Document:

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                                                                   EXHIBIT 10.27

                             UNIT PURCHASE AGREEMENT

      This Unit Purchase Agreement (this "AGREEMENT") is made and entered into
as of October 12, 2000 (the "EFFECTIVE DATE") by and between Exult, Inc., a
Delaware corporation (the "COMPANY"), and Bank of America Corporation, a
Delaware corporation (the "PURCHASER").

      This Agreement contemplates a transaction in which the Purchaser will
purchase from the Company certain securities as set forth herein.

      In consideration of the premises and the mutual promises set forth herein,
and for other good and valuable consideration, and on the basis of, and in
reliance upon, the representations, warranties and covenants contained herein,
the Company and the Purchaser hereby agree as follows:

1.    SALE AND PURCHASE OF THE SECURITIES.

      1.1 SALE AND PURCHASE. Subject to the express terms and conditions set
forth in this Agreement, the Company hereby sells and issues to the Purchaser,
and the Purchaser hereby purchases from the Company, Five Million (5,000,000)
Units (the "UNITS"), each consisting of one share of the Company's common stock,
par value $.0001 per share (a "SHARE"), and one warrant to purchase one Share (a
"WARRANT"), for aggregate consideration (collectively, the "PURCHASE PRICE")
consisting of the execution and delivery by Purchaser of the Memorandum of
Understanding of even date herewith (the "MOU") regarding a transaction pursuant
to which the Company would provide human resources business processing
outsourcing services to the Purchaser, and payment to the Company pursuant to
the promissory note in the form attached hereto as Schedule 1 being executed and
delivered by the Purchaser to the Company concurrently herewith (the "NOTE").
The exercise price of each Warrant shall be $11.00 per share.

      1.2 DELIVERIES. In exchange for the Note, the Company is issuing the Units
in the Purchaser's name on the Company's books and records, and valid stock and
warrant certificates representing the Units (the "CERTIFICATES") shall be held
by the Company or its agent pending release upon (i) the Purchaser's delivery
and payment in full of the Purchase Price due under the Note and (ii) successful
completion of the Purchaser's regulatory due diligence process with respect to
the treatment of the Securities (as defined below) as a permitted investment
under applicable laws, rules and regulations (collectively, the "RELEASE
REQUIREMENTS"). Upon Purchaser's satisfaction of the Release Requirements, the
Company agrees to deliver the original Certificates to Purchaser at the address
set forth on the signature page hereof.

2. REPRESENTATIONS AND WARRANTIES OF THE PURCHASER. The Purchaser represents and
warrants to the Company and its officers, directors and agents as follows:

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      2.1 SECURITIES MATTERS.

          (a) The Purchaser understands that (i) neither the Units (including
the Shares and the Warrants that comprise the Units and the Shares issuable upon
exercise of the Warrants, referred to herein as the "SECURITIES"), nor the offer
and sale thereof are registered or qualified under the Securities Act of 1933,
as amended (the "SECURITIES ACT") or the state securities or "Blue Sky" laws of
any state of other jurisdiction, on the ground that the sale provided for in
this Agreement and the issuance of securities hereunder is exempt from
registration and qualification under Sections 4(2) and 18 of the Securities Act,
and (ii) the Company's reliance on such exemptions is predicated on the
Purchaser's representations set forth herein.

          (b) The Purchaser acknowledges that an investment in the Company
involves an extremely high degree of risk, lack of liquidity and substantial
restrictions on transferability and that the Purchaser may lose the Purchaser's
entire investment in the Securities.

          (c) The Purchaser acknowledges that the Company has made available to
the Purchaser or the Purchaser's representatives or advisors the opportunity to
obtain information to evaluate the merits and risks of the purchase of the
Securities, and the Purchaser has received all information requested from the
Company. The Purchaser also acknowledges that it has had an opportunity to ask
questions and receive answers from the Company regarding the terms and
conditions of the offering of the Securities and the business, financial
condition, results of operations and prospects of the Company and to obtain such
additional information as the Purchaser has deemed appropriate for purposes of
investing in the Securities pursuant to this Agreement.

          (d) The Securities to be acquired by the Purchaser hereunder will be
acquired for the Purchaser's own account, for investment purposes, not as a
nominee or agent, and not with a view to or for sale in connection with any
distribution of the Securities in violation of applicable securities laws.

          (e) The Purchaser understands that no federal or state agency has
passed upon the Securities or made any finding or determination as to the
fairness of the investment in such securities.

          (f) The Purchaser is an institutional investor with significant
experience and expertise in evaluating and investing in companies similar to the
Company, has the requisite knowledge, sophistication and experience in financial
and business matters that it is capable of evaluating the relative merits and
risks of the proposed investment in the Company, and is able to bear the
economic risk of an investment in the Securities pursuant to this Agreement and
can afford to sustain a total loss on such investment.

          (g) The Purchaser is an "accredited investor" as defined in Rule
501(a) of Regulation D under the Securities Act.

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      2.2 ENFORCEABILITY OF TRANSACTION DOCUMENTS. This Agreement, the Warrant
and the Note (collectively, the "Transaction Documents") have been (or upon
execution and delivery by the Purchaser will have been) duly executed and
delivered by the Purchaser, have been effectively authorized by all necessary
action of the Purchaser, corporate or otherwise, and (assuming due
authorization, execution and delivery by the other parties thereto) constitute
(or upon execution by the Purchaser will constitute) legal, valid and binding
obligations of the Purchaser, enforceable in accordance with its terms, except
(i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium,
and other laws of general application affecting enforcement of creditors' rights
generally, and (ii) as limited by laws relating to the availability of specific
performance, injunctive relief, or other equitable remedies.

      2.3 NO CONFLICT. The execution and delivery of this Agreement and the
Transaction Documents do not, and, the consummation of the transactions
contemplated hereby and thereby will not, conflict with, or result in any
violation or breach of, or default (with or without notice or lapse of time, or
both) under, or give rise to a conflict under (i) any provision of the
Certificate of Incorporation and Bylaws of the Purchaser, as currently in
effect, (ii) any mortgage, indenture, lease, contract or other agreement or
instrument, permit, concession, franchise or license to which the Purchaser or
any of its respective properties or assets are subject or (iii) any judgment,
order, decree, statute, law, ordinance, rule or regulation applicable to the
Purchaser, any of its subsidiaries or their respective properties or assets,
except in each case where such conflict will not have a material adverse effect
on the business, properties, financial condition or results of operation of the
Purchaser and its subsidiaries, taken as a whole (a "PURCHASER MATERIAL ADVERSE
EFFECT").

      2.4 CONSENTS. No consent, waiver, approval, order or authorization of, or
registration, declaration or filing with, any governmental entity, or any third
party is required by or with respect to the Purchaser in connection with the
execution and delivery of this Agreement and the Transaction Documents or the
consummation of the transactions contemplated hereby and thereby, except for (i)
such consents, waivers, approvals, orders, authorizations, registrations,
declarations and filings as may be required under applicable securities laws,
the Bank Holding Company Actand the Hart-Scott-Rodino Antitrust Improvements Act
of 1976, as amended (the "HSR ACT"), and (ii) such consents, waivers, approvals,
orders, authorizations, registrations, declarations and filings which, if not
obtained or made, would not have a Purchaser Material Adverse Effect.

      2.5 BROKERS. No broker, finder, investment banker, or other person is
entitled to any broker's, finder's or other fee or commission in connection with
the transactions contemplated by this Agreement based upon arrangements made by
or on behalf of the Purchaser.

      2.6 TAX MATTERS. The Purchaser has received tax advice from the
Purchaser's own advisors and has not received, and is not relying upon, any tax
representations or advice from the Company or any representative of the Company.
The Purchaser will be solely liable for all tax effects to the Purchaser of the
transactions contemplated by this Agreement.

      2.7 ACCURACY OF INFORMATION. No representation or warranty made by the
Purchaser contained in this Agreement or in any other Transaction Document
contains or will contain an untrue statement of a material fact or omits or will
omit to state a material fact required to be

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stated herein or therein or necessary to make the statements and facts contained
herein or therein not materially false or misleading.

3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company represents and
warrants to the Purchaser that:

      3.1 ORGANIZATION AND CORPORATE AUTHORITY. The Company is a corporation
duly organized, validly existing and in good standing under the laws of the
State of Delaware and has all requisite corporate power and authority to carry
on its business as now conducted, to enter into this Agreement and to consummate
the transactions contemplated hereby. This Agreement and the Warrant have been
duly executed and delivered by the Company, have been effectively authorized by
all necessary action of the Company, corporate or otherwise, and (assuming due
authorization, execution and delivery by the other parties thereto) constitute
legal, valid and binding obligations of the Company, enforceable in accordance
with its terms, except (i) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, and other laws of general application affecting
enforcement of creditors' rights generally, and (ii) as limited by laws relating
to the availability of specific performance, injunctive relief, or other
equitable remedies.

      3.2 NO CONFLICT. The execution and delivery of this Agreement and the
Transaction Documents do not, and, the consummation of the transactions
contemplated hereby and thereby will not, conflict with, or result in any
violation or breach of, or default (with or without notice or lapse of time, or
both) under, or give rise to a conflict under (i) any provision of the
Certificate of Incorporation and Bylaws of the Company, as currently in effect,
(ii) any mortgage, indenture, lease, contract or other agreement or instrument,
permit, concession, franchise or license to which the Company or any of its
respective properties or assets are subject or (iii) any judgment, order,
decree, statute, law, ordinance, rule or regulation applicable to the Company,
any of its subsidiaries or their respective properties or assets, except in each
case where such conflict will not have a material adverse effect on the
business, properties, financial condition or results of operation of the Company
and its subsidiaries, taken as a whole (a "COMPANY MATERIAL ADVERSE EFFECT").

      3.3 CONSENTS. No consent, waiver, approval, order or authorization of, or
registration, declaration or filing with, any governmental entity, or any third
party is required by or with respect to the Company in connection with the
execution and delivery of this Agreement and the Transaction Documents or the
consummation of the transactions contemplated hereby and thereby, except for (i)
such consents, waivers, approvals, orders, authorizations, registrations,
declarations and filings as may be required under applicable securities laws and
the HSR Act, (ii) such consents, waivers, approvals, orders, authorizations,
registrations, declarations and filings which, if not obtained or made, would
not have a Company Material Adverse Effect, and (iii) the filing of an
application with The Nasdaq Stock Market to include the Shares and the Warrant
Shares (as defined below) for trading on The Nasdaq National Market.

      3.4 VALID ISSUANCE OF COMMON STOCK. The Securities when issued, sold, and
delivered in accordance with the terms of this Agreement for the consideration
expressed herein will be duly and validly issued, fully paid, and nonassessable.
In addition, the Shares issued upon exercise of the Warrants (the "Warrant
Shares"), when issued against payment of the exercise price therefor, will be
duly and validly issued, fully paid, and nonassessable. Based in

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part upon the representations of Purchaser in this Agreement, the Securities and
Warrant Shares when issued, sold, and delivered in accordance with the terms of
this Agreement for the consideration expressed herein will be issued in
compliance with all applicable federal and state securities laws, as currently
in effect.

      3.5 BROKERS. No broker, finder, investment banker, or other person is
entitled to any broker's, finder's or other fee or commission in connection with
the transactions contemplated by this Agreement based upon arrangements made by
or on behalf of the Company.

      3.6 TAX MATTERS. The Company will be solely liable for all tax effects to
the Company of the transactions contemplated by this Agreement.

      3.7 ACCURACY OF INFORMATION. No representation or warranty made by the
Company contained in this Agreement or in any other Transaction Document
delivered by the Company contains or will contain any untrue statement of a
material fact or omits or will omit to state any material fact necessary in
order to make the statements and facts contained herein or therein not
materially false or misleading.

      3.8 SEC FILINGS. The Company has made all filings (the "SEC Filings") with
the Securities and Exchange Commission ("SEC") required under the Securities
Exchange Act of 1934 (the "Exchange Act"). As of their respective dates, the SEC
Filings complied as to form in all material respects with the requirements of
the Exchange Act, and the rules and regulations of the SEC promulgated
thereunder applicable to such SEC Filings, and the SEC Filings did not contain
any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading. The
financial statements set forth in the SEC Filings comply as to form in all
material respects with applicable accounting requirements and the published
rules and regulations of the SEC promulgated under the Exchange Act and have
been prepared in accordance with generally accepted accounting principles
applied on a consistent basis during the periods involved (except as may be
indicated in the notes to such financial statements) and fairly present in all
material respects the consolidated financial position of the Company and its
subsidiaries at the respective dates thereof and the consolidated results of
operations and cash flows for the respective periods then ended (subject, in the
case of unaudited interim financial statements, to exceptions permitted by Form
10-Q under the Exchange Act).

4. CERTAIN UNDERSTANDINGS OF THE PARTIES.

      4.1 SECURITIES RESTRICTIONS.

          (a) The Purchaser shall not offer, sell or transfer the Units (or
interests therein), including the Shares and the Warrants that comprise the
Units, for one year from the date of this Agreement. In addition, the Purchaser
shall not offer, sell or transfer any Warrant Shares for one year from the date
such Warrant Shares are issued upon exercise of the Warrants. Notwithstanding
the restrictions imposed by this Section 4.1(a), the Purchaser or any affiliate
of the Purchaser may transfer the Securities, including the Warrant Shares, to
an affiliate of the Purchaser that delivers to the Company in writing an
agreement to be bound by the terms and conditions of this Agreement. For
purposes of this Agreement an "affiliate" means any person or entity
controlling, controlled by, or under common control with the Purchaser.

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          (b) After the periods described in Section 4.1(a), during which the
Securities are not transferable, the Purchaser shall not offer, sell or transfer
any of the Securities without appropriate registration and qualification under
the Securities Act and the state securities laws of any applicable state of
jurisdiction, or an exemption from the registration requirements of the
Securities Act and such securities laws is available and the Purchaser has
provided to the Company (at the Purchaser's expense) an opinion of counsel to
the Purchaser in form and substance reasonably satisfactory to the Company that
such an exemption is available. It is agreed that the Company will not require
opinions of counsel for transactions made pursuant to Rule 144 except in
extraordinary circumstances. The Certificates evidencing the Shares, the
Warrants and the Shares issuable upon exercise of the Warrants will bear the
restrictive legend set forth in Section 4.1(c).

          (c) The Certificates will bear a legend to the effect set forth below,
and appropriate stop transfer instructions against the Securities will be placed
with any transfer agent of the Company to ensure compliance with the
restrictions set forth herein.

        THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
        SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE
        OR OTHER JURISDICTION AND MAY NOT BE SOLD, OFFERED FOR SALE,
        TRANSFERRED, ASSIGNED, PLEDGED, OR HYPOTHECATED UNLESS AND UNTIL
        REGISTERED UNDER SUCH ACT AND THE SECURITIES LAWS OF ANY APPLICABLE
        STATE OR OTHER JURISDICTION, OR UNLESS THE COMPANY HAS RECEIVED AN
        OPINION OF COUNSEL TO THE HOLDER OF THE SECURITIES OR OTHER EVIDENCE,
        SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS
        NOT REQUIRED OR UNLESS SOLD PURSUANT TO RULE 144 OF THE SECURITIES ACT
        OF 1933, AS AMENDED.

In addition, the Certificates will bear any legend imposed or required by
applicable state securities laws.

      4.2 EXERCISABILITY OF THE WARRANTS. The Warrants shall not become
exercisable unless and until the Note is paid in full pursuant to its terms.

      4.3 VOTING AND DIVIDEND RIGHTS. From and after the date hereof, the
Purchaser shall have the right to vote all shares of common stock and to receive
all dividends, cash, options, warrants, rights, securities, instruments and
other property from time to time paid, payable or otherwise distributed in
respect of the Securities (the "Distributions"); provided, however, that any
such Distributions payable or otherwise distributed in respect of the Securities
prior to Purchaser's satisfaction of the Release Requirements shall be held by
the Company or its agent pending Purchaser's satisfaction of such Release
Requirements, following which the Company shall deliver any such Distributions
together with the original Certificates to Purchaser at the address set forth on
the signature page hereof.

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5. CONCURRENT DELIVERIES.

      5.1 DELIVERIES BY THE COMPANY. Concurrent herewith, the Company shall
execute and deliver to the Purchaser the Warrant attached hereto as Schedule 2
and shall deliver to the Purchaser a photocopy of the Certificates representing
the Shares and the Warrants comprising the Units issued in the Purchaser's name
and shall hold such Certificates in pledge for the benefit of the Purchaser
until the Note is paid pursuant to its terms and the original Certificates are
delivered to Purchaser in accordance with Section 1.2 above.

      5.2 DELIVERIES BY THE PURCHASER. Concurrent herewith, the Purchaser shall
execute the Warrant and execute and deliver to the Company the Note attached
hereto as Schedule 1.

6. MISCELLANEOUS.

      6.1 NOTICES. All notices, requests, demands and other communications
hereunder shall be in writing and shall be deemed given upon personal delivery
or three (3) days after being mailed by certified or registered mail, postage
prepaid, return receipt requested, or one (1) business day after being sent via
a nationally recognized overnight courier service if overnight courier service
is requested from such service or upon receipt of electronic or other
confirmation of transmission if sent via facsimile, to the parties, their
successors in interest or their assignees at the addresses and telephone numbers
set forth on the signature page hereof or at such other addresses or telephone
numbers as the parties may designate by written notice in accordance with this
Section 6.1.

      6.2 ASSIGNABILITY AND PARTIES IN INTEREST. Except as otherwise provided
herein, the terms and conditions of this Agreement shall inure to the benefit of
and be binding upon the respective successors and assigns of the parties.
Nothing in this Agreement, express or implied, will confer upon any person or
entity not a party to this Agreement, or the legal representatives of such
person or entity, any rights, remedies, obligations, or liabilities of any
nature or kind whatsoever under or by reason of this Agreement, except as
expressly provided in this Agreement or the other Transaction Documents.

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

      6.4 COMPLETE AGREEMENT. This Agreement, schedules hereto, and the other
Transaction Documents contain the entire agreement between the parties hereto
with respect to the subject matter contemplated herein and therein and supersede
all previous oral and written and all contemporaneous oral negotiations,
commitments, and understandings with respect thereto. The parties acknowledge
that their agreements hereunder were not procured through representations or
agreements not set forth herein or therein.

      6.5 AMENDMENTS. This Agreement and the other Transaction Documents may be
amended only by written instrument duly executed and delivered by the parties
hereto or thereto, as the case may be.

      6.6 CONSTRUCTION. The headings contained in this Agreement and the other
Transaction Documents are for reference purposes only and shall not affect in
any way the meaning or interpretation hereof or thereof. References herein or
therein to Sections, Schedules

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and Exhibits refer to the referenced Sections, Schedules or Exhibits hereof or
thereof as the case may be, unless otherwise specified. This Agreement and the
other Transaction Documents shall be deemed the joint work product of the
parties hereto or thereto without regard to the identity of the draftsperson,
and any rule of construction that a document shall be interpreted or construed
against the drafting party shall not be applicable.

      6.7 EXPENSES OF TRANSACTIONS. All fees, costs and expenses incurred by the
Company or the Purchaser in connection with the transactions contemplated by
this Agreement and the other Transaction Documents shall be borne by the party
incurring the same.

      6.8 GOVERNING LAW. This Agreement shall be governed by, and construed and
enforced in accordance with, the laws of the State of Delaware, without regard
to its conflicts-of-law principles.

      6.9 ATTORNEYS' FEES AND COSTS. In the event of any judicial or legal
proceeding arising as a result of any dispute related to the subject matter
hereof, the prevailing party shall be entitled to recover from the
non-prevailing party the reasonable attorneys' fees and costs of the prevailing
party incurred in connection therewith.

      6.10 WAIVER OF JURY TRIAL. Each of the Purchaser and the Company
irrevocably waives to the extent permitted by law, all rights to trial by jury
in any action, proceeding or counterclaim arising out of or relating to this
Agreement or the other Transaction Documents.

      6.11 DAMAGES. In no event will any party to this Agreement or the other
Transaction Documents be liable to any other party for special, indirect,
punitive or incidental damages, lost profits, lost savings or any other
consequential damages, even if such party has been advised of the possibility of
such damages resulting from the breach by it of any of its obligations under
this Agreement or the other Transaction Documents.

      [Signature Page Follows]

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      IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the date first above written.

EXULT, INC.                              BANK OF AMERICA CORPORATION

By:                                      By:
    --------------------------------         -------------------------------

Name:                                    Name:
      ------------------------------           -----------------------------
Title:                                   Title:
       -----------------------------            ----------------------------

Address:                                 Address:

4 Park Plaza, Suite 1000                 Bank of America Strategic Alliances &
Irvine, California  92614                Investments
                                         C/o Bank of America Corporation
                                         200 South College Street, NC1-014-10-02
Telephone No.: (949) 250-8002            Charlotte, North Carolina 28255-0001
Facsimile No.:  (949) 553-1541
                                         Telephone No.:  (704) 387-4159
                                         Facsimile No.:  (704) 386-2358
                                         Attn:  Hoa T. Nguyen

                                       9<PAGE>   1

                                                                   EXHIBIT 10.28

        THE SECURITIES REPRESENTED HEREBY AND THE SHARES OF COMMON STOCK
        ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE
        SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE
        OR OTHER JURISDICTION AND MAY NOT BE SOLD, OFFERED FOR SALE,
        TRANSFERRED, ASSIGNED, PLEDGED, OR HYPOTHECATED UNLESS AND UNTIL
        REGISTERED UNDER SUCH ACT AND THE SECURITIES LAWS OF ANY APPLICABLE
        STATE OR OTHER JURISDICTION, OR UNLESS THE COMPANY HAS RECEIVED AN
        OPINION OF COUNSEL TO THE HOLDER OF THE SECURITIES OR OTHER EVIDENCE,
        SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS
        NOT REQUIRED, OR UNLESS SOLD PURSUANT TO RULE 144 OF THE SECURITIES ACT
        OR 1933, AS AMENDED.

                                   EXULT, INC.

                              COMMON STOCK WARRANT

   Date of Issuance:  October 12, 2000

        For good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, Exult, Inc. (the "Company"), hereby grants to Bank
of America Corporation, a Delaware corporation ("Holder"), the right to purchase
up to 5,000,000 shares (the "Warrant Shares") of the Company's Common Stock at a
price per share of $11.00 (the "Exercise Price"). The amount and kind of
securities obtainable pursuant to the rights granted hereunder and the exercise
price for such securities are subject to adjustment pursuant to the provisions
contained in this Warrant.

        This Warrant is subject to the following provisions:

        1.     Exercise of Warrant.

        1.1    Exercise Period. Holder may exercise this Warrant, in whole or in
part, at any time and from time to time from the date hereof until the third
anniversary of the date of issuance of this Warrant (the "Date of Issuance").

        1.2    Exercise Procedure.

               (a) This Warrant shall be deemed to have been exercised when the
Company has received all of the following items (the "Exercise Date"):

                   (i)   a completed Exercise Notice, as described in Section
1.3, executed by the Holder exercising all or part of the purchase rights
represented by this Warrant;

<PAGE>   2

                   (ii)  this Warrant; and

                   (iii) the aggregate exercise price for all Warrant Shares
being purchased, paid according to Section 1.2(b).

               (b)(i) This Warrant may be exercised by the payment to the
Company of an amount equal to the Exercise Price multiplied by the number of
Warrant Shares being purchased, at the election of the Holder, by wire transfer
or certified check payable to the order of the Company. The person or persons in
whose name(s) any certificate(s) representing Warrant Shares shall be issuable,
upon exercise of this Warrant, shall be deemed to have become the holders(s) of
record of, and shall be treated for all purposes as the record holder(s) of, the
Warrant Shares represented.

               (ii) In addition, if the Company and the Holder have entered into
a contract pursuant to which the Company provides human resources business
process outsourcing services to the Holder, then in lieu of exercising this
Warrant pursuant to Section 1.2(b)(i) above, the Holder may elect to receive a
number of Warrant Shares equal to the value (as determined below) of this
Warrant (or the portion thereof being exercised) by surrender of this Warrant at
the principal office of the Company together with Notice of Exercise indicating
the net issuance method of exercise. In such event, the Company shall issue to
the Holder a number of Warrant Shares computed using the following formula:

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

Where X       =        the number of Warrant Shares to be issued to the
                       Holder but which in no event shall be less than zero.

      Y       =        the number of Warrant Shares subject to this Warrant (or
                       the portion thereof being cancelled).

      A       =        the Market Price of one share of the Company's Common
                       Stock.

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

                     For the purposes of this Warrant, the term "Market Price"
shall mean the arithmetic mean of the closing price on the Exercise Date of the
Common Stock on the principal market or exchange where the Common Stock is
traded or listed on each of the five (5) trading days ending on the Exercise
Date, or if not so listed or traded, as reasonably determined by the Board of
Directors of the Company.

               (c) Certificates for Warrant Shares purchased upon exercise of
this Warrant shall be delivered by the Company to the Holder within five
business days after the Exercise Date. Unless this Warrant has expired or all of
the purchase rights represented hereby have been exercised, the Company shall
prepare a new Warrant, substantially identical thereto, representing the rights
formerly represented by this Warrant which have not expired or been exercised
and shall within such five-day period, deliver such new Warrant to the person
designated for delivery in the Exercise Notice.

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<PAGE>   3

               (d) The Warrant Shares issuable upon the exercise of this Warrant
shall be deemed to have been issued to the Holder at the Exercise Date, and the
Holder shall be deemed for all purposes to have become the record holder of such
shares of Common Stock at the Exercise Date.

               (e) The issuance of certificates for Warrant Shares upon exercise
of this Warrant shall be made without charge to the Holder for any issuance tax
in respect thereof or other cost incurred by the Company in connection with such
exercise and the related issuance of Warrant Shares (other than any transfer
taxes resulting from the issuance of Warrant Shares to any person other than the
Holder).

               (f) The Company shall at all times reserve and keep available out
of its authorized but unissued Common Stock such number of Warrant Shares
issuable upon the full exercise of this Warrant. All Warrant Shares which are so
issuable shall, when issued and upon the payment of the applicable Exercise
Price, be duly and validly issued, fully paid and nonassessable and free from
all liens and encumbrances other than liens or encumbrances created by the
Holder. The Company shall not take any action which would cause the number of
authorized but unissued shares of Common Stock to be less than the number of
such shares required to be reserved hereunder for issuance upon exercise of the
Warrant.

               (g) To the extent commercially reasonable, the Company shall
assist and cooperate with any requirement imposed upon the Holder to make any
governmental filings or obtain any governmental approvals prior to or in
connection with any exercise of this Warrant (including, without limitation,
making any filings required to be made by the Company); provided that the
Company shall not be required in connection therewith or as a condition thereto
to qualify to do business or to file a general consent to service of process in
any jurisdiction unless the Company is already required to qualify to do
business or subject to service in such jurisdiction.

               1.3. Exercise Notice. Upon any exercise of this Warrant, the
Holder shall deliver to the Company an Exercise Notice in substantially the form
set forth in Exhibit A hereto.

               1.4. No Fractional Shares. If a fractional share of Warrant
Shares would, but for the provisions of this Section 1.4, be issuable upon
exercise of the rights represented by this Warrant, the Company shall round up
the number of shares delivered to the Holder to the nearest whole share.

        2.     Adjustment of Exercise Price, Number and Character of Warrant
Shares and Number of Warrants.

               2.1(a) Stock Dividends, Subdivisions and Combinations. If after
the date hereof the Company shall:

                      (i)   pay a dividend or make a distribution in shares of
Common Stock to holders of its capital stock of any class;

                      (ii)  subdivide the outstanding shares of its Common Stock
into a larger number of shares;

                                       3

<PAGE>   4

                      (iii) combine the outstanding shares of its Common Stock
into a smaller number of shares; or

                      (iv) issue by reclassification of its shares of Common
Stock any shares of capital stock of the Company;

then the Exercise Price shall be adjusted to that price determined by
multiplying the Exercise Price in effect immediately prior to such event by a
fraction (i) the numerator of which shall be the total number of shares of
Common Stock outstanding immediately prior to such event and (ii) the
denominator of which shall be the total number of shares of Common Stock
outstanding immediately after such event and the number of securities
purchasable upon the exercise of each Warrant shall be multiplied by a fraction
(i) the numerator of which shall be the total number of shares of Common Stock
outstanding immediately after such event and (ii) the denominator of which shall
be the total number of shares of Common Stock outstanding immediately prior to
such event. An adjustment made pursuant to this Section 2.1 shall become
effective immediately after the record date, in the case of a dividend or
distribution, and the effective date, in the case of a subdivision, combination
or reclassification.

               (b) Minimum Adjustment. Except as hereinafter provided, no
adjustment of the Exercise Price hereunder shall be made if such adjustment
results in a change of the Exercise Price then in effect of less than one cent
($.01) per share. Any adjustment of less than one cent ($.01) per share of any
Exercise Price shall be carried forward and shall be made at the time of and
together with any subsequent adjustment which, together with adjustment or
adjustments so carried forward, amounts to one cent ($.01) per share or more.
However, upon exercise of this Warrant, the Company shall make all necessary
adjustments (to the nearest cent) not theretofore made to the Exercise Price up
to and including the effective date upon which this Warrant is exercised.

               (c) Notice of Adjustments. Whenever the Exercise Price shall be
adjusted pursuant to this Section 2.1, the Company shall promptly deliver a
certificate signed by the President or a Vice President and by the Treasurer or
an Assistant Treasurer or the Secretary or an Assistant Secretary of the
Company, setting forth, in reasonable detail, the event requiring the
adjustment, the amount of the adjustment, the method by which such adjustment
was calculated (including a description of the basis on which the Board of
Directors of the Company made any determination hereunder); by first class mail
postage prepaid to each Holder.

               (d) Capital Reorganizations and Other Classifications. In case of
any capital reorganization of the Company, or of any reclassification of the
shares of Common Stock (other than a reclassification, subdivision or
combination of shares of Common Stock referred to in Section 2.1(a)), or in case
of the consolidation of the Company with, or the merger of the Company with, or
merger of the Company into, any other corporation (other than a reclassification
of the shares of Common Stock referred to in Section 2.1(a) or a consolidation
or merger which does not result in any reclassification or change of the
outstanding shares of Common Stock) or of the sale of the properties and assets
of the Company as, or substantially as, an entirety to any other corporation or
entity, each Warrant shall, after such capital reorganization, reclassification
of shares of Common Stock, consolidation, merger, or sale, be exercisable, upon
the terms and conditions specified in this Warrant, for the kind, amount and

                                       4

<PAGE>   5

number of shares or other securities, assets, or cash to which a holder of the
number of shares of Common Stock purchasable (at the time of such capital
reorganization, reclassification of shares of Common Stock, consolidation,
merger or sale) upon exercise of such Warrant would have been entitled to
receive upon such capital reorganization, reclassification of shares of Common
Stock, consolidation, merger, or sale; and in any such case, if necessary, the
provisions set forth in this Section 2.1 with respect to the rights and
interests thereafter of the Holder shall be appropriately adjusted so as to be
applicable, as nearly equivalent as possible, to any shares or other securities,
assets, or cash thereafter deliverable on the exercise of the Warrants. The
Company shall not effect any such consolidation, merger, or sale, unless prior
to or simultaneously with the consummation thereof the successor corporation or
entity (if other than the Company) resulting from such consolidation or merger
or the corporation or entity purchasing such assets or other appropriate
corporation or entity shall assume, by written instrument, the obligation to
deliver to the Holder such shares, securities, assets, or cash as, in accordance
with the foregoing provisions, such holders may be entitled to purchase and
other obligations hereunder. The subdivision or combination of shares of Common
Stock at any time outstanding into a greater or lesser number of shares shall
not be deemed so be a reclassification of the shares of Common Stock for
purposes of this Section 2.1(d).

               (e) Adjustments to Other Securities. In the event that at any
time, as a result of an adjustment made pursuant to this Section 2.1, the Holder
shall become entitled to purchase any shares or securities of the Company other
than the shares of Common Stock, thereafter the number of such other shares or
securities so purchasable upon exercise of each Warrant and the exercise price
for such shares or securities shall be subject to adjustment from time to time
in a manner and on terms as nearly equivalent as possible so the provisions with
respect to the shares of Common Stock contained in Sections 2.1(a) through (d),
inclusive.

               2.2 Notice of Record Date, etc. In the event the Company shall
propose to take any action of the types requiring an adjustment of the Exercise
Price or the number of character of the Warrant Shares or Warrants pursuant to
Section 2.1 or a dissolution, liquidation or winding up of the Company (other
than in connection with a consolidation, merger, or sale of all or substantially
all of its property, assets, and business as an entirety) shall be proposed, the
Company shall give notice to each Holder as provided in Section 9, which notice
shall specify the record date, if any, with respect to any such action and the
date on which such action is to take place. Such notice shall also set forth
such facts with respect thereto as shall be reasonably necessary to indicate the
effect of such action (to the extent such effect may be known at the date of
such notice) on the Exercise Price and the number, kind or class of shares or
other securities or property which shall be deliverable or purchasable upon the
occurrence of such action or deliverable upon the exercise of the Warrants. In
the case of any action which will require the fixing of a record date, unless
otherwise provided in this Warrant, such notice shall be given as least twenty
days prior to the date so fixed, and in case of all other action, such notice
shall be given at least thirty days prior to the taking of such proposed action.

        3.     No Voting Rights. Prior to exercise of this Warrant, this Warrant
shall not entitle the Holder to any voting rights or other rights as a
stockholder of the Company.

        4.     Transfer of Warrant Shares. In addition to the restrictions on
transfer described in Section 5 below, this Warrant may not be offered, sold or
transferred by the Holder for a period

                                       5

<PAGE>   6

of one year from the Date of Issuance, and the Warrant Shares may not be
offered, sold or transferred by the Holder for a period of one year from the
date of their issuance upon exercise of this Warrant. Notwithstanding the
restrictions imposed by this Section 4, the Holder or any affiliate of Holder
may transfer the Warrant and the Warrant Shares to an affiliate of the Holder
that delivers to the Company in writing an agreement to be bound by the terms
and conditions of this Warrant. For purposes of this Warrant an "affiliate"
means any person or entity controlling, controlled by, or under common control
with the Holder.

        5.     Restrictive Legend. This Warrant and the Warrant Shares have not
been registered under the Securities Act. Each certificate evidencing the
Warrant Shares issued upon exercise of this Warrant shall be stamped or
imprinted with a legend substantially in the form of the legend at the top of
the first page of this Warrant, unless such Warrant Shares previously have been
registered under the Securities Act.

        6.     Representations and Warranties of the Company. The Company
represents and warrants to the Holder as follows:

               (a) This Warrant has been duly authorized and executed by the
Company and is a valid and binding obligation of the Company enforceable in
accordance with its terms;

               (b) The Warrant Shares have been duly authorized and reserved for
issuance by the Company and, when issued in accordance with the terms hereof,
will be validly issued, fully paid and nonassessable and free from all liens and
encumbrances other than any liens or encumbrances created by the Holder; and

               (c) The execution and delivery of this Warrant are not, and the
issuance of the Warrant Shares upon exercise of this Warrant in accordance with
the terms hereof will not be, inconsistent with the Company's Certificate of
Incorporation or Bylaws, as amended.

        7.     Representations and Warranties by the Holder. The Holder
represents and warrants to the Company as follows:

               (a) This Warrant is being acquired for its own account, for
investment and not with a view to, or for resale in connection with, any
distribution or public offering thereof within the meaning of the Securities
Act. Upon exercise of this Warrant, the Holder shall, if so requested by the
Company, confirm in writing, in a form reasonably satisfactory to the Company,
that the Warrant Shares issuable upon exercise of this Warrant are being
acquired for investment and not with a view toward distribution or resale;

               (b) The Holder understands that the Warrant and the Warrant
Shares have not been registered under the Securities Act by reason of their
issuance in a transaction exempt from the registration and prospectus delivery
requirements of the Securities Act pursuant to Section 4(2) thereof and that the
Warrant and the Warrant Shares may be resold without registration under the
Securities Act only in certain limited circumstances. The Holder further
understands that the Warrant Shares have not been qualified under the California
Securities Law of 1968 (the "California Law") by reason of their issuance in a
transaction exempt from the qualification requirements of the California Law
pursuant to Section 25102(f) thereof, which exemption

                                       6

<PAGE>   7

depends upon, among other things, the bona fide nature of the Holder's
investment intent expressed above;

               (c) The Holder has such knowledge and experience in financial and
business masters that it is capable of evaluating the merits and risks of the
purchase of this Warrant and the Warrant Shares purchasable pursuant to the
terms of this Warrant and of protecting its interest in connection therewith;

               (d) The Holder is able to bear the economic risk of the purchase
of the Warrant Shares pursuant to the terms of this Warrant; and

               (e) The Holder is an accredited investor within the meaning of
Regulation D promulgated under the Securities Act.

        8.     Replacement. Upon receipt of evidence reasonably satisfactory to
the Company (an affidavit of the Holder shall be satisfactory) of the ownership
and the loss, theft, destruction or mutilation of this Warrant, and in the case
of any such loss, theft or destruction, upon receipt of indemnity reasonably
satisfactory to the Company or, in the case of any such mutilation upon
surrender of such Warrant, the Company shall execute and deliver in lieu of such
Warrant a new Warrant of like kind representing the same rights represented by
such lost, stolen, destroyed or mutilated certificate and dated the date of such
lost, stolen, destroyed or mutilated certificate.

        9.     Notices. Except as otherwise expressly provided herein, all
notices and deliveries referred to in this Warrant shall be in writing and shall
be delivered personally, sent by reputable overnight courier service (charges
prepaid) or sent by registered or certified mail, return receipt requested,
postage prepaid and shall be deemed to have been given when so delivered (or
when received, if delivered by any other method) if sent (i) to the Company, at
its principal executive offices and (ii) to the Holder, at the Holder's address
as it appears on the signature page hereof or at such other address as the
Holder may designate by written notice to the Company in accordance with this
Section 9.

        10.    Amendment and Waiver. The provisions of this Warrant contain the
entire understanding between the parties hereto with respect to the subject
matter hereof and may be amended and waived only if such amendment or waiver is
set forth in writing executed by the Company and the Holder.

        11.    Descriptive Headings; Governing Law. The descriptive headings of
the several Sections of this Warrant are inserted for convenience only and do
not constitute a part of this Warrant. This Warrant shall be governed by the
laws of the State of Delaware.

        12.    Benefits of Agreement; Successors. This Warrant shall be binding
and inure to the benefit of the parties and their respective successors and
assigns hereunder; provided that this Warrant may be assigned by the Holder only
in compliance with the conditions specified in and in accordance with all of the
terms of this Warrant. This Warrant does not create and shall not be construed
as creating any rights enforceable by any other person or corporation.

                            [Signature Page Follows]

                                       7

<PAGE>   8

        IN WITNESS WHEREOF, the Company has caused this Warrant to be signed and
attested by its duly authorized officers and to be dated the Date of Issuance
hereof.

                                   EXULT, INC.

                                   By:
                                      ------------------------------------------
                                      Douglas L. Shurtleff
                                      Executive Vice President

                                   BANK OF AMERICA CORPORATION

                                   By:
                                      ------------------------------------------
                                      Name:
                                      Title:

                                   Notices Address:

                                      Bank of America Strategic Alliances
                                             & Investments
                                      c/o Bank of America Corporation
                                      200 South College Street, NC1-014-10-02
                                      Charlotte, North Carolina 28255-0001

                                      Telephone No.:  (704) 387-4159
                                      Facsimile No.:    (704) 386-2358
                                      Attn: Hoa T. Nguyen

                                       8

<PAGE>   9

                                                                       EXHIBIT A

                                 EXERCISE NOTICE

To:     EXULT, INC.                                            Dated: __________

        By checking the appropriate line, the undersigned hereby exercises the
attached Warrant for the purchase of ________ of the Warrant Shares, and makes
payment for such Warrant Shares as follows:

        _____    By remission herewith of the full amount of the aggregate
                 exercise price pursuant to Section 1.2(b)(i) of the Warrant.

        _____    Pursuant to the net exercise method (if available) pursuant to
                 Section 1.2(b)(ii) of the Warrant.

        The undersigned hereby repeats the representations set forth in Section
7 of the Warrant in connection with this exercise.

                                    Signature __________________________________

                                    Address ____________________________________

                                    Name in which shares should be registered:

                                    ____________________________________________

                                       9

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