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                                                                    Exhibit 10.2

                          REGISTRATION RIGHTS AGREEMENT

                                 March 30, 1999

     The parties to this agreement are MedSource Technologies, Inc. a Delaware
corporation (the "Company") and each of the stockholders listed on Schedule A to
this agreement and executing a signature page to this agreement (the
"Stockholders").

     The Stockholders own or are acquiring shares of the Company's common stock,
par value $.01 per share (the "Common Stock"), shares of the Company's 6% Series
B Cumulative Convertible Redeemable Preferred Stock, par value $.01 per share
(the "Series B Preferred Stock"), and shares of the Company's Series Z
Convertible Nominal Value Redeemable Preferred Stock, par value $.01 per share
(the "Series Z Preferred Stock"). The shares of Series B Preferred Stock and the
Shares of Series Z Preferred Stock are convertible into shares of Common Stock.
The shares of Common Stock currently held by the Stockholders, the shares of
Common Stock underlying the shares of Series B Preferred Stock currently held by
the Stockholders and the shares of Common Stock underlying the shares of Series
Z Preferred Stock currently held by the Stockholders are the only shares of
capital stock of the Company entitled to the rights and benefits, and subject to
the terms and conditions, of this agreement, and are hereinafter collectively
referred to as, the "Shares."

     The Company desires to provide to the Stockholders certain rights regarding
the registration of the Shares, all upon the terms and conditions set forth
below.

     It is therefore agreed as follows:

     1. Certain Definitions. As used in this agreement, the following terms
shall have the meanings provided below:

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

          (b) "Demand Notice" means either an Investor Demand Notice or a
     Founders Demand Notice.

          (c) "Founders" means the Stockholders other than the Investors.

          (d) "Founders Demand Notice" means a written request from Founders
     holding at least 50% of the shares of Common Stock held by Founders on the
     date hereof as shown on Schedule A to register at least 25% of the
     Registrable Securities held by the Founders on the date hereof.

          (e) "Holders" means the Stockholders and their respective permitted
     transferees who hold Shares.

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          (f) "Investor Common Shares" means all of the shares of Common Stock
     issued or issuable upon conversion of the 300,000 shares of Series B
     Preferred Stock and upon conversion of the 65,000 shares of Series Z
     Preferred Stock (regardless of whether any or all of such shares remain
     outstanding) issued on or substantially contemporaneous with this agreement
     (after giving effect to all adjustments made through the time of any such
     determination pursuant to the Certificate of Designation with respect to
     the Series B Preferred Stock and the Series Z Preferred Stock and, without
     duplication, as a result of stock splits, stock combinations, stock
     dividends and other similar events affecting Common Stock effective through
     the relevant date).

          (g) "Investor Demand Notice" means a written request from holders of
     at least 50% of the Investor Common Shares to register at least 25% of the
     Registrable Securities held by the Investors on the date hereof; except
     that every request by Investors to register at least $1,000,000 in value
     (based on the then current market price) on Form S-3 or a successor form,
     if the use of such form is available to the Company, shall qualify as an
     "Investor Demand Notice."

          (h) "Investors" means: J. H. Whitney, III, L.P.; Whitney Strategic
     Partners III, L.P.; J. H. Whitney Mezzanine Fund, L.P.; and their permitted
     successors and assigns.

          (i) "Other Securities" means, at any time, those shares of Common
     Stock, and of any other class or series of capital stock of the Company or
     other securities of the Company representing the right to acquire Common
     Stock, that the Company is required to, or has determined to, register
     pursuant to a registration statement filed by the Company with the
     Commission pursuant to this or any other agreement.

          (j) "Person" shall mean any individual, partnership, joint venture,
     firm, corporation, association, trust or other enterprise or any government
     or political subdivision or any agency, department or instrumentality
     thereof.

          (k) "Registrable Securities" means the Shares and any other securities
     issuable in replacement thereof by way of a recapitalization, exchange,
     merger, consolidation, reorganization or other transaction; provided,
     however, that any share shall cease to be a Registrable Security under this
     agreement when (A) a registration statement with respect to such share's
     public sale shall have become effective under the Securities Act, (B) it
     has been disposed of as permitted by, and in compliance with, Rule 144 (or
     successor provision) promulgated under the Securities Act or (C) it shall
     have ceased to be outstanding.

          (l) "Registration Expenses" means all expenses incident to the
     Company's performance of or compliance with the provisions of sections 2
     and 3 including, without limitation, all registration, filing and National
     Association of Securities Dealers, Inc. fees, all listing fees, all fees
     and expenses of complying with securities or blue sky laws (including,
     without limitation, reasonable fees and disbursements of counsel for the
     underwriters in connection with blue sky qualifications of the Registrable
     Securities hereunder), all word processing, duplicating and printing
     expenses, messenger and delivery expenses, the fees and disbursements of
     counsel for the Company, and the reasonable fees and expenses of one
     counsel on behalf of the Holders whose Registrable Securities are included
     in the registration statement, with such counsel selected by a
     majority-in-interest of the Holders participating in the offering
     (according to the number of shares of Common Stock each such Holder is
     directly or indirectly

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     registering for sale in such registration statement), and the fees and
     disbursements of its independent public accountants, including the expenses
     of "comfort" letters required by or incident to such performance and
     compliance, and any fees and disbursements of underwriters customarily paid
     by issuers or sellers of securities; provided, however, that Registration
     Expenses shall exclude, and the Holders shall pay, underwriters fees and
     underwriting discounts and commissions in respect of the Registrable
     Securities being registered hereunder as well as any fees and expenses of
     counsel to the Holders of the Registrable Securities hereunder (other than
     those of the one counsel referred to above).

          (m) "Securities Act" means the Securities Act of 1933, and any
     subsequent similar federal statute, and the rules and regulations
     promulgated thereunder.

     2. Demand Registration.

     2.1 Rights to Demand Registration. If, at any time (and from time to time)
after the 180th day following the date on which any registration statement
pursuant to which the Company shall have initially registered (a) shares of
Common Stock, or (b) securities providing the holder thereof the right to
acquire shares of Common Stock, under the Securities Act for sale to the public
shall have been declared effective, the Company shall receive a Demand Notice,
the Company shall promptly give written notice of such proposed registration to
all other Stockholders and shall offer to include in such proposed registration
any Registrable Securities requested to be included in such proposed
registration by the Stockholders who shall respond in writing to the Company's
notice within 10 days after receipt by the Stockholders in question of such
notice (which response shall specify the number of Registrable Securities
proposed to be included in such registration). Subject to section 2.2, the
Company shall promptly use its best efforts to effect such registration under
the Securities Act of the Registrable Securities that the Company has been so
requested to register on such appropriate registration form of the Commission as
shall be selected by the Company.

     2.2 Limits on Demand Rights.

          (a) The Company shall not be obligated to file and cause to become
     effective (i) more than two registration statements pursuant to Investor
     Demand Notices; provided, however, that in addition thereto, the Investors
     may require the Company to file registration statements on Form S-3 from
     time to time, if the use of such Form is available to the Company; (ii)
     more than two registration statements pursuant to Founder Demand Notices;
     and (iii) any registration statement during the period beginning 30 days
     prior to the filing and ending 90 days following the effective date of a
     registration statement filed by the Company and relating to an underwritten
     offering in which a majority of the shares are being sold by the Company
     for its own account.

          (b) Unless the Company shall have delayed the commencement of a
     registration statement pursuant to section 2.2(a)(ii) above or section
     2.2(c) below, the Company may delay the filing or effectiveness of any
     registration statement for a period of up to 60 days after the date of
     delivery of the Demand Notice pursuant to this section 2 if at the time of
     such request the Company is engaged in a firm commitment underwritten
     public offering of Company Shares in which the Stockholders may include
     Registrable Securities pursuant to section 3,

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     provided, however, that, in the event the Company exercises its rights
     under this section 2.2(b), the registration shall not be counted as a
     demand for registration by any Stockholder for purposes of section
     2.2(a)(i) hereof.

          (c) If, while a registration request is pending pursuant to this
     section 2, the Company has been advised by legal counsel (i) that the
     filing of a registration statement would require the disclosure of a
     material transaction or other factor that the Company reasonably determines
     in good faith would have a material adverse effect on the Company or (ii)
     the Company then is unable to comply with Commission requirements
     applicable to the requested registration, the Company shall not be required
     to effect a registration pursuant to this section 2 until the earlier of
     (A) the date upon which such material information is otherwise disclosed to
     the public or ceases to be material or the Company is able to so comply
     with applicable Commission requirements, as the case may be, and (B) 60
     days after the Company makes such good faith determination, provided that
     in the event the Company exercises its rights under this section 2.2(c),
     the registration shall not be counted as a demand for registration by any
     Stockholder for purposes of section 2.2(a)(i) hereof, and provided further
     that the Company may not exercise its right under this section 2.2(c) more
     than once in any 12-month period.

          (d) A requested registration under this section 2 may be rescinded by
     written notice to the Company by the Holder or Holders initiating such
     request. Such rescinded registration shall not count as a registration
     statement initiated pursuant to this section 2 for purposes of section 2.2
     above if such request is rescinded by such Holder or Holders not later than
     five business days prior to the filing of a registration statement with the
     Commission.

     2.3 Underwriter "Cutbacks" in Demand Registrations. With respect to any
registration pursuant to this section 2 that is being effected by one or more
underwriters such underwriters shall be designated by the Company and approved
by a majority in interest or the Holders selling Registrable Securities and
Other Securities (which approval shall not be unreasonably withheld), and the
Company may include in such registration any Other Securities; provided,
however, that, anything to the contrary in section 2.1 notwithstanding, if any
managing underwriter for the public offering contemplated by such registration
advises the Company in writing that, in such firm's good faith opinion, the
inclusion of all Registrable Securities and Other Securities proposed to be
included in such registration would adversely affect the offering and sale of
all such securities, then the number of Registrable Securities and Other
Securities proposed to be included in such registration shall be reduced pro
rata based upon the number of shares of Common Stock owned by each such Person
and its affiliates (or that each such Person and its affiliates have the right
to acquire) at the time of such registration.

     3. Piggyback Registration.

     3.1 Right to Include Registrable Securities.

          (a) Subject to section 3.1(b), if the Company at any time proposes to
     register any of its securities under the Securities Act (as defined below)
     by registration on Forms SB-2, S-1, S-2, S-3 (but not Forms S-4 or S-8) or
     any successor or similar form(s) (except registrations on such or similar
     forms for registration of securities in connection with (i) an employee
     benefit

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     plan or dividend reinvestment plan or a merger, consolidation or other
     business combination, (ii) debt securities that are not convertible into
     Common Stock, or (iii) the Company's initial public offering), whether or
     not for sale for its own account, it shall, each such time, give written
     notice to the Holders of its intention to do so and of the Holders' rights
     under this section 3 at least 30 days prior to the filing of a registration
     statement with respect to such registration with the Commission. Upon the
     written request of any Holder made within 20 days after the receipt of that
     notice, which request shall specify the Registrable Securities intended to
     be registered and disposed of by such Holder, the Company shall, subject to
     the provisions hereof, use its best efforts to include in such registration
     statement all Registrable Securities that the Company has been so requested
     to register by such Holder.

          (b) If, at any time after giving written notice of its intention to
     register any securities and prior to the effective date of the registration
     statement filed in connection with such registration, the Company shall
     determine for any reason not to register or to delay registration of such
     securities, the Company may, at its election, give written notice of such
     determination to each Holder and upon giving that notice (i) in the case of
     a determination not to register, the Company shall be relieved of its
     obligation to register any Registrable Securities in connection with such
     registration (but not from any obligation of the Company to pay the
     Registration Expenses (as defined below) in connection therewith), without
     prejudice; and (ii) in the case of a determination to delay registering,
     the Company shall be permitted to delay registering any Registrable
     Securities for the same period as the delay in registering such other
     securities.

          (c) The Company shall pay all Registration Expenses in connection with
     registration of Registrable Securities requested pursuant to this section
     3.1.

     3.2 Underwriter "Cutbacks" in Piggyback Registrations. Anything in section
3.1 to the contrary notwithstanding, with respect to any registration pursuant
to which shares are registered pursuant to this section 3 that is being effected
by one or more underwriters, such underwriters shall be designated by the
Company and approved by a majority in interest of the Holders selling
Registrable Securities and Other Securities (which approval shall not be
unreasonably withheld), and if any managing underwriter for the public offering
contemplated by such registration advises the Company in writing that, in such
firm's good faith opinion, the inclusion of all Registrable Securities and Other
Securities proposed to be included in such registration would adversely affect
the offering and sale of all such securities, then all securities proposed to be
sold by the Company for its own account shall be included in such registration
to the extent possible and the number of Registrable Securities and Other
Securities proposed to be included in such registration shall be reduced pro
rata based upon the number of shares of Common Stock owned by each such Person
(other than the Company) and its affiliates (or that each such Person and its
affiliates have the right to acquire) at the time of such registration.

     4. Registration Procedures. In connection with the registration of any
Registrable Securities under the Securities Act as provided in sections 2 and 3,
the Company shall as expeditiously as possible:

          (i) prepare and file with the Commission the requisite registration
     statement to effect such registration and thereafter use its best efforts
     to cause such

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     registration statement to become and remain effective (subject to clause
     (ii) below); provided, however, that the Company may discontinue any
     registration of its securities that are not Registrable Securities at any
     time prior to the effective date of the registration statement relating
     thereto;

          (ii) prepare and file with the Commission such amendments and
     supplements to such registration statement and the prospectus used in
     connection therewith as may be necessary to keep such registration
     statement effective and to comply with the provisions of the Securities Act
     with respect to the disposition of all Registrable Securities covered by
     such registration statement for such period as shall be required for the
     disposition of all of such Registrable Securities; provided, however, that,
     the foregoing notwithstanding, the Company shall not be required under this
     item (ii) to maintain the effectiveness of any such registration statement
     for longer than 180 days, or such longer period beyond such 180 days (up to
     an aggregate of 270 days) as may be available without requiring the Company
     to file any financial statements as of a later date and for a later period
     than the financial statements that may have been required to maintain the
     effectiveness of the registration statement for the 180-day period;

          (iii) furnish to the Holders such number of conformed copies of such
     registration statement and of each such amendment and supplement thereto
     (in each case including all exhibits), such number of copies of the
     prospectus contained in such registration statement (including each
     preliminary prospectus and any summary prospectus) and any other prospectus
     filed under Rule 424 under the Securities Act, in conformity with the
     requirements of the Securities Act, and such other documents, as the
     Holders may reasonably request from time to time;

          (iv) use its best efforts (x) to register or qualify all Registrable
     Securities and other securities covered by such registration statement
     under such other securities or blue sky laws of such states of the United
     States of America where an exemption is not available and as the Holders
     shall reasonably request, (y) to keep such registration or qualification in
     effect for so long as such registration statement remains in effect, and
     (z) to take any other action that may reasonably be necessary or advisable
     to enable the Holders to consummate the disposition in such jurisdictions
     of the securities to be sold by the Holders, except that the Company shall
     not for any such purpose be required to qualify generally to do business as
     a foreign corporation in any jurisdiction wherein it would not, but for the
     requirements of this paragraph (iv), be obligated to be so qualified or to
     consent to general service of process in any such jurisdiction;

          (v) use its best efforts to cause all Registrable Securities covered
     by such registration statement to be registered with or approved by such
     other federal or state governmental agencies or authorities as may be
     necessary in the opinion of counsel to the Company to consummate the
     disposition of such Registrable Securities in accordance with their
     intended method of disposition;

          (vi)furnish to the Holders' underwriters, if any, (x) an opinion of
     counsel for the Company, and (y) a "comfort" letter signed by the
     independent public accountants who have certified the Company's financial
     statements included or

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     incorporated by reference in such registration statement, each covering
     substantially the same matters with respect to such registration statement
     (and the prospectus included therein) and, in the case of the accountant's
     comfort letter, with respect to events subsequent to the date of such
     financial statements, as are customarily covered in opinions of issuer's
     counsel and in accountant's comfort letters delivered to the underwriters
     in underwritten public offerings of securities (and dated the dates such
     opinions and comfort letters are customarily dated);

          (vii) immediately notify the Holders when a prospectus relating
     thereto is required to be delivered under the Securities Act, upon
     discovery that, or upon the happening of any event as a result of which,
     the prospectus included in such registration statement, as then in effect,
     includes an untrue statement of a material fact or omits to state any
     material fact required to be stated therein or necessary to make the
     statements therein not misleading, in the light of the circumstances under
     which they were made, and at the request of the Holders promptly prepare
     and furnish to them a reasonable number of copies of a supplement to or an
     amendment of such prospectus as may be necessary so that, as thereafter
     delivered to the purchasers of such securities, such prospectus shall not
     include an untrue statement of a material fact or omit to state a material
     fact required to be stated therein or necessary to make the statements
     therein not misleading in the light of the circumstances under which they
     were made;

          (viii) otherwise use its best efforts to comply with all applicable
     rules and regulations of the Commission, and make available to its security
     holders, as soon as reasonably practicable, an earnings statement covering
     the period of at least 12 months, but not more than 18 months, beginning
     with the first full calendar month after the effective date of such
     registration statement, which earnings statement shall satisfy the
     provisions of section 11(a) of the Securities Act and Rule 158 promulgated
     thereunder, and promptly furnish the same to the Holders; and

          (ix) provide and cause to be maintained a transfer agent and registrar
     (which, in each case, may be the Company) for all Registrable Securities
     covered by such registration statement from and after a date not later than
     the effective date of such registration.

     The Company may require the Holders to furnish the Company such information
regarding the Holders and the distribution of the Holders' Registrable
Securities as the Company may from time to time reasonably request in writing,
based on its reasonable belief that such information is required to be disclosed
in the Registration Statement pursuant to the Securities Act and applicable
State securities laws.

     Upon receipt of any notice from the Company of the happening of an event of
the kind described in item (vii) of this section 4, the Holders shall forthwith
discontinue their disposition of Registrable Securities pursuant to the
registration statement relating to such Registrable Securities until the
Holders' receipt of the copies of the supplemented or amended prospectus
contemplated by item (vii) and, if so directed by the Company, the Holders shall
deliver to the Company all copies, other than permanent file copies, then in the
Holders'

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possession, of the prospectus relating to such Registrable Securities current at
the time of receipt of such notice.

     5. Underwritten Offerings.

     5.1 Piggyback Underwritten Offerings. If the Company proposes to register
any of its securities under the Securities Act as contemplated by section 2 or
section 3 and such securities are to be distributed by or through one or more
underwriters, the Company shall, subject to the provisions of section 2 and
section 3 (including, without limitation, the provisions of sections 2.3 and
3.2), if requested by the Holders, arrange for such underwriters to include all
the Registrable Securities to be offered and sold by the Holders with and among
the securities of the Company to be distributed by such underwriters. The
Holders shall become a party to the underwriting agreement negotiated between
the Company and such underwriters and shall make all representations and
warranties to and shall enter into all agreements with the Company or the
underwriters as shall be reasonably requested of them including all
representations and warranties required by law, customarily given or reasonably
requested of selling shareholders by an underwriter in an underwritten public
offering.

     5.2 Holdback Agreements.

          (a) If the Company, in connection with an underwritten offering of
     securities for its own account, at any time shall register shares of Common
     Stock under the Securities Act for sale to the public (other than on Forms
     S-4 or S-8 or a shelf registration), the Holders shall not sell pursuant to
     an effective registration statement, publicly make any short sale of,
     publicly grant any option for the purchase of, or otherwise publicly
     dispose of any Shares (other than those Shares included in such
     registration pursuant to section 2 or section 3) without the prior written
     consent of the managing underwriter for a period required by the
     underwriters and designated by the Company, which period shall begin not
     more than thirty (30) days prior to the effectiveness of the registration
     statement pursuant to which such public offering shall be made and shall
     last not more than one hundred eighty (180) days after the effective date
     of such registration statement in the case of the Company's initial public
     offering, or ninety (90) days after the effective date of such registration
     statement in the case of any such other offering. The Company may legend
     and impose stop transfer instructions on any certificate evidencing
     Registrable Securities relating to the restrictions provided in this
     section 5.2.

          (b) During the 15-day period prior to the effective date of any
     registration statement of Registrable Securities pursuant to an
     underwritten public offering and during the 90-day period beginning on that
     effective date, the Company shall not (except as part of such registration)
     effect any public sale or distribution of any of its equity securities or
     of any security convertible into or exchangeable or exercisable for any
     equity security of the Company (other than in connection with any employee
     stock option or other benefit plan).

     5.3 Preparation; Reasonable Investigation. In connection with the
preparation and filing of each registration statement under the Securities Act
pursuant to this agreement, the Company shall give the Holders, their
underwriters, if any, and their respective counsel and accountants the
opportunity to participate in the preparation of such registration statement,
each prospectus included therein or filed with the Commission, and each
amendment thereof or

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supplement thereto, and give each of them such access to its books and records,
such opportunities to discuss the business of the Company with officers and the
independent public accountants who have certified its financial statements as
shall be necessary, in the opinion of the Holders' and such underwriters'
respective counsel, to conduct a reasonable investigation within the meaning of
the Securities Act.

     6. Indemnification.

     6.1 Indemnification by the Company. In the event of any registration
statement filed pursuant to section 2 or section 3, the Company shall, and
hereby does, indemnify and hold harmless each of the Holders and each of their
directors, officers, partners, agents, attorneys, representatives and affiliates
and each other individual, group, partnership, corporation, business trust,
joint stock company, trust, unincorporated association, joint venture or other
entity of whatever nature ("Person") who participates as an underwriter in the
offering or sale of such securities and each other Person, if any, who controls
any Holder or any such underwriter within the meaning of the Securities Act
(each of the foregoing, a "Holder Indemnitee"), insofar as losses, claims,
damages, or liabilities (or actions or proceedings, whether commenced or
threatened, in respect thereof) arise out of or are based upon any untrue
statement or alleged untrue statement of any material fact contained in any such
registration statement, any preliminary prospectus, final prospectus, or summary
prospectus contained therein, or any amendment or supplement thereto, or any
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein in light of the
circumstances in which they were made not misleading, and the Company shall
reimburse each Holder Indemnitee for any legal or any other fees, costs and
expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, liability, action or proceeding; provided, that
the Company shall not be liable in any such case to the extent that any such
loss, claim, damage, liability (or action or proceeding in respect thereof) or
expense arises out of or is based upon an untrue statement or omission made in
reliance upon and in conformity with information furnished to the Company by or
on behalf of a Holder or such underwriter, as the case may be, for use in the
preparation thereof; and provided, further, that the Company shall not be liable
to any Holder Indemnitee in any such case to the extent that any such loss,
claim, damage, liability (or action or proceeding in respect thereof) or expense
arises out of such Person's failure to send or give a copy of the final
prospectus, as the same may be then supplemented or amended, to the Person
asserting an untrue statement or alleged untrue statement or omission or alleged
omission at or prior to the written confirmation of the sale of Registrable
Securities to such Person if such statement or omission was corrected in such
final prospectus so long as such final prospectus, and any amendments or
supplements thereto, have been furnished to such underwriter or any Holder, as
applicable.

     6.2 Indemnification by the Holders. If any Registrable Securities are
included in any registration statement, the Holders of such Registrable
Securities so registered shall, and hereby do, severally and not jointly,
indemnify and hold harmless (in the same manner and to the same extent as set
forth in section 6.1 above) the Company, and each director and officer of the
Company, and each other Person, if any, who controls the Company within the
meaning of the Securities Act, with respect to all losses, claims, damages,
expenses or liabilities ("Losses") to which the Company or such control person
becomes subject under the Securities Act, insofar as such Losses arise out of or
are based upon any untrue statement or alleged untrue statement of a

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material fact contained in such registration statement, any preliminary
prospectus, final prospectus or summary prospectus contained therein, or any
amendment or supplement thereto, or an omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, if such statement or alleged statement or
omission or alleged omission was made in reliance upon and in conformity with
written information pertaining to such Holder and furnished to the Company by
such Holder for use in the preparation of such registration statement,
preliminary prospectus, final prospectus, summary prospectus, amendment or
supplement, provided, however, that no Holder shall have any liability under
this section 6.2 for any amount in excess of the net proceeds actually received
by such Holder from the sale of the Registrable Securities included in such
registration statement.

     6.3 Notice of Claims, Etc.

          (a) Promptly after receipt by an indemnified party of notice of the
     commencement of any action or proceeding involving a claim referred to in
     sections 6.1 or 6.2, such indemnified party will, if a claim in respect
     thereof is to be made against an indemnifying party, immediately give
     written notice to the latter of the commencement of such action; provided,
     however, that the failure of any indemnified party to give notice as
     provided herein shall not relieve the indemnifying party of its indemnity
     obligations, except to the extent that the indemnifying party is actually
     prejudiced by such failure to give notice. In case any such action is
     brought against an indemnified party, unless in the reasonable judgment of
     counsel for such indemnified party, a conflict of interest between such
     indemnified and indemnifying parties may exist in respect of such claim (in
     which case the indemnified party shall be entitled to retain separate
     counsel as provided below), the indemnifying party shall be entitled to
     participate in and to assume the defense thereof, jointly with any other
     indemnifying party similarly notified to the extent that it may wish and at
     any time, with counsel [reasonably] satisfactory to such indemnified party,
     and after notice from the indemnifying party to such indemnified party of
     its election so to assume the defense thereof, the indemnifying party shall
     not be liable to such indemnified party for any legal or other expenses
     subsequently incurred by the indemnified party in connection with the
     defense thereof other than reasonable costs related to the indemnified
     party's cooperation with the indemnifying party provided, however, that (i)
     if the indemnifying party fails to assume the defense of such claim after a
     reasonable time the indemnified party may retain counsel to defend such
     claim and the reasonable fees and expenses of such counsel shall be paid by
     the indemnifying party, (ii) the indemnified party may, at its own expense,
     retain separate counsel to participate in such defense, (iii) the
     indemnified party shall have the right to employ separate counsel at the
     expense of the indemnifying party and to control its own defense of such
     action, claim or proceeding if, in the reasonable opinion of counsel to
     such indemnified party, a material conflict or potential material conflict
     exists between the indemnified party and the indemnifying party that would
     make such separate representation advisable, except that in no event shall
     the indemnifying party be required to pay fees and expenses under this
     section 6 for more than one separate firm of attorneys in any one legal
     action or group of related legal actions.

          (b) No indemnifying party shall be liable for any settlement of any
     action or proceeding effected without its written consent, which consent
     shall not be unreasonably withheld. No indemnifying party shall, without
     the consent of the indemnified party, consent to entry of any judgment or
     enter into any settlement that does not include as an unconditional term
     thereof the giving by the claimant or plaintiff to such indemnified party
     of a release from all liability in respect to such claim or litigation.

                                       -10-

<PAGE>

     6.4 Contribution. If indemnification shall for any reason be held by a
court to be unavailable to an indemnified party under section 6.1 or section 6.2
in respect of any loss, claim, damage or liability, or any action in respect
thereof, then, in lieu of the amount paid or payable under section 6.1 or
section 6.2, as applicable, the indemnified party and the indemnifying party
shall contribute to the aggregate losses, claims, damages and liabilities
(including legal or other expenses reasonably incurred in connection with
investigating the same), (i) in such proportion as is appropriate to reflect the
relative fault of the Company on the one hand and the Holders on the other hand
that resulted in such loss, claim, damage or liability, or action in respect
thereof, with respect to the statements or omissions that resulted in such loss,
claim, damage or liability, or action in respect thereof, as well as any other
relevant equitable considerations or (ii) if the allocation provided by item (i)
above is not permitted by applicable law, in such proportion as shall be
appropriate to reflect the relative benefits received by the Company on the one
hand and the Holders on the other provided, however, that no Holder shall have
any liability under this section 6.4 for any amount in excess of the net
proceeds actually received by such Holder from the sale of the Registrable
Securities included in such registration statement. No Person guilty of
fraudulent misrepresentation (within the meaning of the Securities Act) shall be
entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation. In addition, no Person shall be obligated to contribute
hereunder any amounts in payment for any settlement of any action or claim,
effected without such Person's consent, which consent shall not be unreasonably
withheld.

     6.5 Rule 144. With a view to making available the benefits of certain rules
and regulations of the Commission that may at any time permit the sale of the
Registrable Securities to the public without registration, at all times from and
after 90 days following the effective date of the first registration of the
Company under the Securities Act of an offering of its securities to the public,
the Company shall:

          (a) use its best efforts to facilitate the sale of the Registrable
     Securities to the public, without registration under the Securities Act,
     pursuant to Rule 144 promulgated under the Securities Act, provided that
     this shall not require the Company to file reports under the Securities Act
     and the Securities Exchange Act of 1934, or any similar federal statute,
     and the rules and regulations of the Commission thereunder ("Exchange
     Act"), at any time prior to the Company's being otherwise required to file
     such reports;

          (b) make and keep public information available, as those terms are
     understood and defined in Rule 144 promulgated under the Securities Act at
     all times after 90 days after the effective date of the first registration
     under the Securities Act filed by the Company for an offering of its
     securities to the general public;

          (c) use its best efforts to then file with the Commission in a timely
     manner all reports and other documents required of the Company under the
     Securities Act and the Exchange Act; and

          (d) deliver to the Holders, upon any Holder's request, a written
     statement as to whether it has complied with the requirements of this
     section 6, a copy of the most recent annual

                                       -11-

<PAGE>

     or quarterly report of the Company filed with the Commission or any stock
     exchange or self regulatory organization [registered under the Securities
     Exchange Act of 1934], and such other reports and documents so filed as a
     Holder may reasonably request to avail itself of any rule or regulation of
     the Commission allowing it to sell its Registrable Securities without
     registration.

     7. Representations and Warranties of the Company and the Stockholders. Each
of the Company, on the one hand, and the Stockholders, on the other hand, hereby
severally (and not jointly) represent and warrant to the Company and to each of
the Stockholders as set forth below (all of such representations and warranties
to survive the execution and delivery of this agreement):

          (a) Binding Effect. This agreement has been duly executed and
     delivered by the Company or the Stockholder, as applicable, and constitutes
     the legal, valid and binding obligation of such party enforceable against
     such party in accordance with its terms, except as enforceability may be
     limited by applicable bankruptcy, insolvency or other similar laws
     affecting the enforcement of creditors' rights generally and by general
     principles of equity relating to enforceability.

          (b) Power; Authorization; Non-Contravention. Each of the Company and
     the Stockholder, as applicable, has all power and authority to execute,
     deliver and perform his, her or its obligations under this agreement. The
     execution, delivery and performance by each of the Company or the
     Stockholder, as applicable, of this agreement and the consummation of the
     transactions contemplated hereby, (i) has been duly authorized by all
     necessary corporate or limited liability company, and if required,
     stockholder action, as applicable, on the part of or on behalf of such
     party and (ii) does not violate, contravene the terms of, or exceed the
     authority grant under, any agreement, document or instrument of or
     applicable to such party.

     8. Miscellaneous.

          (a) Notices. All notices, instructions and other communications in
     connection with this agreement shall be in writing and may be given by
     personal delivery or mailed, certified mail, return receipt requested,
     postage prepaid or by a nationally recognized overnight courier to the
     parties at the address of the Company as follows, and at the address of the
     Holders as set forth on the signature page to this agreement (or at such
     other address as the Company or the Holders may specify in a notice to each
     other):

                     If to the Company:

                                    MedSource Technologies, Inc.
                                    Two Carlson Parkway
                                    Minneapolis, Minnesota 55447
                                    Attention:  Chief Executive Officer

                           and

                                    Kidd & Company, LLC
                                    Three Pickwick Plaza
                                    Greenwich, CT 06830
                                    Attention:  Richard J. Effress

                                       -12-

<PAGE>

                        With a copy to:

                                    Edward R. Mandell
                                    Parker Chapin Flattau & Klimpl, LP
                                    1211 Avenue of the Americas
                                    New York, New York 10036-8735

     If to a Stockholder, to the address set forth on the signature page below.

          (b) No Waiver. No course of dealing and no delay on the part of any
     party hereto in exercising any right, power or remedy conferred by this
     agreement shall operate as a waiver thereof or otherwise prejudice such
     party's rights, powers and remedies conferred by this agreement or shall
     preclude any other or further exercise thereof or the exercise of any other
     right, power and remedy.

          (c) Binding Effect; Assignability. This agreement shall be binding
     upon and, except as otherwise provided herein, shall inure to the benefit
     of the respective parties and their permitted successors and assigns. This
     agreement shall not be assignable except as otherwise provided herein;
     provided, however, that the Holders of the Series B Preferred Stock and the
     Series Z Preferred Stock shall have the right to assign and transfer all or
     any portion of their rights under this agreement to a purchaser of the
     Shares in accordance with the terms of the Purchase Agreement dated as of
     the date hereof between the Company, such Holders and the other parties
     thereto.

          (d) Severability. Any provision of this agreement that is prohibited
     or unenforceable in any jurisdiction shall, as to such jurisdiction, be
     ineffective to the extent of such prohibition or unenforceability without
     invalidating the remaining provisions hereof, and any such prohibition or
     unenforceability in any jurisdiction shall not invalidate or render
     unenforceable such provision in any other jurisdiction. To the extent
     permitted by applicable law, the parties hereby waive any provision of law
     which renders any provisions hereof prohibited or unenforceable in any
     respect.

          (e) Modification. No term or provision of this agreement may be
     amended, altered, modified, rescinded or terminated except upon the express
     written consent of the party against whom the same is sought to be
     enforced.

          (f) Law Governing. This agreement shall be governed by and construed
     in accordance with the law of the state of New York, applicable to
     agreements made and to be performed entirely in New York, without regard to
     the principals of conflicts of law of such state.

          (g) Amendment to Securities Laws. The Company (on the one hand) and
     the Stockholders (on the other hand) agree that any amendment to federal
     securities laws (and regulations promulgated thereunder (and related
     registration forms) and related state securities laws) shall not affect the
     substantive registration requirements (and other obligations of the
     Company) set forth in this agreement; and, following any such amendment,
     the Company shall

                                       -13-

<PAGE>

     continue to be required to cause the registration of the Registrable
     Securities (and pay all Registration Expenses and provide indemnification
     pursuant to section 6.1) under the federal securities laws, as amended, in
     a manner consistent with carrying out the intent and purposes of (and on
     terms as similar as practicable as the terms set forth in) this agreement.

          (h) Headings. All headings and captions in this agreement are for
     purposes of reference only and shall not be construed to limit or affect
     the substance of this agreement.

          (i) Entire Agreement. This agreement contains, and is intended as, a
     complete statement of all the terms of the arrangements between the parties
     with respect to the matters provided for, supersedes any previous
     agreements and understandings between the parties with respect to those
     matters and cannot be changed or terminated orally.

                                                MEDSOURCE TECHNOLOGIES, INC.

                                                By: /s/ RICHARD J. EFFRESS
                                                   ---------------------------
                                                   Name:  Richard J. Effress
                                                   Title: Chairman

                                       -14-

<PAGE>

                                                   Stockholder Signature Page To
                                                Registration Rights Agreement of
                                                    MedSource Technologies, Inc.

                                           /s/ WILLIAM J. KIDD
                                           -----------------------------------
                                           William J. Kidd
                                           Address: 51 Clapboard Ridge Road
                                                    Greenwich, CT 06830
                                                    Fax No.: 203-625-2632

                                           /s/ CARLA G. KIDD
                                           -----------------------------------
                                           Carla G. Kidd
                                           Address: 51 Clapboard Ridge Road
                                                    Greenwich, CT 06830
                                                    Fax No.: 203-625-2632

                                           /s/ EDWARD R. MANDELL
                                           ----------------------------
                                           Edward R. Mandell, as Trustee under
                                              the Catherine M. Kidd Trust
                                           Address: c/o Kidd & Company, LLC
                                                    Three Pickwick Plaza
                                                    Greenwich, Connecticut 06830
                                                    Fax no.: 203-661-1839

<PAGE>

                                                   Stockholder Signature Page To
                                                Registration Rights Agreement of
                                                    MedSource Technologies, Inc.

                                           /s/ EDWARD R. MANDELL
                                           ----------------------------
                                           Edward R. Mandell, as Trustee under
                                              the Cara E. Kidd Trust
                                           Address: c/o Kidd & Company, LLC
                                                    Three Pickwick Plaza
                                                    Greenwich, Connecticut 06830
                                                    Fax no.: 203-661-1839

                                           /s/ EDWARD R. MANDELL
                                           ----------------------------
                                           Edward R. Mandell, as Trustee under
                                              the Thomas C. Kidd Trust
                                           Address: c/o Kidd & Company, LLC
                                                    Three Pickwick Plaza
                                                    Greenwich, Connecticut 06830
                                                    Fax no.: 203-661-1839

                                           /s/ CLARICE E. WEBB
                                           ----------------------------
                                           Clarice E. Webb
                                           Address: 217 Bridge Street
                                                    Stamford, Connecticut 06905
                                                    Fax no.:

<PAGE>

                                                   Stockholder Signature Page To
                                                Registration Rights Agreement of
                                                    MedSource Technologies, Inc.

                                           /s/ JOHN P. NEAFSEY
                                           -----------------------------------
                                           John P. Neafsey
                                           Address: John P. Neafsey
                                                    13 Valley Road
                                                    Wilson Pt.
                                                    South Norwich, CT 06854
                                                    Fax no.: 203-831-8455

                                           /s/ RICHARD J. EFFRESS
                                           -----------------------------------
                                           Richard J. Effress
                                           Address: c/o Kidd & Company, LLC
                                                    Three Pickwick Plaza
                                                    Greenwich, Connecticut 06830
                                                    Fax no.: 203-661-1839

                                           /s/ ANDREW D. LIPMAN
                                           ----------------------------
                                           Andrew D. Lipman
                                           Address: c/o Kidd & Company, LLC
                                                    Three Pickwick Plaza
                                                    Greenwich, Connecticut 06830
                                                    Fax no.: 203-661-1839

<PAGE>

                                                   Stockholder Signature Page To
                                                Registration Rights Agreement of
                                                    MedSource Technologies, Inc.

                                           /s/ ADAM D. LEHRHOFF
                                           ----------------------------
                                           Adam D. Lehrhoff
                                           Address: c/o Kidd & Company, LLC
                                                    Three Pickwick Plaza
                                                    Greenwich, Connecticut 06830
                                                    Fax no.: 203-661-1839

                                           /s/ JOHN C. HERTIG
                                           -----------------------------------
                                           John C. Hertig
                                           Address: 124 Lamberts Lane
                                                    Cohasset, MA 02025
                                                    Fax No.: 781-682-0308

                                           /s/ WILLIAM ALTIERI
                                           ----------------------------
                                           William Altieri
                                           Address: c/o Thayer Advisory Group
                                                    115 Broad Street
                                                    Boston, Massachusetts 02110
                                                    Fax No.: 617-350-5595

<PAGE>

                                                   Stockholder Signature Page To
                                                Registration Rights Agreement of
                                                    MedSource Technologies, Inc.

                                          J. H. WHITNEY III, L.P.
                                          By: J. H. Whitney Equity
                                               Partners III, LLC,
                                               its General Partner

                                          By: /s/ MICHAEL R. STONE
                                              --------------------------------
                                              Name: Michael R. Stone
                                              Title:   A Managing Member

                                          Address:
                                          c/o J. H. Whitney & Co.
                                          177 Broad Street
                                          Stamford, Connecticut 06901
                                          Attention: Mr. Daniel J. O'Brien
                                          Fax no.: (203) 973-1422

                                          With a copy to
                                          Morrison Cohen Singer & Weinstein, LLP
                                          750 Lexington Avenue
                                          New York, New York 10022
                                          Attention: David A. Scherl, Esq.
                                          Fax no.: 212-735-8708

<PAGE>

                                                   Stockholder Signature Page To
                                                Registration Rights Agreement of
                                                    MedSource Technologies, Inc.

                                          WHITNEY STRATEGIC PARTNERS III, L.P.
                                          By: J. H. Whitney Equity
                                                Partners III, LLC,
                                                its General Partner

                                          By: /s/ MICHAEL R. STONE
                                              --------------------------------
                                              Name: Michael R. Stone
                                              Title:   A Managing Member

                                          Address:
                                          c/o J. H. Whitney & Co.
                                          177 Broad Street
                                          Stamford, Connecticut 06901
                                          Attention: Mr. Daniel J. O'Brien
                                          Fax no.: (203) 973-1422

                                          With a copy to
                                          Morrison Cohen Singer & Weinstein, LLP
                                          750 Lexington Avenue
                                          New York, New York 10022
                                          Attention: David A. Scherl, Esq.
                                          Fax no.: 212-735-8708

<PAGE>

                                                   Stockholder Signature Page To
                                                Registration Rights Agreement of
                                                    MedSource Technologies, Inc.

                                          J. H. WHITNEY MEZZANINE FUND, L.P.
                                          By: Whitney GP, L.L.C.

                                          By: /s/ MICHAEL R. STONE
                                              --------------------------------
                                              Name: Michael R. Stone
                                              Title:   A Managing Member

                                          Address:
                                          c/o J. H. Whitney & Co.
                                          177 Broad Street
                                          Stamford, Connecticut 06901
                                          Attention: Mr. Daniel J. O'Brien
                                          Fax no.: (203) 973-1422

                                          With a copy to
                                          Morrison Cohen Singer & Weinstein, LLP
                                          750 Lexington Avenue
                                          New York, New York 10022
                                          Attention: David A. Scherl, Esq.
                                          Fax no.: 212-735-8708

<PAGE>

                                                   Stockholder Signature Page To
                                                Registration Rights Agreement of
                                                    MedSource Technologies, Inc.

                                          GERMAN AMERICAN CAPITAL CORPORATION

                                          By: /s/ JOHN SHANE
                                              --------------------------------
                                              Name: John Shane
                                              Title: Vice President

                                          By: /s/
                                              --------------------------------
                                              Name:
                                              Title: Vice President

                                          Address:
                                          31 West 52nd Street
                                          New York, New York 10019
                                          Attention: Mr. W. Jefferson Stuart
                                          Telecopier: 212-469-7048

                                          With a copy to
                                          White & Case, LLP
                                          1155 Avenue of the Americas
                                          New York, New York 10036
                                          Attention: David N. Koschik, Esq.
                                          Fax no.: 212-354-8113

<PAGE>

                                                                      SCHEDULE A

                                              [To Registration Rights Agreement]

                     STOCKHOLDERS AND SHARES CURRENTLY OWNED

                                            Number of  Common Stock
Name of Stockholder                          Shares     Equivalents
-------------------                         ---------  ------------
Common Stockholders:

William J. Kidd                               81,475       81,475
Carla G. Kidd                                 81,475       81,475
Edward R. Mandell, as Trustee under the
   Catherine M. Kidd Grantor Trust            27,159       27,159
Edward R. Mandell, as Trustee under the
   Cara E. Kidd Trust                         27,159       27,159
Edward R. Mandell, as Trustee under the
   Thomas C. Kidd Trust                       27,159       27,159
Clarice Webb                                   3,621        3,621
John P. Neafsey                                3,621        3,621
Richard J. Effress                            45,265       45,265
Andrew D. Lipman                              45,265       45,265
Adam D. Lehrhoff                              19,916       19,916
John C. Hertig                                32,184       32,184
William Altieri                                8,000        8,000
                                             -------      -------
        Subtotal                             402,300      402,300

Series B Preferred Stockholders:

J. H. Whitney III, L.P.                    292,941.18  292,941.18
Whitney Strategic Partners III, L.P.         7,058.82    7,058.82
                                           ----------  ----------
        Subtotal                              300,000     300,000

Series Z Preferred Stockholders:

J. H. Whitney Mezzanine Fund, L.P.             48,750      48,750
Deutsche Bank Securities Inc.                  16,250      16,250
                                              -------     -------
               Subtotal                        65,000      65,000

               Total Shares                   767,300     767,300
                                              =======     =======<PAGE>

                                                                    EXHIBIT 10.3

                          REGISTRATION RIGHTS AGREEMENT

                                  May 14, 1999
                                  ------------

          The parties to this agreement are MedSource Technologies, Inc. a
Delaware corporation (the "Company"), and the stockholder listed on Schedule A
to this agreement and executing a signature page to this agreement (the
"Stockholder").

          The Stockholder owns or is acquiring shares of the Company's 6% Series
B Cumulative Convertible Redeemable Preferred Stock, par value $.01 per share
(the "Series B Preferred Stock"). The shares of Series B Preferred Stock are
convertible into shares of the Company's Common Stock, par value $.01 per share
(the "Common Stock"). The shares of Common Stock underlying the shares of Series
B Preferred Stock currently held by the Stockholder are the only shares of
capital stock of the Company entitled to the rights and benefits, and subject to
the terms and conditions, of this agreement, and are hereinafter collectively
referred to as, the "Shares."

          The Company desires to provide to the Stockholder certain rights
regarding the registration of the Shares, all upon the terms and conditions set
forth below.

          It is therefore agreed as follows:

          1.  Certain Definitions. As used in this agreement, the following
              -------------------
terms shall have the meanings provided below:

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

          (b) "Demand Notice" means a written request from Holders to register
at least 25% of the Registrable Securities.

          (c) "Holders" means the Stockholder and its permitted transferees who
hold Shares.

          (d) "Other Securities" means, at any time, those shares of Common
Stock, and of any other class or series of capital stock of the Company or other
securities of the Company representing the right to acquire Common Stock, that
the Company is required to, or has determined to, register pursuant to a
registration statement filed by the Company with the Commission pursuant to this
or any other agreement.

          (e) "Person" shall mean any individual, partnership, joint venture,
firm, corporation, association, trust or other enterprise or any government or
political subdivision or any agency, department or instrumentality thereof.

          (f) "Registrable Securities" means the Shares and any other securities
issuable in replacement thereof by way of a recapitalization, exchange, merger,
consolidation, reorganization or other transaction; provided, however, that any
share shall cease to be a Registrable Security under this agreement when (A) a
registration statement with respect to such

                                        1

<PAGE>

share's public sale shall have become effective under the Securities Act, (B) it
has been disposed of as permitted by, and in compliance with, Rule 144 (or
successor provision) promulgated under the Securities Act or (C) it shall have
ceased to be outstanding.

          (g) "Registration Expenses" means all expenses incident to the
Company's performance of or compliance with the provisions of sections 2 and 3
including, without limitation, all registration, filing and National Association
of Securities Dealers, Inc. fees, all listing fees, all fees and expenses of
complying with securities or blue sky laws (including, without limitation,
reasonable fees and disbursements of counsel for the underwriters in connection
with blue sky qualifications of the Registrable Securities hereunder), all word
processing, duplicating and printing expenses, messenger and delivery expenses,
the fees and disbursements of counsel for the Company, and the reasonable fees
and expenses of one counsel on behalf of the Holders whose Registrable
Securities are included in the registration statement, which counsel shall
either be (i) the same as the counsel representing the holders under the Whitney
Registration Rights Agreement or (ii) if that counsel declines to also represent
the Holders hereunder, counsel selected by a majority-in-interest of the Holders
hereunder participating in the offering (according to the number of shares of
Common Stock each such Holder is directly or indirectly registering for sale in
such registration statement), and the fees and disbursements of its independent
public accountants, including the expenses of "comfort" letters required by or
incident to such performance and compliance, and any fees and disbursements of
underwriters customarily paid by issuers or sellers of securities; provided,
however, that Registration Expenses shall exclude, and the Holders shall pay,
underwriters fees and underwriting discounts and commissions in respect of the
Registrable Securities being registered hereunder as well as any fees and
expenses of counsel to the Holders of the Registrable Securities hereunder
(other than those of the one counsel referred to above).

          (h) "Securities Act" means the Securities Act of 1933, and any
subsequent similar federal statute, and the rules and regulations promulgated
thereunder.

          (i) "Whitney Initial Demand Date" means the first date on which the
stockholders under the Whitney Registration Rights Agreement shall be entitled
to demand the registration of securities pursuant to a "Demand Notice" under
section 2.1 of the Whitney Registration Rights Agreement.

          (j) "Whitney Registration Rights Agreement" means that certain
registration rights agreement dated as of March 30, 1999 between the Company, J.
H. Whitney III, L.P., Whitney Strategic Partners III, L.P., J. H. Whitney
Mezzanine Fund, L.P., German American Capital Corporation ("GACC") and certain
other stockholders party thereto.

          2.  Demand Registration.
              -------------------

          2.1 Rights to Demand Registration. If on the first anniversary of the
              -----------------------------
Whitney Initial Demand Date the stockholders party to the Whitney Registration
Rights Agreement have not delivered a Demand Notice to cause a demand
registration, pursuant to section 2.1 of the Whitney Registration Rights
Agreement, in which the Holders pursuant to this agreement shall have piggyback
registration rights as contemplated in section 3 of this agreement, then, at any
time after such first anniversary on which the Company shall receive a Demand
Notice under

                                        2

<PAGE>

this agreement, the Company shall promptly give written notice of such proposed
registration to all other Holders and shall offer to include in such proposed
registration any Registrable Securities requested to be included in such
proposed registration by the Holders who shall respond in writing to the
Company's notice within 10 days after receipt by the Holders in question of such
notice (which response shall specify the number of Registrable Securities
proposed to be included in such registration). Subject to section 2.2, the
Company shall promptly use its best efforts to effect such registration under
the Securities Act of the Registrable Securities that the Company has been so
requested to register on such appropriate registration form of the Commission as
shall be selected by the Company.

          2.2  Limits on Demand Rights.
               -----------------------

          (a)  The Company shall not be obligated to file and cause to become
effective (i) more than one registration statement pursuant to section 2.1; and
(ii) any registration statement during the period beginning 30 days prior to the
filing and ending 90 days following the effective date of a registration
statement filed by the Company and relating to an underwritten offering in which
a majority of the shares are being sold by the Company for its own account.

          (b)  Unless the Company shall have delayed the commencement of a
registration statement pursuant to section 2.2(a)(ii) above or section 2.2(c)
below, the Company may delay the filing or effectiveness of any registration
statement for a period of up to 60 days after the date of delivery of the Demand
Notice pursuant to this section 2 if at the time of such request the Company is
engaged in a firm commitment underwritten public offering of Company Shares in
which the Holders may include Registrable Securities pursuant to section 3,
provided, however, that, in the event the Company exercises its rights under
this section 2.2(b), the registration shall not be counted as a demand for
registration by any Holder for purposes of section 2.2(a)(i) hereof.

          (c)  If, while a registration request is pending pursuant to this
section 2, the Company has been advised by legal counsel (i) that the filing of
a registration statement would require the disclosure of a material transaction
or other factor that the Company reasonably determines in good faith would have
a material adverse effect on the Company or (ii) the Company then is unable to
comply with Commission requirements applicable to the requested registration,
the Company shall not be required to effect a registration pursuant to this
section 2 until the earlier of (A) the date upon which such material information
is otherwise disclosed to the public or ceases to be material or the Company is
able to so comply with applicable Commission requirements, as the case may be,
and (B) 60 days after the Company makes such good faith determination, provided
that in the event the Company exercises its rights under this section 2.2(c),
the registration shall not be counted as a demand for registration by any Holder
for purposes of section 2.2(a)(i) hereof, and provided further that the Company
may not exercise its right under this section 2.2(c) more than once in any
12-month period.

          (d)  A requested registration under this section 2 may be rescinded by
written notice to the Company by the Holder or Holders initiating such request.
Such rescinded registration shall not count as a registration statement
initiated pursuant to this section 2 for

                                        3

<PAGE>

purposes of section 2.2 above if such request is rescinded by such Holder or
Holders not later than five business days prior to the filing of a registration
statement with the Commission.

          2.3 Underwriter "Cutbacks" in Demand Registrations. With respect to
              ----------------------------------------------
any registration pursuant to this section 2 that is being effected by one or
more underwriters, such underwriters shall be designated by the Company and
approved by a majority in interest of the stockholders selling Registrable
Securities and Other Securities (which approval shall not be unreasonably
withheld), and the Company may include in such registration any Other
Securities; provided, however, that, anything to the contrary in section 2.1
notwithstanding, if any managing underwriter for the public offering
contemplated by such registration advises the Company in writing that, in such
firm's good faith opinion, the inclusion of all Registrable Securities and Other
Securities proposed to be included in such registration would adversely affect
the offering and sale of all such securities, then the number of Registrable
Securities and Other Securities proposed to be included in such registration
shall be reduced pro rata based upon the number of shares of Common Stock owned
by each such Person and its affiliates (or that each such Person and its
affiliates have the right to acquire) at the time of such registration.

          3.  Piggyback Registration.
              ----------------------

          3.1 Right to Include Registrable Securities.
              ---------------------------------------

          (a) Subject to section 3.1(b), if the Company at any time proposes to
register any of its securities under the Securities Act (as defined below) by
registration on Forms SB-2, S-1, S-2, S-3 (but not Forms S-4 or S-8) or any
successor or similar form(s) (except registrations on such or similar forms for
registration of securities in connection with (i) an employee benefit plan or
dividend reinvestment plan or a merger, consolidation or other business
combination, (ii) debt securities that are not convertible into Common Stock, or
(iii) the Company's initial public offering), whether or not for sale for its
own account, it shall, each such time, give written notice to the Holders of its
intention to do so and of the Holders' rights under this section 3 at least 30
days prior to the filing of a registration statement with respect to such
registration with the Commission. Upon the written request of any Holder made
within 20 days after the receipt of that notice, which request shall specify the
Registrable Securities intended to be registered and disposed of by such Holder,
the Company shall, subject to the provisions hereof, use its best efforts to
include in such registration statement all Registrable Securities that the
Company has been so requested to register by such Holder.

          (b) If, at any time after giving written notice of its intention to
register any securities and prior to the effective date of the registration
statement filed in connection with such registration, the Company shall
determine for any reason not to register or to delay registration of such
securities, the Company may, at its election, give written notice of such
determination to each Holder and upon giving that notice (i) in the case of a
determination not to register, the Company shall be relieved of its obligation
to register any Registrable Securities in connection with such registration (but
not from any obligation of the Company to pay the Registration Expenses (as
defined below) in connection therewith), without prejudice; and (ii) in the case
of a determination to delay registering, the Company shall be permitted to delay
registering any Registrable Securities for the same period as the delay in
registering such other securities.

                                       4

<PAGE>

          (c)  The Company shall pay all Registration Expenses in connection
with registration of Registrable Securities requested pursuant to this section
3.1.

          3.2  Underwriter "Cutbacks" in Piggyback Registrations. Anything in
               -------------------------------------------------
section 3.1 to the contrary notwithstanding, with respect to any registration
pursuant to which shares are registered pursuant to this section 3 that is being
effected by one or more underwriters, such underwriters shall be designated by
the Company and approved by a majority in interest of the stockholders selling
Registrable Securities and Other Securities (which approval shall not be
unreasonably withheld), and if any managing underwriter for the public offering
contemplated by such registration advises the Company in writing that, in such
firm's good faith opinion, the inclusion of all Registrable Securities and Other
Securities proposed to be included in such registration would adversely affect
the offering and sale of all such securities, then all securities proposed to be
sold by the Company for its own account shall be included in such registration
to the extent possible and the number of Registrable Securities and Other
Securities proposed to be included in such registration shall be reduced pro
rata based upon the number of shares of Common Stock owned by each such Person
(other than the Company) and its affiliates (or that each such Person and its
affiliates have the right to acquire) at the time of such registration.

          4.   Registration Procedures. In connection with the registration of
               -----------------------
any Registrable Securities under the Securities Act as provided in sections 2
and 3, the Company shall as expeditiously as possible:

               (i)   prepare and file with the Commission the requisite
     registration statement to effect such registration and thereafter use its
     best efforts to cause such registration statement to become and remain
     effective (subject to clause (ii) below); provided, however, that the
     Company may discontinue any registration of its securities that are not
     Registrable Securities at any time prior to the effective date of the
     registration statement relating thereto;

               (ii)  prepare and file with the Commission such amendments and
     supplements to such registration statement and the prospectus used in
     connection therewith as may be necessary to keep such registration
     statement effective and to comply with the provisions of the Securities Act
     with respect to the disposition of all Registrable Securities covered by
     such registration statement for such period as shall be required for the
     disposition of all of such Registrable Securities; provided, however, that,
     the foregoing notwithstanding, the Company shall not be required under this
     item (ii) to maintain the effectiveness of any such registration statement
     for longer than 180 days, or such longer period beyond such 180 days (up to
     an aggregate of 270 days) as may be available without requiring the Company
     to file any financial statements as of a later date and for a later period
     than the financial statements that may have been required to maintain the
     effectiveness of the registration statement for the 180-day period;

               (iii) furnish to the Holders such number of conformed copies of
     such registration statement and of each such amendment and supplement
     thereto (in each case including all exhibits), such number of copies of the
     prospectus contained in such registration statement (including each
     preliminary prospectus and any summary prospectus) and any other prospectus
     filed under Rule 424 under the Securities Act, in

                                        5

<PAGE>

     conformity with the requirements of the Securities Act, and such other
     documents, as the Holders may reasonably request from time to time;

          (iv)   use its best efforts (x) to register or qualify all Registrable
     Securities and other securities covered by such registration statement
     under such other securities or blue sky laws of such states of the United
     States of America where an exemption is not available and as the Holders
     shall reasonably request, (y) to keep such registration or qualification in
     effect for so long as such registration statement remains in effect, and
     (z) to take any other action that may reasonably be necessary or advisable
     to enable the Holders to consummate the disposition in such jurisdictions
     of the securities to be sold by the Holders, except that the Company shall
     not for any such purpose be required to qualify generally to do business as
     a foreign corporation in any jurisdiction wherein it would not, but for the
     requirements of this paragraph (iv), be obligated to be so qualified or to
     consent to general service of process in any such jurisdiction;

          (v)    use its best efforts to cause all Registrable Securities
     covered by such registration statement to be registered with or approved by
     such other federal or state governmental agencies or authorities as may be
     necessary in the opinion of counsel to the Company to consummate the
     disposition of such Registrable Securities in accordance with their
     intended method of disposition;

          (vi)   furnish to the Holders' underwriters, if any, (x) an opinion of
     counsel for the Company, and (y) a "comfort" letter signed by the
     independent public accountants who have certified the Company's financial
     statements included or incorporated by reference in such registration
     statement, each covering substantially the same matters with respect to
     such registration statement (and the prospectus included therein) and, in
     the case of the accountant's comfort letter, with respect to events
     subsequent to the date of such financial statements, as are customarily
     covered in opinions of issuer's counsel and in accountant's comfort letters
     delivered to the underwriters in underwritten public offerings of
     securities (and dated the dates such opinions and comfort letters are
     customarily dated);

          (vii)  immediately notify the Holders when a prospectus relating
     thereto is required to be delivered under the Securities Act, upon
     discovery that, or upon the happening of any event as a result of which,
     the prospectus included in such registration statement, as then in effect,
     includes an untrue statement of a material fact or omits to state any
     material fact required to be stated therein or necessary to make the
     statements therein not misleading, in the light of the circumstances under
     which they were made, and at the request of the Holders promptly prepare
     and furnish to them a reasonable number of copies of a supplement to or an
     amendment of such prospectus as may be necessary so that, as thereafter
     delivered to the purchasers of such securities, such prospectus shall not
     include an untrue statement of a material fact or omit to state a material
     fact required to be stated therein or necessary to make the statements
     therein not misleading in the light of the circumstances under which they
     were made;

          (viii) otherwise use its best efforts to comply with all applicable
     rules and regulations of the Commission, and make available to its security
     holders, as soon as

                                        6

<PAGE>

     reasonably practicable, an earnings statement covering the period of at
     least 12 months, but not more than 18 months, beginning with the first full
     calendar month after the effective date of such registration statement,
     which earnings statement shall satisfy the provisions of section 11(a) of
     the Securities Act and Rule 158 promulgated thereunder, and promptly
     furnish the same to the Holders; and

               (ix) provide and cause to be maintained a transfer agent and
     registrar (which, in each case, may be the Company) for all Registrable
     Securities covered by such registration statement from and after a date not
     later than the effective date of such registration.

          The Company may require the Holders to furnish the Company such
information regarding the Holders and the distribution of the Holders'
Registrable Securities as the Company may from time to time reasonably request
in writing, based on its reasonable belief that such information is required to
be disclosed in the Registration Statement pursuant to the Securities Act and
applicable State securities laws.

          Upon receipt of any notice from the Company of the happening of an
event of the kind described in item (vii) of this section 4, the Holders shall
forthwith discontinue their disposition of Registrable Securities pursuant to
the registration statement relating to such Registrable Securities until the
Holders' receipt of the copies of the supplemented or amended prospectus
contemplated by item (vii) and, if so directed by the Company, the Holders shall
deliver to the Company all copies, other than permanent file copies, then in the
Holders' possession, of the prospectus relating to such Registrable Securities
current at the time of receipt of such notice.

          5.   Underwritten Offerings.
               ----------------------

          5.1  Piggyback Underwritten Offerings. If the Company proposes to
               --------------------------------
register any of its securities under the Securities Act as contemplated by
section 2 or section 3 and such securities are to be distributed by or through
one or more underwriters, the Company shall, subject to the provisions of
section 2 and section 3 (including, without limitation, the provisions of
sections 2.3 and 3.2), if requested by the Holders, arrange for such
underwriters to include all the Registrable Securities to be offered and sold by
the Holders with and among the securities of the Company to be distributed by
such underwriters. The Holders shall become a party to the underwriting
agreement negotiated between the Company and such underwriters and shall make
all representations and warranties to and shall enter into all agreements with
the Company or the underwriters as shall be reasonably requested of them
including all representations and warranties required by law, customarily given
or reasonably requested of selling shareholders by an underwriter in an
underwritten public offering.

          5.2  Holdback Agreements.
               -------------------

          (a)  If the Company, in connection with an underwritten offering of
securities for its own account, at any time shall register shares of Common
Stock under the Securities Act for sale to the public (other than on Forms S-4
or S-8 or a shelf registration), the Holders shall not sell pursuant to an
effective registration statement, publicly make any short sale of, publicly

                                        7

<PAGE>

grant any option for the purchase of, or otherwise publicly dispose of any
Shares (other than those Shares included in such registration pursuant to
section 2 or section 3) without the prior written consent of the managing
underwriter for a period required by the underwriters and designated by the
Company, which period shall begin not more than thirty (30) days prior to the
effectiveness of the registration statement pursuant to which such public
offering shall be made and shall last not more than one hundred eighty (180)
days after the effective date of such registration statement in the case of the
Company's initial public offering, or ninety (90) days after the effective date
of such registration statement in the case of any such other offering. The
Company may legend and impose stop transfer instructions on any certificate
evidencing Registrable Securities relating to the restrictions provided in this
section 5.2.

               (b)  During the 15-day period prior to the effective date of any
registration statement of Registrable Securities pursuant to an underwritten
public offering and during the 90-day period beginning on that effective date,
the Company shall not (except as part of such registration) effect any public
sale or distribution of any of its equity securities or of any security
convertible into or exchangeable or exercisable for any equity security of the
Company (other than in connection with any employee stock option or other
benefit plan).

               5.3  Preparation; Reasonable Investigation. In connection with
                    -------------------------------------
the preparation and filing of each registration statement under the Securities
Act pursuant to this agreement, the Company shall give the Holders, their
underwriters, if any, and their respective counsel and accountants the
opportunity to participate in the preparation of such registration statement,
each prospectus included therein or filed with the Commission, and each
amendment thereof or supplement thereto, and give each of them such access to
its books and records, such opportunities to discuss the business of the Company
with officers and the independent public accountants who have certified its
financial statements as shall be necessary, in the opinion of the Holders' and
such underwriters' respective counsel, to conduct a reasonable investigation
within the meaning of the Securities Act.

               6.   Indemnification.
                    ---------------

               6.1  Indemnification by the Company. In the event of any
                    ------------------------------
registration statement filed pursuant to section 2 or section 3, the Company
shall, and hereby does, indemnify and hold harmless each of the Holders and each
of their directors, officers, partners, agents, attorneys, representatives and
affiliates and each other individual, group, partnership, corporation, business
trust, joint stock company, trust, unincorporated association, joint venture or
other entity of whatever nature ("Person") who participates as an underwriter in
the offering or sale of such securities and each other Person, if any, who
controls any Holder or any such underwriter within the meaning of the Securities
Act (each of the foregoing, a "Holder Indemnitee"), insofar as losses, claims,
damages, or liabilities (or actions or proceedings, whether commenced or
threatened, in respect thereof) arise out of or are based upon any untrue
statement or alleged untrue statement of any material fact contained in any such
registration statement, any preliminary prospectus, final prospectus, or summary
prospectus contained therein, or any amendment or supplement thereto, or any
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein in light of the
circumstances in which they were made not misleading, and the Company shall
reimburse each Holder Indemnitee for any legal or any other fees, costs and
expenses reasonably

                                       8

<PAGE>

incurred by them in connection with investigating or defending any such loss,
claim, liability, action or proceeding; provided, that the Company shall not be
liable in any such case to the extent that any such loss, claim, damage,
liability (or action or proceeding in respect thereof) or expense arises out of
or is based upon an untrue statement or omission made in reliance upon and in
conformity with information furnished to the Company by or on behalf of a Holder
or such underwriter, as the case may be, for use in the preparation thereof; and
provided, further, that the Company shall not be liable to any Holder Indemnitee
in any such case to the extent that any such loss, claim, damage, liability (or
action or proceeding in respect thereof) or expense arises out of such Person's
failure to send or give a copy of the final prospectus, as the same may be then
supplemented or amended, to the Person asserting an untrue statement or alleged
untrue statement or omission or alleged omission at or prior to the written
confirmation of the sale of Registrable Securities to such Person if such
statement or omission was corrected in such final prospectus so long as such
final prospectus, and any amendments or supplements thereto, have been furnished
to such underwriter or any Holder, as applicable.

               6.2  Indemnification by the Holders. If any Registrable
                    ------------------------------
Securities are included in any registration statement, the Holders of such
Registrable Securities so registered shall, and hereby do, severally and not
jointly, indemnify and hold harmless (in the same manner and to the same extent
as set forth in section 6.1 above) the Company, and each director and officer of
the Company, and each other Person, if any, who controls the Company within the
meaning of the Securities Act, with respect to all losses, claims, damages,
expenses or liabilities ("Losses") to which the Company or such control person
becomes subject under the Securities Act, insofar as such Losses arise out of or
are based upon any untrue statement or alleged untrue statement of a material
fact contained in such registration statement, any preliminary prospectus, final
prospectus or summary prospectus contained therein, or any amendment or
supplement thereto, or an omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading, if such statement or alleged statement or omission or
alleged omission was made in reliance upon and in conformity with written
information pertaining to such Holder and furnished to the Company by such
Holder for use in the preparation of such registration statement, preliminary
prospectus, final prospectus, summary prospectus, amendment or supplement,
provided, however, that no Holder shall have any liability under this section
6.2 for any amount in excess of the net proceeds actually received by such
Holder from the sale of the Registrable Securities included in such registration
statement.

               6.3  Notice of Claims, Etc.
                    ---------------------

               (a)  Promptly after receipt by an indemnified party of notice of
the commencement of any action or proceeding involving a claim referred to in
sections 6.1 or 6.2, such indemnified party will, if a claim in respect thereof
is to be made against an indemnifying party, immediately give written notice to
the latter of the commencement of such action; provided, however, that the
failure of any indemnified party to give notice as provided herein shall not
relieve the indemnifying party of its indemnity obligations, except to the
extent that the indemnifying party is actually prejudiced by such failure to
give notice. In case any such action is brought against an indemnified party,
unless in the reasonable judgment of counsel for such indemnified party, a
conflict of interest between such indemnified and indemnifying parties may exist
in respect of such claim (in which case the indemnified party shall be entitled
to retain separate counsel as provided below), the indemnifying party shall be
entitled to participate in and

                                       9

<PAGE>

to assume the defense thereof, jointly with any other indemnifying party
similarly notified to the extent that it may wish and at any time, with counsel
[reasonably] satisfactory to such indemnified party, and after notice from the
indemnifying party to such indemnified party of its election so to assume the
defense thereof, the indemnifying party shall not be liable to such indemnified
party for any legal or other expenses subsequently incurred by the indemnified
party in connection with the defense thereof other than reasonable costs related
to the indemnified party's cooperation with the indemnifying party provided,
however, that (i) if the indemnifying party fails to assume the defense of such
claim after a reasonable time the indemnified party may retain counsel to defend
such claim and the reasonable fees and expenses of such counsel shall be paid by
the indemnifying party, (ii) the indemnified party may, at its own expense,
retain separate counsel to participate in such defense, (iii) the indemnified
party shall have the right to employ separate counsel at the expense of the
indemnifying party and to control its own defense of such action, claim or
proceeding if, in the reasonable opinion of counsel to such indemnified party, a
material conflict or potential material conflict exists between the indemnified
party and the indemnifying party that would make such separate representation
advisable, except that in no event shall the indemnifying party be required to
pay fees and expenses under this section 6 for more than one separate firm of
attorneys in any one legal action or group of related legal actions.

               (b)  No indemnifying party shall be liable for any settlement of
any action or proceeding effected without its written consent, which consent
shall not be unreasonably withheld. No indemnifying party shall, without the
consent of the indemnified party, consent to entry of any judgment or enter into
any settlement that does not include as an unconditional term thereof the giving
by the claimant or plaintiff to such indemnified party of a release from all
liability in respect to such claim or litigation.

               6.4  Contribution. If indemnification shall for any reason be
                    ------------
held by a court to be unavailable to an indemnified party under section 6.1 or
section 6.2 in respect of any loss, claim, damage or liability, or any action in
respect thereof, then, in lieu of the amount paid or payable under section 6.1
or section 6.2, as applicable, the indemnified party and the indemnifying party
shall contribute to the aggregate losses, claims, damages and liabilities
(including legal or other expenses reasonably incurred in connection with
investigating the same), (i) in such proportion as is appropriate to reflect the
relative fault of the Company on the one hand and the Holders on the other hand
that resulted in such loss, claim, damage or liability, or action in respect
thereof, with respect to the statements or omissions that resulted in such loss,
claim, damage or liability, or action in respect thereof, as well as any other
relevant equitable considerations or (ii) if the allocation provided by item (i)
above is not permitted by applicable law, in such proportion as shall be
appropriate to reflect the relative benefits received by the Company on the one
hand and the Holders on the other provided, however, that no Holder shall have
any liability under this section 6.4 for any amount in excess of the net
proceeds actually received by such Holder from the sale of the Registrable
Securities included in such registration statement. No Person guilty of
fraudulent misrepresentation (within the meaning of the Securities Act) shall be
entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation. In addition, no Person shall be obligated to contribute
hereunder any amounts in payment for any settlement of any action or claim,
effected without such Person's consent, which consent shall not be unreasonably
withheld.

                                       10

<PAGE>

               6.5  Rule 144. With a view to making available the benefits of
                    --------
certain rules and regulations of the Commission that may at any time permit the
sale of the Registrable Securities to the public without registration, at all
times from and after 90 days following the effective date of the first
registration of the Company under the Securities Act of an offering of its
securities to the public, the Company shall:

               (a)  use its best efforts to facilitate the sale of the
Registrable Securities to the public, without registration under the Securities
Act, pursuant to Rule 144 promulgated under the Securities Act, provided that
this shall not require the Company to file reports under the Securities Act and
the Securities Exchange Act of 1934, or any similar federal statute, and the
rules and regulations of the Commission thereunder ("Exchange Act"), at any time
prior to the Company's being otherwise required to file such reports;

               (b)  make and keep public information available, as those terms
are understood and defined in Rule 144 promulgated under the Securities Act at
all times after 90 days after the effective date of the first registration under
the Securities Act filed by the Company for an offering of its securities to the
general public;

               (c)  use its best efforts to then file with the Commission in a
timely manner all reports and other documents required of the Company under the
Securities Act and the Exchange Act; and

               (d)  deliver to the Holders, upon any Holder's request, a written
statement as to whether it has complied with the requirements of this section 6,
a copy of the most recent annual or quarterly report of the Company filed with
the Commission or any stock exchange or self regulatory organization [registered
under the Securities Exchange Act of 1934], and such other reports and documents
so filed as a Holder may reasonably request to avail itself of any rule or
regulation of the Commission allowing it to sell its Registrable Securities
without registration.

               7.   Representations and Warranties of the Company and the
                    -----------------------------------------------------
Stockholders. Each of the Company, on the one hand, and the Stockholders, on the
------------
other hand, hereby severally (and not jointly) represent and warrant to the
Company and to each of the Stockholders as set forth below (all of such
representations and warranties to survive the execution and delivery of this
agreement):

               (a)  Binding Effect. This agreement has been duly executed and
delivered by the Company or the Stockholder, as applicable, and constitutes the
legal, valid and binding obligation of such party enforceable against such party
in accordance with its terms, except as enforceability may be limited by
applicable bankruptcy, insolvency or other similar laws affecting the
enforcement of creditors' rights generally and by general principles of equity
relating to enforceability.

               (b)  Power; Authorization; Non-Contravention. Each of the Company
and the Stockholder, as applicable, has all power and authority to execute,
deliver and perform his, her or its obligations under this agreement. The
execution, delivery and performance by each of the Company or the Stockholder,
as applicable, of this agreement and the consummation of the

                                       11

<PAGE>

transactions contemplated hereby, (i) has been duly authorized by all necessary
corporate or limited liability company, and if required, stockholder action, as
applicable, on the part of or on behalf of such party and (ii) does not violate,
contravene the terms of, or exceed the authority grant under, any agreement,
document or instrument of or applicable to such party.

               8.   Miscellaneous.
                    --------------

               (a)  Notices. All notices, instructions and other communications
                    -------
in connection with this agreement shall be in writing and may be given by
personal delivery or mailed, certified mail, return receipt requested, postage
prepaid or by a nationally recognized overnight courier to the parties at the
address of the Company as follows, and at the address of the Holders as set
forth on the signature page to this agreement (or at such other address as the
Company or the Holders may specify in a notice to each other):

               If to the Company:

                              MedSource Technologies, Inc.
                              Two Carlson Parkway
                              Minneapolis, Minnesota 55447
                              Attention: Chief Executive Officer

                     and

                              Kidd & Company, LLC
                              Three Pickwick Plaza
                              Greenwich, CT 06830
                              Attention: Richard J. Effress

               With a copy to:

                              Edward R. Mandell
                              Parker Chapin Flattau & Klimpl, LP
                              1211 Avenue of the Americas
                              New York, New York 10036-8735

               If to a Stockholder, to the address set forth on the signature
page below.

               (b)  No Waiver. No course of dealing and no delay on the part of
                    ---------
any party hereto in exercising any right, power or remedy conferred by this
agreement shall operate as a waiver thereof or otherwise prejudice such party's
rights, powers and remedies conferred by this agreement or shall preclude any
other or further exercise thereof or the exercise of any other right, power and
remedy.

               (c)  Binding Effect; Assignability. This agreement shall be
                    -----------------------------
binding upon and, except as otherwise provided herein, shall inure to the
benefit of the respective parties and their permitted successors and assigns.
This agreement shall not be assignable except as otherwise provided herein;
provided, however, that the Holders of the Series B Preferred Stock shall have
--------  -------

                                       12

<PAGE>

the right to assign and transfer all or any portion of their rights under this
agreement to a purchaser of the Shares in accordance with the terms of the
Purchase Agreement dated as of the date hereof between the Company, such Holders
and the other parties thereto.

               (d)  Severability. Any provision of this agreement that is
                    ------------
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. To the extent permitted
by applicable law, the parties hereby waive any provision of law which renders
any provisions hereof prohibited or unenforceable in any respect.

               (e)  Modification. No term or provision of this agreement may be
                    ------------
amended, altered, modified, rescinded or terminated except upon the express
written consent of the party against whom the same is sought to be enforced.

               (f)  Law Governing. This agreement shall be governed by and
                    -------------
construed in accordance with the law of the state of New York, applicable to
agreements made and to be performed entirely in New York, without regard to the
principals of conflicts of law of such state.

               (g)  Amendment to Securities Laws. The Company (on the one hand)
                    ----------------------------
and the Stockholders (on the other hand) agree that any amendment to federal
securities laws (and regulations promulgated thereunder (and related
registration forms) and related state securities laws) shall not affect the
substantive registration requirements (and other obligations of the Company) set
forth in this agreement; and, following any such amendment, the Company shall
continue to be required to cause the registration of the Registrable Securities
(and pay all Registration Expenses and provide indemnification pursuant to
section 6.1) under the federal securities laws, as amended, in a manner
consistent with carrying out the intent and purposes of (and on terms as similar
as practicable as the terms set forth in) this agreement.

               (h)  Headings. All headings and captions in this agreement are
                    --------
for purposes of reference only and shall not be construed to limit or affect the
substance of this agreement.

                                       13

<PAGE>

               (i)  Entire Agreement. This agreement contains, and is intended
                    ----------------
as, a complete statement of all the terms of the arrangements between the
parties with respect to the matters provided for, supersedes any previous
agreements and understandings between the parties with respect to those matters
and cannot be changed or terminated orally.

                                        MEDSOURCE TECHNOLOGIES, INC.

                                        By: /s/ RICHARD J. EFFRESS
                                            --------------------------------
                                            Name: Richard J. Effress
                                            Title: Chairman

                                        INDOSUEZ MST PARTNERS
                                        By: Indosuez CM II, Inc.
                                            as general partner

                                        By: /s/ MICHAEL F. WALSH
                                            --------------------------------
                                            Name:  Michael F. Walsh
                                            Title:  Vice President

                                        Address:
                                        1211 Avenue of the Americas
                                        New York, New York 10036
                                        Attention: Michael F. Walsh
                                        Telecopier: (212) 278-2287

                                       14

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