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Sample Business Contracts

Warrant Agreement - Unwired Planet Inc. and Comdisco Inc.

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THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AS
AMENDED, OR ANY STATE SECURITIES LAWS.  THEY MAY NOT BE SOLD, OFFERED FOR SALE,
PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
RELATED THERETO OR AN OPINION OF COUNSEL (WHICH MAY BE COMPANY COUNSEL)
REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED
UNDER THE SECURITIES ACT OF 1933.  AS AMENDED, OR ANY APPLICABLE STATE
SECURITIES LAWS.

                               WARRANT AGREEMENT

             To Purchase Shares of the Series C Preferred Stock of

                              UNWIRED PLANET, INC.

                Dated as of May 29, 1997 (the "Effective Date")

     WHEREAS, Unwired Planet, Inc., a Delaware corporation (the "Company") has
entered into a Master Lease Agreement dated as of May 29, 1997, Equipment
Schedules No. VL-1 dated as of May 29, 1997, and related Summary Equipment
Schedules (collectively, the "Leases") with Comdisco, Inc., a Delaware
corporation (the "Warrantholder"); and

     WHEREAS, the Company desires to grant to Warrantholder, in consideration
for such Leases, the right to purchase shares of its Series C Preferred Stock:

     NOW, THEREFORE, in consideration of the Warrantholders executing and
delivering such Leases and in consideration of mutual covenants and agreements
contained herein, the Company and Warrantholder agree as follows:

     1.   GRANT TO THE RIGHT TO PURCHASE PREFERRED STOCK.

          The Company hereby grants to the Warrantholder, and the Warrantholder
is entitled, upon the terms and subject to the conditions hereinafter set forth,
to subscribe to and purchase, from the Company, 16,530 fully paid and
non-assessable shares of the Company's Series C Preferred Stock ("Preferred
Stock") at a purchase price to 2.5407 per share (the "Exercise Price").  The
number and purchase price of such shares to adjustment as provided in Section 8
hereof.


     2.   TERM OF THE WARRANT AGREEMENT.

          Except as otherwise provided for herein, the term of this Warrant
Agreement and the right to purchase Preferred Stock as granted herein shall
commence on the Effective Date and shall be exercisable for a period of (i) ten
(10) years or (ii) five (5) years from the effective date of the Company's
initial public offering, whichever is shorter.

     3.   EXERCISE OF THE PURCHASE RIGHTS.

          The purchase rights set forth in this Warrant Agreement are
exercisable by the Warrantholder, in whole or in part, at any time, or from time
to time, prior to the expiration of the term set forth in Section 2 above, by
tendering to the Company at its principal office a notice of exercise in the
form attached hereto as Exhibit I (the "Notice of Exercise"), duly completed and
executed.  Promptly upon receipt of the Notice of Exercise and the payment of
the purchase price in accordance with the terms set forth below, and in no event
later than twenty-one (21) days thereafter, the Company shall issue to the
Warrantholder a certificate for the number of shares of Preferred Stock
purchased and shall execute the acknowledgment of exercise in the form attached
hereto as Exhibit II (the "Acknowledgment of Exercise") indicating the number of
shares which remain subject to future purchases, if any.

          The Exercise Price may be paid at the Warrantholder's election either
(i) by cash or check, or (ii) by surrender of Warrants ("Net Issuance") as
determined below.  If the Warrantholder elects the Net Issuance method, the
Company will issue Preferred Stock in accordance with the following formula:

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



                                      -1-
<PAGE>   2

         Where:  X =   the number of shares of Preferred Stock to be issued
                       to the Warrantholder.

               Where:  Y =   the number of shares of Preferred Stock requested
                             to be exercised under this Warrant Agreement.
    
                       A =   the fair market value of one (1) share of
                             Preferred Stock.

                       B =   the Exercise Price.

         For purposes of the above calculation, current fair market value of
Preferred Stock shall mean with respect to each share of Preferred Stock:

                (i)    if the exercise is in connection with an initial public
         offering of the Company's Common Stock, and if the Company's
         Registration Statement relating to such public offering has been
         declared effective by the SEC, then the fair market value per share
         shall be the product of (x) the initial "Price to Public" specified in
         the final prospectus with respect to the offering and (y) the number of
         shares of Common Stock into which each share of Preferred Stock is
         convertible at the time of such exercise:

                (ii)   if this Warrant is exercised after, and not in
         connection with the Company's initial public offering, and:

                       (a)    if traded on a securities exchange, the fair
                market value shall be deemed to be the product of (x) the
                average of the closing prices over a twenty-one (21) day period
                ending three days before the day the current fair market value
                of the securities is being determined and (y) the number of
                shares of Common Stock into which each share of Preferred Stock
                is convertible at the time of such exercise; or

                       (b)    if actively traded over-the-counter, the fair
                market value shall be deemed to be the product of (x) the
                average of the closing bid and asked prices quoted on the NASDAQ
                system (or similar system) over the twenty-one (21) day period
                ending three days before the day the current fair market value
                of the securities is being determined and (y) the number of
                shares of Common Stock into which each share of Preferred Stock
                is convertible at the time of such exercise:

                (iii)    if at any time the Common Stock is not listed on any
         securities exchange or quoted in the NASDAQ System or the
         over-the-counter market, the current fair market value of Preferred
         Stock shall be the product of (x) the highest price per share which the
         Company could obtain from a willing buyer (not a current employee or
         director) for shares of Common Stock sold by the Company, from
         authorized but unissued shares, as determined in good faith by its
         Board of Directors and (y) the number of shares of Common Stock into
         which each share of Preferred Stock is convertible at the time of such
         exercise, unless the Company is not the surviving party, in which case
         the fair market value of Preferred Stock shall be deemed to be the
         value received by the holders of the Company's Preferred Stock on a
         common equivalent basis pursuant to such merger or acquisition.

         Upon partial exercise by either cash or Net issuance, the Company
shall promptly issue an amended Warrant Agreement representing the remaining
number of shares purchasable hereunder. All other items and conditions of such
amended Warrant Agreement shall be identical to those contained herein,
including, but not limited to the Effective Date hereof.

4.       RESERVATION OF SHARES.

         (a)   Authorization and Reservation of Shares.  During the term of
this Warrant Agreement, the Company will at all times have authorized and
reserved a sufficient number of shares of its Preferred Stock to provide for
the exercise of the rights to purchase Preferred Stock as provided for herein.

         (b)   Registration or Listing. If any shares of Preferred Stock
required to be reserved hereunder require registration with or approval of any
governmental authority under any Federal or State law (other than any



                                     - 2 -







<PAGE>   3
registration under the Securities Act of 1933, as amended ("1933 Act"), as then
in effect, or any similar Federal Statute then enforced, or any state
securities law, required by reason of any transfer involved in such
conversion), or listing on any domestic securities exchange, before such shares
may be issued upon conversion, the Company will, at its expense and as
expeditiously as possible, use its best efforts to cause shares to be duly
registered, listed or approved for listing on such domestic securities
exchange, as the case may be.

5.      NO FRACTIONAL SHARES OR SCRIP.

        No fractional shares or scrip representing fractional shares shall
be issued upon the exercise of the Warrant, but in lieu of such fractional
shares the Company shall make a cash payment therefor upon the basis of the
Exercise Price then in effect.

6.      NO RIGHTS AS SHAREHOLDER.

        This Warrant Agreement does not entitle the Warrantholder to any voting
rights or other rights as a shareholder of the Company prior to the exercise of
the Warrant.

7.      WARRANTHOLDER REGISTRY.

        The Company shall maintain a registry showing the name and address of
the registered holder of this Warrant Agreement.

8.      ADJUSTMENT RIGHTS.

        The purchase price per share and the number of shares of Preferred
Stock purchasable hereunder are subject to adjustment, as follows:

        (a)    Merger and Sale of Assets.  If at any time there shall be a
capital reorganization of the shares of the Company's stock (other than a
combination, reclassification, exchange or subdivision of shares otherwise
provided for herein), or a merger or consolidation of the Company with or into
another corporation whether or not the Company is the surviving corporation, or
the sale of all or substantially all of the Company's properties and assets to
any other person (hereinafter referred to as a "Merger Event"), then as a part
of such Merger Event, lawful provision shall be made so that the Warrantholder
shall thereafter be entitled to receive, upon exercise of the Warrant, the
number of shares of preferred stock or other securities of the successor
corporation resulting from such Merger Event, equivalent in value to that which
would have been issuable if Warrantholder had exercised this Warrant
immediately prior to the Merger Event. In any such case, appropriate adjustment
(as determined in good faith by the Company's Board of Directors) shall be made
in the application of the provisions of this Warrant Agreement with respect to
rights and interest of the Warrantholder after the Merger Event to end that the
provisions of this Warrant Agreement (including adjustments of the Exercise
Price and number of shares of Preferred Stock purchasable) shall be applicable
to the greatest extent possible.

        (b)    Reclassification of Shares. If the Company at any time shall, by
combination, reclassification, exchange or subdivision of securities or
otherwise, change any of the securities as to which purchase rights under this
Warrant Agreement exist into the same or a different number of securities of
any other class or classes, this Warrant Agreement shall thereafter represent
the right to acquire such number and kind of securities as would have been
issuable as the result of such change with respect to the securities which were
subject to the purchase rights under this Warrant Agreement immediately prior
to such combination, reclassification, exchange, subdivision or other change.

        (c)    Subdivision or Combination of Shares. If the Company at any time
shall combine or subdivide its Preferred Stock, the Exercise Price shall be
proportionately decreased in the case of a subdivision, or proportionately
increased in the case of a combination.

        (d)    Stock Dividends. If the Company at any time shall pay a dividend
payable in, or make any other distribution (except any distribution
specifically provided for in the foregoing subsections (a) or (b)) of the
Company's stock, then the Exercise Price shall be adjusted, from and after the
record date of such dividend or distribution, to that price determined by
multiplying the Exercise Price in effect immediately prior to such record date
by a fraction (i) the numerator of which shall be the total number of all
shares of the Company's stock outstanding immediately prior to such dividend or
distribution, and (ii) the denominator of which shall be the total number of
all shares of the Company's stock outstanding immediately after such dividend
or distribution. The Warrantholder shall thereafter be



                                     - 3 -
<PAGE>   4
entitled to purchase, at the Exercise Price resulting from such adjustment, the
number of shares of Preferred Stock (calculated to the nearest whole share)
obtained by multiplying the Exercise Price in effect immediately prior to such
adjustment by the number of shares of Preferred Stock issuable upon the exercise
hereof immediately prior to such adjustment and dividing the product thereof by
the Exercise Price resulting from such adjustment.

     (e)  Antidilution Rights. Additional antidilution rights applicable to the
Preferred Stock purchasable hereunder are as set forth in the Company's
Certificate of Incorporation, as amended through the Effective Date, a true and
complete copy of which is attached hereto as Exhibit_(the"Charter").  The
Company shall promptly provide the Warrantholder with any restatement,
amendment, modification or waiver of the Charter.  The Company shall provide
Warrantholder with prior written notice of any issuance of its stock or other
equity security to occur after the Effective Date of this Warrant, which notice
shall include (a) the price at which such stock or security is to be sold, (b)
the number of shares to be issued, and (c) such other information as necessary
for the Warrantholder to determine if a dilutive event has occurred.
    
      
     (f)  Notice of Adjustments. If: (i) the Company shall declare any dividend
or distribution upon its stock, whether in cash, property, stock or other
securities; (ii) the Company shall offer for subscription prorata to the holders
of any class of its Preferred or other convertible stock any additional shares
of stock of any class or other rights; (iii) there shall be any Merger Event;
(iv) there shall be an initial public offering; or (v) there shall be any
voluntary dissolution, liquidation or winding up of the Company; then, in
connection with each such event, the Company shall send to the Warrantholder:(A)
at least twenty (20) days' prior notice of the date on which the books of the
Company shall close or a record shall be taken for such dividend, distribution,
subscription rights (specifying the date on which the holders of Preferred Stock
shall be entitled thereto) or for determining rights to vote in respect of such
Merger Event, dissolution, liquidation or winding up; (B) in the case of any
Merger Event, dissolution, liquidation or winding up, at least twenty (20) days'
prior written notice of the date when the same shall take place (and specifying
the date on which the holders of Preferred Stock shall be entitled to exchange
their Preferred Stock for securities or other property deliverable upon such
Merger Event, dissolution, liquidation or winding up); and (C) in the case of a
public offering, the Company shall give the Warrantholder at least twenty (20)
days written notice prior to the effective date thereof.

     Each such written notice shall set forth, in reasonable detail, (i) the
event requiring the adjustment, (ii) the amount of the adjustment, (iii) the
method by which such adjustment was calculated, (iv) the Exercise Price, and
(v) the number of shares subject to purchase hereunder after giving effect to
such adjustment, and shall be given by first class mail, postage prepaid,
addressed to the Warrantholder, at the address as shown on the books of the
Company.

     (g)   Timely Notice.  Failure to timely provide such notice required by
subsection (f) above shall entitle Warrantholder to retain the benefit of the
applicable notice period notwithstanding anything to the contrary contained in
any insufficient notice received by Warrantholder.  The notice period shall
begin on the date Warrantholder actually receives a written notice containing
all the information specified above.

9.   REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY.

     (a)  Reservation of Preferred Stock.  The Preferred Stock issuable upon
exercise of the Warrantholder's rights has been duly and validly reserved and,
when issued in accordance with the provisions of this Warrant Agreement, will be
validly issued, fully paid and non-assessable, and will be free of any taxes,
liens, charges or encumbrances of any nature whatsoever; provided, however, that
the Preferred Stock issuable pursuant to this Warrant Agreement may be subject
to restrictions on transfer under state and/or Federal securities laws.  The
Company has made available to the Warrantholder true, correct and complete
copies of its Charter and Bylaws, as amended.  The issuance of certificates for
shares of Preferred Stock upon exercise of the Warrant Agreement shall be made
without charge to the Warrantholder for any issuance tax in respect thereof, or
other cost incurred by the Company in connection with such exercise and the
related issuance of shares of Preferred Stock. The Company shall not be required
to pay any tax which may be payable in respect of any transfer involved and the
issuance and delivery of any certificate in a name other than that of the
Warrantholder.

     (b)  Due Authority.  The execution and delivery by the Company of this
Warrant Agreement and the performance of all obligations of the Company
hereunder, including the issuance to Warrantholder of the right to acquire the
shares of Preferred Stock, have been duly authorized by all necessary corporate
action on the part of the Company, and the Leases and this Warrant Agreement are
not inconsistent with the Company's Charter or Bylaws,do not contravene any law
or governmental rule, regulation or order applicable to it, do not and will not
contravene


                                     - 4 -
<PAGE>   5
any provision of, or constitute a default under, any indenture, mortgage,
contract or other instrument to which it is a party or by which it is bound,
and the Leases and this Warrant Agreement constitute legal, valid and binding
agreements of the Company, enforceable in accordance with their respective
terms.

     (c)  Consents and Approvals. No consent or approval of, giving of notice
to, registration with, or taking of any other action in respect of any state,
Federal or other governmental authority or agency is required with respect to
the execution, delivery and performance by the Company of its obligations under
this Warrant Agreement except for the filing of notices pursuant to Regulation
D under the 1933 Act and any filing required by applicable state securities
law, which filings will be effective by the time required thereby.

     (d)  Issued Securities. All issued and outstanding shares of Common Stock,
Preferred Stock or any other securities of the Company have been duly
authorized and validly issued and are fully paid and nonassessable. All
outstanding shares of Common Stock, Preferred Stock and any other securities
were issued in full compliance with all federal and applicable state securities
laws. In addition:

          (i)  The authorized capital of the Company consists of (A) 34,000,000
     shares of Common Stock, of which 8,528,811 shares are issued and
     outstanding, and (B) 17,098,000 shares of Preferred Stock, of which (1)
     7,098,000 have been designated Series A Preferred Stock, 7,098,000 shares
     of which are issued and outstanding, (2) 6,000,000 have been designated
     Series B Preferred Stock, 5,999,994 of which are issued and outstanding,
     and (3) 4,000,000 have been designated Series C Preferred Stock, 3,808,152
     of which are issued and outstanding. All shares of Preferred Stock are
     currently convertible into Common Stock on a share-for-share basis.

          (ii)  The Company has reserved 3,269,604 shares of Common Stock for
     issuance under its 1995 Stock Plan, under which (A) 1,307,004 shares have
     been issued as Restricted Common Stock, (B) options to purchase 1,456,036
     shares of Common Stock have been issued and are outstanding, (C) options to
     purchase 100,062 shares of Common Stock have been issued and exercised and
     (D) 1,605,983 shares are remaining for issuance.

          (iii)  The Company has reserved 2,181,228 shares of Common Stock for
     issuance under its 1996 Stock Plan, under which (A) 7,245 shares have been
     issued as Restricted Common Stock, (B) options to purchase 568,000 shares
     of Common Stock have been issued and are outstanding, (C) no options to
     purchase shares have been exercised and (D) 1,605,983 shares are remaining
     for issuance.

          (iv)  The Company's Articles of Incorporation contain no provision
     providing any shareholder of the Company with preemptive rights to purchase
     new issuances of the Company's capital stock. There are no contractual
     rights of first refusal to purchase this Warrant or the Series C Preferred
     Stock issuable upon exercise thereof, except such as have been amended or
     waived.

     (e)  Insurance. The Company has in full force and effect insurance
policies, with extended coverage, insuring the Company and its property and
business against such losses and risks, and in such amounts, as are customary
for corporations engaged in a similar business and similarly situated and as
otherwise may be required pursuant to the terms of any other contract or
agreement.

     (f)  Other Commitments to Register Securities. Except as set forth in the
Company's Second Amended and Restated Investor Rights Agreement effective
October 16, 1996 and in this Warrant Agreement, the Company is not, pursuant to
the terms of any other agreement currently in existence, under any obligation
to register under the 1933 Act any of its presently outstanding securities or
any of its securities which may hereafter be issued.

     (g)  Exempt Transaction. Subject to the accuracy of the Warrantholder's
representations in Section 10 hereof, the issuance of the Preferred Stock upon
exercise of this Warrant will constitute a transaction exempt from (i) the
registration requirements of Section 5 of the 1933 Act, in reliance upon
Section 4(2) thereof, and (ii) the qualification requirements of the applicable
state securities laws.

     (h)  Compliance with Rule 144. At the written request of the
Warrantholder, who proposes to sell Preferred Stock issuable upon the exercise
of the Warrant in compliance with Rule 144 promulgated by the Securities and
Exchange Commission, the Company shall furnish to the Warrantholder, within ten
days after receipt of such request, a written statement confirming the
Company's compliance with the filing requirements of the Securities and
Exchange Commission as set forth in such Rule, as such Rule may be amended from
time to time.



                                      -5-



<PAGE>   6
10.  REPRESENTATIONS AND COVENANTS OF THE WARRANTHOLDER.

     This Warrant Agreement has been entered into by the Company in reliance
upon the following representations and covenants of the Warrantholder;

     (a) INVESTMENT PURPOSE. The right to acquire Preferred Stock or the
Preferred Stock issuable upon exercise of the Warrantholder's rights contained
herein will be acquired for investment and not with a view to the sale or
distribution of any part thereof, and the Warrantholder has no present
intention of selling or engaging in any public distribution of the same except
pursuant to a registration or exemption.

     (b) PRIVATE ISSUE. The Warrantholder understands (i) that the Preferred
Stock issuable upon exercise of this Warrant is not registered under the 1933
Act or qualified under applicable state securities laws on the ground that the
issuance contemplated by this Warrant Agreement will be exempt from the
registration and qualifications requirements thereof, and (ii) that the
Company's reliance on such exemption is predicated on the representations set
forth in this Section 10.

     (c) DISPOSITION OF WARRANTHOLDER'S RIGHTS. In no event will the
Warrantholder make a disposition of any of its rights to acquire Preferred
Stock or Preferred Stock issuable upon exercise of such rights unless and until
(i) it shall have notified the Company of the proposed disposition, and (ii) if
requested by the Company, it shall have furnished the Company with an opinion
of counsel (which counsel may either be inside or outside counsel to the
Warrantholder) satisfactory to the Company and its counsel to the effect that
(A) appropriate action necessary for compliance with the 1933 Act has been
taken, or (B) an exemption from the registration requirements of the 1933 Act
is available. Notwithstanding the foregoing, the restrictions imposed upon the
transferability of any of its rights to acquire Preferred Stock or Preferred
Stock issuable on the exercise of such rights do not apply to transfers from
the beneficial owner of any of the aforementioned securities to its nominee or
from such nominee to its beneficial owner, and shall terminate as to any
particular share of Preferred Stock when (1) such security shall have been
effectively registered under the 1933 Act and sold by the holder thereof in
accordance with such registration or (2) such security shall have been sold
without registration in compliance with Rule 144 under the 1933 Act, or (3) a
letter shall have been issued to the Warrantholder at its request by the staff
of the Securities and Exchange Commission or a ruling shall have been issued to
the Warrantholder at its request by the staff of the Securities and Exchange
Commission or a ruling shall have been issued to the Warrantholder at its
request such Commission stating that no action shall be recommended by such
staff or taken by such Commission, as the case may be, if such security is
transferred without registration under the 1933 Act in accordance with the
conditions set forth in such letter or ruling and such letter or ruling
specifies that no subsequent restrictions on transfer are required. Whenever
the restrictions imposed hereunder shall terminate, as hereinabove provided,
the Warrantholder or holder of a share of Preferred Stock then outstanding as
to which such restrictions have terminated shall be entitled to receive from
the Company, without expense to such holder, one or more new certificates for
the Warrant or for such shares of Preferred Stock not bearing any restrictive
legend.

     (d) FINANCIAL RISK. The Warrantholder has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits
and risks of its investment, and has the ability to bear the economic risks
of its investment.

     (e) RISK OF NO REGISTRATION. The Warrantholder understands that if the
Company does not register with the Securities and Exchange Commission pursuant
to Section 12 of this 1934 Act (the "1934 Act"), or file reports pursuant to
Section 15(d), of the 1934 Act, or if a registration statement covering the
securities under the 1933 Act is not in effect when it desires to sell (i) the
rights to purchase Preferred Stock pursuant to this Warrant Agreement, or (ii)
the Preferred Stock issuable upon exercise of the right to purchase, it may be
required to hold such securities for an indefinite period. The Warrantholder
also understands that any sale of its rights of the Warrantholder to purchase
Preferred Stock or Preferred Stock which might be made by it in reliance upon
Rule 144 under the 1933 Act may be made only in accordance with the terms and
conditions of that Rule.

     (f) ACCREDITED INVESTOR. Warrantholder is an "accredited investor" within
the meaning of the Securities and Exchange Rule 501 of Registration D, as
presently in effect.

11.  TRANSFERS.

     Subject to the terms and conditions contained in Section 10 hereof, this
Warrant Agreement and all rights hereunder are transferable in whole or in part
by the Warrantholder and any successor transferee, provided, however, in no
event shall the number of transfers of the rights and interests in all of the
Warrants exceed three (3) transfers. The transfer shall be recorded on the
books of the Company upon receipt by the Company of a notice of


                                      -6-

<PAGE>   7
transfer in the form attached hereto as Exhibit III (the "Transfer Notice"),
at its principal offices and the payment to the Company of all transfer taxes
and other governmental charges imposed on such transfer.

12. MISCELLANEOUS.

     (a) Effective Date. The provisions of this Warrant Agreement shall be
construed and shall be given effect in all respects as if it had been executed
and delivered by the Company on the date hereof. This Warrant Agreement shall
be binding upon any successors or assigns of the Company.

     (b) Attorney's Fees. In any litigation, arbitration or court proceeding
between the Company and the Warrantholder relating hereto, the prevailing party
shall be entitled to attorneys' fees and expenses and all costs of proceedings
incurred in enforcing this Warrant Agreement.

     (c) Governing Law. This Warrant Agreement shall be governed by and
construed for all purposes under and in accordance with the laws of the State
of Illinois.

     (d) Counterparts. This Warrant Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

     (e) Notices. Any notice required or permitted hereunder shall be given in
writing and shall be deemed effectively given upon personal delivery, facsimile
transmission (provided that the original is sent by personal delivery or mail
as hereinafter set forth) or seven (7) days after deposit in the United States
mail, by registered or certified mail, addressed (i) to the Warrantholder at
6111 North River Road, Rosemont, Illinois 60018, attention: James Labe, Venture
Group, cc: Legal Department, attn: General Counsel, (and/or, if by facsimile,
(847) 518-5465 and (847) 518-5088) and (ii) to the Company at 390 Bridge
Parkway, Redwood Shores, CA 94065, attention: _______________ (and/or if by
facsimile, (415) 596-5299 ___________ or at such other address as any such
party may subsequently designate by written notice to the other party.

     (f) Remedies. In the event of any default hereunder, the non-defaulting
party may proceed to protect and enforce its rights either by suit in equity
and/or by action at law, including but not limited to an action for damages as
a result of any such default, and/or an action for specific performance for any
default where Warrantholder will not have an adequate remedy at law and where
damages will not be readily ascertainable. The Company expressly agrees that it
shall not oppose an application by the Warrantholder or any other person
entitled to the benefit of this Agreement requiring specific performance of any
or all provisions hereof or enjoining the Company from continuing to commit
any such breach of this Agreement.

     (g) No Impairment of Rights. The Company will not, by amendment of its
charter or through any other means, 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
actions as may be necessary or appropriate in order to protect the rights of
the Warrantholder against impairment.

     (h) Survival. The representations, warranties, covenants and conditions of
the respective parties contained herein or made pursuant to this Warrant
Agreement shall survive the execution and delivery of this Warrant Agreement.

     (i) Severability. In the event any one or more of the provisions of this
Warrant Agreement shall for any reason be held invalid, illegal or
unenforceable, the remaining provisions of this Warrant Agreement shall be
unimpaired, and the invalid, illegal or unenforceable provision shall be
replaced by a mutually acceptable valid, legal and enforceable provision, which
comes closest to the intention of the parties underlying the invalid, illegal
or unenforceable provision.

     (j) Amendments. Any provision of this Warrant Agreement may be amended by
a written statement signed by the Company and by the Warrantholder.

     (k) Additional Documents. The Company, upon execution of this Warrant
Agreement, shall provide the Warrantholder with certified resolutions as to
authorization of this Warrant Agreement and that with respect to the
representations, warranties and covenants set forth in subparagraphs (a) through
(d), (f) and (g) of Section 9 above are true and correct in all internal
reports. If the purchase price for the Leases referenced in the preamble of this
Warrant Agreement exceeds $1,000,000, the Company will also provide
Warrantholder with an opinion from the



                                     - 7 -
<PAGE>   8
Company's counsel with respect to certain of same representations, warranties
and covenants. The Company shall also supply such other documents as the
Warrantholder may from time to time reasonably request.

     IN WITNESS WHEREOF, the parties hereto have caused this Warrant Agreement
to be executed by its officers thereunto duly authorized as of the Effective
Date.


                                 COMPANY: UNWIRED PLANET, INC.

                                 By: /s/ RICK SMITH
                                    -----------------------------------------
                                 Title: CFO
                                       --------------------------------------

                                 WARRANTHOLDER: COMDISCO, INC.
                                
                                 By: /s/ JAMES P. LABE
                                    -----------------------------------------
                                 Title: PRESIDENT COMDISCO VENTURE DIVISION
                                        -------------------------------------




                                      -8-
                                
<PAGE>   9
                                   EXHIBIT I

                               NOTICE OF EXERCISE

TO: UNWIRED PLANET, INC.

(1)      The undersigned Warrantholder hereby elects to purchase _________
         shares of the Series C Preferred Stock of Unwired Planet, Inc.
         pursuant to the terms of the Warrant Agreement dated the _______ day
         of _________________, 19__ (the "Warrant Agreement") between
         __________________________________ and the Warrantholder, and tenders
         herewith payment of the purchase price for such shares in full,
         together with all applicable transfer taxes, if any.

(2)      In exercising its rights to purchase the Series C Preferred Stock of
         ________________________________________, the undersigned hereby
         confirms and acknowledges the investment representations and
         warranties made in Section 10 of the Warrant Agreement.

(3)      Please issue a certificate or certificates representing said shares of
         Series C Preferred Stock in the name of the undersigned or in such
         other name as is specified below.



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

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

WARRANTHOLDER: COMDISCO, INC.

By:
   ----------------------------------
Title:
      -------------------------------
Date:
     --------------------------------




                                      -9-
<PAGE>   10
                                   EXHIBIT II

                          ACKNOWLEDGEMENT OF EXERCISE

     The undersigned Unwired Planet, Inc., hereby acknowledge receipt of the
"Notice of Exercise" from Comdisco, Inc., to purchase ___ shares of the Series
C Preferred Stock of Unwired Planet, Inc., pursuant to the terms of the Warrant
Agreement, and further acknowledges that ___ shares remain subject to purchase
under the terms of the Warrant Agreement.

                                       COMPANY: UNWIRED PLANET, INC.
                                      
                                       By:
                                          --------------------------
                                       Title:
                                             -----------------------
                                       Date:
                                            ------------------------





                                      -10-
<PAGE>   11
                                  EXHIBIT III

(TO TRANSFER OR ASSIGN THE FOREGOING WARRANT AGREEMENT EXECUTE THIS FORM AND
SUPPLY REQUIRED INFORMATION. DO NOT USE THIS FORM TO PURCHASE SHARES.)

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


--------------------------------------------------------------------------------
(Please Print)

whose address is
                ----------------------------------------------------------------

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

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

                         Holder's Signature:
                                            ------------------------------------

                         Holder's Address:                           
                                          --------------------------------------

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

Signature Guaranteed:
                     -----------------------------------------------------------


NOTE:    THE SIGNATURE TO THIS TRANSFER NOTICE MUST CORRESPOND WITH THE NAME AS
         IT APPEARS ON THE FACE OF THE WARRANT AGREEMENT, WITHOUT ALTERATION OR
         ENLARGEMENT OR ANY CHANGE WHATEVER. OFFICERS OF CORPORATIONS AND THOSE
         ACTING IN A FIDUCIARY OR OTHER REPRESENTATIVE CAPACITY SHOULD FILE
         PROPER EVIDENCE OF AUTHORITY TO ASSIGN THE FOREGOING WARRANT AGREEMENT.




                                      -11-
<PAGE>   12



THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AS
AMENDED, OR ANY STATE SECURITIES LAWS.  THEY MAY NOT BE SOLD, OFFERED FOR SALE,
PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
RELATED THERETO OR AN OPINION OF COUNSEL (WHICH MAY BE COMPANY COUNSEL)
REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES
LAWS.

                               WARRANT AGREEMENT

             To Purchase Shares of the Series C Preferred Stock of

                              UNWIRED PLANET, INC.

                Dated as of July 17, 1997 (the "Effective Date")

     WHEREAS, Unwired Planet, Inc., a Delaware corporation (the "Company") has
entered into a Loan and Security dated as of July 17, 1997.  Promissory Note
dated as of July ____, 1997, (collectively, the "Loans") with Comdisco, Inc., a
Delaware corporation (the "Warrantholder"); and

     WHEREAS, the Company desires to grant to Warrantholder, in consideration
for such Loans, the right to purchase shares of its Series C Preferred Stock:

     NOW, THEREFORE, in consideration of the Warrantholder executing and
delivering such Loans and in consideration of mutual covenants and agreements
contained herein, the Company and Warrantholder agree as follows:

1.   GRANT OF THE RIGHT TO PURCHASE PREFERRED STOCK.

          The Company hereby grants to the Warrantholder, and the Warrantholder
is entitled, upon the terms and subject to the conditions hereinafter set forth,
to subscribe to and purchase, from the Company, 30,700 fully paid and
non-assessable shares of the Company's Series C Preferred Stock ("Preferred
Stock") at a purchase price of 2,5407 per share (the "Exercise Price").  The
number and purchase price of such shares are subject to adjustment as provided
in Section 8 hereof.

2.   TERM OF THE WARRANT AGREEMENT.

          Except as otherwise provided for herein, the term of this Warrant
Agreement and the right to purchase Preferred Stock as granted herein shall
commence on the Effective Date and shall be exercisable for a period (i) ten
(10) years or (ii) five (5) years from the effective date of the Company's
initial public offering, whichever is shorter.

3.   EXERCISE OF THE PURCHASE RIGHTS.

          The purchase rights set forth in this Warrant Agreement are
exercisable by the Warrantholder, in whole or in part, at any time, or from time
to time, prior to the expiration of the term set forth in Section 2 above, by
tendering to the Company at its principal office a notice of exercise in the
form attached hereto as Exhibit I (the "Notice of Exercise"), duly completed and
executed.  Promptly upon receipt of the Notice of Exercise and the payment of
the purchase price in accordance with the terms set forth below, and in no event
later than twenty-one (21) days thereafter, the Company shall issue to the
Warrantholder a certificate for the number of shares of Preferred Stock
purchased and shall execute the acknowledgment of exercise in the form attached
hereto as Exhibit II (the "Acknowledgment of Exercise") indicating the number of
shares which remain subject to future purchases, if any.

          The Exercise Price may be paid at the Warrantholder's election either
(i) by cash or check, or (ii) by surrender of Warrants ("Net Issuance") as
determined below.  If the Warrantholder elects the Net Issuance method, the
Company will issue Preferred Stock in accordance with the following formula:

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



<PAGE>   13
     Where: X= the number of shares of Preferred Stock to be issued to the
               Warrantholder.

               Y=   the number of shares of Preferred Stock requested to be
                    exercised under this Warrant Agreement.

               A=   the fair market value of one (1) share of Preferred Stock.

               B=   the Exercise Price.

     For purposes of the above calculation, current fair market value of
Preferred Stock shall mean with respect to each share of Preferred Stock:

          (i)  if the exercise is in connection with an initial public offering
     of the Company's Common Stock, and if the Company's Registration Statement
     relating to such public offering has been declared effective by the SEC,
     then the fair market value per share shall be the product of (x) the
     initial "Price to Public" specified in the final prospectus with respect to
     the offering and (y) the number of shares of Common Stock into which each
     share of Preferred Stock is convertible at the time of such exercise:

          (ii)  if this Warrant is exercised after, and not in connection with
     the Company's initial public offering, and:

               (a)  if traded on a securities exchange, the fair market value
          shall be deemed to be the product of (x) the average of the closing
          prices over a twenty-one (21) day period ending three days before the
          day the current fair market value of the securities is being
          determined and (y) the number of shares of Common Stock into which
          each share of Preferred Stock is convertible at the time of such
          exercise; or

               (b)  if actively traded over-the-counter, the fair market value
          shall be deemed to be the product of (x) the average of the closing
          bid and asked prices quoted on the NASDAQ system (or similar system)
          over the twenty-one (21) day period ending three days before the day
          the current fair market value of the securities is being determined
          and (y) the number of shares of Common Stock into which each share of
          Preferred Stock is convertible at the time of such exercise;

          (iii)  if at any time the Common Stock is not listed on any
     securities exchange or quoted in the NASDAQ System or the over-the-counter
     market, the current fair market value of Preferred Stock shall be the
     product of (x) the highest price per share which the Company could obtain
     from a willing buyer (not a current employee or director) for shares of
     Common Stock sold by the Company, from authorized but unissued shares, as
     determined in good faith by its Board of Directors and (y) the number of
     shares of Common Stock into which each share of Preferred Stock is
     convertible at the time of such exercise, unless the Company shall become
     subject to a merger, acquisition or other consolidation pursuant to which
     the Company is not the surviving party, in which case the fair market value
     of Preferred Stock shall be deemed to be the value received by the holders
     of the Company's Preferred Stock on a common equivalent basis pursuant to
     such merger or acquisition.

     Upon partial exercise by either cash or Net Issuance, the Company shall
promptly issue an amended Warrant Agreement representing the remaining number
of shares purchasable hereunder. All other terms and conditions of such amended
Warrant Agreement shall be identical to those contained herein, including, but
not limited to the Effective Date hereof.

4.   RESERVATION OF SHARES.

     (a)  Authorization and Reservation of Shares. During the term of this
Warrant Agreement, the Company will at all times have authorized and reserved a
sufficient number of shares of its Preferred Stock to provide for the exercise
of the rights to purchase Preferred Stock as provided for herein.

     (b)  Registration or Listing. If any shares of Preferred Stock required to
be reserved hereunder require registration with or approval of any governmental
authority under any Federal or State law (other than any registration under the
Securities Act of 1933, as amended ("1933 Act"), as then in effect, or any
similar Federal





<PAGE>   14
statute then enforced, or any state securities law, required by reason of any
transfer involved in such conversion), or listing on any domestic securities
exchange, before such shares may be issued upon conversion, the Company will,
at its expense and as expeditiously as possible, use its best efforts to cause
such shares to be duly registered, listed or approved for listing on such
domestic securities exchange, as the case may be.

5.   NO FRACTIONAL SHARES OR SCRIP.

     No fractional shares or scrip representing fractional shares shall be
issued upon the exercise of the Warrant, but in lieu of such fractional shares
the Company shall make a cash payment therefor upon the basis of the Exercise
Price then in effect.

6.   NO RIGHTS AS SHAREHOLDER.

     This Warrant Agreement does not entitle the Warrantholder to any voting
rights or other rights as a shareholder of the Company prior to the exercise of
the Warrant.

7.   WARRANTHOLDER REGISTRY.

     The Company shall maintain a registry showing the name and address of the
registered holder of this Warrant Agreement.

8.   ADJUSTMENT RIGHTS.

     The purchase price per share and the number of shares of Preferred Stock
purchasable hereunder are subject to adjustment, as follows:

     (a)  Merger and Sale of Assets. If at any time there shall be a capital
reorganization of the shares of the Company's stock (other than a combination,
reclassification, exchange or subdivision of shares otherwise provided for
herein), or a merger or consolidation of the Company with or into another
corporation whether or not the Company is the surviving corporation, or the
sale of all or substantially all of the Company's properties and assets to any
other person (hereinafter referred to as a "Merger Event"), then, as a part of
such Merger Event, lawful provision shall be made so that the Warrantholder
shall thereafter be entitled to receive, upon exercise of the Warrant, the
number of shares of preferred stock or other securities of the successor
corporation resulting from such Merger Event, equivalent in value to that which
would have been issuable if Warrantholder had exercised this Warrant
immediately prior to the Merger Event. In any such case, appropriate adjustment
(as determined in good faith by the company's Board of Directors) shall be made
in the application of the provisions of this Warrant Agreement with respect to
the rights and interest of the Warrantholder after the Merger Event to the end
that the provisions of this Warrant Agreement (including adjustments of the
Exercise Price and number of shares of Preferred Stock purchasable) shall be
applicable to the greatest extent possible.

     (b)  Reclassification of Shares. If the Company at any time shall, by
combination, reclassification, exchange or subdivision of securities or
otherwise, change any of the securities as to which purchase rights under this
Warrant Agreement exist into the same or a different number of securities of
any other class or classes, this Warrant Agreement shall thereafter represent
the right to acquire such number and kind of securities as would have been
issuable as the result of such change with respect to the securities which were
subject to the purchase rights under this Warrant Agreement immediately prior
to such combination, reclassification, exchange, subdivision, or other change.

     (c)  Subdivision or Combination of Shares. If the Company at any time
shall combine or subdivide its preferred Stock, the Exercise Price shall be
proportionately decreased in the case of a subdivision, or proportionately
increased in the case of a combination.

     (d)  Stock Dividends. If the Company at any time shall pay a dividend
payable in, or make any other distribution (except any distribution
specifically provided for in the foregoing subsections (a) or (b)) of the
Company's stock, then the Exercise Price shall be adjusted, from and after the
record date of such dividend or distribution, to that price determined by
multiplying the Exercise Price in effect immediately prior to such record date
by a fraction (i) the numerator of which shall be the total number of all shares
of the Company's stock outstanding immediately prior to such dividend or
distribution, and (ii) the denominator of which shall be the total number of
all shares of the Company's stock outstanding immediately after such dividend
or distribution. The Warrantholder shall thereafter be entitled to purchase, at
the Exercise Price resulting from such adjustment, the number of shares of
Preferred Stock
<PAGE>   15
(calculated to the nearest whole share) obtained by multiplying the Exercise
Price in effect immediately prior to such adjustment by the number of shares of
Preferred Stock issuable upon the exercise hereof immediately prior to such
adjustment and dividing the product thereof by the Exercise Price resulting
from such adjustment.

     (e) Antidilution Rights. Additional antidilution rights applicable to the
Preferred Stock purchasable hereunder are as set forth in the Company's
Certificate of Incorporation, as amended through the Effective Date, a true and
complete copy of which is attached hereto as Exhibit __ (the "Charter"). The
Company shall promptly provide the Warrantholder with any restatement,
amendment, modification or waiver of the Charter. The Company shall provide
Warrantholder with prior written notice of any issuance of its stock or other
equity security to occur after the Effective Date of this Warrant, which notice
shall include (a) the price at which such stock or security is to be sold (b)
the number of shares to be issued, and (c) such other information as necessary
for Warrantholder to determine if a dilutive event has occurred.

     (f) Notice of Adjustments. If: (i) the Company shall declare any dividend
or distribution upon its stock, whether in cash, property, stock or other
securities; (ii) the Company shall offer for subscription prorata to the holders
of any class of its Preferred of other convertible stock any additional shares
of stock of any class or other rights; (iii) there shall be any Merger Event;
(iv) there shall be an initial public offering; or (v) there shall be any
voluntary dissolution, liquidation, or winding up of the Company; then, in
connection with each such event, the Company shall send to the Warrantholder:
(A) at least twenty (20) days' prior written notice of the date on which the
books of the Company shall close or a record shall be taken for such dividend,
distribution, subscription rights (specifying the date on which the holders of
Preferred Stock shall be entitled thereto) or for determining rights to vote in
respect of such Merger Event, dissolution, liquidation or winding up; (B) in the
case of any such Merger Event, dissolution, liquidation or winding up, at least
twenty (20) days' prior written notice of the date when the same shall take
place (and specifying the date on which the holders of Preferred Stock shall be
entitled to exchange their Preferred Stock for securities or other property
deliverable upon such Merger Event, dissolution, liquidation or winding up); and
(C) in the case of a public offering, the Company shall give the Warrantholder
at least twenty (20) days written notice prior to the effective date thereof.

     Each such written notice shall set forth, in reasonable detail, (i) the
event requiring the adjustment, (ii) the amount of the adjustment, (iii) the
method by which such adjustment was calculated, (iv) the Exercise Price, and (v)
the number of shares subject to purchase hereunder after giving effect to such
adjustment, and shall be given by first class mail, postage prepaid, addressed
to the Warrantholder, at the address as shown on the books of the Company.

     (g) Timely Notice. Failure to timely provide such notice required by
subsection (f) above shall entitle Warrantholder to retain the benefit of the
applicable notice period notwithstanding anything to the contrary contained in
any insufficient notice received by Warrantholder. The notice period shall
begin on the date Warrantholder actually receives a written notice containing
all the information specified above.

9.   REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY.

     (a) Reservation of Preferred Stock. The Preferred Stock issuable upon
exercise of the Warrantholder's rights has been duly and validly reserved and,
when issued in accordance with the provisions of this Warrant Agreement, will be
validly issued, fully paid and non-assessable, and will be free of any taxes,
liens, charges or encumbrances of any nature whatsoever, provided, however, that
the Preferred Stock issuable pursuant to this Warrant Agreement may be subject
to restrictions on transfer under state and/or Federal securities laws. The
Company has made available to the Warrantholder true, correct and complete
copies of its Charter and Bylaws, as amended. The issuance of certificates for
shares of Preferred Stock upon exercise of the Warrant Agreement shall be made
without charge to the Warrantholder for any issuance tax in respect thereof, or
other cost incurred by the Company in connection with such exercise and the
related issuance of shares of Preferred Stock. The Company shall not be required
to pay any tax which may be payable in respect of any transfer involved and the
issuance and delivery of any certificate in a name other than that of the
Warrantholder.

     (b) Due Authority. The execution and delivery by the Company of this
Warrant Agreement and the performance of all obligations of the Company
hereunder, including the issuance to Warrantholder of the right to acquire the
shares of Preferred Stock, have been duly authorized by all necessary corporate
action on the part of the Company, and the Loans and this Warrant Agreement are
not inconsistent with the Company's Charter or Bylaws, do not contravene any law
or governmental rule, regulation or order applicable to it, do not and will not
contravene any provision of, or constitute a default under any indenture,
mortgage, contract or other instrument to which it is a
<PAGE>   16
party or by which it is bound, and the Loans and this Warrant Agreement
constitute legal, valid and binding agreements of the Company, enforceable in
accordance with their respective terms.

     (c)  Consents and Approvals. No consent or approval of, giving of notice
to, registration with, or taking of any other action in respect of any state,
Federal or other governmental authority or agency is required with respect to
the execution, delivery and performance by the Company of its obligations under
this Warrant Agreement, except for the filing of notices pursuant to Regulation
D under the 1933 Act and any filing required by applicable state securities
law, which filings will be effective by the time required thereby.

     (d)  Issued Securities. All issued and outstanding shares of Common Stock,
Preferred Stock or any other securities of the Company have been duly
authorized and validly issued and are fully paid and nonassessable. All
outstanding shares of Common Stock, preferred Stock and any other securities
were issued in full compliance with all federal and applicable state securities
laws. In addition:

          (i)       The authorized capital of the Company consists of (A)
     34,000,000 shares of Common Stock, of which 8,528,811 shares are issued and
     outstanding, and (B) 17,098,000 shares of Preferred Stock, of which (1)
     7,098,000 have been designated Series A Preferred Stock, 7,098,000 of which
     are issued and outstanding, (2) 6,000,000 have been designated Series B
     Preferred Stock, 5,999,994 of which are issued and outstanding, and (3)
     4,000,000 have been designated Series C Preferred Stock, 3,808,152 of which
     are issued and outstanding. All shares of Preferred Stock are currently
     convertible into Common Stock on a share-for-share basis.

          (ii)      The Company has reserved 3,269,604 shares of Common Stock
     for issuance under its 1995 Stock Plan, under which (A) 1,307,004 shares
     have been issued as Restricted Common Stock, (B) options to purchase
     1,456,038 shares of Common Stock have been issued and are outstanding, (C)
     options to purchase 100,062 shares of Common Stock have been issued and
     exercised and (D) 406,500 shares are remaining for issuance.

          (iii)     The Company has reserved 2,181,228 shares of Common Stock
     for issuance under its 1996 Stock Plan, under which (A) 7,245 shares have
     been issued as Restricted Common Stock, (B) options to purchase 568,000
     share of Common Stock have been issued and are outstanding, (C) no options
     to purchase shares have been exercised and (D) 1,605,983 shares are
     remaining for issuance.

          (iv)      The Company's Articles of incorporation contain no provision
     providing any shareholder of the Company with preemptive rights to purchase
     new issuances of the Company's capital stock. There are no contractual
     rights of first refusal to purchase this Warrant or the Series C Preferred
     Stock issuable upon exercise thereof, except such as have been amended or
     waived.

     (e)  Insurance. The Company has in full force and effect insurance
policies, with extended coverage, insuring the Company and its property and
business against such losses and risks, and in such amounts, as are customary
for corporations engaged in a similar business and similarly situated and as
otherwise may be required pursuant to the terms of any other contract or
agreement.

     (f)  Other Commitments to Register Securities. Except as set forth in the
Company's Second Amended and Restated Investor Rights Agreement effective
October 16, 1996 and in this Warrant Agreement, the Company is not, pursuant to
the terms of any other agreement currently in existence, under any obligation
to register under the 1933 Act any of its presently outstanding securities or
any of its securities which may hereafter be issued.

     (g)  Exempt Transaction. Subject to the accuracy of the Warrantholder's
representations in Section 10 hereof, the issuance of the Preferred Stock upon
exercise of this Warrant will constitute a transaction exempt from (i) the
registration requirements of Section 5 of the 1933 Act, in reliance upon
Section 4(2) thereof, and (ii) the qualification requirements of the applicable
state securities laws.

     (h)  Compliance with Rule 144. At the written request of the Warrantholder,
who proposes to sell Preferred Stock issuable upon the exercise of the Warrant
in compliance with Rule 144 promulgated by the Securities and Exchange
Commission, the Company shall furnish to the Warrantholder, within ten days
after receipt of such request, a written statement confirming the Company's
compliance with the filing requirements of the Securities and Exchange
Commission as set forth in such Rule, as such Rule may be amended from time to
time,

10.  REPRESENTATIONS AND COVENANTS OF THE WARRANTHOLDER.



<PAGE>   17
     This Warrant Agreement has been entered into by the Company in reliance
upon the following representations and covenants of the Warrantholder:

     (a)  Investment Purpose. The right to acquire Preferred Stock or the
Preferred Stock issuable upon exercise of the Warrantholder's rights contained
herein will be acquired for investment and not with a view to the sale or
distribution of any part thereof, and the Warrantholder has no present
intention of selling or engaging in any public distribution of the same except
pursuant to a registration or exemption.

     (b)  Private Issue. The Warrantholder understands (i) that the Preferred
Stock issuable upon exercise of this Warrant is not registered under the 1933
Act or qualified under applicable state securities laws on the ground that the
issuance contemplated by this Warrant Agreement will be exempt from the
registration and qualifications requirements thereof, and (ii) that the
Company's reliance on such exemption is predicated on the representations set
forth in this Section 10.

     (c)  Disposition of Warrantholder's Rights. In no event will the
Warrantholder make a disposition of any of its rights to acquire Preferred
Stock issuable upon exercise of such rights unless and until (i) it shall have
notified the Company of the proposed disposition, and (ii) if requested by the
Company, it shall have furnished the Company with an opinion of counsel (which
counsel may either be inside or outside counsel to the Warrantholder)
satisfactory to the Company and its counsel to the effect that (A) appropriate
action necessary for compliance with the 1933 Act has been taken, or (B) an
exemption from the registration requirements of the 1933 Act is available.
Notwithstanding the foregoing, the restrictions imposed upon the
transferability of any of tis rights to acquire Preferred Stock or Preferred
Stock issuable on the exercise of such rights do not apply to transfers from
the beneficial owner of any of the aforementioned securities to its nominee or
from such nominee to its beneficial owner, and shall terminate as to any
particular share of Preferred Stock when (1) such security shall have been
effectively registered under the 1933 Act and sold by the holder thereof in
accordance with such registration or (2) such security shall have been sold
without registration in compliance with Rule 144 under the 1933 Act, or (3) a
letter shall have been issued to the Warrantholder at its request by the staff
of the Securities and Exchange Commission or a ruling shall have been issued to
the Warrantholder at its request by such Commission stating that no action
shall be recommended by such staff or taken by such Commission, as the case may
be, if such security is transferred without registration under the 1933 Act in
accordance with the conditions set forth in such letter or ruling and such
letter or ruling specifies that no subsequent restrictions on transfer are
required. Whenever the restrictions imposed hereunder shall terminate, as
hereinabove provided, the Warrantholder or holder of a share of Preferred Stock
then outstanding as to which such restrictions have terminated shall be
entitled to receive from the Company, without expense to such holder, one or
more new certificates for the Warrant or for such shares of Preferred Stock not
bearing any restrictive legend.

     (d)  Financial Risk. The Warrantholder has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and
risks of its investment, and has the ability to bear the economic risks of its
investment.

     (e)  Risk of No Registration. The Warrantholder understands that if the
Company does not register with the Securities and Exchange Commission pursuant
to Section 12 of the 1934 Act (the "1934 Act"), or file reports pursuant to
Section 15(d), of the 1934 Act", or if a registration statement covering the
securities under the 1933 Act is not in affect when it desires to sell (i) the
rights to purchase Preferred Stock pursuant to this Warrant Agreement, or (ii)
the Preferred Stock issuable upon exercise of the right to purchase, it may be
required to hold such securities for an indefinite period. The Warrantholder
also understands that any sale of its rights of the Warrantholder to purchase
Preferred Stock or Preferred Stock which might be made by it in reliance upon
Rule 144 under the 1933 Act may be made only in accordance with the terms and
conditions of that Rule.

     (f)  Accredited Investor. Warrantholder is an "accredited investor" within
the meaning of the Securities and Exchange Rule 501 of Regulation D, as
presently in effect.

11.  TRANSFERS.

     Subject to the terms and conditions contained in Section 10 hereof, this
Warrant Agreement and all rights hereunder are transferable in whole or in part
by the Warrantholder and any successor transferee, provided, however, in no
event shall the number of transfers of the rights and interests in all of the
Warrants exceed three (3) transfers. The transfer shall be recorded on the
books of the Company upon receipt by the Company of a notice of
<PAGE>   18
transfer in the form attached hereto as Exhibit III (the "Transfer Notice"), at
its principal offices and the payment to the Company of all transfer taxes and
other governmental charges imposed on such transfer.

12.  MISCELLANEOUS.

     (a)  Effective Date. The provisions of this Warrant Agreement shall be
construed and shall be given effect in all respects as if it had been executed
and delivered by the Company on the date hereof. This Warrant Agreement shall be
binding upon successors or assigns of the Company.

     (b)  Attorney's Fees. In any litigation, arbitration or court proceeding
between the Company and the Warrantholder relating hereto, the prevailing party
shall be entitled to attorney's fees and expenses and all costs of proceedings
incurred in enforcing this Warrant Agreement.

     (c)  Governing Law. This Warrant Agreement shall be governed by and
construed for all purposes under and in accordance with the laws of the State of
Illinois.

     (d)  Counterparts. This Warrant Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

     (e)  Notices. Any notice required or permitted hereunder shall be given in
writing and shall be deemed effectively given upon delivery, facsimile
transmission (provided that the original is sent by personal delivery or mail as
hereinafter set forth) or seven (7) days after deposit in the United States
mail, by registered or certified mail, addressed (i) to the Warrantholder at
6111 North River Road, Rosemont, Illinois 60018, attention: James Labe, Venture
Group, cc: Legal Department, attn: General Counsel, (and/or, if by facsimile,
(847) 518-5465 and (847) 518-5088) and (ii) to the Company at 390 Bridge
Parkway, Redwood Shore, CA 94065, attention: ________________ and/or if by
facsimile. (415)596-5298 or at such other address as any such party may
subsequently designate by written notice to the other party.

     (f)  Remedies. In event of any default hereunder, the non-defaulting party
may proceed to protect and enforce its rights either by suit in equity and/or by
action at law, including but not limited to an action for damages as result of
any such default, and/or an action for specific performance for any default
where Warrantholder will not have an adequate remedy at law and where damages
will not be readily ascertainable. The Company expressly agrees that it shall
not oppose an application by the Warrantholder or any other person entitled to
the benefit of this Agreement requiring specific performance of any or all
provisions hereof or enjoining the Company from continuing to commit any such
breach of this Agreement.

     (g)  No Impairment of Rights. The Company will not, by amendment of its
Charter or through any other means, 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
actions as may be necessary or appropriate in order to protect the rights of the
Warrantholder against impairment.

     (h)  Survival. The representations, warranties, covenants and conditions of
the respective parties contained herein or made pursuant to this Warrant
Agreement shall survive the execution and delivery of this Warrant Agreement.

     (i)  Severability. In the event any one or more of the provisions of this
Warrant Agreement shall for any reason be held invalid, illegal or
unenforceable, the remaining provisions of this Warrant Agreement shall be
unimpaired, and the invalid, illegal or unenforceable provision shall be
replaced by a mutually acceptable valid, legal and enforceable provision, which
comes closet to the intention of the parties underlying the invalid, illegal or
unenforceable provision.

     (j)  Amendments. Any provision of this Warrant Agreement may be amended by
a written instrument signed by the Company and by the Warrantholder.

     (k)  Additional Documents. The Company, upon execution of this Warrant
Agreement, shall provide the Warrantholder with certified resolutions as to
authorization of this Warrant Agreement and that the representations,
warranties and covenants set forth in subparagraphs (a) through (d), (f) and (g)
of Section 9 above are true and correct in all material aspects. If the purchase
price for the Loans referenced in the preamble of this Warrant Agreement exceeds
$1,000,000, the Company will also provide Warrantholder with an opinion from the
<PAGE>   19
Company's counsel with respect to certain of those same representations,
warranties and covenants. the Company shall also supply such other documents as
the Warrantholder may from time to time reasonably request.

     IN WITNESS WHEREOF, the parties hereto have caused this Warrant agreement
to be executed by its officers thereunto duly authorized as of the Effective
Date.


                                   COMPANY:  UNWIRED PLANET, INC.

                                   By:  /s/ RICK SMITH
                                        --------------------------------------
                                   Title: CFO
                                          ------------------------------------

                                   WARRANTHOLDER: COMDISCO, INC.

                                   By:  /s/ JAMES P. LABE
                                        --------------------------------------
                                        JAMES P. LABE
                                   Title: PRESIDENT COMDISCO VENTURES DIVISION
                                          ------------------------------------
<PAGE>   20



                                   EXHIBIT I

                               NOTICE OF EXERCISE

To:       UNWIRED PLANET, INC.

(1)       The undersigned Warrantholder hereby elects to purchase ___________
          shares of the Series C Preferred Stock of Unwired Plant, Inc.,
          pursuant to the terms of the Warrant Agreement dated the ______ day of
          _________, 19 _____ ( the "Warrant Agreement") between
          _____________________________ and the Warrantholder, and tenders
          herewith payment of the purchase price for such shares in full,
          together with all applicable transfer taxes, if any.

(2)       In exercising its rights to purchase the Series C Preferred Stock of
          _____________________, the undersigned hereby confirms and
          acknowledges the investment representations and warranties made in
          Section 10 of the Warranty Agreement.

(3)       Please issue a certificate or certificates representing said shares of
          Series C Preferred Stock in the name of the undersigned or in such
          other name as is specified below.



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



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


Warrantholders:  COMDISCO, INC.

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

Title:
      --------------------------

Date:
     ---------------------------
<PAGE>   21
                                   EXHIBIT II

                          ACKNOWLEDGEMENT OF EXERCISE

     The undersigned Unwired Planet, Inc., hereby acknowledge receipt of the
"Notice of Exercise" from Comdisco, Inc., to purchase ____ shares of the Series
C Preferred Stock of Unwired Planet, Inc., pursuant to the terms of the Warrant
Agreement, and further acknowledges that ___ shares remain subject to purchase
under the terms of the Warrant Agreement.



                              COMPANY:  UNWIRED PLANET, INC.

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

                              Title:
                                    -----------------------

                              Date:    
                                   ------------------------
<PAGE>   22




                                  EXHIBIT III

                                TRANSFER NOTICE

(TO TRANSFER OR ASSIGN THE FOREGOING WARRANT AGREEMENT EXECUTE THIS FORM AND
SUPPLY REQUIRED INFORMATION.  DO NOT USE THIS FORM TO PURCHASE SHARES.)

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




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(Please Print)


whose address is           
                ---------------------------------------------------------------


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

                              Holder's Signature:
                                                 ------------------------------

                              Holder's Address:
                                               --------------------------------

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

Signature Guaranteed:
                     ----------------------------------------------------------

NOTE:  THE SIGNATURE TO THIS TRANSFER NOTICE MUST CORRESPOND WITH THE NAME AS IT
       APPEARS ON THE FACE OF THE WARRANT AGREEMENT, WITHOUT ALTERATION OR
       ENLARGEMENT OR ANY CHANGE WHATEVER.  OFFICERS OF CORPORATIONS AND THOSE
       ACTING IN A FIDUCIARY OR OTHER REPRESENTATIVE CAPACITY SHOULD FILE PROPER
       EVIDENCE TO AUTHORITY TO ASSIGN THE FOREGOING WARRANT AGREEMENT.