Document:

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                             UNDERWRITING AGREEMENT
                      LEXINGTON CORPORATE PROPERTIES TRUST

                               4,000,000 Shares of
                                  Common Stock
                               ($0.0001 par value)

                                                                   July 26, 2001

First Union Securities, Inc.

CIBC World Markets Corp.

A.G. Edwards & Sons, Inc.

Raymond James & Associates, Inc.

c/o First Union Securities, Inc.
7 St. Paul Street, 1st Floor
Baltimore, MD  21202

      Ladies and Gentlemen:

      Lexington Corporate Properties Trust, a statutory Maryland real estate
investment trust (the "Company"), proposes to issue and sell to you and the
several Underwriters named in Schedule I hereto (collectively, the
"Underwriters") for whom you are acting as representative (the
"Representatives") 4,000,000 common shares (the "Firm Shares") of beneficial
interest of the Company, $.0001 par value per share (the "Common Shares"), and
also proposes to issue and sell to the Underwriters, at the option of the
Underwriters, up to 600,000 additional shares (the "Optional Shares") of its
Common Shares as set forth below. The Firm Shares and the Optional Shares are
herein collectively called the "Offered Shares".

      The Company and each of Lepercq Corporate Income Fund, L.P. and Lepercq
Corporate Income Fund II, L.P., for each of which the Company serves as sole
general partner (each, a "Partnership" and collectively, the "Partnerships"),
hereby agree with the Underwriters as follows:

1.    Representations and Warranties with Respect to Registration Under the
Act.  The Company and each Partnership, jointly and severally, represent and
warrant to, and agree with, the several Underwriters that:

      (a) A registration statement on Form S-3 (File No. 333-49351) with respect
to the Offered Shares, including a base prospectus dated April 10, 1998 (the
"Base Prospectus"), was prepared by the Company in conformity with the
requirements of the Securities Act of 1933, as amended (the "Act"), and the
rules and regulations (the "1933 Act Rules and Regulations") of
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the Securities and Exchange Commission (the "Commission") thereunder, was filed
with the Commission and was declared effective on April 10, 1998. No stop order
suspending the effectiveness of such registration statement has been issued, and
no proceeding for that purpose has been instituted or, to the knowledge of the
Company, threatened by the Commission. A preliminary prospectus supplement,
together with the Base Prospectus (the "Preliminary Prospectus"), setting forth
the terms of the offering, sale and plan of distribution of the Offered Shares
and additional information was prepared and filed pursuant to Rule 424(b) of the
1933 Act Rules and Regulations on July 20, 2001. A final prospectus supplement
(the "Prospectus Supplement") setting forth the final terms of the offering,
sale and plan of distribution of the Offered Shares and additional information
concerning the Company and its business has been or will be so prepared and will
be filed pursuant to Rule 424(b) of the 1933 Act Rules and Regulations on or
before the second business day after the date hereof (or such earlier time as
may be required by the 1933 Act Rules and Regulations). Copies of such
registration statement, the Preliminary Prospectus and the Prospectus
Supplement, including all documents incorporated by reference therein that were
filed with the Commission on or prior to the date of this Agreement (including
one fully executed copy of the registration statement and of each amendment
thereto for each Representative and its counsel) have been delivered or made
available to First Union Securities, Inc. ("FUSI") and its counsel. The
registration statement, including the Base Prospectus, as amended at the time it
became effective, including the information (if any) deemed to be part of the
registration statement at the time of effectiveness pursuant to Rule 430A under
the Act and as it may have been subsequently amended, is referred to herein as
the "Registration Statement." The term "Prospectus" as used herein means the
Base Prospectus together with the Preliminary Prospectus and the Prospectus
Supplement. Any reference herein to the Registration Statement or the Prospectus
or any amendment or supplement thereto shall be deemed to refer to and include
the Incorporated Documents, and any reference herein to the terms "amend,"
"amendment" or "supplement" with respect to the Registration Statement or the
Prospectus shall be deemed to refer to and include the filing after the
execution hereof of any Incorporated Documents. As used herein, the term
"Incorporated Documents" means the documents which at the time are incorporated
by reference in the Registration Statement, the Prospectus or any amendment or
supplement thereto filed prior to the date hereof or during the period the
Prospectus is required to be delivered in connection with the sale of the
Offered Shares by the Underwriters or any dealer as required by paragraph (b) of
Item 12 of Form S-3. For purposes of this Agreement, all references to the
Registration Statement, the Prospectus, any preliminary prospectus or to any
amendment or supplement thereto shall be deemed to include any copy filed with
the Commission pursuant to its Electronic Data Gathering Analysis and Retrieval
System (EDGAR), and such copy shall be identical in content to any Prospectus
delivered to the Underwriter for use in connection with the offering of the
Offered Shares.

      (b) The Company and the transactions contemplated by this Agreement meet
the requirements and the conditions for use of a registration statement on Form
S-3 under the Act and the 1933 Act Rules and Regulations.

      (c) The Registration Statement, when it became effective and on the
Closing Date (as defined in Section 3) or the Option Closing Date (as defined in
Section 3) (i) contained or will contain all information required to be set
forth therein in accordance with, and complied or will comply in all material
respects with the requirements of, the Act and the 1933 Act Rules and

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Regulations and (ii) did not or will not include any untrue statement of a
material fact or omit to state any material fact necessary to make the
statements therein not misleading. On the date of filing with the Commission
pursuant to Rule 424(b) and on the Closing Date or the Option Date, the
Prospectus, as amended or supplemented at any such time (i) contained or will
contain all information required to be set forth therein in accordance with, and
complied or will comply in all material respects with the requirements of, the
Act and the 1933 Act Rules and Regulations and (ii) did not or will not include
any untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; except that the representations and
warranties set forth in this Section 1(c) do not apply to statements in the
Prospectus based upon written information concerning the Underwriters that was
furnished to the Company by any Underwriter through the Representative
specifically for use in the preparation thereof, it being understood and agreed
that the only such information is that described as such in Section 7(b) hereof.

      (d) The Incorporated Documents when they became or become effective under
the Act or were or are filed with the Commission under the Act or the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), as the case may be,
conformed or will conform in all material respects with the requirements of the
Act, the 1933 Act Rules and Regulations, the Exchange Act and/or the rules and
regulations of the Commission under the Exchange Act (the "Exchange Act Rules
and Regulations"), as applicable and did not or will not include an untrue
statement of a material fact or omit to state a material fact necessary to make
the statements therein, in light of the circumstances in which they were made,
not misleading.

      (e) The consolidated financial statements, including the related schedules
and notes thereto, set forth or included or incorporated by reference in the
Registration Statement and Prospectus fairly present the financial condition of
the Company and its consolidated subsidiaries as of the dates indicated and the
results of operations, changes in financial position, stockholders' equity and
cash flows for the periods therein specified, in conformity with generally
accepted accounting principles consistently applied throughout the periods
involved. The summary and selected financial and statistical data included or
incorporated by reference in the Registration Statement and the Prospectus
present fairly the information shown therein and, to the extent based upon or
derived from the financial statements, have been compiled on a basis consistent
with the financial statements presented therein. In addition, all financial
statements required by Rule 3-14 of Regulation S-X ("Rule 3-14") have been
included or incorporated by reference in the Registration Statement and the
Prospectus and any such financial statements are in conformity with the
requirements of Rule 3-14. The pro forma financial information (including the
related notes and supporting schedules) included or incorporated by reference in
the Registration Statement and the Prospectus complies as to form in all
material respects to the applicable accounting requirements of the Act and the
1933 Act Rules and Regulations and management of the Company believes that the
assumptions underlying the pro forma adjustments provide a reasonable basis for
presenting the significant effects directly attributable to the transactions and
events described therein and the related pro forma adjustments give appropriate
effect to those assumptions. All necessary pro forma adjustments have been
properly applied to the historical amounts in the compilation of the information
and such information fairly presents with respect to the respective entity or
entities presented therein the financial position, results of operations and
other information purported to be shown therein at the respective dates and for
the respective periods specified. No other financial statements are

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required to be set forth or to be incorporated by reference in the Registration
Statement or the Prospectus under the Act or the 1933 Act Rules and Regulations.

      (f) The descriptions in the Registration Statement and the Prospectus of
the contracts, leases and other legal documents therein described present fairly
the information required to be shown, and there are no contracts, leases, or
other documents of a character required to be described in the Registration
Statement or the Prospectus or to be filed as exhibits to the Registration
Statement which are not described or filed as required; Exhibit 21 to the
Company's Annual Report on Form 10-K for the year ended December 31, 2000
contains a true, correct and complete list of all of the subsidiaries of the
Company controlled directly or indirectly by the Company (each, a "Subsidiary"
and collectively, the "Subsidiaries"); there are no legal or governmental
proceedings pending or threatened to which the Company, the Partnerships or any
Subsidiary is subject that are required to be described in the Registration
Statement or the Prospectus and are not so described; there are no statutes or
regulations applicable to the Company, the Partnerships or any Subsidiary or
certificates, permits or other authorizations from governmental regulatory
officials or bodies required to be obtained or maintained by the Company, the
Partnerships or any Subsidiary of a character required to be disclosed and
properly described therein; all agreements between the Company, the Partnerships
or any Subsidiary and third parties expressly referenced in the Prospectus are
legal, valid and binding obligations of the Company, the Partnerships or the
Subsidiary, enforceable in accordance with their respective terms, except to the
extent enforceability may be limited by bankruptcy, insolvency, reorganization
or other laws of general applicability relating to or affecting creditors'
rights and by general equity principles.

      (g) KPMG LLP, whose reports are incorporated by reference in the
Registration Statement and Prospectus, are and, during the periods covered by
their reports, were independent public accountants within the meaning of the Act
and the applicable rules and regulations thereunder adopted by the Commission.

2. Representations and Warranties of the Company and the Partnerships. The
Company and each Partnership, jointly and severally, represent and warrant to,
and agree with, the several Underwriters that:

      (a) (1) The Company has been duly organized and is an existing statutory
real estate investment trust in good standing under the laws of the State of
Maryland, with power and authority (corporate and other) to own its properties
and conduct its business as described in the Prospectus; and (2) except where
the failure to so qualify or to be in good standing would not result in a
material adverse change in the condition (financial or other), earnings,
investment portfolio, business affairs or prospects of the Company, the
Partnerships or the Subsidiaries, taken as a whole (a "Material Adverse
Effect"), the Company is duly qualified to do business as a foreign entity in
good standing in all other jurisdictions in which its ownership or lease of
property or the conduct of its business requires such qualification.

      (b) (1) Each Partnership and each Subsidiary has been duly incorporated or
formed, as the case may be, and each is existing and in good standing under the
laws of the respective jurisdiction of incorporation or formation, with power
and authority (corporate and other) to own its properties and conduct its
business as described in the Prospectus; (2) except where the failure

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to so qualify or to be in good standing would not result in a Material Adverse
Effect, each Partnership and each Subsidiary is duly qualified to do business as
a foreign entity in good standing in all other jurisdictions in which its
ownership or lease of property or the conduct of its business requires such
qualification; all of the issued and outstanding equity interests of each
Partnership and each Subsidiary have been duly authorized and validly issued and
are fully paid and nonassessable; and the equity interests of each Subsidiary
owned by the Company or a Partnership, directly or through subsidiaries, are
owned free from security interests, liens, claims, encumbrances and defects.
Immediately prior to the consummation of the transaction contemplated hereby and
the applications of the net proceeds from the sale of the Offered Shares, the
Company owns the sole general partnership interest and a majority of the limited
partnership interests in each Partnership.

      (c) The Company has an authorized, issued and outstanding capitalization
as set forth in the Prospectus under the caption "Capitalization." Immediately
prior to the Closing Date, 17,856,541 Common Shares will be issued and
outstanding and 2,000,000 preferred shares of beneficial interest will be issued
and outstanding. This Agreement and the issuance and sale of the Offered Shares
hereunder has been duly authorized by all appropriate action of the Company, all
outstanding shares of beneficial interest of the Company are, and, when the
Offered Shares have been delivered and paid for in accordance with this
Agreement on the Closing Date and the Option Closing Date (as defined below),
such Offered Shares will be, validly issued, fully paid and nonassessable and
will conform to the description thereof contained in the Prospectus; the issued
and outstanding units of partnership interest in the Partnerships (the
"Partnership Units") have been duly authorized by the Partnerships; all of the
issued and outstanding shares of beneficial interest of the Company and
outstanding Partnership Units have been offered, sold and issued by the Company
or the applicable Partnership in compliance with all applicable laws, including
without limitation, federal and state securities laws; except as described in
the Prospectus, there is no outstanding option, warrant or other right calling
for the issuance of, and no commitment, plan or arrangement to issue, any shares
of beneficial interest of the Company or equity interests in the Partnerships or
any security convertible into or exchangeable for shares of beneficial interest
of the Company or equity interests in the Partnerships, and the shareholders of
the Company have no preemptive or similar rights with respect to any shares of
beneficial interest of the Company.

      (d) Except as described in the Prospectus, there are no contracts,
agreements or understandings between the Company or the Partnership and any
person that would give rise to a valid claim against the Company or any
Underwriter for a brokerage commission, finder's fee or other like payment in
connection with the offering, issuance and sale of the Offered Shares.

      (e) Except as described in the Prospectus, there are no contracts,
agreements or understandings between the Company or the Partnerships and any
person granting such person the right to require the Company to file a
registration statement under the Act with respect to any securities of the
Company owned or to be owned by such person or to require the Company to include
such securities in the securities registered pursuant to the Registration
Statement or in any securities being registered pursuant to any other
registration statement filed by the Company under the Act.

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      (f) The Offered Shares have been approved for listing on the New York
Stock Exchange, subject to final notice of issuance.

      (g) No consent, approval, license, authorization, certificate, permit or
order of, or filing with, any governmental agency or body or any court is
required for the consummation of the transactions contemplated by this Agreement
including the valid authorization, issuance, sale and delivery of the Offered
Shares, except such as may be required under state securities laws.

      (h) The execution, delivery and performance of this Agreement and the
issuance and sale of the Offered Shares will not result in a breach or violation
of any of the terms and provisions of, or constitute a default under, any
statute, rule, regulation or order of any governmental agency or body or any
court, domestic or foreign, having jurisdiction over the Company, the
Partnerships or the Subsidiaries or any of their properties, or any agreement or
instrument to which the Company, the Partnerships or Subsidiary is a party or by
which the Company, the Partnerships or any Subsidiary is bound or to which any
of the Properties of the Company, the Partnerships or any Subsidiary is subject,
or the charter, by-laws, partnership agreement, certificate of limited
partnership, operating agreement or other organizational documents of the
Company, the Partnerships or any Subsidiary, and the Company, has full power and
authority to authorize, issue, sell and deliver the Offered Shares as
contemplated by this Agreement.

      (i) This Agreement has been duly authorized, executed and delivered by the
Company and the Partnerships and constitutes the legal, valid and binding
obligation of the Company and the Partnerships enforceable against the Company
and the Partnerships in accordance with its terms, except as may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors' rights generally or by general principles of equity.

      (j) Except as described in the Prospectus, the Company, the Partnerships
or their Subsidiaries have good and marketable title to all real properties and
all other properties and assets owned by them (each, a "Property" and
collectively, the "Properties"), in each case free from liens, encumbrances and
defects, except where the existence of any lien, encumbrance or defect would not
have a Material Adverse Effect; the Company, each Partnership or the Subsidiary
has obtained an owner's title insurance policy in an amount at least equal to
the cost of acquisition from a title insurance company with respect to each of
its real estate properties and has obtained a commitment to obtain such an
owner's title insurance policy with respect to each pending property acquisition
described in the Prospectus; except as disclosed in the Prospectus, the Company,
the Partnerships and the Subsidiaries hold any leased real or personal property
under valid and enforceable leases, except where the invalidity or
unenforceability of such leases, individually or collectively, would not have a
Material Adverse Effect; no person has an option or right of first refusal to
purchase all or part of any Property or any proposed acquisition or any interest
therein for other than the fair market value; neither the Company, the
Partnerships nor any Subsidiary has knowledge of any pending or threatened
condemnation proceeding, zoning change, or other proceeding or action that will
in any manner affect the size of, use of, improvements on, construction on or
access to any of the Properties.

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      (k) The Company, the Partnerships and the Subsidiaries possess adequate
permits, licenses, franchises, certificates, authorities, consents, orders or
approvals issued by appropriate governmental agencies or bodies necessary to
conduct the business now conducted by them or contemplated by the Prospectus and
have not received any notice of proceedings relating to the revocation or
modification of any such permits, licenses, franchises, certificates,
authorities, consents, orders or approvals that, if determined adversely to the
Company, the Partnerships or any Subsidiary, would, individually or in the
aggregate, have a Material Adverse Effect.

      (l) No labor dispute with the employees of the Company, the Partnerships
or any subsidiary exists or, to the knowledge of the Company, is imminent that
might have a Material Adverse Effect.

      (m) The Company, the Partnerships and the Subsidiaries own, possess or can
acquire on reasonable terms, adequate trademarks, trade names and other rights
to inventions, know-how, patents, copyrights, confidential information and other
intellectual property (collectively, "intellectual property rights") necessary
to conduct the business now operated by them, or presently employed by them, and
have not received any notice of infringement of or conflict with asserted rights
of others with respect to any intellectual property rights that, if determined
adversely to the Company, the Partnerships or any of the Subsidiaries, would
individually or in the aggregate have a Material Adverse Effect.

      (n) Except as otherwise described in the Prospectus, neither the Company,
the Partnerships nor any Subsidiary has authorized or conducted or has knowledge
of the generation, transportation, storage, presence, use, treatment, disposal,
release, or other handling of any hazardous substance, hazardous waste,
hazardous material, hazardous constituent, toxic substance, pollutant,
contaminant, asbestos, radon, polychlorinated biphenyls ("PCBs"), petroleum
product or waste (including crude oil or any fraction hereof, natural gas,
liquefied gas, synthetic gas or other material defined, regulated, controlled or
potentially subject to any remediation requirement under any environmental law
(collectively, "Hazardous Materials"), on, in, under or affecting any Property,
except in material compliance with applicable laws; except as disclosed in the
Prospectus, to the knowledge of the trustees and officers of the Company, the
Properties are in compliance with all federal, state and local laws, ordinances,
rules, regulations and other governmental requirements relating to pollution,
control of chemicals, management of waste, (collectively, "Environmental Laws"),
and the Company, the Partnerships and the Subsidiaries are in compliance with
all licenses, permits, registrations and government authorizations necessary to
operate under all applicable Environmental Laws in all material respects; except
as otherwise described in the Prospectus, neither the Company, any Partnership
or any Subsidiary has received any written or oral notice from any governmental
entity or any other person and there is no pending, or, to the knowledge of the
trustees and officers of the Company, threatened claim, litigation or any
administrative agency proceeding that: alleges a violation of any Environmental
Laws by the Company, the Partnerships or any Subsidiary; or that the Company,
any Partnership or any Subsidiary is a liable party or a potentially responsible
party under the Comprehensive Environmental Response, Compensation and Liability
Act, 42 U.S.C. Section 9601, et. seq., or any state superfund law; has resulted
in or could result in the attachment of an environmental lien on any of the
properties; or alleges that the Company, any Partnership or any Subsidiary is
liable for any contamination of the environment, contamination of the Property,
damage to natural resources, property damage, or personal injury based on their

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activities or the activities of their predecessors or third parties (whether at
the properties or elsewhere) involving Hazardous Materials, whether arising
under the Environmental Laws common law principles, or other legal standards. In
the ordinary course of its business, the Company, the Partnerships and the
Subsidiaries conduct Phase I environmental assessments on each of the Properties
at the time such Property is acquired and periodic reviews of the effect of
Environmental Laws on the business, operations and properties of the Company,
the Partnerships and the Subsidiaries.

      (o) Except as described in the Prospectus, there are no pending actions,
suits or proceedings against or affecting the Company, any Partnership or any
Subsidiary or any of their respective Properties that, if determined adversely
to the Company, any Partnership or such Subsidiary, would individually or in the
aggregate have a Material Adverse Effect, or would materially and adversely
affect the ability of the Company or the Partnerships to perform their
obligations under this Agreement, or which are otherwise material in the context
of the offering, issuance, sale and delivery of the Offered Shares; and no such
actions, suits or proceedings are threatened or, to the Company's or any
Partnership's knowledge, contemplated.

      (p) Except as described in the Prospectus, since the date of the latest
audited financial statements included or incorporated by reference in the
Prospectus there has been no change material adverse change, nor any development
or event involving a prospective material adverse change in the condition
(financial or other), business, properties or results of operations of the
Company, the Partnerships and the Subsidiaries, taken as a whole, that would
constitute a Material Adverse Effect, and, except as disclosed in or the
Prospectus, there has been no dividend or distribution of any kind declared,
paid or made by the Company on any class of its shares of beneficial interest.

      (q) The system of internal accounting controls of the Company, the
Partnerships and the Subsidiaries, taken as a whole, is sufficient to meet the
broad objectives of internal accounting controls insofar as those that would be
material in relation to the Company's financial statements; and, to the
Company's and each Partnership's knowledge, neither the Company, any Partnership
nor any Subsidiary, nor any employee or agent thereof, has made any payment of
funds of the Company, the Partnerships or any of the Subsidiaries, as the case
may be, or received or retained any funds, and no funds of the Company, the
Partnerships or any of the Subsidiaries, as the case may be, have been set aside
to be used for any payment, in each case in violation of any law, rule or
regulation.

      (r) Neither the Company, any Partnership or any Subsidiary is and, after
giving effect to the offering and sale of the Offered Shares and the application
of the proceeds thereof as described in the Prospectus, will not be an
"investment company" or a company "controlled" by an "investment company" within
the meaning of the Investment Company Act of 1940, as amended, (the "1940 Act").

      (s) The Limited Partnership Agreement of each Partnership, including any
amendments thereto (each a "Partnership Agreement" and, together, the
"Partnership Agreements"), has been duly and validly authorized, executed and
delivered by all partners of the Partnership and constitutes a valid and binding
agreement, enforceable in accordance with its

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terms, except as may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditors' rights generally or by general
principles of equity.

      (t) Neither the Company, the Partnerships nor any Subsidiary is in breach
of, or in default under (nor has any event occurred which with notice, lapse of
time, or both would constitute a breach of, or default under), its respective
declaration of trust, by-laws, certificate of limited partnership, partnership
agreement or operating agreement, as the case may be, or in the performance or
observance of any material obligation, agreement, covenant or condition
contained in any material license, indenture, mortgage, deed of trust, loan or
credit agreement or other material agreement or instrument to which the Company,
any Partnership or such Subsidiary is a party or by which any of them or their
respective properties is bound.

      (u) Each of the Company, the Partnerships or the Subsidiaries has filed on
a timely basis all necessary federal, state, local and foreign income and
franchise tax returns, if any such returns were required to be filed, through
the date hereof and have paid all taxes shown as due thereon; and no tax
deficiency has been asserted against the Company, any Partnership or any
Subsidiary, nor, to the knowledge of the trustees and officers of the Company,
is any tax deficiency likely to be asserted against the Company or any
Partnership; all tax liabilities, if any, are adequately provided for on the
respective books of the entities.

      (v) The Company is organized in conformity with the requirements for
qualification as a real estate investment trust under the Internal Revenue Code
of 1986, as amended (the "Code"), and the Company's proposed method of operation
will enable it to meet the requirements for taxation as a real estate investment
trust under the Code; each Partnership will be treated as a partnership for
federal income tax purposes and not as a corporation or association taxable as a
corporation.

      (w) Each of the Company, each Partnership and the Subsidiaries maintains
insurance (issued by insurers of recognized financial responsibility) of the
types and in the amounts generally deemed adequate, if any, for their respective
businesses and consistent with insurance coverage maintained by similar
companies in similar businesses, including, but not limited to, insurance
covering real and personal property owned or leased by the Company, the
Partnerships and the Subsidiaries against theft, damage, destruction, acts of
vandalism and all other risks customarily insured against, all of which
insurance is in full force and effect.

      (x) Except as otherwise described in the Prospectus, there are no material
outstanding loans or advances or materials guarantees of indebtedness by the
Company, any Partnership or any Subsidiary to or for the benefit of any of the
officers or trustees of the Company or any of their family members.

      (y) In connection with the offering of the Offered Shares, the Company has
not offered and will not offer its Common Shares or any other securities
convertible into or exchangeable or exercisable for Common Shares in a manner in
violation of the Act or the 1933 Act Rules and Regulations; the Company has not
distributed and will not distribute any Prospectus or other offering material in
connection with the offer and sale of the Offered Shares, except as contemplated
herein.

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      (z) None of the entities which prepared appraisals of the Properties or
Phase I environmental assessment reports with respect to such Properties was
employed for such purpose on a contingent basis or has any substantial interest
in the Company, any Partnership or any Subsidiary, and none of their directors,
officers or employees is connected with the Company, any Partnership or any
Subsidiary as a promoter, selling agent, voting trustee, officer or employee.

3. Purchase, Sale and Delivery of Offered Shares. On the basis of the
representations, warranties and agreements herein contained, but subject to the
terms and conditions herein set forth, the Company agrees to sell to the
Underwriters, and the Underwriters agree, severally and not jointly, to purchase
from the Company, at a purchase price of $14.43 per share, the respective
numbers of shares of Firm Shares set forth opposite the names of the
Underwriters in Schedule I hereto.

      The Company will deliver the Firm Shares to the Representatives for the
accounts of the Underwriters against payment of the purchase price in Federal
(same day) funds by wire transfer to an account at a bank acceptable to the
Company drawn to the order of the Company, at the office of Hunton & Williams,
at 10:00 A.M., New York time, on July 30, 2001, or at such other time not later
than seven full business days thereafter as the Representatives and the Company
determine, such time being herein referred to as the "First Closing Date". The
certificates for the Firm Shares so to be delivered will be in definitive form,
in such denominations and registered in such names as the Representatives
request and will be made available for checking and packaging at the above
office of the Representatives at least 24 hours prior to the First Closing Date.

      In addition, upon written notice from the Representatives given to the
Company from time to time not more than 30 days subsequent to the date of the
Prospectus (the "Option Period"), the Underwriters may purchase all or less than
all of the Optional Shares at the purchase price per Optional Share to be paid
for the Firm Shares less an amount per share equal to any dividends or
distributions per common share payable on the Firm Shares during the Option
Period (to the extent such dividends and distributions were not payable on the
Optional Shares). The Company agrees to sell to the Underwriters the number of
shares of Optional Shares specified in such notice, and the Underwriters agree,
severally and not jointly, to purchase such Optional Shares. Such Optional
Shares shall be purchased for the account of each Underwriter in the same
proportion as the number of shares of Firm Shares set forth opposite such
Underwriter's name in Schedule I hereto bears to the total number of shares of
Firm Shares (subject to adjustment by the Representatives to eliminate
fractions) and may be purchased by the Underwriters only for the purpose of
covering over-allotments made in connection with the sale of the Firm Shares. No
Optional Shares shall be sold or delivered unless the Firm Shares previously
have been, or simultaneously are, sold and delivered. The right to purchase the
Optional Shares or any portion thereof may be exercised from time to time and to
the extent not previously exercised may be surrendered and terminated at any
time upon notice by the Representatives to the Company.

      Each time for the delivery of and payment for the Optional Shares, being
herein referred to as an "Option Closing Date", which may be the First Closing
Date (the First Closing Date and each Option Closing Date, if any, being
sometimes referred to as a "Closing Date"), shall be

                                       10
<PAGE>   11
determined by the Representatives but shall be not later than five full business
days after written notice of election to purchase Optional Shares is given. The
Company will deliver the Optional Shares being purchased on each Option Closing
Date to the Representatives for the accounts of the several Underwriters against
payment of the purchase price therefor in Federal (same day) funds by wire
transfer to an account at a bank acceptable to the Company drawn to the order of
the Company, at the offices of Hunton & Williams. The certificates for the
Optional Shares being purchased on each Option Closing Date will be in
definitive form, in such denominations and registered in such names as FUSI
requests upon reasonable notice prior to such Option Closing Date and will be
made available for checking and packaging at the above office of FUSI at a
reasonable time in advance of such Option Closing Date.

4. Offering by Underwriters.  It is understood that the several Underwriters
propose to offer the Offered Shares for sale to the public as set forth in the
Prospectus.

5. Conditions of the Underwriters' Obligations. The obligations of the
Underwriters to purchase the Firm Shares and the Optional Shares, as the case
may be, shall be subject to the accuracy of the representations and warranties
on the part of the Company and the Partnerships contained herein as of the time
of execution hereof, the Closing Date and any Option Closing Date, to the
accuracy of the statements of the Company and the Partnerships made in any
certificates pursuant to the provisions hereof, to the performance by the
Company and the Partnerships of their obligations hereunder and to the following
additional conditions:

      (a) If, at the time this Agreement is executed and delivered, it is
necessary for a post-effective amendment to the Registration Statement to be
declared effective before the offering of the Offered Shares may commence, such
post-effective amendment shall have become effective not later than 5:30 PM New
York City time on the date hereof.

      (b) No stop order suspending the effectiveness of the Registration
Statement shall have been issued and no proceedings for that purpose shall have
been instituted or threatened.

      (c) No order preventing or suspending the use of any Preliminary
Prospectus or the Prospectus shall have been or shall be in effect, and any
requests for additional information on the part of the Commission (to be
included in the Registration Statement or the Prospectus or otherwise) shall
have been complied with to the satisfaction of the Commission and the
Representatives.

      (d) The Company shall have furnished to the Representatives on the Closing
Date, a certificate, dated such Closing Date, signed by the Chairman of the
Board or the President and the chief financial officer or chief accounting
officer of the Company to the effect that the signers of such certificate have
carefully examined the Registration Statement, the Prospectus and this Agreement
and that (i) the representations and warranties of the Company and the
Partnerships in this Agreement are true and correct on and as of such Closing
Date or settlement date with the same effect as if made on such Closing Date,
and the Company has performed all covenants and agreements and satisfied all
conditions to be performed or satisfied by it at or prior to such Closing Date;
(ii) no stop order suspending the effectiveness of the Registration Statement
has been issued and, to the best of their knowledge, no proceedings for that
purpose have been instituted or are pending under the Act; and (iii) since the
date of the most recent

                                       11
<PAGE>   12
financial statements included or incorporated by reference in the Prospectus
(exclusive of any supplement thereto), there has been no Material Adverse
Effect.

      (e) The Company shall have requested and caused KPMG LLP to have furnished
to the Representatives, on the date hereof and at the Closing Date, letters,
dated respectively as of the date hereof and as of the Closing Date, in form and
substance satisfactory to the Representatives, confirming that they are
independent accountants within the meaning of the Act and the applicable rules
and regulations adopted by the Commission thereunder and that they have
performed a review of the unaudited interim financial information of the Company
for the three-month period ended March 31, 2001, and as at March 31, 2001, in
accordance with Statement on Auditing Standards No. 71, and stating in effect
that:

            (i) In their opinion the audited financial statements included or
incorporated by reference in the Registration Statement and the Prospectus and
reported on by them comply as to form in all material respects with the
applicable accounting requirements of the Act and the Exchange Act and the
related rules and regulations adopted by the Commission;

            (ii) On the basis of a reading of the latest unaudited financial
statements made available by the Company and its Subsidiaries; their review, in
accordance with standards established under Statement on Auditing Standards No.
71, of the unaudited interim financial information for the three-month period
ended March 31, 2001, and as at March 31, 2001, incorporated by reference in the
Registration Statement and the Prospectus; carrying out certain specified
procedures (but not an examination in accordance with generally accepted
auditing standards) which would not necessarily reveal matters of significance
with respect to the comments set forth in such letter; a reading of the minutes
of the meetings of the stockholders, trustees and executive, audit and
compensation committees of the Company and the Subsidiaries; and inquiries of
certain officials of the Company who have responsibility for financial and
accounting matters of the Company and its Subsidiaries as to transactions and
events subsequent to December 31, 2000, nothing came to their attention which
caused them to believe that:

                  (A) Any unaudited financial statements included or
incorporated by reference in the Registration Statement and the Prospectus do
not comply as to form in all material respects with applicable accounting
requirements of the Act and with the related rules and regulations adopted by
the Commission with respect to financial statements included or incorporated by
reference in quarterly reports on Form 10-Q under the Exchange Act; and said
unaudited financial statements are not in conformity with generally accepted
accounting principles;

                  (B) With respect to the period subsequent to June 30, 2001,
there were any increases, at a specified date not more than five days prior to
the date of the letter, in the long-term debt of the Company and its
Subsidiaries or changes in capital stock of the Company or decreases in the
shareholders' equity of the Company as compared with the amounts shown on the
June 30, 2001, consolidated balance sheet included or incorporated by reference
in the Registration Statement and the Prospectus, or for the period from July 1,
2001, to such specified date there were any decreases, as compared with the
corresponding period in the prior year, in revenues or income before income
taxes or in total or per share amounts of net income of the Company and its
Subsidiaries, except in all instances for changes or decreases set forth in such

                                       12
<PAGE>   13
letter, in which case the letter shall be accompanied by an explanation by the
Company as to the significance thereof unless said explanation is not deemed
necessary by the Representatives; and

                  (C) The information included or incorporated by reference in
the Registration Statement and Prospectus in response to Regulation S-K, Item
301 (Selected Financial Data) and Item 402 (Executive Compensation) is not in
conformity with the applicable disclosure requirements of Regulation S-K.

            (iii) They have performed certain other specified procedures as a
result of which they determined that certain information of an accounting,
financial or statistical nature (which is limited to accounting, financial or
statistical information derived from the general accounting records of the
Company and its Subsidiaries) set forth in the Registration Statement and the
Prospectus, the information included or incorporated by reference in Items 1, 2,
6, 7 and 11 of, and in Exhibit 12 to, the Company's Annual Report on Form 10-K,
incorporated by reference in the Registration Statement and the Prospectus, the
information included in the "Management's Discussion and Analysis of Financial
Condition and Results of Operations" included or incorporated by reference in
the Company's Quarterly Reports on Form 10-Q, incorporated by reference in the
Registration Statement and the Prospectus, and the information included in the
Company's Current Reports on Form 8-K incorporated by reference in the
Registration Statement and the Prospectus agrees with the accounting records of
the Company and its Subsidiaries, excluding any questions of legal
interpretation, except as described in such letter; and

            (iv) On the basis of a reading of the unaudited pro forma financial
statements included or incorporated by reference in the Registration Statement
and the Prospectus (the "pro forma financial statements"); carrying out certain
specified procedures; inquiries of certain officials of the Company who have
responsibility for financial and accounting matters; and proving the arithmetic
accuracy of the application of the pro forma adjustments to the historical
amounts in the unaudited pro forma financial statements, nothing came to their
attention which caused them to believe that the unaudited pro forma financial
statements do not comply as to form in all material respects with the applicable
accounting requirements of Rule 11-02 of Regulation S-X or that the pro forma
adjustments have not been properly applied to the historical amounts in the
compilation of such statements.

      References to the Registration Statement and the Prospectus in this
paragraph (f) are to such documents as amended and supplemented at the date of
the letter.

      (f) The Representatives shall have received on the Closing Date from Paul,
Hastings, Janofsky & Walker LLP, counsel for the Company, an opinion, addressed
to the Representatives and dated such Closing Date and stating in effect that:

            (i) Each of the Company, the Partnerships and the Subsidiaries has
been duly incorporated, organized or formed and is validly existing as a
corporation, trust or partnership in good standing under the laws of the
jurisdiction in which it is incorporated, organized or formed and, except where
the failure to so qualify or to be in good standing would not result in a
Material Adverse Effect, is duly qualified and in good standing as a foreign
entity in each

                                       13
<PAGE>   14
jurisdiction in each jurisdiction where the its ownership or lease of property
or the conduct of its business requires such qualification;

            (ii) Each of the Company, the Partnerships and the Subsidiaries has
all requisite corporate power and authority to own and lease its assets and
properties and conduct its business as now being conducted and as described in
the Registration Statement and, to enter into, deliver and perform this
Agreement and, with respect to the Company, to issue and sell the Offered
Shares. A wholly-owned subsidiary of the Company is the sole general partner of
each Partnership;

            (iii) The Company's authorized equity capitalization is as set forth
in the Prospectus; the capital stock of the Company conforms in all material
respects to the description thereof contained in the Prospectus and meets the
requirements of Item 9 of Form S-3 under the Act; the outstanding Common Shares
have been duly and validly authorized and issued and are fully paid and
nonassessable; the issuance and sale of the Offered Shares have been duly and
validly authorized by the Company, and, when issued and delivered to and paid
for by the Underwriters pursuant to this Agreement, will be fully paid and
nonassessable; the Offered Shares are duly listed, and admitted and authorized
for trading, subject to official notice of issuance, on the New York Stock
Exchange; the certificates for the Offered Shares are in valid and sufficient
form; the holders of outstanding shares of capital stock of the Company are not
entitled to any statutory or, to the best knowledge of counsel, or contractual
preemptive or other rights to subscribe for the Offered Shares; except as set
forth in the Prospectus, no options, warrants or other rights to purchase,
agreements or other obligations to issue, or rights to convert any obligations
into or exchange any securities for, shares of capital stock of or ownership
interests in the Company are outstanding; and no person or entity has a right to
participate in the registration under the Act of the Offered Shares pursuant to
the Registration Statement, except for Five Arrows Realty, L.L.C. and Merrill
Lynch Global Allocation Fund, Inc., each of which has waived its registration
rights with respect to the Offering;

            (iv) All of the outstanding equity interests of each Subsidiary have
been duly and validly authorized and issued and are fully paid and
nonassessable, were not issued and are not owned or held in violation of any
preemptive rights, and, except as otherwise set forth in the Prospectus, all
outstanding equity interests of the Subsidiaries are owned by the Company either
directly or through Subsidiaries free and clear of any perfected security
interest and, to the knowledge of such counsel, after due inquiry, any other
security interest, claim, lien or encumbrance. The units of limited partnership
interest in the Partnerships have been issued, offered and sold in compliance
with all applicable laws, including, without limitation, federal and state
securities laws;

            (v) This Agreement has been duly and validly authorized, executed
and delivered by the Company and the Partnerships and constitutes the legal,
valid and binding obligation of the Company and each Partnership enforceable
against the Company and each Partnership in accordance with its terms, except as
may be limited by bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting creditors' rights generally or by general principles of equity;

                                       14
<PAGE>   15
            (vi) Neither the issuance, sale and delivery of the Offered Shares,
nor the execution, delivery, and performance of this Agreement nor the
consummation of any other of the transactions herein contemplated nor the
fulfillment of the terms hereof by the Company or the Partnerships will conflict
with or, result in a breach or violation of (A) the charter, by-laws,
partnership agreement, operating agreement or certificate of limited partnership
of the Company or any Subsidiary; (B) the terms of any material indenture,
contract, lease, mortgage, deed of trust, note agreement, loan agreement or
other agreement, obligation, condition, covenant or instrument to which the
Company or its Subsidiaries is a party or bound or to which its or their
property is subject; or (C) any statute, law, rule, regulation, judgment, order
or decree applicable to the Company or its Subsidiaries of any court, regulatory
body, administrative agency, governmental body, arbitrator or other authority
having jurisdiction over the Company or its Subsidiaries or any of its or their
properties or, result in the creation or imposition of any lien, charge, claim
or encumbrance upon any property or asset of the Company or any Subsidiary;

            (vii) No consent, approval, authorization, order, license,
certificate, permit, registration, designation or filing is required for the
execution, delivery and performance of this Agreement by the Company and the
Partnerships or the consummation of the transactions contemplated hereby, except
such as have been obtained under the Act and such as may be required under state
or foreign blue sky laws in connection with the purchase and distribution of the
Offered Shares by the several Underwriters in the manner contemplated in this
Agreement and in the Prospectus;

            (viii) To the knowledge of such counsel, there is no pending or
threatened action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Company or any of its
Subsidiaries or its or their property which, individually or in the aggregate,
might have a Material Adverse Effect, or affect the consummation of this
Agreement or which are required to be disclosed in the Registration Statement or
the Prospectus that are not so disclosed, and there is no contract, lease or
other document, or statute, rule or regulation, of a character required to be
described in the Registration Statement or Prospectus, or to be filed as an
exhibit thereto, which is not described or filed as required; and the statements
included or incorporated by reference in the Prospectus under the headings
"Federal Income Tax Considerations", "Description of Debt Securities",
"Description of Preferred Shares", Description of Common Shares", "Restrictions
on Transfers of Capital Shares and Anti-Takeover Provisions" and "Risk Factors"
insofar as such statements constitute summaries of the legal matters, documents
or proceedings referred to therein has been reviewed by such counsel, is correct
in all material respects and the discussion thereunder does not omit any
material provisions with respect to the matters covered and fairly presents the
information called for with respect to such legal matters, documents and
proceedings and fairly summarizes the matters therein described;

            (ix) The statements (A) incorporated by reference into the
Prospectus and (B) in the Registration Statement, in each case insofar as such
statements constitute summaries of documents referred to therein or matters of
law, fairly present the information required with respect to such documents and
matters of law and fairly summarize the matters required to be disclosed
therein;

                                       15
<PAGE>   16
            (x) The Registration Statement has become effective under the Act;
any required filing of the Prospectus, and any supplements thereto, pursuant to
Rule 424(b) has been made in the manner and within the time period required by
Rule 424(b); to the knowledge of such counsel, no stop order suspending the
effectiveness of the Registration Statement has been issued, no proceedings for
that purpose have been instituted or threatened and the Registration Statement
and the Prospectus (other than the financial statements and supporting schedules
and other financial information contained therein, as to which such counsel need
express no opinion) comply as to form in all material respects with the
applicable requirements of the Act and the Exchange Act and the respective rules
thereunder; and the Incorporated Documents (other than the financial statements
and other financial information contained therein, as to which such counsel need
express no opinion) at the time they became effective or were filed complied as
to form in all material respects with the Exchange Act and the Exchange Act
Rules and Regulations;

            (xi) The Offered Shares have been listed and admitted and authorized
for trading on the New York Stock Exchange;

            (xii) The Company is not, and after giving effect to the offering
and sale of the Offered Shares and the application of the proceeds thereof as
described in the Prospectus, will not be an "investment company" or a company
"controlled" by an "investment company" within the meaning of the 1940 Act; and

            (xiii) Commencing with its taxable year ended December 31, 1993, the
Company has been organized and has operated in conformity with the requirements
for qualification as a real estate investment trust pursuant to Sections 856
through 860 of the Code, and the Company's current and proposed method of
operation will enable it to continue to meet the requirements for qualification
and taxation as a real estate investment trust under the Code.

      To the extent deemed advisable by such counsel, they may rely as to
matters of fact on certificates of responsible officers of the Company and
public officials, on the opinion of Piper Marbury Rudnick & Wolfe LLP as to
matters of Maryland law and on the opinions of other counsel satisfactory to the
Representatives as to matters which are governed by laws other than the laws of
Maryland, New York, Delaware or the Federal laws of the United States; provided
that Piper Marbury Rudnick & Wolfe LLP and such other counsel shall state that,
in their opinion, the Underwriters and they are justified in relying on such
other opinions. Copies of such certificates and other opinions shall be
furnished to the Representatives and counsel for the Underwriters. Such other
opinions shall also permit counsel for the Underwriters to rely thereon.

      In addition, such counsel shall state that such counsel has participated
in conferences with officers and other representatives of the Company,
representatives of the Representatives and representatives of the independent
certified public accountants of the Company, at which conferences the contents
of the Registration Statement and the Prospectus and related matters were
discussed and, although such counsel is not passing upon and does not assume any
responsibility for the accuracy, completeness or fairness of the statements
contained in the Registration Statement and the Prospectus (except as specified
in the foregoing opinion), on the basis of the foregoing, no facts have come to
the attention of such counsel which lead such counsel to believe that the
Registration Statement at the time it became effective and on the

                                       16
<PAGE>   17
Closing Date (except with respect to the financial statements and notes and
schedules thereto and other financial data, as to which such counsel need
express no belief and after giving effect to any changes incorporated pursuant
to Section 430A under the Act) contained any untrue statement of a material fact
or omitted to state a material fact required to be stated therein or necessary
to make the statements therein not misleading, or that the Prospectus as amended
or supplemented (except with respect to the financial statements, notes and
schedules thereto and other financial data, as to which such counsel need make
no statement) on the date thereof and on the Closing Date contained any untrue
statement of a material fact or omitted to state a material fact necessary in
order to make the statements therein, in the light of the circumstances under
which they were made, not misleading.

      (g) All proceedings taken in connection with the sale of the Offered
Shares as herein contemplated shall be reasonably satisfactory in form and
substance to the Representatives, and their counsel and the Underwriters shall
have received on the Closing Date from Hunton & Williams a favorable opinion,
addressed to the Representatives, with respect to the Offered Shares, the
Registration Statement and the Prospectus, and such other related matters, as
the Representatives may reasonably request, and the Company shall have furnished
to Hunton & Williams such documents as they may reasonably request for the
purpose of enabling them to pass upon such matters.

      (h) At the time of execution of this Agreement, the Company shall have
furnished to the Representatives a letter substantially in the form of Exhibit A
hereto executed by each executive officer and trustee of the Company addressed
to the Representatives.

      (i) The Offered Shares shall have been approved for listing, and admitted
and authorized for trading, on the New York Stock Exchange, subject to notice of
issuance.

      (j) The Company shall have furnished or caused to be furnished to the
Representatives such further certificates or documents as the Representatives
shall reasonably request.

6.    Certain Agreements of the Company.

      (a)   The Company agrees with the several Underwriters that:

            (i) If, at the time this Agreement is executed and delivered, it is
necessary for a post-effective amendment to the Registration Statement to be
declared effective before the offering of the Offered Shares may commence, the
Company will endeavor to cause such post-effective amendment to become effective
as soon as possible and will advise you promptly and, if requested by you, will
confirm such advice in writing, when such post-effective amendment has become
effective. Prior to the termination of the offering of the Shares, the Company
will not file any amendment of the Registration Statement or supplement to the
Prospectus or any Rule 462(b) Registration Statement unless the Company has
furnished you a copy for your review prior to filing and will not file any such
proposed amendment or supplement to which you reasonably object. Subject to the
foregoing sentence, the Company will cause the Prospectus, properly completed,
and any supplement thereto to be filed with the Commission pursuant to the

                                       17
<PAGE>   18
applicable paragraph of Rule 424(b) within the time period prescribed and will
provide evidence satisfactory to the Representatives of such timely filing;

            (ii) The Company will promptly advise the Representatives (1) when
the Final Prospectus shall have been filed (if required) with the Commission
pursuant to Rule 424(b) or when any Rule 462(b) Registration Statement shall
have been filed with the Commission, (2) when, prior to termination of the
offering of the Shares, any amendment to the Registration Statement shall have
been filed or become effective, (3) of any request by the Commission or its
staff for any amendment of the Registration Statement, or any Rule 462(b)
Registration Statement, or for any supplement to the Prospectus or for any
additional information, (4) of the issuance by the Commission of any stop order
suspending the effectiveness of the Registration Statement or the institution or
threatening of any proceeding for that purpose and (5) of the receipt by the
Company of any notification with respect to the suspension of the qualification
of the Offered Shares for sale in any jurisdiction or the institution or
threatening of any proceeding for such purpose. The Company will use its best
efforts to prevent the issuance of any such stop order or the suspension of any
such qualification and, if issued, to obtain as soon as possible the withdrawal
thereof;

            (iii) If, at any time when a prospectus relating to the Offered
Shares is required to be delivered under the Act, any event occurs as a result
of which the Prospectus as then amended or supplemented would include any untrue
statement of a material fact or omit to state any material fact necessary to
make the statements therein, in the light of the circumstances under which they
were made, not misleading, or if it shall be necessary to amend or supplement
the Prospectus to comply with the Act, the Exchange Act or the respective rules
thereunder, the Company promptly shall (A) notify the Representatives of such
event, (B) prepare and file with the Commission, subject to the second sentence
of paragraph (i) of this Section 6(a), an amendment or supplement which shall
correct such statement or omission or an amendment which shall effect such
compliance and (C) supply any supplemented Prospectus to you in such quantities
as you may reasonably request;

            (iv) As soon as practicable, the Company will make generally
available to its security holders and to the Representatives (to the extent
unavailable on open-access public filing retrieval systems) an earnings
statement or statements of the Company and its Subsidiaries which will satisfy
the provisions of Section 11(a) of the Act and Rule 158 under the Act;

            (v) Upon your request, the Company shall furnish to the
Representatives and counsel for the Underwriters, without charge, signed copies
of the Registration Statement (including all exhibits thereto and amendments
thereof) and to each other Underwriter a copy of the Registration Statement
(without exhibits thereto) and all amendments thereof and, so long as delivery
of a prospectus by an Underwriter or dealer may be required by the Act, as many
copies of any Preliminary Prospectus and the Prospectus and any amendments
thereof and supplements thereto as the Representatives may reasonably request.
The Company shall pay the expenses of printing or other production of all
documents relating to the offering of the Offered Shares;

            (vi) The Company will arrange, if necessary, for the qualification
of the Offered Shares for sale under the laws of such jurisdictions as the
Representatives may designate, will maintain such qualifications in effect so
long as required for the distribution of

                                       18
<PAGE>   19
the Offered Shares and will pay any fee of the National Association of
Securities Dealers, Inc., in connection with its review of the offering;
provided that in no event shall the Company be obligated to qualify to do
business in any jurisdiction where it is not now so qualified or to take any
action that would subject it to service of process in suits, other than those
arising out of the offering or sale of the Offered Shares, in any jurisdiction
where it is not now so subject;

            (vii) Without the prior written consent of the Representatives,
until the Lock-Up Period (as defined in Section 6(b) below) has expired, the
Company and each of its individual trustees and executive officers shall not
issue, sell or register with the Commission (other than on Form S-8 or on any
successor form), or otherwise dispose of, directly or indirectly, any equity
securities of the Company (or any securities convertible into, exercisable for
or exchangeable for equity securities of the Company), except for the issuance
of the Offered Shares pursuant to the Registration Statement, the grant of
options and issuance of Common Shares pursuant to the Company's existing stock
option plan or bonus plan, the issuance of Common Shares pursuant to options
granted pursuant to the Company's existing stock option plan, and the issuance
of Common Shares to holders of Partnership Units where the Company is required
to issue such Partnership Units pursuant to conversion rights of such holders of
Partnership Units existing prior to the date of this Agreement, in each case as
described, or incorporated by reference, in the Registration Statement and the
Prospectus. In the event that prior to the expiration of the Lock-Up Period, (A)
any Common Shares are issued pursuant to the Company's existing stock option
plan or bonus plan that are exercisable prior to the expiration of the Lock-Up
Period or (B) any registration is effected on Form S-8 or on any successor form
relating to Common Shares that are exercisable prior to the expiration of the
Lock-Up Period, the Company shall obtain the written agreement of such grantee
or purchaser or holder of such registered securities who is a trustee or officer
that, until the expiration of the Lock-Up Period, such person will not, without
your prior written consent, offer for sale, sell, distribute, grant any option
for the sale of, or otherwise dispose of, directly or indirectly, or exercise
any registration rights with respect to, any Common Shares (or any securities
convertible into, exercisable for or exchangeable for any Common Shares) owned
by such person;

            (viii) On or before completion of this offering, the Company shall
make all filings required under applicable securities laws and by the New York
Stock Exchange (including any required registration under the Exchange Act); and

            (ix) The Company and the Partnerships will apply the net proceeds
from the offering of the Offered Shares in the manner set forth under "Use of
Proceeds" in the Prospectus.

      (b) For a period of 90 days after the date of the Prospectus Supplement
(the "Lock-Up Period"), the Company will not, directly or indirectly, (1) offer,
pledge, sell, or contract to sell any Common Shares, (2) sell any option or
contract to sell any Common Shares, (3) purchase any option or contract to sell
any Common Shares, (4) grant any option, right or warrant to purchase any Common
Shares, (5) enter into any swap or other agreement that transfers, in whole or
in part, the economic consequence of ownership of any Common Shares whether any
such swap or transaction is to be settled by delivery of shares or other
securities, in cash or otherwise, (6) take any of the foregoing actions with
respect to any securities convertible into or exchangeable or exercisable for or
repayable with Common Shares, (7) file with the Commission a registration
statement under the Act relating to any additional Common Shares or

                                       19
<PAGE>   20
securities convertible into or exchangeable or exercisable for its Common
Shares, or (8) publicly disclose the intention to take any of the foregoing
actions, without the prior written consent of the Representatives, except
issuances of Common Shares (A) in connection with any acquisitions, joint
ventures or similar arrangements, so long as the recipients of those shares
agree not to sell or transfer those shares in a public market transaction during
the Lock-Up Period; (B) in connection with the acquisition by merger of the Net
Partnerships (as described in the prospectus supplement), (C) upon the exercise
of outstanding employee stock options, (D) and options pursuant to employee
benefit plans, (E) pursuant to non-employee director or trustee stock plans, (F)
pursuant to the Company's dividend reinvestment plan, or (G) upon conversion of
any currently outstanding convertible securities.

      (c) The Company will not take, directly or indirectly, any action designed
to or which has constituted or which might reasonably be expected to cause or
result, under the Exchange Act or otherwise, in stabilization or manipulation of
the price of any security of the Company to facilitate the sale or resale of the
Offered Shares.

      (d) If the sale of the Offered Shares provided for herein is not
consummated because any condition to the obligations of the Underwriters set
forth in Section 6 hereof is not satisfied, because of any termination pursuant
to Section 10 hereof or because of any refusal, inability or failure on the part
of the Company to perform any agreement herein or comply with any provision
hereof other than by reason of a default by any of the Underwriters, the Company
will reimburse the Underwriters severally through FUSI on demand for all
out-of-pocket expenses (including reasonable fees and disbursements of counsel)
that shall have been incurred by them in connection with the proposed purchase
and sale of the Offered Shares.

7.    Indemnification.

      (a) The Company and the Partnerships, jointly and severally, agree to
indemnify and hold harmless each Underwriter, the directors, officers, employees
and agents of each Underwriter and each person, if any, who controls any
Underwriter within the meaning of either the Act or the Exchange Act against any
and all losses, claims, damages or liabilities, joint or several (including,
without limitation to, any reasonable investigation, legal and other expenses
incurred in connection with, and any amount paid in settlement of, any action,
suit or proceeding or any claim asserted), to which they, or any of them, may
become subject under the Act, the Exchange Act or other Federal or state law or
regulation, at common law or otherwise, insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise out of or are based (i)
upon any untrue statement or alleged untrue statement of a material fact
contained in any Preliminary Prospectus, the Registration Statement or the
Prospectus or any amendment thereof or supplement thereto, or in any blue sky
application or other information or other documents executed by the Company
filed in any state or other jurisdiction to qualify any or all of the Offered
Shares under the securities laws thereof 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 not misleading; (ii)
in whole or in part upon any breach of the representations and warranties set
forth in Section 1 hereof; or (iii) in whole or in part upon any failure of the
Company to perform any of its obligations hereunder or under law, and agrees to
reimburse each such indemnified party, as incurred, for any legal or other
expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage,

                                       20
<PAGE>   21
liability or action; provided, however, that such indemnity shall not inure to
the benefit of any Underwriter (or any person controlling such Underwriter) on
account of any losses, claims, damages or liabilities arising from the sale of
the Offered Shares to any person by such Underwriter if such untrue statement or
omission or alleged untrue statement or omission was made in a Preliminary
Prospectus, and (A) such Underwriter failed to send or give a copy of the
Prospectus to such person within the time required by the Act and the untrue
statement or omission (or alleged untrue statement or omission) was corrected in
the Prospectus or (B) was made in reliance upon and in conformity with
information furnished in writing to the Company by the Representatives on behalf
of any Underwriters specifically for use in the Prospectus as set forth in
Section 7(b) below. This indemnity agreement will be in addition to any
liability which the Company may otherwise have.

      (b) Each Underwriter agrees, severally and not jointly, to indemnify and
hold harmless the Company and the Partnerships and each person, if any, who
controls the Company and the Partnerships within the meaning of either the Act
or the Exchange Act, each director of the Company, and each officer of the
Company who signs the Registration Statement, to the same extent as the
foregoing indemnity from the Company to each Underwriter, but only insofar as
such losses, claims, damages or liabilities arise out of or are based upon
written information relating to such Underwriter furnished to the Company by or
on behalf of such Underwriter through the Representatives specifically for
inclusion in the Prospectus; provided, however, that the obligation of each
Underwriter to indemnify the Company (including any controlling person, director
or officer thereof) shall be limited to the net proceeds received by the Company
from such Underwriter. The Company acknowledges that, under the heading
"Underwriting" in any Preliminary Prospectus and the Prospectus, (i) the list of
Underwriters and their respective participation in the sale of the Offering
Shares, (ii) the sentences related to concessions and reallowances and (iii) the
section entitled "Price Stabilization and Short Positions" constitute the only
information furnished in writing by or on behalf of the several Underwriters for
inclusion in any Preliminary Final Prospectus or the Final Prospectus. This
indemnity agreement will be in addition to any liability that the Underwriters
may otherwise have.

      (c) Any party that proposes to assert the right to be indemnified under
this Section (or contribution under Section 8, as further provided in the last
sentence to this Section 7(c)) will, promptly after receipt of notice of
commencement of any action, suit or proceeding against such party in respect of
which a claim is to be made against an indemnifying party or parties under this
Section, notify each such indemnifying party of the commencement of such action,
suit or proceeding, enclosing a copy of all papers served. The failure so to
notify the indemnifying party will not relieve it from liability under paragraph
(a) or (b) above unless and to the extent it did not otherwise learn of such
action and such failure results in the forfeiture by the indemnifying party of
substantial rights and defenses and will not, in any event, relieve the
indemnifying party from any obligations to any indemnified party other than the
indemnification obligation provided in paragraph (a) or (b) above. In case any
such action, suit or proceeding shall be brought against any indemnified party
and it shall notify the indemnifying party of the commencement thereof, the
indemnifying party shall be entitled to participate in, and, to the extent that
it shall wish, 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 and the
approval by the indemnified party of such counsel, the indemnifying

                                       21
<PAGE>   22
party shall not be liable to such indemnified party for any legal or other
expenses, except as provided below and except for the reasonable costs of
investigation subsequently incurred by such indemnified party in connection with
the defense thereof. Notwithstanding the indemnifying party's election to
appoint counsel to represent the indemnified party in an action, suit or
proceeding, the indemnified party shall have the right to employ separate
counsel (including local counsel) in any such action, and the fees and expenses
of such counsel shall be at the expense of the indemnifying party if (i) the use
of counsel chosen by the indemnifying party to represent the indemnified party
would present such counsel with a conflict of interest; (ii) the actual or
potential defendants in, or targets of, any such action include both the
indemnified party and the indemnifying party and the indemnified party shall
have reasonably concluded that there may be legal defenses available to it
and/or other indemnified parties which are different from or additional to those
available to the indemnifying party; (iii) the indemnifying party shall not have
employed counsel satisfactory to the indemnified party to represent the
indemnified party within a reasonable time after notice of the institution of
such action; or (iv) the indemnifying party shall authorize the indemnified
party to employ separate counsel at the expense of the indemnifying party. No
indemnifying party shall, without the prior written consent of the indemnified
parties, effect any settlement or compromise of, or consent to the entry of any
judgment with respect to, any pending or threatened action, claim or proceeding
in respect of which any indemnified party is or could have been a party and
indemnity or contribution may have been sought hereunder by such indemnified
party, unless such settlement, compromise or consent includes an unconditional
release of such indemnified party from all liability on claims arising out of
such action, claim or proceeding and does not include a statement as to or an
admission of fault, culpability or a failure to act, by or on behalf of any
indemnified party. If an indemnifying party has agreed to assume the defense of
any claim against an indemnified party, the indemnified party shall provide the
indemnifying party with prior written notice of any proposed settlement and
shall not complete any settlement without the prior written consent of the
indemnifying party. An indemnifying party shall not be liable for any settlement
of any action, suit, proceeding or claim effected without its written consent,
which consent shall not be unreasonably withheld or delayed. Proceedings with
respect to contribution obligations under Section 9 shall be subject to the same
conditions as provided in this Section 7(c).

8. Contribution. In order to provide for just and equitable contribution in
circumstances in which the indemnification provided for in Section 7(a) or 7(b)
is due in accordance with its terms but for any reason is held to be unavailable
to or insufficient to hold harmless an indemnified party under Section 7(a) or
7(b), the Company and the Partnerships, jointly and severally, and the
Underwriters, severally, agree to contribute to the aggregate losses, claims,
damages and liabilities (including legal or other expenses reasonably incurred
in connection with investigating or defending same) (collectively "Losses") to
which the Company and the Partnerships and one or more of the Underwriters may
be subject in such proportion as is appropriate to reflect the relative benefits
received by the Company and the Partnerships on the one hand and the
Underwriters on the other from the offering of the Offered Shares or, if such
allocation is unavailable for any reason, in such proportion as is appropriate
to reflect not only the relative benefits referred to above but also the
relative fault of the Company on the one hand and the Underwriters on the other
in connection with the statements or omissions which resulted in such Losses, as
well as any other relevant equitable considerations. Benefits received by the
Company shall be deemed to be equal to the total net proceeds from the offering
(before

                                       22
<PAGE>   23
deducting expenses) received by the Company, and benefits received by
the Underwriters shall be deemed to be equal to the total underwriting discounts
received by the Underwriters, in each case as set forth on the cover page of the
Prospectus. The relative fault of the Company and the Partnerships or the
Underwriters shall be determined by reference to, among other things, whether
any untrue or any alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact related to information supplied by the
Company or the Underwriters and the parties' relative intent, knowledge, access
to information and opportunity to correct or prevent such untrue statement or
omission. The Company and the Partnerships and the Underwriters agree that it
would not be just and equitable if contribution pursuant to this Section 8 were
determined by pro rata allocation (even if the Underwriters were treated as one
entity for such purpose) or by any other method of allocation which does not
take account of the equitable considerations referred to above. Notwithstanding
the provisions of this Section 8, (i) in no case shall any Underwriter (except
as may be provided in an Agreement Among Underwriters) be liable or responsible
for any amount in excess of the underwriting discount applicable to the Offered
Shares purchased by such Underwriter hereunder; and (ii) the Company shall be
liable and responsible for any amount in excess of such underwriting discount;
provided, however, that no person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Act) shall be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation. For purposes
of this Section 8, each person, if any, who controls an Underwriter within the
meaning of the Act or the Exchange Act and each director, officer, employee and
agent of an Underwriter shall have the same rights to contribution as such
Underwriter, and each person, if any, who controls the Company and the
Partnerships within the meaning of either the Act or the Exchange Act, each
officer of the Company who shall have signed the Registration Statement and each
director of the Company shall have the same rights to contribution as the
Company and the Partnerships, subject in each case to clauses (i) and (ii) in
the immediately preceding sentence of this Section 8.

9. Default by an Underwriter. If any one or more Underwriters shall fail to
purchase and pay for any of the Offered Shares agreed to be purchased by such
Underwriter or Underwriters hereunder and such failure to purchase shall
constitute a default in the performance of its or their obligations under this
Agreement, the remaining Underwriters shall be obligated severally to take up
and pay for (in the respective proportions which the amount of Offered Shares
set forth opposite their names in Schedule I hereto bears to the aggregate
amount of Offered Shares set forth opposite the names of all the remaining
Underwriters) the Offered Shares which the defaulting Underwriter or
Underwriters agreed but failed to purchase; provided, however, that in the event
that the aggregate amount of Offered Shares which the defaulting Underwriter or
Underwriters agreed but failed to purchase shall exceed 10% of the aggregate
amount of Offered Shares set forth in Schedule I hereto, the remaining
Underwriters shall have the right to purchase all, but shall not be under any
obligation to purchase any, of the Offered Shares, and if such nondefaulting
Underwriters do not purchase all the Offered Shares, this Agreement will
terminate without liability to any nondefaulting Underwriter or the Company. In
the event of a default by any Underwriter as set forth in this Section 9, the
Closing Date shall be postponed for such period, not exceeding five Business
Days, as the Representatives shall determine in order that the required changes
in the Registration Statement and the Prospectus or in any other documents or
arrangements may be effected. Nothing contained in this Agreement shall relieve
any defaulting Underwriter of its liability, if any, to the Company and any
nondefaulting Underwriter for damages occasioned by its default hereunder.

                                       23
<PAGE>   24
10. Termination. This Agreement shall be subject to termination in the absolute
discretion of the Representatives, by notice given to the Company prior to
delivery of and payment for the Offered Shares, if at any time prior to such
time (i) trading in the Company's Common Shares shall have been suspended by the
Commission or the New York Stock Exchange or trading in securities generally on
the New York Stock Exchange shall have been suspended or limited or minimum
prices shall have been established on such Exchange; (ii) a banking moratorium
shall have been declared either by Federal or New York State authorities; or
(iii) there shall have occurred any outbreak or escalation of hostilities,
declaration by the United States of a national emergency or war, or other
calamity or crisis the effect of which on financial markets is such as to make
it, in the sole judgment of the Representatives, impractical or inadvisable to
proceed with the offering or delivery of the Offered Shares as contemplated by
the Prospectus (exclusive of any supplement thereto).

      If this Agreement is terminated pursuant to any of its provisions, the
Company shall not be under any liability to any Underwriter, and no Underwriter
shall be under any liability to the Company, except that, pursuant to Section 9,
no Underwriter who shall have failed or refused to purchase the Offered Shares
agreed to be purchased by it under this Agreement, without some reason
sufficient hereunder to justify cancellation or termination of its obligations
under this Agreement, shall be relieved of liability to the Company or to the
other Underwriters for damages occasioned by its failure or refusal.

11. Miscellaneous.

      (a) The respective agreements, representations, warranties, indemnities
and other statements of the Company and the Partnerships or their officers and
of the Underwriters set forth in or made pursuant to this Agreement shall remain
in full force and effect, regardless of any investigation made by or on behalf
of any Underwriter or the Company or any of the officers, directors or
controlling persons referred to in Sections 7 and 8 hereof, and shall survive
delivery of and payment for the Shares. The provisions of Sections 7, 8 and 9
shall survive the termination or cancellation of this Agreement.

      (b) This Agreement will inure to the benefit of and be binding upon the
parties hereto and their respective successors and the officers, directors,
employees, agents and controlling persons referred to in Section 8 hereof, and
no other person will have right or obligation hereunder.

      (c)   All notices and communications hereunder shall be in writing and
mailed or delivered or by telephone or telegraph if subsequently confirmed in
writing, (a) if to the Representatives, c/o First Union Securities, Inc., 7 St.
Paul Street, 1st Floor, Baltimore, Maryland 21202 Attention:  Britt Stephens,
Managing Director, with a copy to: Hunton & Williams, Riverfront Plaza, East
Tower, 951 East Byrd Street, Richmond, Virginia 23219-4074 Attention:  David C.
Wright, Esq. and (b) if to the Company, to Lexington Corporate Properties Trust,
355 Lexington Avenue, New York, New York 10017-6603 Attention:  T. Wilson Eglin,
President and Chief Operating Officer, with a copy to: Paul Hastings Janofsky &
Walker LLP, 399 Park Avenue, 29th Floor, New York, New York 10022-4697
Attention:  Barry Brooks, Esq.

                                       24
<PAGE>   25
      (d) This Agreement shall be governed by and construed in accordance with
the laws of the State of New York applicable to contracts made and to be
performed within the State of New York.

      (e) This Agreement may be signed in any number of counterparts, each of
which shall be an original, with the same effect as if the signatures thereto
and hereto were upon the same instrument.

      (f) The section headings used herein are for convenience only and shall
not affect the construction hereof.

                                       25
<PAGE>   26
      If the foregoing is in accordance with your understanding of our
agreement, please sign and return to us the enclosed duplicate hereof, whereupon
this letter and your acceptance shall represent a binding agreement among the
Company and the several Underwriters.

                              Very truly yours,

                              Lexington Corporate Properties Trust

                              By:
                                  --------------------------------
                                  Name:   T. Wilson Eglin
                                  Title:  President and Chief Operating Officer

                              Lepercq Corporate Income Fund, L.P.

                              By: Lexington Corporate Properties Trust, general
partner

                              By:
                                  --------------------------------
                                  Name:   T. Wilson Eglin
                                  Title:  President and Chief Operating Officer

                              Lepercq Corporate Income Fund II, L.P.

                              By: Lexington Corporate Properties Trust, general
                                  partner

                              By:
                                  --------------------------------
                                  Name:   T. Wilson Eglin
                                  Title:  President and Chief Operating Officer

The foregoing Agreement is hereby confirmed and accepted as of the date
specified in Schedule I hereto.

First Union Securities, Inc.

By:
   ---------------------------
    Name: J. Brit Stephens
    Title:Managing Director

For itself and the other
several Underwriters named in
Schedule I to the foregoing
Agreement
<PAGE>   27
                                   SCHEDULE I

<TABLE>
<CAPTION>
                                                        NUMBER OF
    UNDERWRITERS                             OFFERED SHARES TO BE PURCHASED
    ------------                             ------------------------------

<S>                                          <C>
First Union Securities, Inc.                            1,600,000
CIBC World Markets Corp.                                  800,000
A.G. Edwards & Sons, Inc.                                 800,000
Raymond James & Associates, Inc.                          800,000
                                                     ------------
            Total                                       4,000,000
</TABLE>
<PAGE>   28
                                                                       EXHIBIT A

                            Form of Lock-Up Agreement

                        Public Offering of Common Shares
                     of Lexington Corporate Properties Trust

                                                                  -------, ----

First Union Securities, Inc.

CIBC World Markets Corp.

A.G. Edwards & Sons, Inc.

Raymond James & Associates, Inc.

c/o First Union Securities, Inc.
7 St. Paul Street, 1st Floor
Baltimore, MD  21202

Ladies and Gentlemen:

      This letter is being delivered to you in connection with the proposed
Underwriting Agreement (the "Underwriting Agreement"), among Lexington Corporate
Properties Trust, a statutory Maryland real estate investment trust (the
"Company"), Lepercq Corporate Income Fund, L.P., a Delaware limited partnership,
and Lepercq Corporate Income Fund II, L.P., a Delaware limited partnership, and
each of you as representatives of a group of Underwriters named therein,
relating to a public offering of Common Shares, $.0001 par value, of the
Company.

      In order to induce you and the other Underwriters to enter into the
Underwriting Agreement, the undersigned will not, without the prior written
consent of First Union Securities, Inc., directly or indirectly, for a period of
90 days after the date of this agreement (the "Lock-Up Period"),

      (1) offer, sell, contract to sell, pledge or otherwise dispose of (or
enter into any transaction which is designed to, or might reasonably be expected
to, result in the disposition (whether by actual disposition or effective
economic disposition due to cash settlement or otherwise) by the Company or any
affiliate of the Company or any person in privity with the Company or any
affiliate of the Company), including the filing (or participation in the filing)
of a registration statement with the Securities and Exchange Commission in
respect of, or

      (2) establish or increase a put equivalent position or establish,
liquidate or decrease a call equivalent position within the meaning of Section
16 of the Securities Exchange Act of 1934, as amended, and the rules and
regulations of the Securities and Exchange Commission promulgated thereunder
with respect to,

any shares of capital stock of the Company or any securities convertible into or
exercisable or exchangeable for such capital stock, nor will the undersigned
publicly announce an intention to effect any of the foregoing.

      If for any reason the Underwriting Agreement shall be terminated prior to
the Closing Date (as defined in the Underwriting Agreement), the agreement set
forth above shall likewise be terminated. The foregoing restrictions shall not
apply to securities disposed of privately through bona fide gifts to family
members or to others approved by First Union Securities, Inc., so long as the
recipients agree to be bound by the same restrictions set forth herein during
the Lock-Up Period.

                                    Yours very truly,

                                    [SIGNATURE OF OFFICER, DIRECTOR OR MAJOR
                                    STOCKHOLDER]

                                    [NAME AND ADDRESS OF OFFICER, DIRECTOR OR
                                    MAJOR STOCKHOLDER]<PAGE>   1
                                                                     EXHIBIT 4.1

                             OPTIMARK HOLDINGS, INC.

                                    SERIES E
                       PREFERRED STOCK PURCHASE AGREEMENT

                                  JUNE 29, 2001
<PAGE>   2
                           SERIES E PREFERRED STOCK
                              PURCHASE AGREEMENT

      This Series E Preferred Stock Purchase Agreement (the "AGREEMENT") is
entered into as of this 29th day of June, 2001, by and among OptiMark Holdings,
Inc. a Delaware corporation (the "COMPANY"), and each of those entities,
severally and not jointly, whose names are set forth on the Schedule of
Purchasers attached hereto as Exhibit A (which entities are hereinafter
collectively referred to as "PURCHASERS" and each individually as a
"PURCHASER").

      Terms defined in the text of this Agreement shall have the meanings there
set forth herein. Other capitalized terms shall have the meaning set forth in
the Definitions Addendum, which is attached and incorporated herein.

                                   RECITALS

      WHEREAS, the Company has authorized the sale and issuance of an aggregate
of 1,000,000 shares of its Series E preferred stock, par value $0.01 per share
(the "SHARES");

      WHEREAS, Purchasers desire to purchase the Shares on the terms and
conditions set forth herein; and

      WHEREAS, the Company desires to issue and sell the Shares to Purchasers on
the terms and conditions set forth herein.

      NOW, THEREFORE, in consideration of the foregoing recitals and the mutual
promises hereinafter set forth, the parties hereto agree as follows:

SECTION 1.  AGREEMENT TO SELL AND PURCHASE

            1.1 AUTHORIZATION OF SHARES. On or prior to the First Closing Date
(as defined in Section 2 below), the Company shall have duly authorized the sale
and issuance to Purchasers of the Shares. The Shares shall have the rights,
preferences, privileges and restrictions set forth in the Certificate of
Designations of the Company, in the form attached hereto as Exhibit B (the
"CERTIFICATE"). The Company has, or before the First Closing Date will have,
adopted and filed with the Secretary of State of the State of Delaware the
Certificate and will have taken all necessary corporate action for the purpose
of authorizing the issuance and sale of the Shares pursuant hereto.

                                       2
<PAGE>   3
            1.2 SALE AND PURCHASE. Subject to the terms and conditions hereof,
at each Closing (as hereinafter defined), the Company hereby agrees to issue and
sell to each Purchaser, and each Purchaser, severally and not jointly, agrees to
purchase from the Company, the number of Shares to be purchased by such
Purchaser at such Closing as set forth opposite such Purchaser's name in Exhibit
A, at a purchase price per Share equal to $15.00.

SECTION 2.  CLOSING, DELIVERY AND PAYMENT

            2.1 CLOSING. The consummation of each sale and purchase of the
Shares under this Agreement (each a "CLOSING") shall take place at the offices
of Sullivan & Cromwell, 125 Broad Street, New York, New York 10004. Subject to
the fulfillment or waiver of the conditions set forth herein, the earliest
Closing (the "FIRST CLOSING") shall occur on June 29, 2001 and each other
Closing shall occur on the date therefor specified in Exhibit A. Notwithstanding
the foregoing, SOFTBANK, at its sole discretion may accelerate the date for any
Closing (the date for any Closing specified in Exhibit A, as it may be so
accelerated, the "CLOSING DATE") to an earlier Business Day specified by it by
written notice to the Company and each Purchaser other than SOFTBANK at least 5
Business Days prior to the date for such Closing as so accelerated. Upon such
notice duly given by SOFTBANK, the Closing Date for such Closing shall, for all
purposes of this Agreement, be the date so specified by SOFTBANK and Exhibit A
shall be deemed to be amended accordingly.

            2.2 DELIVERY. At each Closing, subject to the terms and conditions
hereof, the Company will deliver to each Purchaser stock certificates issued in
such Purchaser's name representing the number of Shares to be purchased at such
Closing by such Purchaser as specified in Exhibit A, against payment of the
purchase price therefor by wire transfer of immediately available funds to the
Company's account (for credit to account number 0000841096, for further credit
to account number 12243853 with the name "OptiMark, Inc." at Wells Fargo Bank
Minnesota, NA, ABA number 091000019) or such other bank account of the Company
designated by the Company in writing no later than the second Business Day
immediately preceding the date for such Closing.

SECTION 3.  REPRESENTATIONS AND WARRANTIES OF THE COMPANY

                                       3
<PAGE>   4
      Except as set forth on the Schedule of Exceptions attached hereto, the
Company hereby represents and warrants to each Purchaser as follows:

            3.1 ORGANIZATION, GOOD STANDING AND QUALIFICATION. Each of the
Company and each of its Subsidiaries is a corporation duly organized, validly
existing and in good standing under the laws of the State of Delaware. Each of
the Company and each of its Subsidiaries has all requisite corporate power and
authority to own and operate its properties and assets, to carry on its business
as currently conducted and as currently proposed to be conducted and, in the
case of the Company, to execute and deliver this Agreement and the Series E
Preferred Stock Registration Rights Agreement, in the form attached hereto as
Exhibit C (the "REGISTRATION RIGHTS AGREEMENT"), to issue and sell the Shares
and to carry out the provisions of this Agreement, the Registration Rights
Agreement, and the Certificate. Each of the Company and each of its Subsidiaries
is duly qualified and is authorized to do business and is in good standing as a
foreign corporation in all jurisdictions in which the nature of its activities
and of its properties (both owned and leased) make such qualifications
necessary, except for those jurisdictions in which failure to do so would not
have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries
owns any equity securities of any other corporation, limited partnership or
similar entity, other than the ownership by the Company of equity securities of
OptiMark US Equities, Inc. and OptiMark, Inc. (together, the "OPTIMARK
SUBSIDIARIES"). The Company owns all of the outstanding shares of capital stock
of each of the OptiMark Subsidiaries free of any Lien other than the security
interests granted to SOFTBANK pursuant to the Pledge Agreement and liens for
current taxes not yet due (it being understood that the Liens previously granted
to SOFTBANK shall be terminated on the Closing Date of the First Closing). The
Company is not a participant in any joint venture, partnership or similar
arrangement. The Company has made available to the Purchasers true, correct and
complete copies of the Company's Certificate of Incorporation and Bylaws, each
as amended to date and presently in effect.

            3.2 CAPITALIZATION; VOTING RIGHTS. The authorized capital stock of
the Company, consists of (a) 148,500,000 shares of voting Common Stock,
35,872,557 shares of which are issued and outstanding, 6,623,109 shares of which
are currently reserved for issuance pursuant to outstanding option agreements,
and 10,241,901 shares of which are currently reserved for

                                       4
<PAGE>   5
issuance to key employees, consultants and others affiliated with the Company
pursuant to stock grant, stock purchase and/or option plans or any other stock
incentive program, arrangement or agreement approved by the Company's Board of
Directors, (b) 1,500,000 shares of non-voting Common Stock, of which 740,000 are
issued and outstanding, and (c) 40,000,000 shares of Preferred Stock, par value
$0.01 per share (the "Preferred Stock"), 3,222,068 of which are designated
Series A Convertible Preferred Stock, all of which are issued and outstanding,
11,000,000 shares of which are designated Series B Convertible Preferred Stock,
all of which are issued and outstanding, 8,250,000 shares of which are
designated Series C Convertible Preferred Stock, all of which are issued and
outstanding, and 250,000 shares of which are designated Series D Convertible
Preferred Stock, all of which are issued and outstanding. All issued and
outstanding shares of the Company's Common Stock and Preferred Stock (i) have
been duly authorized and validly issued, (ii) are fully paid and nonassessable,
and (iii) were issued in compliance in all material respects with all applicable
state and federal laws concerning the issuance of securities. The rights,
preferences, privileges and restrictions of the Shares, upon the First Closing,
will be as stated in the Certificate. Except as may be granted pursuant to this
Agreement and except as set forth above, there are no outstanding options,
warrants, puts, calls, rights (including conversion or preemptive rights and
rights of first refusal), proxy or stockholder agreements, or agreements of any
kind for the purchase or acquisition from, sale to or exchange, with the Company
or any of its Subsidiaries of any shares of any class or series of capital stock
of the Company or any of its Subsidiaries or other restrictions on the incidents
of ownership or transfer of any such shares of capital stock created by statute
(other than Federal and state securities laws), the charter documents of the
Company or any of its Subsidiaries or any agreement to which the Company or any
of its Subsidiaries is a party, by which any of them is bound or of which any of
them has knowledge. The Shares have been duly authorized and, when issued in
compliance with the provisions of this Agreement and the Certificate, will be
validly issued (including, without limitation, issued in compliance with
applicable state and federal securities laws, assuming the accuracy of
Purchasers' representations in Section 4 hereof), fully paid and nonassessable
and will be free of any Liens (other than Liens created by Purchasers);
provided, however, that the Shares may be subject to restrictions on transfer
under state and/or federal securities laws as set forth herein or as otherwise
required by such laws at the time transfer is proposed.

                                       5
<PAGE>   6
            3.3 AUTHORIZATION; BINDING OBLIGATIONS. All corporate action on the
part of the Company, its officers, directors and stockholders necessary for the
due authorization, execution and delivery of this Agreement and the Registration
Rights Agreement, the performance of all obligations of the Company hereunder
and thereunder and the authorization, sale, issuance and delivery of the Shares
pursuant hereto has been taken. The Agreement and the Registration Rights
Agreement, when executed and delivered, will be valid and binding obligations of
the Company enforceable against the Company, in accordance with their terms,
except (i) as limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other laws of general application affecting enforcement of
creditors' rights; (ii) as limited by general principles of equity that restrict
the availability of specific performance, injunctive relief or other equitable
remedies; and (iii) to the extent that the enforceability of the indemnification
provisions of the Registration Rights Agreement may be limited by applicable
federal and state securities laws. The sale of the Shares are not and will not
be subject to any preemptive rights or rights of first refusal that have not
been properly waived or complied with.

            3.4 FINANCIAL STATEMENTS; REPORTS. The audited consolidated balance
sheet of the Company and its Subsidiaries as of December 31, 2000, together with
its audited consolidated Statements of Operations and Comprehensive Loss,
Statements of Changes in Stockholders' Equity and Consolidated Statements of
Cash Flows for the fiscal year then ended (collectively, the "FINANCIAL
STATEMENTS") fairly present, in all material respects in accordance with GAAP,
the consolidated financial condition of the Company and its Subsidiaries and the
consolidated results of their operations, changes in stockholders' equity and
cash flows as of the dates and for the periods referred to. There are no
material Liabilities of the Company or any of its Subsidiaries as of the date of
such balance sheet which are not reflected therein or in the notes thereto, and
there has been no Material Adverse Effect since December 31, 2000. The Company
has made available to the Purchasers each registration statement, report, proxy
statement or information statement filed by it since December 31, 2000 (the
"AUDIT DATE"), including (i) the Company's Annual Report on Form 10-K for the
year ended December 31, 2000, together with all amendments thereto, and (ii) and
the Company's Quarterly Report on Form 10-Q for the three months ended March 31,
2001, together with amendments thereto filed with the SEC prior to the date
hereof, each in the form (including exhibits, annexes and any amendments
thereto)

                                       6
<PAGE>   7
filed with the SEC (collectively, including any such reports filed subsequent to
the date hereof, the "REPORTS"). As of their respective dates, the Reports did
not, and any Reports filed with the SEC subsequent to the date hereof will not,
contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements made therein,
in light of the circumstances in which they were made, not misleading. Each of
the consolidated balance sheets included in or incorporated by reference into
any Reports filed with the SEC after the date hereof (including the related
notes and schedules) will fairly present in all material respects, the
consolidated financial position of the Company and its Subsidiaries as of its
date and each of the consolidated statements of operations and comprehensive
loss, statements of changes in stockholders' equity and statements of cash flows
included in or incorporated by reference into any such Reports (including any
related notes and schedules) will fairly present in all material respects the
results of operations, retained earnings and cash flows, as the case may be, of
Company and its Subsidiaries for the periods set forth therein (subject, in the
case of unaudited statements, to the absence of complete notes and to normal,
recurring, year-end audit adjustments that will not be material in amount or
effect), in each case in accordance with GAAP consistently applied during the
periods involved, except as may be noted therein.

            3.5 ABSENCE OF CERTAIN CHANGES. Except as disclosed in the Reports
filed with the SEC and made available to Purchasers prior to the date hereof,
since the Audit Date the Company and the Subsidiaries have conducted their
respective businesses only in, and have not engaged in any material transaction
other than according to, the ordinary and usual course of such business and
there has not been (i) any Material Adverse Effect or any development or
combination of developments of which management of the Company or any of its
Subsidiaries has knowledge that, individually or in the aggregate, has had or is
reasonably likely to result in a Material Adverse Effect; (ii) any material
damage, destruction or other casualty loss with respect to any material asset or
property owned, leased or otherwise used by the Company or any of its
Subsidiaries, whether or not covered by insurance; (iii) any change by the
Company in accounting principles, practices or methods; or (iv) any declaration,
setting aside or payment of any dividend or other distribution in cash, stock or
property in respect of the capital stock of the Company. Since the Audit Date,
except as disclosed in the Reports filed with the SEC and made

                                       7
<PAGE>   8
available to Purchasers prior to the date hereof, there has not been any
increase in the compensation payable or that could become payable by the Company
or any of its Subsidiaries to officers or key employees or any amendment of any
of the Company's Compensation and Benefit Plans.

            3.6   AGREEMENTS; ACTION.

                  (a) Except for agreements explicitly contemplated hereby,
there are no agreements, understandings or proposed transactions between the
Company or any of its Subsidiaries, on the one hand, and any of their officers,
directors or affiliates or any affiliate thereof, on the other.

                  (b) There are no agreements, understandings, instruments,
contracts, proposed transactions, judgments, orders, writs or decrees to which
the Company or any of its Subsidiaries is a party or to their knowledge by which
any of them is bound which include provisions (i) restricting the development or
distribution of the products or services of the Company or any of its
Subsidiaries or (ii) providing for indemnification by the Company or any of its
Subsidiaries with respect to infringements or alleged infringements of
proprietary rights.

            3.7 OBLIGATIONS TO RELATED PARTIES. There are no obligations of the
Company or any of its Subsidiaries to officers, directors, stockholders, or
employees of the Company or any of its Subsidiaries other than (a) for payment
of salary for services rendered, (b) reimbursement for reasonable expenses
incurred on behalf of the Company or any of its Subsidiaries and (c) for other
standard employee benefits made generally available to all employees (including
stock option agreements outstanding under any stock option plan approved by the
Board of Directors of the Company or the relevant Subsidiary). No officer or
director or, to the best of the Company's knowledge, any member of their
immediate families, are indebted to the Company or any of its Subsidiaries or
have any direct or indirect ownership interest in any firm or corporation with
which the Company or any of its Subsidiaries is affiliated or with which the
Company or any of its Subsidiaries has a business relationship, or any firm or
corporation which competes with the Company or any of its Subsidiaries, in each
case other than ownership of less than 1% of the outstanding stock of publicly
traded companies. No such officer or director, or, to the best of the Company's
knowledge, any member of their immediate families, is, directly or indirectly,
interested in any material contract with the Company or any of its Subsidiaries.
Neither

                                       8
<PAGE>   9
the Company nor any of its Subsidiaries is a guarantor or indemnitor of any
indebtedness of any other Person.

            3.8 TITLE TO PROPERTIES AND ASSETS; LIENS, ETC. Neither the Company
nor any of its Subsidiaries owns any real property. Each of the Company and each
of its Subsidiaries has good title to its leasehold estates and personal
property owned by the Company and each of its Subsidiaries (as the case may be),
in each case subject to no Lien other than (i) liens for taxes which have not
yet become due, (ii) minor liens and encumbrances which do not materially
detract from the value of the property subject thereto or materially impair the
operations of the Company or any of its Subsidiaries, and (iii) Liens granted to
SOFTBANK pursuant to the Pledge Agreement and the Guarantees (it being
understood that the Liens previously granted to SOFTBANK shall be terminated on
the date of the First Closing). All facilities, machinery, equipment, fixtures,
vehicles and other properties owned, leased or used by the Company and each of
its Subsidiaries are in good operating condition and repair and are reasonably
fit and usable for the purposes for which they are being used. The Company and
each of its Subsidiaries is in compliance in all material respects with the
terms of each lease to which it is a party or is otherwise bound.

            3.9 PATENTS AND TRADEMARKS. Each of the Company and each of its
Subsidiaries owns or possesses sufficient legal rights to all patents,
trademarks, service marks, trade names, copyrights, trade secrets, information
and other proprietary rights and processes necessary for its business as now
conducted and as currently proposed to be conducted, without any infringement
known to it of the rights of others. There are no outstanding options, licenses
or agreements of any kind relating to the foregoing, nor is the Company bound by
or a party to any options, licenses or agreements of any kind with respect to
the patents, trademarks, service marks, trade names, copyrights, trade secrets,
licenses, information and other proprietary rights and processes of any other
Person other than such licenses to the Company or its Subsidiaries (i) arising
from the purchase by any of them of "off the shelf" standard products or (ii)
that are not material to the business now conducted or currently proposed to be
conducted by the Company or any of its Subsidiaries. Neither the Company nor any
of its Subsidiaries has received any communications alleging that the Company or
any of its Subsidiaries has violated or, by conducting its business as currently
proposed, would violate any of the patents, trademarks, service marks, trade
names, copyrights or trade

                                       9
<PAGE>   10
secrets or other proprietary rights of any other Person. Neither the Company nor
any of its Subsidiaries is aware that any of its employees is obligated under
any contract (including licenses, covenants or commitments or any nature) or
other agreement, or subject to any judgment, decree or order of any court or
administrative agency, that would interfere with their duties to the Company or
any of its Subsidiaries. The conduct of the Company's and each of its
Subsidiary's business as currently proposed to be conducted, will not, to the
knowledge of the Company or any of its Subsidiaries, conflict with or result in
a breach of the terms, conditions or provisions of, or constitute a default
under, any contract, covenant or instrument under which any employee is now
obligated. Neither the Company nor any of its Subsidiaries believes it is or
will be necessary to utilize any inventions, trade secrets or proprietary
information developed or acquired by any of its employees in the conduct of the
Company's or any of its Subsidiary's business prior to their employment by the
Company or any of its Subsidiaries, except for inventions, trade secrets or
proprietary information that have been assigned to the Company or any of its
Subsidiaries.

            3.10 COMPLIANCE WITH OTHER INSTRUMENTS AND LAWS; CONSENTS; PERMITS.
Neither the Company nor any of its Subsidiaries is in violation or default of
any term of its Certificate of Incorporation or Bylaws, or of any provision of
any mortgage, indenture, contract, agreement, instrument or contract to which it
is party or by which it or any of its property is bound or of any judgment,
decree, order, writ, statute, rule or regulation applicable to the Company or
any of its Subsidiaries or their properties which, individually or in the
aggregate, would have a Material Adverse Effect. The execution, delivery, and
performance of and compliance with this Agreement and the Registration Rights
Agreement, and the issuance and sale of the Shares pursuant hereto, will not,
with or without the passage of time or giving of notice, result in any violation
or default by the Company or any of its Subsidiaries of any term of its
Certificate of Incorporation or Bylaws, or of any provision of any mortgage,
indenture, contract, agreement, instrument or contract to which it is party or
by which it or any of its property is bound or of any judgment, decree, order,
writ, statute rule or regulation applicable to the Company, any of its
Subsidiaries or their properties, or result in the creation of any Lien upon any
of the properties or assets of the Company or any of its Subsidiaries or the
suspension, revocation, impairment, forfeiture or nonrenewal of any permit,
license, authorization

                                       10
<PAGE>   11
or approval applicable to the Company or any of its Subsidiaries, their business
or operations or any of their assets or properties. No orders, permissions,
consents, approvals or authorizations of any Governmental Entity is required to
be obtained by the Company or any of its Subsidiaries and no application,
notification, request, registration or declaration is required to be filed with
any Governmental Entity by the Company or any of its Subsidiaries in connection
with the execution and delivery of this Agreement and the offer, issuance, sale
and delivery of the Shares, or the other transactions to be consummated at any
Closing, as contemplated in this Agreement other than items which the failure by
the Company to file will not have a Material Adverse Effect. The Company has all
franchises, permits, licenses and any similar authority necessary for the
conduct of its business as now being conducted by it, the lack of which,
individually or in the aggregate, could reasonably be expected to have a
Material Adverse Effect and can obtain, without undue burden or expense, any
similar authority necessary for the conduct of its business as currently
proposed to be conducted.

            3.11 LITIGATION. There is no action, suit, proceeding or
investigation pending or to the knowledge of the Company or any of its
Subsidiaries currently threatened against the Company or any of its Subsidiaries
that questions the validity of this Agreement, the Registration Rights Agreement
or the Certificate or the right of the Company to enter into any of such
agreements, to issue the Shares with the terms specified in the Certificate or
to consummate the transactions contemplated hereby or thereby, or which, if
determined adversely to the Company, might result, either individually or in the
aggregate, in any Material Adverse Effect or any change in the current equity
ownership of the Company or any of its Subsidiaries, nor is the Company or any
of its Subsidiaries aware that there is any basis for the foregoing. Neither the
Company nor any of its Subsidiaries is a party or subject to the provisions of
any order, writ, injunction, judgment or decree of any court or other
Governmental Entity.

            3.12 TAX RETURNS AND PAYMENTS. The Company and each of its
Subsidiaries has timely filed all tax returns (federal, state, local and
foreign) required to be filed by it. All Taxes shown to be due and payable on
such returns, any assessments imposed, and all other Taxes due and payable by
the Company or any of its Subsidiaries have been paid or will be paid prior to
the time they become delinquent. Neither the Company nor any of its Subsidiaries
has been advised (i) that any of its returns,

                                       11
<PAGE>   12
federal, state, foreign or other, have been or are being audited as of the date
hereof, or (ii) of any deficiency in assessment or proposed adjustment to its
federal, state, foreign or other Taxes. There exists no liability for any Tax or
potential Tax to be imposed upon the properties or assets of the Company or any
of its Subsidiaries as of the date of this Agreement that is not adequately
provided for.

            3.13        CONTRACTS.  Neither the Company nor any of its
Subsidiaries is a party to or bound by any of the following:

            (i)      any agreement (or group of related agreements) for the
                     lease of personal property to or from any Person
                     providing for lease payments in excess of $100,000 per
                     annum;

            (ii)     any agreement (or group of related agreements) for the
                     purchase or sale of raw materials, commodities,
                     supplies, products, or other personal property, or for
                     the furnishing or receipt of services, the performance
                     of which will extend over a period of more than one
                     year, result in a material loss to the Company or any of
                     its Subsidiaries if terminated, or involve consideration
                     in excess of $100,000;

            (iii)    any agreement concerning a partnership or joint venture;

            (iv)     any agreement (or group or related agreements) under which
                     it has created, incurred, assumed, or guaranteed any
                     indebtedness for borrowed money, or any capitalized lease
                     obligation, in excess of $100,000 or under which it has
                     imposed a Lien on any of its assets, tangible or
                     intangible;

            (v)      any agreement concerning noncompetition other than
                     agreements pursuant to which a current or former
                     employee of the Company has agreed not to compete with
                     the Company;

            (vi)     any profit sharing, stock option, stock purchase, stock
                     appreciation, deferred compensation, severance, or other
                     plan or arrangement for the benefit of its current or
                     former directors, officers, and employees;

                                       12
<PAGE>   13
            (vii)    any agreement for the employment of any individual on a
                     full-time, part-time, consulting, or other basis providing
                     annual compensation in excess of $100,000 or providing
                     severance benefits;

            (viii)   any agreement under which it has advanced or loaned any
                     amount to any of its directors, officers, and employees
                     other than advances for travel expenses in the ordinary
                     course of business;

            (ix)     any agreement under which the consequences of a default
                     or termination would be reasonably likely to have a
                     Material Adverse Effect; and

            (x)      any other agreement (or group of related agreements) the
                     performance of which involves consideration in excess of
                     $250,000.

            The Company has a current and complete copy of each written
agreement listed in Section 3.13 of the Schedule of Exceptions (as amended to
dATe) and a written summary setting forth the terms and conditions of each oral
agreement referred to in Section 3.13 of the Schedule of Exceptions. With
respECt to each such agreement: (A) the agreement is legal, valid, binding,
enforceable, and in full force and effect; (B) the agreement will continue to be
legal, valid, binding, enforceable, and in full force and effect on identical
terms following the consummation of the transactions contemplated hereby; (C) no
party is in breach or default, and no event has occurred which with notice or
lapse of time would constitute a breach or default, or permit termination,
modification, or acceleration, under the agreement; and (D) no party has
repudiated any provision of the agreement.

            3.14 EMPLOYEES. To the knowledge of the Company and its
Subsidiaries, no employee of the Company or any of its Subsidiaries, nor any
consultant with whom the Company or any of its Subsidiaries has contracted, is
in violation of any term of any employment contract, proprietary information
agreement or any other agreement relating to the right of any such individual to
be employed by, or to contract with, the Company or any of its Subsidiaries; and
to the knowledge of the Company and each of its Subsidiaries the continued
employment by the Company and each of its Subsidiaries of their present
employees, and the performance of the contracts of the Company and each of its
Subsidiaries with its independent contractors, will not result

                                       13
<PAGE>   14
in any such violation except for such violations which, individually or in the
aggregate, would not reasonably be expected to have a Material Adverse Effect.
Neither the Company nor any of its Subsidiaries has received any notice alleging
that any such violation has occurred. No employee of the Company or any of its
Subsidiaries has been granted the right to continued employment by the Company
or any of its Subsidiaries or to any material compensation following termination
of employment with the Company. Neither the Company nor any of its Subsidiaries
is aware that any officer or key employee intends to terminate his or her
employment with the Company or any of its Subsidiaries, nor does the Company or
any of its Subsidiaries have a present intention to terminate the employment of
any officer or key employee.

            3.15 PROPRIETARY INFORMATION AND INVENTIONS ASSIGNMENT AGREEMENTS.
Each employee, consultant and officer of the Company and each of its
Subsidiaries and any other Person developing intellectual property on behalf of
the Company or any of its Subsidiaries has executed an agreement with the
Company or such Subsidiary regarding confidentiality and proprietary information
substantially in the form or forms delivered to the Purchasers. Neither the
Company nor any of its Subsidiaries is aware that any of its employees or
consultants is in violation thereof.

            3.16 REGISTRATION RIGHTS. Except as required pursuant to the
Registration Rights Agreement, the Company is not under any obligation, and has
not granted any rights, to register any of the Company's securities under the
Securities Act of 1933, as amended (the "SECURITIES ACT").

            3.17 ENVIRONMENTAL AND SAFETY LAWS. Neither the Company nor any of
its Subsidiaries is in violation in any material respect of any applicable
statute, law or regulation relating to the environment or occupational health
and safety, and to their knowledge, no material expenditures are or will be
required in order to comply with any such existing statute, law or regulation.

            3.18 OFFERING VALID. Assuming the accuracy of the representations
and warranties of the Purchasers contained in Section 4 hereof, the offer, sale
and issuance of the Shares will be exempt from the registration requirements of
the Securities Act, and will have been registered or qualified (or are exempt
from registration and qualification) under the registration, permit or
qualification requirements of all applicable state securities laws. Neither the
Company nor any

                                       14
<PAGE>   15
agent on its behalf has solicited or will solicit any offers to sell or has
offered to sell or will offer to sell all or any part of the Shares to any
person or persons so as to bring the sale of such Shares by the Company within
the registration provisions of the Securities Act or the registration or
qualification provisions of any state securities laws.

            3.19 MINUTE BOOKS. The minute books of the Company and each of its
Subsidiaries made available to counsel for the Purchasers contain a fair and
accurate summary of all meetings of, and any actions taken by, the directors and
stockholders of the Company and its Subsidiaries since the date of their
incorporation.

            3.20 ABSENCE OF LIABILITIES. Except as set forth in the Financial
Statements, neither the Company nor any of its Subsidiaries has any Liability in
excess of $300,000.

            3.21 RETURNS AND COMPLAINTS. Neither the Company nor any of its
Subsidiaries has received any customer complaints concerning alleged defects in
its products or services that, if true, would reasonably be expected to have a
Material Adverse Effect.

            3.22 DISCLOSURE. Neither this Agreement nor any other agreements,
written statement or certificates made or delivered in connection herewith
contains any untrue statement of a material fact or omits to state a material
fact necessary to make the statements herein or therein not misleading, except
that with respect to assumptions, projections and expressions of opinion or
predictions contained in the Business Plan, the Company represents only that
such assumptions, projections, expressions of opinion and predictions were made
in good faith and that there is a reasonable basis therefor.

            3.23 EXHIBITS TO REPORTS. With respect to the exhibits filed with
the SEC with the Company's Reports: (i) the Agreement for Information Technology
Services, dated May 6, 1999, by and between OptiMark Technologies, Inc. and IBM
Canada Limited, filed as Exhibit 10.20 to the Company's registration statement
on Form 10 (No. 000-30527), has been terminated pursuant to the provisions of
the Agreement of settlement dated as of December 29, 2000 by and among ISM
Information Systems Management Corporation, IBM Canada Limited, the Company and
its Subsidiaries, and (ii) performance by the parties to the NASDAQ/OptiMark
Agreement, dated September 1, 1998, between OptiMark Technologies, Inc. and The
NASDAQ Stock Market, Inc., filed as Exhibit 10.4 to the Company's registration
statement on

                                       15
<PAGE>   16
Form 10 (No. 000-30527), has ceased as a result of the fact that the operation
of the market that is the subject matter of that agreement has been suspended by
The NASDAQ Stock Market, Inc.

SECTION 4.  REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS

      Each Purchaser, severally and not jointly, hereby represents and warrants
to the Company as follows:

            4.1 REQUISITE POWER AND AUTHORITY. Such Purchaser has all necessary
power and authority under its organizational documents and all applicable
provisions of law to execute and deliver this Agreement and the Registration
Rights Agreement and to carry out its obligations hereunder and thereunder. All
actions on the part of such Purchaser required for the due and lawful
authorization, execution and delivery of this Agreement and the Registration
Rights Agreement and the performance of such Purchaser's obligations hereunder
and thereunder have been or will be effectively taken prior to the First
Closing. This Agreement has been, and upon its execution and delivery the
Registration Rights Agreement will be, duly executed and delivered by such
Purchaser, and this Agreement is, and upon such execution and delivery the
Registration Rights Agreement, will be, valid and binding obligations of such
Purchaser, enforceable against such Purchaser in accordance with their terms,
except (i) as limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other laws of general application affecting enforcement of
creditors' rights; (ii) as limited by general principles of equity that restrict
the availability of specific performance, injunctive relief or other equitable
remedies; and (iii) to the extent that the enforceability of the indemnification
provisions of the Registration Rights Agreement may be limited by applicable
federal and state securities laws.

            4.2   PURCHASE ENTIRELY FOR OWN ACCOUNT.  Such Purchaser is
acquiring the Shares for its own account, not as a nominee or agent, for
investment and not with a view to the resale or distribution of any part
thereof.

            4.3 INVESTMENT EXPERIENCE. Such Purchaser is an "accredited
investor" as defined in Rule 501(a) under the Securities Act. Such Purchaser
believes it has acquired sufficient information about the Company and its
Subsidiaries to reach an informed decision to purchase the Shares. Such
Purchaser has such business and financial experience as are required to give it
the capacity to protect its own interests in connection with the purchase of the
Shares.

                                       16
<PAGE>   17
            4.4 RESTRICTED SECURITIES. Such Purchaser understands that the
Shares are being offered in a transaction not involving any public offering
within the meaning of the Securities Act, that such Shares have not been
registered under the Securities Act and that it may not resell, pledge or
otherwise transfer any such Shares except pursuant to an effective registration
statement under the Securities Act or pursuant to an exemption from
registration.

            4.5 LEGENDS. Such Purchaser understands that the Shares and any
securities issued in respect thereof or exchange therefor, shall bear the
following legend until such time, if any, as (A) the Shares or such securities
(i) are sold in compliance with Rule 144 under the Securities Act (or a
comparable successor provisions) or pursuant to an effective registration
statement under the Securities Act or (ii) may be resold pursuant to Rule 144(k)
under the Securities Act (or a comparable successor provision), or (B) the
Company receives an opinion of counsel reasonably acceptable to it to the effect
that such legend may be removed:

"THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") AND MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR AN EXEMPTION FROM
REGISTRATION AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE
STATES OF THE UNITED STATES."

SECTION 5.  COVENANTS

            5.1 PREEMPTIVE RIGHTS. (a) If the Company proposes to issue, grant
or sell common stock, preferred stock, other equity securities or Rights, the
Company shall first give to the Purchaser and any transferee of Shares from the
Purchaser (each a "SECURITYHOLDER") written notice setting forth in reasonable
detail the price and other terms on which such equity securities or Rights are
proposed to be issued, granted or sold, the terms of any such Rights and the
amount thereof proposed to be issued, granted or sold. Each Securityholder shall
thereafter have the preemptive right, exercisable by written notice to the
Company no later than 15 days after the Company's notice is given, to purchase
the lesser of (i) such Securityholder's Proportionate Share of the number of
such equity securities or Rights that are proposed to be issued, granted or sold
and (ii) the product of: (x) the number of such equity securities or Rights that
are proposed to be issued, granted or sold minus the number of such equity
securities or Rights purchased by the parties to the

                                       17
<PAGE>   18
Stockholders' Agreement pursuant to their respective preemptive rights contained
in Sections 4.2 and 4.3 thereof and (y) a fraction equal to the number of Shares
held by such Securityholder as of the date notice delivered pursuant to this
section divided by the total number of issued and outstanding Shares held by all
Securityholders. Any such purchase by any Securityholder shall be at the price
and on the other terms set forth in the Company's notice. Any notice by a
Securityholder exercising the right to purchase equity securities or Rights
pursuant to this Section 5.1 shall constitute an irrevocable commitment to
purchase from the Company the equity securities or Rights specified in such
notice, subject to the maximum set forth in this paragraph. If the
Securityholders exercise their preemptive rights set forth in this Section
5.1(a) to the full extent of their rights set forth in this Section 5.1(a), then
the closing of the purchase of equity securities or Rights by Securityholders
shall take place on such date, no less than ten and no more than 60 days after
the expiration of the 15-day period referred to above, as the Company may
select, and the Company shall notify the Securityholders of such closing at
least seven days prior thereto. If all Persons entitled thereto do not exercise
their preemptive rights to the full extent of such preemptive rights and, as
contemplated by Section 5.1(b), the Company shall issue, grant or sell equity
securities or Rights to persons other than Securityholders and the parties to
the Stockholders Agreement, then the closing of the purchase of such equity
securities or Rights shall take place at the same time as the closing of such
issuance, grant or sale.

                  (b) The Company shall use its good faith and commercially
reasonable efforts to issue, grant or sell the remaining subject equity
securities or Rights on the terms set forth in its notice to Securityholders,
unless the Company is advised by its financial advisors that the remaining
number or amount is too small to be reasonably sold. From the expiration of the
15-day period first referred to in Section 5.1(a) and for a period of 90 days
thereafter, the Company may offer, issue, grant and sell to any person or entity
equity securities or Rights having the terms set forth in the Company's notice
relating to such equity securities or Rights at a price and on other terms no
less favorable to the Company, and including no less cash, than those set forth
in such notice (without deduction for reasonable underwriting, sales agency and
similar fees payable in connection therewith); provided, however, that the
Company may not issue, grant or sell equity securities or Rights in an amount
greater than the amount set forth in such notice minus the amount purchased or
committed to be purchased

                                       18
<PAGE>   19
by Securityholders and the parties to the Stockholders Agreement pursuant to
Sections 4.2 and 4.3 thereof.

                  (c) The rights set forth in this Section 5.1 shall terminate
upon successful consummation of a firm commitment underwritten initial public
offering of Common Stock by the Company pursuant to an effective registration
statement under the Securities Act.

                  (d) The provisions of this Section 5.1 shall not apply to the
following issuances of securities: (i) pursuant to an approved employee stock
option plan, stock purchase plan, or similar benefit program or agreement, where
the primary purpose is not to raise additional equity capital for the Company,
(ii) as direct consideration for the acquisition by the Company of another
business entity or the merger of any business entity with or into the Company,
in each case provided that the transaction is approved by the vote of a majority
of the outstanding Shares, (iii) in connection with a stock split or dividend or
a recapitalization or reorganization of the Company, in each case provided that
the transaction is approved by the vote of a majority of the outstanding Shares,
(iv) upon the exercise of warrants or options, or upon the conversion of
convertible securities, outstanding on the date hereof or as to which
Securityholders have been previously offered the right to participate as
contemplated hereby or, (v) securities issued pursuant to this Agreement at any
Closing, (vi) securities issued in an underwritten public offering registered
under the Securities Act, provided that such offering is approved by a vote of a
majority of the outstanding Shares.

            5.2 INFORMATION RIGHTS. The Company shall deliver to the Purchasers
(a) within 90 days after the end of each fiscal year of the Company, audited
annual financial statements (including a balance sheet, statements of operations
and comprehensive loss, statements of shareholders' equity and statements of
cash flows), (b) within thirty (30) days after the end of each of the first
three quarters of each fiscal year, unaudited financial statements (including a
balance sheet, statements or operations and comprehensive loss and statements of
cash flows), (c) within ten Business Days of the end of each month, unaudited
financial reports (including a balance sheet, statements or operations and
comprehensive loss and statements of cash flows), (d) within ten Business Days
of the end of each month, management reports explaining significant variances
from forecasts and all other significant developments, and (e) any other
financial or other information that the Purchasers may reasonably request;
provided, however, that the Purchasers shall

                                       19
<PAGE>   20
preserve in a confidential manner all information received from the Company
pursuant to this Section 5.2, and shall not disclose such information except to
those Persons with which a confidential relationship is maintained (including
regulators, legal counsel, accountants, agents or an assignee or a prospective
assignee of any of such Purchaser's rights hereunder), or where required by law.
These rights will terminate upon the successful consummation of a firm
commitment underwritten initial public offering of the Company's Common Stock
registered under the Securities Act.

            5.3 FURTHER ASSURANCES. The Company and the Purchasers shall use
their respective reasonable efforts at any time and from time to time prior to,
at and after the First Closing Date to execute and deliver to the applicable
parties such further documents and instruments and to take all such further
actions as such other parties to this Agreement reasonably may request to
consummate the transactions contemplated by this Agreement, the Certificate and
the Registration Rights Agreement.

            5.4 BOARD OF DIRECTORS. On and after the First Closing Date SOFTBANK
shall have the right to designate a number of members of the Company's Board of
Directors (the "Board Composition Requirement") equal to the product of (A) the
total number of authorized directors and (B) SOFTBANK's aggregate Proportionate
Share, rounded up to the nearest whole number; provided, however, that, in any
case, SOFTBANK shall have the right to designate not less than two directors;
provided, further, that notwithstanding the foregoing, so long as the number of
authorized members of the Company's Board of Directors is four or more, the
number of directors that SOFTBANK shall have the right to designate pursuant to
this Section 5.4 at any time shall be less than a majority of the total number
of members of the Company's Board of Directors authorized at such time. After
the First Closing Date, SOFTBANK shall have the right to designate one member of
the Company's Board of Directors chosen by SOFTBANK pursuant to the foregoing to
the Compensation Committee of the Board of Directors of the Company (the
"Compensation Committee Requirement"); provided, however, that prior to any
Closing after the First Closing the Company shall cause its Board of Directors
to constitute a committee of its Board of Directors that shall be responsible
for making decisions related to the compensation and employment arrangements of
employees of the Company if such a committee does not exist as of the First
Closing.

                                       20
<PAGE>   21
            5.5 USE OF PROCEEDS. The proceeds received by the Company from the
sale of the Shares are intended to be used for the B2B business of the Company.
The specific use or uses of the foregoing proceeds shall be approved by the
Company's board of directors prior to any application of such proceeds.

            5.6 ISSUANCE OF SERIES F PREFERRED STOCK. On and after the First
Closing Date the Company shall not be permitted to issue any shares of its
Series F preferred stock (the "Series F Shares") or any Rights to purchase or
acquire any Series F Shares without the prior approval of the Company's Board of
Directors or any committee thereof, in either case including the affirmative
vote of at least one director appointed to the Company's Board of Directors by
SOFTBANK.

            5.7 EMPLOYEE BONUS PAYMENTS. On and after the First Closing Date the
Company and any of its Subsidiaries shall not be permitted to pay any of its
respective employees a cash bonus or an amount in excess of an employee's base
annual salary without the prior approval of the Company's Board of Directors or
any committee thereof, in either case including the affirmative vote of at least
one director appointed to the Company's Board of Directors by SOFTBANK.

            5.8 NOTICE OF EMPLOYEE TERMINATION. On and after the First Closing
Date: (i) the Company shall provide to SOFTBANK written notice of the
termination or resignation of the employment with the Company or any of its
Subsidiaries of any employee listed on Exhibit E-2 hereto within one business
day of such termination or resignation and (ii) the Company or any of its
Subsidiaries shall not amend the provisions of or waive any of its rights under
the agreement in the form attached hereto as Exhibit E-1 entered into with any
employee listed on Exhibit E-2.

SECTION 6.  CONDITIONS TO CLOSING

            6.1   CONDITIONS TO PURCHASERS' OBLIGATIONS AT THE FIRST CLOSING.
 Each Purchaser's obligation to purchase the Shares at the First Closing are
subject to the satisfaction, on or prior to the First Closing Date, of the
following conditions:

                  (a) REPRESENTATIONS AND WARRANTIES. The representations and
warranties made by the Company in Section 3 hereof shall be true and correct in
all material respects (except that such representations and warranties that
contain materiality qualifiers shall be true in all respects) as of the date of
this Agreement and as of such Closing Date, except to

                                       21
<PAGE>   22
the extent such representations and warranties specifically speak as to an
earlier date, in which case they shall be true and correct as of such earlier
date.

                  (b) PERFORMANCE OF OBLIGATIONS. The Company shall have
performed and complied in all material respects with all agreements and
obligations herein required to be performed or complied with by the Company on
or before such Closing Date.

                  (c) ABSENCE OF CHANGES. Except as disclosed in the Reports
filed with the SEC and made available to Purchasers prior to the date hereof,
there shall have been no Material Adverse Effect.

                  (d) LEGAL INVESTMENT; ORDERS. The sale and issuance of the
Shares to be issued and sold on such Closing Date shall be legally permitted by
all laws and regulations to which Purchasers and the Company are subject. No
court or other Governmental Entity of competent jurisdiction shall have enacted,
issued, promulgated, enforced or entered any statute, law, ordinance, rule,
regulation, judgment, decree, injunction or other order (whether temporary,
preliminary or permanent) that is in effect and restrains, enjoins or otherwise
prohibits consummation of the issuance of the Shares or any of the other
transactions contemplated by this Agreement or the Registration Rights Agreement
(collectively, an "ORDER"), and no Governmental Entity or any other Person shall
have instituted any proceeding or threatened to institute any proceeding seeking
any such Order or questioning the legality, validity or appropriateness of any
such issuance or transaction.

                  (e) CONSENTS, PERMITS, AND WAIVERS. The Company shall have
obtained any and all consents, permits and waivers necessary or appropriate for
consummation by it of the transactions contemplated by this Agreement and the
Registration Rights Agreement.

                  (f) BANKRUPTCY ETC. Neither the Company nor any of its
Subsidiaries shall have dissolved or liquidated or taken an equivalent action
nor shall an involuntary petition have been filed under any federal or state
bankruptcy, reorganization, insolvency, moratorium or similar statute against
the Company or any of its Subsidiaries, or a custodian, receiver, trustee,
assignee for the benefit of creditors or other similar official have been
appointed to take possession, custody, or control of the property of the Company
or any of its Subsidiaries; nor shall the Company or any of its Subsidiaries
have admitted in writing its inability to pay any of its debts as they mature,
or

                                       22
<PAGE>   23
have filed any petition or action for relief relating to any bankruptcy,
reorganization, insolvency or moratorium law, or any other similar law for the
relief of, or relating to, debtors; nor shall the Company or any of its
Subsidiaries have made a general assignment for the benefit of creditors or
entered into an agreement of composition with its creditors.

                  (g) FILING OF CERTIFICATE.  The Certificate shall have been
filed with the Secretary of State of the State of Delaware.

                  (h) REGISTRATION RIGHTS AGREEMENT.  A Registration Rights
Agreement, substantially in the form attached hereto as Exhibit C, shall have
been executed and delivered by the Company and the other Purchasers.

                  (i) COMPLIANCE CERTIFICATE. The Chief Executive Officer of the
Company shall deliver to the Purchasers at the Closing a certificate, dated the
Closing Date, certifying that the conditions specified in Sections
6.1(a),(b),(c),(e) and (g) have been fulfilled.

                  (j) LEGAL OPINION. The Purchasers shall have received from
outside legal counsel to the Company an opinion addressed to them, dated as of
the First Closing Date, in the form of Exhibit F.

                  (k) PROCEEDINGS AND DOCUMENTS. All corporate and other
proceedings in connection with the transactions contemplated at the First
Closing and all documents and instruments incident to the transactions
contemplated hereby shall be reasonably satisfactory in substance and form to
the Purchasers and their counsel, and the Purchasers and their counsel shall
have received all such counterpart originals or certified or other copies of
such documents as they may reasonably request.

                  (l) BOARD COMPOSITION. All necessary corporate action to
appoint the number of directors to the Company's Board of Directors to meet the
Board Composition Requirement effective immediately after giving effect to the
purchase of the Shares to be purchased on the First Closing Date.

                  (m) AMENDMENT OF BYLAWS.  All necessary corporate action to
amend the bylaws of the Company in accordance with Exhibit H.

                                       23
<PAGE>   24
            6.2 CONDITIONS TO PURCHASER'S OBLIGATIONS AT EACH SUBSEQUENT
CLOSING. Each Purchaser's obligation to purchase the Shares at each Closing
other than the First Closing are subject to the satisfaction, on or prior to the
Closing Date for such Closing, of the following conditions:

                  (a) REPRESENTATIONS AND WARRANTIES. The representations and
warranties made by the Company in Section 3 hereof shall be true and correct in
all material respects (except that such representations and warranties that
contain materiality qualifiers shall be true in all respects) as of the date of
this Agreement. The representations and warranties made by the Company in
Section 3 hereof shall be true and correct in all material respects (except that
such representations and warranties that contain materiality qualifiers shall be
true in all respects) as of such Closing Date, except (i) to the extent such
representations and warranties specifically speak as to an earlier date, in
which case they shall be true and correct as of such earlier date and (ii) in
the case of the representations and warranties contained in Sections 3.2, 3.6,
3.7, 3.8, 3.9, 3.12, 3.13, 3.14, 3.15, 3.16, 3.17 and 3.20 (and only in the case
of such representations and warranties) the Company may update the Schedule of
Exceptions by delivery of such updated Schedule of Exceptions to the Purchasers
no later than the fifth Business Day prior to such Closing Date, except if such
Closing date has been accelerated by SOFTBANK pursuant to Section 2.1, in which
case such updated Schedule of Exceptions shall be delivered to the Purchasers no
later than the second Business Day prior to such Closing Date, and in such event
such representations and warranties shall be true and correct in all material
respects (except that such representations and warranties that contain
materiality qualifiers shall be true in all respects) as of such Closing Date
subject to the exceptions set forth in such updated Schedule of Exceptions.

                  (b) PERFORMANCE OF OBLIGATIONS. The Company shall have
performed and complied in all material respects with all agreements and
obligations herein required to be performed or complied with by the Company on
or before such Closing Date.

                  (c) ABSENCE OF CHANGES. Except as disclosed in the Reports
filed with the SEC and made available to Purchasers prior to the date hereof,
there shall have been no Material Adverse Effect.

                  (d) LEGAL INVESTMENT; ORDERS. The sale and issuance of the
Shares to be issued and sold on such Closing Date shall be legally permitted by
all laws and regulations to

                                       24
<PAGE>   25
which Purchasers and the Company are subject. No court or other Governmental
Entity of competent jurisdiction shall have enacted, issued, promulgated,
enforced or entered any Order and no Governmental Entity or any other Person
shall have instituted any proceeding or threatened to institute any proceeding
seeking any such Order or questioning the legality, validity or appropriateness
of any such issuance or transaction.

                  (e) BANKRUPTCY, ETC. Neither the Company nor any of its
Subsidiaries shall have dissolved or liquidated or taken an equivalent action
nor shall an involuntary petition have been filed under any federal or state
bankruptcy, reorganization, insolvency, moratorium or similar statute against
the Company or any of its Subsidiaries, or a custodian, receiver, trustee,
assignee for the benefit of creditors or other similar official have been
appointed to take possession, custody, or control of the property of the Company
or any of its Subsidiaries; nor shall the Company or any of its Subsidiaries
have admitted in writing its inability to pay any of its debts as they mature,
or have filed any petition or action for relief relating to any bankruptcy,
reorganization, insolvency or moratorium law, or any other similar law or laws
for the relief of, or relating to, debtors; nor shall the Company or any of its
Subsidiaries have made a general assignment for the benefit of creditors or
entered into an agreement of composition with its creditors.

                  (f) ABSENCE OF LIABILITIES. Neither the Company nor any of its
Subsidiaries shall have any Liabilities other than: (i) Liabilities incurred
since March 31, 2001 in the ordinary course of conducting the Company's B2B
business, or (ii) Liabilities disclosed on Exhibit G hereto in an amount no
greater than the amount specified on Exhibit G for each Liability; and the
Company shall have caused to be delivered to such Purchaser a certificate, dated
such Closing Date, executed by the Chief Financial Officer or acting Chief
Financial Officer of the Company in which such officer shall certify that a
schedule attached to such certificate discloses any Liability of the Company or
any of its Subsidiaries in excess of $250,000.

                  (g) ABSENCE OF LITIGATION. Neither the Company nor any of its
Subsidiaries shall be a party to any litigation, mediation, arbitration or
similar proceeding, whether as a plaintiff or as a defendant which, if
determined adversely to the Company or any of its Subsidiaries, could have a
Material Adverse Effect.

                                       25
<PAGE>   26
                  (h) BUSINESS PLAN. The Company's revenues, calculated on a
consolidated basis in accordance with GAAP, and certified as such by the Chief
Financial Officer or acting Chief Financial Officer of the Company, for the
calendar month immediately preceding the month in which such Closing Date occurs
shall equal or exceed the revenues projected for such month in the Business
Plan, and the Company's total operating expenses, calculated on a consolidated
basis in accordance with GAAP, and certified as such by the Chief Financial
Officer or acting Chief Financial Officer of the Company, for the calendar month
immediately preceding the month in which such Closing Date occurs shall be equal
to or less than the Company's operating expenses projected for such month in the
Business Plan.

                  (i) COMPLIANCE CERTIFICATE. The Chief Executive Officer of the
Company shall deliver to the Purchasers at the Closing a certificate, dated the
Closing Date, certifying that the conditions specified in Sections
6.2(a),(b),(c) and (f) have been fulfilled.

                  (j) EMPLOYEE NON-COMPETITION AGREEMENT. An Employee
Non-Competition Agreement, substantially in the form attached hereto as Exhibit
E-1, shall have been executed and delivered to the Company by each of the
persons listed on Exhibit E-2 hereto.

                  (k)   COMPENSATION COMMITTEE.  All necessary corporate
action to meet the Compensation Committee Requirement.

            6.3 CONDITIONS TO OBLIGATIONS OF THE COMPANY. The Company's
obligation to issue and sell the Shares at each Closing is subject to the
satisfaction, on or prior to the relevant Closing Date, of the following
conditions:

                  (a)   REPRESENTATIONS AND WARRANTIES TRUE.  The
representations and warranties made by the Purchasers in Section 4 hereof
shall be true and correct as of such Closing Date.

                  (b) PERFORMANCE OF OBLIGATIONS. Purchasers shall have
performed and complied in all material respects with all agreements and
obligations herein required to be performed or complied with by Purchasers on or
before such Closing Date.

                  (c) LEGAL INVESTMENT; ORDERS. The sale and issuance of the
Shares to be issued and sold on such Closing Date shall be legally permitted by
all laws and regulations to which Purchasers and the Company are subject. No
court or other Governmental Entity of competent jurisdiction shall have

                                       26
<PAGE>   27
enacted, issued, promulgated, enforced or entered any Order, and no Governmental
Entity or any other Person shall have instituted any proceeding or threatened to
institute any proceeding seeking any such Order.

                  (d) TERMINATION OF LOAN AGREEMENTS; RETURN OF COLLATERAL.
SOFTBANK shall have: (i) terminated the Convertible Loan Agreement, dated as of
April 11, 2001, between the Company and SOFTBANK, (ii) terminated the Loan
Agreement, dated as of June 1, 2001, between the Company and SOFTBANK, (iii)
terminated the Pledge Agreement, (iv) terminated each of the Guarantees, (v)
surrendered for cancellation by the Company the three Promissory Notes issued by
the Company on April 11, 2001 with an aggregate face amount of $2,500,000, (vi)
surrendered for cancellation by the Company the three Promissory Notes issued by
the Company on June 1, 2001 with an aggregate face amount of $1,500,000, (vii)
provided the Company for filing by the Company copies of statements that will
terminate the UCC-1 Financing Statements filed by SOFTBANK in New York, New
Jersey and Connecticut, and (viii) returned any collateral to the Company of
which it took possession pursuant to the Pledge Agreement.

SECTION 7.  REMEDIES

                  (a) SURVIVAL OF REPRESENTATIVES AND WARRANTIES. All of the
representations and warranties of the parties contained in this Agreement shall
survive each Closing hereunder (even if the damaged party knew or had reason to
know of any misrepresentation or breach of warranty or covenant at the time of
such Closing) and continue in full force and effect forever thereafter (subject
to any applicable statutes of limitations).

                  (b) INDEMNIFICATION. In the event the Company breaches (or in
the event any third party alleges facts that, if true, would mean the Company
has breached) any of its representations, warranties, and covenants contained
herein, then the Company agrees to indemnify each Purchaser from and against the
entirety of any Adverse Consequences such Purchaser may suffer through and after
the date of the claim for indemnification resulting from, arising out of,
relating to, in the nature of, or caused by the breach (or the alleged breach).

                  (c)   MATTERS INVOLVING THIRD PARTIES.

                        (i) If any third party shall notify any Purchaser
(the "Indemnified Party") with respect to any matter (a "Third Party Claim")
which may give rise to a claim for indemnification against the Company (the
"Indemnifying Party")

                                       27
<PAGE>   28
under this Section 7, then the Indemnified Party shall promptly notify the
Indemnifying Party thereof in writing; provided, however, that no delay on the
part of the Indemnified Party in notifying the Indemnifying Party shall relieve
the Indemnifying Party from any obligation hereunder unless (and then solely to
the extent) the Indemnifying Party thereby is prejudiced.

                        (ii) The Indemnifying Party will have the right to
defend the Indemnified Party against the Third Party Claim with counsel of its
choice satisfactory to the Indemnified Party so long as (A) the Indemnifying
Party notifies the Indemnified Party in writing within 15 days after the
Indemnified Party has given notice of the Third Party Claim that the
Indemnifying Party will indemnify the Indemnified Party from and against the
entirety of any Adverse Consequences the Indemnified Party may suffer resulting
from, arising out of, relating to, in the nature of, or caused by the Third
Party Claim, (B) the Indemnifying Party provides the Indemnified Party with
evidence acceptable to the Indemnified Party that the Indemnifying Party will
have the financial resources to defend against the Third Party Claim and fulfill
its indemnification obligations hereunder, (C) the Third Party Claim involves
only money damages and does not seek an injunction or other equitable relief,
(D) settlement of, or an adverse judgment with respect to, the Third Party Claim
is not, in the good faith judgment of the Indemnified Party, likely to establish
a precedential custom or practice adverse to the continuing business interests
of the Indemnified Party, and (E) the Indemnifying Party conducts the defense of
the Third Party Claim actively and diligently.

                        (iii) So long as the Indemnifying Party is conducting
the defense of the Third Party Claim in accordance with Section 7(c)(ii) above,
(A) the Indemnified Party may retain separate co-counsel at its sole cost and
expense and participate in the defense of the Third Party Claim, (B) the
Indemnified Party will not consent to the entry of any judgment or enter into
any settlement with respect to the Third Party Claim without the prior written
consent of the Indemnifying Party, and (C) the Indemnifying Party will not
consent to the entry of any judgment or enter into any settlement with respect
to the Third Party Claim without the prior written consent of the Indemnified
Party.

                        (iv) In the event any of the conditions in Section
7(c)(ii) above is or becomes unsatisfied, (A) the Indemnified Party may defend
against, and consent to the entry of any judgment or enter into any settlement
with respect to, the Third Party Claim in any manner it may deem appropriate
(and

                                       28
<PAGE>   29
the Indemnified Party need not consult with, or obtain any consent from, any
Indemnifying Party in connection therewith), (B) the Indemnifying Party will
reimburse the Indemnified Party promptly and periodically for the costs of
defending against the Third Party Claim (including reasonable attorneys' fees
and expenses), and (C) the Indemnifying Party will remain responsible for any
Adverse Consequences the Indemnified Party may suffer resulting from, arising
out of, relating to, in the nature of, or caused by the Third Party Claim to the
fullest extent provided in this Section 7.

                  (D) OTHER INDEMNIFICATION PROVISIONS. The foregoing
indemnification provisions are in addition to, and not in derogation of, any
statutory, equitable, or common law remedy any party may have with respect to
the transactions contemplated by this Agreement and any rights any party may
have under any other agreement, document or instrument, including, without
limitation, the Registration Rights Agreement.

SECTION 8.  MISCELLANEOUS

            8.1   GOVERNING LAW.  This Agreement shall be governed in all
respects by the laws of the State of New York without regard to principles of
conflict of laws.

            8.2 SUCCESSORS AND ASSIGNS. Except as otherwise expressly provided
herein, the rights and obligations hereunder may not be assigned or delegated by
the Purchasers or the Company without the prior written consent of the other;
provided, however, that the Purchasers may assign their rights and delegate
their obligations hereunder, in whole or in part (including, without limitation,
the right to purchase any or all of the Shares and the obligation to pay all or
a part of the purchase price for the Shares), to any affiliates of Purchaser,
including, without limitation, any other partnership or other entity of which
any direct or indirect subsidiary of such Purchaser or any affiliate thereof is
a general partner or has investment discretion, or any employees of any of the
foregoing subject to applicable securities laws; provided, further, that any
such assignee that acquires any Shares shall, as a condition to acquiring such
Shares, agree to be bound by the provisions of any agreement applicable to the
Shares. The provisions hereof shall inure to the benefit of, and be binding
upon, the successors and permitted assigns of the parties hereto. Subject to
applicable securities laws, a Purchaser may transfer any Shares to any Person
without the prior consent of the Company.

                                       29
<PAGE>   30
            8.3 ENTIRE AGREEMENT. This Agreement, the Exhibits and Schedules
hereto, the Registration Rights Agreement, the Certificate and the other
documents delivered pursuant hereto constitute the full and entire understanding
and agreement between the parties with regard to the subject matter hereof and
thereof.

            8.4 SEVERABILITY. In case any provision of the Agreement shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

            8.5   AMENDMENT AND WAIVER.

                  (a) This Agreement may be amended or modified only upon the
written consent of the Company and holders of at least a majority of the Shares.

                  (b) The obligations of the Company and the rights of the
holders of the Shares under the Agreement may be waived only with the written
consent of the holders of at least a majority of the Shares.

            8.6 DELAYS OR OMISSIONS It is agreed that no delay or omission to
exercise any right, power or remedy accruing to any party upon any breach,
default or noncompliance by another party under this Agreement, the Registration
Rights Agreement or the Certificate shall impair any such right, power or
remedy, nor shall it be construed to be a waiver of any such breach, default or
noncompliance thereafter occurring. It is further agreed that any waiver,
permit, consent or approval of any kind of character on any Purchaser's part of
any breach, default or noncompliance under this Agreement, the Registration
Rights Agreement or the Certificate or any waiver on such party's part of any
provisions or conditions of the Agreement, the Registration Rights Agreement or
the Certificate must be in writing and shall be effective only to the extent
specifically set forth in such writing. All remedies, under this Agreement, the
Registration Rights Agreement, the Certificate, by law or otherwise afforded to
any party shall be cumulative and not alternative.

            8.7 NOTICES. All notices, requests, demands or other communications
which are required or may be given pursuant to the terms of this Agreement shall
be in writing and shall be deemed to have been duly given: (i) on the date of
delivery if personally delivered by hand, (ii) upon the third day after such
notice is (a) deposited in the United States mail, if mailed by

                                       30
<PAGE>   31
registered or certified mail, postage prepaid, return receipt requested, or (b)
sent by a nationally recognized overnight express courier, or (iii) by facsimile
upon written confirmation (other than the automatic confirmation that is
received from the recipient's facsimile machine) of receipt by the recipient of
such notice:

      If to any Purchaser:            To the address or facsimile number of such
                                      Purchaser specified on the signature pages
                                      hereof.

      With a copy to:                 Sullivan & Cromwell
                                      1870 Embarcadero Road
                                      Palo Alto, California  94303
                                      Attention:  John L. Savva
                                      Telephone No.: (650) 461-5600
                                      Facsimile No.: (650) 461-5700

      If to OptiMark:                 OptiMark Holdings, Inc.
                                      10 Exchange Place
                                      Jersey City, New Jersey 07302
                                      Attention: General Counsel
                                      Telephone No.: (201) 536-7000
                                      Facsimile No.: (201) 946-0742

       With a copy to:                Cummings & Lockwood
                                      Four Stamford Plaza
                                      107 Elm Street
                                      Stamford, Connecticut 06902
                                      Attention:  Thomas J. Freed
                                      Telephone No: (203) 327-1700
                                      Facsimile No: (203) 351-4535

Such addresses may be changed, from time to time, by means of a notice given in
the manner provided in this Section 8.7.

            8.8 TITLES AND SUBTITLES. The titles of the sections and subsections
of the Agreement are for convenience of reference only and are not to be
considered in construing this Agreement.

            8.9 COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which shall be an original, but all of which together
shall constitute one instrument.

            8.10 BROKER'S FEES. Each party hereto represents and warrants that
no agent, broker, investment banker, person or

                                       31
<PAGE>   32
firm acting on behalf of or under the authority of such party hereto is or will
be entitled to any broker's or finder's fee or any other commission directly or
indirectly in connection with the transactions contemplated herein. Each party
hereto further agrees to indemnify each other party for any claims, losses or
expenses incurred by such other party as a result of the representation in this
Section 8.10 being untrue.

            8.11 EXPENSES. The Company and each of the Purchasers shall pay all
costs and expenses that it incurs with respect to the negotiation, execution,
delivery and performance of this Agreement and all of the transactions
contemplated herein; provided, however, that if the Purchasers consummate the
purchase of the Shares, the Company shall reimburse the reasonable legal fees
and expenses of counsel to SOFTBANK incurred in connection with the negotiation,
preparation, execution, delivery and performance of this Agreement and all of
the transactions contemplated hereby.

            8.12 SPECIFIC ENFORCEMENT. Any Purchaser shall be entitled to
specific enforcement of its rights under this Agreement. The Company
acknowledges that money damages would be an inadequate remedy for its breach of
this Agreement and consents to an action for specific performance or other
injunctive relief in the event of any such breach.

            8.13 ATTORNEY'S FEES. If any action at law or in equity is necessary
to enforce or interpret the terms of this Agreement, the prevailing party shall
be entitled to reasonable attorneys' fees, costs and necessary disbursements in
addition to any other relief to which such party may be entitled.

                                       32
<PAGE>   33
      IN WITNESS WHEREOF, the parties hereto have executed the SERIES E
PREFERRED STOCK PURCHASE AGREEMENT as of the date set forth in the first
paragraph hereof.

                                    COMPANY:

                                    OPTIMARK HOLDINGS, INC.

                                    By:   /s/ Robert J. Warshaw
                                          -----------------------------------
                                          Name: Robert J. Warshaw
                                          Title: CEO

                                    PURCHASERS:

                                    SOFTBANK CAPITAL PARTNERS LP

                                    By: SOFTBANK Capital Partners LLC
                                          Its General Partner

                                    By:   /s/ Steven J. Murray
                                          -----------------------------------
                                          Name:  Steven J. Murray
                                                 ----------------------------
                                          Title: Admin. Member
                                                 ----------------------------
                                    Address:
                                    1188 Centre Street
                                    Newton Center, Massachusetts  02459
                                    Attention:  Ron Fisher
                                    Facsimile No.:  (617) 928-9301

                                       33
<PAGE>   34
                                    SOFTBANK CAPITAL LP

                                    By: SOFTBANK Capital Partners LLC
                                          Its General Partner

                                    By:   /s/ Steven J. Murray
                                          -----------------------------------
                                          Name:  Steven J. Murray
                                                 ----------------------------
                                          Title: Admin. Member
                                                 ----------------------------
                                    Address:
                                    1188 Centre Street
                                    Newton Center, Massachusetts  02459
                                    Attention:  Ron Fisher
                                    Facsimile No.:  (617) 928-9301

                                    SOFTBANK CAPITAL ADVISORS FUND LP

                                    By: SOFTBANK Capital Partners LLC
                                          Its General Partner

                                    By:   /s/ Steven J. Murray
                                          -----------------------------------
                                          Name:  Steven J. Murray
                                                 ----------------------------
                                          Title: Admin. Member
                                                 ----------------------------
                                    Address:
                                    1188 Centre Street
                                    Newton Center, Massachusetts  02459
                                    Attention:  Ron Fisher
                                    Facsimile No.:  (617) 928-9301

                                       34
<PAGE>   35
                             DEFINITIONS ADDENDUM

            This Definitions Addendum is an attachment to and part of that
certain Series E Preferred Stock Purchase Agreement (the "PURCHASE AGREEMENT")
dated as of June 29, 2001 between OptiMark Holdings, Inc. and the purchasers
named therein, Softbank Capital Partners LP, Softbank Capital Advisors Fund LP,
and Softbank Capital LP. Except as otherwise stated in the Purchase Agreement,
the following terms shall have the following meanings:

      "Adverse Consequences" means all actions, suits, proceedings, hearings,
investigations, charges, complaints, claims, demands, injunctions, judgments,
orders, decrees, rulings, damages, dues, penalties, fines, costs, amounts paid
in settlement, Liabilities, obligations, Taxes, liens, losses, expenses, and
fees, including court costs and reasonable attorneys' fees and expenses,
including indirect, consequential and punitive damages.

      "Business Day" means any day other than (i) a Saturday, Sunday or legal
holiday, or (ii) a day on which commercial banks in New York City are authorized
or required by law or executive order to close.

      "Business Plan" means the Company's business plan, dated June 28, 2001,
delivered to the Purchasers and attached hereto as Exhibit D.

      "Compensation and Benefit Plan" means any bonus, deferred compensation,
pension, retirement, profit-sharing, thrift, savings, employee stock ownership,
stock bonus, stock purchase, restricted stock, stock option, employment,
termination, severance, compensation, medical, health or other plan, agreement,
policy or arrangement that covers employees, directors, former employees or
former directors of the Company or its Subsidiaries.

      "GAAP" or "Generally Accepted Accounting Principles" means generally
accepted accounting principles as in effect from time to time in the United
States.

      "Governmental Entity" means any governmental or regulatory authority,
agency, commission, body, court, tribunal or other governmental entity or
authority.
<PAGE>   36
      "Guarantees" means those Amended and Restated Guarantees, dated June 1,
2001, between Softbank and each of OptiMark Equities, Inc. and OptiMark, Inc.

      "Liability" means any liability (whether known or unknown, whether
asserted or unasserted, whether absolute or contingent, whether accrued or
unaccrued, whether liquidated or unliquidated, and whether due or to become
due), including any liability for Taxes.

      "Lien" or "Liens" means, with respect to any Person, any security
interest, pledge, mortgage, charge, option, assignment, hypothecation,
encumbrance, attachment, garnishment, sequestration, forfeiture, execution or
other voluntary or involuntary lien upon or affecting the revenues of such
Person or any real or personal property in which such Person has or hereafter
acquires any interest.

      "Material Adverse Effect" means a material adverse effect upon the
business, financial condition, results of operations or prospects of the Company
or any of its Subsidiaries, or upon the validity or enforceability of this
Agreement, the Certificate, the Registration Rights Agreement or the Shares, or
upon the ability of the Company to perform its obligations hereunder or under
the Certificate or the Registration Rights Agreement, or upon the rights of the
Purchasers hereunder or thereunder; provided, however, that the incurrence by
the Company and its Subsidiaries of expenses and losses in the amounts, and at
the times set forth in the Business Plan shall not, in itself, be deemed to
constitute a Material Adverse Effect.

      "Person" means any individual, corporation (including not-for-profit),
general or limited partnership, limited liability company, joint venture,
estate, trust, association, organization, Governmental Entity or other entity of
any kind or nature.

      "Pledge Agreement" means that certain Amended and Restated Pledge and
Security Agreement, dated June 1, 2001, between the Company and SOFTBANK.

      "Proportionate Share" means, with respect to each Securityholder, a
fraction (i) the numerator of which is the total number of votes entitled to be
cast on matters as to which the holders of the Company's Common Stock are
entitled to vote, by the Shares together with shares of Common Stock owned and
the number of shares of Common Stock issuable upon exercise of
<PAGE>   37
Rights owned by such Securityholder, and (ii) the denominator of which is the
total number of such votes entitled to be cast on such matters by the shares of
Common Stock outstanding, the shares of Common Stock issuable upon exercise of
all Rights outstanding and the Shares outstanding.

      "Right" means any option, warrant, security, right or other instrument
convertible into or exchangeable or exercisable for, or otherwise giving the
holder thereof the right to acquire, directly or indirectly, from the Company
any common stock, preferred stock or other equity security or any other such
option, warrant, security, right or instrument, including any instrument issued
by the Company or any Subsidiary thereof the value of which is measured by
reference to the value of the Company's Common Stock.

      "SEC" means the Securities and Exchange Commission or any successor
agency.

      "SOFTBANK" means, collectively, SOFTBANK Capital Partners LP, SOFTBANK
Capital LP and SOFTBANK Capital Advisors Fund LP, each a Delaware limited
partnership.

      "Stockholders Agreement" means the Amended and Restated Stockholders
Agreement, dated as of April 23, 1998, among the Company and the parties named
therein.

      "Subsidiary" means, with respect to any Person, any entity, whether
incorporated or unincorporated, of which at least a majority of the securities
or ownership interests having by their terms ordinary voting power to elect a
majority of the board of directors or other Persons performing similar functions
is directly or indirectly owned or controlled by such Person or by one or more
of its Subsidiaries or by such Person and one or more of its Subsidiaries.

      "Taxes" means for any Person any federal or state tax, assessment, duty,
levy, withholding liability, impost and other charges of every nature whatsoever
imposed by any Governmental Entity on such Person or on any of its property or
because of any, revenue, income, sales, use, product, employee or franchise, and
any interest or penalty with respect to any of the foregoing.

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