Document:

<Page>

                                                                     EXHIBIT 4.1

                            CERTIFICATE OF AMENDMENT
                                       OF
                          CERTIFICATE OF INCORPORATION
                                       OF
                             ASPEN TECHNOLOGY, INC.

             PURSUANT TO SECTION 242 OF THE GENERAL CORPORATION LAW
                            OF THE STATE OF DELAWARE

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

     Aspen Technology, Inc., a corporation organized and existing under and by
virtue of the General Corporation Law of the State of Delaware (the
"Corporation"), does hereby certify as follows:

     At a meeting of the Board of Directors of the Corporation a resolution was
duly adopted, pursuant to Section 242 of the General Corporation Law of the
State of Delaware, setting forth an amendment to the Certificate of
Incorporation of the Corporation, as amended to date, and declaring said
amendment to be advisable. The stockholders of the Corporation duly adopted said
amendment at a special meeting of stockholders in accordance with Section 242 of
the General Corporation Law of the State of Delaware. The resolution setting
forth the amendment is as follows:

RESOLVED: That Article FOURTH of the Certificate of Incorporation of the
          Corporation, as amended, be deleted in its entirety and the following
          paragraphs shall be inserted in lieu thereof:

          "FOURTH: That, effective at 5:00 pm., eastern time, on the filing
          date of this Certificate of Amendment of Certificate of
          Incorporation, as amended (the "Effective Time"), a one-for-three
          reverse stock split of the Corporation's common stock shall become
          effective, pursuant to which each three shares of common stock
          outstanding and held of record by each stockholder of the
          Corporation (including treasury shares) immediately prior to the
          Effective Time shall be reclassified and combined into one share of
          common stock automatically and without any action by the holder
          thereof upon the Effective Time and shall represent one share of
          common stock from and after the Effective Time. No fractional
          shares of common stock shall be issued as a result of such
          reclassification and combination. In lieu of any fractional shares
          to which the stockholder would otherwise be entitled, the
          Corporation shall pay cash equal to such fraction multiplied by the
          then fair market value of the common stock as determined by the
          Board of Directors of the Corporation.

          The Corporation is authorized to issue two classes of capital
          stock, one of which is designated as common stock, $.001 par value
          per share ("Common Stock"), and the other of which is designated as
          preferred stock, $0.10 par value per share ("Preferred Stock"). The
          total number of shares of both classes of capital stock that the
          Corporation shall have authority to issue is 110,000,000 shares,
          consisting of 100,000,000 shares of Common Stock and 10,000,000
          shares of Preferred Stock. The following is a statement of the
          designations and the powers, preferences and rights of, and the
          qualifications, limitations or restrictions applicable to, each
          class of capital stock of the Corporation."

     IN WITNESS WHEREOF, the Corporation has caused this Certificate of
Amendment to be signed by its President and Chief Executive Officer as of
_________, 2003.

                                     ASPEN TECHNOLOGY, INC.

                                     By:
                                        ----------------------------------------
                                        David L. McQuillin
                                        President and Chief Executive Officer<Page>

                                                                     EXHIBIT 4.2

                             ASPEN TECHNOLOGY, INC.

                                   ----------

                           CERTIFICATE OF DESIGNATIONS
                                       OF
                     SERIES D-1 CONVERTIBLE PREFERRED STOCK
                                       AND
                     SERIES D-2 CONVERTIBLE PREFERRED STOCK
        (PURSUANT TO SECTION 151 OF THE DELAWARE GENERAL CORPORATION LAW)

                                   ----------

      Aspen Technology, Inc., a Delaware corporation (the "Corporation"), in
accordance with the provisions of Section 103 of the Delaware General
Corporation Law, does hereby certify that the following resolution was duly
adopted by the Board of Directors of the Corporation as of June 1, 2003, in
accordance with Section 141(c) of the Delaware General Corporation Law:

      RESOLVED, that two series of Preferred Stock, Series D-1 Convertible
Preferred Stock, par value $0.10 per share, and Series D-2 Convertible Preferred
Stock, par value $0.10 per share, of the Corporation are hereby created and the
designation, number of shares, powers, preferences, rights, qualifications,
limitations and restrictions thereof (in addition to any provisions set forth in
the Certificate of Incorporation of the Corporation that are applicable to the
Preferred Stock of all classes and series) are as follows:

                     SERIES D-1 CONVERTIBLE PREFERRED STOCK
                                       AND
                     SERIES D-2 CONVERTIBLE PREFERRED STOCK

      A total of 302,000 shares of the authorized and unissued Preferred Stock
of the Corporation are hereby designated "Series D-1 Convertible Preferred
Stock" ("Series D-1 Preferred Stock") and a total of 65,000 shares of the
authorized and unissued Preferred Stock of the Corporation are hereby designated
"Series D-2 Convertible Preferred Stock" ("Series D-2 Preferred Stock," and
together with the Series D-1 Preferred Stock, "Series D Preferred Stock"), with
each series having the following rights, preferences, powers, privileges and
restrictions, qualifications and limitations:

      1.  DIVIDENDS

          (a)  DIVIDEND RATE. The holders of shares of Series D Preferred Stock
      shall be entitled, out of funds legally available therefor, to receive
      cumulative dividends at the rate per annum equal to 8% (subject to
      adjustment in accordance with Section 6(a) and 6(b) below) of $333.00 per
      share (subject to appropriate adjustment in the event of any stock
      dividend, stock split, reverse stock split, combination, split-up,
      recapitalization and like occurrences on or after the Series D Original
      Issue Date (as defined below) affecting such shares, the "Stated Value"),
      payable only when, as and if declared by the Board of Directors of the
      Corporation. Such dividends shall be calculated on the basis of a 365-day
      year, shall accumulate daily commencing on the Series D Original Issue
      Date, shall compound quarterly to the extent not previously paid, and
      shall accumulate from the date of issuance of a share of Series D
      Preferred Stock until such share is no longer outstanding. Furthermore,
      such dividends shall be deemed to accumulate from the Series D Original
      Issue Date whether or not earned or declared and whether or not there are
      profits, surplus or other funds of the Corporation legally available for
      the payment of dividends.

<Page>

          (b)  DIVIDEND PAYMENTS

               (i)    Dividends declared on Series D Preferred Stock by the
          Board of Directors of the Corporation pursuant to Subsection 1(a)
          above shall be payable in cash, except that, in the sole discretion of
          the Corporation (subject to Subsection 1(b)(ii) below), such dividends
          may be paid in Common Stock, par value $0.10 per share, of the
          Corporation ("Common Stock") as follows: Following the end of any
          calendar quarter, commencing with the quarter ending March 31, 2004,
          if the Board elects to pay a dividend, then the Corporation shall
          deliver, by no later than the twentieth day following the end of such
          calendar quarter (such twentieth day after the calendar quarter being
          the "Quarterly Deadline"), a written notice to each of the holders of
          Series D Preferred Stock advising such holders that the Corporation
          has elected, pursuant to this paragraph (i), to pay all or any portion
          of the dividends accumulated on the Series D Preferred Stock through
          the final day of such calendar quarter (such final day of the calendar
          quarter being the "Record Date"). If the Corporation delivers such a
          notice, the Corporation shall pay such dividend on the twenty-fourth
          Trading Day following the applicable Quarterly Deadline. Any such
          dividend shall be payable in cash, except to the extent that the
          notice delivered with respect thereto specifies that an amount (which
          may be up to all) of such dividend shall be paid by the delivery of
          shares of Common Stock to holders of Series D Preferred Stock as of
          the Record Date (or, if such day is not a Trading Day, then the
          immediately preceding Trading Day, as defined below). If the
          Corporation elects to pay less than all of such accumulated dividends,
          an equal amount of the dividends declared shall be paid with respect
          to each share of Series D Preferred Stock and the form of payment
          (that is, cash, Common Stock or a combination thereof) shall be
          identical with respect to each share of Series D Preferred Stock. The
          number of shares of Common Stock issuable in payment of any such
          dividends to be paid in Common Stock shall be calculated as set forth
          in Subsection 1(b)(iii) below, and the shares shall be delivered as
          set forth in Subsection 1(b)(iv) below.

               (ii)   Notwithstanding any other provision hereof, the
          Corporation shall not be entitled to pay a dividend in Common Stock
          with respect to shares of Series D Preferred Stock pursuant to
          Subsection 1(b)(i) above or Section 4(b) below unless, with respect to
          such shares all of the following conditions are satisfied (with clause
          (E) only being applicable to Series D-1 Preferred Stock):

                      (A)  the Common Stock is listed on the Nasdaq National
                           Market, the American Stock Exchange or the New York
                           Stock Exchange at all times, without interruption,
                           between the date on which the Corporation gives
                           notice under Subsection 1(b)(i) through the date that
                           the certificate representing the shares of Common
                           Stock being issued in payment of such dividend is
                           actually delivered to the applicable holder of Series
                           D Preferred Stock;

                      (B)  as of such delivery date, the Corporation has not
                           received any written notice or warning from such
                           trading or quotation facility with respect to the
                           potential delisting of the Common Stock, which notice
                           or warning continues to be unresolved or otherwise in
                           effect as of such delivery date such that the Common
                           Stock could not be listed and sold within 90 days
                           thereafter by reason of such notice or warning;

                      (C)  the shares of Common Stock issued in payment of such
                           dividend shall be the subject of a registration
                           statement filed under the Securities Act of 1933, as
                           amended (the "Securities Act"), which registration
                           statement shall be effective as of the issue date, or
                           all such shares may be sold pursuant to Rule 144(k)

                                        2
<Page>

                           under the Securities Act;

                      (D)  none of the following have occurred on or prior to
                           such the issue date (1) the Corporation or any
                           significant subsidiary of the Corporation, as defined
                           in Rule 1-02(w) of Regulation S-X, (a "Material
                           Subsidiary") commences a case or other proceeding
                           under any bankruptcy, reorganization, arrangement,
                           adjustment of debt, relief of debtors, dissolution,
                           insolvency or liquidation or similar law of any
                           jurisdiction relating to the Corporation or any
                           Material Subsidiary thereof; (2) there is commenced
                           against the Corporation or any Material Subsidiary
                           any such case or proceeding that is not dismissed
                           within 60 days after commencement; (3) the
                           Corporation or any Material Subsidiary is adjudicated
                           insolvent or bankrupt or any order of relief or other
                           order approving any such case or proceeding is
                           entered; (4) the Corporation or any Material
                           Subsidiary suffers any appointment of any custodian
                           or the like for it or any substantial part of its
                           property that is not discharged or stayed within 60
                           days; (5) the Corporation or any Material Subsidiary
                           makes a general assignment for the benefit of
                           creditors; (6) the Corporation or any Material
                           Subsidiary fails to pay, or states in writing that it
                           is unable to pay or is unable to pay, its debts
                           generally as they become due; or (7) the Corporation
                           or any subsidiary of the Corporation, by any act or
                           failure to act, expressly indicates its consent to,
                           approval of or acquiescence in any of the foregoing
                           or takes any corporate or other action that effects
                           any of the foregoing; and

                      (E)  solely with respect to the holders of Series D-1
                           Preferred Stock, the receipt of the Common Stock by
                           such holders of Series D-1 Preferred Stock will be
                           exempt from the provisions of Section 16(b) of the
                           Securities Exchange Act of 1934, as amended (or any
                           successor thereto) (the "Exchange Act").

               (iii)  If a dividend on the Series D Preferred Stock is paid in
          shares of Common Stock, the number of shares of Common Stock to be
          issued to a holder of Series D Preferred Stock shall equal the
          quotient of (A) the amount of the dividend payable to such holder
          divided by (B) the arithmetic average of the Average Daily Prices for
          twenty consecutive Trading Days commencing on the Trading Day
          immediately following the applicable Quarterly Deadline. The
          Corporation shall issue, as of such dividend payment date, a
          certificate, registered in the name of the holder or its nominee, for
          the number of shares of Common Stock to which the holder shall be
          entitled.

               (iv)   If any dividend on Series D Preferred Stock is paid in
          shares of Common Stock, the Corporation shall, on or before the
          twenty-fourth Trading Day following the applicable Quarterly Deadline,
          (A) issue and deliver to such holder a certificate, registered in the
          name of such holder, for the number of shares of Common Stock to which
          such holder shall be entitled or (B) if and when the applicable shares
          of Common Stock may be held in a balance account with The Depository
          Trust Corporation through its Deposit Withdrawal Agent Commission
          System and after such holder has notified the Corporation that this
          clause (B) shall apply, credit the number of shares of Common Stock to
          which such holder shall be entitled to such holder's balance account
          with The Depository Trust Corporation through its Deposit Withdrawal
          Agent Commission System.

               (v)    No fractional shares of Common Stock shall be issued in
          payment of dividends on the Series D Preferred Stock pursuant to this
          Section 1(b). In lieu of any fractional shares to which the holder
          would otherwise be entitled, the Corporation shall pay cash equal to
          such

                                        3
<Page>

          fraction multiplied by the then-effective Series D Conversion Price.

               (vi)   For purposes hereof, the following definitions shall
          apply:

                      (A)  "Trading Day" shall mean (I) any day on which the
                           Common Stock is traded on the Nasdaq National Market,
                           (II) if the Common Stock is not then listed on the
                           Nasdaq National Market, any day on which the Common
                           Stock is traded on any other national securities
                           exchange, market, or trading or quotation facility,
                           or (III) if the Common Stock is not then listed or
                           quoted on any national securities exchange, market,
                           or trading or quotation facility, then a day on which
                           trading occurs on the New York Stock Exchange (or any
                           successor thereto); and

                      (B)  "Average Daily Price" shall mean, with respect to a
                           Trading Day, the daily volume weighted average
                           trading price (the total dollar amount traded on that
                           day divided by trading volume for that day) of the
                           Common Stock on that Trading Day and for the regular
                           Trading Day session as reported at 4:15 P.M., Eastern
                           time, by Bloomberg, LP function key HP by using W to
                           calculate the daily weighted average, or such other
                           price as may be determined by an alternative
                           methodology agreed upon from time to time by the
                           Corporation and the holders of a majority of the
                           outstanding shares of Series D-1 Preferred Stock and
                           the holders of a majority of the outstanding shares
                           of Series D-2 Preferred Stock.

          (c)  PROHIBITION ON OTHER DIVIDENDS. So long as any of the shares of
      Series D Preferred Stock are outstanding, the Corporation shall not
      declare, pay or set aside any dividends (other than dividends payable in
      shares of Common Stock, and then only at such times as the Corporation is
      in compliance with its obligations hereunder) on shares of Common Stock or
      Junior Stock unless dividends equal to the full amount of accumulated and
      unpaid dividends on the Series D Preferred Stock have been declared and
      have been, or are then being simultaneously, paid. For purposes hereof,
      "Junior Stock" shall mean the Series A Preferred Stock and any other class
      or series of equity securities of the Corporation not expressly ranking
      senior to or on parity with the Series D Preferred Stock with respect to
      payment of dividends or rights upon liquidation, dissolution or winding
      up. "Parity Stock" shall mean any class or series of equity securities of
      the Corporation expressly on parity with the Series D Preferred Stock, as
      to the payment of dividends and as to distribution of assets upon
      liquidation, dissolution or winding up, whether the dividend rates,
      dividend payment dates or redemption or liquidation prices per share
      thereof be different from those of the Series D Preferred Stock, if the
      holders of such class of stock or series and the Series D Preferred Stock
      shall be entitled to the receipt of dividends and of amounts distributable
      upon liquidation, dissolution or winding up in proportion to their
      respective amounts of accumulated but unpaid dividends per share or
      liquidation preferences, without preference or priority one over the
      other. The Series D-1 Preferred Stock shall be Parity Stock with respect
      to the Series D-2 Preferred Stock, and the Series D-2 Preferred Stock
      shall be Parity Stock with respect to the Series D-1 Preferred Stock.

      2.  LIQUIDATION, DISSOLUTION OR WINDING UP; CERTAIN MERGERS,
          CONSOLIDATIONS AND ASSET SALES

          (a)  PAYMENTS TO HOLDERS OF SERIES D PREFERRED STOCK. In the event of
      any Liquidation (as hereinafter defined), the holders of shares of Series
      D Preferred Stock then outstanding shall be entitled to be paid out of the
      assets of the Corporation available for distribution to its stockholders,
      before any payment shall be made to the holders of Common Stock or Junior
      Stock by reason of

                                        4
<Page>

      their ownership thereof, an amount per share equal to the greater of (i)
      the Stated Value, plus any accumulated but unpaid dividends with respect
      thereto, and (ii) such amount per share as would have been payable had
      each such share been converted into Common Stock pursuant to Section 4
      below immediately prior to such Liquidation (the amount payable pursuant
      to this sentence is hereinafter referred to as the "Series D Liquidation
      Amount"). If upon any such Liquidation the remaining assets of the
      Corporation available for distribution to its stockholders shall be
      insufficient to pay the holders of shares of Series D Preferred Stock and
      any Parity Stock (as defined below) the full amount to which they shall be
      entitled, the holders of shares of Series D Preferred Stock and any Parity
      Stock shall share ratably in any distribution of the remaining assets and
      funds of the Corporation in proportion to the respective amounts that
      would otherwise be payable in respect of the shares held by them upon such
      distribution if all amounts payable on or with respect to such shares were
      paid in full. A "Liquidation" shall mean any of the following: (A) a
      liquidation, dissolution or winding up of the Corporation, whether
      voluntary or involuntary, or (B) a Deemed Liquidation Event (as defined
      below).

          (b)  PAYMENTS TO HOLDERS OF JUNIOR STOCK. After the payment of all
      preferential amounts required to be paid to the holders of Series D
      Preferred Stock, any Parity Stock and any other class or series of stock
      of the Corporation ranking on liquidation senior to the Series D Preferred
      Stock, upon the dissolution, liquidation or winding up of the Corporation,
      the holders of shares of Junior Stock then outstanding shall be entitled
      to receive the remaining assets and funds of the Corporation available for
      distribution to its stockholders.

          (c)  DEEMED LIQUIDATION EVENTS

               (i)    The following events shall be deemed to be a liquidation
          of the Corporation for purposes of this Section 2 (a "Deemed
          Liquidation Event"):

                      (A)  a merger, consolidation, recapitalization,
                           reorganization or other transaction in which:

                           (I)   the Corporation is a constituent party or

                           (II)  a subsidiary of the Corporation is a
                                 constituent party and the Corporation issues
                                 shares of its capital stock pursuant to such
                                 merger or consolidation,

                           except any such merger, consolidation,
                           recapitalization, reorganization or other transaction
                           involving the Corporation or a subsidiary in which
                           the holders of capital stock of the Corporation
                           immediately prior to such merger or consolidation
                           continue to hold immediately following such merger or
                           consolidation, recapitalization, reorganization or
                           other transaction, at least 51%, by voting power and
                           economic interest, of the capital stock of (1) the
                           surviving or resulting corporation or (2) if the
                           surviving or resulting corporation is a wholly owned
                           subsidiary of another corporation immediately
                           following such merger or consolidation, the parent
                           corporation of such surviving or resulting
                           corporation; or

                       (B) the sale, in a single transaction or series of
                           related transactions, by the Corporation of all or
                           substantially all the assets of the Corporation
                           (except where such sale is to a wholly owned
                           subsidiary of the Corporation).

                                        5
<Page>

               (ii)   The Corporation shall not effect any transaction
          constituting a Deemed Liquidation Event pursuant to Subsection
          2(c)(i)(A) above unless (A) the agreement or plan of merger or
          consolidation provides that the consideration payable to the
          stockholders of the Corporation shall be allocated among the holders
          of capital stock of the Corporation in accordance with Subsections
          2(a) and 2(b) above or (B) the holders of at least a majority of the
          then-outstanding shares of Series D-1 Preferred Stock and the
          then-outstanding shares of Series D-2 Preferred Stock specifically
          consent in writing to the allocation of such consideration in a manner
          different from that provided in Subsections 2(a) and 2(b) above.

               (iii)  In the event of a Deemed Liquidation Event pursuant to
          Subsection 2(c)(i)(B) above, the Corporation shall use its reasonable
          best efforts to distribute to each holder of Series D Preferred Stock,
          in respect of each share of Series D Preferred Stock held by such
          holder, the Series D Liquidation Amount within ten Trading Days of the
          consummation of such Deemed Liquidation Event. If such distribution
          has not occurred, then (A) the Corporation shall deliver a written
          notice to each of the holders of Series D Preferred Stock no later
          than fifteen Trading Days after the Deemed Liquidation Event advising
          such holders of their right (and the requirements to be met to secure
          such right) pursuant to the terms of the following clause (B) to
          require the redemption of such shares of Series D Preferred Stock, and
          (B) if the holders of at least a majority of the then-outstanding
          shares of Series D-1 Preferred Stock or Series D-2 Preferred Stock so
          request in a written instrument delivered to the Corporation (a
          "Required Distribution Notice") not later than thirty Trading Days
          after such Deemed Liquidation Event (which period shall be extended by
          any period of noncompliance of the Corporation with clause (A) above),
          the Corporation shall use the consideration received by the
          Corporation, directly or indirectly, as a result of such Deemed
          Liquidation Event (net of any liabilities associated with the assets
          sold or technology licensed, as determined in good faith by the
          members of the Board of Directors of the Corporation), to the extent
          legally available therefor (the "Net Proceeds"), to redeem, on a date
          not later than forty-five Trading Days after such Deemed Liquidation
          Event (the "Liquidation Redemption Date"), all outstanding shares of
          Series D-1 Preferred Stock and/or Series D-2 Preferred Stock, as
          applicable, at a price per share equal to the Series D Liquidation
          Amount. In the event of a redemption pursuant to the preceding
          sentence, if the Net Proceeds are not sufficient to redeem all
          outstanding shares of Series D-1 Preferred Stock and/or Series D-2
          Preferred Stock, as applicable, the Corporation shall redeem a pro
          rata portion of each holder's shares of Series D-1 Preferred Stock or
          Series D-2 Preferred Stock, as applicable. In no event shall a holder
          of Series D Preferred Stock receive more than such holder would
          receive if all holders of Series D Preferred Stock gave a Required
          Distribution Notice. The provisions of Section 6 below shall apply,
          with such necessary changes in the details thereof as are necessitated
          by the context, to the redemption of the Series D Preferred Stock
          pursuant to this Subsection 2(c)(iii). Prior to the distribution or
          redemption provided for in this Subsection 2(c)(iii), the Corporation
          shall not expend or dissipate the consideration received for such
          Deemed Liquidation Event, except to discharge expenses incurred in the
          ordinary course of business.

               (iv)   The amount deemed paid or distributed to the holders of
          capital stock of the Corporation upon any such merger, consolidation,
          sale or redemption shall be the cash or the value of the property,
          rights or securities paid or distributed to such holders by the
          Corporation or the acquiring person, firm or other entity. The value
          of such property, rights or securities shall be determined in good
          faith by the Board of Directors of the Corporation.

          (d)  The Corporation shall mail written notice of any Liquidation to
      each holder of Series D Preferred Stock not less than twenty days prior to
      the payment date or effective date thereof.

                                        6
<Page>

      3.  VOTING

          (a)  GENERAL VOTING RIGHTS. On any matter (other than, in the case of
      the Series D-1 Preferred Stock, the election of the directors) presented
      to the stockholders of the Corporation for their action or consideration
      at any meeting of stockholders of the Corporation (or by written action of
      stockholders in lieu of meeting), each holder of outstanding shares of
      Series D Preferred Stock shall be entitled to the number of votes equal to
      the number of whole shares of Common Stock into which the shares of Series
      D Preferred Stock held by such holder are convertible (subject to the
      limitations of Section 12 below) as of the record date for determining
      stockholders entitled to vote on such matter; PROVIDED, HOWEVER, in no
      event shall any share of Series D Preferred Stock be entitled to more
      votes than the Maximum Per Share Preferred Vote (as defined below). Except
      as provided by law or by the provisions of Subsection 3(b) or 3(c) below,
      holders of Series D Preferred Stock shall vote together with the holders
      of Common Stock, and with the holders of any other series of Preferred
      Stock the terms of which so provide, as a single class.

          As used herein, the "Maximum Per Share Preferred Vote" for each share
      of Series D-1 Preferred Stock shall be the lesser of (i) ____(1) or such
      greater number of votes as may be specifically permitted under then
      applicable rules or regulation of the Nasdaq National Market or other
      applicable market or exchange, and (ii) the number of shares of Common
      Stock into which each share of Series D-1 Preferred Stock is convertible
      as of 5:00 P.M. on the record date for the vote.

          (b)  ELECTIONS OF DIRECTORS. Except as otherwise provided below in
      this Section 3(b), the holders of the shares of Series D-1 Preferred
      Stock, exclusively and as a separate class, shall be entitled to elect a
      number of directors of the Corporation as provided below, and the holders
      of the shares of Common Stock and of any other class or series of voting
      stock (but excluding the Series D-1 Preferred Stock), exclusively and as a
      separate class, shall, subject to the rights of any additional series of
      Preferred Stock that may be established from time to time, be entitled to
      elect the balance of the total number of directors of the Corporation. For
      so long as at least 60,060 shares of Series D-1 Preferred Stock are
      outstanding, the holders of Series D-1 Preferred Stock shall be entitled
      to elect a number of directors equal to, rounding to the closest whole
      number, with .5 being rounded up, (except that rounding shall be down to
      the closest whole number in the event that rounding up would permit the
      Series D-1 Preferred Stock to elect fifty percent (50%) or more of the
      board of directors), the product of (i) the total number of directors to
      be on the Board of Directors immediately following an election of
      directors, multiplied by (ii) a fraction, of which (A) the numerator shall
      be the aggregate Maximum Per Share Preferred Votes for all shares of
      Series D-1 Preferred Stock outstanding at the time of the vote and (B) the
      denominator shall be the sum of (x) the total number of shares of Common
      Stock outstanding as of the record date for the vote, (y) the aggregate
      Maximum Per Share Preferred Votes for all shares of Series D-1 Preferred
      Stock outstanding as of 5:00 P.M. on the record date for the vote, and (z)
      for each other security of the Corporation, including the Series D-2
      Preferred Stock, entitled to vote in an election for directors as of the
      record date for the vote, the least of (I) the maximum vote permitted
      under the Certificate of Incorporation, (II) the maximum vote permitted
      under any Certificate of Designation of this Corporation and (III) the
      maximum vote permitted under any applicable law, rule or regulation. At
      any meeting held for the purpose of electing directors, the presence in
      person or by proxy of the holders of a majority of the shares of Series
      D-1 Preferred Stock then outstanding shall constitute a

----------
(1)  Insert number equal to the lesser of the initial Stated Value of a Series D
     Preferred Share divided by the average of the closing bid prices of the
     Common Stock for the five days preceding the Closing Date for the Series D
     Preferred.

                                        7
<Page>

      quorum of the Series D-1 Preferred Stock for the purpose of electing
      directors by holders of the Series D-1 Preferred Stock. A vacancy in any
      directorship filled by the holders of Series D-1 Preferred Stock shall be
      filled only by vote or written consent in lieu of a meeting of the holders
      of the Series D-1 Preferred Stock or by any remaining director or
      directors elected by the holders of Series D-1 Preferred Stock pursuant to
      this Subsection 3(b).

          (c)  SERIES VOTING RIGHTS. The Corporation shall not, without the
      written consent or affirmative vote of the holders of a majority of the
      shares of (i) Series D-1 Preferred Stock then outstanding, and (ii) with
      respect to Subsection 3(c)(i) through Subsection 3(c)(v) (inclusive)
      below, Series D-2 Preferred Stock, in each case given in writing or by
      vote at a meeting, consenting or voting (as the case may be) separately as
      a class:

               (i)    amend the Certificate of Incorporation, including this
                      Certificate of Designation, so as to amend, alter or
                      repeal the powers, preferences or special rights of the
                      Series D Preferred Stock in a manner that adversely
                      affects the rights, preferences or privileges of the
                      holders of Series D Preferred Stock, PROVIDED that nothing
                      in this Subsection 3(c)(i) shall prohibit the Corporation
                      from effecting a Deemed Liquidation Event so long as the
                      Corporation complies with the provisions of Subsections
                      2(c)(ii) through (iv) (inclusive) above;

               (ii)   authorize, designate or issue any Parity Stock or any
                      class of stock of the Corporation ranking senior to the
                      Series D Preferred Stock as to the payment of dividends
                      and as to distribution of assets upon Liquidation ("Senior
                      Stock");

               (iii)  amend the Certificate of Incorporation to authorize any
                      additional shares of Series D Preferred Stock, Parity
                      Stock or Senior Stock;

               (iv)   amend, alter or repeal any provision of this Certificate
                      of Designations, PROVIDED that nothing in this Subsection
                      3(c)(iv) shall prohibit the Corporation from effecting a
                      Deemed Liquidation Event so long as the Corporation
                      complies with the provisions of Subsections 2(c)(ii)
                      through (iv) (inclusive) above;

               (v)    amend, alter or repeal the Bylaws of the Corporation in
                      any way that is inconsistent with this Certificate of
                      Designations;

               (vi)   take any action to decrease the number of directors of the
                      Corporation to less than five;

               (vii)  apply any of its assets in excess of $7,500,000 in any
                      12-month period to the redemption, retirement, purchase or
                      acquisition, directly or indirectly (including through a
                      Corporation Subsidiary), of any shares of capital stock of
                      the Corporation (including securities convertible into or
                      exchangeable for such capital stock), other than (A)
                      redemptions of Preferred Stock in accordance with the
                      terms of the Certificate of Incorporation, (B) repurchases
                      of Common Stock from employees and consultants who
                      received the stock in connection with their performance of
                      services at cost upon termination of employment or
                      service, (C) redemptions, retirements, repurchases or
                      acquisitions of 5 1/4% Convertible Subordinated Debentures
                      due June 15, 2005 of the Corporation ("Convertible
                      Debentures"), and (D) repurchases made with the proceeds
                      of an issuance of Junior Stock, except where such proceeds
                      are used to repurchase securities from any officer or
                      director of the Corporation;

                                        8
<Page>

               (viii) acquire all or substantially all of the assets or stock of
                      any class of any other corporation, or any equity interest
                      in any partnership, limited liability company, joint
                      venture, association, joint stock company or trust where
                      the aggregate consideration paid by the Corporation (as
                      determined in good faith by the directors of the
                      Corporation at the time definitive agreements are entered
                      into) for such acquisition is greater than $80,000,000; or

               (ix)   incur any indebtedness for borrowed money, which for
                      purposes of this paragraph shall exclude the Convertible
                      Debentures, or permit any Corporation Subsidiary to incur
                      any indebtedness (other than indebtedness of Corporation
                      Subsidiaries owed to the Corporation or other intercompany
                      indebtedness), in excess of, at any time, the greater of
                      (A) $50,000,000; or (B) $65,000,000 less the aggregate
                      principal amount of the then-outstanding Convertible
                      Debentures.

      For purposes of this Subsection 3(c), the term "Corporation Subsidiary"
      shall mean any corporation, partnership, trust, limited liability company
      or other non-corporate business enterprise in which the Corporation (or
      another Corporation Subsidiary) holds stock or other ownership interests
      representing (1) more than 50% of the voting power of all outstanding
      stock or ownership interests of such entity or (2) the right to receive
      more than 50% of the net assets of such entity available for distribution
      to the holders of outstanding stock or ownership interests upon a
      liquidation or dissolution of such entity. The rights of the holders of
      the Series D-1 Preferred Stock under Subsections 3(c)(vi) through
      (3)(c)(viii) above shall terminate on the first date on which there are
      fewer than 30,030 outstanding shares of Series D-1 Preferred Stock.

      At any meeting held for the purpose of voting on any of the matters for
      which the holders of the Series D-1 Preferred Stock or Series D-2
      Preferred Stock have class voting rights, the presence in person or by
      proxy of the holders of a majority of the shares of Series D-1 Preferred
      Stock then outstanding or the Series D-2 Preferred Stock then outstanding,
      as the case may be, shall constitute a quorum of the Series D-1 Preferred
      Stock or Series D-2 Preferred Stock for the purpose of voting on matters
      to which these class voting rights apply.

      4.  OPTIONAL CONVERSION

      The holders of the Series D Preferred Stock shall have conversion rights
as follows (the "Conversion Rights"):

          (a)  RIGHT TO CONVERT. Each share of Series D Preferred Stock shall
     be convertible, at the option of the holder thereof, at any time and
     from time to time, and without the payment of additional consideration
     by the holder thereof, into such number of fully paid and non-assessable
     shares of Common Stock as is determined by dividing the Stated Value of
     such shares by the Series D Conversion Price (as defined below) in
     effect on the Conversion Date (as defined below). The "Series D
     Conversion Price" initially shall be $9.99(2). Such initial Series D
     Conversion Price, and the rate at which shares of Series D Preferred
     Stock may be converted into shares of Common Stock, shall be subject to
     adjustment as provided below. In the event of a notice of redemption of
     any shares of Series D Preferred Stock pursuant to Section 6 below, the
     Conversion Rights of the shares of Series D Preferred Stock designated
     for redemption shall terminate at 5:00 p.m., Eastern time, on the last
     full day preceding the applicable Redemption Date (as defined below),
     unless the Redemption Price (as defined below) is not paid or tendered
     for payment on the Redemption Date, in which case the Conversion Rights
     for such shares shall continue until such price is paid, or tendered for
     payment, in full. In the event of a liquidation, dissolution or winding
     up of the Corporation, (i) the Conversion Rights shall terminate at 5:00
     p.m., Eastern time, on the last full day

                                        9

----------
(2)  Assuming stockholder approval of the one for three reverse stock split
     approved by the Board of Directors on June 1, 2003.

<Page>

      preceding the date fixed for the payment of any such amounts distributable
      on such event to the holders of Series D Preferred Stock (unless such
      amounts are not paid or tendered for payment on the Redemption Date, in
      which case the Conversion Rights for such shares shall continue until such
      amounts are paid, or tendered for payment, in full) and (ii) the
      Corporation shall provide to each holder of shares of Series D Preferred
      Stock notice of such liquidation, dissolution or winding up, which notice
      shall (A) be sent at least 20 days (unless a greater period is required by
      law) prior to the termination of the Conversion Rights and (B) state the
      amount per share of Series D Preferred Stock that will be paid or
      distributed on such liquidation, dissolution or winding up and in
      reasonable detail the manner of calculation thereof. For the purposes of
      this Subsection 4(a), "Redemption Date" shall mean any Mandatory
      Redemption Date (as defined below) or Optional Redemption Date (as defined
      below) and "Redemption Price" shall mean, as applicable, the Mandatory
      Redemption Price (as defined below) or the Optional Redemption Price (as
      defined below).

          (b)  PAYMENT IN LIEU OF ACCUMULATED DIVIDENDS. Upon conversion of a
      share of Series D Preferred Stock in accordance with this Section 4, as
      part of the conversion, the Corporation shall pay to the holder thereof an
      amount equal to the total accumulated but unpaid dividends on such share.
      The Corporation shall pay such amount in cash or if the conditions set
      forth in Section 1(b)(ii) above are satisfied, in Common Stock, in its
      sole discretion. If the Corporation elects to pay such amount in shares of
      Common Stock, the number of shares of Common Stock to be issued shall
      equal the quotient of (i) such amount divided by (ii) the arithmetic
      average of the Average Daily Prices for five consecutive Trading Days, the
      last day of which shall be the second Trading Day preceding the date on
      which the amount is paid. To the extent the Corporation elects to pay such
      accumulated but unpaid dividends in shares of Common Stock, (i) the
      Corporation shall immediately notify such holder within two Trading Days
      of the Conversion Date in accordance with the notice provisions of Section
      13 below and (ii) such election may not be revoked or otherwise changed by
      the Corporation. In the event the Corporation fails to deliver a notice
      that it intends to pay dividends in Common Stock within two Trading Days
      as required above, the Corporation shall pay such dividend in cash. All
      accrued but unpaid dividends paid by the Corporation in Common Stock
      pursuant to this Subsection 4(b) shall be paid by the Corporation on the
      tenth Trading Day following the applicable Conversion Date. All
      accumulated but unpaid dividends paid by the Corporation in cash pursuant
      to this Subsection 4(b) shall be paid by the Corporation on the fourth
      Trading Day following the applicable Conversion Date.

          (c)  FRACTIONAL SHARES. No fractional shares of Common Stock shall be
      issued upon conversion of the Series D Preferred Stock pursuant to this
      Section 4. In lieu of any fractional shares to which the holder would
      otherwise be entitled, the Corporation shall pay cash equal to such
      fraction multiplied by the then-effective Series D Conversion Price. The
      Corporation shall, as soon as practicable after the Conversion Date, and
      in no event later than three Trading Days after the Conversion Date, pay
      to such holder any cash payable in lieu of any such fraction of a share.

          (d)  MECHANICS OF CONVERSION

               (i)    In order for a holder of Series D Preferred Stock to
          convert shares of Series D Preferred Stock into shares of Common
          Stock, such holder shall deliver to the office of the transfer agent
          for the Series D Preferred Stock (or at the principal office of the
          Corporation if the Corporation serves as its own transfer agent) a
          written notice (the "Conversion Notice") that such holder elects to
          convert all or any number of the shares of the Series D Preferred
          Stock represented by such certificate or certificates. The Conversion
          Notice shall state such holder's name or the names of the nominees in
          which such holder wishes the certificate or certificates for shares of
          Common Stock to be issued. If required by the Corporation,

                                       10
<Page>

          certificates surrendered for conversion shall be accompanied by a
          written instrument evidencing such holder's desire to convert a
          specified number of shares of Series D Preferred Stock, duly executed
          by the registered holder or such holder's attorney duly authorized in
          writing. The date specified by the holder in the notice shall be the
          conversion date or, if no date is specified in the Conversion Notice,
          the conversion date shall be the date the Conversion Notice is
          delivered to the Corporation (as determined in accordance with the
          notice provisions hereof; such date, the "Conversion Date"). The
          shares of Common Stock issuable upon conversion of the shares
          represented by the certificate or certificates delivered to the
          Corporation shall be deemed to be outstanding as of the Conversion
          Date. On or before the Conversion Date, the holders shall surrender a
          certificate or certificates for the shares to be converted (or an
          affidavit of loss and indemnity agreement relating thereto) to the
          office of the transfer agent for the Series D Preferred (or at the
          principal office of the Corporation if the Corporation serves as its
          own transfer agent). Upon surrender of a certificate following one or
          more partial conversions, the Corporation shall promptly deliver to
          such holder a new certificate representing the remaining shares of
          Series D Preferred Stock. Upon conversion of any Series D Preferred
          Stock, the Corporation shall promptly (but in no event later than
          three Trading Days after the Conversion Date) issue or cause to be
          issued and cause to be delivered to, or upon the written order of,
          such holder (or former holder, as the case may be) of Series D
          Preferred Stock and in such name or names as such holder may
          designate, a certificate for the shares of Common Stock issuable upon
          such conversion, free of restrictive legends unless such shares of
          Common Stock are not then freely transferable without volume
          restrictions pursuant to Rule 144(k) under the Securities Act. Such
          holder, or any person so designated by such holder to receive such
          shares of Common Stock, shall be deemed to have become holder of
          record of such shares of Common Stock as of the Conversion Date. If
          and when such shares of Common Stock may be freely transferred
          pursuant to Rule 144 under the Securities Act or pursuant to an
          effective registration statement, the Corporation shall use its best
          efforts to deliver such shares of Common Stock electronically through
          the Depository Trust Corporation or another established clearing
          corporation performing similar functions, and shall issue such shares
          of Common Stock in the same manner as dividend payment shares are
          issued pursuant to Section 1(b)(iii) above.

               (ii)   The Corporation covenants that it shall at all times when
          the Series D Preferred Stock shall be outstanding, reserve and keep
          available out of its authorized but unissued stock, for the purpose of
          effecting the conversion of the Series D Preferred Stock, such number
          of its duly authorized but unissued and otherwise unreserved shares of
          Common Stock as shall from time to time be sufficient to effect the
          conversion of all outstanding Series D Preferred Stock or, if the
          number of shares of Common Stock so reserved is insufficient, the
          Corporation shall take any corporation action that is necessary to
          make available a sufficient number of authorized but unissued and
          otherwise unreserved shares of Common Stock within 90 days after the
          occurrence of such deficiency. Before taking any action that would
          cause an adjustment reducing the Series D Conversion Price below the
          then par value of the Common Stock, the Corporation shall take any
          corporate action that may, in the opinion of its counsel, be necessary
          in order that the Corporation may validly and legally issue fully paid
          and non-assessable shares of Common Stock at such adjusted Series D
          Conversion Price.

               (iii)  Upon any such conversion, shares of Common Stock issued
          upon conversion of such shares of Series D Preferred Stock shall not
          be deemed Additional Shares of Common Stock (as defined below) and no
          adjustment to the Series D Conversion Price shall be made for any
          accumulated but unpaid dividends on the Series D Preferred Stock
          surrendered for conversion or on the Common Stock delivered upon
          conversion.

                                       11
<Page>

               (iv)   All shares of Series D Preferred Stock that shall have
          been surrendered for conversion as herein provided shall no longer be
          deemed to be outstanding and all rights with respect to such shares,
          including the rights, if any, to receive notices and to vote, shall
          immediately cease and terminate on the Conversion Date, except for the
          right of the holders thereof to receive shares of Common Stock and
          cash, if any, in accordance with Subsections 4(b) and 4(c) above. Any
          shares of Series D Preferred Stock so converted shall be retired and
          canceled and shall not be reissued, and the Corporation (without the
          need for action by the holders of Series D Preferred Stock or any
          other stockholders) may from time to time take such appropriate action
          as may be necessary to reduce the authorized number of shares of
          Series D Preferred Stock accordingly.

               (v)   The Corporation shall pay any and all issue and other
          similar taxes that may be payable in respect of any issuance or
          delivery of shares of Common Stock upon conversion of shares of Series
          D Preferred Stock pursuant to this Section 4. The Corporation shall
          not, however, be required to pay any tax that may be payable in
          respect of any transfer involved in the issuance and delivery of
          shares of Common Stock in a name other than that in which the shares
          of Series D Preferred Stock so converted were registered, and no such
          issuance or delivery shall be made unless and until the person or
          entity requesting such issuance has paid to the Corporation the amount
          of any such tax or has established, to the reasonable satisfaction of
          the Corporation, that such tax has been paid.

          (e)  ADJUSTMENTS TO SERIES D CONVERSION PRICE FOR DILUTING ISSUES

               (i)    SPECIAL DEFINITIONS. For purposes of this Section 4, the
          following definitions shall apply:

                      (A)  "Option" shall mean any rights, options or warrants
                           to subscribe for, purchase or otherwise acquire
                           Common Stock or Convertible Securities.

                      (B)  "Series D Original Issue Date" shall mean the date on
                           which a share of Series D Preferred Stock was first
                           issued, regardless of the number of times the
                           transfer of such share shall be made on the
                           Corporation's stock transfer records and regardless
                           of the number of certificates that may be issued to
                           evidence such share.

                      (C)  "Convertible Securities" shall mean any evidences of
                           indebtedness, shares or other securities directly or
                           indirectly convertible into or exchangeable for
                           Common Stock, but excluding Options.

                      (D)  "Additional Shares of Common Stock" shall mean all
                           shares of Common Stock issued (or, pursuant to
                           Subsection 4(e)(iii) below, deemed to be issued) by
                           the Corporation after the Series D Original Issue
                           Date, other than shares of Common Stock issued,
                           issuable or deemed issued:

                           (I)   as a dividend or distribution on Series D
                                 Preferred Stock;

                           (II)  by reason of a dividend, stock split, split-up
                                 or other distribution on shares of Common Stock
                                 that is covered by Subsection 4(f) or 4(g)
                                 below;

                           (III) to employees or directors of, or consultants
                                 to, the Corporation or any of

                                       12
<Page>

                                 its subsidiaries pursuant to a plan, agreement
                                 or arrangement approved by the Board of
                                 Directors of the Corporation and by a majority
                                 of the directors of the Corporation who are
                                 eligible to serve on the Audit Committee of
                                 such Board under the then-applicable rules of
                                 the Securities and Exchange Commission and the
                                 Nasdaq National Market (or other market or
                                 exchange on which the Common Stock is then
                                 traded or authorized for quotation);

                           (IV)  to Accenture LLP pursuant to agreements in
                                 effect on June 1, 2003; or

                           (V)   in connection with any transaction with any
                                 strategic investor, vendor or customer, lessor,
                                 customer, supplier, marketing partner,
                                 developer or integrator or any similar
                                 arrangement, in each case the primary purpose
                                 of which is not to raise equity capital,
                                 provided such issuance is approved by the Board
                                 of Directors of the Corporation and by a
                                 majority of the directors of the Corporation
                                 who are eligible to serve on the Audit
                                 Committee of such Board under the
                                 then-applicable rules of the Securities and
                                 Exchange Commission and the Nasdaq National
                                 Market (or other market or exchange on which
                                 the Common Stock is then traded or authorized
                                 for quotation).

               (ii)   NO ADJUSTMENT OF SERIES D CONVERSION PRICE. No adjustment
          in the Series D Conversion Price shall be made as the result of the
          issuance of Additional Shares of Common Stock if the consideration per
          share (determined pursuant to Subsection 4(e)(v) below) for such
          Additional Share of Common Stock issued or deemed to be issued by the
          Corporation is equal to or greater than the applicable Series D
          Conversion Price in effect immediately prior to the issuance or deemed
          issuance of such Additional Shares of Common Stock. In addition, no
          adjustment in the Series D Conversion Price shall be made (A) with
          respect to the Series D-1 Preferred Stock, if prior to such issuance
          or deemed issuance of Additional Shares of Common Stock, the
          Corporation receives written notice from the holders of at least a
          majority of the shares of Series D-1 Preferred Stock then outstanding
          agreeing that no such adjustment shall be made as a result of such
          issuance or deemed issuance and (B) with respect to the Series D-2
          Preferred Stock, if prior to such issuance or deemed issuance of
          Additional Shares of Common Stock, the Corporation receives written
          notice from the holders of at least a majority of the shares of Series
          D-2 then outstanding agreeing that no such adjustment shall be made as
          a result of such issuance or deemed issuance.

               (iii)  ISSUE OF SECURITIES TO BE A DEEMED ISSUE OF ADDITIONAL
          SHARES OF COMMON STOCK

                      (A)  If the Corporation at any time or from time to time
                           after the Series D Original Issue Date shall issue
                           any Options or Convertible Securities (excluding
                           Options or Convertible Securities that, upon
                           exercise, conversion or exchange thereof, would
                           entitle the holder thereof to receive shares of
                           Common Stock that are specifically excepted from the
                           definition of Additional Shares of Common Stock by
                           Subsection 4(e)(i)(D) above) or shall fix a record
                           date for the determination of holders of any class of
                           securities entitled to receive any such Options or
                           Convertible Securities, then the maximum number of
                           shares of Common Stock (as set forth in the
                           instrument relating thereto without regard to any
                           provision contained therein for a subsequent
                           adjustment of such number) issuable upon the exercise
                           of such Options or, in the case of Convertible
                           Securities and Options therefor, the conversion or
                           exchange of

                                       13
<Page>

                           such Convertible Securities, shall be deemed to be
                           Additional Shares of Common Stock issued as of the
                           time of such issue or, in case such a record date
                           shall have been fixed, as of the close of business on
                           such record date.

                      (B)  If the terms of any Option or Convertible Security,
                           the issuance of which resulted in an adjustment to
                           the Series D Conversion Price pursuant to the terms
                           of Subsection 4(e)(iv) below, are revised (either
                           automatically pursuant the provisions contained
                           therein or as a result of an amendment to such terms)
                           to provide for either (1) any increase or decrease in
                           the number of shares of Common Stock issuable upon
                           the exercise, conversion or exchange of any such
                           Option or Convertible Security or (2) any increase or
                           decrease in the consideration payable to the
                           Corporation upon such exercise, conversion or
                           exchange, then, effective upon such increase or
                           decrease becoming effective, the Series D Conversion
                           Price computed upon the original issue of such Option
                           or Convertible Security (or upon the occurrence of a
                           record date with respect thereto) shall be readjusted
                           prospectively to such Series D Conversion Price as
                           would have obtained had such revised terms been in
                           effect upon the original date of issuance of such
                           Option or Convertible Security. Notwithstanding the
                           foregoing, no adjustment pursuant to this clause (B)
                           shall have the effect of increasing the Series D
                           Conversion Price to an amount that exceeds the lower
                           of (i) the Series D Conversion Price on the original
                           adjustment date, or (ii) the Series D Conversion
                           Price that would have resulted from any issuances of
                           Additional Shares of Common Stock between the
                           original adjustment date and such readjustment date.

                      (C)  If the terms of any Option or Convertible Security
                           (excluding Options or Convertible Securities that,
                           upon exercise, conversion or exchange thereof, would
                           entitle the holder thereof to receive shares of
                           Common Stock that are specifically excepted from the
                           definition of Additional Shares of Common Stock by
                           Subsection 4(e)(i)(D) above), the issuance of which
                           did not result in an adjustment to the Series D
                           Conversion Price pursuant to the terms of Subsection
                           4(e)(iv) below (either because the consideration per
                           share (determined pursuant to Subsection 4(e)(v)
                           below) of the Additional Shares of Common Stock
                           subject thereto was equal to or greater than the
                           Series D Conversion Price then in effect, or because
                           such Option or Convertible Security was issued before
                           the Series D Original Issue Date), are revised after
                           the Series D Original Issue Date (either
                           automatically pursuant the provisions contained
                           therein or as a result of an amendment to such terms)
                           to provide for either (1) any increase or decrease in
                           the number of shares of Common Stock issuable upon
                           the exercise, conversion or exchange of any such
                           Option or Convertible Security or (2) any increase or
                           decrease in the consideration payable to the
                           Corporation upon such exercise, conversion or
                           exchange, then such Option or Convertible Security,
                           as so amended, and the Additional Shares of Common
                           Stock subject thereto (determined in the manner
                           provided in Subsection 4(e)(iii)(A) above) shall be
                           deemed to have been issued effective upon such
                           increase or decrease becoming effective.

                      (D)  Upon the expiration or termination of any unexercised
                           Option or unconverted or unexchanged Convertible
                           Security that resulted (either upon its original
                           issuance or upon a revision of its terms) in an
                           adjustment to the Series D Conversion Price pursuant
                           to the terms of Subsection 4(e)(iv) below, the

                                       14
<Page>

                           Series D Conversion Price shall be readjusted
                           prospectively to such Series D Conversion Price as
                           would have obtained had such Option or Convertible
                           Security never been issued.

                      (E)  No adjustment in the Series D Conversion Price shall
                           be made upon the issue of shares of Common Stock or
                           Convertible Securities upon the exercise of Options
                           or the issue of shares of Common Stock upon the
                           conversion or exchange of Convertible Securities.

               (iv)   ADJUSTMENT OF SERIES D CONVERSION PRICE UPON ISSUANCE OF
          ADDITIONAL SHARES OF COMMON STOCK. In the event the Corporation shall
          at any time after the Series D Original Issue Date issue Additional
          Shares of Common Stock (including Additional Shares of Common Stock
          deemed to be issued pursuant to Subsection 4(e)(iii) above), without
          consideration or for a consideration per share less than the
          applicable Series D Conversion Price in effect immediately prior to
          such issue, then the Series D Conversion Price shall be reduced,
          concurrently with such issue, to a price (calculated to the nearest
          cent) determined by multiplying such Series D Conversion Price by a
          fraction, (A) the numerator of which shall be (1) the number of shares
          of Common Stock outstanding immediately prior to such issue plus (2)
          the number of shares of Common Stock that the aggregate consideration
          received or to be received by the Corporation for the total number of
          Additional Shares of Common Stock so issued would purchase at such
          Series D Conversion Price; and (B) the denominator of which shall be
          the number of shares of Common Stock outstanding immediately prior to
          such issue plus the number of such Additional Shares of Common Stock
          so issued; provided that, (i) for the purpose of this Subsection
          4(e)(iv), all shares of Common Stock issuable upon conversion or
          exercise of shares of Series D Preferred Stock, Options or Convertible
          Securities outstanding immediately prior to such issue or upon
          exercise of such securities shall be deemed to be outstanding, and
          (ii) the number of shares of Common Stock deemed issuable upon
          conversion of such outstanding shares of Series D Preferred Stock
          shall be determined without giving effect to any adjustments to the
          Series D Conversion Price resulting from the issuance of Additional
          Shares of Common Stock that is the subject of this calculation.

               (v)    DETERMINATION OF CONSIDERATION. For purposes of this
          Subsection 4(e), the consideration received by the Corporation for the
          issue of any Additional Shares of Common Stock shall be computed as
          follows:

                      (A)  CASH AND PROPERTY. Such consideration shall:

                           (I)   insofar as it consists of cash, be computed at
                                 the aggregate amount of cash received by the
                                 Corporation, excluding amounts paid or payable
                                 for accrued interest;

                           (II)  insofar as it consists of property other than
                                 cash, be computed at the fair market value
                                 thereof at the time of such issue, as
                                 determined in good faith by the non-management
                                 members of the Board of Directors of the
                                 Corporation; and

                           (III) in the event Additional Shares of Common Stock
                                 are issued together with other shares or
                                 securities or other assets of the Corporation
                                 for consideration that covers both, be the
                                 proportion of such consideration so received,
                                 computed as provided in clauses (I) and (II)
                                 above, as determined in good faith by
                                 non-management members of the Board of

                                       15
<Page>

                                 Directors of the Corporation.

                      (B)  OPTIONS AND CONVERTIBLE SECURITIES. The consideration
                           per share received by the Corporation for Additional
                           Shares of Common Stock deemed to have been issued
                           pursuant to Subsection 4(e)(iii) above, relating to
                           Options and Convertible Securities, shall be
                           determined by dividing

                           (I)   the total amount, if any, received or
                                 receivable by the Corporation as consideration
                                 for the issue of such Options or Convertible
                                 Securities, plus the minimum aggregate amount
                                 of additional consideration (as set forth in
                                 the instruments relating thereto, without
                                 regard to any provision contained therein for a
                                 subsequent adjustment of such consideration)
                                 payable to the Corporation upon the exercise of
                                 such Options or the conversion or exchange of
                                 such Convertible Securities, or in the case of
                                 Options for Convertible Securities, the
                                 exercise of such Options for Convertible
                                 Securities and the conversion or exchange of
                                 such Convertible Securities, by

                           (II)  the maximum number of shares of Common Stock
                                 (as set forth in the instruments relating
                                 thereto, without regard to any provision
                                 contained therein for a subsequent adjustment
                                 of such number) issuable upon the exercise of
                                 such Options or the conversion or exchange of
                                 such Convertible Securities.

               (vi)   MULTIPLE CLOSING DATES. In the event the Corporation shall
          issue on more than one date Additional Shares of Common Stock that are
          comprised of shares of the same series or class of Preferred Stock and
          that would result in an adjustment to the Series D Conversion Price
          pursuant to the terms of Subsection 4(e)(iv) above, and such issuance
          dates occur within a period of no more than 60 days, then, upon the
          final such issuance, the Series D Conversion Price shall be readjusted
          prospectively to give effect to all such issuances as if they occurred
          on the date of the final such issuance (and without giving effect to
          any adjustments as a result of such prior issuances within such
          period).

          (f)  ADJUSTMENT FOR STOCK SPLITS AND COMBINATIONS. If the Corporation
      shall at any time or from time to time after the Series D Original Issue
      Date (i) effect a subdivision of the outstanding Common Stock (whether by
      stock split, stock dividend or otherwise) without a corresponding
      subdivision of the Series D Preferred Stock, or (ii) combine the
      outstanding shares of Series D Preferred Stock (whether by reverse stock
      split or otherwise) without a corresponding combination of the Common
      Stock, the Series D Conversion Price in effect immediately before that
      subdivision or combination shall be proportionately decreased. If the
      Corporation shall at any time or from time to time after the Series D
      Original Issue Date (x) combine the outstanding shares of Common Stock
      (whether by reverse stock split or otherwise) without a corresponding
      combination of the Series D Preferred Stock, or (y) effect a subdivision
      of the outstanding shares of Series D Preferred Stock (whether by stock
      split, stock dividend or otherwise) without a corresponding subdivision of
      the Common Stock, the Series D Conversion Price in effect immediately
      before the combination or subdivision shall be proportionately increased.
      Any adjustment under this paragraph shall become effective at the close of
      business on the date the subdivision or combination becomes effective.

          (g)  ADJUSTMENT FOR CERTAIN DIVIDENDS AND DISTRIBUTIONS. In the event
      the Corporation at any time, or from time to time after the Series D
      Original Issue Date shall make or issue, or fix a record date for the
      determination of holders of Common Stock entitled to receive, a dividend
      or other

                                       16
<Page>

      distribution payable in additional shares of Common Stock, then and in
      each such event the Series D Conversion Price in effect immediately before
      such event shall be decreased as of the time of such issuance or, in the
      event such a record date shall have been fixed, as of the close of
      business on such record date, by multiplying the Series D Conversion Price
      then in effect by a fraction:

               (i)    the numerator of which shall be the total number of shares
                      of Common Stock issued and outstanding immediately prior
                      to the time of such issuance or the close of business on
                      such record date, and

               (ii)   the denominator of which shall be the total number of
                      shares of Common Stock issued and outstanding immediately
                      prior to the time of such issuance or the close of
                      business on such record date plus the number of shares of
                      Common Stock issuable in payment of such dividend or
                      distribution;

        PROVIDED, HOWEVER, that if such record date shall have been fixed and
        such dividend is not fully paid or if such distribution is not fully
        made on the date fixed therefor, the Series D Conversion Price shall be
        recomputed accordingly as of the close of business on such record date
        and thereafter the Series D Conversion Price shall be adjusted pursuant
        to this paragraph as of the time of actual payment of such dividends or
        distributions; and provided further, however, that no such adjustment
        shall be made if the holders of Series D Preferred Stock simultaneously
        receive (i) a dividend or other distribution of shares of Common Stock
        in a number equal to the number of shares of Common Stock as they would
        have received if all outstanding shares of Series D Preferred Stock had
        been converted into Common Stock on the date of such event or (ii) a
        dividend or other distribution of shares of Series D Preferred Stock
        that are convertible, as of the date of such event, into such number of
        shares of Common Stock as is equal to the number of additional shares of
        Common Stock being issued with respect to each share of Common Stock in
        such dividend or distribution.

          (h)  ADJUSTMENTS FOR OTHER DIVIDENDS AND DISTRIBUTIONS. In the event
      the Corporation at any time or from time to time after the Series D
      Original Issue Date shall make or issue, or fix a record date for the
      determination of holders of Common Stock entitled to receive, a dividend
      or other distribution payable in securities of the Corporation (other than
      shares of Common Stock) or in cash or other property, then and in each
      such event provision shall be made so that the holders of the Series D
      Preferred Stock shall receive upon conversion thereof, in addition to the
      number of shares of Common Stock receivable thereupon, the kind and amount
      of securities of the Corporation, cash or other property that they would
      have been entitled to receive had the Series D Preferred Stock been
      converted into Common Stock on the date of such event and had they
      thereafter, during the period from the date of such event to and including
      the conversion date, retained such securities receivable by them as
      aforesaid during such period, giving application to all adjustments called
      for during such period under this paragraph with respect to the rights of
      the holders of the Series D Preferred Stock; provided, however, that no
      such provision shall be made if the holders of Series D Preferred Stock
      receive, simultaneously with the distribution to the holders of Common
      Stock, a dividend or other distribution of such securities, cash or other
      property in an amount equal to the amount of such securities, cash or
      other property as they would have received if all outstanding shares of
      Series D Preferred Stock had been converted into Common Stock on the date
      of such event.

          (i)  ADJUSTMENT FOR MERGER OR REORGANIZATION, ETC. Subject to the
      provisions of Subsection 2(c) above, if there shall occur any
      reorganization, recapitalization, reclassification, consolidation or
      merger involving the Corporation (which is not a Liquidation) in which the
      Common Stock (but not the Series D Preferred Stock) is converted into or
      exchanged for securities,

                                       17
<Page>

      cash or other property (other than a transaction covered by paragraph (e),
      (f) or (g) of this Section 4), then, following any such reorganization,
      recapitalization, reclassification, consolidation or merger, each share of
      Series D Preferred Stock shall be convertible into the kind and amount of
      securities, cash or other property that a holder of the number of shares
      of Common Stock of the Corporation issuable upon conversion of one share
      of Series D Preferred Stock immediately prior to such reorganization,
      recapitalization, reclassification, consolidation or merger would have
      been entitled to receive pursuant to such transaction; and, in such case,
      appropriate adjustment (as determined in good faith by the Board of
      Directors of the Corporation) shall be made in the application of the
      provisions in this Section 4 with respect to the rights and interests
      thereafter of the holders of the Series D Preferred Stock, to the end that
      the provisions set forth in this Section 4 (including provisions with
      respect to changes in and other adjustments of the Series D Conversion
      Price) shall thereafter be applicable, as nearly as reasonably may be, in
      relation to any securities or other property thereafter deliverable upon
      the conversion of the Series D Preferred Stock.

          (j)  ROUNDING OF CALCULATIONS; MINIMUM ADJUSTMENTS. All calculations
      under this Section 4 shall be made to the nearest one tenth of a cent. No
      adjustment in the Series D Conversion Price is required if the amount of
      such adjustment would be less than $0.01; provided, however, that any
      adjustments which by reason of this Subsection 4(j) are not required to be
      made will be carried forward and given effect in any subsequent
      adjustment. The number of shares of Common Stock outstanding at any given
      time shall not include shares owned or held by or for the account of the
      Corporation, and the disposition of any such shares shall be considered an
      issue or sale of Common Stock.

          (k)  CERTIFICATE AS TO ADJUSTMENTS. Upon the occurrence of each
      adjustment pursuant to this Section 4, the Corporation at its expense will
      promptly compute such adjustment in accordance with the terms hereof and
      prepare a certificate describing in reasonable detail such adjustment and
      the transactions giving rise thereto, including all facts upon which such
      adjustment is based. Upon written request, the Corporation will promptly
      deliver a copy of each such certificate to each holder of Series D
      Preferred Stock and to the Corporation's Transfer Agent. The Corporation
      shall, as promptly as reasonably practicable after the written request at
      any time of any holder of Series D Preferred Stock (but in any event not
      later than 10 days thereafter), furnish or cause to be furnished to such
      holder a certificate setting forth (i) the Series D Conversion Price then
      in effect, and (ii) the number of shares of Common Stock and the amount,
      if any, of other securities, cash or property that then would be received
      upon the conversion of Series D Preferred Stock.

          (l)  NOTICE OF RECORD DATE. In the event:

               (i)    the Corporation shall take a record of the holders of its
                      Common Stock (or other stock or securities at the time
                      issuable upon conversion of the Series D Preferred Stock)
                      for the purpose of entitling or enabling them to receive
                      any dividend or other distribution, or to receive any
                      right to subscribe for or purchase any shares of stock of
                      any class or any other securities, or to receive any other
                      right; or

               (ii)   of any capital reorganization of the Corporation, any
                      reclassification of the Common Stock of the Corporation,
                      any consolidation or merger of the Corporation with or
                      into another corporation (other than a consolidation or
                      merger in which the Corporation is the surviving entity
                      and its Common Stock is not converted into or exchanged
                      for any other securities or property), or any transfer of
                      all or substantially all of the assets of the Corporation;
                      or

               (iii)  of the voluntary or involuntary dissolution, liquidation
                      or winding-up of the

                                       18
<Page>

                      Corporation,

        then, and in each such case, the Corporation will send or cause to be
        sent to the holders of the Series D Preferred Stock a notice specifying,
        as the case may be, (i) the record date for such dividend, distribution
        or right, and the amount and character of such dividend, distribution or
        right, or (ii) the effective date on which such reorganization,
        reclassification, consolidation, merger, transfer, dissolution,
        liquidation or winding-up is to take place, and the time, if any is to
        be fixed, as of which the holders of Common Stock (or such other stock
        or securities at the time issuable upon the conversion of the Series D
        Preferred Stock) shall be entitled to exchange their shares of Common
        Stock (or such other stock or securities) for securities or other
        property deliverable upon such reorganization, reclassification,
        consolidation, merger, transfer, dissolution, liquidation or winding-up.
        Any notice required under this Subsection 4(l) shall be sent at least 20
        days prior to the record date or effective date for the event specified
        in such notice.

      5.  REDEMPTION AT THE OPTION OF THE CORPORATION

          (a)  MANDATORY REDEMPTION EVENT. All or any portion of the outstanding
      shares of Series D Preferred Stock shall be redeemed at a price per share
      equal to (i) 125% of Stated Value plus (ii) all accumulated but unpaid
      dividends (the "Mandatory Redemption Price") in accordance with this
      Section 5 pursuant to written notice (the "Mandatory Redemption Notice")
      delivered to the holders of Series D Preferred Stock by the Corporation,
      in its sole discretion, at any time or from time to time after the third
      anniversary of the Series D Original Issue Date; provided that the
      Corporation shall be entitled to deliver a Mandatory Redemption Notice
      only if the Average Daily Price on each Trading Day for a period of at
      least 45 consecutive Trading Days (such period ending no earlier than four
      Trading Days prior to the date of such Mandatory Redemption Notice) has
      exceeded $22.80(3) (subject to appropriate adjustment in the event of any
      stock dividend, stock split, reverse stock split, combination, split-up,
      recapitalization and like occurrences on or after the Series D Original
      Issue Date affecting such shares). Any Mandatory Redemption Notice
      delivered pursuant to this Subsection 5(a) shall specify a date (a
      "Mandatory Redemption Date") as of which such redemption shall be
      effected. Each Mandatory Redemption Date shall be a Trading Day not less
      than 20 Trading Days nor more than 30 Trading Days following the date on
      which the related Mandatory Redemption Notice is sent by the Corporation.
      On each Mandatory Redemption Date, the Corporation shall redeem, on a pro
      rata basis in accordance with the number of shares of Series D Preferred
      Stock owned by each holder, that number of outstanding shares of Series D
      Preferred Stock specified in the related Mandatory Redemption Notice.

          (b)  MANDATORY REDEMPTION NOTICE. Any Mandatory Redemption Notice
      shall be delivered to each holder of record of Series D Preferred Stock,
      as applicable, in accordance with the notice provisions set forth in
      Section 13 below. Each Mandatory Redemption Notice shall state:

               (i)    the Mandatory Redemption Date;

               (ii)   the Mandatory Redemption Price;

               (iii)  the number of shares of Series D Preferred Stock held by
                      the holder that the Corporation shall redeem on the
                      Mandatory Redemption Date;

               (iv)   the date upon which the holder's right to convert such
                      shares terminates (as determined in accordance with
                      Section 4 above); and

               (v)    that the holder is to surrender to the Corporation, in the
                      manner and at the place

----------
(3)  Assuming stockholder approval of the one for three reverse stock split
     approved by the Board of Directors on June 1, 2003.

                                       19
<Page>

                      designated, its certificate or certificates (or an
                      affidavit of loss and indemnity agreement for such
                      certificates) representing the shares of Series D
                      Preferred Stock to be redeemed.

          (c)  SURRENDER OF CERTIFICATES; PAYMENT. On or before the applicable
      Mandatory Redemption Date, each holder of shares of Series D Preferred
      Stock to be redeemed on such Mandatory Redemption Date, unless such holder
      has exercised its right to convert such shares as provided in Section 4
      above, shall surrender the certificate or certificates (or deliver an
      affidavit of loss and indemnity agreement for such certificates)
      representing such shares to the Corporation, in the manner and at the
      place designated in the Mandatory Redemption Notice, and thereupon the
      Mandatory Redemption Price for such shares shall be payable to the order
      of the person whose name appears on such certificate or certificates as
      the owner thereof, and each surrendered certificate shall be canceled and
      retired. In the event less than all of the shares of Series D Preferred
      Stock represented by a certificate are redeemed, a new certificate
      representing the unredeemed shares of Series D Preferred Stock shall
      promptly be issued to such holder.

          (d)  RIGHTS SUBSEQUENT TO MANDATORY REDEMPTION. If the Mandatory
      Redemption Notice shall have been duly given, and if on the applicable
      Mandatory Redemption Date the Mandatory Redemption Price payable upon
      redemption of the shares of Series D Preferred Stock to be redeemed on
      such Mandatory Redemption Date is paid or tendered for payment, then
      notwithstanding that the certificates evidencing any of the shares of
      Series D Preferred Stock so called for redemption shall not have been
      surrendered, dividends with respect to such shares of Preferred Stock
      shall cease to accumulate after such Mandatory Redemption Date and all
      rights with respect to such shares shall forthwith after the Mandatory
      Redemption Date terminate, except only the right of the holders to receive
      the Mandatory Redemption Price without interest upon surrender of their
      certificate or certificates therefor.

          (e)  REDEEMED OR OTHERWISE ACQUIRED SHARES. Any shares of Series D
      Preferred Stock that are redeemed pursuant to this Section 5 or Section 6
      below or otherwise acquired by the Corporation or any of its subsidiaries
      shall be automatically and immediately canceled and shall not be reissued,
      sold or transferred as shares of Series D Preferred Stock. Neither the
      Corporation nor any of its subsidiaries may exercise any voting or other
      rights granted to the holders of Series D Preferred Stock following any
      redemption.

          (f)  OTHER REDEMPTIONS OR ACQUISITIONS. Neither the Corporation nor
      any subsidiary shall redeem or otherwise acquire any series of Series D
      Preferred Stock, except (i) as expressly authorized herein, (ii) with the
      written consent of the holders of at least a majority of the
      then-outstanding shares of (A) Series D-1 Preferred Stock and (B) Series
      D-2 Preferred Stock, or (iii) pursuant to a purchase offer made pro rata
      to all holders of Series D Preferred Stock on the basis of the number of
      shares of Series D Preferred Stock owned by each such holder.

      6.  REDEMPTION AT THE OPTION OF THE HOLDERS OF SERIES D PREFERRED STOCK

          (a)  RIGHT TO REDEEM. Shares of Series D-1 Preferred Stock shall be
      redeemed by the Corporation at a price per share equal to the Stated Value
      plus accumulated but unpaid dividends (the "Optional Redemption Price") at
      any time and from time to time no earlier than the sixth anniversary of
      the Series D Original Issue Date after receipt by the Corporation from the
      holders of at least a majority of the then-outstanding shares of Series
      D-1 Preferred Stock of written notice (a "Series D-1 Optional Redemption
      Notice") requesting redemption of all or any portion of the outstanding
      shares of Series D-1 Preferred Stock. Shares of Series D-2 Preferred Stock
      shall be redeemed by the Corporation at a price per share equal to the
      Optional Redemption Price at any time

                                       20
<Page>

      and from time to time no earlier than the sixth anniversary of the Series
      D Original Issue Date after receipt by the Corporation from holder(s)
      holding in the aggregate shares of Series D-2 Preferred Stock then
      outstanding with a Stated Value in excess of $3,000,000 (or if less than
      $3,000,000, all of such holder's shares of Series D-2 Preferred Stock) of
      written notice (a "Series D-2 Optional Redemption Notice" and together
      with a Series D-1 Optional Redemption Notice, an "Optional Redemption
      Notice") requesting redemption of all or any portion of such holder's
      outstanding shares of Series D-2 Preferred Stock. Notwithstanding any
      other provision of this Section 6, until the seventh anniversary of the
      Series D Original Issue Date, the aggregate number of shares of (i) Series
      D-1 Preferred Stock or (ii) Series D-2 Preferred Stock that the
      Corporation may be required to redeem under this Section 6 shall not
      exceed 50% of the number of shares of Series D-1 Preferred Stock or Series
      D-2 Preferred Stock, respectively, outstanding as of the sixth anniversary
      of the Series D Original Issue Date. The process for effecting any such
      redemption shall be as follows:

               (i)    Within 15 days after the receipt of an Optional Redemption
          Notice, the Corporation shall send to each holder of Series D
          Preferred Stock a notice (the "Corporation Notice") which shall (A)
          state the number of shares of Series D Preferred Stock that are the
          subject of the applicable Optional Redemption Notice, and (B) specify
          a date (an "Optional Redemption Date") as of which a redemption
          pursuant to this Section 6 shall be effected and the date by which a
          holder may elect to join in the redemption pursuant to subsection
          (b)(ii) below. Each Optional Redemption Date shall be a Trading Day
          not less than 40 days or more than 120 days following the date on
          which the related Corporation Notice is sent by the Corporation.

               (ii)   Within 20 days after receipt of the Corporation Notice,
          each holder of Series D Preferred Stock may provide notice to the
          Corporation that such holder wishes to include all or a portion of its
          shares of Series D Preferred Stock in such Optional Redemption Notice
          and stating the number of shares to be so included (and, thereafter
          such shares shall be deemed to be included in such Optional Redemption
          Notice).

               (iii)  Within 50 days after receiving the Optional Redemption
          Notice and at least 10 days prior to the Optional Redemption Date, the
          Corporation shall provide each holder of Series D Preferred Shares
          with written notice ("Closing Notice") that states (i) the applicable
          Optional Redemption Price, (ii) the applicable Optional Redemption
          Date, (iii) the number of shares requested to be redeemed on that
          Optional Redemption Date, (iv) the number of shares of Series D
          Preferred Stock to be redeemed on such date, and (v) that the holder
          is to surrender to the Corporation, in the manner and at the place
          designated, its certificate or certificates (or affidavit of loss and
          indemnity agreement) representing the shares of Series D Preferred
          Stock to be redeemed.

               (iv)   Subject to the limitations above in this Section 6, on the
          applicable Optional Redemption Date, the Corporation shall redeem, on
          a pro rata basis in accordance with the number of shares of Series D
          Preferred Stock owned by each holder for which redemption was
          requested, that number of outstanding shares of Series D Preferred
          Stock specified or deemed to be included in the Optional Redemption
          Notice. In the event the Corporation does not have sufficient funds
          legally available to redeem on such Optional Redemption Date all
          shares of Series D Preferred Stock to be redeemed on such Optional
          Redemption Date, the Corporation shall redeem a pro rata portion of
          each holder's shares out of funds legally available therefor, based on
          the respective amounts that would otherwise be payable in respect of
          the shares to be redeemed if the legally available funds were
          sufficient to redeem all such shares, and shall redeem the remaining
          shares to have been redeemed as soon as practicable after the
          Corporation has funds legally available therefor. If the Corporation
          has not redeemed all

                                       21
<Page>

          outstanding shares of Series D Preferred Stock which are to be
          redeemed within 120 days following the date on which the related
          Optional Redemption Notice is sent by the Corporation, the Dividend
          Rate with regard to any shares of Series D Preferred Stock that remain
          outstanding shall be 14% per annum from the date of the Optional
          Redemption Notice until such date as such shares are actually
          redeemed.

          (b)  OPTIONAL REDEMPTION NOTICE AND OTHER NOTICES. Any Optional
      Redemption Notice shall be delivered to the Corporation, and any
      Corporation Notice or Closing Notice shall be delivered to each holder of
      record of Series D Preferred Stock, as applicable, in accordance with the
      notice provisions set forth in Section 13 below.

          (c)  SURRENDER OF CERTIFICATES; PAYMENT. On or before the applicable
      Optional Redemption Date, each holder of shares of Series D Preferred
      Stock to be redeemed on such Optional Redemption Date, unless such holder
      has exercised its right to convert such shares as provided in Section 4
      above, shall surrender the certificate or certificates (or deliver an
      affidavit of loss and indemnity agreement for such certificates)
      representing such shares to the Corporation, in the manner and at the
      place designated by the Corporation in its notice pursuant to this Section
      6, and thereupon the Optional Redemption Price for such shares shall be
      payable to the order of the person whose name appears on such certificate
      or certificates as the owner thereof, and each surrendered certificate
      shall be canceled and retired. In the event less than all of the shares of
      Series D Preferred Stock represented by a certificate are redeemed, a new
      certificate representing the unredeemed shares of Series D Preferred Stock
      shall promptly be issued to such holder.

          (d)  RIGHTS SUBSEQUENT TO OPTIONAL REDEMPTION. If the Optional
      Redemption Notice shall have been duly given, and if on the applicable
      Optional Redemption Date the Optional Redemption Price payable upon
      redemption of the shares of Series D Preferred Stock to be redeemed on
      such Optional Redemption Date is paid or tendered for payment, then
      notwithstanding that the certificates evidencing any of the shares of
      Series D Preferred Stock so called for redemption shall not have been
      surrendered, dividends with respect to such shares of Preferred Stock
      shall cease to accumulate after such Optional Redemption Date and all
      rights with respect to such shares shall forthwith after the Optional
      Redemption Date terminate, except only the right of the holders to receive
      the Optional Redemption Price without interest upon surrender of their
      certificate or certificates therefor.

      7.  WAIVERS

      The holders of Series D Preferred Stock shall also be entitled to, and
shall not be deemed to have waived, any other applicable rights granted to such
holders under the Delaware General Corporation Law. Any of the rights of the
holders of Series D-1 Preferred Stock or Series D-2 Preferred Stock set forth
herein may be waived by the affirmative consent or vote of the holders of at
least a majority of the then outstanding shares of Series D-1 Preferred Stock or
Series D-2 Preferred Stock, respectively, subject to applicable law.

      8.  NO IMPAIRMENT

      The Corporation will not, by amendment of its Certificate of Incorporation
or through any reorganization, transfer of assets, consolidation, merger,
dissolution, issue or sale of securities or any other voluntary action, avoid or
seek to avoid the observance or performance of any of the terms to be observed
or performed hereunder by the Corporation without the written consent of the
holders of at least a majority of the then-outstanding shares of Series D
Preferred Stock, but will at all times in good faith assist in the carrying out
of all the provisions of this Certificate of Designations and in the taking of
all such action as may be necessary or appropriate in order to protect the
rights of the holders of the Series D

                                       22
<Page>

Preferred Stock against impairment.

      9.  REGISTRATION OF SERIES D PREFERRED STOCK

      The Corporation shall register shares of the Series D Preferred Stock,
upon records to be maintained by the Corporation for that purpose (the "Series D
Preferred Stock Register"), in the name of the record holders thereof from time
to time. The Corporation may deem and treat the registered holder of shares of
Series D Preferred Stock as the absolute owner thereof for the purpose of any
conversion hereof or any distribution to such holder, and for all other
purposes, absent actual notice to the contrary.

      10. REGISTRATION OF TRANSFERS

      The Corporation shall register the transfer of any shares of Series D
Preferred Stock in the Series D Preferred Stock Register, upon surrender of
certificates evidencing such Shares to the Corporation at its address specified
herein. Upon any such registration or transfer, a new certificate evidencing the
shares of Series D Preferred Stock so transferred shall be issued to the
transferee and a new certificate evidencing the remaining portion of the shares
not so transferred, if any, shall be issued to the transferring holder.

      11. REPLACEMENT CERTIFICATES

      If any certificate evidencing Series D Preferred Stock, or Common Stock
issued upon conversion thereof, is mutilated, lost, stolen or destroyed, the
Corporation shall issue or cause to be issued in exchange and substitution for
and upon cancellation hereof, or in lieu of and substitution for such
certificate, a new certificate, but only upon receipt of an affidavit of loss
and indemnity agreement reasonably satisfactory to the Corporation evidencing
such loss, theft or destruction and customary and reasonable indemnity, if
requested. Applicants for a new certificate under such circumstances shall also
comply with such other reasonable regulations and procedures and pay such other
reasonable third-party costs as the Corporation may prescribe.

      12. LIMITATION ON CONVERSION

          (a)  Notwithstanding anything to the contrary contained herein, the
      number of shares of Common Stock that may be acquired by any holder of
      Series D-2 Preferred Stock upon any conversion of Series D-2 Preferred
      Stock (or otherwise in respect of the Series D-2 Preferred Stock) shall be
      limited to the extent necessary to insure that, following such conversion
      (or other issuance), the total number of shares of Common Stock then
      beneficially owned by such holder and its affiliates and any other persons
      whose beneficial ownership of Common Stock would be aggregated with such
      holder's for purposes of Section 13(d) of the Exchange Act, does not
      exceed 4.999% (the "Maximum Percentage") of the total number of issued and
      outstanding shares of Common Stock (including for such purpose the shares
      of Common Stock issuable upon such conversion). Each delivery of a
      Conversion Notice by a holder of Series D-2 Preferred Stock will
      constitute a representation by such holder that it has evaluated the
      limitation set forth in this paragraph and determined that issuance of the
      full number of shares of Common Stock requested in such Conversion Notice
      is permitted under this paragraph. By written notice to the Corporation,
      any holder of Series D-2 Preferred Stock may waive the provisions of this
      Section or increase or decrease the Maximum Percentage to any other
      percentage specified in such notice, but (i) any such waiver or increase
      will not be effective until the 61st day after such notice is delivered to
      the Corporation, and (ii) any such waiver or increase or decrease will
      apply only to such holder and not to any other holder of Series D-2
      Preferred Stock. For purposes of this Section 12, beneficial ownership
      shall be determined in accordance with Section 13(d) of the Exchange Act
      and the rules and regulations promulgated thereunder.

                                       23
<Page>

          (b)  For purposes of this Section 12, in determining the number of
      outstanding shares of Common Stock, a holder of Series D Preferred Stock
      may rely on the number of outstanding shares of Common Stock as reflected
      in (1) the Corporation's most recent Form 10-Q, Form 10-K or other public
      filing with the Commission, as the case may be, (2) a more recent public
      announcement by the Corporation, or (3) any other notice by the
      Corporation or its transfer agent setting forth the number of shares of
      Common Stock outstanding. Upon the written request of any holder of Series
      D Preferred Stock, the Corporation shall promptly, but in no even later
      than one Trading Day following the receipt of such notice, confirm in
      writing to any such holder the number of shares of Common Stock then
      outstanding.

      13. NOTICES

      Any and all notices or other communications or deliveries hereunder
(including without limitation any Conversion Notice) shall be in writing and
shall be deemed given and effective on the earliest of (i) the date of
transmission, if such notice or communication is delivered via facsimile at the
facsimile number specified in this Section prior to 5:30 p.m. (New York City
time) on a Trading Day and electronic confirmation of receipt is received by the
sender, (ii) the next Trading Day after the date of transmission, if such notice
or communication is delivered via facsimile at the facsimile number specified in
this Section on a day that is not a Trading Day or later than 5:30 p.m. (New
York City time) on any Trading Day, (iii) the Trading Day following the date of
mailing, if sent by nationally recognized overnight courier service, or (iv)
upon actual receipt by the party to whom such notice is required to be given.
The addresses for such communications shall be: (i) if to the Corporation, to 10
Canal Park, Cambridge, Massachusetts 02141, facsimile: (617) 949-1722,
attention: Chief Executive Officer and General Counsel, or (ii) if to a holder
of Series D Preferred Stock, to the address or facsimile number appearing on the
Corporation's stockholder records or such other address or facsimile number as
such holder may provide to the Corporation in accordance with this Section.

      14. PREEMPTIVE RIGHTS

      Each holder of the Series D Preferred Stock shall have preemptive rights,
the terms of which are specified in the Investor Rights Agreement among the
Corporation and the holders of Series D Preferred Stock dated ___________, 2003
(as amended from time to time in accordance with its terms, and subject to the
limitations and other terms set forth in such Investor Rights Agreement,
including the right to waive any term thereof).

                                      * * *

                                       24
<Page>

      IN WITNESS WHEREOF, the Corporation has caused this Certificate of
Designations to be signed by its President as of _________, 2003.

                                     ASPEN TECHNOLOGY, INC.

                                     By:
                                        ----------------------------------------
                                        President and Chief Executive Officer

                                       25

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}]]