Document:

Exhibit 10.3

Neither the warrant represented by this certificate (the "Warrant") nor the
shares issuable upon exercise thereof (the "Warrant Shares") have been
registered under the Securities Act of 1933, as amended (the "Act"), or
registered or qualified under applicable state securities laws. Atlantic
Technology Ventures, Inc. (the "Company") is not required to give effect to any
transfer of the Warrant or the Warrant Shares unless (1) there is an effective
registration statement under the Act with respect to the Warrant or the Warrant
Shares, as applicable, and the Warrant or the Warrant Shares, as applicable, are
registered or qualified under applicable state securities laws, or (2) the
holder of the Warrant provides to the Company an opinion of counsel reasonably
acceptable to the Company to the effect that such transfer may be made without
registration under the Act and applicable state securities laws.

                       ATLANTIC TECHNOLOGY VENTURES, INC.
                               WARRANT CERTIFICATE

         This warrant certificate certifies that TeraComm Research, Inc., or its
permitted assigns (the "Holder"), is the owner of a warrant (the "Warrant")
entitling it at any time prior to the Expiration Date to purchase from Atlantic
Technology Ventures, Inc., a Delaware corporation (the "Company"), for a
purchase price of $8.975 per share (the "Exercise Price"), 200,000 shares of
common stock, par value $0.001 per share, of the Company (the "Common Stock";
those shares, "Warrant Shares"), the number of Warrant Shares and the Exercise
Price being subject to adjustment as provided herein.

         1. Exercise; Expiration Date. (a) The Warrant is exercisable, at the
option of the Holder, in whole or in part at any time after issuance and prior
to the Expiration Date upon surrender of this warrant certificate to the
Company, together with a duly completed Notice of Exercise in the form attached
hereto as Annex A and payment of an amount equal to the Exercise Price, on
condition that on the day this warrant certificate is surrendered to the Company
the Current Market Price of the Common Stock is at least $30. "Expiration Date"
means 5:00 p.m. New York time on May 12, 2003.

         2. Partial Exercise. The Warrant may be exercised in part by surrender
of this Warrant Certificate in the manner provided in Section 1, except that the
amount payable by the Holder on such partial exercise is the amount obtained by
multiplying the number of Warrant Shares designated by the Holder in the Notice
of Exercise by the Exercise Price then in effect. On any such partial exercise
the Company at its expense must forthwith issue and deliver to or upon the order
of the Holder a warrant certificate in the name of the Holder or as the Holder
(upon payment by the Holder of any applicable transfer taxes) requests
containing terms substantially identical to those contained in this Warrant
Certificate evidencing a warrant for a number of warrant shares equal to the
number of Warrant Shares remaining unpurchased.

         3. Registration and Transfer on Company Books. (a) Prior to due
presentment for registration of transfer of this warrant certificate or the
Warrant Shares, the Company may deem and treat the Holder as the absolute owner
thereof, regardless of any notice to the contrary.

               (b) The Company shall register upon its books any transfer of
this warrant certificate upon its surrender to the Company with a written
instrument of transfer duly executed

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by the Holder or by a duly authorized attorney. Upon registration of transfer,
the Company shall issue a new Warrant Certificate to the transferee and shall
cancel the surrendered Warrant Certificate.

               (c) Neither the Warrant nor the Warrant Shares have been
registered under the Securities Act of 1933, as amended (the "Act"), or
registered or qualified under applicable state securities laws. The Company is
not required to give effect to any transfer of the Warrant or the Warrant Shares
unless (1) there is an effective registration statement under the Act with
respect to the Warrant or the Warrant Shares, as applicable, and the Warrant or
the Warrant Shares, as applicable, are registered or qualified under applicable
state securities laws, or (2) the Holder provides to the Company an opinion of
counsel reasonably acceptable to the Company to the effect that such transfer
may be made without registration under the Act and applicable state securities
laws.

         4. Limited Transferability. The Holder may not without the prior
written consent of the Company transfer the Warrant or any Warrant Shares, which
consent may not be unreasonably withheld.

         5. Reservation of Shares. The Company shall at all times reserve and
keep available out of its authorized capital stock, solely for the purpose of
issue upon exercise of the Warrant, the number of shares of capital stock then
issuable upon the exercise of the Warrant. The Company shall upon issue cause
all Warrant Shares to be duly and validly issued and fully paid and
non-assessable and free from all taxes, liens and charges with respect to the
issue thereof, and shall cause the Warrant Shares to be listed on each national
securities exchange, if any, on which the other shares of Common Stock are then
listed.

         6. Loss or Mutilation. The Company shall execute and deliver a new
Warrant Certificate in lieu of one that has been lost, stolen, destroyed or
mutilated upon receipt by the Company of reasonable evidence of ownership and
either indemnity reasonably satisfactory to the Company (in the case of loss,
theft or destruction) or surrender and cancellation of a mutilated Warrant
Certificate.

         7. Adjustment of Purchase Price and Number of Warrant Shares. The
number of Warrant Shares and the Purchase Price are subject to adjustment as
follows:

(1)      If at any time after the date hereof the Company (A) declares a
         dividend or makes a distribution on its outstanding shares of Common
         Stock payable in shares of its capital stock, (B) subdivides its
         outstanding shares of Common Stock through stock split or otherwise,
         (C) combines its outstanding shares of Common Stock into a smaller
         number of shares of Common Stock, or issues by reclassification of its
         Common Stock (including any reclassification in connection with a
         consolidation or merger in which the Company is the continuing
         corporation) other securities of the Company, the number or nature, or
         both, of the Warrant Shares on the record date thereof (in the case of
         a dividend) or at the effective time thereof (in the case of a
         subdivision, combination or reclassification) will be adjusted so as to
         entitle the Holder to receive after such time the number and nature of
         Warrant Shares or other securities of the Company which the

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         Holder would have been entitled to receive by virtue of any of the
         events described above, had the Warrant been exercised immediately
         prior to such time.

(2)      If the Company issues rights, options or warrants or securities
         convertible into Common Stock to the holders of its shares of Common
         Stock generally, entitling them (for a period expiring within 45 days
         after the record date for such issuance) to subscribe for or purchase
         shares of Common Stock at a price per share which (together with the
         value of the consideration, if any, payable for such rights, options,
         warrants or convertible securities) is lower on the record date
         referred to below than the then Exercise Price, the number of Warrant
         Shares must be adjusted by multiplying the number of Warrant Shares
         immediately prior to that record date by a fraction, the numerator of
         which is the number of shares of Common Stock outstanding on that
         record date plus the number of additional shares of Common Stock
         offered for subscription or purchase, and the denominator of which is
         the number of shares of Common Stock outstanding on that record date
         plus the number of shares which the aggregate offering price of the
         total number of shares of Common Stock so offered would purchase at the
         then Exercise Price. Such an adjustment must be made whenever such
         rights, options, warrants or convertible securities are issued, and
         will become effective retroactively as of the record date for the
         determination of stockholders entitled to receive such rights, options,
         warrants or convertible securities, except that (A) on the expiration
         or termination of any such rights, options, warrants or convertible
         securities in respect of which any adjustments have been made pursuant
         to this Section 7(a)(2), the number of Warrant Shares in effect
         immediately prior to the time of such expiration or termination must
         forthwith be adjusted to the number that would have been obtained had
         the adjustments made upon the issue of such rights, options, warrants
         or convertible securities not been made, and (B) in the event that the
         exercise price or purchase price in respect of any such rights,
         options, warrants or convertible securities is increased or reduced,
         then for purposes of this Section 7(a)(2) such initial rights, options,
         warrants or convertible securities will be deemed to have been
         cancelled or terminated and new rights, options, warrants or
         convertible securities with the altered exercise or purchase price will
         be deemed to have been issued. If the exercise price or subscription
         price in respect of any such rights, options, warrants or convertible
         securities may be paid partly or entirely in a form other than cash,
         the value of this consideration must be determined in good faith by the
         Board of Directors of the Company, whose determination will be final,
         binding and conclusive on the Company and on the Holder.

(3)      If the Company distributes to all holders of shares of Common Stock, or
         all holders of Common Stock otherwise become entitled to receive shares
         of capital stock of the Company (other than dividends or distributions
         on its Common Stock referred to in Section 7(a)(1)), evidences of its
         indebtedness or rights, options, warrants or convertible securities
         providing the right to subscribe for or purchase any shares of the
         Company's capital stock or evidences of its indebtedness (other than
         any rights, options, warrants or convertible securities referred to in
         Section 7(a)(2)), then in each case the number of Warrant Shares shall
         thereafter be determined by multiplying the number of Warrant Shares
         prior thereto by a fraction, the numerator of which is the Current
         Market Price on the record date mentioned below in this Section
         7(a)(3), and the denominator of which is the Current Market Price on
         such record date minus the then fair value (as determined by

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         the Board of Directors of the Company, in good faith, whose
         determination will be final, binding and conclusive on the Company and
         the Holder) of the shares of the Company's capital stock other than
         Common Stock, evidences of indebtedness, or of such rights, options,
         warrants or convertible securities, distributed with respect to each
         share of Common Stock. Such adjustment must be made whenever any such
         distribution is made, and is effective retroactively as of the record
         date for the determination of stockholders entitled to receive such
         distribution.

(4)      In the event of any capital reorganization or any reclassification of
         the capital stock of the Company or in case of the consolidation or
         merger of the Company with another corporation (other than a
         consolidation or merger in which the outstanding shares of Common Stock
         are not converted into or exchanged for other rights or interests and
         other than a reclassification to which Section 7(a)(1)(D) applies), or
         in the case of any sale, transfer or other disposition to another
         corporation of all or substantially all the properties and assets of
         the Company, the Holder will thereafter be entitled to purchase (and it
         must be a condition to the consummation of such reorganization,
         reclassification, consolidation, merger, sale, transfer or other
         disposition that the Holder thereafter be entitled to purchase) the
         number and nature of shares of stock and other securities and property
         (including cash) which the Holder would have been entitled to receive
         had the Warrant been exercised immediately prior to the effective date
         of such reorganization, reclassification, consolidation, merger, sale,
         transfer or other disposition; and in any such case appropriate
         adjustments must be made in the application of the provisions of this
         Section 7 with respect to rights and interest thereafter of the Holder
         to the end that the provisions of this Section 7 thereafter be
         applicable, as near as reasonably may be, in relation to any shares or
         other property thereafter purchasable upon the exercise of the Warrant.
         The provisions of this Section 7(a)(4) are similarly apply to
         successive reorganizations, reclassifications, consolidations, mergers,
         sales, transfers or other dispositions.

(5)      Whenever the number of Warrant Shares purchasable upon the exercise of
         the Warrant is adjusted, as provided in this Section 7(a), the Exercise
         Price must be adjusted by multiplying the Exercise Price immediately
         prior to such adjustment by a fraction, the numerator of which is the
         number of Warrant Shares immediately prior to such adjustment, and the
         denominator of which is the number of Warrant Shares immediately
         thereafter.

               (b) In the event the Company declares a dividend, or makes a
distribution to the holders of shares of Common Stock generally, whether in
cash, property or assets of any kind, or any dividend payable in stock or
securities of any other issuer owned by the Company (excluding cash dividends
payable out of current or retained earnings declared from time to time by the
Company's Board of Directors or any dividend or distribution referred to in
Section 7(a)(1) or Section 7(a)(3)), the Exercise Price will be reduced, without
any further action by the parties hereto, by the Per Share Value (as hereinafter
defined) of the dividend. For purposes of this Section 7(b), the "Per Share
Value" of a cash dividend or other distribution shall be the dollar amount of
the distribution on each share of Common Stock and the "Per Share Value" of any
dividend or distribution other than cash is equal to the fair market value of
such non-cash distribution on each share of Common Stock as determined in good
faith by the Board

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of Directors of the Company, whose determination will be final, binding and
conclusive on the Company and the Holder.

               (c) If the Company at any time or from time to time issues any
shares of Common Stock or rights to acquire Common Stock (other than shares or
rights issued in any transactions covered by Section 7(a) or 7(b)), for a
consideration per share less than the Exercise Price in effect on the date of
such issue, then, forthwith upon such issue, the Exercise Price will be reduced
to a price determined by dividing (1) the sum of (A) the number of shares of
Common Stock outstanding immediately prior to such issue multiplied by the
Exercise Price in effect immediately prior to such issue, plus (B) the
consideration, if any, received by the Company upon such issue, by (2) the
number of shares of Common Stock outstanding immediately after such issue. In
addition to such adjustment to the Exercise Price, the number of Warrant Shares
will be increased to a number determined by dividing (x) the number of Warrant
Shares immediately prior to such issue, multiplied by the Exercise Price in
effect immediately prior to such issuance, by (y) the Exercise Price in effect
immediately after the foregoing adjustment. For the purpose of the above
determination, the following provisions are applicable:

(1)      If the Company in any manner issues any options, warrants or other
         rights to subscribe for or to purchase shares of Common Stock, then,
         for the purposes of this Section 7(c), (A) all shares which the holders
         of such rights will be entitled thereby to subscribe for or purchase
         will be deemed to be issued as of the date of issue of such rights, and
         (2) the minimum aggregate consideration payable pursuant to such rights
         for the shares covered thereby, plus the consideration, if any,
         received by the Company for such rights, will be deemed to be the
         consideration actually received by the Company (as of the date of the
         issue of such rights) for the issue of the total number of shares
         underlying such rights, except that (A) on the expiration or
         termination of any such options or rights in respect of which any
         adjustments are made pursuant to this Section 7(c)(1), the Exercise
         Price in effect immediately prior to the time of such expiration or
         termination will forthwith be adjusted to such Exercise Price as would
         have been obtained had the adjustments made upon the issue of such
         options or rights not been made and (B) in the event that the exercise
         price or purchase price in respect of any such options or rights is
         increased or reduced, then for purposes of this Section 7(c)(1) such
         initial option or right will be deemed to have been cancelled or
         terminated and a new option or right with the altered exercise or
         purchase price will be deemed to have been issued.

(2)      If the Company in any manner issues any securities or obligations
         directly or indirectly convertible into or exchangeable for shares of
         Common Stock, then, for the purposes of this Section 7(c), (A) all
         shares to which holders of such securities or obligations will thereby
         be entitled upon conversion or exchange will be deemed issued as of the
         date of issue of such securities or obligations, and (B) the aggregate
         amount received or receivable by the Company in consideration for the
         issue of such securities or obligations, plus the minimum aggregate
         amount of additional consideration, if any, payable upon conversion or
         exchange of such securities or obligations, will be deemed to be the
         consideration actually received (as of the date of the issue of such
         securities or obligations) for issuance of the total number of shares
         issuable upon conversion or exchange of such securities or obligations,
         except that (1) on the expiration or termination of any such right to
         convert or exchange any such convertible or exchangeable securities

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         in respect of which any adjustments are made pursuant to this Section
         7(c)(2), the Exercise Price in effect immediately prior to the time of
         such redemption, expiration or other termination shall forthwith be
         adjusted to such Exercise Price as would have been obtained had the
         adjustments made upon the issue of such convertible or exchangeable
         securities not been made, and (2) in the event that the exercise price,
         purchase price, exchange price or ratio in respect of any convertible
         or exchangeable security is increased or reduced, then for purposes of
         this Section 7(c)(2) such convertible or exchangeable security will be
         deemed to have expired or been terminated and a new convertible or
         exchangeable security with the altered exercise price, purchase price
         or exchange price or ratio will be deemed to have been issued.

(3)      The consideration received by the Company for any shares of Common
         Stock, or rights to acquire Common Stock, is deemed to be the proceeds
         received for such shares or rights, excluding cash received on account
         of accrued interest or accrued dividends and before deducting therefrom
         any and all commissions and expenses paid or incurred by the Company
         for any underwriting of, or otherwise in connection with, the issue of
         such shares or rights.

(4)      No adjustment of the Exercise Price or the Warrant Shares will be made
         as a result of or in connection with the issuance of any shares of
         Common Stock or options to purchase Common Stock issued in connection
         with any duly authorized employee stock option plan, stock purchase
         plan or restricted stock award plan of the Company.

(5)      For the purposes of this Section 7(c), (1) the term "issue" or
         "issuance" of shares or securities by the Company is deemed to include
         any issuance, sale or other disposition of shares or securities of the
         Company, including shares held in the treasury of the Company, (2) the
         term "Common Stock" includes any capital stock of the Company, other
         than preferred stock, with a fixed limit on dividends and a fixed
         amount payable in the event of any liquidation, and (3) in no event
         will the Exercise Price be increased, or the number of Warrant Shares
         decreased, as a result of the provisions of this Section 7(c).

               (d) No adjustment in the number of Warrant Shares, or in the
Exercise Price, is required unless such adjustment would require an increase or
decrease of at least 3% in the number of Warrant Shares or in the Exercise
Price, except that any adjustments which by reason of this Section 7(d) are not
required to be made will be carried forward and taken into account in any
subsequent adjustment. All final results of adjustments to the number of Warrant
Shares and the Exercise Price must be rounded to the nearest one hundredth of a
share or the nearest cent, as the case may be. Anything in this Section 7 to the
contrary notwithstanding, the Company is entitled, but not required, to make
such changes in the number of Warrant Shares or in the Exercise Price, in
addition to those required by this Section 7, as it in its discretion determines
to be advisable in order to ensure that any dividend or distribution in shares
of Common Stock, subdivision, reclassification or combination of shares of
Common Stock, issuance of rights, warrants or options to purchase Common Stock,
or distribution of shares of stock other than Common Stock, evidences of
indebtedness or assets (other than distributions of cash out of retained
earnings) or convertible or exchangeable securities hereafter made by the
Company to the holders of its Common Stock does not result in any tax to the
holders of Common Stock or securities convertible into Common Stock.

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               (e) Whenever the number of Warrant Shares or the Exercise Price
is adjusted, as herein provided, the Company shall mail to the Holder, at the
address of the Holder shown on the books of the Company, a notice of such
adjustment or adjustments, prepared and signed by the Chief Financial Officer or
Secretary of the Company, setting forth the number of Warrant Shares and the
Exercise Price after such adjustment, a brief statement of the facts requiring
such adjustment and the computation by which such adjustment was made. In the
absence of manifest error, this computation will be final, binding and
conclusive on the Company and the Holder.

               (f) In the event that at any time prior to the Expiration Date
and prior to exercise of the Warrant:

(1)      the Company declares any distribution (other than a cash dividend or a
         dividend payable in securities of the Company with respect to the
         Common Stock); or

(2)      the Company offers for subscription to the holders of the Common Stock
         any additional shares of stock of any class or any other securities
         convertible into Common Stock or any rights to subscribe thereto; or

(3)      the Company declares any stock split, stock dividend, subdivision,
         combination, or similar distribution with respect to the Common Stock,
         regardless of the effect of any such event on the outstanding number of
         shares of Common Stock; or

(4)      the Company declares a dividend, other than a dividend payable in
         shares of the Company's own Common Stock; or

(5)      there is any capital change in the Company as set forth in Section
         7(a)(4); or

(6)      there is a voluntary or involuntary dissolution, liquidation or winding
         up of the Company (other than in connection with a consolidation,
         merger or sale of all or substantially all of its property, assets and
         business as an entity);

(each such event hereinafter being referred to as a "Notification Event"), the
Company shall cause to be mailed to the Holder, not less than 20 days prior to
the record date, if any, in connection with such Notification Event (or as soon
as practicable, if there is no record date, or if 20 days prior notice is
impracticable) written notice specifying the nature of such event and the
effective date of, or the date on which the books of the Company will close or a
record will be taken with respect to, such event. Such notice must also set
forth facts indicating the effect of such action (to the extent this effect is
known at the date of such notice) on the Exercise Price and the kind and amount
of the shares of stock or other securities or property deliverable upon exercise
of the Warrant.

               (g) The form of Warrant Certificate need not be changed because
of any change in the number of Warrant Shares or the Exercise Price, and any
Warrant Certificate issued before or after such change may state the same number
of Warrant Shares and the same Exercise Price as stated in the Warrant
Certificates theretofore issued. The Company may, however, at any time, in its
sole discretion, make any change in the form of Warrant Certificate that it
deems appropriate and that does not affect the substance thereof, and any
Warrant

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Certificates thereafter issued or countersigned, whether in exchange or
substitution for an outstanding Warrant Certificate or otherwise, may be in the
form as so changed.

         8. Conversion Rights. (a) In lieu of exercise of the Warrant, the
Warrant may, at the election of the Holder, be converted into the nearest whole
number of shares of Common Stock equal to: (1) the product of (A) the number of
shares of Common Stock then issuable upon the exercise of the Warrant and (B)
the excess, if any, of (i) the Current Market Price (as determined pursuant to
Section 11) on the date of conversion over (ii) the Exercise Price in effect on
the business day next preceding the date of conversion, divided by (2) the
Current Market Price on the date of conversion. The Holder shall pay any
applicable withholding taxes with respect to any such conversion.

               (b) The conversion rights provided under this Section 8 may be
exercised in whole or in part and at any time and from time to time. In order to
exercise the conversion privilege, the Holder must surrender to the Company, at
its offices, this warrant certificate accompanied by a duly completed Notice of
Conversion in the form attached hereto as Annex B. The Warrant shall be deemed
to have been converted immediately prior to the close of business on the day of
surrender of the Warrant Certificate for conversion in accordance with the
foregoing provisions. As promptly as practicable on or after the conversion
date, the Company shall issue and shall deliver to the Holder a certificate or
certificates representing the number of shares of Common Stock to which the
Holder is entitled as a result of the conversion.

         9. Voluntary Adjustment by the Company. The Company may, at its option,
at any time reduce the then current Exercise Price to any amount deemed
appropriate by the Board of Directors of the Company or extend the Expiration
Date, or both.

         10. Fractional Shares. Anything contained herein to the contrary
notwithstanding, the Company is not required to issue any fraction of a share of
Common Stock in connection with the exercise of the Warrant. Upon exercise of
the Warrant, the Company shall issue to the Holder the largest aggregate whole
number of shares of Common Stock called for thereby upon receipt of the
aggregate Exercise Price and shall pay a sum in cash equal to the remaining
fraction of a share of Common Stock, multiplied by the Current Market Price (as
determined pursuant to Section 11) as of the last business day preceding the
date on which the Warrant is presented for exercise.

         11. Determination of Current Market Price. (a) As used herein, "Current
Market Price" means, as of each date of determination, the following:

(1)      if there is a public market for the Common Stock, the average of the
         daily market price per share of Common Stock for 10 consecutive
         business days before the date of determination and 10 consecutive
         business days after that date; and

(2)      if there is no such public market, the Appraised Value Per Share.

               (b) The daily market price for each Business Day is as follows:

(1)      the last sale price on that Business Day on the principal stock
         exchange on which the Common Stock is then listed or admitted to
         trading;

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(2)      if no sale takes place on that Business Day on any that exchange, the
         average of the last reported closing bid and asked prices on that
         Business Day as officially quoted on that exchange;

(3)      if the Common Stock is not then listed or admitted to trading on any
         stock exchange, the average of the last reported closing bid and asked
         prices on that Business Day in the over-the-counter market, as
         furnished by the NASD's Automatic Quotation System or the National
         Quotation Bureau, Inc.;

(4)      if neither NASD's Automatic Quotation System nor the National Quotation
         Bureau, Inc. is at the time engaged in the business of reporting such
         prices, as furnished by any similar Person then engaged in that
         business; or

(5)      if there is no such Person, as furnished by any member of the NASD
         selected by the Holder and the Company or, if they cannot agree upon
         such selection, as selected by two such members of the NASD, one of
         which is selected by the Holder and one of which is selected by the
         Company.

               (c) As used in this warrant certificate, "Appraised Value Per
Share" means, as of each date of determination, the fair saleable value of the
Common Stock as of the last day of the most recent fiscal month ending prior to
such date divided by the number of Fully Diluted Outstanding shares of Common
Stock. The Appraised Value Per Share must be made by an investment banking firm
of nationally recognized standing selected jointly by the Holder and the
Company. If the Holder and the Company are unable to agree upon an investment
banking firm, then the Holder and the Company shall each choose one such
investment banking firm and the respective chosen firms must agree on another
investment banking firm, which must make the determination. The Company shall
retain, at its sole cost, the investment banking firm responsible for
determining the Appraised Value Per Share. The Appraised Value Per Share must
(1) be determined on a consolidated basis without giving effect to any discount
for (A) minority interest or (B) any lack of liquidity of the Common Stock or,
if applicable, the Company not having any class of equity registered under the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), and (2) must
be based on the sale of the Company in an arms'-length sale between a willing
buyer and a willing seller with neither acting under compulsion.

         12. Tax. The issuance of any shares or other securities upon the
exercise of the Warrant, and the delivery of certificates or other instruments
representing such shares or other securities, will be without charge to the
Holder for any tax or other charge in respect of such issuance. The Company is
not, however, required to pay any tax which may be payable in respect of any
transfer involved in the issue and delivery of any certificate in a name other
than that of the Holder and the Company is not required to issue or deliver any
such certificate unless and until the person or persons requesting the issue
thereof have paid to the Company the amount of such tax or have established to
the satisfaction of the Company that such tax has been paid.

         13. Legend. Unless registered pursuant to the provisions of the
registration rights agreement between TeraComm Research, Inc. and the Company
dated the date of this warrant certificate, the Warrant Shares issued on
exercise of the Warrants will be subject to a stop

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transfer order and the certificate or certificates representing the Warrant
Shares must bear the following legend:

         The securities represented by this certificate have not been registered
         under the Securities Act of 1933, as amended (the "Act"), or registered
         or qualified under applicable state securities laws. TeraComm Research,
         Inc. (the "Company") is not required to give effect to any transfer of
         these securities unless (1) there is an effective registration
         statement under the Act with respect to these securities and these
         securities are registered or qualified under applicable state
         securities laws, or (2) the Company is provided with an opinion of
         counsel reasonably acceptable to the Company to the effect that such
         transfer may be made without registration under the Act and applicable
         state securities laws.

         14. No Rights as Stockholder. The Holder does not have solely on
account of that status any rights of a stockholder of the Company, either at law
or in equity, or to any notice of meetings of stockholders or of any other
proceedings of the Company, except as provided in this warrant certificate.

         15. Notices. Every notice or other communication required or
contemplated by this Warrant must be in writing and sent by one of the following
methods: (1) personal delivery, in which case delivery is deemed to occur the
day of delivery; (2) transmission by telecopy with acknowledgement of receipt,
in which case delivery is deemed to occur the day of transmission; (3) certified
or registered mail, postage prepaid, return receipt requested, in which case
delivery is deemed to occur the day it is officially recorded as delivered to
the intended recipient; or (4) next-day delivery to a U.S. address by recognized
overnight delivery service such as Federal Express, in which case delivery is
deemed to occur the day of delivery. In each case, a notice or other
communication sent to a party must be directed to the coordinates for that party
set forth below, or to other coordinates designated by that party by written
notice:

         if to the Holder, at its last known address appearing on the books of
         the Company maintained for such purpose; and

         if to the Company at:

         Atlantic Technology Ventures, Inc.
         150 Broadway
         Suite 1009
         New York, NY  10038
         Attention:  Frederic P. Zotos, President

         16. Governing Law. This warrant certificate is governed by the laws of
the State of New York without regard to principles of conflict of laws.

                                       10

<PAGE>

         The Company is executing this warrant certificate on May 12, 2000.

                                            ATLANTIC TECHNOLOGY VENTURES, INC.

                                            By:________________________________
                                               A. Joseph Rudick
                                               Chief Executive Officer

                                       11

<PAGE>

                                                                         Annex A

                               NOTICE OF EXERCISE

         The undersigned hereby irrevocably elects to exercise the Warrant owned
by the undersigned pursuant to the accompanying Warrant Certificate for, and to
purchase thereunder, ______ shares of common stock, par value $0.001 per share,
of Atlantic Technology Ventures, Inc., and herewith makes payment of the
Exercise Price (as defined in the Warrant Certificate) of those shares in full
as provided in the Warrant Certificate.

                                   _______________________________
                                   Print Name

                                   ________________________________
                                   Signature

                                   Address of Holder:

                                   ________________________________

                                   ________________________________

                                   ________________________________

                                   ________________________________

<PAGE>

                                                                        Annex B

                              NOTICE OF CONVERSION

         The undersigned hereby irrevocably elects to convert, pursuant to
Section 8 of the Warrant Certificate accompanying this Notice of Conversion, the
Warrant owned by the undersigned pursuant to the accompanying Warrant
Certificate into shares of common, par value $.01, of the Company (the "Common
Stock").

         The number of shares of Common Stock to be received by the undersigned
is to be calculated in accordance with the provisions of Section 8 of the
accompanying Warrant Certificate.

                                   _______________________________
                                   Print Name

                                   ________________________________
                                   Signature

                                   Address of Holder:

                                   ________________________________

                                   ________________________________

                                   ________________________________

                                   ________________________________Exhibit 10.4

                          REGISTRATION RIGHTS AGREEMENT

         This registration rights agreement is dated May 12, 2000, and is
between TERACOMM RESEARCH, INC., a Delaware corporation ("TeraComm"), and
ATLANTIC TECHNOLOGY VENTURES, INC., a Delaware corporation ("Atlantic").

         Pursuant to a stock purchase agreement dated the date hereof between
TeraComm and Atlantic, TeraComm is issuing to Atlantic 1,400 shares of its
Series A preferred stock, par value $0.001 per share ("Series A Preferred
Stock"; those shares, the "Shares"). The Shares are being issued without being
registered under the Securities Act, as they are being issued in reliance upon
an exemption from registration. TeraComm and Atlantic wish to specify Atlantic's
rights in connection with public offerings and sales of those shares.

         The parties therefore agree as follows:

         1. Definitions. As used in this agreement, the following terms have the
following meanings:

         "Business Day" means any Monday, Tuesday, Wednesday, Thursday or Friday
that is not a day on which banking institutions in the State of Vermont are
authorized by law, regulation or executive order to close.

         "Common Stock" means TeraComm's common stock, par value $0.001 per
share.

         "Exchange Act" means the Securities Exchange Act of 1934, as amended
(or any similar successor federal statute), and the rules and regulations
thereunder, as in effect from time to time.

         "Holder" means Atlantic and its successors, assigns and transferees
(subject to Section 13). For purposes of this agreement, TeraComm may, subject
to Section 13, deem the registered holder of a Registrable Security to be the
Holder thereof, except that the beneficial owner of any Registrable Securities
held in "street name" will be deemed to be the Holder thereof.

         "Person" means any individual, corporation (including any non-profit
corporation), general or limited partnership, limited liability company, joint
venture, estate, trust, association, organization, labor union, government or
agency or political subdivision thereof or other entity.

         "Prospectus" means the prospectus included in any Registration
Statement, as amended or supplemented by a prospectus supplement with respect to
the terms of the offering of any portion of the Registrable Securities covered
by that Registration Statement and by all other amendments and supplements to
the prospectus, including post-effective amendments, and all material
incorporated by reference in such prospectus.

         "Registrable Securities" means (1) any shares of Common Stock issued or
issuable upon conversion of the Shares, and (2) any shares of Common Stock
issued as, or issued upon the conversion or exercise of any warrant, right or
other convertible security that is issued as, a dividend or other distribution
with respect to, or in exchange for or in replacement of, any shares of Common
Stock issued or issuable upon conversion of the Shares.

<PAGE>

         "Registration Statement" means any registration statement covering any
of the Registrable Securities pursuant to the provisions of this agreement,
including the Prospectus included therein, all amendments and supplements to
that Registration Statement, including post-effective amendments, all exhibits
and all material incorporated by reference in that Registration Statement.

         "Reporting Event" means the consummation of TeraComm's first
firm-commitment underwritten public offering of Common Stock.

         "SEC" means the Securities and Exchange Commission, or any other
federal agency at the time administering the Securities Act.

         "Securities Act" means the Securities Act of 1933, as amended (or any
similar successor federal statute), and the rules and regulations thereunder as
in effect from time to time.

         "Underwritten Offering" means an offering that is registered under the
Securities Act in which securities of TeraComm are sold to an underwriter for
reoffering to the public.

         2. Securities Subject to this Agreement. The securities entitled to the
benefits of this agreement are the Registrable Securities but, with respect to
any particular Registrable Security, only so long as that security continues to
be a Restricted Security. A Registrable Security that has ceased to be a
Registrable Security cannot thereafter become a Registrable Security. As used
herein, a "Restricted Security" is a Registrable Security that has not been
effectively registered under the Securities Act and distributed in accordance
with an effective Registration Statement and that has not been distributed by a
Holder pursuant to Rule 144, Rule 903 or Rule 904, unless, in the case of a
Registrable Security distributed pursuant to Rule 903 or Rule 904, any
applicable restricted period has not expired or the SEC or its staff has taken
the position in a published release, ruling or no-action letter that securities
distributed under Rule 903 or 904 are ineligible for resale in the United States
under Section 4(1) of the Securities Act notwithstanding expiration of the
applicable restricted period.

         3. Demand Registration. Upon the written request of Holders owning at
least a majority of the Registrable Securities and provided that there is then
no effective Registration Statement in effect with respect to all the
Registrable Securities, TeraComm shall in accordance with the terms of this
agreement as promptly as possible register under the Securities Act the
Registrable Securities that the Holders request be so registered, on condition
that the Registrable Securities that the requesting Holders request be so
registered represent not less than 25% of the Registrable Securities owned by
the requesting Holders or have a value of not less than $5 million, based on the
Current Market Price. As used in this Agreement, "Current Market Price" means
the current market price of a share of TeraComm common stock as determined in
good faith by the TeraComm's board of directors or, if TeraComm's board of
directors is unable to so determine, by a nationally-recognized independent
investment banking firm selected by Atlantic and TeraComm or, in the event
Atlantic and TeraComm are unable to agree upon the selection of an investment
banking firm, by a nationally-recognized independent investment banking firm
selected by a nationally-recognized independent investment banking firm selected
by Atlantic and one selected by TeraComm.

                                       2

<PAGE>

               (b) Upon receipt of any request for registration pursuant to
Section 3(a) from any Holders, TeraComm shall promptly give written notice of
that request to all other Holders. TeraComm shall include in the requested
registration all Registrable Securities requested to be included by those of the
other Holders who make that request by written notice to TeraComm delivered
within 10 Business Days of delivery of TeraComm's notice. If TeraComm receives a
request for inclusion in the registration of the Registrable Securities of
additional Holders, it shall promptly so inform the Holders who made the initial
request for registration.

               (c) A Holder or Holders requesting a registration pursuant to
this Section 3 may, at any time prior to the effective date of the Registration
Statement relating to that registration, revoke that request by providing a
written notice to TeraComm revoking that request. If a Holder or Holders revoke
any demand for registration or that demand registration otherwise fails to
become effective as a result of any action or inaction by the Holder or Holders,
that Holder or those Holders, at their option, shall either pay all Registration
Expenses with respect to that revoked demand or count that revoked demand as the
completed demand for registration to which that Holder or those Holders are
entitled pursuant to this Section 3.

               (d) TeraComm is not required to register the Registrable
Securities prior to the date six months after the Reporting Event or during the
90-day period following the completion of any Underwritten Offering. Atlantic
may not demand more than two registrations pursuant to this Section 3.

               (e) Subject to Section 3(c), TeraComm shall pay all Registration
Expenses with respect to any demand registration pursuant to this Section 3.

               (f) TeraComm shall use its best efforts to (1) cause the
Registration Statement relating to any demand registration pursuant to this
Section 3 to become effective under the Securities Act as promptly as
practicable, (2) thereafter keep that Registration Statement effective
continuously for the period specified in Section 3(g), and (3) prevent the
happening of any event of the kind described in Sections 6(a)(2)(D) and (E).
TeraComm may initiate or engage in negotiations with respect to, or consummate,
any transaction (whether or not material to TeraComm), even if the effect
thereof would be cause the happening of an event described in Section
6(a)(2)(F).

               (g) A demand registration requested pursuant to this Section 3
will not be deemed to have been effected or complied with unless the
Registration Statement relating thereto has become effective under the
Securities Act and remain continuously effective (except as otherwise permitted
under this agreement) for a period ending on the earlier of the following dates:

(1)      the date 120 days after the effective date of that Registration
         Statement; and

(2)      the date on which all Registrable Securities covered by that
         Registration Statement have been sold and the distribution contemplated
         thereby has been completed.

               (h) TeraComm and any holder of TeraComm's securities that has
registration rights (other than the Holders) may include its securities in any
demand registration effected pursuant to this Section 3, except that if the
managing underwriter or underwriters of any

                                       3

<PAGE>

Underwritten Offering contemplated in connection with that registration advise
the Holders in writing that the total amount or kind of securities to be include
in that Underwritten Offering is sufficiently large to materially adversely
affect the success of the Underwritten Offering, then TeraComm shall reduce the
amount or kind of securities to be offered for the account of TeraComm or any
other holder to the extent necessary to reduce the total amount or kind of
securities to be included in the contemplated Underwritten Offering to the
amount or kind recommended by the managing underwriter or underwriters.

               (i) TeraComm may elect to effect any registration under this
Section 3 on a form permitted by the rules and regulations of the SEC, except
that TeraComm shall use Form S-3 if TeraComm is eligible to use that form.

               (j) When in the opinion of counsel for TeraComm registration of
the Registrable Securities is not required by the Securities Act and other
applicable securities laws in connection with a proposed sale of Registrable
Securities, the Holders may not request a demand registration pursuant to this
Section 3 in connection with that proposed sale and TeraComm shall promptly
provide to the transfer agent and the Holder's or Holders' broker or brokers in
connection with any sale transaction an opinion of counsel for TeraComm to the
effect set forth above, on condition that the Holder or Holders provide
representation letters in customary form to counsel for TeraComm rendering that
opinion.

         4. Piggyback Registration. If TeraComm at any time proposes to file a
registration statement with respect to any class of its equity securities,
whether for its own account (other than a registration statement on Form S-4 or
S-8, or any successor or substantially similar form, or a registration statement
covering (A) an employee stock option, stock purchase or compensation plan or
securities issued or issuable pursuant to any such plan, or (B) a dividend
reinvestment plan) or for the account of one or more holders of securities of
TeraComm (other than the Holders) pursuant to demand registration rights granted
by TeraComm (each such holder, a "Requesting Securityholder"), then TeraComm
shall in each case give written notice of the proposed filing to all Holders at
least 20 Business Days before the anticipated filing date of the registration
statement by TeraComm, which notice must offer to all Holders the opportunity to
have any or all of the Registrable Securities included in that registration
statement, subject to the terms of this agreement. Each Holder that wishes to
have any of its Registrable Securities registered under this Section 4 must so
advise TeraComm within 10 Business Days after the date of its receipt of that
notice, specifying how many of its Registrable Securities it wishes to have so
registered, and subject to Section 4(b) TeraComm shall include in that
Registration Statement all Registrable Securities that Holders have requested be
included therein, except that in the event that Registration Statement is for an
Underwritten Offering, the Holders included therein must join in the
underwriting on the same terms and conditions as TeraComm or the Requesting
Securityholders (except that the Holders will not be required to give any
representations relating to TeraComm in their capacity as the Holders), and
shall execute any underwriting agreement, "lock-up" letters or other customary
agreements or documents executed by TeraComm or the Requesting Securityholders
in connection with that Underwritten Offering.

               (b) If the managing underwriter or underwriters of any such
proposed public offering advise TeraComm in writing that the total amount or
kind of securities that the Holders, TeraComm, any Requesting Securityholders
and any other Persons intended to be included in

                                       4

<PAGE>

that proposed public offering is sufficiently large to materially adversely
affect the success of that proposed public offering, then TeraComm may, upon
written notice to all Holders, reduce pro rata the number of Registrable
Securities and the amount or kind of securities to be offered for the accounts
of any other Persons requesting registration of securities pursuant to rights
similar to the rights of the Holders under this Section 4 to the extent
necessary to reduce the total amount or kind of securities to be included in
that proposed public offering to the amount or kind recommended by that managing
underwriter or underwriters before the securities offered by TeraComm or any
Requesting Securityholder are so reduced.

               (c) Neither the giving of notice by TeraComm nor any request by
the Holders to register Registrable Securities pursuant to Section 4(a) will in
any way obligate TeraComm to file a Registration Statement with the SEC.
TeraComm may at any time prior to its effective date determine not to offer the
securities to which a Registration Statement relates or withdraw that
Registration Statement from the SEC, all without incurring any liability to the
Holders.

               (d) When in the opinion of counsel for TeraComm registration of
the Registrable Securities is not required by the Securities Act and other
applicable securities laws in connection with a proposed sale of Registrable
Securities, the Holders may not request a piggyback registration pursuant to
this Section 4 in connection with that proposed sale and TeraComm shall promptly
provide to the transfer agent and the Holder's or Holders' broker or brokers in
connection with any sale transaction an opinion of counsel for TeraComm to the
effect set forth above, on condition that the Holder or Holders provide
representation letters in customary form to counsel for TeraComm rendering that
opinion.

         5. Limitations on Subsequent Registration Rights. TeraComm may not
without the consent of the Holders owning a majority of the Registrable
Securities enter into with any Person any other agreement granting registration
rights that are, in the reasonable judgment of Holders owning a majority of the
Registrable Securities, superior to the rights granted in this Agreement, unless
TeraComm grants the Holders rights comparable to those that it proposes to grant
in that other agreement..

         6. Registration Procedures and Other Agreements. (a) In connection with
TeraComm's registration obligations pursuant to Section 3 and, to the extent
applicable thereto, Section 4, TeraComm shall do the following:

(1)      prepare and file with the SEC a new Registration Statement or such
         amendments and post-effective amendments to an existing Registration
         Statement as may be necessary to keep that Registration Statement
         effective, except that no Registration Statement need remain in effect
         after all Registrable Securities covered by that Registration Statement
         have been sold and distributed as contemplated by that Registration
         Statement;

(2)      notify each selling Holder promptly of the following:

         (A)    when a new Registration Statement, amendment thereto, Prospectus
                or any Prospectus supplement or post-effective amendment has
                been filed, and, with respect to any new Registration Statement
                or post-effective amendment, when it has become effective;

                                       5

<PAGE>

         (B)    of any request by the SEC for amendments or supplements to any
                Registration Statement or Prospectus or for additional
                information;

         (C)    of the issuance by the SEC of any comments with respect to any
                filing;

         (D)    of any stop order suspending the effectiveness of any
                Registration Statement or the initiation or threatening of any
                proceedings for that purpose;

         (E)    of any suspension of the qualification of the Registrable
                Securities for sale in any jurisdiction or the initiation or
                threatening of any proceeding for such purpose;

         (F)    of the happening of any event that makes any statement of a
                material fact made in any Registration Statement, Prospectus or
                any document incorporated therein by reference untrue or that
                requires the making of any changes in any Registration
                Statement, Prospectus or any document incorporated therein by
                reference in order to make the statements therein (in the case
                of any Prospectus, in the light of the circumstances under which
                they were made) not misleading; and make every reasonable effort
                to obtain as promptly as practicable the withdrawal of any order
                or other action suspending the effectiveness of any Registration
                Statement or suspending the qualification or registration (or
                exemption therefrom) of the Registrable Securities for sale in
                any jurisdiction;

(3)      furnish to each selling Holder, without charge, at least one manually
         signed or "edgarized" copy and as many conformed copies as that Holder
         reasonably requests, of the then-effective Registration Statement and
         any post-effective amendment thereto, and one copy of all financial
         statements and schedules, all documents incorporated therein by
         reference and all exhibits thereto (including those incorporated by
         reference);

(4)      deliver to each selling Holder, without charge, as many copies of the
         then-effective Prospectus (including each prospectus subject to
         completion) and any amendments or supplements thereto as that Holder
         reasonably requests;

(5)      use best efforts to register or qualify under the securities or blue
         sky laws of such jurisdictions as the selling Holders reasonably
         request in writing and do any and all other acts or things reasonably
         necessary or advisable to enable the disposition in those jurisdictions
         of the Registrable Securities covered by the then-effective
         Registration Statement, except that TeraComm will not be required to
         (A) qualify to do business in any jurisdiction where it would not
         otherwise be required to qualify or (B) subject itself to general
         taxation in any such jurisdiction;

(6)      upon the occurrence of any event contemplated by Section 6(a)(2)(F), as
         promptly as practicable (in light of the circumstances causing the
         occurrence of that event) prepare a supplement or post-effective
         amendment to the Registration Statement or the related Prospectus or
         any document incorporated therein by reference or file any other
         required document so that, as thereafter delivered to the purchasers of
         the Registrable Securities, the Prospectus will not contain an untrue
         statement of a material fact or omit to state any material fact
         necessary to make the statements therein, in the light of the
         circumstances under which they were made, not misleading;

                                       6

<PAGE>

(7)      use reasonable efforts to cause all Registrable Securities covered by
         the Registration Statement to be listed on each securities exchange (or
         quotation system operated by a national securities association) on
         which identical securities issued by TeraComm are then listed, and
         enter into customary agreements including, if necessary, a listing
         application and indemnification agreement in customary form;

(8)      if the registration is in connection with an Underwritten Offering,
         enter into an underwriting agreement with respect to the Registrable
         Securities containing provisions that are customary in connection with
         underwritten secondary offerings, including representations, opinions
         of counsel, letters of accountants and indemnification provisions with
         underwriters that acquire Registrable Securities;

(9)      otherwise use its best efforts to comply in all material respects with
         all applicable rules and regulations of the SEC relating to such
         registration and the distribution of the securities being offered and
         make generally available to its securities holders earnings statements
         satisfying the provisions of Section 11(a) of the Securities Act and
         complying with Rule 158 of the SEC thereunder;

(10)     cooperate and assist in any filings required to be made with the
         National Association of Securities Dealers, Inc.; and

(11)     make available for inspection by a representative of selling Holders
         and any attorney or accountant retained by such selling Holders all
         financial and other records, pertinent corporate documents and
         properties of TeraComm and cause TeraComm's officers, directors and
         employees to supply all information reasonably requested by, and to
         cooperate fully with, any such representative, underwriter, attorney or
         accountant in connection with such registration, and otherwise to
         cooperate fully in connection with any due diligence investigation;
         provided that such representatives, underwriters, attorneys or
         accountants enter into a confidentiality agreement, in form and
         substance reasonably satisfactory to TeraComm, prior to the release or
         disclosure to them of any such information, records or documents.

               (b) Each selling Holder shall furnish to TeraComm, upon request,
in writing such information and documents as, in the opinion of counsel to
TeraComm, is reasonably necessary to prepare properly and file that Registration
Statement in accordance with the applicable provisions of the Securities Act.

         7. Registration Expenses. Whether or not any Registration Statement
becomes effective, TeraComm will be responsible for all expenses incident to
TeraComm's performance of or compliance with this agreement, including without
limitation all registration and filing fees, fees and expenses of compliance
with securities or blue sky laws (including reasonable fees and disbursements of
one counsel in connection with blue sky qualifications or registrations (or the
obtaining of exemptions therefrom) of the Registrable Securities), the
reasonable fees and disbursements of one counsel retained by the Holders,
printing expenses (including expenses of printing Prospectuses), messenger and
delivery expenses, internal expenses (including all salaries and expenses of its
officers and employees performing legal or accounting duties), fees and
disbursements of its counsel and its independent certified public accountants
(including the

                                       7

<PAGE>

expenses of any special audit or "comfort" letters required by or incident to
such performance or compliance), securities acts liability insurance (if
TeraComm elects to obtain such insurance), fees and expenses of any special
experts retained by TeraComm in connection with any registration hereunder and
the fees and expenses of any other Person retained by TeraComm (all such fees
and expenses being referred to as "Registration Expenses"). Not included in
Registration Expenses are underwriting discounts, commissions or fees and any
stock transfer taxes, attributable to the sale of the Registrable Securities.

         8. Suspension of Sales under Certain Circumstances. (a) Upon receipt of
any notice from TeraComm that dispositions under the then-current Prospectus
must be discontinued and suspended, whether as a result of an event described in
Section 6(a)(2)(D), (E) or (F) or otherwise, each Holder shall forthwith
discontinue and suspend disposition of Registrable Securities pursuant to that
Prospectus until (1) the Holders are advised in writing by TeraComm that a new
Registration Statement covering the offer of Registrable Securities has become
effective under the Securities Act, or (2) the Holders receive copies of a
supplemented or amended Prospectus contemplated by Section 6, or (3) the Holders
are advised in writing by TeraComm that they may resume use of the Prospectus.

               (b) If at any time following the date hereof any shares of Common
Stock are to be sold pursuant to an Underwritten Offering (other than in
connection with a registration statement on Form S-4 or S-8, or any successor or
substantially similar form, or a registration statement covering (A) an employee
stock option, stock purchase or compensation plan or securities issued or
issuable pursuant to any such plan, or (B) a dividend reinvestment plan), then
for the period commencing 15 days prior to, and expiring 90 days after, the
effective date of such Underwritten Offering, none of the Holders may effect any
public sale or distribution of any Registrable Securities or any other shares of
Common Stock of TeraComm then owned by the Holders, other than pursuant to that
Underwritten Offering (if any Registrable Securities are included in such
Underwritten Offering).

               9. Indemnification. (a) TeraComm shall indemnify, to the full
extent permitted by law, but without duplication, each Holder, any of their
respective officers and directors, if any, and each Person who controls any
Holder within the meaning of the Securities Act against all losses, claims,
damages, liabilities and expenses (including reasonable costs of investigation
and reasonable legal fees and expenses) resulting from any untrue statement of a
material fact in, or any omission of a material fact required to be stated in,
any Registration Statement or in any preliminary or final Prospectus, or any
amendment or supplement thereto, or necessary to make the statements therein (in
the case of a Prospectus in light of the circumstances under which they were
made) not misleading, except that TeraComm will not be liable in any such case
to the extent that any such loss, claim, damage, liability or expense (A) arises
out of or is based upon any such untrue statement or alleged untrue statement or
omission or alleged omission made therein in reliance upon and in conformity
with written information furnished to TeraComm by or on behalf of the Holders
specifically for inclusion therein or (B) is caused by any untrue statement or
omission, or any alleged untrue statement or omission, made in a Prospectus but
eliminated or remedied in a subsequent Prospectus if TeraComm shall have timely
furnished copies thereof to the relevant Holder in accordance with this
agreement and a copy of the Prospectus was required pursuant to the Securities
Act to be sent or given by that Holder or on its

                                       8

<PAGE>

behalf to the Person asserting that loss, claim, damage, liability or expense at
or prior to the sale of those Registrable Securities to that Person and was not
so sent or given.

               (b) In connection with any Registration Statement covering
Registrable Securities of any Holder, that Holder shall furnish to TeraComm in
writing such information as TeraComm reasonably requests for use in connection
with any such Registration Statement or Prospectus and shall indemnify, to the
full extent permitted by law, but without duplication, TeraComm, its officers,
directors, stockholders, employees, advisors and agents, and each Person who
controls TeraComm (within the meaning of the Securities Act), against any
losses, claims, damages, liabilities and expenses resulting from any untrue
statement of a material fact in, or any omission of a material fact required to
be stated in, the Registration Statement or in any preliminary or final
Prospectus, or any amendment or supplement thereto, or necessary to make the
statements therein (in the case of a Prospectus in light of the circumstances
under which they were made) not misleading, but only to the extent that such
untrue statement or omission is contained in any information so furnished in
writing by that Holder to TeraComm specifically for inclusion therein. If the
offering to which the Registration Statement relates is an Underwritten
Offering, each Holder shall enter into an underwriting agreement in customary
form with the underwriters and indemnify the underwriters, their officers and
directors, if any, and each Person who controls the underwriters within the
meaning of the Securities Act to the same extent as each Holder is required to
indemnify TeraComm.

               (c) Any Person entitled to indemnification hereunder must (1)
give prompt notice to the indemnifying party of any claim with respect to which
it seeks indemnification, and (2) permit the indemnifying party to assume the
defense of that claim with counsel reasonably satisfactory to the indemnified
party, except that the indemnified party may employ separate counsel and
participate in, but not control, the defense of that claim. The indemnified
party will be responsible for the fees and expenses of such counsel, unless (A)
the indemnifying party fails to assume the defense of that claim and employ
counsel reasonably satisfactory to the indemnified party in a timely manner, or
(B) in the reasonable judgment of the indemnified party, based upon written
advice of its counsel, a conflict of interest may exist between the indemnified
party and the indemnifying party with respect to that claim (in which case, if
the indemnified party notifies the indemnifying party in writing that it elects
to employ separate counsel at the expense of the indemnifying party, the
indemnifying party may not assume the defense of any claim as to which that
conflict of interest may exist). The indemnifying party will not be subject to
any liability for any settlement made without its consent. No indemnified party
will be required to consent to the entry of any judgment or enter into any
settlement that does not require that the claimant or plaintiff give the
indemnified party a release from all liability in respect of that claim or
litigation. An indemnifying party who is not entitled to, or elects not to,
assume the defense of the claim will not be obligated to pay the fees and
expenses of more than one counsel for all parties indemnified by that
indemnifying party with respect to that claim, as well as one local counsel in
each relevant jurisdiction.

               (d) If for any reason indemnification provided for in Section
9(a) or 9(b) is unavailable to an indemnified party or insufficient to hold it
harmless as contemplated by Sections 9(a) and 9(b), then the indemnifying party
shall contribute to the amount paid or payable by the indemnified party as a
result of the loss, claim, damage, liability or expense for which it is entitled
to indemnification in such proportion as is appropriate to reflect not only the
relative

                                       9

<PAGE>

benefits received by the indemnifying party and the indemnified party, but also
the relative fault of the indemnifying party and the indemnified party, as well
as any other relevant equitable considerations. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
will be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentations.

         10. Rule 144. TeraComm shall use its reasonable best efforts to make
publicly available and available to the Holders, pursuant to Rule 144, such
information as is necessary to enable the Holders to make sales of Registrable
Securities pursuant to that Rule. TeraComm shall use its reasonable best efforts
to file timely with the SEC all documents and reports required of TeraComm under
the Exchange Act. TeraComm shall furnish to any Holder, upon request, a written
statement executed on behalf of TeraComm as to compliance with the current
public information requirements of Rule 144.

         11. Amendments and Waivers. The provisions of this agreement may not be
amended, modified or supplemented, and waivers or consents to departures from
the provisions hereof may not be given, without the written consent of TeraComm
and Holders of a majority of the Registrable Securities.

         12. Notices. Every notice or other communication required or
contemplated by this agreement must be in writing and sent by one of the
following methods: (1) personal delivery, in which case delivery is deemed to
occur the day of delivery; (2) certified or registered mail, postage prepaid,
return receipt requested, in which case delivery is deemed to occur the day it
is officially recorded as delivered to the intended recipient; or (3) next-day
delivery by a recognized overnight delivery service such as Federal Express, in
which case delivery is deemed to occur one business day after being sent. In
each case, a notice or other communication sent to a party must be directed to
the address for that party set forth below, or to another address designated by
that party by written notice:

         If to a Holder, at the most current address for that Holder as it
         appears on the books of TeraComm; and

         If to TeraComm, to:

         TeraComm Research, Inc.
         P.O. Box 163
         Essex Junction, VT  05453
         Attention:  Kenneth A. Puzey, President

         with a copy to:

         Ireland, Stapleton, Pryor & Pascoe, P.C.
         1675 Broadway
         Suite 2600
         Denver, CO 80202
         Attention:  Jack Lewis, Esq.

                                       10

<PAGE>

         13. Successors and Assigns. This agreement inures to the benefit of and
is binding upon the successors, transferees and assigns of the parties hereto,
except that (1) no transferee in any transfer made in reliance on Rule 144 under
the Securities Act will have any rights as a Holder under this agreement, and
(2) no Person to whom Registrable Securities are transferred will have any
rights under this agreement as a Holder unless that Person agrees to be bound by
the terms and conditions of this agreement.

         14. Governing Law. This agreement is governed by the laws of the State
of New York, without giving effect to principles of conflict of laws.

         15. Jurisdiction; Service of Process. Any action or proceeding seeking
to enforce any provision of, or based on any right arising out of, this
agreement may be brought against any of the parties in the courts of the State
of New York, or, if it has or can acquire jurisdiction, in the United States
District Court for the Southern District of New York, and each of the parties
consents to the jurisdiction of those courts (and of the appropriate appellate
courts) in any such action or proceeding and waives any objection to venue laid
therein. Process in any such action or proceeding may be served by sending or
delivering a copy of the process to the party to be served at the address and in
the manner provided for the giving of notices in Section 12. Nothing in this
Section 15, however, affects the right of any party to serve legal process in
any other manner permitted by law.

         16. Entire Agreement. This agreement constitutes the entire agreement
among the parties pertaining to the subject matter hereof and supersede all
prior agreements, understandings, negotiations and discussions, whether oral or
written, of the parties.

         Atlantic and TeraComm are executing this agreement on the date stated
in the introductory clause.

                                        TERACOMM RESEARCH, INC.

                                        By:____________________________________
                                           Kenneth A. PuzeyPresident

                                        ATLANTIC TECHNOLOGY VENTURES, INC.

                                        By:____________________________________
                                           A. Joseph Rudick
                                           President

                                       11

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