustment  is based.  Upon written  request,  the Company will
promptly  deliver  a copy of each  such  certificate  to the  Holder  and to the
Company's Transfer Agent.

            (h)  Notice of  Corporate  Events.  If the  Company  (i)  declares a
dividend or any other  distribution  of cash,  securities  or other  property in
respect of its Common Stock, including without limitation any granting of rights
or warrants to subscribe for or purchase any capital stock of the Company or any
Subsidiary, (ii) authorizes or approves, enters into any agreement contemplating
or  solicits  stockholder  approval  for any  Fundamental  Transaction  or (iii)
authorizes the voluntary  dissolution,  liquidation or winding up of the affairs
of the Company, then the Company shall deliver to the Holder a notice describing
the material terms and conditions of such transaction, at least 20 calendar days
prior to the applicable record or effective date on which a Person would need to
hold  Common  Stock in order to  participate  in or vote  with  respect  to such
transaction,  and the Company will take all steps reasonably  necessary in order
to insure that the Holder is given the  practical  opportunity  to exercise this
Warrant prior to such time so as to  participate in or vote with respect to such
transaction;  provided,  however, that the failure to deliver such notice or any
defect therein shall not affect the validity of the corporate action required to
be described in such notice.

      10. Payment of Exercise Price.  The Holder shall pay the Exercise Price in
immediately available funds.

                                       7
<PAGE>

      11.  Limitation  on  Exercise.  Notwithstanding  anything to the  contrary
contained  herein,  the number of shares of Common Stock that may be acquired by
the Holder upon any  exercise of this Warrant (or  otherwise in respect  hereof)
shall be limited to the extent necessary to insure that, following such exercise
(or  other  issuance),   the  total  number  of  shares  of  Common  Stock  then
beneficially owned by such Holder and its Affiliates and any other Persons whose
beneficial  ownership of Common Stock would be aggregated  with the Holder's for
purposes  of Section  13(d) of the  Exchange  Act,  does not  exceed  9.99% (the
"MAXIMUM  PERCENTAGE") of the total number of issued and  outstanding  shares of
Common Stock  (including  for such  purpose the shares of Common Stock  issuable
upon such exercise). For such purposes, beneficial ownership shall be determined
in  accordance  with  Section  13(d)  of the  Exchange  Act  and the  rules  and
regulations  promulgated  thereunder.   Each  delivery  of  an  Exercise  Notice
hereunder will constitute a  representation  by the Holder that it has evaluated
the limitation  set forth in this paragraph and determined  that issuance of the
full number of Warrant  Shares  requested in such  Exercise  Notice is permitted
under this paragraph.  The Company's  obligation to issue shares of Common Stock
in excess of the limitation  referred to in this Section shall be suspended (and
shall not terminate or expire  notwithstanding  any contrary  provisions hereof)
until  such  time,  if any,  as such  shares  of  Common  Stock may be issued in
compliance with such limitation. The Holder shall have the right (x) at any time
and from time to time to reduce its Maximum  Percentage  immediately upon notice
to the  Company  in the  event and only to the  extent  that  Section  16 of the
Exchange Act or the rules  promulgated  thereunder (or any successor  statute or
rules) is  changed  to reduce  the  beneficial  ownership  percentage  threshold
thereunder to a percentage less than 9.99%.

      12. Fractional Shares. The Company shall not be required to issue or cause
to be issued fractional  Warrant Shares on the exercise of this Warrant.  If any
fraction of a Warrant Share would, except for the provisions of this Section, be
issuable  upon  exercise  of this  Warrant,  the number of Warrant  Shares to be
issued will be rounded up to the nearest whole share.

      13.  Notices.  Any and all notices or other  communications  or deliveries
hereunder (including without limitation any Exercise Notice) shall be in writing
and  shall be deemed  given and  effective  on the  earliest  of (i) the date of
transmission,  if such notice or communication is delivered via facsimile at the
facsimile  number  specified in this Section  prior to 6:30 p.m.  (New York City
time)  on  a  Trading  Day,  (ii)  the  next  Trading  Day  after  the  date  of
transmission,  if such notice or communication is delivered via facsimile at the
facsimile number specified in this Section on a day that is not a Trading Day or
later than 6:30 p.m. (New York City time) on any Trading Day,  (iii) the Trading
Day following the date of mailing,  if sent by nationally  recognized  overnight
courier service, or (iv) upon actual receipt by the party to whom such notice is
required to be given. The address for such notices or communications shall be as
set forth in the Purchase Agreement.

      14.  Warrant  Agent.  The Company  shall serve as warrant agent under this
Warrant.  Upon 30 days'  notice to the  Holder,  the  Company  may appoint a new
warrant agent.  Any corporation  into which the Company or any new warrant agent
may be merged or any corporation  resulting from any  consolidation to which the
Company or any new warrant  agent shall be a party or any  corporation  to which
the  Company  or  any  new  warrant  agent  transfers  substantially  all of its
corporate trust or stockholders  services  business shall be a successor warrant
agent under this Warrant  without any further act.  Any such  successor  warrant
agent shall  promptly  cause  notice of its  succession  as warrant  agent to be
mailed (by first class mail, postage prepaid) to the Holder at the Holder's last
address as shown on the Warrant Register.

      15. Miscellaneous.

                                       8
<PAGE>

            (a) Subject to the  restrictions  on transfer set forth on the first
page hereof, this Warrant may be assigned by the Holder. This Warrant may not be
assigned by the  Company  except to a  successor  in the event of a  Fundamental
Transaction.  This  Warrant  shall be binding on and inure to the benefit of the
parties  hereto and their  respective  successors  and  assigns.  Subject to the
preceding  sentence,  nothing in this Warrant  shall be construed to give to any
Person  other than the  Company  and the Holder  any legal or  equitable  right,
remedy or cause of action under this  Warrant.  This Warrant may be amended only
in  writing  signed by the  Company  and the  Holder  and their  successors  and
assigns.

            (b) The Company will not, by amendment of its governing documents or
through  any  reorganization,   transfer  of  assets,   consolidation,   merger,
dissolution, issue or sale of securities or any other voluntary action, avoid or
seek to avoid the observance or performance of any of the terms of this Warrant,
but will at all times in good faith assist in the carrying out of all such terms
and in the taking of all such action as may be necessary or appropriate in order
to protect the rights of the Holder  against  impairment.  Without  limiting the
generality of the foregoing,  the Company (i) will not increase the par value of
any  Warrant  Shares or  Additional  Warrant  Shares  above the  amount  payable
therefor on such  exercise,  (ii) will take all such action as may be reasonably
necessary or appropriate in order that the Company may validly and legally issue
fully paid and  nonassessable  Warrant  Shares and an Additional  Warrant on the
exercise  of this  Warrant,  and (iii) will not close its  stockholder  books or
records in any manner which interferes with the timely exercise of this Warrant.

            (C)  GOVERNING  LAW;  VENUE;  WAIVER OF JURY  TRIAL.  ALL  QUESTIONS
CONCERNING THE CONSTRUCTION,  VALIDITY,  ENFORCEMENT AND  INTERPRETATION OF THIS
WARRANT SHALL BE GOVERNED BY AND  CONSTRUED AND ENFORCED IN ACCORDANCE  WITH THE
LAWS OF THE STATE OF NEW YORK.  EACH  PARTY  HEREBY  IRREVOCABLY  SUBMITS TO THE
EXCLUSIVE  JURISDICTION  OF THE STATE AND FEDERAL  COURTS SITTING IN THE CITY OF
NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR
IN CONNECTION HEREWITH OR WITH ANY TRANSACTION  CONTEMPLATED HEREBY OR DISCUSSED
HEREIN  (INCLUDING  WITH RESPECT TO THE  ENFORCEMENT  OF ANY OF THE  TRANSACTION
DOCUMENTS), AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT,
ACTION  OR  PROCEEDING,  ANY  CLAIM  THAT IT IS NOT  PERSONALLY  SUBJECT  TO THE
JURISDICTION  OF ANY SUCH  COURT,  THAT  SUCH  SUIT,  ACTION  OR  PROCEEDING  IS
IMPROPER.  EACH PARTY HEREBY  IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND
CONSENTS  TO PROCESS  BEING  SERVED IN ANY SUCH SUIT,  ACTION OR  PROCEEDING  BY
MAILING A COPY THEREOF VIA  REGISTERED OR CERTIFIED  MAIL OR OVERNIGHT  DELIVERY
(WITH  EVIDENCE OF  DELIVERY) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES
TO IT UNDER THIS  AGREEMENT AND AGREES THAT SUCH SERVICE SHALL  CONSTITUTE  GOOD
AND SUFFICIENT  SERVICE OF PROCESS AND NOTICE THEREOF.  NOTHING CONTAINED HEREIN
SHALL BE  DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE  PROCESS  IN ANY  MANNER
PERMITTED BY LAW. THE COMPANY HEREBY WAIVES ALL RIGHTS TO A TRIAL BY JURY.

            (d) The headings herein are for convenience  only, do not constitute
a part of this  Warrant  and shall  not be deemed to limit or affect  any of the
provisions hereof.

            (e) In case any one or more of the  provisions of this Warrant shall
be invalid or unenforceable in any respect,  the validity and  enforceability of
the  remaining  terms and  provisions  of this  Warrant  shall not in any way be
affected or impaired thereby and the parties will attempt in good faith to agree
upon a valid and enforceable provision which shall be a commercially  reasonable
substitute  therefor,  and upon so agreeing,  shall  incorporate such substitute
provision in this Warrant.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK,
                             SIGNATURE PAGE FOLLOWS]

                                       9
<PAGE>

      IN  WITNESS  WHEREOF,  the  Company  has  caused  this  Warrant to be duly
executed by its authorized officer as of the date first indicated above.

                                     ONSTREAM MEDIA CORPORATION

                                     By: _______________________________________

                                     Name: _____________________________________

                                     Title: ____________________________________

                                       10
<PAGE>

                             FORM OF EXERCISE NOTICE

(To be executed by the Holder to exercise the right to purchase shares of Common
Stock and an Additional Warrant under the foregoing Warrant)

To: ONSTREAM MEDIA CORPORATION

The undersigned is the Holder of Warrant No. _______ (the  "WARRANT")  issued by
Onstream Media Corporation,  a Florida corporation (the "COMPANY").  Capitalized
terms used herein and not  otherwise  defined have the  respective  meanings set
forth in the Warrant.

1.    The Warrant is currently exercisable to purchase a total of ______________
      Warrant Shares and an Additional  Warrant  exercisable to purchase a total
      of _________ Additional Warrant Shares.

2.    The   undersigned   Holder   hereby   exercises   its  right  to  purchase
      _________________ Warrant Shares and an Additional Warrant exercisable for
      ___________ Additional Warrant Shares pursuant to the Warrant.

3.    The Holder shall pay the sum of $____________ to the Company in accordance
      with the terms of the Warrant.

4.    Pursuant  to this  exercise,  the  Company  shall  deliver  to the  holder
      _______________  Warrant Shares and an Additional Warrant  exercisable for
      ________  Additional  Warrant  Shares in accordance  with the terms of the
      Warrant.

5.    Following  this  exercise,  the Warrant shall be exercisable to purchase a
      total of ______________ Warrant Shares.

Dated: _____________________, _____      Name of Holder:

                                         (Print) _______________________________

                                         By: ___________________________________
                                         Name: _________________________________
                                         Title: ________________________________

                                         (Signature must conform in all respects
                                         to name of holder as  specified  on the
                                         face of the Warrant)

                                       11
<PAGE>

                               FORM OF ASSIGNMENT

      [To be completed and signed only upon transfer of Warrant]

      FOR VALUE RECEIVED,  the undersigned  hereby sells,  assigns and transfers
unto  ________________________________  the  right  represented  by  the  within
Warrant  to  purchase  ____________  shares of Common  Stock of  Onstream  Media
Corporation  to which the within Warrant  relates and appoints  ________________
attorney to transfer said right on the books of Onstream Media  Corporation with
full power of substitution in the premises.

Dated: _____________________, _____      _______________________________________
                                         (Signature must conform in all respects
                                         to name of holder as  specified  on the
                                         face of the Warrant)

                                         _______________________________________
                                         Address of Transferee

                                         _______________________________________

                                         _______________________________________

In the presence of:

__________________________________

                                       12
<PAGE>

                                    EXHIBIT A

                           Form of Additional Warrant

                                       13

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