Document:

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                                                                     EXHIBIT 4.5
                              AMENDED AND RESTATED

                             REPUBLIC SERVICES, INC.

                          EMPLOYEE STOCK PURCHASE PLAN

         1. PURPOSE. The purpose of the Plan is to encourage stock ownership by
employees of the Company in order to increase their identification with the
Company=s goals and secure a proprietary interest in the Company=s success. The
Plan is intended to qualify as an "Employee Stock Purchase Plan" under Section
423 of the Code. The provisions of the Plan shall be construed in a manner
consistent with the requirements of such sections of the Code and the
regulations issued thereunder.

         2. DEFINITIONS.

                  (a) "BOARD" shall mean the Board of Directors of the Company
or a committee of the Board as from time to time appointed by the Board.

                  (b) "CODE" shall mean the Internal Revenue Code of 1986, as
amended.

                  (c) "COMMON STOCK" shall mean the common stock of Republic
Services, Inc., par value $0.01 per share.

                  (d) "COMPANY" shall mean Republic Services, Inc. and any
Designated Subsidiary of the Company.

                  (e) "COMPENSATION" shall mean the gross cash compensation
(including, wage, salary, bonus and overtime earnings) paid by the Company or
any Designated Subsidiary to a participant in accordance with the terms of
employment, but excluding all expense allowances and other compensation paid in
a form other than cash.

                  (f) "DESIGNATED SUBSIDIARY" shall mean any Subsidiary which
has been designated by the Board from time to time in its sole discretion as
eligible to participate in the Plan.

                  (g) "EMPLOYEE" shall mean any individual who is an employee of
the Company for federal income tax purposes and whose customary employment with
the Company is at least twenty (20) hours per week and more than five (5) months
in any calendar year. For purposes of the Plan, the employment relationship
shall be treated as continuing intact while the individual is on sick leave or
other leave of absence approved by the Company. Where the period of leave
exceeds ninety (90) days and the individual's right to reemployment is not
guaranteed either by statute or by contract, the employment relationship shall
be deemed to have terminated on the 91st day of such leave.

                  (h) "ENROLLMENT DATE" shall mean the first Trading Day of each
Offering Period.

                  (i) "EXERCISE DATE" shall mean the last Trading Day of each
Offering Period.

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                  (j) "FAIR MARKET VALUE" shall mean, as of any date, the
closing sales price of Common Stock on that date as
listed on any established stock exchange or a national market system, including
without limitation the New York Stock Exchange, as reported in THE WALL STREET
JOURNAL or such other source as the Board deems reliable. In the event that Fair
Market Value is to be determined for a day which is not a Trading Day, the Fair
Market Value shall be the closing sales price of the Common Stock on the
immediately preceding Trading Day. In the absence of an established market for
the Common Stock, the Fair Market Value thereof shall be determined in good
faith by the Board.

                  (k) "OFFERING PERIODS" shall mean the periods during which an
option granted pursuant to the Plan may be exercised.

                  (l) "PLAN" shall mean this Employee Stock Purchase Plan.

                  (m) "PURCHASE PRICE" shall mean the exercise price of a share
of Common Stock as determined by the Board, provided however, that such price
shall not be less than eighty-five percent (85%) of the Fair Market Value of a
share of Common Stock on the Enrollment Date or on the Exercise Date, whichever
is less. The Purchase Price may be adjusted by the Board pursuant to Section 17.

                  (n) "RESERVES" shall mean the number of shares of Common Stock
covered by each option under the Plan which have not yet been exercised and the
number of shares of Common Stock which have been authorized for issuance under
the Plan but not yet placed under option.

                  (o) "SUBSIDIARY" shall mean any domestic corporation (other
than the Company) which, pursuant to Section 424(f) of the Code, is included in
an unbroken chain of corporations beginning with the Company if, at the
beginning of an Offering Period, each of the corporations other than the last
corporation in the unbroken chain owns stock possessing fifty percent (50%) or
more of the total combined voting power of all classes of capital stock in one
of the other corporations in such chain.

                  (p) "TRADING DAY" shall mean a day on which national stock
exchanges are open for trading.

         3. ELIGIBILITY.

                  (a) Participation in the Plan is voluntary. Each Employee will
be eligible to participate in the Plan on the first day of the month following
the date such employee has completed three (3) consecutive months of employment
with the Company. However, Employees covered by a collective bargaining
agreement in connection with which, after review of the Plan, there was an
affirmative decision by such union not to participate in the Plan are not
permitted to participate in the Plan.

                  (b) Notwithstanding any provisions of the Plan to the
contrary, no Employee shall be granted an option under the Plan (i) to the
extent that, immediately after the grant, such Employee (or any other person
whose stock would be attributed to such Employee pursuant to Section 424(d)

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of the Code) would own capital stock of the Company or of any Subsidiary and/or
hold outstanding options to purchase such stock possessing five percent (5%) or
more of the total combined voting power or value of all classes of the capital
stock of the Company or of any Subsidiary, or (ii) to the extent that his or her
rights to purchase stock under all employee stock purchase plans of the Company
and its subsidiaries accrues at a rate which exceeds twenty-five thousand
dollars ($25,000) worth of Common Stock (determined at the Fair Market Value of
the shares at the time such option is granted) for each calendar year in which
such option is outstanding at any time.

         4. OFFERING PERIODS. The duration and timing of Offering Periods shall
be determined by the Board. In no event may an Offering Period exceed
twenty-seven (27) months.

         5. PARTICIPATION.

                  (a) An eligible Employee may become a participant in the Plan
by completing a subscription agreement authorizing payroll deductions and filing
it with the Company's payroll office prior to the applicable Enrollment Date.

                  (b) Payroll deductions for a participant shall commence on the
first payroll of the Offering Period following the beginning of such Offering
Period and shall end on the last payroll in the Offering Period to which such
authorization is applicable, unless sooner terminated by the participant.

         6. PAYROLL DEDUCTIONS.

                  (a) At the time a participant files his or her subscription
agreement, he or she shall elect to have payroll deductions made on each pay day
during the Offering Period in an amount not exceeding fifteen percent (15%) of
the Compensation which he or she receives on each pay day during the Offering
Period.

                  (b) All payroll deductions made for a participant shall be
credited to his or her account under the Plan and shall be withheld in whole
percentages only. A participant may not make any additional payments into such
account.

                  (c) A participant may discontinue his or her participation in
the Plan or may increase or decrease the rate of his or her payroll deductions
during the Offering Period by completing or filing with the Company a new
subscription agreement authorizing a change in payroll deduction rate. The Board
may, in its discretion, limit the number of deduction rate changes during any
Offering Period. The change in rate shall be effective with the first full
payroll period following thirty (30) business days after the Company's receipt
of the new subscription agreement unless the Company elects to process a given
change in participation more quickly. A participant=s subscription agreement
shall remain in effect for successive Offering Periods unless terminated by such
participant.

                  (d) Notwithstanding the foregoing, to the extent necessary to
comply with Section 423(b)(8) of the Code and Section 3(b) hereof, a
participant's payroll deductions may be decreased by the Company to zero percent
(0%) at any time during an Offering Period. Payroll deductions shall recommence
at the rate provided in such participant=s subscription agreement at the
beginning of the first Offering Period which is scheduled to end in the
following calendar year, unless terminated by the participant.

                  (e) At the time the option is exercised, in whole or in part,
or at the time some or all of the Company's Common Stock issued under the Plan
is disposed of, the participant must make adequate provision for the Company's
federal, state, or other tax withholding obligations, if any, which arise upon
the exercise of the option or the disposition of the Common Stock. At any time,

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the Company may, but shall not be obligated to, withhold from the participant's
Compensation the amount necessary for the Company to meet applicable withholding
obligations, including any withholding required to make available to the Company
any tax deductions or benefits attributable to sale or early disposition of
Common Stock by the Employee.

         7. GRANT OF OPTION. On the Enrollment Date of each Offering Period,
each eligible Employee participating in such Offering Period shall be granted an
option to purchase on the Exercise Date during such Offering Period (at the
applicable Purchase Price) up to a number of shares of the Common Stock
determined by dividing such Employee's payroll deductions accumulated prior to
such Exercise Date and retained in the participant's account as of the Exercise
Date by the applicable Purchase Price; provided that in no event shall an
Employee be permitted to purchase during each Offering Period more than two
thousand five hundred (2,500) shares of the Company's Common Stock (subject to
any adjustment pursuant to Section 17 hereof), and provided further that such
purchase shall be subject to the limitations set forth in Sections 3(b) and 18
hereof. The Board may increase or decrease, in its absolute discretion, the
maximum number of shares of the Company's Common Stock an Employee may purchase
during each Offering Period. Exercise of the option shall occur as provided in
Section 8 hereof.

         8. EXERCISE OF OPTION.

                  (a) A participant's option for the purchase of Common Stock
shall be exercised automatically on the Exercise Date (even if such participant
is no longer employed with the Company), and the maximum number of shares
subject to an option shall be purchased for such participant at the applicable
Purchase Price with the accumulated payroll deductions in his or her account.
Fractional shares may be purchased. Any other monies left over in a
participant's account after the Exercise Date shall be returned to the
participant.

                  (b) If the Board determines that, on a given Exercise Date,
the number of shares with respect to which options are to be exercised may
exceed (i) the number of shares of Common Stock that were available for sale
under the Plan on the Enrollment Date of the applicable Offering Period, or (ii)
the number of shares available for sale under the Plan on such Exercise Date,
the Board may in its sole discretion provide that the Company shall make a pro
rata allocation of the shares of Common Stock available for purchase on such
Enrollment Date or Exercise Date, as applicable, in as uniform a manner as shall
be practicable and as it shall determine in its sole discretion to be equitable
among all participants exercising options to purchase Common Stock on such
Exercise Date, and continue all Offering Periods then in effect, or provide that
the Company shall make a pro rata allocation of the shares available for
purchase on such Enrollment Date or Exercise Date, as applicable, in as uniform
a manner as shall be practicable and as it shall determine in its sole
discretion to be equitable among all participants exercising options to purchase
Common Stock on such Exercise Date, and terminate any or all Offering Periods
then in effect pursuant to Section 18 hereof. The Company may make pro rata
allocation of the shares available on the Enrollment Date of any applicable
Offering Period pursuant to the preceding sentence, notwithstanding any
authorization of additional shares for issuance under the Plan by the Company's
shareholders subsequent to such Enrollment Date.

          9. DELIVERY. As promptly as practicable after each Exercise Date on
which a purchase of shares occurs, the Company shall arrange the delivery to
each participant, as appropriate, the shares of Common Stock purchased upon
exercise of his or her option. At the Board=s sole election, the Company may

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deliver such shares in certificate or book entry form. Alternatively, the Board
may issue and deliver certificates for the number of shares of Common Stock
purchased by all participants to a firm which is a member of the National
Association of Securities Dealers, as selected by the Board, which shares shall
be maintained by such firm in a separate brokerage account for each participant.

         10. WITHDRAWAL.

         A participant may not withdraw any payroll deductions once they are
credited to his or her account.

         11. INTEREST.

         No interest shall accrue on the payroll deductions of a participant in
the Plan.

         12. STOCK.

                  (a) Subject to adjustment upon changes in capitalization of
the Company as provided in Section 17 hereof, the maximum number of shares of
the Company's Common Stock which shall be made available for sale under the Plan
shall be one million (1,000,000) shares.

                  (b) The participant shall have no interest or voting right in
shares covered by his option until such option has been exercised.

                  (c) Shares to be delivered to a participant under the Plan
shall be registered in the name of the participant. (d)abShares may not be sold
or transferred by a participant (or the participant's estate) for 180 days
following the Exercise Date.

         13. ADMINISTRATION. The Plan shall be administered by the Board. The
Board shall have full and exclusive discretionary authority to construe,
interpret and apply the terms of the Plan, to determine eligibility and to
adjudicate all disputed claims filed under the Plan. Every finding, decision and
determination made by the Board shall, to the full extent permitted by law, be
final and binding upon all parties. The Board may delegate the authority and
responsibility for the day-to-day administrative or ministerial tasks of the
Plan to a benefits representative, including a brokerage firm or other third
party engaged for such purpose.

         14. TRANSFERABILITY. Neither payroll deductions credited to a
participant's account nor any rights with regard to the exercise of an option or
to receive shares under the Plan may be assigned, transferred, pledged or
otherwise disposed of in any way (other than by will and the laws of descent and
distribution) by the participant. Any such attempt at assignment, transfer,
pledge or other disposition shall be without effect.

         15. USE OF FUNDS. All payroll deductions received or held by the
Company under the Plan may be used by the Company for any corporate purpose, and
the Company shall not be obligated to segregate such payroll deductions.

         16. REPORTS. Individual accounts shall be maintained for each
participant in the Plan. Statements of account shall be given to participating
Employees at least annually, which statements shall set forth the amounts of
payroll deductions, the Purchase Price, the number of shares purchased and the
remaining cash balance, if any.

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         17. ADJUSTMENTS UPON CHANGES IN CAPITALIZATION, DISSOLUTION,
             LIQUIDATION, MERGER OR ASSET SALE.

                  (a) CHANGES IN CAPITALIZATION. Subject to any required action
by the shareholders of the Company, the Reserves, the maximum number of shares
each participant may purchase each Offering Period (pursuant to Section 7), as
well as the price per share and the number of shares of Common Stock covered by
each option under the Plan which has not yet been exercised shall be
proportionately adjusted for any increase or decrease in the number of issued
shares of Common Stock resulting from a stock split, reverse stock split, stock
dividend, combination or reclassification of the Common Stock, or any other
increase or decrease in the number of shares of Common Stock affected without
receipt of consideration by the Company; provided, however, that conversion of
any convertible securities of the Company shall not be deemed to have been
"effected without receipt of consideration". Such adjustment shall be made by
the Board, whose determination in that respect shall be final, binding and
conclusive. Except as expressly provided herein, no issuance by the Company of
shares of stock of any class, or securities convertible into shares of stock of
any class, shall affect, and no adjustment by reason thereof shall be made with
respect to, the number or price of shares of Common Stock subject to an option.

                  (b) DISSOLUTION OR LIQUIDATION. In the event of the proposed
dissolution or liquidation of the Company, the Offering Period then in progress
shall be shortened by setting a new Exercise Date (the "New Exercise Date"), and
shall terminate immediately prior to the consummation of such proposed
dissolution or liquidation, unless provided otherwise by the Board. The New
Exercise Date shall be before the date of the Company's proposed dissolution or
liquidation. The Board shall notify each participant in writing, at least ten
(10) business days prior to the New Exercise Date, that the Exercise Date for
the participant's option has been changed to the New Exercise Date and that the
participant's option shall be exercised automatically on the New Exercise Date.

                  (c) MERGER OR ASSET SALE. In the event of a proposed sale of
all or substantially all of the assets of the Company, or the merger of the
Company with or into another corporation, each outstanding option shall be
assumed or an equivalent option substituted by the successor corporation or a
Parent or Subsidiary of the successor corporation. In the event that the
successor corporation refuses to assume or substitute for the option, any
Offering Periods then in progress shall be shortened by setting a new Exercise
Date (the "New Exercise Date") and any Offering Periods then in progress shall
end on the New Exercise Date. The New Exercise Date shall be before the date of
the Company's proposed sale or merger. The Board shall notify each participant
in writing, at least ten (10) business days prior to the New Exercise Date, that
the Exercise Date for the participant's option has been changed to the New
Exercise Date and that the participant's option shall be exercised automatically
on the New Exercise Date.

         18. AMENDMENT OR TERMINATION.

                  (a) The Board of Directors of the Company may at any time and
for any reason terminate or amend the Plan. Except as provided in Section 17
hereof, no such termination can affect options previously granted, provided that
an Offering Period may be terminated by the Board of Directors on any Exercise

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Date if the Board determines that the termination of the Offering Period or the
Plan is in the best interests of the Company and its shareholders. Except as
provided in Section 17 and this Section 18 hereof, no amendment may make any
change in any option theretofore granted which adversely affects the rights of
any participant. To the extent necessary to comply with Section 423 of the Code
(or any successor rule or provision or any other applicable law, regulation or
stock exchange rule), the Company shall obtain shareholder approval in such a
manner and to such a degree as required.

                  (b) Without shareholder consent and without regard to whether
any participant rights may be considered to have been "adversely affected," the
Board shall be entitled to change the Offering Periods, limit the frequency
and/or number of changes in the amount withheld during an Offering Period,
establish the exchange ratio applicable to amounts withheld in a currency other
than U.S. dollars, permit payroll withholding in excess of the amount designated
by a participant in order to adjust for delays or mistakes in the Company's
processing of properly completed withholding elections, establish reasonable
waiting and adjustment periods and/or accounting and crediting procedures to
ensure that amounts applied toward the purchase of Common Stock for each
participant properly correspond with amounts withheld from the participant's
Compensation, and establish such other limitations or procedures as the Board
determines in its sole discretion advisable which are consistent with the Plan.

                  (c) In the event the Board determines that the ongoing
operation of the Plan may result in unfavorable financial accounting
consequences, the Board may, in its discretion and, to the extent necessary or
desirable, modify or amend the Plan to reduce or eliminate such accounting
consequence including, but not limited to:

                           (i) altering the Purchase Price for any Offering
Period including an Offering Period underway at the time of the change in
Purchase Price;

                           (ii) shortening any Offering Period so that Offering
Period ends on a new Exercise Date, including an Offering Period underway at the
time of the Board action; and

                           (iii) allocating shares.

         Such modifications or amendments shall not require stockholder approval
or the consent of any Plan participants.

         19. NOTICES. All notices or other communications by a participant to
the Company under or in connection with the Plan shall be deemed to have been
duly given when received in the form specified by the Company at the location,
or by the person, designated by the Company for the receipt thereof.

         20. CONDITIONS UPON ISSUANCE OF SHARES. Shares shall not be issued with
respect to an option unless the exercise of such option and the issuance and
delivery of such shares pursuant thereto shall comply with all applicable
provisions of law, domestic or foreign, including, without limitation, the

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Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as
amended, the rules and regulations promulgated thereunder, and the requirements
of any stock exchange upon which the shares may then be listed, and shall be
further subject to the approval of counsel for the Company with respect to such
compliance.

         As a condition to the exercise of an option, the Company may require
the person exercising such option to represent and warrant at the time of any
such exercise that the shares are being purchased only for investment and
without any present intention to sell or distribute such shares if, in the
opinion of counsel for the Company, such a representation is required by any of
the aforementioned applicable provisions of law. Additionally, the Company may
require that shares acquired through the Plan be held by the participant for a
minimum period of time before such shares may be transferred. The Company may
require a legend setting forth any applicable transfer restrictions to be
stamped or otherwise written on the certificates of shares purchased through the
Plan.

         21. TERM OF PLAN. The Plan shall become effective upon the earlier to
occur of its adoption by the Board of Directors or its approval by the
shareholders of the Company. It shall continue in effect for a term of ten (10)
years unless sooner terminated under Section 18 hereof.

         22. MISCELLANEOUS.

                  (a) PURCHASE RIGHTS CARRY SAME RIGHTS AND PRIVILEGES. To the
extent required to comply with the requirements of Section 423 of the Code, all
Employees shall have the same rights and privileges hereunder.

                  (b) ADMINISTRATIVE COSTS. The Company shall pay the
administrative expenses associated with the operation of the Plan.

                  (c) NO EMPLOYMENT RIGHTS. The Plan does not, directly or
indirectly, create in any person any right with respect to continuation of
employment by the Company or any Subsidiary, and it shall not be deemed to
interfere in any way with the Company's or any Subsidiary=s right to terminate,
or otherwise modify, any employee's employment at any time.

                  (d) HEADINGS. Any headings or subheadings in the Plan are
inserted for convenience of reference only and are to be ignored in the
construction or interpretation of any provisions hereof.

                  (e) GENDER AND TENSE. Any words herein used in the masculine
shall be read and construed in the feminine when appropriate. Words in the
singular shall be read and construed as though in the plural, and vice-versa,
when appropriate.

                  (f) GOVERNING LAW. The Plan shall be governed and construed in
accordance with the laws of the State of Delaware to the extent not preempted by
federal law.

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                  (g) REGULATORY APPROVALS AND COMPLIANCE. The Company=s
obligation to sell and deliver Common Stock under the Plan is at all times
subject to all approvals of and compliance with the (i) regulations of any
applicable stock exchanges and (ii) any governmental authorities required in
connection with the authorization, issuance, sale or delivery of such Common
Stock, as well as federal, state and foreign securities laws.

                  (h) SEVERABILITY. In the event that any provision of the Plan
shall be held illegal, invalid, or unenforceable for any reason, such provision
shall be fully severable, but shall not affect the remaining provisions of the
Plan, and the Plan shall be construed and enforced as if the illegal, invalid,
or unenforceable provision had not been included herein.

                  (i) NO GUARANTEE OF TAX CONSEQUENCES. The Company does not
make any commitment or guarantee that any particular tax treatment shall apply
or be available to any person participating or eligible to participate in the
Plan, including, without limitation, any tax imposed by the United States or any
state thereof, any estate tax, or any tax imposed by a foreign government.

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                                                                     EXHIBIT 4.1

                         REGISTRATION RIGHTS AGREEMENT

                  REGISTRATION RIGHTS AGREEMENT (this "Agreement"), dated as of
August 23, 2000, by and among Level 8 Systems, Inc., a Delaware corporation
("Company"), and Merrill Lynch, Pierce, Fenner & Smith Incorporated, a Delaware
corporation ("Purchaser").

                              W I T N E S S E T H :

                  WHEREAS, Company and Purchaser have entered into that certain
Purchase Agreement, dated as of July 31, 2000 (the "Purchase Agreement"),
pursuant to which Company has agreed to issue and sell to Purchaser, and
Purchaser has agreed to purchase from Company, shares of common stock of the
Company, $0.001 par value per share ("Common Stock"); and

                  WHEREAS, in order to induce Purchaser to (i) enter into the
Purchase Agreement and purchase such shares of Common Stock and (ii) enter into
the other agreements contemplated under the Purchase Agreement in connection
with the issuance of the shares of Common Stock, Company has agreed to provide
registration rights with respect to the shares of Common Stock issued to
Purchaser pursuant to the Purchase Agreement;

                  NOW, THEREFORE, in consideration of the premises and the
covenants hereinafter contained, it is agreed as follows:

                  1. Definitions. Unless otherwise defined herein, terms defined
in the Purchase Agreement are used herein as therein defined, and the following
shall have (unless otherwise provided elsewhere in this Agreement) the following
respective meanings (such meanings being equally applicable to both the singular
and plural form of the terms defined):

                  "Agreement" shall mean this Registration Rights Agreement,
including all amendments, modifications and supplements and any exhibits or
schedules to any of the foregoing, and shall refer to the Agreement as the same
may be in effect at the time such reference becomes operative.

                  "Business Day" shall mean any day that is not a Saturday, a
Sunday or a day on which banks are required or permitted to be closed in the
State of New York.

                  "Commission" shall mean the Securities and Exchange Commission
or any other federal agency then administering the Securities Act and other
federal securities laws.

                  "Exchange Act" shall mean the Securities Exchange Act of 1934,
as amended, or any similar federal statute, and the rules and regulations of the
Commission thereunder, all as the same shall be in effect from time to time.

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                  "Holder" shall mean each of Purchaser, any affiliates thereof
or other permitted assigns holding shares of Common Stock issued pursuant to the
Purchase Agreement.

                  "NASD" shall mean the National Association of Securities
Dealers, Inc., or any successor corporation thereto.

                  "Registrable Securities" shall mean the shares of Common Stock
acquired by Purchaser pursuant to the terms of the Purchase Agreement.

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

                  2. Required Registration. (a) After receipt of a written
request from the Holders of Registrable Securities requesting that Company
effect a registration under the Securities Act covering at least thirty (30%)
percent of the Registrable Securities outstanding as of the date hereof, and
specifying the intended method or methods of disposition thereof, Company shall
promptly notify all Holders in writing of the receipt of such request and each
such Holder, in lieu of exercising its rights under Section 3 may elect (by
written notice sent to Company within ten (10) Business Days from the date of
such Holder's receipt of the aforementioned Company's notice) to have
Registrable Securities included in such registration thereof pursuant to this
Section 2. Thereupon Company shall, as expeditiously as is possible, use its
best efforts to effect the registration under the Securities Act of all shares
of Registrable Securities which Company has been so requested to register by
such Holders for sale, all to the extent required to permit the disposition (in
accordance with the intended method or methods thereof, as aforesaid) of the
Registrable Securities so registered; provided, however, that, subject to the
provisions of Section 2(b) hereof, Company shall not be required to effect more
than three (3) registrations of any Registrable Securities pursuant to this
Section 2. The rights of the Holders under this Section 2 shall not become
effective until ninety (90) days after the date hereof. Any such registration
effectuated pursuant to the terms of this Section 2 shall hereinafter be
referred to as a "Demand Registration."

                  (b) In the event a Demand Registration is (i) requested by the
Holders in accordance with the terms of this Section 2 and (ii) any security
holders of Company exercise any incidental registration rights to participate in
such Demand Registration, such that the number of Registrable Securities
included in such registration statement is reduced to less than seventy-five
percent (75%) of the total number of Registrable Securities contained in the
written request submitted by the Holders pursuant to a Demand Registration (the
"Minimum Level"), then the Holders shall receive one (1) additional Demand
Registration pursuant to Section 2(a), exercisable in the same manner as the
other Demand Registration rights granted to the Holders pursuant thereto;
provided, however, that the Holders shall only be entitled to one (1) additional
Demand Registration under this Section 2, notwithstanding that the number of
Registrable Securities of such Holders included in a registration statement
filed pursuant to a Demand

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Registration may be reduced below the Minimum Level in a subsequent Demand
Registration.

                  3. Incidental Registration. If Company at any time proposes to
file on its behalf and/or on behalf of any of its security holders (the
"demanding security holders") a registration statement under the Securities Act
on any form (other than a registration statement on Form S-4 or S-8 or any
successor form for securities to be offered in a transaction of the type
referred to in Rule 145 under the Securities Act or to employees of Company
pursuant to any employee benefit plan, respectively) for the general
registration of securities (a "Registration Statement"), it will give written
notice to all Holders at least twenty (20) Business Days prior to the initial
filing with the Commission of such Registration Statement, which notice shall
set forth the intended method of disposition of the securities proposed to be
registered by Company. The notice shall offer to include in such filing the
aggregate number of shares of Registrable Securities as such Holders may
request.

                  Each Holder desiring to have Registrable Securities registered
under this Section 3 shall advise Company in writing within ten (10) Business
Days after the date of receipt of such offer from Company, setting forth the
amount of such Registrable Securities for which registration is requested.
Company shall thereupon include in such filing the number of shares of
Registrable Securities for which registration is so requested, subject to the
next sentence, and shall use its best efforts to effect registration under the
Securities Act of such shares. If the managing underwriter of a proposed public
offering shall advise Company in writing that, in its opinion, the distribution
of the Registrable Securities requested to be included in the registration
concurrently with the securities being registered by Company or such demanding
security holder would materially and adversely affect the distribution of such
securities by Company or such demanding security holder, then all selling
security holders (including the demanding security holder who initially
requested such registration, but not the Company) shall reduce the amount of
securities each intended to be distributed through such offering on a pro rata
basis (which reduced amount may be zero). Except as otherwise provided in
Section 5, all expenses of such registration shall be borne by Company.

                  4. Registration Procedures. If Company is required by the
provisions of Section 2 or 3 to use its best efforts to effect the registration
of any of its securities under the Securities Act, Company will, as
expeditiously as possible:

                           (a) prepare and file with the Commission a
Registration Statement with respect to such securities and use its best efforts
to cause such Registration Statement to become and remain effective for a period
of time required for the disposition of such securities by the holders thereof,
but not to exceed one hundred and eighty (180) days;

                           (b) prepare and file with the Commission such
amendments and supplements to such Registration Statement and the prospectus
used in connection therewith as may be necessary to keep such Registration
Statement effective and to

                                       3
<PAGE>   4

comply with the provisions of the Securities Act with respect to the sale or
other disposition of all securities covered by such Registration Statement until
the earlier of such time as all of such securities have been disposed of in a
public offering or the expiration of one hundred and eighty (180) days;

                           (c) furnish to such selling security holders such
number of copies of a summary prospectus or other prospectus, including a
preliminary prospectus, in conformity with the requirements of the Securities
Act, and such other documents, as such selling security holders may reasonably
request;

                           (d) use its best efforts to register or qualify the
securities covered by such Registration Statement under such other securities or
blue sky laws of such jurisdictions within the United States and Puerto Rico as
each holder of such securities shall reasonably request to the extent such
registration or qualification is required in such jurisdictions (provided,
however, that Company shall not be obligated to qualify as a foreign corporation
to do business under the laws of any jurisdiction in which it is not then
qualified or to file any general consent to service or process), and do such
other reasonable acts and things as may be required of it to enable such holder
to consummate the disposition in such jurisdiction of the securities covered by
such Registration Statement;

                           (e) furnish, at the request of any Holder requesting
registration of Registrable Securities pursuant to Section 2, on the date that
such shares of Registrable Securities are delivered to the underwriters for sale
pursuant to such registration or, if such Registrable Securities are not being
sold through underwriters, on the date that the Registration Statement with
respect to such shares of Registrable Securities becomes effective, (1) an
opinion, dated such date, of the independent counsel representing Company for
the purposes of such registration, addressed to the underwriters, if any, and if
such Registrable Securities are not being sold through underwriters, then to the
Holders making such request, in customary form and covering matters of the type
customarily covered in such legal opinions; and (2) a comfort letter dated such
date, from the independent certified public accountants of Company, addressed to
the underwriters, if any, and if such Registrable Securities are not being sold
through underwriters, then to the Holder making such request and, if such
accountants refuse to deliver such letter to such Holder, then to Company, in a
customary form and covering matters of the type customarily covered by such
comfort letters and as the underwriters or such Holder shall reasonably request;

                           (f) enter into customary agreements (including an
underwriting agreement in customary form) and take such other actions as are
reasonably required in order to expedite or facilitate the disposition of such
Registrable Securities; and

                           (g) notify the Holders as promptly as practicable
upon the occurrence of any event as a result of which the prospectus included in
a Registration Statement, as then in effect, contains an untrue statement of
material fact or omits to state a material fact required to be stated therein or
necessary to make the statements therein

                                       4
<PAGE>   5

not misleading in light of the circumstances then existing, and as promptly as
possible, prepare, file and furnish to each Holder a reasonable number of copies
of a supplement or an amendment to such prospectus as may be necessary so that
such prospectus does not contain an untrue statement of material fact or omits
to state a material fact required to be stated therein or necessary to make the
statements therein not misleading in light of the circumstances then existing;
provided, however, that the Company may delay preparing, filing and distributing
any such supplement or amendment if the Board of Directors of the Company
determines in good faith that such supplement or amendment could, in its
reasonable judgment, (i) interfere with or adversely affect the negotiation or
completion of a transaction that is being contemplated by the Company or (ii)
involve initial or continuing disclosure obligations that are not in the best
interests of the Company's stockholders at the time; provided, further, that (w)
the Company will give notice (a "Standstill Notice") of any such delay prior to
such delay, (x) such delay shall not extend for a period of more than thirty
(30) days without the written consent of the Holders, (y) the Company may
utilize such delay no more than two (2) times or for an aggregate of more than
sixty (60) days in any period of two hundred and seventy (270) consecutive days
and (z) the period of effectiveness of the Registration Statement provided for
herein shall be extended by the number of days from and including the date of
the giving of a Standstill Notice to and including the date when the Company
shall have delivered to the Holders copies of such supplement or amendment
pursuant to this Section 4(g).

                  (h) provide each Holder and its representatives the
opportunity to conduct reasonable inquiry of the Company's financial and other
records during normal business hours and make available its officers, directors
and employees for questions regarding information which such Holder may
reasonably request in order to conduct any due diligence.

                  (i) permit counsel for each Holder to review a registration
Statement covering Registrable Securities and all amendments and supplements
thereto a reasonable period of time prior to the filing thereof with the
Commission.

                  (j) otherwise use its best efforts to comply with all
applicable rules and regulations of the Commission, and make available to its
security holders, as soon as reasonably practicable, but not later than eighteen
(18) months after the effective date of the Registration Statement, an earnings
statement covering the period of at least twelve (12) months beginning with the
first full month after the effective date of such Registration Statement, which
earnings statement shall satisfy the provisions of Section 11(a) of the
Securities Act.

         It shall be a condition precedent to the obligation of Company to take
any action pursuant to this Agreement in respect of the securities which are to
be registered at the request of any Holder that such Holder shall furnish to
Company such information regarding the securities held by such Holder and the
intended method of disposition thereof as Company shall reasonably request and
as shall be required in connection with the action taken by Company.

                                       5
<PAGE>   6

                  5. Expenses. All expenses incident to the Company's compliance
with the terms of this Agreement, including, without limitation, all
registration and filing fees (including all expenses incident to filing with the
NASD), printing expenses, fees and disbursements of counsel for Company, the
reasonable fees and expenses of one counsel for the selling security holders
(selected by those holding a majority of the shares being registered), expenses
of any special audits incident to or required by any such registration and
expenses of complying with the securities or blue sky laws of any jurisdiction
pursuant to Section 4(d), shall be paid by Company, except that:

                           (a) all such expenses in connection with any
amendment or supplement to the Registration Statement or prospectus filed more
than one hundred and eighty (180) days after the effective date of such
Registration Statement because any Holder has not effected the disposition of
the securities requested to be registered shall be paid by such Holder; and

                           (b) Company shall not be liable for any fees,
discounts or commissions to any underwriter or any fees or disbursements of
counsel for any underwriter in respect of the securities sold by such Holder.

                           (c) any incremental expenses incurred by Company as a
result of the inclusion of a Holder's Registrable Securities in an underwritten
offering where the Holder or any of its Affiliates is an underwriter of the
Registrable Securities which, inclusion of such Holder's Registrable Securities,
requires a "qualified independent underwriter" under the applicable rules of the
National Association of Securities Dealers, Inc. shall be paid by Holder.

         6. Indemnification and Contribution.

                  (a) In the event of any registration of any Registrable
Securities under the Securities Act pursuant to this Agreement, Company shall
indemnify and hold harmless the holder of such Registrable Securities, such
holder's directors and officers, and each other person (including each
underwriter) who participated in the offering of such Registrable Securities and
each other person, if any, who controls such holder or such participating person
within the meaning of the Securities Act, against any losses, claims, damages or
liabilities, joint or several, to which such holder or any such director or
officer or participating person or controlling person may become subject under
the Securities Act or any other statute or at common law, insofar as such
losses, claims, damages or liabilities (or actions in respect thereof) arise out
of or are based upon (i) any alleged untrue statement of any material fact
contained, on the effective date thereof, in any Registration Statement under
which such securities were registered under the Securities Act, any preliminary
prospectus or final prospectus contained therein, or any amendment or supplement
thereto, or (ii) any alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein not misleading,
and shall reimburse such holder or such director, officer or participating
person or controlling person for any legal or any other expenses reasonably
incurred by such holder or such director, officer or participating person or
controlling person in

                                       6
<PAGE>   7

connection with investigating or defending any such loss, claim, damage,
liability or action. Notwithstanding anything to the contrary set forth in this
Section 6(a), Company shall not be liable to indemnify any person in any such
case to the extent that any such loss, claim, damage or liability arises out of
or is based upon (1) any actual or alleged untrue statement or actual or alleged
omission either (x) made in such Registration Statement, preliminary prospectus,
prospectus or amendment or supplement in reliance upon and in conformity with
written information furnished to Company by such holder specifically for use
therein or (in the case of any registration pursuant to Section 2) so furnished
for such purposes by any underwriter or (y) that had been corrected in a
preliminary prospectus, prospectus supplement or amendment which had been
furnished to such Holder prior to any distribution of the document alleged to
contain the untrue statement or omission to offerees or purchasers, (2) any
offer or sale of Registrable Securities after receipt by such Holder of a
Standstill Notice under Section 4(g) and prior to the delivery of the prospectus
supplement or amendment contemplated by Section 4(g), or (3) Holder's failure to
comply with the prospectus delivery requirements under the Securities Act or
failure to distribute its Registrable Securities in a manner consistent with the
its intended plan of distribution as provided to Company and disclosed in the
Registration Statement. Notwithstanding the foregoing, Company shall not be
required to indemnify any person for amounts paid in settlement of any claim
without the prior written consent of Company, which consent shall not be
unreasonably withheld. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of such holder or such
director, officer or participating person or controlling person, and shall
survive the transfer of such securities by such holder.

                  (b) Each Holder, by acceptance hereof, agrees to indemnify and
hold harmless Company, its directors and officers and each person who
participated in such offering and each other person, if any, who controls
Company within the meaning of the Securities Act against any losses, claims,
damages or liabilities, joint or several, to which Company or any such director
or officer or any such person may become subject under the Securities Act or any
other statute or at common law, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon (i)
information in writing provided to Company by such Holder specifically for use
in the following documents and contained, on the effective date thereof, in any
Registration Statement under which securities were registered under the
Securities Act at the request of such holder, any preliminary prospectus or
final prospectus contained therein, or any amendment or supplement thereto, (ii)
such Holder's offer or sale of Registrable Securities after receipt by such
Holder of a Standstill Notice under Section 4(g) and prior to the delivery of
the prospectus supplement or amendment contemplated by Section 4(g), (iii) such
Holder's failure to comply with the prospectus delivery requirements under the
Securities Act or failure to distribute its Registrable Securities in a manner
consistent with the its intended plan of distribution as provided to Company and
disclosed in the registration statement, (iv) such Holder's failure to comply
with Regulation M under the Exchange Act, or (v) such Holder's failure to comply
with any rules and regulations applicable because such Holder is, or is an
Affiliate of, a registered broker-dealer. Notwithstanding the provisions of this
paragraph (b) or paragraph (c)

                                       7
<PAGE>   8

below, no Holder shall be required to indemnify any person pursuant to this
Section 6 or to contribute pursuant to paragraph (c) below in an amount in
excess of the amount of the aggregate net proceeds received by such Holder in
connection with any such registration under the Securities Act.

                  (c) If the indemnification provided for in this Section 6 from
the indemnifying party is unavailable to an indemnified party hereunder in
respect of any losses, claims, damages, liabilities or expenses referred to
therein, then the indemnifying party, in lieu of indemnifying such indemnified
party, shall contribute to the amount paid or payable by such indemnified party
as a result of such losses, claims, damages, liabilities or expenses in such
proportion as is appropriate to reflect the relative fault of the indemnifying
party and indemnified parties in connection with the actions which resulted in
such losses, claims, damages, liabilities or expenses, as well as any other
relevant equitable considerations. The relative fault of such indemnifying party
and indemnified parties shall be determined by reference to, among other things,
whether any action in question, including any untrue or alleged untrue statement
of a material fact or omission or alleged omission to state a material fact, has
been made by, or relates to information supplied by, such indemnifying party or
indemnified parties, and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such action. The amount paid
or payable by a party as a result of the losses, claims, damages, liabilities
and expenses referred to above shall be deemed to include any legal or other
fees or expenses reasonably incurred by such party in connection with any
investigation or proceeding.

                  The parties hereto agree that it would not be just and
equitable if contribution pursuant to this Section 6(c) were determined by pro
rata allocation or by any other method of allocation which does not take account
of the equitable considerations referred to in the immediately preceding
paragraph. No Person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) shall be entitled to contribution from
any Person who was not guilty of such fraudulent misrepresentation.

                  7. Certain Limitations on Registration Rights. Notwithstanding
the other provisions of this Agreement:

                           (a) Company shall not be obligated to register the
Registrable Securities of any Holder if, in the opinion of counsel to Company
reasonably satisfactory to the Holder and its counsel (or, if the Holder has
engaged an investment banking firm, to such investment banking firm and its
counsel), the sale or other disposition of such Holder's Registrable Securities,
in the manner proposed by such Holder (or by such investment banking firm), may
be effected without registering such Registrable Securities under the Securities
Act; and

                           (b) Company shall not be obligated to register the
Registrable Securities of any Holder pursuant to Section 2 if Company has had a
registration statement, under which such Holder had a right to have its
Registrable Securities included

                                       8
<PAGE>   9

pursuant to Section 2 or 3, declared effective within one hundred and eighty
(180) days prior to the date of the request pursuant to Section 2; provided,
however, that if any Holder elected to have shares of its Registrable Securities
included under such registration statement but some or all of such shares were
excluded pursuant to the penultimate sentence of Section 3, then such one
hundred and eighty (180) day period shall be reduced to ninety (90) days.

                           (c) Company shall have the right to delay the filing
or effectiveness of a registration statement required pursuant to Section 2
hereof during one or more periods aggregating not more than forty five (45) days
in any twelve-month period in the event that (i) Company would, in accordance
with the advice of its counsel, be required to disclose in the prospectus
information not otherwise then required by law to be publicly disclosed and (ii)
in the judgment of Company's Board of Directors, there is a reasonable
likelihood that such disclosure, or any other action to be taken in connection
with the prospectus, would materially and adversely affect any existing or
prospective material business situation, transaction or negotiation or otherwise
materially and adversely affect Company.

                  8. Selection of Managing Underwriters. The managing
underwriter or underwriters for any offering of Registrable Securities to be
registered pursuant to Section 2 shall be selected by the Holders of a majority
of the shares being so registered and shall be reasonably acceptable to Company.

                  9. Holder Agreements

                           (a) No Holder may participate in an underwritten
offering provided for hereunder unless such Holder (i) agrees to sell such
Holder's Registrable Securities on the basis provided in the underwriting
arrangements contemplated for such offering as reasonably requested by the
managing underwriter, (ii) completes and executes all questionnaires, powers of
attorney, indemnities, underwriting agreements and other documents reasonably
required under the terms of such underwriting arrangements as reasonably
requested by the managing underwriter, and (c) agrees to bear such Holder's pro
rata portion of all underwriting discounts and commissions.

                           (b) Each Holder of Registrable Securities eligible
for inclusion in a Registration Statement that is notified in writing pursuant
to Section 3 hereof of a proposed registration of an underwritten public
offering shall not effect any public sale or distribution (including sales under
Rule 144) of any Registrable Securities that are similar to (or exchangeable or
exercisable for or convertible into securities that are similar to) the
securities proposed to be offered in such underwritten public offering, during
the 10-day period prior to, and during the 90-day beginning on, the effective
date of the applicable registration statement, except for offers and sales
pursuant to such registration statement, and hereby agrees to execute a
"lock-up" letter covering such 90-day period in form and substance customary for
such transactions if so requested by the managing underwriter for such
underwritten offering.

                                       9
<PAGE>   10

                           (c) Each Holder agrees to comply with Regulation M
under the Exchange Act in connection with its offer and sale of Registrable
Securities.

                           (d) Each Holder agrees that it will not sell any
Registrable Securities registered under the Securities Act pursuant to the terms
of this Agreement until it has been notified in accordance with the terms hereof
that a Registration Statement (and any associated post-effective amendment)
relating thereto has been declared effective and such Holder has been provided
copies of the related prospectus, as amended or supplemented to date.

                           (e) Each Holder agrees to comply with the prospectus
delivery requirements of the Securities Act as applicable in connection with the
sale of Registrable Securities registered under the Securities Act pursuant to a
Registration Statement.

                           (f) Each Holder agrees that upon receipt of a
Standstill Notice pursuant to Section 4(g), such Holder shall immediately
discontinue offers and sales of Registrable Securities registered under the
Securities Act pursuant to any Registration Statements covering such Registrable
Securities until such Holder receives copies of the supplemented or amended
prospectus contemplated by Section 4(g) or notice from the Company that no such
supplement or amendment is required.

                  10. Miscellaneous.

                           (a) No Inconsistent Agreements. Company will not
hereafter enter into any agreement with respect to its securities which
conflicts with the rights granted to the Holders in this Agreement. Except as
set forth on Schedule A hereto, Company has not previously entered into any
agreement with respect to any of its securities granting any registration rights
to any person.

                           (b) Remedies. The Purchaser, in addition to being
entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this Agreement.
Company agrees that monetary damages would not be adequate compensation for any
loss incurred by reason of a breach by it of the provisions of this Agreement
and hereby agrees to waive the defense in any action for specific performance
that a remedy at law would be adequate. In any action or proceeding brought to
enforce any provision of this Agreement or where any provision hereof is validly
asserted as a defense, the successful party shall be entitled to recover
reasonable attorneys' fees in addition to any other available remedy.

                           (c) Amendments and Waivers. Except as otherwise
provided herein, the provisions of this Agreement may not be amended, modified
or supplemented, and waivers or consents to departure from the provisions hereof
may not be given unless Company has obtained the written consent of the
Purchaser.

                           (d) Notice Generally. Any notice, demand, request,
consent, approval, declaration, delivery or other communication hereunder to be
made pursuant to

                                       10
<PAGE>   11

the provisions of this Agreement shall be sufficiently given or made if in
writing and either delivered in person with receipt acknowledged or sent by
registered or certified mail, return receipt requested, postage prepaid, or by
telecopy and confirmed by telecopy answerback, addressed as follows:

                  (i)      If to the Purchaser, at the last known address
         appearing on the books of Company maintained for such purpose.

                  (ii)     If to Company, at

                           Level 8 Systems, Inc.
                           8000 Regency Parkway
                           Cary, North Carolina  27511
                           Attention:  Dennis McKinnie
                           Telecopy Number: (919) 461-2690

or at such other address as may be substituted by notice given as herein
provided. The giving of any notice required hereunder may be waived in writing
by the party entitled to receive such notice. Every notice, demand, request,
consent, approval, declaration, delivery or other communication hereunder shall
be deemed to have been duly given or served on the date on which personally
delivered, with receipt acknowledged, telecopied and confirmed by telecopy
answerback or three (3) Business Days after the same shall have been deposited
in the United States mail.

                           (e) Rule 144. With a view to making available to the
Purchaser the benefits of Rule 144 under the Securities Act ("Rule 144") and any
other rule or regulation of the Commission that may at any time permit the
Purchaser to sell securities of the Company to the public without registration,
the Company agrees that it will:

                                    (i)      make and keep public information
available, as those terms are understood and defined in Rule 144;

                                    (ii)     file with the Commission in a
timely manner all reports and other documents required of the Company under the
Exchange Act; and

                                    (iii)    furnish to each Holder, so long as
such Holder owns any Registrable Securities, forthwith upon request (i) a
written statement by the Company, if true, that it has complied with the
reporting requirements of Rule 144, the Securities Act and the Exchange Act,
(ii) a copy of the most recent annual or quarterly report of the Company and
such other reports and documents so filed by the Company, and (iii) such other
information as may be reasonably requested in availing the Holder of any rule or
regulation of the Commission which permits the selling of any such securities
without registration.

                                       11
<PAGE>   12

                           (f) Successors and Assigns. This Agreement shall
inure to the benefit of and be binding upon the successors and assigns of each
of the parties hereto including any person to whom Registrable Securities are
transferred.

                           (g) Headings. The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning hereof.

                           (h) Governing Law; Jurisdiction. This Agreement shall
be governed by, construed and enforced in accordance with the laws of the State
of New York without giving effect to the conflict of laws provisions thereof.
Each of the parties hereby submits to personal jurisdiction and waives any
objection as to venue in the County of New York, State of New York. Service of
process on the parties in any action arising out of or relating to this
Agreement shall be effective if mailed to the parties in accordance with Section
10(d) hereof. The parties hereto waive all right to trial by jury in any action
or proceeding to enforce or defend any rights hereunder.

                           (i) Severability. Wherever possible, each provision
of this Agreement shall be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this Agreement shall be
prohibited by or invalid under applicable law, such provision shall be
ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this
Agreement.

                           (j) Entire Agreement. This Agreement, together with
the Purchase Agreement and the other Transaction Documents, represents the
complete agreement and understanding of the parties hereto in respect of the
subject matter contained herein and therein. This Agreement supersedes all prior
agreements and understandings between the parties with respect to the subject
matter hereof.

                                       12
<PAGE>   13

                 [REGISTRATION RIGHTS AGREEMENT SIGNATURE PAGE]

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

                                            LEVEL 8 SYSTEMS, INC.

                                            By:    /s/ Dennis McKinnie
                                               -------------------------------
                                               Name:  Dennis McKinnie
                                               Title: Senior Vice President,
                                                      Chief Legal and
                                                      Administrative Officer and
                                                      Corporate Secretary

                                            MERRILL LYNCH, PIERCE, FENNER &
                                            SMITH INCORPORATED

                                            By:   /s/ E. Stanley O'Neal
                                               -------------------------------
                                               Name:  E. Stanley O'Neal
                                               Title: Executive Vice President

                                       13

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