Document:

EXHIBIT 10.1

                                                                   March 3, 2002

General Growth Properties, Inc.
GGP Limited Partnership
GGP Acquisition, L.L.C.
GGP Acquisition II, L.L.C.
110 North Wacker Drive
Chicago, Illinois  60606
Attention:  Bernard Freibaum

     Re: JP Realty, Inc. and Price Development Company, Limited Partnership

Gentlemen:

     Reference  is made to the  Agreement  and  Plan of  Merger  being  executed
concurrently herewith (the "Merger Agreement") among JP Realty, Inc., a Maryland
corporation ("JP"), Price Development Company,  Limited Partnership,  a Maryland
limited  partnership  ("JP  Partnership"),  General Growth  Properties,  Inc., a
Delaware corporation  ("General Growth"),  GGP Limited  Partnership,  a Delaware
limited  partnership  ("GGP"),  GGP  Acquisition,  L.L.C.,  a  Delaware  limited
liability company and a wholly-owned subsidiary of GGP ("Acquisition"),  and GGP
Acquisition II, L.L.C., a Maryland limited  liability company and a wholly-owned
subsidiary of GGP  ("Partnership  Acquisition"),  pursuant to which  Partnership
Acquisition will merge with and into JP Partnership,  with JP Partnership  being
the  survivor,  and JP will merge with and into  Acquisition,  with  Acquisition
being the survivor. (Capitalized terms used herein without definition shall have
the  meanings  specified  in the  Merger  Agreement.)  Each  of the  undersigned
(collectively,  the  "Holders") is the  Beneficial  Owner (as defined in Section
4(h)) of the  number  and type of shares of capital  stock of JP  ("Shares")  or
partnership   interests  in  JP   Partnership   ("Partnership   Interests"   and
collectively  with the  Shares,  "Equity  Interests")  set forth  opposite  such
Holder's  name on  Schedule  I,  and  acknowledges  that  General  Growth,  GGP,
Acquisition and Partnership  Acquisition are entering into the Merger  Agreement
in reliance  upon the  execution  and  delivery of this  letter  agreement  (the
"Agreement") by each of the Holders.

     1.   Voting Rights.

          (a) Voting Agreement.  During the Term, each Holder agrees to vote all
     Equity Interests Beneficially Owned by it ("Owned Interests") on matters as
     to which such Holder is  entitled to vote at any annual or special  meeting
     of the Holders of the Company or partners of JP Partnership  (including any
     adjournments  or  postponements  thereof),  or by written consent without a
     meeting,  as follows:  (i) in favor of approval  and adoption of the Merger
     Agreement,  the  Mergers,  the JP  Partnership  Amendment  and all  related
     matters; (ii) against any action or agreement that would result in a breach
     of any  covenant,  representation  or warranty or any other  obligation  or
     agreement  of JP or JP  Partnership  under  the  Merger  Agreement  or  any
     agreement  contemplated  thereby; and (iii) against any action or agreement
     (other than the Merger Agreement or the transactions  contemplated thereby)
     that would impede, interfere with,

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     delay, postpone, adversely affect or attempt to discourage the Mergers, the
     transactions contemplated by the Merger Agreement or this Agreement.

          (b) Grant of Proxy.  Each Holder hereby  appoints GGP, with full power
     of substitution  (GGP and its  substitutes  being referred to herein as the
     "Proxy"),  as its attorney and proxy to vote, for the duration of the Term,
     all of its Owned  Interests  on matters as to which such Holder is entitled
     to (y) vote at a meeting of the Holders of JP or partners of JP Partnership
     or (z) express  consent or dissent to  corporate or  partnership  action in
     writing without a meeting, in each case, in the Proxy's absolute,  sole and
     binding  discretion on the matters specified in Section 1(a) above.  During
     the Term,  each Holder agrees that the Proxy may, in such Holder's name and
     stead,  (i) attend any annual or special meeting of the  stockholders of JP
     or partners of JP Partnership and vote all of such Holder's Owned Interests
     at any such  annual or  special  meeting  as to the  matters  specified  in
     Section 1(a) above,  and (ii) execute with respect to all of such  Holder's
     Owned  Interests  any written  consent to, or dissent  from,  corporate  or
     partnership  action  respecting any matter specified in Section 1(a) above.
     During  the Term,  each  Holder  agrees to  refrain  from (A) voting at any
     annual  or  special  meeting  of  the  Holders  of  JP  or  partners  of JP
     Partnership,  (B) executing any written consent in lieu of a meeting of the
     Holders of JP or partners of JP  Partnership,  (C) exercising any rights of
     dissent with respect to its Owned Interests,  and (D) granting any proxy or
     authorization  to any  person  with  respect  to the  voting  of its  Owned
     Interests,  in each case,  regarding the matters  specified in Section 1(a)
     above, except pursuant to this Agreement,  or taking any action contrary to
     or in any manner  inconsistent with the terms, or the purpose or intent, of
     this Agreement.  For the duration of the Term, each Holder agrees that this
     grant of proxy is irrevocable  and coupled with an interest and agrees that
     the person  designated  as Proxy  pursuant  hereto may at any time name any
     other person as its substituted Proxy to act pursuant hereto,  either as to
     a specific  matter or as to all  matters.  Each Holder  hereby  revokes any
     proxy  previously  granted by it with respect to its Owned  Interests as to
     the matters  specified in Section  1(a) above.  In  discharging  its powers
     under this Agreement, the Proxy may rely upon advice of counsel to GGP, and
     any vote made or action taken by the Proxy in reliance  upon such advice of
     counsel shall be deemed to have been made in good faith by the Proxy.

          (c) Notice.  During the Term, each Holder shall give notice to General
     Growth  and GGP at least  three  business  days  prior to the taking of any
     action  at an  annual  or  special  meeting  of the  stockholders  of JP or
     partners of JP Partnership or by written consent, whether or not the taking
     of such action is governed by or subject to the provisions of Sections 1(a)
     or 1(b) above.

     2.  Representations  and Warranties of Holder.  Each Holder  represents and
warrants  to  General  Growth  and GGP that the  following  representations  and
warranties are true and correct in all respects as of the date hereof,  and will
be and remain true in all respects through and as of the Closing Date, and that:

          (a) Ownership.  Such Holder  Beneficially Owns, and has the sole right
     to vote and  dispose of the number  and type of Owned  Interests  set forth
     opposite  such  Holder's  name on Schedule I hereto.  Such Holder has good,
     valid and,  subject  to the  restrictions  set forth in the JP  Partnership
     Agreement with respect to Partnership  Interests,  marketable title to such
     Owned

                                      -2-
<PAGE>

     Interests.   Such  Holder  and  its  Affiliates   (other  than  JP  and  JP
     Partnership) do not Beneficially Own any other Equity Interests.

          (b) Due  Authorization,  etc.  Such Holder has the legal  capacity and
     full power and authority  (including  full corporate,  partnership,  trust,
     limited liability company or other power and authority, as the case may be)
     to execute  and  deliver  this  Agreement  and to perform  its  obligations
     hereunder.  This  Agreement  has  been  duly  authorized  by all  necessary
     corporate,  partnership,  trust, limited liability company or other action,
     as the case may be, on the part of such  Holder and has been duly  executed
     and  delivered by such Holder.  This  Agreement  constitutes  the valid and
     legally binding obligation of such Holder,  enforceable against such Holder
     in accordance with its terms.

          (c) No Restrictions on Equity Interests.

               (i) There are no  restrictions  on such  Holder's  voting  rights
          pertaining to its Owned Interests.  Such Holder  Beneficially Owns its
          Owned  Interests and such Owned  Interests are, or will at Closing be,
          free and  clear  of any  liens,  charges,  claims,  pledges,  security
          interests,  mortgages,  encumbrances  or  restrictions  of any  nature
          whatsoever  (including,  without  limitation,  any conditional sale or
          other title retention agreement having substantially the same economic
          effect as any of the foregoing) (any of the foregoing, a "Lien").

               (ii) Except as  provided  in the JP  Articles  or JP  Partnership
          Agreement or existing  pledge  agreements,  there are no  commitments,
          options, contracts or other arrangements under which such Holder is or
          may become  obligated to sell,  transfer or  otherwise  dispose of its
          Owned Interests.

          (d) No Conflicts. None of the execution and delivery of this Agreement
     by such Holder, the compliance by such Holder with all of the provisions of
     this  Agreement  or the  consummation  by such  Holder of the  transactions
     herein  contemplated  will conflict with or result in a breach or violation
     of any of the terms or  provisions  of, or constitute a default  under,  or
     result in the creation or  imposition  of a Lien upon any of such  Holder's
     Owned Interests, pursuant to the terms of any indenture,  mortgage, deed of
     trust, loan agreement or other agreement or instrument to which such Holder
     is a party or by which such Holder is bound or to which any  properties  or
     assets of such  Holder  are  subject,  nor will such  action  result in any
     violation of the provisions of the governing instrument (including, without
     limitation,  any trust  agreement)  of such  Holder or any  statute  or any
     order,  rule or regulation of any Governmental  Entity having  jurisdiction
     over such Holder or any of its properties or assets.

          (e)  Consents/Approvals.  Subject to any  required  filings  under the
     Exchange  Act,  such Holder is not  required to give any notice or make any
     report or other filing with any Governmental  Entity in connection with the
     execution or delivery of this Agreement or the performance of such Holder's
     obligations  hereunder,  and no consent,  approval,  authorization,  order,
     registration or qualification  of or with any Governmental  Entity or other
     person is required  in order for such  Holder to execute  and deliver  this
     Agreement,  comply  with  all of  the  provisions  of  this  Agreement  and
     consummate the transactions contemplated by this Agreement.

                                      -3-
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     3.   No Transfer.

          (a) During the Term, each Holder agrees that it shall not, directly or
     indirectly:

               (i) sell,  exchange  or  otherwise  dispose  of or enter into any
          contract,   agreement  or  other  arrangement  to  sell,  exchange  or
          otherwise  dispose  of any of its Owned  Interests  or any  securities
          received or to be  received  by such  Holder in respect  thereof or in
          exchange therefor;

               (ii)  create  or  suffer  to exist  any Lien  (other  than  Liens
          existing  on the  date  hereof)  with  respect  to  any  of its  Owned
          Interests or any securities  received or to be received by such Holder
          in respect thereof or in exchange therefor;

               (iii)  grant any  options,  rights or  warrants or enter into any
          contracts,  agreements  or other  arrangements  to grant any  options,
          rights or warrants  with respect to any of its Owned  Interests or any
          securities  received  or to be  received  by such  Holder  in  respect
          thereof or in exchange therefor;

               (iv) grant any proxies or powers of attorney  with respect to any
          Owned  Interests  regarding  any matters  specified  in Section  1(a),
          deposit any Owned  Interests into a voting trust,  enter into a voting
          agreement  with  respect  to any Owned  Interests  or tender any Owned
          Interests in a transaction  other than a transaction  contemplated  by
          the Merger Agreement; or

               (v) take any  action  which is  intended  to have the  effect  of
          preventing or disabling such Holder from  performing  its  obligations
          under this Agreement.

          (b) During the Term,  each  Holder  agrees on behalf of itself and its
     officers, directors,  employees,  Affiliates,  bankers, financial advisors,
     attorneys,    accountants,   brokers,   finders,   consultants   or   other
     representatives  (collectively   "Representatives")  to  be  bound  by  the
     provisions of Sections 4.2(a) and (b) of the Merger  Agreement as though it
     were a party thereto.  The foregoing  shall, as applicable,  not restrict a
     Holder or its  representatives  on the Board of Directors of JP from taking
     actions to the same extent and in the same circumstances  permitted for the
     Board of Directors of JP by the terms of the Merger Agreement.

     4.   Miscellaneous.

          (a)  Notices.  All  notices,   requests,  claims,  demands  and  other
     communications under this Agreement shall be in writing and shall be deemed
     given if delivered  personally,  sent by overnight courier (providing proof
     of delivery) or sent by telecopy (providing confirmation of transmission to
     the parties),  postage prepaid to the parties at the following addresses or
     telecopy numbers (or at such other addresses or telecopy number as shall be
     specified by like notice):

                                      -4-
<PAGE>

               (i)     If to General Growth, GGP, Acquisition
                       or Partnership Acquisition:

                       110 North Wacker Drive
                       Chicago, Illinois  60606
                       Telecopy No. (312) 960-5463
                       Attention:  Mr. Bernard Freibaum

                       with a copy to:

                       Neal, Gerber & Eisenberg
                       2 North LaSalle Street
                       Suite 2200
                       Chicago, Illinois  60602
                       Telecopy No. (312) 269-1747
                       Attention:  Marshall E. Eisenberg, Esq.

               (ii)    If to a Holder,  to the  address  noted on Schedule I
                       hereto.

          (b)  Interpretation.  When a reference is made in this  Agreement to a
     Section,  such  reference  shall be to a Section of this  Agreement  unless
     otherwise  indicated.  The  headings  contained in this  Agreement  are for
     reference  purposes  only and shall not  affect in any way the  meaning  or
     interpretation of this Agreement.  Whenever the words "include," "includes"
     or  "including"  are used in this  Agreement,  they  shall be  deemed to be
     followed by the words "without  limitation." The parties have  participated
     jointly in the negotiation and drafting of this Agreement.  In the event an
     ambiguity or question of intent or  interpretation  arises,  this Agreement
     shall be construed as if drafted  jointly by the parties and no presumption
     or burden of proof shall arise favoring or disfavoring  any party by virtue
     of the authorship of any of the provisions of this Agreement.

          (c)  Counterparts.  This  Agreement  may be  executed  in one or  more
     counterparts,  all of which shall be considered  one and the same agreement
     and shall become effective when one or more  counterparts  have been signed
     by each of the parties and delivered to the other party.

          (d) Entire  Agreement;  No Third-Party  Beneficiaries.  This Agreement
     (including the Merger  Agreement and the other  agreements  entered into in
     connection  with the  Merger)  (a)  constitutes  the entire  agreement  and
     supersedes all prior agreements and understandings,  both written and oral,
     among the parties with respect to the subject  matter of this Agreement and
     (b) is not intended to confer upon any person other than the parties hereto
     any rights or remedies.

          (e) Governing Law. THIS AGREEMENT  SHALL BE GOVERNED BY, AND CONSTRUED
     IN ACCORDANCE  WITH,  THE LAWS OF THE STATE OF MARYLAND,  REGARDLESS OF THE
     LAWS THAT MIGHT OTHERWISE GOVERN UNDER APPLICABLE PRINCIPLES OF CONFLICT OF
     LAWS THEREOF. By the execution and delivery of this Agreement,  each Holder
     appoints CSC - Lawyers Incorporating Service Company, 11 East Chase Street,
     Baltimore, MD 21202, as its agent upon which process

                                      -5-
<PAGE>

     may be served in any legal  action or  proceeding.  Service of process upon
     such agent in the manner specified in Section 4(a) shall be deemed in every
     respect  effective  service of process upon such Holder in any legal action
     or proceeding.

          (f)  Assignment.  Neither  this  Agreement  nor  any  of  the  rights,
     interests  or  obligations  under  this  Agreement  shall  be  assigned  or
     delegated,  in whole or in part, by operation of law or otherwise by any of
     the  parties  without  the prior  written  consent  of the  other  parties.
     Notwithstanding the foregoing,  Acquisition and Partnership Acquisition may
     assign,  in their sole discretion,  any of or all their respective  rights,
     interests and  obligations  under this  Agreement to any direct or indirect
     wholly owned  subsidiary of General  Growth and GGP with written  notice to
     the Holders, but no such assignment shall relieve General Growth and GGP of
     any of its obligations hereunder.  Subject to the preceding sentences, this
     Agreement will be binding upon, inure to the benefit of, and be enforceable
     by, the parties and their respective  heirs,  beneficiaries,  remaindermen,
     personal   representatives,    executors,   administrators,    fiduciaries,
     successors and permitted assigns.

          (g) Enforcement. The parties agree that irreparable damage would occur
     in the  event  that  any of the  provisions  of  this  Agreement  were  not
     performed  in  accordance  with  their  specific  terms  or were  otherwise
     breached.  It is accordingly agreed that General Growth,  GGP,  Acquisition
     and  Partnership   Acquisition  shall  be  entitled  to  an  injunction  or
     injunctions  (without any requirement for posting bond) to prevent breaches
     of this Agreement and to enforce  specifically  the terms and provisions of
     this  Agreement in any federal  court located in Maryland or, to the extent
     such courts do not have  subject  matter  jurisdiction,  in any state court
     located in Maryland  this being in  addition  to any other  remedy to which
     they are  entitled at law or in equity.  In  addition,  each of the parties
     hereto (a)  consents  to submit  itself  (without  making  such  submission
     exclusive)  to the personal  jurisdiction  of any federal  court located in
     Maryland  or,  to the  extent  such  courts  do  not  have  subject  matter
     jurisdiction,  any state court located in Maryland in the event any dispute
     arises out of this  Agreement or any of the  transactions  contemplated  by
     this  Agreement  and (b) agrees  that it will not attempt to deny or defeat
     such  personal  jurisdiction  by motion or other request for leave from any
     such court.

          (h) Certain  Definitions.  Unless the context otherwise requires,  the
     following terms shall have the following respective meanings:

               (i) "Beneficial Owner" has the meaning set forth in Rule 13d-3(a)
          and  (b)  of the  Rules  and  Regulations  to the  Exchange  Act,  and
          "Beneficially Owned" shall have a correlative meaning.

               (ii)  "person"  means a  corporation,  association,  partnership,
          joint venture,  organization,  business,  individual, trust, estate or
          any other entity or Group  (within the meaning of Section  13(d)(3) of
          the Exchange Act).

          (i)  Changes in Capital  Structure.  In the event of any stock  split,
     stock dividend,  combination,  merger, reorganization,  recapitalization or
     other change in the capital  structure  of JP  affecting  the Shares or the
     acquisition or receipt of additional  Shares or other  securities or rights
     of JP or any other  person by a Holder upon  conversion  or exercise of any
     other  securities  or  otherwise,  the number of Shares  shall be  adjusted
     appropriately, and this

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<PAGE>

     Agreement  and the  obligations  hereunder  shall attach to any  additional
     Shares or other securities or rights of JP or any other person issued to or
     acquired by such Holder.  Comparable adjustments shall be made with respect
     to Partnership Interests,  and this Agreement and the obligations hereunder
     shall attach to any additional Partnership Interests or other securities or
     rights of JP  Partnership  or any other  person  issued to or acquired by a
     Holder.

          (j) Term.  The term (the "Term") of this  Agreement  shall commence on
     the  date  hereof  and  terminate  on the  earlier  to  occur  of  (i)  the
     termination of the Merger  Agreement in accordance  with its terms and (ii)
     consummation of the Mergers.

          (k)  Severability.  Any term or provision of this  Agreement  which is
     invalid  or   unenforceable   in  any   jurisdiction   shall,  as  to  that
     jurisdiction,   be  ineffective  to  the  extent  of  such   invalidity  or
     unenforceability  without  rendering invalid or unenforceable the remaining
     terms and  provisions  of this  Agreement  or  affecting  the  validity  or
     enforceability  of any of the terms or provisions of this  Agreement in any
     other jurisdiction. If any provision of this Agreement is so broad as to be
     unenforceable, the provision shall be interpreted to be only so broad as is
     enforceable.

          (l)  Waiver of Jury  Trial.  EACH OF THE  PARTIES  HEREBY  IRREVOCABLY
     WAIVES TO THE FULLEST  EXTENT  PERMITTED BY APPLICABLE  LAW, FOR ITSELF AND
     FOR THE THIRD PARTY BENEFICIARIES  HEREUNDER, ANY AND ALL RIGHT TO TRIAL BY
     JURY IN ANY LEGAL PROCEEDINGS  ARISING OUT OF OR RELATING TO THIS AGREEMENT
     OR THE TRANSACTIONS CONTEMPLATED HEREBY.

          (m)  Time  of  Essence.  Time is of the  essence  of  each  and  every
     provision of this Agreement.

          (n) Other  Provisions.  Each Holder  agrees to execute all  additional
     writings,  consents and  authorizations  as may be reasonably  requested by
     General Growth, GGP, Acquisition or Partnership Acquisition to evidence the
     agreements  herein.  The  representations,  warranties and covenants of the
     parties  contained herein shall survive the Closing.  No Holder shall issue
     any press release or make any public  announcement  which  addresses in any
     manner the  transactions  contemplated  by this Agreement nor permit any of
     its  Representatives  to do the same without the prior written  approval of
     General Growth, GGP, Acquisition and Partnership Acquisition, except as may
     be required by applicable Law, court process or by any listing  obligations
     pursuant to any listing agreement with any national securities exchange (in
     which  case  the  disclosing  party  will use its  commercially  reasonable
     efforts to advise the other parties prior to making the disclosure).

                                      -7-
<PAGE>

     Please indicate your agreement with the foregoing by signing a copy of this
Agreement in the space indicated below.

                               Very truly yours,

                               FAIRFAX HOLDING, L.L.C.

                               By:   /s/ John Price
                                   ---------------------------
                                   John Price

                               By: JPET II Company, Limited Partnership,
                                   a Utah limited partnership

                                   By: /s/ John Price
                                       --------------------------
                                       John Price, General Partner

                               By: Fairfax Realty, Inc., a Utah corporation

                                   By: /s/ John Price
                                       --------------------------
                                       John Price, President

                               BOISE MALL INVESTMENT COMPANY

                                   Fairfax Holding, L.L.C. ,
                                   a Utah limited liability company,
                                   its general partner

                                   By: /s/ John Price
                                       --------------------------
                                       John Price, General Partner

                               CACHE VALLEY PARTNERSHIP

                                   Fairfax Holding, L.L.C. ,
                                   a Utah limited liability company,
                                   its general partner

                                   By: /s/ John Price
                                       --------------------------
                                       John Price, General Partner

                                      -8-
<PAGE>

                               NORTH PLAINS DEVELOPMENT COMPANY

                                   Fairfax Holding, L.L.C. ,
                                   a Utah limited liability company,
                                   its general partner

                                   By: /s/ John Price
                                       --------------------------
                                       John Price, General Partner

                               NORTH PLAINS LAND COMPANY

                                   Fairfax Holding, L.L.C. ,
                                   a Utah limited liability company,
                                   its general partner

                                   By: /s/ John Price
                                       --------------------------
                                       John Price, General Partner

                               PINE RIDGE DEVELOPMENT COMPANY

                                   Fairfax Holding, L.L.C. ,
                                   a Utah limited liability company,
                                   its general partner

                                   By: /s/ John Price
                                       --------------------------
                                       John Price, General Partner

                               PINE RIDGE LAND COMPANY

                                   Fairfax Holding, L.L.C. ,
                                   a Utah limited liability company,
                                   its general partner

                                   By: /s/ John Price
                                       --------------------------
                                       John Price, General Partner

                                      -9-
<PAGE>

                               PRICE 800 COMPANY

                                   Fairfax Holding, L.L.C. ,
                                   a Utah limited liability company,
                                   its general partner

                                   By: /s/ John Price
                                       --------------------------
                                       John Price, General Partner

                                    JPET II Company, Limited Partnership,
                                    a Utah limited partnership,
                                    its general partner

                                    By:        /s/ John Price
                                             --------------------------
                                             John Price, General Partner

                               PRICE COMMERCE

                                   Fairfax Holding, L.L.C. ,
                                   a Utah limited liability company,
                                   its general partner

                                   By: /s/ John Price
                                       --------------------------
                                       John Price, General Partner

                               PRICE EAST BAY COMPANY

                                   Fairfax Holding, L.L.C. ,
                                   a Utah limited liability company,
                                   its general partner

                                   By: /s/ John Price
                                       --------------------------
                                       John Price, General Partner

                                      -10-
<PAGE>

                               PRICE EUGENE BAILEY COMPANY

                                   Fairfax Holding, L.L.C. ,
                                   a Utah limited liability company,
                                   its general partner

                                   By: /s/ John Price
                                       --------------------------
                                       John Price, General Partner

                               PRICE FREMONT COMPANY

                                   Fairfax Holding, L.L.C. ,
                                   a Utah limited liability company,
                                   its general partner

                                   By: /s/ John Price
                                       --------------------------
                                       John Price, General Partner

                               PRICE GLENDALE COMPANY

                                   Fairfax Holding, L.L.C. ,
                                   a Utah limited liability company,
                                   its general partner

                                   By: /s/ John Price
                                       --------------------------
                                       John Price, General Partner

                                      -11-
<PAGE>

                               PRICE OREM INVESTMENT COMPANY

                               By: /s/ John Price
                                   ---------------------------
                                   John Price, General Partner

                                   Fairfax Holding, L.L.C. ,
                                   a Utah limited liability company,
                                   its general partner

                                   By: /s/ John Price
                                       --------------------------
                                       John Price, General Partner

                               PRICE PLAZA 800 COMPANY

                                   Fairfax Holding, L.L.C. ,
                                   a Utah limited liability company,
                                   its general partner

                                   By: /s/ John Price
                                       --------------------------
                                       John Price, General Partner

                               PRICE RIVERSIDE COMPANY

                                   Fairfax Holding, L.L.C. ,
                                   a Utah limited liability company,
                                   its general partner

                                   By: /s/ John Price
                                       --------------------------
                                       John Price, General Partner

                                      -12-
<PAGE>

                               PRICE ROCK SPRINGS COMPANY

                                   Fairfax Holding, L.L.C. ,
                                   a Utah limited liability company,
                                   its general partner

                                   By: /s/ John Price
                                       --------------------------
                                       John Price, General Partner

                               PRICE TAYWIN COMPANY

                               By:  /s/ John Price
                                    --------------------------
                                    John Price, General Partner

                               RED CLIFFS MALL INVESMENT COMPANY

                                   Fairfax Holding, L.L.C. ,
                                   a Utah limited liability company,
                                   its general partner

                                   By: /s/ John Price
                                       --------------------------
                                       John Price, General Partner

                               TECH PARK II COMPANY

                                   Fairfax Holding, L.L.C. ,
                                   a Utah limited liability company,
                                   its general partner

                                   By: /s/ John Price
                                       --------------------------
                                       John Price, General Partner

                                      -13-
<PAGE>

                               John Price

                               By: /s/ John Price
                                   ---------------------------
                                   John Price

                                      -14-
<PAGE>

ACCEPTED AS OF THE DATE
FIRST ABOVE WRITTEN.

GENERAL GROWTH PROPERTIES, INC.

By:        /s/ Bernard Freibaum
         --------------------------------------------
         Name:  Bernard Freibaum
         Title:  Executive Vice President

GGP LIMITED PARTNERSHIP

         By:      GENERAL GROWTH PROPERTIES,
                  INC., General Partner

                  By:        /s/ Bernard Freibaum
                           --------------------------------------------
                           Name:  Bernard Freibaum
                           Title:  Executive Vice President

GGP ACQUISITION, L.L.C.

         By:      GGP LIMITED PARTNERSHIP,
                  Member

                  By:      GENERAL GROWTH PROPERTIES,
                           INC., General Partner

                           By:        /s/ Bernard Freibaum
                                    --------------------------------------------
                                    Name:  Bernard Freibaum
                                    Title:  Executive Vice President

GGP ACQUISITION II, L.L.C.

         By:      GGP LIMITED PARTNERSHIP,
                  Member

                  By:      GENERAL GROWTH PROPERTIES,
                           INC., General Partner

                           By:        /s/ Bernard Freibaum
                                    --------------------------------------------
                                    Name:  Bernard Freibaum
                                    Title:  Executive Vice President

                                      -15-<PAGE>
                                                                     EXHIBIT 4.1

                          ARGONAUT TECHNOLOGIES, INC.
--------------------------------------------------------------------------------

                          REGISTRATION RIGHTS AGREEMENT

                          DATED AS OF FEBRUARY __, 2002

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

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                               PAGE
                                                                                               ----
<S>     <C>                                                                                    <C>
SECTION 1 Definitions............................................................................2

SECTION 2 Registration Rights....................................................................3

        2.1    Company Registration..............................................................3
        2.2    [Reserved.........................................................................4
        2.3    Expenses of Registration..........................................................4
        2.4    Registration Procedures...........................................................4
        2.5    Preparation; Reasonable Investigation.............................................6
        2.6    Indemnification...................................................................6
        2.7    Information by Holder.............................................................9
        2.8    Rule 144 Reporting................................................................9
        2.9    Transfer of Registration Rights...................................................9
        2.10   Termination......................................................................10
        2.11   Representations and Warranties of the Company....................................10

SECTION 3 Legends...............................................................................10

        3.1    Legends..........................................................................10

SECTION 4 Miscellaneous.........................................................................11

        4.1    Governing Law....................................................................11
        4.2    Entire Agreement; Amendment......................................................11
        4.3    Aggregation......................................................................11
        4.4    Notices, etc.....................................................................11
        4.5    Severability.....................................................................11
        4.6    Counterparts.....................................................................12
</TABLE>

                                      -i-
<PAGE>

                           ARGONAUT TECHNOLOGIES, INC.

                          REGISTRATION RIGHTS AGREEMENT

        THIS REGISTRATION RIGHTS AGREEMENT (the "AGREEMENT") is made as of the
____ day of ___________, by and among Argonaut Technologies, Inc., a Delaware
corporation (the "Company"), and the holders of ordinary shares of Jones
Chromatography Limited ("TARGET") listed on the schedule attached hereto as
Exhibit A (collectively the "SHAREHOLDERS" and each individually a
"SHAREHOLDER").

                                    RECITALS

        WHEREAS, the Company and the Shareholders propose to enter into an
agreement pursuant to which Target will be acquired by the Company (the
"ACQUISITION AGREEMENT");

        WHEREAS, pursuant to the Acquisition Agreement, all of the issued and
outstanding equity interests in Target shall be exchanged for consideration
which shall include shares of the Company's Common Stock ("COMPANY COMMON
STOCK"); and

        WHEREAS, the Company and the Shareholders desire to provide for the
rights of the Shareholders with respect to registration of Company Common Stock
issued to the Shareholders in connection with the acquisition.

        Now, therefore, in consideration of the covenants, promises and
representations set forth herein, and for other good and valuable consideration,
intending to be legally bound hereby the parties agree as follows:

<PAGE>

                                    SECTION 1

                                   Definitions

        As used in this Agreement, the following terms shall have the following
respective meanings:

        1.1 "Commission" shall mean the Securities and Exchange Commission of
the United States or any other U. S. federal agency at the time administering
the Securities Act of 1933.

        1.2 "Common Stock" shall mean shares of the Company's Common Stock.

        1.3 "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, as the same shall be in effect at the time.

        1.4 "Holder" shall mean each of the Shareholders (and their transferees
as permitted by Section 2. 18) holding Registrable Securities or securities
convertible into Registrable Securities, plus those Holders set forth in that
certain Amended and Restated Stockholder Rights Agreement dated as of May 22,
1999 and that certain Registration Rights Agreement dated as of March 1, 2001
(collectively the "Stockholder Rights Agreements").

        1.5 "Other Holders" shall mean holders of Company securities, other than
the Holders and the Holders identified in the Stockholder Rights Agreements,
proposing to distribute their securities pursuant to a registration under
Section 2 of this Agreement or under the Stockholder Rights Agreements.

        1.6 "Registrable Securities" means the Company Common Stock and any
shares of Common Stock issued or issuable in respect of such Company Common
Stock upon any stock split, stock dividend, recapitalization, or similar event.
Shares of the Company Common Stock or other securities shall only be treated as
Registrable Securities if they have not been sold to or through a broker or
dealer or underwriter in a public distribution or a public securities
transaction.

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

        1.8 "Registration Expenses" shall mean all expenses, except as otherwise
stated below, incurred by the Company in complying with Section 2. 1 hereof,
including, without limitation, all registration, qualification and filing fees,
printing expenses, escrow fees, fees and disbursements of counsel and
independent public accountants for the Company (and fees and disbursements of
one

<PAGE>

special counsel for Holders, if any), blue sky fees, transfer taxes, fees of
transfer agents and registrars and expenses and the expense of any special
audits incident to or required by any such registration, fees and expenses of
the underwriter (excluding discounts and commissions but including liability
insurance if the Company so desires or if the underwriter so requires) (but
excluding the compensation of regular employees of the Company which shall be
paid in any event by the Company).

        1.9  "Securities" shall mean Common Stock.

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

        1.11 "Selling Expenses" shall mean all underwriting discounts and
selling commissions applicable to the securities registered by the Holders.

                                    SECTION 2

                               Registration Rights

        2.1  Company Registration.

            (a) Notice of Registration. If at any time or from time to time the
Company shall determine to register any of its securities, either for its own
account or the account of a security holder or holders, other than (i) a
registration relating solely to employee benefit plans, or (ii) a registration
relating solely to a Rule 145 transaction, the Company will:

                (i) promptly give to each Holder written notice thereof; and

                (ii) include in such registration (and any related qualification
under blue sky laws or other compliance), and in any underwriting involved
therein, all the Registrable Securities specified in a written request or
requests, made by any Holder within twenty (20) days after receipt of such
written notice from the Company.

            (b) Underwriting. If the registration of which the Company gives
notice is for a registered public offering involving an underwriting, the
Company shall so advise the Holders as a part of the written notice given
pursuant to Section 2.1(a)(i). In such event the right of any Holder to
registration pursuant to this Section 2.1 shall be conditioned upon such
Holder's participation in such underwriting and the inclusion of Registrable
Securities in the underwriting to the extent provided herein. All Holders
proposing to distribute their securities through such underwriting shall,
together with the Company and the Other Holders, enter into an underwriting
agreement in customary form with the managing underwriter selected for such
underwriting by the Company. Notwithstanding any other provision of this Section
2.1, if the managing underwriter determines that marketing factors require a
limitation of the number of shares to be underwritten, the managing underwriter

<PAGE>

may limit the number of shares of Registrable Securities to be included in such
registration without requiring any limitation in the number of shares to be
registered on behalf of the Company, provided that the number of shares of
Registrable Securities held by Holders and the Other Holders to be included in
such registration shall not be limited to less than twenty-five percent (25%) of
the total number of shares to be included in such registration. The Company
shall so advise all Holders and Other Holders and the number of shares that may
be included in the registration and underwriting by all Holders and Other
Holders shall be allocated among them, as nearly as practicable, first, to the
Company (or, if applicable, to the holders for whose account the Company is
registering the securities), second, among the Holders in proportion to the
respective amounts of Registrable Securities held by such Holders at the time of
filing of the registration statement, and, third, among the Other Holders in
proportion to the number of shares proposed to be included in such registration
by such Other Holders; provided, however, that at all times, such allocation
shall be subject to the twenty-five percent (25%) threshold set forth in the
preceding sentence. To facilitate the allocation of shares in accordance with
the above provisions, the Company may round the number of shares allocated to
any Holder or Other Holder to the nearest one hundred (100) shares. If any
Holder or Other Holder disapproves of the terms of any such underwriting, such
holder may elect to withdraw therefrom by written notice to the Company and the
managing underwriter. Any securities excluded or withdrawn from such
underwriting shall be withdrawn from such registration.

               (c) Right to Terminate Registration. The Company shall have the
right to terminate or withdraw any registration initiated by it under this
Section 2.1 prior to the effectiveness of such registration whether or not any
Holder has elected to include Registrable Securities in such registration.

        2.2    [Reserved. ]

        2.3    Expenses of Registration.

               (a) Registration Expenses. The Company shall bear all
Registration Expenses incurred in connection with all registrations pursuant to
Section 2.1.

               (b) Selling Expenses. Unless otherwise stated in Section 2.3(a),
all Selling Expenses relating to securities registered on behalf of the Holders
shall be borne by the Holders pro rata on the basis of the number of shares so
registered by such Holder.

        2.4    Registration Procedures. In the case of each registration,
qualification or compliance effected by the Company pursuant to this Agreement,
the Company will:

               (a) keep each Holder advised in writing as to the initiation of
each registration, qualification and compliance and as to the completion
thereof;

               (b) as soon as practicable 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 until the
earlier of (i) the expiration of one hundred twenty (120) days or (ii) the
completion of distribution described in the Registration Statement; provided,

<PAGE>

however, that such 120-day period shall be extended for a period of time equal
to the period the Holder refrains from selling any securities included in such
registration at the request of an underwriter of Common Stock (or other
securities) of the Company;

               (c) furnish to the Holders participating in such registration
and to the underwriters of the securities being registered such reasonable
number of copies of the registration statement, preliminary prospectus, final
prospectus and such other documents as such underwriters may reasonably request
in order to facilitate the public offering of such securities;

               (d) prepare and file with the Commission such amendments and
supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to comply with the
provisions of the Securities Act with respect to the disposition of all
securities covered by such registration statement;

               (e) in the event of an underwritten public offering, enter
into and perform its obligations under an underwriting agreement, in usual and
customary form, with the managing underwriter of such offering. Each Holder
participating in such underwriting shall also enter into and perform its
obligations under such an agreement;

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

               (g) provide a transfer agent and registrar for all Registrable
Securities registered hereunder and a CUSIP number for all such Registrable
Securities, in each case not later than the effective date of such registration;

               (h) use its best efforts to register or qualify such Registrable
Securities under such other securities or blue sky laws of such jurisdictions as
any Holder reasonably requests and do any and all other acts and things which
may be necessary or advisable to enable such holder to consummate the
disposition in such jurisdictions of the Registrable Securities owned by such
seller; provided, that the Company will not be required to (i) qualify generally
to do business in any jurisdiction where it would not otherwise be required to
qualify but for this paragraph (h), (ii) subject itself to taxation in any such
jurisdiction or (iii) consent to general service or process in any such
jurisdiction, but the Company will be required to consent to service or process
in actions arising out of or in connection with the sale of the Registrable
Securities or any violation of state securities laws;

               (i) use its best efforts to cause the Registrable Securities
covered by such registration statement to be registered with or approved by any
other governmental agencies or authorities as may be necessary by virtue of the
business and operations of the Company to enable the seller or sellers thereof
to consummate the disposition of such Registrable Securities;

<PAGE>

               (j) use its best efforts to obtain a comfort letter from the
Company's independent public accountants in customary form and covering such
matters of the type customarily covered by comfort letters with respect to
offerings of such type as the Holders may reasonably request;

               (k) otherwise comply with all applicable rules and regulations
of the Commission, and make available to its security holders, as soon as
reasonably practicable, an earnings statement covering a period of twelve
months, beginning within three months after the effective date of the
registration statement, which earnings statement shall satisfy the provisions of
Section 11(a) of the Securities Act and Rule 158 thereunder; and

               (l) cause all such Registrable Securities to be listed on each
securities exchange on which similar securities issued by the Company are then
listed, provided that the applicable listing requirements are satisfied.

        The Company may require each holder of Registrable Securities as to
which any registration is being effected to furnish to the Company such
information regarding the distribution of such Registrable Securities as the
Company may from time to time reasonably request in writing.

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

        2.6    Indemnification.

               (a) By Company. To the full extent permitted by law, the Company
will indemnify and hold harmless each Holder, each of its officers and directors
and partners, and each person controlling such Holder within the meaning of
Section 15 of the Securities Act, with respect to which registration,
qualification or compliance has been effected pursuant to this Agreement, and
each underwriter, if any, and each person who controls any underwriter within
the meaning of Section 15 of the Securities Act and each Shareholder and its
officers, directors and partners and each person controlling such Shareholder
within the meaning of Section 15 of the Securities Act, against all expenses,
claims, losses, damages or liabilities, joint or several, (or actions in respect
thereof), including any of the foregoing incurred in settlement of any
litigation, commenced or threatened, arising out of or based on any untrue
statement (or alleged untrue statement) of a material fact contained in any
registration statement, prospectus, offering circular or other document, or any
amendment or supplement thereto, incident to any such registration,
qualification or compliance, or based on any omission (or alleged omission) to
state therein a material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances in

<PAGE>

which they were made, not misleading, or any violation by the Company of the
Securities Act, the Exchange Act or any state or federal securities law, or any
rule or regulation promulgated under such Acts or law applicable to the Company
in connection with any such registration, qualification or compliance, and the
Company will reimburse each such Holder, each of its officers, directors and
partners, and each person controlling such Holder, each such underwriter and
each person who controls any such underwriter, each Shareholder, each of its
officers, directors and partners and each person controlling such Shareholder,
in advance of the final disposition of such matter, for any legal and any other
expenses reasonably incurred in connection with investigating, preparing or
defending any such claim, loss, damage, liability or action, provided that the
Company will not be liable in any such case to any such Holder to the extent
that any such claim, loss, damage, liability or expense arises out of or is
based on any untrue statement or omission or alleged untrue statement or
omission, made in reliance upon and in conformity with written information
furnished to the Company by an instrument duly executed by such Holder,
controlling person, underwriter or Shareholder and stated to be specifically for
use therein. If the Holders and Shareholders are represented by counsel other
than counsel for the Company, the Company will not be obligated under this
Section 2.6(a) to reimburse legal fees and expenses of more than one separate
counsel for all Holders and Shareholders.

               (b) By Holders. Each Holder will, if Registrable Securities held
by such Holder are included in the securities as to which such registration,
qualification or compliance is being effected, indemnify and hold harmless the
Company, each of its directors, each of its officers, each underwriter, if any,
of the Company's securities covered by such a registration statement, each
person who controls the Company or such underwriter within the meaning of
Section 15 of the Securities Act, and each other such Holder, each of its
officers and directors and each person controlling such Holder within the
meaning of Section 15 of the Securities Act, against all claims, losses, damages
and liabilities (or actions in respect thereof) arising out of or based on any
untrue statement (or alleged untrue statement) of a material fact contained in
any such registration statement, prospectus, offering circular or other
document, or any omission (or alleged omission) to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading, and will reimburse the Company, such Holders, such directors,
officers, persons, underwriters or control persons for any legal or any other
expenses reasonably incurred in connection with investigating or defending any
such claim, loss, damage, liability or action, in each case to the extent, but
only to the extent, that such untrue statement (or alleged untrue statement) or
omission (or alleged omission) is made in such registration statement,
prospectus, offering circular or other document in reliance upon and in
conformity with written information furnished to the Company by an instrument
duly executed by such Holder and stated to be specifically for use therein.
Notwithstanding the foregoing, the liability of each Holder under this
subsection (b) shall be limited in an amount equal to the amount of net proceeds
received by such Holder in respect of the Registrable Securities sold by such
Holder, unless such liability arises out of or is based on willful misconduct by
such Holder.

               (c) Procedures. Each party entitled to indemnification under this
Section 2.6 (the "INDEMNIFIED PARTY") shall give written notice to the party
required to provide indemnification (the "INDEMNIFYING PARTY") promptly after
such Indemnified Party has actual knowledge of any claim as

<PAGE>

to which indemnity may be sought, and shall permit the Indemnifying Party to
assume the defense of any such claim or any litigation resulting therefrom,
provided that counsel for the Indemnifying Party, who shall conduct the defense
of such claim or litigation, shall be approved by the Indemnified Party (whose
approval shall not unreasonably be withheld), and the Indemnified Party may
participate in such defense at such party's expense, and provided further that
the failure of any Indemnified Party to give notice as provided herein shall not
relieve the Indemnifying Party of its obligations under this Agreement unless
the failure to give such notice is materially prejudicial to an Indemnifying
Party's ability to defend such action and provided further, that the
Indemnifying Party shall not assume the defense for matters as to which there is
a conflict of interest or separate and different defenses. No Indemnifying
Party, in the defense of any such claim or litigation, shall, except with the
consent of each Indemnified Party, consent to entry of any judgment or enter
into any settlement which does not include as an unconditional term thereof the
giving by the claimant or plaintiff to such Indemnified Party of a release from
all liability in respect to such claim or litigation.

               (d) Contribution. If the indemnification provided for in this
Section 2.6 is held by a court of competent jurisdiction to be unavailable to an
Indemnified Party or is insufficient with respect to any loss, liability, claim,
damage, or expense referred to therein, then the indemnifying party, in lieu of
indemnifying such indemnified party hereunder, shall contribute to the amount
paid or payable by such indemnified party as a result of such loss, liability,
claim, damage, or expense in such proportion as is appropriate to reflect (i)
the relative benefits received on the one hand by the Company and on the other
Hand by the Holders and Other Holders of the Registrable Securities covered by
the registration statement; and (ii) the relative fault of the Company on the
one hand and of the Holders and Other Holders of the Registrable Securities on
the other in connection with the statements or omissions that resulted in such
loss, liability, claim, damage, or expense, as well as any other relevant
equitable considerations.

        The relative benefits received shall be deemed to be in the same
proportion which the total proceeds from the offering of the securities (net
underwriting discounts and commissions but before adding deducting expenses)
received by the Company bears to the total proceeds from the offering of
securities (net underwriting discounts and commissions but before deducting
expenses) received by the Holder and Other Holders of Registrable Securities
with respect to such offering, and in each case, such net proceeds received from
such offering shall be determined as set forth on the table of the cover page of
the prospectus. Notwithstanding the provisions of this section, no Holder shall
be required to contribute any amount in excess of the proceeds (net of
underwriting discounts and commissions but before deducting expenses) received
by such Holder in the registration.

        The relative fault of the indemnifying party and of the indemnified
party shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission to state a
material fact relates to information supplied by the indemnifying party or by
the indemnified party and the parties' relative intent, knowledge, access to
information, and opportunity to correct or prevent such statement or omission.
The amount paid or payable by a party as a result of any loss, liability, claim,
damage or expense referred to above shall be deemed to include, subject to the
limitations set forth in Section 2.6(c), any legal or other fees, or expenses
reasonably incurred by such party in connection with any investigation or
proceeding. The

<PAGE>

Company and the Holders agree that it would not be just and equitable if
contribution pursuant to this Section 2.6 is determined by pro rata allocation
or by any other method of allocation which does not take into account the
equitable considerations referred to herein. No person guilty of "fraudulent
misrepresentation" within the meaning of Section 11 of the Securities Act shall
be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation.

               (e) Controlling Agreement. Notwithstanding the foregoing, to the
extent that the provisions on indemnification and contribution contained in the
underwriting agreement entered into in connection with the underwritten public
offering are in conflict with the foregoing provisions of this Section 2.6, the
provisions in the underwriting agreement shall control.

        2.7    Information by Holder. The Holder or Holders of Registrable
Securities included in any registration shall furnish to the Company such
information regarding such Holder or Holders, the Registrable Securities held by
them and the distribution proposed by them as the Company may request in writing
and only as shall be necessary to enable the Company to comply with the
provisions hereof in connection with any registration, qualification or
compliance referred to in this Agreement.

        2.8    Rule 144 Reporting. With a view to making available the benefits
of certain rules and regulations of the Commission which may at any time permit
the sale of the Registrable Securities to the public without registration, after
such time as a public market exists for the Common Stock of the Company, the
Company agrees to use its best efforts to:

               (a) Make and keep public information available, as those terms
are understood and defined in Rule 144 under the Securities Act;

               (b) File with the Commission in a timely manner all reports and
other documents required of the Company under the Securities Act and the
Exchange Act (at any time it is subject to such reporting requirements);

               (c) Furnish to any Holder forthwith upon request a written
statement by the Company as to its compliance with the reporting requirements of
Rule 144 (at any time after 90 days after the effective date of the first
registration statement filed by the Company for an offering of its securities to
the general public), and of the Securities Act and the Exchange Act (at any it
is subject to such reporting requirements), a copy of the most recent annual or
quarterly report of the Company, and such other reports and documents of the
Company and other information in the possession of or reasonably obtainable by
the Company as such Holder may reasonably request in availing itself of any rule
or regulation of the Commission allowing such Holder to sell any such securities
without registration.

        2.9    Transfer of Registration Rights. The rights to cause the Company
to register securities granted Holders under Sections 2.1 may be assigned in
connection with any transfer or assignment by a Holder of Registrable Securities
provided that: (i) such transfer may otherwise be effected in accordance with
applicable securities laws, (ii) such transfer is effected in compliance with
the restrictions on transfer contained in this Agreement and in any other
agreement between the

<PAGE>

Company and the Holder, and (iii) such assignee or transferee purchases all
shares of Common Stock held by a Shareholder. No transfer or assignment will
divest a Holder or any subsequent owner of such rights and powers unless all
Registrable Shares are transferred or assigned.

        2.10   Termination. The registration rights granted pursuant to this
Section 2 shall terminate as to any Holder at the later of (i) five years after
the Company's initial public offering or (ii) at such time as such Holder may
sell under Rule 144, or a successor rule, in a three month period all
Registrable Securities then held by such Holder.

        2.11   Representations and Warranties of the Company. The Company
represents and warrants to each of the Shareholders as follows:

                    (i) The execution, delivery and performance of this
Agreement by the Company have been duly authorized by all requisite corporate
action and will not violate any provision of law, any order of any court or
other agency of government, the Restated Certificate or By-laws of the Company
or any provision of any indenture, agreement or other instrument to which it or
any or its properties or assets is bound, conflict with, result in a breach of
or constitute (with due notice or lapse of time or both) a default under any
such indenture, agreement or other instrument or result in the creation or
imposition of any lien, charge or encumbrance of any nature whatsoever upon any
of the properties or assets of the Company.

                    (ii) This Agreement has been duly executed and delivered by
the Company and constitutes the legal, valid and binding obligation of the
Company, enforceable in accordance with its terms.

                                    SECTION 3

                                     Legends

        3.1    Legends. Each Shareholder understands that the share certificates
evidencing any Registrable Securities shall be endorsed with the following
legends (in addition to any legends required under applicable state securities
laws):

               (a) "THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933. 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 OR AN OPINION OF COUNSEL SATISFACTORY TO THE
COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED."

               (b) "THE SALE, TRANSFER OR ASSIGNMENT OF THE SECURITIES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS OF AN AGREEMENT BETWEEN
THE COMPANY AND THE REGISTERED HOLDER OR HIS PREDECESSOR IN INTEREST. COPIES OF
SUCH AGREEMENT MAY BE OBTAINED BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD
OF THIS CERTIFICATE TO THE SECRETARY OF THE COMPANY.

<PAGE>

               (c) Any legend required to be placed thereon by the California
Commissioner of Corporations or any other applicable state securities laws.

                                    SECTION 4

                                  Miscellaneous

        4.1    Governing Law. This Agreement shall be governed in all respects
by the laws of the State of Delaware as applied to contracts made and to be
fully performed entirely within that state between residents of that state.

        4.2    Entire Agreement; Amendment. This Agreement constitutes the full
and entire understanding and agreement between the parties with regard to the
subjects hereof and thereof. This Agreement or any term hereof may be amended,
waived, discharged or terminated by a written instrument signed by the Company
and (i) the Holders, or transferees of such Holders, holding more than fifty
percent (50%) of the Registrable Securities, provided, however, that no such
amendment may treat any Holder in a manner different from the other Holders.

        4.3    Aggregation. For the purposes of determining the number of shares
of Registrable Securities held by a transferee or assignee, the holdings of
transferees and assignees of a partnership who are partners or retired partners
of such partnership (including spouses and ancestors, lineal descendants and
siblings of such partners or spouses who acquire Registrable Securities by gift,
will or intestate succession) shall be aggregated together and with the
partnership; provided, that all assignees and transferees who would not qualify
individually for assignment of registration rights shall have a single
attorney-in-fact for the purpose of exercising any rights, receiving notices or
taking any action under Section 2.

        4.4    Notices, etc. All notices and other communications required or
permitted hereunder shall be deemed given if in writing and mailed by registered
or certified mail, postage prepaid, or otherwise delivered by hand or by
messenger, addressed (a) if to a Holder, at such Holder's address as set forth
on Exhibit A to this Agreement, or at such other address as such Holder shall
have furnished to the Company in writing, or (b) if to any other holder of any
Registrable Securities, at such address as such holder shall have furnished the
Company in writing, or, until any such holder so furnishes an address to the
Company, then to and at the address of the last holder of such Registrable
Securities who has so furnished an address to the Company, or (c) if to the
Company, at the address of its principal offices and addressed to the attention
of the Corporate Secretary and with a copy to Wilson, Sonsini, Goodrich &
Rosati, 650 Page Mill Road, Palo Alto, California 94304-1050, Attention: Michael
J. O'Donnell, Esq. or at such other address as the Company shall have furnished
to the Shareholders.

        4.5    Severability. In the event that any provision of this Agreement
becomes or is declared by a court of competent jurisdiction to be illegal,
unenforceable or void, this Agreement shall continue in full force and effect
without said provision; provided that no such severability shall be effective if
it materially changes the economic benefit of this Agreement to any party.

<PAGE>

        4.6    Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be enforceable against the parties actually
executing such counterparts, and all of which together shall constitute one
instrument.

<PAGE>

        The foregoing Registration Rights Agreement is hereby executed as of the
date first above written.

THE COMPANY:

ARGONAUT TECHNOLOGIES, INC.

By:
   ---------------------------------
Name:  Lissa Goldenstein
Title:     Chief Executive Officer

<PAGE>

THE SHAREHOLDERS:

EXECUTED AS A DEED BY                       )
                                            )
NIVEVE AG                                   )
Acting by Colin Jones under a power of      )      -----------------------------
attorney dated 5 September 2001             )      as attorney for
in the presence of:                         )      Niveve AG
                                            )

EXECUTED AS A DEED BY                       )
                                            )
PROPEX ENTERPRISES AG                       )
Acting by Colin Jones under a power of      )      -----------------------------
attorney dated 5 September 2001             )      as attorney for
in the presence of:                         )      Propex Enterprises AG
                                            )

EXECUTED AS A DEED BY                       )
                                            )
UNIFLEX CO. LTD                             )
Acting by Colin Jones under a power of      )      -----------------------------
attorney dated 5 September 2001             )      as attorney for
in the presence of:                         )      Uniflex Co. Ltd
                                            )

<PAGE>

EXECUTED AS A DEED BY                       )
                                            )
STEPBIO SRL                                 )
Acting by Colin Jones under a power of      )      -----------------------------
attorney dated 5 September 2001             )      as attorney for
in the presence of:                         )      Stepbio SRL
                                            )

SIGNED AS A DEED by                         )
THE TRUSTEES OF THE                         )
WILLIAM COLIN JONES 2002 TRUST              )
Acting by Colin Jones under a power of      )     -----------------------------
attorney dated 4 February 2002              )     as attorney for
in the presence of:                         )     The Trustees of the
                                            )     William Colin Jones 2002 Trust

SIGNED AS A DEED by                         )
WILLIAM COLIN JONES                         )
in the presence of                          )
                                            )
                                            )

SIGNED AS A DEED by                         )
CONSTANCE JONES                             )
Acting by Colin Jones under a power of      )      -----------------------------
attorney dated 28 January 2002              )      as attorney for
in the presence of:                         )      Constance Jones
                                            )

SIGNED AS A DEED by                         )
THE TRUSTEES OF THE                         )
HUGH DAVIES 2002 TRUST                      )
Acting by Colin Jones under a power of      )      -----------------------------
attorney dated 2 February 2002              )      as attorney for
in the presence of:                         )      The Trustees of the
                                            )      Hugh Davies 2002 Trust

SIGNED AS A DEED by                         )
HUGH DAVIES                                 )
in the presence of                          )
                                            )
                                            )

<PAGE>

SIGNED AS A DEED by                         )
LYNNE DAVIES                                )
Acting by Colin Jones under a power of      )      -----------------------------
attorney dated 28 January 2002              )      as attorney for
in the presence of:                         )      Lynne Davies
                                            )

SIGNED AS A DEED by                         )
THE TRUSTEES OF THE                         )
ROBERT TOWILL 2002 TRUST                    )
Acting by Colin Jones under a power of      )      -----------------------------
attorney dated 2 February 2002              )      as attorney for
in the presence of:                         )      The Trustees of the
                                            )      Robert Towill 2002 Trust

SIGNED AS A DEED by                         )
ROBERT TOWILL                               )
in the presence of                          )
                                            )
                                            )

SIGNED AS A DEED by                         )
WENDY TOWILL                                )
Acting by Colin Jones under a power of      )      -----------------------------
attorney dated 28 January 2002              )      as attorney for
in the presence of:                         )      Wendy Towill
                                            )

SIGNED AS A DEED by                         )
DAVID BRIAN JONES                           )
Acting by Colin Jones under a power of      )      -----------------------------
attorney dated 31 August 2001               )      as attorney for
in the presence of:                         )      David Brian Jones
                                            )

SIGNED AS A DEED by                         )
ANN JONES                                   )
Acting by Colin Jones under a power of      )      -----------------------------
attorney dated 5 September 2001             )      as attorney for
in the presence of:                         )      Ann Jones
                                            )

<PAGE>

SIGNED AS A DEED by                         )
PAUL CRAVOS                                 )
Acting by Colin Jones under a power of      )      -----------------------------
attorney dated 5 September 2001             )      as attorney for
in the presence of:                         )      Paul Cravos
                                            )

SIGNED AS A DEED by                         )
JOSEPHINE CRAVOS                            )
Acting by Colin Jones under a power of      )      -----------------------------
attorney dated 5 September 2001             )      as attorney for
in the presence of:                         )      Josephine Cravos
                                            )

SIGNED AS A DEED by                         )
DAVID KEVIN JONES                           )
Acting by Colin Jones under a power of      )      -----------------------------
attorney dated 5 September 2001             )      as attorney for
in the presence of:                         )      David Kevin Jones
                                            )

SIGNED AS A DEED by                         )
CELIA MONAGHAN                              )
Acting by Colin Jones under a power of      )      -----------------------------
attorney dated 5 September 2001             )      as attorney for
in the presence of:                         )      Celia Monaghan
                                            )

SIGNED AS A DEED by                         )
PETER REGAN                                 )
Acting by Colin Jones under a power of      )      -----------------------------
attorney dated 5 September 2001             )      as attorney for
in the presence of:                         )      Peter Regan
                                            )

<PAGE>

SIGNED AS A DEED by                         )
PAUL PHILLIPS                               )
Acting by Colin Jones under a power of      )      -----------------------------
attorney dated 5 September 2001             )      as attorney for
in the presence of:                         )      Paul Phillips
                                            )

SIGNED AS A DEED by                         )
NEIL HERBERT                                )
Acting by Colin Jones under a power of      )      -----------------------------
attorney dated 5 September 2001             )      as attorney for
in the presence of:                         )      Neil Herbert
                                            )

SIGNED AS A DEED by                         )
MATTHEW CLEEVE                              )
Acting by Colin Jones under a power of      )      -----------------------------
attorney dated 5 September 2001             )      as attorney for
in the presence of:                         )      Matthew Cleeve
                                            )

SIGNED AS A DEED by                         )
GAVIN DAVIES                                )
Acting by Colin Jones under a power of      )      -----------------------------
attorney dated 5 September 2001             )      as attorney for
in the presence of:                         )      Gavin Davies
                                            )

SIGNED AS A DEED by                         )
MARGARET SMALL                              )
Acting by Colin Jones under a power of      )      -----------------------------
attorney dated 5 September 2001             )      as attorney for
in the presence of:                         )      Margaret Small
                                            )

SIGNED AS A DEED by                         )
RICHARD CALVERLEY                           )
in the presence of                          )
                                            )
                                            )

<PAGE>

SIGNED AS A DEED by                         )
SUE CALVERLEY                               )
Acting by Colin Jones under a power of      )      -----------------------------
attorney dated 28 January 2002              )      as attorney for
in the presence of:                         )      Sue Calverley
                                            )

SIGNED AS A DEED by                         )
THE TRUSTEES OF THE MICHAEL AND             )
VIRGINIA BURKE TRUST                        )
Acting by Michael Burke under a power of    )   -----------------------------
attorney dated                              )   as attorney for
in the presence of:                         )   The Trustees of the
                                            )   Michael and Virginia Burke Trust

SIGNED AS A DEED by                         )
MV BURKE INVESTMENTS LIMITED                )
PARTNERSHIP LLP                             )
Acting by Michael Burke under a power of    )      -----------------------------
attorney dated                              )      as attorney for
in the presence of:                         )      MV Burke Investments Limited
                                            )      Partnership LLP

SIGNED AS A DEED by                         )
JERALD E. KUIKEN                            )
Acting by Colin Jones under a power of      )      -----------------------------
attorney dated 21 September 2001            )      as attorney for
in the presence of:                         )      Jerald E. Kuiken
                                            )

SIGNED AS A DEED by                         )
SAM CRAWFORD                                )
Acting by Colin Jones under a power of      )
attorney dated 5 September 2001             )      as attorney for
in the presence of:                         )      Sam Crawford
                                            )

SIGNED AS A DEED by                         )
WILLIAM HILL                                )
Acting by Colin Jones under a power of      )      -----------------------------
attorney dated 5 September 2001             )      as attorney for
in the presence of:                         )      William Hill
                                            )

<PAGE>

SIGNED AS A DEED by                         )
REINHARD KUPFERSCHMIDT                      )
Acting by Colin Jones under a power of      )      -----------------------------
attorney dated 28 August 2001               )      as attorney for
in the presence of:                         )      Reinhard Kupferschmidt
                                            )

SIGNED AS A DEED by                         )
K C VAN HORNE                               )
Acting by Colin Jones under a power of      )      -----------------------------
attorney dated 21 September 2001            )      as attorney for
in the presence of:                         )      K C Van Horne
                                            )

SIGNED AS A DEED by                         )
DANIEL M. STACKHOUSE                        )
Acting by Colin Jones under a power of      )      -----------------------------
attorney dated 21 September 2001            )      as attorney for
in the presence of:                         )      Daniel M. Stackhouse
                                            )

<PAGE>

                                    EXHIBIT A

                            SCHEDULE OF SHAREHOLDERS

William Colin Jones 2002
Trust

William Colin Jones

Constance Jones

Hugh Davies 2002 Trust

Hugh Davies

Lynne Davies

Robert Towill 2002 Trust

Robert Towill

Wendy Towill

David Brian Jones

Ann Jones

Paul Cravos

Jo Cravos

David Kevin Jones

Celia Monaghan

Peter Regan

Paul Phillips

Neil Herbert

Matthew Cleve

Gavin Davies

<PAGE>

Margaret Small

Richard Calverley

Sue Calverley

The Trustees of the Michael
and Virginia Burke Trust

MV Burke Investment Limited
Partnership LLP

Jerald E. Kuiken

Sam Crawford

William Hill

Reinhard Kupferschmidt

Sorbent AB

Stepbio SRL

Niveve AG

Propex Enterprises AG

Uniflex Co. Ltd

K C Van Horne

Daniel M. Stackhouse

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