Document:

<PAGE>   1
                                  FLASHCOM, INC.                       EXH. 10.4
                          EMPLOYEE STOCK PURCHASE PLAN

        This EMPLOYEE STOCK PURCHASE PLAN (the "Plan") is hereby established by
FLASHCOM, INC., a Delaware corporation (the "Company") effective [June] __, 2000
(the "Effective Date").

                                    ARTICLE I
                               PURPOSE OF THE PLAN

        1.1 PURPOSE. The Company has determined that it is in its best interest
to provide incentives to attract and retain employees and to increase employee
morale by providing a program through which employees of the Company, and of
such of the Company's subsidiaries as the Company's Board of Directors (the
"Board of Directors") may from time to time designate (each a "Designated
Subsidiary", and collectively, "Designated Subsidiaries"), may acquire a
proprietary interest in the Company through the purchase of shares of the common
stock of the Company ("Company Stock"). The Plan is hereby established by the
Company to permit employees to subscribe for and purchase directly from the
Company shares of the Company Stock at a discount from the market price, and to
pay the purchase price in installments by payroll deductions. The Plan is
intended to qualify as an "employee stock purchase plan" under Section 423 of
the Internal Revenue Code of 1986, as amended from time to time (the "Code").
The provisions of the Plan are to be construed in a matter consistent with the
requirements of Section 423 of the Code. The Plan is not intended to be an
employee benefit plan under the Employee Retirement Income Security Act of 1974,
and therefore is not required to comply with that Act.

                                   ARTICLE II
                                   DEFINITIONS

        2.1 COMPENSATION. "Compensation" means the amount indicated on the Form
W-2, including any elective deferrals with respect to a plan of the Company
qualified under either Section 125 or Section 401(a) of the Code, issued to an
employee by the Company.

        2.2 EMPLOYEE. "Employee" means each person currently employed by the
Company or any of its Designated Subsidiaries, any portion of whose income is
subject to withholding of income tax or for whom Social Security retirement
contributions are made by the Company or any Designated Subsidiary.

        2.3 EFFECTIVE DATE. "Effective Date" means the effective date of the
Company's first Registration Statement filed with the Securities and Exchange
Commission registering Company Stock.

        2.4 5% OWNER. "5% Owner" means an Employee who, immediately after the
grant of any rights under the Plan, would own Company Stock or hold outstanding
options to purchase Company Stock possessing 5% or more of the total combined
voting power of all classes of stock of

                                       1
<PAGE>   2

the Company. For purposes of this Section, the ownership attribution rules of
Code Section 425(d) shall apply.

        2.5 GRANT DATE. "Grant Date" means the first day of each Offering Period
(July 1 and January 1) under the Plan. However, for the first Offering Period,
the Grant Date shall be the Effective Date.

        2.6 PARTICIPANT. "Participant" means an Employee who has satisfied the
eligibility requirements of Section 3.1 and has become a participant in the Plan
in accordance with Section 3.2.

        2.7 PLAN YEAR. "Plan Year" means the twelve consecutive month period
ending on the last day of October.

        2.8 OFFERING PERIOD. "Offering Period" means the six-month periods from
January 1 through June 30 and July 1 through December 31 of each Plan Year.
However, the first Offering Period shall commence on the Effective Date and end
December 31, 2000 regardless of whether such initial Offering Period is more or
less than six months.

        2.9 PURCHASE DATE. "Purchase Date" means the last day of each Offering
Period (June 30 or December 31).

                                   ARTICLE III
                          ELIGIBILITY AND PARTICIPATION

        3.1 ELIGIBILITY. Each Employee of the Company, or any Designated
Subsidiary, who, on the Grant Date, is customarily engaged on a
regularly-scheduled basis of more than twenty (20) hours per week and who has
been employed for at least ninety (90) days (or, for the initial Offering Period
only, such Employees who are employed on the Effective Date) in the rendition of
personal services to the Company, or any Designated Subsidiary, may become a
Participant in the Plan on the Grant Date coincident with or next following his
satisfaction of such requirements of employment with the Company or any
Designated Subsidiary.

        3.2 PARTICIPATION. An Employee who has satisfied the eligibility
requirements of Section 3.1 may become a Participant in the Plan upon his
completion and delivery to the Human Resources Department of the Company of a
stock purchase agreement provided by the Company (the "Stock Purchase
Agreement") authorizing payroll deductions. Payroll deductions for a Participant
shall commence on the Grant Date coincident with or next following the filing of
the Participant's Stock Purchase Agreement and shall remain in effect until
revoked by the Participant by the filing of a notice of withdrawal from the Plan
under Article VIII or by the filing of a new Stock Purchase Agreement providing
for a change in the Participant's payroll deduction rate under Section 5.2.

                                       2
<PAGE>   3

        3.3 SPECIAL RULES. Under no circumstances shall:

               (a) A 5% Owner be granted a right to purchase Company Stock under
the Plan;

               (b) A Participant be entitled to purchase Company Stock under the
Plan which, when aggregated with all other employee stock purchase plans of the
Company, exceed an amount equal to the Aggregate Maximum. "Aggregate Maximum"
means an amount equal to $_____ worth of Company Stock (determined using the
fair market value of such Company Stock at each applicable Grant Date) during
each calendar year; or

               (c) The number of shares of Company Stock purchasable by a
Participant on any Purchase Date shall not exceed ________ shares, subject to
periodic adjustments under Section 10.4.

                                   ARTICLE IV
                                OFFERING PERIODS

        4.1 OFFERING PERIODS. The initial grant of the right to purchase Company
Stock under the Plan shall occur on the Effective Date and terminate on December
31, 2000. Thereafter, the Plan shall provide for Offering Periods commencing on
each Grant Date and terminating on the next following Purchase Date.

                                    ARTICLE V
                               PAYROLL DEDUCTIONS

        5.1 PARTICIPANT ELECTION. Upon completion of the Stock Purchase
Agreement, each Participant shall designate the amount of payroll deductions to
be made from his or her paycheck to purchase Company Stock under the Plan. The
amount of payroll deductions shall be designated in whole percentages of
Compensation, not to exceed 20%. The amount so designated upon the Stock
Purchase Agreement shall be effective as of the next Grant Date and shall
continue until terminated or altered in accordance with Section 5.2 below.

        5.2 CHANGES IN ELECTION. A Participant may terminate participation in
the Plan at any time prior to the close of an Offering Period as provided in
Article VIII. A Participant may decrease the rate of payroll deductions once
during each Offering Period by completing and delivering to the Human Resources
Department of the Company a new Stock Purchase Agreement setting forth the
desired change. A Participant may also terminate payroll deductions and have
accumulated deductions for the Offering Period applied to the purchase of
Company Stock as of the next Purchase Date by completing and delivering to the
Human Resources Department a new Stock Purchase Agreement setting forth the
desired change. Any change under this Section shall become effective on the next
payroll period (to the extent practical under the Company's payroll practices)
following the delivery of the new Stock Purchase Agreement.

        5.3 PARTICIPANT ACCOUNTS. The Company shall establish and maintain a
separate account ("Account") for each Participant. The amount of each
Participant's payroll deductions shall be credited to his Account. No interest
will be paid or allowed on amounts credited to a Participant's Account. All
payroll deductions received by the Company under the Plan are general corporate

                                       3
<PAGE>   4

assets of the Company and may be used by the Company for any corporate purpose.
The Company is not obligated to segregate such payroll deductions.

                                   ARTICLE VI
                            GRANT OF PURCHASE RIGHTS

        6.1 RIGHT TO PURCHASE SHARES. On each Grant Date, each Participant shall
be granted a right to purchase at the price determined under Section 6.2 that
number of shares and partial shares of Company Stock that can be purchased or
issued by the Company based upon that price with the amounts held in his
Account, subject to the limits set forth in Section 3.3. In the event that there
are amounts held in a Participant's Account that are not used to purchase
Company Stock, such amounts shall remain in the Participant's Account and shall
be eligible to purchase Company Stock in any subsequent Offering Period.

        6.2 PURCHASE PRICE. The purchase price for any Offering Period shall be
the lesser of:

               (a) 85% of the Fair Market Value of Company Stock on the Grant
Date; or

               (b) 85% of the Fair Market Value of Company Stock on the Purchase
Date.

        6.3 FAIR MARKET VALUE. "Fair Market Value" means for the initial Grant
Date (which is the Effective Date), the price per share at which the Common
Stock is to be sold to the public in the initial public offering of the Common
Stock. For any subsequent date thereafter, "Fair Market Value" shall mean the
value of one share of Company Stock, determined as follows:

               (a) If the Company Stock is then listed or admitted to trading on
the Nasdaq National Market System or a stock exchange which reports closing sale
prices, the Fair Market Value shall be the closing sale price on the date of
valuation on the Nasdaq National Market System or principal stock exchange on
which the Company Stock is then listed or admitted to trading, or, if no closing
sale price is quoted or no sale takes place on such day, then the Fair Market
Value shall be the closing sale price of the Company Stock on the Nasdaq
National Market System or such exchange on the next preceding day on which a
sale occurred.

               (b) If the Company Stock is not then listed or admitted to
trading on the Nasdaq National Market System or a stock exchange which reports
closing sale prices, the Fair Market Value shall be the average of the closing
bid and asked prices of the Company Stock in the over-the-counter market on the
date of valuation.

               (c) If neither (a) nor (b) is applicable as of the date of
valuation, then the Fair Market Value shall be determined by the Administrator
in good faith using any reasonable method of valuation, which determination
shall be conclusive and binding on all interested parties.

                                       4
<PAGE>   5

                                   ARTICLE VII
                                PURCHASE OF STOCK

        7.1 PURCHASE OF COMPANY STOCK. Absent an election by the Participant to
terminate and have his or her Account returned, on each Purchase Date, the Plan
shall purchase on behalf of each Participant the maximum number of whole shares
of Company Stock at the purchase price determined under Section 6.2 above as can
be purchased with the amounts held in each Participant's Account. In the event
that there are amounts held in a Participant's Account that are not used to
purchase Company Stock, all such amounts shall be held in the Participant's
Account and carried forward to the next Offering Period.

        7.2 DELIVERY OF COMPANY STOCK.

               (a) Company Stock acquired under the Plan may either be issued
directly to Participants or may be issued to a contract administrator
("Administrator") engaged by the Company to administer the Plan under Article
IX. If the Company Stock is issued in the name of the Administrator, all Company
Stock so issued ("Plan Held Stock") shall be held in the name of the
Administrator for the benefit of the Plan. The Administrator shall maintain
accounts for the benefit of the Participants which shall reflect each
Participant's interest in the Plan Held Stock. Such accounts shall reflect the
number of whole and partial shares of Company Stock that are being held by the
Administrator for the benefit of each Participant.

               (b) Any Participant may elect to have the Company Stock purchased
under the Plan from his or her Account be issued directly to the Participant.
Any election under this paragraph shall be on the forms provided by the Company
and shall be issued in accordance with paragraph (c) below.

               (c) In the event that Company Stock under the Plan is issued
directly to a Participant, the Company will deliver to each Participant a stock
certificate or certificates issued in his name for the number of shares of
Company Stock purchased as soon as practicable after the Purchase Date. Where
Company Stock is issued under this paragraph, only full shares of stock will be
issued to a Participant. The time of issuance and delivery of shares may be
postponed for such period as may be necessary to comply with the registration
requirements under the Securities Act of 1933, as amended, the listing
requirements of any securities exchange on which the Company Stock may then be
listed, or the requirements under other laws or regulations applicable to the
issuance or sale of such shares.

                                  ARTICLE VIII
                                   WITHDRAWAL

        8.1 IN SERVICE WITHDRAWALS. At any time prior to the Purchase Date of an
Offering Period, any Participant may withdraw the amounts held in his Account by
executing and delivering to the Human Resources Department for the Company
written notice of withdrawal on the form provided by the Company. In such a
case, the entire balance of the Participant's Account shall be paid to the
Participant, without interest, as soon as is practicable. Upon such
notification, the Participant shall cease to participate in the Plan for the
remainder of the Offering Period in which the notice is given. Any Employee who
has withdrawn under this Section shall be excluded from participation in the
Plan for the remainder of the Offering Period, but may then be reinstated as a

                                       5
<PAGE>   6

participant for a subsequent Offering Period by executing and delivering a new
Stock Purchase Agreement to the Human Resources Department of the Company.

        8.2 TERMINATION OF EMPLOYMENT.

               (a) In the event that a Participant's employment with the Company
terminates for any reason, the Participant shall cease to participate in the
Plan on the date of termination. As soon as is practical following the date of
termination, the entire balance of the Participant's Account shall be paid to
the Participant or his beneficiary, without interest.

               (b) A Participant may file a written designation of a beneficiary
who is to receive any shares of Company Stock purchased under the Plan or any
cash from the Participant's Account in the event of his or her death subsequent
to a Purchase Date, but prior to delivery of such shares and cash. In addition,
a Participant may file a written designation of a beneficiary who is to receive
any cash from the Participant's Account under the Plan in the event of his death
prior to a Purchase Date under paragraph (a) above.

               (c) Any beneficiary designation under paragraph (b) above may be
changed by the Participant at any time by written notice. In the event of the
death of a Participant, the Committee may rely upon the most recent beneficiary
designation it has on file as being the appropriate beneficiary. In the event of
the death of a Participant where no valid beneficiary designation exists or the
beneficiary has predeceased the Participant, the Committee shall deliver any
cash or shares of Company Stock to the executor or administrator of the estate
of the Participant, or if no such executor or administrator has been appointed
to the knowledge of the Committee, the Committee, in its sole discretion, may
deliver such shares of Company Stock or cash to the spouse or any one or more
dependents or relatives of the Participant, or if no spouse, dependent or
relative is known to the Committee, then to such other person as the Committee
may designate.

                                   ARTICLE IX
                               PLAN ADMINISTRATION

        9.1 PLAN ADMINISTRATION.

               (a) Authority to control and manage the operation and
administration of the Plan shall be vested in the Board of Directors (the
"Board") for the Company, or a committee ("Committee") thereof. The Board or
Committee shall have all powers necessary to supervise the administration of the
Plan and control its operations.

               (b) In addition to any powers and authority conferred on the
Board or Committee elsewhere in the Plan or by law, the Board or the Committee
shall have the following powers and authority:

                      (i) To designate agents to carry out responsibilities
relating to the Plan;

                                       6
<PAGE>   7

                      (ii) To administer, interpret, construe and apply this
Plan and to answer all questions which may arise or which may be raised under
this Plan by a Participant, his beneficiary or any other person whatsoever;

                      (iii) To establish rules and procedures from time to time
for the conduct of its business and for the administration and effectuation of
its responsibilities under the Plan; and

                      (iv) To perform or cause to be performed such further acts
as it may deem to be necessary, appropriate, or convenient for the operation of
the Plan.

               (c) Any action taken in good faith by the Board or Committee in
the exercise of authority conferred upon it by this Plan shall be conclusive and
binding upon a Participant and his beneficiaries. All discretionary powers
conferred upon the Board shall be absolute.

        9.2 LIMITATION ON LIABILITY. No Employee of the Company nor member of
the Board or Committee shall be subject to any liability with respect to his
duties under the Plan unless the person acts fraudulently or in bad faith. To
the extent permitted by law, the Company shall indemnify each member of the
Board or Committee, and any other Employee of the Company with duties under the
Plan who was or is a party, or is threatened to be made a party, to any
threatened, pending or completed proceeding, whether civil, criminal,
administrative, or investigative, by reason of the person's conduct in the
performance of his duties under the Plan.

                                    ARTICLE X
                                  COMPANY STOCK

        10.1 LIMITATIONS ON PURCHASE OF SHARES. The maximum number of shares of
Company Stock that shall be made available for sale under the Plan shall be one
million five hundred thousand (1,500,000) shares, subject to adjustment under
Section 10.4 below. The shares of Company Stock to be sold to Participants under
the Plan will be issued by the Company. If the total number of shares of Company
Stock that would otherwise be issuable pursuant to rights granted pursuant to
Section 6.1 of the Plan at the Purchase Date exceeds the number of shares then
available under the Plan, the Company shall make a pro rata allocation of the
shares remaining available in as uniform and equitable manner as is practicable.
In such event, the Company shall give written notice of such reduction of the
number of shares to each participant affected thereby and any unused payroll
deductions shall be returned to such participant if necessary.

        10.2 VOTING COMPANY STOCK. The Participant will have no interest or
voting right in shares to be purchased under Section 6.1 of the Plan until such
shares have been purchased.

        10.3 REGISTRATION OF COMPANY STOCK. Shares to be delivered to a
Participant under the Plan will be registered in the name of the Participant
unless designated otherwise by the Participant.

        10.4 CHANGES IN CAPITALIZATION OF THE COMPANY. Subject to any required
action by the stockholders of the Company, the number of shares of Company Stock
covered by each right under the Plan which has not yet been exercised and the
number of shares of Company Stock which have been authorized for issuance under
the Plan but have not yet been placed under rights or which have been returned
to the Plan upon the cancellation of a right, as well as the Purchase Price per
share of Company Stock covered by each right under the Plan which has not yet
been exercised, shall be

                                       7
<PAGE>   8

proportionately adjusted for any increase or decrease in the number of issued
shares of Company Stock resulting from a stock split, stock dividend, spin-off,
reorganization, recapitalization, merger, consolidation, exchange of shares or
the like. Such adjustment shall be made by the Board of Directors for the
Company, whose determination in that respect shall be final, binding and
conclusive. Except as expressly provided herein, no issue by the Company of
shares of stock of any class, or securities convertible into shares of stock of
any class, shall affect, and no adjustment by reason thereof shall be made with
respect to, the number or price of shares of Company Stock subject to any right
granted hereunder.

        10.5 MERGER OF COMPANY. In the event that the Company at any time
proposes to merge into, consolidate with or enter into any other reorganization
pursuant to which the Company is not the surviving entity (including the sale of
substantially all of its assets or a "reverse" merger in which the Company is
the surviving entity), the Plan shall terminate, unless provision is made in
writing in connection with such transaction for the continuance of the Plan and
for the assumption of rights theretofore granted, or the substitution for such
rights of new rights covering the shares of a successor corporation, with
appropriate adjustments as to number and kind of shares and prices, in which
event the Plan and the rights theretofore granted or the new rights substituted
therefor, shall continue in the manner and under the terms so provided. If such
provision is not made in such transaction for the continuance of the Plan and
the assumption of rights theretofore granted or the substitution for such rights
of new rights covering the shares of a successor corporation, then the Board of
Directors or its committee shall cause written notice of the proposed
transaction to be given to the persons holding rights not less than 10 days
prior to the anticipated effective date of the proposed transaction, and,
concurrent with the effective date of the proposed transaction, such rights
shall be exercised automatically in accordance with Section 7.1 as if such
effective date were a Purchase Date of the applicable Offering Period unless a
Participant withdraws from the Plan as provided in Section 8.1.

                                   ARTICLE XI
                              MISCELLANEOUS MATTERS

        11.1 AMENDMENT AND TERMINATION. The Plan shall terminate on January 1,
20__. Since future conditions affecting the Company cannot be anticipated or
foreseen, the Company reserves the right to amend, modify, or terminate the Plan
at any time. Upon termination of the Plan, all benefits shall become payable
immediately. Notwithstanding the foregoing, no such amendment or termination
shall affect rights previously granted, nor may an amendment make any change in
any right previously granted which adversely affects the rights of any
Participant. In addition, no amendment may be made without prior approval of the
stockholders of the Company if such amendment would:

               (a) Increase the number of shares of Company Stock that may be
issued under the Plan;

               (b) Materially modify the requirements as to eligibility for
participation in the Plan; or

               (c) Materially increase the benefits which accrue to Participants
under the Plan.

                                       8
<PAGE>   9

        11.2 STOCKHOLDER APPROVAL. Continuance of the Plan and the effectiveness
of any right granted hereunder shall be subject to approval by the stockholders
of the Company, within twelve months before or after the date the Plan is
adopted by the Board.

        11.3 BENEFITS NOT ALIENABLE. Benefits under the Plan may not be assigned
or alienated, whether voluntarily or involuntarily. Any attempt at assignment,
transfer, pledge or other disposition shall be without effect, except that the
Company may treat such act as an election to withdraw funds in accordance with
Article VIII.

        11.4 NO ENLARGEMENT OF EMPLOYEE RIGHTS. This Plan is strictly a
voluntary undertaking on the part of the Company and shall not be deemed to
constitute a contract between the Company and any Employee or to be
consideration for, or an inducement to, or a condition of, the employment of any
Employee. Nothing contained in the Plan shall be deemed to give the right to any
Employee to be retained in the employ of the Company or to interfere with the
right of the Company to discharge any Employee at any time.

        11.5 GOVERNING LAW. To the extent not preempted by Federal law, all
legal questions pertaining to the Plan shall be determined in accordance with
the laws of the State of Delaware.

        11.6 NON-BUSINESS DAYS. When any act under the Plan is required to be
performed on a day that falls on a Saturday, Sunday or legal holiday, that act
shall be performed on the next succeeding day which is not a Saturday, Sunday or
legal holiday. Notwithstanding the above, Fair Market Value shall be determined
in accordance with Section 6.3.

        11.7 COMPLIANCE WITH SECURITIES LAWS. Notwithstanding any provision of
the Plan, the Committee shall administer the Plan in such a way to ensure that
the Plan at all times complies with any requirements of Federal Securities Laws.
For example, affiliates may be required to make irrevocable elections in
accordance with the rules set forth under Section 16b-3 of the Securities
Exchange Act of 1934.

                                       9<PAGE>   1
                                                                    Exhibit 10.5

                             [FLASHCOM LETTERHEAD]

M. Wayne Boylston
244 Unity Drive
Marietta, Georgia 30064

Dear Wayne:

        We are pleased to offer you a position with Flashcom, Inc. (the
"Company") as its Chief Financial Officer. You will be primarily responsible for
all aspects of the Company's accounting, finance and tax returns, investor
relations and you will assist from time to time with various corporate legal
matters and mergers and acquisitions. You will be expected to perform your
principal service to the Company in Orange County, California.

        You will receive salary at the rate of $200,000 per year, which will be
paid in accordance with the Company's normal payroll procedures. You will also
be entitled to a $75,000 interest-free loan payable to you after 30 days of
employment. If you voluntarily terminate your employment other than for good
reason (as hereinafter defined) within one year of the receipt of such loan, the
loan will be due and payable to the Company within 30 days of your termination
date. This loan will be forgiven upon the earlier to occur of (i) one year
following the date of receipt, or (ii) at such time as the Company should
terminate your employment without cause or you shall terminate your employment
with good reason. As used herein, the term "good reason" shall mean (x) your
assignment to duties inconsistent in any material respect with the duties set
forth in the first paragraph of this letter (it being agreed that employment as
the Company's Chief Financial Officer shall not be inconsistent with such
duties), (y) any failure by the Company to provide you with the compensation and
benefits set forth in this letter (other than failures not made in bad faith and
which are remedied by the Company within five (5) business days after notice
thereof) or (z) any failure by the Company to require any successor entity to
expressly assume and agree to perform the terms of this agreement. As used
herein, the term "cause" shall mean that you (i) commit a material breach of
your duty of loyalty to the Company; (ii) commit an act or fail to act, where
such act or failure to act constitutes intentional misconduct, a reckless
disregard of the consequences of such act or failure to act, or gross
negligence; (iii) commit a felony, or a misdemeanor involving moral turpitude,
or which subjects the Company or any subsidiary or affiliate to civil
liabilities or civil or criminal penalties or fines; or (iv) refuse or fail to
perform any or your material duties to the satisfaction of the Board of
Directors of the Company and such refusal or failure has continued after you
have received at least one (1) written warning specifically advising you of such
failure or refusal and the remedial actions which are necessary to be taken by
you and you have been given a reasonable time period after such warning to take
such remedial actions.

        In addition, you will be eligible to receive a bonus for $100,000 during
the first year of your employment with the Company. Such bonus shall be paid in
four quarterly installments on the last day of each quarter beginning with the
quarter ending June 30, 2000 based upon achievement of milestones to be agreed
upon by you and the Chief Executive Officer prior to the beginning of each such
quarter, provided that the first quarterly bonus shall be guaranteed. The
Company will reimburse you for moving expenses, commuting expenses to and from
Georgia and family travel in connection with house-hunting, in each case based
on receipts dated no later than twelve (12) months

<PAGE>   2

M. Wayne Boylston
February 25, 2000
Page 2 of 4

after the date of this letter, with such amounts being grossed-up so as to
provide for reimbursement in after-tax dollars up to $150,000, inclusive of such
tax gross-up. As a Company employee, you will also be eligible to receive the
medical insurance and other employee benefits generally available from time to
time to the highest tier of employees of the Company. Further, in connection
with your purchase of a home in Southern California, the Company will extend to
you a loan, secured by a second lien on the home you purchase, for up to
$250,000 at the minimum federal interest rate applicable at the time of your
purchase, or if not permissible by the lender, by other collateral acceptable to
you, the Company and the lender. The loan must be repaid upon the first to occur
of (i) 60 days following the closing of the sale by you of your home in Georgia,
(ii) 60 days following a liquidity event of the Company whereby you receive cash
proceeds of at least $250,000 (including an initial public offering of our
common stock or the sale of substantially all of our stock or assets), (iii)
twelve months following termination of your employment by the Company without
cause or by you for good reason, or (iv) six months following any other
termination of your employment with the Company. In addition, the Company agrees
to pay reasonable expenses, based on receipts which you provide to the Company,
of up to $3,000 a month toward the rent on your house in Southern California or,
if you purchase a house in California, the debt service on the mortgage, until
the earlier to occur of (a) the twelfth monthly installment made under such
arrangement (with aggregate payments not to exceed $36,000) or (b) the sale of
your house in Georgia.

        Also in connection with your employment, the Company will grant you the
right to purchase restricted shares of Common Stock equal to two percent (2%) of
the Company's currently outstanding shares of Common Stock on an as-converted
and fully diluted basis, or 1,476,129 shares (based on 31,707,379 shares of
Common Stock, 17,315,037 shares of Series A Preferred Stock (as converted),
12,927,108 shares of Series B Preferred Stock, 4,064,316 warrants to purchase
shares of Common Stock and 12,500,000 total shares reserved for issuance under
the Company's option plan). Your right to purchase shares of restricted stock
shall be at an exercise price of $4.00 per share, provided we receive from you a
countersigned copy of this letter accepting the terms of your employment by the
Company no later than 5:00 p.m. EST on Friday, February 25, 2000. The restricted
shares shall be issued to you pursuant to the terms and conditions contained in
the Company's standard form of restricted stock purchase agreement in
substantially the form enclosed for your reference, which provides for, among
other things, vesting of 25% of the shares after one year of employment and
monthly vesting thereafter until all shares become vested shares. In addition,
in the event of a Change of Control of the Company (as defined in the Plan), if
the Company or its successor elects to terminate its employment relationship
with you or if you terminate your employment for good reason, you will receive
accelerated vesting equal to twelve (12) months additional vesting. The Company
will offer you the option of paying the exercise price for your shares by any of
the methods set forth in Section 1 of the Company's restricted stock purchase
agreement, to the extent permitted by applicable laws.

        Your employment will commence promptly after you have served any
required notice period with your current employer, but in any event within 31
days following execution of this Agreement. You should be aware that your
employment with the Company is for no specified period and constitutes "at-will"
employment. As a result, you are free to resign at any time, for any reason or
for no reason. Similarly, the Company is free to conclude its employment
relationship with you at any time, with or without cause. However, if the
Company elects to terminate its employment relationship with you without cause,
or if you terminate your employment for good reason, you and

<PAGE>   3
M. Wayne Boylston
February 25, 2000
Page 3 of 4

the Company agree that you will sign a standard form of settlement agreement
stating the terms below and a general release, and in consideration therefore,
the Company will provide you a settlement of (i) acceleration of vesting equal
to the greater of (A) six (6) months additional vesting or (B) vesting through
the first twelve (12) month cliff of your vesting schedule, and (ii) six (6)
months salary. With respect to the shares that are to vest or the cash that is
to be paid to you pursuant to this paragraph, one-sixth of such shares or cash
shall vest or be paid to you, as the case may be, monthly, in each case subject
to your compliance with the terms of the settlement agreement.

        For purposes of federal immigration law, you will be required to provide
to the Company documentary evidence of your identity and eligibility for
employment in the United States. Such documentation must be provided to us
within three (3) business days of your date of hire, or our employment
relationship with you may be terminated.

        I have enclosed our standard Proprietary Information Agreement. If you
accept this offer, please return to me a signed copy of that agreement.

        In the event of any dispute or claim relating to or arising out of our
employment relationship, you and the Company agree that all such disputes shall
be fully and finally resolved by binding arbitration conducted by the American
Arbitration Association in Orange County, California.

        To indicate your acceptance of the Company's offer, please sign and date
this letter in the space provided below and return it to me. A duplicate
original is enclosed for your records. This letter, along with the agreement
relating to proprietary rights between you and the Company, set forth the terms
of your employment with the Company and supersede any prior representations or
agreements, whether written or oral. This letter may not be modified or amended
except by a written agreement, signed by the Company and by you.

<PAGE>   4
M. Wayne Boylston
February 25, 2000
Page 4 of 4

        We look forward to your joining the Flashcom team! Please acknowledge
your acceptance of this offer by returning a signed copy of this offer letter to
us by February 25, 2000, the date on which this offer expires.

        If you have any questions about the contents of this letter, or
employment at the Company, please feel free to contact me at 714-799-2365.

FLASHCOM, INC.

/s/ RICHARD RASMUS
-----------------------------------------
    Richard Rasmus
    President and Chief Executive Officer

AGREED TO AND ACCEPTED this
25th day to February, 2000.

/s/ M. WAYNE BOYLSTON
----------------------------------------
    M. Wayne Boylston

Enclosures:  Duplicate Original Letter
             Form of Stock Option Agreement
             Proprietary Information Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00009-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00009-of-00352.parquet"}]]