Document:

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                                                                     EXHIBIT 4.2

                          REGISTRATION RIGHTS AGREEMENT

         This Registration Rights Agreement (this "AGREEMENT"), made and entered
into this 31st day of January, 2001, by and between HYLAND SOFTWARE, INC., an
Ohio corporation (the "COMPANY"), and RECALL TOTAL INFORMATION SYSTEMS, INC., a
Delaware corporation (the "INVESTOR").

                              W I T N E S S E T H :

         WHEREAS, the Company and the Investor have entered into that certain
Stock Purchase Agreement dated of even date herewith (the "PURCHASE AGREEMENT"),
pursuant to which the Investor is purchasing from the Company an aggregate of
564,845 Common Shares (the "SHARES") of the Company, no par value per share (the
"COMMON STOCK"); and

         WHEREAS, as a material inducement to the Investor to enter into the
Purchase Agreement and purchase the Shares, the Company has agreed to enter into
this Agreement with the Investor;

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth herein, and other good and valuable consideration, the receipt and
adequacy of which is hereby acknowledged, the parties, intending to be legally
bound, hereby agree as follows:

         1.       Certain Definitions. As used in this Agreement, the following
terms shall have the following respective meanings:

                  "Commission" shall mean the Securities and Exchange Commission
or any successor agency.

                  "Holder" shall mean each of the Investor and any transferee of
Registrable Securities who, pursuant to Section 13 below, is entitled to
registration rights hereunder.

                  "Initial Public Offering" shall mean the closing of an initial
public offering that results in the Company being required to register a class
of securities under the 1934 Act.

                  "Other Holders" shall mean persons who hold Other Registrable
Securities.

                  "Other Registrable Securities" shall mean securities of the
Company held by any person other than a Holder if and to the extent such person
holds contractual registration rights in respect of such securities.

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

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                  "Registrable Securities" shall mean (i) the Shares initially
issued to the Investor pursuant to the Purchase Agreement and; (ii) any other
securities issued or issuable with respect to the Shares by way of a dividend,
distribution or split, or in connection with a combination of shares,
recapitalization, merger, consolidation or similar event; and (iii) any other
securities of any issuer which shall be issued to any Holder in exchange for or
in consideration of the surrender of any Registrable Securities in a transaction
in which such other issuer shall become an affiliate of or successor to the
Company, including any such other securities issued upon the surrender of any
Registrable Securities in a merger, consolidation or reorganization involving
the Company; provided, however, that shares of Common Stock or other securities
shall only be treated as Registrable Securities if and so long as they have not
been (a) sold through a broker, dealer, or underwriter in a public distribution
or public securities transaction, or (b) sold in a transaction exempt from the
registration and prospectus delivery requirements of the Securities Act under
Section 4(1) thereof so that all transfer restrictions and restrictive legends
with respect thereto are removed upon the consummation of such sale.

                  "Registration Expenses" shall mean all expenses incurred by
the Company in complying with Sections 5 and 6 hereof, including, without
limitation, all registration, qualification and filing fees, printing expenses,
escrow fees, fees and disbursements of counsel for the Company, blue sky fees
and expenses, and the expense of any special audits incident to or required by
any such registration.

                  "Restricted Securities" shall mean the securities of the
Company or other entity that are required to bear the legend set forth in
Section 3 hereof (or any similar legend).

                  "Securities Act" shall mean the Securities Act of 1933, as
amended.

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

                  "Shareholders' Agreement" shall mean that certain
Shareholders' Agreement, dated as of the date hereof, by and among the Company,
the Investor and certain shareholders of the Company.

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

         2.       Restrictions on Transferability. The Restricted Securities
shall not be transferable except upon the conditions specified in this
Agreement, which conditions are intended to ensure compliance with the
provisions of the Securities Act, as well as any conditions set forth in the
Shareholders' Agreement. Each Holder of Restricted Securities will cause any
proposed transferee of the Restricted Securities held by such Holder to agree to
take and hold such Restricted Securities subject to the provisions and upon the
conditions specified in this Agreement and in the Shareholders' Agreement.

         3.       Restrictive Legend. Each certificate representing Registrable
Securities, unless otherwise permitted by the provisions of Section 4 below,
shall be stamped or otherwise

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imprinted with a legend in substantially the following form (in addition to any
legend required under applicable state securities laws):

         THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
         UNDER THE SECURITIES ACT OF 1933. THESE SECURITIES MAY NOT BE SOLD OR
         TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS IT IS FIRST
         ESTABLISHED TO THE REASONABLE SATISFACTION OF THE COMPANY THAT AN
         EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE FOR SUCH SALE OR
         TRANSFER.

         4.       Successor Entities. The Company shall not enter into any
instrument or agreement providing for a reorganization or recapitalization of
the Company, a sale of all or substantially all of its assets, a merger,
consolidation, exchange of securities or other transaction involving the
Company, in any such case in which the Holders of the Registrable Securities
receive in respect thereof other securities of the Company or of any other
entity that are treated as Restricted Securities and required to bear the legend
under Section 3 above, unless provision is made therein for the preservation of
the rights of the Holders hereunder with respect to the securities received by
them in such transaction (including the execution and delivery by the purchaser
of all or substantially all of the Company's assets or any successor entity to
the Company, if the Company is not the surviving entity of such transaction, of
an agreement providing each of the Holders with rights that are substantially
similar to those granted hereunder).

         5.       Requested Registration.

                  (a)      Request for Registration. In case, at any time after
the date that is six months after the final closing of the Company's Initial
Public Offering, the Company shall receive from any Holder then holding
Registrable Securities that are registrable under this Section 5(a) a written
request that the Company effect any registration, qualification or compliance
with respect to such Registrable Securities, the Company will:

                          (i) promptly give written notice of the proposed
                 registration, qualification or compliance to any and all other
                 Holders; and

                          (ii) as soon as practicable, use its best efforts to
                 effect such registration, qualification or compliance
                 (including, without limitation, the execution of an undertaking
                 to file post-effective amendments, appropriate qualifications
                 under applicable blue sky or other state securities laws and
                 appropriate compliance with applicable regulations issued under
                 the Securities Act and any other governmental requirements or
                 regulations) as may be so requested and as would permit or
                 facilitate the sale and distribution of all or such portion of
                 such Registrable Securities as are specified in such request,
                 together with all or such portion of the Registrable Securities
                 of any Holder(s) joining in such request as are specified in a
                 written request received by the Company within ten (10)
                 business days after receipt of such written notice from the
                 Company;

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                  provided, however, that the Company shall not be obligated to
                  effect any such registration, qualification or compliance
                  pursuant to this Section 5 for any or all of the Holders
                  (whether or not a particular Holder has requested registration
                  hereunder):

                                    (A) more than one (1) time on Form S-1 (or
                           any other or successor "long form" registration
                           form);

                                    (B) in the case of any requested
                           registration not described in paragraph (A), on any
                           registration form other than Form S-3 (or any
                           successor registration form thereto);

                                    (C) more than one (1) time in any twelve
                           (12) month period;

                                    (D) with respect to more than 1/3 of the
                           Registrable Securities initially issued to the
                           Investor during the six (6) month period beginning
                           six (6) months after the final closing of the Initial
                           Public Offering;

                                    (E) with respect to more than 2/3 of the
                           Registrable Securities initially issued to the
                           Investor during the six (6) month period beginning
                           twelve (12) months after the final closing of the
                           Initial Public Offering;

                                    (F) in any particular jurisdiction in which
                           the Company would be required to execute a general
                           consent to service of process in effecting such
                           registration, qualification or compliance, unless the
                           Company is already subject to service in such
                           jurisdiction; or

                                    (G) during the period commencing with the
                           effective date of a registration by the Company for
                           an underwritten public offering by the Company for
                           its own account and ending ninety (90) days following
                           such effective date.

         Subject to the foregoing, the Company shall file a registration
statement covering the Registrable Securities so requested to be registered as
soon as reasonably practicable after receipt of the request or requests of any
Holder(s).

                  (b) Right to delay registration. If the Company shall furnish
to the Holder or Holders requesting a registration pursuant to this Section 5 a
certificate signed by a duly authorized representative of the Company stating
that, in the good faith judgment of the Board of Directors of the Company,
compliance by the Company with its disclosure obligations in connection with
such registration would be detrimental to the Company or its securityholders
generally and that it is therefore essential to defer the filing of such
registration statement, the Company shall have the right to defer such filing
for a period of not more than forty-five (45) days after receipt of the request
of the Holder or Holders requesting such registration. In addition, if, within a
period of thirty (30) days after receipt of the request for registration under
this Section 5, the Company shall furnish to the Holder or Holders requesting
such registration a certificate signed by a duly authorized representative of
the Company stating that the Company is

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then considering (or wishes to consider) whether to effect an underwritten
public offering for its own account, the Company shall have the right to defer
such filing for a period ending not more than thirty (30) days after receipt of
the request of the Holder or Holders requesting such registration while it
considers such an offering, and if the Company, within such 30-day period, then
notifies the requesting Holder(s) that the Company has determined to proceed
with such offering for its own account and, within thirty (30) days after
delivering such notice, then files a registration statement for such an
offering, the Company shall be permitted to further defer the filing of the
requested registration under this Section 5 for an additional period ending on
the earlier of the date the Company shall subsequently determine not to pursue
such offering or ninety (90) days after the effective date of the registration
statement relating to such offering. Notwithstanding the foregoing, (i) the
Company shall not be entitled to exercise the delay rights set forth in the
first sentence of this Section 5(b) more than one (1) time in any twelve (12)
month period, (ii) the Company shall not be permitted to exercise its delay
rights under the second sentence of this Section 5(b) more than one (1) time in
any six (6) month period, and (iii) the Company shall not be entitled to delay
any requested registration(s) hereunder for more than one-hundred-eighty (180)
days, in the aggregate, within any twelve (12) month period.

                  (c) Underwriting. If the Holders intend to distribute the
Registrable Securities covered by their request by means of an underwriting,
they shall so advise the Company as a part of their request made pursuant to
Section 5(a) and the Company shall include such information in the written
notice referred to in Section 5(a). The right of any Holder to registration
pursuant to Section 5 shall be conditioned upon such Holder's participation in
such underwriting and the inclusion of such Holder's Registrable Securities in
the underwriting to the extent requested (unless otherwise mutually agreed by a
majority in interest of the participating Holders) to the extent provided
herein.

         The Company shall (together with all Holders proposing to distribute
their securities through such underwriting) enter into an underwriting agreement
in customary form with the managing underwriter selected for such underwriting
by the mutual agreement of the Company and a majority in interest of the
participating Holders. Notwithstanding any other provision of this Section 5, if
the managing underwriter advises the Holders in writing that market or marketing
factors require a limitation of the number of shares to be underwritten, then,
subject to the provisions of Section 5(a), the number of shares of Registrable
Securities that may be included in the registration and underwriting shall be
allocated among all Holders requesting inclusion in the registration in
proportion, as nearly as practicable, to the respective amounts of Registrable
Securities held by such Holders at the time of filing the registration
statement; provided, however, that no Registrable Securities requested to be
included in such registration by the Holders shall be excluded from such
registration unless and until all other securities of the Company have first
been excluded therefrom. No Registrable Securities excluded from the
registration by reason of the managing underwriter's limitation shall be
included in such registration.

         If any Holder of Registrable Securities disapproves of the terms of the
underwriting, such Holder may elect to withdraw therefrom by written notice to
the Company, the managing underwriter and the other participating Holders. The
Registrable Securities and/or other securities so withdrawn shall also be
withdrawn from registration; provided, however, that if by

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the withdrawal of such Registrable Securities a greater number of Registrable
Securities held by other participating Holders may be included in such
registration (up to the maximum of any limitation imposed by the underwriters),
then the Company shall offer to all Holders who have included Registrable
Securities in the registration the right to include additional Registrable
Securities in the same proportion used in determining the underwriter limitation
in this Section 5(c).

                  (d) Other Holders. The Company shall be entitled to include in
any registration statement referred to in this Section 5 securities to be sold
by the Company for its own account and for the accounts of Other Holders, except
as and to the extent that in the opinion of the managing underwriter (if such
method of disposition shall be an underwritten public offering), inclusion of
the full number of such additional securities would adversely affect the
marketing of the Registrable Securities held by the participating Holders. If
the managing underwriter delivers such an opinion, then the managing underwriter
may limit the number of such additional securities to be included in such
registration and underwriting. The number of such additional securities to be
excluded from such registration by reason of the managing underwriter's
limitation shall be taken first from the Other Holders of such additional
securities other than the Company, pro rata among them on the basis of the
number of such additional securities each such Other Holder has proposed to
include in such registration, and only after all additional securities held by
such Other Holders have been excluded shall any additional securities proposed
to be included by the Company for its own account be excluded. None of such
additional securities excluded from the registration by reason of the managing
underwriter's limitation shall be included in such registration.

         6.       Company Registration.

                  (a) Notice of Registration. If the Company shall determine to
register any of its securities of the same class as the Registrable Securities,
either for its own account or the account of a security holder or holders, other
than a registration relating solely to employee benefit plans, or a registration
relating solely to a transaction required to be registered under Rule 145 under
the Securities Act, the Company will:

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

                           (ii) include in such registration (and any related
                  qualification under blue sky laws or other compliance), and in
                  any underwriting involved therein, all the Registrable
                  Securities specified in a written request or requests, made
                  within 20 business days after receipt of such written notice
                  from the Company, by any Holder or Holders, provided that to
                  the extent so advised by the underwriters, the Company may
                  limit the amount of Registrable Securities to be included by
                  the Holders in any registration and, to the extent so advised
                  by the underwriters, all Registrable Securities entirely from
                  the registration relating to the Company's Initial Public
                  Offering.

                  (b) If the registration of which the Company gives notice
under Section 6(a) is for a public offering involving an underwriting, the
Company shall so advise the Holders by

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written notice. All Holders and Other Holders proposing to distribute their
securities through such underwriting shall (together with the Company) enter
into an underwriting agreement in customary form with the underwriter or
underwriters selected by the Company. Notwithstanding any other provision of
this Section 6, if the representative of the underwriters advises the Company in
writing that, in its opinion, inclusion of the full number of Registrable
Securities and Other Registrable Securities requested to be included in the
registration by Holders and Other Holders would adversely affect the
underwriting, the representative may limit the number of Registrable Securities
and Other Registrable Securities to be included in the registration and
underwriting. The Company shall so advise all Holders requesting registration of
Registrable Securities of the limitation and the number of Registrable
Securities to be excluded from the registration by reason of the limitation
imposed by the representative. The securities to be excluded from registration
shall be taken from the Registrable Securities and the Other Registrable
Securities allocated pro rata among the Holders and Other Holders, based on the
ratio that the number of securities held by such Holder or Other Holder and
proposed to be registered bears to the total number of Registrable Securities
and Other Registrable Securities proposed to be registered by all of the Holders
and Other Holders participating in the registration.

                  If any Holder or Other Holder who has requested inclusion in
such registration as provided above disapproves of the terms of the
underwriting, such person may elect to withdraw therefrom by written notice to
the Company and the underwriter. The securities so withdrawn shall also be
withdrawn from registration.

                  (c) Notwithstanding the foregoing, the Company may, in its
sole discretion and without the consent of or prior notice to any Holders or
Other Holders, withdraw any registration statement referred to in this Section 6
and abandon the proposed offering at any time without thereby incurring any
liability to any Holder or Other Holder.

         7. Expenses of Registration. Each of the Holders participating in any
registration pursuant to Section 5 will pay its respective pro rata share of all
Registration Expenses incurred in connection with any such requested
registration, with each Holder's pro rata share determined on the basis of the
number of such Holder's securities so registered in proportion to the total
number of securities registered. Each of the Holders participating in any
registration pursuant to Section 5 or Section 6 shall pay its own Selling
Expenses and fees and expenses of its counsel relating to securities registered
by such Holder.

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

                  (a) Keep such registration, qualification, or compliance
effective for a period of 120 days or until the Holder or Holders have completed
the distribution described in the registration statement relating thereto,
whichever first occurs; provided, however, that (i) such 120-day period shall be
extended for a period of time equal to the period the Holder refrains from
selling any securities included in such registration at the request of an
underwriter of securities of

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the Company or at the request of the Company pursuant to clause (ii) of this
Section 8(a); and (ii) in the case of any registration of Registrable Securities
on Form S-3 which are intended to be offered on a continuous or delayed basis,
such 120-day period shall be extended, if necessary, to keep the registration
statement effective until all such Registrable Securities are sold, provided
that Rule 415 (or any successor rule) under the Securities Act permits an
offering on a continuous or delayed basis; and further provided that the Company
may, at any time (but not on more than two (2) occasions in any 12-month period)
cause the suspension of sales for up to thirty (30) days on each such occasion
by notifying (on two (2) days advance written notice) the Holders whose
Registrable Securities are the subject matter of such registration statement
that the Company is exercising its rights under this clause and that sales must
be suspended because the Company reasonably believes it possesses material
information, disclosure of which in the Company's judgment would be detrimental
to the Company, and provided further that applicable rules under the Securities
Act governing the obligation to file a post-effective amendment permit, in lieu
of filing a post-effective amendment which (a) includes any prospectus required
by Section 10(a)(3) of the Securities Act or (b) reflects facts or events
representing a material or fundamental change in the information set forth in
the registration statement, the incorporation by reference in the registration
statement of information required to be included in (a) and (b) above to be
contained in periodic reports filed pursuant to Section 13 or 15(d) of the 1934
Act.

                  (b) Furnish such number of prospectuses and other documents
incident thereto as Holders from time to time may reasonably request in order to
facilitate the disposition of securities owned by them.

                  (c) Prepare and file with the Commission, as promptly as
practicable, such amendments and supplements to such registration statement and
the prospectus used in connection with such registration statement as may be
necessary to comply with the provisions of the Securities Act with respect to
the disposition of all securities covered by such registration statement in
accordance with the intended methods of disposition by the sellers thereof set
forth in the registration statement.

                  (d) Use its best efforts to register and qualify the
securities covered by such registration statement under such other securities or
blue sky laws of such jurisdictions as shall be reasonably requested by the
Holders, provided that the Company shall not be required in connection therewith
or as a condition thereto to qualify to do business or to file a general consent
to service of process in any such states or jurisdictions.

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

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

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misleading in light of the circumstances then existing; provided, that (i) each
such Holder agrees that, immediately upon its receipt of any notice from the
Company under this Section 8(f), such Holder shall suspend use of the affected
prospectus and registration statement until the same have been corrected by the
Company by amendment or supplement, and (ii) the Company shall file, as promptly
as practicable, and in any event within five (5) business days, such amendment
or supplement to such registration statement or prospectus as shall be required
to cause such prospectus no longer to include an untrue statement or material
fact or to omit to state a material fact required to be stated therein or
necessary to make the statements made therein not misleading in light of the
circumstances then existing.

         9. Termination of Registration Rights. The registration rights granted
pursuant to this Agreement shall terminate as to any Holder at such time as such
Holder is immediately able to sell all Registrable Securities held by it
pursuant to Rule 144 promulgated under the Securities Act without regard to any
volume limitations thereunder, and has been issued a certificate or certificates
representing such Registrable Securities which does not bear a restrictive
legend referring to the Securities Act as provided for under Section 3.

         10. Indemnification.

                  (a) The Company will indemnify each Holder with respect to
which registration, qualification or compliance has been effected pursuant to
this Agreement, each of such Holder's officers and directors, and each person
controlling such Holder within the meaning of Section 15 of the Securities Act,
and each underwriter, if any, and each person who controls such underwriter
within the meaning of Section 15 of the Securities Act, against all claims,
losses, damages and liabilities (or actions in respect thereof), including any
of the foregoing incurred in settlement of any litigation, arising out of or
based on any untrue statement (or alleged untrue statement) of a material fact
contained in any registration statement, prospectus, offering circular or other
document, or any amendment or supplement thereto, incident to any such
registration, qualification or compliance, or based on any omission (or alleged
omission) to state therein a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances in which
they were made, not misleading, or any violation by the Company of any rule or
regulation promulgated under the Securities Act or the 1934 Act applicable to
the Company and relating to action or inaction required of the Company in
connection with any such registration, qualification or compliance, and will
reimburse each such Holder, each of its officers and directors, each person
controlling such Holder, each such underwriter and each person who controls such
underwriter, for any reasonable legal and any other reasonable expenses incurred
in connection with investigating, preparing or defending any such claim, loss,
damage, liability or action; provided, that the Company will not be liable in
any such case to the extent that any such claim, loss, damage, liability or
expense arises out of or is based on (1) any untrue statement or omission or
alleged untrue statement or omission, made in reliance upon and in conformity
with written information furnished to the Company by any such Holder or
underwriter specifically for use therein, (2) in the case of a registration that
is not underwritten, the sale of Registrable Securities to any person to whom
any such Holder failed to send or give, at or prior to the closing of such sale,
a final prospectus or any amendment or supplement thereto, (3) the use by any
such Holder or underwriter of any prospectus, registration

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statement or amendment or supplement thereto during any period of suspension
under Section 8(a) or Section 8(f).

                  (b) Each Holder will, if Registrable Securities held by such
Holder are included in the securities as to which such registration,
qualification or compliance is being effected, indemnify the Company, each of
its directors and officers, and each person who controls the Company within the
meaning of Section 15 of the Securities Act, each underwriter, if any, of the
Company's securities covered by such a registration statement and each person
who controls such underwriter within the meaning of Section 15 of the Securities
Act, and each other such Holder, each of its officers and directors, and each
person controlling such other Holder within the meaning of Section 15 of the
Securities Act, against all claims, losses, damages and liabilities (or actions
in respect thereof) arising out of or based on any untrue statement (or alleged
untrue statement) of a material fact contained in any such registration
statement, prospectus, offering circular or other document, or any amendment or
supplement thereto, or arising out of or based on any omission (or alleged
omission) to state therein a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances in which
they were made, not misleading, or any violation by such Holder of any rule or
regulation promulgated under the Securities Act or the 1934 Act applicable to
such Holder and relating to action or inaction required of such Holder in
connection with any such registration, qualification or compliance, and will
reimburse the Company, such Holders, such directors, officers, such underwriters
or such control persons for any reasonable legal or any other reasonable
expenses incurred in connection with investigating, preparing or defending any
such claim, loss, damage, liability or action, in the case of any untrue
statement (or alleged untrue statement) or omission (or alleged omission), to
the extent, but only to the extent, that such untrue statement (or alleged
untrue statement) or omission (or alleged omission) is made in such registration
statement, prospectus, offering circular, other document, amendment or
supplement in reliance upon and in conformity with written information furnished
to the Company by such Holder specifically for use therein; provided, however,
that the obligations of such Holder hereunder shall be limited to an amount
equal to the gross proceeds, before Registration Expenses, Selling Expenses,
other expenses and commissions, to such Holder of Registrable Securities sold as
contemplated herein.

                  (c) Each party entitled to indemnification under this Section
10 (the "Indemnified Party") shall give notice to the party required to provide
indemnification (the "Indemnifying Party") promptly after such Indemnified Party
has actual knowledge of any claim as to which indemnity may be sought, and shall
permit the Indemnifying Party to assume the defense of any such claim or any
litigation resulting therefrom, provided that counsel for the Indemnifying
Party, who shall conduct the defense of such claim or litigation, shall be
approved by the Indemnified Party (whose approval shall not be unreasonably
withheld), and the Indemnified Party may participate in such defense at such
party's expense, and provided further that the failure of any Indemnified Party
to give notice as provided herein shall not relieve the Indemnifying Party of
its obligations under this Agreement, except to the extent, but only to the
extent, that the Indemnifying Party's ability to defend against such claim or
litigation is impaired as a result of such failure to give notice. No
Indemnifying Party, in the defense of any such claim or litigation, shall,
except with the consent of each Indemnified Party, consent to entry of any
judgment or enter into any settlement which does not include as an unconditional
term thereof

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the giving by the claimant or plaintiff to such Indemnified Party of a release
from all liability in respect to such claim or litigation.

                  (d) If the indemnification provided for in this Section 10 is
held by a court of competent jurisdiction to be unavailable to an Indemnified
Party with respect to any loss, liability, claim, damage, or expense referred to
therein, then the Indemnifying Party, in lieu of indemnifying such Indemnified
Party hereunder, shall contribute to the amount paid or payable by such
Indemnified Party as a result of such loss, liability, claim, damage, or expense
in such proportion as is appropriate to reflect the relative fault of the
Indemnifying Party on the one hand and of the Indemnified Party on the other in
connection with the statement, omissions or violations that resulted in such
loss, liability, claim, damage, or expense as well as any other relevant
equitable considerations. The relative fault of the Indemnifying Party and of
the Indemnified Party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the
omission to state a material fact relates to information supplied by the
Indemnifying Party or by the Indemnified Party, whether the violation of any
rule or regulation was committed by the Indemnified Party or by the Indemnifying
Party, and the parties' relative intent, knowledge, access to information, and
opportunity to correct or prevent such statement, omission or violation.

                  (e) The indemnification provided for under this Section 10
shall remain in full force and effect regardless of any investigation made by or
on behalf of the Indemnified Party and shall survive the transfer of securities.

         11. Information by Holder. The Holder or Holders of Registrable
Securities included in any registration shall furnish to the Company such
information regarding such Holder or Holders and the distribution proposed by
such Holder or Holders as the Company may reasonably request in writing and as
shall be required in connection with any registration, qualification or
compliance referred to in this Agreement.

         12. Rule 144 Reporting. With a view to making available the benefits of
certain rules and regulations of the Commission which may at any time permit the
sale of the Restricted Securities to the public without registration, after
ninety (90) days after the effective date of the registration statement filed in
connection with the Company's Initial Public Offering, and until such time as
the Company no longer has a class of securities registered under the 1934 Act,
the Company agrees to:

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

                  (b) Use its best efforts to file with the Commission in a
timely manner all reports and other documents required of the Company under the
Securities Act and the 1934 Act (at any time after it has become subject to such
reporting requirements); and

                  (c) Furnish to Holders of Registrable Securities, forthwith
upon request, a written statement by the Company as to its compliance with the
reporting requirements of Rule 144 and of the Securities Act and the 1934 Act
(at any time after it has become subject to such

                                       11

<PAGE>

reporting requirements), a copy of the most recent annual or quarterly report of
the Company, and such other reports and documents of the Company as a Holder of
Registrable Securities may reasonably request in availing itself of any rule or
regulation of the Commission allowing such Holder to sell any Registrable
Securities without registration.

         13. Transfer of Registration Rights. The right to cause the Company to
register Registrable Securities granted the Holder hereunder may be assigned to
a transferee or assignee of such Registrable Securities, provided that such
transferee or assignee is (a) an affiliate (as that term is defined in Rule 405
promulgated under the Securities Act) of the transferring Holder at the time of
such transfer, (b) a shareholder of such Holder, where such Holder is a
corporation, (c) the estate of any such Holder or of any permitted transferee of
such Holder under clause (a) or (b), (d) the spouse, siblings, lineal
descendants or ancestors of any of the foregoing by gift, will or intestate
succession, (e) a trust for the benefit of such Holder, any permitted transferee
of such Holder under clause (a) or (b), or the spouse, siblings, lineal
descendants or ancestors of any of the foregoing, or (f) any other transferee of
all of the Registrable Securities then held by such Holder, if such Registrable
Securities are transferred in accordance with any applicable restrictions set
forth in the Shareholders' Agreement and prior to the consummation of the
Company's Initial Public Offering. No other transfer or assignment of this
Agreement, or of any of the rights, benefits, obligations or burdens of any
Holder hereunder, shall be effective unless the Company shall have given its
prior written consent to such transfer or assignment, in its sole and absolute
discretion.

         14. Market Stand-Off Agreement. Each of the Company and each Holder
hereby agrees that, during the period specified by the managing underwriter of
an underwritten public offering of equity securities of the Company for the
account of the Company or any Holder hereunder (but in any event not to exceed
ninety (90) days) following the effective date of the registration statement
relating to such underwritten public offering, such Holder shall not, to the
extent requested by such managing underwriter, directly or indirectly effect any
sale of any equity securities of the Company except pursuant to such
registration; provided, however, that each Holder shall be subject to such
limitation if and only if all of the Company's officers, directors and other
holders of more than 5% of the common equity securities of the Company then
outstanding have entered into substantially similar agreements and remain bound
thereby.

         15. Governing Law. This Agreement and the legal relations between the
parties arising hereunder shall be governed by and interpreted in accordance
with the laws of the State of Ohio, without giving effect to the conflict of
laws provisions thereof.

         16. Entire Agreement. This Agreement constitutes the full and entire
understanding and agreement between the parties regarding rights to
registration. Except as otherwise expressly provided herein, the provisions
hereof shall inure to the benefit of, and be binding upon, the successors,
permitted assigns, heirs, executors and administrators of the parties hereto.

         17. Notices, etc. All notices and other communications required or
permitted hereunder shall be in writing and shall be deemed effectively given
upon delivery to the party to be notified in person or by courier service or
five (5) days after deposit with the United States mail, by registered or
certified mail, postage prepaid, addressed (a) if to a Holder, to such

                                       12

<PAGE>

Holder's address set forth on Exhibit A, or at such other address as such Holder
shall have furnished to the Company in writing for purposes of any notices
hereunder, or (b) if to the Company, to its address set forth in the
Shareholders' Agreement, to the attention of its corporate Secretary, or at such
other address as the Company shall have furnished to the Holders for purposes of
any notices hereunder.

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

         19. Amendment. Any provision of this Agreement may be amended, waived
or modified only upon the written consent of each of the parties hereto;
provided, that any party to this Agreement may waive any of such party's rights
or the Company's obligations hereunder without obtaining the consent of any
other person.

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

                                    HYLAND SOFTWARE, INC.

                                    By: /s/ J. Packy Hyland Jr.
                                        ----------------------------------------
                                    Name: J. PACKY HYLAND JR., CEO
                                    Title: CEO

                                    RECALL TOTAL INFORMATION
                                    MANAGEMENT, INC.

                                    By: /s/ Alfredo Trujillo
                                        ----------------------------------------
                                    Name: Alfredo Trujillo
                                    Title: Vice President

                                       13<PAGE>

                                                                     EXHIBIT 4.3

                             SHAREHOLDERS' AGREEMENT

      This SHAREHOLDERS' AGREEMENT (the "Agreement") is made and entered into as
of the ___ day of January, 2001, by and among HYLAND SOFTWARE, INC. (the
"Company"), an Ohio corporation, RECALL TOTAL INFORMATION MANAGEMENT, INC. (the
"Investor") a Delaware corporation and a wholly-owned subsidiary of Recall
Corporation, and those other shareholders of the Company executing this
Agreement and agreeing to become parties hereto (collectively the "Current
Shareholders" and individually a "Current Shareholder"). The Investor and the
Current Shareholders are hereinafter sometimes referred to collectively as the
"Shareholders".

                                   WITNESSTH:

      WHEREAS, pursuant to a Stock Purchase Agreement of even date herewith, by
and between the Company and the Investor (the "Stock Purchase Agreement"), the
Investor has agreed to purchase 564,845 Common Shares, without par value, of the
Company for a purchase price of $12 million; and

      WHEREAS, it is a condition to the obligations of the Company and the
Investor under the Stock Purchase Agreement that the parties execute this
Agreement;

      WHEREAS, the Shareholders are the owners of issued and outstanding Common
Shares, without par value, of the Company in the respective amounts set forth
opposite their names on Exhibit A attached hereto; and

      WHEREAS, the parties desire to execute this Agreement for the purposes of,
among other things, (1) establishing voting requirements in connection with the
organization and structure of the Board of Directors of the Company, (2)
establishing requirements for the organization and operation of certain
committees of the Board of Directors of the Company, and (3) limiting the manner
and terms by which shares of capital stock of the Company held by the
Shareholders may be transferred;

      NOW, THEREFORE, IT IS AGREED among the parties, in consideration of the
mutual premises and covenants in this Agreement and other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the
parties to this Agreement agree as follows:

      SECTION 1. DEFINITIONS

      In addition to terms defined in the preamble of this Agreement or
elsewhere in this Agreement, the following terms shall have the meanings
assigned to them in this Section 1.

<PAGE>

            1.1   Affiliate. The term "Affiliate", when used with respect to a
specified Person, means a Person that:

                  (a)   directly, or indirectly through one or more
intermediaries, controls, is controlled by or is under common control with such
specified Person;

                  (b)   is a director, manager, officer, employee, trustee or
general partner of, or an owner of an equity interest of ten percent (10%) or
more in, or a beneficiary of a trust owning an equity interest of ten percent
(10%) or more in, such specified Person or any Person specified in paragraph (a)
above; or

                  (c)   is a member of the immediate family of such specified
Person or any Person specified in paragraph (a) or (b) above. For purposes
hereof, the members of a Person's immediate family will be such Person's
parents, grandparents, spouse, children (natural born or adopted), grandchildren
(natural born or adopted), siblings and children (natural born or adopted) of
siblings.

For purposes of this definition, the term "control" (and any derivative thereof)
means the possession, directly or indirectly, of the power to direct or cause
the direction of the management and policies of a Person, whether through the
ownership of voting stock, by contract or otherwise.

            1.2   Board. The term "Board" means the Board of Directors of the
Company, as elected and constituted from time to time.

            1.3   Change in Control. The term "Change in Control", with respect
to a Shareholder that is a business entity, means: (a) any transaction or series
of transactions pursuant to which such Shareholder sells or otherwise disposes
of more than fifty percent (50%) of its operating assets to a third party (or
group) that (1) is not an Affiliate of such Shareholder and (2) is a competitor
of the Company at the time of such transaction; (b) any transaction or series of
transactions pursuant to which the shareholders, members or other persons
holding ownership interests in such Shareholder at such time sell or otherwise
transfer ownership interests, or such Shareholder newly issues ownership
interests, which in either case represent more than fifty percent (50%) of the
value or voting power of the outstanding ownership interests of such
Shareholder, in either case to a third party (or group) that (1) is not an
Affiliate of such Shareholder and (2) is a competitor of the Company at the time
of such transaction; or (c) a merger, reorganization or any other transaction
that brings about any of the results described in the preceding clauses (a) or
(b). In the case of the Investor, any transaction described in the preceding
sentence occurring with respect to Recall Corporation shall also constitute a
Change in Control of the Investor.

            1.4   Common Shares. The term "Common Shares" means (a) the Common
Shares, without par value, of the Company that are duly authorized from time to
time, and (b) any securities into which Common Shares may have been changed or
converted (or for which any such securities may have been exchanged) in
connection

                                     - 2 -
<PAGE>

with any reclassification, recapitalization, merger, consolidation, combination,
share exchange or other corporate transaction or event having a similar effect,
all as may be issued and outstanding as of the time to which reference is made.
In the case of Common Shares that constitute "community properly" under
applicable law, the term "Common Shares" includes the community interest of a
Shareholder's spouse in such Common Shares.

            1.5   Conflict of Interest Transaction. The term "Conflict of
Interest Transaction" means any proposed transaction between the Company or any
subsidiary thereof and any Affiliate thereof other than the Investor, except for
any proposed transaction that is subject to the approval rights of Recall under
Section 3 and any proposed transaction between the Company and any of its
officers or employees with respect to their employment by the Company.

            1.6   Current Shareholders. The term "Current Shareholders" means
those holders of outstanding shares of capital stock of the Company who are
parties to this Agreement, and any other Person that is a successor to any
thereof or is a transferee of any of the Common Shares held by any thereof,
provided that such successor or transferee was, at the time of such succession
or transfer, a Person who would be a permitted transferee of such Shareholder
under Section 5.2 and has agreed to be bound by the terms and conditions of this
Agreement as if he, she or it were an original party hereto.

            1.7   Fair Market Value. The term "Fair Market Value" of a Share
means the amount that a willing seller who is under no compulsion to sell would
be willing to accept, and that a willing buyer who is under no compulsion to buy
would be willing to pay, for the Share being valued. If the Company desires to
grant any Options at any time when the Conflict of Interest Committee is
required to be maintained pursuant to Section 2.3(b) without obtaining the prior
approval of the Conflict of Interest Committee, it shall so notify the Investor
(or the Director designated for election by the Investor pursuant to Section
2.1(c)) no later than 15 days prior to the grant of such Options, including in
such notice the Company's determination, for such purposes, of the Fair Market
Value of the Shares underlying such Options, as determined by the Board in good
faith. If the Investor does not object to such determination within 10 days
after its receipt of such notice, the Board's determination of Fair Market Value
shall be conclusive for purposes of this Agreement. If the Investor objects to
such determination by written notice to the Company within such 10-day period,
such Options shall not be granted without the approval thereof by the Conflict
of Interest Committee unless and until the Fair Market Value of the underlying
Shares has been finally determined hereunder. The Company (acting by the Board)
and the Investor shall thereupon use their best efforts to agree on a Fair
Market Value as promptly as practicable. If they fail to agree, then, not later
than the 20th day following the date of the Investor's notice objecting to the
Board's determination, the Company and the Investor shall attempt to jointly
select a mutually acceptable independent appraiser who shall determine the Fair
Market Value of the Shares at issue. If they fail to agree on an appraiser,
then, on the final day of said 20-day period, the Investor and the Company shall
each notify the other of the identity of an independent appraiser satisfactory
to them. They each shall

                                     - 3 -
<PAGE>

instruct the appraisers selected by them to agree upon a third appraiser within
5 business days after the end of said 20-day period. The third appraiser shall
thereupon be retained to determine the Fair Market Value of the underlying
Shares. The decision of the appraiser determining such Fair Market Value shall
be final and binding upon the Company and the Investor, and the expenses of such
appraiser shall be borne by the Company. The Investor and the Company shall
cooperate fully with the appraiser appointed hereunder and shall fully disclose
any and all information (including, without limitation, any business plans or
forecasts of the Company) which is or may be material to the valuation of the
Shares.

            1.8   Initial Public Offering. The term "Initial Public Offering"
means the closing of an initial public offering that results in the Company
being required to register a class of securities under the Securities Exchange
Act of 1934, as amended.

            1.9   Investor. The term "Investor" means Recall Total Information
Management, Inc., a Delaware corporation, and any other Person that is a
successor thereto or a transferee of any of the Common Shares held by Recall
Total information Management, Inc., provided that such Person was, at the time
of such succession or transfer, an Affiliate of Recall Total Information
Management, Inc. and has agreed to be bound by the terms and conditions of this
Agreement as if it were an original party hereto.

            1.10  Majority Action. The term "Majority Action", with respect to
any group of shareholders of the Company having the power to act under this
Agreement in such manner with respect to any matter, means those Shareholders in
such group holding Common Shares that have at least a majority of the voting
power of the Common Shares held by all Shareholders included in such group.

            1.11  Non-Investor Shareholders. The term "Non-Investor
Shareholders" means those holders of outstanding shares of capital stock of the
Company entitled to vote in the election of Directors, other than the Investor.

            1.12  Per Common Share Appraisal Price. The term "Per Common Share
Appraisal Price" means the fair market value of a Common Share, based upon a
determination of the value of the Company as a going concern. Such determination
shall not take into consideration, in valuing the Company as a going concern,
the proceeds of any key-man life insurance policies maintained by the Company
with respect to any of its officers or Directors. The Per Common Share Appraisal
Price shall be determined as of the end of the last fiscal month preceding the
month in which the event giving rise to the need to determine such price occurs,
as follows. Within ten (10) days after written notice of the event giving rise
to the need to determine such price, the Company (acting by the Board) and the
appropriate Shareholder shall use their best efforts to agree on a Per Common
Share Appraisal Price. If they fail to agree, then, not later than the 20th day
following the date of the notice in the preceding sentence, the Company and such
Shareholder shall jointly select a mutually acceptable independent appraiser who
shall determine the Per Common Share Appraisal Price. If they fail to

                                     - 4 -
<PAGE>

agree on an appraiser, then, on the final day of said 20-day period, such
Shareholder and the Company shall each notify the other of the identity of an
independent appraiser satisfactory to them. They each shall instruct the
appraisers selected by them to agree upon a third appraiser within 5 business
days after the end of said 20-day period, which third appraiser shall be
selected from lists of appraisers provided by the Company and such Shareholder.
The third appraiser shall thereupon be retained to determine the Per Common
Share Appraisal Price. The decision of the appraiser determining the Per Common
Share Appraisal Price shall be final and binding upon the Company and such
Shareholder, and the expenses of such appraiser shall be borne by the Company.
Such Shareholder and the Company shall cooperate fully with the appraiser
appointed hereunder and shall fully disclose any and all information (including,
without limitation, any business plans or forecasts of the Company) which is or
may be material to the valuation of the Company as a going concern.

            1.13  Person. The term "Person" means any individual or any
corporation, partnership, limited liability company, other business entity,
trust, governmental agency or authority, or other organization or entity of any
nature, as the context may require.

            1.14  Senior Loan Documents. The term "Senior Loan Documents" means
all documents, instruments, agreements and certificates evidencing any
indebtedness of the Company to any bank or other financial institution.

            1.15  Shares. The term "Shares" means the shares of capital stock of
any class or series of the Company that are authorized for issuance by the
company form time to time.

            1.16  Software Rights. The term "Software Rights" means any and all
of the Company's products and application programs in ail forms, whether
currently in existence or hereinafter developed or acquired by the Company, and
all software that incorporates components, aspects and functions of the
foregoing, including all Source Code for the same, whether in executable object
library form or otherwise, and all manuals, all documentation related thereto,
and all derivatives and enhancements for the same, together with all developers'
kits, server applications and APIs. Further included in this definition of
Software Rights are all associated intellectual property rights associated with
the foregoing, including but not limited to all copyrights, trademarks, logos,
service marks, patents, trade secrets, and other proprietary rights therein
(including applications for registration thereof and renewals thereof).

      SECTION 2. BOARD OF DIRECTORS

            2.1   Election of Directors. Each Shareholder agrees to vote all
Shares over which such Shareholder has voting control, and to take all other
necessary or desirable actions within such Shareholder's control (whether in
his, her or its capacity as a Shareholder, Director, Shareholder of a Board
committee, officer of the Company

                                     - 5 -
<PAGE>

or otherwise), and the Company agrees to take all necessary or desirable actions
within its control, in order to cause:

                  (a)   so long as the Investor remains a Shareholder and has
the right and power to designate a Director for election under Section 2.1(c),
the authorized number of Directors on the Board to be set at six (6);

                  (b)   so long as the Investor remains a Shareholder and has
the right and power to designate a Director for election under Section 2.1(c):
(1) the election to the Board of four (4) representatives designated by the
Non-Investor Shareholders by Majority Action; (2) the removal from the Board
(with or without cause) of any representative designated by the Non-Investor
Shareholders upon Majority Action to such effect of the Non-Investor
Shareholders and the delivery of written notice of such action to the other
Shareholders requesting such removal, and only upon such Majority Action and
delivery of written request; and (3) in the event any representative designated
hereunder by the Non-Investor Shareholders ceases to serve as a Director for any
reason during such representative's term of office, the filling of such vacancy
by a representative designated by the Non-Investor Shareholders upon Majority
Action;

                  (c)   so long as (1) the Investor remains a Shareholder, (2)
the Investor holds of record and beneficially at least that number of
outstanding Common Shares equal to the lesser of (A) five percent (5%) of the
total number of outstanding Common Shares or (B) the number of Common Shares
initially issued by the Company to the Investor pursuant to the Stock Purchase
Agreement (as adjusted from time to time to reflect the effects of any
recapitalization, Common Share split, Common Share dividend or other similar
transaction with respect to such Common Shares), and (3) the Company has not
completed an Initial Public Offering: (i) the election to the Board of one (1)
representative designated by the Investor; (ii) the removal from the Board (with
or without cause) of the representative designated by the Investor upon the
delivery by the Investor to the other Shareholders of a written request for such
removal, and only upon the delivery of such written request; and (iii) in the
event the representative designated hereunder by the Investor ceases to serve as
a Director for any reason during such representative's term of office, the
filling of such vacancy by a representative designated by the Investor;

                  (d)   so long as the Investor remains a Shareholder and has
the right and power to designate a Director for election under Section 2.1(c):
(1) the election to the Board of one (1) independent Person (i.e., a Person who
is not an officer or employee of the Company, an Affiliate of such a Person or
an Affiliate or employee of the Investor) designated by the Non-Investor
Shareholders by Majority Action; provided that such designee is reasonably
satisfactory to the Investor, as evidenced by the Investor's prior written
consent to such designation (which consent shall not be unreasonably withheld);
and (2) in the event the representative designated hereunder by the Non-Investor
Shareholders and approved by the Investor ceases to serve as a Director for any
reason during such representative's term of office, the filling of such

                                     - 6 -
<PAGE>

vacancy by a representative designated by the Non-Investor Shareholders by
Majority Action and approved by the Investor in the manner described above.

            2.2   Board Meetings. Except as otherwise unanimously determined by
the Board, the Board shall hold regular quarterly meetings at such times and
places as the Board may determine.

            2.3   Compensation of Directors. The Directors (other than any
Director who is not an officer or employee of the Company, an Affiliate of such
a Person or an Affiliate or employee of the Investor) shall not receive any fees
or salaries or other compensation for their services as a Director, but shall be
reimbursed for actual and reasonable expenses of travel and lodging associated
with meetings of the Directors, including committee meetings.

            2.4   Committees of the Board. So long as the Investor remains a
Shareholder and has the right and power to designate a Director for election
under Section 2.1(c), the Company agrees to take all necessary or desirable
actions within its control to implement the following:

                  (a)   Generally. In addition to the committees required to be
created and maintained by the Board in accordance with the provisions of Section
2.3(b) and 2.3(c), the Board may create an executive committee or any other
committee of the Directors (each a "Committee"), to consist of one (1) or more
Directors, and may delegate to any such Committee any of the authority of the
Board, however conferred. The Director designated for election by the Investor
under Section 2.1(c) shall have the right to serve as a member of any such
Committee (except for the Committee provided for in Section 2.3(c)) should such
Director so desire. Any Committee established in accordance with this Section
2.3(a) shall serve at the pleasure of the Board.

                  (b)   Committee for the Approval of Certain Transactions
Involving Non-Investor Shareholders, Executive Officers and Employees of the
Company. Promptly following each new election of Directors under Section 2.1 and
before any other action shall be taken thereby, the newly organized Board shall
adopt resolutions organizing a special Committee for the purposes set forth in
this Section 2.3(b) (the "Conflict of Interest Committee").

                        (1)   Structure and Purposes. The Conflict of Interest
Committee shall be comprised of three (3) Directors, one (1) of whom will be
designated by the Director designated by the Investor in accordance with Section
2.1(c), one (1) of whom will be designated by the Directors (by majority vote of
such Directors) designated by the Non-Investor Shareholders in accordance with
Section 2.1(b), and one (1) of whom will be the independent Person elected as a
Director in accordance with Section 2.1(d). The Conflict of Interest Committee
will have all authority of the Board in connection with the consideration and
approval or disapproval of any action by the Company that:

                                     - 7 -
<PAGE>

                              (A)   grants any Shares (regardless of any
restrictions thereon) or options to purchase Shares (referred to collectively as
"Options") to any executive officer of the Company;

                              (B)   grants Options to any Person at an exercise
price per Share that is less than the then-current Fair Market Value thereof;

                              (C)   grants Options to Directors, officers,
employees, consultants, agents or representatives of the Company if and to the
extent that the sum of (i) the number of Shares that have been purchased after
December 31, 2000 upon the exercise of Options previously granted to any such
Persons and (ii) the number of Options granted to any such Persons that would
then be outstanding, exceeds 600,000 (adjusted for any stock split, combination
of Shares, stock dividend, recapitalization or other similar transaction
affecting the Shares);

                              (D)   after the cash compensation of any executive
officer of the Company has become commensurate with the cash compensation paid
by comparable companies to their comparable executive officers (based on the
advice of a nationally recognized compensation consultant selected by the
Conflict of Interest Committee), authorizes, approves or otherwise results in
any increase in the cash compensation (which includes salary and bonus) paid by
the Company to any such executive officer by more than 10% from the prior year;

                              (E)   results or would result in the payment of
any severance pay or other benefit to any executive officer of the Company upon
or in connection with the termination of such executive officer's employment
with the Company in excess of an amount equal to such executive officer's
salary, as in effect at the time of such termination, for a period of six (6)
months; or

                              (F)   is or would constitute a Conflict of
Interest Transaction.

None of the foregoing actions shall be taken by the Company unless they have
first been approved by the Conflict of Interest Committee as set forth herein,
and neither the Company nor any subsidiary of the Company shall enter into any
Conflict of Interest Transaction unless such Conflict of Interest Transaction
shall have first been approved by the Conflict of Interest Committee.

                        (2)   Voting and Procedures. The Conflict of Interest
Committee will act on all matters submitted to it by majority vote of its
members; provided, that no member of the Conflict of Interest Committee shall
have the right to vote or consent as to any matter in which such member, or in
the case of a Conflict of Interest Transaction such member or any Affiliate of
such member (other than the Company), has a direct or indirect pecuniary
interest. The Conflict of Interest Committee shall meet or otherwise act in
accordance with the procedures set forth in Section 2.3(e).

                                     - 8 -
<PAGE>
               (c)   Committee for the Approval of Certain Transactions
Involving the Investor or Competitors of the Investor. Promptly following each
new election of Directors under Section 2.1 and before any other action shall be
taken thereby, the newly organized Board shall adopt resolutions organizing a
special Committee for the purposes set forth in this Section 2.3(c) (the
"Investor Transactions Committee").

                        (1)   Structure and Purposes. The Investor Transactions
Committee shall be comprised of three (3) Directors, two (2) of whom will be
designated by the Directors (by majority vote of such Directors) designated by
the Non-Investor Shareholders in accordance with Section 2.1 (b) and one (1) of
whom will be the independent Person elected as a Director in accordance with
Section 2.1(d); provided, however, that no Director who has, or whose employer
(other than the Company) has, a direct or indirect material interest in any of
the matters to be considered by such Committee shall be entitled to serve
thereon. The Investor Transactions Committee will have all authority of the
Board in connection with the consideration and approval or disapproval of any
action by the Company that involves any proposed transaction or action directly
involving the Company and the Investor or any competitor of the Investor and
that is reasonably likely to be material to the Company from a financial or
strategic point of view.

                        (2)   Submission of Matters to the Investor Transactions
Committee. Any matter will be referred for consideration and action by the
Investor Transactions Committee only based upon the unanimous determination, by
all of the Directors of the Company other than the Director elected by the
Investor in accordance with Section 2.1(c), that (A) such referral is warranted
under the standards set forth in Section 2.3(c)(1), and (B) in the case of any
matter involving one or more competitors of the Investor, such referral is
reasonably necessary to assure that confidential or proprietary information
concerning one or more competitors of the Investor is not acquired by the
Investor. The Company will give the Investor written notice of any determination
under this Section 2.3(c)(2), specifying the basis therefor, promptly following
such determination and in any event prior to any consideration of the referred
matter by the Investor Transactions Committee.

                        (3)   Voting. The Investor Transactions Committee will
act on all matters submitted to it by majority vote of its members.

                        (4)   Procedures. The Investor Transactions Committee
shall meet or otherwise act in accordance with the procedures set forth in
Section 2.3(e).

               (d)   Committee for the Approval of Certain other Transactions.
In the event that any Director, other than the Director designated by the
Investor for election in accordance with Section 2.1(c), is or becomes a
material competitor of the Investor or an Affiliate of a material competitor
(other than the Company) of the

                                     - 9 -
<PAGE>

Investor, the Board shall immediately be required to adopt resolutions
organizing a special Committee for purposes similar to those set forth in
Section 2.3(c) with respect to such other Director and such material competitor.
Any special Committee organized under this Section 2.3(d) shall be structured
and shall operate in relation to such other Director and such material
competitor in the same manner as the Investor Transactions Committee is
structured and operates in relation to the Investor, and the provisions of
Section 2.3(c) are incorporated herein by this reference for these purposes;
provided that so long as the Investor is entitled to designate a Director for
election pursuant to Section 2.1(c) and the Investor has no material direct or
indirect interest in the matter(s) being considered by such Committee, the
Director designated by the Investor for election in accordance with Section
2.1(c) shall be entitled to serve as one of the members of such special
Committee.

                  (e)   Meetings; Participation; Informal Action.

                        (1)   Meetings. A meeting of any Committee of the Board
may be held upon the call of any Shareholder of the Committee by written notice
(which may be delivered by facsimile) given to all of the Shareholders of the
Committee not less than forty-eight (48) hours before the time set for the
meeting. The notice of special meeting shall specify the time, place and
purposes of the meeting. Notice of any meeting of any Committee may be waived by
a waiver of the notice in writing, signed by the Shareholders of the Committee
entitled to the notice, whether before, at or after the time stated for the
meeting. Attendance of a member of the Committee at any meeting, whether in
person or by telephone or other means of communication as provided below, will
constitute waiver of notice of such meeting. Any waiver of notice of a meeting
by a member of the Committee hereunder will be equivalent to the giving of such
notice.

                        (2)   Participation Through Communications Equipment.
Members of any Committee of the Board shall be permitted to participate in any
meeting of the Committee by telephone or by any other means of communication by
which all participants can hear each other simultaneously during the meeting,
and such participation shall constitute presence in person at the meeting.

                        (3)   Actions by Written Consent. Any action required or
permitted to be taken at a meeting of any Committee of the Board may be taken
without a meeting if a consent in writing, setting forth the action taken, is
signed by all of the members of the Committee.

            2.5   Observation Rights of the Investor. So long as the Investor
continues to hold any outstanding Common Shares, no representative designated by
the Investor for election has been elected to the Board in accordance with
Section 2.1(c) and continues to serve thereon, and the Company has not completed
its Initial Public Offering, the Investor shall be entitled to designate one (1)
non-voting observer (the "Observer") to be admitted to each meeting of the Board
and any Committee thereof other than the Investor Transactions Committee. The
Observer shall be an

                                     - 10 -
<PAGE>

officer or other key employee of the Investor, unless otherwise approved in
advance by the Board. The Company shall give the Observer notice of each such
meeting at the time and in the manner notice is provided to the Directors or
Shareholders of the Committee thereof. The Company shall deliver to the Observer
all written materials and other information provided to the Directors or
Shareholders of any such Committee in connection with meetings or written
consents at such times and in such manner that such materials and information
are provided to the Directors or Committee Shareholders. The Investor shall
notify the Company of the identity of the Person who is so designated as the
Observer, as the same may change from time to time.

      SECTION 3. CERTAIN APPROVAL RIGHTS OF THE INVESTOR

            3.1   Transactions. So long as the Investor remains a Shareholder,
without the prior written consent of the Investor, the Company and the Current
Shareholders shall not:

                  (a)   take any action to dissolve or liquidate the Company
unless the Company and the Non-Investor Shareholders intend to cease the conduct
of the business conducted by the Company and no purchaser of the Software Rights
has been identified, contacted or solicited at the time of the determination to
proceed with the dissolution and liquidation of the Company; or

                  (b)   take any action to (1) sell, exchange, lease, transfer
or otherwise dispose of all or substantially all of the assets or property of
the Company, including but not limited to any such sales or other disposition as
part of a single transaction or plan, whether or not in the ordinary course of
the Company's business, or (2) cause the Company to merge or consolidate with or
into any other Person, if any such transaction involves the payment or
distribution of cash to the holders of Common Shares, unless such transaction
provides for the payment of cash consideration to the Investor equal to at least
$21.25 per Common Share then held by the Investor (adjusted for any
recapitalizations, Common Share splits, Common Share dividends or other similar
transactions with respect to the Common Shares).

            3.2   Changes in Purposes or Objectives. So long as the Investor
remains a Shareholder and has the right to designate a Director for election
under Section 2.1(c), without the prior written consent of the Investor, the
Company and the Current Shareholders shall not take any action with respect to
any change in the Company's objectives, any purpose of the Company or the
business in which the Company engages if as a consequence of such action the
Company's primary line of business would change to a line of business that does
not involve products or services in the fields of computer or communications
technology.

      SECTION 4. CERTAIN RESTRICTIVE COVENANTS OF THE INVESTOR

            4.1   Limitations on Competitive Activities. So long as the Investor
remains a Shareholder, the Investor agrees that it and its Affiliates will
refrain, directly

                                     - 11 -
<PAGE>

or indirectly, from engaging in any business activity competitive with the
Company's conduct of its business anywhere in the world where the Company then
conducts its business, without the prior written consent of the Company, in its
sole discretion. For these purposes, the Company's "business" will mean the
development, maintenance, improvement, marketing, sale and distribution of COLD
and ERM, document imaging, workflow and electronic document management and
distribution computer software and the provision of usual and customary services
related to such software.

            4.2   Nonsolicitation. So long as the Investor remains a
Shareholder, the Investor agrees that it and its Affiliates will not, directly
or indirectly, solicit, divert, attempt to divert, influence or attempt to
influence the termination of any business relationship of the Company, or
otherwise interfere with any business relationship between the Company, with any
employees, agents or representatives of the Company, without the prior written
consent of the Company, in its sole discretion.

            4.3   Confidentiality. The Investor agrees that it and its
Affiliates shall at all times not disclose or use to the detriment of the
Company any financial, technical, business and other information in the nature
of trade secrets or proprietary information of the Company (including but not
limited to Company marketing practices and identities of the Company's
customers, clients and suppliers) which is provided to the Investor by the
Company or otherwise acquired from the Company by the Investor as a consequence
of its ownership of Shares or otherwise. In furtherance of the foregoing, the
Investor agrees that it and its Affiliates shall treat any such information of
the Company with the same degree of care that the Investor uses in protecting
the confidentiality of its own comparable information. Notwithstanding the
foregoing, the Investor and its Affiliates shall be entitled to disclose any
such information to its agents or representatives and to any potential purchaser
of the investor's Common Shares, provided that such agents or representatives or
any such purchaser agrees to maintain the confidentiality of such information as
and to the extent required by this Agreement, The foregoing restrictions shall
not apply with respect to:

                  (a)   information obtained by the Investor or its Affiliates
that can be demonstrated to have been in the possession of the Investor or its
Affiliates on a non-confidential basis prior to the Investor becoming a
shareholder of the Company;

                  (b)   information obtained by the Investor or its Affiliates
that at the time of disclosure was in the public domain or that after disclosure
is published or becomes part of the public domain, unless the same occurs
through any action of the Investor (in any capacity) or any of its Affiliates in
violation of this Agreement or otherwise in violation of its or their duties and
responsibilities with respect to the Company;

                  (c)   information obtained by the Investor or its Affiliates
that can be demonstrated to have been independently developed thereby or
acquired from a third party that, to the Investor's and its Affiliates' best
knowledge, did not itself acquire

                                     - 12 -
<PAGE>

such information with restrictions on further dissemination, directly or
indirectly, from the Company; or

                  (d)   information disclosed by the Investor or its Affiliates
pursuant to an obligation of thereof to file such information with any
government agency, including the Department of Justice or the Securities and
Exchange Commission, or pursuant to any order of a court or otherwise as
required by applicable law.

      SECTION 5. TRANSFERS OF SHARES; RIGHTS IN CONNECTION WITH ISSUANCES OF NEW
SHARES

            5.1   Right to Transfer. No Shareholder will be entitled to sell,
mortgage, hypothecate, transfer, pledge, assign, donate, create a security
interest in or lien on, encumber, give, place in trust (voting or other) or
otherwise dispose of, including but not limited to any involuntary transfer or
transfer by operation of law upon divorce, in bankruptcy or by way of execution,
seizure or sale by legal process (hereinafter "transfer"), all or any portion of
his, her or its Common Shares unless the applicable provisions of this Section 5
are complied with in full. Any attempted transfer of any Common Shares other
than in accordance with the preceding sentence will be null and void and of no
force or effect. Any transfer of any Common Shares will be made only in
compliance with all applicable securities laws, and the Company may require the
transferor to obtain and deliver to the Company an opinion of counsel
(reasonably acceptable, as to both the opinion and the counsel, to the Company)
that such proposed transfer so complies.

            5.2   Permitted Transfers. Subject only to compliance with the last
sentence of Section 5.1, a Shareholder will be permitted to transfer all or any
of his, her or its Common Shares pursuant to any transaction described below,
which transactions shall not be subject to any of the other restrictions or
provisions of this Section 5:

                  (a)   any transfer of Common Shares by any Shareholder to any
other Person who is a shareholder of the Company immediately prior to the
consummation of such transfer;

                  (b)   any transfer of Common Shares by any Shareholder who is
a natural person to his or her spouse or lineal descendants (including adoptees)
or a trust for the benefit of any of the foregoing;

                  (c)   any transfer of Common Shares by any Shareholder to a
Person who is an Affiliate of such Shareholder at the time of consummation of
such transfer.

Notwithstanding anything to the contrary, no transfer described in paragraphs
(a), (b) and (c) above shall be a permitted transfer under this Section 5.2
unless the transferee is already a party to this Agreement or, if not, the
transferee shall first agree in writing to

                                     - 13 -
<PAGE>

become a party to this Agreement and be bound by the terms and conditions of
this Agreement as if he, she or it were an original party hereto.

            5.3   Rights of First Purchase.

                  (a)   Transfer Notice. Subject to the exclusions set forth in
Section 5.2 and Section 5.3(e), if a Shareholder makes, solicits or receives a
bona fide offer to transfer his, her or its Common Shares (or any portion
thereof), or receives notice of the proposed involuntary transfer of his, her or
its Common Shares (or any portion thereof), then such Shareholder (the "Selling
Owner") will notify the Company and each other Shareholder in writing (the
"Transfer Notice"), within fifteen (15) days of its making or receipt of such an
offer or its receipt of such a notice of a proposed involuntary transfer, of:
(1) the number of Common Shares to be transferred (the "Offered Common Shares");
(2) the identity of the proposed transferee; (3) in the case of a proposed sale
or exchange, the price to be paid by the proposed transferee; and (4) the terms
of the proposed transfer, including the payment terms in the case of a proposed
sale or exchange. Notwithstanding anything to the contrary, a Change in Control
of a Shareholder that is a business entity will be deemed to constitute a
proposed transfer of the Shares held by such Shareholder for purposes of this
Section 5.3, and shall be subject to the restrictions of this Section 5.3.

                  (b)   Purchase Options.

                        (1)   The Company. When the Transfer Notice is given to
the Company, the Company will have the option to purchase all of, or any portion
of, the Offered Common Shares by giving written notice to that effect to the
Selling Owner and each of the other Shareholders within 30 days after the
Transfer Notice is received by the Company; provided, however, that such option
shall be deemed to be exercised with respect to less than all of the Offered
Common Shares only if the other Shareholders shall exercise their option to
purchase the remaining portion of the Offered Common Shares pursuant to Section
5.3(b)(2). Unless the Transfer Notice contemplates a proposed sale or exchange,
this option will be exercisable at a purchase price per Offered Common Share
equal to the Per Common Share Appraisal Price determined as of the date the
Transfer Notice is delivered. The payment and other terms set forth in Section
5.3(c) below also shall be applicable with respect to any transfer other than a
sale or exchange. If the Transfer Notice contemplates a proposed sale or
exchange, this option will be exercisable at the purchase price and on the
payment and other terms set forth in the Transfer Notice.

                        (2)   Other Shareholders. If the Company does not
exercise the option under Section 5.3(b)(1) for all of the Offered Common
Shares, the Selling Owner will be deemed to have offered the remaining portion
of the Offered Common Shares to the other Shareholders on the date the 30-day
period referred to in Section 5.3(b)(1) expires and such other Shareholders will
have the option to purchase all, but not less than all, of the remaining Offered
Common Shares by giving written notice to that effect to the Selling Owner
within 15 days after the last day of the 30-day

                                     - 14 -
<PAGE>

period referred to in Section 5.3(b)(1). This option will be exercisable at the
same price and upon the same payment and other terms as the Company's option
provided under Section 5.3(b)(1). Unless such other Shareholders otherwise
agree, each other Shareholder exercising this option will be obligated to
purchase that portion of the remaining Offered Common Shares which bears the
same proportion to the entire remaining Offered Common Shares, as the number of
Common Shares then held by such exercising other Shareholder bears to the
aggregate number of Common Shares then held of all of the exercising other
Shareholders.

                        (3)   Purchase and Sale Agreement. If options under
Sections 5.3(b)(1) or 5.3(b)(2) are exercised for all of the Offered Common
Shares, then a purchase and sale agreement will be deemed to have been created
among the purchasers exercising such options (the "Purchasers"), as purchasers,
and the Selling Owner, as seller, providing for the purchase and sale of all of
the Offered Common Shares.

                  (c)   Applicable Terms and Conditions. Unless the terms of the
Transfer Notice are applicable to a purchase and sale pursuant to the exercise
of any of the options under this Section 5.3 as provided above, such purchase
and sale will be consummated not more than 90 days after the expiration of the
last option exercise period applicable with respect to such Offered Common
Shares, by the payment of the purchase price by the Purchasers in accordance
with the next succeeding sentence against the delivery by the Selling Owner of
written representations and warranties with respect to its good and marketable
title to the Offered Common Shares, free and clear of any adverse claims (except
as contained in this Agreement), its full capacity, power and right to transfer
the Offered Common Shares to the Purchasers and its right to transfer the
Offered Common Shares to the Purchasers without the consent or action of any
third party. Unless the terms of the Transfer Notice are applicable to such
purchase and sale as provided above, the purchase price payable in connection
with such purchase and sale will be payable by the Purchasers, at their option,
either (1) in full in cash at the consummation of such purchase and sale, or (2)
twenty percent (20%) in cash at the consummation of such purchase and sale and
the balance by the delivery at such consummation of the Purchasers' promissory
notes, providing for simple interest on the unpaid principal balance at the rate
of eight percent (8%) per annum, and providing for five (5) equal annual
payments of principal and quarterly payments of interest.

                  (d)   Transfer upon Failure to Exercise Options or Failure to
Close. If:

                        (1)   the parties granted the options to purchase
pursuant to this Section 5.3 do not elect to exercise such options for all, but
not less than all, of the Offered Common Shares within the time periods provided
herein; or

                                     - 15 -
<PAGE>

                        (2)   the Purchasers fail, for any reason other than a
breach or threatened breach by the Selling Owner, to consummate a purchase and
sale following the exercise of any such option in accordance with Section
5.3(c),

then at the expiration of all of the respective option periods (or, if earlier,
at such time as all the parties entitled to exercise such options have given
written notice to the Selling Owner that they do not intend, in the aggregate,
to purchase all of the Offered Common Shares) or immediately after the date
scheduled for the consummation of such purchase and sale, as the case may be,
the Selling Owner will be entitled for a period of 60 days (but not thereafter
without first again having complied with the provisions of this Section 5.3} to
transfer all, but not less than all, of the Offered Common Shares to the
proposed transferee identified in the Transfer Notice at the same price and on
the same terms as set forth in the Transfer Notice, subject, however, to the
other applicable provisions of this Section 5, including, without limitation,
Section 5.6. If the transfer is consummated with the proposed transferee in
accordance with this Section 5.3(d), the proposed transferee will receive and
hold the entire Offered Common Shares subject to the transfer restrictions and
all of the other terms and provisions of this Agreement and, as a condition to
the effectiveness of any such transfer, the Selling Owner will be required to
obtain from the proposed transferee for the benefit of the Company and the other
Shareholders the written acknowledgment of the proposed transferee that it has
become a party to this Agreement with respect to the Offered Common Shares
transferred in accordance herewith by executing a counterpart hereof.

                  (e)   Transactions Excluded in Whole or in Part from Rights of
First Purchase. Notwithstanding anything to the contrary set forth in the
Agreement:

                        (1)   no transaction covered by Section 5.5 shall be
subject to the restrictions and limitations of this Section 5.3;

                        (2)   no transaction covered by Section 5.4 shall be
subject to the restrictions and limitations of Section 5.3(b)(1), but the other
restrictions and limitations of this Section 5.3 shall apply thereto prior to
any obligation of any other Shareholder to participate in any such transaction
under such Section 5.3(b);

                        (3)   the provisions of this Section 5.3 shall have no
further force or effect from and after the time that any equity securities of
the Company become registered under the Securities Exchange Act of 1934, as
amended; and

                        (4)   the transfer by J. Patrick Hyland, Jr. of up to
56,000 Common Shares (subject to adjustment for stock splits, stock dividends
and other similar transactions with respect to such Common Shares) to Walter
Zaremba pursuant to the option granted by Mr. Hyland to Mr. Zaremba in 2000 in
connection with a sale of property between them.

                  (f)   Company Waiver of Alternative Right. The Company agrees
to waive the right of first refusal for the benefit of the Company contained in
Section

                                     - 16 -
<PAGE>

2.09 of the Company's Code of Regulations with respect to any transfer by any
Shareholder that is subject to the Company's right of first purchase under this
Section 5.3, or any transfer that is expressly contemplated by any other
provision of this Section 5 and excepted from the restrictions of this Section
5.2.

            5.4   Co-Sale Rights. In the event that any Shareholder or
Shareholder(s) (the "Co-Sale Shareholder(s)") propose to sell or exchange, in a
single transaction or a series of related transactions, a number of Common
Shares representing at least fifty percent (50%) of the outstanding Common
Shares, then the following rights and options will apply.

                  (a)   Tag-Along Rights. The Co-Sale Shareholder(s) will
deliver a written notice (the "Sale Notice") to such effect to the other
Shareholders at least 30 days prior to the proposed closing date for such sale
or exchange, and the Sale Notice shall set forth the terms and conditions of
such sale or exchange. Each of the other Shareholders shall have an option,
exercisable at any time within 20 days after the date of his, her or its receipt
of the Sale Notice, to elect to participate in such sale or exchange as follows.
Each other Shareholder shall have the option to sell a portion of his, her or
its Common Shares to the ultimate purchaser as of the proposed closing date for
such sale or exchange, and upon the same terms and conditions as specified in
the Sale Notice, pro rata with the Co-Sale Shareholder(s) and any other
Shareholders electing to participate in such sale or exchange as provided in
this Section 5.4(a), by written notice to such effect to the Co-Sale
Shareholder(s). The number of Common Shares of the Co-Sale Shareholder(s) to be
sold or exchanged shall be reduced by the number of Common Shares of the
electing other Shareholders which they elect to so sell or exchange (within the
limitation of the preceding sentence), so that the ultimate purchaser purchases
in the aggregate the same number of Common Shares as such ultimate purchaser
proposed to purchase from the Co-Sale Shareholder(s). Failure by any other
Shareholder to give notice of exercise under this Section 5.4(a) within the
20-day period shall be deemed a forfeiture and waiver of any right of such other
Shareholder to participate.in such sale or exchange, provided that such sale or
exchange is fully closed and consummated on or before the closing date, and upon
the terms and conditions, specified in the Sale Notice; provided, however, that
if such sale or exchange shall not be so consummated then the provisions of this
Section 5.4(a) shall again be applicable to the sale or exchange of the Co-Sale
Shareholder(s)' Common Shares.

                  (b)   Come-Along Rights. Subject to the provisions of Section
5.3(e) and to the last sentence of this Section 5.4(b), if the ultimate
purchaser has offered to purchase more Common Shares than the number of Common
Shares proposed to be sold or exchanged by the Co-Sale Shareholder(s), the
Co-Sale Shareholder(s) will have the right to require each other Shareholder to
sell or exchange to the ultimate purchaser such number of Common Shares then
held by such other Shareholder as is equal to the number of Common Shares then
held by such other Shareholder multiplied by a fraction, the numerator of which
shall be the total number of Common Shares that the ultimate purchaser has
agreed to acquire in excess of the

                                     - 17 -
<PAGE>

number of Common Shares to be sold or exchanged by the Co-Sale Shareholder(s),
and the denominator of which shall be the aggregate number of Common Shares then
held by all of the other Shareholders. The Co-Sale Shareholder(s) shall exercise
this right by delivering a Sale Notice to such effect to each other Shareholder
at least 30 days prior to the proposed closing date for such sale or exchange,
and the Sale Notice shall set forth the terms and conditions of such sale or
exchange. Each other Shareholder shall participate in such sale or exchange by
selling or exchanging to the ultimate purchaser, as of the proposed closing date
for such sale or exchange, the number of Common Shares of such other Shareholder
determined to be required to be sold or exchanged under this Section 5.4(b),
upon the same terms and conditions specified in the Sale Notice. Notwithstanding
anything to the contrary set forth in this Section 5.4(b), if the Investor is
not a Co-Sale Shareholder with respect to a proposed sale or exchange described
in this Section 5.4, and the ultimate purchaser in such proposed sale or
exchange is a material competitor of the Investor at such time, then the
Investor's Common Shares shall not be subject to the rights of the Co-Sale
Shareholder(s) under this Section 5.4(b) in connection with such sale or
exchange, but the Investor shall continue to be entitled to exercise the rights
granted under Section 5.4(a) with respect to such proposed sale or exchange.

                  (c)   Information. Upon the reasonable request by any other
Shareholder, the Co-Sale Shareholder(s) shall provide to such other Shareholder
copies of all documentation relating to the proposed sale or exchange with the
ultimate purchaser.

            5.5   Pubic Offering. Subject only to the last sentence of Section
5.1, and not subject to any of the other restrictions or limitations of this
Section 5, any Shareholder shall have the right to sell any Common Shares held
thereby in connection with any public offering of such Common Shares in
accordance with such rights to participate in such public offering as may be
granted to such Shareholder by the Company (including but not limited to the
registration rights provided to the Investor in the Investor Registration Rights
Agreement).

            5.6   Restrictions on Purchases and Sales by the Company; Assignment
of Rights to other Shareholders. The Shareholders acknowledge and understand
that the right of the Company to repurchase Common Shares under this Section 5
is subject to the limitations contained in this Section 5.6. The Company may
condition any exercise of its right to purchase Common Shares hereunder on the
receipt of any required consent or waiver that is required to be obtained under
the Senior Loan Documents, as then in effect, in order to consummate such sale,
provided the Company undertakes in its notice of such exercise to use its best
efforts to obtain such consent or waiver as promptly as practicable. The Company
shall not be deemed to have breached or failed to perform its obligation to
consummate any such repurchase under this Section 5 if (a) having so conditioned
its exercise of any purchase right, it subsequently fails to consummate the
repurchase within the requisite time period set forth in this Section 5 due to
the failure to obtain any such consent or waiver; provided that the Company has
exercised its best efforts to obtain such consent or waiver as

                                     - 18 -
<PAGE>

promptly as practicable; or (b) it is unable to consummate such repurchase
within the prescribed time period because to do so would constitute a violation
by the Company of the Ohio Revised Code.

      If the Company has exercised a right or option under this Section 5 to
repurchase Common Shares in good faith, but is unable to consummate such
repurchase for one of the reasons set forth in the last sentence of the
immediately preceding paragraph, it shall immediately offer, to each of the
Shareholders other than the Shareholder(s) whose Common Shares are the subject
of such purchase and sale, to assign and transfer its rights under this Section
5 with respect to such purchase and sale to such other Shareholders and shall
provide each such other Shareholder a period of 15 days within which to elect to
accept such transfer and assignment, in whole or in part, with the understanding
that such purchase rights will only be so transferred and assigned if the
accepting Shareholder(s) indicate a willingness to accept such transfer and
assignment, in the aggregate, as to all of the Common Shares which the Company
had agreed to repurchase. Such other Shareholders shall thereupon have the right
and option, but not the obligation, to purchase the subject Common Shares upon
the same terms and conditions, and subject to the same time limitations, as the
Company could have purchased such Common Shares in accordance with the terms of
this Section 5, by so notifying the Company and the Shareholder who owns the
subject Common Shares in writing; provided, however, that the purchase of the
subject Common Shares by each of the Shareholders participating therein shall be
required to be consummated not more than 60 days after the termination of the 15
day offer period referred to above. In the event that more than one such other
Shareholder elects to exercise such option, the number of Common Shares to be
purchased by each such electing other Shareholder shall be determined on a pro
rata basis, based upon the respective number of Common Shares held by the
electing other Shareholders, unless the electing other Shareholders agree to
different proportions. If the Company is required to offer to assign and
transfer its rights as set forth herein but has failed to do so, any Selling
Owner (under and within the meaning of Section 5.3) shall be permitted to make
such offer on the Company's behalf if such Selling Owner has given the Company
notice of its intent to do so at least 5 days prior to making such offer. In the
event the Selling Owner makes any such offer on the Company's behalf and one or
more Shareholders elects to purchase, in the aggregate, all of the subject
Common Shares on the same terms and conditions as the Selling Owner had agreed
to with the Company, any agreement between the Selling Owner and the Company
with respect to the repurchase shall be null and void (without prejudice to the
rights of the parties thereto to seek appropriate relief for any prior breach
thereof) and the Selling Owner shall enter into an agreement with the
Shareholder(s) electing to purchase the subject Common Shares providing for the
purchase thereof as set forth above.

      Upon the occurrence of any event giving rise to the right or obligation to
purchase of the Company under this Section 5, if the Company is unable to
purchase the Common Shares for one of the reasons set forth in the last sentence
of the first paragraph of this Section 5.6, and the other Shareholders do not
exercise their option under the immediately preceding paragraph of this Section
5.6, upon the expiration of

                                     - 19 -
<PAGE>

60 days after the end of the 15-day period referred to in the immediately
preceding paragraph (or immediately upon the termination of such 15-day period,
if the Company is not diligently continuing to seek to eliminate the impediment
to its completion of the purchase), the Company shall no longer have any right
to purchase the subject Common Shares hereunder pursuant to the purchase and
sale that has not been consummated because of the limitations described in this
Section 5.6; provided that the Company shall continue to be under an obligation
to complete the repurchase, at the selling Shareholder's option, if the selling
Shareholder continues to own the subject Common Shares, promptly in the event
the conditions preventing the Company from consummating such repurchase shall at
any time no longer exist.

            5.7   Rights in Connection with Certain Issuances of Shares or Other
Transactions.

                  (a)   Preemptive Rights. Except for any issuances of Shares by
the Company (1) upon the exercise of duly authorized employee options, or (2) in
connection with any merger or acquisition transaction with respect to which the
Company is the surviving or acquiring company, in the event that the Company
shall determine to issue Shares ("Shares to be Issued"), or debt or securities
convertible into or exchangeable for, or any other options, rights or warrants
to purchase, Shares to be Issued ("Rights for Shares"), to any Person, the
Company shall notify the Shareholders in writing of the proposed issuance, the
number of Shares to be Issued or amount of Rights for Shares to be issued, the
date on or about which such issuance is to be consummated and the price and
other terms and conditions thereof, at least 30 days prior to the proposed date
for consummation of the issuance of such Shares to be Issued or Rights for
Shares. For a period of 20 days after the Shareholders' receipt of the notice
referred to in the foregoing sentence, each Shareholder shall have the option to
purchase, upon the same price, terms and conditions as such Shares to be Issued
or Rights for Shares are proposed to be issued to such Person(s), that number of
such Shares to be issued or Rights for Shares as each such Shareholder shall
require so as to adjust the number of Shares owned by such Shareholder, on a
fully-diluted basis immediately after such issuance (and after giving effect to
the proposed issuance to such other Person), to an aggregate number of Shares as
represents as nearly as possible the same percentage of all of the fully-diluted
Shares owned by such Shareholder immediately prior to such issuance. If a
Shareholder exercises his, her or its purchase option under this Section 5.7(a),
such Shareholder shall purchase such Shares to be Issued or Rights for Shares at
the time of consummation of the issuance of Shares to be Issued or Rights for
Shares to such Person(s). If a Shareholder fails to give written notice to the
Company of the exercise of his, her or its purchase option under this Section
5.7(a) within the 20-day period, such Shareholder shall be deemed to have waived
such purchase option as to such issuance, provided that such issuance is
completed within 90 days after the expiration of such 20-day period.
Notwithstanding anything to the contrary set forth in this Agreement, this
Section 5.7(a) shall be of no further force or effect at such time as any class
of equity securities of the Company is registered under the Securities Exchange
Act of 1934, as amended.

                                     - 20 -
<PAGE>

                  (b)   Anti-Dilution Rights of the Investor. Except for any
issuances of Common Shares or other securities or rights convertible into or
exchangeable for Common Shares (1) upon the exercise of duly authorized employee
options, (2) in connection with any merger or acquisition transaction with
respect to which the Company is the surviving or acquiring company, or (3) in
connection with any recapitalization, Share split, Share dividend or similar
transaction with respect to outstanding Shares, if, within a period of two (2)
years following the closing of the transactions contemplated by the Stock
Purchase Agreement, the Company issues any Common Shares or other securities or
rights convertible into or exchangeable for Common Shares without payment of
consideration or for a price per Common Share that is less than $21.25 (adjusted
for any recapitalizations, Common Share splits, Common Share dividends or other
similar transactions with respect to outstanding Common Shares) ("Dilutive
Shares"), then (A) if the aggregate of all such issuances (after giving effect
to the issuance of Dilutive Shares at issue) shall not exceed 1% of the
then-outstanding Common Shares, the Company shall issue to the Investor for no
additional consideration that number of Common Shares that would cause the
percentage of all of the fully diluted Common Shares of the Company held by the
Investor, after giving effect to the issuance of the Dilutive Shares and the
issuance of additional Common Shares hereunder to the investor, to equal the
percentage that the Investor would have had immediately after the issuance of
the Dilutive Shares, determined as if the number of Dilutive Shares issued was
equal to the number of Common Shares that would have been issued by the Company
for the aggregate consideration paid for the Dilutive Shares if the Dilutive
Shares had been issued at a price per Share of $21.25 (adjusted as described
above); and (B) if the aggregate of all such issuances (after giving effect to
the issuance of Dilutive Shares at issue) shall exceed 1% of the
then-outstanding Common Shares, the Company shall issue to the investor for no
additional consideration that number of Common Shares that would cause the
aggregate value of (i) the number of Common Shares initially issued to the
Investor under the Stock Purchase Agreement (adjusted as described above), plus
(ii) the total number of Common Shares issued to the investor under this Section
5.7(b), to equal $12,000,000, when such number of Common Shares is multiplied by
the price at which the Dilutive Shares are issued in such transaction.
Notwithstanding anything to the contrary set forth in this Agreement, this
Section 5.7(b) shall be of no further force or effect at such time as any equity
securities of the Company are registered under the Securities Exchange Act of
1934, as amended.

      SECTION 6. TERMINATION OF SPECIFIC RIGHTS OF THE INVESTOR UPON CERTAIN
TRANSFERS. In the event the Investor transfers any Common Shares to any
transferee that is not a permitted transferee under Section 5.2, the rights
granted specifically to the Investor under this Agreement, including but not
limited to under Section 2, Section 3 and Section 5, shall not be transferred to
such transferee and shall cease and be of no further force or effect with
respect to the Common Shares so transferred.

                                     - 21 -
<PAGE>

      SECTION 7. TERM OF AGREEMENT

      This Agreement shall remain in effect until terminated either (a) by
written agreement of all of the Shareholders who are then parties to this
Agreement, (b) by cessation of the Company's business and winding up of its
affairs, or (c) by the consummation of the Company's Initial Public Offering.

      SECTION 8. RESTRICTIVE ENDORSEMENTS

            8.1   Placing Restrictive Endorsements on Certificates. The
certificates representing any Common Shares, whether the same are held by any
Shareholder now or in the future during the term of this Agreement, shall bear
the following legends, in addition to any other legends required by law:

            The securities represented by this certificate are subject to a
            Shareholders' Agreement (the "Agreement") dated January ___, 2001,
            among the issuer of these securities (the "Company") and certain of
            its shareholders. The transferability of these securities is
            restricted and certain voting agreements are entered into among the
            parties pursuant to the terms and conditions of the Agreement, a
            copy of which will be forwarded to the registered holder of this
            certificate, without charge, not later than five (5) days following
            the receipt by the Secretary of the Company of a written request
            therefor.

            The securities represented by this certificate have not been
            registered under the Securities Act of 1933, as amended (the "Act"),
            or applicable state securities laws, and may not be sold or
            otherwise transferred in the absence of an effective registration
            statement under the Act and such laws or an opinion of counsel of
            this Company that registration is not required.

      Each Shareholder shall surrender such certificates to the Company for the
purpose of placing thereon such legends and such certificates shall then be
returned to each Shareholder who shall be entitled to exercise all rights of
ownership of such Common Shares subject to the terms of this Agreement.

            8.2   Removal of Restrictive Endorsements. If for any reason,
including but not limited to the termination of this Agreement pursuant to
Section 7, any of the Common Shares are no longer subject to the restrictions
and provisions hereof, the Company shall promptly issue, execute and deliver a
new certificate or certificates for such Common Shares without the legend
related to this Agreement set forth in Section 8.1 upon the request of the
holder thereof and the surrender to the Company of the certificate or
certificates containing such legend.

                                     - 22 -
<PAGE>

      SECTION 9. MISCELLANEOUS

            9.1   Amounts Owed by Shareholder. Any amounts owed by a Shareholder
to the Company at the time of any purchase of Common Shares of such Shareholder
by the Company hereunder shall be set off, first, against any cash payments by
the Company to such Shareholder and, next, against the principal amount of any
promissory note issued by the Company to such Shareholder.

            9.2   Compliance with Laws of Ohio. Any purchase of Common Shares
under this Agreement shall be subject to the laws of the State of Ohio. Except
for acts that would violate the Company's Articles of Incorporation, each
Shareholder agrees to do any and all things that he, she or it may legally do as
a shareholder that may be necessary or advisable to enable this Agreement to be
carried out by the Company, including a change in the Company's capital.

            9.3   Transfer of Common Shares by Company. Each Shareholder hereby
authorizes and directs the Company not to make any transfer of record of any of
the Common Shares subject to this Agreement otherwise than in accordance with
the terms and provisions hereof.

            9.4   Notices. All notices and other communications required or
permitted to be given hereunder shall be in writing and shall be delivered by
hand or mailed first class, postage prepaid, by registered or certified mail to
the intended recipient at his or her address as set forth in the records of the
Company from time to time. All notices and other communications shall be
effective upon delivery to such address (if by hand) or upon mailing (if sent by
registered or certified mail).

            9.5   Agreement Applicable to All Shares Owned by Shareholder. In
addition to the application of this Agreement to all Common Shares owned of
record or beneficially by a Shareholder, all of the terms and provisions of this
Agreement shall apply to all Shares of the Company of any class now or hereafter
owned by such Shareholder, and such Shareholder shall hold all such Shares
subject to the terms of this Agreement.

            9.6   Amendment. This Agreement may be amended only by the written
consent of the Company, the Current Shareholders, by Majority Action, and the
Investor.

            9.7   Binding Effect. This Agreement shall be binding upon and inure
to the benefit of each Shareholder and his, her or its estate, heirs, legatees,
devisees, executors, administrators, other personal representatives, successors
and permitted assigns. This Agreement shall be binding upon and inure to the
benefit of the Company and its successors and assigns.

                                     - 23 -
<PAGE>

            9.8   Governing Law; Severability. This Agreement is intended to be
governed by and performed in accordance with, and only to the extent permitted
by, the laws of the State of Ohio applicable to contracts made and to be
performed entirely within such State. If any provision of this Agreement, or the
application thereof to any person or circumstance, shall, for any reason and to
any extent, be invalid or unenforceable, the remainder of this Agreement and the
application of such provision to other persons or circumstances shall not be
affected thereby, but rather shall be enforced to the greatest extent permitted
by law.

            9.9   Entire Agreement. This Agreement sets forth the entire
understanding and agreement of the parties hereto concerning the subject matter
hereof. No representation, promise, inducement or statement of intention has
been made by or on behalf of any party hereto concerning the subject matter
hereof which is not set forth in this Agreement.

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

            9.11  Headings. The headings of the Sections, subsections,
paragraphs and subparagraphs of this Agreement are solely for convenience of
reference and shall be deemed not to constitute a part of this Agreement for any
other purpose.

            9.12  Equitable Relief. The Company and each Shareholder acknowledge
that it will be impossible to measure in money the damages arising out of a
failure of the Company or any Shareholder to comply with any provision of
Section 2, Section 3 or Section 4. Accordingly, in addition to any other rights
or remedies which he, she or it may have, the Company and each Shareholder
agrees that any party to this Agreement will be entitled to immediate injunctive
relief and to specific performance to enforce any of the provisions of Section
2, Section 3 or Section 4, and the Company and each Shareholder hereby waive any
requirement that any party seeking any such remedy post a bond or prove actual
damages in connection with seeking such remedy.

            9.13  Survival of Certain Covenants. The provisions of Section 4.3,
9.12 and this Section 9.13 will survive any termination of this Agreement in
accordance with their terms.

            9.14  No Strict Construction. The language used in this Agreement
will be deemed to be the language chosen by the parties hereto to express their
mutual intent, and no rule of strict construction will be applied against any
party.

                                     - 24 -
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement
personally or by their duly authorized officers as of the date first above
written.

                                    HYLAND SOFTWARE, INC.

                                    By: /s/ J PATRICK HYLAND JR.
                                        ----------------------------------
                                    Its: CEO

                                                   ("Company")

                                    RECALL TOTAL INFORMATION MANAGEMENT, INC.

                                    By: /s/ Alfredo Trujillo
                                        ----------------------------------
                                    Its: Vice President

                                                   ("Investor")

                                    /s/ John P. Hyland, Sr.
                                    --------------------------------------
                                    John P. Hyland, Sr.

                                    /s/ Charlene M. Hyland
                                    --------------------------------------
                                    Charlene M. Hyland

                                    /s/ John P. Hyland, Jr.
                                    --------------------------------------
                                    John P. Hyland, Jr.

                                    /s/ Gretchen A. Hyland
                                    --------------------------------------
                                    Gretchen A. Hyland

                                    /s/ Christopher J. Hyland
                                    --------------------------------------
                                    Christopher J. Hyland

                                    /s/ A. J. Hyland
                                    --------------------------------------
                                    A. J. Hyland

                                    /s/ Miguel A. Zubizarreta
                                    --------------------------------------
                                    Miguel A. Zubizarreta

                                    /s/ Denise Zubizarreta
                                    --------------------------------------
                                    Denise Zubizarreta

                                     - 25 -
<PAGE>

                                    /s/ Alfonso D. Zubizarreta
                                    --------------------------------------
                                    ALFONSO D. ZUBIZARRETA

                                    /s/ Ann Marie Davis
                                    --------------------------------------
                                    ANN MARIE DAVIS

                                     - 26 -
<PAGE>

                           COUNTERPART SIGNATURE PAGE

         The undersigned, desiring to become a party to the Shareholders'
Agreement dated January 31, 2001, by and among Hyland Software, Inc., Recall
Total Information Management, Inc. and certain of its shareholders (the
"Agreement") as either a "Current Shareholder" or a transferee of Common Shares
of Hyland Software, Inc. transferred by a Current Shareholder that is party to
the Agreement, as applicable, acknowledges that the undersigned has received and
read a copy of the Agreement; and that the undersigned hereby executes this
instrument as a counterpart signature page to the Agreement, agreeing hereby to
be bound by and to comply with the provisions thereof.

Date:    (see attached schedule)             SHAREHOLDER
                                             /s/ (see attached schedule)
                                             ----------------------------------

                                        1
<PAGE>
            SCHEDULE OF SHAREHOLDERS PARTY TO SHAREHOLDERS' AGREEMENT

<TABLE>
<CAPTION>
NAME                                                   DATE OF EXECUTION
----                                                   -----------------

<S>                                                      <C>
Koscielny Family Foundation, Inc. .................      July 31, 2001

Leah Caplan .......................................      July 31, 2001

William W. Filion .................................      July 27, 2001

Thomas J. Liller ..................................      July 26, 2001

Scott B. Rose .....................................      July 23, 2001

April C. Corr .....................................      June 13, 2001

Robert M. Koscielny ...............................      June 26, 2001

Carole D. Koscielny ...............................      June 26, 2001

Jeffrey H. Quinter ................................      June 12, 2001

Mary P. Quinter ...................................      June 12, 2001

Robert Smelcer ....................................      July 10, 2001

Jason Smelcer .....................................      July 11, 2001

Teresa A. Maday ...................................      July 12, 2001

James T. Maday ....................................      July 12, 2001

Terry Quinter .....................................      July 7, 2001

Kami Quinter ......................................      July 7, 2001

Lloyd C. Cassidy ..................................      July 10, 2001

Monica C. Cassidy .................................      July 10, 2001

Michael Conway ....................................      July 10, 2001

Charlene Conway ...................................      July 10, 2001

Bridie Conway .....................................      July 5, 2001

John Conway .......................................      June 26, 2001

Peter B. Corr .....................................      July 2, 2001

Jill Corr .........................................      July 2, 2001

Noreen B. Kilbane .................................      July 3, 2001

Maryrose Conway ...................................      July 3, 2001

Patricia A. Hyland ................................      June 22, 2001

Michael W. Perkins ................................      June 21, 2001

Mary Lon Arnold ...................................      June 22, 2001

David M. Arnold ...................................      June 22, 2001

Debbie Connelly ...................................      June 25, 2001

Tim Connelly ......................................      June 25, 2001

Mark J. Davis .....................................      June 22, 2001

Lori A. Davis .....................................      June 22, 2001

A. F. Zubizarreta .................................      June 22, 2001

Judith Zubizarreta ................................      June 22, 2001

Michael S. Corr ...................................      June 28, 2001

Nanly W. Hyland ...................................      June 26, 2001

James C. Hyland ...................................      June 26, 2001

Robert J. Hayes ...................................      June 29, 2001

Wealthy Hayes .....................................      June 29, 2001

Raymond J. Malcoun ................................      July 5, 2001

Penny L. Malcoun ..................................      July 5, 2001

Paul J. Davis .....................................      July 5, 2001

Anne K. Davis .....................................      July 5, 2001

Robert T. Freas ...................................      July 7, 2001

Maurita C. Freas ..................................      July 5, 2001

Michael P. Hopkins ................................      July 5, 2001

Mary K. Hopkins ...................................      July 5, 2001

Patrick J. Conway IV ..............................      July 13, 2001

Elmer J. Quinter ..................................      July 12, 2001

Shirley O. Quinter ................................      July 12, 2001

Deborah J. Deaver .................................      July 14, 2001

Jerome Peirick ....................................      July 27, 2001

Joel S. Bauer .....................................      September 20, 2001

Cheryl Bauer ......................................      September 20, 2001

Thomas J. Liller ..................................      September 19, 2001

Susan Liller ......................................      September 19, 2001

Robert J. Freas ...................................      September 16, 2001

Michael P. Freas ..................................      September 16, 2001

Bridget Marie Freas ...............................      September 22, 2001

George Angelato ...................................      May 21, 2001

Matthew T. Freas ..................................      September 25, 2001

Richard K. Butler .................................      June 29, 2002

Virginia R. Butler ................................      June 29, 2002

Raymond Freas .....................................      July 29, 2002

Mary Ann Freas ....................................      July 29, 2002

Kenneth H. Krol ...................................      July 8, 2002

Maureen F. Krol ...................................      July 8, 2002

Michael J. Freas ..................................      June 30, 2002

Marilyn Ann Freas .................................      June 30, 2002
</TABLE>

                                       1

<PAGE>
<TABLE>
<CAPTION>
NAME                                                   DATE OF EXECUTION
----                                                   -----------------

<S>                                                      <C>
John Francis Freas ................................      July 1, 2002

Michael Hopkins ...................................      June 12, 2001

Mary K. Hopkins ...................................      June 12, 2001

Keith T. Krenz ....................................      May 20, 2002

Karen A. Krenz ....................................      May 20, 2002

Paul M. Maday .....................................      April 2, 2002

Terry L. Maday ....................................      April 2, 2002

Thomas M. Maday ...................................      April 19, 2002

Laura A. Maday ....................................      April 19, 2002

Maridali Gonzalez .................................      April 5, 2002

Carlos D. Rodriguez ...............................      April 5, 2002

Leonard Ramczyk ...................................      November 23, 2001

Patricia M. Ramczyk ...............................      November 23, 2001

Ralph M. Della Ratta, Jr ..........................      September 14, 2002

Rosalie K. Della Ratta ............................      September 14, 2002

Douglas M. Weed ...................................      December 12, 2002

Lisa M. Weed ......................................      December 12, 2002
</TABLE>

                                       2

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