Document:

<PAGE>   1
                                                                   EXHIBIT 10.21

                              CONVERTIBLE UNSECURED
                                 PROMISSORY NOTE

$1,500,000.00                                                     March 30, 2001

         FOR VALUE RECEIVED, the undersigned, HALLWOOD INVESTMENT COMPANY, a
Cayman Islands corporation ("Maker"), promises to pay to the order of HALLWOOD
INVESTMENTS LIMITED ("Payee"), a British Virgin Islands company, at HSBC
Republic Bank, for further credit to Monaco Branch, Account Number 50802, in
immediately available funds and in lawful money of the United States of America,
the principal amount of ONE MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS
($1,500,000.00) ("Total Principal Amount"), together with interest on such Total
Principal Amount from the date of receipt by Maker of the Total Principal Amount
at a rate per annum of Ten Percent (10.00%), simple interest. The Payee and any
person or entity to whom this Note has properly been assigned, transferred or
negotiated are sometimes referred to herein as the "holder."

         1. Maturity Date. The entire unpaid principal balance of this Note, and
all accrued and unpaid interest on the unpaid principal balance of this Note,
shall be due and payable in full in a single payment on March 30, 2006. Subject
to Section 10 below, this Note may be prepaid in whole or in part without the
consent of the Payee (a) at any time prior to the first anniversary date with no
notice, and (b) at any time after the first anniversary date hereof on thirty
(30) days' notice. However, the outstanding principal and accrued interest of
this Note may be converted at any time prior to the end of the "Conversion
Period" (as hereinafter defined).

         2. Payments and Application of Payments. All payments of the
indebtedness evidenced by this Note shall be applied to such indebtedness in
such order and manner as the holder of this Note may from time to time determine
in its sole discretion. All payments and prepayments of principal of or interest
on this Note shall be made in lawful money of the United States of America in
immediately available funds, at the address of Payee indicated above, or such
other place as the holder of this Note shall designate in writing to Maker. Any
portion of the principal of this Note that is repaid or prepaid may not be
reborrowed. If any payment of principal of or interest on this Note shall become
due on a day which is not a Business Day (as hereinafter defined) such payment
shall be made on the next succeeding Business Day and any such extension of time
shall be included in computing interest in connection with such payment. As used
herein, the term "Business Day" shall mean any day except a Saturday, Sunday or
other date on which national banks in Dallas, Texas are authorized by law to
close. The books and records of the holder shall be prima facia evidence of all
outstanding principal of and accrued and unpaid interest on this Note.

         3. Commercial Loan. Maker agrees that no proceeds of this Note shall be
used for personal, family or household purposes, and that all proceeds hereunder
shall be used solely for general corporate purposes.

<PAGE>   2

         4. Representations by Maker. In connection with this Note, Maker hereby
represents and warrants to Payee as follows:

         a. The execution, delivery, and performance of this Note by Maker have
been duly authorized by all necessary corporate action by Maker;

         b. This Note constitutes the legal, valid and binding obligation of
Maker, enforceable against Maker in accordance with its terms, except as limited
by bankruptcy, insolvency or similar laws of general application relating to the
enforcement of creditors' rights and except to the extent specific remedies may
generally be limited by equitable principles;

         c. The execution, delivery and performance of this Note by Maker, and
the consummation of the transactions contemplated hereby, do not (i) conflict
with, result in a violation of, or constitute a default under (A) any provision
of Maker's organizational documents, or any agreement or other instrument
binding upon Maker, or (B) any law, governmental regulation, court decree or
order applicable to Maker, or (ii) require the consent, approval or
authorization of any third party;

         d. Maker has entered into that certain Capital Contribution Agreement
("Contribution Agreement") of even date herewith between Maker and The Hallwood
Group Incorporated ("Hallwood Group"), a Delaware corporation and corporate
parent of Maker, a copy of which has been presented to Payee, providing for
Maker's right to acquire sufficient shares of the $.10 par value common stock
(the "Hallwood Stock") of Hallwood Group to enable Maker to satisfy its
obligations under Section 6 hereof; and

         e. The Contribution Agreement has been duly authorized, executed and
delivered by all parties thereto and constitutes the legal, valid and binding
obligation of Maker and Hallwood Group, enforceable against such parties in
accordance with its terms, except as limited by bankruptcy, insolvency or
similar laws of general application relating to the enforcement of creditors'
rights and except to the extent specific remedies may generally be limited by
equitable principles.

         5. Covenants by Maker. Until this Note is fully paid and satisfied,
Maker will furnish to the holder such information respecting the business,
properties, condition or operations, financial or otherwise, of Maker as Payee
may from time to time reasonably request.

         6. Convertibility. The amounts of principal and interest due under this
Note shall be convertible into shares of Hallwood Stock as provided herein.

         (a) At any time after the date that is one (1) year from date hereof
         and prior to the payment of all amounts of principal and interest due
         under this Note (the "Conversion Period"), the holder may elect to
         convert all or a portion of the outstanding principal and accrued
         interest hereunder into the number of fully paid and nonassessable
         shares of Hallwood Stock which results from dividing the "Conversion
         Amount" by the "Conversion

                                       2
<PAGE>   3

         Price." As used herein, (i) "Conversion Amount" means the aggregate
         amount of outstanding principal and accrued interest hereunder which is
         designated by Payee for conversion; and (ii) "Conversion Price" means
         $6.12; provided, however, if after the date hereof, the outstanding
         shares of Hallwood Stock should be subdivided, combined or
         consolidated, by stock split, stock dividend, combination or like
         event, into a greater or lesser number of shares, the Conversion Price
         in effect immediately prior to such event shall, concurrently with the
         effectiveness thereof, be proportionately adjusted.

         (b) In order to exercise the conversion right granted herein, the
         holder must notify Maker in writing of its election to convert the
         Conversion Amount prior to the expiration of the Conversion Period.
         Such notice (a "Conversion Notice") shall be in the form of ANNEX A
         attached hereto and delivered in accordance with the terms of Section
         15 below. If the holder has properly exercised its conversion right,
         then the conversion shall be deemed to be effective immediately upon
         delivery of the Conversion Notice, and, thereafter, the holder shall
         have the right only to receive certificates evidencing the number of
         shares of Hallwood Stock to which the holder is entitled and the cash
         payment for any fractional shares. Maker shall deliver to the holder at
         a closing (a "Closing") to be held in the offices or Maker (or such
         other place as Maker and the holder agree) one or more stock
         certificates evidencing the number of fully paid and nonassessable
         shares of Hallwood Stock to which the holder is entitled as determined
         in accordance with this Note. The date of the Closing shall be twenty
         (20) days after the delivery of the Conversion Notice to Maker, or if
         the twentieth (20th) day is not a Business Day, on the next Business
         Day. Such stock certificates shall be duly endorsed in favor of the
         holder or accompanied by duly executed and valid stock powers enabling
         the holder to have such shares registered in the holder's name in the
         stock transfer records of Hallwood Group.

         (c) Against receipt of such share certificates, the holder shall
         deliver this Note to Maker for cancellation or reissuance in a reduced
         principal amount, as appropriate. If the Note has matured, whether by
         acceleration or otherwise, and the Conversion Amount represents less
         than all of the outstanding principal and accrued interest with respect
         to this Note, Maker shall also pay any amounts thereof remaining to the
         holder in cash or other current funds acceptable to the holder. If the
         Note has not matured and the Conversion Amount represents less than all
         of the outstanding principal and accrued interest with respect to this
         Note, Maker shall also issue to the holder a new promissory note in the
         same form and tenor as this Note in a principal amount equal to the
         amount of outstanding principal not being converted into shares of
         Hallwood Stock. Any accrued interest not then being converted shall
         remain outstanding and no interest shall accrue thereon. Maker shall
         not be obligated to issue any fractional shares of Hallwood Stock to
         the holder under this Note. Any such Conversion Amount which would
         otherwise represent a fractional share of Hallwood Stock shall be paid
         to the holder in cash or other current funds acceptable to the holder.

         (d) Each certificate evidencing shares of Hallwood Stock issued
         pursuant to this Note shall bear customary securities legends in a form
         approved by counsel to Hallwood Group.

                                       3
<PAGE>   4

         7. Events of Default. Each of the following shall constitute an "Event
of Default" under this Note:

         (a) The failure, refusal or neglect of Maker to pay when due any part
of the principal of, or interest on, this Note after such payment has become due
and payable; or

         (b) Any representation contained herein made by Maker is false or
misleading in any material respect; or

         (c) Maker fails to perform any covenant or agreement contained herein
within fifteen (15) after having received written notice of such failure from
Payee; or

         (d) If either of Maker or "Guarantor" (as hereinafter defined) (i)
becomes insolvent, or makes a transfer in fraud of creditors, or makes an
assignment for the benefit of creditors, or admits in writing its inability to
pay its debts as they become due; (ii) generally is not paying its debts as such
debts become due; (iii) has a receiver or custodian appointed for, or a receiver
or custodian takes possession of, all or substantially all of its assets, either
in a proceeding brought by it or in a proceeding brought against it, and such
appointment is not discharged or such possession is not terminated within thirty
(30) days after the effective date thereof, or if it consents or acquiesces in
such appointment or possession; (iv) files a petition for relief under the
United States Bankruptcy Code or any other present or future federal or state
insolvency, bankruptcy or similar laws (all of the foregoing hereinafter
collectively called "Applicable Bankruptcy Law") or an involuntary petition for
relief is filed against it under any Applicable Bankruptcy Law and such
involuntary petition is not dismissed within thirty (30) days after the filing
thereof, or an order for relief naming it is entered under any Applicable
Bankruptcy Law, or any composition, rearrangement, extension, reorganization or
other relief of debtors now or hereafter existing is requested or consented to
by it; (v) fails to have discharged within a period of thirty (30) days any
attachment, sequestration or similar writ levied upon any of its property; or
(vi) fails to pay within thirty (30) days any final money judgment against it.

         Nothing contained in this Note shall be construed to limit the Events
of Default enumerated hereinabove and all such Events of Default shall be
cumulative.

         8. Remedies. Maker agrees that upon the occurrence of any Event of
Default, the holder of this Note may, at its option, without further notice or
demand, (a) declare the outstanding principal balance of and accrued but unpaid
interest on this Note at once due and payable, (b) pursue any and all other
rights, remedies and recourses available to the holder hereof, including, but
not limited to, any such rights, remedies or recourses, at law or in equity, or
(c) pursue any combination of the foregoing.

         9. Guaranty. The obligations of Maker under this Note are guaranteed by
Hallwood Group pursuant to that certain Guaranty Agreement of even date
herewith. Hallwood Group is sometimes referred to herein as the "Guarantor" in
its capacity as such.

                                       4
<PAGE>   5

         10. Compliance with Credit Agreement. Maker and Payee acknowledge that
Hallwood Group is a party to that certain Credit Agreement (the "Credit
Agreement"), dated December 21, 1999, by and among HWG LLP, Hallwood Group,
First Bank Texas, N.A. and certain other lenders. Maker and Payee intend that
each such party comply with all covenants and undertakings contained in the
Credit Agreement which may be applicable to them and specifically agree that no
holder of this Note shall be paid any cash payment by Maker or Guarantor in
violation of the terms of the Credit Agreement. This Section 10 shall not
prohibit any holder from receiving Hallwood Stock upon any conversion of
outstanding principal and accrued interest as contemplated by Section 6 of this
Note.

         11. No Waiver. The failure to exercise the option to accelerate the
maturity of this Note or any other right, remedy or recourse available to the
holder hereof upon the occurrence of an Event of Default hereunder shall not
constitute a waiver of the right of the holder of this Note to exercise the same
at that time or at any subsequent time with respect to such uncured Event of
Default or any other Event of Default. The rights, remedies and recourses of the
holder hereof, as provided in this Note, shall be cumulative and concurrent and
may be pursued separately, successively or together as often as occasion
therefor shall arise, at the sole discretion of the holder hereof. The
acceptance by the holder hereof of any payment under this Note which is less
than the payment in full of all amounts due and payable at the time of such
payment shall not (a) constitute a waiver of or impair, reduce, release or
extinguish any right, remedy or recourse of the holder hereof, or nullify any
prior exercise of any such right, remedy or recourse, or (b) impair, reduce,
release or extinguish the obligations of any party liable under this Note as
originally provided herein.

         12. Compliance with Applicable Usury Laws. This Note is intended to be
performed in accordance with, and only to the extent permitted by, all
applicable usury laws. If any provision hereof or the application thereof to any
person or circumstance shall, for any reason and to any extent, be invalid or
unenforceable, neither the application of such provision to any other person or
circumstance nor the remainder of the instrument in which such provision is
contained shall be affected thereby and shall be enforced to the greatest extent
permitted by law. It is expressly stipulated and agreed to be the intent of the
holder hereof to at all times comply with the usury and other applicable laws
now or hereafter governing the interest payable on the indebtedness evidenced by
this Note. If the applicable law is ever revised, repealed or judicially
interpreted so as to render usurious any amount called for under this Note, or
contracted for, charged, taken, reserved or received with respect to the
indebtedness evidenced by this Note, or if the holder's exercise of the option
to accelerate the maturity of this Note, or if any prepayment by Maker results
in Maker having paid any interest in excess of that permitted by law, then it is
the express intent of Maker and Payee that all excess amounts theretofore
collected by the holder be credited on the principal balance of this Note (or,
if this Note has been paid in full, refunded to Maker), and the provisions of
this Note immediately be deemed reformed and the amounts thereafter collectable
hereunder reduced, without the necessity of the execution of any new document,
so as to comply with the then applicable law, but so as to permit the recovery
of the fullest amount otherwise called for hereunder or thereunder. All sums
paid, or agreed to be paid, by Maker for the use, forbearance, detention,
taking, charging, receiving or reserving of the indebtedness of Maker to the
holder under this Note shall, to the

                                       5
<PAGE>   6

maximum extent permitted by applicable law, be amortized, prorated, allocated
and spread throughout the full term of such indebtedness until payment in full
so that the rate or amount of interest on account of such indebtedness does not
exceed the usury ceiling from time to time in effect and applicable to such
indebtedness for so long as such indebtedness is outstanding. It is not the
intention of Payee to accelerate the maturity of any interest that has not
accrued at the time of such acceleration or to collect unearned interest at the
time of such acceleration.

         13. Attorney's Fees. If this Note is placed in the hands of an attorney
for collection, or is collected in whole or in part by suit or through probate,
bankruptcy or other legal proceedings of any kind, Maker agrees to pay, in
addition to all other sums payable hereunder, all costs and expenses of
collection, including but not limited to reasonable attorneys' fees. Maker
hereby agrees to pay on demand all reasonable fees and expenses of counsel to
the holder incurred by the holder in connection with the preparation,
negotiation and execution of this Note and all related documents.

         14. Waiver of Notice, Etc. Maker and any and all endorsers and
guarantors of this Note severally waive presentment for payment, notice of
nonpayment, protest, demand, notice of protest and dishonor, diligence in
enforcement and indulgences of every kind and without further notice hereby
agree to renewals, extensions, exchanges or releases of collateral, taking of
additional collateral, indulgences or partial payments, either before or after
maturity.

         15. Notices. All notices given hereunder shall be in writing and shall
be deemed delivered upon (a) actual receipt if personally delivered or sent by
courier service or (b) confirmed receipt of a telecopy to the address or
telecopy number, respectively, of the Maker or Payee as follows:

                         Maker:

                         Hallwood Investment Company
                         c/o Cater Allen Trust Company
                         Cater Allen House
                         Commercial Street
                         St. Helier, Jersey JE 4 5XZ
                         Channel Islands

                         Payee:

                         Hallwood Investments Limited
                         Le Roccabella
                         24 Princesse Grace Avenue
                         Monte Carlo, 98000 Monaco

If either Maker or Payee should change its or his address or if this Note should
be transferred or assigned by Payee to another holder, the Maker, Payee or such
holder, as appropriate, shall notify

                                        6

<PAGE>   7

the other party to this Note of such party's new address in accordance with the
requirements of this Section 15.

         16. Applicable Law. THIS NOTE HAS BEEN EXECUTED IN CONNECTION WITH THE
CONTRIBUTION AGREEMENT AND RELATED GUARANTY AGREEMENT OF HALLWOOD GROUP, A
CORPORATION WITH ITS PRINCIPAL PLACE OF BUSINESS IN DALLAS, TEXAS, AND SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS,
EXCEPT AS SUCH LAWS ARE PREEMPTED BY APPLICABLE FEDERAL LAWS.

         This Note is executed as of the 30th of March, 2001.

                                     MAKER:

                                     HALLWOOD INVESTMENT COMPANY

                                     By: /s/ Melvin J. Melle
                                         ---------------------------------------
                                         Melvin J. Melle
                                         Vice President

                                       7

<PAGE>   8

                                     ANNEX A

                            Form of Conversion Notice

                                CONVERSION NOTICE

         This Conversion Notice is delivered by the undersigned, the legal and
beneficial holder (the "Holder") of that certain Convertible Unsecured
Promissory Note (the "Note") issued by Hallwood Investment Company ("HIC") to
Hallwood Investments Limited, dated March 30, 2001, to HIC pursuant to the terms
and provisions of the Note. All capitalized terms used herein and not
specifically defined shall have the meanings given them in the Note.

         Holder hereby exercises its right to convert $______________ of
outstanding principal and $_________ of accrued interest on the Note into
______________ shares of Hallwood Stock pursuant to Section 6 of the Note. Such
number of shares of Hallwood Stock has been computed by dividing the Conversion
Amount of $_____________ [the sum of the two blanks above] by the Conversion
Price of $___________ [the Conversion Price stated in the Note or such
Conversion Price as adjusted in accordance with the Note].

Check the appropriate box

         [ ] Such Conversion Amount represents all of the outstanding principal
and accrued interest on the Note.

         [ ] Such Conversion Amount done not represent all of the outstanding
principal and accrued interest on the Note. Holder hereby directs that a new
promissory note in the principal amount of $_____________ [representing the
portion of outstanding principal not being converted into shares of Hallwood
Stock] be issued to Holder along with delivery of the appropriate number of
shares of Hallwood Stock as stated above.

         IN WITNESS WHEREOF, this Conversion Notice is executed and delivered
this ___ day of ___________, 200[ ].

                                           HOLDER:

                                           [Name of Holder]

                                           By:
                                              ----------------------------------
                                           Name:
                                                --------------------------------
                                           Title:
                                                 -------------------------------<PAGE>   1
                                                                     EXHIBIT 4.7

NEITHER THIS WARRANT NOR ANY SECURITIES ISSUABLE UPON THE EXERCISE OF THIS
WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR
DISPOSED OF WITHOUT COMPLIANCE WITH THE REGISTRATION OR QUALIFICATION PROVISIONS
OF APPLICABLE FEDERAL AND STATE SECURITIES LAWS OR APPLICABLE EXEMPTIONS
THEREFROM.

No. HP-2                                             Right to Purchase 1,384,658
                                                          Shares of Common Stock
                                                          of The viaLink Company

                               THE VIALINK COMPANY

                          COMMON STOCK PURCHASE WARRANT

                                                                April 10, 2001

         The viaLink Company, a Delaware corporation (the "Company"), hereby
certifies that, for value received, Hewlett-Packard Company, a Delaware
corporation ("HP"), or its permitted assigns, is entitled, subject to the terms
set forth below, to purchase from the Company at any time or from time to time
before 5:00 p.m. (Dallas, Texas time), on April 10, 2006, up to that number of
fully paid and nonassessable shares (the "Warrant Shares") of the Company's
Common Stock, $0.001 par value that shall equal 1,384,658. The purchase price
per share of the Warrant Shares shall be equal to $3.75 (such purchase price per
share as adjusted from time to time as herein provided is referred to herein as
the "Purchase Price"). The number and character of such shares of Common Stock
and the Purchase Price are subject to adjustment as provided herein.

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

                  (a) The term "Business Day" means any day except a Saturday or
         a Sunday or other day on which the National Market (as hereinafter
         defined), or any national securities exchange on which the Common Stock
         (as hereinafter defined) is traded or admitted for unlisted trading
         privileges, is closed for trading.

                  (b) The term "Company" shall include The viaLink Company, and
         any corporation which shall succeed to, or assume the obligations of,
         The viaLink Company hereunder.

                  (c) The term "Common Stock" includes the Company's common
         stock, $0.001 par value, as authorized on April 10, 2001, and/or any
         Other Securities into which or for which the Warrant Shares may be
         converted or exchanged pursuant to a plan of recapitalization,
         reorganization, merger, sale of assets or otherwise.

                  (d) The term "Fair Market Value" per share of Common Stock
         means:

                           (1)      If the Common Stock is traded on a national
                                    securities exchange or admitted to unlisted
                                    trading privileges on such an exchange, or
                                    is listed on the National Market (the
                                    "National Market") of the National
                                    Association of Securities Dealers Automated
                                    Quotations System (the "NASDAQ"), the Fair
                                    Market Value shall be the average of the
                                    last

<PAGE>   2

                                    reported sale prices of the Common Stock on
                                    such exchange or on the National Market over
                                    the five consecutive Business Days
                                    immediately preceding the date of
                                    determination or, if the last reported sale
                                    price information is not available for such
                                    days, the average of the mean of the closing
                                    bid and asked prices for such days on such
                                    exchange or on the National Market;

                           (2)      If the Common Stock is not so listed or
                                    admitted to unlisted trading privileges, the
                                    Fair Market Value shall be the average of
                                    the mean of the last bid and asked prices
                                    reported over the five consecutive Business
                                    Days immediately preceding the date of
                                    determination (A) by the NASDAQ or (B) if
                                    reports are unavailable under clause (A)
                                    above, by the National Quotation Bureau
                                    Incorporated; and

                           (3)      If the Common Stock is not so listed or
                                    admitted to unlisted trading privileges and
                                    bid and ask prices are not reported, the
                                    Fair Market Value shall be the price per
                                    share which the Company could obtain from a
                                    willing buyer for shares of Common Stock, as
                                    such price shall be determined by mutual
                                    agreement of the Company and HP. If HP and
                                    the Company are unable to agree on such Fair
                                    Market Value, the Company shall select a
                                    pool of three independent and
                                    nationally-recognized investment banking
                                    firms from which HP shall select one such
                                    firm to appraise the fair market value of
                                    the Common Stock and to perform the
                                    computations involved. The determination of
                                    such investment banking firm shall be
                                    binding upon the Company and HP in
                                    connection with any transaction occurring at
                                    the time of such determination. All expenses
                                    of such investment banking firm shall be
                                    borne by the Company. In all cases, the
                                    determination of fair market value shall be
                                    made without consideration of the lack of a
                                    liquid public market for the Common Stock
                                    and without consideration of any "control
                                    premium" or any discount for holding less
                                    than a majority or controlling interest of
                                    the outstanding Common Stock.

                  (e) The term "Other Securities" refers to any stock (other
         than Common Stock) or other securities of the Company or any other
         person (corporate or otherwise) (i) which the holder of this Warrant at
         any time shall be entitled to receive, or shall have received, on the
         exercise of this Warrant, in lieu of or in addition to shares of the
         Company's common stock, $.001 par value per share, as authorized on
         April 10, 2001, or (ii) which at any time shall be issuable or shall
         have been issued in exchange for or in replacement of shares of the
         Company's common stock, $.001 par value per share, as authorized on
         April 10, 2001, or Other Securities pursuant to Section 4 or
         otherwise.

                  1.       Exercise of Warrant.

                  1.1      Full Exercise. This Warrant may be exercised at any
time after the date hereof during normal business hours before its expiration in
full by the holder hereof by surrender of this Warrant, with the form of
subscription at the end hereof duly executed by such holder, to the Company at
its principal office, accompanied by payment, in cash, by bank cashier's check
payable to the order of the Company or by wire transfer, in the amount obtained
by multiplying the number of shares of Common Stock and/or Other Securities for
which this Warrant is then exercisable by the Purchase Price then in effect.

                                       2
<PAGE>   3

                  1.2 Partial Exercise. This Warrant may be exercised at any
time during normal business hours after the date hereof before its expiration in
part by surrender of this Warrant and payment of the Purchase Price then in
effect in the manner and at the place provided in subsection 1.1, except that
the amount payable by the holder on such partial exercise shall be the amount
obtained by multiplying (a) the number of shares of Common Stock and/or Other
Securities designated by the holder in the subscription at the end hereof by (b)
the Purchase 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 or Warrants 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, filling in the aggregate on the face or faces thereof the number of
shares of Common Stock and/or Other Securities for which such Warrant or
Warrants may still be exercised.

                  1.3 Company Acknowledgment. The Company will, at the time of
any exercise of this Warrant, upon the written 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 written request, such failure shall not affect the continuing
obligation of the Company to afford to such holder any such rights.

                  1.4 Trustee for Warrant Holders. In the event that a bank or
trust company shall have been appointed as trustee for the holder of this
Warrant, such bank or trust company shall have all the powers and duties of a
warrant agent appointed pursuant hereto 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.

                  1.5 Net Issue.

                           (a) Election. The holder hereof may elect to receive,
without the payment by the holder of any additional consideration, Warrant
Shares equal to the value of this Warrant or any portion hereof by the surrender
of this Warrant or such portion to the Company, with the net issue election
notice attached hereto, duly executed, at the office of the Company. Thereupon,
the Company shall issue to the holder hereof such number of fully paid and
nonassessable shares of Common Stock as is computed using the following formula:

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

         where X= the number of shares to be issued to the holder hereof
pursuant to this Section 1.5.

         Y= the number of shares covered by this Warrant in respect of which the
net issue election is made pursuant to this Section 1.5.

         A= the Fair Market Value of one share of Common Stock as of the time
the net issue election is made pursuant to this Section 1.5.

         B= the Purchase Price in effect under this Warrant at the time the net
issue election is made pursuant to this Section 1.5.

                                       3
<PAGE>   4

                  2. Delivery of Stock Certificates, Etc. on Exercise. As soon
as practicable after the exercise of this Warrant in full or in part, and in any
event within ten 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, a certificate or
certificates for the number of fully paid and nonassessable shares of Common
Stock (or, to the extent not constituting Common Stock, 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 current Fair Market Value of one full
share, together with any other property (including cash, where applicable) to
which such holder is entitled upon such exercise pursuant to Section 1 or
otherwise.

                  3. Adjustments for Stock Splits and Subdivisions. In the event
the Company at any time shall subdivide its outstanding shares of Common Stock
into a greater number of shares, the Purchase Price in effect immediately prior
to such subdivision shall be proportionately reduced and the number of Warrant
Shares purchasable pursuant to this Warrant immediately prior to such
subdivision shall be proportionately increased, and conversely, in the event
that the outstanding shares of Common Stock shall at any time be combined into a
smaller number of shares, the Purchase Price in effect immediately prior to such
combination shall be proportionately increased and the number of Warrant Shares
purchasable upon the exercise of this Warrant immediately prior to such
combination shall be proportionately reduced.

                  4. No Dilution or Impairment. The Company will not, by
amendment of its Certificate of Incorporation or through any reorganization,
transfer of assets, consolidation, merger, dissolution, issue or sale of
securities or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms of this Warrant, but will at all times in
good faith assist in the carrying out of all such terms and in the taking of all
such action as may be necessary or appropriate in order to protect the rights of
the holders of this Warrant against dilution or other impairment. Without
limiting the generality of the foregoing, the Company (a) will not increase the
par value or stated value of any shares of stock receivable on the exercise of
this Warrant above the amount payable therefor on such exercise, (b) will take
all such action as may be necessary or appropriate in order that the Company may
validly and legally issue fully paid and nonassessable shares of stock on the
exercise of this Warrant, and (c) will not transfer all or substantially all of
its properties and assets to any other person (corporate or otherwise), or
consolidate with or merge into any other person or permit any such person to
consolidate with or merge into the Company (if the Company is not the surviving
person), unless such other person shall expressly assume in writing and become
bound by all the terms of this Warrant.

                  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 this Warrant, the Company at its expense will
promptly cause its chief financial officer to compute such adjustment or
readjustment in accordance with the terms of this 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 capital stock (or, to the extent not constituting Common
Stock, Other Securities) issued or sold or deemed to have been issued or sold,
(b) the number of shares of each class or series of capital stock outstanding or
deemed to be outstanding, and (c) the Purchase Price and the number of shares of
Common Stock (and, to the extent not constituting Common Stock, Other
Securities) to be received upon exercise of this Warrant, in effect immediately
prior to such issue or sale and as adjusted and readjusted

                                       4

<PAGE>   5

as provided in this Warrant. The Company will forthwith mail a copy of each such
certificate to the holder of this Warrant, and will, on the written request at
any time of the holder of this Warrant, furnish to such holder a like
certificate setting forth the Purchase Price at the time in effect and showing
how it was calculated.

                  6. Registration Rights. The holder(s) of this Warrant and any
other Warrants issued pursuant to the terms hereof from time to time shall be
entitled to the registration rights in respect thereof as provided in the
Shareholder Agreement between the Company and HP, dated February 4, 1999, as
amended on April 10, 2001 (the "Shareholder Agreement"), in accordance with the
terms thereof.

                  7. Notices of Record Date, etc. In the event of:

                  (a) any taking by the Company of a record of the holders of
         any class of securities for the purpose of determining the holders
         thereof who are entitled to receive any dividend or other distribution,
         or any right to subscribe for, purchase or otherwise acquire any shares
         of stock of any class or any other securities or property, or to
         receive any other right, or

                  (b) any capital reorganization of the Company, any
         reclassification or recapitalization of the capital stock of the
         Company or any transfer of all or substantially all the assets of the
         Company to or consolidation or merger of the Company with or into any
         other person, or

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

then and in each such event the Company will mail or cause to be mailed to each
holder of a Warrant a notice specifying (i) the date on which any such record is
to be taken for the purpose of such dividend, distribution or right, and stating
the amount and character of such dividend, distribution or right, (ii) the date
on which any such reorganization, reclassification, recapitalization, transfer,
consolidation, merger, dissolution, liquidation or winding-up is to take place,
and the time, if any is to be fixed, as of which the holders of record of Common
Stock (or, to the extent not constituting Common Stock, Other Securities) shall
be entitled to exchange their shares of Common Stock (or, to the extent not
constituting Common Stock, Other Securities) for securities or other property
deliverable on such reorganization, reclassification, recapitalization,
transfer, consolidation, merger, dissolution, liquidation or winding-up, and
(iii) the amount and character of any stock or other securities, or rights or
options with respect thereto, proposed to be issued or granted, the date of such
proposed issue or grant and the persons or class of persons to whom such
proposed issue or grant is to be offered or made. Such notice shall be mailed at
least ten Business Days prior to the date specified in such notice on which any
such action is to be taken.

                  8. Reservation of Stock, etc. Issuable on Exercise of
Warrants. The Company will at all times reserve and keep available, solely for
issuance and delivery on the exercise of this Warrant, all shares of Common
Stock (or, to the extent not constituting Common Stock, Other Securities) from
time to time issuable upon the exercise of this Warrant.

                  9. Exchange of Warrants. On surrender for exchange of this
Warrant, properly endorsed, to the Company, the Company at its expense will
issue and deliver to or on the order of the holder thereof a new Warrant or
Warrants of like tenor, in the name of such holder or as such holder (on payment
by such holder of any applicable transfer taxes) may direct, filling in the
aggregate on the face

                                       5
<PAGE>   6

or faces thereof the number of shares of Common Stock called for on the face or
faces of the Warrant so surrendered; provided, however, that in no event will
the Company be obligated to recognize or permit any transfer of this Warrant
that would result in the assignor or any assignee receiving a Warrant
exercisable with respect to 25,000 or fewer shares of Common Stock.

                  10. Replacement of Warrants. On receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of any
Warrant and, in the case of any such loss, theft or destruction of any Warrant,
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 such Warrant, the Company at its expense will
execute and deliver, in lieu thereof, a new Warrant of like tenor.

                  11. Remedies. [Deleted.]

                  12. Negotiability, etc. This Warrant is issued upon the
following terms, to all of which each holder or owner hereof by the taking
hereof consents and agrees, subject to the limitation on transfer set forth in
Section 9:

                  (a) title to this Warrant may be transferred by endorsement
         (by the holder hereof executing the form of assignment at the end
         hereof) and delivery in the same manner as in the case of a negotiable
         instrument transferable by endorsement and delivery; and

                  (b) any person in possession of this Warrant properly endorsed
         for transfer to such person (including endorsed in blank) is authorized
         to represent himself as absolute owner hereof and is empowered to
         transfer absolute title hereto by endorsement and delivery hereof to a
         bona fide purchaser hereof for value; each prior taker or owner waives
         and renounces all of his equities or rights in this Warrant in favor of
         each such bona fide purchaser, and each such bona fide purchaser shall
         acquire absolute title hereto and to all rights represented hereby.
         Nothing in this paragraph (b) shall create any liability on the part of
         the Company beyond any liability or responsibility it has under law.

                  13. Notices, etc. All notices and other communications from
the Company to the holder of this Warrant shall be mailed by first class
registered or certified mail, postage prepaid at such address as may have been
furnished to the Company in writing by such holder or, until any such holder
furnishes to the Company an address, then to, and at the address of, the last
holder of this Warrant who has so furnished an address to the Company.

                  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 internal substantive laws of the State of
Texas, without regard to the conflicts of law principles thereof and, to the
maximum extent practicable, will be deemed to call for performance in Dallas
County, Texas. 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.

                  15. Expiration. The right to exercise this Warrant shall
expire at 5:00 p.m. (Dallas, Texas time), April 10, 2006.

                  16. Warrant Holders Not Deemed Shareholders. No holder of this
Warrant shall, as such, be entitled to vote or to receive dividends or be deemed
the holder of Common Stock or, to the

                                       6
<PAGE>   7

extent not constituting Common Stock, Other Securities that may at any time be
issuable upon exercise of this Warrant for any purpose whatsoever, nor shall
anything contained herein be construed to confer upon the holder of this
Warrant, as such, any of the rights of a shareholder of the Company or any right
to vote for the election of directors or upon any matter submitted to
shareholders at any meeting thereof, or for the election of directors or upon
any matter submitted to shareholders at any meeting thereof, or to give or
withhold consent to any corporate action (whether upon any recapitalization,
issue or reclassification of stock, change of par value or change of stock to no
par value, consolidation, merger or conveyance or otherwise), or to receive
notice of meetings, or to receive dividends or subscription rights, until such
holder shall have exercised this Warrant and been issued Common Stock or, to the
extent not constituting Common Stock, Other Securities in accordance with the
provisions hereof.

            [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.]

                                       7
<PAGE>   8

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

                              THE VIALINK COMPANY

                              By:  /s/ WILLIAM P. CREASMAN
                                  ------------------------
                                  Name:  William P. Creasman
                                  Title: Vice President, Chief Financial Officer
                                         and General Counsel

                           [SIGNATURE PAGE TO WARRANT]

<PAGE>   9

                              FORM OF SUBSCRIPTION

                   (To be signed only on exercise of Warrant)

THE VIALINK COMPANY

         The undersigned, the holder of the within Warrant, hereby irrevocably
elects to exercise this Warrant for, and to purchase thereunder, _____________
shares (the "Shares") of Common Stock of The viaLink Company and herewith makes
payment of $________ therefor, and requests that the certificate for such Shares
be issued in the name of, and delivered to ______________________________,
federal taxpayer identification number ______________________, whose address is
________________________________________.

         In connection with the exercise of this Warrant, the undersigned
represents and warrants as follows:

                  (a) The undersigned is purchasing the Shares for the account
         of the undersigned and not as a nominee or agent, and the undersigned
         has no present intention of granting any participation in the same, and
         does not have any contract, undertaking, agreement or arrangement with
         any person to grant participation to such person or to any third
         person, with respect to any of such Shares;.

                  (b) The undersigned has received or has had full access to all
         the information it considers necessary or appropriate to make an
         informed investment decision with respect to the Shares. The
         undersigned has had an opportunity to ask questions of and receive
         answers from the Company and to obtain additional information (to the
         extent the Company possessed such information or could acquire it
         without unreasonable effort or expense) necessary to verify any
         information furnished to undersigned or to which the Company has
         access.

                  (c) The undersigned understands that the Shares are
         characterized as "restricted securities" under the federal securities
         laws inasmuch as they are being acquired from the Company in a
         transaction not involving a public offering and that under such laws
         and applicable regulations such securities may be resold without
         registration under the Securities Act of 1933, as amended (the
         "Securities Act") only in certain limited circumstances. In this
         connection, the undersigned represents that it is familiar with
         Securities and Exchange Commission ("SEC") Rule 144, as presently in
         effect, and understands the resale limitations imposed thereby and by
         the Securities Act.

                  (d) The undersigned is an "accredited investor" within the
         meaning of SEC Rule 501 of Regulation D, as presently in effect.

                  (e) The undersigned agrees not to offer, sell, exchange,
         transfer, pledge or otherwise dispose of any of the Shares unless at
         that time either:

                           (1)      such transaction is permitted pursuant to
                                    the provisions of Rule 144 under the
                                    Securities Act or another exemption from
                                    registration under the Securities Act and
                                    all applicable state securities laws;

                           (2)      a registration statement under the
                                    Securities Act and all applicable state
                                    securities laws covering such securities
                                    proposed to be sold, transferred or
                                    otherwise disposed of, describing the manner
                                    and terms of the proposed sale, transfer or
                                    other disposition, and containing a current

<PAGE>   10

                                    prospectus, is filed with the SEC and all
                                    applicable state securities law agencies and
                                    made effective under the Securities Act and
                                    all applicable state securities laws; or

                           (3)      an authorized representative of the SEC and
                                    all applicable state securities agencies
                                    shall have rendered written advice to
                                    undersigned (with a copy thereof and of all
                                    other related communications delivered to
                                    the Company) to the effect that the SEC
                                    and/or such state securities agencies will
                                    take no action, or that the staff of the SEC
                                    and/or such state securities agencies will
                                    recommend that the SEC and such state
                                    securities agencies, as applicable, take no
                                    action, with respect to the proposed offer,
                                    sale, exchange, transfer, pledge or other
                                    disposition if consummated.

                  (f) All certificates representing the Shares and any
         certificates subsequently issued with respect thereto or in
         substitution therefor shall bear a legend that such securities may only
         be sold or disposed of in accordance with (i) the provisions of the
         Securities Act, the rules and regulations thereunder and any applicable
         state securities laws, (ii) pursuant to an effective registration
         statement or (iii) pursuant to an exemption from the
         registration/qualification requirements of the Securities Act and any
         applicable state securities laws. The Company, at its reasonable
         discretion, may cause stop transfer orders to be placed with its
         transfer agent with respect to the certificates for the Shares but not
         as to the certificates for any part of such Shares as to which said
         legend is no longer required.

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

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

Signed in the presence of:

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

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

                                       2
<PAGE>   11

                               FORM OF ASSIGNMENT
                   (To be signed only on transfer of Warrant)

         For value received, the undersigned hereby sells, assigns, and
transfers unto _____________ _________________________, federal taxpayer
identification number ___________, whose address is _______________________
___________________________________________________, the right represented by
the within Warrant to purchase ___________ shares of Common Stock of The viaLink
Company to which the within Warrant relates, and appoints
___________________________ Attorney to transfer such right on the books of The
viaLink Company with full power of substitution in the premises.

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

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

Signed in the presence of:

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

<PAGE>   12

                            NET ISSUE ELECTION NOTICE

TO:      THE VIALINK COMPANY                     Date:
                                                      -------------------------

         The undersigned hereby elects under Section 1.5 of the Warrant to
surrender the right to purchase _______ shares of Common Stock pursuant to this
Warrant. The certificate(s) for the shares issuable upon such net issue election
shall be issued in the name of:

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

                      ------------------------------------
          (Please Print Name, Address and Taxpayer Identification No.)

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

Name of holder of this Warrant or Assignee:
                                            ----------------------------------
                                                  (Please Print)

Address:

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

Signature:

Note: The above signature must correspond with the name as written upon the face
of this Warrant Certificate in every particular without alteration or
enlargement or any change whatever unless this Warrant has been assigned.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00023-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00023-of-00352.parquet"}]]