Document:

<PAGE>

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

                             PEREGRINE SYSTEMS, INC.
                         REGISTRATION RIGHTS AGREEMENT

                         DATED AS OF FEBRUARY 23, 2000

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

<PAGE>

TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                            PAGE

<S>                                                                         <C>
SECTION 1 Registration Rights .............................................    1

    1.1  Certain Definitions ..............................................    1
    1.2  Registration under the Securities Act ............................    2
    1.3  Registration Procedures ..........................................    2
    1.4  Indemnification ..................................................    3
    1.5  Information by Holder ............................................    5
    1.6  No Transfer of Registration Rights ...............................    5
    1.7  Potential Issuance of Additional Peregrine Common .................   5
    1.8  Termination of Rights ............................................    6

SECTION 2 Miscellaneous ...................................................    6

    2.1  Assignment .......................................................    6
    2.2  Third Parties ....................................................    6
    2.3  Governing Law ....................................................    6
    2.4  Counterparts .....................................................    6
    2.5  Notices ..........................................................    6
    2.6  Severability .....................................................    7
    2.7  Amendment and Waiver .............................................    7
</TABLE>

                                     -i-

<PAGE>

                            PEREGRINE SYSTEMS, INC.
                         REGISTRATION RIGHTS AGREEMENT

     THIS REGISTRATION RIGHTS AGREEMENT (the "Agreement") is entered into as of
the 23rd day of February 2000, by and among Peregrine Systems, Inc., a Delaware
corporation (the "Company"), and SupplyAccess, Inc., a Delaware corporation
("Holder").

                                    RECITALS

     A.   Pursuant to that certain Series A Preferred Stock Purchase Agreement,
dated as of an even date herewith, by and among Holder, the Company and certain
other entities identified therein (the "Series A Agreement"), the Company shall
issue, and Holder shall acquire, shares of the Company's Common Stock (the
"Peregrine Common").

     B.   In order to induce Holder to enter into the Series A Agreement, the
parties desire that Holder be granted registration rights with respect to the
Peregrine Common issued pursuant to the Series A Agreement.

     NOW, THEREFORE, in consideration of the mutual promises and covenants
hereinafter set forth, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:

                                   SECTION 1

                              REGISTRATION RIGHTS

     1.1  CERTAIN DEFINITIONS. As used in this Agreement, the following terms
shall have the following respective meetings:

     "COMMISSION" shall mean the Securities and Exchange Commission.

     The terms "REGISTER," "REGISTERED" and "REGISTRATION" refer to a
registration effected by preparing and filing a registration statement in
compliance with the Securities Act, and the declaration or ordering of the
effectiveness of such registration statement.

     "REGISTRATION EXPENSES" shall mean all expenses incurred in complying with
Section 1.2 of this Agreement, including, without limitation, all registration,
qualification and filing fees, printing expenses, escrow fees, fees and
disbursements of counsel for the Company, blue sky fees and expenses, and the
expense of any special audits incident to or required by any such registration:
PROVIDED, HOWEVER, Registration Expenses shall not include any selling
commissions, transfer taxes, or fees and disbursements of Holder's counsel
(which expenses shall be borne by Holder and not the Company pursuant to Section
1.2(c) below).

     "REGISTRABLE SECURITIES" means shares of Peregrine Common issued to the
Holder pursuant to the Series A Agreement, PROVIDED, HOWEVER, that, if the
Company's stock is publicly traded, shares of Peregrine Common shall only be
treated as Registrable Securities if and so long as they have not been (A) sold
to or through a broker or dealer or underwriter in a public distribution or

<PAGE>

a public securities transaction, or (B) sold in a transaction exempt from the
registration and prospectus delivery requirements of the Securities Act under
Section 4(1) thereof so that all transfer restrictions and restrictive legends
with respect thereto are removed upon the consummation of such sale.

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

          Any capitalized term not otherwise defined herein shall have the
meanings ascribed to such term in the Series A Agreement.

     1.2 REGISTRATION UNDER THE SECURITIES ACT. Within 10 days of the Initial
Closing, the Company will use its best efforts to file a registration statement
on Form S-3 for a public offering of the Registrable Securities. Thereafter, the
Company will, as soon as practicable, use commercially reasonable efforts to
effect such registration (including, without limitation, the execution of an
undertaking to file post-effective amendments, appropriate qualification under
applicable state securities laws and appropriate compliance with applicable
regulations promulgated under the Securities Act and any other governmental
requirements or regulations) to permit or facilitate the sale and distribution
of the Registrable Securities.

          (b)  Notwithstanding the foregoing, the Company shall not be obligated
to take any action pursuant to this Section 1.2:

               (i)  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

               (ii) if the Company shall furnish to Holder 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 registration statements to be filed in the near future, then
the Company's obligation to use commercially reasonable to file a registration
statement shall be deferred for a period not to exceed 60 days from the Initial
Closing Date.

          (c)  All Registration Expenses incurred in connection with any
registration pursuant to Section 1.2 shall be borne by the Company.

     1.3  REGISTRATION PROCEDURES. In the case of each registration,
qualification or compliance effected by the Company pursuant to this Section 1,
the Company will keep Holder advised in writing as to the initiation of each
registration, qualification and compliance and as to the completion thereof. At
its expense the Company will:

                                      -2-
<PAGE>

          (a)  Use its commercially reasonable efforts to cause such
registration statement to become and remain effective for at least 14 days, or
until the distribution described in the registration statement has been
completed;

          (b)  Furnished to Holder a reasonable number of copies of the
registration statement, final prospectus and such other documents as Holder may
reasonably request;

          (c)  Prepare and file with the Commission such amendments and
supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to comply with the
provisions of the Securities Act;

          (d)  Notify Holder of Registrable Securities covered by such
registration statement at any time when a prospectus relating thereto is
required to be delivered under the Securities Act or the happening of any event
as a result of which the prospectus included in such registration statement, and
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, in which event the effective period under Section 1.3(a) above shall
be extended for the same number of days as the number required by the Company to
correct such prospectus; and

          (e)  Cause all such Registrable Securities registered under this
Section 1 to be listed on the Nasdaq National Market.

     1.4  INDEMNIFICATION.

          (a)  The Company will indemnify and hold harmless Holder, each of
its officers and directors and partners and members, and each person
controlling Holder within the meaning of Section 15 of the Securities Act,
with respect to which registration, qualification or compliance has been
effected pursuant to this Section 1 against all expenses, claims, losses,
damages or liabilities (or actions in respect thereof), including any of the
foregoing incurred in settlement of any litigation, commenced or threatened,
arising out of or based on any untrue statement (or alleged untrue statement)
of a material fact contained in any registration statement, prospectus,
offering circular or other document, or any amendment or supplement thereto,
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, in light of
the circumstances in which they were made, not misleading, or any violation
by the Company of any rule or regulation promulgated under the Securities Act
applicable to the Company or any state securities law applicable to the
Company in connection with any such registration, qualification or
compliance, and the Company will reimburse (on an as incurred basis), Holder,
each of its officers and directors and partners and members, and each person
controlling Holder, for any reasonable legal and other expenses incurred in
connection with investigating, preparing or defending any such claim, loss,
damage, liability or action; PROVIDED, HOWEVER, 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 or alleged untrue statement or omission, made in reliance upon and
in conformity with written information furnished to the Company by an
instrument duly executed by Holder and stated to be specifically for use
therein; and PROVIDED, FURTHER, that the

                                      -3-
<PAGE>

Company will not be liable to any such person or entity with respect to any such
untrue statement or omission or alleged untrue statement or omission made in any
preliminary prospectus that is corrected in the final prospectus filed with the
Commission pursuant to Rule 424(b) promulgated under the Securities Act (or any
amendment or supplement to such prospectus) if the person asserting any such
loss, claim, damage or liability purchased securities but was not sent or given
a copy of the prospectus (as amended or supplemented) at or prior to the written
confirmation of the sale of such securities to such person in any case where
such delivery of the prospectus (as amended or supplemented) is required by the
Securities Act, unless such failure to deliver the prospectus (as amended or
supplemented) was a result of the Company's failure to provide such prospectus
(as amended or supplemented).

          (b)  Holder will indemnify the Company, each of its directors and
officers and each person who controls the Company within the meaning of Section
15 of the Securities Act 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, 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 will reimburse the Company and such
directors, officers and partners and members, persons, or control persons of the
Company for any reasonable legal or other expenses 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 or other document in
reliance upon and in conformity with written information furnished to the
Company by an instrument duly executed by Holder and stated to be specifically
for use therein; PROVIDED, HOWEVER, that the liability of Holder for
indemnification under this Section 1.4(b) shall not exceed the proceeds from the
offering received by Holder, after deducting any reasonable commissions incurred
with respect to such sale.

          (c)  Each party entitled to indemnification under this Section 1.4
(the "Indemnified Party") shall give notice to the party required to provide
indemnification (the "Indemnifying Party") promptly after such Indemnified
Party has actual knowledge of any claim as to which indemnity may be sought,
and shall permit the Indemnifying Party to assume the defense of any such
claim or any litigation resulting therefrom, provided that counsel for the
Indemnifying Party, who shall conduct the defense of such claim or
litigation, shall be approved by the Indemnified Party (whose approval shall
not unreasonably be withheld), and the Indemnified Party may participate in
such defense at such party's expense, and provided further that the failure
of any Indemnified Party to give notice as provided herein shall not relieve
the Indemnifying Party of its obligations under this Section 1 unless the
failure to give such notice is materially prejudicial to an Indemnifying
Party's ability to defend such action. 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. Any Indemnified Party shall
reasonably cooperate with the Indemnifying Party in the defense of any claim
or litigation brought against such Indemnified Party.

                                      -4-
<PAGE>

          (d)  If the indemnification provided for in this Section 1.4 is for
any reason not available to an Indemnified Party with respect to any loss,
liability, claim, damage, or expense referred to therein, 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 that resulted in such loss, liability, claim, damage, or expense as
will 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 the alleged untrue statement of a
material fact or the 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. The liability of Holder under this Section
1.4 (d) shall not exceed the proceeds from the offering received by Holder,
after deducting any reasonable selling commissions incurred with respect to such
sale.

     1.5  INFORMATION BY HOLDER. Holder shall furnish to the Company such
information regarding Holder, the Registrable Securities held by it, the manner
in which Holder holds any securities of the Company, and the distribution
proposed by Holder as the Company may request in writing and as shall be
required in connection with any registration, qualification or compliance
referred to in this Agreement.

     1.6  NO TRANSFER OF REGISTRATION RIGHTS. Holder's rights under this
Agreement may not be assigned or transfered to any third party.

     1.7 POTENTIAL ISSUANCE OF ADDITIONAL PEREGRINE COMMON. Notwithstanding the
foregoing or any provision in the Series A Agreement, the parties hereby agree
that if Holder sells all, but not less than all, of the shares of Peregrine
Common it received under the Series A Agreement within the 14 day period
specified in Section 1.4(a) above and the proceeds Holder receives from such
sale, after deducting all reasonable selling commissions incurred in connection
therewith (the "Net Proceeds"), are less than $9,000,000, then Peregrine agrees
to deliver to Holder an amount equal to the difference between $9,000,000 and
the Net Proceeds (the "Conditional Payment") within 10 days of receiving written
notice from Holder written notice from the Company signed by the President of
Holder (A) specifying that Holder has sold the shares of Peregrine Common issued
to Holder on the Initial Closing (as such term is defined in the Series A
Agreement); (B) specifying that the net proceeds from such sale were less than
$9,000,000 (and specifying the amount of such difference); and (C) requesting
that Peregrine that make the Conditional Payment to the Company in the form of
cash or additional shares of Peregrine Common. At its sole election, Peregrine
shall make such Conditional Payment by check, wire transfer in immediately
available funds to the bank account or accounts specified by the Company or by
issuing additional shares of Peregrine Common; PROVIDED, HOWEVER, that Holder
agrees that any such shares of Peregrine Common shall be issued subject to the
Holder's representations and warranties (relating to the issuance of
unregistered securities) and covenants (relating to the transfer of unregistered
securities) set forth in Sections 2.22, 8.10, 8.11 and 8.12 of the Series A
Agreement (and Holder agrees to execute any documents or agreements Peregrine
may reasonably request relating to the foregoing). Any shares of Peregrine
Common so issued (the "Additional Shares") will be valued at the closing sales
price of Peregrine Common as

                                      -5-
<PAGE>

reported on the Nasdaq National Market the business day prior to the delivery of
the Conditional Payment. The Additional Shares shall be deemed Registrable
Securities under this Agreement and the parties agree that the Company's
obligation to file a registration statement on Form S-3 under Section 1.2 to
register such Additional Shares will be 10 days from the date the Additional
Shares were issued to Holder. Holder agrees that regardless of the proceeds it
receives from the sale of the Additional Shares, Peregrine shall have no further
obligation to make any additional payment in shares of Peregrine Common and
that any additional obligations of Peregrine with respect to such Additional
Shares (other than the registration rights governed by this Agreement) shall be
governed by the provisions of Section 1.2(c)(ii) and (iii) of the Series A
Agreement.

     1.8  TERMINATION OF RIGHTS. Holder shall no longer be entitled to exercise
any right provided for in this Section 1 one year after the date of this
Agreement.

                                   SECTION 2

                                 MISCELLANEOUS

     2.1  ASSIGNMENT. Except as otherwise provided in this Agreement, the terms
and conditions of this Agreement shall inure to the benefit of and be binding
upon the respective successors and assigns of the parties to this Agreement.

     2.2  THIRD PARTIES. Nothing in this Agreement, express or implied, is
intended to confer upon any party, other than the parties to this Agreement, and
their respective successors and assigns, any rights, remedies, obligations or
liabilities under or by reason of this Agreement, except as expressly provided
in this Agreement.

     2.3  GOVERNING LAW. This Agreement shall be governed by and construed under
the laws of the State of California in the United States of America without
giving effect to the conflicts of laws principles thereof.

     2.4  COUNTERPARTS. This Agreement may be executed in counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

     2.5  NOTICES. All notices and other communications required or permitted
under this Agreement shall be transmitted via facsimile and mailed by registered
or certified mail, postage prepaid, or otherwise delivered by hand or by
messenger, addressed (a) if to Holder, at the facsimile number and address set
forth below:

          SupplyAccess, Inc.
          100 No. Sepulveda Blvd.
          9th Floor
          Telephone: (310) 725-5205
          Facsimile: (310) 725-5289

or as Holder shall have furnished to the Company in writing or (b) if to the
Company, one copy should be sent to its offices and addressed to the attention
of the Chief Executive Officer, or at such other facsimile number and address as
the Company shall have furnished to Holder.

                                      -6-
<PAGE>

     Each such notice or other communication shall for all purposes of this
Agreement be treated as effective or having been given when delivered if
delivered personally; upon confirmation of successful transmission if sent via
facsimile; or, if sent by mail, at the earlier of its receipt or three days
after the same has been deposited in the United States mail, addressed and
postage prepaid as aforesaid.

     2.6  SEVERABILITY. If one or more provisions of this Agreement are held
to be unenforceable under applicable law, portions of such provisions, or
such provisions in their entirety, to the extent necessary, shall be severed
from this Agreement, and the balance of this Agreement shall be enforceable
in accordance with its terms.

     2.7  AMENDMENT AND WAIVER. Any provision of this Agreement may be amended
or waived with the written consent of the Company and Holder.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                      -7-
<PAGE>

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

"COMPANY":                              PEREGRINE SYSTEMS, INC.
                                        a Delaware corporation

                                        /s/ Richard T. Nelson
                                        -------------------------------------
                                        Signature

                                        Richard T. Nelson
                                        -------------------------------------
                                        Print Name of Signatory

                                        V.P.
                                        -------------------------------------
                                        Title

"HOLDER":                               SUPPLYACCESS, INC.
                                        a Delaware corporation

                                        /s/ Authorized Signature
                                        -------------------------------------
                                        Signature

                                        -------------------------------------
                                        Print Name of Signatory

                                        -------------------------------------
                                        TitleExhibit 10.1

                               VIALOG CORPORATION

                                February 25, 2000

            Re: Exchange Offer for the Company's 12-3/4% Senior Notes

Dear Noteholder:

         This letter  agreement (the "Letter  Agreement"),  dated as of the date
first  written  above,  by  and  between  Vialog  Corporation,  a  Massachusetts
corporation (the "Company"), and you (referred herein as either the "Noteholder"
or the "Holder") is entered into in connection  with a proposed  exchange  offer
for the Company's 12-3/4% Senior Notes due 2001 (the "Notes").

         As previously disclosed to the Holder, the Company is in the process of
implementing  a strategic  plan that includes an exchange  offer (the  "Exchange
Offer") on the terms and  conditions  set forth in the Summary of Proposed Terms
(the "Summary of Terms") attached as Exhibit A. If completed, the Exchange Offer
will allow  Noteholders  to  receive,  prior to  maturity  of the Notes,  both a
significant  amount  of  cash  and a new  series  of the  Company's  convertible
preferred stock. The Company's current  willingness to proceed with the Exchange
Offer is contingent upon receiving  signed Letter  Agreements from Holders of at
least 95% of the  aggregate  principal  amount of the  outstanding  Notes.  This
condition may, however, be waived by the Company in its sole discretion.

         Based upon and subject to the foregoing, the parties agree as follows:

         1.  Commencement  of Exchange  Offer.  The Company  will  commence  the
Exchange  Offer  as soon as  practicable  following  receipt  of  signed  Letter
Agreements from Holders of at least 95% of the aggregate principal amount of the
outstanding  Notes and approval of the terms of the proposed  Exchange  Offer by
the Company's Board of Directors;  provided, however, that the Company shall not
be obligated to commence the Exchange Offer if (i) signed Letter Agreements from
Holders of at least 95% of the  aggregate  principal  amount of the  outstanding
Notes are not received by the close of business on February  28, 2000;  (ii) the
Company is unable to obtain  financing for the Exchange Offer; or (iii) approval
of the Company's Board of Directors is not obtained.

         2. Agreements of  Noteholders.  The Noteholder  agrees that,  following
receipt  from the  Company of formal  Exchange  Offer and  Consent  Solicitation
documents  incorporating  the Summary of Terms  attached  hereto (the  "Exchange
Offer  Documents")  and  otherwise  acceptable  in  form  and  substance  to the
Noteholder  and its advisors,  it will take such actions as may be necessary (i)
to cause its consent to be given to the amendment of certain covenants contained
in the  indenture  governing the Notes,  as may be proposed by the Company,  and
(ii) to cause all of its Notes to be tendered  prior to the  initial  Expiration
Date set forth in the  Exchange  Offer  Documents  in exchange  for cash and the
Company's convertible pay-in-kind preferred stock as described in the Summary of
Terms. The Noteholder acknowledges that in the event that less than a 95% tender
occurs, the Exchange Offer may be implemented through a pre-packaged  bankruptcy
<PAGE>
plan and  agrees to consent to and  support  such a plan on terms  substantially
identical to the Exchange Offer, if proposed by the Company. The Noteholder also
agrees not to sell or  transfer  any or all of such  Holder's  Notes  unless the
transferee (the  "Transferee")  of such Notes agrees to be bound by the terms of
this Letter Agreement prior to such transfer.

         3.  Disclosure.  The parties to this  Letter  Agreement  authorize  the
Company to disclose in the Exchange  Offer  Documents the existence and terms of
this Letter Agreement.

         4. Termination.  This Letter Agreement shall terminate upon the earlier
of (i) 30 days  from the  date  hereof,  if by that  date  the  Company  has not
obtained a written  commitment  for the financing  necessary to  consummate  the
Exchange  Offer,  (ii) April 15, 2000, if the Exchange Offer  Documents have not
been  distributed by that date,  (iii) the  termination of the Exchange Offer by
the Company or (iv) June 30, 2000.

         5.  GOVERNING  LAW.  THIS LETTER  AGREEMENT  SHALL BE GOVERNED  BY, AND
CONSTRUED IN ACCORDANCE  WITH, THE LAWS OF THE STATE OF NEW YORK,  REGARDLESS OF
THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER APPLICABLE PRINCIPLES OF CONFLICTS OF
LAWS THEREOF.

         6. Enforcement.  Irreparable  damages would occur in the event that any
of the provisions of this Letter Agreement were not performed in accordance with
their specific terms or were otherwise breached.  Accordingly, the parties shall
be entitled to an injunction or injunctions  to prevent  breaches of this Letter
Agreement and to enforce  specifically  the terms and  provisions of this Letter
Agreement in the federal courts of the United States located in the State of New
York,  this being in addition to any other  remedy to which they are entitled at
law or in equity.

         7.  Further  Assurances.  Holder  shall  execute and deliver such other
documents and  instruments  and take such further actions as may be necessary or
appropriate or as may be reasonably  requested by the Company in connection with
the Exchange Offer.

         8.  Counterparts.  This Letter Agreement may be executed in one or more
counterparts,  each of  which  shall  be  deemed  an  original  but all of which
together will constitute one and the same instrument.

         9. No Waiver.  Except as expressly  provided in this Letter  Agreement,
the Holders are not waiving any defaults or other rights, and reserve all rights
and remedies they may have, under the Indenture (as defined in Exhibit A and the
Notes).

         10. Legal Fees. The Company agrees to pay the reasonable legal fees and
disbursements  of Debevoise & Plimpton,  counsel to the  unofficial  Noteholders
Committee.

                                * * * * * * * * *
<PAGE>

          If  the  foregoing  accurately  reflects  our  understanding,   please
indicate  your  acceptance  by signing a copy of this letter and returning it to
the undersigned.

                                      VIALOG CORPORATION

                                      By:    _____________________________
                                             Name:
                                             Title:

ACCEPTED AND AGREED TO:

Print Name: ____________________

By: ___________________________              Principal Amount of Notes:_________
         Name:                               Address for Notices:
         Title:                              ___________________________________
                                             ___________________________________
                                             ___________________________________

<PAGE>
                                                             Exhibit A to Letter
                                              Agreement dated February ___, 2000

                            Summary of Proposed Terms

                                   {Attached}

<PAGE>
                            SUMMARY OF PROPOSED TERMS

                  $16,500,000 CONVERTIBLE PIK PREFERRED SHARES

                        Issuer:         "Vialog Corporation" the ("Company").

                         Issue:         Convertible PIK Preferred Shares (the
                                        "Preferred Shares").

                        Amount:         $16,500,000

                   Issue Price:         $__ per share.

                Final Maturity:         6 years.

        Liquidation Preference:         $100 per share plus accrued and unpaid
                                        dividends.

                     Dividends:         8.00%, payable semi-annually. In the
                                        event dividends are not paid in cash,
                                        the dividends will be paid in additional
                                        Preferred Shares.

                       Ranking:         The Preferred Shares will rank senior to
                                        the  Company's  common  stock and common
                                        and preferred  stock  dividends and will
                                        rank  senior to any  class of  preferred
                                        shares issued after the closing date.

            Nature of Offering:         Private placement to qualified
                                        institutional buyers without
                                        registration under the Securities Act of
                                        1933, as amended.

                 Call Features:         The Preferred Shares shall be callable
                                        at any time at a price in accordance
                                        with the schedule below:

                                        |X|      Year 1 - 101%
                                        |X|      Year 2 - 102%
                                        |X|      Year 3 - 103%
                                        |X|      Years 4 - 6 @ par
<PAGE>
            Conversion Feature:         The holder of any Preferred Share has
                                        the right, upon delivery of written
                                        notice to the Company and surrender of
                                        the certificate for such share, to
                                        convert such Preferred Share into common
                                        shares in the manner described below.
                                        Each Preferred Share is convertible into
                                        the number of fully paid common shares
                                        as is obtained by (i) multiplying the
                                        number of the Preferred Shares so to be
                                        converted by $100.00 and adding
                                        aggregate "paid in kind" dividends on
                                        such shares as of the date of the
                                        conversion, and (ii) dividing the result
                                        by the Conversion Price. The Conversion
                                        Price will be equal to the lesser of $8
                                        per share or 150% of the average closing
                                        price of the Company's common stock for
                                        the 20 trading days prior to closing,
                                        ("market price").

        Adjustment of Preferred         On the first anniversary of the closing,
        Share Conversion Price:         the conversion price may be adjusted
                                        (only downward) as follows; if the
                                        "market price" of the Company's common
                                        stock falls below the "market price"
                                        established at closing, then the
                                        conversion price in effect will be
                                        adjusted proportionately to reflect the
                                        percentage decline in the "market
                                        price." For example, if the "market
                                        price" at close is $6 per share, then
                                        the conversion price will be set at $8.
                                        On the first anniversary, if the "market
                                        price" is $5 per share (a 16.67%
                                        decline) then the conversion price will
                                        be adjusted downward by 16.67% to
                                        establish a new conversion price of
                                        $6.67. This option will be exercisable
                                        only once, on the first anniversary, and
                                        will only adjust for declines in the
                                        initial market price.

       Anti Dilution Provision:         If the Company issues or sells any
                                        common shares at a price less than the
                                        Preferred Shares' Conversion Price, the
                                        Conversion Price will be reduced to
                                        equal the lowest price received by the
                                        Company for such issuance or sale.

                                        The Company may grant or issue any
                                        warrants, rights or options for the
                                        purchase of common shares or any stock
                                        or security convertible into or
                                        exchangeable for common shares (such
                                        warrants, rights or options being called
<PAGE>
                                        "Options" and such convertible or
                                        exchangeable stock or securities being
                                        called "Convertible Securities"). If the
                                        price per share for which common shares
                                        are issuable upon the exercise of such
                                        Options or the exchange of such
                                        Convertible Securities will be less than
                                        the Conversion Price in effect
                                        immediately prior to issuing the Options
                                        or Convertible Securities, the total
                                        maximum number of common shares issuable
                                        upon the exercise of such Options or the
                                        exchange of such Convertible Securities
                                        will be deemed to have been issued.
                                        There will be no adjustment of the
                                        Conversion Price upon the actual
                                        issuance of Common Shares upon the
                                        exercise of Options or exchange of
                                        Convertible Securities. If the price per
                                        share for which common shares are
                                        issueable upon the exercise or the
                                        exchange of Convertible Securities
                                        subsequently changes, the Conversion
                                        Price will be adjusted, but only if the
                                        effect is to reduce the Conversion
                                        Price. On the termination of any Options
                                        or right to exchange or convert
                                        Convertible Securities, the Conversion
                                        Price then in effect will be increased
                                        to the price which would have been in
                                        effect, had such Options or Convertible
                                        Securities, to the extent outstanding
                                        immediately prior to such termination,
                                        never been issued.

                      Mandatory
                    Redemption:         The Preferred Shares will be redeemed in
                                        full at maturity.

                 Voting Rights:         The affirmative vote of the holders of
                                        not less than a majority of the
                                        outstanding Preferred Shares and common
                                        shares is required for the approval of
                                        (i) any merger or consolidation of the
                                        Company with any other corporation; (ii)
                                        any sale, lease, exchange or other
                                        disposition by the Company of all or
                                        substantially all of its assets; (iii)
                                        any increase in the number of authorized
                                        common shares or preferred stock; or
                                        (iv) the dissolution, liquidation or
                                        winding up of the Company. The
                                        affirmative vote of the holders of not
                                        less than a majority of the outstanding
                                        Preferred Shares is required for the
                                        approval of (i) any amendment to the
                                        articles or bylaws of the Company that
<PAGE>
                                        would (a) change the rights, preferences
                                        or privileges of the Preferred Shares or
                                        (b) permit the issuance of new preferred
                                        stock at parity or senior to the
                                        Preferred Shares; or (ii) the making of
                                        any Restricted Payments (as defined in
                                        the indenture governing the Notes (the
                                        "Indenture")) not currently permitted by
                                        the Indenture.

                                        Except as described above or otherwise
                                        required by law, all common shares and
                                        Preferred Share vote together as a
                                        single class on all actions to be taken
                                        by the Company's stockholders. Each
                                        Preferred Share entitles the holder to
                                        such number of votes as will equal the
                                        number of Common Shares into which such
                                        Preferred Share is then convertible.

         Registration: The Company will register the Preferred Shares within 120
days of closing.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00002-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00002-of-00352.parquet"}]]