Document:

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                                                                 Exhibit 10.11

                                       WARRANT

                             TO PURCHASE COMMON STOCK OF

                                CYBER DIALOGUE INC.

                                                        WARRANT NO. 1
                                                        TO PURCHASE 5,000
                                                        SHARES OF COMMON STOCK

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                                  TABLE OF CONTENTS

                                                                          PAGE
                                                                          ----

1.  DEFINITIONS............................................................. 2
2.  EXERCISE OF WARRANT..................................................... 3
    2.1.  Manner of Exercise................................................ 3
    2.2.  Payment of Taxes.................................................. 4
    2.3.  Fractional Shares................................................. 4
3.  TRANSFER DIVISION AND COMBINATION....................................... 5
    3.1.  Transfer.......................................................... 5
    3.2.  Division and Combination.......................................... 5
    3.3.  Expenses.......................................................... 5
    3.4.  Maintenance of Books.............................................. 5
4.  ADJUSTMENTS TO EXERCISE PRICE AND WARRANT STOCK......................... 5
    4.1.  Adjustment of Exercise Price...................................... 5
    4.2.  Adjustment of Warrant Stock....................................... 6
5.  NOTICES TO WARRANT HOLDERS.............................................. 7
6.  NO IMPAIRMENT........................................................... 7
7.  RESERVATION AND AUTHORIZATION OF CLASS B COMMON STOCK;
    REGISTRATION WITH OR APPROVAL OF ANY GOVERNMENTAL AUTHORITY............. 7
8.  TAKING OF RECORD: STOCK AND WARRANT TRANSFER BOOKS...................... 7
9.  LOSS OR MUTILATION...................................................... 8
10. OFFICE OF THE COMPANY................................................... 8
11. LIMITATION OF LIABILITY................................................. 8
12. MISCELLANEOUS........................................................... 8
    12.1. Notice Generally.................................................. 8
    12.2. Successors and Assigns............................................ 9
    12.3. Severability......................................................10
    12.4. Headings..........................................................10
    12.5. GOVERNING LAW.....................................................10

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THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, NOR PURSUANT TO THE SECURITIES OR
"BLUE SKY" LAWS OF ANY STATE. SUCH SECURITIES MAY NOT BE OFFERED, SOLD,
TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE ASSIGNED, EXCEPT PURSUANT TO
(i) A REGISTRATION STATEMENT WITH RESPECT TO SUCH SECURITIES WHICH IS
EFFECTIVE UNDER SUCH ACT, (ii) RULE 144 OR RULE 144A UNDER SUCH ACT, OR (iii)
ANY OTHER EXEMPTION FROM REGISTRATION UNDER SUCH ACT. THIS SECURITY IS
SUBJECT TO RESTRICTIONS ON TRANSFER, VOTING AND OTHER TERMS AND CONDITIONS
SET FORTH IN THE STOCKHOLDERS AGREEMENT (DEFINED BELOW), A COPY OF WHICH MAY
BE OBTAINED FROM CYBER DIALOGUE INC., AT ITS PRINCIPAL EXECUTIVE OFFICES.

                                                                  Warrant No. 1

                                      WARRANT

                           To Purchase Common Stock Of

                               CYBER DIALOGUE INC.

         THIS IS TO CERTIFY THAT, FOR VALUE RECEIVED, AMFM Interactive Inc.,
a Delaware corporation ("AMFMi"), or its registered permitted assigns, is
entitled at any time on or after the date hereof and on or prior to the
Expiration Date (as such term is defined herein) to purchase from Cyber
Dialogue Inc., a Delaware corporation (the "Company"), up to an aggregate of
5,000 ("Warrant Shares") shares of Common Stock, par value $.01 per share
("Common Stock"), of the Company (subject to adjustment as provided herein)
in whole but not in part, at an exercise price per share (the "Exercise
Price") equal to $310 (subject to adjustment as provided herein), all on the
terms and conditions and pursuant to the provisions hereinafter set forth.

         This Warrant has been issued pursuant to that certain Services
Agreement, dated of even date herewith (the "Services Agreement"), by and
between the Company and AMFMi. This Warrant may only be exercised to purchase
Vested Warrant Shares. Warrant Shares shall (as such term is defined herein)
become "Vested Warrant Shares" with respect to:

         (i)     333 Warrant Shares, on August __, 1999;

         (ii)    333 Warrant Shares on the first day of the sixth month of
                 the Initial Term;

         (iii)   334 Warrant Shares on the first day of the twelfth month of
                 the Initial Term;

         (iv)    2,000 Warrant Shares, on the first day of the Extended Term
                 (as such term is defined in the Services Agreement);

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         (v)     1,000 Warrant Shares, on the second anniversary of the first
                 day of the Extended Term; and

         (vi)    1,000 Warrant Shares, on the first day of the renewal of the
                 Services Agreement beyond the Extended Term.

1.  DEFINITIONS

         As used in this Warrant, the following terms have the respective
meanings set forth below:

         "AMFMi" shall have the meaning set forth in the first paragraph of
this Warrant.

         "Business Day" shall mean any day that is not a Saturday or Sunday
or a day on which banking institutions are not required to be open in the
State of New York.

         "Capital Stock" means, with respect to any Person, any and all
shares, interests, participations, or other equivalents (however
designated) of such Person's capital stock, and any warrants, options or
similar rights to acquire such capital stock.

         "Common Stock" shall have the meaning set forth in the first
paragraph of this Warrant, and shall include any shares of Capital Stock into
which such Common Stock may be changed.

         "Company" shall have the meaning set forth in the first paragraph of
this Warrant.

         "Exercise Price" shall have the meaning set forth in the first
paragraph of this Warrant.

         "Expiration Date" shall mean August __, 2005.

         "Holder" shall mean the Person in whose name the Warrant set forth
herein is registered on the books of the Company maintained for such purpose.

         "Person" shall mean any individual, sole proprietorship,
partnership, joint venture, trust, incorporated organization, association,
corporation, institution, public benefit corporation, entity or government
(whether federal, state, county, city, municipal or otherwise, including,
without limitation, any instrumentality, division, agency, body or department
thereof).

         "Sales price" means the closing sales price per share of the Common
Stock (or if no sale prices is reported, the average of the high and low bid
prices) as reported by the principal national or regional stock exchange on
which the Common Stock is listed or, if such Common Stock is not listed on a
national or regional stock exchange, as reported by the Nasdaq Stock Market
or, if not so reported, then the average of the bid and asked prices per
share for such Common Stock as reported by the National Quotation Bureau
Incorporated or, if not so reported,

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the per share fair market value as determined in good faith by the Board of
Directors of the Company.

         "Securities Act" shall mean the Securities Act of 1933, as amended,
or any similar federal statute, and the rules and regulations of the
Securities and Exchange Commission thereunder, all as the same shall be in
effect at the time.

         "Services Agreement" shall have the meaning set forth in the second
paragraph of this Warrant.

         "Warrants" shall mean this Warrant and all Warrants issued upon
transfer, division or combination of, or in substitution for, any thereof.
All Warrants shall at all times be identical as to terms and conditions and
date, except as to the number of shares of Common Stock for which they may be
exercised.

         "Warrant Price" shall mean an amount equal to the product of the
number of shares of Common Stock being purchased upon exercise of this
Warrant and the Exercise Price.

         "Warrant Shares" shall have the meaning set forth in the second
paragraph of this Warrant.

         "Warrant Stock" shall mean the shares of Common Stock purchased by
the holders of the Warrants upon the exercise thereof.

2.       EXERCISE OF WARRANT

         2.1.   MANNER OF EXERCISE. Holder may exercise this Warrant, on any
Business Day on or after the date hereof until 5:00 P.M., New York City time,
on the Expiration Date, for all or any part (but not as to a fractional share
of Common Stock) of the number of shares of Common Stock purchasable
hereunder. This Warrant will terminate automatically and immediately after
5:00 P.M., New York City time, on the Expiration Date.

         In order to exercise this Warrant, Holder shall deliver to the
Company at its principal office at 304 Hudson Street, 6th Floor, New York,
New York 10013 or at the office or agency designated by the Company pursuant
to Section 10, (i) a written notice of Holder's election to exercise this
Warrant, (ii) payment of the Warrant Price (which shall be paid in cash or by
certified or official bank check payable to the Company), and (iii) this
Warrant. Such written notice shall be substantially in the form of the
subscription form appearing at the end of this Warrant as Exhibit A, duly
executed by Holder or its duly appointed agent or attorney. Upon receipt
thereof, the Company shall, as promptly as practicable, and in any event
within five (5) Business Days thereafter, execute or cause to be executed and
deliver or cause to be delivered to Holder a certificate or certificates
representing the aggregate number of full shares of Common Stock so
purchased, together with cash in lieu of any fractional share, as hereinafter
provided. The stock certificate or certificates so delivered shall be, to the
extent possible, in such denomination or denominations as such Holder shall
request in the notice and shall be registered in the name of Holder. Subject
to the provisions of the immediately following paragraph, this Warrant shall
be deemed to have been exercised and such certificate or certificates shall
be deemed to have been issued, and the Holder shall be deemed to have become
a Holder of record

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of such shares for all purposes, as of the date the notice, together with the
cash or certified or official bank check payable to the Company and this
Warrant, is received by the Company as described above and all taxes required
to be paid by Holder, if any, pursuant to Section 2.2 prior to the issuance
of such shares have been paid. Notwithstanding any provision herein to the
contrary, the Company shall not be required to register shares in the name of
any Person who acquired this Warrant (or part hereof) or any Warrant Stock
otherwise than in accordance with this Warrant.

         Notwithstanding any provision herein to the contrary, if the
acquisition of any shares for which this Warrant is exercised requires any
filing (and expiration or early termination of the applicable waiting period)
under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended
(the "HSR Act"), then the issuance of such shares upon such exercise of this
Warrant shall be contingent upon (and shall not be effective until) the
expiration or early termination of such waiting period). In such event, the
Holder shall not be deemed to have become a Holder of such shares for any
purpose unless and until such waiting period has expired or otherwise been
terminated. In the event the acquisition of any shares for which this Warrant
is exercised requires any filing (and expiration or early termination of the
applicable waiting period) under the HSR Act, then the Company will file (or
attempt to cause its ultimate parent entity to file, if applicable), any
notification and report form required to be filed by the Company or such
ultimate parent entity as the "acquired person" (as defined in the HSR Act
and/or applicable rules or regulations promulgated thereunder), with respect
to such acquisition of shares.

         If this Warrant is exercised in part, the Company shall, at the time
of delivery of the certificate or certificates representing the shares of
Common Stock purchasable hereunder (unless this Warrant shall have then
expired), issue and deliver to the Holder a new Warrant in the name of the
Holder evidencing the right of the Holder to acquire the aggregate number of
shares of Common Stock purchasable hereunder that shall not have been
exercised, and this Warrant shall be cancelled.

         2.2.   PAYMENT OF TAXES. All shares of Common Stock issuable upon
the exercise of this Warrant pursuant to the terms hereof shall be validly
issued, fully paid and nonassessable and without any preemptive rights. The
Company shall pay all expenses in connection with, and all taxes and other
governmental charges that may be imposed with respect to, the issue or
delivery thereof, unless such tax or charge is imposed by law upon Holder, in
which case such taxes or charges shall be paid by Holder. The Company shall
not be required, however, to pay any tax or other charge imposed in
connection with any transfer involved in the issue of any certificate for
shares of Common Stock issuable upon exercise of this Warrant in any name
other than that of Holder, and in such case the Company shall not be required
to issue or deliver any stock certificate until such tax or other charge has
been paid or it has been established to the satisfaction of the Company that
no such tax or other charge is due.

         2.3.   FRACTIONAL SHARES. No fractional shares of Common Stock or
scrip representing fractional shares shall be issued upon exercise of this
Warrant. If more than one Warrant shall be exercised at one time by the same
Holder, the number of full shares of Common Stock issuable upon exercise
thereof shall be computed on the basis of the aggregate number of shares of
Common Stock purchasable pursuant to such Warrants or specified portions
thereof so

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exercised. Instead of any fractional share of Common Stock otherwise issuable
upon exercise of any Warrant or Warrants (or specified portions thereof), the
Company shall pay a cash adjustment in respect of such fraction in an amount
equal to the same fraction of the Sales Price at the close of business on the
day of exercise.

3.       TRANSFER DIVISION AND COMBINATION

         3.1.   TRANSFER. Any transfer of this Warrant and all rights
hereunder, in whole or in part, shall be registered on the books of the
Company to be maintained for such purpose, upon surrender of this Warrant at
the principal office of the Company referred to in Section 2.1 or the office
or agency designated by the Company pursuant to Section 10, together with a
written assignment of this Warrant substantially in the form of Exhibit B
hereto duly executed by Holder or its agent or attorney and funds sufficient
to pay any transfer taxes payable upon the making of such transfer. Upon such
surrender and, if required, such payment, the Company shall execute and
deliver a new Warrant or Warrants in the name of the assignee or assignees
and in the denomination specified in such instrument of assignment, and shall
issue to the assignor a new Warrant evidencing the portion of this Warrant
not so assigned, and this Warrant shall promptly be cancelled. A Warrant may
be exercised by a new holder for the purchase of shares of Common Stock
without having a new Warrant issued.

         3.2.   DIVISION AND COMBINATION. This Warrant may be divided or
combined with other Warrants upon presentation hereof at the aforesaid office
or agency of the Company, together with a written notice specifying the names
and denominations in which new Warrants are to be issued, signed by Holder or
its agent or attorney. Subject to compliance with Section 3.1, as to any
transfer which may be involved in such division or combination, the Company
shall execute and deliver a new Warrant or Warrants in exchange for the
Warrant or Warrants to be divided or combined in accordance with such notice.

         3.3.   EXPENSES. The Company shall prepare, issue and deliver at its
own expense (other than transfer taxes) the new Warrant or Warrants under
this Section 3.

         3.4.   MAINTENANCE OF BOOKS. The Company agrees to maintain, at its
aforesaid office or agency, books for the registration and the registration
of transfer of the Warrants.

4.       ADJUSTMENTS TO EXERCISE PRICE AND WARRANT STOCK

         4.1.   ADJUSTMENT OF EXERCISE PRICE. The Exercise Price at which
this Warrant is exercisable shall be subject after the date hereof to
adjustment, without duplication, as follows:

         (a)    In case the Company shall (i) pay a dividend on any class of
its Capital Stock in shares of its Common Stock, (ii) subdivide its
outstanding shares of Common Stock into a greater number of shares or (iii)
combine its outstanding shares of Common Stock into a smaller number of
shares, the Exercise Price in effect immediately prior to such action shall
be adjusted retroactively as provided below so that the Exercise Price
thereafter shall be determined by multiplying the Exercise Price at which
this Warrant was theretofore exercisable by a fraction of which the
denominator shall be the number of shares of Common Stock outstanding
immediately following such action and of which the numerator shall be the
number of shares of Common Stock outstanding immediately

<PAGE>

prior thereto. Such adjustment shall be made whenever any event listed above
shall occur and shall become effective retroactively immediately after the
record date in the case of a dividend and immediately after the effective
date in the case of a subdivision or combination.

         (b)    No adjustment in the Exercise Price shall be required unless
the adjustment would require an increase or decrease of at least 1% in the
Exercise Price then in effect; PROVIDED, HOWEVER, that any adjustments that
by reason of this Section 4.1(b) are not required to be made shall be carried
forward and taken into account in any subsequent adjustment. All
calculations under this section 4.1 shall be made to the nearest cent.

         (c)    In case of any reclassification of the Common Stock, any
consolidation of the Company with, or merger of the Company into, any other
entity, any merger of another entity into the Company (other than a merger
that does not result in any reclassification, conversion, exchange or
cancellation of outstanding shares of Common Stock of the Company), any
compulsory share exchange pursuant to which share exchange the Common Stock is
converted into other securities, cash or other property, then lawful
provision shall be made as part of the terms of such transaction whereby the
Holder of this Warrant shall have the right thereafter, during the period
this Warrant shall be exercisable, to exercise this Warrant only into the
kind and amount of securities, cash and other property receivable upon the
reclassification, consolidation, merger, or share exchange by a holder of the
number of shares of Common Stock of the Company into which this Warrant would
have been exercisable immediately prior to the reclassification,
consolidation, merger, or share exchange. The Company, the Person formed by
consolidation or resulting from the merger or which acquires the Company's
shares, as the case may be, shall make provisions in its certificate or
articles of incorporation or other constituent document to establish such
rights. The certificate or articles of incorporation or other constituent
document shall provide for adjustments, which, for events subsequent to the
effective date of the certificate or articles of incorporation or other
constituent document, shall be as nearly equivalent as may be practicable to
the adjustments provided for in this Section 4. The provisions of this
Section 4.1(c) shall similarly apply to successive reclassifications,
consolidations, mergers, sales, transfers or share exchanges.

         4.2.   ADJUSTMENT OF WARRANT STOCK. Whenever the Exercise Price is
adjusted, as herein provided, the number of shares of Common Stock
purchasable upon exercise of this Warrant following the effectiveness of such
adjustment shall be adjusted to the number of shares of Common Stock equal to
(i) the product of (A) the number of shares of Common Stock purchasable
immediately before such adjustment upon exercise of this Warrant and (B) the
Exercise Price in effect immediately before such adjustment divided by (ii)
the Exercise Price in effect immediately after such adjustment of the
Exercise Price.

5.       NOTICES TO WARRANT HOLDERS

         Whenever an event specified in Section 4.1 shall occur, the Company
shall forthwith prepare a certificate to be executed by an officer of the
Company describing, in

<PAGE>

reasonable detail, the event requiring such adjustment and a computation
thereof. The certificate shall be conclusive evidence of the correctness of
the adjustment in the absence of manifest error. The Company shall promptly
cause a signed copy of such certificate to be delivered to each Holder in
accordance with Section 12.1. The Company shall keep at its principal office
referred to in Section 2.1 or the office or agency designated pursuant to
Section 10 copies of all such certificates and cause the same to be
available for inspection at said office during normal business hours by any
Holder or any prospective purchaser of a Warrant designated by a Holder
thereof.

6.       NO IMPAIRMENT

         The Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any, reorganization,
transfer of assets, consolidation, merger, dissolution, issue or sale of
securities or any other voluntary action, 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 actions as may be necessary or appropriate to protect the rights of
Holder against impairment. Without limiting the generality of the foregoing,
the Company will (a) take all such action as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and
nonassessable shares of Common Stock upon the exercise of this Warrant and
(b) use its commercially reasonable efforts to obtain all such authorizations,
exemptions or consents from any public regulatory body having jurisdiction
thereof as may be necessary to enable the Company to perform its obligations
under this Warrant.

7.       RESERVATION AND AUTHORIZATION OF CLASS B COMMON STOCK;
         REGISTRATION WITH OR APPROVAL OF ANY GOVERNMENTAL AUTHORITY

         The Company shall at all times reserve and keep available for issue
upon the exercise of Warrants such number of its authorized but unissued
shares of Common Stock as will be sufficient to permit the exercise in full
of all outstanding Warrants. All shares of Common Stock which shall be so
issuable, when issued upon exercise of any Warrant and payment therefor in
accordance with the terms of such Warrant, shall be duly and validly issued
and fully paid and nonassessable, and not subject to preemptive rights.

8.       TAKING OF RECORD; STOCK AND WARRANT TRANSFER BOOKS

         In the case of all dividends or other distributions by the Company
to the holders of its Common Stock with respect to which any provision of
Section 4 refers to the taking of a record of such holders, the Company will
in each such case take such a record and will take such record as of the
close of business on a Business Day. The Company will not at any time, except
upon dissolution, liquidation or winding up of the Company, close its stock
transfer books or Warrant transfer books so as to result in preventing or
delaying the exercise or transfer of any Warrant.

9.       LOSS OF MUTILATION

         Upon receipt by the Company from any Holder of evidence reasonably
satisfactory to it of the ownership of and the loss, theft, destruction or
mutilation of this Warrant

<PAGE>

and indemnity reasonably satisfactory to it, and in case of mutilation upon
surrender and cancellation hereof, the Company will execute and deliver in
lieu hereof a new Warrant of like tenor to such Holder; PROVIDED, in the case
of mutilation, no indemnity shall be required if this Warrant in identifiable
form is surrendered to the Company for cancellation.

10.      OFFICE OF THE COMPANY

         As long as any of the Warrants remain outstanding, the Company shall
maintain an office or agency (which may be, and shall initially be, the
principal executive offices of the Company) where the Warrants may be
presented for exercise, registration of transfer, division or combination as
provided in this Warrant.

11.      LIMITATION OF LIABILITY

         No provision hereof, in the absence of affirmation action by Holder
to purchase shares of Common Stock, and no enumeration herein of the rights
or privileges of Holder hereof, shall give rise to any liability of such
Holder for the purchase price of any Common Stock or as a stockholder of the
Company, whether such liability is asserted by the Company or by creditors
of the Company.

12.      MISCELLANEOUS

         12.1   NOTICE GENERALLY. Any notice, demand, request, consent,
approval, declaration, delivery or other communication hereunder to be made
pursuant to the provisions of this Warrant shall be sufficiently given or
made if in writing and either delivered in person with receipt acknowledged
or sent by registered or certified mail, return receipt requested, postage
prepaid, addressed as follows:

         (a)    If to any Holder or Holder of Warrant Stock:

                AMFM Interactive Inc.
                c/o AMFM Inc.
                1845 Woodall Rogers Freeway
                Suite 1300
                Dallas, Texas 75201
                Attention: President of Chancellor Media Services
                Facsimile: (214) 979-6699

                with copies to:

                AMFM Inc.
                1845 Woodall Rodgers Freeway
                Suite 1300
                Dallas, Texas 75201
                Attention: General Counsel
                Facsimile: (214) 979-6699

                and

<PAGE>

                Vinson & Elkins L.L.P.
                3700 Trammell Crow Center
                2001 Ross Avenue
                Dallas, Texas 75201-2975
                Attention: Michael D. Wortley
                Facsimile: (214) 999-7732

         (b)    If to the Company:

                Cyber Dialogue Inc.
                304 Hudson Street
                6th Floor
                New York, New York 10013
                Attention: Mark Esiri
                Facsimile: (212) 255-6622

                with a copy to:

                Skadden, Arps, Slate, Meagher & Flom LLP
                1440 New York Avenue, N.W.
                Washington, D.C. 20005
                Attention: Michael P. Rogan
                Facsimile: (202) 371-7936

or at such other address as may be substituted by notice given as herein
provided. The giving of any notice required hereunder may be waived in
writing by the party entitled to receive such notice. Every notice, demand,
request, consent, approval, declaration, delivery or other communication
hereunder shall be deemed to have been duly given or served on the date on
which personally delivered, with receipt acknowledged, or three (3) Business
Days after the same shall have been deposited in the United States mail.
Failure or delay in delivering copies of any notice, demand, request,
approval declaration, delivery or other communication to the person
designated above to receive a copy shall in no way adversely affect the
effectiveness of such notice, demand, request, approval, declaration,
delivery or other communication.

         12.2.  SUCCESSORS AND ASSIGNS. Subject to the provisions of Section
3.1, this Warrant and the rights evidenced hereby shall inure to the benefit
of and be binding upon the successors of the Company and the successors and
assigns of Holder. The provisions of this Warrant are intended to be for the
benefit of all Holders from time to time of this Warrant and shall be
enforceable by any such Holder or holder of Warrant Stock.

         12.3.  SEVERABILITY. Wherever possible, each provision of this
Warrant shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Warrant shall be
prohibited by or invalid under applicable law, such provision shall be
ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of
this Warrant.

<PAGE>

         12.4   HEADINGS. The headings used in this Warrant are for the
convenience of reference only and shall not, for any purpose, be deemed a
part of this Warrant.

         12.5   GOVERNING LAW. THIS WARRANT SHALL BE GOVERNED BY THE LAWS OF
THE STATE OF DELAWARE, WITHOUT REGARD TO THE PROVISIONS THEREOF RELATING TO
CONFLICT OF LAWS.

                   [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

<PAGE>

          IN WITNESS WHEREOF, the Company has caused this Warrant to be duly
executed.

Dated: August 30, 1999

                                 CYBER DIALOGUE INC.

                                 By:       /s/ Mark Esiri
                                    -----------------------------------

                                 Name:         Mark Esiri
                                    -----------------------------------

                                 Title:   CHIEF EXECUTIVE OFFICER
                                    -----------------------------------

<PAGE>

                                      EXHIBIT A

                                   SUBSCRIPTION FORM

                     [To be executed only upon exercise of Warrant]

         The undersigned registered owner of the attached Warrant irrevocably
exercises this Warrant for the purchase of _____ shares of Common Stock of
Cyber Dialogue Inc., and herewith makes payment therefor, all at the price
and on the terms and conditions specified in the attached Warrant and
requests that certificates for the shares of Common Stock hereby purchased
(and any securities or other property issuable upon such exercise) be issued
in the name of and delivered the undersigned at the address set forth below.

                                    ---------------------------------
                                    (Name of Registered Owner)

                                    ----------------------------------
                                    (Signature of Registered Owner)

                                    ----------------------------------
                                    (Street Address)

                                    ----------------------------------
                                    (City)  State)  (Zip Code)

NOTICE:     The signature on this subscription must correspond with the name
            as written upon the face of the attached Warrant in every
            particular, without alteration or enlargement or any change
            whatsoever.

<PAGE>

                                     EXHIBIT B

                                  ASSIGNMENT FORM

         FOR VALUE RECEIVED the undersigned registered owner of the attached
Warrant hereby sells assigns and transfers unto the Assignee named below all
of the rights of the undersigned under the attached Warrant, with respect to
the number of shares of Common Stock set forth below.

                                                  No of Shares
Name and Address of Assignee                    Of Common Stock
----------------------------                    ---------------

and does hereby irrevocably constitute and appoint ___________________
attorney-in-fact to register such transfer on the books of Cyber Dialogue
Inc. maintained for the purpose, with full power of substitution in the
premises.

Dated:                                Print Name:
      ----------------                           ---------------------
                                      Signature
                                                 ---------------------
                                      Witness:
                                                 ---------------------

NOTICE:     This signature on this assignment must correspond with the name
            as written upon the face of the attached Warrant in every
            particular, without alteration or enlargement or any change
            whatsoever.<PAGE>

                                                                  Exhibit 10.12

                          COMMON STOCK PURCHASE WARRANT

THIS WARRANT AND ANY SHARES ISSUED UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY
STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED
UNLESS REGISTERED UNDER THE ACT AND ALL APPLICABLE STATE SECURITIES LAWS OR
UNLESS AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE AT THE TIME
OF SUCH OFFERING, SALE OR TRANSFER.

                               CYBER DIALOGUE INC.

                          Common Stock Purchase Warrant

                                                              New York, New York
No. W-1                                                            March 1, 1999

            Cyber Dialogue Inc. (the "Company"), a Delaware corporation, for
value received, hereby certifies that Wand Equity Portfolio II, L.P., or
registered assigns, is entitled to purchase from the Company 1,926 duly
authorized, validly issued, fully paid and nonassessable shares of common stock,
par value $.01 per share (the "Common Stock") of the Company at the purchase
price per share of $101.96, at any time or from time to time prior to 5:00 P.M.,
New York City time, on March 31, 2007 (or such later date as may be determined
pursuant to section 18), all subject to the terms, conditions and adjustments
set forth below in this Warrant.

            This Warrant is the Common Stock Purchase Warrant (the "Warrant",
such term to include any such warrants issued in substitution therefor)
originally issued in connection with the issue by the Company of a 9% Senior
Convertible Note, dated March 1, 1999, to Wand Equity Portfolio II, L.P. (the
"Holder"). The Warrant originally so issued evidences rights to purchase an
aggregate of 1,926 shares of Common Stock subject to adjustment as provided
herein. Certain capitalized terms used in this Warrant are defined in section
13; references to an "Exhibit" are, unless otherwise specified, to one of the
Exhibits attached to this Warrant and references to a "section" are, unless
otherwise specified, to one of the sections of this Warrant.
<PAGE>

            1. Exercise of Warrant.

            1.1. Manner of Exercise. This Warrant may be exercised by the holder
hereof, in whole or in part, during normal business hours on any Business Day,
by surrender of this Warrant to the Company at its principal office, accompanied
by a subscription in substantially the form attached to this Warrant (or a
reasonable facsimile thereof) duly executed by such holder and accompanied by
payment, in cash, by certified or official bank check payable to the order of
the Company, or in the manner provided in section 1.5 or section 1.6 (or by any
combination of such methods), in the amount obtained by multiplying (a) the
number of shares of Common Stock (without giving effect to any adjustment
thereof) designated in such subscription by (b) $101.96, and such holder shall
thereupon be entitled to receive the number of duly authorized, validly issued,
fully paid and nonassessable shares of Common Stock (or Other Securities)
determined as provided in sections 2 through 4.

            1.2. When Exercise Effective. Each exercise of this Warrant shall be
deemed to have been effected immediately prior to the close of business on the
Business Day on which this Warrant shall have been surrendered to the Company as
provided in section 1.1, and at such time the Person or Persons in whose name or
names any certificate or certificates for shares of Common Stock (or Other
Securities) shall be issuable upon such exercise as provided in section 1.3
shall be deemed to have become the holder or holders of record thereof.

            1.3. Delivery of Stock Certificates, etc. As soon as practicable
after each exercise from time to time of this Warrant, in whole or in part, and
in any event within five Business Days thereafter, the Company at its expense
(including the payment by it of any applicable issue taxes) will cause to be
issued in the name of and delivered to the holder hereof or, subject to section
9, as such holder (upon payment by such holder of any applicable transfer taxes)
may direct,

            (a) a certificate or certificates for the number of duly authorized,
      validly issued, fully paid and nonassessable shares of Common Stock (or
      Other Securities) to which such holder shall be entitled upon such
      exercise plus, in lieu of any fractional share to which such holder would
      otherwise be entitled, cash in an amount equal to the same fraction of the
      Market Price per share on the Business Day next preceding the date of such
      exercise, and

            (b) in case such exercise is in part only, a new Warrant or Warrants
      of like tenor, calling in the aggregate on the face or faces thereof for
      the number
<PAGE>

      of shares of Common Stock equal (without giving effect to any adjustment
      thereof) to the number of such shares called for on the face of this
      Warrant minus the number of such shares designated by the holder upon such
      exercise as provided in section 1.1.

            1.4. Company to Reaffirm Obligations. The Company will, at the time
of each exercise of this Warrant, upon the request of the holder hereof,
acknowledge in writing its continuing obligation to afford to such holder all
rights to which such holder shall continue to be entitled after such exercise in
accordance with the terms of this Warrant, provided that if the holder of this
Warrant shall fail to make any such request, such failure shall not affect the
continuing obligation of the Company to afford such rights to such holder.

            1.5. Payment by Application of Note. Upon any exercise of this
Warrant, the holder hereof may, at its option, instruct the Company, by written
notice accompanying the surrender of this Warrant at the time of such exercise,
to apply to the payment required by section 1.1 all or any part of the unpaid
principal amount including accrued but unpaid interest of any Note at the time
held by such holder, in which case the Company will accept the principal amount
specified in such notice in satisfaction of a like amount of such payment. In
case less than the entire unpaid principal amount of the Note shall be so
specified, the principal amount so specified shall be credited, as of the date
of such exercise. Upon any partial application of a Note, the Company at its
expense shall forthwith issue and deliver to or upon the order of the holder
thereof a new Note in principal amount equal to the unpaid principal amount of
such surrendered Note which has not been applied against such payment, such new
Note to be dated and to bear interest from the date to which interest has been
paid on such surrendered Note. Within two Business Days after receipt of any
such notice, the Company will pay to the holder of the Note giving such notice,
in the manner provided in the Note, all unpaid interest on the principal amount
so specified in such notice, accrued to the date of the exercise of such
Warrant.

            1.6 Payment by Application of Shares Otherwise Issuable. Upon any
exercise of this Warrant, the holder hereof may, at its option, instruct the
Company, by written notice accompanying the surrender of this Warrant at the
time of such exercise, to apply to the payment required by section 1.1 such
number of the shares of Common Stock otherwise issuable to such holder upon such
exercise as shall be specified in such notice, in which case an amount equal to
the excess of the aggregate Current Market Price of such specified number of
shares on the date of exercise over the portion of the payment required by
section 1.1 attributable to such shares shall be deemed to have been

                                        3
<PAGE>

paid to the Company and the number of shares issuable upon such exercise shall
be reduced by such specified number.

            2. Adjustment of Common Stock Issuable Upon Exercise.

            2.1. General; Warrant Price. The number of shares of Common Stock
which the holder of this Warrant shall be entitled to receive upon each exercise
hereof shall be determined by multiplying the number of shares of Common Stock
which would otherwise (but for the provisions of this section 2) be issuable
upon such exercise, as designated by the holder hereof pursuant to section 1.1,
by the fraction of which (a) the numerator is $101.96 and (b) the denominator is
the Warrant Price in effect on the date of such exercise. The "Warrant Price"
shall initially be $101.96 per share, shall be adjusted and readjusted from time
to time as provided in this section 2 and, as so adjusted or readjusted, shall
remain in effect until a further adjustment or readjustment thereof is required
by this section 2.

            2.2. Adjustment of Warrant Price.

            2.2.1 Issuance of Additional Shares of Common Stock. In case the
Company at any time or from time to time after the date hereof shall issue or
sell Additional Shares of Common Stock (including Additional Shares of Common
Stock deemed to be issued pursuant to section 2.3 or 2.4) without consideration
or for a consideration per share less than the lesser of the Current Market
Price and the Warrant Price in effect immediately prior to such issue or sale,
then, and in each such case, subject to section 2.8, such Warrant Price shall be
reduced, concurrently with such issue or sale, to a price (calculated to the
nearest .001 of a cent) determined by multiplying such Warrant Price by a
fraction

            (a) the numerator of which shall be (i) the number of shares of
      Common Stock outstanding immediately prior to such issue or sale plus (ii)
      the number of shares of Common Stock which the aggregate consideration
      received by the Company for the total number of such Additional Shares of
      Common Stock so issued or sold would purchase at the lesser of such
      Current Market Price and such Warrant Price, and

            (b) the denominator of which shall be the number of shares of Common
      Stock outstanding immediately after such issue or sale,

                                       4
<PAGE>

provided that, for the purposes of this section 2.2.1, (x) immediately after any
Additional Shares of Common Stock are deemed to have been issued pursuant to
section 2.3 or 2.4, such Additional Shares shall be deemed to be outstanding,
and (y) treasury shares shall not be deemed to be outstanding.

            2.2.2 Extraordinary Dividends and Distributions. In case the Company
at any time or from time to time after the date hereof shall declare, order, pay
or make a dividend or other distribution (including, without limitation, any
distribution of other or additional stock or other securities or property or
Options by way of dividend or spin-off, reclassification, recapitalization or
similar corporate rearrangement) on the Common Stock, other than a dividend
payable in Additional Shares of Common Stock, then, and in each such case,
subject to section 2.8, the Warrant Price in effect immediately prior to the
close of business on the record date fixed for the determination of holders of
any class of securities entitled to receive such dividend or distribution shall
be reduced, effective as of the close of business on such record date, to a
price (calculated to the nearest .001 of a cent) determined by multiplying such
Warrant Price by a fraction

            (x) the numerator of which shall be the Current Market Price in
      effect on such record date or, if the Common Stock trades on an
      ex-dividend basis, on the date prior to the commencement of ex-dividend
      trading, less the amount of such dividend or distribution (as determined
      in good faith by the Board of Directors of the Company) applicable to one
      share of Common Stock, and

            (y) the denominator of which shall be such Current Market Price.

            2.3. Treatment of Options and Convertible Securities. In case the
Company at any time or from time to time after the date hereof shall issue,
sell, grant or assume, or shall fix a record date for the determination of
holders of any class of securities entitled to receive, any Options or
Convertible Securities, then, and in each such case, the maximum number of
Additional Shares of Common Stock (as set forth in the instrument relating
thereto, without regard to any provisions contained therein for a subsequent
adjustment of such number) issuable upon the exercise of such Options or, in the
case of Convertible Securities and Options therefor, the conversion or exchange
of such Convertible Securities, shall be deemed to be Additional Shares of
Common Stock issued as of the time of such issue, sale, grant or assumption or,
in case such a record date shall have been fixed, as of the close of business on
such record date (or, if the Common Stock trades on an ex-dividend basis, on the
date prior to the commencement of ex-dividend trading), provided that such
Additional Shares of Common Stock shall not be deemed to have been issued unless
the consideration per share (determined

                                       5
<PAGE>

pursuant to section 2.5) of such shares would be less than the lesser of the
Current Market Price and the Warrant Price in effect on the date of and
immediately prior to such issue, sale, grant or assumption or immediately prior
to the close of business on such record date (or, if the Common Stock trades on
an ex-dividend basis, on the date prior to the commencement of ex-dividend
trading), as the case may be, and provided, further, that in any such case in
which Additional Shares of Common Stock are deemed to be issued

            (a) no further adjustment of the Warrant Price shall be made upon
      the subsequent issue or sale of Convertible Securities or shares of Common
      Stock upon the exercise of such Options or the conversion or exchange of
      such Convertible Securities, except in the case of any such Options or
      Convertible Securities which contain provisions requiring an adjustment,
      subsequent to the date of the issue or sale thereof, of the number of
      Additional Shares of Common Stock issuable upon the exercise of such
      Options or the conversion or exchange of such Convertible Securities by
      reason of (x) a change of control of the Company, (y) the acquisition by
      any Person or group of Persons of any specified number or percentage of
      the Voting Securities of the Company or (z) any similar event or
      occurrence, each such case to be deemed hereunder to involve a separate
      issuance of Additional Shares of Common Stock, Options or Convertible
      Securities, as the case may be;

            (b) if such Options or Convertible Securities by their terms
      provide, with the passage of time or otherwise, for any increase in the
      consideration payable to the Company, or decrease in the number of
      Additional Shares of Common Stock issuable, upon the exercise, conversion
      or exchange thereof (by change of rate or otherwise), the Warrant Price
      computed upon the original issue, sale, grant or assumption thereof (or
      upon the occurrence of the record date, or date prior to the commencement
      of ex-dividend trading, as the case may be, with respect thereto), and any
      subsequent adjustments based thereon, shall, upon any such increase or
      decrease becoming effective, be recomputed to reflect such increase or
      decrease insofar as it affects such Options, or the rights of conversion
      or exchange under such Convertible Securities, which are outstanding at
      such time;

            (c) upon the expiration (or purchase by the Company and cancellation
      or retirement) of any such Options which shall not have been exercised or
      the expiration of any rights of conversion or exchange under any such
      Convertible Securities which (or purchase by the Company and cancellation
      or

                                       6
<PAGE>

      retirement of any such Convertible Securities the rights of conversion or
      exchange under which) shall not have been exercised, the Warrant Price
      computed upon the original issue, sale, grant or assumption thereof (or
      upon the occurrence of the record date, or date prior to the commencement
      of ex-dividend trading, as the case may be, with respect thereto), and any
      subsequent adjustments based thereon, shall, upon such expiration (or
      such cancellation or retirement, as the case may be), be recomputed as if:

                  (i) in the case of Options for Common Stock or Convertible
            Securities, the only Additional Shares of Common Stock issued or
            sold were the Additional Shares of Common Stock, if any, actually
            issued or sold upon the exercise of such Options or the conversion
            or exchange of such Convertible Securities and the consideration
            received therefor was the consideration actually received by the
            Company for the issue, sale, grant or assumption of all such
            Options, whether or not exercised, plus the consideration actually
            received by the Company upon such exercise, or for the issue or sale
            of all such Convertible Securities which were actually converted or
            exchanged, plus the additional consideration, if any, actually
            received by the Company upon such conversion or exchange, and

                  (ii) in the case of Options for Convertible Securities, only
            the Convertible Securities, if any, actually issued or sold upon the
            exercise of such Options were issued at the time of the issue, sale,
            grant or assumption of such Options, and the consideration received
            by the Company for the Additional Shares of Common Stock deemed to
            have then been issued was the consideration actually received by the
            Company for the issue, sale, grant or assumption of all such
            Options, whether or not exercised, plus the consideration deemed to
            have been received by the Company (pursuant to section 2.5) upon the
            issue or sale of such Convertible Securities with respect to which
            such Options were actually exercised;

            (d) no readjustment pursuant to subdivision (b) or (c) above shall
      have the effect of increasing the Warrant Price by an amount in excess of
      the amount of the adjustment thereof originally made in respect of the
      issue, sale, grant or assumption of such Options or Convertible
      Securities; and

                                       7
<PAGE>

            (e) in the case of any such Options which expire by their terms not
      more than 30 days after the date of issue, sale, grant or assumption
      thereof, no adjustment of the Warrant Price shall be made until the
      expiration or exercise of all such Options, whereupon such adjustment
      shall be made in the manner provided in subdivision (c) above.

            2.4. Treatment of Stock Dividends, Stock Splits, etc. In case the
Company at any time or from time to time after the date hereof shall declare or
pay any dividend on the Common Stock payable in Common Stock, or shall effect a
subdivision of the outstanding shares of Common Stock into a greater number of
shares of Common Stock (by reclassification or otherwise than by payment of a
dividend in Common Stock), then, and in each such case, Additional Shares of
Common Stock shall be deemed to have been issued (a) in the case of any such
dividend, immediately after the close of business on the record date for the
determination of holders of any class of securities entitled to receive such
dividend, or (b) in the case of any such subdivision, at the close of business
on the day immediately prior to the day upon which such corporate action becomes
effective.

            2.5. Computation of Consideration. For the purposes of this section
2,

            (a) the consideration for the issue or sale of any Additional Shares
      of Common Stock shall, irrespective of the accounting treatment of such
      consideration,

                  (i) insofar as it consists of cash, be computed at the net
            amount of cash received by the Company, without deducting any
            expenses paid or incurred by the Company or any commissions or
            compensations paid or concessions or discounts allowed to
            underwriters, dealers or others performing similar services in
            connection with such issue or sale,

                  (ii) insofar as it consists of property (including securities)
            other than cash, be computed at the fair value thereof at the time
            of such issue or sale, as determined in good faith by the Board of
            Directors of the Company (subject to confirmation by a firm of
            independent certified public accountants of recognized standing
            approved by the Holder), and

                  (iii) in case Additional Shares of Common Stock are issued or
            sold together with other stock or securities or other assets of the
            Company for a consideration which covers both, be the portion of
            such

                                       8
<PAGE>

            consideration so received, computed as provided in clauses (i) and
            (ii) above, allocable to such Additional Shares of Common Stock, all
            as determined in good faith by the Board of Directors of the Company
            (subject to confirmation by a firm of independent certified public
            accountants of recognized standing approved by the Holder);

            (b) Additional Shares of Common Stock deemed to have been issued
      pursuant to section 2.3, relating to Options and Convertible Securities,
      shall be deemed to have been issued for a consideration per share
      determined by dividing

                  (i) the total amount, if any, received and receivable by the
            Company as consideration for the issue, sale, grant or assumption of
            the Options or Convertible Securities in question, plus the minimum
            aggregate amount of additional consideration (as set forth in the
            instruments relating thereto, without regard to any provision
            contained therein for a subsequent adjustment of such consideration
            to protect against dilution) payable to the Company upon the
            exercise in full of such Options or the conversion or exchange of
            such Convertible Securities or, in the case of Options for
            Convertible Securities, the exercise of such Options for Convertible
            Securities and the conversion or exchange of such Convertible
            Securities, in each case computing such consideration as provided in
            the foregoing subdivision (a),

by

                  (ii) the maximum number of shares of Common Stock (as set
            forth in the instruments relating thereto, without regard to any
            provision contained therein for a subsequent adjustment of such
            number to protect against dilution) issuable upon the exercise of
            such Options or the conversion or exchange of such Convertible
            Securities; and

            (c) Additional Shares of Common Stock deemed to have been issued
      pursuant to section 2.4, relating to stock dividends, stock splits, etc.,
      shall be deemed to have been issued for no consideration.

            2.6. Adjustments for Combinations, etc. In case the outstanding
shares of Common Stock shall be combined or consolidated, by reclassification or
otherwise, into a lesser number of shares of Common Stock, the Warrant Price in
effect immedi-

                                       9
<PAGE>

ately prior to such combination or consolidation shall, concurrently with the
effectiveness of such combination or consolidation, be proportionately
increased.

            2.7. Dilution in Case of Other Securities. In case any Other
Securities shall be issued or sold or shall become subject to issue or sale upon
the conversion or exchange of any stock (or Other Securities) of the Company (or
any issuer of Other Securities or any other Person referred to in section 3) or
to subscription, purchase or other acquisition pursuant to any Options issued or
granted by the Company (or any such other issuer or Person) for a consideration
such as to dilute, on a basis consistent with the standards established in the
other provisions of this section 2, the purchase rights granted by this Warrant,
then, and in each such case, the computations, adjustments and readjustments
provided for in this section 2 with respect to the Warrant Price shall be made
as nearly as possible in the manner so provided and applied to determine the
amount of Other Securities from time to time receivable upon the exercise of the
Warrants, so as to protect the holders of the Warrants against the effect of
such dilution.

            2.8. Minimum Adjustment of Warrant Price. If the amount of any
adjustment of the Warrant Price required pursuant to this section 2 would be
less than one percent (1%) of the Warrant Price in effect at the time such
adjustment is otherwise so required to be made, such amount shall be carried
forward and adjustment with respect thereto made at the time of and together
with any subsequent adjustment which, together with such amount and any other
amount or amounts so carried forward, shall aggregate at least one percent (1%)
of such Warrant Price.

            3. Consolidation, Merger, etc.

            3.1. Adjustments for Consolidation, Merger, Sale of Assets,
Reorganization, etc. In case the Company after the date hereof (a) shall
consolidate with or merge into any other Person and shall not be the continuing
or surviving corporation of such consolidation or merger, or (b) shall permit
any other Person to consolidate with or merge into the Company and the Company
shall be the continuing or surviving Person but, in connection with such
consolidation or merger, the Common Stock or Other Securities shall be changed
into or exchanged for stock or other securities of any other Person or cash or
any other property, or (c) shall transfer all or substantially all of its
properties or assets to any other Person, or (d) shall effect a capital
reorganization or reclassification of the Common Stock or Other Securities
(other than a capital reorganization or reclassification resulting in the issue
of Additional Shares of Common Stock for which adjustment in the Warrant Price
is provided in section 2.2.1 or 2.2.2),

                                       10
<PAGE>

then, and in the case of each such transaction, proper provision shall be made
so that, upon the basis and the terms and in the manner provided in this
Warrant, the holder of this Warrant, upon the exercise hereof at any time after
the consummation of such transaction, shall be entitled to receive (at the
aggregate Warrant Price in effect at the time of such consummation for all
Common Stock or Other Securities issuable upon such exercise immediately prior
to such consummation), in lieu of the Common Stock or Other Securities issuable
upon such exercise prior to such consummation, the highest amount of securities,
cash or other property to which such holder would actually have been entitled as
a shareholder upon such consummation if such holder had exercised the rights
represented by this Warrant immediately prior thereto, subject to adjustments
(subsequent to such consummation) as nearly equivalent as possible to the
adjustments provided for in sections 2 through 4.

            3.2. Assumption of Obligations. Notwithstanding anything contained
in this Warrant to the contrary, the Company will not effect any of the
transactions described in clauses (a) through (d) of section 3.1 unless, prior
to the consummation thereof, each Person (other than the Company) which may be
required to deliver any stock, securities, cash or property upon the exercise of
this Warrant as provided herein shall assume, by written instrument delivered
to, and reasonably satisfactory to, the holder of this Warrant, (a) the
obligations of the Company under this Warrant (and if the Company shall survive
the consummation of such transaction, such assumption shall be in addition to,
and shall not release the Company from, any continuing obligations of the
Company under this Warrant), and (b) the obligation to deliver to such holder
such shares of stock, securities, cash or property as, in accordance with the
foregoing provisions of this section 3, such holder may be entitled to receive,
and such Person shall have similarly delivered to such holder an opinion of
counsel for such Person, which counsel shall be reasonably satisfactory to such
holder, stating that this Warrant shall thereafter continue in full force and
effect and the terms hereof (including, without limitation, all of the
provisions of this section 3) shall be applicable to the stock, securities, cash
or property which such Person may be required to deliver upon any exercise of
this Warrant or the exercise of any rights pursuant hereto.

            4. Other Dilutive Events. In case any event shall occur as to which
the provisions of section 2 or section 3 are not strictly applicable but the
failure to make any adjustment would not fairly protect the purchase rights
represented by this Warrant in accordance with the essential intent and
principles of such sections, then, in each such case, the Company shall appoint
a firm of independent certified public accountants of recognized national
standing (such firm to be subject to the approval of the Holder), which shall
give their opinion upon the adjustment, if any, on a basis consistent with the

                                       11
<PAGE>

essential intent and principles established in sections 2 and 3, necessary to
preserve, without dilution, the purchase rights represented by this Warrant.
Upon receipt of such opinion, the Company will promptly mail a copy thereof to
the Holder and shall make the adjustments described therein.

            5. No Dilution or Impairment. The Company will not, by amendment of
its certificate of incorporation or through any consolidation, merger,
reorganization, transfer of assets, 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 of
this Warrant against dilution or other impairment. Without limiting the
generality of the foregoing, the Company (a) will not permit the par value of
any shares of stock receivable upon the exercise of this Warrant to exceed the
amount payable therefor upon such exercise, (b) will take all such action as may
be necessary or appropriate in order that the Company may validly and legally
issue fully paid and nonassessable shares of stock on the exercise of the
Warrants from time to time outstanding, (c) will not take any action which
results in any adjustment of the Warrant Price if the total number of shares of
Common Stock (or Other Securities) issuable after the action upon the exercise
of the Warrant would exceed the total number of shares of Common Stock (or Other
Securities) then authorized by the Company's certificate of incorporation and
available for the purpose of issue upon such exercise, and (d) will not issue
any capital stock of any class which is preferred as to dividends or as to the
distribution of assets upon voluntary or involuntary dissolution, liquidation or
winding-up, unless the rights of the holders thereof shall be limited to a fixed
sum or percentage of par value or a sum determined by reference to a formula
based on a published index of interest rates, an interest rate publicly
announced by a financial institution or a similar indicator of interest rates in
respect of participation in dividends and to a fixed sum or percentage of par
value in any such distribution of assets.

            6. Accountants' Report as to Adjustments. In each case of any
adjustment or readjustment in the shares of Common Stock (or Other Securities)
issuable upon the exercise of this Warrant, the Company at its expense will
promptly compute such adjustment or readjustment in accordance with the terms of
this Warrant and cause independent certified public accountants of recognized
national standing (such firm to be subject to the approval of the Holder)
selected by the Company to verify such computation and prepare a report setting
forth such adjustment or readjustment and showing in reasonable detail the
method of calculation thereof and the facts upon which such adjustment or
readjustment is based, including a statement of (a) the consideration

                                       12
<PAGE>

received or to be received by the Company for any Additional Shares of Common
Stock issued or sold or deemed to have been issued, (b) the number of shares of
Common Stock outstanding or deemed to be outstanding, and (c) the Warrant Price
in effect immediately prior to such issue or sale and as adjusted and readjusted
(if required by section 2) on account thereof. The Company will forthwith mail a
copy of each such report to the Holder and will, upon the written request at any
time of the Holder, furnish to the Holder a like report setting forth the
Warrant Price at the time in effect and showing in reasonable detail how it was
calculated. The Company will also keep copies of all such reports at its
principal office and will cause the same to be available for inspection at such
office during normal business hours by the Holder or any prospective purchaser
of a Warrant designated by the holder thereof.

            7. Notices of Corporate Action. In the event of:

            (a) any taking by the Company of a record of the holders of any
      class of securities for the purpose of determining the holders thereof who
      are entitled to receive any dividend (other than a regular periodic
      dividend payable in cash out of earned surplus in an amount not exceeding
      the amount of the immediately preceding cash dividend for such period) or
      other distribution, or any right to subscribe for, purchase or otherwise
      acquire any shares of stock of any class or any other securities or
      property, or to receive any other right, or

            (b) any capital reorganization of the Company, any reclassification
      or recapitalization of the capital stock of the Company or any
      consolidation or merger involving the Company and any other Person or any
      transfer of all or substantially all the assets of the Company to any
      other Person, or

            (c) any voluntary or involuntary dissolution, liquidation or
      winding-up of the Company,

the Company will mail to each holder of a Warrant a notice specifying (i) the
date or expected date on which any such record is to be taken for the purpose of
such dividend, distribution or right, and the amount and character of such
dividend, distribution or right, and (ii) the date or expected date on which any
such reorganization, reclassification, recapitalization, consolidation, merger,
transfer, dissolution, liquidation or winding-up is to take place and the time,
if any such time is to be fixed, as of which the holders of record of Common
Stock (or Other Securities) shall be entitled to exchange their shares of Common
Stock (or Other Securities) for the securities or other property deliverable
upon such reorganization, reclassification, recapitalization, consolidation,

                                       13
<PAGE>

merger, transfer, dissolution, liquidation or winding-up. Such notice shall be
mailed at least 45 days prior to the date therein specified.

            8. Registration of Common Stock. If any shares of Common Stock (or
Other Securities) required to be reserved for purposes of exercise of this
Warrant require registration with or approval of any governmental authority
under any federal or state law (other than the Securities Act) before such
shares may be issued upon exercise, the Company will, at its expense and as
expeditiously as possible, use its best efforts to cause such shares to be duly
registered or approved, as the case may be. At any such time as Common Stock is
listed on any national securities exchange, the Company will, at its expense,
obtain promptly and maintain the approval for listing on each such exchange,
upon official notice of issuance, the shares of Common Stock issuable upon
exercise of the then outstanding Warrants and maintain the listing of such
shares after their issuance; and the Company will also list on such national
securities exchange, will register under the Exchange Act and will maintain such
listing of, any Other Securities that at any time are issuable upon exercise of
the Warrants, if and at the time that any securities of the same class shall be
listed on such national securities exchange by the Company.

            9. Restrictions on Transfer. 9.1. Restrictive Legends. Except as
otherwise permitted by this section 9, each Warrant (including each Warrant
issued upon the transfer of any Warrant) shall be stamped or otherwise imprinted
with a legend in substantially the following form:

            "This Warrant and any shares acquired upon the exercise of this
      Warrant have not been registered under the Securities Act of 1933, as
      amended, and may not be transferred, sold or otherwise disposed of except
      while a registration under such Act is in effect or pursuant to an
      exemption therefrom under such Act. This Warrant and such shares may be
      transferred only in compliance with the conditions specified in this
      Warrant."

Except as otherwise permitted by this section 9, each certificate for Common
Stock (or Other Securities) issued upon the exercise of any Warrant, and each
certificate issued upon the transfer of any such Common Stock (or Other
Securities), shall be stamped or otherwise imprinted with a legend in
substantially the following form:

            "The shares represented by this certificate have not been registered
      under the Securities Act of 1933 and may not be transferred

                                       14
<PAGE>

      in the absence of such registration or an exemption therefrom under such
      Act. Such shares may be transferred only in compliance with the conditions
      specified in certain Common Stock Purchase Warrants issued by Cyber
      Dialogue Inc. A complete and correct copy of the form of such Warrant is
      available for inspection at the principal office of Cyber Dialogue Inc. or
      at the office or agency maintained by Cyber Dialogue Inc. as provided in
      such Warrant and will be furnished to the holder of such shares upon
      written request and without charge."

            10. Availability of Information. If the Company shall have filed a
registration statement pursuant to the requirements of Section 12 of the
Exchange Act or a registration statement pursuant to the requirements of the
Securities Act, the Company will comply with the reporting requirements of
Sections 13 and 15(d) of the Exchange Act and will comply with all other public
information reporting requirements of the Commission (including Rule 144 adopted
by the Commission under the Securities Act) from time to time in effect and
relating to the availability of an exemption from the Securities Act for the
sale of any Common Stock. The Company will furnish to each holder of any
Warrants, promptly upon their becoming available, copies of all financial
statements, reports, notices and proxy statements sent or made available
generally by the Company to its stockholders, and copies of all regular and
periodic reports and all registration statements and prospectuses filed by the
Company with any securities exchange or with the Commission.

            11. Reservation of Stock, etc. The Company will at all times reserve
and keep available, solely for issuance and delivery upon exercise of the
Warrants, the number of shares of Common Stock (or Other Securities) from time
to time issuable upon exercise of all Warrants at the time outstanding. All
shares of Common Stock (or Other Securities) issuable upon exercise of any
Warrants shall be duly authorized and, when issued upon such exercise, shall be
validly issued and, in the case of shares, fully paid and nonassessable with no
liability on the part of the holders thereof.

            12. Registration and Transfer of Warrants, etc.

            12.1. Warrant Register; Ownership of Warrants. The Company will keep
at its principal office a register in which the Company will provide for the
registration of Warrants and the registration of transfers of Warrants. The
Company may treat the Person in whose name any Warrant is registered on such
register as the owner thereof for all other purposes, and the Company shall not
be affected by any notice to the contrary, except that, if and when any Warrant
is properly assigned in blank, the Company

                                       15
<PAGE>

may (but shall not be obligated to) treat the bearer thereof as the owner of
such Warrant for all purposes. Subject to section 9, a Warrant, if properly
assigned, may be exercised by a new holder without a new Warrant first having
been issued.

            12.2. Transfer and Exchange of Warrants. Upon surrender of any
Warrant for registration of transfer or for exchange to the Company at its
principal office, the Company at its expense will (subject to compliance with
section 9, if applicable) execute and deliver in exchange therefor a new Warrant
or Warrants of like tenor, in the name of such holder or as such holder (upon
payment by such holder of any applicable transfer taxes) may direct, calling in
the aggregate on the face or faces thereof for the number of shares of Common
Stock called for on the face or faces of the Warrant or Warrants so surrendered.

            12.3. Replacement of Warrants. Upon receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of any
Warrant and, in the case of any such loss, theft or destruction of any Warrant,
upon delivery of an indemnity bond in such reasonable amount as the Company may
determine or, in the case of any such mutilation, upon the surrender of such
Warrant for cancellation to the Company at its principal office, the Company at
its expense will execute and deliver, in lieu thereof, a new Warrant of like
tenor.

            13. Definitions. As used herein, unless the context otherwise
requires, the following terms have the following respective meanings:

            Additional Shares of Common Stock: All shares (including treasury
shares) of Common Stock issued or sold (or, pursuant to section 2.3 or 2.4,
deemed to be issued) by the Company after the date hereof, whether or not
subsequently reacquired or retired by the Company, other than

            (a) shares issued upon the exercise of the Warrants,

            (b) not to exceed 20,000 shares (as constituted on such date) issued
      upon the exercise of options granted or to be granted under the Company's
      stock option plans as in effect on the date hereof or under any other
      employee stock option or purchase plan or plans adopted or assumed after
      such date that represent 20% of the fully-diluted ownership of the Company
      and 25% of the currently outstanding ownership of the Company as of the
      date herein.

                                       16
<PAGE>

            (c) such additional number of shares as may become issuable upon the
      exercise of any of the securities referred to in the foregoing clauses (a)
      and (b) by reason of adjustments required pursuant to anti-dilution
      provisions applicable to such securities as in effect on the date hereof,
      but only if and to the extent that such adjustments are required as the
      result of the original issuance of the Warrants, and

            (d) such additional number of shares as may become issuable upon the
      exercise of any of the securities referred to in the foregoing clauses (a)
      and (b) by reason of adjustments required pursuant to anti-dilution
      provisions applicable to such securities as in effect on the date hereof,
      in order to reflect any subdivision or combination of Common Stock, by
      reclassification or otherwise, or any dividend on Common Stock payable in
      Common Stock.

            Business Day: Any day other than a Saturday or a Sunday or a day on
which commercial banking institutions in the City of New York are authorized by
law to be closed. Any reference to "days" (unless Business Days are specified)
shall mean calendar days.

            Commission: The Securities and Exchange Commission or any other
federal agency at the time administering the Securities Act.

            Common Stock: As defined in the introduction to this Warrant, such
term to include any stock into which such Common Stock shall have been changed
or any stock resulting from any reclassification of such Common Stock, and all
other stock of any class or classes (however designated) of the Company the
holders of which have the right, without limitation as to amount, either to all
or to a share of the balance of current dividends and liquidating dividends
after the payment of dividends and distributions on any shares entitled to
preference.

            Company: As defined in the introduction to this Warrant, such term
to include any corporation which shall succeed to or assume the obligations of
the Company hereunder in compliance with section 3.

            Convertible Securities: Any evidences of indebtedness, shares of
stock (other than Common Stock) or other securities directly or indirectly
convertible into or exchangeable for Additional Shares of Common Stock.

                                       17
<PAGE>

            Current Market Price: On any date specified herein, the average
daily Market Price during the period of the most recent 20 days, ending on such
date, on which the national securities exchanges were open for trading, except
that if no Common Stock is then listed or admitted to trading on any national
securities exchange or quoted in the over-the-counter market, the Current Market
Price shall be the Market Price on such date.

            Exchange Act: The Securities Exchange Act of 1934, or any similar
federal statute, and the rules and regulations of the Commission thereunder, all
as the same shall be in effect at the time.

            Market Price: On any date specified herein, the amount per share of
the Common Stock, equal to (a) the last sale price of such Common Stock, regular
way, on such date or, if no such sale takes place on such date, the average of
the closing bid and asked prices thereof on such date, in each case as
officially reported on the principal national securities exchange on which such
Common Stock is then listed or admitted to trading, or (b) if such Common Stock
is not then listed or admitted to trading on any national securities exchange
but is designated as a national market system security by the NASD, the last
trading price of the Common Stock on such date, or (c) if there shall have been
no trading on such date or if the Common Stock is not so designated, the average
of the closing bid and asked prices of the Common Stock on such date as shown by
the NASD automated quotation system, or (d) if such Common Stock is not then
listed or admitted to trading on any national exchange or quoted in the
over-the-counter market, the value as determined by a firm of independent public
accountants of recognized standing selected by the Board of Directors of the
Company, and approved by the Holder, as of the last day of any month ending
within 30 days preceding the date as of which the determination is to be made.

            NASD: The National Association of Securities Dealers, Inc.

            Note: The 9% Senior Convertible Promissory Note, due September 30,
1999, of the Company originally issued to the Holder, such term to include any
such notes issued in substitution for such note.

            Options: Rights, options or warrants to subscribe for, purchase or
otherwise acquire either Additional Shares of Common Stock or Convertible
Securities.

            Other Securities: Any stock (other than Common Stock) and other
securities of the Company or any other Person (corporate or otherwise) which the

                                       18
<PAGE>

holders of the Warrants at any time shall be entitled to receive, or shall have
received, upon the exercise of the Warrants, in lieu of or in addition to Common
Stock, or which at any time shall be issuable or shall have been issued in
exchange for or in replacement of Common Stock or Other Securities pursuant to
section 3 or otherwise.

            Person: A corporation, an association, a limited liability company,
a partnership, an organization, a business, an individual, a government or
political subdivision thereof or a governmental agency.

            Securities Act: The Securities Act of 1933, or any similar federal
statute, and the rules and regulations of the Commission thereunder, all as the
same shall be in effect at the time.

            Transfer: Any sale, assignment, pledge or other disposition of any
security, or of any interest therein, which could constitute a "sale" as that
term is defined in section 2(3) of the Securities Act.

            Warrant Price: As defined in section 2.1.

            Warrants: As defined in the introduction to this Warrant.

            14. Remedies. The Company stipulates that the remedies at law of the
holder of this Warrant in the event of any default or threatened default by the
Company in the performance of or compliance with any of the terms of this
Warrant are not and will not be adequate and that, to the fullest extent
permitted by law, such terms may be specifically enforced by a decree for the
specific performance of any agreement contained herein or by an injunction
against a violation of any of the terms hereof or otherwise.

            15. No Rights or Liabilities as Stockholder. Nothing contained in
this Warrant shall be construed as conferring upon the holder hereof any rights
as a stockholder of the Company or as imposing any obligation on such holder to
purchase any securities or as imposing any liabilities on such holder as a
stockholder of the Company, whether such obligation or liabilities are asserted
by the Company or by creditors of the Company.

            16. Notices. All notices and other communications under this Warrant
shall be in writing and shall be delivered, or mailed by registered or certified
mail, return receipt requested, by a nationally recognized overnight courier,
postage prepaid,

                                       19
<PAGE>

addressed (a) if to any holder of any Warrant, at the registered address of such
holder as set forth in the register kept at the principal office of the Company,
or (b) if to the Company, to the attention of its President at its principal
office, provided that the exercise of any Warrant shall be effective in the
manner provided in section 1.

            17. Amendments. This Warrant and any term hereof may be changed,
waived, discharged or terminated only by an instrument in writing signed by the
party against which enforcement of such change, waiver, discharge or termination
is sought.

            18. Expiration. The Company will give the holder of this Warrant not
less than six weeks nor more than two months notice of the expiration of the
right to exercise this Warrant. The right to exercise this Warrant shall expire
at 5:00 P.M., New York City time, on March 31, 2007, unless the Company shall
fail to give such notice as aforesaid, in which event the right to exercise this
Warrant shall not expire until a date six weeks after the date on which the
Company shall give the holder hereof notice of the expiration of the right to
exercise this Warrant.

            19. Descriptive Headings. The headings in this Agreement are for
purposes of reference only and shall not limit or otherwise affect the meaning
hereof.

            20. GOVERNING LAW. THIS WARRANT SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAW OF
THE STATE OF DELAWARE, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS.

            21. Judicial Proceedings; Waiver of Jury. Any judicial proceeding
brought against the Company with respect to this Warrant may be brought in any
court of competent jurisdiction in the State of New York or of the United States
of America for the Southern District of New York and, by execution and delivery
of this Agreement, the Company (a) accepts, generally and unconditionally, the
nonexclusive jurisdiction of such courts and any related appellate court, and
irrevocably agrees to be bound by any judgment rendered thereby in connection
with this Warrant, subject to any rights of appeal, and (b) irrevocably waives
any objection the Company may now or hereafter have as to the venue of any such
suit, action or proceeding brought in such a court or that such court is an
inconvenient forum. The Company hereby waives personal service of process and
consents that service of process upon it may be made by certified or registered
mail, return receipt requested, at its address specified or determined in
accordance with the provisions of section 16, and service so made shall be
deemed

                                       20
<PAGE>

completed on the third Business Day after such service is deposited in the mail
or, if earlier, when delivered. Nothing herein shall affect the right to serve
process in any other manner permitted by law or shall limit the right of any
holder of any Warrant to bring proceedings against the Company in the courts of
any other jurisdiction. THE COMPANY HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL
PROCEEDING INVOLVING, DIRECTLY, OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN
TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED
WITH THIS WARRANT OR THE RELATIONSHIP ESTABLISHED HEREUNDER.

                                         CYBER DIALOGUE INC.

                                         By:    /s/ C. Andrew Watt
                                            ---------------------------------
                                          Title:    CFO

                                       21
<PAGE>

                              FORM OF SUBSCRIPTION

                 [To be executed only upon exercise of Warrant]

To Cyber Dialogue Inc.

The undersigned registered holder of the within Warrant hereby irrevocably
exercises such Warrant for, and purchases thereunder, ______* shares of Common
Stock of Cyber Dialogue Inc. and herewith makes payment of $ therefor, and
requests that the certificates for such shares be issued in the name of, and
delivered to _________________, whose address is
_____________________________________.

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

                               _________________________________________________
                                           (Street Address)

                               _________________________________________________
                                        (City)(State)(Zip Code)

----------
*     Insert here the number of shares called for on the face of this Warrant
      (or, in the case of a partial exercise, the portion thereof as to which
      this Warrant is being exercised), in either case without making any
      adjustment for Additional Shares of Common Stock or any other stock or
      other securities or property or cash which, pursuant to the adjustment
      provisions of this Warrant, may be delivered upon exercise. In the case of
      partial exercise, a new Warrant or Warrants will be issued and delivered,
      representing the unexercised portion of the Warrant, to the holder
      surrendering the Warrant.

                                       22
<PAGE>

                               FORM OF ASSIGNMENT

                 [To be executed only upon transfer of Warrant]

For value received, the undersigned registered holder of the within Warrant
hereby sells, assigns and transfers unto _____________________ the right
represented by such Warrant to purchase ___________ shares of Common Stock of
Cyber Dialogue Inc. to which such Warrant relates, and appoints ________________
Attorney to make such transfer on the books of Cyber Dialogue Inc. maintained
for such purpose, 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 Warrant)

                               _________________________________________________
                                           (Street Address)

                               _________________________________________________
                                        (City)(State)(Zip Code)

Signed in the presence of:

____________________________________

                                       23

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