Document:

EXHIBIT 10.3

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                          REGISTRATION RIGHTS AGREEMENT

                                      among

                                  ONEOK, INC.,
                            an Oklahoma corporation,

                              WESTAR ENERGY, INC.,
                              a Kansas corporation

                                       and

                            WESTAR INDUSTRIES, INC.,
                              a Kansas Corporation

                           Dated as of January 9, 2003

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                                TABLE OF CONTENTS

                                                                           Page
                                                                           -----

                                    ARTICLE I

                                   DEFINITIONS

 Section 1.1.   Certain Defined Terms..........................................1
 Section 1.2.   Other Defined Terms............................................2
 Section 1.3.   General........................................................2
 Section 1.4.   Headings.......................................................3

                                   ARTICLE II

       TERMINATION OF PRIOR REGISTRATION RIGHTS AGREEMENT; EFFECTIVENESS;
                               SHELF REGISTRATION

 Section 2.1.   Termination....................................................3
 Section 2.2.   Effectiveness..................................................3
 Section 2.3.   Shelf Registration.............................................3

                                   ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

 Section 3.1.   Representations and Warranties of Parent and the
                 Shareholder...................................................4
 Section 3.2.   Representations and Warranties of the Company..................4

                                   ARTICLE IV

                         REGISTRATION RIGHTS; OFFERINGS

 Section 4.1.   "Piggy-Back" Offerings.........................................4
 Section 4.2.   Shelf Takedowns................................................5
 Section 4.3.   Intentionally Omitted..........................................8
 Section 4.5.   Registration Expenses.........................................15
 Section 4.6.   Indemnification; Contribution.................................15

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 Section 4.7.   Underwriters..................................................19
 Section 4.8.   Exchange Act Filings; Rule 144; Rule 144A.....................19
 Section 4.9.   Agreement of the Shareholder..................................20
 Section 4.10.  Legends.......................................................20
 Section 4.11.  Treatment of Convertible Preferred Stock......................20

                                    ARTICLE V

                                  MISCELLANEOUS

 Section 5.1.   Termination...................................................21
 Section 5.2.   Recapitalizations, Exchanges, Etc. Affecting the Shares.......21
 Section 5.3.   Other Company Securities......................................21
 Section 5.4.   Amendment.....................................................21
 Section 5.5.   Notices.......................................................21
 Section 5.6.   Integration...................................................23
 Section 5.7.   Binding Effect; Benefit.......................................23
 Section 5.8.   Assignability.................................................23
 Section 5.9.   Counterparts..................................................23
 Section 5.10.  Applicable Law................................................23
 Section 5.11.  Shareholder Agreement.........................................23
 Section 5.12.  Severability..................................................23

                                      -ii-

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                          REGISTRATION RIGHTS AGREEMENT

     REGISTRATION RIGHTS AGREEMENT (this "Agreement"), dated as of January 9,
2003, among Westar Energy, Inc., a Kansas corporation (the "Parent"), Westar
Industries, Inc., a Delaware corporation and a wholly owned subsidiary of Parent
(together with the Parent, the "Shareholder"), and ONEOK, Inc., an Oklahoma
corporation (the "Company").

     WHEREAS, the Company and the Shareholder have entered into a Transaction
Agreement, dated as of January 9, 2003 (the "Transaction Agreement") pursuant to
which, among other things, (i) the Company has agreed to use commercially
reasonable efforts to make a public offering (the "Offering") of shares of the
common stock, par value $0.01 per share, of the Company (the "Common Stock") and
such other securities as the Company may offer, (ii) the Company will use a
portion of the proceeds of the Offering to repurchase (the "Repurchase") a
portion of the shares of the Series A Convertible Preferred Stock of the
Company, par value $0.01 per share (the "Series A Preferred Stock") held by the
Shareholder and (iii) the Company will modify the terms of the Series A
Preferred Stock by exchanging the (the "Exchange") shares of newly issued
$0.925 Series D Non-Cumulative Convertible Preferred Stock of the Company, par
value $0.01 per share (the "Series D Preferred Stock") for all the shares of
Series A Preferred Stock held by Shareholder not repurchased by the Company in
the Repurchase;

     WHEREAS, the Company and Parent are parties to a Registration Rights
Agreement (the "Prior Registration Rights Agreement"), dated as of November 26,
1997, and desire to terminate the Prior Registration Rights Agreement and
replace it in its entirety with this Agreement;

     NOW, THEREFORE, in consideration of the premises and of the mutual
covenants, representations, warranties and agreements contained herein, the
Company and the Shareholder hereby agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

     Section 1.1. Certain Defined Terms. In addition to other terms defined
elsewhere in this Agreement, as used in this Agreement, the following
capitalized terms have the respective meanings set forth below:

     "Affiliate" shall mean, with respect to any person, any other person that
directly or indirectly through one or more intermediaries controls or is
controlled by or is under

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                                       -2-

common control with such person. For the purposes of this definition, "control"
when used with respect to any particular person, means the power to direct the
management and policies of such person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms
"controlling" and "controlled" have meanings correlative to the foregoing.

     "Business Day" shall mean any day, other than a Saturday, Sunday or a day
on which banking institutions in Tulsa, Oklahoma or New York, New York are
authorized or obligated by law or executive order to close.

     "Convertible Preferred Stock" shall mean the Series D Preferred Stock.

     "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended.

     "Person" shall mean any individual, corporation, company, partnership,
joint venture, trust, group (as such term is used in Rule 13d-5 under the
Exchange Act), business association, government or political subdivision
thereof, governmental body or other entity.

     "SEC" shall mean the United States Securities and Exchange Commission or
any other United States federal agency at the time administering the Securities
Act or the Exchange Act, as applicable, whichever is the relevant statute.

     "Shareholder Agreement" shall mean the Shareholder Agreement, dated as of
the date hereof, among the Company, Parent and the Shareholder.

     "Securities Act" means the Securities Act of 1933, as amended.

     "Shares" shall mean shares of Common Stock or Convertible Preferred Stock
now held by the Shareholder and all shares of Common Stock issued or issuable
upon conversion of the Convertible Preferred Stock now held by the Shareholder
and shares of Common Stock issued or issuable, directly or indirectly, with
respect to such shares of Common Stock by way of a stock dividend, stock split
or combination of shares.

     Section 1.2. Other Defined Terms. The following terms shall have the
meanings defined for  such terms in the section set forth
below:

        Term                                          Location
       ------                                        ----------

 Term                                                       Location
 ----                                                       --------

 Agreement..................................................Preamble
 Blackout Period..............................................4.2(b)
 Claims..........................................................4.6
 Common Stock...............................................Recitals
 Company....................................................Preamble
 Effective Period.............................................4.4(a)
 Exchange...................................................Recitals
 Inspectors...................................................4.4(a)
 Lock-up Notice..................................................4.2
 Maximum Number...............................................4.1(a)
 Offering...................................................Recitals
 Parent.....................................................Preamble
 Piggy-Back Request...........................................4.1(a)
 Piggy-Back Shares............................................4.1(a)
 Pre-emptive Notice..............................................4.2
 Prior Registration Rights Agreement........................Recitals
 Records......................................................4.4(a)
 Registered Shares............................................4.4(a)
 Registration....................................................2.3
 Registration Expenses...........................................4.5
 Repurchase.................................................Recitals
 Securities Act..............................................4.10(a)
 Series A Preferred Stock...................................Recitals
 Series D Preferred Stock...................................Recitals
 Shareholder................................................Preamble
 Shelf Registration Statement....................................2.3
 Shelf Takedown..................................................4.2
 Standoff Period.................................................4.2
 Subject Offering.............................................4.1(a)
 Transaction Agreement......................................Recitals

     Section 1.3. General. Unless the context otherwise requires, references in
this Agreement to any "section" or "article" shall mean a section or article of
this Agreement, as the case may be, and the terms "hereof," "hereunder" and
"hereto" and words of similar

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                                       -3-

meaning shall mean this Agreement in its entirety and not any particular
provisions of this Agreement. Unless the context otherwise requires, the terms
defined herein include the singular as well as the plural.

     Unless the context otherwise requires, each reference herein to the
Securities Act, the Exchange Act or Rule 144 under the Securities Act (or any
other rule, regulation or form promulgated under either such statute) shall be
deemed to mean, as of any time, such statute, rule, regulation or form as then
in effect, after all amendments thereto, or, if not then in effect, any
successor statute, rule, regulation or form as then in effect, after all
amendments thereto.

     Section 1.4. Headings. The descriptive headings of the several sections and
paragraphs of this Agreement are inserted for convenience only, do not
constitute a part of this Agreement and shall not affect in any way the meaning
or interpretation of this Agreement.

                                   ARTICLE II

       TERMINATION OF PRIOR REGISTRATION RIGHTS AGREEMENT; EFFECTIVENESS;
                               SHELF REGISTRATION

     Section 2.1. Termination. The Company and Parent agree that, effective
immediately upon the consummation of the Repurchase and the Exchange, the Prior
Registration Rights Agreement is hereby terminated and is of no further force
and effect

     Section 2.2. Effectiveness. This Agreement shall become effective
immediately upon the consummation of the Repurchase and the Exchange and shall
remain in effect until terminated in accordance with Section 5.1.

     Section 2.3. Shelf Registration. Within sixty (60) days after the
consummation of the Repurchase and the Exchange, the Company shall file a
registration statement on Form S-3 (the "Shelf Registration Statement")
providing for the registration (the "Registration") of the sale of the Shares
and shall use commercially reasonable efforts to have the Shelf Registration
Statement declared effective under the Securities Act as promptly as practicable
after filing and shall use commercially reasonable efforts to maintain the
effectiveness of the Shelf Registration Statement.

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                                      -4-

                                   ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

     Section 3.1. Representations and Warranties of Parent and the Shareholder.
Each of Parent and the Shareholder hereby represents and warrants to the Company
(i) that it has been duly organized and is an existing corporation in good
standing as a corporation under the laws of its state of incorporation, (ii)
that it has all requisite corporate power and authority and has received all
requisite approvals (including any necessary approval of its Board of Directors)
to complete the transactions contemplated hereby and (iii) that this Agreement
has been duly authorized, executed and delivered by Parent and the Shareholder
and, assuming due authorization and valid execution and delivery by the Company,
constitutes a valid and binding agreement of Parent and the Shareholder
enforceable against Parent and the Shareholder in accordance with its terms.

     Section 3.2. Representations and Warranties of the Company. The Company
hereby represents and warrants to the Shareholder (i) that it has been duly
organized and is an existing corporation in good standing under the laws of the
State of Oklahoma, (ii) that it has all requisite corporate power and authority,
and has received all requisite approvals (including any necessary approval of
its Board of Directors) to complete the transactions contemplated hereby and
(iii) this Agreement has been duly authorized, executed and delivered by the
Company and, assuming due authorization and valid execution and delivery by
Parent and the Shareholder, constitutes a valid and binding agreement
enforceable against the Company in accordance with its terms.

                                   ARTICLE IV

                         REGISTRATION RIGHTS; OFFERINGS

     Section 4.1. "Piggy-Back" Offerings. If, at any time following the
consummation of the Repurchase and the Exchange, the Company proposes to make an
underwritten offering of Common Stock (a "Subject Offering") the Company shall
give prompt written notice to the Shareholder of its intention to do so. Such
notice shall include an estimate of the aggregate offering price of the total
shares of Common Stock proposed to be offered. Upon the written direction of the
Shareholder (a "Piggy-Back Request"), given within fifteen (15) business days
following the receipt by the Shareholder of any such written notice, the Company
shall include in such Subject Offering, subject to the provisions of this

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                                      -5-

Section 4.1, such numbers of shares of Common Stock as shall be set forth in
such Piggy-Back Request (the "Piggy-Back Shares").

     (a) In the event that the Company proposes to make a Subject Offering and a
nationally recognized independent investment banking firm selected by the
Company to act as managing underwriter thereof reasonably and in good faith
shall have advised the Company or the Shareholder in writing that, in its
opinion, the inclusion in the Subject Offering of some or all of the Piggy-Back
Shares sought to be sold by the Shareholder creates a substantial risk that the
price per share of Common Stock that the Company will derive from such sale will
be materially and adversely affected or that the number of shares of Common
Stock sought to be sold (including any shares of Common Stock sought to be sold
at the request of the Company and those sought to be sold by the Shareholder) is
a greater number than can reasonably be sold, the Company shall include in such
Subject Offering such number of shares of Common Stock as the Company, and the
Shareholder are so advised can be sold in such offering without such an effect
(the "Maximum Number") as follows and in the following order of priority: (A)
first, such number of shares of Common Stock as the Company intended to be sold
by the Company and (B) second, if and to the extent that the number of shares of
Common Stock to be sold under clause (A) is less than the Maximum Number, such
number of shares of Common Stock as the Shareholder shall have intended to sell
which, when added to the number of shares of Common Stock to be sold under
clause (A), is less than or equal to the Maximum Number.

     (b) Notwithstanding any request under this Section 4.1, the Shareholder may
elect in writing to withdraw its request for inclusion of its Piggy-Back Shares
in any offering; provided, however, that (i) such request must be made in
writing prior to the public announcement of such offering and (ii) such
withdrawal shall be irrevocable and, after making such withdrawal, the
Shareholder shall no longer have any right to include Piggy-Back Shares in the
offering as to which such withdrawal was made.

     (c) If, as a result of the proration provisions of this Section 4.1, the
Shareholder shall not be entitled to include all Piggy-Back Shares in an
offering that the Shareholder has requested to be included, the Shareholder may
elect to withdraw his request to include Piggy-Back Shares in such offering or
may reduce the number requested to be included, provided that the same
limitations in subsection (c) shall apply.

     Section 4.2. Shelf Takedowns. Each of the Company and the Shareholder agree
that, in the event that the Company or the Shareholder intends to effect an
underwritten offering of the Common Stock or Convertible Preferred Stock
registered on a shelf registration statement pursuant to Rule 415 under the
Securities Act (a "Shelf Takedown"), then it shall give the other party at least
five (5), but not more than thirty (30) Business Days written notice prior to
filing the prospectus supplement with respect to such Shelf Takedown

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(a "Lock-up Notice"). In the event that the Company receives a Lock-up Notice
from the Shareholder, the Company may, within five (5) Business Days of receipt
of a Lock-up Notice, give the Shareholder written notice (a "Pre-emptive
Notice") that the Company will use commercially reasonable efforts to promptly
effect a Shelf Takedown. The Company shall have thirty (30) Business Days from
the date of the Pre-emptive Notice in which to effect a Shelf Takedown (the
"Standoff Period"). If the Company does not effect a Shelf Takedown within the
Standoff Period, the Shareholder may effect a Shelf Takedown within fifteen (15)
Business Days thereafter. If (A) the Company delivers a Lock-up Notice or the
Company delivers a Pre-emptive Notice, in each case to the Shareholder, and
effects a Shelf Takedown within the time period specified in that notice, or (B)
the Shareholder delivers a Lock-up Notice and the Shareholder effects a Shelf
Takedown as specified in the Lock-up Notice, then, the Shareholder, in the event
of the circumstances described in clause (A), shall not, during the period
beginning on the date of the Lock-up Notice or Pre-emptive Notice, as the case
may be, and ending up to ninety (90) days after the date of the prospectus
supplement with respect to the Shelf Takedown, or such shorter period as may be
agreed to by the parties, or the Company, in the event of the circumstances
described in clause (B), shall not, during the period beginning on the date of
the Lock-up Notice and ending up to ninety (90) days after the date of the
prospectus supplement with respect to the Shelf Takedown, or such shorter period
as may be agreed to by the parties, (i) offer, pledge, sell, contract to sell,
sell any option or contract to purchase, purchase any option or contract to
sell, grant any option, right or warrant to purchase, lend or otherwise transfer
or dispose of, directly or indirectly, any shares of Common Stock or any
securities convertible into or exercisable for Common Stock or (ii) enter into
any swap or other arrangement that transfers to another, in whole or in part,
any of the economic consequences of ownership of the Common Stock, whether any
such transaction described in clause (i) or (ii) above is to be settled by
delivery of Common Stock or such other securities, in cash or otherwise. The
foregoing sentence shall not apply to (A) the issuance by the Company of shares
of Common Stock upon the exercise of an option or warrant or the conversion of a
security outstanding on the date of the prospectus supplement or otherwise
pursuant to the Company's then existing employee or director benefit plans, (B)
the granting of any rights to acquire shares of Common Stock pursuant to the
Company's then existing employee benefit plans, (C) the filing and effectiveness
of the Shelf Registration Statement or (D) sales of Piggy-Back Shares by the
Shareholder pursuant to the exercise of rights granted by Section 4.1(a). The
Company may not deliver more than one (1) Pre-emptive Notice in any 12-month
period.

     (a) Anything in this Agreement to the contrary notwithstanding, the Company
shall be entitled to postpone and delay, for a reasonable period of time, not to
exceed ninety (90) days in the case of clauses (i) and (ii) below, or thirty
(30) days in the case of clause (iii) below (each, a "Blackout Period"), any
Shelf Takedown proposed by the Shareholder if the Company shall determine that
any such Shelf Takedown would (i) in the good

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faith judgment of the Board of Directors of the Company, unreasonably impede,
delay or otherwise interfere with any pending or contemplated financing (other
than a Shelf Takedown), acquisition, corporate reorganization or other similar
transaction involving the Company, (ii) based upon advice from the Company's
investment banker or financial advisor, adversely affect any pending or
contemplated offering or sale of any class of securities by the Company (other
than Common Stock pursuant to a Shelf Takedown) or (iii) in good faith judgment
of the Board of Directors of the Company require disclosure of material
non-public information (other than information relating to an event described in
clause (i) or (ii) of this subsection (b)) which, if disclosed at such time,
would be materially harmful to the interests of the Company and its
stockholders; provided, however, that in the case of a Blackout Period pursuant
to clause (i) or (ii) above, the Blackout Period shall earlier terminate upon
the completion or abandonment of the relevant securities offering or sale,
financing, acquisition, corporate reorganization or other similar transaction;
and provided, further, that in the case of a Blackout Period pursuant to clause
(iii) above, the Company shall give written notice of its determination to
postpone or delay any Shelf Takedown and the Blackout Period shall earlier
terminate upon public disclosure by the Company or public admission by the
Company of such material non-public information or such time as such material
non-public information shall be publicly disclosed without breach of the last
sentence of this subsection (b); and provided, further, that in the case of a
Blackout Period pursuant to clause (i), (ii) or (iii) above, the Company shall
furnish to the Shareholder a certificate of an executive officer of the Company
to the effect that an event permitting a Blackout Period has occurred.
Notwithstanding anything herein to the contrary, the Company shall not exercise
pursuant to clause (i) or (ii) of the preceding sentence the right to postpone
or delay a Shelf Takedown more than twice in any twelve (12) month period. Upon
notice by the Company to the Shareholder of any such determination, the
Shareholder covenants that it shall keep the fact of any such notice strictly
confidential, and, in the case of a Blackout Period pursuant to clause (iii)
above or Section 4.2(c) below, promptly halt any offer, sale, trading or
transfer by it or any of its Affiliates of any Common Stock for the duration of
the Blackout Period set forth in such notice (or until such Blackout Period
shall be earlier terminated in writing by the Company) and promptly halt any
use, publication, dissemination or distribution of any prospectus supplement
with respect to such Shelf Takedown, and any amendment or supplement thereto by
it and any of its Affiliates for the duration of the Blackout Period set forth
in such notice (or until such Blackout Period shall be earlier terminated in
writing by the Company) and, if so directed by the Company, will deliver to the
Company any copies then in such Shareholder's possession of such prospectus
supplement.

     (b) Anything in this Agreement to the contrary notwithstanding, in case the
Shareholder has initiated, but not priced, a Shelf Takedown, if a transaction of
the type specified in Section 4.2(b)(i) has not resulted from actions taken by
the Company, the Company

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                                      -8-

may cause such Shelf Takedown to be postponed for a reasonable period of time,
not to exceed the Blackout Period applicable to Section 4.2(b)(i).

     (c) The Shareholder may not effect more than two (2) Shelf Takedowns in any
twelve (12) month period and may not effect a Shelf Takedown at any time after
the Company has delivered notice of the redemption of the Convertible Preferred
Stock to the Shareholder other than a Shelf Takedown that was initiated prior to
delivery of such notice of redemption and delayed as a result of subsection (a),
(b) or (c) of this Section 4.2.

     Section 4.3. Intentionally Omitted.

     Section 4.4. Registration Procedures. In connection with the Shelf
Registration Statement and in accordance with the intended method or methods of
distribution of the Shares as described in such registration statement, the
Company shall, as soon as reasonably practicable (and, in any event, subject to
the terms of this Agreement, at or before the time required by applicable laws
and regulations):

     (i) Prepare and file with the SEC a registration statement on an
appropriate registration form of the SEC, with respect to such Shares, which
form shall be selected by the Company with the Shareholder's reasonable consent,
and use commercially reasonable efforts to cause such registration statement to
become and remain effective promptly; provided that before filing a registration
statement or prospectus or any amendments or supplements thereto, the Company
will furnish to one counsel selected by the Shareholder, and the sales or
placement agent or agents, if any, for the Shares and the managing underwriter
or underwriters, if any, draft copies of all such documents proposed to be filed
at least seven (7) days prior to such filing, which documents will be subject to
the reasonable review of the Shareholder, the sales or placement agent or
agents, if any, for the Shares and the managing underwriter or underwriters, if
any, and their respective agents and representatives and (x) the Company will
not include in any registration statement information concerning or relating to
the Shareholder to which the Shareholder shall reasonably object in writing
(unless the inclusion of such information is required by applicable law or the
regulations of any securities exchange to which the Company may be subject) and
(y) the Company will not file any Shelf Registration Statement or amendment
thereto or any prospectus or any supplement thereto to which the Shareholder may
reasonably object in writing;

     (ii) Furnish without charge to the Shareholder, the sales or placement
agent or agents, if any, and the managing underwriter or underwriters, if any,
such number of copies of such registration statement and of each amendment and
supplement thereto (in each case including all exhibits), such number of copies
of the summary, preliminary, final, amended or supplemented prospectuses
included in such registration

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                                      -9-

statement in conformity with the requirements of the Securities Act and any
regulations promulgated thereunder and (upon the reasonable request by the
Shareholder) any documents incorporated therein by reference and such other
documents as the Shareholder may reasonably request in order to facilitate the
public sale or other disposition of such Shares (the Company hereby consenting
to the use in accordance with all applicable law of the prospectus or any
amendment or supplement thereto by the Shareholder in connection with the
offering and sale of the Shares covered by the prospectus or any amendment or
supplement thereto);

     (iii) Use commercially reasonable efforts to keep such registration
statement effective for the term of this Agreement (the "Effective Period");
prepare and file with the SEC such amendments, post-effective amendments and
supplements to the registration statement and the prospectus as may be necessary
to maintain the effectiveness of the registration for the Effective Period and
to cause the prospectus (and any amendments or supplements thereto) to be filed
pursuant to Rules 424 and 430A under the Securities Act and/or any successor
rules that may be adopted by the SEC, as such rules may be amended from time to
time; and comply with the provisions of the Securities Act with respect to the
disposition of all Shares covered by such registration statement during the
applicable period in accordance with the intended method or methods of
distribution thereof, as specified in writing by the Shareholder;

     (iv) Except during any Blackout Period, make available for inspection by
the Shareholder or by any underwriter, attorney, accountant or other agent
retained by the Shareholder (including any attorney retained by any underwriter)
(collectively, the "Inspectors") financial and other records and pertinent
corporate documents of the Company (collectively, the "Records"), provide the
Inspectors with opportunities to discuss the business of the Company with its
officers and provide opportunities to discuss the business of the Company with
the independent public accountants who have certified its most recent annual
financial statements, in each case to the extent customary for transactions of
the size and type intended, as specified by the Shareholder, but only to the
extent reasonably necessary to enable the Shareholder or any underwriter
retained by the Shareholder to conduct a "reasonable investigation" for purposes
of Section 11(a) of the Securities Act. Records which the Company determines, in
good faith, to be confidential and which it notifies the Inspectors are
confidential shall not be disclosed by the Inspector unless (A) the disclosure
of such Records is necessary to avoid or correct a misstatement of a material
fact or omission to state a material fact in the Registration, (B) the
disclosure of such Records is required by any court or governmental body with
jurisdiction over the Shareholder or Inspector or (C) all of the information
contained in such Records has been made generally available to the public. The
Shareholder agrees that it will, upon learning that disclosure of such Records
is

<PAGE>
                                      -10-

sought in a court of competent jurisdiction or by any governmental body,
promptly give prior notice to the Company and allow the Company, at its expense,
to undertake appropriate action to prevent disclosure of those Records deemed
confidential;

     (v) If requested by the Shareholder, promptly incorporate in a prospectus,
prospectus supplement or post-effective amendment such information as the
Shareholder reasonably specifies should be included therein, including, without
limitation, information relating to the planned distribution of Shares, the
number of Shares being sold by the Shareholder, the name and description of the
Shareholder, the offering price of such Shares and any discount, commission or
other compensation payable in respect of the Shares being sold, the purchase
price being paid therefor to the Shareholder and information with respect to any
other terms of the underwritten offering of the Shares to be sold in such
offering, except to the extent that the Company is advised in a written opinion
of outside counsel that the inclusion of such information is reasonably likely
to violate applicable securities laws; and make all required filings of such
prospectus, prospectus supplement or post-effective amendment promptly after
notification of the matters to be incorporated in such prospectus, prospectus
supplement or post-effective amendment;

     (vi) If requested by the Shareholder, use commercially reasonable efforts
to participate in and assist with a "road show" and other customary marketing
efforts in connection with the sale of Shares pursuant to such registration
statement, at such times and in such manner as the Company and the Shareholder
mutually may determine (and as do not unreasonably interfere with the Company's
operations);

     (vii) Use commercially reasonable efforts to register or qualify the Shares
covered by such registration statement under such other securities or "blue sky"
laws of such jurisdictions in the United States as the Shareholder shall
reasonably request, keep such registrations or qualifications in effect for so
long as the registration statement remains in effect, and do any and all other
acts and things which may be reasonably necessary to enable the Shareholder or
any underwriter to consummate the public sale or other disposition of the Shares
in such jurisdictions; provided, however, that in no event shall the Company be
required to qualify to do business as a foreign corporation in any jurisdiction
where it is not so qualified; to execute or file any general consent to service
of process under the laws of any jurisdiction; to take any action that would
subject it to service of process in suits other than those arising out of the
offer and sale of the Shares covered by the registration statement; or to
subject itself to taxation in any jurisdiction where it would not otherwise be
obligated to do so, but for this paragraph (vii);

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                                      -11-

     (viii) Use commercially reasonable efforts to cause the Shares to be
registered with or approved by such other governmental agencies or authorities
as may be necessary to enable the Shareholder to consummate the public sale or
other disposition of the Shares;

     (ix) Use commercially reasonable efforts to cause all Shares covered by
such registration statement to be approved for trading on a national interdealer
quotation system or listed on the securities exchanges on which similar
securities issued by the Company are then listed or traded, if permitted by the
rules of such securities exchanges, prior to the sale of such Shares by the
Shareholder;

     (x) Promptly notify the Shareholder, at any time when a prospectus relating
to any of the Shares covered by such registration statement is required to be
delivered under the Securities Act, of the Company's becoming aware that the
prospectus included in such registration statement, as then in effect, includes
an untrue statement of a material fact or omits to state any material fact
required to be stated therein or necessary to make the statements therein not
misleading in the light of the circumstances then existing, and, at the request
of the Shareholder, promptly prepare and furnish to the Shareholder a reasonable
number of copies of a prospectus supplemented or amended so that, as thereafter
delivered to the purchasers of such Shares, such prospectus shall not include an
untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein not misleading in
the light of the circumstances then existing;

     (xi) Promptly notify the Shareholder, the sales or placement agent or
agents, if any, for the Shares and the managing underwriter or underwriters, if
any, thereof, after becoming aware thereof, when the registration statement or
any related prospectus or any amendment or supplement has been filed, and, with
respect to the registration statement or any post-effective amendment, when the
same has become effective, (A) of any request by the SEC for amendments or
supplements to the registration statement or the related prospectus or for
additional information, (B) of the issuance by the SEC of any stop order
suspending the effectiveness of the registration statement or the initiation of
any proceedings for that purpose or (C) of the receipt by the Company of any
notification with respect to the suspension of the qualification of the Shares
for sale in any jurisdiction or the initiation of any proceeding for such
purpose;

     (xii) During the Effective Period, use commercially reasonable efforts to
obtain the withdrawal of any order suspending the effectiveness of the
registration statement or any post-effective amendment thereto;

<PAGE>
                                      -12-

     (xiii) Permit the Shareholder if, in its sole judgment exercised in good
faith, it believes it might be deemed to be a controlling person of the Company,
to participate in the preparation of such registration statement and all
discussions between the Company and the SEC or its staff with respect to such
registration statement, and to require the insertion therein of material,
furnished to the Company in writing, which in the reasonable judgment of the
Shareholder should be included;

     (xiv) Deliver promptly to the Shareholder, upon the Shareholder's request,
copies of all correspondence between the SEC and the Company, its counsel or
auditors and all memoranda relating to discussions with the SEC or its staff
with respect to the registration statement and permit the Shareholder to do such
investigation, with respect to information contained in or omitted from the
registration statement, as it deems reasonably necessary. The Shareholder agrees
that it will use its best efforts not to interfere unreasonably with the
Company's business when conducting any such investigation;

     (xv) Provide a transfer agent and registrar for all such Shares covered by
such registration statement not later than the effective date of such
registration statement, which transfer agent and registrar may be the Company,
subject to any applicable law or regulations;

     (xvi) Cooperate with the Shareholder and the managing underwriter or
underwriters, if any, to facilitate the timely preparation and delivery of
certificates representing such Shares to be sold under the registration
statement, which certificates shall not bear any restrictive legends except as
required by law; and, in the case of an underwritten offering, enable such
Shares to be in such denominations and registered in such names as the managing
underwriter or underwriters, if any, may request in writing at least two (2)
business days prior to any sale of the Shares to the underwriters;

     (xvii) Enter into such agreements (including, if the offering is an
underwritten offering, an underwriting agreement) as are customary in
transactions of such kind and take such other actions as are reasonably
necessary in connection therewith in order to expedite or facilitate the
disposition of such Shares; and (A) make such representations and warranties
with respect to the registration statement, post-effective amendment or
supplement thereto, prospectus or any amendment or supplement thereto, and
documents incorporated by reference, if any, to the managing underwriter or
underwriters, if any, of the Shares and, at the option of the Shareholder, make
to and for the benefit of such Shareholder the representations, warranties and
covenants of the Company which are being made to the underwriters, in form,
substance and scope as are customarily made by the Company in connection with
offerings of Shares in transactions of such kind (representations and warranties
by the participating holders shall also be

<PAGE>
                                      -13-

made as are customary in agreements of that type); provided that the Company
shall not be required to make any representations or warranties with respect to
information specifically provided by the Shareholder for inclusion in the
registration documents; (B) obtain an opinion of counsel to the Company (which
counsel may be internal counsel for the Company unless the managing underwriter
or underwriters shall otherwise reasonably request) in customary form and
covering matters of the type customarily covered by such an opinion, addressed
to such managing underwriter or underwriters, if any, and to the Shareholder and
dated the date of the closing of the sale of the Shares relating thereto; (C)
obtain a "comfort" letter or letters from the independent certified public
accountants who have certified the Company's most recent audited financial
statements that are incorporated by reference in the registration statement
which is addressed to the Shareholder and the managing underwriter or
underwriters, if any, and is dated the date of the prospectus used in connection
with the offering of such Shares and/or the date of the closing of the sale of
such Shares relating thereto, such letter or letters to be in customary form and
covering such matters of the type customarily covered by "comfort" letters of
such type; (D) deliver such documents and certificates as may be reasonably
requested by the Shareholder and the managing underwriter or underwriters, if
any, of the Shares to evidence compliance with any customary conditions
contained in the underwriting agreement or other agreement entered into by the
Company; and (E) undertake such obligations relating to expense reimbursement,
indemnification and contribution as provided in Sections 4.5 and 4.6 hereof; and

     (xviii) Comply with all applicable rules and regulations of the SEC and
generally make available to its security holders an earnings statement (which
need not be audited), as soon as reasonably practicable but in no event later
than ninety (90) days after the end of the period of twelve (12) months
commencing on the first day of any fiscal quarter next succeeding each sale by
the Shareholder of Shares which have been registered pursuant to this Agreement
(the "Registered Shares") after the date hereof, which earnings statement shall
cover such twelve (12) month period and shall satisfy the provisions of Section
11(a) of the Securities Act and may be prepared in accordance with Rule 158
under the Securities Act.

     (a) In the event that the Company would be required, pursuant to
Section 4.4(a)(xi)(D) above, to notify the Shareholder, the sales or placement
agent or agents, if any, for the Shares and the managing underwriter or
underwriters, if any, thereof, the Company shall, subject to the provisions of
Section 4.2(b) hereof, as promptly as practicable, prepare and furnish to the
Shareholder, to each placement or sales agent, if any, and to each underwriter,
if any, a reasonable number of copies of a prospectus supplemented or amended so
that, as thereafter delivered to purchasers of Registered Shares, such
prospectus shall not

<PAGE>
                                      -14-

contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading. The
Shareholder agrees that, upon receipt of any notice from the Company pursuant to
Section 4.4(a)(xi)(D) hereof, the Shareholder shall, and shall use its best
efforts to cause any sales or placement agent or agents for the Shares and the
underwriters, if any, thereof, to forthwith discontinue disposition of the
Shares until such person shall have received copies of such amended or
supplemented prospectus and, if so directed by the Company, to destroy or to
deliver to the Company all copies, other than permanent file copies, then in its
possession of the prospectus (prior to such amendment or supplement) covering
such Shares as soon as practicable after the Shareholder's receipt of such
notice.

     (b) The Shareholder shall furnish to the Company in writing such
information regarding the Shareholder and its intended method of distribution of
the Shares as the Company may from time to time reasonably request in writing,
but only to the extent that such information is required in order for the
Company to comply with its obligations under all applicable securities and other
laws and to ensure that the prospectus relating to such Shares conforms to the
applicable requirements of the Securities Act and the rules and regulations
thereunder. The Shareholder shall notify the Company as promptly as practicable
of any inaccuracy or change in information previously furnished by the
Shareholder to the Company or of the occurrence of any event, in either case as
a result of which any prospectus relating to the Shares contains or would
contain an untrue statement of a material fact regarding the Shareholder or its
intended method of distribution of such Shares or omits to state any material
fact regarding the Shareholder or its intended method of distribution of such
Shares required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not
misleading, and promptly furnish to the Company any additional information
required to correct and update any previously furnished information or required
so that such prospectus shall not contain, with respect to the Shareholder or
the distribution of the Shares, an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading.

     (c) In the case of a registration or Subject Offering under Section 4.1 if
the Company has determined to enter into an underwriting agreement in connection
therewith or in the case of any Shelf Takedown, all Shares to be included in
such registration shall be subject to an underwriting agreement and no person
may participate in such registration unless such person agrees to sell such
person's securities on the basis provided therein and completes and executes all
questionnaires, indemnities, underwriting agreements and other document (other
than powers of attorney) which must be executed in connection therewith, and
provides

<PAGE>
                                      -15-

such other information to the Company or the underwriter as may be necessary to
register the Shareholder's Shares.

     Section 4.5. Registration Expenses. Except as set forth below, the Company
agrees to bear and to pay, or cause to be paid, promptly upon request being made
therefor, all expenses incident to the Company's performance of its obligation
to file the Shelf Registration Statement and to register for the shares for sale
or compliance with this Agreement, including, without limitation: (a) all fees
and expenses in connection with the qualification of the Registered Shares for
offering and sale under state securities or "blue sky" laws referred to in
Section 4.4(a)(vii) hereof, including reasonable fees and disbursements of
counsel for any placement or sales agent or underwriter in connection with such
qualifications, (b) all expenses relating to the preparation, printing,
distribution and reproduction of the registration statement, each prospectus
included therein or prepared for distribution pursuant hereto, each amendment or
supplement to the foregoing, the certificates representing the Shares and all
other documents relating hereto, (c) the costs and charges of any escrow agent,
transfer agent, registrar, any custodian or attorney-in-fact appointed to act on
behalf of the Shareholder (including, without limitation, all salaries and
expenses of the Company's officers and employees performing legal or accounting
duties), (d) fees, disbursements and expenses of the Company's counsel and its
other advisors and experts and independent certified public accountants of the
Company (including the expenses of any opinions or "comfort" letters required by
or incident to such performance and compliance) and (e) the fees and expenses
incurred in connection with the listing of the Shares on The New York Stock
Exchange, Inc. and any other stock exchange or national securities exchange on
which Shares shall at such time be listed (collectively, the "Registration
Expenses"). To the extent that any Registration Expenses are incurred, assumed
or paid by the Shareholder, any sales or placement agent or agents for the
Shares and the underwriters, if any, thereof, in connection with the filing of
the Shelf Registration Statement and the registration of the Shares for sale,
the Company shall reimburse such person for the full amount of the Registration
Expenses so incurred, assumed or paid promptly after receipt of a request
therefor. The Shareholder shall pay all Registration Expenses with respect to
any Shelf Takedown effected by the Shareholder and shall pay its pro rata share
of the Registration Expenses for any Subject Offering in which the Shareholder
has requested that Piggy-Back Shares be included. The Shareholder shall pay all
underwriting discounts and commissions and any capital gains, income or transfer
taxes, if any, attributable to the sale of the Shares.

     Section 4.6. Indemnification; Contribution. Indemnification by the Company.
The Company shall, and it hereby agrees to, indemnify and hold harmless Parent,
the Shareholder, and each person who participates as a placement or sales agent
or as an underwriter in any offering or sale of the Shares, against any losses,
claims, damages or liabilities to which Parent, the Shareholder or such agent or
underwriter may become subject,

<PAGE>
                                      -16-

insofar as such losses, claims, damages or liabilities (or actions or
proceedings in respect thereof) (collectively, "Claims") arise out of or are
based upon an untrue statement or alleged untrue statement of a material fact
contained in any registration statement, or any preliminary or final prospectus
contained therein, or any amendment or supplement thereto, or any document
incorporated by reference therein, or arise out of or are based upon any
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein, in light of the
circumstances in which they were made, not misleading, and the Company shall,
and it hereby agrees to, reimburse Parent, the Shareholder or any such agent or
underwriter for any legal or other out-of-pocket expenses reasonably incurred by
them in connection with investigating or defending any such Claims; provided,
however, that the Company shall not be liable to any such person in any such
case to the extent that any such Claims arise out of or are based upon an untrue
statement or alleged untrue statement or omission or alleged omission made in
such registration statement, or preliminary or final prospectus, or amendment or
supplement thereto, in reliance upon and in conformity with written information
furnished to the Company by Parent, the Shareholder or any agent, underwriter or
representative of Parent or the Shareholder expressly for use therein, or by
Parent or the Shareholder's failure to furnish the Company, upon request, with
the information with respect to Parent, the Shareholder, or any agent,
underwriter or representative of Parent or the Shareholder, or Parent or the
Shareholder's intended method of distribution, that is the subject of the untrue
statement or omission or if the Company shall sustain the burden of proving that
Parent, the Shareholder or such agent or underwriter sold securities to the
person alleging such Claims without sending or giving, at or prior to the
written confirmation of such sale, a copy of the applicable prospectus
(excluding any documents incorporated by reference therein) or of the applicable
prospectus, as then amended or supplemented (excluding any documents
incorporated by reference therein), if the Company had previously furnished
copies thereof to Parent or the Shareholder or such agent or underwriter, and
such prospectus corrected such untrue statement or alleged untrue statement or
omission or alleged omission made in such registration statement.

     (a) Indemnification by the Shareholder and Any Agents or Underwriters.
Parent and the Shareholder shall, and hereby agrees, severally and not jointly,
to (i) indemnify and hold harmless the Company, its directors, officers,
employees and controlling persons, if any, and each underwriter, its partners,
officers, directors, employees and controlling persons, if any, in any offering
or sale of Shares, against any Claims to which the Company, its directors,
officers, employees and controlling persons, if any, may become subject, insofar
as such Claims (including any amounts paid in settlement as provided herein), or
actions or proceedings in respect thereof, arise out of or are based upon an
untrue statement or alleged untrue statement of a material fact contained in
such registration statement, or any preliminary or final prospectus contained
therein, or any amendment or supplement thereto, or any document incorporated by
reference therein, or arise out of or are based upon any omission or alleged

<PAGE>
                                      -17-

omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, in each case only to
the extent that such untrue statement or alleged untrue statement or omission or
alleged omission was made in reliance upon and in conformity with written
information furnished to the Company by Parent or the Shareholder or such agent
or underwriter (as the case may be) expressly for use therein and (ii) reimburse
the Company for any legal or other out-of-pocket expenses reasonably incurred by
the Company in connection with investigating or defending any such Claim.

     (b) Notice of Claims, Etc. Promptly after receipt by an indemnified party
under Section 4.6 (a) or (b) above of written notice of the commencement of any
action or proceeding for which indemnification under Section (a) or (b) above
may be requested, such indemnified party shall, without regard to whether a
claim in respect thereof is to be made against an indemnifying party pursuant to
the indemnification provisions of, or as contemplated by, this Section 4.6,
notify such indemnifying party and the underwriter in writing of the
commencement of such action or proceeding; but the omission so to notify the
indemnifying party shall not relieve it from any liability which it may have to
any indemnified party in respect of such action or proceeding on account of the
indemnification provisions of or contemplated by Section 4.6(a) or 4.6(b) hereof
unless the indemnifying party was materially prejudiced by such failure of the
indemnified party to give such notice, and in no event shall such omission
relieve the indemnifying party from any other liability it may have to such
indemnified party. In case any such action or proceeding shall be brought
against any indemnified party and it shall notify an indemnifying party of the
commencement thereof, unless in the reasonable opinion of outside counsel to the
indemnified party a conflict of interest between such indemnified and
indemnifying parties may exist in respect of such claim, such indemnifying party
shall be entitled to participate therein and, to the extent that it shall
determine, jointly with any other indemnifying party similarly notified, to
assume the defense thereof, with counsel reasonably satisfactory to such
indemnified party, and, after notice from the indemnifying party to such
indemnified party of its election so to assume the defense thereof, such
indemnifying party shall not be liable to such indemnified party for any legal
or any other expenses subsequently incurred by such indemnified party in
connection with the defense thereof other than reasonable costs of investigation
(unless such indemnified party reasonably objects to such assumption on the
grounds that there may be defenses available to it which are different from or
in addition to the defenses available to such indemnifying party, in which event
the indemnified party shall have the right to control its defense and shall be
reimbursed by the indemnifying party for the expenses incurred in connection
with retaining one separate counsel). If the indemnifying party is not entitled
to, or elects not to, assume the defense of a claim, it will not be obligated to
pay the fees and expenses of more than one counsel for each indemnified party
with respect to such claim. The indemnifying party will not be subject to any
liability for any settlement made without its consent, which consent shall not
be unreasonably withheld or delayed. No indemnifying party shall, without the
prior

<PAGE>
                                      -18-

written consent of the indemnified party, compromise or consent to entry of any
judgment or enter into any settlement agreement with respect to any action or
proceeding in respect of which indemnification is sought under Section 4.6(a) or
(b) (whether or not the indemnified party is an actual or potential party
thereto), unless such compromise, consent or settlement includes an
unconditional term given by the claimant or plaintiff to the indemnified party
of a release from all liability in respect of such claim or litigation and does
not subject the indemnified party to any injunctive relief or other equitable
remedy.

     (c) Contribution. Parent, the Shareholder and the Company agree that if,
for any reason, the indemnification provisions contemplated by Section 4.6(a) or
4.6(b) hereof are unavailable to or are insufficient to hold harmless an
indemnified party in respect of any Claims referred to therein, then each
indemnifying party shall contribute to the amount paid or payable by such
indemnified party as a result of such Claims in such proportion as is
appropriate to reflect the relative fault of, and benefits derived by, the
indemnifying party and the indemnified party, as well as any other relevant
equitable considerations. The relative fault of such indemnifying party and
indemnified party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or omission or
alleged omission to state a material fact relates to information supplied by
such indemnifying party or by such indemnified party, and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. The relative benefit derived by the parties shall be
determined by reference to the fact that the Company entered into the Prior
Registration Rights Agreement to induce Parent to engage in the transaction in
which the Shares were acquired. The parties hereto agree that it would not be
just and equitable if contribution pursuant to this Section 4.6(d) were
determined (i) by pro rata allocation (even if Parent or the Shareholder or any
agents for, or underwriters of, the Shares, or all of them, were treated as one
entity for such purpose), or (ii) by any other method of allocation which does
not take account of the equitable considerations referred to in this Section
4.6(d). The amount paid or payable by an indemnified party as a result of the
Claims referred to above shall be deemed to include (subject to the limitations
set forth in Section 4.6(c) hereof) any legal or other fees or expenses
reasonably incurred by such indemnified party in connection with investigating
or defending any such action, proceeding or claim. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation.

     (d) The indemnification and contribution required by this Section 4.6 shall
be made by periodic payments of the amount thereof during the course of the
investigation or defense, as and when bills are received or expense, loss,
damage or liability is incurred.

<PAGE>
                                      -19-

     (e) Beneficiaries of Indemnification. The obligations of the Company under
this Section 4.6 shall be in addition to any liability that it may otherwise
have and shall extend, upon the same terms and conditions, to each officer,
director and partner of Parent and the Shareholder and each agent and
underwriter of the Shares and each person, if any, who controls Parent and the
Shareholder or any such agent or underwriter within the meaning of the
Securities Act; and the obligations of Parent, the Shareholder and any agents or
underwriters contemplated by this Section 4.6, shall be in addition to any
liability that Parent, the Shareholder or their respective agent or underwriter
may otherwise have and shall extend, upon the same terms and conditions, to each
officer and director of the Company (including any person who, with his consent,
is named in any registration statement as about to become a director of the
Company) and to each person, if any, who controls the Company within the meaning
of the Securities Act.

     Section 4.7. Underwriters. If any of the Shares are to be sold pursuant to
an Shelf Takedown by the Shareholder, the investment banker or bankers and the
managing underwriter or underwriters thereof shall be selected by the
Shareholder, provided that such managing underwriter or underwriters must be of
recognized international standing and reasonably acceptable to the Company.

     Section 4.8. Exchange Act Filings; Rule 144; Rule 144A. The Company
covenants to and with the Shareholder that to the extent it shall be required to
do so under the Exchange Act, the Company shall timely file the reports required
to be filed by it under the Exchange Act or the Securities Act (including, but
not limited to, the reports under Sections 13 and 15(d) of the Exchange Act
referred to in subparagraph (c)(1) of Rule 144 adopted by the SEC under the
Securities Act and the rules and regulations adopted by the SEC thereunder) and
shall take such further action as the Shareholder may reasonably request, all to
the extent required from time to time to enable the Shareholder to sell Shares
without registration under the Securities Act within the limitations of the
exemption provided by Rule 144 under the Securities Act, as such Rule may be
amended from time to time, or any similar rule or regulation hereafter adopted
by the SEC. Upon the request of the Shareholder, the Company shall deliver to
the Shareholder a written statement as to whether it has complied with such
requirements.

     (a) If at any time the Company is not subject to Section 13 or 15(d)
of the Exchange Act and is not exempt from reporting pursuant to Rule 12g3-2(b)
under the Exchange Act, the Company agrees, upon the request of the Shareholder
seeking to transfer Shares in conformity with Rule 144A under the Securities
Act, to furnish to the Shareholder or prospective purchasers of the Shares from
the Shareholder the information required by Rule 144A(d)(4)(i) under the
Securities Act in the manner and at the times contemplated by such Rule.

<PAGE>
                                      -20-

     (b) The Company covenants to make available "adequate current public
information" concerning the Company within the meaning of Rule 144(c) under the
Securities Act.

     Section 4.9. Agreement of the Shareholder. The Shareholder agrees not to,
and it shall cause its subsidiaries not to, make any sale, transfer or other
disposition of Shares except in compliance with the registration requirements of
the Securities Act and the rules and regulations thereunder or in accordance
with the terms of this Agreement and the Shareholder Agreement.

     Section 4.10. Legends. Stop transfer restrictions will be given to the
Company's transfer agent(s) with respect to the Shares and there will be placed
on the certificates or instruments representing the Shares, and on any
certificate or instrument delivered in substitution therefor, a legend stating
in substance:

     THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
     UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"),
     AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT
     TO SUCH REGISTRATION OR IN ACCORDANCE WITH AN EXEMPTION FROM THE
     REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

     (a) The Company hereby agrees that it will cause stop transfer restrictions
to be released with respect to any Shares that are transferred (i) pursuant to
an effective registration statement under the Securities Act, (ii) pursuant to
Rule 144 or Rule 145 under the Securities Act, (iii) in accordance with the
requirements of Rule 903 or Rule 904 of Regulation S under the Securities Act or
(iv) pursuant to another exemption from the registration requirements of the
Securities Act; provided, however, that in the case of any transfer pursuant to
clause (ii), (iii) or (iv) above, the request for transfer is accompanied by a
written statement signed by the Shareholder confirming compliance with the
requirements of the relevant exemption from registration; and provided, further,
that in the case of any transfer pursuant to clause (iv) above, other than any
transfer by the Shareholder to one or more of its direct or indirect
subsidiaries, or among such subsidiaries, or by any such subsidiary to the
Shareholder, the Company shall have received a written opinion of counsel
reasonably satisfactory to the Company. The Company further agrees that it will
cause the legend described in subsection (a) of this Section 4.10 to be removed
in the event of any transfer as provided in clause (i), (ii) or (iii) above.

     Section 4.11. Treatment of Convertible Preferred Stock. Shares of
Convertible Preferred Stock owned by the Shareholder shall be treated in all
respects in the

<PAGE>
                                      -21-

same manner as shares of Common Stock owned by the Shareholder for the purposes
of this Agreement.

                                    ARTICLE V

                                  MISCELLANEOUS

     Section 5.1. Termination. This Agreement shall terminate on the date on
which the Company shall have obtained or been provided by the Shareholder with a
written opinion of legal counsel reasonably satisfactory to the Shareholder and
addressed to the Company and the Shareholder to the effect that all of the
Shares may be publicly offered for sale in the United States by the Shareholder
without restriction as to manner of sale and amount of Securities sold under the
Securities Act. In addition, the obligations of the Company set forth in Section
4.1(a) and Section 4.4 shall immediately terminate in the event that the
Shareholder Agreement is terminated other than in accordance with Section 6.1
thereof.

     Section 5.2. Recapitalizations, Exchanges, Etc. Affecting the Shares. The
provisions of this Agreement shall apply to any and all shares of capital stock
of the Company or any successor or assign of the Company (whether by merger,
consolidation, sale of assets or otherwise) which may be issued in respect of,
in exchange for, or in substitution of the Shares, by reason of a stock
dividend, stock split, stock issuance, reverse stock split, combination,
recapitalization, reclassification, merger, consolidation or otherwise. Upon the
occurrence of any such event, amounts hereunder shall be appropriately adjusted.

     Section 5.3. Other Company Securities. The provisions of this Agreement
shall apply mutatis mutandis to any publicly-traded security of the Company
other than the Common Stock which may be owned by the Shareholder from time to
time during the term of this Agreement.

     Section 5.4. Amendment. This Agreement may not be amended except by a
written instrument, duly executed by the Company and the Shareholder.

     Section 5.5. Notices. Except as otherwise provided in this Agreement, all
notices, requests, claims, demands, waivers and other communications hereunder
shall be in writing and shall be deemed to have been duly given when delivered
by hand, when delivered personally or by courier, three (3) days after being
deposited in the mail (registered or certified mail, postage prepaid, return
receipt requested), or when received by facsimile transmission if promptly
confirmed by one of the foregoing means, as follows:

<PAGE>
                                      -22-

                  If to the Company:

                           ONEOK, Inc.
                           100 West Fifth Street
                           Tulsa, Oklahoma 74103
                           Attention:  Chief Executive Officer

                           with a copy to:

                           ONEOK, Inc.
                           100 W. Fifth Street
                           Suite 1000
                           Tulsa, Oklahoma 74103
                           Attention:  General Counsel

                  If to the Shareholder:

                           Westar Industries, Inc.
                           818 Kansas Avenue
                           Topeka, Kansas 66612
                           Attention:  President
                           Fax:  (785) 575-8061

                           with a copy to:

                           Westar Industries, Inc.
                           818 Kansas Avenue
                           Topeka, Kansas 66612
                           Attention:  Corporate Secretary
                           Fax:  (785) 575-1936

                  If to Parent:

                           Westar Energy, Inc.
                           818 Kansas Avenue
                           Topeka, Kansas 66612
                           Attention:  President
                           Fax:  (785) 575-8061

<PAGE>
                                      -23-

                           with a copy to:

                           Westar Energy, Inc.
                           818 Kansas Avenue
                           Topeka, Kansas 66612
                           Attention:  Corporate Secretary
                           Fax:  (785) 575-1936

     Section 5.6. Integration. This Agreement and the other writings referred to
herein or delivered pursuant hereto which form a part hereof contain the entire
understanding of the parties with respect to its subject matter. This Agreement
supersedes all prior agreements and understandings between the parties with
respect to its subject matter. There are no restrictions, agreements, promises,
representations, warranties, covenants or undertakings with respect to its
subject matter other than those expressly set forth or referred to herein.

     Section 5.7. Binding Effect; Benefit. This Agreement shall inure to the
benefit of and be binding upon the parties hereto, and their respective
successors and permitted assigns. Nothing in this Agreement, expressed or
implied, is intended to confer on any person other than the parties hereto, and
their respective successors and permitted assigns, any rights, remedies,
obligations or liabilities under or by reason of this Agreement.

     Section 5.8. Assignability. This Agreement shall not be assignable by any
party hereto.

     Section 5.9. Counterparts. This Agreement may be executed by the parties
hereto in two or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same
instrument.

     Section 5.10. Applicable Law. This Agreement shall be governed by and
construed in accordance with the internal laws of the state of
Oklahoma without giving effect to principles of conflicts of law.

     Section 5.11. Shareholder Agreement. This Agreement shall remain in effect
in accordance with its terms notwithstanding the termination or lapse in
effectiveness of any other agreement between the Shareholder and the Company,
including, but not limited to, the Shareholder Agreement.

     Section 5.12. Severability. In the event any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable, the validity, legality and enforceability of
any such provision in every other

<PAGE>
                                      -24-

respect and of the remaining provisions contained herein shall not be affected
or impaired, and such unreasonable, unlawful or unenforceable provision shall be
interpreted, revised or applied in the manner that renders it lawful and
enforceable to the fullest extent possible under law.

<PAGE>
                                      -25-

                  IN WITNESS WHEREOF, the parties named below have hereto set
their hands as of the day and year first above written.

                                  ONEOK, INC.

                                  By:  /s/ David L. Kyle
                                       ------------------------------------
                                       Name:    David L. Kyle
                                       Title:   Chairman, President and Chief
                                                 Executive Officer

                                  WESTAR ENERGY, INC.

                                  By:  /s/ James S. Haines, Jr.
                                       ------------------------------------
                                       Name:    James S. Haines, Jr.
                                       Title:   President and Chief Executive
                                                 Officer

                                  WESTAR INDUSTRIES, INC.

                                  By:  /s/ James S. Haines, Jr.
                                       ------------------------------------
                                       Name:  James S. Haines, Jr.
                                       Title: PresidentConversion Agreement

          This Conversion  Agreement (the  "Agreement") is made and entered into
          by and among Colmena  Corp.,  a Delaware  corporation  with a class of
          securities   registered  under  Section  12(g)  of  the  Exchange  Act
          ("Colmena") and, The Calvo Family  Spendthrift  Trust, a Florida trust
          (the  "CFST"),  Colmena  and  the  CFST  being  sometimes  hereinafter
          collectively referred to as the "Parties" or generically as a "Party".

                                    Preamble:

          WHEREAS,  in order for Colmena to arrange for a reorganization  of its
     operations designed to permit it to acquire one or more promising operating
     companies,  it needs  to  reduce  all of its  current  indebtedness  and in
     conjunction  therewith,  on  December  11,  2002,  its  board of  directors
     requested that the CFST,  one of its principal  creditors and the holder of
     50% of its  Class A Bonds,  agree to  accelerated  exercise  of  conversion
     rights  under its Class A Bonds and  thereafter  convert all of its current
     debts into shares of Colmena's common stock; and

          Whereas, the CFST is agreeable to the proposal by Colmena,  subject to
     being  granted  24 month best price and  anti-dilution  guarantees,  on the
     terms and subject to the conditions hereinafter set forth:

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

                                                    Witnesseth:

                                                     Article I
                                                    Definitions

          The following terms or phrases, as used in this Agreement,  shall have
          the following meanings:

          (A) Accredited  Investor:  An investor that meets the requirements for
     treatment  as  an  accredited  investor,  as  defined  in  Rule  501(a)  of
     Commission Regulation D, which provides as follows:

          Accredited investor.  "Accredited  investor" shall mean any person who
          comes  within  any of the  following  categories,  or who  the  issuer
          reasonably believes comes within any of the following  categories,  at
          the time of the sale of the securities to that person:

          (1) Any bank as defined in section  3(a)(2) of the Act, or any savings
     and loan association or other institution as defined in section  3(a)(5)(A)
     of the Act whether  acting in its  individual  or fiduciary  capacity;  any
     broker  or dealer  registered  pursuant  to  section  15 of the  Securities
     Exchange Act of 1934; any insurance  company as defined in section 2(13) of
     the Act; any investment company registered under the Investment Company Act
     of 1940 or a business development company as defined in section 2(a)(48) of
     that Act;  Small  Business  Investment  Company  licensed by the U.S. Small
     Business  Administration under section 301(C)) or (d) of the Small Business
     Investment Act of 1958; any plan established and maintained by a state, its
     political subdivisions,  or any agency or instrumentality of a state or its
     political  subdivisions for the benefit of its employees,  if such plan has
     total  assets in excess of  $5,000,000;  employee  benefit  plan within the
     meaning  of the  Employee  Retirement  Income  Security  Act of 1974 if the
     investment  decision  is made by a plan  fiduciary,  as  defined in section
     3(21) of such Act,  which is either a bank,  savings and loan  association,
     insurance company, or registered investment adviser, or if the employee

                                       61
<PAGE>

          benefit  plan has  total  assets  in  excess  of  $5,000,000  or, if a
          self-directed  plan, with investment  decisions made solely by persons
          that are accredited investors;

          (2) Any  private  business  development  company as defined in section
     202(a)(22) of the Investment Advisers Act of 1940;

          (3) Any organization  described in Section  501(C))(3) of the Internal
     Revenue Code,  corporation,  Massachusetts  or similar  business  trust, or
     partnership,   not  formed  for  the  specific  purpose  of  acquiring  the
     securities offered, with total assets in excess of $5,000,000;

          (4) Any director,  executive officer, or general partner of the issuer
     of the  securities  being  offered  or  sold,  or any  director,  executive
     officer, or general partner of a general partner of that issuer;

          (5) Any natural person whose  individual net worth, or joint net worth
     with that person's spouse, at the time of his purchase exceeds $1,000,000;

          (6) Any  natural  person  who had an  individual  income  in excess of
     $200,000  in each of the two most  recent  years or joint  income with that
     person's  spouse  in excess of  $300,000  in each of those  years and has a
     reasonable  expectation  of reaching  the same income  level in the current
     year;

          (7) Any trust,  with total assets in excess of $5,000,000,  not formed
     for the  specific  purpose  of  acquiring  the  securities  offered,  whose
     purchase  is  directed  by  a   sophisticated   person  as   described   in
     ss.230.506(b)(2)(ii); and

          (8) Any  entity  in which  all of the  equity  owners  are  accredited
     investors.

               (B) Class A Bonds: The only currently  authorized  Colmena bonds,
               as more particularly described in Colmena's Exchange Act Reports.

               (C) Colmena Debt: All funds owed by Colmena to the CFST as of the
               date of this  Agreement,  as  reflected in exhibit 1 (C), but not
               including the Class A Bonds.

               (D)  Commission:   The  United  States  Securities  and  Exchange
               Commission.

               (E) Common  Stock:  For the purpose of this  Agreement,  the term
               "common  stock" shall mean (I) the class of stock  designated  as
               common stock in the Certificate of Incorporation filed by Colmena
               with the Delaware Department of State, or (ii) any other class of
               stock resulting from successive changes or  reclassifications  of
               such common stock  consisting  solely of changes in par value, or
               from  par  value  to no par  value,  or from no par  value to par
               value.

               (F)  Covered  Shares:  The shares of Colmena  common  stock to be
               issued to the CFST pursuant to conversion of the Colmena Debt and
               the Class A Bonds.

               (G)  Exchange  Act:  The  Securities  Exchange  Act of  1934,  as
               amended.

               (H) Exchange Act Reports:  The reports on Commission Forms 10-SB,
               10-KSB, 10-QSB and 8-K and Commission Schedules 14A and 14C, that
               Colmena is required to file  pursuant to Sections  13, 14,  15(d)
               and 12(g) of the Exchange Act.

                                       62
<Page>

               (I) Florida Act: The Florida  Securities and Investor  Protection
               Act

               (J) Florida  Rule:  Florida Rule  3E-500.005,  which  provides as
               follows:  Disclosure  requirements  of Section  517.061(11)(a)3.,
               Florida Statutes.

          (1)  Transactions  by an  issuer  which  do  not  satisfy  all  of the
     conditions of this rule shall not raise any presumption that the exemptions
     provided by Section 517.061(11), Florida Statutes is not available for such
     transactions.  Attempted  compliance  with  this  rule  does  not act as an
     election;   the  issuer  can  also  claim  the   availability   of  Section
     517.061(11), Florida Statutes, outside this rule.

          (2) The  determination as to whether sales of securities are part of a
     larger  offering  (i.e.,  are  deemed  to be  integrated)  depends  on  the
     particular facts and circumstances.  In determining whether sales should be
     regarded as part of a larger  offering and thus should be  integrated,  the
     facts described in Rule 3E-500.01 should be considered.

          (3)  Although  sales made  pursuant  to Section  517.061(11),  Florida
     Statutes,   and  in  compliance   with  this  rule,  are  exempt  from  the
     registration  provisions  of this Act,  such  exemption  does not avoid the
     antifraud provisions of Sections 517.301 and 517.311, Florida Statutes.

          (4) The provisions of this rule shall apply only to transactions which
     are consummated with persons in the State of Florida.

          (5) The requirements of Sections 517.061(11)(a)(3),  Florida Statutes,
     that  each  purchaser,  or his  representative  be  provided  with or given
     reasonable  access to full and fair disclosure of all material  information
     shall be deemed to be satisfied if either  paragraphs  (5)(a) or (5)(b) are
     complied with:

               (a) Access to or Furnishing of Information. Reasonable access to,
               or the furnishing  of,  material  information  shall be deemed to
               have been  satisfied  if prior to the sale a  purchaser  is given
               access to the following information:

          1. All material books and records of the issuer; and

          2. All  material  contracts  and  documents  relating to the  proposed
     transaction; and

          3. An opportunity to question the  appropriate  executive  officers or
     partners. ....

               (6) In the case of an issuer  that is  subject  to the  reporting
               requirements  of Section 13 or 15(d) of the  Securities  Exchange
               Act of 1934,  the  provisions  of  paragraph  (5)(b) of this rule
               shall be deemed satisfied by providing the following:

          (a) The  information  contained  in the annual  report  required to be
     filed under the Securities Exchange Act of 1934 or a registration

                                       63
<PAGE>

               statement on Form S-1 under the Securities Act of 1933, whichever
               filing  is  the  most  recent  required  to  be  filed,  and  the
               information  contained in any definitive proxy statement required
               to be filed pursuant to Section 14 of the Securities Exchange Act
               of 1934 and in any reports or  documents  required to be filed by
               the issuer  pursuant to Section 13(a) or 15(d) of the  Securities
               Exchange Act of 1934,  since the filing of such annual  report or
               registration statement; and

          (b) A brief  description of the securities  being offered,  the use of
     the proceeds  from the offering,  and any material  changes in the issuer's
     affairs which are not disclosed in the documents furnished.

               (K) Rule  144:  Rule 144 of the  general  rules  and  regulations
               promulgated under the Securities Act.

               (L) Securities Act: The Securities Act of 1933, as amended.

                                   Article II
                                   Conversion

          (A) Subject to the best price guarantees and anti-dilutive  rights set
     forth below, the CFST hereby agrees to immediately convert all of its Class
     A Bonds into shares of Colmena's  Common Stock,  in  accordance  with their
     terms,  which Colmena hereby  represents will result in the issuance to the
     CFST of the number of shares of Colmena's common stock set forth in Exhibit
     2 (A) annexed hereto and made a part hereof,  the conversion being effected
     without  registration under the Securities Act or the Florida Act, based on
     the exemption from registration  provided by Section 4(6) of the Securities
     Act and Section 517.061(11) of the Florida Act.

          (B) Subject to the best price guarantees and anti-dilutive  rights set
     forth  below,  the CFST hereby  converts  the  Colmena  Debt into shares of
     Colmena  Common  Stock,  at a conversion  price of $0.01 per share,  as set
     forth  below on  Exhibit 2 (B),  the  transaction  being  effected  without
     registration  under the  Securities  Act or the Florida  Act,  based on the
     exemption from registration  provided by Section 4(6) of the Securities Act
     and Section 517.061(11) of the Florida Act.

          (C) In  consideration  for the  agreement  by the CFST to  accelerated
     conversion  of the Class A Bonds and to the  conversion of the Colmena Debt
     to Colmena common stock,  which will result in the issuance of a materially
     smaller  quantity  of  Colmena  common  stock to the CFST than  would  have
     otherwise been issuable based on current Colmena  business  plans,  Colmena
     hereby  irrevocably  covenants and agrees, as a material  inducement to the
     entry into this Agreement by the CFST,  that all of the shares  issuable to
     the CFST  pursuant  to the  terms  of this  Agreement,  including,  without
     limitation,  the  shares to be issued in  exchange  for  conversion  of the
     Colmena  Debt and to be issued  on  conversion  of the  Class A Bonds  (the
     "Covered  Shares"),  whether or not then still owned by the CFST,  shall be
     increased by the issuance of additional  shares of Colmena  common stock to
     the CFST,  to reflect  the  issuance  of any common  stock or common  stock
     purchase  rights at a price of less than $0.01 per share (in cash or in the
     net tangible book value in  accordance  with GAAP of any assets or services
     paid  therefor)  during  the  730  days  following  the  execution  of this
     Agreement, as follows:

          (1) Best price  guarantee:  For every share issued by Colmena at a net
     tangible  book value of less than $0.01 per share,  adjusted to reflect any
     stock splits or stock dividends (the "Trigger Shares"):

               (a)  Initial  transaction:  The CFST will  receive a quantity  of
               shares of Colmena  common  stock equal to the number of shares of
               Colmena common stock issued to the CFST as a result of conversion
               of the Colmena  Debt and exercise of the Class A Bonds (the "Base
               Shares"),

           _____________________________________________________________________
<page>
                  Please Initial: Colmena: ____ The CFST: ____

                             Conversion Agreement Page 4

               multiplied by a fraction,  the numerator of which will  initially
               be $0.01 (the  "Original  Denominator")  and the  denominator  of
               which will be the net  tangible  book value paid for the  Trigger
               Shares  (the  "Adjustment   Denominator"),   such  product  being
               referred  to as the  "Adjustment  Product",  from  which  will be
               subtracted  a number  equal to the Base Shares  (the  "Adjustment
               Shares"); e.g., for purposes of illustration,  if the Base Shares
               equaled  100 and new shares  were issued by Colmena at $0.005 per
               share,  after  adjustments for stock splits and stock  dividends,
               then the formula would be 100 x  $0.01/$0.005  = 200 - 100 = 100,
               thus 100  additional  shares of  Colmena  common  stock  would be
               issued to the CFST.

          (b) Subsequent  transactions:  For every  subsequent  transaction  the
     formula shall be triggered  only by issuance of Colmena  common  stock,  as
     adjusted  for any stock  splits or stock  dividends,  at a price  below the
     immediately  preceding  lowest net  tangible  book  value paid for  Colmena
     common stock issued  subsequent to this Agreement (the "Subsequent  Trigger
     Price");  and the formula  shall be  modified  as follows:  the Base Shares
     shall be increased by the aggregate of Adjustment Shares theretofore issued
     to the CFST; the Adjustment  Numerator shall be the  immediately  preceding
     Trigger  Price  and the  Adjustment  Denominator  shall  be the  Subsequent
     Trigger Price.

          (c) All shares issuable pursuant to this best price guarantee shall be
     issued and  tendered  to the CFST  concurrently  with the  issuance  of the
     Trigger Shares;  provided that, if they are not so tendered then they shall
     bear interest  payable in additional  shares at the rate of one percent per
     month until so tendered.

               (2) Anti-dilutive  provisions.  In addition to the foregoing best
               price   guarantee,   the  Covered  Shares  shall  be  subject  to
               anti-dilutive provisions, as follows:

          (a) In the  event  that  Colmena  shall  after the date  hereof  issue
     securities with greater or superior voting rights than the shares of common
     stock  outstanding  as of the date  hereof,  the CFST,  at its option,  may
     receive a like number of such  securities  with greater or superior  voting
     rights.

          (b) Whenever  the  additional  shares may be issuable to the CFST,  as
     herein provided:

               1) Colmena shall  promptly  file with the Transfer  Agent for the
               Covered Shares a certificate of the treasurer of Colmena  setting
               forth the basis  for the  required  adjustments  and  showing  in
               reasonable  detail the facts upon which such adjustment is based,
               including  a  statement  of the  consideration  received or to be
               received  by  Colmena  for any shares of common  stock  issued or
               deemed to have been issued; and

               2) A notice  stating that the quantity of Covered Shares has been
               adjusted  and setting  forth the  adjustment  shall  forthwith be
               required,  and as soon as practicable after it is required,  such
               additional notice shall be deemed to be required pursuant to this
               Section as of the opening of business on the tenth day after such
               mailing  and shall set forth the  adjustment  at such  opening of
               business, and upon the mailing of such additional notice no other
               notice need be given of any  adjustment  occurring at or prior to
               such  opening  of  business  and  after  the  time  that the next
               preceding notice given by mailing became required.

               (c) In each of the following  instances Colmena shall cause to be
               filed with the Transfer Agent and shall cause to be mailed, first
               class postage prepaid, to the CFST, at least 10 days prior to the
               applicable  record date hereinafter  specified,  a notice stating
               the date on which a record is to be taken for the purpose of such
               distribution or rights, or, if a record is not to be taken,

           _____________________________________________________________________
<page>
                  Please Initial: Colmena: ____ The CFST: ____

                           Conversion Agreement Page 5

               the date as of which the holders of common  stock of record to be
               entitled to such distribution or rights are to be determined,  or
               the date on which such reclassification,  consolidation,  merger,
               sale,  transfer,  dissolution,   liquidation  or  winding  up  is
               expected  to  become  effective,  and the  date as of which it is
               expected that holders of common stock of record shall be entitled
               to exchange  their common stock for  securities or other property
               deliverable upon such  reclassification,  consolidation,  merger,
               sale, transfer, dissolution, liquidation or winding up:

          1) If Colmena shall  authorize the  distribution to all holders of its
     common  stock of  evidences  of its  indebtedness  or  assets  (other  than
     dividends or other distributions paid out of earned surplus); or

          2) If Colmena  shall  authorize  the  granting  to the  holders of its
     common stock of rights to  subscribe  for or purchase any shares of capital
     stock of any class or of any other rights; or

          3) In the event of any  reclassification  of the common  stock  (other
     than a  subdivision  or  combination  of its  outstanding  shares of common
     stock),  or of any  consolidation or merger to which Colmena is a party and
     for which approval of any  stockholders  of Colmena is required,  or of the
     sale or transfer of all or substantially all of the assets of Colmena; or

          4)  In  the  event  of  any   reclassification  of  the  voluntary  or
     involuntary dissolution, liquidation or winding up of Colmena.

               (D) The CFST  represents,  warrants and covenants to Colmena,  as
               follows:

          (1) The CFST is familiar  with the  requirements  for  treatment as an
     "accredited investor" under Regulation D and Section 4(6) of the Securities
     Act and meets one or more of the  definitions of an  "accredited  investor"
     contained in Rule 501(a)  promulgated under authority of Securities Act and
     has, alone or together with its advisors or  representatives,  if any, such
     knowledge and  experience in financial  matters that the CFST is capable of
     evaluating the relative risks and merits of this subscription,  the text of
     Rule 501(a) being set forth, in full, above;

          (2) The CFST  acknowledges  that it has, based on its own  substantial
     experience,  the ability to evaluate the transactions  contemplated  hereby
     and the merits and risks  thereof in  general  and the  suitability  of the
     transaction for it in particular;

          (3) (a) The CFST  understands  that the offer and  issuance of Colmena
     Stock is being made in  reliance on the CFST's  representation  that it has
     reviewed  the Colmena  Exchange Act Reports,  including  that  contained in
     exhibits filed with such reports.

               (b) The CFST is fully aware of the material risks associated with
               becoming  an  investor  in  Colmena  and  confirms  that  it  was
               previously  informed  that  all  documents,   records  and  books
               pertaining to this  investment  have been  available from Colmena
               and that all  documents,  records  and books  pertaining  to this
               transaction requested by it have been made available to it;

          (4) The CFST has had an  opportunity  to ask  questions of and receive
     answers from the officers of Colmena concerning the terms and conditions of
     this Agreement and the  transactions  contemplated  hereby,  as well as the
     affairs of Colmena and related matters;

           _____________________________________________________________________
<page>

                  Please Initial: Colmena: ____ The CFST: ____

                           Conversion Agreement Page 6

          (5) The CFST has had an opportunity to obtain  additional  information
     necessary  to  verify  the  accuracy  of  the  information  referred  to in
     subparagraphs  (a), (b), (c) and (d) hereof,  as well as to supplement  the
     information in the Exchange Act Reports.

          (6) The  CFST  has  represented  to  Colmena  that it has the  general
     ability  to bear the  risks  of the  subject  transaction  and that it is a
     suitable  investor for a private  offering and the CFST hereby  affirms the
     correctness of such information to Colmena, including,  without limitation,
     the representations in the form of the investment letter annexed hereto and
     made a part hereof as exhibit 3(D)(6);

          (7) The CFST acknowledges and is aware that:

               (a)  The  Colmena  Stock  is a  speculative  investment  with  no
               assurance that Colmena will be successful, or if successful, that
               such   success  will  result  in  payments  to  the  CFST  or  to
               realization  of capital gains by the CFST on  disposition  of the
               Colmena Stock; and

               (b) The Colmena Stock to be issued to it has not been  registered
               under the  Securities  Act or under any  state  securities  laws;
               accordingly  the CFST may have to hold such common  stock and may
               not be able to liquidate, pledge, hypothecate, assign or transfer
               it;

          (8) The CFST has obtained  its own opinion  from its legal  counsel to
     the  effect  that  after  an  examination  of the  transactions  associated
     herewith and the applicable  law, no action needs to be taken by either the
     CFST or Colmena in conjunction  with this Agreement and the issuance of the
     Colmena  Stock in  conjunction  therewith,  other than such actions as have
     already been taken in order to comply with the securities law  requirements
     of the CFST's  state of  domicile,  including  the safe harbor  provided in
     conjunction with compliance with the Florida Rule; and

          (9) (a) The  certificates  for the Colmena Stock will bear restrictive
     legends and Colmena's transfer agent will be instructed not to transfer the
     subject  securities unless they have been registered  pursuant to Section 6
     of the Securities Act or an opinion of counsel to the CFST  satisfactory to
     legal counsel to Colmena and Colmena's president has been provided,  to the
     effect  that  the  proposed   transaction   is  exempt  from   registration
     requirements  imposed  by the  Securities  Act,  the  Exchange  Act and any
     applicable state or foreign laws.

               (b) The legend shall read as follows: "The securities represented
               by this  certificate were issued without  registration  under the
               Securities Act of 1933, as amended,  or comparable  state laws in
               reliance  on the  provisions  of  Section  4(6) of such act,  and
               comparable  state law  provisions.  These  securities  may not be
               transferred   pledged  or  hypothecated  unless  they  are  first
               registered  under applicable  federal,  state or foreign laws, or
               the   transaction  is   demonstrated   to  be  exempt  from  such
               requirements to Colmena's satisfaction."

          (10) Notwithstanding the foregoing, the Parties agree that pursuant to
     the provisions of Rule 144(d)(3)(ii), the holding period under Rule 144 for
     the  Covered  Shares  commenced  on the date that the  underlying  funds in
     payment for the Colmena Debt and the Class A Bonds were  received by or for
     the benefit of Colmena.

               (E) The Parties  acknowledge  that the CFST's  acceptance  of the
               Colmena  proposals  reflected  in  this  Agreement  is  based  on
               representations by Colmena concerning a pending project involving
               a publishing,  television and Internet venture geared towards the
               "baby  boomer"  health and  longevity  market and Colmena  hereby
               grants the CFST the irrevocable right to rescind the transactions
               reflected   herein  should  that  venture  not  be   successfully
               concluded.

               (F)  Notwithstanding  any other provision in this Agreement,  the
               common stock issuable to the CFST under this  Agreement  shall be
               issued as Colmena's  Class A  Non-Voting,  Convertible  Preferred
               Stock, in accordance with

           _____________________________________________________________________
<page>

                  Please Initial: Colmena: ____ The CFST: ____

               Conversion  Agreement Page 7 the terms of an "Exchange Agreement"
               between the  Parties  dated June 5, 2002,  which is  incorporated
               herein by reference.

                                   Article III
                               General Provisions

          3.1 Interpretation.

               (A) When a reference  is made in this  Agreement  to Schedules or
               Exhibits,  such  reference  shall be to a Schedule  or Exhibit to
               this Agreement unless otherwise indicated.

               (B) The words  "include,"  "includes" and  "including"  when used
               herein  shall be deemed in each case to be  followed by the words
               "without limitation."

               (C) The headings  contained in this  Agreement  are for reference
               purposes  only and shall not  affect  in any way the  meaning  or
               interpretation of this Agreement.

               (D) The  captions  in this  Agreement  are  for  convenience  and
               reference  only and in no way define,  describe,  extend or limit
               the  scope of this  Agreement  or the  intent  of any  provisions
               hereof.

               (E) All pronouns and any  variations  thereof  shall be deemed to
               refer to the masculine,  feminine, neuter, singular or plural, as
               the  identity  of  the  Party  or  Parties,   or  their  personal
               representatives, successors and assigns may require.

               (F) The Parties agree that they have been  represented by counsel
               during the  negotiation  and  execution  of this  Agreement  and,
               therefore, waive the application of any law, regulation,  holding
               or  rule  of  construction   providing  that  ambiguities  in  an
               agreement or other  document will be construed  against the party
               drafting such agreement or document.

          3.2 Notice.

               (A) All notices,  demands or other communications given hereunder
               shall be in  writing  and shall be deemed to have been duly given
               on  the  first  business  day  after  mailing  by  United  States
               registered or certified mail, return receipt  requested,  postage
               prepaid, addressed as follows:

          (1) To Colmena:

                                  Colmena Corp.
            Crystal Corporate Center; 2500 North Military Trail
                     Suite 225-C; Boca Raton, Florida 33431
                     Attention: Anthony Q. Joffe, President
             Telephone (561) 998-2031, Fax (561) 998-8352
                     e-mail administration@colmenacorp.com;

          (2) the CFST:

                       The Calvo Family Spendthrift Trust
                1941 Southeast 51st Terrace, Ocala, Florida 34471
                       Attention: Cyndi N. Calvo, Trustee
 Telephone (352)694-9182, Fax (352) 694-1325; and, e-mail CyndiCalvo@hotmail.com

           _____________________________________________________________________
<page>
                  Please Initial: Colmena: ____ The CFST: ____

                           Conversion Agreement Page 8
                           In each case with a copy to

                          Office of the General Counsel
                                  Colmena Corp.
                5185 Southeast 20th Street; Ocala, Florida 34471
                  Telephone (352) 694-6661, Fax (352) 694-1325
                       e-mail, legal@yankeecompanies.com.

               or such other  address or to such other person as any Party shall
               designate to the other for such purpose in the manner hereinafter
               set forth.

          (B) At the  request  of any Party,  notice  will also be  provided  by
     overnight  delivery,  facsimile  transmission  or e-mail,  provided  that a
     transmission receipt is retained.

               3.3 Merger of All Prior Agreements Herein.

          (A) This instrument, together with the instruments referred to herein,
     contains  all of the  understandings  and  agreements  of the Parties  with
     respect to the subject matter discussed herein.

          (B) All  prior  agreements  dealing  with the  subject  matter of this
     Agreement,  whether  written or oral,  are merged herein and shall be of no
     force or effect.

               3.4 Survival.

          The several  representations,  warranties and covenants of the Parties
     contained  herein shall survive the execution hereof and shall be effective
     regardless of any  investigation  that may have been made or may be made by
     or on behalf of any Party.

               3.5 Severability.

          If any  provision or any portion of any  provision of this  Agreement,
     other  than  one  of  the  conditions  precedent  or  subsequent,   or  the
     application  of such  provision  or any  portion  thereof  to any person or
     circumstance shall be held invalid or unenforceable, the remaining portions
     of such  provision  and the remaining  provisions of this  Agreement or the
     application  of such  provision  or  portion of such  provision  as is held
     invalid or unenforceable  to persons or  circumstances  other than those to
     which it is held invalid or unenforceable, shall not be affected thereby.

               3.6 Governing Law.

                    This  Agreement  shall be construed in  accordance  with the
                    substantive  and  procedural  laws of the  State of  Florida
                    (other than those regulating Taxation and choice of law).

               3.7 Indemnification.

               (A) Each Party hereby  irrevocably  agrees to indemnify  and hold
          the other  Party  harmless  from any and all  liabilities  and damages
          (including legal or other expenses  incidental  thereto),  contingent,
          current,  or  inchoate  to which  they or any one of them  may  become
          subject as a direct,  indirect or incidental consequence of any action
          by the  indemnifying  Party or as a consequence  of the failure of the
          indemnifying  Party to act,  whether  pursuant to requirements of this
          Agreement or otherwise.

               (B) In the event it becomes  necessary to enforce this  indemnity
          through an attorney, with or without litigation,  the successful Party
          shall be entitled to recover from the  indemnifying  Party,  all costs
          incurred   including   reasonable   attorneys'   fees  throughout  any
          negotiations,   trials  or  appeals,   whether  or  not  any  suit  is
          instituted.

           _____________________________________________________________________
<page>

                  Please Initial: Colmena: ____ The CFST: ____

                           Conversion Agreement Page 9

                    3.8 Dispute Resolution.

               (A) In any action between the Parties to enforce any of the terms
          of this  Agreement or any other matter arising from this Agreement any
          proceedings  pertaining  directly  or  indirectly  to  the  rights  or
          obligations  of the Parties  hereunder  shall,  to the extent  legally
          permitted, be held in Marion County, Florida, and the prevailing Party
          shall be  entitled  to  recover  its  costs  and  expenses,  including
          reasonable  attorneys'  fees  up to and  including  all  negotiations,
          trials  and  appeals,  whether  or  not  any  formal  proceedings  are
          initiated.

               (B) In the event of any dispute arising under this Agreement,  or
          the  negotiation  thereof or  inducements to enter into the Agreement,
          the  dispute  shall,  at the  request  of any  Party,  be  exclusively
          resolved through the following procedures:

          (1)      (a) First,  the issue shall be submitted to mediation before
                    a mediation service in Marion County, Florida to be selected
                    by lot from four  alternatives  to be  provided,  two by the
                    CFST and two by Colmena.

                    (b) The  mediation  efforts  shall be  concluded  within ten
                    business  days after  their  initiation  unless the  Parties
                    unanimously agree to an extended mediation period;

          (2)       In  the  event  that  mediation  does  not  lead  to  a
                    resolution  of the dispute then at the request of any Party,
                    the Parties shall submit the dispute to binding  arbitration
                    before an  arbitration  service  located  in Marion  County,
                    Florida to be selected by lot, from four  alternatives to be
                    provided, two by the CFST and two by Colmena.

          (3)      (a) Expenses of mediation  shall be borne equally by the
                       Parties, if successful.

                   (b)  Expenses  of   mediation,   if   unsuccessful   and  of
                    arbitration  shall be borne by the Party or Parties  against
                    whom the arbitration decision is rendered.

                   (c) If the terms of the  arbitral  award do not  establish a
                    prevailing   Party,   then  the  expenses  of   unsuccessful
                    mediation  and  arbitration  shall be borne  equally  by the
                    Parties involved.

                    3.9 Benefit of Agreement.

                    The terms and provisions of this Agreement  shall be binding
               upon and inure to the benefit of the Parties,  their  successors,
               assigns, personal representatives, estate, heirs and legatees but
               are not  intended to confer  upon any other  person any rights or
               remedies hereunder.

                    3.10 Further Assurances.

                    The Parties agree to do, execute, acknowledge and deliver or
               cause to be done,  executed,  acknowledged  or  delivered  and to
               perform all such acts and  deliver  all such deeds,  assignments,
               transfers,  conveyances,  powers of attorney,  assurances,  stock
               certificates and other  documents,  as may, from time to time, be
               required  herein  to  effect  the  intent  and  purpose  of  this
               Agreement.

                    3.11 Counterparts.

              (A)  This  Agreement  may  be  executed  in  any  number  of
                   counterparts.

              (B)  All executed counterparts shall constitute one Agreement
                   notwithstanding  that all signatories are not signatories to
                   the original or the same counterpart.

           _____________________________________________________________________

                  Please Initial: Colmena: ____ The CFST: ____

                          Conversion Agreement Page 10

             (C)    Execution by exchange of facsimile transmission shall be
                    deemed legally  sufficient to bind the  signatory;  however,
                    the Parties shall, for aesthetic  purposes,  prepare a fully
                    executed  original  version of this Agreement which shall be
                    the document filed with the Commission in under the Exchange
                    Act.

                    In Witness  Whereof,  Colmena  and the CFST have caused this
                    Agreement  to  be  executed  by  themselves  or  their  duly
                    authorized respective officers,  all as of the last date set
                    forth below:

Signed, sealed and delivered
         In Our Presence:
                                                   Colmena Corp.
_________________________________            (A Delaware corporation)

_________________________________   By:      _____________________________
                                             Anthony Q. Joffe, President
         (Corporate Seal)
                                    Attest:  _____________________________
                                             Vanessa H. Lindsey, Secretary
Dated:   December 23, 2002

State of Florida           }
County of Palm Beach       } ss.:

                         On this 23rd day of December, 2002, before me, a notary
                    public in and for the county and state aforesaid, personally
                    appeared  Anthony Q. Joffe and  Vanessa  H.  Lindsey,  to me
                    known,  and known to me to be the president and secretary of
                    Colmena Corp., the  above-described  corporation,  and to me
                    known  to  be  the  persons  who  executed   the   foregoing
                    instrument,  and  acknowledged  the execution  thereof to be
                    their  free  act and  deed,  and the  free  act and  deed of
                    Colmena Corp., for the uses and purposes therein mentioned.

                         In witness  whereof,  I have  hereunto  set my hand and
                    affixed  my   notarial   seal  the  day  and  year  in  this
                    certificate first above written.  My commission  expires the
                    ___day of ______________, ____.

         {Seal}
                               ________________________________
                               Notary Public

           _____________________________________________________________________
<page>
                  Please Initial: Colmena: ____ The CFST: ____

                          Conversion Agreement Page 11

                                           The Calvo Family Spendthrift Trust
_________________________________                  (a Florida trust)

_________________________________       By:      _____________________________
                                                 Cyndi N. Calvo, Trustee
Dated:   December 23, 2002

State of Florida           }
County of Marion           } ss.:

                         On this 23rd day of December, 2002, before me, a notary
                    public in and for the county and state aforesaid, personally
                    appeared Cyndi N. Calvo, to me known,  and known to me to be
                    the  trustee  of The Calvo  Family  Spendthrift  Trust,  the
                    above-described  corporation,  and  to me  known  to be  the
                    person  who   executed   the   foregoing   instrument,   and
                    acknowledged  the  execution  thereof to be his free act and
                    deed,  and  the  free  act  and  deed  of The  Calvo  Family
                    Spendthrift   Trust,  for  the  uses  and  purposes  therein
                    mentioned.

                         In witness  whereof,  I have  hereunto  set my hand and
                    affixed  my   notarial   seal  the  day  and  year  in  this
                    certificate first above written.  My commission  expires the
                    ___day of _______________, ____.

         (Seal)
                         ____________________________
                         Notary Public

           ____________________________________________________________________
<page>

                  Please Initial: Colmena: ____ The CFST: ____

                          Conversion Agreement Page 12
                                  Exhibit 2(A)
                       The Class A Bond Conversion Shares

                         The CFST is  entitled  to  52,019,977  shares of common
                    stock,  which is being  issued as 520,200  shares of Class A
                    Non-Voting,  Convertible  Preferred  Stock,  pursuant to the
                    terms of the  Class A Bonds  and  Article 2 (F) of the above
                    Agreement.

           _____________________________________________________________________

                  Please Initial: Colmena: ____ The CFST: ____

                          Conversion Agreement Page 13
                                  Exhibit 2 (B)
                                The Colmena Debt

                         The debt owed to the CFST from Colmena is  $193,815.49,
                    which is being  converted  into  193,815  shares  of Class A
                    Non-Voting,   Convertible  Preferred  Stock,  which  is  the
                    equivalent of  19,381,549  shares of Common Stock based on a
                    contemporaneous  sale price for  Colmena's  Common  Stock of
                    $0.01 per share.

           _____________________________________________________________________

                  Please Initial: Colmena: ____ The CFST: ____

                          Conversion Agreement Page 14
                                 Exhibit 3(D)(6)
                          The CFST's Investment Letter

December 23, 2002

Anthony Q. Joffe
President
Colmena Corp.
Crystal Corporate Center
2500 North Military Trail, Suite 225-C
Boca Raton, Florida 33431

         Re.:     Conversion of Colmena's Obligations for Colmena's Securities

Dear Madam:

                         I hereby  certify  and  warrant  that the Calvo  Family
                    Spendthrift  Trust,  a  Florida  trust  for which I serve as
                    trustee,   is  relinquishing  all  rights  to  repayment  of
                    $193,815.49, together with accrued interest owed to the CFST
                    by Colmena,  Corp., a Delaware corporation  ("Colmena"),  in
                    consideration for the issuance to the CFST of 193,815 shares
                    of Class A Non-Voting  Convertible Preferred Stock (which is
                    the equivalent of 19,381,549 shares of Colmena Common Stock)
                    (the "Colmena Stock").

                         I hereby  certify  under  penalty of perjury  that upon
                    receipt of the Colmena Stock,  the CFST will be acquiring it
                    for its own  account  for  investment  purposes  without any
                    intention  of  selling  or  distributing  all  or  any  part
                    thereof, except in the form of permissible  distributions to
                    its  beneficiaries.  I represent  and warrant  that the CFST
                    qualifies as an accredited investor (as that term is defined
                    in rule 501(a) of Regulation D promulgated  under  authority
                    of the Securities  Act of 1933, as amended [the  "Securities
                    Act"]) and that I, on the CFST behalf,  am  sophisticated in
                    financial  affairs,  or have relied on the advice of someone
                    sophisticated in financial affairs,  and the CFST is able to
                    bear the economic risks of this investment and I do not have
                    any   reason  to   anticipate   any  change  in  the  CFST's
                    circumstances,   financial  or  otherwise,   nor  any  other
                    particular  occasion or event which should cause the CFST to
                    sell or  distribute,  or  necessitate or require its sale or
                    distribution  of the  Colmena  Stock.  No one other than the
                    CFST and its stockholders has any beneficial interest in the
                    Colmena Stock.

                         I further certify that I have consulted with the CFST's
                    legal  counsel who,  after having been apprised by me of all
                    the material facts surrounding this  transaction,  opined to
                    the CFST, for the benefit of Colmena,  that this transaction
                    was being  effected in full  compliance  with the applicable
                    securities  laws of the CFST's state of  domicile,  based on
                    the exemption provided by Rule 3E-500.005  promulgated under
                    authority of Section  517.061(11)  of the  Securities Act of
                    Florida.

                         I  agree  that  the  CFST  will  in no  event  sell  or
                    distribute any of the Colmena Stock unless in the opinion of
                    Colmena's  counsel  (based on an opinion of the CFST's legal
                    counsel)  the  Colmena  Stock may be  legally  sold  without
                    registration  under the Securities Act, and/or  registration
                    and/or  other  qualification  under   then-applicable  State
                    and/or  Federal  statutes,  or the Colmena  Stock shall have
                    been  so  registered  and/or  qualified  and an  appropriate
                    prospectus, shall then be in effect.

                         I am  fully  aware  that  the  Colmena  Stock  is being
                    offered and issued by Colmena to the CFST in reliance on the
                    exemption  provided by Section  4(6) or the  Securities  Act
                    which  exempts the sale of securities by an issuer solely to
                    accredited   investors,   based  on  my  certifications  and
                    warranties on behalf of the CFST.

                         In connection with the foregoing,  the CFST consents to
                    Colmena legending the CFST's  certificates  representing the
                    Colmena  Stock to  indicate  its  investment  intent and the
                    restriction on transfer contemplated hereby and to Colmena's

           _____________________________________________________________________

                  Please Initial: Colmena: ____ The CFST: ____

                          Conversion Agreement Page 15
Anthony Q. Joffe
December 23, 2002
Page 2

                    placing a "stop transfer" order against the Colmena Stock in
                    Colmena'  securities transfer books until the conditions set
                    forth herein shall have been met.

                         I acknowledge by my execution  hereof that the CFST has
                    had access to Colmena's Exchange Act Reports, books, records
                    and  properties,  and have inspected the same to my full and
                    complete satisfaction prior to the CFST's acquisition of the
                    Colmena  Stock.  I represent  and warrant that because of my
                    experience  in business and  investments,  I am competent to
                    make an informed investment decision with respect thereto on
                    the  basis of my  inspection  of  Colmena's  records  and my
                    questioning of Colmena's officers.

                    I further certify that the CFST's domicile is located at the
                    address set forth in the Agreement.

                                                 Very truly yours,

                                        The Calvo Family Spendthrift Trust

                                                  Cyndi N. Calvo
                                                      Trustee

           _____________________________________________________________________
<page>

                  Please Initial: Colmena: ____ The CFST: ____

                          Conversion Agreement Page 16

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