Document:

<PAGE>   1
                                                                     EXHIBIT 4.5

                                MASTER AGREEMENT

                          DATED AS OF DECEMBER 3, 1999,

                                      AMONG

                                STOCKPOINT, INC.,

                                 AS THE COMPANY,

                                       AND

                                 JOHN PAPPAJOHN,

                                 GERALD M. KIRKE

                           IOWA FARM BUREAU FEDERATION

                                 DERACE SCHAFFER

                                MATTHEW P. KINLEY

                            DOMINION SECURITIES INC.

                               MICHAEL J. RICHARDS

                                  JOSEPH DUNHAM

                               AS THE GUARANTORS,

                                       AND

                             EQUITY DYNAMICS, INC.,

                        AS THE AGENT FOR THE GUARANTORS.

<PAGE>   2
                                TABLE OF CONTENTS

SECTION 1.  CREDIT SUPPORT AGREEMENTS.........................................1

SECTION 2.  AGENT.............................................................4

         2.1.  ACTIONS........................................................4
         2.2.  EXCULPATION....................................................4
         2.3.  SUCCESSOR......................................................5

SECTION 3.  WARRANTS..........................................................5

         3.1.  ISSUANCE.......................................................5
         3.2.  REGISTRATION RIGHTS............................................6

SECTION 4.  CLOSING...........................................................6

SECTION 5.  REPRESENTATIONS AND WARRANTIES OF COMPANY.........................6

         5.1.  ORGANIZATION...................................................6
         5.2.  CORPORATE AUTHORIZATION; ENFORCEABILITY........................6
         5.3.  NO CONFLICT....................................................6
         5.4.  CAPITALIZATION.................................................7
         5.5.  FINANCIAL INFORMATION..........................................8
         5.6.  SECURITIES LAWS................................................8
         5.7.  TITLE TO ASSETS................................................8
         5.8.  REAL PROPERTY..................................................9
         5.9.  INTELLECTUAL PROPERTY RIGHTS...................................9
         5.10.  COMPLIANCE WITH LAWS; GOVERNMENTAL AUTHORIZATIONS.............9
         5.11.  MATERIAL AGREEMENTS...........................................9
         5.12.  LITIGATION...................................................10
         5.13.  SOLVENCY.....................................................10
         5.14.  ENVIRONMENTAL MATTERS........................................10
         5.15.  TAX MATTERS..................................................10
         5.16.  ERISA........................................................11
         5.17.  DISCLOSURE...................................................11

SECTION 6.  REPRESENTATIONS AND WARRANTIES OF GUARANTORS.....................11

         6.1.  INVESTMENT INTENT.............................................11
         6.2.  DUE ORGANIZATION AND REQUISITE POWER..........................12
         6.3.  ACTION AND EXECUTION..........................................12

<PAGE>   3

         6.4.  NO CONFLICT...................................................12

SECTION 7.  PRIOR OR SIMULTANEOUS ACTIONS....................................12

SECTION 8.  COVENANTS........................................................13

         8.1.  ACCESS TO RECORDS.............................................13
         8.2.  FINANCIAL REPORTING; DRAWS ON LINE OF CREDIT..................13
         8.3.  PAYMENT; PREPAYMENT...........................................14
         8.4.  PAYMENT OF OBLIGATIONS........................................14
         8.5.  INSURANCE.....................................................14
         8.6.  NOTICE OF DISPUTES, MATERIAL ADVERSE CHANGE...................15
         8.7.  CONDUCT OF BUSINESS...........................................15
         8.8.  DEBT..........................................................15
         8.9.  RESTRICTED PAYMENTS...........................................15
         8.10.  NEGATIVE PLEDGE..............................................16
         8.11.  TERMINATION..................................................16

SECTION 9.  SURVIVAL OF REPRESENTATIONS, WARRANTIES, AND COVENANTS...........16

SECTION 10.  INDEMNIFICATION.................................................16

SECTION 11.  PURCHASE OF BANK'S RIGHTS AND INTERESTS; EVENTS OF DEFAULT......17

SECTION 12.  FEES AND EXPENSES...............................................18

SECTION 13.  CONFIDENTIALITY.................................................18

SECTION 14.  ASSIGNMENT; PARTIES IN INTEREST.................................18

SECTION 15.  ENTIRE AGREEMENT................................................18

SECTION 16.  FURTHER ASSURANCES..............................................19

SECTION 17.  NOTICES.........................................................19

<PAGE>   4

SECTION 18.  AMENDMENTS......................................................21

SECTION 19.  COUNTERPARTS....................................................21

SECTION 20.  HEADINGS, GENDER, TENSE.........................................21

SECTION 21.  GOVERNING LAW, JURISDICTION.....................................21

SECTION 22.  WAIVER OF JURY TRIAL............................................21

<PAGE>   5
              MASTER AGREEMENT dated as of December 3, 1999, among (a)
         STOCKPOINT, INC., a Delaware corporation (the "Company"), and (b)(i)
         JOHN PAPPAJOHN ("Pappajohn") (ii) GERALD M. KIRKE, IOWA FARM BUREAU
         FEDERATION, DERACE SCHAFFER, MATTHEW P. KINLEY, DOMINION SECURITIES
         INC., MICHAEL J. RICHARDS, JOSEPH DUNHAM (together with Pappajohn, the
         "Guarantors"), and (c) EQUITY DYNAMICS, INC., an Iowa corporation, as
         agent (the "Agent") for the Guarantors.

                                    RECITALS

WHEREAS, the Company requested that the Guarantors execute guarantees in favor
of and/or arrange for the issuance of standby letters of credit or pledge
certificates of deposit (collectively, the "Credit Support Agreements") naming
Norwest Bank Iowa, National Association, or any successor or assign thereof
approved by the Agent (the "Bank") as beneficiary or pledgee in connection with
a line of credit with a maximum principal amount of $2,500,000 (the "Facility")
to be made available by the Bank to the Company;

WHEREAS, the Company offered to issue warrants in the form attached hereto as
Exhibit A ("Warrants") to purchase its common stock, $.01 par value (the "Common
Stock") to the Guarantors if they would provide the Credit Support Agreements;

WHEREAS, the Guarantors agreed to provide the Credit Support Agreements in
accordance with terms and conditions set forth herein.

ACCORDINGLY, the parties agree as follows:

SECTION 1.  CREDIT SUPPORT AGREEMENTS.

     (a) Upon the terms and subject to the conditions set forth in the this
     Agreement, the Warrants, and the registration rights agreement in the form
     attached hereto as Exhibit B (the "Registration Rights Agreement") (the
     "Documents"), the Guarantors shall, for the benefit of the Company, arrange
     for the issuance by one or more institutions acceptable to the Bank of
     standby letters of credit or, in the alternative, pledge such Guarantors'
     right, title and interest in and to certificates of deposit (each a
     "Guarantor Commitment") in the aggregate amount of $2,500,000 naming the
     Bank as beneficiary or pledgee, as the case may be, thereunder. The maximum
     Guarantor Commitment of each of the Guarantors shall be as follows: (i)
     Pappajohn - $1,250,000; (ii) Gerald M. Kirke - $500,000; Iowa Farm Bureau
     Federation - $250,000; Derace Schaffer - $250,000; Matthew P. Kinley -
     $100,000; Dominion Securities Inc. - $100,000; Michael J. Richards -
     $25,000 and Joseph Dunham - $25,000. Each Guarantor's Commitment as a
     proportion of the maximum amount of the loans (the "Loans") available under
     the Facility ($2,500,000.00) shall be its "Pro Rata Share." In addition, if
     necessary, Pappajohn shall execute a personal guaranty (the "Pappajohn
     Guaranty") of the Company's obligations to the Bank in an amount agreed to
     by Pappajohn and the Bank.

     (b) The obligation of the Guarantors to provide the Credit Support
     Agreements shall be subject to the following conditions precedent:

<PAGE>   6

         (i)    the Company's execution and delivery of this Agreement and the
         Documents;

         (ii)   the Company's execution and delivery to the Bank of (A) a
         security agreement, in form satisfactory to the Agent, which includes
         provision for security agreements in favor of the Bank by each
         subsidiary of the Company (the "Bank Security Agreement"); (B) a pledge
         agreement, in form satisfactory to the Agent (the "Pledge Agreement");
         (C) a conditional assignment of intellectual property covering
         trademarks, in form satisfactory to the Agent (the "Bank Intellectual
         Property Assignment," and, together with Bank Security Agreement,
         Pledge Agreement and all documents executed in connection therewith,
         the "Bank Security Documents"); (D) the Credit Agreement dated December
         3, 1999, between the Company and the Bank (the "Credit Agreement"); and
         (E) the Promissory Note dated December 3, 1999, executed by the Company
         in favor of the Bank (the "Promissory Note").

         (iii)  the Company's payment to the Agent of the Agent's costs and
         expenses incurred in connection herewith and the Documents, as provided
         in Section 12 below;

         (iv)   the Bank's agreement with the Guarantors, satisfactory to the
         Guarantors, regarding the respective remedies of the Bank and the
         Guarantors with respect to the Facility;

         (v)    the Company's delivery to the Bank of waivers by the Series C
         Debenture Holders to the transactions contemplated by the Agreement, in
         a form satisfactory to the Agent;

         (vi)   the Company's delivery to the Bank of a release of lien on form
         UCC-3 by Iowa State Bank and Trust and Robert Staib, and a
         confirmation, waiver and consent by Northern Trust to the first lien
         position by the Bank, in each case in a form satisfactory to the Agent;

         (vii)  review and approval by the Agent of all outstanding liens on the
         Company's assets by CEBA, Kirkwood Community College and Berthel
         Fisher;

         (viii) a cash flow budget in form and content acceptable to the Agent,
         and attached hereto as Exhibit C (the "Budget");

         (ix)   evidence satisfactory to the Agent that the Settlement Agreement
         and Release by and between the Company and Robert Staib has been
         executed;

         (x)    satisfaction by the Agent with the senior management team and
         structure and long term management plan;

         (xi)   evidence satisfactory to the Agent that certain California-based
         employees received grants under the Employee option plan; and

         (xiii) confirmation satisfactory to Agent of employment agreements of
         William Staib and other key management.

                                      -2-
<PAGE>   7

     (c) The Company has agreed to pay the Bank all sums due and owing in
     connection with the Facility. The Company realizes and understands that the
     reason it was able to obtain the Facility was due to the willingness of the
     Guarantors to provide the Credit Support Agreements in respect of the
     Company's obligations to the Bank. The Company agrees that at any time the
     Guarantors, individually, or collectively, deem themselves to be insecure
     they may acquire the position of the Bank in the Facility by paying the
     obligation of the Company to the Bank. The Company fully agrees that upon
     acquisition of the Bank's position or the Bank's exercise of its remedies
     against the Guarantor Commitments and/or Pappajohn Guaranty, the Guarantors
     shall be subrogated to all rights of the Bank under the Company's
     agreements with the Bank (including, without limitation, the Credit
     Agreement, the Promissory Note, and the Bank Security Documents; together,
     the "Bank Documents") whether or not the Bank may have canceled all or any
     portion of the Company's obligations to the Bank under the Facility.

     (d) As between the Guarantors, each of the Guarantors agrees that no
     Guarantor should bear a proportionately greater loss under the Credit
     Support Agreements than any other Guarantor. Therefore, each of the
     Guarantors shall bear any losses under the Credit Support Agreements in
     accordance with its Pro Rata Share. Each Guarantor promises each other
     Guarantor that it will pay, on demand, his or its Pro Rata Share of the
     Company's obligations to the Bank, in connection with such party's
     obligations under the Credit Support Agreements, either to the Bank, if the
     obligations under the Facility have not been satisfied, or to another
     Guarantor who has made payment to the Bank in satisfaction of the Company's
     obligations under the Facility. The demand for payment made by any
     Guarantor to any other Guarantor shall be made in writing to the Agent,
     accompanied by proof of the demanding party's payment under a Credit
     Support Agreement. Each Guarantor (an "Indemnifying Guarantor") hereby
     agrees to indemnify and hold harmless each other Guarantor from and against
     any and all losses, claims, damages or liabilities, joint or several, which
     such other party may suffer by reason of the failure of an Indemnifying
     Guarantor to pay his or its Pro Rata Share on demand. The Company promises
     to pay each Guarantor any and all sums which that Guarantor has paid to the
     Bank in satisfaction of all or any portion of the Company's obligations to
     the Bank when such obligations are due, plus all costs, including, without
     limitation, interest and reasonable attorney's fees, incurred in connection
     therewith.

     (e) In the event the indemnification referred to in the immediately
     preceding paragraph above is determined to be invalid or unenforceable for
     any reason whatsoever, each Guarantor agrees that the common law principle
     of contribution shall apply and that each Guarantor shall be obligated to
     contribute his or its Pro Rata Share towards satisfaction of any payment
     made or to be made under the Credit Support Agreements or made by any other
     Guarantor, if the payments by such other Guarantor exceeds such other
     Guarantor's Pro Rata Share of the Company's obligations to the Bank.

                                      -3-
<PAGE>   8

SECTION 2.  AGENT.

2.1.  ACTIONS

     (a) Each Guarantor hereby irrevocably appoints the Agent as its agent under
     and for purposes of this Agreement and the Documents. Each Guarantor
     authorizes the Agent to act on behalf of such Guarantor under this
     Agreement and each Document and, in the absence of written instructions
     from the Guarantors received from time to time by the Agent (with respect
     to which the Agent agrees that it will comply, except as otherwise provided
     in this Section or as otherwise advised by counsel), to exercise such
     powers hereunder and thereunder as are delegated to or required of the
     Agent by the terms hereof and thereof, together with such powers as may be
     reasonably incidental thereto. Each Guarantor hereby indemnifies and holds
     harmless (which indemnity shall survive any termination of this Agreement)
     the Agent, and the directors, officers, agents or employees of the Agent,
     from and against any and all liabilities, obligations, losses, damages,
     claims, costs or expenses of any kind or nature whatsoever which may at any
     time be imposed on, incurred by, or asserted against, the Agent in any way
     relating to or arising out of this Agreement and any Documents, including,
     without limitation, attorneys' fees, and as to which the Agent is not
     indemnified or reimbursed by the Company. The Agent shall not be required
     to take any action hereunder or under any Document, or to prosecute or
     defend any suit in respect of this Agreement or any Document, unless it is
     indemnified hereunder to the Agent's satisfaction. If any indemnity in
     favor of the Agent shall be or become, in the Agent's determination,
     inadequate, the Agent may demand additional indemnification from the
     Guarantors and cease to act as Agent hereunder until such additional
     indemnity is given.

     (b) Each Guarantor acknowledges that it has, independently and without
     reliance upon the Agent, and based on such documents and information as it
     has deemed appropriate, made its own credit analysis and decision to enter
     into this Agreement and the transactions contemplated hereby. Each
     Guarantor also acknowledges that it will, independently and without
     reliance upon the Agent, and based on such documents and information as it
     shall deem appropriate at the time, continue to make its own credit
     decisions in taking or not taking any action under this Agreement.

2.2.  EXCULPATION.

Neither the Agent nor any of its directors, officers, employees or agents shall
be liable to any Guarantor for any action taken or omitted to be taken by it
under this Agreement or any Document, or in connection herewith or therewith,
except for its own willful misconduct or gross negligence, nor shall they be
responsible for any recitals or warranties herein or therein, nor for the
effectiveness, enforceability, validity or due execution of this Agreement or
any other Document, nor for the creation, perfection or priority of any liens
purported to be created by any of the Documents, or the validity, genuineness,
enforceability, existence, value or sufficiency of any collateral security, nor
to make any inquiry respecting the performance by the Company of its obligations
hereunder or under any Document. Any such inquiry which may be made by the Agent
shall not obligate it to make any further inquiry or to take any action. The
Agent shall be

                                      -4-
<PAGE>   9

entitled to rely upon advice of counsel concerning legal matters and upon any
notice, consent, certificate, statement or writing which the Agent believes to
be genuine and to have been presented by a proper person.

2.3.  SUCCESSOR.

The Agent may resign as such at any time upon at least 30 days' prior notice to
the Company and all Guarantors. If the Agent at any time shall resign, the
Guarantors may appoint another Guarantor as a successor Agent which shall
thereupon become the Agent hereunder. If no successor Agent shall have been so
appointed by the Guarantors, and shall have accepted such appointment, within 30
days after the retiring Agent's giving notice of resignation, then the retiring
Agent may, on behalf of the Guarantors, appoint a successor Agent, which shall
be one of the Guarantors. Upon the acceptance of any appointment as Agent
hereunder by a successor Agent, such successor Agent shall be entitled to
receive from the retiring Agent such documents of transfer and assignment as
such successor Agent may reasonably request, and shall thereupon succeed to and
become vested with all rights, powers, privileges and duties of the retiring
Agent, and the, retiring Agent shall be discharged from its duties and
obligations under this Agreement. After any retiring Agent's resignation
hereunder as the Agent the provisions of this Section shall inure to its benefit
as to any actions taken or omitted to be taken by it while it was the Agent
under this Agreement.

SECTION 3.  WARRANTS.

3.1.  ISSUANCE.

At the Closing (defined below in Section 4), the Company shall sell to the
Guarantors, and the Guarantors shall purchase from the Company, Warrants to
purchase an aggregate of 500,000 shares of the Common Stock (the "Warrant
Shares") upon the terms set forth in the Warrants. Each Guarantor shall purchase
a Warrant at the purchase price stated below to purchase the number of Warrant
Shares set forth below:

<TABLE>
<CAPTION>
                                                           Common Shares             Guarantors Purchase
Guarantor                                                  Exercisable               Price
---------------------------------------------------------- ------------------------- ---------------------------------
<S>                                                        <C>                       <C>
Pappajohn                                                      250,000                   $2,500

Gerald M. Kirke                                                100,000                   $1,000

Iowa Farm Bureau Federation                                     50,000                     $500

Derace Schaffer                                                 50,000                     $500

Matthew P. Kinley                                               20,000                     $200

Dominion Securities Inc.                                        20,000                     $200

Michael J. Richards                                              5,000                      $50

Joseph Dunham                                                    5,000                      $50
</TABLE>

                                      -5-

<PAGE>   10

3.2.  REGISTRATION RIGHTS.

At the Closing, the Company and the Guarantors shall enter into the Registration
Rights Agreement.

SECTION 4.  CLOSING.

The closing of the Transactions (the "Closing") shall take place at the offices
of BELIN LAMSON McCORMICK ZUMBACH FLYNN, a Professional Corporation, The
Financial Center, 666 Walnut Street, Suite 2000, Des Moines, Iowa 50309,
simultaneously with the execution and delivery of this Agreement and the other
Documents to be executed and delivered at Closing.

SECTION 5.  REPRESENTATIONS AND WARRANTIES OF COMPANY.

The Company hereby represents and warrants to the Guarantors as follows:

5.1.  ORGANIZATION.

The Company is a corporation duly organized, validly existing and in good
standing under the laws of the jurisdiction of its incorporation and has all
requisite corporate power and authority to own, lease and operate the assets
used in its business, to carry on its business as presently- conducted, to enter
into the Documents, to perform its obligations thereunder, and to consummate the
transactions contemplated thereby. Attached as Schedule 5.1 are correct and
complete copies of the Certificate of Incorporation and the Bylaws of the
Company, as in effect on the date of the Closing (the "Certificate of
Incorporation" and the "Bylaws," respectively).

5.2.  CORPORATE AUTHORIZATION; ENFORCEABILITY.

The Company has taken all corporate action necessary to authorize its execution
and delivery of the Documents and the Bank Documents, its performance of its
obligations thereunder, and its consummation of the transactions contemplated
thereby. Each Document and each Bank Document has been executed and delivered by
an officer of the Company in accordance with such authorization. Each Document
and each Bank Document constitutes a valid and binding obligation of the
Company, enforceable in accordance with its terms, subject to applicable
bankruptcy, reorganization, insolvency, moratorium, fraudulent transfer, and
similar laws affecting creditors' rights generally, and the effect of general
principles of equity.

5.3.  NO CONFLICT.

The execution and delivery by the Company of the Documents and the Bank
Documents, its consummation of the transactions contemplated thereby, and its
compliance with the provisions thereof, will not (i) violate or conflict with
its Certificate of Incorporation or Bylaws, (ii) violate, conflict with, or give
rise to any right of termination, cancellation, or acceleration under any

                                      -6-

<PAGE>   11

material agreement, lease, security, license, permit, or instrument to which the
Company is a party, or to which it or any of its assets is subject (except where
same would not individually or in the aggregate have a Material Adverse Effect
(as defined below)), (iii) result in the imposition of any Encumbrance on any
asset of the Company, other than pursuant to the Bank Documents and the
Documents, (iv) violate or conflict with any Laws, which violation would cause a
Material Adverse Change (as defined below), or (v) require any consent, approval
or other action of, notice to, or filing with any entity or person (governmental
or private), except for those that have been obtained or made, or where the
failure to obtain such consent or approval would not cause a Material Adverse
Change.

"Encumbrance" means any security interest, mortgage, lien, pledge, charge,
easement, reservation, restriction, or similar right of any third party except
for Encumbrances in favor of the Bank in connection with the Facility.

"Laws" means all laws, rules, regulations, ordinances, orders, judgments,
injunctions and decrees. "Material Adverse Change" means any material adverse
change in the business, operations, properties, assets, or financial condition
of the Company. "Material Adverse Effect" means a material adverse effect on the
business, financial condition, assets, liabilities, property or operations of
the Company, or a material impairment of the Company's ability to perform its
obligations under the Documents.

5.4.  CAPITALIZATION.

     (a) The authorized equity securities of the Company consist of 25,000,000
     shares of capital stock, including 20,000,000 shares of common stock, $.01
     par value, of which there are 2,172,028 shares issued and outstanding,
     5,000,000 shares of preferred stock, initially undesignated as to terms, of
     which the Company has designated the terms and preferences of 320,000
     shares of Convertible Series A Voting Preferred Stock (of which there are
     320,000 shares outstanding), 282,720 shares of Convertible Series B Voting
     Preferred Stock (of which there are 282,720 shares outstanding), and
     1,179,540 shares of Convertible Series C Voting Preferred Stock (of which
     there are 773,254 shares outstanding). The persons set forth on Schedule
     5.4 own the shares and common stock equivalents set forth opposite such
     persons' names. All of the outstanding equity securities of the Company
     have been duly authorized and validly issued and are fully paid and
     nonassessable. Except for the Documents and the common stock equivalents
     set forth on Schedule 5.4 there are no agreements of any sort relating to
     the issuance, sale, or transfer of any equity securities or other
     securities of the Company. None of the outstanding equity securities or
     other securities of the Company was issued in violation of the Securities
     Act or any other legal requirement. Except as set forth in paragraph (b)
     below, the Company does not own, nor has any contract to acquire, any
     equity securities or other securities of any person or any direct or
     indirect equity or ownership interest in any other business. The fully
     diluted common stock equivalents of the Company outstanding before issuance
     of the Warrants do not exceed 7.1 million shares.

                                      -7-

<PAGE>   12

     (b) The Company owns 100% of the capital stock of Neural, Inc. and Ethos
     Corporation (collectively, the "Subsidiaries", and the capital stock of the
     Subsidiaries being the "Subsidiary Stock"). The Subsidiary Stock is free
     and clear of all Encumbrances.

5.5.  FINANCIAL INFORMATION.

The Company has delivered to Agent: (a) audited consolidated balance sheets of
the Company as at December 31 for each of the years 1996 through 1998, and the
related audited consolidated statements of income, changes in stockholders'
equity, and cash flow for each of the fiscal years then ended, including in each
case the notes thereto and (b) an unaudited consolidated balance sheet of the
Company as at September 30, 1999 (the "Interim Balance Sheet") and the related
unaudited consolidated statements of income, changes in stockholders' equity,
and cash flow for the nine months then ended. Such financial statements and
notes fairly present the financial condition and the results of operations,
changes in stockholders' equity, and cash flow of the Company as at the
respective dates of and for the periods referred to in such financial
statements, all in accordance with United States generally accepted accounting
principles consistently applied ("GAAP"). No financial statements of any persons
other than the Company and the Subsidiaries are required by GAAP to be included
in the consolidated financial statements of the Company.

5.6.  SECURITIES LAWS.

Based upon the representation of each Guarantor contained in Section 6.1 below,
the Transactions contemplated hereby are exempt from registration under the
Securities Act.

5.7.  TITLE TO ASSETS.

The Company has good and marketable title to all of its assets, free and clear
of all encumbrances except for Permitted Liens (defined below). Such assets are
in good operating condition and repair (ordinary wear and tear excepted), and
are suitable for their intended use in the business of the Company as conducted
at the date hereof. "Permitted Liens" means (i) liens in favor of the Bank
granted in connection with the Facility and in favor of the Agent granted in
connection herewith, (ii) liens arising by operation of law in the ordinary
course of business that, individually and in the aggregate, do not in any
material respect interfere with the use or value of any of the assets subject
thereto, (iii) liens for taxes not yet due and payable or that are being
contested in good faith, (iv) liens created by the Documents, (v) purchase money
liens to finance property of the Company acquired in the ordinary course of
business, (vi) liens existing on the date hereof listed in Schedule 5.7 or
incurred in connection with extension or renewal of indebtedness secured by such
liens, (vii) liens consisting of deposits or pledges to secure the performance
of trade contracts, bids, leases, public or statutory obligations and similar
obligations incurred in the ordinary course of business, and (viii) any
judgment, attachment or similar lien unless the judgment secured is not covered
by insurance or not discharged or stayed or bonded pending appeal or vacated
within 30 days of entry thereof.

                                      -8-

<PAGE>   13

5.8.  REAL PROPERTY.

The Company does not own, directly or indirectly, any fee title to real
property.

5.9.  INTELLECTUAL PROPERTY RIGHTS.

The Company owns or is licensed to use, and has the right to bring infringement
actions with respect to, all material patents, trademarks, copyrights, service
marks, and applications and registrations therefor, and all trade names,
customer lists, trade secrets, proprietary processes and formulae, inventions,
know-how, other confidential and proprietary information, and other industrial
and intellectual property rights necessary to permit the Company to carry on its
business as presently conducted. Schedule 5.9 sets forth a list of all material
patents, trademarks, copyrights, service marks, and applications and
registrations therefor, and all trade names held or owned by the Company and all
rights (except for know-how and similar other undocumented intellectual
property) of the Company. All registered patents, copyrights, trademarks, and
service marks listed on Schedule 5.9 are in full force and effect and are not
subject to any taxes or maintenance fees which are delinquent. Except as set
forth on Schedule 5.9, the Company (i) did not license or grant to anyone rights
of any nature to use any intellectual property right that is material to its
business, and (ii) to the Company's knowledge, does not market or sell any
product or service that violates any intellectual property right of a third
party. Except as set forth on such Schedule, there is no pending or, to the
knowledge of the Company, threatened claim or litigation against the Company
contesting the right to use any of its material intellectual property rights,
asserting the misuse of any thereof, or asserting the infringement or other
violation of any intellectual property rights of a third party.

5.10.  COMPLIANCE WITH LAWS; GOVERNMENTAL AUTHORIZATIONS.

To the Company's knowledge after due inquiry, it is not in violation of any Law,
which violation could reasonably be expected to have a Material Adverse Effect.

5.11.  MATERIAL AGREEMENTS.

Schedule 5.11 sets forth each agreement or understanding which is material to
the business of the Company. Except as set forth on Schedule 5.11, each
agreement or understanding set forth on Schedule 5.11 is in full force and
effect and, to the knowledge of the Company, constitutes a valid and binding
obligation of all parties thereto. Except as set forth on Schedule 5.11, to the
Company's knowledge, the Company has in all material respects performed the
obligations required to be performed by it and is not in default or alleged to
be in default in any material respect under any material agreement or
understanding. Except as set forth on Schedule 5.11, to the Company's knowledge,
there exists no event or condition which, after notice or lapse of time, or
both, would constitute such a default in a material respect under such
agreements. The Company is not aware of any material defaults by any other party
to any such agreement or understanding.

                                      -9-

<PAGE>   14

5.12.  LITIGATION.

Except as set forth on Schedule 5.12 hereto, there are no (i) actions, suits,
claims, investigations or other proceedings by or before any governmental
authority or arbitrator pending or, to the knowledge of the Company, threatened
against the Company which, if determined adversely to the Company, would have a
Material Adverse Effect, or (ii) judgments, decrees, injunctions or orders of
any governmental authority or arbitrator against the Company.

5.13.  SOLVENCY.

The Company is solvent, meaning that the fair salable value of the Company's
assets is in excess of its liabilities.

5.14.  ENVIRONMENTAL MATTERS.

Except as otherwise stated in this Section 5.14, the Company is in compliance
with all Laws relating to the protection of the environment (the "Environmental
Laws"). The Company has not handled, stored or released, or exposed any person
to, any hazardous substance, as defined in 42 U.S.C.A. Section 9601(14) or any
other applicable Environmental Laws (a "Hazardous Substance"). To the Company's
knowledge, the Company is not and will not be liable or responsible for clean-up
costs, remedial work or damages in connection with the handling, storage,
release, or exposure by the Company of any Hazardous Substance in excess of
$25,000 in the aggregate. No claims for clean-up costs, remedial work or damages
have been made by any person or entity in connection with the handling, storage,
release, or exposure by the Company of any Hazardous Substance.

5.15.  TAX MATTERS.

     (a) (i) The Company has filed or been included in all required returns,
     declarations of estimated tax, reports, and statements relating to any
     Taxes (defined below) payable by it (collectively, the "Returns"); (ii) all
     Returns were correct and complete in all material respects as of the time
     of filing; (iii) the Company has timely paid all Taxes required to be paid
     by it through the date hereof, except to the extent that Taxes are being
     contested in good faith; (iv) the Company has made provision on the Interim
     Balance Sheet in accordance with GAAP for all Taxes payable by it for all
     periods prior to the date of the Interim Balance Sheet for which no Returns
     have yet been filed; (v) the Company is not delinquent in the payment of
     any Taxes, except to the extent that Taxes are being contested in good
     faith; (vi) there are no pending tax audits of any Returns; and (vii)
     except with respect to Taxes which are being contested in good faith, no
     deficiency or addition to any Taxes or interest or penalty for any Taxes
     has been proposed, asserted or assessed in writing against the Company.

     (b) "Taxes" means, with respect to any person or entity, (i) all Federal,
     state, local, and foreign taxes, including, without limitation, all taxes
     on or based upon net income, gross income, income as specially defined,
     earnings, profits or selected items of income, earnings, or profits, and
     all gross receipts, sales, use, ad valorem, transfer, franchise, license,
     withholding, payroll, employment, excise, severance, stamp, occupation,
     premium, property,

                                      -10-

<PAGE>   15

     or windfall profits taxes, alternative or add-on minimum taxes, customs
     duties, or other taxes, fees, assessments or charges of any kind, together
     with any interest, penalties, additions to tax or additional amounts
     imposed by any taxing authority on such person or entity, and (ii) any
     liability for the payment of any amount of the type described in the
     preceding clause (i) as a result of being a "transferee" (within the
     meaning of Section 6901 of the Internal Revenue Code of 1986, as amended
     (the "Code"), or any other applicable Laws) of another person or entity.

5.16.  ERISA.

Any plan maintained or contributed to by the Company that is an "employee
benefit plan," as defined in Section 3(3) or 3(2) of the Employee Retirement
Income Security Act of 1974 ("ERISA") is being administered in compliance with
the terms of such plan and applicable law in all material respects.

5.17.  DISCLOSURE.

None of the documents or materials relating to the Company referred to herein or
on any Schedule, or furnished to the Guarantors by the Company in connection
with this Agreement, contains any untrue statement of a material fact by the
Company or, to the knowledge of the Company, by any other person or entity.
Neither this Agreement (including the Schedules) nor any such document or
material omits to state a material fact necessary in order to make the
statements contained herein or therein not materially misleading.

SECTION 6.  REPRESENTATIONS AND WARRANTIES OF GUARANTORS.

Each Guarantor, severally and only with respect to itself, represents and
warrants to the Company as of the date of this Agreement as follows:

6.1.  INVESTMENT INTENT.

     (a) Each Guarantor is acquiring the Warrants, and it will acquire any
     Warrant Shares issuable upon exercise of the Warrants, for its own account,
     for investment and not with a view to the distribution thereof, nor with
     any present intention of distributing the same.

     (b) Each Guarantor understands that the Warrants have not been, and any
     Warrant Shares issuable upon exercise of the Warrants will not be,
     registered under the Securities Act, and that they must be held
     indefinitely unless a subsequent disposition thereof is registered under
     the Securities Act or is exempt from registration.

     (c) Each Guarantor understands that the exemption from registration
     afforded by Rule 144 of the Securities Act (the provisions of which are
     known to the Guarantors) depends on the satisfaction of various conditions
     and that, if applicable, Rule 144 may only afford the basis for sales under
     certain circumstances only in limited amounts.

                                      -11-

<PAGE>   16

     (d) Each Guarantor is an "accredited investor," as such term is defined in
     Rule 501 promulgated under the Securities Act.

     (e) Each Guarantor (i) has received copies of the financial statements of
     the Company described in Section 5.5 and (ii) believes that such Guarantor,
     either alone or with the assistance of such Guarantor's own professional
     advisor, has such knowledge and experience in financial and business
     matters that such Guarantor is capable of reading and interpreting the
     Company's financial statements and evaluating the merits and risks of the
     transactions contemplated by this Agreement.

     (f) In addition to the Company's financial statements referenced in
     paragraph (e) above, each Guarantor has been given access to full and
     complete information regarding the Company and has utilized such access to
     his, her or its satisfaction.

6.2.  DUE ORGANIZATION AND REQUISITE POWER.

Each Guarantor has all requisite power and authority, including, where
applicable, corporate power and authority, necessary to perform its obligations
to the Company and to the Bank as provided for in this Agreement.

6.3.  ACTION AND EXECUTION.

Each Guarantor has taken all action necessary for the authorization, execution,
delivery and performance of this Agreement and the Credit Support Agreements.
When executed, each of this Agreement and the Credit Support Agreements will be
the legal, valid and binding obligation of each Guarantor enforceable in
accordance with its terms.

6.4.  NO CONFLICT.

Neither the execution nor the delivery nor the performance of this Agreement or
the Credit Support Agreements by any Guarantor will violate or otherwise
contravene, where applicable, the Guarantor's articles or certificate of
incorporation or bylaws or the terms of any agreement, the breach of which would
invalidate this Agreement.

SECTION 7.  PRIOR OR SIMULTANEOUS ACTIONS.

Prior to or at the Closing, concurrently with the execution and delivery of this
Agreement, the following actions have been or are being taken:

     (a) Fees and Expenses. The fees and expenses of the Agent are being paid by
     the Company to the Agent as provided under Section 12 below.

     (b) Warrants. The Warrants are being executed and delivered by the Company.

     (c) Security Agreement. The Bank Security Agreement has been executed and
     delivered by the Company to the Bank.

                                      -12-

<PAGE>   17

     (d) Registration Rights Agreement. The Registration Rights Agreement is
     being executed and delivered by the Company to the Agent for the benefit of
     the Guarantors.

     (e) Intellectual Property Assignment. The Bank Intellectual Property
     Assignment have been executed and delivered by the Company to the Bank.

     (f) Required Consents. All consents, approvals and other actions of, and
     notices and filings with, all entities and persons as may be necessary or
     required with respect to the execution and delivery by the parties of the
     Documents, and the consummation by the parties of the transactions
     contemplated thereby, have been obtained or made.

     (g) Authorizing Actions of the Company. The Guarantors are receiving
     certified copies of all requisite corporate actions taken by the Company to
     authorize its execution and delivery of the Documents and its consummation
     of the transactions contemplated thereby, and such other corporate
     documents and other papers as the Guarantors may reasonably request.

     (h) Opinion of Counsel. The Guarantors are receiving an opinion dated the
     date hereof of counsel to the Company, in form reasonably satisfactory to
     the Agent.

SECTION 8.  COVENANTS.

8.1.  ACCESS TO RECORDS.

The Company shall afford to the Guarantors and their authorized employees,
counsel, accountants and other representatives, upon reasonable notice and
during ordinary business hours, (i) reasonable access to all books, records, and
properties of the Company, as the same may relate to the Agreement and the
Documents and (ii) the opportunity to interview any officer of the Company
regarding its affairs as the same may relate to the Agreement and the Documents.

8.2.  FINANCIAL REPORTING; DRAWS ON LINE OF CREDIT.

     (a) The Company shall deliver to each Guarantor the following:

         (i) within 45 days after the end of each fiscal quarter of the Company,
         (i) the balance sheet of the Company at the end of such quarter, and
         (ii) the statements of income and cash flows of the Company for such
         quarter;

         (ii) within 90 days after the end of each fiscal year of the Company,
         (i) the balance sheet of the Company at the end of such fiscal year,
         (ii) the statements of income and cash flows of the Company for such
         fiscal year, and (iii) an audit report of a nationally-recognized firm
         of independent certified public accountants on such balance sheets and
         statements; and

         (iii) All financial statements to be delivered under this Section shall
         be in accordance with the books and records of the Company and shall
         have been prepared in accordance with generally accepted accounting
         principles consistently applied. At any time at which

                                      -13-

<PAGE>   18

         the Company has any subsidiaries, all such financial statements shall
         be the consolidated financial statements of the Company and such
         subsidiaries.

     (b) The Company agrees that it shall not without the Agent's prior written
     approval draw more than $500,000 against the Facility in the aggregate
     during any seven day time period during the term thereof. In addition, the
     Company agrees that it shall provide written notice of all draw requests to
     the Agent at the same time that any draw requests are made to the Bank
     under the Facility. The Company shall not request any draws more than ten
     percent in excess of the Budget, on a cumulative basis.

8.3.  PAYMENT; PREPAYMENT.

     (a) The Company shall pay all its obligations to the Bank under the
     Facility on or before June 30, 2001.

     (b) Notwithstanding paragraph (a) above, the net cash proceeds of any of
     the following shall be applied immediately and in full against Company's
     obligations to the Bank under the Facility (i) any sale, lease, transfer or
     other disposition of the Company's direct or indirect assets including any
     sale, lease, transfer or other disposition of the assets of any direct or
     indirect subsidiary of the Company (except equipment leases and pledges
     under purchase money obligations which in the aggregate do not exceed those
     dollar amounts set forth in Section 8.8(c) and trade sales, in each case in
     the ordinary course of business), (ii) any equity or debt issuance by the
     Company, including, without limitation, an initial public offering or
     private placement of debt or equity securities or, (iii) after default
     under the Bank Documents or Section 11 hereof, collection of any assets
     (including accounts receivable) of the Company. Further, the Company agrees
     to prepay its obligations to the Bank under the Facility upon any
     consolidation or merger of the Company with or into another entity, or a
     transfer of all or substantially all of the assets of the Company.

8.4.  PAYMENT OF OBLIGATIONS.

The Company shall pay or discharge or cause to be paid or discharged all
material claims or demands, and all Taxes levied or imposed upon the Company or
upon the income, profits or property of the Company; provided, however, that the
Company shall not be required to pay or discharge or cause to be paid or
discharged any such claim, demand, or Tax the amount, applicability or validity
of which is being contested in good faith by appropriate proceedings and for
which adequate provision has been made.

8.5.  INSURANCE.

The Company shall maintain with financially sound and reputable insurers such
insurance as may be required by law and such other insurance, to such extent and
against such hazards and liabilities, as is customarily maintained by companies
similarly situated and in the same or similar business.

                                      -14-

<PAGE>   19

8.6.  NOTICE OF DISPUTES, MATERIAL ADVERSE CHANGE.

The Company shall promptly notify the Agent of (i) the commencement or threat of
any action, suit, proceeding, labor dispute or grievance, governmental
investigation, or arbitration against or affecting the Company, which, if
adversely determined, could reasonably be expected to result in a Material
Adverse Change, (ii) any monetary or other material default under any
indebtedness of the Company in excess of $100,000; and (iii) any other Material
Adverse Change.

8.7.  CONDUCT OF BUSINESS; BOARD OF DIRECTORS.

     (a) The Company shall (i) take all actions required to assure that the
     Company remains duly organized, validly existing and in good standing under
     the laws of the jurisdiction of its incorporation, (ii) take all actions
     required to assure that the Company maintains all requisite governmental
     authority, licenses, and permits necessary for the conduct its business,
     and (iii) conduct its business in compliance with all Laws except where
     noncompliance could not reasonably be expected to result in a Material
     Adverse Change.

     (b) Upon request by the Agent, the Company agrees to appoint a person
     identified by the Agent to fill the vacancy on the Board of Directors
     caused by the resignation of Robert Staib and to nominate as a member of
     the Board of Directors a person identified by the Agent in connection with
     each election of directors that occurs while the Facility remains
     outstanding.

8.8.  DEBT.

The Company will not directly or indirectly, create, incur, assume, guarantee or
otherwise become or remain directly or indirectly liable with respect to, any
Debt (defined below), except for:

     (a)  Debt of the Company to the Bank or hereunder;

     (b) Accounts payable to trade creditors for goods and services, and current
     operating liabilities incurred in the ordinary course of business;

     (c) Debt of the Company with respect to capital leases in an aggregate
     amount less than $750,000 in calendar 1999; $1,500,000 in calendar 2000 and
     $1,500,000 during the first six months of calendar 2001; or

     (d) Permitted Liens.

     "Debt" means all indebtedness (i) for borrowed money, (ii) evidenced by
     bonds, debentures, notes or similar instruments, or (iii) evidenced by
     guaranties or similar contingent obligations.

8.9.  RESTRICTED PAYMENTS.

While any amount payable to the Bank, or the Guarantors or the Agent in
connection herewith, including the Documents, is outstanding or the Company has
the ability to borrow under the

                                      -15-

<PAGE>   20

Facility, the Company shall not directly or indirectly pay or declare any
dividend or authorize or make any distribution upon, or redeem, retire,
repurchase or otherwise acquire, any shares of capital stock of the Company
(except that the Company may adjust the conversion price of the Series C
Preferred Stock pursuant to the accumulating dividend provisions set forth in
the Series C designation). Furthermore, the Company shall not (i) invest more
than $200,000 in any existing or $100,000 in any newly-created subsidiary or
affiliate during any one year period or (ii) make any voluntary prepayments on
Debt unrelated to the Facility.

8.10.  NEGATIVE PLEDGE.

The Company will not create, assume or suffer to exist any encumbrance on any
asset now owned or hereafter acquired by it, except:

     (a)  any lien on any asset securing Debt permitted under Section 8.8 above;

     (b)  Permitted Liens;

     (c) liens securing the payment of taxes, assessments and governmental
     charges or levies, either not yet due and payable or which are being
     actually contested; and

     (d) any lien arising out of the refinancing, extension, renewal or
     refunding of any Debt secured by any lien permitted by any of the foregoing
     clauses of this Section; provided, however, that the principal amount of
     such Debt is not increased and is not secured by any additional assets.

The Company shall at all times from and after the date hereof keep reserved,
free from Encumbrances solely for the purpose of effecting the exercise of the
Warrants, sufficient Warrant Shares to provide for the full exercise of the
Warrants.

8.11.  TERMINATION.

The obligations of the Company hereunder shall terminate when the Guarantors are
released from their obligations under the Credit Support Agreements and no
amounts are owing in connection with the Facility or the Credit Support
Agreements.

SECTION 9.  SURVIVAL OF REPRESENTATIONS, WARRANTIES, AND COVENANTS.

The representations, warranties and covenants contained in this Agreement shall
survive the Closing indefinitely.

SECTION 10.  INDEMNIFICATION.

     (a) The Company shall indemnify, defend and hold the Agent and Guarantors
     harmless against all liability, loss or damage, together with all
     reasonable costs and expenses related thereto (including reasonable legal
     fees and expenses), relating to or arising from the transactions described
     herein and the untruth, inaccuracy or breach of any of the
<PAGE>   21
     representations, warranties or agreements of the Company contained in this
     Agreement or the other Documents; provided however, that none of the Agent
     or the Guarantors will be indemnified for any costs or expenses that have
     resulted primarily from its own gross negligence or willful misconduct.

     (b) The Guarantors shall indemnify and hold the Company harmless against
     all liability, loss or damage, together with all reasonable costs and
     expenses related thereto (including reasonable legal fees and expenses),
     relating to or arising from the untruth, inaccuracy or breach of any of the
     representations, warranties or agreements of the Guarantors contained in
     this Agreement.

SECTION 11. PURCHASE OF BANK'S RIGHTS AND INTERESTS; EVENTS OF DEFAULT.

If one or more of the Guarantors purchases the Bank's rights and interests under
the Bank Documents (collectively, the "Bank's Position"), violation by the
Company of any representation, warranty or covenant in this Agreement shall be
deemed to be an event of default under the Bank Documents, as will any one or
more of the following events (each, an "Event of Default"):

     (a) if one of more judgments, decrees or orders for the payment of money in
     excess of $100,000 shall be rendered against the Company, any such
     judgments, decrees, or orders shall continue unsatisfied and in effect for
     a period of 30 consecutive days without being vacated, discharged,
     satisfied or stayed or bonded pending appeal; or

     (b) if the Company shall become insolvent, or is adjudicated insolvent or
     bankruptcy; or

     (c)  if the Company admits in writing its inability to pay its debts; or

     (d) if the Company shall come under the authority of a custodian, receiver
     or trustee for it or for substantially all its property; or

     (e) if the Company makes an assignment for the benefit of creditors, or
     suffers proceedings under any law related to bankruptcy, insolvency,
     liquidation or the reorganization, readjustment or the release of debtors
     to be instituted against it and if contested by it not dismissed or stayed
     within 60 days; or

     (f) if proceedings under any law related to bankruptcy, insolvency,
     liquidation or the reorganization, readjustment or the release of debtors
     are instituted or commenced by the Company; or

     (g) if any order for relief is entered relating to any of the foregoing
     proceedings under clauses (d) through (f); or

     (h) the acquisition by any person (whether an individual, corporation,
     association or other entity), or two or more persons acting in concert, of
     beneficial ownership (within the meaning

                                      -17-
<PAGE>   22

     of Rule l3d-3 of the Securities and Exchange Commission under the
     Securities Exchange Act of 1934) of 30% or more of the outstanding voting
     securities of the Company; or

     (i) if there is a Material Adverse Effect, as determined in the reasonable
     discretion of the Agent; or

     (j) if the Company or any of its subsidiaries shall fail to make any
     material payment in respect of any indebtedness (including all amounts owed
     Northern Trust) or other material contract when due or within any
     applicable grace period; or any event or condition shall occur which
     results in the acceleration of the maturity of any indebtedness or material
     contract or enables (or, with the giving of notice or lapse of time or
     both, would enable) the holder of any indebtedness or material contract or
     any Person acting on such holder's behalf to accelerate the maturity
     thereof or obligations thereunder.

The Events of Default set forth in this Section 11 shall be applicable only upon
a purchase of the Bank's Position by one or more of the Guarantors.

SECTION 12.  FEES AND EXPENSES.

The Company, shall pay or reimburse the Agent for all direct expenses associated
with this Agreement, the transactions contemplated hereby, and/or the
enforcement of or collection under this Agreement, including in each case,
without limitation, the reasonable fees and charges of BELIN LAMSON McCORMICK
ZUMBACH FLYNN, a Professional Corporation, counsel to the Agent and all letter
of credit fees or other fees related to the Guarantor Commitments.

SECTION 13.  CONFIDENTIALITY.

Each Guarantor shall keep all confidential, non-public information on the
business operations and affairs of the Company, which it receives as a
consequence of this Agreement and the other Documents, strictly confidential and
shall not disclose such information to any third party without the Company's
prior consent.

SECTION 14.  ASSIGNMENT; PARTIES IN INTEREST.

This Agreement and the rights and obligations of the parties hereunder shall be
assignable by the Guarantors, but not the Company. This Agreement shall bind and
inure to the benefit of the Company, the Guarantors, the Agent, and their
respective successors and permitted assigns.

SECTION 15.  ENTIRE AGREEMENT.

This Agreement and the other Documents contain the entire understanding of the
parties with respect to the subject matter hereof and supersede all prior
agreements and understandings among the parties with respect to such subject
matter.

                                      -18-
<PAGE>   23

SECTION 16.  FURTHER ASSURANCES.

The Company agrees to do such further acts and things and to execute and deliver
to Agent such additional assignments, agreements, powers and instruments, as
Agent may reasonably require to carry into effect the purposes of this Agreement
or any of the Documents.

SECTION 17.  NOTICES.

All notices, claims, certificates, requests, demands and other communications
hereunder shall be in writing and shall be deemed to have been duly given if
personally delivered or if sent by nationally-recognized overnight courier, by
telecopy, or by registered or certified mail, return receipt requested and
postage prepaid, addressed as follows:

if to the Company:

         Stockpoint, Inc.
         2600 Crosspark Road
         Coralville, IA  52241-3212

with a copy to:

         Thomas Martin, Esq.
         Dorsey & Whitney LLP
         220 South 6th Street
         Minneapolis, MN  55402

if to the Agent:

         Equity Dynamics, Inc.
         2116 Financial Center
         666 Walnut Street
         Des Moines, Iowa  50309

with a copy to:

         Belin Lamson McCormick Zumbach Flynn
         A Professional Corporation
         The Financial Center
         666 Walnut Street
         Suite 2000
         Des Moines, Iowa  50309
         ATTN:  Garth D. Adams, Esq.

if to the Guarantors:

         John Pappajohn
         c/o Equity Dynamics

                                      -19-
<PAGE>   24
         2116 Financial Center
         666 Walnut Street
         Des Moines, Iowa  50309

         Gerald M. Kirke
         Kirke Financial Services, L.L.C.
         417 Locust Street
         Des Moines, Iowa  50309

         Iowa Farm Bureau Federation
         5400 University Avenue
         West Des Moines, Iowa  50266
         Attn:  James Christenson, Director of Finance

         Derace Schaffer
         3489 Elmwood Avenue
         Rochester, New York  14610

         Matthew Kinley
         c/o Equity Dynamics
         2116 Financial Center
         666 Walnut Street
         Des Moines, Iowa  50309

         Dominion Securities Inc.
         211 First Avenue S.E.
         Cedar Rapids, Iowa  52401

         Michael J. Richards
         Kirke Financial Services, L.L.C.
         417 Locust Street
         Des Moines, Iowa  50309

         Joseph Dunham
         c/o Equity Dynamics
         2116 Financial Center
         666 Walnut Street
         Des Moines, Iowa  50309

or to such other address as the party to whom notice is to be given may have
furnished to the other parties in writing in accordance herewith. Any such
notice or communication shall be deemed to have been received (a) in the case of
personal delivery, on the date of such delivery, (b) in the case of
nationally-recognized overnight courier, on the next business day after the date
when sent, (c) in the case of telecopy transmission, upon receipt of electronic
confirmation of transmission, and (d) in the case of mailing, on the third
business day following that on which the piece of mail containing such
communication is posted.

                                      -20-
<PAGE>   25

SECTION 18.  AMENDMENTS.

The terms and provisions of this Agreement may only be modified or amended
pursuant to an instrument signed by all parties. Notwithstanding the foregoing,
the obligations of the Company under Sections 8.1 through 8.10 may also be
waived, temporarily or permanently, but solely with respect to any Guarantor,
pursuant to an instrument signed by such Guarantor.

SECTION 19.  COUNTERPARTS.

This Agreement may be executed in any number of counterparts, and each such
counterpart shall be deemed to be an original instrument, but all such
counterparts together shall constitute but one agreement.

SECTION 20.  HEADINGS, GENDER, TENSE.

The section and paragraph headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of
this Agreement. Wherever from the context it appears appropriate, each term
stated in either of the singular or the plural will include the singular and the
plural, and pronouns stated in the masculine, feminine or neuter gender will
include the masculine, the feminine and the neuter. Unless otherwise expressly
stated in the Agreement, the words "herein," "hereof," "hereto," "hereunder" and
others of similar inference refer to the Agreement as a whole and not to any
particular section, subsection or clause contained in the Agreement. The term
"including" shall not be deemed to be exclusive and shall be deemed to mean
"including, without limitation."

SECTION 21.  GOVERNING LAW, JURISDICTION.

THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
DOMESTIC LAWS OF THE STATE OF IOWA WITHOUT GIVING EFFECT TO ANY LAW OR RULE THAT
WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF IOWA TO BE
APPLIED. THE PARTIES HEREBY SUBMIT TO THE NONEXCLUSIVE JURISDICTION OF THE
UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF IOWA AND OF ANY IOWA
STATE COURT SITTING IN DES MOINES FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING
OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.
EACH OF THE PARTIES IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW,
ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF
ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH
PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

SECTION 22.  WAIVER OF JURY TRIAL.

EACH OF THE COMPANY, THE AGENT AND THE GUARANTORS HEREBY IRREVOCABLY WAIVES ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL

                                      -21-
<PAGE>   26

PROCEEDING ARISING OUT OF OR RELATING TO THE DOCUMENTS OR THE TRANSACTIONS
CONTEMPLATED THEREBY AND TO THE FULLEST EXTENT PERMITTED BY LAW WAIVES ANY
RIGHTS THAT IT MAY HAVE TO CLAIM OR RECEIVE CONSEQUENTIAL OR SPECIAL DAMAGES IN
CONNECTION WITH ANY LEGAL PROCEEDING ARISING OUT OR RELATING TO THE FINANCING
DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED THEREBY.

                                      -22-
<PAGE>   27

IN WITNESS WHEREOF the parties have executed and delivered this Master Agreement
on the date first above written.

                                STOCKPOINT, INC.

                                By: /s/ [illegible]
                                   ---------------------------------------

                                By: /s/ John Pappajohn
                                   ---------------------------------------
                                     John Pappajohn

                                By: /s/ Gerald M. Kirke
                                   ---------------------------------------
                                     Gerald M. Kirke

                                IOWA FARM BUREAU FEDERATION

                                By: /s/ James Christenson
                                   ---------------------------------------
                                     James Christenson

                                By: /s/ Derace Schaffer
                                   ---------------------------------------
                                     Derace Schaffer

                                By: /s/ Matthew P. Kinley
                                   ---------------------------------------
                                     Matthew P. Kinley

                                DOMINION SECURITIES INC.

                                By: /s/ Steve Michalicek
                                   ---------------------------------------
                                     Steve Michalicek

                                By: /s/ Michael J. Richards
                                   ---------------------------------------
                                     Michael J. Richards

                                      -23-
<PAGE>   28

                                By:  /s/  Joseph Dunham
                                   ---------------------------------------
                                     Joseph Dunham

                                EQUITY DYNAMICS, INC., as Agent

                                By:  /s/  [illegible]
                                   ---------------------------------------

                                      -24-<PAGE>   1
                                                                     EXHIBIT 4.6

                                STOCKPOINT, INC.

                             STOCK PURCHASE WARRANT

                           To Purchase Common Stock of

                                STOCKPOINT, INC.

<PAGE>   2

THE ISSUANCE OF THIS WARRANT AND THE OFFER AND SALE OF THE SHARES OF COMMON
STOCK ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933 (THE "ACT") NOR UNDER ANY STATE SECURITIES LAW AND THIS WARRANT AND ANY
SUCH SHARES OF COMMON STOCK MAY NOT BE PLEDGED, SOLD, ASSIGNED OR OTHERWISE
TRANSFERRED UNTIL A (1) REGISTRATION STATEMENT UNDER THE ACT AND ANY APPLICABLE
STATE SECURITIES LAW HAS BECOME EFFECTIVE WITH RESPECT THERETO, OR (2) RECEIPT
BY THE COMPANY OF AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY (IF SO
REQUESTED) TO THE EFFECT THAT REGISTRATION UNDER THE ACT OR APPLICABLE STATE
SECURITIES LAW IS NOT REQUIRED IN CONNECTION WITH THE PROPOSED TRANSFER.

STOCKPOINT, INC. WARRANT NUMBER:

    Void after 5:00 p.m. Eastern Standard Time, on December   , 2004.
    Warrant to Purchase    ,000 Shares of Common Stock.

                        WARRANT TO PURCHASE COMMON STOCK

                                       OF

                                STOCKPOINT, INC.

         This is to Certify That, for              United States Dollars ($    )
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged,                   ("Holder") is entitled to purchase,
subject to the provisions of this Warrant, from Stockpoint, Inc., a Delaware
corporation ("Company"),     000 fully paid, validly issued and nonassessable
shares of Common Stock, $0.01 par value per share, of the Company ("Common
Stock") at a price initially set at Seven Dollars and Fifty Cents ($7.50) per
share at any time or from time to time during the period from the date hereof to
expiration, but not later than 5:00 p.m. Eastern Standard Time, on December __,
2004. The number of shares of Common Stock to be received upon the exercise of
this Warrant and the price to be paid for each share of Common Stock may be
adjusted from time to time as hereinafter set forth. The shares of Common Stock
deliverable upon such exercise, and as adjusted from time to time, are
hereinafter sometimes referred to as "Warrant Shares" and the exercise price of
a share of Common Stock in effect at any time and as adjusted from time to time
is hereinafter sometimes referred to as the "Exercise Price".

         (a)    EXERCISE OF WARRANT.

                (1)   This Warrant may be exercised in whole or in part at any
                      time or from time to time on or after the date hereof and
                      until 5:00 p.m. Eastern

<PAGE>   3

                      Standard Time on December __, 2004; provided, however,
                      that if either such day is a day on which banking
                      institutions in the State of New York are authorized by
                      law to close, then on the next succeeding day which shall
                      not be such a day. This Warrant may be exercised by
                      presentation and surrender hereof to the Company at its
                      principal office, or at the office of its stock transfer
                      agent if any, with the Purchase Form annexed hereto duly
                      executed and accompanied by payment of the Exercise Price
                      for the number of Warrant Shares specified in such form.
                      As soon as practicable after each such exercise of this
                      Warrant warrants, but not later than seven (7) days from
                      the date of such exercise, the Company shall issue and
                      deliver to the Holder a certificate or certificate for the
                      Warrant Shares issuable upon such exercise, registered in
                      the name of the Holder or its designee. If this Warrant
                      should be exercised in part only, the Company shall, upon
                      surrender of this Warrant for cancellation, execute and
                      deliver a new Warrant evidencing the rights of the Holder
                      thereof to purchase the balance of the Warrant Shares
                      purchasable thereunder. Upon receipt by the Company of
                      this Warrant at its office, or by the stock transfer agent
                      of the Company at its office, in proper form for exercise
                      together with payment in full of the exercise price for
                      the Warrant Shares to be purchased, the Holder shall be
                      deemed to be the holder of record of the shares of Common
                      Stock issuable upon such exercise, notwithstanding that
                      the stock transfer books of the Company shall then be
                      closed or that certificates representing such shares of
                      Common Stock shall not then be physically delivered to the
                      Holder.

                  (2) In lieu of delivering the Exercise Price in cash or check
                      the Holder may elect to receive shares equal to the value
                      of the Warrant or portion thereof being exercised ("Net
                      Issue Exercise"). If the Holder wishes to elect the Net
                      Issue Exercise, the Holder shall notify the Company of its
                      election in writing at the time it delivers to the Company
                      the Purchase Form. In the event the Holder shall elect Net
                      Issue Exercise, the Holder shall receive the number of
                      shares of Common Stock equal to the product of (a) the
                      number of shares of Common Stock purchasable under the
                      Warrant, or portion thereof being exercised, and (b) the
                      current market value, as defined in paragraph (c) below,
                      of one share of Common Stock minus the Exercise Price,
                      divided by (c) the current market value, as defined in
                      paragraph (c) below, of one share of Common Stock.

         (b)   RESERVATION OF SHARES. The Company shall at all times reserve for
               issuance and/or delivery upon exercise of this Warrant such
               number of shares of its Common Stock as shall be required for
               issuance and delivery upon exercise of this Warrant.

         (c)   FRACTIONAL SHARES. No fractional shares or scrip representing
               fractional shares shall be issued upon the exercise of this
               Warrant. With respect to any fraction of a share called for upon
               any exercise hereof, the Company shall pay to

                                                                               2

<PAGE>   4

               the Holder an amount in cash equal to such fraction multiplied by
               the current market value of a share, determined as follows:

               (1)    If the Common Stock is listed on a national securities
                      exchange or admitted to unlisted trading privileges on
                      such exchange or listed for trading on the NASDAQ system,
                      the current market value shall be the last reported sale
                      price of the Common Stock on such exchange or system on
                      the last business day prior to the date of exercise of
                      this Warrant or if no such sale is made on such day, the
                      mean of the last reported bid and asked prices for such
                      day on such exchange or system; or

               (2)    If the Common Stock is not so listed or admitted to
                      unlisted trading privileges, the current market value
                      shall be the mean of the last reported bid and asked
                      prices reported by the National Quotation Bureau, Inc. on
                      the last business day prior to the date of the exercise of
                      this Warrant; or

               (3)    If the Common Stock is not so listed or admitted to
                      unlisted trading privileges and bid and asked prices are
                      not so reported, the current market value of a share of
                      Common Stock shall be an amount, not less than book value
                      thereof as at the end of the most recent fiscal year of
                      the Company ending prior to the date of the exercise of
                      the Warrant, determined in such reasonable manner as may
                      be prescribed by the Board of Directors of the Company.

         (d)   EXCHANGE, TRANSFER, ASSIGNMENT OR LOSS OF WARRANT. Subject to the
               restrictions noted at the beginning of this Warrant, this Warrant
               is exchangeable, without expense, at the option of the Holder,
               upon presentation and surrender hereof to the Company or at the
               office of its stock transfer agent, if any, for other warrants of
               different denominations entitling the holder thereof to purchase
               in the aggregate the same number of shares of Common Stock
               purchasable hereunder. Upon surrender of this Warrant to the
               Company at its principal office or at the office of its stock
               transfer agent, if any, with the Assignment Form annexed hereto
               duly executed and funds sufficient to pay any transfer tax, the
               Company shall, without charge, execute and deliver a new Warrant
               in the name of the assignee named in such instrument of
               assignment and this Warrant shall promptly be cancelled. This
               Warrant may be divided or combined with other warrants which
               carry the same rights upon presentation hereof at the principal
               office of the Company or at the office of its stock transfer
               agent, if any, together with a written notice specifying the
               names and denominations in which new Warrants are to be issued
               and signed by the Holder hereof. The term "Warrant" as used
               herein includes any Warrants into which this Warrant may be
               divided or exchanged. Upon receipt by the Company of evidence
               satisfactory to it of the loss, theft, destruction or mutilation
               of this Warrant, and (in the case of loss, theft or destruction)
               of reasonably satisfactory indemnification, and upon surrender
               and cancellation of this Warrant, if mutilated, the Company will
               execute and deliver a new Warrant of like tenor and

                                                                               3
<PAGE>   5

               date. Any such new Warrant executed and delivered shall
               constitute an additional contractual obligation on the part of
               the Company, whether or not this Warrant so lost, stolen,
               destroyed, or mutilated shall be at any time enforceable by
               anyone.

         (e)   RIGHTS OF THE HOLDER. The Holder shall not, by virtue hereof, be
               entitled to any rights of a shareholder in the Company, either at
               law or equity, and the rights of the Holder are limited to those
               expressed in the Warrant and are not enforceable against the
               Company except to the extent set forth herein.

         (f)   ANTI-DILUTION AND ADJUSTMENT PROVISIONS. The Exercise Price in
               effect at any time and the number and kind of securities
               purchasable upon the exercise of the Warrants shall be subject to
               adjustment from time to time upon the happening of certain events
               as follows:

               (1)   In case the Company shall (i) declare a dividend or make a
                      distribution on its outstanding shares of Common Stock in
                      shares of Common Stock, (ii) subdivide or reclassify its
                      outstanding shares of Common Stock into a greater number
                      of shares, or (iii) combine or reclassify its outstanding
                      shares of Common Stock into a smaller number of shares,
                      the Exercise Price in effect at the time of the record
                      date for such dividend or distribution or of the effective
                      date of such subdivision, combination or reclassification
                      shall be adjusted so that it shall equal the price
                      determined by multiplying the Exercise Price by a
                      fraction, the denominator of which shall be the number of
                      shares of Common Stock outstanding after giving effect to
                      such action, and the numerator of which shall be the
                      number of shares of Common Stock outstanding immediately
                      prior to such action. Such adjustment shall be made
                      successively whenever any event listed above shall occur.

               (2)    In case the Company shall fix a record date for the
                      issuance of rights or warrants to all holders of its
                      Common Stock entitling them to subscribe for or purchase
                      shares of Common Stock (or securities convertible into
                      Common Stock) at a price (the "Subscription Price") (or
                      having a conversion price per share) less than the
                      Exercise Price on such record date the Exercise Price
                      shall be adjusted so that the same shall equal the price
                      determined by multiplying the Exercise Price in effect
                      immediately prior to the date of issuance by a fraction,
                      the numerator of which shall be the sum of the number of
                      shares outstanding on the record date mentioned above and
                      the number of additional shares of Common Stock which the
                      aggregate offering price of the total number of shares of
                      Common Stock so offered (or the aggregate conversion price
                      of the convertible securities so offered) would purchase
                      at the Exercise Price in effect immediately prior to the
                      date of such issuance, and the denominator of which shall
                      be the sum of the number of shares of Common Stock
                      outstanding on the record date mentioned above and the
                      number of additional shares of Common Stock offered for
                      subscription or purchase (or into which the
<PAGE>   6
                           convertible securities so offered are convertible).
                           Such adjustment shall be made successively whenever
                           such rights or warrants are issued and shall become
                           effective immediately after the record date for the
                           determination of shareholders entitled to receive
                           such rights or warrants; and to the extent that
                           shares of Common Stock are not delivered (or
                           securities convertible into Common Stock are not
                           delivered) after the expiration of such rights or
                           warrants the Exercise Price shall be readjusted to
                           the Exercise Price which would then be in effect had
                           the adjustments made upon the issuance of such rights
                           or warrants been made upon the basis of delivery of
                           only the number of shares of Common Stock (or
                           securities convertible into Common Stock) actually
                           delivered.

                  (3)      In case the Company shall hereafter distribute to the
                           holders of its Common Stock evidences of its
                           indebtedness or assets (excluding cash dividends or
                           distributions and dividends or distributions referred
                           to in Subsection (1) above) or subscription rights or
                           warrants (excluding those referred to in Subsection
                           (2) above), then in each such case the Exercise Price
                           in effect thereafter shall be determined by
                           multiplying the Exercise Price in effect immediately
                           prior thereto by a fraction, the numerator of which
                           shall be the total number of shares of Common Stock
                           outstanding multiplied by the current market price
                           per share of Common Stock (as defined in Section (c)
                           above), less the fair market value (as determined by
                           the Company's Board of Directors) of said assets or
                           evidences of indebtedness so distributed or of such
                           rights or warrants, and the denominator of which
                           shall be the total number of shares of Common Stock
                           outstanding multiplied by such current market price
                           per share of Common Stock. Such adjustment shall be
                           made successively whenever such a record date is
                           fixed. Such adjustment shall be made whenever any
                           such distribution is made and shall become effective
                           immediately after the record date for the
                           determination of shareholders entitled to receive
                           such distribution.

                  (4)      (A). In case the Company shall issue shares of its
                           Common Stock excluding shares issued (i) in any of
                           the transactions described in Subsection (1) above,
                           (ii) upon exercise of options granted to the
                           Company's employees under a plan or plans adopted by
                           the Company's Board of Directors and approved by its
                           shareholders, if such shares would otherwise be
                           included in this Subsection (4), (iii) upon exercise
                           of options and warrants outstanding at December ____,
                           1999, and this Warrant, (iv) to shareholders of any
                           corporation which merges into the Company in
                           proportion to their stock holdings of such
                           corporation immediately prior to such merger, upon
                           such merger, (v) in a bona fide public offering
                           pursuant to a firm commitment underwriting, or (vi)
                           on conversion or exchange of any securities for which
                           full adjustment has already been made in accordance
                           with Subsection 4(B) below but only if no adjustment
                           is required pursuant to any other specific subsection
                           of this Section (f)

                                                                               5

<PAGE>   7

                           (without regard to Subsection (9) below) with respect
                           to the transaction giving rise to such rights for a
                           consideration per share (the "Offering Price") less
                           than the Exercise Price, the Exercise Price shall be
                           adjusted immediately thereafter so that it shall
                           equal such Offering Price. Such adjustment shall be
                           made successively whenever such an issuance is made.

                           (B). In case the Company shall issue any securities
                           convertible into or exchangeable for its Common Stock
                           excluding securities issued in transactions described
                           in Subsections (2) and (3) above for a consideration
                           per share of Common Stock (the "Conversion Price")
                           initially deliverable upon conversion or exchange of
                           such securities determined as provided in Subsection
                           (7) below less than the Exercise Price, the Exercise
                           Price shall be adjusted immediately thereafter so
                           that it shall equal such Conversion Price Such
                           adjustment shall be made successively whenever such
                           an issuance is made.

                           (C). In case the Company shall issue shares of its
                           Common Stock excluding shares issued (i) in any of
                           the transactions described in Subsection (1) above,
                           (ii) upon exercise of options granted to the
                           Company's employees under a plan or plans adopted by
                           the Company's Board of Directors and approved by its
                           shareholders, if such shares would otherwise be
                           included in this Subsection (4), (iii) upon exercise
                           of options and warrants outstanding at December __,
                           1999, and this Warrant, (iv) to shareholders of any
                           corporation which merges into the Company in
                           proportion to their stock holdings of such
                           corporation immediately prior to such merger, upon
                           such merger, (v) in a bona fide public offering
                           pursuant to a firm commitment underwriting, or (vi)
                           on conversion or exchange of any securities for which
                           full adjustment has already been made in accordance
                           with Subsection 4(B) above or Subsection 4(D) below
                           but only if no adjustment is required pursuant to any
                           other specific subsection of this Section (f)
                           (without regard to Subsection (9) below) with respect
                           to the transaction giving rise to such rights for a
                           consideration per share (the "Offering Price") less
                           than the Exercise Price, the Exercise Price shall be
                           adjusted immediately thereafter so that it shall
                           equal the price determined by multiplying the
                           Exercise Price in effect immediately prior to the
                           date of issuance by a fraction, the numerator of
                           which shall be the sum of the number of shares of
                           Common Stock outstanding immediately prior to the
                           issuance of such additional shares and the number of
                           shares of Common Stock which the aggregate
                           consideration received determined as provided in
                           subsection (7) below for the issuance of such
                           additional shares would purchase at the Exercise
                           Price in effect immediately prior to the date of such
                           issuance, and the denominator of which shall be the
                           number of shares of Common Stock outstanding
                           immediately after the issuance of such additional
                           shares. Such adjustment shall be made successively
                           whenever such an issuance is made.

                                                                               6

<PAGE>   8

                           (D). In case the Company shall issue any securities
                           convertible into or exchangeable for its Common Stock
                           excluding securities issued in transactions described
                           in Subsections (2) and (3) above for a consideration
                           per share of Common Stock (the "Conversion Price")
                           initially deliverable upon conversion or exchange of
                           such securities determined as provided in Subsection
                           (7) below less than the Exercise Price, the Exercise
                           Price shall be adjusted immediately thereafter so
                           that it shall equal the price determined by
                           multiplying the Exercise Price in effect immediately
                           prior to the date of issuance by a fraction, the
                           numerator of which shall be the sum of the number of
                           shares outstanding immediately prior to the issuance
                           of such securities and the number of shares of Common
                           Stock which the aggregate consideration received
                           determined as provided in subsection (7) below for
                           such securities would purchase at the Exercise Price
                           in effect immediately prior to the date of such
                           issuance, and the denominator of which shall be the
                           sum of the number of shares of Common Stock
                           outstanding immediately prior to the issuance of such
                           securities and the maximum number of shares of Common
                           Stock of the Company deliverable upon conversion of
                           or in exchange for such securities at the initial
                           conversion or exchange price or rate. Such adjustment
                           shall be made successively whenever such an issuance
                           is made.

                  (5)      In case the Company shall (i) issue shares of its
                           Common Stock in a bona fide public offering pursuant
                           to a firm commitment at a price per share ("Public
                           Offering Price") less than 200% of the then current
                           Exercise Price, the Exercise Price shall be adjusted
                           immediately so that it shall equal the price
                           determined by multiplying the Public Offering Price
                           by a factor of 0.50, or (ii) issue or exchange shares
                           of its Common Stock in connection with a Change of
                           Control (defined as the acquisition by any person
                           (whether an individual, corporation, association or
                           other entity), or two or more persons acting in
                           concert, of beneficial ownership (within the meaning
                           of 13d-3 of the Securities and Exchange Commission
                           under the Securities Exchange Act of 1934) of 50% or
                           more of the outstanding voting securities of the
                           Company) for a consideration per share ("Exchange
                           Consideration") less than 200% of the then current
                           Exercise Price, the Exercise Price shall be adjusted
                           immediately so that it shall equal the price
                           determined by multiplying the Exchange Consideration
                           by a factor of 0.50. No more than one adjustment
                           shall be made pursuant to this Subsection (5), which
                           adjustment shall be made at the time of such
                           issuance.

                  (6)      Whenever the Exercise Price payable upon exercise of
                           each Warrant is adjusted pursuant to Subsections (1),
                           (2), (3), (4) and (5) above, the number of Shares
                           purchasable upon exercise of this Warrant shall
                           simultaneously be adjusted by multiplying the number
                           of Shares initially issuable upon exercise of this
                           Warrant by the Exercise Price in effect on

                                                                               7

<PAGE>   9

                           the date hereof and dividing the product so obtained
                           by the Exercise Price, as adjusted.

                  (7)      For purposes of any computation respecting
                           consideration received pursuant to Subsections (4)
                           and (5) above, the following shall apply:

                           (A)      in the case of the issuance of shares of
                                    Common Stock for cash, the consideration
                                    shall be the amount of such cash, provided
                                    that in no case shall any deduction be made
                                    for any commissions, discounts or other
                                    expenses incurred by the Company for any
                                    underwriting of the issue or otherwise in
                                    connection therewith;

                           (B)      in the case of the issuance of shares of
                                    Common Stock for a consideration in whole or
                                    in part other than cash, the consideration
                                    other than cash shall be deemed to be the
                                    fair market value thereof as determined in
                                    good faith by the Board of Directors of the
                                    Company (irrespective of the accounting
                                    treatment thereof), whose determination
                                    shall be conclusive; and

                           (C)      in the case of the issuance of securities
                                    convertible into or exchangeable for shares
                                    of Common Stock, the aggregate consideration
                                    received therefor shall be deemed to be the
                                    consideration received by the Company for
                                    the issuance of such securities plus the
                                    additional minimum consideration, if any, to
                                    be received by the Company upon the
                                    conversion or exchange thereof the
                                    consideration in each case to be determined
                                    in the same manner as provided in clauses
                                    (A) and (B) of this Subsection (7).

                  (8)      INTENTIONALLY OMITTED.

                  (9)      No adjustment in the Exercise Price shall be required
                           unless such adjustment would require an increase or
                           decrease of at least five cents ($0.05) in such
                           price; provided, however, that any adjustments which
                           by reason of this Subsection (9) are not required to
                           be made shall be carried forward and taken into
                           account in any subsequent adjustment required to be
                           made hereunder. All calculations under this Section
                           (f) shall be made to the nearest cent or to the
                           nearest one-hundredth of a share, as the case may be.
                           Anything in this Section (f) to the contrary
                           notwithstanding, the Company shall be entitled, but
                           shall not be required, to make such changes in the
                           Exercise Price, in addition to those required by this
                           Section (f), as it shall determine, in its sole
                           discretion, to be advisable in order that any
                           dividend or distribution in shares of Common Stock,
                           or any subdivision, reclassification or combination
                           of Common Stock, hereafter made by the Company shall
                           not result in any Federal Income tax liability to the
                           holders of Common Stock or securities convertible
                           into Common Stock (including Warrants).

                                                                               8

<PAGE>   10

                  (10)     The Company may retain a firm of independent
                           certified public accountants selected by the Board of
                           Directors (who may be the regular accountants
                           employed by the Company) to make any computation
                           required by this Section (f), and a certificate
                           signed by such firm shall be conclusive evidence of
                           the correctness of such adjustment.

                  (11)     In the event that at any time, as a result of an
                           adjustment made pursuant to Subsection (1) above, the
                           Holder of this Warrant thereafter shall become
                           entitled to receive any shares of the Company, other
                           than Common Stock, thereafter the number of such
                           other shares so receivable upon exercise of this
                           Warrant shall be subject to adjustment from time to
                           time in a manner and on terms as nearly equivalent as
                           practicable to the provisions with respect to the
                           Common Stock contained in Subsections (1) to (9),
                           inclusive above.

                  (12)     Irrespective of any adjustments in the Exercise Price
                           or the number or kind of shares purchasable upon
                           exercise of this Warrant, Warrants theretofore or
                           thereafter issued may continue to express the same
                           price and number and kind of shares as are stated in
                           the similar Warrants initially issuable pursuant to
                           this Agreement.

                  (13)     The provisions of Subsections (4)(A), (4)(B), and (5)
                           above shall cease to have any effect immediately
                           after the closing of the Company's first bona fide
                           public offering after the date of this Warrant and
                           thereafter no adjustments in the Exercise Price shall
                           be made pursuant to such Subsections. The provisions
                           of Subsections (4)(C) and (4)(D) shall not be
                           effective as long as Subsections (4)(A) and (4)(B)
                           remain effective. Immediately after the closing of
                           the Company's first bona fide public offering the
                           provisions of Subsections (4)(C) and (4)(D) shall
                           become effective and adjustments in the Exercise
                           Price shall be made pursuant to such Subsections.

         (g)      OFFICER'S CERTIFICATE. Whenever the Exercise Price shall be
                  adjusted as required by the provisions of the foregoing
                  Section, the Company shall promptly and in no event later than
                  20 days after the effective date of adjustment cause to be
                  mailed by certified mail to each Holder at his last address
                  appearing in the Warrant Register and shall forthwith file in
                  the custody of its Secretary or an Assistant Secretary at its
                  principal office and with its stock transfer agent, if any, an
                  officer's certificate showing the adjusted Exercise Price
                  determined as herein provided, setting forth in reasonable
                  detail the facts requiring such adjustment, including a
                  statement of the number of additional shares of Common Stock,
                  if any, and such other facts as shall be necessary to show the
                  reason for and the manner of computing such adjustment. Each
                  such officer's certificate shall be

                                                                               9

<PAGE>   11
                 made available at all reasonable times for inspection by the
                 Holder or any holder of a Warrant executed and delivered
                 pursuant to Section (a).

         (h)     NOTICES TO WARRANT HOLDERS. So long as this Warrant shall be
                 outstanding, (i) if the Company shall pay any dividend or make
                 any distribution upon the Common Stock or (ii) if the Company
                 shall offer to the holders of Common Stock for subscription or
                 purchase by them any share of any class or any other rights or
                 (iii) if any capital reorganization of the Company,
                 reclassification of the capital stock of the Company,
                 consolidation or merger of the Company with or into another
                 corporation, sale, lease or transfer of all or substantially
                 all of the property and assets of the Company to another
                 corporation, or voluntary or involuntary dissolution,
                 liquidation or winding up of the Company shall be effected,
                 then in any such case, the Company shall cause to be mailed by
                 certified mail to the Holder, at least fifteen days prior to
                 the date specified in (x) or (y) below, as the case may be, a
                 notice containing a brief description of the proposed action
                 and stating the date on which (x) a record is to be taken for
                 the purpose of such dividend, distribution or rights, or (y)
                 such reclassification, reorganization, consolidation, merger,
                 conveyance, lease, dissolution, liquidation or winding up is to
                 take place and the date, if any is to be fixed, as of which the
                 holders of Common Stock or other securities shall receive cash
                 or other property deliverable upon such reclassification,
                 reorganization, consolidation, merger, conveyance, dissolution,
                 liquidation or winding up.

         (i)     RECLASSIFICATION, REORGANIZATION OR MERGER. In case of any
                 reclassification, capital reorganization or other change of
                 outstanding shares of Common Stock of the Company, or in case
                 of any consolidation or merger of the Company with or into
                 another corporation (other than a merger with a subsidiary in
                 which merger the Company is the continuing corporation and
                 which does not result in any reclassification, capital
                 reorganization or other change of outstanding shares of Common
                 Stock of the class issuable upon exercise of this Warrant) or
                 in case of any sale, lease or conveyance to another corporation
                 of the property of the Company as an entirety, the Company
                 shall, as a condition precedent to such transaction, cause
                 effective provisions to be made so that the Holder shall have
                 the right thereafter by exercising this Warrant at any time
                 prior to the expiration of the Warrant, to purchase the kind
                 and amount of shares of stock and other securities and property
                 receivable upon such reclassification, capital reorganization
                 and other change, consolidation, merger, sale or conveyance by
                 a holder of the number of shares of Common Stock which might
                 have been purchased upon exercise of this Warrant immediately
                 prior to such reclassification, change, consolidation, merger,
                 sale or conveyance. Any such provision shall include provision
                 for adjustments which shall be as nearly equivalent as may be
                 practicable to the adjustments provided for in this Warrant.
                 The foregoing provisions of this Section (i) shall similarly
                 apply to successive reclassifications, capital reorganizations
                 and changes of shares of Common Stock and to successive
                 consolidations, mergers, sales or conveyances. In the event
                 that in connection with any such capital reorganization or
                 reclassification,

                                                                              10

<PAGE>   12

                 consolidation, merger, sale or conveyance, additional shares of
                 Common Stock shall be issued in exchange, conversion,
                 substitution or payment, in whole or in part, for a security of
                 the Company other than Common Stock, any such issue shall be
                 treated as an issue of Common Stock covered by the provisions
                 of Subsection (1) of Section (f) hereof.

         (j)     REGISTRATION UNDER THE SECURITIES ACT OF 1933. The Company and
                 the Holder have entered into a Registration Rights Agreement as
                 of even date herewith providing for certain rights and
                 obligations related to registration of the shares of Common
                 Stock issuable upon exercise of this Warrant.

         (k)     RESTRICTIVE LEGEND. Each Warrant Share, when issued, shall
                 include a legend in substantially the following form: THE
                 ISSUANCE OF THESE SHARES HAS NOT BEEN REGISTERED UNDER THE
                 SECURITIES ACT OF 1933 (THE "ACT") NOR UNDER ANY STATE
                 SECURITIES LAW AND THESE SHARES MAY NOT BE PLEDGED, SOLD,
                 ASSIGNED OR OTHERWISE TRANSFERRED UNTIL A (1) REGISTRATION
                 STATEMENT UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAW
                 HAS BECOME EFFECTIVE WITH RESPECT THERETO, OR (2) RECEIPT BY
                 THE COMPANY OF AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY
                 (IF SO REQUESTED) TO THE EFFECT THAT REGISTRATION UNDER THE ACT
                 OR APPLICABLE STATE SECURITIES LAW IS NOT REQUIRED IN
                 CONNECTION WITH THE PROPOSED TRANSFER.

         (l)     NO IMPAIRMENT. The Company will not, by amendment of its
                 charter or through reorganization, consolidation, merger,
                 dissolution, sale of assets 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 holder of this Warrant against
                 impairment.

Dated:  December __, 1999

                                        STOCKPOINT, INC.

Attest:

______________________________          By:_____________________________
Name:  William McNally                     Name:  William E. Staib
Title: Secretary                           Title:   President & CEO

                                                                              11

<PAGE>   13

                                  PURCHASE FORM

                                                       Dated____________________

                 The undersigned hereby irrevocably elects to exercise the
         within Warrant to the extent of purchasing             shares of Common
         Stock and hereby makes payment of             in payment of the actual
         exercise price thereof. In lieu of such payment of the actual exercise
         price, the undersigned may direct the Company to net issue such shares
         of Common Stock in accordance with Section (a)(2) of the within Warrant
         by writing "net issue" in the space after "payment of" in the preceding
         sentence.
                                ________________

                     INSTRUCTIONS FOR REGISTRATION OF STOCK

         Name ___________________________________________________________
                  (Please typewrite or print in block letters)

         Address_________________________________________________________

                 Signature ______________________________________________

                                ________________

                                 ASSIGNMENT FORM

                 FOR VALUE RECEIVED, ________________________________ hereby
         sells, assigns and transfers unto

         Name____________________________________________________________
                  (Please typewrite or print in block letters)

         Address ________________________________________________________

         the right to purchase Common Stock represented by this Warrant to the
         extent of _______ shares as to which such right is exercisable and does
         hereby irrevocably constitute and appoint ________________ Attorney, to
         transfer the same on the books of the Company with full power of
         substitution in the premises.

Date ______________,_______

Signature __________________________

                                                                              12
<PAGE>   14

Date ______________,_______

Signature __________________________

                                                                              13

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