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                                                                     EXHIBIT 4.4


                               ESCROW AGREEMENT

          THIS ESCROW AGREEMENT (this "Agreement") is made as of June 15, 2001,
by and among Valicert, Inc., a corporation incorporated under the laws of
Delaware (the "Company"), Rellian Investments Limited ("Purchaser"), and Epstein
Becker & Green, P.C., having an address at 250 Park Avenue, New York, NY 10177
(the "Escrow Agent").  Capitalized terms used but not defined herein shall have
the meanings set forth in the Common Stock Purchase Agreement referred to in the
first recital.

          WHEREAS, the Purchaser will from time to time as requested by the
Company, purchase shares of the Company's Common Stock from the Company as set
forth in that certain Common Stock Purchase Agreement (the "Purchase Agreement")
dated the date hereof between the Purchaser and the Company, which shares shall
be issued pursuant to the terms and conditions contained herein and in the
Purchase Agreement; and

          WHEREAS, the Company and the Purchaser have requested that the Escrow
Agent hold in escrow and then distribute the initial documents and certain funds
which are conditions precedent to the effectiveness of the Purchase Agreement,
and have further requested that upon each exercise of a Draw Down, the Escrow
Agent hold the relevant documents and the applicable purchase price pending
receipt by Purchaser of the securities issuable upon such Draw Down;

          NOW, THEREFORE, in consideration of the covenants and mutual promises
contained herein and other good and valuable consideration, the receipt and
legal sufficiency of which are hereby acknowledged and intending to be legally
bound hereby, the parties agree as follows:

                                   ARTICLE I

                  TERMS OF THE ESCROW FOR THE INITIAL CLOSING

          1.1. The parties hereby agree to establish an escrow account with the
Escrow Agent whereby the Escrow Agent shall hold the funds and documents which
are referenced in Section 4.2 of the Purchase Agreement.

          1.2. At the Initial Closing, the Company shall deliver to the Escrow
Agent:

               (i)    the original executed Registration Rights Agreement in the
                      Form of Exhibit A to the Purchase Agreement;
                              ---------

               (ii)   the original executed opinion of Gray Cary Ware &
                      Freidenrich LLP in the Form of Exhibit C to the Purchase
                                                     ---------
                      Agreement;

               (iii)  the sum of $35,000, pursuant to the wire transfer
                      instructions set forth below;
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               (iv)   the original executed Company counterpart of this Escrow
                      Agreement;

               (v)    the original executed Company counterpart of the Purchase
                      Agreement;

               (vi)   the original executed Warrant; and

               (vii)  a warrant issued to Pacific Crest Securities, Inc. to
                      purchase up to 100,000 shares of Common Stock otherwise
                      identical to that of the Warrant ("PC Warrant").

          1.3. Upon receipt of the foregoing, and receipt of executed
counterparts from Purchaser of the Purchase Agreement, the Registration Rights
Agreement and this Escrow Agreement, the Escrow Agent shall calculate and enter
the exercise price, issuance date and termination date on the face of the
Warrant and the PC Warrant and immediately transfer the sum of $35,000 to
Epstein Becker & Green, P.C., as a non-accountable expense allowance for the
Purchaser's legal, administrative and due diligence costs and expenses and shall
then arrange to have the Purchase Agreement, this Escrow Agreement, the
Registration Rights Agreement, the Warrant, the PC Warrant and the opinion of
counsel delivered to the appropriate parties.

          1.4  Wire transfers to the Escrow Agent (not address for notice or
               ---------------                     ---
delivery of documents) shall be made as follows:


                    Epstein Becker & Green, P.C.
                    Master Escrow Account
                    Chase Manhattan Bank
                    1411 Broadway - Fifth Floor
                    New York, New York 10018
                    ABA No. 021000021
                    Account No. 035 1 346036
                    Attention: L. Borneo

                                  ARTICLE II

                    TERMS OF THE ESCROW FOR EACH DRAW DOWN

          2.1. Each time the Company shall send a Draw Down Notice to the
Purchaser as provided in the Purchase Agreement, it shall send a copy, by
facsimile, to the Escrow Agent.

          2.2. Each time the Purchaser shall purchase Shares pursuant to a Draw
Down, the Purchaser shall send the applicable Purchase Price of the Draw Down
Shares to the Escrow Agent.  Upon receipt of such funds, the Escrow Agent shall
advise the Company that it has received the funds for such Draw Down Shares.
The Company shall promptly, but no later than one (1) Trading Day after receipt
of such funding notice from the Escrow Agent:

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               (i)   cause its transfer agent to issue the Draw Down Shares to
                     the Purchaser via DTC's DWAC system to the account
                     specified by the Purchaser from time to time;

               (ii)  deliver the original executed attorney's opinion in the
                     form of Exhibit C to the Purchase Agreement to the
                             ---------
                     Purchaser; and

               (iii) deliver a Form 424(b)(3) supplemental prospectus to the
                     Purchaser.

          2.3. Upon receipt of written confirmation from the transfer agent or
from the Purchaser that such Draw Down Shares have been so deposited and the
opinion and the supplemental prospectus have been so delivered, the Escrow Agent
shall, within one (1) Trading Day of receipt of the foregoing, wire 97.5% of the
applicable Investment Amount per the written instructions of the Company, net of
one thousand dollars ($1,000) as escrow expenses to the Escrow Agent, and the
remaining 2.5% to Pacific Crest Securities, Inc. ("Pacific Crest").

          2.4. The Escrow Agent shall remit Pacific Crest's fee in accordance
with wire instructions that it will send to the Escrow Agent.


                                  ARTICLE III

                                 MISCELLANEOUS

          3.1.  No waiver of any breach of any covenant or provision herein
contained shall be deemed a waiver of any preceding or succeeding breach
thereof, or of any other covenant or provision herein contained.  No extension
of time for performance of any obligation or act shall be deemed an extension of
the time for performance of any other obligation or act.

          3.2.  All notices or other communications required or permitted
hereunder shall be in writing, and shall be sent by fax, overnight courier,
registered or certified mail, postage prepaid, return receipt requested, and
shall be deemed received upon receipt thereof, as set forth in the Purchase
Agreement.

          3.3.  This Escrow Agreement shall be binding upon and shall inure to
the benefit of the permitted successors and permitted assigns of the parties
hereto.

          3.4.  This Escrow Agreement is the final expression of, and contains
the entire agreement between, the parties with respect to the subject matter
hereof and supersedes all prior understandings with respect thereto.  This
Escrow Agreement may not be modified, changed, supplemented or terminated, nor
may any obligations hereunder be waived, except by written instrument signed by
the parties to be charged or by their respective agents duly authorized in
writing or as otherwise expressly permitted herein.

          3.5.  Whenever required by the context of this Escrow Agreement, the
singular shall include the plural and masculine shall include the feminine.
This Escrow Agreement shall

                                       3
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not be construed as if it had been prepared by one of the parties, but rather as
if both parties had prepared the same. Unless otherwise indicated, all
references to Articles are to this Escrow Agreement.

          3.6.  The parties hereto expressly agree that this Escrow Agreement
shall be governed by, interpreted under and construed and enforced in accordance
with the laws of the State of New York.  Except as expressly set forth herein,
any action to enforce, arising out of, or relating in any way to, any provisions
of this Escrow Agreement shall be brought as is more fully set forth in the
Purchase Agreement.

          3.7.  The Escrow Agent's duties hereunder may be altered, amended,
modified or revoked only by a writing signed by the Company, Purchaser and the
Escrow Agent.

          3.8.  The Escrow Agent shall be obligated only for the performance of
such duties as are specifically set forth herein and may rely and shall be
protected in relying or refraining from acting on any instrument reasonably
believed by the Escrow Agent to be genuine and to have been signed or presented
by the proper party or parties.  The Escrow Agent shall not be personally liable
for any act the Escrow Agent may do or omit to do hereunder as the Escrow Agent
while acting in good faith, excepting only its own gross negligence or willful
misconduct, and any act done or omitted by the Escrow Agent pursuant to the
advice of the Escrow Agent's attorneys-at-law (other than Escrow Agent itself)
shall be conclusive evidence of such good faith.

          3.9.  The Escrow Agent is hereby expressly authorized to disregard any
and all warnings given by any of the parties hereto or by any other person or
corporation, excepting only orders or process of courts of law and is hereby
expressly authorized to comply with and obey orders, judgments or decrees of any
court.  In case the Escrow Agent obeys or complies with any such order, judgment
or decree, the Escrow Agent shall not be liable to any of the parties hereto or
to any other person, firm or corporation by reason of such decree being
subsequently reversed, modified, annulled, set aside, vacated or found to have
been entered without jurisdiction.

          3.10. The Escrow Agent shall not be liable in any respect on account
of the identity, authorization or rights of the parties executing or delivering
or purporting to execute or deliver the Purchase Agreement or any documents or
papers deposited or called for thereunder or hereunder.

          3.11. The Escrow Agent shall be entitled to employ such legal counsel
and other experts as the Escrow Agent may deem necessary properly to advise the
Escrow Agent in connection with the Escrow Agent's duties hereunder, may rely
upon the advice of such counsel, and may pay such counsel reasonable
compensation therefor.  The Escrow Agent has acted as legal counsel for the
Purchaser, and may continue to act as legal counsel for the Purchaser, from time
to time, notwithstanding its duties as the Escrow Agent hereunder.  The Company
consents to the Escrow Agent in such capacity as legal counsel for the Purchaser
and waives any claim that such representation represents a conflict of interest
on the part of the Escrow Agent.  The Company understands that the Purchaser and
the Escrow Agent are relying explicitly on the foregoing provision in entering
into this Escrow Agreement.

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          3.12. The Escrow Agent's responsibilities as escrow agent hereunder
shall terminate if the Escrow Agent shall resign by written notice to the
Company and the Purchaser.  In the event of any such resignation, the Purchaser
and the Company shall appoint a successor Escrow Agent.

          3.13. If the Escrow Agent reasonably requires other or further
instruments in connection with this Escrow Agreement or obligations in respect
hereto, the necessary parties hereto shall join in furnishing such instruments.

          3.14. It is understood and agreed that should any dispute arise with
respect to the delivery and/or ownership or right of possession of the documents
or the escrow funds held by the Escrow Agent hereunder, the Escrow Agent is
authorized and directed in the Escrow Agent's sole discretion (i) to retain in
the Escrow Agent's possession without liability to anyone all or any part of
said documents or the escrow funds until such disputes shall have been settled
either by mutual written agreement of the parties concerned by a final order,
decree or judgment of a board of arbitration or a court of competent
jurisdiction after the time for appeal has expired and no appeal has been
perfected, but the Escrow Agent shall be under no duty whatsoever to institute
or defend any such proceedings, or (ii) to deliver the escrow funds and any
other property and documents held by the Escrow Agent hereunder to a state or
Federal court having competent subject matter jurisdiction and located in the
State and City of New York in accordance with the applicable procedure therefor.

          3.15. The Company and the Purchaser agree jointly and severally to
indemnify and hold harmless the Escrow Agent and its partners, employees, agents
and representatives from any and all claims, liabilities, costs or expenses
(including reasonable attorneys' fees) in any way arising from or relating to
the duties or performance of the Escrow Agent hereunder or the transactions
contemplated hereby or by the Purchase Agreement other than any such claim,
liability, cost or expense to the extent the same shall have been determined by
final, unappealable judgment of a court of competent jurisdiction to have
resulted from the gross negligence or willful misconduct of the Escrow Agent.



                           [SIGNATURE PAGE FOLLOWS]

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                [SIGNATURE PAGE TO EQUITY LINE ESROW AGREEMENT]


IN WITNESS WHEREOF, the parties hereto have executed this Escrow Agreement as of
this 15th day of June, 2001.



                                    VALICERT, INC.


                                        /s/ Joseph Amram
                                    By:________________________________________
                                        Joseph Amram, President & CEO


                                    RELLIAN INVESTMENTS LIMITED


                                        /s/ David Sims
                                    By:________________________________________
                                        David Sims, Director

                                    ESCROW AGENT:

                                    EPSTEIN BECKER & GREEN, P.C.


                                        /s/ Robert F. Charron
                                    By:________________________________________
                                        Robert F. Charron, Authorized Signatory

                                       6