Document:

THIS WARRANT AND THE UNDERLYING COMMON STOCK HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE SOLD
OR OFFERED FOR SALE IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE SECURITIES ACT, OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS THEREOF.

VOID AFTER 5:00 P.M., NEW YORK TIME, ON ____________, 2005, OR IF NOT A BUSINESS
DAY, AS DEFINED HEREIN, AT 5:00 P.M., NEW YORK TIME, ON THE NEXT FOLLOWING
BUSINESS DAY.

                                                             WARRANT TO PURCHASE
                                       __________________ Shares of Common Stock

                        WARRANT TO PURCHASE COMMON STOCK
                                       OF
                           COVER-ALL TECHNOLOGIES INC.

                     TRANSFER RESTRICTED -- SEE SECTION 6.2

      This certifies that, for good and valuable consideration, Vault Management
Limited, a British Virgin Islands corporation ("Vault"), and its registered,
permitted assigns (collectively, the "Warrantholder" or "Holder"), is entitled
to purchase from Cover-All Technologies Inc., a Delaware corporation (the
"Company"), subject to the terms and conditions hereof, at any time before 5:00
P.M., New York time, on ________________, 2005 (or, if such day is not a
business day, at or before 5:00 P.M., New York time on the next following
business day), the number of fully paid and non-assessable shares of Common
Stock, par value $.01 per share, of the Company (the "Common Stock") stated
above (each a "Warrant Share" and collectively the "Warrant Shares") at the
exercise price of $0.625 per share (the "Exercise Price"). The Exercise Price
and the number of shares purchasable hereunder are subject to adjustment as
provided in Article II hereof. This Warrant is issued pursuant to a Stock
Purchase Agreement dated as of June 9, 2000 (the "Stock Purchase Agreement") by
and among the Company and the Holder.

<PAGE>

                                    ARTICLE I

                        Duration and Exercise of Warrant

      1.1 Duration of Warrant. Subject to the terms contained herein, this
Warrant may be exercised at any time before 5:00 P.M., New York time, on
_______________, 2005 (or, if such day is not a business day, at or before 5:00
P.M., New York time, on the next following business day) (the "Expiration
Date"). If this Warrant is not exercised at or before 5:00 P.M., New York time,
on the Expiration Date, it shall become void, and all rights hereunder shall
thereupon cease.

      1.2 Exercise of Warrant.

            (a) The Warrantholder may exercise this Warrant, in whole or in
part, upon surrender of this Warrant with the Subscription Form hereon duly
executed, to the Company at its corporate office at 18-01 Pollitt Drive, Fair
Lawn, New Jersey 07410, or to such office as duly designated by the Company to
the Warrantholder, together with the full Exercise Price for each Warrant Share
to be purchased by tendering in lawful money of the United States, or by
certified check or bank draft payable in United States Dollars to the order of
the Company.

            (b) Upon receipt of this Warrant with the Subscription Form duly
executed and accompanied by payment of the aggregate Exercise Price for the
Warrant Shares for which this Warrant is then being exercised, the Company will
promptly cause to be issued certificates for the total number of whole shares of
Common Stock for which this Warrant is being exercised (adjusted to reflect the
effect of the provisions contained in Article II hereof, if any, and as provided
in Section 4.4) in such denominations as are required for delivery to the
Warrantholder, and the Company shall thereupon deliver such certificates to the
Warrantholder. If at the time this Warrant is exercised a registration statement
is not in effect to register under the Securities Act, the Warrant Shares
issuable upon exercise of this Warrant, the Company may place such legends on
certificates representing the Warrant Shares to indicate that the Warrant Shares
have not been registered and may not be transferred except upon compliance with
the registration requirements of the Securities Act of 1933, as amended, and
applicable state securities laws or an opinion of counsel to the Company or of
counsel reasonably satisfactory to the Company that such registration is not
required, or such other legends as may be reasonably required in the opinion of
counsel to the Company to permit the Warrant Shares to be issued without such
registration. From and after receipt by the Company of the duly executed
Subscription Form and the aggregate exercise prices and notwithstanding that
certificates in respect of the Warrant Shares may not have been delivered, the
Warrantholder shall be considered a shareholder of the Company in respect of the
Warrant Shares for all intents and purpose.

            (c) In case the Warrantholder shall exercise this Warrant with
respect to less than all of the Warrant Shares that may be purchased under this
Warrant, the Company will execute a new warrant in the form of this Warrant for
the balance of such Warrant Shares and deliver such new warrant to the
Warrantholder.

                                       -2-

<PAGE>

            (d) The Company covenants and agrees that it will pay when due and
payable any and all costs, expenses, charges and stock transfer and similar
taxes which may be payable in respect of the issue of this Warrant or in respect
of the issue of any Warrant Shares. The Company shall not, however, be required
to pay any tax imposed on income or gross receipts or any tax which may be
payable in respect of any transfer involved in the issuance or delivery of this
Warrant or at the time of surrender.

                                   ARTICLE II

                          Adjustment of Warrant Shares
                        Purchasable and of Exercise Price

      The Exercise Price and the number and kind of Warrant Shares shall be
subject to adjustment from time to time upon the happening of certain events as
provided in this Article II.

      2.1 Mechanical Adjustments.

            (a) Anti-Dilution Provisions; Adjustment of Exercise Price. The
Exercise Price shall be subject to adjustment from time to time as hereinafter
provided. Upon each adjustment of the Exercise Price, the Warrantholder shall
thereafter be entitled to purchase, at the Exercise Price resulting from such
adjustment, the number of Warrant Shares obtained by multiplying the Exercise
Price in effect immediately prior to such adjustment by the number of Warrant
Shares purchasable pursuant hereto immediately prior to such adjustment and
dividing the product thereof by the Exercise Price resulting from such
adjustment.

            (b) Exercise Price Adjustment Formulas. If and whenever after the
date of this Warrant, the Company shall issue or sell any shares of Common Stock
(except as provided in Section 2.1(h)) for a consideration per share less than
95% of the Market Price (as hereinafter defined) on the date of such issuance or
sale, then forthwith the Exercise Price shall be reduced to the prices
(calculated to the nearest tenth of a cent) determined by multiplying the
Exercise Price in effect immediately prior to the time of such issuance or sale
by a fraction, the numerator of which shall be (i) the sum of (A) the number of
shares of Common Stock outstanding immediately prior to such issuance or sale
(assuming the conversion of all securities convertible into shares of Common
Stock) multiplied by the Market Price immediately prior to such issuance or
sale, and (B) the consideration, if any, received and deemed received by the
Company upon such issuance or sale, divided by (ii) the total number of shares
of Common Stock outstanding and deemed outstanding immediately after such
issuance or sale, and the denominator of which shall be the Market Price
immediately prior to such issuance or sale.

            No adjustment of the Exercise Price, however, shall be made in an
amount less than $0.01 per share, but any such lesser adjustment shall be
carried forward and shall be made at the time and together with the next
subsequent adjustment which together with any adjustments so carried forward
shall amount to $0.01 per share or more.

                                       -3-

<PAGE>

            (c) Constructive Issuances of Stock; Convertible Securities; Rights
and Options; Stock Dividends. For the purposes of Section 2.1(b) above, the
following provisions (i) to (viii), inclusive, shall also be applicable:

                  (i) In case at any time subsequent to the date hereof, the
            Company shall in any manner grant any rights to subscribe for or to
            purchase, or any options for the purchase of, shares of Common Stock
            or any stock or securities convertible into or exchangeable for
            shares of Common Stock (such convertible or exchangeable stock or
            securities being hereinafter called "Convertible Securities"),
            whether or not such rights or options or the right to convert or
            exchange any such Convertible Securities are immediately
            exercisable, and the consideration per share for which shares of
            Common Stock are issued or sold upon the exercise of such
            Convertible Securities (determined by dividing (A) the total amount,
            if any, received or receivable by the Company as consideration for
            the granting of such rights or options, plus the minimum aggregate
            amount of additional consideration, if any, payable to the Company
            upon the exercise of such rights or options, plus, in the case of
            any such rights or options which relate to such Convertible
            Securities, the minimum aggregate amount of additional
            consideration, if any, payable upon the issuance or sale of such
            Convertible Securities (and, if such convertible securities
            constitute obligations of the Company, the principal amount of such
            obligations so converted) and upon the conversion or exchange
            thereof, by (B) the total maximum number of shares of Common Stock
            issuable upon the exercise of such rights or options or upon the
            conversion or exchange of all such Convertible Securities issuable
            upon the exercise of such rights or options) shall be less than 95%
            of the Market Price determined as of the date of granting such price
            or options, as the case may be, then the total maximum number of
            shares of Common Stock issuable upon the exercise of such rights or
            options (or upon conversion or exchange of the total maximum amount
            of such Convertible Securities issuable upon the exercise of such
            rights or options) shall be deemed to be outstanding and to have
            been issued for such price per share. Except as provided in Section
            2.1(c)(iii) below, no further adjustments of the Exercise Price
            shall be made upon the actual issuance of such shares of Common
            Stock or of such Convertible Securities upon exercise of such rights
            or options or upon the actual issuance of such shares of Common
            Stock upon conversion or exchange of such Convertible Securities.

                  (ii) In case at any time the Company shall in any manner issue
            or sell any Convertible Securities, whether or not the rights to
            exchange or convert thereunder are immediately exercisable, and the
            price per share for which shares of Common Stock are issuable upon
            such conversion or exchange (determined by dividing (A) the total
            amount received or receivable by the Company as consideration for
            the issuance or sale of such Convertible Securities, plus the
            minimum aggregate amount of additional consideration, if any,
            payable to the Company upon the conversion or exchange thereof, by
            (B) the total maximum number of shares which would be issuable upon
            the conversion or exchange of all such Convertible Securities) shall
            be less than 95% of the Market Price determined as of the date of
            such issuance or sale,

                                       -4-

<PAGE>

            then the total maximum number of shares of Common Stock issuable
            upon conversion or exchange of all such Convertible Securities shall
            (as of the date of the issuance or sale of such Convertible
            Securities) be deemed to be outstanding and to have been issued for
            such price per share; except as otherwise specified in Section
            2.1(c)(iii) below, no further adjustments of the Exercise Price
            shall be made upon the actual issuance of such shares of Common
            Stock upon conversion or exchange of such Convertible Securities.

                  (iii) If the purchase price provided for in any right or
            option referred to in Section 2.1(c)(i), or the additional
            consideration, if any, payable upon the conversion or exchange of
            any Convertible Securities referred to in Section 2.1(c)(ii), or the
            rate at which any Convertible Securities referred to in Sections
            2.1(c)(i) or (ii) are convertible into or exchangeable for shares of
            Common Stock, shall change or a different purchase price or rate
            shall become effective at any time or from time to time (other than
            under or by reason of provisions designed to protect against
            dilution) then, upon such change becoming effective, the Exercise
            Price then in effect at the time of such event shall forthwith be
            increased or decreased to such Exercise Price as would have been
            obtained had the rights, options or Convertible Securities still
            outstanding provided for such changed purchase price, additional
            compensation or rate of commission or exchange, as the case may be,
            at the time initially granted, issued or sold. On the expiration of
            any such option or right or the termination of any such right to
            convert or exchange such Convertible Securities, the Exercise Price
            then in effect hereunder shall forthwith be increased to such
            Exercise Price as would have been obtained at the time of such
            expiration or termination had such option, right or convertible
            securities never been issued. If the purchase price provided for in
            any right or option referred to in Section 2.1(c)(i), or the
            additional consideration payable upon the exchange or conversion of
            any Convertible Securities referred to in Sections 2.1(c)(i) or
            (ii), or the rate at which any Convertible Securities referred to in
            Sections 2.1(c)(i) or (ii) are convertible into or exchangeable for
            shares of Common Stock, shall decrease at any time under or by
            reason of provisions with respect thereto designed to protect
            against dilution, then, in the case of the delivery of shares of
            Common Stock upon the exercise of any such right or option or upon
            conversion or exchange of any such right or option or upon
            conversion or exchange of any such Convertible Securities, the
            Exercise Price then in effect hereunder shall forthwith be decreased
            to such Exercise Price as would have been obtained had the
            adjustments made upon issuance of such right or option or
            Convertible Securities been made upon the basis of the issuance of
            (and the total consideration computed in accordance with Sections
            2.1(c)(i) or (ii), as the case may be, received for) the shares of
            Common Stock delivered as aforesaid.

                  (iv) In case of the issuance of shares of Common Stock or
            Convertible Securities of the Company as a dividend or distribution
            upon any shares of Common Stock of the Company, such shares of
            Common Stock or Convertible Securities, as the case may be, issuable
            in payment of such dividend or distribution shall be deemed to have
            been issued or sold without consideration.

                                       -5-

<PAGE>

                  (v) In case at any time any shares of Common Stock or
            Convertible Securities or any rights or options to purchase any such
            shares of Common Stock or Convertible Securities shall be issued or
            sold for cash, the consideration received therefor shall be deemed
            to be the amount payable to the Company therefor, without deduction
            therefrom of any expenses incurred or any underwriting or selling
            commissions or concessions paid by the Company in connection
            therewith or any underwriting or selling discounts allowed by the
            Company in connection therewith. In case any shares of Common Stock
            or Convertible Securities or any rights or options to purchase any
            such shares of Common Stock or Convertible Securities shall be
            issued or sold for a consideration other than cash, the amount of
            the consideration other than cash payable to the Company shall be
            deemed to be the fair value of such consideration as determined by
            the Board of Directors of the Company, without deduction therefrom
            of any expenses incurred or any underwriting or selling commissions
            or concessions paid by the Company in connection therewith or any
            underwriting or selling discounts allowed by the Company in
            connection therewith. In case any shares of Common Stock or
            Convertible Securities shall be issued in connection with any merger
            of another corporation into the Company, the amount of consideration
            therefor shall be deemed to be the fair value, as determined by the
            Board of Directors of the Company, of such portion of the assets of
            such merged corporation as such Board shall determine to be
            attributable to such shares of Common Stock, Convertible Securities,
            rights or options, as the case may be.

                  (vi) In case at any time the Company shall take a record of
            the holders of its Common Stock for the purpose of entitling them
            (A) to receive a dividend or other distribution payable in shares of
            Common Stock or in Convertible Securities, or (B) to subscribe for
            or purchase shares of Common Stock or Convertible Securities, then
            such record date shall be deemed to be the date of the issuance or
            sale of the shares of Common Stock deemed to have been issued or
            sold upon the declaration of such dividend or the making of such
            other distribution or the date of the granting of such right or
            subscription or purchase, as the case may be.

                  (vii) "Market Price" shall mean, as of any day, the closing
            sale price of the shares of Common Stock on such day on the New York
            Stock Exchange or the American Stock Exchange (or if the Common
            Stock shall not then be listed on either such exchange, the closing
            sale price on the principal (determined by the highest volume
            averaged for a period of twenty consecutive business days prior to
            the day as to which "Market Price" is being determined) national
            securities exchange (as defined in the Securities Exchange Act of
            1934, as amended) on which the Common Stock may then be listed) or,
            if there shall have been no sales on such exchange or exchanges on
            such day, the averages of the high and low sales prices of the
            Common Stock on such day on the Nasdaq National Market System or, if
            the Common Stock is not included in the Nasdaq National Market
            System, the average of the bid and asked prices at the end of such
            day or, if the Common Stock shall not be so listed, the average of
            the bid and asked prices at the end of the day in the
            over-the-counter market as reported by the Nasdaq Stock Market or,
            if the Common Stock is not

                                       -6-

<PAGE>

            included on Nasdaq, as reported by the National Quotation Bureau,
            Inc. or any successor organization, in each such case, averaged for
            a period of twenty consecutive business days prior to the day as to
            which "Market Price" is being determined.

                  (viii) The number of shares of Common Stock outstanding at any
            given time shall not include shares owned or held by or for the
            account of the Company, and the disposition of any such shares shall
            be considered an issuance or sale of shares of Common Stock for the
            purposes of Section 2.1(b).

            (d) Effect of Certain Dividends. In case at any time the Company
shall declare a dividend upon the shares of Common Stock payable otherwise than
out of earnings or earned surplus (other than in a partial or total liquidation
or dissolution of the Company) and otherwise than in shares of Common Stock or
Convertible Securities, the Exercise Price in effect immediately prior to the
declaration of such dividend shall be reduced by an amount equal, in the case of
a dividend in cash, to the amount thereof payable per share of Common Stock or,
in the case of any other dividend, to the fair value thereof per share of Common
Stock as determined by the Board of Directors of the Company. For the purposes
of the foregoing, a dividend other than in cash shall be considered payable out
of earnings or earned surplus only to the extent that such earnings or earned
surplus are charged an amount equal to the fair value of such dividend as
determined by the Board of Directors of the Company. Such reductions shall take
effect as of the date on which a record is taken for the purpose of such
dividend, or if a record is not taken, the date as of which the holders of
record of shares of Common Stock entitled to such dividends are to be
determined. As used in this Section 2.1(d), the term "dividend" shall mean any
distribution to the holders of shares of Common Stock. Except as provided in
this Section 2.1(d), no adjustment in the Exercise Price and no change in the
number of Warrant Shares so purchasable shall be made pursuant to this Section
2.1 as a result of or by reason of any such dividend.

            (e) Stock Splits and Reverse Splits. In case at any time the Company
shall subdivide its outstanding shares of Common Stock into a greater number of
shares, the Exercise Price in effect immediately prior to such subdivision shall
be proportionately reduced and the number of shares purchasable pursuant to this
Warrant immediately prior to such subdivision shall be proportionately
increased, and conversely, in case at any time the Company shall combine its
outstanding shares of Common Stock into a smaller number of shares, the Exercise
Price in effect immediately prior to such combination shall be proportionately
increased and the number of shares of Common Stock purchasable upon the exercise
of this Warrant immediately prior to such combination shall be proportionately
reduced. Except as provided in this Section 2.1(e), no adjustment in the
Exercise Price and no exchange in the number of Warrant Shares so purchasable
shall be made pursuant to this Section 2.1 as a result of or by reason of any
such subdivision or combination.

            (f) Effect of Reorganization and Assets Sales. If any capital
reorganization or reclassification of the capital stock of the Company, or
consolidation of the Company with or merger of the Company into another
corporation, or the sale of all or substantially all of its assets to another
corporation, shall be effected in such a way that holders of shares of Common
Stock shall be entitled

                                       -7-

<PAGE>

to receive stock, securities or assets with respect to or in exchange for shares
of Common Stock, then, as a condition of such reorganization, reclassification,
consolidation, merger or sale, lawful and adequate provision shall be made
whereby each holder of Warrants shall thereafter have the right to receive upon
the basis and upon the terms and conditions specified herein and in lieu of the
shares of Common Stock of the Company immediately theretofore receivable upon
the exercise of such Warrants, such shares of stock, securities or assets as may
be issued or payable with respect to or in exchange for a number of outstanding
shares of Common Stock equal to the number of shares of such stock immediately
theretofore so receivable upon exercise had such reorganization,
reclassification, consolidation, merger or sale not taken place, and in any such
case appropriate provision shall be made with respect to the rights and
interests of such holder to the end that the provisions hereof (including,
without limitation, provisions for adjustment of the Exercise Price and of the
number of shares issuable upon exercise) shall thereafter be applicable, as
nearly as may be, in relation to any shares of stock, securities or assets
thereafter deliverable upon the exercise of such Warrants. The Company shall not
effect any such consolidation, merger or sale unless prior to or simultaneously
with the consummation thereof the successor corporation (if other than the
Company) resulting from such consolidation or merger, or of the corporation
purchasing such assets shall assume by written instrument executed and mailed or
delivered to each Warrantholder, the obligation to deliver to such Warrantholder
such shares of stock, securities or assets as, in accordance with the foregoing
provisions such Warrantholder may be entitled to receive, and containing the
express assumption of such successor corporation of the performance and
observance of the provisions of this Warrant to be performed and observed by the
Company and of all liabilities and obligation of the Company hereunder.

            (g) Accountants' Certificate. Upon each adjustment of the Exercise
Price and upon each change in the number of Warrant Shares, then and in each
such case, the Company will promptly obtain a certificate of a firm of
independent certified public accountants of recognized standing selected by the
Company's Board of Directors, who may be the regular auditors of the Company,
stating the adjusted Exercise Price and the new number of Warrant Shares so
issuable, or specifying the other shares of stock, securities or assets and the
amount thereof receivable as a result of such change in rights, and setting
forth in reasonable detail the method of calculation and the facts upon which
such calculation is based. The Company will promptly mail a copy of such
accountant's certificate to the Warrantholders, which certificate shall be
conclusive evidence of the correctness of the computation with respect to any
such adjustment of the Exercise Price and any such change in the number of such
Warrant Shares so issuable.

            (h) No Adjustments Required. Notwithstanding anything herein to the
contrary, there shall be no adjustment in the Exercise Price in connection with
(i) the grant of any option, or the exercise of any option granted under any
employee benefit plan or stock option plan or (ii) upon the exercise of any
Convertible Security, in either case outstanding on the date of this Warrant
including this Warrant.

      2.2 Notice of Adjustment. Whenever the number of Warrant Shares or the
Exercise Price is adjusted as herein provided, the Company shall prepare and
deliver to the Warrantholder a certificate signed by its Chairman of the Board,
President, any Vice President, Treasurer or Secretary, setting forth the
adjusted number of Warrant Shares purchasable upon the exercise of this Warrant

                                       -8-

<PAGE>

and the Exercise Price of such Shares after such adjustment, setting forth a
brief statement of the facts requiring such adjustment and setting forth the
computation by which adjustment was made.

      2.3 No Adjustment for Dividends. Except as provided in Section 2.1 of this
Agreement, no adjustment in respect of any cash dividends payable out of
earnings or earned surplus shall be made during the term of this Warrant or upon
the exercise of this Warrant.

      2.4 Form of Warrant After Adjustments. The form of this Warrant need not
be changed because of any adjustments in the Exercise Price or the number or
kind of the Warrant Shares, and any Warrant theretofore or thereafter issued may
continue to express the same price and number and kind of shares as are stated
in this Warrant, as initially issued.

                                   ARTICLE III

                       Compliance with the Securities Act

      The Holder acknowledges that the Warrant Shares, in its hands, will be
restricted securities which may not be sold or offered for sale in the absence
of an effective registration statement under the Securities Act or an opinion of
counsel satisfactory to the Company that such registration is not required. With
respect to any offer, sale or other disposition of any Warrant Shares, the
Holder will give written notice to the Company prior thereto, describing briefly
the manner thereof, together with a written opinion of such Holder's counsel, to
the effect that such offer, sale or other distribution may be effected without
registration or qualification (under federal law and applicable state law then
in effect). Promptly upon receiving such written notice and reasonably
satisfactory opinion, if so requested, the Company, as promptly as practicable,
shall notify such Holder that such Holder may sell or otherwise dispose of the
Warrant Shares, all in accordance with the terms of the notice delivered to the
Company. If a determination has been made pursuant to this Article III that the
opinion of counsel for the Holder is not reasonably satisfactory to the Company,
the Company shall so notify the Holder promptly after such determination has
been made. Each certificate representing the Warrant Shares thus transferred
shall bear a legend as to the applicable restrictions on transferability in
order to ensure compliance with the Securities Act, unless in the opinion of
counsel for the Company such legend is not required, in order to ensure
compliance with the Securities Act. The Company may issue stop transfer
instructions to its transfer agent and registrar in connection with such
restrictions. The Warrant Shares are entitled to certain rights of registration
as provided in the Stock Purchase Agreement.

                                   ARTICLE IV

              Other Provisions Relating to Rights of Warrantholder

      4.1 No Rights as Shareholder; Notice to Warrantholder. Nothing contained
in this Warrant shall be construed as conferring upon the Warrantholder or his
transferees the right to vote or to receive dividends or to consent or to
receive notice as a shareholder in respect of any meeting

                                       -9-

<PAGE>

of shareholders for the election of directors of the Company or of any other
matter or any rights whatsoever as shareholders of the Company, except to the
extent specifically provided for herein; provided, however that the
Warrantholder shall be delivered all notices and other communications sent by
the Company to its shareholders. Without limiting the foregoing, in case at any
time: (1) the Company shall declare any dividend payable in Common Stock or any
distribution (other than cash dividends) to the holders of the Common Stock; (2)
the Company shall make an offer for subscription pro rata to the holders of its
Common Stock of any additional shares of stock of any class or other rights; (3)
there shall be any capital reorganization, or reclassification of the capital
stock of the Company, or consolidation or merger of the Company with, or sale of
all or substantially all of its assets to, another corporation; or (4) there
shall be a voluntary or involuntary dissolution, liquidation or winding-up of
the Company; then, in any one or more of such cases, the Company shall give
notice to the Warrantholder of the date on which (a) the books of the Company
shall close or a record shall be taken for such dividend, distribution or
subscription rights, or (b) such reorganization, reclassification,
consolidation, merger, sale, dissolution, liquidation or winding up shall take
place, as the case may be. Such notice shall also specify the date as of which
the holders of Common Stock of records shall participate in such dividend,
distribution or subscription rights, or shall be entitled to exchange their
Common Stock for securities or other property deliverable upon such
reorganization, reclassification, consolidation, merger, sale, dissolution,
liquidation, or winding up as the case may be. Such written notice shall be
given not less than 10 days and not more than 90 days prior to the record date
on which the Company's transfer books are closed in respect thereto and such
notice may state that the record date is subject to the effectiveness of a
registration statement under the Securities Act, or to a favorable vote of
stockholders, if either is required.

      4.2 Lost, Stolen, Mutilated or Destroyed Warrant. If this Warrant is lost,
stolen, mutilated or destroyed, the Company may, on such terms as to indemnity
or otherwise as it may in its reasonable discretion impose (which shall, in the
case of a mutilated Warrant, include the surrender thereof), issue a new Warrant
of like denomination and tenor as, and in substitution for, this Warrant.

      4.3 Reservation of Shares.

            (a) The Company covenants and agrees that at all times it shall
reserve and keep available for the exercise of this Warrant such number of
authorized shares of Common Stock or other securities as are sufficient to
permit the exercise in full of this Warrant.

            (b) The Company shall use its best efforts to maintain or secure the
listing of the Warrant Shares upon the securities exchange or automated
quotation system, if any, upon which shares of its Common Stock are then listed.

            (c) The Company covenants that all shares of Common Stock issued on
exercise of this Warrant will be validly issued, fully paid, non-assessable and
free of preemptive rights.

      4.4 No Fractional Shares. Anything contained herein to the contrary
notwithstanding, the Company shall not be required to issue any fraction of a
share in connection with the exercise of this Warrant. In any case where the
Warrantholder would, except for the provisions of this

                                      -10-

<PAGE>

Section 4.4, be entitled under the terms of this Warrant to receive a fraction
of a share upon exercise of this Warrant and receipt of the Exercise Price, the
Company shall not be required to issue any fraction of a share, but rather, will
adjust the aggregate Exercise Price for such fraction of a share to which the
Warrantholder would otherwise be entitled.

                                    ARTICLE V

                           Treatment of Warrantholder

      Prior to due presentment for registration or transfer of this Warrant, the
Company may deem and treat the Warrantholder as the absolute owner of this
Warrant (notwithstanding any notation of ownership or other writing hereon) for
the purpose of any exercise hereof and for all other purposes of the Company
shall not be affected by any notice to the contrary.

                                   ARTICLE VI

             Split-Up, Combination, Exchange and Transfer of Warrant

      6.1 Split-Up, Combination, Exchange and Transfer of Warrant. Subject to
and limited by the provisions of Section 6.2 hereof, this Warrant may be split
up, combined or exchanged for another Warrant or Warrants containing the same
terms to purchase a like aggregate number of Warrant Shares. If the
Warrantholder desires to split up, combine or exchange this Warrant, he shall
make such request in writing delivered to the Company and shall surrender to the
Company this Warrant and any other Warrants to be so split up, combined or
exchanged. Upon any such surrender for a split-up, combination or exchange, the
Company shall execute and deliver to the person entitled thereto a Warrant or
Warrants, as the case may be, as so requested. The Company shall not be required
to effect any split-up, combination or exchange which will result in the
issuance of a Warrant entitling the Warrantholder to purchase upon exercise a
fraction of a share of Common Stock or a fractional Warrant. The Company may
require such Warrantholder to pay a sum sufficient to cover any tax or
governmental charge that may be imposed in connection with any split-up,
combination or exchange of Warrants.

      6.2 Restrictions on Transfer. This Warrant may be exercised and this
Warrant and the Warrant Shares may not be sold, hypothecated, assigned or
transferred (a "Transfer"), except only in accordance with and subject to the
provisions of the Securities Act and the rules and regulations promulgated
thereunder. The Warrantholder shall have the benefit of the certain registration
rights for the Warrant Shares as provided in the Stock Purchase Agreement.

                                      -11-

<PAGE>

                                   ARTICLE VII

                                  Other Matters

      7.1 Successors and Assigns. All the covenants and provisions of this
Warrant shall be binding upon and inure to the benefit of the Company and the
Holder and their respective successors and assigns.

      7.2 Amendments and Waivers. The provisions of this Warrant, including the
provisions of this sentence, may not be amended, modified or supplemented, and
waiver or consents to departures from the provisions hereof may not be given
unless the Company has obtained the written consent of the Holder. The
Warrantholder shall be bound by any consent authorized by this Section whether
or not certificates representing his Warrant have been marked to indicate such
consent.

      7.3 Governing Law. This Warrant shall be governed by and construed in
accordance with the laws of the State of Delaware.

      7.4 Severability. In the event that any one or more of the provisions
contained herein, or the application thereof in any circumstances, is held
invalid, illegal or unenforceable, the validity, legality and enforceability of
any such provisions in every other respect and of the remaining provisions
contained herein shall not be affected or impaired thereby.

      7.5 Integration/Entire Agreement. This Warrant is intended by the parties
as a final expression of their agreement and intended to be a complete and
exclusive statement of the agreement and understanding of the parties hereto in
respect of the subject matter contained herein other than as to registration
rights set forth in the Restructuring Agreement as to which the Warrant Shares
shall be entitled. This Warrant supersedes all prior agreements and
understandings between the parties with respect to such subject matter.

      7.6 Notices. All notices, requests, consents and other communications
hereunder shall be in writing and shall be deemed to be duly given if personally
delivered with receipt acknowledged, if mailed by registered or certified mail,
first class, postage prepaid, if delivered by a nationally recognized overnight
courier service or if transmitted by facsimile machine (with a confirmation copy
to be sent by first class mail) addressed as follows:

            (i)   if to the Company:

                  Cover-All Technologies Inc.
                  18-01 Pollitt Drive
                  Fair Lawn, New Jersey  07410
                  Attention: President
                  Tel: (201) 794-4800
                  Fax: (201) 791-9113

                                      -12-

<PAGE>

                  with a copy (which shall not constitute notice) to:

                  Piper Marbury Rudnick & Wolfe LLP
                  1251 Avenue of the Americas
                  New York, New York  10020
                  Attention: Leonard Gubar, Esq.
                  Tel: (212) 835-6000
                  Fax: (212) 835-6001

            or to such other address or such other person(s) as the Company may
            designate by written notice to the other parties hereto.

            (ii)  if to the Warrantholder:

                  Vault Management Limited
                  P.O. Box 839
                  St. Helier, Jersey
                  Channel Islands, JE49NZ
                  Attention: Mark D. Johnston
                  Tel: 011-44-1534-880-088
                  Fax: 011-44-1534-880-099

                  with a copy (which shall not constitute notice) to:

                  Gardere & Wynne, L.L.P.
                  1601 Elm Street, Suite 3000
                  Dallas, Texas 75201
                  Attention: Randall G. Ray, Esq.
                  Tel: (214) 999-4544
                  Fax: (214) 999-3544

            or to such other address or such other person(s) as the
            Warrantholder may designate by written notice to the other parties
            hereto.

      7.7 Headings. The Article and Section headings herein are for convenience
only and are not part of this Warrant and shall not affect the interpretation
thereof.

                  [Remainder of page intentionally left blank]

                                      -13-

<PAGE>

      IN WITNESS WHEREOF, this Warrant has been duly executed by the Company
under its corporate seal as of the ____________ day of _______________, 2000.

                                       COVER-ALL TECHNOLOGIES INC.

                                       By:______________________________________
                                       Name:____________________________________
                                       Title:___________________________________

(Corporate Seal)

ATTEST:

____________________________________
Name:_______________________________
Title:______________________________

                                      -14-

<PAGE>

                                   ASSIGNMENT

          (To be executed only upon assignment of Warrant Certificate)

      For value received, _________________________ hereby sells, assigns and
transfers unto _______________________ the within Warrant Certificate, together
with all right, title and interest therein, and does hereby irrevocably
constitute and appoint _______________________________________ attorney, to
transfer said Warrant Certificate on the books of the within-named Company with
respect to the number of Warrants set forth below, with full power of
substitution in the premises:

      Name(s) of
      Assignee(s)             Address                 No. of Warrants
--------------------------------------------------------------------------------

And if said number of Warrants shall not be all the Warrants represented by the
Warrant Certificate, a new Warrant Certificate is to be issued in the name of
said undersigned for the balance remaining of the Warrants represented by said
Warrant Certificate.

Dated:_____________________, 20__.

                                    ____________________________________________
                                    Note: The above signature should correspond
                                    exactly with the name on the face of this
                                    Warrant Certificate.

                                      -15-

<PAGE>

                                SUBSCRIPTION FORM
                    (To be executed upon exercise of Warrant)

COVER-ALL TECHNOLOGIES INC.

      The undersigned hereby irrevocably elects to exercise the right of
purchase represented by the within Warrant Certificate for, and to purchase
thereunder, ___________ shares of Common Stock, as provided for therein, and
tenders herewith payment of the purchase price in full in the form of cash or a
certified or official bank check in the amount of $________________.

      Please issue a certificate or certificates for such Common Stock in the
name of, and pay any cash for any fractional share to:

                                  Name:      ___________________________________
                                  Address:   ___________________________________
                                             ___________________________________
                                  Social Security No. or Tax Identification No.:
                                             _________ - _________ - _________
                                  (Please Print)

                                  Signature: _________________________________
                                  Note: The above signature should correspond
                                  exactly with the name on the first page of
                                  this Warrant Certificate or with the name of
                                  the assignee appearing in the assignment
                                  form below.

      And if said number of shares shall not be all the shares purchasable under
the within Warrant Certificate, a new Warrant Certificate is to be issued in the
name of said undersigned for the balance remaining of the shares purchasable
thereunder less any fraction of a share paid in cash.

                                      -16-STOCK PURCHASE AGREEMENT

      This STOCK PURCHASE AGREEMENT ("Agreement") is made as of June 9, 2000, by
and between COVER-ALL TECHNOLOGIES INC., a Delaware corporation (hereinafter
called "COVR"), and VAULT MANAGEMENT LIMITED, a British Virgin Islands
corporation (hereinafter called "Vault").

      WHEREAS, COVR is a provider of software products for the property and
casualty insurance industry;

      WHEREAS, Vault desires to make an investment in COVR in accordance with
the terms herein set forth;

      NOW, THEREFORE, in consideration of the mutual premises and the
representations, warranties and covenants herein contained, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound, hereby agree as
follows:

      1. Sale of Shares and Warrants.

            1.1 Initial Sales. On the Initial Closing Date (as hereinafter
defined), COVR agrees to issue and sell to Vault and Vault agrees to pay for and
acquire from COVR, 320,000 units (each a "Unit"), each of which shall consist of
one share of COVR Common Stock, $0.01 par value (the "COVR Common Stock") and
one warrant to purchase one share of COVR Common Stock (each a "Warrant"), at a
price of $0.625 per Unit (the "Purchase Price Per Unit"), the closing sale price
of the COVR Common Stock on May 30, 2000, for an aggregate purchase price of
$200,000. On the Second Closing Date (as hereinafter defined), COVR agrees to
issue and sell to Vault and Vault agrees to pay for and acquire from COVR,
320,000 Units for an aggregate purchase price of $200,000. The Purchase Price
Per Unit shall be allocated $0.135 to each share of COVR Common Stock and $0.49
to each Warrant.

            1.2 Additional Sales. At the option of Vault, COVR agrees to issue
and sell to Vault and Vault agrees to pay for and acquire from COVR, up to an
additional 960,000 Units at the Purchase Price Per Unit for an aggregate
purchase price of $1,000,000 through the sale and purchase of 320,000 shares on
each of the Subsequent Closing Dates (as hereinafter defined) for an aggregate
purchase price of $200,000 on each such Subsequent Closing Date.

            1.3 Warrants. The Warrants shall have an exercise price per share
equal to $0.625 per share, and shall, if unexercised, expire five years after
the date of their respective issuance, and shall be in the form of Exhibit A
annexed hereto.

            1.4 Issuance. Within seven days of each Closing Date, COVR agrees to
issue to Vault the number of shares of COVR Common Stock (the "COVR Shares") and
the number of Warrants set forth in this Section 1 with respect to each Closing
Date.

                                       -1-

<PAGE>

      2. Use of Proceeds. COVR shall use the proceeds from the sale of the Units
for general working capital purposes, and shall not use such proceeds to repay
any existing indebtedness or to repay any existing indebtedness or other
obligations to any insider.

      3. Closing and Closing Date. The closing of the transactions herein
contemplated (each a "Closing") shall take place on June 2, 2000 (the "Initial
Closing Date"), on July 1, 2000 (the "Second Closing Date"), and on each of
August 31, 2000, October 31, 2000, and November 30, 2000 (each a "Subsequent
Closing Date" and, together with the Initial Closing Date and the Second Closing
Date, collectively the "Closing Dates" and each individually a "Closing Date").
Each of the Closings shall take place at 10:00 A.M. on the respective Closing
Date at the offices of Piper Marbury Rudnick & Wolfe LLP, 1251 Avenue of the
Americas, New York, New York 10020 or such other date and time as the parties
may mutually agree upon.

      4. Representations and Warranties of COVR. In order to induce Vault to
enter into this Agreement and to consummate the transactions contemplated
hereunder, COVR hereby represents and warrants to Vault as follows:

            4.1 Due Incorporation and Power. COVR is a corporation duly
incorporated, validly existing and in good standing under the laws of the State
of Delaware and has all requisite corporate power and authority to carry on its
business as now being conducted and to own, lease and operate its properties as
and in the places where such business is now conducted and such properties are
now owned, leased or operated. COVR has all requisite corporate power to execute
and deliver this Agreement and the Warrants, and to perform its obligations
under each such agreement.

            4.2 Capitalization. The authorized capital stock of COVR as of the
date of this Agreement consists of 30,000,000 shares of COVR Common Stock, $0.01
par value. As of the date hereof, 17,041,172 shares of COVR Common Stock are
issued and outstanding. Except as set forth on Schedule 4.2 annexed hereto,
there are no other outstanding rights, options or convertible securities giving
any party the right to acquire equity securities of COVR. The COVR Shares to be
issued by COVR hereunder shall, upon issuance thereof, be duly authorized,
validly issued, fully paid and non-assessable. A sufficient number of shares of
COVR Common Stock has been reserved for issuance pursuant to Section 1. The
Warrants have been duly authorized by COVR and a sufficient number of shares of
COVR Common Stock has been reserved for issuance upon exercise of the Warrants,
and when shares of COVR Common Stock are issued and paid for in accordance with
the terms of the Warrants, such shares of COVR Common Stock shall be duly
authorized, validly issued, fully paid and non-assessable.

            4.3 Authorization of Agreements; Validity. The execution and
delivery by COVR of this Agreement and the Warrants, and the consummation by
COVR of the transactions contemplated hereby, have been duly authorized by all
requisite corporate action on behalf of COVR. This Agreement has been duly
executed and delivered by COVR, and this Agreement constitutes, and, when
executed, the Warrants will constitute, the legal, valid and binding obligations
of COVR, enforceable against COVR in accordance with their respective terms,
except to the extent that such validity, binding effect and enforceability may
be limited by applicable bankruptcy, reorganization,

                                       -2-

<PAGE>

insolvency, moratorium and other laws affecting creditors' rights generally from
time to time in effect and by general equitable principles.

            4.4 Effect of Agreements. Except as set forth on Schedule 4.4,
neither the execution and delivery of this Agreement or the Warrants, nor the
consummation of the transactions contemplated hereby and thereby, nor compliance
by COVR with the provisions of this Agreement or the Warrants, (i) violates or
will violate, conflicts or will conflict with, or results or will result in a
breach of any provision, term or condition of, or constitutes or will constitute
a default (or an event which, with notice or lapse of time or both, would
constitute a default), under, or result in the termination of, or accelerate the
performance required by, or result in a right of termination or acceleration
under, or result in the creation of a lien upon any of the properties or assets
of COVR or any subsidiary of COVR under the terms, conditions or provisions of
(x) the Certificate of Incorporation, as amended, or the By-Laws, as amended, of
COVR, or of any of its subsidiaries, or (y) any other agreement or instrument to
which COVR or any subsidiary of COVR is a party, or by which any of them is
bound, or any of their respective properties or assets, may be subject, or (ii)
violates any judgment, ruling, order, writ, injunction, decree, law, statute,
ordinance, rule or regulation, domestic or foreign, applicable to COVR or any
subsidiary of COVR or any of their respective properties or assets, except in
the case of each of clauses (i) and (ii) above, for such violations, conflicts,
breaches, defaults, terminations, accelerations or creations of liens, which, in
the aggregate, would not have any material adverse effect on the condition
(financial or otherwise) or the operations or business of COVR and its
subsidiaries taken as a whole, or on the ability of the parties to consummate
the transactions contemplated hereby.

            4.5 Private Sale. COVR has not, either directly or through an agent,
offered the COVR Shares to or solicited any offer to acquire any of such
securities from, or otherwise approached, negotiated or communicated in respect
of such securities with, any person so as to require that any of such securities
be registered pursuant to the provisions of Section 5 of the Securities Act of
1933, as amended (the "Securities Act") or any applicable state securities law.

            4.6 Filings, Notices, Consents and Approvals. No notice to, filing
with, or authorization, consent, or approval of, any domestic or foreign
governmental or public body, agency, or authority, or any person not a party to
this Agreement, is necessary in connection with the execution, delivery and
performance of this Agreement or the Warrants, or the consummation by COVR of
the transactions contemplated hereby, except where failure to give such notice,
make such filings, or obtain such authorizations, consents or approvals would,
in the aggregate, not have material adverse effect on the condition (financial
or otherwise) or operations of COVR and its subsidiaries taken as a whole, or on
the ability of the parties to consummate the transactions contemplated hereby.

            4.7 SEC Filings. COVR has filed with the Securities and Exchange
Commission (the "Commission") all material forms, statements, reports, and
documents required to be filed by it prior to the date hereof under each of the
Securities Act, the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), and the respective rules and regulations thereunder, (i) all of which, as
amended, if applicable, complied when filed in all material respects with all
applicable requirements of the appropriate Act and the rules and regulations
thereunder, and (ii) none of which,

                                       -3-

<PAGE>

as amended, if applicable, contains any 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, in the light of the circumstances under which
they were made and at the time when they were made, not misleading.

            4.8 Untrue Statements. This Agreement and the Schedules hereto do
not contain any untrue statements of material facts with respect to COVR and its
subsidiaries, taken as a whole, or omit to state any material facts necessary to
make the statements herein and therein contained with respect to COVR and its
subsidiaries, taken as a whole, not misleading.

      5. Representations And Warranties of Vault. In order to induce COVR to
enter into this Agreement and to consummate the transactions contemplated
hereunder, Vault hereby represents and warrants to COVR as follows:

            5.1 Corporate Existence And Qualification. Vault is a corporation
duly incorporated, validly existing and in good standing under the laws of its
jurisdiction of incorporation and has all requisite corporate power and
authority to carry on its business as now being conducted and to own, lease and
operate its properties as and in the places where such business is now conducted
and such properties are now owned, leased or operated. Vault has all requisite
power to execute and deliver this Agreement and to perform its obligations
hereunder.

            5.2 Authorization of Agreements. The execution and delivery by Vault
of this Agreement, and the transactions contemplated hereby, have been duly
authorized by all requisite corporate action on its behalf. This Agreement has
been duly executed and delivered by Vault, and this Agreement constitutes the
legal, valid and binding obligations of Vault, enforceable against Vault in
accordance with its terms except to the extent that such validity, binding
effect and enforceability may be limited by applicable bankruptcy,
reorganization, insolvency, moratorium and other laws affecting creditors'
rights generally from time to time in effect and by general equitable
principles.

            5.3 Securities Laws.

                  (a) Vault acknowledges and understands that the securities of
COVR to be acquired by it hereunder have not been registered under the
Securities Act, or the securities laws of any state, and that such securities
may not be offered or sold unless first registered under the Securities Act and
any applicable state securities laws, or unless such offer or sale is exempt
from registration.

                  (b) Vault is purchasing the securities of COVR hereunder for
investment purposes, has no intention, subject to the subsequent exercise of
registration rights provided for hereunder, to sell any of such securities and
will not sell or dispose of any of such securities in violation of applicable
United States federal and state securities laws.

                  (c) Vault has received a copy of COVR's most recent annual
report on Form 10-K and COVR's most recent quarterly report on Form 10-Q, and is
aware that COVR

                                       -4-

<PAGE>

suffered significant losses in the year ended December 31, 1999, and the three
months ended March 31, 2000, and has had serious cash flow problems.

                  (d) Vault agrees that the following legend may be placed on
any certificates evidencing the securities issued pursuant to this Agreement:

            "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
            REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR PURSUANT
            TO ANY STATE SECURITIES LAWS. THE SECURITIES HAVE BEEN ACQUIRED FOR
            INVESTMENT AND MAY NOT BE SOLD OR TRANSFERRED EXCEPT IN COMPLIANCE
            WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933, AS
            AMENDED, AND APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF
            COUNSEL TO THE COMPANY OR OF COUNSEL REASONABLY SATISFACTORY TO THE
            COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED."

Vault understands that, so long as the above legend remains on any certificates,
COVR may maintain appropriate "stop transfer" orders with respect to such
securities on its books and records and with its registrar and transfer agent.
Vault agrees that prior to any proposed transfer of any such securities and as a
condition thereto, if such transfer is not made pursuant to an effective
Registration Statement under the Securities Act or an opinion of counsel to COVR
(or other counsel reasonably acceptable to COVR and its counsel) that the
securities may be sold publicly without registration under the Securities Act,
Vault will, if requested by COVR, deliver to COVR (i) an undertaking by the
proposed transferee to execute and deliver any and all documentation that may
from time to time be requested by COVR with respect to the matters covered by
this subsection (d), (ii) an investment covenant signed by the proposed
transferee, (iii) an agreement by such transferee to the impression of the
restrictive legend set forth above on the securities, (iv) an agreement by such
transferee that COVR may place a "stop transfer" order with COVR's transfer
agent and registrar consistent with this subsection (d), and (v) an agreement by
the transferee to indemnify COVR to the same extent as set forth in the
immediately succeeding sentence of this Section. Vault acknowledges that it
understands the legal consequences of the representations and warranties
contained in this Section and agrees to indemnify COVR against any and all
losses, claims, damages, expenses or liabilities to which COVR may become
subject under any federal or state securities law, at common law, or otherwise,
insofar as such losses, claims, damages, expenses or liabilities arise out of or
based upon (A) any transfer of the securities owned by it in violation of the
Securities Act, the Exchange Act or the rules and regulations promulgated under
either of such Acts and applicable state Blue Sky laws, or (B) any untrue
statement of a material fact or omission to state any material fact in
connection with its representations pursuant to this Section.

                                       -5-

<PAGE>

      6. Covenants of COVR.

            6.1 Registration Rights.

                  6.1.1 Registration Statement. COVR shall use its best efforts
to prepare and file within 135days of the date of the Agreement a Registration
Statement to register a sufficient number of shares of COVR Common Stock to
accommodate the issuance of the COVR Shares and registration of shares of COVR
Common Stock into which the Warrants are exercisable. COVR shall use its best
efforts to have the Registration Statement remain effective through the
expiration date of the last of the Warrants to be issued hereunder.

                  6.1.2 Piggy Back Registration Rights.

                        (a) If the COVR Shares or shares of COVR Common Stock
acquired or to be acquired upon exercise of the Warrants (collectively, the
"Registrable Shares") are not already covered by an effective Registration
Statement pursuant to this Section 6, COVR shall send written notice to the
holders (the "Holders") then owning Registrable Shares at least 30 days prior to
the filing of each and every Registration Statement filed by COVR, whether or
not pursuant to this Agreement (other than a Registration Statement covering
exclusively securities issued under an employee option or stock purchase plan,
or pursuant to a merger, acquisition or similar transaction) and give to such
Holders the right to have included therein any Registrable Shares then held by
the Holders. Such notice must specify the proposed offering price and the plan
of distribution. COVR must receive written notice from such Holders within 15
days after the date of COVR's written notice, indicating the full name and
address of each Holder desiring to have Registrable Shares included for sale in
such Registration Statement and the number of Registrable Shares requested to be
covered.

                        (b) If the registration of which COVR gives notice is
for a registered public offering involving an underwriting, COVR shall so advise
the Holders as a part of the written notice given pursuant to Section 6.1.2(a).
In such event the rights of any Holder to registration pursuant to Section 6.1.2
shall be conditioned upon such Holder's participation in such underwriting and
the inclusion of Registrable Shares in the underwriting to the extent provided
in this Section 6.1.2(b).

                        (c) All Holders proposing to distribute their
Registrable Shares through such underwriting shall, together with COVR, enter
into an underwriting agreement in customary form with the managing underwriter
selected for such underwriting by COVR. COVR shall use its reasonable best
efforts to cause the managing underwriter of such proposed underwritten offering
to permit the Registrable Shares proposed to be included in such registration to
be included in the Registration Statement for such offering on the same terms
and conditions as any similar securities of COVR included therein.
Notwithstanding any other provision of this Section 6.1.2, the Holders shall be
entitled to include in the Registration Statement all of the shares which they
desire to sell for their own account, and if the managing underwriter determines
that marketing factors require a limitation of the number of shares to be
underwritten, the managing underwriter may limit the similar securities of COVR
to be included in such registration.

                                       -6-

<PAGE>

                        (d) If any Holder disapproves of the terms of any such
underwriting, such person may elect to withdraw therefrom by written notice to
COVR and the managing underwriter. Any Registrable Shares excluded or withdrawn
from such underwriting also shall be withdrawn from such registration, and shall
not be transferred prior to such period after the effective date of the
Registration Statement relating thereto, as the underwriters may require all
principal shareholders and directors of COVR to agree to.

                  6.1.3 Miscellaneous Registration Provisions.

                        (a) In connection with any Registration Statement filed
pursuant to Sections 6.1.1 or 6.1.2 hereof:

                              (i) COVR's obligations under this Agreement to
include Registrable Shares in a Registration Statement shall mean shares of COVR
Common Stock or any security received by a Holder in exchange or upon
reclassification of the COVR Common Stock;

                              (ii) the Holders of Registrable Shares registering
shares pursuant to Sections 6.1.1 or 6.1.2 hereof (herein "Registering Holders")
shall furnish to COVR in writing such appropriate information (relating to the
intention of such Holders as to proposed methods of sale or other disposition of
the Registrable Shares) and the identity of and compensation to be paid to any
proposed underwriters to be employed in connection therewith as COVR, any
underwriter, or the Commission or any other regulatory authority may request;

                              (iii) the Registering Holders and COVR shall enter
into the usual and customary form of underwriting agreement agreed to by COVR
and any underwriter with respect to any such offering, if required, and such
underwriting agreement shall contain the customary reciprocal rights of
indemnity and contribution between COVR, the underwriters, and the selling
shareholders, including the Registering Holders, to the extent set forth in
Subsection (h) herein;

                              (iv) the Registering Holders shall agree that they
shall execute, deliver and/or file with or supply to COVR, any underwriters, the
Commission and/or any state or other regulatory authority such information,
documents, representations, undertakings and/or agreements necessary to carry
out the provisions of the registration covenants contained in this Agreement
and/or to effect the registration or qualification of their Registrable Shares
under the Securities Act and/or any of the laws and regulations of any state or
governmental instrumentality;

                              (v) the Registering Holders shall furnish COVR
with such questionnaires and other documents regarding their identity and
background as COVR may reasonably request; and

                              (vi) COVR's obligation to include the Registering
Holders' Registrable Shares in a Registration Statement pursuant to Section
6.1.2 shall be subject to the written agreement of the Holders to offer the
Registrable Shares in the same manner and on the same

                                       -7-

<PAGE>

terms and conditions as the other securities of the same class are being offered
pursuant to the Registration Statement, if such shares are being underwritten.

                        (b) If and whenever COVR is required to effect the
registration of any Registrable Shares pursuant to Sections 6.1.1 or 6.1.2, COVR
will use its best efforts to effect such registration to permit the sale of such
Registrable Shares in accordance with the intended method or methods of
disposition thereof, and pursuant thereto it will, as promptly as is practicable
and in accordance with the Securities Act and all applicable rules and
regulations:

                              (i) prepare and file with the Commission such
amendments (including post-effective 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 comply with the
provisions of the Securities Act with respect to the disposition of all
Registrable Shares covered by such Registration Statement until the earlier of
such time as all of such Registrable Shares have been disposed of in accordance
with the intended methods of disposition set forth in such Registration
Statement or the expiration of 180 days after such Registration Statement
becomes effective;

                              (ii) prepare and file with the Commission any
amendment or supplement to such Registration Statement or prospectus as may be
necessary to correct any statement or omission, if at any time when a prospectus
relating to any security included in such registration is required to be
delivered under the Securities Act, any event shall have occurred as a result of
which any such prospectus or any other prospectus as then in effect would
include an untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein not misleading;

                              (iii) notify the Registering Holders of the time
when such Registration Statement, amendment, supplement or prospectus has been
filed with the Commission;

                              (iv) furnish to the Holders and to any underwriter
of Registrable Shares such number of conformed copies of such Registration
Statement and of each such amendment and supplement thereto (in each case
including all exhibits), such number of copies of the prospectus included in
such Registration Statement (including each preliminary prospectus and any
summary prospectus) and any amendment or supplement thereto, in conformity with
the requirements of the Securities Act, such documents incorporated by reference
in such Registration Statement or prospectus, and such other documents, as the
Holders or such underwriter may reasonably request, and a copy of any and all
transmittal letters or other correspondence to, or received from, the Commission
or any other governmental agency or self-regulatory body or other body having
jurisdiction (including any domestic or foreign securities exchange) relating to
such offering;

                              (v) notify the Registering Holders after receipt
of any request by the Commission to amend or supplement such Registration
Statement or prospectus or for additional information;

                                       -8-

<PAGE>

                              (vi) advise the Registering Holders after it shall
receive notice or obtain knowledge thereof of the issuance of any order by the
Commission suspending the effectiveness of the Registration Statement or of the
limitation or threatening of any proceeding for that purpose and make every
reasonable effort to prevent the issuance of any such order or to obtain the
withdrawal of any such order; and

                              (vii) use its best efforts to list all such
Registrable Shares covered by such Registration Statement on the principal
securities exchange and inter-dealer quotation system on which a class of common
equity securities of COVR is then listed, and to pay all fees and expenses in
connection therewith.

                        (c) COVR shall pay all out-of-pocket expenses and
disbursements incurred by COVR and the Registering Holders in connection with
the Registration Statements filed by it pursuant to Sections 6.1.1 or 6.1.2,
including, without limitation, all legal and accounting fees, Commission filing
fees, Exchange, Nasdaq Stock Market or NASD filing fees, printing costs,
registration or qualification fees and expenses to comply with state Blue Sky or
other state securities laws, the fees of other experts, and any expenses or
other compensation paid to the underwriters; provided, however, that such
registration expenses shall not include underwriting commissions and discounts
and transfer taxes, if any.

                        (d) COVR shall be obligated to keep any Registration
Statement filed by it under Sections 6.1.1 or 6.1.2 effective under the
Securities Act for a period of 180 days after the actual effective date of such
Registration Statement and to prepare and file such supplements and amendments
necessary to maintain an effective Registration Statement for such period. As a
condition to COVR's obligation under this Subsection (d), the Registering
Holders will execute and deliver to COVR such written undertakings as COVR and
its counsel may reasonably require in order to assure full compliance with
relevant provisions of the Securities Act.

                        (e) COVR shall use its best efforts to register or
qualify the Registrable Shares under such securities or Blue Sky laws in such
jurisdictions within the United States as the Registering Holders may reasonably
request; provided, however, that COVR reserves the right, in its sole
discretion, not to register or qualify such Registrable Shares in any
jurisdiction where such Registrable Shares do not meet with the requirements of
such jurisdiction after having taken reasonable steps to meet such requirements
or where COVR is required to qualify as foreign corporation to do business in
such jurisdiction and is not so qualified therein or is required to file any
general consent to service of process.

                        (f) In the event all the Registrable Shares have not
been sold on or prior to the expiration of the period specified in Subsection
(d) above, the Registering Holders hereby agree that COVR may deregister by
post-effective amendment any shares covered by the Registration Statement, but
not sold on or prior to such date. COVR agrees that it will notify the
Registering Holders of the filing and effective date of such post-effective
amendment.

                        (g) The Registering Holders agree that upon notification
by COVR that the prospectus in respect to any public offering covered by the
provisions hereof is in need of

                                       -9-

<PAGE>

revision, they shall immediately upon receipt of such notification (i) cease to
offer or sell any securities of COVR which must be accompanied by a prospectus;
(ii) return all such prospectuses in their hands to COVR; and (iii) shall not
offer or sell any securities of COVR until they have been provided with a
current prospectus and COVR has given them notification permitting them to
resume offers and sales.

                        (h) As a condition to the filing of a Registration
Statement pursuant to this Agreement, COVR shall indemnify and hold harmless the
Registering Holders and the underwriter(s) and controlling person(s) of such
underwriter(s) who may purchase from or sell for the Registering Holders, any
shares of COVR Common Stock, from and against any and all losses, claims,
damages, expenses or liabilities caused by any failure of COVR to comply with
the Securities Act or any rule or regulation promulgated thereunder in
connection with the registration of the shares of COVR Common Stock or any
untrue statement of a material fact contained in the Registration Statement, any
post-effective amendment to such Registration Statement, or any prospectus
included therein required to be filed or furnished by reason of this Agreement
or caused by any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make any material fact therein not
misleading, except insofar as such losses, claims, damages or liabilities are
caused by any such untrue statements or alleged untrue statements or omissions
based upon information furnished or required to be furnished in writing to COVR
by the party seeking indemnification expressly for use therein; which
indemnification shall include each person, if any, who controls any such
underwriter within the meaning of the Securities Act and each officer, director,
employee and agent of such underwriter; provided, however, that COVR shall not
be obligated to so indemnify the Registering Holders or any such underwriter or
other person referred to above unless the Registering Holders or underwriter or
other person, as the case may be, shall at the same time or prior thereto
indemnify COVR, its directors, each officer signing the Registration Statement
and each person, if any, who controls COVR within the meaning of the Securities
Act, from and against any and all losses, claims, damages and liabilities caused
by any untrue statement or alleged untrue statement of a material fact contained
in the Registration Statement, any post-effective amendment to such Registration
Statement or any prospectus or prospectus supplement required to be filed or
furnished by reason of this Agreement or caused by any omission to state therein
a material fact required to be stated therein or necessary to make the
statements therein not misleading, insofar as such losses, claims, damages or
liabilities are caused by any untrue statement or alleged untrue statement or
omission based upon information furnished in writing to COVR by the Registering
Holder or underwriter expressly for use therein.

                        (i) Each party entitled to indemnification under
paragraph (h) above (the "Indemnified Party") shall, promptly after receipt of
notice of any claim or the commencement of any action against such Indemnified
Party in respect of which indemnity may be sought, notify the party required to
provide indemnification (the "Indemnifying Party") in writing of the claim or
the commencement thereof; provided that the failure of the Indemnified Party to
notify the Indemnifying Party shall not relieve the Indemnifying Party from any
liability which it may have to an Indemnified Party pursuant to the provisions
of Subsection (h), unless the Indemnifying Party was materially prejudiced by
such failure, and in no event shall such failure relieve the Indemnifying Party
from any other liability which it may have to such Indemnified Party. If any
such claim or action shall be brought against an Indemnified Party, it shall
notify the Indemnifying Party

                                      -10-

<PAGE>

thereof and the Indemnifying Party shall be entitled to participate therein,
and, to the extent that it wishes, jointly with any other similarly notified
Indemnifying Party, to assume the defense thereof with counsel reasonably
satisfactory to the Indemnified Party. After notice from the Indemnifying Party
to the Indemnified Party of its election to assume the defense of such claim or
action, the Indemnifying Party shall not be liable (except to the extent the
proviso to this sentence is applicable, in which event it will be so liable) to
the Indemnified Party under Subsection (h) for any legal or other expenses
subsequently incurred by the Indemnified Party in connection with the defense
thereof other than reasonable costs of investigation; provided that each
Indemnified Party shall have the right to employ separate counsel to represent
it and assume its defense (in which case, counsel to the Indemnifying Party
shall not represent it) if (i) upon the advice of counsel, the representation of
both parties by the same counsel would be inappropriate due to actual or
potential differing interests between them (in which case, if such Indemnified
Party notifies the Indemnifying Party in writing that it elects to employ
separate counsel at the expense of the Indemnifying Party, the Indemnifying
Party will not have the right to assume the defense of such claim or action on
behalf of such Indemnified Party), or (ii) in the event the Indemnifying Party
has not assumed the defense thereof within ten days of receipt of notice of such
claim or commencement of action, in which case the fees and expenses of one such
separate counsel shall be paid by the Indemnifying Party. If any Indemnified
Party employs such separate counsel it will not enter into any settlement
agreement which is not approved by the Indemnifying Party, such approval not to
be unreasonably withheld. If the Indemnifying Party so assumes the defense
thereof (and by so assuming shall be solely responsible for liabilities relating
to such claim or action, and shall release the Indemnified Party from such
liabilities to the extent permitted by law, except to the extent the Indemnified
Party is not entitled to be indemnified pursuant to Subsection (h)), it may not
agree to any settlement of any such claim or action as the result of which any
remedy or relief, other than monetary damages for which the Indemnifying Party
shall be responsible hereunder, shall be applied to or against the Indemnified
Party, without the prior written consent of the Indemnified Party. No
Indemnified Party will consent to entry of any judgment or enter into any
settlement that 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 of such claim or action. In any action hereunder as to
which the Indemnifying Party has assumed the defense thereof with counsel
satisfactory to the Indemnified Party, the Indemnified Party shall continue to
be entitled to participate in the defense thereof, with counsel of its own
choice, but, except as set forth above, the Indemnifying Party shall not be
obligated hereunder to reimburse the Indemnified Party for the costs thereof.

                        (j) If for any reason the indemnification provided for
above is held by a court of competent jurisdiction to be unavailable to an
Indemnified Party with respect to any loss, claim, damage, liability or expense
referred to therein, then the Indemnifying Party in lieu of indemnifying such
Indemnified Party thereunder, shall contribute to the amount paid or payable by
the Indemnified Party as a result of such loss, claim, damage or liability in
such proportion as is appropriate to reflect not only the relative benefits
received by the Indemnified Party and the Indemnifying Party, but also the
relative fault of the Indemnified Party and the Indemnifying Party, as well as
any other relevant equitable considerations.

            6.2 Listing of Additional Shares. COVR shall use its best efforts to
cause the COVR Shares and the shares of COVR Common Stock that may be issued
upon exercise of the

                                      -11-

<PAGE>

Warrants to be listed on the Nasdaq Stock Market or such securities exchange or
trading market that shares of COVR Common Stock may be listed or traded upon
from time to time after the date of this Agreement.

            6.3 Access to Records and Operations of COVR. Pending the closing of
all of the transactions contemplated by this Agreement, Vault shall have the
right to designate a representative who shall have access to the premises of
COVR for the purpose of reviewing records and operations of COVR. All such
information shall be deemed confidential information of COVR and shall not be
used by Vault for any other purpose other than to evaluate COVR and carry out
due diligence activities and if the transaction is not consummated for any
reason, all information shall be returned to COVR and shall not be used by Vault
for any purpose.

      7. Conditions to Obligations of COVR. This Agreement and the obligations
of COVR to perform hereunder are subject to the satisfaction by Vault, or a
waiver in writing by COVR, of the following conditions, each of which is
individually hereby deemed material, at or prior to each Closing:

            7.1 Representations, Warranties and Obligations. All representations
and warranties of Vault contained in this Agreement and in the Exhibits hereto
shall be true and correct commencing as of the date hereof and ending with and
on each Closing Date as though made on and as of such Closing Date. Vault shall
have performed and complied with all of its respective covenants and obligations
under this Agreement in all material respects.

            7.2 Corporate Authorization. On each Closing Date, Vault shall have
delivered to COVR certified copies of the resolution(s) adopted by the Board of
Directors of Vault authorizing the execution, delivery and performance by Vault
of this Agreement, and the consummation of the transactions contemplated hereby.

      8. Conditions to Obligations of Vault. This Agreement and the obligations
of Vault to perform hereunder are subject to the satisfaction by COVR, or a
waiver in writing by Vault, of the following conditions, each of which is
individually hereby deemed material, at or prior to each Closing:

            8.1 Corporate Authorization. On each Closing Date, COVR shall have
delivered to Vault certified copies of the resolution(s) of the Board of
Directors of COVR authorizing the execution, delivery and performance by COVR of
this Agreement, and the consummation of the transactions contemplated hereby.

            8.2 Representations, Warranties And Obligations. All representations
and warranties of COVR contained in this Agreement and in the Exhibits hereto
shall be true and correct in all material respects commencing as of the date
hereof and ending with and on each Closing Date as though made on and as of such
Closing Date. COVR shall have performed and complied with all of its respective
covenants and obligations under this Agreement in all material respects.

                                      -12-

<PAGE>

            8.3 Issuance and Delivery of Securities. COVR shall issue and
deliver certificates to Vault representing the COVR Common Stock issuable
pursuant hereto in connection with such Closing.

      9. Survival; Indemnification. The representations, warranties, covenants
and agreements of COVR on the one hand, and Vault on the other hand, contained
in this Agreement and the Exhibits hereto, shall survive and remain operative
and in full force following the execution and delivery of this Agreement. The
following provisions are applicable to claims made under this Agreement:

            9.1 Obligation of COVR to Indemnify. COVR hereby agrees to
indemnify, defend and hold harmless Vault (and its directors, officers,
employees, affiliates and assigns) from and against all losses, suits,
proceedings, demands, judgments, damages, expenses and costs (including
reasonable attorneys' fees and disbursements) (collectively, "Losses") which
they may incur arising from any material inaccuracy in, or any material breach
of, any representation, warranty, covenant or agreement of COVR contained in
this Agreement or the Exhibits hereto.

            9.2 Obligation of Vault to Indemnify. Vault agrees to indemnify,
defend and hold harmless COVR (and its directors, officers, employees,
affiliates and assigns) from and against any Losses which it may incur arising
from any material inaccuracy in, or any material breach of, any representation,
warranty, covenant or agreement of it contained in this Agreement or the
Exhibits hereto.

            9.3 Notice to Indemnitor. Promptly after any party hereto (i)
receives notice of any claim or the commencement of any action or proceeding
against it, (ii) has knowledge of any claim, action or proceeding against it, or
(iii) has knowledge of any matter for which it intends to seek indemnification
hereunder, the party seeking indemnification (the "Indemnitee") shall, if a
claim for reimbursement with respect thereto is to be made against any party
hereto obligated to provide indemnification under Sections 9.1 or 9.2 hereof
(the "Indemnitor"), give the Indemnitor written notice of such claim or the
commencement of such action or proceeding, in all cases within sufficient time
to respond to such claim or to answer or otherwise plead in any such action.
Such notice shall be a condition precedent to the Indemnitor's obligation to
provide indemnification under this Section 9.

            9.4 Right to Defend; Compromise of Claims. The Indemnitor shall have
the right to compromise or defend, at its own expense and by its own counsel,
any matter involving the asserted liability of any Indemnitee; provided,
however, that no compromise of any claim shall be made without the consent of
the Indemnitee unless such compromise results in the full and unconditional
release of all claims against the Indemnitee by the party asserting such claim.
The opportunity to compromise or defend as herein provided shall be a condition
precedent to any liability of an Indemnitor under the provisions of this Section
10.4. If any Indemnitor shall undertake to compromise or defend any such
asserted liability, it shall promptly notify the Indemnitee of its intention to
do so. The Indemnitee shall cooperate with the Indemnitor and its counsel, at
the Indemnitor's sole cost and expense, in the defense against any such asserted
liability and in any compromise thereof. Such cooperation shall include, but not
be limited to, furnishing the Indemnitor

                                      -13-

<PAGE>

with any books, records or information reasonably requested by the Indemnitor
and taking such action as the Indemnitor may reasonably request to mitigate or
reduce any claim. After an Indemnitor has notified an Indemnitee of its
intention to undertake to compromise or defend any asserted liability, the
Indemnitor shall not be liable for any additional legal expenses incurred by the
Indemnitee, except for costs and expenses incurred in cooperating with the
Indemnitor and its counsel as herein provided, unless the Indemnitor fails to
prosecute the defense of such claim. If the Indemnitor shall desire to
compromise any such asserted liability by the payment of a liquidated amount
which the party asserting such liability is willing to accept in exchange for
fully and unconditionally releasing all claims against the Indemnitee, and the
Indemnitee shall refuse to consent to such compromise, then the Indemnitor's
liability under this Section 10 with respect to such asserted liability shall be
limited to the amount so offered in compromise. Under no circumstances shall the
Indemnitee compromise any asserted liability without the written consent of the
Indemnitor.

      10. Miscellaneous.

            10.1 Entire Agreement. This Agreement, and the Exhibits and
Schedules annexed hereto and made a part hereof, contain the entire agreement
among COVR and Vault with respect to the matters set forth herein and supersede
all prior agreements and understandings among them as to the subject matter
thereof. No party shall be bound by nor shall be deemed to have made any
representations, warranties or covenants except those contained herein.

            10.2 Benefits; Assignments. All of the terms and provisions of this
Agreement shall bind and inure to the benefit of COVR and Vault and their
respective successors and assigns.

            10.3 Notices, Etc. All notices, requests, consents and other
communications hereunder shall be in writing and shall be deemed to be duly
given if personally delivered with receipt acknowledged, if mailed by registered
or certified mail, first class, postage prepaid, if delivered by a nationally
recognized overnight courier service or if transmitted by facsimile machine
(with a confirmation copy to be sent by first class mail) addressed as follows:

            (i)   if to COVR:

                  Cover-All Technologies Inc.
                  18-01 Pollitt Drive
                  Fair Lawn, New Jersey  07410
                  Attention: President
                  Tel: (201) 794-4800
                  Fax: (201) 791-9113

                  with a copy (which shall not constitute notice) to:

                                      -14-

<PAGE>

                  Piper Marbury Rudnick & Wolfe LLP
                  1251 Avenue of the Americas
                  New York, New York  10020
                  Attention: Leonard Gubar, Esq.
                  Tel: (212) 835-6000
                  Fax: (212) 835-6001

            or to such other address or such other person(s) as COVR may
            designate by written notice to the other parties hereto.

            (ii)  if to Vault:

                  Vault Management Limited
                  P.O. Box 839
                  St. Helier, Jersey
                  Channel Islands, JE49NZ
                  Attention: Mark D. Johnston
                  Tel: 011-44-1534-880-088
                  Fax: 011-44-1534-880-099

                  with a copy (which shall not constitute notice) to:

                  Gardere & Wynne, L.L.P.
                  1601 Elm Street, Suite 3000
                  Dallas, Texas 75201
                  Attention: Randall G. Ray, Esq.
                  Tel: (214) 999-4544
                  Fax: (214) 999-3544

            or to such other address or such other person(s) as Vault may
            designate by written notice to the other parties hereto.

            10.4 Governing Law. This Agreement is being executed in the State of
New Jersey and shall be construed in accordance with and governed by the
internal laws of the State of Delaware.

            10.5 Severability. If any provision of this Agreement shall be held
invalid or unenforceable, such invalidity or unenforceability shall attach only
to such provision and shall not in any manner affect or render invalid or
unenforceable any other severable provision of this Agreement, and this
Agreement shall be carried out as if any such invalid or unenforceable provision
were not contained herein.

            10.6 Modification, Waivers, Etc. Neither this Agreement nor any
provision hereof may be changed, waived, discharged or terminated orally but
only by an instrument in writing

                                      -15-

<PAGE>

signed by the party against whom enforcement of the change, waiver, discharge or
termination is sought.

            10.7 Captions. The captions of sections and subsections of this
Agreement are for convenience of reference only and are not to be considered in
construing this Agreement.

            10.8 Further Assurances. At any time and from time to time, upon the
reasonable request of any party hereto, the requested party shall execute,
deliver and acknowledge, or cause to be executed, delivered and acknowledged,
such further documents and instruments and do such other acts and things as the
requesting party may reasonably request in order to fully effect the purposes of
this Agreement and the transactions contemplated hereby.

            10.9 Counterparts. This Agreement may be executed in several
counterparts, each of which shall be deemed an original, but all of which, when
taken together, shall constitute one and the same instrument. Facsimile
transmission of any signed original document or retransmission of any signed
facsimile transmission will be deemed the same as delivery of an original. At
the request of any party, the parties will confirm facsimile transmission by
signing a duplicate original document.

                  [Remainder of page intentionally left blank]

                                      -16-

<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed and delivered in their respective names as of the date and year first
above written.

                                    COVER-ALL TECHNOLOGIES INC.

                                    By:   ______________________________________
                                    Name: ______________________________________
                                    Title:______________________________________

                                    VAULT MANAGEMENT LIMITED

                                    By:   ______________________________________
                                          Mark D. Johnston, Director

                                      -17-

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