Document:

EXHIBIT 10.01
                                                                   -------------

                                  DSL.NET, INC.

                      SERIES X CONVERTIBLE PREFERRED STOCK

                               PURCHASE AGREEMENT

                                NOVEMBER 14, 2001

<PAGE>
                                TABLE OF CONTENTS
<TABLE>
<CAPTION>

                                                                                                               Page
<S>                                                                                                              <C>
1.   PURCHASE AND SALE OF STOCK ..................................................................................1
     ---------------------------

   1.1    SALE AND ISSUANCE OF SERIES A CONVERTIBLE PREFERRED STOCK ..............................................1
          ----------------------------------------------------------
   1.2    CLOSINGS................................................................................................2
          --------

2.   REPRESENTATIONS AND WARRANTIES OF THE COMPANY................................................................3
     ---------------------------------------------

   2.1    ORGANIZATION, GOOD STANDING AND QUALIFICATION...........................................................3
          ---------------------------------------------
   2.2    CAPITALIZATION AND VOTING RIGHTS........................................................................4
          --------------------------------
   2.3    SUBSIDIARIES............................................................................................4
          ------------
   2.4    AUTHORIZATION...........................................................................................5
          -------------
   2.5    VALID ISSUANCE OF PREFERRED AND COMMON STOCK............................................................5
          --------------------------------------------
   2.6    GOVERNMENTAL CONSENTS...................................................................................5
          ---------------------
   2.7    OFFERING................................................................................................6
          --------
   2.8    LITIGATION..............................................................................................6
          ----------
   2.9    PATENTS AND TRADEMARKS..................................................................................6
          ----------------------
   2.10   CORPORATE POWER; COMPLIANCE WITH OTHER INSTRUMENTS......................................................6
          ---------------  ---------------------------------
   2.11   GOVERNMENT PERMITS......................................................................................7
          ------------------
   2.12   REGISTRATION RIGHTS.....................................................................................7
          -------------------
   2.13   REPORTING STATUS........................................................................................7
          ----------------
   2.14   FINANCIAL STATEMENTS; BUSINESS PLAN.....................................................................7
          -----------------------------------
   2.15   NO MATERIAL ADVERSE EFFECT..............................................................................8
          --------------------------
   2.16   LISTING.................................................................................................8
          -------
   2.17   COMPANY NOT AN "INVESTMENT COMPANY".....................................................................8
          -----------------------------------

3.   REPRESENTATIONS AND WARRANTIES OF THE INVESTORS..............................................................9
     -----------------------------------------------

   3.1    AUTHORIZATION...........................................................................................9
          -------------
   3.2    PURCHASE ENTIRELY FOR OWN ACCOUNT.......................................................................9
          ---------------------------------
   3.3    DISCLOSURE OF INFORMATION...............................................................................9
          -------------------------
   3.4    INVESTMENT EXPERIENCE...................................................................................9
          ---------------------
   3.5    ACCREDITED INVESTOR.....................................................................................9
          -------------------
   3.6    INVESTOR NOT AN INVESTMENT COMPANY.....................................................................10
          ----------------------------------
   3.7    RESTRICTED SECURITIES..................................................................................10
          ---------------------
   3.8    FURTHER LIMITATIONS ON DISPOSITION.....................................................................10
          ----------------------------------
   3.9    SUSPENSION OF TRADING..................................................................................10
          ---------------------
   3.10   RELIANCE; MATERIAL CHANGES.............................................................................11
          --------------------------
   3.11   LEGENDS................................................................................................11
          -------

4.   CONDITIONS OF INVESTORS' OBLIGATIONS AT CLOSING.............................................................11
     -----------------------------------------------

   4.1    INITIAL CLOSING........................................................................................11
          ---------------
   4.2    SUBSEQUENT CLOSINGS....................................................................................12
          -------------------

5.   CONDITIONS OF THE COMPANY'S OBLIGATIONS AT CLOSING..........................................................13
     --------------------------------------------------

   5.1    REPRESENTATIONS AND WARRANTIES.........................................................................13
          ------------------------------
   5.2    PERFORMANCE............................................................................................14
          -----------
   5.3    COMPLIANCE CERTIFICATE.................................................................................14
          ----------------------
   5.4    QUALIFICATIONS.........................................................................................14
          --------------

6. REGISTRATION OF THE SHARES; COMPLIANCE WITH THE SECURITIES ACT................................................14
   --------------------------------------------------------------

   6.1    REGISTRATION RIGHTS....................................................................................14
          -------------------
   6.2    INCIDENTAL REGISTRATION................................................................................15
          -----------------------
   6.3    REGISTRATION PROCEDURES................................................................................16
          -----------------------
<PAGE>

   6.4    TRANSFER OF REGISTRABLE SHARES AFTER REGISTRATION; SUSPENSION..........................................17
          -------------------------------------------------------------
   6.5    INDEMNIFICATION........................................................................................18
          ---------------
   6.6    TERMINATION OF CONDITIONS AND OBLIGATIONS..............................................................21
          -----------------------------------------
   6.7    INFORMATION AVAILABLE..................................................................................21
          ---------------------
   6.8    EXPENSES...............................................................................................21
          --------
   6.9    PRIOR REGISTRATION RIGHTS AGREEMENT....................................................................22
          -----------------------------------
   6.10   LOCK-UP AGREEMENTS WITH UNDERWRITERS...................................................................22
          ------------------------------------

7.   COVENANTS...................................................................................................22
     ---------

   7.1    BOARD OF DIRECTORS.....................................................................................22
          ------------------
   7.2    DELIVERY OF MONTHLY FINANCIAL STATEMENTS...............................................................23
          ----------------------------------------
   7.3    STOCKHOLDER APPROVAL...................................................................................23
          --------------------

8.   MISCELLANEOUS...............................................................................................23
     -------------

   8.1    SURVIVAL...............................................................................................23
          --------
   8.2    SUCCESSORS AND ASSIGNS.................................................................................23
          ----------------------
   8.3    GOVERNING LAW..........................................................................................24
          -------------
   8.4    COUNTERPARTS...........................................................................................24
          ------------
   8.5    TITLES AND SUBTITLES...................................................................................24
          --------------------
   8.6    NOTICES................................................................................................24
          -------
   8.8    EXPENSES...............................................................................................24
          --------
   8.9    AMENDMENTS AND WAIVERS.................................................................................24
          ----------------------
   8.9    SEVERABILITY...........................................................................................24
          ------------
   8.10   ENTIRE AGREEMENT.......................................................................................24
          ----------------
</TABLE>
<PAGE>

SCHEDULE A                 Schedule of Investors
SCHEDULE B                 Schedule of Exceptions
EXHIBIT A                  Designation of Series X Convertible Preferred Stock
EXHIBIT B                  Opinion of Counsel for the Company
<PAGE>

                                              INDEX OF DEFINED TERMS
<TABLE>
<CAPTION>
<S>                                                                                                     <C>
Act................................................................................................     2.2(b)
Additional Option Shares...........................................................................     1.1(c)(iii)
Agreement..........................................................................................     Preamble
Business Plan......................................................................................     4.2(b)
Closing............................................................................................     1.2(d)
Common Stock.......................................................................................     1.1(b)
Company............................................................................................     Preamble
Compliance with the Business Plan..................................................................     4.2(b)
Conversion Shares..................................................................................     1.1(b)
Disinterested Directors............................................................................     1.1(c)
Exchange Act.......................................................................................     2.1
Exchange Act Documents.............................................................................     2.1
GAAP...............................................................................................     2.14
Initial Closing....................................................................................     1.2(a)
Initial Closing Shares.............................................................................     1.1(c)(i)
Initiating Holder..................................................................................     6.1(a)
Initiating Holder Notice...........................................................................     6.1(a)
Intellectual Property..............................................................................     2.9
Investment Company Act.............................................................................     2.17
Investor...........................................................................................     Preamble
Investors Rights Agreement.........................................................................     6.9
Laws...............................................................................................     2.10(b)
Material Adverse Effect............................................................................     2.1
Maximum Option Shares..............................................................................     6.1(a)
Monthly Financial Statements.......................................................................     4.2(b)
NNM................................................................................................     2.16
Nominees...........................................................................................     7.1
Notice.............................................................................................     6.1(a)
Option Shares......................................................................................     1.1(c)(ii)
Participating Investors............................................................................     6.1(a)
<PAGE>

Permits............................................................................................     2.11
Preferred Stock....................................................................................     2.2(a)
Prospectus.........................................................................................     6.3(b)
Purchase Price.....................................................................................     1.1(c)(i)
Registrable Shares.................................................................................     6.1(a)
Registration Statement.............................................................................     6.1(a)
Restated Certificate...............................................................................     4.1(e)
Restated Certificate...............................................................................     6.2
Schedule of Exceptions.............................................................................     2
SEC................................................................................................     3.5
Second Closing.....................................................................................     1.2(b)
Second Closing Shares..............................................................................     1.1(c)(ii)
Securities.........................................................................................     3.2
Series X Designation...............................................................................     1.1(a)
Series X Directors.................................................................................     7.1
Series X Preferred Stock...........................................................................     1.1(a)
Shares.............................................................................................     1.1(b)
Stock Plans........................................................................................     2.2(c)
Subsidiary.........................................................................................     2.3
Suspension.........................................................................................     6.3(c)
Suspension Notice..................................................................................     6.3(c)
Third Closing......................................................................................     1.2(c)
Third Closing Shares...............................................................................     1.1(c)(iii)
VantagePoint.......................................................................................     6.1(a)
VantagePoint Closing Date..........................................................................     6.1(a)
</TABLE>
<PAGE>

                                  DSL.NET, INC.

             SERIES X CONVERTIBLE PREFERRED STOCK PURCHASE AGREEMENT

         THIS SERIES X CONVERTIBLE PREFERRED STOCK PURCHASE AGREEMENT (the
"Agreement") is made as of the 14th day of November, 2001, by and among DSL.net,
Inc., a Delaware corporation (the "Company"), and the investors listed on
Schedule A hereto, each of which is herein referred to as an "Investor" and
together as the "Investors."

         THE PARTIES HEREBY AGREE AS FOLLOWS:

         1        Purchase and Sale of Stock.
                  --------------------------

         1.1      Sale and Issuance of Series X Convertible Preferred Stock.
                  ---------------------------------------------------------

                  (a) Before the Initial Closing (as defined below), the Company
shall create and designate a new series of its authorized but unissued shares of
preferred stock, par value $0.001 per share, designated as the "Series X
Convertible Preferred Stock" (the "Series X Preferred Stock") with the rights,
preferences, privileges and restrictions set forth in, and shall file with the
Secretary of State of Delaware, the Certificate of Designation of Series X
Convertible Preferred Stock in the form attached hereto as Exhibit A (the
"Series X Designation").

                  (b) Before the Initial Closing, the Company shall have
authorized the sale and issuance to the Investors of up to 20,000 shares (the
"Shares") of Series X Preferred Stock and the issuance of the shares of the
Company's common stock, par value $0.0005 per share (the "Common Stock"), to be
issued upon conversion of the Series X Preferred Stock (the "Conversion
Shares").

                  (c) (i) Subject to the terms and conditions of this Agreement,
each Investor agrees, severally and not jointly, to purchase, and the Company
agrees to sell and issue to such Investor, that number of Shares set forth
opposite such Investor's name on Schedule A hereto under the heading "Initial
Closing Shares" for $1,000 per share (the "Purchase Price") at the Initial
Closing (as defined below). At the Initial Closing, an aggregate of 6,000 Shares
shall be purchased by the Investors.

                     (ii) Subject to the terms and conditions of this Agreement,
at the request of the Company or a majority-in-interest of Investors on or
before June 30, 2002, each Investor agrees, severally and not jointly, to
purchase, and the Company agrees to sell and issue to such Investor, for the
Purchase Price at the Second Closing (as defined below): (A) that number of
Shares set forth opposite such Investor's name on Schedule A hereto under the
heading "Second Closing Shares," plus (B) that number of additional Shares (if
any) that such Investor chooses to purchase at the Second Closing, up to the
maximum number of additional Shares set forth under such Investor's name on
Schedule A hereto under the heading "Maximum Option Shares." At the Second
Closing, an aggregate of 4,000 Shares shall be purchased by the Investors
pursuant to clause (A) of the preceding sentence, and up to an
<PAGE>

                       Stock Purchase Agreement - Page 2

aggregate of 5,000 Shares may be purchased by the Investors pursuant to clause
(B) of the preceding sentence.

                     (iii) Subject to the terms and conditions of this
Agreement, at the request of the Company or a majority-in-interest of Investors
on or before June 30, 2002, each Investor agrees, severally and not jointly, to
purchase, and the Company agrees to sell and issue to such Investor, for the
Purchase Price at the Third Closing (as defined below): (A) that number of
shares of the Series X Preferred Stock set forth opposite such Investor's name
on Schedule A hereto under the heading "Third Closing Shares," plus (B) that
number of additional Shares (if any) that such Investor chooses to purchase at
the Third Closing, up to the maximum number of additional Shares set forth under
such Investor's name on Schedule A hereto under the heading "Maximum Option
Shares." At the Third Closing, an aggregate of 5,000 Shares shall be purchased
by the Investors pursuant to clause (A) of the preceding sentence, and up to an
aggregate of 5,000 Shares less any Shares purchased by the Investors pursuant to
clause (B) of the first sentence of Section 1.1(c)(ii) may be purchased by the
Investors pursuant to clause (B) of the preceding sentence.

Any request by the Company contemplated by Sections 1.1(c)(ii) or (iii) shall be
made by the Company only if authorized by a majority of the directors of the
Company, excluding those directors who are affiliates of any Investor (the
"Disinterested Directors").

         1.2      Closings.
                  --------

              (a) Initial Closing. The purchase and sale of shares of Series X
Preferred Stock described in Section 1.1(c)(i) above shall take place at a
closing (the "Initial Closing") to be held at the offices of Testa, Hurwitz &
Thibeault, LLP, 125 High Street, Boston, Massachusetts 02110, at 10:00 A.M., on
November 14, 2001, or at such other location, on such other date and at such
time as may be mutually agreed upon by the Company and the Investors.

              (b) Second Closing. The purchase and sale of shares of Series X
Preferred Stock described in Section 1.1(c)(ii) above shall take place at a
closing (the "Second Closing") to be held at the offices of Testa, Hurwitz &
Thibeault, LLP, 125 High Street, Boston, Massachusetts 02110, at 10:00 A.M. on a
date on or after December 10, 2001 to be set by the Company with the approval of
a majority of the Disinterested Directors, which date shall be at least two
business days after the delivery to the Investors of the certificate
contemplated by Section 4.2(c), or at such other location, on such other date
and at such time as may be mutually agreed upon by the Company and the Investors
participating in such Closing.

              (c) Third Closing. The purchase and sale of shares of Series X
Preferred Stock described in Section 1.1(c)(iii) above shall take place at a
closing (the "Third Closing") to be held at the offices of Testa, Hurwitz &
Thibeault, LLP, 125 High Street, Boston, Massachusetts 02110, at 10:00 A.M. on a
date on or after February 28, 2002 to be set by the Company with the approval of
a majority of the Disinterested Directors, which date shall be at least two
business days after the delivery to the Investors of the certificate
contemplated by Section 4.2(c), or at such other location, on such other date
and at such time as may be mutually agreed upon by the Company and the Investors
participating in such Closing.
<PAGE>

                       Stock Purchase Agreement - Page 3

              (d) Assignment of Right to Purchase Shares. Each Investor that
participates in the Initial Closing may assign all or any portion of its right
and obligation to purchase the Shares set forth opposite such Investor's name
under the headings "Second Closing Shares," "Third Closing Shares" and "Maximum
Option Shares" on Schedule A; provided, however, that the assignee (if not at
the relevant time already a signatory hereto) executes a counterpart signature
page to this Agreement agreeing to be bound by all the terms of this Agreement.
Notwithstanding the foregoing, any Investor who assigns all or any portion of
its right and obligation to purchase Shares hereunder shall remain obligated to
purchase such Shares and perform its assigned obligations hereunder to the
extent that the assignee fails to do so; provided that such Investor shall only
remain obligated to purchase the number of Shares set forth opposite such
Investor's name under the heading "Second Closing Shares" or "Third Closing
Shares", as applicable, and shall not be obligated to purchase Shares set forth
opposite such Investor's name under the heading "Maximum Option Shares". The
Company may, without the consent of the Investors, amend Schedule A solely to
provide for the sale and issuance at the Second Closing or Third Closing of
Shares to one or more investors that shall become party to this Agreement in
accordance with the first sentence of this Section 1.2(d) by executing
counterpart signature pages hereto. The terms "Investor" and "Investors" shall
include such additional investors as exist, from time to time.

              (e) At each of the Initial Closing, Second Closing and Third
Closing, the Company shall deliver to each Investor a certificate evidencing the
Shares purchased by such Investor against payment of the full Purchase Price
therefor by (i) wire transfer of funds, (ii) delivery to the Company for
cancellation of the indebtedness of the Company in the amount of such Purchase
Price, or (iii) by check payable to the order of the Company in the amount of
such Purchase Price or (iv) delivery or transfer of such sum to the Company by
any combination of such methods of payments. The Initial Closing, Second Closing
and Third Closing each may be referred to herein as a "Closing."

         2.   Representations and Warranties of the Company. The Company
hereby represents and warrants to each Investor that, except as set forth on a
Schedule of Exceptions (the "Schedule of Exceptions") furnished to each Investor
and special counsel for the Investors, specifically identifying the relevant
subparagraph hereof, which exceptions shall be deemed to be representations and
warranties as if made hereunder:

         2.1  Organization, Good Standing and Qualification. The Company is
a corporation duly organized, validly existing and in good standing under the
laws of the State of Delaware and has all requisite corporate power and
authority to carry on its business as now conducted and as proposed to be
conducted as described in the documents filed by the Company under the
Securities Exchange Act of 1934 (the "Exchange Act"), since the end of its most
recently completed fiscal year through the date hereof, including, without
limitation, its most recent annual report on Form 10-K (the "Exchange Act
Documents"). The Company is duly qualified to transact business and is in good
standing in each jurisdiction in which the failure to so qualify would, either
individually or in the aggregate, have a material adverse effect upon the
condition (financial or otherwise), earnings, business or business prospects,
properties or operations of the Company and its Subsidiaries, considered as one
enterprise (a "Material Adverse Effect").
<PAGE>
                       Stock Purchase Agreement - Page 4

         2.2   Capitalization and Voting Rights.
               --------------------------------

              (a) The authorized capital stock of the Company consists, or will
consist immediately prior to the Initial Closing, of: (i) 20,000,000 shares of
Preferred Stock, par value $.001 per share (the "Preferred Stock"), of which
20,000 shares will have been designated Series X Convertible Preferred Stock,
all of which may be issued pursuant to this Agreement, and (ii) 200,000,000
shares of Common Stock, of which 64,763,709 shares were issued and outstanding
as of November 2, 2001. The rights, privileges and preferences of the Series X
Preferred Stock will be as stated in the Series X Designation.

              (b) The outstanding shares of Common Stock are all duly and
validly authorized and issued, fully paid and nonassessable, and were issued in
accordance with the registration or qualification provisions of the Securities
Act of 1933, as amended (the "Act"), and any relevant state securities laws, or
pursuant to valid exemptions therefrom.

              (c) Except for (i) the conversion privileges of the Series X
Preferred Stock to be issued under this Agreement, (ii) an aggregate of
13,563,126 shares of its Common Stock reserved for issuance under the Company's
Amended and Restated 1999 Stock Plan, the Vector Internet Services Inc. 1997
Stock Option Plan, the Vector Internet Services Inc. 1999 Stock Option Plan and
the Company's 1999 Employee Stock Purchase Plan (together, the "Stock Plans") of
which an aggregate of 6,258,385 shares were subject to outstanding options and
an aggregate of 5,281,671 shares remain available for future grants as of
November 2, 2001, and (iii) an aggregate of 83,314 shares of its Common Stock
reserved for issuance upon the exercise of warrants issued to VantagePoint
Venture Partners 1996, L.P. and VantagePoint Communications Partners, L.P, there
are no outstanding options, warrants, rights (including conversion or preemptive
rights) or agreements for the purchase or acquisition from the Company of any
shares of its capital stock. The Company is not a party or subject to any
agreement or understanding, and, to the best of the Company's knowledge, there
is no agreement or understanding between any persons and/or entities, which
affects or relates to the voting or giving of written consents with respect to
any security of the Company.

         2.3   Subsidiaries. Each of the Company's Subsidiaries (as defined
in Rule 405 under the Act) (each a "Subsidiary") is duly organized, validly
existing and in good standing under the laws of the jurisdiction in which it was
formed and has all requisite corporate or limited liability company power and
authority to carry on its business as now conducted and as proposed to be
conducted as described in the Exchange Act Documents. Each of the Company's
Subsidiaries is duly qualified to transact business and is in good standing in
each jurisdiction in which the failure to so qualify or be in good standing
would have a Material Adverse Effect. The outstanding shares of capital stock or
limited liability company interests, as applicable, of each of the Subsidiaries
have been duly authorized and validly issued, are fully paid and nonassessable
and are owned by the Company or another Subsidiary free and clear of all liens,
encumbrances and equities and claims; and no options, warrants or other rights
to purchase, agreements or other obligations to issue or other rights to convert
any obligations into shares of capital stock or ownership interests in the
Subsidiaries are outstanding.
<PAGE>
                        Stock Purchase Agreement - Page 5

         2.4   Authorization. All corporate action on the part of the
Company, its officers, directors and stockholders necessary for the
authorization, execution and delivery of this Agreement, the performance of all
obligations of the Company to be performed by it at or before the Closings
hereunder, and the authorization, issuance (or reservation for issuance), sale
and delivery of the Series X Preferred Stock being sold hereunder and the
Conversion Shares has been taken or will be taken prior to the Initial Closing;
provided, however, that to the extent that, as a result of any anti-dilution
adjustment to the Conversion Price (as defined in the Series X Designation), the
number of Conversion Shares issuable upon conversion of the Series X Preferred
Stock exceeds the number of authorized and unissued shares of Common Stock on
the date of such adjustment, corporate action will need to be taken to amend the
certificate of incorporation of the Company to authorize an additional number of
shares of Common Stock and to reserve such number of shares of Common Stock
necessary to allow for the issuance of such excess number of Conversion Shares.
This Agreement constitutes a valid and legally binding obligation of the
Company, enforceable in accordance with its terms, except (i) as limited by
applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of
general application affecting enforcement of creditors' rights generally, (ii)
as limited by laws and principles relating to the availability of specific
performance, injunctive relief, or other equitable remedies, and (iii) to the
extent the indemnification and contribution provisions contained herein may be
limited by applicable federal or state securities laws.

         2.5   Valid Issuance of Preferred and Common Stock. The Series X
Preferred Stock that is being purchased by the Investors hereunder, when issued,
sold and delivered in accordance with the terms of this Agreement for the
consideration expressed herein, will be duly and validly issued, fully paid, and
nonassessable, and will be free of restrictions on transfer other than
restrictions on transfer under this Agreement and under applicable state and
federal securities laws. The Conversion Shares have been, or will be prior to
the Initial Closing, duly and validly reserved for issuance and, upon issuance
in accordance with the terms of the Series X Designation, will be duly and
validly issued, fully paid, and nonassessable, and will be free of restrictions
on transfer other than restrictions on transfer under this Agreement and under
applicable state and federal securities laws; provided that to the extent that,
as a result of any anti-dilution adjustment to the Conversion Price, the number
of Conversion Shares issuable upon conversion of the Series X Preferred Stock
exceeds the number of authorized and unissued shares of Common Stock on the date
of such adjustment, the certificate of incorporation of the Company will need to
be amended to authorize an additional number of shares of Common Stock and the
Board of Directors of the Company will need to reserve such number of shares of
Common Stock necessary to allow for the issuance of such excess number of
Conversion Shares.

         2.6   Governmental Consents. No consent, approval, order or
authorization of, or registration, qualification, designation, declaration or
filing with, any federal, state or local governmental authority on the part of
the Company is required in connection with the execution and delivery of this
Agreement, the issuance of shares of Series X Preferred Stock pursuant to the
terms of this Agreement and the issuance of Conversion Shares upon conversion of
shares of Series X Preferred Stock in accordance with the Series X Designation,
except (i) the filing of the Series X Designation, (ii) such filings as may be
required to be made with the Nasdaq National Market, (iii) regulatory filings,
approvals and notices, including filings and notices with the Federal
Communications Commission and state public utility commissions, which either
have
<PAGE>

                       Stock Purchase Agreement - Page 6

been made or for which the failure to make would not have a Material Adverse
Effect, (iv) filings as are required pursuant to applicable federal and state
securities laws, which filings will be made within the required periods, and (v)
if and to the extent that, as a result of any anti-dilution adjustment to the
Conversion Price, the number of Conversion Shares issuable upon conversion of
the Series X Preferred Stock exceeds the number of authorized and unissued
shares of Common Stock on the date of such adjustment, the certificate of
incorporation of the Company will need to be amended in accordance with the
Delaware General Corporation Law to authorize an additional number of shares of
Common Stock necessary to allow for the conversion of such excess number of
Conversion Shares.

         2.7   Offering. Subject in part to the truth and accuracy of each
Investor's representations set forth in Section 3 of this Agreement, the offer,
sale and issuance of the Series X Preferred Stock as contemplated by this
Agreement is, and the issuance of the Conversion Shares in accordance with the
terms of the Series X Designation will be, exempt from the registration
requirements of any applicable state and federal securities laws, and neither
the Company nor any authorized agent acting on its behalf will take any action
hereafter that would cause the loss of such exemption.

         2.8   Litigation. There is no action, suit, proceeding or known
investigation pending or, to the Company's knowledge, currently threatened
against the Company or any of its Subsidiaries, officers or directors that
questions the validity of this Agreement, or the right of the Company to enter
into this Agreement, or to consummate the transactions contemplated hereby, or
that might result, either individually or in the aggregate, in any Material
Adverse Effect, or any change in the current equity ownership of the Company,
nor is the Company aware that there is any basis for the foregoing.

         2.9   Patents and Trademarks. Each of the Company and its
Subsidiaries owns or possesses sufficient rights to use all material patents,
patent rights, trademarks, copyrights, licenses, inventions, trade secrets,
trade names and know-how (collectively, "Intellectual Property") owned or
possessed by it or that are necessary for the conduct of its business as now
conducted or as proposed to be conducted as described in the Exchange Act
Documents except where the failure to currently own or possess such rights would
not have a Material Adverse Effect. Neither the Company nor any of its
Subsidiaries has received any notice of, or has any knowledge of, any asserted
infringement by the Company or any of its Subsidiaries of, any rights of a third
party with respect to any Intellectual Property that the Company believes,
individually or in the aggregate, would have a Material Adverse Effect. Neither
the Company nor any of its Subsidiaries has received any notice of, or has any
knowledge of, infringement by a third party with respect to any Intellectual
Property of the Company or of any Subsidiary that the Company believes,
individually or in the aggregate, would have a Material Adverse Effect.

         2.10     Compliance with Other Instruments.
                  ---------------------------------

                  (a) Neither the Company nor any of its Subsidiaries is in
violation of (i) its respective organizational documents or (ii) any Laws which,
in the case of (ii), would have a Material Adverse Effect.
<PAGE>

                       Stock Purchase Agreement - Page 7

                  (b) The execution and delivery of this Agreement, the issuance
and sale of the Series X Preferred Stock under this Agreement, the issuance of
the Conversion Shares upon conversion of the Series X Preferred Stock in
accordance with the Series X Designation, the fulfillment of the terms of this
Agreement and the consummation of the transactions contemplated hereby will not
(a) conflict with or constitute a violation of, or default (with the passage of
time or otherwise) under, (i) any material bond, debenture, note or other
evidence of indebtedness, lease, contract, indenture, mortgage, deed of trust,
loan agreement, joint venture or other agreement or instrument to which the
Company or any Subsidiary is a party or by which it or any of its Subsidiaries
or their respective properties are bound, (ii) the charter, by-laws or other
organizational documents of the Company or any Subsidiary, or (iii) any law,
administrative regulation, ordinance or order of any court or governmental
agency, arbitration panel or authority (collectively, "Laws") applicable to the
Company or any Subsidiary or their respective properties, except in the case of
clauses (i) and (iii) for any such conflicts, violations or defaults which are
not reasonably likely to have a Material Adverse Effect or (b) result in the
creation or imposition of any lien, encumbrance, claim, security interest or
restriction whatsoever upon any of the material properties or assets of the
Company or any Subsidiary or an acceleration of indebtedness pursuant to any
obligation, agreement or condition contained in any material bond, debenture,
note or any other evidence of indebtedness or any material indenture, mortgage,
deed of trust or any other agreement or instrument to which the Company or any
Subsidiary is a party or by which any of them is bound or to which any of the
material property or assets of the Company or any Subsidiary is subject.

         2.11  Government Permits. The Company and each of its Subsidiaries
has obtained all necessary franchises, permits, licenses, and any similar
authority (collectively, "Permits") necessary for the conduct of its business as
now being conducted and as proposed to be conducted by it, except where the
failure to obtain such Permit could not reasonably be expected to have a
Material Adverse Effect.

         2.12  Registration Rights. Except as provided herein and in the
Amended and Restated Investors' Rights Agreement dated as of July 16, 1999
between the Company and the purchasers named therein, the Company has not
granted to or agreed to grant to any holders of shares of its Common Stock or
securities convertible into Common Stock registration rights with respect to
such shares under the Act.

         2.13  Reporting Status. The Company has filed in a timely manner all
documents that the Company was required to file under the Exchange Act during
the 12 months preceding the date of this Agreement. All such documents complied
in all material respects with the SEC's requirements as of their respective
filing dates, and the information contained therein as of the date thereof did
not contain an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made not misleading.

         2.14  Financial Statements; Business Plan. The financial statements
of the Company and the related notes contained in the Exchange Act Documents
present fairly, in accordance with generally accepted accounting principles, the
financial position of the Company and its Subsidiaries as of the dates
indicated, and the results of its operations and cash flows for the
<PAGE>

                        Stock Purchase Agreement - Page 8

periods therein specified consistent with the books and records of the Company
and its Subsidiaries except that the unaudited interim financial statements were
or are subject to normal and recurring year-end adjustments which are not
expected to be material in amount. Such financial statements (including the
related notes) have been prepared in accordance with generally accepted
accounting principles ("GAAP") applied on a consistent basis throughout the
periods therein specified, except as may be included in the notes to such
financial statements, or in the case of unaudited statements, as may be
permitted by the SEC on Form 10-Q under the Exchange Act and except as disclosed
in the Exchange Act Documents. The other financial information contained in the
Exchange Act Documents has been prepared on a basis consistent with the
financial statements of the Company. The Business Plan was prepared by the
Company and was based on all material information known to the Company on the
date thereof and represents the good faith estimate of the Company regarding the
course of the Company's business for the periods covered by the Business Plan.

         2.15  No Material Adverse Effect. Except as disclosed in Exchange
Act Documents, since June 30, 2001, there has not been (i) any material adverse
change in the financial condition or earnings of the Company and its
Subsidiaries considered as one enterprise, (ii) any material adverse event
affecting the Company or its Subsidiaries, (iii) any obligation, direct or
contingent, that is material to the Company and its Subsidiaries considered as
one enterprise, incurred by the Company, except obligations incurred in the
ordinary course of business, (iv) any dividend or distribution of any kind
declared, paid or made on the capital stock of the Company or any of its
Subsidiaries, or (v) any loss or damage (whether or not insured) to the physical
property of the Company or any of its Subsidiaries which has been sustained
which has a Material Adverse Effect.

         2.16  Listing. The Company's Common Stock is registered pursuant to
Section 12(g) of the Exchange Act and is listed on the Nasdaq Stock Market, Inc.
National Market (the "NNM"). The Company shall use commercially reasonable
efforts to comply with all requirements of the NNM with respect to the listing
of the Conversion Shares on the NNM. The Company has received an exception from
the stockholder approval requirements set forth in Nasdaq Marketplace Rule
4350(i)(1) based on Nasdaq Marketplace Rule 4350(i)(2), which exception is in
full force and effect.

         2.17  Company not an "Investment Company." The Company has been advised
of the rules and requirements under the Investment Company Act of 1940, as
amended (the "Investment Company Act"). The Company is not, and immediately
after receipt of payment for the Series X Preferred Stock will not be, an
"investment company" or an entity "controlled" by an "investment company" within
the meaning of the Investment Company Act (provided that none of the Investors
is an "investment company" or an entity "controlled" by an "investment company"
within the meaning of the Investment Company Act) and shall conduct its business
in a manner so that it will not become subject to the Investment Company Act.
<PAGE>

                        Stock Purchase Agreement - Page 9

         3.  Representations and Warranties of the Investors. Each Investor
hereby represents and warrants that:

         3.1 Authorization. Such Investor has full power and authority to enter
into this Agreement and such Agreement constitutes its valid and legally binding
obligation, enforceable in accordance with its terms except (i) as limited by
applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of
general application affecting enforcement of creditors' rights generally, (ii)
as limited by laws relating to the availability of specific performance,
injunctive relief, or other equitable remedies, and (iii) to the extent the
indemnification provisions contained herein may be limited by applicable federal
or state securities laws.

         3.2 Purchase Entirely for Own Account. This Agreement is made with such
Investor in reliance upon such Investor's representation to the Company, which
by such Investor's execution of this Agreement such Investor hereby confirms,
that the Shares and the Conversion Shares (collectively, the "Securities") will
be acquired for investment for such Investor's own account, not as a nominee or
agent, and not with a view to the resale or distribution of any part thereof,
and that such Investor has no present intention of selling, granting any
participation in, or otherwise distributing the same. By executing this
Agreement, such Investor further represents that such Investor does not have any
contract, undertaking, agreement or arrangement with any person to sell,
transfer or grant participations to such person or to any third person, with
respect to any of the Securities.

         3.3 Disclosure of Information. Such Investor represents that it has had
an opportunity to ask questions and receive answers from the Company regarding
the terms and conditions of the offering of the Securities, and the business,
properties, prospects and financial condition of the Company.

         3.4 Investment Experience. Such Investor is an investor in securities
of companies in the development stage and acknowledges that it is able to fend
for itself, can bear the economic risk of its investment, and has such knowledge
and experience in financial or business matters that it is capable of evaluating
the merits and risks of the investment in the Series X Preferred Stock. If other
than an individual, such Investor also represents it has not been organized for
the purpose of acquiring the Securities. Such Investor has carefully considered
the potential risks relating to the Company and a purchase of the Securities,
and fully understands that the Securities are speculative investments which
involve a high degree of risk of loss of such Investor's entire investment.
Among others, such Investor has carefully considered each of the risks
identified under the caption "Risk Factors" and "Additional Risk Factors" in the
Exchange Act Documents.

         3.5 Accredited Investor. Such Investor is an "accredited investor"
within the meaning of Securities and Exchange Commission ("SEC") Rule 501 of
Regulation D, as presently in effect.
<PAGE>

                        Stock Purchase Agreement - Page 10

         3.6 Investor Not an Investment Company. Such Investor is not an
"investment company" or an entity "controlled" by an "investment company" within
the meaning of the Investment Company Act.

         3.7 Restricted Securities. Such Investor understands that the Series X
Preferred Stock it is purchasing and the related Conversion Shares are
characterized as "restricted securities" under the federal securities laws
inasmuch as they are being acquired from the Company in a transaction not
involving a public offering and that under such laws and applicable regulations
such securities may be resold without registration under the Act, only in
certain limited circumstances. In this connection, such Investor represents that
it is familiar with SEC Rule 144, as presently in effect, and understands the
resale limitations imposed thereby and by the Act.

         3.8 Further Limitations on Disposition. Without in any way limiting the
representations set forth above, such Investor further agrees not to make any
disposition of all or any portion of the Series X Preferred Stock or the
Conversion Shares to any third party unless and until the transferee has agreed
in writing for the benefit of the Company to be bound by this Section 3 to the
extent this Section is then applicable, and:

                  (a) There is then in effect a registration statement under the
Act covering such proposed disposition and such disposition is made in
accordance with such registration statement; or

                  (b) (i) Such Investor shall have notified the Company of the
proposed disposition and shall have furnished the Company with a detailed
statement of the circumstances surrounding the proposed disposition, and (ii) if
reasonably requested by the Company, such Investor shall have furnished the
Company with an opinion of counsel, reasonably satisfactory to the Company, that
such disposition will not require registration of such shares under the Act.

                  Notwithstanding the provisions of paragraphs (a) and (b)
above, no such registration statement or opinion of counsel shall be necessary
for a transfer by an Investor that is a partnership to any general or limited
partner of such partnership or to the estate of any such partner or to any
corporation, partnership, or other entity which is an affiliate of such
partnership or the transfer by gift, will or intestate succession by any such
partner to his or her spouse or to the siblings, lineal descendants or ancestors
of such partner or his or her spouse, if the transferee agrees in writing to be
subject to the terms hereof to the same extent as if he or she were an original
Investor hereunder.

         3.9 Suspension of Trading. Such Investor acknowledges that there may
occasionally be times when the Company determines that it must suspend the use
of the Prospectus forming a part of a Registration Statement, as set forth in
Section 6.3(c). Such Investor is aware that, in such event, the Securities will
not be subject to ready liquidation, and that any Securities purchased by the
Investor would have to be held during such suspension. The overall commitment of
such Investor to investments which are not readily marketable is not excessive
in view of such Investor's net worth and financial circumstances, and any
purchase of the Securities will not cause such commitment to become excessive.
<PAGE>

                        Stock Purchase Agreement - Page 11

         3.10 Reliance; Material Changes. The information contained herein is
complete and accurate and may be relied upon by the Company, and such Investor
will notify the Company promptly of any material change in any of such
information occurring prior to each Closing.

         3.11 Legends. It is understood that the certificates evidencing the
Securities may bear the following legend:

                  "These securities have not been registered under the
                  Securities Act of 1933, as amended, or any state securities
                  laws. They may not be sold, offered for sale, pledged or
                  hypothecated in the absence of a registration statement in
                  effect with respect to the securities under such Act and any
                  applicable state securities laws or pursuant to an exemption
                  under such laws, together with, in certain cases, an opinion
                  of counsel satisfactory to the Company that such registration
                  is not required."

         4 Conditions of Investors' Obligations at Closings.
           ------------------------------------------------

         4.1 Initial Closing. The obligations of each Investor to purchase
Shares at the Initial Closing are subject to the fulfillment on or before the
Initial Closing of each of the following conditions, unless such condition or
conditions are waived by the Investors purchasing at least a majority of the
Shares being purchased at the Initial Closing:

         (a) Representations and Warranties. The representations and warranties
of the Company contained in Section 2 of this Agreement shall be true in all
material respects (other than representations and warranties subject to
"materiality" or "Material Adverse Effect" qualifiers, which shall be true in
all respects) on and as of the Initial Closing with the same effect as though
such representations and warranties had been made on and as of the date of such
Closing, except to the extent such representations and warranties are by their
express provisions made as of the date of this Agreement or another specified
date.

         (b)   Performance. The Company shall have performed and complied
with all agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by it on or before the Initial
Closing.

         (c)   Compliance Certificate. The President or Chief Executive
Officer of the Company shall deliver to each Investor at the Initial Closing a
certificate stating that the conditions specified in Section 4.1(a) and Section
4.1(b) have been fulfilled.

         (d)   Qualifications. All Permits, if any, that are required in
connection with the lawful issuance and sale of the Series X Preferred Stock
pursuant to this Agreement shall be duly obtained and effective as of the
Initial Closing except any regulatory filings, approvals and notices, including
filings and notices with the Federal Communications Commission and state public
utility commissions, which the failure to obtain or to be effective would not
have a Material Adverse Effect.

         (e)   Proceedings and Documents. All corporate and other proceedings
in connection with the transactions contemplated at the Initial Closing and all
documents incident thereto shall
<PAGE>

                        Stock Purchase Agreement - Page 12

be reasonably satisfactory in form and substance to Investors, and they shall
have received all such counterpart original and certified or other copies of
such documents as they may reasonably request. This may include, without
limitation, good standing certificates and certification by the Company's
Secretary regarding the Amended and Restated Certificate of Incorporation (the
"Restated Certificate") and Bylaws and Board of Director and stockholder
resolutions (if any) relating to this transaction.

         (f)  Opinion of Company Counsel. Each Investor shall have received from
Testa, Hurwitz & Thibeault, LLP, counsel for the Company, an opinion, dated as
of the Initial Closing, in the form attached hereto as Exhibit B.

         4.2  Subsequent Closings. The obligations of each Investor to purchase
Shares at the Second Closing or the Third Closing, as the case may be, are
subject to the fulfillment on or before the Second Closing or the Third Closing,
respectively, of each of the following conditions, unless such condition or
conditions are waived with respect to such Closing by Investors purchasing at
least a majority of the Shares being purchased at such Closing:

         (a)  The Initial Closing shall have occurred.

         (b)  The Company shall be in compliance with the business plan approved
by the Company's Board of Directors and previously delivered to the Investors
(the "Business Plan"), as it may be amended from time to time with the approval
of the Company and a majority of the Series X Directors (as hereafter defined).
"Compliance with the Business Plan" shall mean that (i) the Company's revenues
for the period from the end of the preceding fiscal year to the end of the month
immediately prior to the month in which the respective Closing occurs, as
reported in the Company's monthly financial statements provided to the Investors
pursuant to Section 7.2 (the "Monthly Financial Statements"), equals or exceeds
the revenue target for such period indicated in the Business Plan, (ii) the
Company's EBITDA for the period from the end of the preceding fiscal year to the
end of the month immediately prior to the month in which the respective Closing
occurs, as reported in the Monthly Financial Statements, equals or exceeds the
EBITDA target for such period as indicated in the Business Plan, (iii) the
Company's cash and cash equivalents as of the end of the month immediately prior
to the month in which the respective Closing occurs, as reported in the Monthly
Financial Statements, equals or exceeds the cash and cash equivalent target for
such period as indicated in the Business Plan, and (iv) the Company's Working
Capital as of the end of the month immediately prior to the month in which the
respective Closing occurs, as reported in the Monthly Financial Statements,
equals or exceeds the Working Capital target for such period as indicated in the
Business Plan. The Monthly Financial Statements shall be unaudited and shall be
prepared in accordance with generally accepted accounting principles
consistently applied, except for the absence of footnotes normally contained
therein, subject to normal year-end audit adjustments which in the aggregate are
not expected to be material. For purposes of the Monthly Financial Statements
and this Section 4.2(b): (i) Working Capital shall mean current assets minus
current liabilities, excluding liabilities relating to non-cash charges and
write-offs; (ii) EBITDA shall mean earnings before interest, taxes,
depreciation, amortization, non-cash stock compensation expense and other
non-cash charges and write-offs; (iii) for purposes of computing EBITDA and
Working Capital, accounts payable and accrued expenses shall not include amounts
which are disputed in good
<PAGE>

                        Stock Purchase Agreement - Page 13

faith by the Company; (iv) for purposes of computing cash and cash equivalents
and Working Capital, unplanned vendor deposits and prepayments shall be
disregarded, and such amounts shall be included in the Company's cash and cash
equivalents and Working Capital; and (v) appropriate adjustments shall be made
for the legal and other costs incurred by the Company in connection with the
transactions contemplated by this Agreement.

         (c)  The President or Chief Executive Officer of the Company shall
deliver to the Investors at least two business days prior to each such Closing a
certificate stating that the Company is in compliance with the Business Plan, to
which certificate a copy of the Monthly Financial Statements as of and for the
period ended on the last day of the then previous month that demonstrate that
the Company is in compliance with the Business Plan shall be attached.

         (d)  No proceeding shall have been instituted which has not been
withdrawn or dismissed (i) seeking to have an order for relief entered in
respect of the Company, or seeking a declaration or entailing a finding that the
Company is insolvent or a similar declaration or finding, or seeking
dissolution, winding-up, charter revocation or forfeiture, liquidation,
reorganization, arrangement, adjustment or composition or other similar relief
with respect to the Company, its assets or its debts under any law relating to
bankruptcy, insolvency, relief of debtors or protection of creditors,
termination of legal entities or any other similar law, or (ii) seeking
appointment of a receiver, trustee, custodian, liquidator, assignee,
sequestrator or other similar person for the Company or for all or any
substantial part of its property.

         (e)  The Company shall not have (i) after taking into effect the
proposed Closing, become generally unable to pay its debts as they become due,
(ii) voluntarily suspended transaction of its business, (iii) made a general
assignment for the benefit of creditors, (iv) instituted a proceeding described
in Section 4.2(d), (v) consented to any order for relief, declaration, finding
or relief described in Section 4.2(d), (vi) consented to the appointment or to
the taking of possession by, any such official or all or any substantial part of
this property whether or not any proceeding is instituted, dissolves winds-up or
liquidates itself or any substantial part of its property, or (vii) taken any
action in furtherance of any of the foregoing.

         (f)  No litigation proceeding shall have been instituted or threatened
in writing which, in the opinion of the management of the Company, could
reasonably be expected to threaten the financial viability of the Company.

         5.  Conditions of the Company's Obligations at Closing. The obligations
of the Company to each Investor under this Agreement are subject to the
fulfillment on or before each Closing in which such Investor participates of
each of the following conditions by that Investor, unless waived in writing by
the Company:

         5.1  Representations and Warranties. The representations and warranties
of such Investor contained in Section 3 shall be true on and as of each Closing
in which each such Investor purchases shares of Series X Preferred Stock with
the same effect as though such representations and warranties had been made on
and as of each such Closing.
<PAGE>

                        Stock Purchase Agreement - Page 14

         5.2  Performance. Such Investor shall have performed and complied with
all agreements, obligations and conditions contained in this Agreement that are
required to be performed or complied with by it on or before each Closing.

         5.3  Compliance Certificate. Such Investor shall deliver to the Company
at each Closing a certificate stating that the conditions specified in Sections
5.1 and 5.2 have been satisfied.

         5.4  Qualifications. All Permits, if any, that are required in
connection with the lawful issuance and sale of the Series X Preferred Stock
pursuant to this Agreement shall be duly obtained and effective as of each
Closing.

         6. Registration of the Shares; Compliance with the Securities Act.

         6.1 Registration Rights. (a) If at any time on or after the date which
is the earlier of four months after (i) the Third Closing or (ii) such earlier
Closing in which VantagePoint Venture Partners III (Q), L.P., VantagePoint
Venture Partners III, L.P., VantagePoint Communications Partners, L.P. or
VantagePoint Venture Partners 1996, L.P. (collectively, "VantagePoint") last
purchased shares of Series X Preferred Stock (the "VantagePoint Closing Date"),
one or more holders (the "Initiating Holders") of at least 50% of the Conversion
Shares then outstanding and which have not been (a) registered under the Act
pursuant to an effective registration statement filed thereunder and disposed of
in accordance with the registration statement covering them or (b) publicly sold
pursuant to Rule 144 under the Act (the "Registrable Shares") shall notify (the
"Initiating Holder Notice") the Company in writing that it or they intend to
offer or cause to be offered for public sale Registrable Shares held by them
and, if applicable, that they intend to distribute the Registrable Shares by
means of an underwriting. Upon the receipt of the Initiating Holder Notice, the
Company shall provide written notice (the "Notice") to all remaining holders of
Registrable Shares. Upon written request of any such holder given within 10 days
of the date of the Notice, the Company will use its best efforts to cause such
of the Registrable Shares as may be requested by any holder thereof (including
the Initiating Holders, the "Participating Investors") to be registered on Form
S-3 or, if Form S-3 is not then available, on such other form that is available
for use by the Company (a "Registration Statement") under the Act as
expeditiously as possible; provided, however, that the minimum market value of
any offering and registration of Registrable Shares made pursuant to this
Section 6.1 shall be at least $5,000,000. Notwithstanding the foregoing, the
Company shall not be obligated to register the Registrable Shares of any holder
who fails to provide promptly the Company such information as it may reasonably
request at any time to enable the Company to comply with any applicable law or
regulation or to facilitate preparation of a Registration Statement.

         (b) In connection with any registration under this Agreement involving
an underwriting, the underwriter shall be selected by the Initiating Holders
with the consent of the Company, such consent to not be unreasonably withheld.
The Company shall not be required to include any Registrable Shares in such
registration unless the holders thereof accept the terms of the underwriting as
agreed upon among the Company, the Initiating Holders and such underwriters. If
in connection with any registration under this Agreement involving an
<PAGE>

                        Stock Purchase Agreement - Page 15

underwriting, the managing underwriter shall impose a limitation on the number
of Registrable Shares which may be included in any such Registration Statement
because, in its judgment, such limitation is necessary to effect an orderly
public distribution, then the Company shall be obligated to include in such
Registration Statement only the amount as is determined in good faith by such
managing underwriter. All Investors proposing to distribute their securities
through such underwriting shall, together with the Company, enter into an
underwriting agreement in customary form with the underwriter or underwriters
selected for such underwriting; provided, however that no Investor shall be
required to make any representations, warranties or indemnities except as they
relate to such Investor's ownership of Registrable Shares and authority to enter
into the underwriting agreement and to such Investor's intended method of
distribution, and the liability of such Investor shall be limited to an amount
equal to the net proceeds of the offering received by such Investor. If the
number of Registrable Shares to be included in the offering is less than the
total number of shares which the holders of Registrable Shares have requested to
be included, then the reduction shall be made on a pro rata basis, based upon
the aggregate number of Registrable Shares requested to be included in such
Registration Statement.

         (c) Notwithstanding the foregoing, the Company shall not be required to
effect more than one registration during any six-month period pursuant to this
Section 6.1. If prior to the time the Company receives an Initiating Holder
Notice, the Board of Directors (including a majority of the Series X Directors)
has directed the Company to proceed with a public offering under the Act, no
registration of Registrable Shares shall be initiated pursuant to this Section 6
until 180 days after the effective date of the registration statement
registering such public offering. With respect to a proposed offering of
Registrable Shares pursuant to a fully underwritten public offering, the Company
shall not publicly announce or file any other registration statement for a
period of 90 days after the effective date of such Registration Statement
without the prior written consent of the holders of a majority of the
Registrable Shares included in such Registration Statement, other than a
registration statement on Form S-4 or Form S-8 or any successor form thereto.

         (d) The registration rights set forth in this Agreement shall expire
and terminate on the fifth anniversary of the VantagePoint Closing Date.

         (e) The Company may include shares of Common Stock to be sold by it in
any registration requests pursuant to this Section 6.1 so long as all
Registrable Shares requested for inclusion in any such Registration Statement
shall have been included therein and, in the case of an underwritten public
offering, the inclusion of any shares of Common Stock to be sold by the Company
does not, in the opinion of the managing underwriter of such offering, reduce
the offering price of the shares to be sold by the holders of Registrable Shares
included in such Registration Statement.

         6.2 Incidental Registration. If the Company at any time (other than
pursuant to Section 6.1) proposes to register any of its securities under the
Securities Act for sale to the public, whether for its own account or for the
account of security holders other than the Investors or both (except with
respect to registration statements on Forms S-4, S-8 or another form not
available for registering the Registrable Shares for sale to the public), each
such time it will give
<PAGE>

                        Stock Purchase Agreement - Page 16

written notice to each Investor then holding Registrable Shares of its intention
so to do. Upon the written request of any such Investor, received by the Company
within 30 days after the giving of any such notice by the Company, to register
any of such Registrable Shares, the Company will use its best efforts to cause
such Registrable Shares as to which registration shall have been so requested to
be included in the securities to be covered by the registration statement
proposed to be filed by the Company. In the event that any registration pursuant
to this Section 6.2 shall be, in whole or in part, an underwritten public
offering of Common Stock, the number of shares of Registrable Shares to be
included in such an underwriting may be reduced (pro rata among the requesting
Investors based upon the number of Registrable Shares owned by such Investors)
if and to the extent that the managing underwriter shall be of the opinion that
such inclusion would adversely affect the marketing of the securities to be sold
by the Company therein; provided, however, that such number of Registrable
Shares shall not be reduced if any shares are to be included in such
underwriting for the account of any person other than the Company or the
requesting Investors, and provided, further, however, that in no event may less
than 30% of the total number of shares of Common Stock to be included in such
underwriting be made available for Registrable Shares. Notwithstanding the
foregoing provisions, the Company may withdraw any registration statement
referred to in this Section 6.2 without thereby incurring any liability to the
holders of Restricted Stock.

         6.3  Registration Procedures. Whenever the Company is required by the
provisions of this Agreement to use its reasonable best efforts to effect the
registration of any of the Registrable Shares under the Act, the Company shall:

         (a)  file with the SEC a Registration Statement with respect to such
Registrable Shares and use its reasonable best effort to cause that Registration
Statement to become effective;

         (b)  prepare and file with the SEC such amendments and supplements to
such Registration Statement and the prospectus contained therein (the
"Prospectus") and used in connection therewith as may be necessary to keep such
Registration Statement current, effective and free from any material
misstatement or omission to state a material fact for a period not exceeding the
earlier of (i) fifth anniversary of the VantagePoint Closing Date, (ii) the date
on which the Participating Investors may sell the Registrable Shares included in
such Registration Statement without restriction by the volume limitations of
Rule 144(e) of the Act or (iii) such time as all Registrable Shares have been
sold;

         (c)  furnish to the Participating Investors or the underwriter, if any,
with respect to any Registrable Shares registered under a Registration Statement
such number of copies of such Registration Statement, Prospectuses, including
the preliminary prospectuses, in conformity with the requirements of the Act and
such other documents as the Participating Investors may reasonably request, in
order to facilitate the public sale or other disposition of all or any of the
Registrable Shares by the Participating Investor; provided, however, that the
obligation of the Company to deliver copies of Prospectuses, including the
preliminary prospectuses, to the Participating Investor shall be subject to the
receipt by the Company of reasonable assurances from the Participating Investor
that the Participating Investor and the underwriter, if any, will comply with
the applicable provisions of the Act and of such other securities or blue sky
laws as
<PAGE>

                        Stock Purchase Agreement - Page 17

may be applicable in connection with any use of such Prospectuses or preliminary
prospectuses; and

         (d) file documents required of the Company for normal blue sky
clearance in states specified in writing by the Participating Investor or the
underwriter, if any; provided, however, that the Company shall not be required
to qualify to do business or consent to service of process in any jurisdiction
in which it is not now so qualified or has not so consented.

         6.4  Transfer of Registrable Shares after Registration; Suspension.

                  (a) Each Participating Investor agrees that it will not effect
any disposition of the Registrable Shares or its right to purchase the
Registrable Shares that would constitute a sale within the meaning of the Act
except as contemplated in a Registration Statement referred to in Sections 6.1
or 6.2 and as described below or as otherwise permitted by law, and that it will
promptly notify the Company of any changes in the information set forth in a
Registration Statement or any Prospectus regarding the Participating Investor or
its plan of distribution.

                  (b) Except in the event that paragraph (c) below applies, the
Company shall (i) if deemed necessary by the Company, prepare and file from time
to time with the SEC a post-effective amendment to a Registration Statement or a
supplement to the related Prospectus, a new Prospectus or a supplement or
amendment to any document incorporated therein by reference or file any other
required document so that such Registration Statement will not contain an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading, and
so that, as thereafter delivered to purchasers of the Registrable Shares being
sold thereunder, such Prospectus will not contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading; (ii) provide the Participating Investor
copies of any documents filed pursuant to Section 6.4(b)(i); and (iii) inform
each Participating Investor that the Company has complied with its obligations
in Section 6.4(b)(i) (or that, if the Company has filed a post-effective
amendment to such Registration Statement which has not yet been declared
effective, the Company will notify the Participating Investor to that effect,
will use its reasonable best efforts to secure the effectiveness of such
post-effective amendment as promptly as possible and will promptly notify the
Participating Investor when the amendment has become effective).

                  (c) Subject to paragraph (d) below, in the event (i) of any
request by the SEC or any other federal or state governmental authority during
the period of effectiveness a Registration Statement for amendments or
supplements to a Registration Statement or related Prospectus or for additional
information; (ii) of the issuance by the SEC or any other federal or state
governmental authority of any stop order suspending the effectiveness of a
Registration Statement or the initiation of any proceedings for that purpose;
(iii) of the receipt by the Company of any notification with respect to the
suspension of the qualification or exemption from qualification of any of the
Registrable Shares for sale in any jurisdiction or the initiation or threatening
of any proceeding for such purpose; or (iv) of any event or circumstance which,
in the good faith determination of the Company's Disinterested Directors upon
the advice of
<PAGE>
                        Stock Purchase Agreement - Page 18

counsel, necessitates the making of any changes in a Registration Statement or
Prospectus, or any document incorporated or deemed to be incorporated therein by
reference, so that, in the case of such Registration Statement, it will not
contain any untrue statement of a material fact or any omission to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading, and that in the case of the Prospectus, it will not
contain any untrue statement of a material fact or any omission to state a
material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not
misleading; then the Company shall deliver a certificate in writing to the
Participating Investors (the "Suspension Notice") to the effect of the foregoing
and, upon receipt of such Suspension Notice, the Participating Investors will
refrain from selling any Registrable Shares pursuant to such Registration
Statement (a "Suspension") until the Participating Investor's receipt of copies
of a supplemented or amended Prospectus prepared and filed by the Company, or
until it is advised in writing by the Company that the current Prospectus may be
used, and has received copies of any additional or supplemental filings that are
incorporated or deemed incorporated by reference in any such Prospectus. In the
event of any Suspension, the Company will use its reasonable best efforts to
cause the use of the Prospectus so suspended to be resumed as soon as reasonably
practicable. In addition to and without limiting any other remedies (including,
without limitation, at law or at equity) available to the Participating
Investor, the Participating Investor shall be entitled to specific performance
in the event that the Company fails to comply with the provisions of this
Section 6.4(c).

                  (d) Notwithstanding the foregoing paragraphs of this Section
6.4, the Participating Investor shall not be prohibited from selling Registrable
Shares under a Registration Statement as a result of Suspensions on more than
two occasions of not more than 60 days each in any twelve-month period.

                  (e) Provided that a Suspension is not then in effect, a
Participating Investor may sell Registrable Shares under a Registration
Statement, provided that it arranges for delivery of a current Prospectus to the
transferee of such Registrable Shares.

                  6.5       Indemnification.

                  (a) In the event of any registration of any of the Registrable
Shares under this Agreement, the Company agrees to indemnify and hold harmless
each Participating Investor, each underwriter, if any, of such Registrable
Shares, and each other person, if any, who controls such Participating Investor
or underwriter within the meaning of Section 15 of the Act from and against any
losses, claims, damages or liabilities to which such Participating Investor,
underwriter or controlling person may become subject (under the Act or
otherwise) insofar as such losses, claims, damages or liabilities (or actions or
proceedings in respect thereof) arise out of, or are based upon any untrue
statement of a material fact contained in a Registration Statement or any
omission or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein not misleading and the Company will
reimburse such Participating Investor, underwriter or controlling person for any
reasonable legal or other reasonable expenses incurred in investigating,
defending or preparing to defend any such action, proceeding or claim, or
preparing to defend any such action, proceeding or claim, provided,
<PAGE>

                       Stock Purchase Agreement - Page 19

however, that the Company shall not be liable in any such case to the extent
that such loss, claim, damage or liability arises out of, or is based upon, an
untrue statement or alleged untrue statement made in such Registration Statement
or any omission or alleged omission of a material fact required to be stated
therein or necessary to make the statements therein not misleading in reliance
upon and in conformity with written information furnished to the Company by or
on behalf of such Participating Investor specifically for use in preparation of
a Registration Statement or any statement or omission in any Prospectus that is
corrected in any subsequent Prospectus that was delivered to the Participating
Investor or underwriter prior to the pertinent sale or sales by such
Participating Investor or underwriter. For purposes of this Section 6.5, the
term "Registration Statement" shall include any final Prospectus, exhibit,
supplement or amendment included in or relating to a Registration Statement
referred to in Sections 6.1 or 6.2 and any documents incorporated by reference
therein. The Company shall reimburse each Participating Investor, underwriter or
controlling person for the amounts provided for herein on demand as such
expenses are incurred.

                        (b) Each Participating Investor agrees, severally and
not jointly, to indemnify and hold harmless the Company, its directors and
officers and each person, if any, who controls the Company within the meaning of
Section 15 of the Act from and against any losses, claims, damages or
liabilities to which the Company, officer, director or controlling person may
become subject (under the Act or otherwise), insofar as such losses, claims,
damages or liabilities (or actions or proceedings in respect thereof) arise out
of, or are based upon any untrue or alleged untrue statement of a material fact
contained in a Registration Statement or any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements
therein not misleading if such untrue statement or omission was made in reliance
upon and in conformity with information furnished by or on behalf of the
Participating Investor specifically for use in preparation of such Registration
Statement or documents incorporated by reference therein, and the Participating
Investor will reimburse the Company, officer, director or controlling person, as
the case may be, for any reasonable legal or other reasonable expenses
reasonably incurred in investigating, defending or preparing to defend any such
action, proceeding or claim; provided that the Participating Investor's
obligation to indemnify the Company shall be limited to the net proceeds
received by the Investor from the sale of the Registrable Shares included in
such Registration Statement. The Participating Investor shall reimburse the
Company for the amounts provided for herein on demand as such expenses are
incurred.

                        (c) Promptly after receipt by any indemnified person of
a notice of a claim or the beginning of any action in respect of which indemnity
is to be sought against an indemnifying person pursuant to this Section 6.5,
such indemnified person shall notify the indemnifying person in writing of such
claim or of the commencement of such action and such indemnifying person shall
assume the defense of any such claim or any litigation resulting therefrom;
provided, however that the omission to so notify the indemnifying person will
not relieve such indemnifying person from any liability which it may have to any
indemnified person under this Section 6.5 unless and except to the extent that
the indemnifying person is prejudiced by such omission. After such notice, such
indemnifying person shall not be liable to such indemnified person for any legal
expenses subsequently incurred by such indemnified person in
<PAGE>

                        Stock Purchase Agreement - Page 20

connection with the defense thereof, provided, however, that if there exists an
actual or potential conflict of interest that would make it inappropriate, in
the opinion of counsel to the indemnified person, for the same counsel to
represent both the indemnified person and such indemnifying person or any
affiliate or associate thereof, the indemnified person shall be entitled to
retain its own counsel at the expense of such indemnifying person; provided,
however, that no indemnifying person shall be responsible for the fees and
expenses of more than one separate counsel (together with appropriate local
counsel) for all indemnified parties. In no event shall any indemnifying person
be liable in respect of any amounts paid in settlement of any action unless the
indemnifying person shall have approved the terms of such settlement; provided
that such consent shall not be unreasonably withheld. No indemnifying person
shall, without the prior written consent of the indemnified person, effect any
settlement of any pending or threatened proceeding in respect of which any
indemnified person is or could have been a party and indemnification could have
been sought hereunder by such indemnified person, unless such settlement
includes an unconditional release of such indemnified person from all liability
on claims that are related to the subject matter of such proceeding.

                        (d) If the indemnification provided for in this Section
6.5 is unavailable to or insufficient to hold harmless an indemnified person
under subsection (a) or (b) above in respect of any losses, claims, damages or
liabilities (or actions or proceedings in respect thereof) referred to therein,
then each indemnifying person shall contribute to the amount paid or payable by
such indemnified person as a result of such losses, claims, damages or
liabilities (or actions in respect thereof) in such proportion as is appropriate
to reflect the relative fault of the Company on the one hand and the
Participating Investor, as well as any other Participating Investors under such
registration statement, on the other in connection with the statements or
omissions or other matters which resulted in such losses, claims, damages or
liabilities (or actions in respect thereof), as well as any other relevant
equitable considerations. The relative fault shall be determined by reference
to, among other things, in the case of an untrue statement, whether the untrue
statement relates to information supplied by the Company on the one hand or a
Participating Investor or other Participating Investor on the other and the
parties' relative intent, knowledge, access to information and opportunity to
correct or prevent such untrue statement. The Company and the Participating
Investor agree that it would not be just and equitable if contribution pursuant
to this subsection (d) were determined by pro rata allocation (even if the
Participating Investor and other Participating Investor s were treated as one
entity for such purpose) or by any other method of allocation which does not
take into account the equitable considerations referred to above in this
subsection (d). The amount paid or payable by an indemnified person as a result
of the losses, claims, damages or liabilities (or actions in respect thereof)
referred to above in this subsection (d) shall be deemed to include any legal or
other expenses reasonably incurred by such indemnified person in connection with
investigating or defending any such action or claim. Notwithstanding the
provisions of this subsection (d), the Participating Investor shall not be
required to contribute any amount in excess of the net proceeds of such
Registrable Shares included in such Registration Statement received by such
Participating Investor. No person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Act) shall be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation. The
Investor's obligations in this subsection to contribute
<PAGE>

                       Stock Purchase Agreement - Page 21

shall be in proportion to its sale of Registrable Shares to which such loss
relates and shall not be joint with any other Participating Investor.

                        (e) The parties to this Agreement hereby acknowledge
that they are sophisticated business persons who were represented by counsel
during the negotiations regarding the provisions hereof including, without
limitation, the provisions of this Section 6.5, and are fully informed regarding
said provisions. They further acknowledge that the provisions of this Section
6.5 fairly allocate the risks in light of the ability of the parties to
investigate the Company and its business in order to assure that adequate
disclosure is made in a Registration Statement as required by the Act and the
Exchange Act. The parties are advised that federal or state public policy as
interpreted by the courts in certain jurisdictions may be contrary to certain of
the provisions of this Section 6.5, and the parties hereto hereby expressly
waive and relinquish any right or ability to assert such public policy as a
defense to a claim under this Section 6.5 and further agree not to attempt to
assert any such defense.

         6.6 Termination of Conditions and Obligations. The conditions precedent
imposed by this Section 6 or otherwise under this Agreement upon the
transferability of the Conversion Shares (including shares of Series X Preferred
Stock convertible into Conversion Shares) shall cease and terminate as to any
particular number of the such shares when such shares shall have been
effectively registered under the Act and sold or otherwise disposed of in
accordance with the intended method of disposition set forth in such
Registration Statement covering such Registrable Shares or at such time as an
opinion of counsel satisfactory to the Company shall have been rendered to the
effect that such conditions are not necessary in order to comply with the Act.

         6.7 Information Available. So long as a Registration Statement is
effective covering the resale of Registrable Shares owned by a Participating
Investor, the Company will furnish to the Participating Investor on demand:

                  (a) as soon as practicable after it is available, one copy of
(i) its Annual Report to Stockholders (which Annual Report shall contain
financial statements audited in accordance with generally accepted accounting
principles by a national firm of certified public accountants), (ii) its Annual
Report on Form 10-K and (iii) its Quarterly Reports on Form 10-Q (the foregoing,
in each case, excluding exhibits); and

                  (b) upon the request of the Participating Investor, all
exhibits excluded by the parenthetical to subparagraph (a) of this Section 6.6
as filed with the SEC and all other information that is made available to
shareholders.

         6.8 Expenses. All expenses other than underwriting discounts and
commissions incurred in connection with registrations, filings or qualifications
pursuant to Sections 6.1 or 6.2, including (without limitation) all
registration, filing and qualification fees, printers' and accounting fees, fees
and disbursements of counsel for the Company and the reasonable fees and
disbursements of one counsel for all the Participating Investors shall be borne
by the Company. Notwithstanding the foregoing, the Company shall not be
obligated to pay any expenses of the
<PAGE>

                        Stock Purchase Agreement - Page 22

holders of the Registrable Shares in connection with any registration initiated
pursuant to Section 6.1 of this Agreement if such registration statement is
withdrawn, delayed or abandoned at the request of the Participating Investors or
if any Participating Investors withdraw their request to register their
Registrable Shares and the market value of the Registrable Shares to be then
registered is less than $5,000,000; provided, however, that if at the time of
such withdrawal, the Participating Investors have learned of a material adverse
change in the condition, business, or prospects of the Company from that known
to the Participating Investors at the time of their request and have withdrawn
the request with reasonable promptness following disclosure by the Company of
such material adverse change, then such Participating Investors shall not be
required to pay any such expenses and shall retain their rights pursuant to
Section 6.1 or 6.2.

         6.9  Prior Registration Rights Agreement. Pursuant to Section 1.11 of
the Amended and Restated Investors Rights Agreement dated July 16, 1999 (the
"Investors Rights Agreement") by and among the Company, VantagePoint and certain
other parties thereto, VantagePoint hereby consents to the registration rights
set forth in this Agreement.

         6.10 "Lock-Up" Agreements with Underwriters. If on any occasion of
registration in which the Company proposes to file a registration statement
under the Act pursuant to a firmly-underwritten public offering approved by a
majority of the Series X Directors, the managing underwriter shall request an
agreement by the Investors not to sell any capital stock of the Company so held
by each Investor for a period of 90 days after the effectiveness of any such
registration statement in order to effect an orderly public distribution
thereof, then the Investors shall agree to enter into and execute such an
agreement with such managing underwriter and the Company pertaining to a
restriction on the transfer of any shares of capital stock of the Company then
held by the Investor during such 90-day period, provided that entities
affiliated with VantagePoint may elect to agree to such shorter period that
they, after consulting with the managing underwriter, deem advisable.

         7.  Covenants.
             ---------

         7.1  Board of Directors. Each of the Company and the Investors
represents and covenants that they shall take such actions as may reasonably be
required to maintain such number of directors as may be required (i) to provide
for such number of independent directors as required by applicable SEC and
Nasdaq National Market rules and regulations and (ii) to provide such number of
directors in such class of directors as required to enable a majority of the
directors (the "Series X Directors") to be elected or appointed by the holders
of Series X Preferred Stock or the Series X Directors, all in accordance with
the Company's certificate of incorporation, including the Series X Designation.
So long as VantagePoint holds at least a majority of the outstanding Series X
Preferred Stock, VantagePoint shall nominate those persons to be elected as
Series X Directors in accordance with Series X Designation. VantagePoint shall
nominate the Chief Executive Officer of the Company as a Series X Director. The
Company shall form a Nominating Committee of the Board of Directors, consisting
solely of Disinterested Directors, to nominate the directors of the Company
other than the Series X Directors ("Nominees"). The Investors agree to vote all
shares of the Company's capital stock held by them in favor of the Nominees.
<PAGE>

                        Stock Purchase Agreement - Page 23

         7.2 Delivery of Monthly Financial Statements. As soon as practicable,
but in any event within twenty (20) business days after the end of each month,
up to and until the later of (i) the Third Closing or (ii) June 30, 2002, the
Company shall deliver to each Investor holding at least 20% of the then
outstanding shares of Series X Preferred Stock an unaudited statement of
operations for the month then ended and for the portion of the fiscal year to
the end of such month, and a balance sheet as of the close of such month. All
such statements and balance sheets shall be prepared by the Company in
accordance with GAAP applied on a consistent basis throughout the periods
therein specified and with past practice, except as may be included in the notes
to such financial statements or as may be permitted by the SEC on Form 10-Q
under the Exchange Act and shall present fairly the financial condition of the
Company and its results of operation for the period specified, subject to
year-end adjustment.

         7.3 Stockholder Approval. The Company shall promptly prepare and file a
proxy statement to solicit the consent of the Company's stockholders if required
by applicable SEC, NNM or other rules and regulations in connection with the
issuance of the Conversion Shares, including, without limitation, in order to
amend the Company's certificate of incorporation to increase the number of
shares of capital stock authorized thereunder. If, at any time or from time to
time, the Company's certificate of incorporation needs to be amended to increase
the number of authorized but unissued shares of Common Stock to permit full
conversion of the outstanding shares of Series X Preferred Stock or any other
action of the Company's shareholders is required to fully implement the
transactions contemplated by this Agreement, each Investor shall vote all shares
of capital stock of the Company (including shares of Series X Preferred Stock
and Common Stock) in favor of such action.

         8.  Miscellaneous.

         8.1 Survival. The warranties, representations and covenants of the
Company and Investors contained in or made pursuant to this Agreement shall
survive the execution and delivery of this Agreement and the Closings for a
period of twelve months following the Third Closing and shall in no way be
affected by any investigation of the subject matter thereof made by or on behalf
of the Investors or the Company; provided, however, the representations and
warranties in Section 2.5 and the terms in Sections 6 and 7 shall survive
indefinitely, and provided that representations and warranties speak only as of
the time they are made.

         8.2 Successors and Assigns. Except as otherwise provided herein, 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 (including
transferees of any Securities); provided, however, that the registration rights
set forth in Section 6 hereof may only be assigned by a holder to a transferee
or assignee of Securities which (a) is a subsidiary, parent, general partner,
limited partner, retired partner, member, retired member or affiliate of such
holder, (b) is a holder's immediate family member or a trust for the benefit of
an individual holder or immediate family members, or (c) acquires at least 20%
of the Securities held by the transferring holder (as adjusted for stock splits
and the like); provided, however, (i) the transferor shall, within ten (10) days
after such transfer, furnish to the Company written notice of the name and
address of such transferee or assignee and the securities with respect to which
such registration rights are being assigned, and (ii) such transferee shall
agree to be subject to all applicable terms and restrictions
<PAGE>

                        Stock Purchase Agreement - Page 24

set forth in this Agreement. Nothing in this Agreement, express or implied, is
intended to confer upon any party other than the parties hereto or 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.

         8.3 Governing Law. This Agreement shall be governed by and construed
under the laws of the State of Connecticut as applied to agreements among
Connecticut residents entered into and to be performed entirely within
Connecticut.

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

         8.5 Titles and Subtitles. The titles and subtitles used in this
Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.

         8.6 Notices. Unless otherwise provided, any notice required or
permitted under this Agreement shall be given in writing and shall be deemed
effectively given upon personal delivery to the party to be notified or upon
deposit with the United States Post Office, by registered or certified mail,
postage prepaid and addressed to the party to be notified at the address
indicated for such party on the signature page hereof, or at such other address
as such party may designate by ten (10) days' advance written notice to the
other parties.

         8.7 Expenses. Irrespective of whether a particular Closing is effected,
the Company and the Investors shall bear their own costs and expenses incurred
with respect to the negotiation, execution, delivery and performance of this
Agreement, provided, however, that upon each Closing, the Company shall,
reimburse the reasonable fees and expenses of a single counsel for the Investors
(not to exceed an aggregate of $60,000).

         8.8 Amendments and Waivers. Except as otherwise set forth in this
Agreement, any term of this Agreement may be amended and the observance of any
term of this Agreement may be waived (either generally or in a particular
instance and either retroactively or prospectively), only with the written
consent of the Company and holders of a majority of the Conversion Shares
(including Conversion Shares issuable upon conversion of the Series X Preferred
Stock). Any amendment or waiver effected in accordance with this paragraph shall
be binding upon each holder of any securities purchased under this Agreement at
the time outstanding (including securities into which such securities are
convertible), each future holder of all such securities, and the Company.

         8.9 Severability. If one or more provisions of this Agreement are held
to be unenforceable under applicable law, such provision shall be excluded from
this Agreement and the balance of the Agreement shall be interpreted as if such
provision were so excluded and shall be enforceable in accordance with its
terms.

         8.10 Entire Agreement. This Agreement and the documents referred to
herein constitute the entire agreement among the parties with respect to the
subject matter hereof and no
<PAGE>

                        Stock Purchase Agreement - Page 25

party shall be liable or bound to any other party in any manner by any
warranties, representations, or covenants with respect to such subject matter
except as specifically set forth herein or therein.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]
<PAGE>

                        Stock Purchase Agreement - Page 26

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

                                          COMPANY:

                                          DSL.net, Inc.

                                          By: /s/ Keith Markely
                                              ----------------------------------

                                          Title: President
                                                 -------------------------------

                                          Address: 545 Long Wharf Drive
                                                            New Haven, CT 06511

                         [ADDITIONAL SIGNATURES FOLLOW]

<PAGE>
             SERIES X CONVERTIBLE PREFERRED STOCK PURCHASE AGREEMENT

                             INVESTOR SIGNATURE PAGE

         Each undersigned Investor hereby executes the DSL.net, Inc. Series X
Convertible Preferred Stock Purchase Agreement dated November 14, 2001, by and
among the Company and the investors listed on Schedule A thereto (the
"Agreement") and hereby agrees to all of the provisions of the Agreement and
hereby authorizes this signature page to be attached to a counterpart to such
Agreement executed by the other parties thereto.

                             VantagePoint Venture
                             Partners III (Q), L.P.

                             By: VantagePoint Venture Associates III, L.L.C.,
                             its general partner
                             By:  /s/ James D. Marver
                                  ----------------------------------------------
                             Name: James D. Marver
                                   ---------------------------------------------
                                   Managing Member

                             VantagePoint Venture Partners III, L.P.

                             By: VantagePoint Venture Associates III, L.L.C.,
                             its general partner
                             By:  /s/ James D. Marver
                                  ----------------------------------------------
                             Name: James D. Marver
                                   ---------------------------------------------
                                   Managing Member

                             VantagePoint
                             Communications Partners, L.P.

                             By: VantagePoint Communications Associates, L.L.C.,
                             its general partner
                             By: /s/ James D. Marver
                                 -----------------------------------------------
                             Name: James D. Marver
                                   ---------------------------------------------
                                   Managing Member

                             VantagePoint Venture
                             Partners 1996, L.P.

                             By: VantagePoint Associates, L.L.C., its general
                             partner

                             By: /s/ James D. Marver
                                 -----------------------------------------------
                             Name: James D. Marver
                                   ---------------------------------------------
                                   Managing Member
<PAGE>

                                   SCHEDULE A:
                              SCHEDULE OF INVESTORS

<TABLE><CAPTION>
--------------------------------------------------- ------------------ ------------------ ------------------ ------------------

                                                     INITIAL CLOSING    SECOND CLOSING      THIRD CLOSING     MAXIMUM OPTION
NAME AND ADDRESS                                         SHARES             SHARES             SHARES             SHARES

--------------------------------------------------- ------------------ ------------------ ------------------ ------------------
<S>                                                      <C>                <C>                <C>                <C>
VantagePoint Venture Partners III (Q), L.P.              3,208.2            2,138.8            2,673.5            2,673.5
1001 Bayhill Drive, Suite 140
San Bruno, CA 94066

VantagePoint Venture Partners III, L.P.                   391.8              261.2              326.5              326.5
1001 Bayhill Drive, Suite 140
San Bruno, CA 94066

VantagePoint Communications Partners, L.P.                1,200               800               1,000              1,000
1001 Bayhill Drive, Suite 140
San Bruno, CA 94066

VantagePoint Venture Partners 1996, L.P.                  1,200               800               1,000              1,000
1001 Bayhill Drive, Suite 140
San Bruno, CA 94066
--------------------------------------------------- ------------------ ------------------ ------------------ ------------------
TOTAL                                                     6,000              4,000              5,000              5,000
</TABLE>
<PAGE>

                                   EXHIBIT A:

             DESIGNATION OF THE SERIES A CONVERTIBLE PREFERRED STOCK

<PAGE>

                                   EXHIBIT B:
                       OPINION OF COUNSEL FOR THE COMPANYREVOLVING PROMISSORY NOTE - 1
                            REVOLVING PROMISSORY NOTE

Borrower:     Tangible Acquisition II Corporation,
              a Nevada corporation     July 6, 2001

Principal Amount:  $3,000,000.00

     For value received, the undersigned Tangible Acquisition II Corporation
("Borrower") promises to pay to Superior Galleries, Inc. ("Lender"), or to its
order, the total principal amount outstanding on this Note ("Note"), together
with interest as stated below, in lawful money of the United States of America.

INTEREST:
     Interest on the outstanding unpaid balance before any event of default
shall be Lender's Base Rate, as more fully described below:
     Lender's Base Rate of interest is four percent (4%) per annum above the
Prime Lending Rate, as published in the Wall Street Journal.  Lender's Base Rate
of interest applicable to this Note shall be fully floating; and it shall change
immediately with any change in the Prime Lending Rate as published in the Wall
Street Journal.
In the event of default, the outstanding principal balance of this Note shall
accrue interest at the rate of eighteen percent (18%) per annum from the date of
default until paid.
The actual amount of interest to be charged under this Note shall be calculated
daily on the outstanding balance on a 365-day base year.  Should the rate of
interest as calculated exceed that allowed by law, the applicable rate of
interest will be the maximum rate of interest lawfully allowed.
The principal amount outstanding on which the interest rate shall be charged
shall be determined from the Lender's records, which shall at all times be
conclusive.  Lender shall provide Borrower, on a monthly basis, a report
detailing borrowings, applicable interest rate, accrued interest, payments
allocation of payments to interest and principal, and outstanding principal
balance for the record covered by the report.

PAYMENT SCHEDULE:
     Borrower shall make all payments required pursuant to the Consignment
Advance Loan and Security Agreement of even date herewith.
     Borrower shall make monthly payments of all interest owed by Borrower to
Lender on the principal amount owed pursuant to this Note and the Consignment
Advance Loan and Security Agreement on a monthly basis, which interest payments
shall be paid no later than the final calendar day of each month.
The principal amount of this Note then outstanding and all accrued and unpaid
interest shall be due and payable in full on July 10, 2002.
Payments shall be applied first to accrued interest with the remainder (if any)
applied to the principal.

REVOLVING NOTE:
     This Note is a revolving promissory note and evidences a revolving line of
credit not to exceed the maximum principal amount stated above at any one time.
The amount outstanding on this Note at any specific time shall be the total
amount advanced by Lender less the amount of principal payments made from time
to time, plus any interest due and payable.

ADVANCES:
     Borrower agrees that any and all advances made hereunder shall be for
Borrower's benefit whether or not said advances are deposited to Borrower's
account.  Advances shall be made in accordance with the procedures and terms and
conditions set forth with the Consignment Advance Loan and Security Agreement.

SECURITY:
     This Note is secured by Collateral described in that certain Consignment
Advance Loan and Security Agreement between Borrower and Lender dated July 6,
2001.

<PAGE>

DEFAULT:
     If Borrower fails to make any payment on this Note when due or otherwise
fails to meet or perform any other obligation under any term or condition of
this Note, or the Consignment Advance Loan and Security Agreement, or the Asset
Purchase Agreement between Borrower and Lender dated July 6, 2001, or any other
agreement between Borrower and Lender, Lender at its option may declare
immediately due and payable all amounts then due on this Note and may exercise
any and all rights and remedies available under any of the foregoing documents
or applicable law.  The  Borrower shall pay all costs and expenses incurred by
the Lender or by any other holder of this Note in connection with any failure to
pay or other default of Borrower, including attorney's fees, collections costs,
court costs, and costs on appeal, whether incurred before or after judgment.

GENERAL PROVISIONS:
     This Note shall be construed under the laws of the State of California.
     The makers, sureties, guarantors and endorser of this Note jointly and
severally waive presentment for payment, protest, notice of protest, and notice
of non-payment of this Note, and consent that this Note or any payment due under
this Note may be extended or renewed without prior demand or notice, and further
consent to the release of any collateral or part thereof, with or without
substitution.
Borrower:

Tangible Acquisition II Corporation,
a Nevada corporation,

By Michael R. Haynes
Its President

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