Document:

EXECUTION COPY

         NEITHER THIS NOTE NOR THE SECURITIES INTO WHICH THIS NOTE IS
         CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
         COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON
         AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
         AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR
         SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
         SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A
         TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
         SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

No. ___                                                                $ _______

                          GLOBETEL COMMUNICATIONS CORP.

                               7% Convertible Note

                               Due August 30, 2008

         FOR VALUE RECEIVED, GLOBETEL COMMUNICATIONS CORP., a Delaware
corporation (hereinafter called the "Borrower" or the "Company"), hereby
promises to pay to _____________________________ (the "Holder") or order,
without demand, the sum of _____________________________________ Dollars
($________), with simple interest accruing at the rate described below, on
August 30, 2008 (the "Maturity Date").

         This Note has been entered into pursuant to the terms of a subscription
agreement between the Borrower and the Holder, dated of even date herewith (the
"Subscription Agreement"), and shall be governed by the terms of such
Subscription Agreement. Unless otherwise separately defined herein, all
capitalized terms used in this Note shall have the same meaning as is set forth
in the Subscription Agreement. The following terms shall apply to this Note:

                                    ARTICLE I
                               GENERAL PROVISIONS

         1.1 Payments. The entire unpaid principal amount due under this Note
(the "Principal") shall be due and payable on the Maturity Date. Interest on the
Notes (the "Interest") will be payable semi-annually commencing on the date that
shall be six (6) months from the date hereof (each such date, a "Semi-Annual
Payment Date") as further described on the payment schedule attached hereto as
Exhibit A (the "Payment Schedule"). Interest shall be payable in cash or, at the
Company's option, in shares of the Company's common stock, par value $0.00001
per share (the "Common Stock"). Any payment made on a Semi-Annual Payment Date
is referred to herein as a "Semi-Annual Payment."

                  Upon any conversion in part by the Holder in accordance with
Article II, the Holder and the Borrower shall in good faith recalculate the
outstanding principal balance and the amounts of the Semi-Annual Payments. Upon
any full conversion by the Holder in accordance with Article II of all of the
Semi-Annual Payments and the Principal due hereunder, all of the Borrower's
payment obligations shall terminate. All payments in respect of the indebtedness
evidenced hereby shall be applied in the following order: to accrued Interest,
Principal, and charges and expenses owing under or in connection with this Note.

                  If any payment is paid in Common Stock, the number of shares
issuable will be determined utilizing a fair market value per share equal to the
last sale price of the Common Stock on the date immediately prior to the
Semi-Annual Payment Date. Notwithstanding the foregoing, the Company's right to
pay the Notes, including any Interest due thereunder, in shares of Common Stock
on each Semi-Annual Payment Date is subject to the condition that: (i) the
Common Stock is trading on the OTC Bulletin Board, American Stock Exchange or
Nasdaq; and (ii) the Registration Statement is effective on such Semi-Annual
Payment Date.

<PAGE>

                  In the event a Holder converts any portion of the principal
amount of its Note into shares of Common Stock prior to the date of the next
Semi-Annual Payment, such Semi-Annual Payment shall be reduced by the principal
amount so converted. In addition, if a Holder converts any portion of its Note
into shares of Common Stock prior to the date of the next Semi-Annual Payment in
an amount that is greater than the amount of such Semi-Annual Payment and any
accrued interest, the excess over such Semi-Annual Payment will be credited
against future Semi-Annual Payments.

         1.2 Interest. Interest shall accrue on the outstanding principal
balance hereof at an annual rate equal to seven percent (7%) from the date
Principal was advanced in connection with this Note. Interest shall be
calculated on the basis of a 360-day year and the actual number of days elapsed,
to the extent permitted by applicable law. Interest hereunder will be paid to
the Holder or its assignee in whose name this Note is registered on the records
of the Borrower regarding registration and transfers of Notes (the "Note
Register"). In the event the Holder has elected to convert Interest due
hereunder into shares of Common Stock or the Company has elected to make an
Interest payment hereunder in shares of Common Stock, the number of shares of
such Common Stock to be issued will be calculated using a value of the Common
Stock that shall be its last sale price on the date immediately preceding the
Semi-Annual Payment Date. A number of shares of Common Stock with a value equal
to the amount of Interest due shall be issued to the Holder within five (5) days
of the Semi-Annual Payment Date. No fractional shares will be issued; therefore,
in the event that the value of the Common Stock per share does not equal the
total Interest due, the Company shall round up the number of shares of Common
Stock due.

         1.3 Payment Grace Period. From and after the 10th day after an Event of
Default under Section 3.1, the Interest Rate applicable to any unpaid amounts
owed hereunder shall be increased to sixteen percent (16%) per annum.

         1.4 Conversion Privileges. The conversion privileges set forth in
Article II shall remain in full force and effect immediately from the date
hereof and until the Note is paid in full regardless of the occurrence of an
Event of Default. The Note shall be payable in full on the Maturity Date, unless
previously converted into Common Stock in accordance with Article II hereof;
provided, that if an Event of Default has occurred, the Holder may elect to
extend the Maturity Date by the amount of days of the pendency of the Event of
Default.

         1.5 Corporate Existence. So long as any of the Notes remains
outstanding, the Company shall not directly or indirectly consummate any merger,
reorganization, restructuring, reverse stock split, consolidation, sale of all
or substantially all of the Company's assets or any similar transaction or
related transactions (each such transaction, a "Fundamental Change") unless,
prior to the consummation a Fundamental Change, the Company obtains the written
consent of each of the Holders. In any such case, the Company will (i) make
appropriate provision with respect to such holders' rights and interests to
ensure that the provisions of this Section 1.5 will thereafter be applicable to
the Notes, (ii) grant the Holders the right to put the Notes to the Company at
115% of the then outstanding Principal plus any unpaid and accrued Interest and
(iii) take any other action required under Section 2.1(c) hereof.

         This Note is subject to the following additional provisions:

                                   ARTICLE II
                     CONVERSION RIGHTS AND REDEMPTION RIGHTS

         The Holder shall have the right to convert the principal and accrued
and unpaid interest due under this Note into Shares of the Borrower's Common
Stock as set forth below.

                  2.1      Conversion into the Borrower's Common Stock.

                                       2
<PAGE>

                  (a) The Holder shall have the right from and after the date of
the issuance of this Note and then at any time until this Note is fully paid, to
convert any outstanding and unpaid principal portion of this Note, and accrued
Interest, at the election of the Holder (the date of giving of such notice of
conversion being a "Conversion Date") into fully paid and non-assessable shares
of Common Stock as such stock exists on the date of issuance of this Note (such
shares, the "Conversion Shares"), or any shares of capital stock of Borrower
into which such Common Stock shall hereafter be changed or reclassified (the
"Other Securities"), at the conversion price as defined in Section 2.1(b) hereof
(the "Conversion Price"), determined as provided herein. Upon delivery to the
Borrower of a completed Notice of Conversion, a form of which is attached hereto
as Exhibit B, Borrower shall issue and deliver to the Holder within three (3)
business days from the Conversion Date (such third day being the "Delivery
Date") that number of Conversion Shares for the portion of the Note converted in
accordance with the foregoing. At the election of the Holder, the Borrower will
deliver accrued but unpaid interest on the principal amount of the Note being
converted in the manner provided in Section 1.1 through the Conversion Date
directly to the Holder on or before the Delivery Date. The number of Conversion
Shares to be issued upon each conversion of this Note shall be determined by
dividing that portion of the principal of the Note and accrued interest to be
converted, by the Conversion Price.

                  (b) Subject to adjustment as provided in Section 2.1(c)
hereof, the Conversion Price per share shall be $__.

                  (c) The Conversion Price and number and kind of shares or
other securities to be issued upon conversion determined pursuant to Section
2.1(a), shall be subject to adjustment from time to time upon the happening of
certain events while this conversion right remains outstanding, as follows:

                           A. Reorganization, Consolidation, Merger, etc.;
Reclassification. In case at any time or from time to time, the Company shall,
subject to Section 1.5 hereof, effect a Fundamental Change, then, in each such
case, as a condition to the consummation of such a transaction, proper and
adequate provision shall be made by the Company whereby the Holder of this Note,
on the conversion hereof as provided in Article II, at any time after the
consummation of such Fundamental Change, shall receive, in lieu of the
Conversion Shares (or Other Securities) issuable on such conversion prior to
such consummation or such effective date, the stock and other securities and
property (including cash) to which such Holder would have been entitled upon
such consummation of a Fundamental Change if such Holder had so converted this
Note, immediately prior thereto, all subject to further adjustment thereafter as
provided in Section 2.1(c)(E).

                                    If the Borrower at any time shall, by
reclassification or otherwise, change the Common Stock into the same or a
different number of securities of any class or classes that may be issued or
outstanding, this Note, as to the unpaid principal portion thereof and accrued
interest thereon, shall thereafter be deemed to evidence the right to purchase
an adjusted number of such securities and kind of securities as would have been
issuable as the result of such change with respect to the Common Stock
immediately prior to such reclassification or other change.

                           B. Dissolution. In the event of any dissolution of
the Company following the transfer of all or substantially all of its properties
or assets, the Company, prior to such dissolution, shall at its expense deliver
or cause to be delivered the stock and other securities and property (including
cash, where applicable) receivable by the Holder of the Notes after the
effective date of such dissolution pursuant to this Article II to a bank or
trust company (a "Trustee") having its principal office in New York, NY, as
trustee for the Holder of the Notes.

                           C. Continuation of Terms. Upon any Fundamental Change
or transfer (and any dissolution following any transfer) referred to in this
Article II, this Note shall continue in full force and effect and the terms
hereof shall be applicable to the Other Securities and property receivable on
the conversion of this Note after the consummation of such Fundamental Change or
transfer or the effective date of dissolution following any such transfer, as
the case may be, and shall be binding upon the issuer of any other securities,
including, in the case of any such transfer, the person acquiring all or
substantially all of the properties or assets of the Company, whether or not
such person shall have expressly assumed the terms of this Note as provided in
Section 2.1(c)(E). In the event this Note does not continue in full force and
effect after the consummation of the transaction described in this Article II,
then only in such event will the Company's securities and property (including
cash, where applicable) receivable by the Holder of the Notes be delivered to
the Trustee as contemplated by Section 2.1(c)(B).

                                       3
<PAGE>

                           D. Share Issuance. If at any time Notes or the
Warrants are outstanding the Company shall offer, issue or agree to issue any
common stock or securities convertible into or exercisable for shares of common
stock (or modify any of the foregoing which may be outstanding) to any person or
entity at a price per share or conversion or exercise price per share which
shall be less than the Conversion Price in respect of the Shares, without the
consent of each Subscriber holding Notes and/or other Securities, then the
Company shall issue, for each such occasion, additional shares of Common Stock
to each Subscriber so that the average per share purchase price of the shares of
Common Stock issued to the Subscriber (of only the Conversion Shares or Warrant
Shares still owned by the Subscriber) is equal to such other lower price per
share and the Conversion Price shall automatically be reduced to such other
lower price per share. The average Conversion Price of the Conversion Shares and
average Warrant Exercise Price in relation to the Warrant Shares shall be
calculated separately for the Conversion Shares and Warrant Shares. The
foregoing calculation and issuance shall be made separately for Conversion
Shares received upon conversion and separately for Warrant Shares. The delivery
to the Subscriber of the additional shares of Common Stock shall be not later
than the closing date of the transaction giving rise to the requirement to issue
additional shares of Common Stock. The Subscriber is granted the registration
rights described in Section 11 of the Subscription Agreement in relation to such
additional shares of Common Stock except that the Filing Date and Effective Date
with respect to such additional shares of Common Stock shall be, respectively,
the sixtieth (60th) and one hundred and twentieth (120th) date after the closing
date giving rise to the requirement to issue the additional shares of Common
Stock. For purposes of the issuance and adjustment described in this paragraph,
the issuance of any security of the Company carrying the right to convert such
security into shares of Common Stock or of any warrant, right or option to
purchase Common Stock shall result in the issuance of the additional shares of
Common Stock upon the issuance of such convertible security, warrant, right or
option and again at any time upon any subsequent issuances of shares of Common
Stock upon exercise of such conversion or purchase rights if such issuance is at
a price lower than the Conversion Price in effect upon such issuance. The rights
of the Subscriber set forth in this Section 2.1 (c)(D) are in addition to any
other rights the Subscriber has pursuant to this Note, the Subscription
Agreement, any Transaction Document and any other agreement referred to or
entered into in connection herewith.

                           E. Extraordinary Events Regarding Common Stock. In
the event that the Company shall (a) issue additional shares of the Common Stock
as a dividend or other distribution on outstanding Common Stock, (b) subdivide
its outstanding shares of Common Stock, or (c) subject to Section 1.5 hereof,
combine its outstanding shares of the Common Stock into a smaller number of
shares of the Common Stock, then, in each such event, the Conversion Price
shall, simultaneously with the happening of such event, be adjusted by
multiplying the then Conversion Price by a fraction, the numerator of which
shall be the number of shares of Common Stock outstanding immediately prior to
such event and the denominator of which shall be the number of shares of Common
Stock outstanding immediately after such event, and the product so obtained
shall thereafter be the Conversion Price then in effect. The Conversion Price,
as so adjusted, shall be readjusted in the same manner upon the happening of any
successive event or events described herein in this Section 2.1(c)(E). The
number of Conversion Shares that the Holder of this Note shall thereafter, on
the conversion hereof as provided in Article II, be entitled to receive shall be
adjusted to a number determined by multiplying the number of Conversion Shares
that would otherwise (but for the provisions of this Section 2.1(c)(E)) be
issuable on such conversion by a fraction of which (a) the numerator is the
Conversion Price that would otherwise (but for the provisions of this Section
2.1(c)(E)) be in effect, and (b) the denominator is the Conversion Price in
effect on the date of such conversion.

                           F. Certificate as to Adjustments. In each case of any
adjustment or readjustment in the shares of Common Stock (or Other Securities)
issuable on the conversion of the Notes, the Company at its expense will
promptly cause its Chief Financial Officer or other appropriate designee to
compute such adjustment or readjustment in accordance with the terms of the Note
and prepare a certificate setting forth such adjustment or readjustment and
showing in detail the facts upon which such adjustment or readjustment is based,
including a statement of (a) the consideration received or receivable by the
Company for any additional shares of Common Stock (or Other Securities) issued
or sold or deemed to have been issued or sold, (b) the number of shares of
Common Stock (or Other Securities) outstanding or deemed to be outstanding, and
(c) the Conversion Price and the number of Conversion Shares to be received upon
conversion of this Note, in effect immediately prior to such adjustment or
readjustment and as adjusted or readjusted as provided in this Note. The Company
will forthwith mail a copy of each such certificate to the Holder of the Note
and any transfer agent of the Company.

                  2.2 Method of Conversion. This Note may be converted by the
Holder in whole or in part as described in Section 2.1(a) hereof and the
Subscription Agreement. Upon partial conversion of this Note, a new Note
containing the same date and provisions of this Note shall, at the request of
the Holder, be issued by the Borrower to the Holder for the principal balance of
this Note and interest which shall not have been converted or paid.

                                       4
<PAGE>

                  2.3      Maximum Conversion.

                  (a) Notwithstanding anything to the contrary contained herein,
the number of Conversion Shares that may be acquired by the Subscriber upon
conversion of the Notes (or otherwise in respect hereof) shall be limited to the
extent necessary to ensure that, following such conversion (or other issuance),
the total number of shares of Common Stock then beneficially owned by such
Subscriber and its affiliates and any other persons whose beneficial ownership
of Common Stock would be aggregated with the Subscriber's for purposes of
Section 13(d) of the 1934 Act, does not exceed 4.999% of the total number of
issued and outstanding shares of Common Stock (including for such purpose the
shares of Common Stock issuable upon such conversion). For such purposes,
beneficial ownership shall be determined in accordance with Section 13(d) of the
1934 Act and the rules and regulations promulgated thereunder. By written notice
to the Company, a Subscriber may waive the provisions of this Section 2.3(a) as
to itself but any such waiver will not be effective until the 61st day after
delivery thereof and such waiver shall have no effect on any other Subscriber.

                  (b) Notwithstanding anything to the contrary contained herein,
the number of Conversion Shares that may be acquired by the Subscriber upon
conversion of the Notes (or otherwise in respect hereof) shall be limited to the
extent necessary to ensure that, following such conversion (or other issuance),
the total number of shares of Common Stock then beneficially owned by such
Subscriber and its affiliates and any other persons whose beneficial ownership
of Common Stock would be aggregated with the Subscriber's for purposes of
Section 13(d) of the 1934 Act, does not exceed 9.999% of the total number of
issued and outstanding shares of Common Stock (including for such purpose the
shares of Common Stock issuable upon such conversion). For such purposes,
beneficial ownership shall be determined in accordance with Section 13(d) of the
1934 Act and the rules and regulations promulgated thereunder. This provision
may not be waived.

                           (c) Notwithstanding anything to the contrary in this
Note, while the shares of Common Stock are listed for trading on the American
Stock Exchange, if the Company has not previously obtained Shareholder Approval
(as defined below), then the Company may not issue Conversion Shares in excess
of the Issuable Maximum (as defined below) upon any conversion of this Note at a
conversion price which is less than the closing bid price on the trading day
immediately preceding the Closing Date or date of the Subscription Agreement,
whichever is higher (the "Threshold Price"). The "Issuable Maximum" means, as of
any date, a number of shares of Common Stock equal to 21,504,469, less such
number of shares of Common Stock as have been issued at a price below the
Threshold Price upon (1) conversion of Notes, (2) in payment of interest
thereunder, (3) upon exercise of the Warrants, or (4) upon operation of any
rights of first refusal under the Subscription Agreement. Each Subscriber shall
be entitled to a portion of the Issuable Maximum equal to the quotient obtained
by dividing: (x) the principal amount of Notes issued and sold to such
Subscriber on the Closing Date by (y) the aggregate principal amount of all
Notes issued and sold by the Company on the Closing Date. If any Subscriber
shall no longer hold Notes, then such Subscriber's remaining portion of the
Issuable Maximum shall be allocated pro-rata among the remaining Subscribers,
giving effect to the Company's desire to allocate this limitation among the
class of securities known as the Notes. If on any Conversion Date, or at such
time as a Subscriber shall notify the Company that the condition in (A)
following this clause shall be in effect: (A) the aggregate number of Conversion
Shares that would then be issuable upon conversion in full of all then
outstanding principal amount of Notes would exceed the Issuable Maximum on such
date, and (B) the Company shall not have previously obtained the vote of
shareholders, as may be required by the applicable rules and regulations of the
American Stock Exchange (or any successor entity or any other trading market on
which the Company's securities then trade), applicable to approve the issuance
of shares of Common Stock in excess of the Issuable Maximum pursuant to the
terms hereof (the "Shareholder Approval"), then, the Company shall issue to the
Subscribers a number of shares of Common Stock equal to the Issuable Maximum
and, with respect to the remainder of the principal amount of Notes then held by
the Subscribers for which a conversion would result in an issuance of shares of
Common Stock in excess of the Issuable Maximum, the Company must use its best
efforts to seek and obtain Shareholder Approval as soon as possible, but in any
event not later than the 60th day following such Conversion Date or the date of
such request. The Company and the Subscriber understand and agree that
Conversion Shares issued to and then held by the Subscriber as a result of
conversions of Notes shall not be entitled to cast votes on any resolution to
obtain Shareholder Approval pursuant hereto.

                                       5
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                  2.4 Mandatory Conversion. Commencing after the Effective Date,
the Borrower will have the option by written notice to the Holder ("Notice of
Mandatory Conversion") of compelling the Holder to convert the outstanding and
unpaid principal amount, and accrued interest, of this Note into Common Stock at
the Conversion Price then in affect ("Mandatory Conversion"). The Notice of
Mandatory Conversion must be given, if at all, within thirty (30) days following
any consecutive ten (10) day trading period (the "Lookback Period") during which
the closing bid price or last sale price, as the case may be, for the Borrower's
Common Stock as reported by Bloomberg, LP for the principal market on which the
shares of Common Stock are then traded (the "Principal Market") is more than
150% of the Conversion Price each day during the Lookback Period and there is
not less than reported average daily trading of 1,000,000 shares of Common Stock
during the Lookback Period. The date the Notice of Mandatory Conversion is given
is the "Mandatory Conversion Date." The Notice of Mandatory Conversion shall
specify the aggregate principal amount of the Note which is subject to Mandatory
Conversion. Mandatory Conversion Notices must be given proportionately to all
Holders of Notes who hold Notes similar in terms and tenure as this Note. A
Notice of Mandatory Conversion may not be given unless the Registration
Statement has been effective for the unrestricted public resale of the
Registrable Securities each day during the Lookback Period and for the three
trading days thereafter. Notices of Mandatory Conversion may not be given in
connection with the aggregate amount of Common Stock that would exceed 25% of
the aggregate volume of Common Stock traded on the Principal Market as reported
by Bloomberg L.P. for the fifteen (15) trading days preceding the Mandatory
Conversion Date, or 20% of the initial principal amount of this Note. The amount
of Note principal included in a Mandatory Conversion Notice shall be further
reduced to an amount that would not cause the Holder to exceed the limitation
described in Section 2.3 of this Note. A further Mandatory Conversion Notice may
not be given until thirty (30) trading days have elapsed from the preceding
Mandatory Conversion Date. Each Mandatory Conversion Date shall be a Deemed
Conversion Date (as hereinafter defined) and the Borrower will be required to
deliver the Common Stock issuable pursuant to a Mandatory Conversion Notice in
the same manner and time period as described in Section 2.1 above. In the event
the Borrower fails to deliver the Common Stock in the same manner and time
period as described in Section 2.1 above, then such Notice of Conversion will be
null and void. A Notice of Conversion must be given to all Holders of Notes
similar to this Note, in proportion to the amount of Note Principal held by all
Holders of such Notes. Except as described in this Section 2.4, the Note may not
be paid prior to the Maturity Date without the consent of the Holder.

                  2.5      Conversion of Note.

                           (a) Upon the conversion of a Note or part thereof,
the Company shall, at its own cost and expense, take all necessary action,
including obtaining and delivering, an opinion of counsel to assure that the
Company's transfer agent shall issue stock certificates in the name of
Subscriber (or its nominee) or such other persons as designated by Subscriber
and in such denominations to be specified at conversion representing the number
of Conversion Shares issuable upon such conversion. The Company warrants that no
instructions other than these instructions have been or will be given to the
transfer agent of the Company's Common Stock and that, unless waived by the
Subscriber, the Conversion Shares will be free-trading, and freely transferable,
and will not contain a legend restricting the resale or transferability of the
Conversion Shares provided the Conversion Shares are being sold pursuant to an
effective registration statement covering the Conversion Shares or are otherwise
exempt from registration.

                           (b) Subscriber will give notice of its decision to
exercise its right to convert the Note or part thereof by telecopying an
executed and completed Notice of Conversion (a form of which is attached as
Exhibit B to the Note) to the Company via confirmed telecopier transmission and
overnight courier or otherwise pursuant to Section 4.2 of this Note. The
Subscriber will not be required to surrender the Note until the Note has been
fully converted or satisfied, with each date on which a Notice of Conversion is
telecopied to the Company in accordance with the provisions hereof shall be
deemed a Conversion Date (as defined above). The Company will itself or cause
the Company's transfer agent to transmit the Company's Common Stock certificates
representing the Conversion Shares issuable upon conversion of the Note to the
Subscriber via express courier for receipt by such Subscriber on or before the
Delivery Date (as defined above). In the event the Conversion Shares are
electronically transferable, then delivery of the Conversion Shares must be made
by electronic transfer provided request for such electronic transfer has been
made by the Subscriber and the Subscriber has complied with all applicable
securities laws in connection with the sale of the Common Stock, including,
without limitation, the prospectus delivery requirements. A Note representing
the balance of the Note not so converted will be provided by the Company to the
Subscriber if requested by Subscriber, provided the Subscriber delivers the
original Note to the Company.

                                       6
<PAGE>

                           (c) The Company understands and agrees that a delay
in the delivery of the Conversion Shares in the form required pursuant to
Section 2.5(a) hereof, or the Mandatory Redemption Amount described in Section
2.8 hereof, respectively after the Delivery Date or the Mandatory Redemption
Payment Date (as hereinafter defined) could result in economic loss to the
Subscriber. As compensation to the Subscriber for such loss, the Company agrees
to pay (as liquidated damages and not as a penalty) to the Subscriber for late
issuance of Conversion Shares upon Conversion of the Note in the amount of $20
per business day after the Delivery Date for each $10,000 of Note principal
amount being converted of the corresponding Conversion Shares which are not
timely delivered. The Company shall pay any payments incurred under this Section
in immediately available funds upon demand. Furthermore, in addition to any
other remedies which may be available to the Subscriber, in the event that the
Company fails for any reason to effect delivery of the Conversion Shares by the
Delivery Date or make payment by the Mandatory Redemption Payment Date, the
Subscriber will be entitled to revoke all or part of the relevant Notice of
Conversion or rescind all or part of the notice of Mandatory Redemption by
delivery of a notice to such effect to the Company whereupon the Company and the
Subscriber shall each be restored to their respective positions immediately
prior to the delivery of such notice, except that the liquidated damages
described above shall be payable through the date notice of revocation or
rescission is given to the Company.

                           (d) Nothing contained herein or in any document
referred to herein or delivered in connection herewith shall be deemed to
establish or require the payment of a rate of interest or other charges in
excess of the maximum permitted by applicable law. In the event that the rate of
interest or dividends required to be paid or other charges hereunder exceed the
maximum permitted by such law, any payments in excess of such maximum shall be
credited against amounts owed by the Company to the Subscriber and thus refunded
to the Company.

                  2.6 Injunction Posting of Bond. In the event a Subscriber
shall elect to convert a Note or part thereof in whole or in part, the Company
may not refuse conversion based on any claim that such Subscriber or any one
associated or affiliated with such Subscriber has been engaged in any violation
of law, or for any other reason, unless an injunction from a court, on notice,
restraining and or enjoining conversion of all or part of such Note shall have
been sought and obtained by the Company and the Company has posted a surety bond
for the benefit of such Subscriber in the amount of 120% of the amount of the
Note, which bond shall remain in effect until the completion of
arbitration/litigation of the dispute and the proceeds of which shall be payable
to such Subscriber to the extent Subscriber obtains judgment.
                  2.7      Optional Redemption.

                           (a) Provided that the Company has a number of
authorized but unissued shares of Common Stock sufficient for the issuance of
all Conversion Shares underlying the remaining principal amount of this Note,
such Common Stock is listed or quoted (and is not suspended from trading) on the
Principal Market and such shares of Common Stock are approved for listing on
such Principal Market upon issuance if applicable, such Common Stock is
registered for resale under the Registration Statement and the prospectus under
such Registration Statement is available for the sale of all Registrable
Securities held by the Subscriber, such issuance would be permitted in full
without violating Section 2.3 herein or the rules or regulations of any trading
market on which such Common Stock may be listed or quoted, and both immediately
before and after giving effect thereto, no Event of Default under the
Subscription Agreement or this Note shall or would exist, the Borrower will have
the option of prepaying the outstanding principal amount of this Note ("Optional
Redemption"), in whole or in part, together with interest accrued thereon, by
paying to the Holder a sum of money equal to one hundred twenty-five percent
(125%) of the principal amount to be redeemed, together with accrued but unpaid
interest thereon and interest that will accrue until the actual repayment date
and any and all other sums due, accrued or payable to the Holder arising under
the Note, the Subscription Agreement or any Transaction Document (the
"Redemption Amount") on the day written notice of redemption (the "Notice of
Redemption") is given to the Holder. The Notice of Redemption shall specify the
date for such Optional Redemption (the "Redemption Payment Date"), which date
shall be not less than five (5) business days after the date of the Notice of
Redemption (the "Redemption Period"). The Borrower may provide a Notice of
Redemption prior to the Effective Date only in connection with up to 20% the
principal amount of this Note then outstanding together with interest accrued
thereon. A Notice of Redemption shall not be effective with respect to any
portion of the Note for which the Holder has a pending election to convert, or
for Conversion Notices given by the Holder prior to the Redemption Payment Date.
During a Redemption Period occurring after the Actual Effective Date, the Holder
may deliver Notices of Conversion for up to 20% of the initial principal amount
of the Note and accrued interest. On the Redemption Payment Date, the Redemption
Amount shall be paid in good funds to the Holder. In the event the Borrower
fails to pay the Redemption Amount on the Redemption Payment Date as set forth
herein, then (i) such Notice of Redemption will be null and void, (ii) Borrower
will have no further right to deliver another Notice of Redemption, and (iii)
Borrower's failure may be deemed by Holder to be a non-curable Event of Default.

                                       7
<PAGE>

                           (b) A Notice of Redemption must be given
proportionately to all Holders of Notes bearing similar terms to this Note
issued on the date of this Note.

                  2.8 Mandatory Redemption at Subscriber's Election. In the
event the Company is prohibited from issuing Conversion Shares, or fails to
timely deliver Shares on a Delivery Date, or upon the occurrence of any other
Event of Default (as defined in this Note or in the Subscription Agreement) or
for any reason other than pursuant to the limitations set forth in Section 2.3
hereof, then at the Subscriber's election, the Company must pay to the
Subscriber ten (10) business days after request by the Subscriber, at the
Subscriber's election, a sum of money in immediately available terms equal to
the greater of (i) the product of the outstanding principal amount of the Note
designated by the Subscriber multiplied by 120%, or (ii) the product of the
number of Conversion Shares otherwise deliverable upon conversion of an amount
of Note principal and/or interest designated by the Subscriber (with the date of
giving of such designation being a "Deemed Conversion Date") at the then
Conversion Price that would be in effect on the Deemed Conversion Date
multiplied by the average of the closing bid prices for the Common Stock for the
five consecutive trading days preceding either: (1) the date the Company becomes
obligated to pay the Mandatory Redemption Payment, or (2) the date on which the
Mandatory Redemption Payment is made in full, whichever is greater, together
with accrued but unpaid interest thereon and any liquidated damages then payable
("Mandatory Redemption Payment"). The Mandatory Redemption Payment must be
received by the Subscriber on the same date as the Company Shares otherwise
deliverable or within ten (10) business days after request, whichever is sooner
("Mandatory Redemption Payment Date"). Upon receipt of the Mandatory Redemption
Payment, the corresponding Note principal and interest will be deemed paid and
no longer outstanding. Liquidated damages calculated pursuant to Section 2.5(c)
hereof, that have been paid or accrued for the twenty (20) day period prior to
the actual receipt of the Mandatory Redemption Payment by the Subscriber shall
be credited against the Mandatory Redemption Payment.

                  2.9 Buy-In. In addition to any other rights available to the
Subscriber, if the Company fails to deliver to the Subscriber the Conversion
Shares issuable upon conversion of a Note by the Delivery Date and if after five
(5) business days after the Delivery Date the Subscriber purchases (in an open
market transaction or otherwise) shares of Common Stock to deliver in
satisfaction of a sale by such Subscriber of the Common Stock which the
Subscriber was entitled to receive upon such conversion (a "Buy-In"), then the
Company shall pay in cash to the Subscriber (in addition to any remedies
available to or elected by the Subscriber) the amount by which (A) the
Subscriber's total purchase price (including brokerage commissions, if any) for
the shares of Common Stock so purchased exceeds (B) the aggregate principal
and/or interest amount of the Note for which such conversion was not timely
honored, together with interest thereon at a rate of 15% per annum, accruing
until such amount and any accrued interest thereon is paid in full (which amount
shall be paid as liquidated damages and not as a penalty). For example, if the
Subscriber purchases shares of Common Stock having a total purchase price of
$11,000 to cover a Buy-In with respect to an attempted conversion of $10,000 of
note principal and/or interest, the Company shall be required to pay the
Subscriber $1,000, plus interest. The Subscriber shall provide the Company
written notice indicating the amounts payable to the Subscriber in respect of
the Buy-In.

                  2.10 Reservation. During the period the conversion right
exists, Borrower will reserve from its authorized and unissued Common Stock a
number of shares of Common Stock equal to 150% of the amount of Common Stock
issuable upon the full conversion of this Note. Borrower represents that upon
issuance, such shares will be duly and validly issued, fully paid and
non-assessable. Borrower agrees that its issuance of this Note shall constitute
full authority to its officers, agents, and transfer agents who are charged with
the duty of executing and issuing stock certificates to execute and issue the
necessary certificates for shares of Common Stock upon the conversion of this
Note.

                                   ARTICLE III
                                EVENTS OF DEFAULT

                  An "Event of Default," wherever used herein, means any one of
the following events (whatever the reason and whether it shall be voluntary or
involuntary or effected by operation of law or pursuant to any judgment, decree
or order of any court, or any order, rule or regulation of any administrative or
governmental body):

                                       8
<PAGE>

                  3.1 Failure to Pay Principal or Interest. The Borrower fails
to pay any installment of Principal, Interest or other sum due under this Note
when due.

                  3.2 Breach of Covenant. The Borrower breaches any other
covenant or other term or condition of the Subscription Agreement or this Note
in any material respect and such breach, if subject to cure, continues for a
period of ten (10) business days after written notice to the Borrower from the
Holder.

                  3.3 Breach of Representations and Warranties. Any
representation or warranty of the Borrower made herein, in the Subscription
Agreement, or in any agreement, statement or certificate given in writing
pursuant hereto or in connection therewith shall be false or misleading in any
material respect as of the date made and the Closing Date.

                  3.4 Receiver or Trustee. The Borrower shall make an assignment
for the benefit of creditors, or apply for or consent to the appointment of a
receiver or trustee for it or for a substantial part of its property or
business; or such a receiver or trustee shall otherwise be appointed.

                  3.5 Judgments. Any money judgment, writ or similar final
process shall be entered or filed against Borrower or any of its property or
other assets for more than $100,000, and shall remain unvacated, unbonded or
unstayed for a period of thirty (30) days.

                  3.6 Bankruptcy. Bankruptcy, insolvency, reorganization or
liquidation proceedings or other proceedings or relief under any bankruptcy law
or any law, or the issuance of any notice in relation to such event, for the
relief of debtors shall be instituted by or against the Borrower and if
instituted against Borrower are not dismissed within thirty (30) days of
initiation.

                  3.7 Non-Payment. A default by the Borrower under any one or
more obligations in an aggregate monetary amount in excess of $50,000 for more
than twenty (20) days after the due date.

                  3.8 Stop Trade. An SEC or judicial stop trade order or
Principal Market trading suspension that lasts for five or more consecutive
trading days.

                  3.9 Failure to Deliver Common Stock or Replacement Note.
Borrower's failure to timely deliver Common Stock to the Holder pursuant to and
in the time required by this Note and Sections 9 and 11 of the Subscription
Agreement, or, if required, a replacement Note.

                  3.10 Non-Registration Event. The occurrence of a
Non-Registration Event as described in Section 11.4 of the Subscription
Agreement.

                  3.11 Reverse Splits. The Borrower effectuates a reverse split
of its Common Stock without the prior written consent of each Holder.

                  3.12 Reservation Default. Failure by the Borrower to have
reserve for issuance upon conversion of the Note the amount of Common stock as
set forth in the Subscription Agreement.

                  3.13 Cross Default. A default by the Borrower of a material
term, covenant, warranty or undertaking of any other agreement to which the
Borrower and Holder are parties, or the occurrence of a material event of
default under any such other agreement which is not cured after any required
notice and/or cure period.

                  3.14 Change in Control. A change in control of the Company
without the written consent of each Holder. A change in control shall mean that
more than 30% of the shares of common stock are consolidated in one person or
entity so that the person or entity may control the election of the board of
directors or the passage of a proposal that would normally require a shareholder
vote without such shareholder vote and that such person or entity was not a
holder of shares of the Company at the date of execution hereof.

                                       9
<PAGE>

                  3.15 Asset Sales. Any instance, undertaken without the written
consent of each Holder, whereby the Company or any of its subsidiaries, sells,
transfers, leases or otherwise disposes (including pursuant to a merger) of
substantially all of the Company's assets, including any asset constituting an
equity interest in any other person, except sales, transfers, leases and other
dispositions of inventory, used, obsolete or surplus equipment or other
property, in each case in the ordinary course of the Company's business and
consistent with past practice.

                  3.16 Delisting. Delisting of the Common Stock from the
American Stock Exchange or such other Principal Market, including the
Over-the-Counter Bulletin Board, on which the Common Stock is then listed or
quoted for trading.

                  During the time that any portion of this Note is outstanding,
if any Event of Default has occurred, the full principal amount of this Note,
together with interest and other amounts owing in respect hereof, to the date of
acceleration shall become, at the Holder's election, immediately due and payable
in cash, provided however, the Holder may request (but shall have no obligation
to request) payment of such amounts in Common Stock of the Borrower. In addition
to any other remedies, the Holder shall have the right (but not the obligation)
to convert this Note at any time after (x) an Event of Default or (y) the
Maturity Date at the Conversion Price then in-effect. The Holder need not
provide and the Borrower hereby waives any presentment, demand, protest or other
notice of any kind, and the Holder may immediately and without expiration of any
grace period enforce any and all of its rights and remedies hereunder and all
other remedies available to it under applicable law. Such declaration may be
rescinded and annulled by Holder at any time prior to payment hereunder. No such
rescission or annulment shall affect any subsequent Event of Default or impair
any right consequent thereon. Upon an Event of Default, notwithstanding any
other provision of this Note or any Transaction Document, the Holder shall have
no obligation to comply with or adhere to any limitations, if any, on the
conversion of this Note or the sale of the Conversion Shares, Shares or Other
Securities.

                                   ARTICLE IV
                                  MISCELLANEOUS

                  4.1 Failure or Indulgence Not Waiver. No failure or delay on
the part of Holder hereof in the exercise of any power, right or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any such power, right or privilege preclude other or further
exercise thereof or of any other right, power or privilege. All rights and
remedies existing hereunder are cumulative to, and not exclusive of, any rights
or remedies otherwise available.

                  4.2 Notices. All notices, demands, requests, consents,
approvals, and other communications required or permitted hereunder shall be in
writing and, unless otherwise specified herein, shall be (i) personally served,
(ii) deposited in the mail, registered or certified, return receipt requested,
postage prepaid, (iii) delivered by reputable air courier service with charges
prepaid, or (iv) transmitted by hand delivery, telegram, or facsimile, addressed
as set forth below or to such other address as such party shall have specified
most recently by written notice. Any notice or other communication required or
permitted to be given hereunder shall be deemed effective (a) upon hand delivery
or delivery by facsimile, with accurate confirmation generated by the
transmitting facsimile machine, at the address or number designated below (if
delivered on a business day during normal business hours where such notice is to
be received), or the first business day following such delivery (if delivered
other than on a business day during normal business hours where such notice is
to be received) or (b) on the second business day following the date of mailing
by express courier service, fully prepaid, addressed to such address, or upon
actual receipt of such mailing, whichever shall first occur. The addresses for
such communications shall be: (i) if to the Borrower to: Globetel Communications
Corp., 9050 Pines Blvd., Suite 255, Pembroke Pines, FL 33024, Attn: Timothy
Huff, CEO, telecopier number: (954) 272-0380, with a copy by telecopier only to
(not with respect to Conversion Notices): Jonathan D. Leinwand, Esq. 9050 Pines
Blvd., Suite 255, Pembroke Pines, FL 33024, telecopier number: (954) 252-4265,
and (ii) if to the Holder, to the name, address and telecopy number set forth on
the front page of this Note, with a copy by telecopier only to (not with respect
to Conversion Notices): Hodgson Russ LLP 60 East 42nd Street, 37th Floor New
York, NY 10165 Attn: Jeffrey A. Rinde, Esq. telecopier number: (212) 972-1677.

                                       10
<PAGE>

                  4.3 Amendment Provision. The term "Note" and all reference
thereto, as used throughout this instrument, shall mean this instrument as
originally executed, or if later amended or supplemented, then as so amended or
supplemented.

                  4.4 Assignability. This Note shall be binding upon the
Borrower and its successors and assigns, and shall inure to the benefit of the
Holder and its successors and assigns.

                  4.5 Cost of Collection. If default is made in the payment of
this Note, Borrower shall pay the Holder hereof reasonable costs of collection,
including reasonable attorneys' fees.

                  4.6 Governing Law. This Note shall be governed by and
construed in accordance with the laws of the State of New York. Any action
brought by either party against the other concerning the transactions
contemplated by this Agreement shall be brought only in the state courts of New
York or in the federal courts located in the state of New York. Both parties and
the individual signing this Agreement on behalf of the Borrower agree to submit
to the jurisdiction of such courts. The prevailing party shall be entitled to
recover from the other party its reasonable attorney's fees and costs.

                  4.7 Maximum Payments. Nothing contained herein shall be deemed
to establish or require the payment of a rate of interest or other charges in
excess of the maximum permitted by applicable law. In the event that the rate of
interest required to be paid or other charges hereunder exceed the maximum
permitted by such law, any payments in excess of such maximum shall be credited
against amounts owed by the Borrower to the Holder and thus refunded to the
Borrower.

                  4.8 Waiver of Jury Trial. THE PARTIES HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY
JURY IN RESPECT OF ANY LITIGATION BASED HEREON OR ARISING OUT OF, UNDER OR IN
CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION DOCUMENT OR ANY COURSE OF
CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF
ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES' ACCEPTANCE
OF THIS AGREEMENT.

                  4.9 Redemption. This Note may not be redeemed or paid without
the consent of the Holder except as described in this Note or in the
Subscription Agreement.

                  4.10 Shareholder Status. The Holder shall not have rights as a
shareholder of the Borrower with respect to unconverted portions of this Note.
However, the Holder will have all the rights of a shareholder of the Borrower
with respect to the shares of Common Stock to be received by Holder after
delivery by the Holder of a Conversion Notice to the Borrower.

                   [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
                             SIGNATURE PAGE FOLLOWS]

<PAGE>

IN WITNESS WHEREOF, Borrower has caused this Note to be signed in its name by an
authorized officer as of the 30th day of August, 2006.

                                            GLOBETEL COMMUNICATIONS CORP.

                                            By:________________________________
                                                     Name: Timothy Huff
                                                     Title: CEO

WITNESS:

--------------------------------------

                                       11
<PAGE>

                                                                       Exhibit A

                                PAYMENT SCHEDULE

<PAGE>

                                                                       Exhibit B

                              NOTICE OF CONVERSION
                              --------------------
           (To be executed by the Holder in order to Convert the Note)

TO:

The undersigned hereby irrevocably elects to convert $_________________ of the
principal amount of the above Note into Shares of Common Stock of Sunset Brands,
Inc., according to the conditions stated therein, as of the Conversion Date
written below.

Conversion Date:                            ____________________________________

Applicable Conversion Price:                ____________________________________

Signature:                                  ____________________________________

Name:                                       ____________________________________

Address:                                    ____________________________________

Amount to be converted:                     $___________________________________

Amount of Note unconverted:                 $___________________________________

Conversion Price per share:                 $___________________________________

Number of  shares to be issued:             ____________________________________

Amount of Interest Converted:               $___________________________________

Conversion Price per share:                 $___________________________________

Number of  shares of to be issued:          ____________________________________

Please  issue  the  shares  of  to:         ____________________________________

Issue to:                                   ____________________________________

Authorized Signature:                       ____________________________________

Name:                                       ____________________________________

Title:                                      ____________________________________

Phone Number:                               ____________________________________

Broker DTC Participant Code:                ____________________________________

Account Number:                             ____________________________________EXECUTION COPY

THIS WARRANT AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THIS WARRANT
AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD,
OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT UNDER SAID ACT OR AN OPINION OF COUNSEL REASONABLY
SATISFACTORY TO GLOBETEL COMMUNICATIONS CORP. THAT SUCH REGISTRATION IS NOT
REQUIRED.

                      CLASS A COMMON STOCK PURCHASE WARRANT

No. 2006-A-___                                      Issue Date: August 30, 2006

GLOBETEL COMMUNICATIONS CORP., a corporation organized under the laws of the
State of Delaware (the "Company"), hereby certifies that, for value
received_________________________,
_____________________________________________, Fax: (___) _______________, or
its assigns (the "Holder"), is entitled, subject to the terms set forth below,
to purchase from the Company at any time after the Issue Date until 5:00 p.m.,
E.S.T on the date five (5) years from the date hereof (the "Expiration Date"),
up to _________ fully paid and non-assessable shares of the common stock of the
Company (the "Common Stock"), $.00001 par value per share at a per share
purchase price of $____________. The afore-described purchase price per share,
as adjusted from time to time as herein provided, is referred to herein as the
"Warrant Exercise Price." The number and character of such shares of Common
Stock and the Warrant Exercise Price issuable upon the exercise of this warrant
(the "Class A Warrant," and with the Class B Warrant, the "Warrant") are subject
to adjustment as provided herein. The Company may reduce the Warrant Exercise
Price without the consent of the Holder.

Capitalized terms used and not otherwise defined herein shall have the meanings
set forth in that certain Subscription Agreement (the "Subscription Agreement"),
dated August 30, 2006, entered into by the Company and the Holders.

         As used herein the following terms, unless the context otherwise
requires, have the following respective meanings:
         (a) The term "Company" shall include Globetel Communications Corp. and
any corporation which shall succeed or assume the obligations of Globetel
Communications Corp. hereunder.

         (b) The term "Common Stock" includes (a) the Company's Common Stock,
$.00001 par value per share, as authorized on the date of the Subscription
Agreement, and (b) any other securities into which or for which any of the
securities described in (a) may be converted or exchanged pursuant to a plan of
recapitalization, reorganization, merger, sale of assets or otherwise.

         (c) The term "Other Securities" refers to any stock (other than Common
Stock) and other securities of the Company or any other person (corporate or
otherwise) which the holder of the Warrant at any time shall be entitled to
receive, or shall have received, on the exercise of the Warrant, in lieu of or
in addition to Common Stock, or which at any time shall be issuable or shall
have been issued in exchange for or in replacement of Common Stock or Other
Securities pursuant to Section 4 or otherwise.

         1. Exercise of Warrant.

                  1.1. Number of Shares Issuable upon Exercise. From and after
the Issue Date through and including the Expiration Date, the Holder hereof
shall be entitled to receive, upon exercise of this Warrant in whole in
accordance with the terms of subsection 1.2 or upon exercise of this Warrant in
part in accordance with subsection 1.3, shares of Common Stock of the Company,
subject to adjustment pursuant to Section 4.
<PAGE>

                  1.2. Full Exercise. This Warrant may be exercised in full by
the Holder hereof by delivery of an original or facsimile copy of the form of
subscription attached as Exhibit A hereto (the "Subscription Form") duly
executed by such Holder and surrender of the original Warrant within three (3)
days of exercise, to the Company at its principal office or at the office of its
Warrant Agent (as provided hereinafter), accompanied by payment, in cash, wire
transfer or by certified or official bank check payable to the order of the
Company, in the amount obtained by multiplying the number of shares of Common
Stock for which this Warrant is then exercisable by the Warrant Exercise Price
then in effect.

                  1.3. Partial Exercise. This Warrant may be exercised in part
(but not for a fractional share) by surrender of this Warrant in the manner and
at the place provided in subsection 1.2 except that the amount payable by the
Holder on such partial exercise shall be the amount obtained by multiplying (a)
the number of whole shares of Common Stock designated by the Holder in the
Subscription Form by (b) the Warrant Exercise Price then in effect. On any such
partial exercise, the Company, at its expense, will forthwith issue and deliver
to or upon the order of the Holder hereof a new Warrant of like tenor, in the
name of the Holder hereof or as such Holder (upon payment by such Holder of any
applicable transfer taxes) may request, the whole number of shares of Common
Stock for which such Warrant may still be exercised.

                  1.4. Fair Market Value. Fair Market Value of a share of Common
Stock as of a particular date (the "Determination Date") shall mean:

                           (a) If the Company's Common Stock is traded on an
exchange or is quoted on the National Association of Securities Dealers, Inc.
Automated Quotation ("Nasdaq"), National Market System, the NASDAQ SmallCap
Market or the American Stock Exchange, LLC, then the closing or last sale price,
respectively, reported for the last business day immediately preceding the
Determination Date;

                           (b) If the Company's Common Stock is not traded on an
exchange or on the NASDAQ National Market System, the NASDAQ SmallCap Market or
the American Stock Exchange, Inc., but is traded in the over-the-counter market,
then the average of the closing bid and ask prices reported for the last
business day immediately preceding the Determination Date;

                           (c) Except as provided in clause (d) below, if the
Company's Common Stock is not publicly traded, then as the Holder and the
Company agree, or in the absence of such an agreement, by arbitration in
accordance with the rules then standing of the American Arbitration Association,
before a single arbitrator to be chosen from a panel of persons qualified by
education and training to pass on the matter to be decided; or

                           (d) If the Determination Date is the date of a
liquidation, dissolution or winding up, or any event deemed to be a liquidation,
dissolution or winding up pursuant to the Company's charter, then all amounts to
be payable per share to holders of the Common Stock pursuant to the charter in
the event of such liquidation, dissolution or winding up, plus all other amounts
to be payable per share in respect of the Common Stock in liquidation under the
charter, assuming for the purposes of this clause (d) that all of the shares of
Common Stock then issuable upon exercise of all of the Warrants are outstanding
at the Determination Date.

                  1.5. Company Acknowledgment. The Company will, at the time of
the exercise of the Warrant, upon the request of the Holder hereof acknowledge
in writing its continuing obligation to afford to such Holder any rights to
which such Holder shall continue to be entitled after such exercise in
accordance with the provisions of this Warrant. If the Holder shall fail to make
any such request, such failure shall not affect the continuing obligation of the
Company to afford to such Holder any such rights.

                  1.6. Trustee for Warrant Holders. In the event that a bank or
trust company shall have been appointed as trustee for the Holder of the
Warrants pursuant to Subsection 3.2, such bank or trust company shall have all
the powers and duties of a warrant agent (as hereinafter described) and shall
accept, in its own name for the account of the Company or such successor person
as may be entitled thereto, all amounts otherwise payable to the Company or such
successor, as the case may be, on exercise of this Warrant pursuant to this
Section 1.

                  1.7 Delivery of Stock Certificates, etc. on Exercise. The
Company agrees that the shares of Common Stock purchased upon exercise of this
Warrant shall be deemed to be issued to the Holder hereof as the record owner of
such shares as of the close of business on the date on which this Warrant shall
have been surrendered and payment made for such shares as aforesaid. As soon as
practicable after the exercise of this Warrant in full or in part, and in any
event within three (3) business days thereafter, the Company at its expense
(including the payment by it of any applicable issue taxes) will cause to be
issued in the name of and delivered to the Holder hereof, or as such Holder
(upon payment by such Holder of any applicable transfer taxes) may direct in
compliance with applicable securities laws, a certificate or certificates for
the number of duly and validly issued, fully paid and non-assessable shares of
Common Stock (or Other Securities) to which such Holder shall be entitled on
such exercise, plus, in lieu of any fractional share to which such Holder would
otherwise be entitled, cash equal to such fraction multiplied by the then Fair
Market Value of one full share of Common Stock, together with any other stock or
other securities and property (including cash, where applicable) to which such
Holder is entitled upon such exercise pursuant to Section 1 or otherwise.
<PAGE>

                  1.8      Company's Right to Call.

                           (a) Subject to the provisions of clauses 1.8(b)
below, in the event that: (A) the volume weighted average price of a share of
Common Stock as traded on the Principal Market (or such other exchange or stock
market on which the Common Stock may then be listed or quoted) equals or exceeds
200% of the then applicable exercise price of this Warrant and (B) the minimum
daily trading volume of the Common Stock is not less than 1,000,000 shares, each
for a period of 20 consecutive trading days immediately prior to such notice,
then the Company, upon thirty (30) days' prior written notice (the "Notice
Period"), may call this Warrant with respect to up to 100% of the shares of
Common Stock then purchasable pursuant to this Warrant at a redemption price
equal to the Warrant Exercise Price then in effect, which right shall be
exercisable by the Company commencing on the Effective Date and continuing for a
period of two (2) years thereafter. Notwithstanding any such notice by the
Company, the Holder shall have the right to exercise this Warrant prior to the
end of the Notice Period.

                           (b) In connection with any transfer or exchange of
less than all of this Warrant, the transferring Holder shall deliver to the
Company an agreement or instrument executed by the transferring Holder and the
new Holder allocating between them on whatever basis they may determine in their
sole discretion any subsequent call of this Warrant by the Company, such that
after giving effect to such transfer the Company shall have the right to call
the same number of Warrants that it would have had if the transfer or exchange
had not occurred.

          2.      Cashless Exercise.

                  (a) If a Registration Statement, as such term is defined in
the Subscription Agreement (the "Registration Statement") is effective and the
Holder may sell its shares of Common Stock upon exercise hereof pursuant to the
Registration Statement, this Warrant may be exercisable in whole or in part for
cash only as set forth in Section 1 above. If no such Registration Statement is
available during the time that such Registration Statement is required to be
effective pursuant to the terms of the Subscription Agreement, then payment upon
exercise may be made at the option of the Holder either in (i) cash, wire
transfer or by certified or official bank check payable to the order of the
Company equal to the applicable aggregate Warrant Exercise Price, (ii) by
delivery of Common Stock issuable upon exercise of the Warrants in accordance
with Section (b) below or (iii) by a combination of any of the foregoing
methods, for the number of Common Stock specified in such form (as such exercise
number shall be adjusted to reflect any adjustment in the total number of shares
of Common Stock issuable to the holder per the terms of this Warrant) and the
holder shall thereupon be entitled to receive the number of duly authorized,
validly issued, fully-paid and non-assessable shares of Common Stock (or Other
Securities) determined as provided herein.

                  (b) If the Fair Market Value of one share of Common Stock is
greater than the Warrant Exercise Price (at the date of calculation as set forth
below), in lieu of exercising this Warrant for cash, the holder may elect to
receive shares equal to the value (as determined below) of this Warrant (or the
portion thereof being cancelled) by surrender of this Warrant at the principal
office of the Company together with the properly endorsed Subscription Form in
which event the Company shall issue to the holder a number of shares of Common
Stock computed using the following formula:

                           X=Y (A-B)
                               ------
                                 A

                  Where    X=       the number of shares of Common Stock to be
                                    issued to the holder

                           Y=       the number of shares of Common Stock
                                    purchasable under the Warrant or, if only a
                                    portion of the Warrant is being exercised,
                                    the portion of the Warrant being exercised
                                    (at the date of such calculation)

                                       3
<PAGE>

                           A=       the Fair Market Value of one share of the
                                    Company's Common Stock (at the date of such
                                    calculation)

                           B=       Warrant Exercise Price (as adjusted to the
                                    date of such calculation)

(c) The Holder may employ the cashless exercise feature described in Section (b)
above only in the event that the Registration Statement is not effective.

         For purposes of Rule 144 promulgated under the 1933 Act, it is
intended, understood and acknowledged that the Warrant Shares issued in a
cashless exercise transaction shall be deemed to have been acquired by the
Holder, and the holding period for the Warrant Shares shall be deemed to have
commenced, on the date this Warrant was originally issued pursuant to the
Subscription Agreement.

         3.       Adjustment for Reorganization, Consolidation, Merger, etc.

                  3.1. Reorganization, Consolidation, Merger, etc. In case at
any time or from time to time, the Company shall (a) effect a reorganization,
(b) consolidate with or merge into any other person or (c) transfer all or
substantially all of its properties or assets to any other person under any plan
or arrangement contemplating the dissolution of the Company, then, in each such
case, as a condition to the consummation of such a transaction, proper and
adequate provision shall be made by the Company whereby the Holder of this
Warrant, on the exercise hereof as provided in Section 1, at any time after the
consummation of such reorganization, consolidation or merger or the effective
date of such dissolution, as the case may be, shall receive, in lieu of the
Common Stock (or Other Securities) issuable on such exercise prior to such
consummation or such effective date, the stock and other securities and property
(including cash) to which such Holder would have been entitled upon such
consummation or in connection with such dissolution, as the case may be, if such
Holder had so exercised this Warrant, immediately prior thereto, all subject to
further adjustment thereafter as provided in Section 4.

                  3.2. Dissolution. In the event of any dissolution of the
Company following the transfer of all or substantially all of its properties or
assets, the Company, prior to such dissolution, shall at its expense deliver or
cause to be delivered the stock and other securities and property (including
cash, where applicable) receivable by the Holder of the Warrants after the
effective date of such dissolution pursuant to this Section 3 to a bank or trust
company (a "Trustee") having its principal office in New York, NY, as trustee
for the Holder of the Warrants.

                  3.3. Continuation of Terms. Upon any reorganization,
consolidation, merger or transfer (and any dissolution following any transfer)
referred to in this Section 3, this Warrant shall continue in full force and
effect and the terms hereof shall be applicable to the Other Securities and
property receivable on the exercise of this Warrant after the consummation of
such reorganization, consolidation or merger or the effective date of
dissolution following any such transfer, as the case may be, and shall be
binding upon the issuer of any Other Securities, including, in the case of any
such transfer, the person acquiring all or substantially all of the properties
or assets of the Company, whether or not such person shall have expressly
assumed the terms of this Warrant as provided in Section 4. In the event this
Warrant does not continue in full force and effect after the consummation of the
transaction described in this Section 3, then only in such event will the
Company's securities and property (including cash, where applicable) receivable
by the Holder of the Warrants be delivered to the Trustee as contemplated by
Section 3.2.

                  3.4 Share Issuance. If at any time Notes or the Warrants are
outstanding the Company shall offer, issue or agree to issue any common stock or
securities convertible into or exercisable for shares of common stock (or modify
any of the foregoing which may be outstanding) to any person or entity at a
price per share or conversion or exercise price per share which shall be less
than the Warrant Exercise Price, without the consent of each Holder holding
Warrants and/or other Securities, then the Company shall issue, for each such
occasion, additional shares of Common Stock to each Holder so that the average
per share purchase price of the shares of Common Stock issued to the Holder (of
only the Conversion Shares or Warrant Shares still owned by the Holder) is equal
to such other lower price per share and the Warrant Exercise Price shall
automatically be reduced to such other lower price per share. The average
Conversion Price of the Conversion Shares and average Warrant Exercise Price in
relation to the Warrant Shares shall be calculated separately for the Conversion
Shares and Warrant Shares. The foregoing calculation and issuance shall be made
separately for Conversion Shares received upon conversion and separately for
Warrant Shares. The delivery to the Holder of the additional shares of Common
Stock shall be not later than the closing date of the transaction giving rise to
the requirement to issue additional shares of Common Stock. The Holder is
granted the registration rights described in Section 11 of the Subscription
Agreement in relation to such additional shares of Common Stock except that the
Filing Date and Effective Date with respect to such additional shares of Common
Stock shall be, respectively, the sixtieth (60th) and one hundred and twentieth
(120th) date after the closing date giving rise to the requirement to issue the
additional shares of Common Stock. For purposes of the issuance and adjustment
described in this paragraph, the issuance of any security of the Company
carrying the right to convert such security into shares of Common Stock or of
any warrant, right or option to purchase Common Stock shall result in the
issuance of the additional shares of Common Stock upon the issuance of such
convertible security, warrant, right or option and again at any time upon any
subsequent issuances of shares of Common Stock upon exercise of such conversion
or purchase rights if such issuance is at a price lower than the Conversion
Price in effect upon such issuance. The rights of the Holder set forth in this
Section 3.4 are in addition to any other rights the Holder has pursuant to this
Warrant, the Subscription Agreement, any Transaction Document and any other
agreement referred to or entered into in connection herewith.

                                       4
<PAGE>

         4. Extraordinary Events Regarding Common Stock. In the event that the
Company shall (a) issue additional shares of the Common Stock as a dividend or
other distribution on outstanding Common Stock, (b) subdivide its outstanding
shares of Common Stock, or (c) combine its outstanding shares of the Common
Stock into a smaller number of shares of the Common Stock, then, in each such
event, the Warrant Exercise Price shall, simultaneously with the happening of
such event, be adjusted by multiplying the then Warrant Exercise Price by a
fraction, the numerator of which shall be the number of shares of Common Stock
outstanding immediately prior to such event and the denominator of which shall
be the number of shares of Common Stock outstanding immediately after such
event, and the product so obtained shall thereafter be the Warrant Exercise
Price then in effect. The Warrant Exercise Price, as so adjusted, shall be
readjusted in the same manner upon the happening of any successive event or
events described herein in this Section 4. The number of shares of Common Stock
that the Holder of this Warrant shall thereafter, on the exercise hereof as
provided in Section 1, be entitled to receive shall be adjusted to a number
determined by multiplying the number of shares of Common Stock that would
otherwise (but for the provisions of this Section 4) be issuable on such
exercise by a fraction of which (a) the numerator is the Warrant Exercise Price
that would otherwise (but for the provisions of this Section 4) be in effect,
and (b) the denominator is the Warrant Exercise Price in effect on the date of
such exercise.

         5. Certificate as to Adjustments. In each case of any adjustment or
readjustment in the shares of Common Stock (or Other Securities) issuable on the
exercise of the Warrants, the Company at its expense will promptly cause its
Chief Financial Officer or other appropriate designee to compute such adjustment
or readjustment in accordance with the terms of the Warrant and prepare a
certificate setting forth such adjustment or readjustment and showing in detail
the facts upon which such adjustment or readjustment is based, including a
statement of (a) the consideration received or receivable by the Company for any
additional shares of Common Stock (or Other Securities) issued or sold or deemed
to have been issued or sold, (b) the number of shares of Common Stock (or Other
Securities) outstanding or deemed to be outstanding, and (c) the Warrant
Exercise Price and the number of shares of Common Stock to be received upon
exercise of this Warrant, in effect immediately prior to such adjustment or
readjustment and as adjusted or readjusted as provided in this Warrant. The
Company will forthwith mail a copy of each such certificate to the Holder of the
Warrant and any Warrant Agent of the Company (appointed pursuant to Section 11
hereof).

         6. Reservation of Stock, etc. Issuable on Exercise of Warrant;
Financial Statements. The Company will at all times reserve and keep available,
solely for issuance and delivery on the exercise of the Warrants, all shares of
Common Stock (or Other Securities) from time to time issuable on the exercise of
the Warrant. This Warrant entitles the Holder hereof to receive copies of all
financial and other information distributed or required to be distributed to the
holders of the Company's Common Stock.

         7. Assignment; Exchange of Warrant. Subject to compliance with
applicable securities laws, this Warrant, and the rights evidenced hereby, may
be transferred by any registered holder hereof (a "Transferor"). On the
surrender for exchange of this Warrant, with the Transferor's endorsement in the
form of Exhibit B attached hereto (the "Transferor Endorsement Form") and
together with an opinion of counsel reasonably satisfactory to the Company that
the transfer of this Warrant will be in compliance with applicable securities
laws, the Company at its expense, but with payment by the Transferor of any
applicable transfer taxes, will issue and deliver to or on the order of the
Transferor thereof a new Warrant or Warrants of like tenor, in the name of the
Transferor and/or the transferee(s) specified in such Transferor Endorsement
Form (each a "Transferee"), calling in the aggregate on the face or faces
thereof for the number of shares of Common Stock called for on the face or faces
of the Warrant so surrendered by the Transferor. No such transfers shall result
in a public distribution of the Warrant.

                                       5
<PAGE>

         8. Replacement of Warrant. On receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and, in the case of any such loss, theft or destruction of this
Warrant, on delivery of an indemnity agreement or security reasonably
satisfactory in form and amount to the Company or, in the case of any such
mutilation, on surrender and cancellation of this Warrant, the Company at its
expense, will execute and deliver, in lieu thereof, a new Warrant of like tenor.

         9. Registration Rights. The Holder of this Warrant has been granted
certain registration rights by the Company. These registration rights are set
forth in the Subscription Agreement. The terms of the Subscription Agreement are
incorporated herein by this reference. Upon the occurrence of a Non-Registration
Event, or in the event the Company is unable to issue Common Stock upon exercise
of this Warrant that has been registered in a Registration Statement described
in Section 11 of the Subscription Agreement, within the time periods described
in the Subscription Agreement, which Registration Statement must be effective
for the periods set forth in the Subscription Agreement, then upon written
demand made by the Holder, the Company will pay to the Holder of this Warrant,
in lieu of delivering Common Stock, a sum equal to the closing price of the
Company's Common Stock on the principal market or exchange upon which the Common
Stock is listed for trading on the trading date immediately preceding the date
notice is given by the Holder, less the Warrant Exercise Price, for each share
of Common Stock designated in such notice from the Holder.

         10. Maximum Exercise.

                  (a) Notwithstanding anything to the contrary contained herein,
the number of shares of Common Stock that may be acquired by the Holder upon
exercise of this Warrant (or otherwise in respect hereof) shall be limited to
the extent necessary to insure that, following such exercise (or other
issuance), the total number of shares of Common Stock then beneficially owned by
such Holder and its affiliates and any other persons whose beneficial ownership
of Common Stock would be aggregated with the Holder's for purposes of Section
13(d) of the 1934 Act, does not exceed 4.999% of the total number of issued and
outstanding shares of Common Stock (including for such purpose the shares of
Common Stock issuable upon such exercise). For such purposes, beneficial
ownership shall be determined in accordance with Section 13(d) of the 1934 Act
and the rules and regulations promulgated thereunder. By written notice to the
Company, a Holder may waive the provisions of this Section 10(a) as to itself
but any such waiver will not be effective until the 61st day after delivery
thereof and such waiver shall have no effect on any other Holder.

                  (b) Notwithstanding anything to the contrary contained herein,
the number of shares of Common Stock that may be acquired by the Holder upon
exercise of this Warrant (or otherwise in respect hereof) shall be limited to
the extent necessary to insure that, following such exercise (or other
issuance), the total number of shares of Common Stock then beneficially owned by
such Holder and its affiliates and any other persons whose beneficial ownership
of Common Stock would be aggregated with the Holder's for purposes of Section
13(d) of the 1934 Act, does not exceed 9.999% of the total number of issued and
outstanding shares of Common Stock (including for such purpose the shares of
Common Stock issuable upon such exercise). For such purposes, beneficial
ownership shall be determined in accordance with Section 13(d) of the 1934 Act
and the rules and regulations promulgated thereunder. This provision may not be
waived.

                  (c) Notwithstanding anything to the contrary in this Warrant,
if the Company has not previously obtained Shareholder Approval (as defined
below), then the Company may not issue shares of Common Stock in excess of the
Issuable Maximum upon exercises of this Warrant at an exercise price which is
less than the closing bid price on the trading day immediately preceding the
Closing Date or date of the Subscription Agreement, whichever is higher (the
"Threshold Price"). The "Issuable Maximum" means, as of any date, a number of
shares of Common Stock equal to 21,504,469, less such number of shares of Common
Stock as have been issued at a price below the Threshold Price upon (1)
conversion of Notes, or (2) in payment of interest thereunder, or (3) upon
exercise of the Warrants, or (4) upon operation of any rights of first refusal
under the Agreement. Each Holder shall be entitled to a portion of the Issuable
Maximum equal to the quotient obtained by dividing: (x) the principal amount of
Notes issued and sold to such Holder on the Closing Date by (y) the aggregate
principal amount of all Notes issued and sold by the Company on the Closing
Date. If any Holder shall no longer hold Notes, then such Holder's remaining
portion of the Issuable Maximum shall be allocated pro-rata among the remaining
Holders, giving effect to the Company's desire to allocate this limitation among
the class of securities known as the Notes. If on any Conversion Date (as
defined in the Notes), or at such time as a Holder shall notify the Company that
the condition in (A) following this clause shall be in effect: (A) the aggregate
number of shares of Common Stock that would then be issuable upon exercise in
full of all then outstanding Warrants would exceed the Issuable Maximum on such
date, and (B) the Company shall not have previously obtained the vote of
shareholders, as may be required by the applicable rules and regulations of the
American Stock Exchange (or any successor entity or any other trading market on
which the Company's securities then trade), applicable to approve the issuance
of shares of Common Stock in excess of the Issuable Maximum pursuant to the
terms hereof (the "Shareholder Approval"), then, the Company shall issue to the
Holders a number of shares of Common Stock equal to the Issuable Maximum and,
with respect to the remainder of the aggregate Warrants then held by the Holders
for which an exercise would result in an issuance of shares of Common Stock in
excess of the Issuable Maximum, the Company must use its best efforts to seek
and obtain Shareholder Approval as soon as possible, but in any event not later
than the 60th day following such date of exercise or the date of such request.
The Company and the Holder understand and agree that Warrant Shares issued to
and then held by the Holder as a result of exercises of Warrants shall not be
entitled to cast votes on any resolution to obtain Shareholder Approval pursuant
hereto.

                                       6
<PAGE>

         11. Warrant Agent. The Company may, by written notice to the Holder of
the Warrant, appoint an agent (a "Warrant Agent") for the purpose of issuing
Common Stock (or Other Securities) on the exercise of this Warrant pursuant to
Section 1, exchanging this Warrant pursuant to Section 7, and replacing this
Warrant pursuant to Section 8, or any of the foregoing, and thereafter any such
issuance, exchange or replacement, as the case may be, shall be made at such
office by such Warrant Agent.

         12. Transfer on the Company's Books. Until this Warrant is transferred
on the books of the Company, the Company may treat the registered holder hereof
as the absolute owner hereof for all purposes, notwithstanding any notice to the
contrary.

         13. Notices. All notices, demands, requests, consents, approvals, and
other communications required or permitted hereunder shall be in writing and,
unless otherwise specified herein, shall be (i) personally served, (ii)
deposited in the mail, registered or certified, return receipt requested,
postage prepaid, (iii) delivered by reputable air courier service with charges
prepaid, or (iv) transmitted by hand delivery, telegram, or facsimile, addressed
as set forth below or to such other address as such party shall have specified
most recently by written notice. Any notice or other communication required or
permitted to be given hereunder shall be deemed effective (a) upon hand delivery
or delivery by facsimile, with accurate confirmation generated by the
transmitting facsimile machine, at the address or number designated below (if
delivered on a business day during normal business hours where such notice is to
be received), or the first business day following such delivery (if delivered
other than on a business day during normal business hours where such notice is
to be received) or (b) on the second business day following the date of mailing
by express courier service, fully prepaid, addressed to such address, or upon
actual receipt of such mailing, whichever shall first occur. The addresses for
such communications shall be: (i) if to the Company to: Globetel Communications
Corp., 9050 Pines Blvd., Suite 255, Pembroke Pines, FL 33024, Attn: Timothy
Huff, CEO, telecopier number: 954-272-0380 with a copy by telecopier only to
(not with respect to Forms of Subscription): Jonathan D. Leinwand, Esq. 9050
Pines Blvd., Suite 255, Pembroke Pines, FL 33024, telecopier number: (954)
252-4265, and (ii) if to the Holder, to the address and telecopier number listed
on the first paragraph of this Warrant, with a copy by telecopier only to:
Jeffrey A. Rinde, Esq., Hodgson Russ LLP, 60 East 42nd Street, 37th Floor, New
York, NY 10165 Telecopier: (212) 972-1677.

         14. Miscellaneous. This Warrant and any term hereof may be changed,
waived, discharged or terminated only by an instrument in writing signed by the
party against which enforcement of such change, waiver, discharge or termination
is sought. This Warrant shall be construed and enforced in accordance with and
governed by the laws of New York. Any dispute relating to this Warrant shall be
adjudicated in New York County in the State of New York. The headings in this
Warrant are for purposes of reference only, and shall not limit or otherwise
affect any of the terms hereof. The invalidity or unenforceability of any
provision hereof shall in no way affect the validity or enforceability of any
other provision.

                                       7
<PAGE>

         IN WITNESS WHEREOF, the Company has executed this Warrant as of the
date first written above.

                                              GLOBETEL COMMUNICATIONS CORP.

                                              By:
                                                 -------------------------------
                                                    Timothy Huff
                                                    CEO

Witness:

------------------------------------

                                       8
<PAGE>

                                    Exhibit A

                              FORM OF SUBSCRIPTION
                   (to be signed only on exercise of Warrant)
TO:  GLOBETEL COMMUNICATIONS CORP.
The undersigned, pursuant to the provisions set forth in the attached Warrant
(No.____), hereby irrevocably elects to purchase (check applicable box):

___      ________ shares of the Common Stock covered by such Warrant; or
___ the maximum number of shares of Common Stock covered by such Warrant
pursuant to the cashless exercise procedure set forth in Section 2.

The undersigned herewith makes payment of the full purchase price for such
shares at the price per share provided for in such Warrant, which is
$___________. Such payment takes the form of (check applicable box or boxes):

___ $__________ in lawful money of the United States; and/or ___ the
cancellation of such portion of the attached Warrant as is exercisable for a
total of _______ shares of Common Stock (using a Fair Market Value of $_______
per share for purposes of this calculation); and/or

___ the cancellation of such number of shares of Common Stock as is necessary,
in accordance with the formula set forth in Section 2, to exercise this Warrant
with respect to the maximum number of shares of Common Stock purchasable
pursuant to the cashless exercise procedure set forth in Section 2.

The undersigned requests that the certificates for such shares be issued in the
name of, and delivered to _____________________________________________________
whose address is

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Number of Shares of Common Stock Beneficially Owned on the date of exercise:
Less than five percent (5%) of the outstanding Common Stock of Globetel
Communications Corp..

The undersigned represents and warrants that all offers and sales by the
undersigned of the securities issuable upon exercise of the within Warrant shall
be made pursuant to registration of the Common Stock under the Securities Act of
1933, as amended (the "Securities Act"), or pursuant to an exemption from
registration under the Securities Act.

Dated:___________________

                                 ---------------------------------------------
                                 (Signature must conform to name of holder as
                                 specified on the face of the Warrant)

                                 (Address)

<PAGE>

                                    Exhibit B

                         FORM OF TRANSFEROR ENDORSEMENT
                   (To be signed only on transfer of Warrant)
                  For value received, the undersigned hereby sells, assigns, and
transfers unto the person(s) named below under the heading "Transferees" the
right represented by the within Warrant to purchase the percentage and number of
shares of Common Stock of GLOBETEL COMMUNICATIONS CORP. to which the within
Warrant relates specified under the headings "Percentage Transferred" and
"Number Transferred," respectively, opposite the name(s) of such person(s) and
appoints each such person Attorney to transfer its respective right on the books
of GLOBETEL COMMUNICATIONS CORP. with full power of substitution in the
premises.

---------------------- -------------------------- ------------------------------
Transferees            Percentage Transferred     Number Transferred
---------------------- -------------------------- ------------------------------

---------------------- -------------------------- ------------------------------

---------------------- -------------------------- ------------------------------

---------------------- -------------------------- ------------------------------

Dated:  ______________, ___________
                                      ------------------------------------------
                                      (Signature must conform to name of holder
                                      as specified on the face of the warrant)

Signed in the presence of:

---------------------------
         (Name)                         ----------------------------------------

                                        ----------------------------------------
                                                               (address)

ACCEPTED AND AGREED:
[TRANSFEREE]                            ----------------------------------------

                                        ----------------------------------------
                                                               (address)

-----------------------------
         (Name)

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