Document:

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                                                                 Exhibit 4.33

                    SETTLEMENT AGREEMENT AND GENERAL RELEASE

         This Settlement Agreement and General Release (the "Agreement") is
entered into between plaintiff I-O Display Systems LLC, ILIXCO, Inc. dba Razor
Digital Media ("Plaintiffs"), on the one hand, and defendant Checquemate
International, Inc., dba C3D Digital (collectively, "Defendant"), on the other
hand. Plaintiffs and Defendant are referred to collectively as "the Parties."

                                    RECITALS

         WHEREAS, Plaintiffs commenced an action in the Superior Court of San
Mateo County, California under Civil Action Number 415826 and bearing the
caption I-O DISPLAY SYSTEMS LLC, ILIXCO, INC. DOING BUSINESS AS RAZOR DIGITAL
MEDIA VS. INTELECON SERVICES, INC., CHECQUEMATE INTERNATIONAL, INC. INDIVIDUALLY
AND DOING BUSINESS AS C3D DIGITAL, INC., MIKE HEIL, DOUG STANLEY, SAM BOYER, TIM
MEYERS, DOES 1 TO 100, (the "Action");

         WHEREAS, the Parties wish to complete the settlement, compromise, and
resolution of Plaintiffs' claims against Defendant, on the terms and subject to
the conditions stated herein;

         The Parties, in consideration of the covenants contained herein, and in
consideration and exchange of the following consideration, hereby stipulate and
agree as follows:

                              TERMS AND CONDITIONS

                  1.a  In compromise of the claims asserted by Plaintiffs in
the Action, Defendant has transferred to Plaintiff the total of 2,535,377
shares of the common stock of

                        SETTLEMENT AGREEMENT AND RELEASE
                                  PAGE 1 OF 11
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Checquemate International, Inc., (the "Shares") which shares are included among
those to be registered for trading on the open market pursuant to a Form S-3
Registration Statement filed by Defendant with the Securities and Exchange
Commission on November 30, 2001. Subject to all applicable laws, Defendant will
use its best efforts to cause its Form S-3 Registration Statement to become
effective at the earliest commercially reasonable time. Defendant will take no
action to omit Plaintiffs' Shares from the Registration Statement, or any
amendment thereto, or to cause Plaintiffs' Shares to become registered later
than other shares registered pursuant to the same Registration Statement, and
will inform Plaintiff, through Mr. Jeffrey Fergason or its then current chief
executive officer, promptly and in writing as soon as Plaintiffs' Shares are
registered.

         1.b  Defendant provides the conditional liquidation guarantees
described below during a Guarantee Period not to exceed 540 days after the
Registration Statement is declared effective, and Plaintiffs agree, as
described below, to the orderly liquidation of any Shares liquidated during
that same Guarantee Period. In any single calendar month, Plaintiffs may, but
are not required to, liquidate no more than 120,000 shares (approximately 6%
of the present gross Share position), or 6% of the average monthly trading
volume of Defendant's common stock during the three month period preceding
the intended sale, whichever is greater. Upon Plaintiffs' request, Defendant
may except from this orderly liquidation provision any Shares directly
purchased from Plaintiffs by third parties, and shall except from this
provision at least $100,000 in Shares (based on a per share price of $0.17)
purchased by third parties. Plaintiffs grant Defendant a right of first
refusal to purchase any Shares Plaintiffs intend to liquidate; Defendant
shall provide to Plaintiffs a form of written Notice to be used for this
purpose. Defendant shall have at least three business days to exercise its
right to purchase any Shares

                        SETTLEMENT AGREEMENT AND RELEASE
                                  PAGE 2 OF 11
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Plaintiffs may elect to liquidate during the Guarantee Period. If, at the end of
the Guarantee Period, Plaintiffs' Shares do not have an Aggregate Value of at
least $370,000 (determined by the thirty day trailing average closing price of
Defendant's common stock), then Defendant shall transfer to Plaintiffs an amount
of registered shares or cash, at Defendant's discretion, equal to the difference
between the Aggregate Value and $370,000. The gross proceeds of any Shares
liquidated during the Guarantee Period (including any shares purchased from
Plaintiff by any third party) shall be deducted from any amount due. Plaintiffs
shall promptly provide Defendant with all documents necessary to determine what,
if any, amounts may be due under this provision.

         1.c  Plaintiffs filed a Request for Default in the Action on or
about April 17, 2001, and a default was entered against Defendant on or about
that date. On December 14, 2001, Plaintiffs applied for a Default Judgment
against Defendant, and a Default Judgment was entered against Defendant on or
about December 26, 2001. Pursuant to a Writ of Execution obtained by
Plaintiffs on the Default Judgment, Plaintiffs caused the Writ of Execution
and Notice of Levy in the amount of $540,008 to have been served on certain
financial accounts of Defendant. Plaintiffs will take or cooperate with such
action as may be necessary and sufficient to vacate the default and default
judgment, quash and recall the Writ of Execution, and release the Levy. After
the Default and Default Judgment have been vacated, the Writ of Execution
recalled and quashed, the Notice of Levy released, and this Agreement
executed, Plaintiffs will dismiss the Action against Defendant with
prejudice. Plaintiffs will file a request for dismissal of the Action against
Defendant with prejudice, in the form attached hereto as Exhibit A, within
three business days after receiving a fully executed copy of this Agreement.

                        SETTLEMENT AGREEMENT AND RELEASE
                                  PAGE 3 OF 11
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         1.d  Plaintiffs will, upon receipt of cashier's checks from
Defendant totaling $200,000 as described below, immediately direct the
levying officer in writing to return the sum of $540,008 levied from the
accounts of Defendant pursuant to Writ of Execution and Notice of Levy to
Defendant, and Defendant will provide Plaintiffs with a cashier's check for
$170,000. Plaintiffs shall not negotiate this check until and unless
Plaintiffs have confirmed with the Levying Officer in writing, and given
written notice to Defendant, that the Levying Officer has accepted and will
execute Plaintiffs' instruction to release the Levy and levied funds. Upon
receipt of Plaintiffs' Statement of Non-Opposition, as described below,
Defendant will promptly move to set aside the Default and Default Judgment
and recall and quash the Writ of Execution, which motion Plaintiff will, in
writing, not oppose and agree to the entry of an Order setting aside the
Default and Default Judgment and quashing and recalling the Writ of Execution
in a Statement of Non-Opposition. Defendant will refrain from filing a
cross-complaint in connection with the motion to set aside the Default and
Default Judgment, which claims shall be tolled pending Plaintiffs'
performance of their obligations under this Agreement. Plaintiffs will cease
any and all efforts to execute on the Default Judgment and Writ of Execution
and make no further efforts to execute on the Default Judgment, and warrant
that no efforts, other than the Levy against Defendant's accounts at Wells
Fargo Bank to be released as described in this Agreement and the Parties'
Memorandum of Understanding, have been made.

         1.e  In consideration of this Agreement, Defendant has provided
Plaintiffs with a further cashier's check for $30,000, which amount shall be
returned to Defendant immediately in the event that Plaintiffs' Shares become
registered and any third party consummates the purchase of Plaintiffs' Shares
in a gross dollar amount greater than, or equal to, $100,000 (based

                        SETTLEMENT AGREEMENT AND RELEASE
                                  PAGE 4 OF 11
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on a per share price of $0.17) within six months of January 8, 2002, which
purchase on such terms Plaintiffs shall not unreasonably refuse or delay. If the
Shares are not registered and no third party transaction is consummated as
contemplated in this paragraph, then Plaintiff may retain the $30,000.

         2.a  Plaintiffs, on their own behalf and on behalf of their
employees, representatives, partners, agents, heirs, dependents, executors,
successors, attorneys and assigns, and each of them, hereby release and
forever discharge Defendant, and each of its current and former employees,
representatives, partners, agents, attorneys, heirs, successors, assigns,
officers, directors, parents, subsidiaries, affiliates and controlling
persons, past and present, of and from all claims, liabilities, demands,
damages, actions, and causes of action, at law or in equity, of every kind
and nature, including claims for attorneys' fees or costs, whether known or
unknown, existing, claimed to exist, or which may hereafter arise.

         2.b  Defendant, on its own behalf and on behalf of its employees,
representatives, partners, agents, heirs, dependents, executors, successors,
attorneys and assigns, and each of them, hereby releases and forever
discharges Plaintiffs, and each of their current and former employees,
representatives, partners, agents, attorneys, heirs, successors, assigns,
officers, directors, parents, subsidiaries, affiliates and controlling
persons, past and present, of and from all claims, liabilities, demands,
damages, actions, and causes of action, at law or in equity, of every kind
and nature, including claims for attorneys' fees or costs, whether known or
unknown, existing, claimed to exist, or which may hereafter arise.

                        SETTLEMENT AGREEMENT AND RELEASE
                                  PAGE 5 OF 11
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         3.a  Plaintiffs specifically understand, acknowledge and agree that
this is a full and final release of all claims described herein, whether
known or unknown, and whether or not included in the pleadings of the Action.
Plaintiffs therefore hereby expressly and voluntarily waive all rights or
benefits which Plaintiffs might otherwise have under Section 1542 of the
Civil Code of the State of California, which provides:

         A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR
         DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF
         EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE
         MATERIALLY AFFECTED THE SETTLEMENT WITH THE DEBTOR.

Plaintiffs further expressly and voluntarily waive any substantially similar or
equivalent statutory, common law, or equitable rights or benefits arising under
the laws of any other jurisdiction. Plaintiffs acknowledge that claims or facts
in addition to or different from those which are now known or believed to exist
may later be discovered with respect to any claim, demand, damage, action, or
cause of action that they, or any of them, may possess against Defendant, or its
respective, heirs, successors, assigns, officers, directors, agents, attorneys,
employees, partners, representatives, parents, subsidiaries, affiliates or
controlling persons, or any of them, but they nevertheless intends this release
to be effective as a full, general release.

         3.b  Defendant specifically understands, acknowledges and agrees
that this is a full and final release of all claims described herein, whether
known or unknown, and whether or not included in the pleadings of the Action.
Defendant therefore hereby expressly and voluntarily waives all rights or
benefits which Defendant might otherwise have under Section 1542 of the Civil
Code of the State of California, which provides:

         A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR
         DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF
         EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE

                        SETTLEMENT AGREEMENT AND RELEASE
                                  PAGE 6 OF 11
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         MATERIALLY AFFECTED THE SETTLEMENT WITH THE DEBTOR.

         Defendant further expressly and voluntarily waives any substantially
similar or equivalent statutory, common law, or equitable rights or benefits
arising under the laws of any other jurisdiction. Defendant acknowledges that
claims or facts in addition to or different from those which are now known or
believed to exist may later be discovered with respect to any claim, demand,
damage, action, or cause of action that it may possess against Plaintiffs, or
any of them, but it nevertheless intends this release to be effective as a full,
general release.

         4. This Agreement is in full accord, satisfaction and discharge of all
of the claims described herein. This Agreement has been executed with the
express intention of effectuating the full and final extinguishment of all such
claims.

         5. Each Party warrants that no other person or entity has claimed or
now claims any interest in the subject of this Agreement, that it has the sole
right and exclusive authority to execute this Agreement, and that it has not
sold, assigned, or otherwise transferred to any other person or entity, any
claim, demand, damages, action, or cause of any kind or nature covered by this
Agreement.

                  6.a  Plaintiffs, and each of them, represent, warrant and
agree that they will not, at any time hereafter, initiate, assign, maintain
or prosecute, or knowingly aid in the initiation, maintenance or prosecution
of any claim, demand or cause of action against Defendant or any of its
respective heirs, successors, assigns, officers, directors, agents,
attorneys, employees, representatives, partners, parents, subsidiaries,
affiliated corporations or controlling persons, for damages, loss or injury
of any kind arising from, or relating to, or in any way

                        SETTLEMENT AGREEMENT AND RELEASE
                                  PAGE 7 OF 11
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connected to any transactions, events, occurrences, acts or failures to act with
respect to which Plaintiffs have released Defendant pursuant to this Agreement.
Plaintiffs, and each of them, further represent and warrant that, except for the
Action described herein, neither they nor their parents, subsidiaries,
affiliates, partners, shareholders, heirs, dependents, executors, employees,
agents, attorneys, representatives, successors or assigns has instituted any
proceeding, action or claim against Defendant, or its respective, heirs,
successors, assigns, officers, directors, agents, attorneys, employees,
partners, representatives, parents, subsidiaries, affiliates or controlling
persons with respect to the subject matter of this Agreement. Plaintiffs, and
each of them, further represent and warrant that no claim covered by this
Agreement has been sold, assigned, transferred, conveyed or otherwise disposed
of.

                  6.b  Defendant represents, warrants and agrees that it will
not at any time hereafter, initiate, assign, maintain or prosecute, or
knowingly aid in the initiation, maintenance or prosecution of any claim,
demand or cause of action against Plaintiffs or any of their respective
heirs, successors, assigns, officers, directors, agents, attorneys,
employees, representatives, partners, parents, subsidiaries, affiliated
corporations or controlling persons, for damages, loss or injury of any kind
arising from, or relating to, or in any way connected to any transactions,
events, occurrences, acts or failures to act with respect to which Defendant
has released Plaintiffs pursuant to this Agreement. Defendant further
represents and warrants that, except for the Action described herein, neither
it nor its parents, subsidiaries, affiliates, partners, shareholders, heirs,
dependents, executors, employees, agents, attorneys, representatives,
successors or assigns has instituted any proceeding, action or claim against
Plaintiffs, or any of them, or their respective, heirs, successors, assigns,
officers, directors, agents, attorneys,

                        SETTLEMENT AGREEMENT AND RELEASE
                                  PAGE 8 OF 11
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employees, partners, representatives, parents, subsidiaries, affiliates or
controlling persons with respect to the subject matter of this Agreement.
Defendant further represents and warrants that no claim covered by this
Agreement has been sold, assigned, transferred, conveyed or otherwise disposed
of.

         7. It is specifically understood and agreed that this Agreement may be
pleaded as a full and complete defense to and may be used as the basis for an
injunction against any action, arbitration, suit, or other proceeding which may
be instituted, prosecuted or attempted in breach of this Agreement. In the event
that litigation is necessary to enforce a provision or provisions of this
Agreement, all costs and attorneys' fees shall be paid by the non-prevailing
party or parties to the prevailing party or parties.

         8. The Parties agree that they will cooperate to execute all papers and
documents as may be necessary and proper to fulfill the terms and conditions of
this Agreement.

         9. The Parties agree to treat this Agreement, and the terms hereof, as
a confidential matter not to be disclosed to third parties, with the exception
that the fact of settlement and dismissal of the Action (as opposed to any
actual term or the fact or amount of consideration) may be disclosed. The
Parties hereby agree, and will cause their counsel, to maintain the
confidentiality of the terms and conditions of this Agreement and the matters
related thereto and shall not disclose, discuss, or comment on the same to any
third party except as necessary for the implementation of this Agreement or as
otherwise required by the lawful order of any judicial or administrative
tribunal, or as required to comply with applicable laws or regulations.

                        SETTLEMENT AGREEMENT AND RELEASE
                                  PAGE 9 OF 11
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         10. This Agreement represents a good faith compromise of disputed
claims and is not and shall not be considered, regarded, or described as an
admission of liability or responsibility by any Party. Plaintiffs acknowledge
that Defendant continues to deny liability, disclaim responsibility, and dispute
the factual allegations claimed by Plaintiffs.

         11. The Parties warrant that no promise, inducement, representation or
agreement not expressly set forth herein has been made to them in connection
with this Agreement. The Parties agree that, prior to the execution of this
Agreement, they have apprised themselves of sufficient relevant data, through
resources of their own selection, and have consulted with their respective
counsel, in order that they might intelligently exercise their judgment in
deciding whether to execute this Agreement. This Agreement constitutes the
entire agreement between the Parties herein named, and supersedes any and all
prior oral and written agreements and understandings. The Agreement may not be
altered, amended, or modified or otherwise changed in any respect whatsoever
except by a writing duly executed by the Parties or their authorized
representatives. It shall be interpreted as if it were mutually prepared and
drafted (regardless of which Party actually drafted the Agreement), such that
any rule of construction which would otherwise require that ambiguities be
resolved against the drafting Party shall not apply.

         12. All of the provisions of this Agreement are contractual and not
mere recitals, and shall be considered severable, such that if any provision or
part hereof shall at any time be held under any law or ruling to be invalid,
such provision or part shall remain in force to the extent allowed by law, and
all other provisions shall remain in full force and effect and enforceable.

                        SETTLEMENT AGREEMENT AND RELEASE
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         13. This Agreement shall be construed and enforced according and
pursuant to the laws of the State of California.

         14. The Parties agree to the jurisdiction of the San Mateo County
Superior Court to enforce the provisions of this Agreement.

         15. This Agreement may be executed in counterparts and by facsimile
signatures, which, taken together, shall constitute the whole of the agreement
between the Parties.

         IN WITNESS WHEREOF, the Parties have executed this Agreement and
General Release on the respective dates set forth below:

                                  I-O Display Systems LLC

Date:  January ___, 2002          -------------------------------------------

                                  by Jeffrey Fergason, its __________________

                                  ILIXCO, Inc.

Date:  January ___, 2002          -------------------------------------------

                                  by Jeffrey Fergason, its __________________

                                 Checquemate International, Inc.,
                                 dba C3D Digital

Date:  January ___, 2002         --------------------------------------------

                                 by Chandos Mahon, its ______________________

                        SETTLEMENT AGREEMENT AND RELEASE
                                  PAGE 11 OF 11<Page>

                                                                     Exhibit 4.1

                               MSN HOLDINGS, INC.

                          REGISTRATION RIGHTS AGREEMENT

                  REGISTRATION RIGHTS AGREEMENT, dated as of October 26, 2001,
among the investors listed on Schedule I hereto (the "Investors") and MSN
Holdings, Inc., a Delaware corporation (the "Company").

                                 R E C I T A L S
                                 ---------------

                  WHEREAS, pursuant to the terms of the Agreement and Plan of
Merger, dated as of August 20, 2001 (the "Merger Agreement"), and the Voting,
Sale and Retention Agreement, dated as of August 20, 2001 (the "Voting
Agreement"), each among Warburg Pincus Private Equity VIII, L.P., a Delaware
limited partnership ("Warburg"), MSN Acquisition Corp., a Delaware corporation
and wholly-owned subsidiary of Warburg ("Acquisition"), the Company and certain
of the Company's principal stockholders, Acquisition will merge with and into
the Company with the Company as the surviving corporation (the "Merger");

                  WHEREAS, pursuant to the terms of a Subscription and Note
Purchase Agreement with the Company dated as of even date herewith (the
"Subscription Agreement"), certain of the Investors have agreed to purchase (i)
shares of Common Stock, par value $0.01 per share, of the Company (the "Common
Stock"), (ii) shares of Series I Convertible Preferred Stock, par value $0.01
per share, of the Company (the "Series I Preferred Stock" and, together with the
Common Stock, the "Shares") and (iii) senior unsecured promissory notes of the
Company;

                  WHEREAS, pursuant to the terms of the Merger Agreement and the
Voting Agreement certain of the Investors will receive Shares in exchange for
the surrender of equity securities owned upon consummation of the Merger;

                  WHEREAS, the shares of Series I Preferred Stock are
convertible into shares of Common Stock;

                  WHEREAS, the Company has agreed, as a condition precedent to
the Investors' obligations under the Merger Agreement and the Subscription
Agreement, to grant the Investors certain registration rights; and

                  WHEREAS, the Company and the Investors desire to define the
registration rights of the Investors on the terms and subject to the conditions
herein set forth.

                  NOW, THEREFORE, in consideration of the foregoing premises and
for other good and valuable consideration, the parties hereby agree as follows:
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                  SECTION 1. DEFINITIONS

                  As used in this Agreement, the following terms have the
respective meaning set forth below:

                  COMMISSION: shall mean the Securities and Exchange Commission
or any other federal agency at the time administering the Securities Act;

                  EXCHANGE ACT: shall mean the Securities Exchange Act of 1934,
as amended;

                  HOLDER: shall mean any holder of Registrable Securities;

                  INITIAL PUBLIC OFFERING: shall mean the initial public
offering of shares of Common Stock pursuant to a registration under the
Securities Act;

                  INITIATING HOLDER: shall mean any Holder or Holders who in the
aggregate are Holders of more than 50% of the then outstanding Registrable
Securities;

                  PERSON: shall mean an individual, partnership, joint-stock
company, corporation, trust or unincorporated organization, and a government or
agency or political subdivision thereof;

                  REGISTER, REGISTERED AND REGISTRATION: shall mean a
registration effected by preparing and filing a registration statement in
compliance with the Securities Act (and any post-effective amendments filed or
required to be filed) and the declaration or ordering of effectiveness of such
registration statement;

                  REGISTRABLE SECURITIES: shall mean (A) shares of Common Stock
owned by any Investor on the date hereof, (B) any shares of Common Stock
issuable upon conversion of the shares of Series I Preferred Stock, (C) any
additional shares of Common Stock acquired by the Investors (other than shares
acquired upon the exercise of employee stock options) and (D) any stock of the
Company issued as a dividend or other distribution with respect to, or in
exchange for or in replacement of, the shares of Series I Preferred Stock or
Common Stock referred to in clause (A), (B) or (C);

                  REGISTRATION EXPENSES: shall mean all expenses incurred by the
Company in compliance with Section 2(a), (b) and (c) hereof, including, without
limitation, all registration and filing fees, printing expenses, fees and
disbursements of counsel for the Company, fees and expenses of one counsel for
all the Holders in an amount not to exceed $15,000, blue sky fees and expenses
and the expense of any special audits incident to or required by any such
registration (but excluding the compensation of regular employees of the
Company, which shall be paid in any event by the Company);

                  SECURITY, SECURITIES: shall have the meaning set forth in
Section 2(1) of the Securities Act;

                                      -2-
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                  SECURITIES ACT: shall mean the Securities Act of 1933, as
amended; and

                  SELLING EXPENSES: shall mean all underwriting discounts and
selling commissions applicable to the sale of Registrable Securities and all
fees and disbursements of counsel for each of the Holders other than fees and
expenses of one counsel for all the Holders in an amount not to exceed $15,000.

                  SECTION 2. REGISTRATION RIGHTS

                  (a)      REQUESTED REGISTRATION.

                  (i) REQUEST FOR REGISTRATION. If the Company shall receive
         from an Initiating Holder, at any time after the earlier of the third
         anniversary of the date hereof and the date that is 181 days after the
         date on which the Initial Public Offering closes, a written request
         that the Company effect any registration with respect to all or a part
         of the Registrable Securities, the Company will:

                  (1) promptly give written notice of the proposed registration,
         qualification or compliance to all other Holders; and

                  (2) as soon as practicable, use its diligent best efforts to
         effect such registration (including, without limitation, the execution
         of an undertaking to file post-effective amendments, appropriate
         qualification under applicable blue sky or other state securities laws
         and appropriate compliance with applicable regulations issued under the
         Securities Act) as may be so requested and as would permit or
         facilitate the sale and distribution of all or such portion of such
         Registrable Securities as are specified in such request, together with
         all or such portion of the Registrable Securities of any Holder or
         Holders joining in such request as are specified in a written request
         received by the Company within fifteen (15) days after written notice
         from the Company is given under Section 2(a)(i)(1) above; provided that
         the Company shall not be obligated to effect, or take any action to
         effect, any such registration pursuant to this Section 2(a):

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

                  (B) After the Company has effected three (3) such
                  registrations pursuant to this Section 2(a) and such
                  registrations have been declared or ordered effective and the
                  sales of such Registrable Securities shall have closed;

                  (C) If the Registrable Securities requested by all Holders to
                  be registered pursuant to such request do not have an
                  anticipated aggregate

                                      -3-
<Page>

                  public offering price (before any underwriting discounts and
                  commissions) of not less than $15,000,000;

                  (D) During the period starting with the date sixty (60) days
                  prior to the Company's good faith estimate of the date of
                  filing of, and ending on the date six (6) months immediately
                  following the effective date of, any registration statement
                  pertaining to securities of the Company (other than a
                  registration of securities in a Commission Rule 145
                  transaction, with respect to an employee benefit plan or with
                  respect to the Company's first registered public offering of
                  its stock), provided that the Company is actively employing in
                  good faith all reasonable efforts to cause such registration
                  statement to become effective; PROVIDED, HOWEVER, that the
                  Company may only delay an offering pursuant to this Section
                  2(a)(i)(2)(D) for a period of not more than sixty (60) days,
                  if a filing of any other registration statement is not made
                  within that period and the Company may only exercise this
                  right once in any twelve (12) month period; or

                  (E) If the Company shall furnish to the Initiating Holders a
                  certificate signed by the President of the Company stating
                  that in the good faith judgment of the Board of Directors it
                  would be seriously detrimental to the Company or its
                  stockholders for a registration statement to be filed in the
                  near future, in which case the Company's obligation to use its
                  best efforts to comply with this Section 2 shall be deferred
                  for a period not to exceed sixty (60) days from the date of
                  receipt of written request from the Initiating Holders;
                  PROVIDED, HOWEVER, that the Company shall not exercise such
                  right more than once in any twelve-month period.

                  The registration statement filed pursuant to the request of
         the Initiating Holders may, subject to the provisions of Section
         2(a)(ii) below, include other securities of the Company which are held
         by Persons who, by virtue of agreements with the Company, are entitled
         to include their securities in any such registration ("Other
         Stockholders"). In the event any Holder requests a registration
         pursuant to this Section 2(a) in connection with a distribution of
         Registrable Securities to its partners, the registration shall provide
         for the resale by such partners, if requested by such Holder.

                  The registration rights set forth in this Section 2 may be
         assigned, in whole or in part, to any transferee of Registrable
         Securities (who shall be bound by all obligations of this Agreement).

                  (ii) UNDERWRITING. If the Initiating Holders intend to
         distribute the Registrable Securities covered by their request by means
         of an underwriting, they shall so advise the Company as a part of their
         request made pursuant to Section 2(a).

                  If Other Stockholders request such inclusion, the Holders
         shall offer to include the securities of such Other Stockholders in the
         underwriting and may condition such offer

                                      -4-
<Page>

         on their acceptance of the further applicable provisions of this
         Section 2. The Holders whose shares are to be included in such
         registration and the Company shall (together with all Other
         Stockholders proposing to distribute their securities through such
         underwriting) enter into an underwriting agreement in customary form
         with the representative of the underwriter or underwriters selected for
         such underwriting by the Initiating Holders and reasonably acceptable
         to the Company. Notwithstanding any other provision of this Section
         2(a), if the representative advises the Holders in writing that
         marketing factors require a limitation on the number of shares to be
         underwritten, the securities of the Company held by Other Stockholders
         shall be excluded from such registration to the extent so required by
         such limitation. If, after the exclusion of such shares, further
         reductions are still required, the number of shares included in the
         registration by each Holder shall be reduced on a pro rata basis (based
         on the number of shares held by such Holder), by such minimum number of
         shares as is necessary to comply with such request. No Registrable
         Securities or any other securities excluded from the underwriting by
         reason of the underwriter's marketing limitation shall be included in
         such registration. If any Other Stockholder who has requested inclusion
         in such registration as provided above disapproves of the terms of the
         underwriting, such Person may elect to withdraw therefrom by written
         notice to the Company, the underwriter and the Initiating Holders. The
         securities so withdrawn shall also be withdrawn from registration. If
         the underwriter has not limited the number of Registrable Securities or
         other securities to be underwritten, the Company and officers and
         directors of the Company may include its or their securities for its or
         their own account in such registration if the representative so agrees
         and if the number of Registrable Securities and other securities which
         would otherwise have been included in such registration and
         underwriting will not thereby be limited.

                  (b) COMPANY REGISTRATION.

                  (i) After the closing of the Initial Public Offering, if the
         Company shall determine to register any of its equity securities either
         for its own account or for the account of Other Stockholders, other
         than a registration relating solely to employee benefit plans, or a
         registration relating solely to a Commission Rule 145 transaction, or a
         registration on any registration form which does not permit secondary
         sales or does not include substantially the same information as would
         be required to be included in a registration statement covering the
         sale of Registrable Securities, the Company will:

                  (1) promptly give to each of the Holders a written notice
         thereof (which shall include a list of the jurisdictions in which the
         Company intends to attempt to qualify such securities under the
         applicable blue sky or other state securities laws); and

                  (2) include in such registration (and any related
         qualification under blue sky laws or other compliance), and in any
         underwriting involved therein, all the Registrable Securities specified
         in a written request or requests, made by the Holders within fifteen
         (15) days after receipt of the written notice from the Company
         described in clause (i) above, except as set forth in Section 2(b)(ii)
         below. Such written request may specify all or a part of the Holders'
         Registrable Securities. In the event any Holder requests

                                      -5-
<Page>

         inclusion in a registration pursuant to this Section 2(b) in connection
         with a distribution of Registrable Securities to its partners, the
         registration shall provide for the resale by such partners, if
         requested by such Holder.

                  (ii) UNDERWRITING. If the registration of which the Company
         gives notice is for a registered public offering involving an
         underwriting, the Company shall so advise each of the Holders as a part
         of the written notice given pursuant to Section 2(b)(i)(1). In such
         event, the right of each of the Holders to registration pursuant to
         this Section 2(b) shall be conditioned upon such Holders' participation
         in such underwriting and the inclusion of such Holders' Registrable
         Securities in the underwriting to the extent provided herein. The
         Holders whose shares are to be included in such registration shall
         (together with the Company and the Other Stockholders distributing
         their securities through such underwriting) enter into an underwriting
         agreement in customary form with the representative of the underwriter
         or underwriters selected for underwriting by the Company.
         Notwithstanding any other provision of this Section 2(b), if the
         representative determines that marketing factors require a limitation
         on the number of shares to be underwritten, the representative may
         (subject to the allocation priority set forth below) limit the number
         of Registrable Securities to be included in the registration and
         underwriting to not less than twenty five percent (25%) of the shares
         included therein (based on the number of shares). The Company shall so
         advise all holders of securities requesting registration, and the
         number of shares of securities that are entitled to be included in the
         registration and underwriting shall be allocated in the following
         manner: The securities of the Company held by officers, directors and
         Other Stockholders of the Company (other than Registrable Securities
         and other than securities held by holders who by contractual right
         demanded such registration ("Demanding Holders")) shall be excluded
         from such registration and underwriting to the extent required by such
         limitation, and, if a limitation on the number of shares is still
         required, the number of shares that may be included in the registration
         and underwriting by each of the Holders and Demanding Holders shall be
         reduced, on a pro rata basis (based on the number of shares held by
         such Holder), by such minimum number of shares as is necessary to
         comply with such limitation. If any of the Holders or any officer,
         director or Other Stockholder disapproves of the terms of any such
         underwriting, he may elect to withdraw therefrom by written notice to
         the Company and the underwriter. Any Registrable Securities or other
         securities excluded or withdrawn from such underwriting shall be
         withdrawn from such registration.

                  (c) FORM S-3. Following the Initial Public Offering, the
Company shall use its best efforts to qualify for registration on Form S-3 for
secondary sales. After the Company has qualified for the use of Form S-3, the
Holders shall have the right to request three (3) registrations on Form S-3
(such requests shall be in writing and shall state the number of shares of
Registrable Securities to be disposed of and the intended method of disposition
of shares by such holders), PROVIDED that the Company shall not be obligated to
effect, or take any action to effect, any such registration pursuant to this
Section 2(c):

                  (i) Unless the Holder or Holders requesting registration
         propose to dispose of shares of Registrable Securities having an
         aggregate price to the public (before deduction of Selling Expenses) of
         more than $5,000,000;

                                      -6-
<Page>

                  (ii) Within 180 days of the effective date of the most recent
         registration pursuant to this Section 2(c) in which securities held by
         the requesting Holder could have been included for sale or
         distribution;

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

                  (iv) During the period starting with the date sixty (60) days
         prior to the Company's good faith estimate of the date of filing of,
         and ending on the date six (6) months immediately following the
         effective date of, any registration statement pertaining to securities
         of the Company (other than a registration of securities in a Rule 145
         transaction or with respect to an employee benefit plan), provided that
         the Company is actively employing in good faith all reasonable efforts
         to cause such registration statement to become effective; PROVIDED,
         HOWEVER, that the Company may only delay an offering pursuant to this
         Section 2(c)(iv) for a period of not more than sixty (60) days, if a
         filing of any other registration statement is not made within that
         period and the Company may only exercise this right once in any twelve
         (12) month period; or

                  (v) If the Company shall furnish to the Holders a certificate
         signed by the President of the Company stating that in the good faith
         judgment of the Board of Directors it would be seriously detrimental to
         the Company or its stockholders for a registration statement to be
         filed in the near future, in which case the Company's obligation to use
         its best efforts to comply with this Section 2(c) shall be deferred for
         a period not to exceed sixty (60) days from the date of receipt of
         written request from the Holders; PROVIDED, HOWEVER, that the Company
         shall not exercise such right more than once in any twelve-month
         period.

                  The Company shall give written notice to all Holders of the
         receipt of a request for registration pursuant to this Section 2(c)and
         shall provide a reasonable opportunity for other Holders to participate
         in the registration, provided that if the registration is for an
         underwritten offering, the terms of Section 2(a)(ii) shall apply to all
         participants in such offering. Subject to the foregoing, the Company
         will use its best efforts to effect promptly the registration of all
         shares of Registrable Securities on Form S-3 to the extent requested by
         the Holder or Holders thereof for purposes of disposition. In the event
         any Holder requests a registration pursuant to this Section 2(c) in
         connection with a distribution of Registrable Securities to its
         partners, the registration shall provide for the resale by such
         partners, if requested by such Holder.

                  (d) EXPENSES OF REGISTRATION. All Registration Expenses
incurred in connection with any registration, qualification or compliance
pursuant to this Section 2 shall be borne by the Company, and all Selling
Expenses shall be borne by the Holders of the securities so registered pro rata
on the basis of the number of their shares so registered.

                                      -7-
<Page>

                   (e) REGISTRATION PROCEDURES. In the case of each registration
effected by the Company pursuant to this Section 2, the Company will keep the
Holders, as applicable, advised in writing as to the initiation of each
registration and as to the completion thereof. At its expense, the Company will:

                  (i) keep such registration effective for a period of one
         hundred twenty (120) days or until the Holders (or in the case of a
         distribution to the partners of such Holder, such partners), as
         applicable, have completed the distribution described in the
         registration statement relating thereto, whichever first occurs;
         PROVIDED, HOWEVER, that (A) such 120-day period shall be extended for a
         period of time equal to the period during which the Holders or
         partners, as applicable, refrain from selling any securities included
         in such registration in accordance with provisions in Section 2(i)
         hereof; and (B) in the case of any registration of Registrable
         Securities on Form S-3 which are intended to be offered on a continuous
         or delayed basis, such 120-day period shall be extended until all such
         Registrable Securities are sold, provided that Commission Rule 415, or
         any successor rule under the Securities Act, permits an offering on a
         continuous or delayed basis, and provided further that applicable rules
         under the Securities Act governing the obligation to file a
         post-effective amendment permit, in lieu of filing a post-effective
         amendment which (y) includes any prospectus required by Section 10(a)
         of the Securities Act or (z) reflects facts or events representing a
         material or fundamental change in the information set forth in the
         registration statement, the incorporation by reference of information
         required to be included in (y) and (z) above to be contained in
         periodic reports filed pursuant to Section 12 or 15(d) of the Exchange
         Act in the registration statement;

                  (ii) furnish such number of prospectuses and other documents
         incident thereto as each of the Holders, as applicable, from time to
         time may reasonably request;

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

                  (iv) furnish, on the date that such Registrable Securities are
         delivered to the underwriters for sale, if such securities are being
         sold through underwriters or, if such securities are not being sold
         through underwriters, on the date that the registration statement with
         respect to such securities becomes effective, (1) an opinion, dated as
         of such date, of the counsel representing the Company for the purposes
         of such registration, in form and substance as is customarily given to
         underwriters in an underwritten public offering and reasonably
         satisfactory to a majority in interest of the Holders participating in
         such registration, addressed to the underwriters, if any, and to the
         Holders participating in such registration and (2) a letter, dated as
         of such date, from the independent certified public accountants of the
         Company, in form and substance as is customarily given by independent
         certified public accountants to underwriters in an underwritten public

                                      -8-
<Page>

         offering and reasonably satisfactory to a majority in interest of the
         Holders participating in such registration, addressed to the
         underwriters, if any, and if permitted by applicable accounting
         standards, to the Holders participating in such registration.

                  (f) INDEMNIFICATION.

                  (i) The Company will indemnify each of the Holders, as
         applicable, each of the Holders' respective officers, directors and
         partners, and each Person controlling each of the Holders, with respect
         to each registration which is effected pursuant to this Section 2, and
         each underwriter, if any, and each Person who controls any underwriter,
         against all claims, losses, damages and liabilities (or actions in
         respect thereof) arising out of or based on any untrue statement (or
         alleged untrue statement) of a material fact contained in any
         prospectus, offering circular or other document (including any related
         registration statement, notification or the like) incident to any such
         registration, qualification or compliance, or based on any omission (or
         alleged omission) to state therein a material fact required to be
         stated therein or necessary to make the statements therein not
         misleading, or any violation by the Company of the Securities Act or
         the Exchange Act or any rule or regulation thereunder applicable to the
         Company and relating to action or inaction required of the Company in
         connection with any such registration, qualification or compliance, and
         will reimburse each of the Holders, each of the Holder's respective
         officers, directors and partners, and each Person controlling each of
         the Holders, each such underwriter and each Person who controls any
         such underwriter, for any legal and any other expenses reasonably
         incurred in connection with investigating and defending any such claim,
         loss, damage, liability or action, provided that the Company will not
         be liable in any such case to the extent that any such claim, loss,
         damage, liability or expense arises out of or is based on any untrue
         statement or omission based upon written information furnished to the
         Company by the Holders or underwriter and stated to be specifically for
         use therein.

                  (ii) Each of the Holders will, if Registrable Securities held
         by it are included in the securities as to which such registration,
         qualification or compliance is being effected, indemnify the Company,
         each of its directors and officers and each underwriter, if any, of the
         Company's securities covered by such a registration statement, each
         Person who controls the Company or such underwriter, each Other
         Stockholder and each of their officers, directors, and partners, and
         each Person controlling such Other Stockholder against all claims,
         losses, damages and liabilities (or actions in respect thereof) arising
         out of or based on any untrue statement (or alleged untrue statement)
         of a material fact contained in any such registration statement,
         prospectus, offering circular or other document made by such Holder, or
         any omission (or alleged omission) to state therein a material fact
         required to be stated therein or necessary to make the statements by
         such Holder therein not misleading, and will reimburse the Company and
         such Other Stockholders, directors, officers, partners, Persons,
         underwriters or control persons for any legal or any other expenses
         reasonably incurred in connection with investigating or defending any
         such claim, loss, damage, liability or action, in each case to the
         extent, but only to the extent, that such untrue statement (or alleged
         untrue statement) or omission (or alleged omission) is made in such
         registration statement, prospectus, offering circular

                                      -9-
<Page>

         or other document in reliance upon and in conformity with written
         information furnished to the Company by such Holder and stated to be
         specifically for use therein; provided, however, that the obligations
         of each of the Holders hereunder shall be limited to an amount equal to
         the net proceeds to such Holder of securities sold as contemplated
         herein.

                  (iii) Each party entitled to indemnification under this
         Section 2(f) (the "Indemnified Party") shall give notice to the party
         required to provide indemnification (the "Indemnifying Party") promptly
         after such Indemnified Party has actual knowledge of any claim as to
         which indemnity may be sought, and shall permit the Indemnifying Party
         to assume the defense of any such claim or any litigation resulting
         therefrom; provided that counsel for the Indemnifying Party, who shall
         conduct the defense of such claim or any litigation resulting
         therefrom, shall be approved by the Indemnified Party (whose approval
         shall not unreasonably be withheld) and the Indemnified Party may
         participate in such defense at such party's expense (unless the
         Indemnified Party shall have reasonably concluded that there may be a
         conflict of interest between the Indemnifying Party and the Indemnified
         Party in such action, in which case the fees and expenses of counsel
         shall be at the expense of the Indemnifying Party), and provided
         further that the failure of any Indemnified Party to give notice as
         provided herein shall not relieve the Indemnifying Party of its
         obligations under this Section 2 unless the Indemnifying Party is
         materially prejudiced thereby. No Indemnifying Party, in the defense of
         any such claim or litigation shall, except with the consent of each
         Indemnified Party, consent to entry of any judgment or enter into any
         settlement which does not include as an unconditional term thereof the
         giving by the claimant or plaintiff to such Indemnified Party of a
         release from all liability in respect to such claim or litigation. Each
         Indemnified Party shall furnish such information regarding itself or
         the claim in question as an Indemnifying Party may reasonably request
         in writing and as shall be reasonably required in connection with the
         defense of such claim and litigation resulting therefrom.

                  (iv) If the indemnification provided for in this Section 2(f)
         is held by a court of competent jurisdiction to be unavailable to an
         Indemnified Party with respect to any loss, liability, claim, damage or
         expense referred to herein, then the Indemnifying Party, in lieu of
         indemnifying such Indemnified Party hereunder, shall contribute to the
         amount paid or payable by such Indemnified Party as a result of such
         loss, liability, claim, damage or expense in such proportion as is
         appropriate to reflect the relative fault of the Indemnifying Party on
         the one hand and of the Indemnified Party on the other in connection
         with the statements or omissions which resulted in such loss,
         liability, claim, damage or expense, as well as any other relevant
         equitable considerations. The relative fault of the Indemnifying Party
         and of the Indemnified Party shall be determined by reference to, among
         other things, whether the untrue (or alleged untrue) statement of a
         material fact or the omission (or alleged omission) to state a material
         fact relates to information supplied by the Indemnifying Party or by
         the Indemnified Party and the parties' relative intent, knowledge,
         access to information and opportunity to correct or prevent such
         statement or omission.

                                      -10-
<Page>

                  (v) Notwithstanding the foregoing, to the extent that the
         provisions on indemnification and contribution contained in the
         underwriting agreement entered into in connection with any underwritten
         public offering contemplated by this Agreement are in conflict with the
         foregoing provisions, the provisions in such underwriting agreement
         shall be controlling.

                  (vi) The foregoing indemnity agreement of the Company and
         Holders is subject to the condition that, insofar as they relate to any
         loss, claim, liability or damage arising out of a statement made in or
         omitted from a preliminary prospectus but eliminated or remedied in the
         amended prospectus on file with the Commission at the time the
         registration statement in question becomes effective or the amended
         prospectus filed with the Commission pursuant to Commission Rule 424(b)
         (the "Final Prospectus"), such indemnity or contribution agreement
         shall not inure to the benefit of any underwriter or Holder if a copy
         of the Final Prospectus was furnished to the underwriter and was not
         furnished to the Person asserting the loss, liability, claim or damage
         at or prior to the time such action is required by the Securities Act.

                  (g) INFORMATION BY THE HOLDERS.

                  (i) Each of the Holders holding securities included in any
         registration shall furnish to the Company such information regarding
         such Holder and the distribution proposed by such Holder as the Company
         may reasonably request in writing and as shall be reasonably required
         in connection with any registration, qualification or compliance
         referred to in this Section 2.

                  (ii) In the event that, either immediately prior to or
         subsequent to the effectiveness of any registration statement, any
         Holder shall distribute Registrable Securities to its partners, such
         Holder shall so advise the Company and provide such information as
         shall be necessary to permit an amendment to such registration
         statement to provide information with respect to such partners, as
         selling securityholders. Promptly following receipt of such
         information, the Company shall file an appropriate amendment to such
         registration statement reflecting the information so provided. Any
         incremental expense to the Company resulting from such amendment shall
         be borne by such Holder.

                  (h) RULE 144 REPORTING.

                  With a view to making available the benefits of certain rules
and regulations of the Commission which may permit the sale of restricted
securities to the public without registration, the Company agrees to:

                  (i) make and keep public information available as those terms
         are understood and defined in Rule 144 under the Securities Act ("Rule
         144"), at all times from and after ninety (90) days following 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;

                                      -11-
<Page>

                  (ii) use its best efforts to 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 at any time after it has
         become subject to such reporting requirements; and

                  (iii) so long as the Holder owns any Registrable Securities,
         furnish to the Holder upon request, a written statement by the Company
         as to its compliance with the reporting requirements of Rule 144 (at
         any time from and after ninety (90) days following the effective date
         of the first registration statement filed by the Company for an
         offering of its securities to the general public), and of the
         Securities Act and the Exchange Act (at any time after it has become
         subject to such reporting requirements), a copy of the most recent
         annual or quarterly report of the Company, and such other reports and
         documents so filed as the Holder may reasonably request in availing
         itself of any rule or regulation of the Commission allowing the Holder
         to sell any such securities without registration.

                  (i) "MARKET STAND-OFF" AGREEMENT. Each of the Holders agrees,
if requested by the Company and an underwriter of equity securities of the
Company, not to sell or otherwise transfer or dispose of any Registrable
Securities held by such Holder during the 180-day period following the effective
date of a registration statement of the Company filed under the Securities Act,
provided that:

                  (i) such agreement only applies to the Initial Public
         Offering; and

                  (ii) all officers and directors of the Company enter into
         similar agreements.

                  If requested by the underwriters, the Holders shall execute a
separate agreement to the foregoing effect. The Company may impose stop-transfer
instructions with respect to the shares (or securities) subject to the foregoing
restriction until the end of said 180-day period. The provisions of this Section
2(i) shall be binding upon any transferee who acquires Registrable Securities.

                  (j) TERMINATION. The registration rights set forth in this
Section 2 shall not be available to any Holder if, (i) in the opinion of counsel
to the Company, all of the Registrable Securities then owned by such Holder
could be sold in any 90-day period pursuant to Rule 144 (without giving effect
to the provisions of Rule 144(k)) or (ii) all of the Registrable Securities held
by such Holder have been sold in a registration pursuant to the Securities Act
or pursuant to Rule 144.

                  SECTION 3. MISCELLANEOUS

                  (a) DIRECTLY OR INDIRECTLY. Where any provision in this
Agreement refers to action to be taken by any Person, or which such Person is
prohibited from taking, such provision shall be applicable whether such action
is taken directly or indirectly by such Person.

                  (b) GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York applicable to
contracts made and to be performed entirely within such State.

                                      -12-
<Page>

                  (c) SECTION HEADINGS. The headings of the sections and
subsections of this Agreement are inserted for convenience only and shall not be
deemed to constitute a part thereof.

                  (d) NOTICES.

                  (i) All communications under this Agreement shall be in
         writing and shall be delivered by hand or facsimile or mailed by
         overnight courier or by registered or certified mail, postage prepaid:

                  (1) if to the Company, to 901 Yamato Road, Suite 110, Boca
         Raton, Florida 33431, Attention: Robert J. Adamson, Chief Executive
         Officer, (facsimile: (561) 226-9002), or at such other address as it
         may have furnished in writing to the Holders, with a copy to Steel
         Hector & Davis LLP, 1900 Phillips Point West, 777 South Flagler Drive,
         West Palm Beach, Florida 33401 (facsimile: (561) 655-1509), Attention:
         Kim A. Hines, Esq. or at such other address as the Company may have
         furnished to the Holders pursuant to this subsection.

                  (2) if to the Holders, at the address or facsimile number
         listed on Schedule I hereto, or at such other address or facsimile
         number as may have been furnished the Company in writing, with a copy
         to Willkie Farr & Gallagher, 787 Seventh Avenue, New York, NY 10019
         (facsimile: (212) 728-9222), Attention: Steven J. Gartner, Esq. or if
         such other address as any Holder may have furnished to the company and
         the other Holders pursuant to this subsection.

                  (ii) Any notice so addressed shall be deemed to be given: if
         delivered by hand or facsimile, on the date of such delivery; if mailed
         by overnight courier, on the first business day following the date of
         such mailing; and if mailed by registered or certified mail, on the
         third business day after the date of such mailing.

                  (e) REPRODUCTION OF DOCUMENTS. This Agreement and all
documents relating thereto, including, without limitation, any consents, waivers
and modifications which may hereafter be executed may be reproduced by the
Holders by any photographic, photostatic, microfilm, microcard, miniature
photographic or other similar process and the Holders may destroy any original
document so reproduced. The parties hereto agree and stipulate that any such
reproduction shall be admissible in evidence as the original itself in any
judicial or administrative proceeding (whether or not the original is in
existence and whether or not such reproduction was made by the Holders in the
regular course of business) and that any enlargement, facsimile or further
reproduction of such reproduction shall likewise be admissible in evidence.

                  (f) SUCCESSORS AND ASSIGNS. This Agreement shall inure to the
benefit of and be binding upon the successors and assigns of each of the
parties.

                  (g) ENTIRE AGREEMENT; Amendment and Waiver. This Agreement
constitutes the entire understanding of the parties hereto and supersedes all
prior understandings among such

                                      -13-
<Page>

parties. This Agreement may be amended, and the observance of any term of this
Agreement may be waived, with (and only with) the written consent of the Company
and the Holders holding at least 75% of the then outstanding Registrable
Securities; provided, however, that if any amendment or waiver would adversely
affect the rights or duties of one or more of the Holders (the "Adversely
Affected Holders") in a way that is different from its effect on such rights or
duties of other Holders, such amendment or waiver shall not be effective as to
any Adversely Affected Holders, unless consented to in writing by a majority in
interest of the Adversely Affected Holders; provided, further, that the
provisions of this Section 3(g) and Section 2(j) may be amended or waived with
(and only with) the unanimous written consent of the Investors. Each Holder
shall be bound by any amendment or waiver effected in accordance with this
Section, whether or not such Holder has consented to such amendment or waiver.
Upon the effectuation of each such amendment or waiver, the Company shall
promptly give written notice thereof to the Holders who have not previously
consented thereto in writing.

                  (h) SEVERABILITY. In the event that any part or parts of this
Agreement shall be held illegal or unenforceable by any court or administrative
body of competent jurisdiction, such determination shall not affect the
remaining provisions of this Agreement which shall remain in full force and
effect.

                  (i) COUNTERPARTS. This Agreement may be executed in two or
more counterparts (including by facsimile), each of which shall be deemed an
original and all of which together shall be considered one and the same
agreement.

                                      -14-
<Page>

                  IN WITNESS WHEREOF, the undersigned have executed this
Agreement as of the date first set forth above.

                                                     MSN HOLDINGS, INC.

                                                     By: /s/ Robert Adamson
                                                         -----------------------
                                                         Name:  Robert Adamson
                                                         Title: President

WARBURG PINCUS PRIVATE EQUITY VIII, L.P.

By:  Warburg, Pincus & Co.,
General Partner

By: /s/ David J. Wenstrup
    -----------------------------------
Name:  David J. Wenstrup
Title: Managing Director

NAVIS PARTNERS V, L.P.

By:  Navis Management V, L.P.,
its General Partner

/s/ Scott F. Hilinski
---------------------------------------
By:   Scott F. Hilinski
Its:  Managing Director

KENNEDY PLAZA PARTNERS III, LLC

By:  Navis Management V, L.P.,
its Manager

/s/ Scott F. Hilinski
---------------------------------------
By:   Scott F. Hilinski
Its:  Managing Director

FLEET VENTURE RESOURCES, INC.

/s/ Scott F. Hilinski
---------------------------------------
By:  Scott F. Hilinski
Under Power of Attorney dated 8/4/00

                [Signature Page to Registration Rights Agreement]

<Page>

FLEET EQUITY PARTNERS VI, L.P.

By: Silverado IV Corp.,
a General Partner

/s/ Scott F. Hilinski
---------------------------------------
By:  Scott F. Hilinski
Vice President

CHISHOLM PARTNERS IV, L.P.

By:  Chisholm Management IV, L.P.,
its General Partner

/s/ Scott F. Hilinski
---------------------------------------
By:  Scott F. Hilinski
Principal

KENNEDY PLAZA PARTNERS II, LLC

By:  Chisholm Management IV, L.P.,
its Manager

/s/ Scott F. Hilinski
---------------------------------------
Principal

PIPER JAFFRAY HEALTHCARE FUND II, L.P.

By:  Piper Jaffray Healthcare Management, L.P.,
General Partner
By:  Piper Jaffray Ventures, Inc.,
General Partner

By: /s/ Kenneth E. Higgins
    -----------------------------------
Name:  Kenneth E. Higgins
Title: Managing Director

                [Signature Page to Registration Rights Agreement]

<Page>

PIPER JAFFRAY HEALTHCARE FUND III, L.P.

By:  Piper Jaffray Healthcare Management, L.P.,
General Partner
By:  Piper Ventures Capital, Inc.,
General Partner

By: /s/ Kenneth E. Higgins
    -----------------------------------
Name:  Kenneth E. Higgins
Title: Managing Director

SSP INVESTMENT PARTNERS, L.P.

By:  Edward Y. Albert, Jr.
General Partner

By: /s/ Edward Y. Albert, Jr.
    -----------------------------------
Name:  Edward Y. Albert, Jr.
Title: General Partner

GENERAL ELECTRIC PENSION TRUST

By:  GE Asset Management Incorporated,
     its Investment Manager

By: /s/ Andreas T. Hildebrand
---------------------------------------
Name:  Andreas T. Hildebrand
Title: Vice President

/s/ Robert Adamson
---------------------------------------
Robert Adamson

/s/ Edward Albert, Jr.
---------------------------------------
Edward Albert, Jr.

/s/ Kevin Little
---------------------------------------
Kevin Little

/s/ Patricia Donohoe
---------------------------------------
Patricia Donohoe

OMENA INVESTMENTS LIMITED PARTNERSHIP

By:  Edward Y. Albert, Jr.

                [Signature Page to Registration Rights Agreement]
<Page>

By: /s/ Edward Y. Albert, Jr.
    -----------------------------------
Name:  Edward Y. Albert, Jr.
Title: President

OMENA HOLDINGS LIMITED PARTNERSHIP

By:  Omena Holdings, Inc., its General Partner

By: /s/ Edward Y. Albert, Jr.
    -----------------------------------
Name:  Edward Y. Albert, Jr.
Title: President

RJA MANAGEMENT LIMITED PARTNERSHIP

By:  RJA Management, Inc.

By: /s/ Robert J. Adamson
    -----------------------------------
Name:  Robert J. Adamson
Title: President

RJA HOLDINGS LIMITED PARTNERSHIP

By:  RJA Holdings, Inc.

By: /s/ Robert J. Adamson
    -----------------------------------
Name:  Robert J. Adamson
Title: President

PGD HOLDINGS LIMITED PARTNERSHIP

By:  PGD Holdings, Inc.

By: /s/ Patricia G. Donohoe
    -----------------------------------
Name:  Patricia G. Donohoe
Title: President

PGD INVESTMENTS LIMITED PARTNERSHIP

By:  PGD Investments, Inc., its General Partner

By: /s/ Patricia G. Donohoe
    -----------------------------------
Name:  Patricia G. Donohoe
Title: President

KSL HOLDINGS LIMITED PARTNERSHIP

By:KSL Holdings, Inc., its General Partner

By: /s/ Kevin S. Little
    -----------------------------------
Name:  Kevin S. Little
Title: President

KSL INVESTMENTS LIMITED PARTNERSHIP

By:  KSL Investments, Inc., its General Partner

By: /s/ Kevin S. Little
    -----------------------------------
Name:  Kevin S. Little
Title: President

                [Signature Page to Registration Rights Agreement]

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