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Sample Business Contracts

Stock Purchase Warrant - Open Market Inc. and Theddingworth International Ltd.

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NEITHER THIS WARRANT NOR THE SHARES ISSUABLE UPON EXERCISE HEREOF HAVE BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT")
OR ANY OTHER APPLICABLE SECURITIES LAWS IN RELIANCE UPON AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH OTHER SECURITIES LAWS.
NEITHER THIS WARRANT NOR THE SHARES ISSUABLE UPON EXERCISE HEREOF MAY BE SOLD,
PLEDGED, TRANSFERRED, ENCUMBERED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR IN A TRANSACTION
WHICH IS EXEMPT FROM REGISTRATION UNDER THE PROVISIONS OF THE SECURITIES ACT OR
ANY APPLICABLE STATE LAWS.


                             STOCK PURCHASE WARRANT


                  To Purchase 350,000 Shares of Common Stock of

                                Open Market, Inc.

       THIS CERTIFIES that, for value received, Theddingworth International
Limited (the "Holder"), is entitled, upon the terms and subject to the
limitations on exercise and the conditions hereinafter set forth, at any time on
or after May 25, 2001 (the "Initial Exercise Date") and on or prior to the close
of business on May 25, 2006 (the "Termination Date") but not thereafter, to
subscribe for and purchase from Open Market, Inc., a corporation incorporated in
the State of Delaware (the "Company"), up to 350,000 shares (the "Warrant
Shares") of Common Stock, $0.001 par value per share, of the Company (the
"Common Stock"). The purchase price of one share of Common Stock (the "Exercise
Price") under this Warrant shall be $1.91. The Exercise Price and the number of
Warrant Shares for which the Warrant is exercisable shall be subject to
adjustment as provided herein. In the event of any conflict between the terms of
this Warrant and the Common Stock Purchase Agreement dated as of May 25, 2001
pursuant to which this Warrant has been issued (the "Purchase Agreement"), the
Purchase Agreement shall control. Capitalized terms used and not otherwise
defined herein shall have the meanings set forth for such terms in the Purchase
Agreement.


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       1. TITLE TO WARRANT. Prior to the Termination Date and subject to
compliance with applicable laws, this Warrant and all rights hereunder are
transferable, subject to Section 7, in whole or in part, at the office or agency
of the Company by the Holder in person or by duly authorized attorney, upon
surrender of this Warrant together with the Assignment Form annexed hereto
properly endorsed.

       2. AUTHORIZATION OF SHARES. The Company covenants that all Warrant Shares
which may be issued upon the exercise of the purchase rights represented by this
Warrant will, upon exercise of the purchase rights represented by this Warrant,
be duly authorized, validly issued, fully paid and nonassessable and free from
all taxes, liens and charges in respect of the issue thereof as a result of any
action by the Company (other than taxes in respect of any transfer occurring
contemporaneously with such issue).

       3. EXERCISE OF WARRANT.

            (a) Except as provided in Section 4 herein, exercise of the purchase
       rights represented by this Warrant may be made at any time or times on or
       after the Initial Exercise Date, and on or before the close of business
       on the Termination Date by the surrender of this Warrant and the Notice
       of Exercise Form annexed hereto duly executed, at the office of the
       Company (or such other office or agency of the Company as it may
       designate by notice in writing to the registered Holder at the address of
       such Holder appearing on the books of the Company) and upon payment of
       the Exercise Price of the shares thereby purchased by wire transfer or
       cashier's check drawn on a United States bank, or by means of a cashless
       exercise (as further contemplated in Section 3(c) below), the Holder
       shall be entitled to receive a certificate for the number of Warrant
       Shares so purchased. Certificates for shares purchased hereunder shall be
       delivered to the Holder within three (3) Trading Days after the date on
       which this Warrant shall have been exercised as aforesaid. This Warrant
       shall be deemed to have been exercised and such certificate or
       certificates shall be deemed to have been issued, and Holder or any other
       person so designated to be named therein shall be deemed to have become a
       holder of record of such shares for all purposes, as of the date the
       Warrant has been exercised by payment to the Company of the Exercise
       Price and all taxes required to be paid by the Holder, if any, pursuant
       to Section 5 prior to the issuance of such shares, have been paid.

            (b) If this Warrant shall have been exercised in part, the Company
       shall, at the time of delivery of the certificate or certificates
       representing Warrant Shares, deliver to Holder a new Warrant evidencing
       the rights of Holder to purchase the unpurchased Warrant Shares called
       for by this Warrant, which new Warrant shall in all other respects be
       identical with this Warrant.

            (c) This Warrant shall also be exercisable by means of a "cashless
       exercise" in which the Holder shall be entitled to receive a certificate
       for the number of Warrant Shares equal to the quotient obtained by
       dividing [(A-B) (X)] by (A), where:

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            (A) = the average of the high and low trading prices per share of
            Common Stock on the Trading Day preceding the date of such election
            on the Nasdaq Stock Market, or if the Common Stock is not traded on
            the Nasdaq Stock Market, then the Principal Market in terms of
            volume;

            (B) = the Exercise Price of this Warrant; and

            (X) = the number of Warrant Shares issuable upon exercise of this
            Warrant in accordance with the terms of this Warrant and the Notice
            of Exercise.

            (d) Notwithstanding anything herein to the contrary, in no event
       shall the Holder be permitted to exercise this Warrant for Warrant Shares
       to the extent that (i) the number of shares of Common Stock owned by such
       Holder (other than Warrant Shares issuable upon exercise of this Warrant)
       plus (ii) the number of Warrant Shares issuable upon exercise of this
       Warrant, would be equal to or exceed 9.9% of the number of shares of
       Common Stock then issued and outstanding, including shares issuable upon
       exercise of this Warrant held by such Holder after application of this
       Section 3(d). As used herein, beneficial ownership shall be determined in
       accordance with Section 13(d) of the Exchange Act. To the extent that the
       limitation contained in this Section 3(d) applies, the determination of
       whether this Warrant is exercisable (in relation to other securities
       owned by the Holder) and of which a portion of this Warrant is
       exercisable shall be in the sole discretion of such Holder, and the
       submission of a Notice of Exercise shall be deemed to be such Holder's
       determination of whether this Warrant is exercisable (in relation to
       other securities owned by such Holder) and of which portion of this
       Warrant is exercisable, in each case subject to such aggregate percentage
       limitation, and the Company shall have no obligation to verify or confirm
       the accuracy of such determination. Nothing contained herein shall be
       deemed to restrict the right of a Holder to exercise this Warrant into
       Warrant Shares at such time as such exercise will not violate the
       provisions of this Section 3(d). The provisions of this Section 3(d) may
       be waived by the Holder upon, at the election of the Holder, with not
       less than 61 days' prior notice to the Company, and the provisions of
       this Section 3(d) shall continue to apply until such 61st day (or such
       later date as may be specified in such notice of waiver). No exercise of
       this Warrant in violation of this Section 3(d) but otherwise in
       accordance with this Warrant shall affect the status of the Warrant
       Shares as validly issued, fully-paid and nonassessable.

       4. NO FRACTIONAL SHARES OR SCRIP. No fractional shares or scrip
representing fractional shares shall be issued upon the exercise of this
Warrant. As to any fraction of a share which Holder would otherwise be entitled
to purchase upon such exercise, the Company shall pay a cash adjustment in
respect of such final fraction in an amount equal to such fraction multiplied by
the Exercise Price.

       5. CHARGES, TAXES AND EXPENSES. Issuance of certificates for Warrant
Shares shall be made without charge to the Holder for any issue or transfer tax
or other incidental expense in respect of the issuance of such certificate, all
of which taxes and expenses shall be paid by the Company, and such certificates
shall be issued in the name of the Holder or in such

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<PAGE>


name or names as may be directed by the Holder; PROVIDED, HOWEVER, that in the
event certificates for Warrant Shares are to be issued in a name other than the
name of the Holder, this Warrant when surrendered for exercise shall be
accompanied by the Assignment Form attached hereto duly executed by the Holder;
and the Company may require, as a condition thereto, the payment of a sum
sufficient to reimburse it for any transfer tax incidental thereto.

       6. CLOSING OF BOOKS. The Company will not close its stockholder books or
records in any manner which prevents the timely exercise of this Warrant.

       7. TRANSFER, DIVISION AND COMBINATION.

            (a) Subject to compliance with Section 7(e) below and with any
       applicable securities laws, transfer of this Warrant and all rights
       hereunder, in whole or in part, shall be registered on the books of the
       Company to be maintained for such purpose, upon surrender of this Warrant
       at the principal office of the Company, together with a written
       assignment of this Warrant substantially in the form attached hereto duly
       executed by the Holder or its agent or attorney and funds sufficient to
       pay any transfer taxes payable upon the making of such transfer. In the
       event that the Holder wishes to transfer a portion of this Warrant, the
       Holder shall transfer at least 50,000 shares underlying this Warrant to
       any such transferee. Upon such surrender and, if required, such payment,
       the Company shall execute and deliver a new Warrant or Warrants in the
       name of the assignee or assignees and in the denomination or
       denominations specified in such instrument of assignment, and shall issue
       to the assignor a new Warrant evidencing the portion of this Warrant not
       so assigned, and this Warrant shall promptly be cancelled. A Warrant, if
       properly assigned, may be exercised by a new holder for the purchase of
       Warrant Shares without having a new Warrant issued.

            (b) This Warrant may be divided or combined with other Warrants upon
       presentation hereof at the aforesaid office of the Company, together with
       a written notice specifying the names and denominations in which new
       Warrants are to be issued, signed by the Holder or its agent or attorney.
       Subject to compliance with Section 7(a), as to any transfer which may be
       involved in such division or combination, the Company shall execute and
       deliver a new Warrant or Warrants in exchange for the Warrant or Warrants
       to be divided or combined in accordance with such notice.

            (c) The Company shall prepare, issue and deliver at its own expense
       (other than transfer taxes) the new Warrant or Warrants under this
       Section 7.

            (d) The Company agrees to maintain, at its aforesaid office, books
       for the registration and the registration of transfer of the Warrants.

            (e) The Holder understands that no transfer of the Warrant or the
       Warrant Shares may be made in the absence of an opinion of counsel to the
       Holder, in form and substance reasonably satisfactory to the Company,
       that such transfer may be made without registration under the Securities
       Act.

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       8. NO RIGHTS AS SHAREHOLDER UNTIL EXERCISE. This Warrant does not entitle
the Holder to any voting rights or other rights as a shareholder of the Company
prior to the exercise hereof. Upon the surrender of this Warrant and the payment
of the aggregate Exercise Price or by means of a cashless exercise, the Warrant
Shares so purchased shall be and be deemed to be issued to such Holder as the
record owner of such shares as of the close of business on the later of the date
of such surrender or payment.

       9. LOSS, THEFT, DESTRUCTION OR MUTILATION OF WARRANT. The Company
covenants that upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant or any stock
certificate relating to the Warrant Shares, and in case of loss, theft or
destruction, of indemnity or security reasonably satisfactory to it (which shall
not include the posting of any bond), and upon surrender and cancellation of
such Warrant or stock certificate, if mutilated, the Company will make and
deliver a new Warrant or stock certificate of like tenor and dated as of such
cancellation, in lieu of such Warrant or stock certificate.

       10. SATURDAYS, SUNDAYS, HOLIDAYS, ETC. If the last or appointed day for
the taking of any action or the expiration of any right required or granted
herein shall be a Saturday, Sunday or a legal holiday, then such action may be
taken or such right may be exercised on the next succeeding day not a Saturday,
Sunday or legal holiday.

       11. ADJUSTMENTS OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. (a) STOCK
SPLITS, ETC. The number and kind of securities purchasable upon the exercise of
this Warrant and the Exercise Price shall be subject to adjustment from time to
time upon the happening of any of the following. In case the Company shall (i)
pay a dividend in shares of Common Stock or make a distribution in shares of
Common Stock to holders of its outstanding Common Stock, (ii) subdivide its
outstanding shares of Common Stock into a greater number of shares, (iii)
combine its outstanding shares of Common Stock into a smaller number of shares
of Common Stock, or (iv) issue any shares of its capital stock in a
reclassification of the Common Stock, then the number of Warrant Shares
purchasable upon exercise of this Warrant immediately prior thereto shall be
adjusted so that the Holder shall be entitled to receive the kind and number of
Warrant Shares or other securities of the Company which it would have owned or
have been entitled to receive had such Warrant been exercised in advance
thereof. Upon each such adjustment of the kind and number of Warrant Shares or
other securities of the Company which are purchasable hereunder, the Holder
shall thereafter be entitled to purchase the number of Warrant Shares or other
securities resulting from such adjustment at an Exercise Price per Warrant Share
or other security obtained by multiplying the Exercise Price in effect
immediately prior to such adjustment by the number of Warrant Shares purchasable
pursuant hereto immediately prior to such adjustment and dividing by the number
of Warrant Shares or other securities of the Company resulting from such
adjustment. An adjustment made pursuant to this paragraph shall become effective
immediately after the effective date of such event retroactive to the record
date, if any, for such event.

       12. REORGANIZATION, RECLASSIFICATION, MERGER, CONSOLIDATION OR
DISPOSITION OF ASSETS. In case the Company shall reorganize its capital,
reclassify its capital stock, consolidate or merge with or into another
corporation (where the Company is not the surviving corporation or where there
is a change in or distribution with respect to the Common Stock of the Company),

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<PAGE>


or sell, transfer or otherwise dispose of all or substantially all its property,
assets or business to another corporation and, pursuant to the terms of such
reorganization, reclassification, merger, consolidation or disposition of
assets, shares of common stock of the successor or acquiring corporation, or any
cash, shares of stock or other securities or property of any nature whatsoever
(including warrants or other subscription or purchase rights) in addition to or
in lieu of common stock of the successor or acquiring corporation ("Other
Property"), are to be received by or distributed to the holders of Common Stock
of the Company, then thereafter this Warrant shall be exercisable for the number
of shares of Common Stock of the successor or acquiring corporation or of the
Company, if it is the surviving corporation, and Other Property receivable upon
or as a result of such reorganization, reclassification, merger, consolidation
or disposition of assets by a Holder of the number of shares of Common Stock for
which this Warrant is exercisable immediately prior to such event. In case of
any such reorganization, reclassification, merger, consolidation or disposition
of assets, the successor or acquiring corporation (if other than the Company)
shall expressly assume the due and punctual observance and performance of each
and every covenant and condition of this Warrant to be performed and observed by
the Company and all the obligations and liabilities hereunder, subject to such
modifications as may be deemed appropriate (as determined in good faith by
resolution of the Board of Directors of the Company) in order to provide for
adjustments of Warrant Shares for which this Warrant is exercisable which shall
be as nearly equivalent as practicable to the adjustments provided for in this
Section 12. For purposes of this Section 12, "common stock of the successor or
acquiring corporation" shall include stock of such corporation of any class
which is not preferred as to dividends or assets over any other class of stock
of such corporation and which is not subject to redemption and shall also
include any evidences of indebtedness, shares of stock or other securities which
are convertible into or exchangeable for any such stock, either immediately or
upon the arrival of a specified date or the happening of a specified event and
any warrants or other rights to subscribe for or purchase any such stock. The
foregoing provisions of this Section 12 shall similarly apply to successive
reorganizations, reclassifications, mergers, consolidations or disposition of
assets.

       13. VOLUNTARY ADJUSTMENT BY THE COMPANY. The Company may at any time
during the term of this Warrant reduce the then current Exercise Price to any
amount and for any period of time deemed appropriate by the Board of Directors
of the Company.

       14. NOTICE OF ADJUSTMENT. Whenever the number of Warrant Shares or number
or kind of securities or other property purchasable upon the exercise of this
Warrant or the Exercise Price is adjusted, as herein provided, the Company shall
promptly mail by registered or certified mail, return receipt requested, to the
Holder notice of such adjustment or adjustments setting forth the number of
Warrant Shares (and other securities or property) purchasable upon the exercise
of this Warrant and the Exercise Price of such Warrant Shares (and other
securities or property) after such adjustment, setting forth a brief statement
of the facts requiring such adjustment and setting forth the computation by
which such adjustment was made. Such notice, in the absence of manifest error,
shall be conclusive evidence of the correctness of such adjustment.

       15. NOTICE OF CORPORATE ACTION. If at any time:

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            (a) the Company shall take a record of the holders of its Common
       Stock for the purpose of entitling them to receive a dividend or other
       distribution, or any right to subscribe for or purchase any evidences of
       its indebtedness, any shares of stock of any class or any other
       securities or property, or to receive any other right, or

            (b) there shall be any capital reorganization of the Company, any
       reclassification or recapitalization of the capital stock of the Company
       or any consolidation or merger of the Company with, or any sale, transfer
       or other disposition of all or substantially all the property, assets or
       business of the Company to, another corporation or,

            (c) there shall be a voluntary or involuntary dissolution,
       liquidation or winding up of the Company;

then, in any one or more of such cases, the Company shall give to Holder (i) at
least 10 days' prior written notice of the date on which a record date shall be
selected for such dividend, distribution or right or for determining rights to
vote in respect of any such reorganization, reclassification, merger,
consolidation, sale, transfer, disposition, liquidation or winding up, and (ii)
in the case of any such reorganization, reclassification, merger, consolidation,
sale, transfer, disposition, dissolution, liquidation or winding up, at least 20
days' prior written notice of the date when the same shall take place. Such
notice in accordance with the foregoing clause also shall specify (i) the date
on which any such record is to be taken for the purpose of such dividend,
distribution or right, the date on which the holders of Common Stock shall be
entitled to any such dividend, distribution or right, and the amount and
character thereof, and (ii) the date on which any such reorganization,
reclassification, merger, consolidation, sale, transfer, disposition,
dissolution, liquidation or winding up is to take place and the time, if any
such time is to be fixed, as of which the holders of Common Stock shall be
entitled to exchange their Warrant Shares for securities or other property
deliverable upon such disposition, dissolution, liquidation or winding up. Each
such written notice shall be sufficiently given if addressed to Holder at the
last address of Holder appearing on the books of the Company and delivered in
accordance with Section 17(d).

       16. AUTHORIZED SHARES. The Company covenants that during the period the
Warrant is outstanding, it will reserve from its authorized and unissued Common
Stock a sufficient number of shares to provide for the issuance of the Warrant
Shares upon the exercise of any purchase rights under this Warrant. The Company
further covenants that its issuance of this Warrant shall constitute full
authority to its officers who are charged with the duty of executing stock
certificates to execute and issue the necessary certificates for the Warrant
Shares upon the exercise of the purchase rights under this Warrant. The Company
will take all such reasonable action as may be necessary to assure that such
Warrant Shares may be issued as provided herein without violation of any
applicable law or regulation, or of any requirements of the Principal Market
upon which the Common Stock may be listed.

            The Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any reorganization,
transfer of assets, consolidation, merger, dissolution, issue or sale of
securities or any other voluntary action, avoid

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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 actions as may be necessary or
appropriate to protect the rights of Holder against impairment. Without limiting
the generality of the foregoing, the Company will (a) not increase the par value
of any Warrant Shares above the amount payable therefor upon such exercise
immediately prior to such increase in par value, (b) take all such action as may
be necessary or appropriate in order that the Company may validly and legally
issue fully paid and nonassessable Warrant Shares upon the exercise of this
Warrant, and (c) use commercially reasonable efforts to obtain all such
authorizations, exemptions or consents from any public regulatory body having
jurisdiction thereof as may be necessary to enable the Company to perform its
obligations under this Warrant.

            Before taking any action which would result in an adjustment in the
number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions
thereof, or consents thereto, as may be necessary from any public regulatory
body or bodies having jurisdiction thereof.

       17. MISCELLANEOUS.

            (a) JURISDICTION. This Warrant shall constitute a contract under the
       laws of New York, without regard to its conflict of law, principles or
       rules, and be subject to arbitration pursuant to the terms set forth in
       the Purchase Agreement.

            (b) RESTRICTIONS. The Holder acknowledges that the Warrant Shares
       acquired upon the exercise of this Warrant, if not registered, will have
       restrictions upon resale imposed by state and federal securities laws.

            (c) NONWAIVER AND EXPENSES. No course of dealing or any delay or
       failure to exercise any right hereunder on the part of Holder shall
       operate as a waiver of such right or otherwise prejudice Holder's rights,
       powers or remedies, notwithstanding all rights hereunder terminate on the
       Termination Date. If the Company willfully and knowingly fails to comply
       with any provision of this Warrant, which results in any material damages
       to the Holder, the Company shall pay to Holder such amounts as shall be
       sufficient to cover any costs and expenses including, but not limited to,
       reasonable attorneys' fees, including those of appellate proceedings,
       incurred by Holder in collecting any amounts due pursuant hereto or in
       otherwise enforcing any of its rights, powers or remedies hereunder.

            (d) NOTICES. Any notice, request or other document required or
       permitted to be given or delivered to the Holder by the Company shall be
       delivered in accordance with the notice provisions of the Purchase
       Agreement.

            (e) LIMITATION OF LIABILITY. No provision hereof, in the absence of
       affirmative action by Holder to purchase Warrant Shares, and no
       enumeration herein of the rights or privileges of Holder, shall give rise
       to any liability of Holder for the purchase price of any Common Stock or
       as a stockholder of the Company, whether such liability is asserted by
       the Company or by creditors of the Company.

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            (f) REMEDIES. Holder, in addition to being entitled to exercise all
       rights granted by law, including recovery of damages, will be entitled to
       specific performance of its rights under this Warrant. The Company agrees
       that monetary damages would not be adequate compensation for any loss
       incurred by reason of a breach by it of the provisions of this Warrant
       and hereby agrees to waive the defense in any action for specific
       performance that a remedy at law would be adequate.

            (g) SUCCESSORS AND ASSIGNS. Subject to applicable securities laws,
       this Warrant and the rights and obligations evidenced hereby shall inure
       to the benefit of and be binding upon the successors of the Company and
       the successors and permitted assigns of Holder. The provisions of this
       Warrant are intended to be for the benefit of all Holders from time to
       time of this Warrant and shall be enforceable by any such Holder or
       holder of Warrant Shares.

            (h) AMENDMENT. This Warrant may be modified or amended or the
       provisions hereof waived with the written consent of the Company and the
       Holder.

            (i) SEVERABILITY. Wherever possible, each provision of this Warrant
       shall be interpreted in such manner as to be effective and valid under
       applicable law, but if any provision of this Warrant shall be prohibited
       by or invalid under applicable law, such provision shall be ineffective
       to the extent of such prohibition or invalidity, without invalidating the
       remainder of such provisions or the remaining provisions of this Warrant.

            (j) HEADINGS. The headings used in this Warrant are for the
       convenience of reference only and shall not, for any purpose, be deemed a
       part of this Warrant.


                            [SIGNATURE PAGE FOLLOWS]

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       IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by
its officer thereunto duly authorized.


Dated: May 25, 2001
                                       OPEN MARKET, INC.



                                       By: /s/ EDWARD DURKIN
                                          --------------------------------------
                                          Edward Durkin, Chief Financial Officer






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                               NOTICE OF EXERCISE

To: Open Market, Inc.


       (1) The undersigned hereby elects to purchase ________ Warrant Shares
(the "Common Stock"), of Open Market, Inc. pursuant to the terms of the attached
Warrant, and tenders herewith payment of the exercise price in full, together
with all applicable transfer taxes, if any.

       (2) Please issue a certificate or certificates representing said Warrant
Shares in the name of the undersigned or in such other name as is specified
below:


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

The Warrant Shares shall be delivered to the following:


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

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

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


                                       [PURCHASER]


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

                                       Dated:
                                             ----------------------------------


<PAGE>


                   NOTICE OF EXERCISE OF COMMON STOCK WARRANT
                    PURSUANT TO CASHLESS EXERCISE PROVISIONS


To: Open Market, Inc.

Aggregate Price of Warrant Before Exercise:  $______

Aggregate Price Being Exercised:  $______

Exercise Price:  $______ per share

Number of Shares of Common Stock to be Issued Under this Notice: ______

Remaining Aggregate Price (if any) After Issuance:  $______


Gentlemen:

       The undersigned, registered Holder of the Warrant delivered herewith,
hereby irrevocably exercises such Warrant for, and purchases thereunder, shares
of the Common Stock of Open Market, Inc., a Delaware corporation, as provided
below. Capitalized terms used herein, unless otherwise defined herein, shall
have the meanings given in the Warrant. The portion of the Exercise Price (as
defined in the Warrant) to be applied toward the purchase of Common Stock
pursuant to this Notice of Exercise is $_______, thereby leaving a remaining
Exercise Price (if any) equal to $________. Such exercise shall be pursuant to
the cashless exercise provisions of Section 3 of the Warrant; therefore, Holder
makes no payment with this Notice of Exercise. The number of shares to be issued
pursuant to this exercise shall be determined by reference to the formula in
Section 3 of the Warrant which, by reference to Section 3, requires the use of
the high and low trading price of the Company's Common Stock on the Trading Day
preceding the date of such election. The high and low trading price of the
Company's Common Stock has been determined by Holder to be $______ and
$_________, respectively, which figure is acceptable to Holder for calculations
of the number of shares of Common Stock issuable pursuant to this Notice of
Exercise. Holder requests that the certificates for the purchased shares of
Common Stock be issued in the name of _________________________ and delivered to
______________________________________________. To the extent the foregoing
exercise is for less than the full Aggregate Price of the Warrant, a replacement
Warrant representing the remainder of the Aggregate Price (and otherwise of like
form, tenor and effect) shall be delivered

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<PAGE>


to Holder along with the share certificate evidencing the Common Stock issued in
response to this Notice of Exercise.

                                       [PURCHASER]


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

                                       Date:


                                      NOTE

       The execution to the foregoing Notice of Exercise must exactly correspond
to the name of the Holder on the Warrant




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<PAGE>


                                 ASSIGNMENT FORM

                    (To assign the foregoing warrant, execute
                   this form and supply required information.
                 Do not use this form to exercise the warrant.)


       FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced
thereby are hereby assigned to


_______________________________________________ whose address is

_________________________________________________________________.


_________________________________________________________________

                                              Dated:  ______________, _______


                           Holder's Signature: ________________________________

                           Holder's Address: __________________________________

                                             __________________________________


Signature Guaranteed:  ___________________________________________


NOTE: The signature to this Assignment Form must correspond with the name as it
appears on the face of the Warrant, without alteration or enlargement or any
change whatsoever, and must be guaranteed by a bank or trust company. Officers
of corporations and those acting in an fiduciary or other representative
capacity should file proper evidence of authority to assign the foregoing
Warrant.