Document:

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                                                                    Exhibit 4.11

                             BLUE RHINO CORPORATION

                          REGISTRATION RIGHTS AGREEMENT

                                SEPTEMBER 7, 2000

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                                TABLE OF CONTENTS

                                                                            Page

1.    Definitions....... ......................................................1

2.    Registration Requirement.................................................2

3.    Company Registration.....................................................2

4.    Registration Procedures..................................................2

5.    Registration Expenses....................................................3

6.    Underwriting.............................................................3

7.    Indemnification..........................................................4

8.    Rule 144 Reporting.......................................................5

9.    Miscellaneous............................................................7

   Exhibit A List of Purchasers

                                       -i-

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                          REGISTRATION RIGHTS AGREEMENT

                  This Registration Rights Agreement (this "Agreement") is made
and entered into as of the 7th day of September, 2000 by and among Blue Rhino
Corporation, a Delaware corporation (the "Company"), and the investors listed on
Exhibit A attached hereto (each a "Investor" and together the "Investors").

                                    RECITALS

A. The Investors wish to acquire up to 2,000,000 shares in the aggregate of the
Series A Preferred Stock, par value $.001 per share (the "Series A Preferred
Stock"), of the Company.

B. The Company and the Investors have entered into that certain Series A
Preferred Stock Purchase Agreement dated as of the date hereof (the "Purchase
Agreement").

C. The Purchase Agreement provides that, as a condition precedent to the
obligations of the Investors under the Purchase Agreement, the Investors and the
Company will have entered into this Agreement.

                                    AGREEMENT

                  NOW, THEREFORE, in consideration of the mutual promises herein
contained, and other consideration, the receipt and adequacy of which hereby is
acknowledged, the parties agree as follows:

                  The Company and the Investors hereby agree as follows:

         1. Definitions.

                  Capitalized terms used and not otherwise defined herein shall
have the meanings given such terms in the Purchase Agreement. As used in this
Agreement, the following terms shall have the following meanings:

                  "Common Stock" means the Company's Common Stock, par value
$.001 per share.

                  "Holder" or "Holders" means each initial Investor and any
transferee of Registrable Securities who, pursuant to Section 9 below, is
entitled to registration rights hereunder.

                  "Person" means an individual or a corporation, partnership,
trust, incorporated or unincorporated association, joint venture, limited
liability company, joint stock company, government (or an agency or political
subdivision thereof) or other entity of any kind.

                  "Registrable Securities" means the shares of Common Stock
issued or issuable upon (i) conversion of or with respect to the Series A
Preferred Stock and (ii) as a dividend on the Series A Preferred Stock, and any
shares of the Company's capital stock issued with respect to (i) or (ii) as a
result of any stock split, stock dividend, recapitalization, exchange or similar
event or otherwise.

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

                  "Restricted Securities" means the securities of the Company
required to bear the legend set forth in Section 10 hereof (or any similar
legend).

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

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         2. Registration Requirement.

                  (a) Filing and Effectiveness Obligations. The Company shall
prepare and file with, the Securities and Exchange Commission ("SEC") a
registration statement on Form S-3 (or if Form S-3 is unavailable to the
Company, such other form as is available) for an offering to be made on a
continuous basis pursuant to a "shelf" registration statement under Rule 415
promulgated under the Securities Act (the "Initial Registration Statement")
which shall cover the issuance of all Registrable Securities then issuable on
conversion of all of the Series A Preferred Stock issued at the Closing, and may
also register the sale of shares requested to be sold by parties who, prior to
the date hereof, have contractual rights with the Company to register the sale
of shares, provided that the number of shares of Registrable Securities to be
included in the Initial Registration Statement shall not be reduced unless all
other securities of the Company are first entirely excluded from such
registration. The registration statement shall state, to the extent permitted by
Rule 416 promulgated under the Securities Act that it covers such indeterminate
number of shares of Common Stock as may be required to effect conversion of the
Series A Preferred Stock to prevent dilution resulting from stock splits, stock
dividends or similar events, or by reason of changes in the conversion price in
accordance with the terms of the Certificate of Designation. The Company shall
use its best efforts to cause the Initial Registration Statement to be declared
effective under the Securities Act as promptly as possible after the filing
thereof, but in any event no later than the first anniversary of Closing, and to
take all commercially reasonable steps to keep such Initial Registration
Statement continuously effective under the Securities Act, until the date when
all Registrable Securities covered by such Initial Registration Statement have
been sold or may be sold without volume restrictions pursuant to Rule 144,
without regard to whether the holder of the Registrable Securities is an
affiliate of the Company, as determined by counsel to the Company pursuant to a
written opinion letter, addressed to the Holders and the Company's transfer
agent to such effect (the "Effectiveness Period"). If (i) the Initial
Registration Statement is not declared effective on or before the first
anniversary of Closing, (ii) the Company fails to cover all of the Common Stock
issuable upon conversion of the Series A Preferred Stock in the Initial
Registration Statement, or (iii) at any time during the Effectiveness Period
sales of Registrable Securities cannot be made by an Investor for any reason
within the control of the Company, except when sales are restricted by the
Company's insider trading policies approved by the Company's Board of Directors,
then the Company shall, from such time and for so long as the triggering event
described in item (i), (ii), or (iii) continues to exist, pay an annual dividend
on the Series A Preferred Stock in an amount equal to 15% of the Original Issue
Price, which remedy shall be in addition to any other remedy available to a
Holder at law or in equity.

                  (b) Underwritten Offering. At any time when the Initial
Registration Statement is not effective (during any period in which a
registration statement is required to be effective during the Effectiveness
Period), the holders of a majority of the Series A Preferred Stock may make a
written request that the Company effect a registration of Registrable Securities
and distribute the Registrable Securities covered by their request by means of
an underwriting.

         3. Company Registration. If the Company proposes to register any of its
capital stock under the Securities Act, whether for its own account or for the
account of shareholders other than the Holders (other than a registration on
Form S-8 relating solely to the sale of securities to participants in a Company
stock plan or a registration on Form S-4, or the registration on Form S-3
contemplated to be filed by the Company in September, 2000 to include 562,288
shares of common stock issued in connection with the acquisitions of Uniflame,
Inc. and International Propane Products, Inc., and the 366,100 shares held,
collectively, by Andrew Filipowski and Craig Duchossois), the Company shall,
each such time, promptly give each Holder written notice of such registration.
Upon the written request of any Holder given within twenty (20) days after
mailing of such notice by the Company, the Company shall, subject to the
provisions of Section 6, use its best efforts to cause a registration statement
covering all of the Registrable Securities that each such Holder has requested
to be registered to become effective under the Securities Act and to be included
in any underwriting involved therein.

         4. Registration Procedures. In the case of each registration,
qualification or compliance effected by the Company pursuant to this Agreement
the Company will keep each Holder advised in writing as to the initiation of
each registration, qualification and compliance and as to the completion
thereof. At its expense the Company will:

                  (a) prepare and file with the SEC a registration statement
with respect to such securities and use its best efforts to cause such
registration statement to become and remain effective for (i) at least 120 days
or

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until the distribution described in the registration statement has been
completed; provided, however, that such 120-day period shall be extended for a
period of time equal to the period the Holder refrains from selling any
securities included in such registration at the request of an underwriter of
securities of the Company; and (ii) in the case of any registration of
Registrable Securities under Section 2(a) during the Effectiveness Period;

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

                  (c) prepare and file with the SEC such amendments and
supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to comply with the
provisions of the Securities Act with respect to the disposition of all
securities covered by such registration statement or to applicable anti-fraud
provisions;

                  (d) use its best efforts to register and qualify the
securities covered by such registration statement under such other applicable
securities or blue sky laws, provided that the Company shall not be required in
connection therewith or as a condition thereto to qualify to do business or to
file a general consent to service of process in any such states or jurisdictions
unless the Company is already subject to service in such jurisdiction and except
as may be required by the Securities Act;

                  (e) cause all such Registrable Securities registered pursuant
hereunder to be listed on each securities exchange on which similar securities
issued by the Company are then listed;

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

                  (g) enter into an underwriting agreement in form reasonably
necessary to effect the offer and sale of Registrable Securities; and

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

         5. Registration Expenses.

         All Registration Expenses (exclusive of underwriting discounts and
commissions) incurred in connection with any registration, qualification or
compliance pursuant to this agreement shall be borne by the Company, including
the reasonable expenses of one special counsel for the Holders not to exceed
$25,000. "Registration Expenses" shall mean all expenses incurred by the Company
in complying with Sections 2, 3 and 4 hereof, including, without limitation, all
registration, qualification and filing fees, printing expenses, escrow fees,
fees and disbursements of counsel for the Company, blue sky fees and expenses
and the expense of any special audits incident to or required by any such
registration.

         6. Underwriting.

                  (a) Underwriting of Requested Registrations. The right of any
Holder to registration pursuant to Section 2(b) or 3 shall be conditioned upon
such Holder's participation in such underwriting and the inclusion of such
Holder's Registrable Securities to be registered in the underwriting to the
extent requested (unless otherwise mutually agreed by the Company and a majority
in interest of the Holders) and to the extent provided herein. A Holder may
elect to include in such underwriting all or a part of the Registrable
Securities he holds.

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                  (b) Market Limitations upon Requested Registrations.
Notwithstanding any other provision of this Section 6, if the managing
underwriter advises the Company in writing that market conditions require a
limitation of the number of shares to be underwritten, then the Company shall
include in such registration (i) if the registration includes an underwritten
primary registration on behalf of the Company, first, the securities the Company
proposes to sell, second, the Registrable Securities requested to be included in
such registration and any securities requested to be included therein by other
Persons with contractual registration rights, pro rata on the basis of the
number of shares requested to be included therein by such Holders and Persons
and third, other securities requested to be included therein and (ii) if the
registration is an underwritten secondary registration, first, the Registrable
Securities requested to be included in such registration and any securities
requested to be included therein by other Persons with contractual registration
rights, pro rata on the basis of the number of shares requested to be included
therein by such Holders and Persons and second, other securities requested to be
included therein.

                  (c) Limitation on Piggyback Rights. Notwithstanding Section 3,
the Holders shall not be entitled to include the Registrable Securities in any
registration instituted by the Company pursuant to a contractual registration
right in existence on the date of this Agreement if the Company advises the
Holders that, in the opinion of counsel to the Company, inclusion of the
Registrable Securities is not permitted under the terms of such existing
contractual registration rights, provided, however, that the Company shall use
commercially reasonable efforts to allow the Holders to be included in such
registration.

                  (d) Withdrawal. If any Holder of Registrable Securities
disapproves of the terms of the underwriting, such person may elect to withdraw
therefrom by written notice to the Company, the managing underwriter and the
other Holders. The Registrable Securities and/or other securities so withdrawn
shall also be withdrawn from registration; provided, however, that if by the
withdrawal of such Registrable Securities a greater number of Registrable
Securities held by other Holders may be included in such registration (up to the
maximum of any limitation imposed by the underwriters), then the Company shall
offer to all Holders who have included Registrable Securities in the
registration the right to include additional Registrable Securities on the same
terms as otherwise applicable to the underwriting.

         7. Indemnification.

                  (a) The Company will indemnify each Holder, each of its
officers, directors and partners, legal counsel, accountants and each person
controlling such Holder within the meaning of Section 15 of the Securities Act,
with respect to which registration, qualification or compliance has been
effected pursuant to this Agreement, and each underwriter, if any, and each
person who controls any underwriter within the meaning of Section 15 of the
Securities Act, against all expenses, claims, losses, damages and liabilities
(or actions in respect thereof), including any of the foregoing incurred in
settlement of any litigation, arising out of or based on any untrue statement
(or alleged untrue statement) of a material fact contained in any registration
statement, prospectus, offering circular or other document, or any amendment or
supplement thereto, incident to any such registration, qualification or
compliance, or based on any omission (or alleged omission) to state therein a
material fact required to be stated therein or necessary to make the statements
therein, not misleading, or any violation by the Company of the Securities Act
or any rule or regulation promulgated thereunder applicable to the Company and
relating to action or inaction required of the Company in connection with any
such registration, qualification or compliance, and will reimburse each such
Holder, each of its officers, directors and partners and each person controlling
such Holder, each such underwriter and each person who controls any such
underwriter, for any legal and any other expenses reasonably incurred in
connection with investigating, preparing or defending any such claim, loss,
damage, liability or action, provided that the Company will not be liable in any
such case to the extent that any such claim, loss, damage, liability or expense
arises out of or is based on any untrue statement or omission or alleged untrue
statement or omission, made in reliance upon and in conformity with written
information furnished to the Company by such Holder or underwriter and stated to
be specifically for use therein.

                  (b) Each Holder will, if Registrable Securities held by such
Holder are included in the securities as to which such registration,
qualification or compliance is being effected, indemnify the Company, each of
its directors and officers, each underwriter, if any, of the Company's
securities covered by such a registration statement, each person who controls
the Company or such underwriter within the meaning of Section 15 of the
Securities Act, and each other such Holder, each of its officers and directors
and each person controlling such

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Holder within the meaning of Section 15 of the Securities Act, against all
claims, losses, damages and liabilities (or actions in respect thereof) arising
out of or based on any untrue statement (or alleged untrue statement) of a
material fact contained in any such registration statement, prospectus, offering
circular or other document, or any omission (or alleged omission) to state
therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, and will reimburse the Company, such Holders,
such directors, officers, underwriters or control persons for any legal or any
other expenses reasonably incurred in connection with investigating or defending
any such claim, loss, damage, liability or action, in each case to the extent,
but only to the extent, that such untrue statement (or alleged untrue statement)
or omission (or alleged omission) is made in such registration statement,
prospectus, offering circular or other document in reliance upon and in
conformity with written information furnished to the Company by such Holder and
stated to be specifically for use therein; provided, however, that the
obligations of such Holder hereunder shall not apply to amounts paid in
settlement of any such claims, losses, damages or liabilities (or actions in
respect thereof) if such settlement is effected without the consent of such
Holder and provided that the obligations of each such Holder hereunder shall be
limited to an amount equal to the net proceeds after expenses and commissions to
such Holder from Registrable Securities sold in such offering.

                  (c) Each party entitled to indemnification under this Section
7 (the "Indemnified Party") shall give notice to the party required to provide
indemnification (the "Indemnifying Party") promptly after such Indemnified Party
has actual knowledge of any claim as to which indemnity may be sought, and shall
permit the Indemnifying Party to assume the defense of any such claim or any
litigation resulting therefrom, provided that counsel for the Indemnifying
Party, who shall conduct the defense of such claim or litigation, shall be
approved by the Indemnified Party (whose approval shall not be unreasonably
withheld), and the Indemnified Party may participate in such defense at such
party's expense; and provided further that the failure of any Indemnified Party
to give notice as provided herein shall not relieve the Indemnifying Party of
its obligations under this Agreement, except to the extent, but only to the
extent, that the Indemnifying Party's ability to defend against such claim or
litigation is impaired as a result of such failure to give notice.

                  No Indemnifying Party, in the defense of any such claim or
litigation, shall, except with the consent of each Indemnified Party, consent to
entry of any judgment or enter into any settlement which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party of a release from all liability in respect to such claim or
litigation.

         8. Rule 144 Reporting. With a view to making available the benefits of
certain rules and regulations of the SEC which may at any time permit the sale
of the Series A Preferred Stock to the public without registration, the Company
agrees to:

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

                  (b) File with the SEC in a timely manner all reports and other
documents required of the Company under the Securities Act and the Securities
Exchange Act of 1934, as amended (the "Exchange Act"); and

                  So long as any of the Holders own Series A Preferred Stock or
other securities issued pursuant to an exemption under Section 5 of the
Securities Act furnish to Holders of Registrable Securities forthwith upon
written request, a written statement by the Company as to its compliance with
the reporting requirements of Rule 144, and of the Securities Act and the
Exchange Act, a copy of the most recent annual or quarterly report of the
Company, and such other reports and documents of the Company as such may
reasonably request in availing itself of any rule or regulation of the SEC
allowing such Holder to sell any such securities without registration.

         9. Successors and Assigns. This Agreement shall inure to the benefit of
and be binding upon the successors and permitted assigns of each of the parties
and shall inure to the benefit of each Holder. The registration rights contained
in this Agreement may be assigned at any time, and from time to time, by a
Holder: (a) if the Holder is a partnership, to any constituent partner or
retired partner of a Holder, (b) to any affiliate (as that term is defined in
Rule 405 promulgated by the SEC under the Securities Act) of a Holder, (c) to
any officer, director, principal shareholder or member thereof, where such
Holder is a corporation or limited liability company, (d) to the spouse,
children, grandchildren or spouse of such children or grandchildren of any
Holder or to trusts for the benefit

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of any Holder or such persons where the Holder is a natural person, (e) to any
person who acquires at least 500,000 shares of Registrable Securities, provided
that the Company is given written notice that such transfer has occurred, or (f)
as otherwise required by law. A Holder shall deliver notice of any transfer
under this Section 8 to the Company.

         10. Restrictions on Transferability.

                  (a) The Restricted Securities shall not be transferable except
upon the conditions specified in this Agreement, which conditions are intended
to ensure compliance with the provisions of the Securities Act. Each Holder of
Restricted Securities will cause any proposed transferee of the Restricted
Securities held by such Holder, other than a transferee acquiring such
securities in connection with a registered offering covering such disposition,
to agree to take and hold such Restricted Securities subject to the provisions
and upon the conditions specified in this Agreement.

                  (b) Each certificate representing (i) the Series A Preferred
Stock, (ii) any other securities issued in respect of the Series A Preferred
including upon any stock split, stock dividend, recapitalization, merger,
consolidation or similar event, shall (unless otherwise permitted by the
provisions of Section 10(c) below) be stamped or otherwise imprinted with a
legend in the following form (in addition to any legend required under
applicable securities laws):

     THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR
     INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933.
     THESE SHARES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH
     REGISTRATION OR AN EXEMPTION THEREFROM UNDER SAID ACT. COPIES OF THE
     AGREEMENT COVERING THE PURCHASE OF THESE SHARES AND RESTRICTING THEIR
     TRANSFER MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST MADE BY THE HOLDER
     OF RECORD OF THIS CERTIFICATE TO THE SECRETARY OF THE CORPORATION AT THE
     PRINCIPAL EXECUTIVE OFFICES OF THE CORPORATION.

         Each Holder consents to the Company's making a notation on its records
     and giving instructions to any transfer agent of the Series A Preferred
     Stock in order to implement the restrictions on transfer established in
     this Section 10(b). The Company shall be obligated to reissue promptly
     unlegended certificates at the request of any Holder thereof if the Holder
     shall have obtained an opinion of counsel at such Holder's expense (which
     counsel may be counsel to the Company) reasonably acceptable to the Company
     to the effect that the securities proposed to be disposed of may lawfully
     be so disposed of without registration, qualification or legend.

                  (c) Notice of Proposed Transfers. The Holder of each
certificate representing Restricted Securities by acceptance thereof agrees to
comply in all respects with the provisions of this Section 10(c). Prior to any
proposed transfer of any Restricted Securities, unless there is in effect a
registration statement under the Securities Act covering the proposed transfer,
the Holder thereof shall give written notice to the Company of such Holder's
intention to effect such transfer. Each such notice shall describe the manner
and circumstances of the proposed transfer in sufficient detail, and shall, if
the Company reasonably requests, be accompanied (except in transactions in
compliance with Rule 144) by either (i) a written opinion of legal counsel who
shall be reasonably satisfactory to the Company, addressed to the Company and
reasonably satisfactory in form and substance to the Company's counsel, to the
effect that the proposed transfer of the Restricted Securities may be effected
without registration under the Securities Act, or (ii) a "No Action" letter from
the SEC to the effect that the transfer of such securities without registration
will not result in a recommendation by the staff of the SEC that action be taken
with respect thereto, whereupon the Holder of such Restricted Securities shall
be entitled to transfer such Restricted Securities in accordance with the terms
of the notice delivered by the Holder to the Company; provided, however, that no
opinion or "No Action" letter need be obtained with respect to a transfer to (A)
a partner, active or retired, of a Holder of Restricted Securities, (B) the
estate of any Holder of Registrable Securities, (C) an "affiliate" of a Holder
of Restricted Securities as that term is defined in Rule 405 promulgated by the
SEC under the Securities Act, (D) if to a corporation, to its stockholders, (E)
if to a limited liability company, to its members or former members or (F) the
spouse, children, grandchildren or spouse of such children or grandchildren of
any Holder or to trusts for the benefit of any Holder or such persons, if the
transferee agrees to be subject to the terms hereof. Each certificate evidencing
the Restricted Securities transferred as above provided shall bear the
appropriate restrictive legend set

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forth in Section 10(b) above, except that such certificate shall not bear such
restrictive legend if the transferee provides an opinion of counsel as provided
in Section 3 or in the opinion of counsel for the Company such legend is not
required in order to establish compliance with any provisions of the Securities
Act.

         11. Miscellaneous.

                  (a) Remedies. In the event of a breach by the Company or by a
Holder of any of their obligations under this Agreement, each Holder or the
Company, as the case may be, in addition to being entitled to exercise all
rights granted by law and under this Agreement, including recovery of damages,
will be entitled to specific performance of its rights under this Agreement. The
Company and each Holder agree that monetary damages would not provide adequate
compensation for any losses incurred by reason of a breach by it of any of the
provisions of this Agreement and hereby further agrees that, in the event of any
action for specific performance in respect of such breach, it shall waive the
defense that a remedy at law would be adequate.

                  (b) No Inconsistent Agreements. Neither the Company nor any of
its subsidiaries has, as of the date hereof, nor shall the Company or any of its
subsidiaries, on or after the date of this Agreement, enter into any agreement
with respect to its securities that is inconsistent with the rights granted to
the Holders in this Agreement or otherwise conflicts with the provisions hereof.
Except as disclosed to the Investors on the Schedule of Exceptions to the
Purchase Agreement, neither the Company nor any of its subsidiaries has
previously entered into any agreement granting any registration rights with
respect to any of its securities to any Person. This Agreement, together with
the Purchase Agreement, contain the entire understanding of the parties with
respect to the subject matter hereof and supersede all prior agreements and
understandings, oral or written, with respect to such matters.

                  (c) Amendments and Waivers. Any provision of this Agreement
may be amended, waived or modified only upon the written consent of (i) the
Company and (ii) the holders of a majority of the Registrable Securities. Any
amendment or modification effected in accordance with this Section shall be
binding upon each Holder of Registrable Securities and the Company. Any Holder
may waive any of his or her rights or the Company's obligations hereunder with
respect to such Holder without obtaining the consent of any other person only be
a writing signed by such Holder. Any amendment, waiver or modification not
effected in accordance with this Section shall be void.

                  (d) Notices Any notice required or permitted hereunder will be
given in writing and will be conclusively deemed effectively given upon personal
delivery, or five days after deposit in the United States mail, by certified
mail, postage prepaid, return receipt requested, addressed (i) if to the
Company, as set forth below the Company's name on the signature page of this
Agreement, and (ii) if to an Investor, at such Investor's address as set forth
below the Investor's name on the signature page of this Agreement, or at such
other address as the Company or the Investor may designate by ten (10) days'
advance written notice to the Investor or the Company, respectively.

                  (e) Counterparts. This Agreement may be executed in any number
of counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute one and the same
Agreement. In the event that any signature is delivered by facsimile
transmission, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) the same with
the same force and effect as if such facsimile signature were the original
thereof.

                  (f) Termination of Registration Rights. The registration
rights granted pursuant to this Agreement shall terminate as to any Holder, at
such time as such Holder is able to sell all Registrable Securities held by it
in a single three-month period pursuant to Rule 144 promulgated under the
Securities Act.

                  (g) Governing Law. This Agreement and the legal relations
between the parties arising hereunder shall be governed by and interpreted in
accordance with the laws of the State of Delaware.

                  (h) Cumulative Remedies. The remedies provided herein are
cumulative and not exclusive of any remedies provided by law.

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                  (i) Severability. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction to be
invalid, illegal, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions set forth herein shall remain in full force and
effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their reasonable efforts to find and employ an alternative
means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and
declared to be the intention of the parties that they would have executed the
remaining terms, provisions, covenants and restrictions without including any of
such that may be hereafter declared invalid, illegal, void or unenforceable.

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

                                         COMPANY:

                                         BLUE RHINO CORPORATION

                                         By:
                                            ------------------------------------
                                         Name:
                                         Title:

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                                         PURCHASERS:

                                         CAHILL, WARNOCK STRATEGIC PARTNERS FUND
                                         II A, L.P.

                                         By:  Cahill, Warnock Strategic Partners
                                                II, LLC, its General Partner

                                         By:
                                            ------------------------------------
                                              Name:  David L. Warnock
                                              Title: Managing Member

                                         CAHILL, WARNOCK STRATEGIC PARTNERS FUND
                                         II B, L.P.

                                         By:  Cahill, Warnock Strategic Partners
                                                II, LLC, its General Partner

                                         By:
                                            ------------------------------------
                                              Name:  David L. Warnock
                                              Title: Managing Member

<PAGE>   13

                                         ---------------------------------------
                                         Billy D. Prim

                                         ---------------------------------------
                                         Andrew J. Filipowski

                                         ---------------------------------------
                                         Dick Kiphart

<PAGE>   14

                                    EXHIBIT A

Cahill, Warnock Strategic Partners Fund II A, L.P.

Cahill, Warnock Strategic Partners Fund II B, L.P.

Billy D. Prim

Andrew J. Filipowski

Dick Kiphart<PAGE>   1
                                                                    EXHIBIT 10.2

                           SECOND AMENDED AND RESTATED
              1995 INCENTIVE AND NONQUALIFIED STOCK OPTION PLAN FOR
                MANAGEMENT EMPLOYEES OF BUCKEYE TECHNOLOGIES INC.

         BUCKEYE TECHNOLOGIES INC., a Delaware corporation (the "Company"),
hereby amends and restates this Incentive and Nonqualified Stock Option Plan for
management employees of Buckeye Technologies Inc. and Subsidiaries. The purposes
of this Plan are as follows:

         (1) To further the growth, development and financial success of the
Company by providing additional incentives to certain key management employees
of the Company and its Subsidiaries who have been or will be given
responsibility for the management or administration of the Company's business
affairs, by assisting them to become owners of capital stock of the Company and
thus to benefit directly from its growth, development and financial success.

         (2) To enable the Company to obtain and retain the services of the type
of managerial employees considered essential to the long range success of the
Company by providing and offering them an opportunity to become owners of
capital stock of the Company under Options.

                                   ARTICLE I.
                                  DEFINITIONS

         1.1 General. Whenever the following terms are used in this Plan they
shall have the meaning specified below unless the context clearly indicates to
the contrary.

         1.2  Board. "Board" shall mean the Board of Directors of the Company.

         1.3  Code. "Code" shall mean the Internal Revenue Code of 1986, as
amended.

         1.4 Committee. "Committee" shall mean the Compensation Committee of the
Board, appointed as provided in Section 6.1.

         1.5 Common Stock. "Common Stock" shall mean the common stock, par value
$.01 per share, of the Company.

         1.6 Company. "Company" shall mean Buckeye Technologies Inc. and those
corporations, if any, which are from time to time, its Subsidiaries.

         1.7 Director. "Director" shall mean a member of the Board.

         1.8 Employee. "Employee" shall mean any employee (as defined in
accordance with the regulations and revenue rulings then applicable under
Section 3401(c) of the Code) of the

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Company or any of its Subsidiaries whether such employee is so employed at the
time this Plan is adopted or becomes so employed subsequent to the adoption of
this Plan.

         1.9 Exercise Price. "Exercise Price" shall have the meaning given in
Section 4.2.

         1.10 Fair Market Value. "Fair market value" of any shares of Common
Stock of the Company for purposes of the Plan shall be (a) the last price at
which shares of the Company were traded on the New York Stock Exchange on the
specified date or, if there were no trades on that day, then on the last day
prior to such date during which there were trades, or (b) solely in the case of
any Options granted on the date of the initial public offering of the Common
Stock of the Company, the price at which the Common Stock is sold to the public.

         1.11 Incentive Stock Option. "Incentive Stock Option" shall mean any
portion of an Option which (i) is not specifically designated by the Committee
at the time of the grant as a Nonqualified Stock Option, (ii) can be expected at
the time of grant to satisfy the requirements for treatment as an incentive
stock option under Section 422 of the Code, (iii) continues at all times
thereafter to satisfy the requirements for treatment as an incentive stock
option under Section 422 of the Code, and (iv) is exercised by either a citizen
or resident alien of the United States (as defined in the Code and the
regulations thereunder).

         1.12 Nonqualified Stock Option. "Nonqualified Stock Option" shall mean
any portion of the Option which is not an Incentive Stock Option.

         1.13 Option. "Option" shall mean an option granted under the Plan to
purchase Common Stock.

         1.14 Optionee. "Optionee" shall mean an Employee to whom an Option is
granted under the Plan.

         1.15 Plan. "Plan" shall mean the 1995 Incentive and Nonqualified Stock
Option Plan for Management Employees of the Company and Subsidiaries, as amended
or restated from time to time.

         1.16 Pronouns. The masculine pronoun shall include the feminine and
neuter and the singular shall include the plural, where the context so
indicates.

         1.17 Stock Option Agreement. "Stock Option Agreement" shall mean a
Stock Option Subscription Agreement between the Optionee and the Company.

         1.18 Subsidiary. "Subsidiary" shall mean any corporation (other than
the Company) in an unbroken chain of corporations beginning with the Company if
each of the corporations, or if each group of commonly controlled corporations,
other than the last corporation in an unbroken

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chain then owns stock possessing fifty percent (50%) or more of the total
combined voted power of all classes of stock in one of the other corporations in
such chain.

                                   ARTICLE II.
                             SHARES SUBJECT TO PLAN

         2.1 Shares Subject to Plan. The shares of stock subject to Options
shall be shares of Common Stock of the Company. The aggregate number of shares
of Common Stock which may be issued upon exercise of Options under the Plan
shall not exceed four million nine hundred thousand (4,900,000) shares, subject
to adjustment as provided in Section 4.6 hereof.

         2.2 Unexercised Options. If any Option expires or is canceled without
having been fully exercised, the number of shares subject to such Option but as
to which such Option was not exercised prior to its expiration or cancellation
may again be optioned hereunder, subject to the limitations of Section 2.1.

                                  ARTICLE III.
                               GRANTING OF OPTIONS

         3.1 Eligibility. Any management Employee of the Company shall be
eligible to be granted Options. The determination by the Committee of the status
of an employee as a member of management shall be conclusive.

         3.2 Granting of Options. The Committee shall from time to time, in its
absolute discretion:

                  (i) determine which Employees are key management Employees and
         select from such Employees (including those to whom Options have been
         previously granted under the Plan) such of them as in its opinion shall
         be granted Options; and

                  (ii) determine the number of shares to be subject to such
         Options granted to such selected management Employees; and

                  (iii) determine the terms and conditions of such Options,
         consistent with the Plan; and

                  (iv) establish such conditions as to the manner of exercise of
         such Options as it may deem necessary, including but not limited to
         requiring Optionees to enter into agreements regarding transferability
         and other restrictions with respect to shares issuable upon exercise of
         such Options.

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<PAGE>   4

         3.3 Expiration of Time to Make Grants. No Option may be granted under
this Plan after the expiration of ten (10) years from the date the Plan is
adopted by the Board or the date the stockholders of the Company approve this
Plan, if earlier.

                                   ARTICLE IV.
                                TERMS OF OPTIONS

         4.1 Option Agreement. Each Option shall be evidenced by a written Stock
Option Agreement, which shall be executed by the Optionee and an authorized
officer of the Company, and which shall contain such terms and conditions as the
Committee shall determine, consistent with the Plan.

         4.2 Exercise Price. The purchase price under each Option shall be
determined by the Committee at the time the Option is granted, but in no event
shall such purchase price be less than one hundred percent (100%) of the Fair
Market Value of the shares of Common Stock of the Company on the date of grant.

         4.3 Commencement of Exercisability. Subject to the provisions of
Section 7.2, Options shall become exercisable at such times and in such
installments (which may be cumulative) as the Committee shall provide in the
terms of each individual Stock Option Agreement; provided, however, that by a
resolution adopted after an Option is granted the Committee may, on such terms
and conditions as it may determine to be appropriate and subject to Section 7.2,
accelerate the time at which such Option or any portion thereof may be
exercised.

         4.4 Expiration of Options. No Option may be exercised to any extent by
anyone after, and every Option shall expire no later than, the expiration of ten
(10) years from the date the Option was granted. Subject to the provisions of
this Section 4.4, the Committee shall provide, in the terms of each individual
Stock Option Agreement, when the Option expires and becomes unexercisable.

         4.5 No Right to Continue in Employment. Nothing in this Plan or in any
Stock Option Agreement hereunder shall confer upon any Optionee any right to
continue in the employ or service of the Company or shall interfere with or
restrict in any way the rights of the Company, which are hereby expressly
reserved, to discharge any Optionee at any time for any reason whatsoever, with
or without good cause.

         4.6 Adjustments in Outstanding Options. If the outstanding shares of
Common Stock subject to Options are, from time to time, changed into or
exchanged for a different number or kind of shares of capital stock or other
securities of the Company, or of another corporation, by reason of a
reorganization, merger, consolidation, recapitalization, reclassification, stock
split-up, stock dividend, combination of shares or otherwise, the Committee
shall make an appropriate adjustment in the aggregate number and kind of shares
which may be issued pursuant to Section 2.1 hereof and the number and kind of
shares as to which all outstanding Options, or

                                       4
<PAGE>   5

portions thereof then unexercised, shall be exercisable. Such adjustment in an
outstanding Option shall be made without change in the total price applicable to
the Option or the unexercised portion of the Option (except for any change in
the aggregate price resulting from rounding-off of share quantities or prices)
and with any necessary corresponding adjustment in Exercise Price per share. No
fractional shares shall be issued, and any fractional shares resulting from
computations pursuant to this Section 4.6 shall be eliminated from the
respective Options. Any such adjustment made by the Committee shall be final and
binding upon all Optionees, the Company and all other interested persons.

                                   ARTICLE V.
                               EXERCISE OF OPTIONS

         5.1 Persons Eligible to Exercise. Except with respect to an Option
which is specifically made transferable pursuant to Section 7.1, (i) during the
lifetime of the Optionee, only the Optionee or the Optionee's guardian or
conservator may exercise an Option granted to such Optionee, or any portion
thereof, and (ii) after the death of the Optionee, any exercisable portion of an
Option may, prior to the time when such portion becomes unexercisable under the
terms of Section 4.4 or the Optionee's Stock Option Agreement, be exercised by
the Optionee's personal representative or by any person empowered to do so under
the deceased Optionee's will or under the then applicable laws of descent and
distribution.

         5.2 Partial Exercise. At any time prior to the time when any
exercisable Option or exercisable portion thereof expires or becomes
unexercisable under the terms of Section 4.4 or the Optionee's Stock Option
Agreement, such Option or portion thereof may be exercised in whole or in part;
provided, however, that the Company shall not be required to issue fractional
shares.

         5.3 Manner of Exercise. An exercisable Option, or any exercisable
portion thereof, may be exercised solely by delivery to the Secretary of the
Company or his or her office of all of the following prior to the time when such
Option or such portion becomes unexercisable under the terms of Section 4.4 or
the Optionee's Stock Option Agreement:

                  (i) Notice in writing signed by the Optionee or other person
         then entitled to exercise such Option or portion thereof, stating that
         such Option or portion thereof is exercised; and

                  (ii) Full payment of the Exercise Price (as hereinafter
         provided) for the shares with respect to which such Option or portion
         thereof is thereby exercised, together with payment or arrangement for
         payment of federal income or other tax, if any, required to be withheld
         by the Company with respect to such shares; and

                                       5
<PAGE>   6

                  (iii) In the event that the Option or portion thereof shall be
         exercised pursuant to Section 5.1 by any person or persons other than
         the Optionee, appropriate proof of the right of such person or persons
         to exercise the Option or portion thereof; and

                  (iv) Such representations and documents as the Committee deems
         reasonably necessary or advisable to effect compliance with all
         applicable provisions of the Securities Act of 1933, as amended, and
         any other federal, state or foreign securities laws or regulations. The
         Committee may, in its absolute discretion, also take whatever
         additional actions it deems appropriate to effect such compliance,
         including, without limitation, placing legends on share certificates
         and issuing stock-transfer orders to transfer agents and registrars.

         The Exercise Price shall be payable in cash, by check, by tendering
shares of Common Stock of the Company, or by any combination thereof, as time to
time determined by the Committee. Any shares of Common Stock acceptable to the
Committee in payment of the Exercise Price may be tendered by either actual
delivery of the certificates or by such other procedures as the Committee may
establish from time to time and shall be valued at Fair Market Value as of the
date of exercise.

         5.4 Rights as Stockholders. The holders of Options shall not be, nor
have any of the rights or privileges of, stockholders of the Company in respect
of any shares purchasable upon the exercise of any part of an Option, unless and
until certificates representing such shares have been issued by the Company to
such holders. No adjustment shall be made for cash dividends for which the
record date is prior to the date such stock certificate is issued.

                                   ARTICLE VI.
                                 ADMINISTRATION

         6.1 Stock Option Committee. The Committee shall consist of at least
three (3) Directors. Appointment of Committee members by the Board shall be
effective upon acceptance of appointment, and Committee members may resign at
any time by delivering written notice to the Board. Vacancies in the Committee
shall be filled by the Board. Committee members shall be appointed by and shall
serve at the pleasure of the Board, and the Board may from time to time remove
members from, or add members to, the Committee and shall fill any vacancy on the
Committee. No person shall be eligible to serve on the Committee unless such
person is then a "non-employee director" within the meaning of paragraph (b) of
Rule 16b-3 which has been adopted by the Securities and Exchange Commission
under the Securities Exchange Act of 1934, as such Rule or its equivalent is
then in effect.

         6.2 Duties and Powers of Committee. It shall be the duty of the
Committee to conduct the general administration of the Plan in accordance with
its provisions. The Committee shall have the power to interpret the Plan and the
Options and to adopt such rules for the administration, interpretation, and
application of the Plan as are consistent herewith and to

                                       6
<PAGE>   7

interpret, amend or revoke any such rules. Any such interpretation and rules
shall be consistent with the basic purpose of the Plan to grant Options. The
Board may, in its absolute discretion, at any time and from time to time,
exercise any and all rights and duties of the Committee under the Plan.

         6.3 Majority Rule. The Committee shall act by a majority of its members
in office and the Committee may act either by vote at a telephonic or other
meeting or by a memorandum or other written instrument signed by a majority of
the Committee. The Secretary of the Company shall keep minutes of all meetings
of the Committee. The Committee shall make such rules of procedure for the
conduct of its business as it shall deem advisable.

         6.4 Compensation; Professional Assistance; Good Faith Actions. Members
of the Committee shall not receive compensation for their services as members in
addition to the compensation otherwise payable to them as members of the Board,
but all expenses and liabilities they incur in connection with the
administration of the Plan shall be borne by the Company. The Committee may
employ attorneys, consultants, accountants, appraisers, brokers or other
persons. The Committee, the Company and the officers and Directors of the
Company shall be entitled to rely upon the advice, opinions or valuations of any
such persons. No member of the Committee shall be personally liable for any
action, determination or interpretation made in good faith with respect to the
Plan or the Options, and all members of the Committee shall be fully protected
by the Company in respect to any such action, determination or interpretation.

                                  ARTICLE VII.
                            MISCELLANEOUS PROVISIONS

         7.1 Transferability of Options. The Committee may grant Nonqualified
Stock Options which are transferable to the extent expressly provided in the
Stock Option Agreement. Except as expressly provided therein, no Option or
interest or right therein shall be subject to disposition by transfer,
alienation, anticipation, pledge, encumbrance, assignment or any other means,
whether such disposition be voluntary or involuntary or by operation of law or
by judgment, levy, attachment, garnishment or any other legal or equitable
proceeding (including bankruptcy), and any attempted disposition thereof shall
be null and void and of no effect; provided, however, that nothing in this
Section 7.1 shall prevent transfers by will or by the applicable laws of descent
and distribution to the extent contemplated hereby.

         7.2 Amendment, Suspension or Termination of the Plan. The Plan may be
wholly or partially amended or otherwise modified, suspended or terminated at
any time or from time to time by the Committee. Notwithstanding the foregoing,
without approval of the Company's stockholders given within twelve (12) months
before or after the action by the Committee, no action of the Committee or the
Board may increase any limit imposed in Section 2.1 on the maximum number of
shares which may be issued upon exercise of Options, reduce the minimum option
price requirements in Section 4.2 or extend the limit imposed in Section 3.3 on
the period during which Options may be granted. Neither the amendment,
suspension nor termination of

                                       7
<PAGE>   8

the Plan shall, without the consent of the holder of the Option, alter or impair
any rights or obligations under any Option theretofore granted. No Option may be
granted during any period of suspension nor after termination of the Plan.

         7.3 Effect of Plan Upon Other Options and Compensation Plans. The
adoption of the Plan shall not affect any other compensation or incentive plans
in effect for the Company. Nothing in this Plan shall be construed to limit the
right of the Company (a) to establish any other forms of incentives or
compensation for Employees of the Company; or (b) to grant or assume options
otherwise than under the Plan in connection with any proper corporate purpose,
including, but not by way of limitation, the grant or assumption of options in
connection with the acquisition by purchase, lease, merger, consolidation or
otherwise, of the business, stock or assets of any corporation, firm or
association.

         7.4 Application of Proceeds. The proceeds received by the Company from
the sale of its shares of Common Stock under the Plan will be used for general
corporate purposes.

         7.5 Titles. Titles are provided for convenience only and are not to
serve as a basis for interpretation or construction of the Plan.

         7.6 Interpretation. Any Options granted under this Plan as Incentive
Stock Options are intended to satisfy all requirements of Section 422 of the
Code insofar as possible, and the provisions of this Plan and all Stock Option
Agreements shall be construed in accordance with that intention. If any
provision of this Plan or any Stock Option Agreement shall be inconsistent or in
conflict with any applicable requirement for an Incentive Stock Option, then
such requirement shall be deemed to override and supersede the inconsistent or
conflicting provision; provided, however, the foregoing provision shall not
limit the Company from granting to any Optionee Options which are in excess of
the amount which may be treated as Incentive Stock Options, and any Options so
granted in excess of the limitations in Section 422(d) of the Code shall be
treated as Nonqualified Stock Options; provided further, however, if the normal
date of exercise of the Option is accelerated because of a sale of the Company
or other similar event as provided in any Stock Option Agreement or because of
the exercise of the Committee's discretion under Section 4.3, such acceleration
shall nevertheless occur even if it shall cause all or a part of the Option to
no longer be an Incentive Stock Option. Any required provision for an Incentive
Stock Option that is omitted from this Plan or the Stock Option Agreement shall
be incorporated herein by reference and shall apply retroactively, if necessary,
and shall be deemed a part of this Plan and any Stock Option Agreement entered
into under this Plan to the same extent as though expressly set forth herein.
The Committee may amend this Plan or amend the terms of any Stock Option
Agreement in any manner that may be required in order for the Options granted
under this Plan to comply with the applicable requirements for Incentive Stock
Options, and, if necessary, any such amendments shall apply retroactively to the
adoption of this Plan.

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<PAGE>   9

         7.7 Effective Date. This Plan first became effective on October 27,
1995, the date of its adoption by the Board, and was approved on November 17,
1995 by the vote of the holders of a majority of the outstanding shares of the
Company's Common Stock. This Plan was first amended and restated on August 12,
1997 and effective with respect to Options granted on or after the date of its
adoption by the Board. Pursuant to Section 7.2, the first amendment and
restatement did not require approval by the shareholders of the Company. This
Plan was further amended and restated to increase the number of shares subject
to the Plan effective on the date of the approval of such increase by the
shareholders of Buckeye Technologies Inc. on November 4, 1999.

         I hereby certify that the foregoing Plan was amended and restated
effective on the date of shareholder approval.

         Executed on this 4th day of November, 1999.

                                    /s/ Sheila Jordan Cunningham
                                    ---------------------------------------
                                    Secretary

Corporate Seal

                                       9

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