Sample Business Contracts


Equity Investment Agreement - e-Net Inc. and Cincinnati Bell Inc. d/b/a Broadwing Inc.

Stock Purchase Forms



VIA FACSIMILE AND FEDERAL EXPRESS (301) 601-3221

December 7, 1999


Mr. Robert A. Veschi
President & CEO
e-Net, Inc.
12800 Middlebrook Road
Suite 400
Germantown, MD  20874

         Re:      Equity Investment by Cincinnati Bell Inc. d/b/a Broadwing Inc.

Dear Robert:

This letter will serve to confirm our agreement of the following:

1)       e-Net, Inc. hereby consents to the assignment by IXC Internet Services,
         Inc. to Cincinnati Bell Inc. of the Call Right contained in Section
         XI.A, and the Registration Rights contained in Section XI.B, of the
         Revenue Sharing, Service Development and Joint Marketing Alliance
         Agreement dated September 14, 1999 by and between IXC Communication
         Services Inc. and e-Net, Inc. (the "Agreement");

2)       Cincinnati Bell Inc. hereby exercises the Call Right to purchase
         1,888,653 shares of e-Net, Inc.'s common stock, i.e., the number of
         shares of common stock equal to eighteen and two hundred fifty-nine
         thousandths percent (18.259%) of the outstanding common shares of
         e-Net, Inc. (as calculated pursuant to the terms of the Agreement),
         subject only to approval by Cincinnati Bell Inc.'s Board of Directors;

3)       The price per share shall be $5.742875, i.e., 1.25 times the closing
         price of e-Net, Inc.'s common stock as listed on the Nasdaq SmallCap
         Market on December 7, 1999;

4)       The aggregate exercise price for the Call Right shall be
         $10,845,000.00;

5)       e-Net, Inc. hereby consents to an extension of the deadline for
         exercise of the Call Right until December 14, 1999, solely for purposes
         of allowing Cincinnati Bell Inc. to obtain Board approval at its
         meeting on December 13, 1999, provided that if such approval is
         obtained and Cincinnati Bell Inc. so notifies e-Net, Inc. in writing on
         or before December 14, 1999, this letter agreement shall be
         automatically effective retroactively to a Call Right Exercise Date of
         the date hereof, but if Cincinnati Bell Inc. does not so notify e-Net,
         Inc., then this letter agreement will be null and void;

6)       The final exercise of the Call Right after Cincinnati Bell's Board
         approval, as and to the extent set forth above, shall be sufficient to
         invoke the full exclusivity rights and obligations as set forth in the
         Agreement, particularly Section VII.K;

7)       Cincinnati Bell Inc. shall fund the exercise of the Call Right and
         deliver the exercise price to e-Net, Inc. as soon as practicable after
         Board approval, but no later than December 20, 1999;

8)       Upon funding and delivery of the exercise price, the shares of e-Net,
         Inc common stock shall be issued to Cincinnati Bell Holdings Inc., a
         wholly owned subsidiary of Cincinnati Bell Inc.; and

<PAGE>

9)       Cincinnati Bell Inc. requests e-Net, Inc. to give full consideration to
         negotiation of the following business points, none of which shall be
         conditions to exercise of the Call Right or the closing thereof but are
         set forth herein solely as a non-binding expression of the parties'
         intent as to the direction of their future discussions:

         i        granting two (2) seats on e-Net, Inc.'s Board of Directors,
                  one for a business person, and one for a technology expert;

         ii       allowing Broadwing Communications, Inc. to private label
                  e-Net, Inc.'s ZeroPlus service for the business to business
                  market; and

         iii      having discussions with Cincinnati Bell Inc. regarding the
                  possibility of Cincinnati Bell Inc. taking a larger position
                  in e-Net, Inc. or ZeroPlus Inc. at a future date.

         Except as modified by this letter, all terms and conditions of the
Agreement remain in effect.

         If the above accurately represents your understanding of our agreement,
I would appreciate you signing and returning a copy of this letter to me. Upon
signature, please work with Mike Callaghan to coordinate the closing and proper
issuance of the shares.

Very Truly Yours,

/s/  Richard G. Ellenberger
------------------------------------
Richard G. Ellenberger


AGREED:


/s/  Robert A. Veschi
----------------------------
Robert A. Veschi
Date:  12/8/99

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