Document:

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                                                                     EXHIBIT 4.5

                          REGISTRATION RIGHTS AGREEMENT

     This REGISTRATION RIGHTS AGREEMENT (this "Agreement") is entered into as of
March 10, 2000 by and among CYBERIAN OUTPOST, INC., a Delaware corporation (the
"Corporation"), and the persons and the entities listed below (each, an
"Investor" and collectively, the "Investors"). The Corporation and the Investors
are sometimes referred to herein collectively as the "Parties" or each
individually as a "Party."

     WHEREAS, in connection with the Subscription Agreement of even date
herewith by and among the Parties hereto (the "Subscription Agreement"), the
Corporation has agreed, upon the terms and subject to the conditions of the
Subscription Agreement, to issue and sell to the Investors up to 4,702,900
shares of Common Stock of the Corporation, par value $.01 per share (the
"Shares"); and

     WHEREAS, to induce the Investors to execute and deliver the Subscription
Agreement, the Corporation agreed to provide certain registration rights under
the Securities Act (as defined below) and applicable state securities laws.

     NOW, THEREFORE, in considerations of the premises and mutual covenants and
obligations hereafter set forth and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties, intending
to be legally bound, hereby agree as follows:

     1. Registration Rights.

     1.1 Certain Definitions. As used in this Agreement, the following terms
shall have the following respective meanings:

          (a) "Additional Issuance Event" shall mean the obligation of the
     Corporation, in the event that the shelf registration statement for the
     Shares on Form S-3 (if available, otherwise on Form S-1), is not effective
     within 180 days after the Closing, on the 181st day following the Closing
     and, if such registration statement is still not effective, on the 211th
     day following the Closing, to pay to the Investors, pro rata on the basis
     of the number of Shares held by an Investor, an amount equal to 5% of the
     aggregate purchase price for the Shares, payable, at the option of the
     Corporation, in either cash or additional shares of Common Stock. Such
     additional shares of Common Stock shall be valued at the lower of (i) the
     price at which the Shares were sold to the Investors or (ii) the Current
     Market Price.

          (b) "Closing" shall mean the date of closing of the offering of the
     Shares.

          (c) "Commission" shall mean the United States Securities and Exchange
     Commission or any other federal agency at the time administering the
     Securities Act and the Exchange Act.

          (d) "Common Stock" shall mean the Corporation's common stock, $.01 par
     value per share.
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          (e) "Current Market Price" shall mean the trailing ten day average
     Closing Price of the Common Stock on the NASDAQ ending two business days
     prior to the relevant measurement date.

          (f) "Exchange Act" shall mean the Securities Exchange Act of 1934, as
     amended, or any similar federal statute and the rules and regulations of
     the Commission thereunder, all as the same shall be in effect at the time.

          (g) "Holder" shall mean any Investor who holds Registrable Securities
     and any holder of Registrable Securities to whom the registration rights
     conferred by this Agreement have been transferred in compliance with
     Section 1.10 hereof.

          (h) "Initiating Holders" shall mean any Holder or Holders of at least
     (i) thirty percent (30%) of the Registrable Securities, in the aggregate,
     and (ii) 500,000 Registrable Securities, in the aggregate; provided however
     that if there are outstanding fewer than 1,600,000 Registrable Securities,
     in the aggregate, Holders holding 500,000 Registrable Securities, in the
     aggregate, shall, for all purposes of this Agreement, be Initiating
     Holders.

          (i) "Other Stockholders" shall mean persons other than Holders who, by
     virtue of agreements with the Corporation, are entitled to include their
     securities in certain registrations hereunder.

          (j) "Person" means a corporation, a limited liability company, an
     association, a partnership, an organization, a business, a trust, an
     individual, a governmental or political subdivision thereof or a
     governmental agency.

          (k) The terms "register," "registered" and "registration" refer to a
     registration effected by preparing and filing a Registration Statement in
     compliance with the Securities Act, and the declaration or ordering of the
     effectiveness of such Registration Statement by the Commission.

          (l) "Registrable Securities" shall mean (i) all of the Shares, if the
     Shelf Registration is not declared effective or its effectiveness lapses,
     and (ii) all of the shares of Common Stock delivered by the Corporation to
     any Investors by way of any Additional Issuance Event. Registrable
     Securities shall cease to be Registrable Securities when they (i) are
     freely salable without restriction pursuant to the volume limitation
     restriction of Rule 144, (ii) have ceased to be outstanding (whether as a
     result of redemption, repurchase and cancellation, conversion or otherwise)
     or (iii) have been sold under a Registration Statement.

          (m) Registration Expenses" shall mean all expenses, except as
     otherwise stated below, incurred by the Corporation in complying with
     Sections 1.2 and 1.3 hereof, including, without limitation, all
     registration, qualification and filing fees, printing expenses, escrow
     fees, fees and disbursements of counsel for the Corporation, reasonable
     fees and disbursements of the Holders' Counsel (as hereinafter defined),
     "blue sky" fees and expenses and the expense of any special audits incident
     to or required by any such registration (but excluding the compensation of
     regular employees of the Corporation which shall be paid in any event by
     the Corporation). Registration Expenses shall not include Selling Expenses.

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          (n) "Registration Rights" shall mean the usual and customary
     registration rights, including two demand registration rights if called by
     Investors holding more than 30% of the Shares, and unlimited piggyback
     registration rights, in the event that the Shelf Registration is not
     declared effective or its effectiveness lapses.

          (o) "Registration Statement" shall mean any registration statement
     which covers any of the Registrable Securities pursuant to the provisions
     of this Agreement, including the prospectus included therein, all
     amendments and supplements to such Registration Statement, including
     post-effective amendments, all exhibits and all material incorporated by
     reference in such Registration Statement.

          (p) "Restricted Shares" shall mean the Shares which are held by the
     Investors which have not theretofore been sold to the public pursuant to a
     registration statement under the Securities Act or pursuant to Rule 144.

          (q) "Rule 144" shall mean Rule 144 promulgated under the Securities
     Act or any successor rule thereto or any complementary rule thereto (such
     as Rule 144A).

          (r) "Rule 145" shall mean Rule 145 promulgated under the Securities
     Act or any successor rule thereto or any complementary rule thereto.

          (s) "Rule 415" shall mean Rule 415 promulgated under the Securities
     Act or any successor rule thereto or any complementary rule thereto.

          (t) "Securities Act" shall mean the Securities Act of 1933, as
     amended, or any similar federal statute and the rules and regulations of
     the Commission thereunder, all as the same shall be in effect at the time.

          (u) "Selling Expenses" shall mean all underwriting discounts, selling
     commissions and stock transfer taxes applicable to the securities
     registered by the Holders and all reasonable fees and disbursements of
     counsel for the selling Holders (other than those included in Registration
     Expenses).

          (v) "Shelf Registration" shall mean the shelf registration statement
     for the Shares on Form S-3 (if available, otherwise on Form S-1), which
     shall be filed by the Corporation with the Commission as soon as
     practicable and shall be declared effective within 180 days after the
     Closing.

     1.2 Registration on Form S-3.

          (a) Shelf Registration. The Corporation shall effect the Shelf
     Registration for the Shares. This Shelf Registration shall be filed with
     the Commission as soon as practicable, and shall be declared effective
     within 180 days after the Closing. Subject to Sections 1.2(d) and 1.3
     hereof, such Shelf Registration shall be continuously maintained in effect
     for a period not less than two years from the Closing. If necessary, the
     Corporation shall cause to be filed, and shall use its best efforts to have
     declared effective as soon as practicable following filing, additional
     registration statements or amendments as necessary to maintain such
     effectiveness for such two-year period.

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          (b) Excluded Shares. No Holder may include any of its Shares in the
     Shelf Registration unless such Holder furnishes to the Corporation, in
     writing, prior to or on the 20th business day after receipt of a request
     therefor (the "Questionnaire Deadline") which request shall be made within
     15 business days after the date hereof, such information as the Corporation
     may reasonably request for use in connection with the Shelf Registration
     and in any application to be filed with or under state securities laws. In
     connection with all such requests for information from Holders, the
     Corporation shall notify such Holders of the requirements set forth in the
     preceding sentence. Each Holder as to which the Shelf Registration is being
     effected agrees to furnish promptly to the Corporation all information
     reasonably required to be disclosed in order to make information previously
     furnished to the Corporation by such Holder not materially misleading.

          (c) Additional Issuance Event. Should the Shelf Registration not be
     declared effective within the 180 day period, the Corporation shall, after
     such 180 days, and on the 181st day after the Closing and, if the Shelf
     Registration is still not effective, on the 211th day after the Closing,
     pay each Investor an amount equal to 5% of the purchase price for the
     Shares paid by such Investor, payable, at the option of the Corporation, in
     either cash or additional shares of Common Stock of the Corporation. Such
     shares of Common Stock shall be valued at the lower of (i) the price the
     Shares were sold to the Investor or (ii) the Current Market Price. No
     Investor shall be entitled to additional amounts of shares or cash pursuant
     to this Section 1.2 (c) unless such Investor (or the Holder of its shares,
     if such Investor transferred its Shares) shall have provided all such
     reasonably requested information prior to or on the Questionnaire Deadline;
     provided that the Corporation has requested such information within 15
     business days of the date hereof. If the Corporation is required to issue
     any additional shares of Common Stock, the Corporation shall include those
     additional shares of Common Stock in the Shelf Registration Statement.

          (d) Suspension of Registration. Notwithstanding the foregoing, if the
     Corporation shall furnish to the Holders requesting registration, a
     certificate signed by the President and Chief Executive Officer of the
     Corporation stating that in the good faith judgement of the Board of
     Directors of the Corporation, it would be seriously detrimental to the
     Corporation and its stockholders for such registration statement to be
     filed or to remain effective and it is therefore, essential to defer the
     filing of such registration statement or suspend the effectiveness of such
     registration statement, the Corporation shall have the right to defer
     taking action with respect to such filing or suspend an existing filing for
     a period of not more than 45 days (in the aggregate) during any one year
     period. The two year period set forth in Section 1.2(a) shall be extended
     for an additional number of days equal to the number of days during which
     the Holder's right to sell the Shares was suspended pursuant to this
     paragraph.

     1.3 Additional Registration Rights. Should the Shelf Registration not be
declared effective within 180 days of the Closing or should the Shelf
Registration's effectiveness lapse for any reason while the Corporation has any
obligation to maintain such Shelf Registration other than pursuant to Section
1.2(d), the Investors (other than Investors or Holders excluded from the Shelf
Registration under Section 1.2(b)) shall have Registration Rights, at the
Corporation's expense, which shall include:

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          (a) Demand Registration.

               (i) Request for Registration. Subject to the terms hereof, the
          Initiating Holders may make a demand in writing for registration under
          the Securities Act of all or part of their Registrable Securities (the
          "Demand Registration"). If the Corporation receives from the
          Initiating Holders a written request that the Corporation effect a
          registration under the Securities Act of Registrable Securities, the
          Corporation will:

                    (A) promptly give written notice of the proposed
               registration to all of the other Holders; and

                    (B) as soon as reasonably practicable, use its best efforts
               to effect such registration (including, without limitation,
               appropriate qualification under applicable "blue sky" or other
               state securities laws and appropriate compliance with applicable
               regulations issued under the Securities Act and any other
               governmental requirements or regulations) as would permit or
               facilitate the sale and distribution of all of such Registrable
               Securities as are specified in such request, together with all or
               such portion of the Registrable Securities of any Holder joining
               in such request as are specified in a written request received by
               the Corporation within 20 business days after such written notice
               from the Corporation is mailed or delivered; provided, however,
               that the Corporation shall not be obligated to take any action to
               effect any such registration pursuant to this Section 1.3(a)(i):

                         (i) any particular jurisdiction in which the
                    Corporation would be required to execute a general consent
                    to service of process in effecting such registration,
                    qualification or compliance unless the Corporation is
                    already subject to service in such jurisdiction and except
                    as may be required by the Securities Act; and

                         (ii) after the Corporation has effected two (2) such
                    registrations pursuant to this Section 1.3(a)(i), and such
                    registrations have been declared or ordered effective.

          In the event that a request for registration is made pursuant to this
     Section1.3(a)(i) but the Corporation is not obligated to effect such
     requested registration by virtue of the foregoing clause (B)(i), such
     request shall not be deemed to be a demand for registration for purposes of
     this Section 1.3(a)(i). Subject to the foregoing clauses (B)(i) through
     (B)(ii), the Corporation shall prepare and file a Registration Statement
     covering the Registrable Securities so requested to be registered
     immediately after receipt of the request or requests of the Initiating
     Holders. The Registration Statement filed pursuant to the request of the
     Initiating Holders may, subject to the provisions of Section 1.11 hereof,
     include other securities of the Corporation with respect to which
     registration rights have been granted.

                         (iii) Underwriting. If the Initiating Holders intend to
                    distribute the Registrable Securities covered by their
                    request by means of an underwriting, they shall so advise
                    the Corporation as a part of their request made pursuant to
                    Section 1.3(a)(i) hereof and the Corporation shall include
                    such information in the written notice referred to in
                    Section 1.3(a)(i) hereof. In such event, the right of any
                    Holder to participate in such registration shall be
                    conditioned upon such Holder's participation in the
                    underwriting arrangements required by this Section
                    1.3(a)(i), and the inclusion of such Holder's Registrable
                    Securities in the underwriting to the extent requested shall
                    be limited to the extent provided herein.

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          If other persons shall request inclusion in any registration pursuant
     to Section 1.3(a), the Initiating Holders shall, on behalf of all Holders,
     offer to include such securities in the underwriting and may condition such
     offer on their acceptance of the further applicable provisions of this
     Section 1. The Corporation shall (together with all Holders and other
     persons proposing to distribute their securities through such underwriting)
     enter into an underwriting agreement in customary form (but subject to the
     reasonable approval of the Holders holding a majority of the Registrable
     Securities to be included in such underwriting) with the managing
     underwriter selected for such underwriting by the Holders holding a
     majority of the Registrable Securities to be included in such underwriting,
     which managing underwriter shall be reasonably acceptable to the
     Corporation. The Corporation and the Holders participating in such
     underwriting shall reasonably cooperate with any such underwriter.
     Notwithstanding any other provision of this Section 1.3, if the managing
     underwriter advises the Initiating Holders in writing that, in its good
     faith judgment, marketing factors require a limitation of the number of
     shares to be underwritten, then the Corporation shall so advise all
     participating Holders and the number of shares of Registrable Securities
     that may be included in the registration and underwriting shall be
     allocated as set forth in Section 1.11. If a person who has requested
     inclusion in such registration as provided above does not agree to the
     terms of any such underwriting, such person shall be excluded therefrom by
     written notice from the Corporation, the underwriter or the Initiating
     Holders. Any Registrable Securities or other securities excluded shall also
     be withdrawn from such registration. If shares are so withdrawn from the
     registration and if the number of shares to be included in such
     registration was previously reduced as a result of marketing factors
     pursuant to this Section 1.3(a)(ii), then the Corporation shall offer to
     all persons who have retained rights to include securities in the
     registration the right to include additional securities in the registration
     in an aggregate amount equal to the number of shares so withdrawn, with
     such shares to be allocated among such persons requesting additional
     inclusion in accordance with Section 1.11.

          If the underwriter has not limited the number of Registrable
     Securities to be underwritten, the Corporation may include securities for
     its own account (or for the account of other shareholders in accordance
     with the terms of this Agreement) in such registration if the underwriter
     so agrees and if the number of Registrable Securities that would otherwise
     have been included in such registration and underwriting will not thereby
     be limited.

          If the number of Registrable Securities excluded from the underwriting
     exceeds fifty percent (50%) of the total Registrable Securities requested
     to be included in such underwriting by the Holders, then Holders of a
     majority of the Registrable Securities requested to be included in such
     underwriting may elect to terminate the registration. If such election to
     terminate is elected, such registration shall not count as a demand
     registration.

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          (b) Unlimited Piggyback Registration Rights.

               (i) Notice of Registration. For a period of two years following
          the Closing, if the Corporation at any time proposes to file a
          registration statement with respect to any class of equity securities,
          whether for its own account (other than in connection with the
          Registration Statement contemplated by Section 1.3(a) hereof or a
          registration statement on Form S-8 (or any successor or substantially
          similar form) relating to an employee stock option, stock purchase or
          compensation plan or securities issued or issuable pursuant to any
          such plan or a registration statement on Form S-4 (or any successor or
          substantially similar form)) or for the account of a holder of
          securities of the Corporation, then the Corporation will:

                    (A) promptly give to each Holder written notice thereof at
               least twenty (20) days before the anticipated initial filing date
               of any such registration statement, and such notice shall offer
               to all Holders the opportunity to have any or all of the
               Registrable Securities held by such Holders included in such
               registration statement; and

                    (B) subject to the underwriter limitations, if any,
               described in Section 1.3(b)(iii) below, include in such
               registration statement (and any related qualification under "blue
               sky" laws or other compliance), and in any underwriting involved
               therein, all the Registrable Securities specified in a written
               request or requests to be included therein, made by any Holder
               and received by the Corporation within twenty (20) days after the
               written notice from the Corporation described in clause (A) above
               is mailed or delivered by the Corporation. Such written request
               may specify all or a part of a Holder's Registrable Securities.

          No right to registration of Registrable Securities under this Section
     1.3(b)(i) shall be construed to limit any registration required under
     Section 1.3(a).

               (ii) Holdback by the Corporation. Subject to the rights of other
          stockholders who have registration rights as of the date hereof, if
          the Corporation has previously filed a Registration Statement with
          respect to Registrable Securities pursuant to Section 1.3(a), and if
          such previous registration has not been withdrawn or abandoned, the
          Corporation will not file or cause to be effected any other
          registration of any of its equity securities or securities convertible
          or exchangeable into or exercisable for its equity securities under
          the Securities Act (except for a registration relating solely to
          employee benefits plans or to a transaction under Rule 145), whether
          on its own behalf or at the request of any holder or holders of such
          securities, until a period of ninety (90) days has elapsed from the
          effective date of such a previous registration.

               (iii) Underwriting. If the registration of which the Corporation
          gives notice is for a registered public offering involving an
          underwriting, the Corporation shall so advise the Holders as a part of
          the written notice given pursuant to Section 1.3(b)(i)(A). In such
          event the right of any Holder to registration pursuant to this Section
          1.3(b) shall be conditioned upon such Holder's participation in such
          underwriting and the inclusion of such Holder's Registrable Securities
          in the underwriting to the extent provided herein. All Holders
          proposing to distribute their securities through such underwriting
          shall (together with the Corporation and the other holders of
          securities of the Corporation with registration rights to participate
          therein distributing their securities through such underwriting) enter
          into an underwriting agreement in customary form with the managing
          underwriter selected for such underwriting by the Corporation.
          Notwithstanding any other provision of this Section 1.3(b), if the
          managing underwriter determines in its good faith judgment that
          marketing factors require limitation of the number of shares to be
          underwritten, the managing underwriter may limit the Registrable
          Securities to be included in such registration. The Corporation shall
          so advise all holders of securities requesting registration, and the
          number of shares of securities that may be included in the
          registration and underwriting shall be allocated first to the Company
          for securities being sold for its own account and thereafter as set
          forth in Section 1.11. No securities of the Corporation held by
          parties other than the Holders or the Corporation shall be included in
          any registration and underwriting to which this section applies if the
          number of Registrable Securities that would otherwise have been
          included in such registration and underwriting will thereby be
          limited. If any Holder disapproves of the terms of any such
          underwriting, he may elect to withdraw therefrom by written notice to
          the Corporation and the managing underwriter.

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     1.4 Limitations on Subsequent Registration Rights. From and after the date
hereof, without the approval of the Holders of a majority of the Registrable
Securities, the Corporation shall not enter into any agreement granting any
holder or prospective holder of any securities of the Corporation registration
rights with respect to such securities unless: (a) the agreement does not allow
the holder to include the securities in a registration filed under Section
1.3(a) hereof unless it would not thereby limit the number of Registrable
Securities of the Holders included in the registration; and (b) the agreement
does not grant rights which would delay the ability of the Holders to obligate
the Corporation to file a registration statement on the Holders' behalf pursuant
to Sections 1.2 or 1.3. The Corporation has not previously and shall not in the
future enter into any agreement, arrangement or understanding with respect to
its securities which is inconsistent with the rights granted to the Holders of
Registrable Securities in this Agreement or otherwise conflicts with the
provisions hereof. As of the date hereof, Schedule 1.1 hereof sets forth all
persons who by virtue of agreements with the Corporation are entitled to include
their securities in certain registrations hereunder.

     1.5 Expenses of Registration. All Registration Expenses shall be borne by
the Corporation. All Selling Expenses relating to securities registered on
behalf of the Holders shall be borne by the Holders of such securities pro rata
on the basis of the number of shares so registered.

     1.6 Registration Procedures. In the case of each registration, effected by
the Corporation pursuant to this Section 1, the Corporation will keep each
Holder advised in writing as to the initiation of each registration and such
amendment thereof and as to the completion thereof. At its expense the
Corporation will:

          (a) Promptly prepare and file with the Commission a Registration
     Statement with respect to such securities and with respect to registrations
     under Sections 1.3, use its best efforts to cause such Registration
     Statement to become effective as promptly as possible and remain effective
     until the earlier of (i) the date which is one hundred and eighty (180)
     days after the effective date of such Registration Statement and (ii) the
     date on which all Registrable Securities covered by such Registration
     Statement have been sold and the distribution contemplated thereby has been
     completed (the "Registration Period"); provided, however, that if, after
     such Registration Statement has become effective, the offering of the
     Registrable Securities pursuant to such registration is interfered with by
     any stop order, injunction or similar order of the Commission or other
     governmental agency or court (other than by reason of any untrue statement
     of a material fact or any omission of a material fact required to be stated
     in the Registration Statement or necessary to make the statements therein
     not misleading, to the extent, but only to the extent, that such untrue
     statement or omission is contained in any information or affidavit
     furnished in writing by a Holder to the Corporation specifically for
     inclusion therein), such registration will be deemed not to have been
     effected. Notwithstanding the foregoing, if within sixty (60) days after
     the effective date of the stop order, injunction or similar order of the
     Commission or other governmental agency or court, the same is lifted and
     the effectiveness of the registration is restored, the registration shall
     be deemed to have been effected, provided, that the Registration Period (i)
     will be tolled during the period the stop order, injunction or similar
     order is in effect, (ii) shall resume upon the lifting thereof and (iii)
     shall be extended one day for each day during the period that the stop
     order, injunction or similar order is in effect.

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          (b) Furnish, at least five (5) business days before filing a
     Registration Statement that registers such Registrable Securities, a
     prospectus relating thereto and any amendments or supplements relating to
     such a Registration Statement or prospectus, to one counsel selected by the
     Holders (the "Holders' Counsel"), copies of all such documents proposed to
     be filed (it being understood that such five-business-day period need not
     apply to successive drafts of the same document proposed to be filed so
     long as such successive drafts are supplied to the Holders' Counsel in
     advance of the proposed filing by a period of time that is customary and
     reasonable under the circumstances).

          (c) Prepare and file with the Commission such amendments and
     supplements to such Registration Statement and the prospectus used in
     connection with such Registration Statement as may be necessary to keep
     such Registration Statement effective for the Registration Period, and to
     comply with the provisions of the Securities Act with respect to the sale
     and other disposition of all securities covered by such Registration
     Statement.

          (d) Notify in writing to the Holders' Counsel promptly (i) of the
     receipt by the Corporation of any notification with respect to any comments
     by the Commission with respect to such Registration Statement or prospectus
     or any amendment or supplement thereto or any request by the Commission for
     the amending or supplementing thereof or for additional information with
     respect thereto, (ii) of the receipt by the Corporation of any notification
     with respect to the issuance by the Commission of any stop order suspending
     the effectiveness of such Registration Statement or prospectus or any
     amendment or supplement thereto or the initiation or threatening of any
     proceeding for that purpose and (iii) of the receipt by the Corporation of
     any notification with respect to the suspension of the qualification of
     such Registrable Securities for sale in any jurisdiction or the initiation
     or threatening of any proceeding for such purposes.

          (e) Use its best efforts to register and qualify the securities
     covered by such Registration Statement under such other securities or "blue
     sky" laws of such jurisdictions as shall be reasonably requested by the
     Holders, provided that the Corporation shall not be required in connection
     therewith or as a condition thereto to qualify to do business or to file a
     general consent to service of process in any such states or jurisdictions.

          (f) Furnish to the Holders participating in such registration and to
     the underwriters of the securities being registered such number of copies
     of the Registration Statement, preliminary prospectus, final prospectus and
     such other documents incident thereto as such Holders or underwriters may
     reasonably request in order to facilitate the public offering of such
     securities.

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          (g) In the event of any underwritten public offering, enter into and
     perform its obligations under an underwriting agreement, in usual and
     customary form, with the managing underwriter of such offering. Each Holder
     participating in such underwriting shall also enter into and perform its
     obligations under such an agreement.

          (h) Notify each Holder of Registrable Securities covered by such
     Registration Statement at any time when a prospectus relating thereto is
     required to be delivered under the Securities Act of the happening of any
     event as a result of which the prospectus included in such Registration
     Statement, as then in effect, includes an untrue statement of a material
     fact or omits to state a material fact required to be stated therein or
     necessary to make the statements therein not misleading in the light of the
     circumstances then existing.

          (i) Use its best efforts to furnish, at the request of any Holder
     requesting registration of Registrable Securities pursuant to Section 1, on
     the date that such Registrable Securities are delivered to the underwriters
     for sale in connection with a registration pursuant to Section 1, if such
     securities are being sold through underwriters, or, if such securities are
     not being sold through underwriters, on the date that the Registration
     Statement with respect to such securities becomes effective, (i) a copy
     addressed to Holders of the opinion, dated such date, of the counsel
     representing the Corporation for the purposes of such registration, in form
     and substance as is customarily given to underwriters in an underwritten
     public offering, addressed to the underwriters, if any, and (in a non-
     underwritten offering) to the Holders requesting registration of
     Registrable Securities and (ii) a copy addressed to Holders of the letter
     dated such date, from the independent certified public accountants of the
     Corporation, in form and substance as is customarily given by independent
     certified public accountants to underwriters in an underwritten public
     offering, addressed to the underwriters, if any, and (in a non-underwritten
     offering) to the Holders requesting registration of Registrable Securities.

          (j) Cause all such Registrable Securities registered pursuant
     hereunder to be listed on the the NASDAQ or such other automated quotation
     system or securities exchange on which Common Stock is listed.

          (k) Otherwise use its best efforts to comply with all applicable rules
     and regulations of the Commission and the securities commission or other
     regulatory authority of any relevant state or other jurisdiction and make
     available to its securityholders, as soon as reasonably practicable,
     earnings statements (which need not be audited) covering a period of 12
     months beginning within three months after the effective date of the
     Registration Statement, which earnings statements shall satisfy the
     provisions of Section 11(a) of the Securities Act.

          (l) Use its best efforts to take all other steps reasonably necessary
     to effect the registration of such Registrable Securities contemplated
     hereby. Notwithstanding the foregoing, the Corporation shall not be
     obligated to register the Registrable Securities of any Holder who fails
     within a reasonable time to provide to the Corporation such information as
     the Corporation may reasonably request at the time to enable the
     Corporation to comply with applicable laws or regulations or to facilitate
     the preparation of the Registration Statement.

                                     - 10 -
<PAGE>

     1.7 Indemnification.

     (a) The Corporation will indemnify each Holder; each Holder's officers,
directors, employees, principals, equity holders and partners; each underwriter,
broker or any other Person (other than the Corporation) acting on behalf of such
Holder, and each Person (other than the Corporation) controlling such Person
within the meaning of Section 15 of the Securities Act, with respect to which
registration, qualification or that compliance has been effected pursuant to
this Section 1, against all expenses, claims, losses, damages or liabilities,
joint or several (or actions in respect thereof) (collectively, "Losses"),
including any of the foregoing incurred in settlement of any litigation,
commenced or threatened, arising out of or (i) arising out of or based on any
untrue statement (or alleged untrue statement) of a material fact contained in
any Registration Statement, preliminary or final prospectus, offering circular
or other document, or any amendment or supplement thereto, incident to any such
registration, qualification or compliance, or (ii) arising out of or based on
any omission (or alleged omission) to state therein a material fact required to
be stated therein or necessary to make the statements therein, in light of the
circumstances in which they were made, not misleading, or (iii) any violation by
the Corporation of the Securities Act, state securities or "blue sky" laws or
any rule or regulation promulgated thereunder applicable to the Corporation in
connection with any such registration, qualification or compliance (each
statement, omission or violation referred to in clauses (i), (ii) and (iii) of
this Section 1.7(a) being referred to as a "Violation"), and the Corporation
will reimburse each such Holder, each of its officers and directors, each such
underwriter, broker or other Person (other than the Corporation) acting on
behalf of such Holder, and each such controlling Person (other than the
Corporation) for any legal and any other expenses reasonably incurred in
connection with investigating, preparing or defending any such Loss, provided
that the Corporation will not be liable to any such Person in any such case to
the extent that any such Loss arises out of or is based on any untrue statement
or omission (or alleged untrue statement or omission), made in conformity with
written information furnished to the Corporation and stated to be specifically
for use therein. It is agreed that the indemnity agreement contained in this
Section 1.7(a) shall not apply to amounts paid in settlement of any such claims,
losses, damages, or liabilities (or actions in respect thereof) if such
settlement is effected without the consent of the Corporation (which consent
shall not be unreasonably withheld).

     (b) Each Holder will, if Registrable Securities held by such Holder are
included, in the securities as to which such registration, qualification or
compliance is being effected, indemnify the Corporation, each of its directors
and officers, each underwriter, broker or other Person acting on behalf of the
Holders, and each Person who controls any of the foregoing Persons within the
meaning of Section 15 of the Securities Act, and each other such Holder and
Other Stockholder, each of their officers and directors and each person
controlling such Holder or Other Stockholder within the meaning of Section 15 of
the Securities Act, against all Losses arising out of or based on any untrue
statement (or alleged untrue statement) of a material fact contained in any such
Registration Statement, preliminary or final prospectus, offering circular or
other document, or any omission (or alleged omission) to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading, and will reimburse the Corporation, such Holders, Other
Stockholders, such directors, officers, underwriters, brokers, other Persons
acting on behalf of the Holders or control Persons for any legal or any other
expenses reasonably incurred in connection with investigating, preparing or
defending any such Loss, in each case to the extent, but only to the extent,
that such untrue statement (or alleged untrue statement) or omission (or alleged
omission) is made in such Registration Statement, preliminary or final
prospectus, offering circular or other document in conformity with written
information furnished to the Corporation by such Holder and stated to be
specifically for use therein, provided, however, that the obligations of such
Holder hereunder shall not apply to amounts paid in settlement of and such
claims, losses, damages, or liabilities (or actions in respect thereof) if such
settlement is effected without the consent of such Holder (which consent shall
not be unreasonably withheld). Notwithstanding the foregoing, the liability of
each Holder under this subsection (b) shall be limited to an amount equal to the
aggregate net proceeds received by such Holder from the sale of Registrable
Securities in such registration.

                                     - 11 -
<PAGE>

     (c) Each Person entitled to indemnification under this Section 1.7 (the
"Indemnified Party") shall give notice to the Party required to provide
indemnification (the "Indemnifying Party") promptly after such Indemnified Party
has actual knowledge of any claim as to which indemnity may be sought, and shall
permit the Indemnifying Party to assume the defense of any such claim or any
litigation resulting therefrom, provided that counsel for the Indemnifying
Party, who shall conduct the defense of such claim or litigation, shall be
approved by the Indemnified Party (whose approval shall not unreasonably be
withheld), and the Indemnified Party may participate in such defense at such
Indemnified Party's expense, and provided further, that the failure of any
Indemnified Party to give notice as provided herein shall not relieve the
Indemnifying Party of its obligations under this Section 1.7 unless the failure
to give such notice is materially prejudicial to an Indemnifying Party's ability
to defend such action and provided further, that the Indemnifying Party shall
not assume the defense for matters as to which there is a conflict of interest
or separate and different defenses. If (i) the Indemnifying Party shall have
failed to assume the defense of such claim and to employ counsel reasonably
satisfactory to the Indemnified Party in a timely manner or (ii) in the
reasonable judgment of any Indemnified Party a conflict of interest may exist
between such Indemnified Party and the Indemnifying Party with respect to such
claim, the fees and expenses of any counsel employed by the Indemnified Party
shall be at the expense of the Indemnifying Party; provided that, if the
Indemnifying Party is obligated to pay the fees and expenses of counsel for
other Indemnified Parties, such Indemnifying Party shall be obligated to pay
only the fees and expenses associated with one attorney or law firm for the
Indemnified Parties, unless there exists a conflict of interest or separate and
different defenses among the Indemnified Parties. No Indemnifying Party, in the
defense of any such claim or litigation, shall, except with the consent of each
Indemnified Party, consent to entry of any judgment or enter into any settlement
which does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such Indemnified Party of a release from all liability
in respect to such claim or litigation. Each Indemnified Party shall furnish
such information regarding itself or the claim in question as an Indemnifying
Party may reasonably request in writing and as shall be reasonably required in
connection with the defense of such claim and litigation resulting therefrom.

     (d) If the indemnification provided for in this Section 1.7 is held by a
court of competent jurisdiction to be unavailable to an Indemnified Party with
respect to any loss, claim, damage, liability or action referred to herein, then
the Indemnifying Party, in lieu of indemnifying such Indemnified Party
hereunder, shall contribute to the amounts paid or payable by such Indemnified
Party as a result of such loss, claim, damage, liability or action in such
proportion as is appropriate to reflect the relative fault of the Indemnifying
Party on the one hand and of the Indemnified Party on the other in connection
with the statements or omissions which resulted in such loss, claim, damage,
liability or action as well as any other relevant equitable considerations. The
relative fault of the Indemnifying Party and of the Indemnified Party shall be
determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to state
a material fact relates to information supplied by the Indemnifying Party or by
the Indemnified Party and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission.
Notwithstanding the foregoing, the maximum amount which any Holder shall be
required to contribute pursuant to this Section 1.7(d) shall be limited to an
amount equal to the net proceeds received by such Holder from the sale of
Registrable Securities effected pursuant to such registration.

                                     - 12 -
<PAGE>

     1.8 Information by Holder. The Holders of securities included in any
registration shall furnish to the Corporation in writing such information
regarding such Holders, the Registrable Securities held by such Holders and the
distribution proposed by such Holders as the Corporation may reasonably request
in writing and as shall be required in connection with any registration,
qualification or compliance referred to in this Section 1.

     1.9 Rule 144 Reporting. With a view to making available the benefits of
certain rules and regulations of the Commission which may at any time permit the
sale of the Registrable Securities to the public without registration, the
Corporation agrees to use its best efforts to:

          (a) Make and keep public information available, as those terms are
     understood and defined in Rule 144, at all times after the effective date
     that the Corporation becomes subject to the reporting requirements of the
     Securities Act or the Exchange Act.

          (b) File with the Commission in a timely manner all reports and other
     documents required of the Corporation under the Securities Act and the
     Exchange Act (at any time after it has become subject to such reporting
     requirements);

          (c) So long as a Holder owns any Registrable Securities to furnish to
     the Holder forthwith upon request a written statement by the Corporation as
     to its compliance with the reporting requirements of said Rule 144, and of
     the Securities Act and the Exchange Act, a copy of the most recent annual
     or quarterly report of the Corporation, and such other reports and
     documents of the Corporation so filed as a Holder may reasonably request in
     availing itself of any rule or regulation of the Commission allowing a
     Holder to sell any such securities without registration. The Corporation
     will take action reasonably requested by a Holder to facilitate the
     transfer of Registrable Securities pursuant to Rule 144.

     1.10 Transfer of Registration Rights. The rights to cause the Corporation
to register securities granted to a Holder by the Corporation under this
Agreement may be transferred or assigned by a Holder only to a transferee or
assignee of not less than 50,000 shares of Registrable Securities (as presently
constituted and subject to subsequent adjustments for stock splits, stock
dividends, reverse stock splits and the like), provided that the Corporation is
given written notice at the time of or within a reasonable time after said
transfer or assignment, stating the name and address of the transferee or
assignee and identifying the securities with respect to which such registration
rights are being transferred or assigned, and, provided further, that the
transferee or the assignee of such rights assumes in writing the obligations of
such Holder under this Agreement.

                                     - 13 -
<PAGE>

     1.11 Priority in Registration. In the event of any registration of
securities of the Corporation under the Securities Act, (other than on Forms
S-4, S-8 or their successor forms) holders of securities not enjoying demand
registration rights shall be first reduced pro rata to zero and, if necessary,
all holders of securities enjoying demand registration rights (including the
Holders) shall be cut back, with it being understood that (i) the Corporation
shall include in such registration the number of securities requested to be
included therein which are held by such holders (including the Holders) enjoying
demand registration rights which in the opinion of such underwriters can be sold
without materially and adversely affecting the success of such offering, pro
rata among such holders based on the number of securities (on an as-converted or
as-exercised basis) owned by each such holder, and (ii) in connection with an
underwritten primary registration on behalf of the Corporation pursuant to
Section 1.3(b) above, such holders enjoying demand registration rights shall be
entitled to include not less than 25% of the total number of shares to be
included in such offering.

     2. Miscellaneous.

     2.1 Governing Law; Submission to Jurisdiction. a) This Agreement shall be
governed by and construed in accordance with the laws of the State of New York
applicable to contracts made and to be performed wholly therein, without regard
to principles of the conflict of laws thereof.

     (b) Each Party hereto hereby agrees that any suit or judgment entered by
any court in respect thereof may be brought to the extent permitted by
applicable law in the State of New York, County of Manhattan or in any United
States District Court for the District of the State of New York, as the Party
commencing such suit, action or proceeding may elect in its sole discretion; and
each Party hereto hereby irrevocably submits to the jurisdiction of such courts
and any appellate court or body thereof for the purpose of any suit, action,
proceeding or judgment (and waives for such purpose any other preferential
jurisdiction by reason of its present of future domicile or otherwise).

     (c) Each Party hereby irrevocably waives any objection which it may now or
hereafter have to the laying of the venue of any suit, action or proceeding
arising out of or relating to this Agreement brought in the State of New York,
County of Manhattan or in any United States District Court for the District of
the State of New York and hereby further irrevocably waives any claim that any
such suit, action or proceeding brought in any such court has been brought in an
inconvenient forum.

     2.2 Survival. The representations, warranties, covenants and agreements
made herein shall survive any investigation made by any Holder, and the closing
of the transactions contemplated hereby.

                                     - 14 -
<PAGE>

     2.3 Successors and Assigns. Except as otherwise provided herein, the
provisions hereof shall inure to the benefit of, and be binding upon, the
successors, assigns, heirs, executors and administrators of the Parties hereto.

     2.4 Entire Agreement. This Agreement and the Subscription Agreement contain
the entire understanding and agreement of the Parties with respect to the
subject matter hereof and thereof. This Agreement and the Subscription Agreement
supersede all prior agreements and understandings among the Parties hereto with
respect to the subject matter hereof. Neither this Agreement nor any term hereof
may be amended, waived, discharged or terminated except by a written instrument
signed by the Corporation and the Holders of at least 50% of the Registrable
Securities then outstanding and any such amendment, waiver, discharge or
termination shall be binding on all the Holders, but in no event shall the
obligation of any Holder hereunder be materially increased, except upon the
written consent of such Holder.

     2.5 Notices, etc. All notices and other communications required or
permitted hereunder shall be in writing and shall be delivered personally,
mailed by certified or registered mail, postage prepaid, return receipt
requested, by courier or a recognized overnight delivery service or by facsimile
(provided confirmation of transmission is mechanically generated and kept on
file by the sending party), addressed (a) if to any Holder, at such Holder's
address as set forth in the Corporation's records, or at such other address as
such Holder shall have furnished to the Corporation in writing with copies to C.
E. Unterberg, Towbin at 10 East 50th Street, 20th Floor, New York, NY 10022,
Attention: Michael Marrus, (b) if to the Corporation, at 23 North Main Street,
P.O.B. 636, Kent, CT 06757, Attention: Robert Bowman, or at such other address
as the Corporation shall have furnished to such Holders in writing. Notices that
are mailed shall be deemed to have been given five days after deposit in the
United States mail and notices delivered personally, by facsimile, courier or an
overnight delivery service shall be deemed to have been given upon delivery to
recipient's address.

     2.6 Delays or Omissions. No failure or delay by any Holder in exercising
any right, power or privilege hereunder and no course of dealing between the
Corporation, on the one hand, and any Holder, on the other hand, shall operate
as a waiver thereof; nor shall any single or partial exercise of any right,
power or privilege hereunder preclude any other or further exercise thereof or
the exercise of any other right, power or privilege hereunder. Any Person having
rights under any provision of this Agreement shall be entitled to enforce such
rights specifically or to recover damages or to exercise any other remedy
available to it at law or in equity. The foregoing rights and remedies shall be
cumulative and the exercise of any right or remedy provided herein shall not
preclude any Person from exercising any other right or remedy provided herein.
The Corporation agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of any of the provisions of
this Agreement and hereby agrees to waive the defense in any action for specific
performance that a remedy at law would be adequate. No notice to or demand on
the Corporation in any case shall entitle the Corporation to any other or
further notice or demand in similar or other circumstances or constitute a
waiver of the rights of any Holder to any other or further action in any
circumstances without notice or demand. Each covenant contained herein shall
operate independently of any other covenant contained herein.

                                     - 15 -
<PAGE>

     2.7 Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be an original, but all of which together
shall constitute one instrument.

     2.8 Severability. If any provision of this Agreement, or the application
thereof, shall for any reason and to any extent be invalid or unenforceable the
remainder of this Agreement and application of such provision to Persons or
circumstances shall be interpreted so as best to reasonably effect the intent of
the parties hereto, the parties further agree to replace such void or
unenforceable provision of this Agreement with a valid and enforceable provision
which will achieve to the extent possible, the economic, business and other
purposes of the void or unenforceable provision.

     2.9 Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

                                     - 16 -
<PAGE>

                          COUNTERPART SIGNATURE PAGE TO
                          REGISTRATION RIGHTS AGREEMENT

                  IN WITNESS WHEREOF, the parties hereto have executed this
Registration Rights Agreement as of the date first written above.

                                               CORPORATION:

                                               CYBERIAN OUTPOST, INC.

                                               By: /s/ Robert A. Bowman
                                                   ----------------------
                                                   Name:
                                                   Title:

                                     - 17 -
<PAGE>

                          COUNTERPART SIGNATURE PAGE TO
                          REGISTRATION RIGHTS AGREEMENT

                                     INVESTORS:

                                     Ardent Research Partners, Ltd.

                                     By: /s/ Francis J. Sardutti
                                         -------------------------------------

                                     Ardent Research Partners, L.P.

                                     By: /s/ Francis J. Sardutti
                                         -------------------------------------

                                     Elliot Broidy, IRA

                                     By: /s/ Elliott Broidy
                                         -------------------------------------

                                     Camelot Capital, LP

                                     By: /s/ signature illegible
                                         -------------------------------------

                                     Camelot Offshore Fund Ltd.

                                     By: /s/ signature illegible
                                         -------------------------------------

                                     Camelot Capital II, LP

                                     By: /s/ signature illegible
                                         -------------------------------------

                                     Hathaway Partners Investment L.P.

                                     By: /s/ C. Nichols Hathaway
                                         -------------------------------------

                                     Duck Partners

                                     By: /s/ J. Mitchell Hull
                                         -------------------------------------

                                     Kensington Partners L.P.

                                     By: /s/ signature illegible
                                         -------------------------------------

                                     Kensington Partners II L.P.

                                     By: /s/ signature illegible
                                         -------------------------------------

                                     - 18 -
<PAGE>

                                     Bald Eagle Fund, Ltd.

                                     By: /s/ signature illegible
                                         -------------------------------------

                                     Essex Performance Fund, LP

                                     By: /s/ signature illegible
                                         -------------------------------------

                                     PAW Partners LP

                                     By: /s/ signature illegible
                                         -------------------------------------

                                     PAW Partners Offshore Fund Ltd.

                                     By: /s/ signature illegible
                                         -------------------------------------

                                     FNY Securities Associates L.P.

                                     By: /s/ signature illegible
                                         -------------------------------------

                                     Alfred University

                                     By: /s/ signature illegible
                                         -------------------------------------

                                     Core Technology Fund

                                     By: /s/ signature illegible
                                         -------------------------------------

                                     Walt Disney Company Retirement Plan

                                     By: /s/ signature illegible
                                         -------------------------------------

                                     Executive Technology LP

                                     By: /s/ signature illegible
                                         -------------------------------------

                                     Foundation Partners Fund GP

                                     By: /s/ signature illegible
                                         -------------------------------------

                                     Matrix Technology Group NV

                                     By: /s/ signature illegible
                                         -------------------------------------

                                     - 19 -
<PAGE>

                                     Rochester Institute of Technology

                                     By: /s/ signature illegible
                                         -------------------------------------

                                     Sci-Tech Investment Partners L.P.

                                     By: /s/ signature illegible
                                         -------------------------------------

                                     SG Partners LP

                                     By: /s/ signature illegible
                                         -------------------------------------

                                     Tampsco II Partnership

                                     By: /s/ signature illegible
                                         -------------------------------------

                                     Yale University

                                     By: /s/ signature illegible
                                         -------------------------------------

                                     Yale University Retirement Plan for
                                     Staff Employees

                                     By: /s/ signature illegible
                                         -------------------------------------

                                     Special Situations Private
                                     Equity Fund, L.P.

                                     By: /s/ signature illegible
                                         -------------------------------------

                                     Special Situations Fund III, L.P.

                                     By: /s/ signature illegible
                                         -------------------------------------

                                     Special Situations Cayman Fund, L.P.

                                     By: /s/ signature illegible
                                         -------------------------------------

                                     Straus Partners, LP

                                     By: /s/ Melville Straus
                                         -------------------------------------

                                     Straus-Spelman Partners, LP

                                     By: /s/ Melville Straus
                                         -------------------------------------

                                     - 20 -
<PAGE>

                                     Straus-GEPT

                                     By: /s/ Melville Straus
                                         -------------------------------------

                                     Trellus Offshore Fund Limited

                                     By: /s/ Adam Usdan
                                         -------------------------------------

                                     Trellus Partners, LP

                                     By: /s/ Adam Usdan
                                         -------------------------------------

                                     Maple Row Partners, LP

                                     By: /s/ Eric Blattman
                                         -------------------------------------

                                     Maple Row Partners (Bermuda)

                                     By: /s/ Eric Blattman
                                         -------------------------------------

                                     Catalyst Partners

                                     By: /s/ signature illegible
                                         -------------------------------------

                                     Edmund H. Shea, Jr.

                                     /s/ Edmund H. Shea, Jr.
                                     -----------------------------------------

                                     Valor Fund Ltd.

                                     By: /s/ Russell Sarachek
                                         -------------------------------------

                                     Russell Saracheck

                                     /s/ Russell Sarachek
                                     -----------------------------------------

                                     Wellport Corp. NV

                                     By: /s/ Russell Sarachek
                                         -------------------------------------

                                     Morton Collins

                                     /s/ Morton Collins
                                     -----------------------------------------

                                     - 21 -
<PAGE>

                                     C.E. Unterberg, Towbin Capital Partners

                                     By: /s/ signature illegible
                                         -------------------------------------

                                     UT Technology Partners, LDC

                                     By: /s/ signature illegible
                                         -------------------------------------

                                     UT Capital Partners International, LDC

                                     By: /s/ signature illegible
                                         -------------------------------------

                                     Thomas I. Unterberg

                                     /s/ Thomas I. Unterberg
                                     -----------------------------------------

                                     Ellen Unterberg Celli

                                     /s/ Ellen Celli
                                     -----------------------------------------

                                     Emily Unterberg Satloff

                                     /s/ Emily Satloff
                                     -----------------------------------------

                                     Andrew Arno &
                                     Janis Koopersmith Arno JT WROS

                                     /s/ Andrew Arno           /s/  Janis Arno
                                     -----------------------------------------

                                     Daniel Ries

                                     /s/ Daniel Ries
                                     -----------------------------------------

                                     Daniel Ries Escrow Account

                                     By: /s/ Daniel Ries
                                         -------------------------------------

                                     Adam S. Frankfort-IRA

                                     By: /s/ Adam S. Frankfort
                                         -------------------------------------

                                     Andrew M. Blum

                                     /s/ Andrew M. Blum
                                     -----------------------------------------

                                     - 22 -
<PAGE>

                                     O. Lee Tawes

                                     /s/ O. L. Tawes
                                     -----------------------------------------

                                     Estelle Konvisor

                                     /s/ Estell Konvisor
                                     -----------------------------------------

                                     C.E. Unterberg, Towbin 401K Profit Sharing
                                     Plan DTD 10/26/90 FBO Robert M. Matluck; R.
                                     Matluck & T. Unterberg, TTEES

                                     By: /s/ Robert M. Matluck
                                         -------------------------------------

                                     Jeffrey Moskowitz

                                     /s/ Jeffrey Moskowitz
                                     -----------------------------------------

                                     A. Robert Towbin

                                     /s/ A. Robert Towbin
                                     -----------------------------------------

                                     - 23 -Exhibit 4.1

                    ARTICLES OF INCORPORATION
                               OF
               EXCHANGE NATIONAL BANCSHARES, INC.

          The undersigned, being a natural person of the age of
eighteen years or more, for the purpose of forming a corporation
under "The General and Business Corporation Law of Missouri," as
amended, does hereby adopt the following Articles of
Incorporation:

          FIRST.    The name of the Corporation is:

                    Exchange National Bancshares, Inc.

          SECOND.   The address, including street and number, of its
initial registered office in the State of Missouri is 132 East
High Street, Jefferson City, Missouri 65101 and the name of its
initial registered agent at such address is Donald L. Campbell.

          THIRD.

          (a)  The aggregate number of shares which the Corporation shall
have authority to issue shall be 1,500,000 shares of common
stock, of the par value of $1.00 per share.

          Except as may otherwise be required by law, each holder
of Common Stock shall have one vote in respect of each share of
Common Stock held by such shareholder on all matters voted upon
by the shareholders.

          Shares of Common Stock may be issued from time to time
as the Board of Directors shall determine and on such terms and
for such consideration as shall be fixed by the Board of
Directors.

          (b)  No holder of any shares of stock of the Corporation shall be
entitled as such, as a matter of right, to subscribe for or
purchase any shares of stock of the Corporation of any class,
whether now or hereafter authorized or whether issued for cash,
property or services or as a dividend or otherwise, or to
subscribe for or purchase any obligations, bonds, notes,
debentures, other securities or stock convertible into shares of
stock of the Corporation of any class or carrying or evidencing
any right to purchase shares of stock of any class.

          (c)  Section 351.459 (as amended from time to time) of The
General and Business Corporation Law of Missouri shall apply to
any business combination (as defined in such law from time to
time) of the Corporation with any interested shareholder (as
defined in such law from time to time) of the Corporation.

<PAGE>

          FOURTH.   The name and place of residence of the incorporator are
as follows:

                  NAME                    RESIDENCE
          Brian J. Hynes        3130 Woodview Ridge Drive,
                                Apt. 302 Kansas City, Kansas
                                66103
          FIFTH.

          (a)  The number of directors to constitute the first Board of
Directors of the Corporation is six. Thereafter the number of
directors shall be fixed by, or in the manner provided in, the
Bylaws of the Corporation. Any change in the number of directors
shall be reported to the Secretary of State within 30 calendar
days of such change, or within such other period, if any, as may
then be required by law.

          The persons to constitute the first Board of Directors,
each of whom shall hold office until such director's successor is
duly elected and qualified, or until such director's earlier
resignation or removal, are as follows:

                         Harold G. Butzer
                         Donald L. Campbell
                         Charles G. Dudenhoeffer, Jr.
                         Philip D. Freeman
                         David R. Goller
                         James R. Loyd

          (b)  The members of the Board of Directors shall be divided into
three classes (to be designated as Class I, Class II and Class
III), as nearly equal in number as the then total number of
Directors constituting the whole Board of Directors permits, with
the terms of office of one class expiring each year. Mr.
Dudenhoeffer and Mr. Freeman are hereby named as Class I
Directors to hold office for a term expiring at the annual
meeting of shareholders in 1993 and until their successors are
duly elected and qualified or until their earlier resignation or
removal; Mr. Goller and Mr. Loyd are hereby named as Class II
Directors to hold office for a term expiring at the annual
meeting of shareholders in 1994 and until their successors are
duly elected and qualified or until their earlier resignation or
removal; and Mr. Butzer and Mr. Campbell are hereby named as
Class III Directors to hold office for a term expiring at the
annual meeting of shareholders in 1995 and until their successors
are duly elected and qualified or until their earlier resignation
or removal. At each annual meeting of shareholders the successors
to the class of Directors whose term shall then expire shall be
elected to hold office for a term expiring at the third
succeeding annual meeting and until their respective successors
shall be duly elected and qualified or until their respective
earlier resignation or removal.

          (c)  Any vacancy in the Board of Directors for any reason, and
any newly created directorships resulting from any increase in
the number of directors, may be filled by the Board of Directors,
acting by a majority of the Directors then in office, although
less than a quorum, and any directors so chosen shall hold office
until the next election of the class for which such Directors
shall have been chosen and until their successors shall be
elected and <PAGE> qualified or until their respective earlier
resignation or removal. No decrease in the number of Directors
shall shorten the term of any incumbent Director.

          (d)  Notwithstanding any other provisions of this Certificate of
Incorporation or the Bylaws of the Corporation (and
notwithstanding the fact that some lesser percentage may be
specified by law, this Certificate of Incorporation or the Bylaws
of the Corporation), any Director or the entire Board of
Directors of the Corporation may be removed at any time, but only
in the following ways: (i) by a majority of the Directors then in
office for cause; or (ii) with or without cause, by the
affirmative vote of the holders of two-thirds (2/3) or more of
the outstanding shares of stock of the Corporation entitled to
vote. The term "for cause" is hereby exclusively defined and
limited to mean commission of a felony, or a finding by a court
of competent jurisdiction of liability for negligence, or
misconduct, in the performance of the Director's duty to the
Corporation in a matter of substantial importance to the
Corporation, where such adjudication is no longer subject to
direct appeal.

          (e)  Advance notice of nomination for the election of Directors
other than nominations by the Board of Directors or a committee
thereof shall be given to the Corporation in the manner provided
in the Bylaws.

          SIXTH.    The duration of the Corporation is perpetual.

          SEVENTH.  The purpose for which the Corporation is formed is to
engage in any lawful business for which corporations may be
organized under The General and Business Corporation Law of
Missouri, including, without limitation, that of a bank holding
company.

          In addition to the powers and privileges conferred upon
the Corporation by law and those incidental thereto, the
Corporation shall possess and may exercise all the powers and
privileges which are necessary or convenient to the conduct,
promotion or attainment of the business or purposes of the
Corporation.

          EIGHTH.   Except as may be otherwise specifically provided by
statute, as from time to time amended, all powers of management,
direction and control of the Corporation shall be, and hereby
are, vested in the Board of Directors.

          NINTH.    The original Bylaws of the Corporation shall be adopted
in any manner provided by law. Thereafter, unless otherwise
required by law, the Bylaws of the Corporation may from time to
time be altered, amended or repealed, or new Bylaws may be
adopted, in any of the following ways: (a) by the affirmative
vote, at any annual or special meeting of the shareholders, of
the holders of two-thirds (2/3) or more of the outstanding shares
of stock of the Corporation entitled to vote; or (b) by
resolution adopted by a majority of the full Board of Directors
at a meeting thereof or a written statement of unanimous consent;
provided, however, that the power of the directors to alter,
amend, or repeal the Bylaws, or to adopt new Bylaws, may be
denied as to any Bylaws or portion thereof enacted by the
shareholders if at the time of such enactment the shareholders
shall so expressly provide.

          TENTH.

          10.1 LIMITATION OF LIABILITY. No person shall be liable to the
corporation or its <PAGE> shareholders for loss, damage, liability or
expense suffered by it on account of any action taken or omitted
to be taken by such person as a director or officer of the
corporation or by any Other Enterprise (as hereinafter defined)
which such person serves or has served as a director or officer
at the request of the Corporation, if such person (a) exercised
the same degree of care and skill as a prudent man would have
exercised under the circumstances in the conduct of his own
affairs, or (b) took or omitted to take such action in reliance
upon advice of counsel for the Corporation, or for such Other
Enterprise, or upon statements made or information furnished by
directors, officers, employees or agents of the Corporation, or
of such Other Enterprise, which such person had no reasonable
grounds to disbelieve.

          10.2 INDEMNIFICATION, GENERALLY. In addition to and without
limiting the rights to indemnification and advancement of
expenses specifically provided for in the other sections of this
Article TENTH, the Corporation shall indemnify and advance
expenses to each person who is or was an officer or director of
the Corporation to the full extent permitted by the laws of the
State of Missouri as in effect on the date of the adoption of
these Articles of Incorporation and as may hereafter be amended.

          10.3 RIGHT TO INDEMNIFICATION. The Corporation shall indemnify
each person who has been or is a party or is threatened to be
made a party to any threatened, pending or completed action, suit
or proceeding, whether civil, criminal, administrative,
investigative or appellate (regardless of whether such action,
suit or proceeding is by or in the right of the Corporation or by
third parties) by reason of the fact that such person is or was a
director or officer of the Corporation or is or was serving at
the request of the Corporation as a director or officer of any
Other Enterprise against all liabilities and expenses, including,
without limitation, judgments, amounts paid in settlement,
attorneys' fees, ERISA excise taxes or penalties, fines and other
expenses, actually and reasonably incurred by such person in
connection with such action, suit or proceeding (including,
without limitation, the investigation, defense, settlement or
appeal of such action, suit or proceeding); provided, however,
that the Corporation shall not be required to indemnify or
advance expenses to any person from or on account of such
person's conduct which was finally adjudged to have been
knowingly fraudulent, deliberately dishonest or willful
misconduct, provided, further, that the Corporation shall not be
required to indemnify or advance expenses to any person in
connection with an action, suit or proceeding initiated by such
person unless the initiation of such action, suit or proceeding
was authorized in advance by the Board of Directors of the
Corporation. The termination of any action, suit or proceeding by
judgment, order, settlement, conviction or under a plea of nolo
contendere or its equivalent, shall not, of itself, create a
presumption that such person' s conduct was finally adjudged to
have been knowingly fraudulent, deliberately dishonest or willful
misconduct. Notwithstanding anything to the contrary in this
section 10.3, no indemnification under this section 10.3 shall be
made in respect of expenses, penalties or other payments incurred
by a person subject to indemnification hereunder in connection
with any administrative proceeding or action instituted by an
appropriate bank regulatory agency which results in a final order
assessing civil money penalties or requiring affirmative action
by a person seeking indemnification hereunder in the form of
payments to the Corporation.

          10.4 ENFORCEMENT OF INDEMNIFICATION. In the event the Corporation
refuses to indemnify any person or persons who may be entitled to
be indemnified or to have expenses advanced under this Article
TENTH, such person or persons shall have the right to maintain an
<PAGE> action in any court of competent jurisdiction against the
Corporation to determine whether or not such person is entitled
to such indemnification or advancement of expenses hereunder. If
such court action is successful and the person or persons is
determined to be entitled to such indemnification or advancement
of expenses, such person or persons shall be reimbursed by the
Corporation for all fees and expenses (including attorneys' fees)
actually and reasonably incurred in connection with any such
action (including, without limitation, the investigation,
defense, settlement or appeal of such action).

          10.5 ADVANCEMENT OF EXPENSES. Expenses (including attorneys'
fees) reasonably incurred in defending an action, suit or
proceeding, whether civil, criminal, administrative,
investigative or appellate, shall be paid by the Corporation in
advance of the final disposition of such action, suit or
proceeding upon receipt of an undertaking by or on behalf of such
person to repay such amount if it shall ultimately be determined
that such person is not entitled to indemnification by the
Corporation. In no event shall any advance be made in instances
where the Board, independent legal counsel or shareholders
reasonably determines that such person would not be entitled to
indemnification hereunder.

          10.6 NON-EXCLUSIVITY. The indemnification and the advancement of
expenses provided by this Article TENTH shall not be exclusive of
any other rights to which those seeking indemnification or
advancement of expenses may be entitled under any statute, these
Articles of Incorporation or the Bylaws of the Corporation or any
agreement, vote of shareholders or disinterested directors,
policy of insurance or otherwise, both as to action in their
official capacity and as to action in another capacity while
holding their respective offices, and shall not limit in any way
any right which the Corporation may have to make additional
indemnifications with respect to the same or different persons or
classes of persons. The indemnification and advancement of
expenses provided by, or granted pursuant to, this Article TENTH
shall continue as to a person who has ceased to be a director or
officer of the Corporation, and as to a person who has ceased
serving at the request of the Corporation as a director or
officer of any Other Enterprise and shall inure to the benefit of
the heirs, executors and administrators of such a person.

          10.7 INSURANCE. Upon resolution passed by the Board of Directors,
the Corporation may purchase and maintain insurance on behalf of
any person who is or was a director, officer, agent or employee
of the Corporation, or is or was serving at the request of the
Corporation as a director, officer, agent or employee of any
Other Enterprise, against any liability asserted against such
person and incurred by such person in any such capacity, or
arising out of such person's status as such, whether or not the
Corporation would have the power to indemnify such person against
such liability under the provisions of this Article TENTH, other
than liability arising out of or in connection with any
administrative proceeding or action instituted by an appropriate
bank regulatory agency which results in civil money penalties
against him or the Corporation.

          10.8 VESTING OF RIGHTS. The rights granted or created hereby
shall be vested in each person entitled to indemnification
hereunder as a bargained-for, contractual condition of such
person's acceptance of his election or appointment as a director
or officer of the Corporation or serving at the request of the
Corporation as a director or officer of any Other Enterprise and,
while this Article TENTH may be amended or repealed, no such
amendment or repeal shall <PAGE> release, terminate or adversely
affect the rights of such person under this Article TENTH with
respect to any act taken or the failure to take any act by such
person prior to such amendment or repeal or with respect to any
action, suit or proceeding with respect to such act or failure to
act filed after such amendment or repeal.

          10.9 DEFINITIONS. For purposes of this Article TENTH, references
to:

          (a)  "The Corporation" shall, if and only if the Board of
Directors shall determine, include, in addition to the resulting
or surviving corporation, any constituent corporation (including
any constituent of a constituent) absorbed in a consolidation or
merger so that any person who is or was a director or officer of
such constituent corporation, or is or was serving at the request
of such constituent corporation as a director or officer of any
Other Enterprise shall stand in the same position under the
provisions of this Article TENTH with respect to the resulting or
surviving corporation as such person would if such person had
served the resulting or surviving corporation in the same
capacity;

          (b)  "Other Enterprises" or "Other Enterprise" shall include,
without limitation, The Exchange National Bank of Jefferson City
or any other corporation, partnership, joint venture, trust or
employee benefit plan;

          (c)  "fines" shall include any excise taxes assessed against a
person with respect to an employee benefit plan;

          (d)  "defense" shall include investigations of any threatened,
pending or completed action, suit or proceeding as well as
appeals thereof and shall also include any defensive assertion of
a cross-claim or counterclaim; and

          (e)  "serving at the request of the Corporation" shall include
any service as a director or officer of a corporation which
imposes duties on, or involves services by, such director or
officer with respect to an employee benefit plan, its
participants, or beneficiaries; and a person who acted in good
faith and in a manner such person reasonably believed to be in
the interest of the participants and beneficiaries of an employee
benefit plan shall be deemed to have acted in a manner "not
opposed to the best interests of the corporation" as referred to
in this Article TENTH.

          For the purpose of this Article TENTH, unless the Board
of Directors of the Corporation shall determine otherwise, any
director or officer of the Corporation who shall serve as a
director or officer of The Exchange National Bank of Jefferson
City or any Other Enterprise of which the Corporation, directly
or indirectly, is a shareholder or creditor, or in which the
Corporation is in any way interested, shall be presumed to be
serving as such director or officer at the request of the
Corporation. In all other instances where any person shall serve
as a director or officer of an Other Enterprise, if it is not
otherwise established that such person is or was serving as such
director or officer at the request of the Corporation, the Board
of Directors of the Corporation shall determine whether such
person is or was serving at the request of the Corporation, and
it shall not be necessary to show any actual or prior request for
such service, which determination shall be final and binding on
the Corporation and the person seeking indemnification or
advancement of expenses.

<PAGE>

          10.10     SEVERABILITY. If any provision of this Article TENTH or
the application of any such provision to any person or
circumstance is held invalid, illegal or unenforceable for any
reason whatsoever, the remaining provisions of this Article TENTH
and the application of such provision to other persons or
circumstances shall not be affected thereby and, to the fullest
extent possible, the court finding such provision invalid,
illegal or unenforceable shall modify and construe the provision
so as to render it valid and enforceable as against all persons
or entities and to give the maximum possible protection to
persons subject to indemnification hereby within the bounds of
validity, legality and enforceability. Without limiting the
generality of the foregoing, if any director or officer of the
Corporation or any person who is or was serving at the request of
the Corporation as a director or officer of any Other Enterprise,
is entitled under any provision of this Article TENTH to
indemnification by the Corporation for some or a portion of the
judgments, amounts paid in settlement, attorneys' fees, ERISA
excise taxes or penalties, fines or other expenses actually and
reasonably incurred by any such person in connection with any
threatened, pending or completed action, suit or proceeding
(including, without limitation, the investigation, defense,
settlement or appeal of such action, suit or proceeding), whether
civil, criminal, administrative, investigative or appellate, but
not, however, for all of the total amount thereof, the
Corporation shall nevertheless indemnify such person for the
portion thereof to which such person is entitled.

          ELEVENTH. Insofar as it is permitted under the laws of the State
of Missouri and except as may be otherwise provided by the Bylaws
of the Corporation, (a) no contract or other transaction between
this Corporation and any other corporation, partnership,
association or other organization shall be void or voidable
solely by reason of the fact that any director or officer of this
Corporation is interested in, or is a member, shareholder,
director or officer of such other corporation, partnership,
association or other organization; and (b) any director or
officer of this Corporation, individually or jointly with one or
more other directors or officers of this Corporation, may be a
party to, or may be interested in, any contract or other
transaction of this Corporation or in which this Corporation is
interested, and no such contract or other transaction shall be
void or voidable solely thereby.

          TWELFTH.  The books and records of account of the Corporation may
be kept (subject to any provision contained in the statutes of
the State of Missouri) outside the State of Missouri at such
place or places as may be designated from time to time by the
Board of Directors or in the Bylaws of the Corporation; provided,
however, that the Corporation shall keep at its registered office
or principal place of business in the State of Missouri, or at
the office of its transfer agent in the State of Missouri, if
any, books and records in which shall be recorded the number of
shares subscribed, the names of the owners of the shares, the
numbers owned by them respectively, the amount paid for the
shares, and by whom, and the transfer of such shares with the
date of transfer.

          THIRTEENTH.    Except as may be otherwise provided by statute,
the Corporation shall be entitled to treat the registered holder
of any shares of the Corporation as the owner of such shares and
of all rights derived from such shares for all purposes and the
Corporation shall not be obligated to recognize any equitable or
other claim to or interest in such shares or rights on the part
of any other person, including, but without limiting the
generality of the term "person" to, a purchaser, pledgee,
assignee or transferee of such shares or rights, unless and until
such person becomes the registered holder of such shares. The
foregoing shall apply <PAGE> whether or not the Corporation shall
have either actual or constructive notice of the claim by or the
interest of such person.

          FOURTEENTH.    The Corporation reserves the right to alter, amend
or repeal any provision contained in its Articles of
Incorporation in the manner now or hereafter permitted or
prescribed by the statutes of Missouri, and all rights and powers
conferred herein are granted subject to this reservation and
subject to Article FIFTEENTH of this Certificate of
Incorporation; provided, however, that no such alteration,
amendment or repeal may be made except in accordance with Article
FIFTEENTH.

          FIFTEENTH.     None of the provisions of Articles THIRD, FIFTH,
NINTH, TENTH, FOURTEENTH, or this Article FIFTEENTH may be
altered, amended or repealed except upon the affirmative vote at
any annual or special meeting of the shareholders, of the holders
of at least two-thirds (2/3) or more of the outstanding shares of
stock entitled to vote, nor shall new provisions to this
Certificate of Incorporation be adopted or existing provisions to
the Certificate of Incorporation be altered, amended or repealed
which in either instance are in conflict or inconsistent with
Articles THIRD, FIFTH, NINTH, TENTH, FOURTEENTH, or this  Article
FIFTEENTH except upon such two-thirds (2/3) or more shareholder
vote. Any inconsistency developing between the provisions of a
Bylaw and any provisions of this Certificate of Incorporation
shall be controlled by this Certificate of Incorporation.

          IN WITNESS WHEREOF, the undersigned has executed these
Articles of Incorporation as of October 23, 1992.

                              /s/ Brian J. Hynes
                              Brian J. Hynes, Incorporator

STATE OF MISSOURI        )
                         )    SS.
COUNTY OF JACKSON        )

          I, Debby L. Herman, a notary public, do hereby certify
that on the 23rd day of October, 1992, personally appeared before
me, Brian J. Hynes, who being by me first duly sworn, declared
that he is the person who signed the foregoing document as
incorporator, and that the statements therein contained are true.

                              /s/ Debby L. Herman
                              Notary Public

(NOTARIAL SEAL)

My commission expires:  Dec. 22, 1995

<PAGE>

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