Document:

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                          REGISTRATION RIGHTS AGREEMENT

    Registration Rights Agreement (this "Agreement") dated as of June 30, 1999,
by and among REGISTER.COM, INC., a Delaware corporation (the "Company"), and DAN
B. LEVINE, a natural person ("DBL"), PETER A. FORMAN, a natural person ("PAF"),
RICHARD D. FORMAN, a natural person ("RDF"), CAPITAL EXPRESS, L.L.C., a New
Jersey limited liability company ("CapEx"), INTERNET WEB BUILDERS, L.L.C., a New
Jersey limited liability company ("IWB"), PALISADE PRIVATE PARTNERSHIP L.P., a
Delaware limited partnership ("PPP"), STAPLES, INC., a Delaware corporation
("Staples"), and the Persons named as purchasers (the "Investors") of the
Company's Series A Convertible Preferred Stock pursuant to the Series A
Convertible Preferred Stock Purchase Agreement of even date herewith (the
"Purchase Agreement").

                                    PREAMBLE

    WHEREAS, the Company and DBL, PAF, RDF, CapEx, IWB, PPP and Staples
(collectively, the "Existing Stockholders") are parties to a Shareholders'
Agreement, dated as of January 5, 1998, as amended (the "Shareholders
Agreement") and desire to amend and restate the Shareholders' Agreement and
amend and restate in this Agreement the obligations with respect to the
registration rights set forth in Section 9 of the Shareholders' Agreement, which
amendment and restatement shall for all purposes subsume, supersede and replace
the registration rights set forth in the Shareholders' Agreement.

    WHEREAS, in order to induce the Investors to enter into the Purchase
Agreement, the Company has agreed to provide the registration rights set forth
in this Agreement; and

    WHEREAS, the execution and delivery of this Agreement is a condition to
closing under the Purchase Agreement.

    NOW, THEREFORE, in consideration of the premises and the covenants and
agreements herein contained, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company, the
Existing Stockholders and the Investors agree as follows:

1.  Definitions

    As used in this Agreement, the following capitalized terms shall have the
following meanings:

    CapEx Investors: CapEx and each other Person, other than the Company or an
affiliate of the Company, who (i) at any time acquires any Registrable
Securities directly or indirectly from CapEx in a transaction or chain of
transactions not involving a public offering within the meaning of the
Securities Act and (ii) was assigned, by the CapEx Investor from whom such

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Registrable Securities were acquired, the registration rights of the CapEx
Investor hereunder with respect to such Registrable Securities, together with
the successors and assigns, heirs and personal representatives of each of the
foregoing, in each case for so long as any such Person continues to hold
Registrable Securities; provided, however, that no such other Person shall
constitute a CapEx Investor unless each Person to whom any such transfer is made
shall, contemporaneously with such transfer and by written instrument, become a
party to, and a "Stockholder" under, and accept and adopt the terms and
provisions of, this Agreement.

    Common Stock: Common Stock of the Company, par value $ 0.001 per share as
constituted on the date hereof, and any capital stock into which such Common
Stock may hereafter be changed, and such term shall also include (unless the
context clearly indicates otherwise) (i) capital stock of the Company of any
other class or series (regardless of how denominated) issued to the holders of
shares of Common Stock upon any reclassification thereof which is also not
preferred as to dividends or assets on liquidation over any other class or
series of capital stock of the Company and which is not subject to redemption
and (ii) shares of common stock of any successor or acquiring corporation or any
affiliate thereof which are issued or may be issuable to any Stockholders in the
circumstances contemplated by Section 13(k).

    Convertible Preferred Stock: Series A Convertible Preferred Stock of the
Company, par value $0.001 per share.

    Demand Registration: See Section 3(a) hereof.

    DPR Investors: DBL, PAF, RDF and each other Person, other than the Company
or an affiliate of the Company, who (i) at any time acquires any Registrable
Securities directly or indirectly from any of DBL, PAF or RDF in a transaction
or chain of transactions not involving a public offering within the meaning of
the Securities Act and (ii) was assigned, by the DPR Investor from whom such
Registrable Securities were acquired, the registration rights of the DPR
Investor hereunder with respect to such Registrable Securities, together with
the successors and assigns, heirs and personal representatives of each of the
foregoing, in each case for so long as any such Person continues to hold
Registrable Securities; provided, however, that no such other Person shall
constitute a DPR Investor unless each Person to whom any such transfer is made
shall, contemporaneously with such transfer and by written instrument, become a
party to, and a "Stockholder" under, and accept and adopt the terms and
provisions of, this Agreement.

    Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules
and regulations promulgated thereunder by the SEC.

    Exchangeable Preferred Stock: Exchangeable Preferred Stock of the Company,
par value $0.001 per share.

    Indemnified Holder: See Section 8(a) hereof.

    Initial Public Offering: The initial underwritten sale of equity securities
by the Company pursuant to an effective registration statement under the
Securities Act.

    IWB Investors: IWB and each other Person, other than the Company or an
affiliate of the Company, who (i) at any time acquires any Registrable
Securities directly or indirectly from IWB in a transaction or chain of
transactions not involving a public offering within the meaning of the

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Securities Act and (ii) was assigned, by the IWB Investor from whom such
Registrable Securities were acquired, the registration rights of the IWB
Investor hereunder with respect to such Registrable Securities, together with
the successors and assigns, heirs and personal representatives of each of the
foregoing, in each case for so long as any such Person continues to hold
Registrable Securities; provided, however, that no such other Person shall
constitute a IWB Investor unless each Person to whom any such transfer is made
shall, contemporaneously with such transfer and by written instrument, become a
party to, and a "Stockholder" under, and accept and adopt the terms and
provisions of, this Agreement.

    NASD: National Association of Securities Dealers, Inc.

    Person: An individual, partnership, corporation, limited liability company,
joint venture, trust or unincorporated organization, or a government or agency
or political subdivision thereof of whatever nature.

    PPP Investors: PPP and each other Person, other than the Company or an
affiliate of the Company, who (i) at any time acquires any Registrable
Securities directly or indirectly from PPP in a transaction or chain of
transactions not involving a public offering within the meaning of the
Securities Act and (ii) was assigned, by the PPP Investor from whom such
Registrable Securities were acquired, the registration rights of the PPP
Investor hereunder with respect to such Registrable Securities, together with
the successors and assigns, heirs and personal representatives of each of the
foregoing, in each case for so long as any such Person continues to hold
Registrable Securities; provided, however, that no such other Person shall
constitute a PPP Investor unless each Person to whom any such transfer is made
shall, contemporaneously with such transfer and by written instrument, become a
party to, and a "Stockholder" under, and accept and adopt the terms and
provisions of, this Agreement.

    Prospectus: The prospectus included in any Registration Statement, as
amended or supplemented by any prospectus supplement with respect to the terms
of the offering of any portion of the Registrable Securities covered by the
Registration Statement and by all other amendments and supplements to the
prospectus, including post-effective amendments to the Registration Statement of
which such prospectus is a part and all material incorporated by reference in
such prospectus.

    Registration Expenses: See Section 7(a)(9) hereof.

    Registrable Securities: Any and all shares of Common Stock which (i) at any
time and from time to time are issued or issuable upon exercise, in whole or in
part, of any Right owned by any of DBL, PAF, RDF, CapEx, IWB, PPP and Staples on
the date of this Agreement, (ii) are owned by any of DBL, PAF, RDF, CapEx, IWB,
PPP and Staples on the date of this Agreement, (iii) at any time and from time
to time are issued or issuable upon exercise, in whole or in part, of the
conversion of the Convertible Preferred Stock or the exercise of the warrants
acquired by the Investors pursuant to the Purchase Agreement, (iv) or are issued
or are issuable to the holders of any Registrable Securities or would be issued
or issuable upon the exercise of any Rights referred to in clauses (i) or (iii)
of this sentence by reason of the declaration or payment of a dividend or other
distribution or any stock split issued to the holders of Registrable Securities,
or (v) are issued or issuable pursuant to a stock dividend, stock split or other

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distribution with respect to Common Stock, or issued to any of them in
connection with a combination of shares, recapitalization, merger, consolidation
or other reorganization; provided, however, that any Registrable Security shall
cease to be a Registrable Security if (a) a registration statement under the
Securities Act covering such Registrable Security shall have been declared
effective by the Commission and such Registrable Security shall have been
disposed of pursuant to such registration statement, (b) such Registrable
Security shall have been sold in a transaction which satisfies the requirements
of paragraph (f) of Rule 144 under the Securities Act (as such paragraph is in
effect on the Issue Date) and, if such transaction is a "brokers' transaction"
referred to in such paragraph of Rule 144, also satisfies the requirements of
paragraph (g) of Rule 144 under the Securities Act (as such paragraph is in
effect on the Issue Date), or (c) such Registrable Security is no longer held by
a Stockholder.

    Registration Statement: Any registration statement of the Company that
covers any of the Registrable Securities pursuant to the provisions of this
Agreement, including the Prospectus, amendments and supplements to such
Registration Statement, including post-effective amendments, all exhibits and
all material incorporated by reference in such Registration Statement.

    Rights: Any options, warrants, convertible or exchangeable securities or
other rights, however denominated, to subscribe for, purchase or otherwise
acquire any equity interest or other security of any class or series, with or
without payment of additional consideration in cash or property, either
immediately or upon the occurrence of a specified date or a specified event or
the satisfaction or happening of any other condition or contingency.

    Securities Act: The Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder by the SEC.

    SEC: The Securities and Exchange Commission.

    Series A Investors: The Investors and each other Person, other than the
Company or an affiliate of the Company, who (i) at any time acquires any
Registrable Securities directly or indirectly from the Investors in a
transaction or chain of transactions not involving a public offering within the
meaning of the Securities Act and (ii) was assigned, by the Series A Investor
from whom such Registrable Securities were acquired, the registration rights of
the Series A Investor hereunder with respect to such Registrable Securities,
together with the successors and assigns, heirs and personal representatives of
each of the foregoing, in each case for so long as any such Person continues to
hold Registrable Securities; provided, however, that no such other Person shall
constitute a Series A Investor unless each Person to whom any such transfer is
made shall, contemporaneously with such transfer and by written instrument,
become a party to, and a "Stockholder" under, and accept and adopt the terms and
provisions of, this Agreement.

    Staples Investors: Staples and each other Person, other than the Company or
an affiliate of the Company, who (i) at any time acquires any Registrable
Securities directly or indirectly from Staples in a transaction or chain of
transactions not involving a public offering within the meaning of the
Securities Act and (ii) was assigned, by the Staples Investor from whom such
Registrable Securities were acquired, the registration rights of the Staples

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Investor hereunder with respect to such Registrable Securities, together with
the successors and assigns, heirs and personal representatives of each of the
foregoing, in each case for so long as any such Person continues to hold
Registrable Securities; provided, however, that no such other Person shall
constitute a Staples Investor unless each Person to whom any such transfer is
made shall, contemporaneously with such transfer and by written instrument,
become a party to, and a "Stockholder" under, and accept and adopt the terms and
provisions of, this Agreement.

    Stockholder: Each Person who is a DPR Investor, a CapEx Investor, or a IWB
Investor, each of PPP, Staples and the Investors and each other Person, other
than the Company or an affiliate of the Company, who (i) at any time acquires
any Registrable Securities directly or indirectly from such Stockholder in a
transaction or chain of transactions not involving a public offering within the
meaning of the Securities Act and (ii) was assigned, by such Person from whom
such Registrable Securities were acquired, the registration rights of such
Stockholder hereunder with respect to such Registrable Securities, together with
the successors and assigns, heirs and personal representatives of each of the
foregoing, in each case for so long as any such Stockholder continues to hold
Registrable Securities; provided, however, that no such other Person shall
constitute a Stockholder unless each Person to whom any such transfer is made
shall, contemporaneously with such transfer and by written instrument, become a
party to, and a "Stockholder" under, and accept and adopt the terms and
provisions of, this Agreement.

2.  Securities Subject to this Agreement

    (a) Registrable Securities. The securities entitled to the benefits of this
Agreement are the Registrable Securities.

    (b) Holders of Registrable Securities. A Person is deemed to be a holder of
Registrable Securities whenever such Person owns of record Registrable
Securities or has the Right to acquire such Registrable Securities, whether or
not such acquisition has actually been effected and disregarding any legal
restrictions upon the exercise of such right.

3.  Demand Registration

    (a) Request for Registration by Certain Holders of Registrable Securities.
(i) If the Company has not effected an Initial Public Offering prior to or on
June 30, 2004, and after June 30, 2004 the Company receives from the holders
representing at least forty percent (40%) of the Registrable Securities then
held by the DPR Investors, the CapEx Investors, the IWB Investors, the Staples
Investors, the PPP Investors or the Series A Investors, in the aggregate, a
written request that the Company effect a registration or qualification of such
Registrable Securities, and (ii) at any time during the period commencing six
months following the effective date of the registration statement in respect of
the Initial Public Offering of securities of the Company (or any successor
entity to the Company through merger, reorganization, exchange, transfer or
otherwise), the Company receives from the holder(s) representing a majority of
the Registrable Securities then held by the DPR Investors, the CapEx Investors,
the IWB Investors, the Staples Investors, the PPP Investors or the Series A
Investors, as the case may be, a written request that the Company effect a
registration or qualification of such Registrable Securities (each right under
clause (i) and (ii) of this Section 3(a), a "Demand Registration"), the Company
will:

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        (1) promptly give written notice of the proposed registration or
qualification to all other holders of Registrable Securities held by the DPR
Investors, the CapEx Investors, the IWB Investors, the Staples Investors, the
PPP Investors or the Series A Investors, as the case may be, which holders may
request in writing within 20 days after receipt of such notice that Registrable
Securities held by them be included in such Demand Registration, and the number
of Registrable Securities requested to be so included shall be deemed a part of
such Demand Registration; and

        (2) as soon as practicable, use commercially reasonable efforts to
effect such registration or qualification in the manner provided in this
Agreement as may be so requested and as is reasonably necessary to permit or
facilitate the sale and distribution of all or such portion of such holder's or
holders' Registrable Securities as is specified in such request; provided that
the Company will not be obligated to effect more than (x) one (1) Demand
Registration pursuant to a request under clause (i) of this Section 3(a), and
(y) one (1) Demand Registration for each of the DPR Investors, the CapEx
Investors, the IWB Investors, the Staples Investors, the PPP Investors and the
Series A Investors pursuant to a request under clause (ii)of this Section 3(a).

    Notwithstanding anything to the contrary contained in this Agreement, the
Company will have no obligation to effect a Demand Registration if the number of
shares of the Company a holder or holders of Registrable Securities have
requested to be registered could be sold by them pursuant to Rule 144 of the
Securities Act in any three-month period without registration in compliance with
Rule 144 of the Securities Act.

    (b) Effective Registration and Expenses. A registration of Registrable
Securities will not count as a Demand Registration until it has become effective
and has remained effective for 180 days or until all of the Registrable
Securities included therein have been sold, if earlier. The Company will pay all
Registration Expenses (as hereinafter defined) in connection with any
registration initiated as a Demand Registration, whether or not it becomes
effective.

    (c) Priority on Demand Registrations. If the holder or holders of a majority
in number of the Registrable Securities to be registered in a Demand
Registration under this Section 3 so elect, the offering of such Registered
Securities pursuant to such Demand Registration shall be in the form of an
underwritten offering. In such event, if the managing underwriter or
underwriters of such offering advise the Company and the holders in writing that
in its or their opinion the number of Registrable Securities requested to be
included in such offering exceeds the number of securities that can be sold in
such offering without an adverse affect on such offering, then the Company will
include in such registration the maximum amount of Registrable Securities which
in the opinion of such managing underwriter or underwriters can be sold without
any such adverse effect. Subject to the advice of the managing underwriter or
underwriters concerning the size, composition and pricing of the offering, the
Company will include Registrable Securities or other Common Stock in such
registration in accordance with the following priorities: (i) first, pro rata
among all holders of Registrable Securities who have requested to be included in
such registration pursuant to Section 3(a) (i.e., a demand registration right)
hereof, in proportion to the number of shares each such holder requested to be
included in the offering; and (ii) second, pro rata among all holders of

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Registrable Securities who have requested to be included in such registration
pursuant to Section 4 hereof, in proportion to the number of shares each such
holder requested to be included in the offering; and (iii) third, the Common
Stock of other holders of Common Stock of the Company who have requested to be
included in such registration pursuant to piggy-back registration provisions of
other registration rights agreements, and any additional shares of Common Stock
proposed to be issued or sold for the account of the Company, all in accordance
with the applicable agreements between the Company and such other holders.

    (d) Selection of Underwriters. If any Demand Registration is to be in the
form of an underwritten offering, the investment banker or bankers and manager
or managers that will administer the offering will be selected by the holders of
a majority of the stockholders exercising demand registration rights under
Section 3(a); provided that such investment bankers and managers must be
reasonably satisfactory to the Company.

    (e) Restrictions on Demand Registrations. Notwithstanding the foregoing
provisions, (i) the Company shall not be obligated to effect any registration if
such registration would require an audit of the Company's financial statements
for a period as of a date other than its fiscal year end unless the holders of
Registrable Securities requesting such registration agree to bear responsibility
for the expenses of such an audit; (ii) the Company may defer the filing of a
Registration Statement hereunder or delay the processing and effectiveness
thereof for a period of up to 90 days based on the good faith judgment of the
Board of Directors of the Company, that such delay is needed to avoid premature
disclosure of a matter the Board has determined should not, in the best
interests of the Company, and otherwise need not, be currently disclosed
including, without limitation, that a material acquisition or disposition by the
Company is being negotiated or has been publicly announced or that such
registration statement would have a material adverse effect on the Company;
provided, that the Company shall be entitled to exercise such deferment only
once during any twelve month period; and (iii) the Company shall not be
obligated to effect a Demand Registration within 180 days after the effective
date of any previous underwritten registration of Common Stock, whether or not
made pursuant to this Section. If applicable, the Company shall furnish to the
holder or holders of Registrable Securities requesting a Registration Statement
pursuant to this Section 3 a certificate signed by the President of the Company
stating the Company has deferred the filing of a registration statement pursuant
to clause (ii) hereof.

    (f) Preemption by the Company. Notwithstanding the foregoing provisions of
this Section 3, at any time any holder of Registrable Securities shall request a
Demand Registration pursuant to this Section 3, the Company may elect at that
time to effect a firm commitment underwritten primary registration if the
Company's Board of Directors believes that such primary registration would be in
the best interests of the Company or if the managing underwriters for the
requested Demand Registration advise the Company in writing that in their
opinion in order to sell the Registrable Securities to be sold the Company
should include its own securities. Promptly after receiving a written request
for a Demand Registration, the Company shall meet with the managing
underwriters, if any, and shall decide whether or not to effect an underwritten
primary registration on behalf of the Company. If the Company elects to effect a
primary registration after receiving a request for a Demand Registration, (i)
the Company shall give prompt written notice (and in any event within 15 days of
receiving a written request for a Demand Registration) to all holders of
Registrable Securities of its intention to effect such a registration and shall

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afford such holders the right to Piggyback Registrations contained in Section 4
hereof, (ii) such registration shall not count as a Demand Registration for
purposes of this Section 3, and (iii) the Company shall have the sole discretion
to designate the managing underwriter or underwriters to be used in connection
with such registration.

4.  Piggy-Back Registration.

    If the Company at any time or from time to time subsequent to the date of
this Agreement proposes to register any securities under the Securities Act
either for its own account or the account of any selling security holders (other
than pursuant to (i) a registration statement on Forms S-4 or S-8 or any
successor or similar forms, (ii) a registration relating solely to a Commission
Rule 145 offering, or (iii) a registration on any form that does not permit
secondary sales), the Company shall:

    (a) give to each holder of a Registrable Security written notice thereof at
least 20 days in advance of the filing of any registration statement in respect
thereof (which notice will include a list of the jurisdictions in which the
Company intends to attempt to qualify such securities under the applicable blue
sky or other state securities laws, the proposed offering price, and the plan of
distribution);

    (b) 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 days after receipt of such written notice from the Company, by any holder or
holders of Registrable Securities;

    (c) use commercially reasonable efforts to cause the managing underwriter or
underwriters of such proposed underwritten offering to permit the Registrable
Securities requested to be included in the Registration Statement for such
offering to be included on the same terms and conditions as any similar
securities of the Company included therein. Notwithstanding the foregoing, if
the managing underwriter or underwriters of such offering deliver a written
opinion to the holders of such Registrable Securities that marketing
considerations require a limitation on the number of shares of Common Stock or
other Registrable Securities offered pursuant to any Registration Statement
subject to this Section, then subject to the advice of said managing underwriter
or underwriters as to the size and composition of the offering, the Company will
include Common Stock and other Registrable Securities in such registration in
accordance with the following priorities: (i) first, if such offering is a
secondary offering on behalf of other holders of securities of the Company
pursuant to a contractual obligation of the Company to register such securities
(i.e., a demand registration right), the securities to be sold for the account
of such holders; (ii) second, pro rata among holders of Registrable Securities
who hold Registrable Securities that were requested to be included in a
registration statement pursuant to Section 3(a) but were not included in such
offering pursuant to the terms of Section 3(c), in proportion to the number of
shares each such holder requested to be included in the offering but were not
included in such offering; (iii) third, Common Stock to be sold for the account
of the Company; (iv) fourth, pro rata with respect to all holders of Registrable
Securities or other Common Stock of the Company who have requested to be
included in the registration pursuant to this Section 4; and (v) pursuant to
other, analogous piggy-back registration provisions of other agreements, in
proportion to the number of shares each such holder requested to be included in
the offering pursuant to their piggy-back rights. The Company will bear all
Registration Expenses in connection with a piggy-back registration.

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    Notwithstanding the foregoing, if at any time after giving written notice of
its intention to register its equity securities and before the effectiveness of
the Registration Statement filed in connection with such registration, the
Company determines for any reason either not to effect such registration or to
delay such registration, the Company may, at its election, by delivery of
written notice to each holder of Registrable Securities (A) in the case of a
determination not to effect registration, relieve itself of its obligation to
register the Registrable Securities in connection with such registration or (B)
in the case of a determination to delay registration, delay the registration of
such Registrable Securities for the same period as the delay in the registration
of such other equity securities.

    Holders of Registrable Securities may exercise piggy-back registration
rights under this Section 4 at any time or from time to time, so long as such
holders continue to hold Registrable Securities.

5.  Hold-Back Agreements

    (a) Restrictions on Public Sale by Holder of Registrable Securities. Each
holder of Registrable Securities agrees not to effect any public sale or
distribution of securities of the Company of the same class as the securities
included in a Registration Statement, including a sale pursuant to Rule 144
under the Securities Act, during the 7-day period prior to, and during the
period (up to 180 days) following, the effective date of such Registration
Statement for each underwritten offering made pursuant to such Registration
Statement, to the extent requested in writing by the managing underwriters
(except as part of such underwritten registration, if permitted); provided,
however, that the hold-back period shall not be longer than the hold-back period
agreed to in writing by the Company's executive officers and directors.

    (b) Restrictions on Public Sale by the Company and Others. The Company
agrees:

        (1) not to effect any public or private sale or distribution of its
equity securities, including a sale pursuant to Regulation D under the
Securities Act, during the 7-day period prior to, and during the period (up to
180 days) following, the effective date of the Registration Statement for each
underwritten offering made pursuant to a Registration Statement filed under
Section 3 hereof, to the extent requested in writing by the managing
underwriters (except as part of such underwritten registration or pursuant to
registrations on Forms S-4 or S-8 or any successor form to such Forms), and

        (2) to endeavor to cause each holder of its privately placed equity
securities issued by the Company at any time on or after the date of this
Agreement to agree not to effect any public sale or distribution, including a
sale pursuant to Rule 144 under the Securities Act, of any such securities
during the period set forth in clause (1) above, to the extent requested in
writing by the managing underwriters (except as part of such underwritten
registration, if permitted). The Company shall not be obligated to incur any
costs or expenses in connection with its obligations under this Section 5(b)(2).

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6.  Registration Procedures

    In connection with the Company's registration obligations pursuant to
Sections 3 and 4 hereof, the Company will use commercially reasonable efforts to
effect such registration to permit the sale of such Registrable Securities in
accordance with the intended method or methods of disposition thereof, and
pursuant thereto the Company will as expeditiously as possible but in no event
later than 30 days after receipt of a request for registration pursuant to the
terms of Section 3 or 4:

    (a) before filing a Registration Statement or Prospectus or any amendments
or supplements thereto, furnish to the counsel selected by the holders of a
majority of the Registrable Securities covered by such Registration Statement
and the underwriters, if any, copies of all such documents proposed to be filed,
which documents will be made available for prior review and comment by such
counsel;

    (b) prepare and file with the SEC a Registration Statement and such
amendments and post-effective amendments to any Registration Statement, and such
supplements to the Prospectus, as may be required by the rules, regulations or
instructions applicable to the registration form utilized by the Company or by
the Securities Act or otherwise necessary to keep such Registration Statement
continuously effective; and comply with the provisions of the Securities Act
with respect to the disposition of all securities covered by such Registration
Statement during the one-year period in accordance with the intended methods of
disposition by the sellers thereof set forth in such Registration Statement or
supplement to the Prospectus;

    (c) notify the selling holders of Registrable Securities and the managing
underwriters, if any, promptly, and (if requested by any such Person) confirm
such advice in writing,

        (1) when the Prospectus or any Prospectus supplement or post-effective
amendment has been filed, and, with respect to the Registration Statement or any
post-effective amendment, when the same has become effective,

        (2) of any request by the SEC for amendments or supplements to the
Registration Statement or the Prospectus or for additional information,

        (3) of the issuance by the SEC of any stop order suspending the
effectiveness of the Registration Statement or the initiation or threatening of
any proceedings for that purpose,

        (4) if at any time the representations and warranties of the Company
contemplated by paragraph (n) below cease to be true and correct,

        (5) of the receipt by the Company of any notification with respect to
the suspension of the qualification of the Registrable Securities for sale in
any jurisdiction or the initiation or threatening of any proceeding for such
purpose, and

        (6) of the existence of any fact which results in the Registration
Statement, the Prospectus or any document incorporated therein by reference
containing an untrue statement of material fact or omitting to state a material

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fact required to be stated therein or necessary to make the statements therein
not misleading;

    (d) use reasonable efforts to prevent the issuance of any stop order or to
obtain the withdrawal of any order suspending the effectiveness of the
Registration Statement as soon as practicable;

    (e) if reasonably requested by the managing underwriter or underwriters or a
holder of Registrable Securities being sold in connection with an underwritten
offering, immediately incorporate in a Prospectus supplement or post-effective
amendment such necessary information as the managing underwriters or the holders
of a majority in number of the Registrable Securities being sold reasonably
request to have included therein relating to the plan of distribution with
respect to such Registrable Securities, including, without limitation,
information with respect to the amount of Registrable Securities being sold to
such underwriters, the purchase price being paid therefor by such underwriters
and with respect to any other terms of the underwritten (or best efforts
underwritten) offering of the Registrable Securities to be sold in such
offering; and make all required filings of such Prospectus supplement or
post-effective amendment as soon as notified of the matters to be incorporated
in such Prospectus supplement or post-effective amendment;

    (f) at the request of any selling holder of Registrable Securities, furnish
to such selling holder of Registrable Securities and each managing underwriter,
without charge, at least one copy of the Registration Statement and any
post-effective amendment thereto, including financial statements and schedules,
all documents incorporated therein by reference and all exhibits (including
those incorporated by reference);

    (g) deliver to each selling holder of Registrable Securities and the
underwriters, if any, without charge, as many copies of the Prospectus
(including each preliminary prospectus) and any amendment or supplement thereto
as such Persons may reasonably request; the Company consents to the use of the
Prospectus or any amendment or supplement thereto by each of the selling holders
of Registrable Securities and the underwriters, if any, in connection with the
offering and sale of the Registrable Securities covered by the Prospectus or any
amendment or supplement thereto;

    (h) prior to any public offering of Registrable Securities, use commercially
reasonable efforts to register or qualify or cooperate with the selling holders
of Registrable Securities, the underwriters, if any, and their respective
counsel in connection with the registration or qualification of such Registrable
Securities for offer and sale under the securities or blue sky laws of such
jurisdictions as any seller or underwriter reasonably requests in writing and do
any and all other acts or things reasonably necessary or advisable to enable the
disposition in such jurisdictions of the Registrable Securities covered by the
Registration Statement; provided that the Company will not be required to
qualify generally to do business in any jurisdiction where it is not then so
qualified or to take any action which would subject it to general service of
process or taxation in any such jurisdiction where it is not then so subject;

    (i) cooperate with the selling holders of Registrable Securities and the
managing underwriters, if any, to facilitate the timely preparation and delivery

                                       11
<PAGE>

of certificates representing Registrable Securities to be sold and not bearing
any restrictive legends; and enable such Registrable Securities to be in such
denominations and registered in such names as the managing underwriters may
request at least two business days prior to any sale of Registrable Securities
to the underwriters;

    (j) use commercially reasonable efforts to cause the Registrable Securities
covered by the applicable Registration Statement to be registered with or
approved by such other United States federal or state governmental agencies or
authorities as may be necessary to enable the seller or sellers thereof and the
underwriters, if any, to consummate the disposition of such Registrable
Securities;

    (k) if any fact contemplated by paragraph (c)(6) above shall exist, prepare
a supplement or post-effective amendment to the Registration Statement or the
related Prospectus or any document incorporated therein by reference or file any
other required document so that, as thereafter delivered to the purchasers of
the Registrable Securities, the Prospectus will not contain an untrue statement
of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading;

    (l) use commercially reasonable efforts to cause all Registrable Securities
covered by the Registration Statement to be listed on each securities exchange
or automated quotation system on which similar securities issued by the Company
are then listed, if requested by the holders of a majority in number of such
Registrable Securities or by the managing underwriters, if any;

    (m) not later than the effective date of the applicable Registration
Statement, provide a CUSIP number for all Registrable Securities and provide the
applicable trustee(s) or transfer agent(s) with printed certificates for the
Registrable Securities which are in a form eligible for deposit with The
Depositary Trust Company;

    (n) enter into customary agreements (including underwriting agreements) and
take all other appropriate actions in order to expedite or facilitate the
disposition of such Registrable Securities and in such connection, whether or
not an underwriting agreement is entered into and whether or not the
registration is an underwritten registration:

        (1) make such representations and warranties and indemnities to the
holders of such Registrable Securities and the underwriters, if any, in form,
scope and substance as are customarily made by issuers to underwriters in
primary underwritten offerings;

        (2) obtain opinions of counsel to the Company and updates thereof
addressed to each selling holder and the underwriters, if any, covering the
matters customarily covered in opinions requested in underwritten offerings;

        (3) obtain "cold comfort" letters and updates thereof from the Company's
independent certified public accountants addressed to the selling holders of
Registrable Securities and the underwriters, if any, such letters to be in
customary form and covering matters of the type customarily covered in "cold
comfort" letters to underwriters in connection with primary underwritten

                                       12
<PAGE>

offerings (provided that the Registrable Securities constitute at least 10% of
the securities covered by such Registration Statement);

        (4) deliver such documents and certificates as may be reasonably
requested by the holders of a majority of the Registrable Securities being sold
and the managing underwriters, if any, to evidence compliance with paragraph (k)
above and with any customary conditions contained in the underwriting agreement
or other agreement entered into by the Company.

    (o) subject to the execution of confidentiality agreements in form and
substance satisfactory to the Company, make available to a representative of the
holders of a majority in number of the Registrable Securities being registered
pursuant to such Registration Statement, any underwriter participating in any
disposition pursuant to such Registration Statement, and any attorney or
accountant retained by the sellers or underwriter all financial and other
records, pertinent corporate documents and properties of the Company, and cause
the Company's officers, directors and employees to supply all information
reasonably requested by any such representative, underwriter, attorney or
accountant in connection with the registration, with respect to each at such
time or times as the Company shall reasonably determine; provided that any
records, information or documents that are designated by the Company in writing
as confidential shall be kept confidential by such Persons unless disclosure of
such records, information or documents (i) is required by court or
administrative order; (ii) becomes generally available to the public other than
as a result of a disclosure by such Persons; (iii) was available to such Persons
on a non-confidential basis prior to its disclosure by the Company, as shown by
prior written record, or (iv) becomes available to such Persons on a
non-confidential basis from a source other than the Company or its
representatives, provided that such source is not known by such Persons to be
bound by a confidentiality agreement with or other obligation of secrecy to the
Company.

    (p) otherwise use commercially reasonable efforts to comply with all
applicable rules and regulations of the SEC, and make generally available to its
security holders earnings statements satisfying the provisions of Section 11(a)
of the Securities Act, no later than 45 days after the end of any 12-month
period (or 90 days, if such a period is a fiscal year) (1) commencing at the end
of any month in which Registrable Securities are sold to underwriters in an
underwritten offering, or, if not sold to underwriters in such an offering, (2)
beginning with the first month commencing after the effective date of the
Registration Statement, which statements shall cover said 12-month periods;

    (q) cooperate and assist in any filings required to be made with the NASD
and in the performance of any due diligence investigation by any underwriter
(including any "qualified independent underwriter" that is required to be
retained in accordance with the rules and regulations of the NASD); and

    (r) promptly prior to the filing of any document which is to be incorporated
by reference into the Registration Statement or the Prospectus (after initial
filing of the Registration Statement) provide copies of such document for review
and comment to counsel to the selling holders of Registrable Securities and to
the managing underwriters, if any, and make the Company's representatives
available for discussion of such document.

                                       13
<PAGE>

    The Company may require each seller of Registrable Securities as to which
any registration is being effected to furnish to the Company such information
regarding such seller and the distribution of such securities as the Company may
from time to time reasonably request in writing.

    Each holder of Registrable Securities agrees that to avail itself of the
rights afforded hereby, upon receipt of any notice from the Company of the
happening of any event of the kind described in paragraph (k) above, such holder
will forthwith discontinue disposition of Registrable Securities registered in a
Registration Statement until such holder's receipt of the copies of the
supplemented or amended Prospectus contemplated by paragraph (k) above, or until
it is advised in writing by the Company that the use of the Prospectus may be
resumed, and has received copies of any additional or supplemental filings which
are incorporated by reference in the Prospectus, and, if so directed by the
Company, such holder will deliver to the Company (at the Company's expense) all
copies, other than permanent file copies then in such holder's possession, of
the Prospectus covering such Registrable Securities current at the time of
receipt of such notice.

    Each holder of Registrable Securities agrees that to avail itself of the
rights afforded hereby, such holder shall (i) make such representations and
warranties and indemnities to the Company and the underwriters in form, scope
and substance as are customarily made by selling shareholders in primary
underwritten offerings; (ii) obtain opinions of counsel to such holder and
updates thereof (provided that such opinions shall be at the sole expense of the
Company) and addressed to the Company and the underwriter covering the matters
customarily covered in opinions requested in underwritten offerings; and (iii)
deliver such documents and certificates as may be reasonably requested by the
Company and the managing underwriters to ensure the Company's compliance with
Section 6(k) above.

    In the event the Company shall give any such notice, the time periods
mentioned in Section 6(b) hereof shall be extended by the number of days during
the period from and including the date of the giving of such notice to and
including the date when each seller of Registrable Securities covered by such
Registration Statement either receives the copies of the supplemented or amended
prospectus contemplated by Section 6(k) hereof or is advised in writing by the
Company that the use of the Prospectus may be resumed.

7.  Registration Expenses

    (a) All expenses incident to the Company's performance of or compliance with
this Agreement will be paid by the Company, regardless whether a Registration
Statement becomes effective, including, without limitation:

        (1) all registration and filing fees (including, without limitation,
with respect to filings required to be made with the NASD);

        (2) fees and expenses of compliance with securities or blue sky laws
(including, without limitation, fees and disbursements of counsel for the
underwriters or selling holders in connection with blue sky qualifications of
the Registrable Securities and determination of their eligibility for investment

                                       14
<PAGE>

under the laws of such jurisdictions, as the managing underwriters or holders of
Registrable Securities being sold may designate);

        (3) printing (including, without limitation, expenses of printing or
engraving certificates for the Registrable Securities in a form eligible for
deposit with The Depositary Trust Company and of printing prospectuses),
messenger, telephone and delivery expenses;

        (4) fees and disbursements of counsel for the Company, for the
underwriters and for the selling holders of the Registrable Securities (subject
to the provisions of Section 7(b) hereof);

        (5) fees and disbursements of all independent certified public
accountants of the Company (including, without limitation, the expenses of "cold
comfort" letters required by or incident to such performance);

        (6) fees and disbursements of underwriters (excluding discounts,
commissions or fees of underwriters, selling brokers, dealer managers or similar
securities industry professionals relating to the distribution of the
Registrable Securities or legal expenses of any Person other than the Company,
the underwriters and the selling holders);

        (7) securities acts liability insurance if the Company so desires;

        (8) fees and expenses of other Persons retained by the Company; and

        (9) fees and expenses associated with any NASD filing required to be
made in connection with the Registration Statement, including, if applicable,
the fees and expenses of any "qualified independent underwriter" (and its
counsel) that is required to be retained in accordance with the rules and
regulations of the NASD (all such expenses being herein called "Registration
Expenses").

    The Company will, in any event, pay its internal expenses (including,
without limitation, all salaries and expenses of its officers and employees
performing legal or accounting duties), the expense of any annual audit, the
fees and expenses incurred in connection with the listing of the securities to
be registered on each securities exchange on which similar securities issued by
the Company are then listed, rating agency fees and the fees and expenses of any
Person, including special experts, retained by the Company.

    (b) In connection with each Registration Statement required hereunder, the
Company will reimburse the holders of Registrable Securities being registered
pursuant to such Registration Statement for the reasonable fees and
disbursements of not more than one counsel chosen by the holders of a majority
of such Registrable Securities being registered pursuant to such Registration
Statement; provided such counsel is reasonably acceptable to the Board of
Directors of the Company.

                                       15
<PAGE>

8.  Indemnification

    (a) Indemnification by the Company. The Company agrees to indemnify and hold
harmless each holder of Registrable Securities, and, if applicable, its
officers, directors, employees and agents and each Person who controls such
holder within the meaning of either Section 15 of the Securities Act or Section
20 of the Exchange Act (each such person being sometimes hereinafter referred to
as an "Indemnified Holder") from and against all losses, claims, damages and
liabilities, including all actual legal or other expenses reasonably incurred by
an Indemnified Holder in connection with investigating or defending against such
loss, claim, damage, liability or action, joint or several, to which such
Indemnified Holders may become subject under the Securities Act or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arising out of or based upon any untrue statement or alleged untrue
statement of a material fact contained in any Registration Statement or
Prospectus or in any amendment or supplement thereto or in any preliminary
prospectus, or arising out of or based upon any omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances under which they were
made, not misleading, except insofar as any such untrue statement or omission is
based upon information furnished in writing to the Company by such holder
expressly for use therein; provided, however, that the Company shall not be
liable in any such case to the extent that any such loss, claim, damage,
liability or expense arises out of or is based upon an untrue statement or
alleged untrue statement or omission or alleged omission made in any preliminary
prospectus if the Prospectus would have completely corrected such untrue
statement or omission; and provided further, that the Company shall not be
liable in any such case to the extent that any such loss, claim, damage,
liability or expense arises out of or is based upon an untrue statement or
alleged untrue statement or omission or alleged omission in the Prospectus, if
such untrue statement or alleged untrue statement, omission or alleged omission
is completely corrected in an amendment or supplement to the Prospectus and if,
having previously been furnished by or on behalf of the Company with copies of
the Prospectus as so amended or supplemented, such holder thereafter fails to
deliver such Prospectus as so amended or supplemented prior to or concurrently
with the sale of a Registrable Security to the person asserting such loss,
claim, damage, liability or expense who purchased such Registrable Security
which is the subject thereof from such holder. This indemnity will be in
addition to any liability which the Company may otherwise have. The Company will
also indemnify underwriters, selling brokers, dealer managers and similar
securities industry professionals participating in the distribution, their
officers and directors and each Person who controls such Persons (within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act)
to the same extent as provided above with respect to the indemnification of the
Indemnified Holders of Registrable Securities.

    If any action or proceeding (including any governmental investigation or
inquiry) shall be brought or asserted against an Indemnified Holder in respect
of which indemnity may be sought from the Company, such Indemnified Holder shall
promptly notify the Company in writing, and the Company shall assume the defense
thereof, including the employment of counsel reasonably satisfactory to such
Indemnified Holder and the payment of all expenses. Such Indemnified Holder
shall have the right to employ separate counsel in any such action and to
participate in the defense thereof, but the fees and expenses of such counsel
shall be the expense of such Indemnified Holder unless (a) the Company has
agreed to pay such fees and expenses or (b) the Company shall have failed to
assume the defense of such action or proceeding or shall have failed to employ
counsel reasonably satisfactory to such Indemnified Holder in any such action or
proceeding or (c) such Indemnified Holder in its reasonable judgment has

                                       16
<PAGE>

separate defenses available or due to actual or potential material differing
interests between them (in which case, if such Indemnified Holder notifies the
Company in writing that it elects to employ separate counsel at the expense of
the Company, the Company shall not have the right to assume the defense of such
action or proceeding on behalf of such Indemnified Holder, it being understood,
however, that the Company shall not, in connection with any one such action or
proceeding or separate but substantially similar or related actions or
proceedings in the same jurisdiction arising out of the same general allegations
or circumstances, be liable for the reasonable fees and expenses of more than
one separate firm of attorneys at any time for such Indemnified Holder and any
other Indemnified Holders, which firm shall be designated in writing by such
Indemnified Holders). The Company shall not be liable for any settlement of any
such action or proceeding effected without its written consent, but if settled
with its written consent, or if there be a final judgment for the plaintiff in
any such action or proceeding, the Company agrees to indemnify and hold harmless
such Indemnified Holders from and against any loss or liability by reason of
such settlement or judgment.

    (b) Indemnification by Holder of Registrable Securities. Each holder of
Registrable Securities severally agrees to indemnify and hold harmless the
Company, its directors, officers, employees and agents and each Person, if any,
who controls the Company within the meaning of either Section 15 of the
Securities Act or Section 20 of the Exchange Act and each other holder of
Registrable Securities that participates in such offering to the same extent as
the foregoing indemnity from the Company to such holder, but only with respect
to information relating to such holder furnished in writing by such holder
expressly for use in any Registration Statement or Prospectus, or any amendment
or supplement thereto, or any preliminary prospectus. In case any action or
proceeding shall be brought against the Company or its directors or officers or
any such controlling person, in respect of which indemnity may be sought against
a holder of Registrable Securities, such holder shall have the rights and duties
given the Company and the Company or its directors or officers or such
controlling person shall have the rights and duties given to each holder by the
preceding paragraph. Notwithstanding the foregoing, if the Company is an
indemnified party, the Company shall designate the one counsel, and in all other
circumstances, the one counsel shall be designated by a majority in interest
based upon the Registrable Securities of the Indemnified parties. In no event
shall the liability of any selling holder of Registrable Securities hereunder be
greater in amount than the proceeds received by such holder upon the sale of the
Registrable Securities giving rise to such indemnification obligation.

    The Company and each other holder of Registrable Securities that
participates in such offering shall be entitled to receive indemnities from
underwriters, selling brokers, dealer managers and similar securities industry
professionals participating in the distribution, to the same extent as provided
above with respect to information so furnished in writing by such Persons
specifically for inclusion in any Prospectus or Registration Statement or any
amendment or supplement thereto, or any preliminary prospectus.

    (c) Contribution. If the indemnification provided for in this Section 8 is
unavailable to an indemnified party under Section 8(a) or Section 8(b) hereof
(other than by reason of exceptions provided in those Sections) in respect of
any losses, claims, damages, liabilities or expenses referred to therein, then
each applicable indemnifying party, in lieu of indemnifying such indemnified
party, shall contribute to the amount paid or payable by such indemnified party

                                       17
<PAGE>

as a result of such losses, claims, damages, liabilities or expenses in such
proportion as is appropriate to reflect the relative fault of the Company, on
the one hand, and of the Indemnified Holder, on the other hand, in connection
with the statements or omissions which resulted in such losses, claims, damages,
liabilities or expenses, as well as any other relevant equitable considerations.
The relative fault of the Company, on the one hand, and of the Indemnified
Holder, on the other hand, shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information
supplied by the Company or by the Indemnified Holder and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. The amount paid or payable by a party as a result of
the losses, claims, damages, liabilities and expenses referred to above shall be
deemed to include, subject to the limitations set forth in the second paragraph
of Section 8(a) hereof, any legal or other fees or expenses reasonably incurred
by such party in connection with investigating or defending any action or claim.

    The Company and each holder of Registrable Securities agree that it would
not be just and equitable if contribution pursuant to this Section 8(c) were
determined by pro rata allocation or by any other method of allocation which
does not take account of the equitable considerations referred to in the
immediately preceding paragraph. Notwithstanding the provisions of this Section
8(c), an Indemnified Holder shall not be required to contribute any amount in
excess of the amount by which the total price at which the securities sold by
such Indemnified Holder or its affiliated Indemnified Holders and distributed to
the public were offered to the public exceeds the amount of any damages which
such Indemnified Holder, or its affiliated Indemnified Holders, has otherwise
been required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any Person who was not guilty of such fraudulent
misrepresentation.

9.  Rule 144.

    The Company covenants that at all times after the effective date of the
first registration filed by the Company which involves a sale of securities of
the Company to the general public, it will file the reports required to be filed
by it under the Securities Act and the Exchange Act and the rules and
regulations adopted by the SEC thereunder and will take such further action as
any holder of Registrable Securities may reasonably request, all to the extent
required from time to time to enable such holder to sell Registrable Securities
without registration under the Securities Act within the limitation of the
exemptions provided by (a) Rule 144 under the Securities Act, as such Rule may
be amended from time to time or (b) any similar rule or regulation hereafter
adopted by the SEC. Upon the request of any holder of Registrable Securities,
the Company will deliver to such holder a written statement as to whether it has
complied with such information and requirements.

10. Participation in Underwritten Registrations.

    (a) No holder (or its successors or assigns) may participate in any
underwritten registration hereunder unless such Person (a) agrees to sell such
Person's securities on the basis provided in any underwriting arrangements

                                       18
<PAGE>

approved by the underwriters and other Persons entitled hereunder to approve
such arrangements and (b) completes and executes all questionnaires, powers of
attorney, indemnities, underwriting agreements and other documents required
under the terms of such underwriting arrangements.

    (b) In the case of an underwritten offering by the Company of securities,
each holder of Registrable Securities shall, with respect to Registrable
Securities that such holder then desires to sell pursuant to Section 4, enter
into an underwriting agreement with the same underwriters engaged by the Company
with respect to securities being offered by the Company and the Company shall
cause such underwriters to include in any such underwriting all of the
securities that a holder of Registrable Securities then desires to sell;
provided, however, that such underwriting agreement is in substantially the same
form as the underwriting agreement that the Company enters into in connection
with the primary offering it is making, except for such differences in the
underwriting agreement as are generally customary to distinguish between an
issuer and its selling stockholders.

11. Restrictive Legend.

    Each certificate representing Registrable Securities and Rights exercisable,
convertible or exchangeable for Registrable Securities shall, except as
otherwise provided in this Section 11 or in Section 12, be stamped or otherwise
imprinted with a legend substantially in the following form:

         "The securities represented by this certificate have not been
    registered under the Securities Act of 1933 or applicable state securities
    laws. These securities have been acquired for investment and not with a view
    to distribution or resale, and may not be sold mortgaged, pledged,
    hypothecated or otherwise transferred without an effective registration
    statement for such securities under the Securities Act of 1933 and
    applicable state securities laws, or the availability of an exemption from
    the registration provisions of the Securities Act of 1933 and applicable
    state securities laws."

A certificate shall not bear such legend if in the opinion of counsel reasonably
satisfactory to the Company the securities being sold thereby may be publicly
sold without registration under the Securities Act.

12. Notice of Proposed Transfer.

    Prior to any proposed transfer of any Registrable Securities (other than
under the circumstances described in Sections 3 or 4), the holder thereof shall
give written notice to the Company of its intention to effect such transfer.
Each such notice shall describe the manner of the proposed transfer and, if
requested by the Company, shall be accompanied by an opinion of counsel
reasonably satisfactory to the Company to the effect that the proposed transfer
may be effected without registration under the Securities Act, whereupon the
holder of such stock shall be entitled to transfer such stock in accordance with
the terms of its notice; provided, however, that no such opinion of counsel
shall be required for a transfer to one or more partners of the transferor (in
the case of a transferor that is a partnership), to one or more members of the
transferor (in the case of a transferor that is a limited liability company) or

                                       19
<PAGE>

to an affiliated corporation (in the case of a transferor that is a
corporation); provided, further, however, that any transferee other than a
partner or affiliate of the transferor shall execute and deliver to the Company
a representation letter in form reasonably satisfactory to the Company's counsel
to the effect that the transferee is acquiring Registrable Securities for its
own account, for investment purposes and without any view to distribution
thereof. Each certificate for Registrable Securities transferred as above
provided shall bear the legend set forth in Section 11, except that such
certificate shall not bear such legend if (i) such transfer is in accordance
with the provisions of Rule 144 (or any other rule permitting public sale
without registration under the Securities Act) or (ii) the opinion of counsel
referred to above is to the further effect that the transferee and any
subsequent transferee (other than an affiliate of the Company) would be entitled
to transfer such securities in a public sale without registration under the
Securities Act. The restrictions provided for in this Section 12 shall not apply
to securities which are not required to bear the legend prescribed by Section 11
in accordance with the provisions of that Section.

13. Miscellaneous.

    (a) Remedies. Each holder of Registrable Securities, in addition to being
entitled to exercise all rights provided herein, and granted by law, including
recovery of damages, will be entitled to specific performance of its rights
under this Agreement. The Company agrees that monetary damages would not be
adequate compensation for any loss incurred by reason of a breach by it of the
provisions of this Agreement and hereby agrees to waive the defense in any
action for specific performance that a remedy at law would be adequate.

    (b) Amendments and Waivers. The provisions of this Agreement, including the
provisions of this sentence, may not be amended, modified or supplemented, and
waivers or consents to departures from the provisions hereof may not be given
unless the Company has obtained the written consent of holders of at least a
majority of the outstanding Registrable Securities; provided, however, that the
rights of the DPR Investors, the CapEx Investors, the IWB Investors, the Staples
Investors, PPP Investors and the Series A Investors to a Demand Registration may
not be amended or modified and a waiver or consent to the departure from the
applicable provisions relating thereto may not be given unless the Company has
obtained the written consent of the holders of at least a majority of the
outstanding Registrable Securities held by the DPR Investors, the CapEx
Investors, the IWB Investors, Staples Investors, PPP Investors or the Series A
Investors, as the case may be; provided, further, that no such amendment shall
unfairly discriminate against any particular holder of Registrable Securities
relative to the other holders thereof. Any action taken under this Section
unless as specifically provided herein, shall bind all holders of Registrable
Securities. Notwithstanding the foregoing, a waiver or consent to departure from
the provisions hereof that relates exclusively to the rights of holders of
Registrable Securities whose securities are being sold pursuant to a
Registration Statement and that does not directly or indirectly affect the
rights of other holders of Registrable Securities may be given by the holders of
a majority of the Registrable Securities being sold.

    (c) Notices. All notices and other communications provided for or permitted
hereunder shall be made in writing by hand-delivery, registered first-class
mail, telecopier, or air courier guaranteeing overnight delivery:

                                       20
<PAGE>

        (1) if to a holder of Registrable Securities initially at its address
set forth on the signature page hereof and thereafter at such other address,
notice of which is given by such holder to the Company in accordance with the
provisions of this Section 13(c); and

        (2) if to the Company, initially at its address set forth on the
signature page hereof and thereafter at such other address, notice of which is
given in accordance with the provisions of this Section 13(c), with a copy to
Loeb & Loeb LLP, 345 Park Avenue, New York, New York, Attention: David S.
Schaefer, Esq.

    All such notices and communications shall be deemed to have been duly given:
at the time delivered by hand, if personally delivered during regular business
hours on a business day (otherwise, on the next business day); when received if
deposited in the mail, postage prepaid, if mailed; when receipt of confirmation
of delivery occurs, if telecopied during regular business hours on a business
day (otherwise, on the next business day); and on the next business day, if
timely delivered to an air courier guaranteeing overnight delivery.

    (d) Successors and Assigns. This Agreement shall inure to the benefit of and
be binding upon the successors and assigns of each of the parties, including,
without limitation, and without the need for an express assignment, subsequent
holders of Registrable Securities.

    (e) Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

    (f) Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

    (g) Governing Law. This Agreement shall be governed by and construed in
accordance with the internal laws of the State of New York.

    (h) Severability. The invalidity or unenforceability of any provision of
this Agreement in any jurisdiction shall not affect the validity or
enforceability of the remainder of this Agreement in that jurisdiction or the
validity or enforceability of this Agreement, including that provision, in any
other jurisdiction.

    (i) Entire Agreement. This Agreement, including any exhibits hereto and the
documents and instruments referred to herein and therein, is intended by the
parties as a final expression of their agreement and intended to be a complete
and exclusive statement of the agreement and understanding of the parties hereto
in respect of the subject matter contained herein. There are no restrictions,
promises, warranties, covenants or undertakings, other than those set forth or
referred to herein. This Agreement supersedes all prior agreements and
understandings between the parties with respect to such subject matter.

    (j) Termination as to Stockholders. If a Stockholder ceases to hold any
Registrable Securities, such Stockholder shall cease to be a party to this
Agreement, but (i) this Agreement shall continue in full force and effect and
continue to be binding on the Company and the other Stockholders and (ii) the
rights and obligations under Sections 3, 4 and 8 of such former Stockholder,

                                       21
<PAGE>

each Person (if any) who controls such former Stockholder within the meaning of
the Securities Act and each of their respective affiliates, partners, directors,
officers, employees and agents of the foregoing with respect to any Demand
Registration or piggyback registration in which such former Stockholder was a
selling stockholder shall survive.

    (k) Certain Mergers and Other Events. If the Company proposes to consummate
any consolidation, merger, binding share exchange or reorganization to which the
Company is a party and in which the Company is not the continuing corporation or
any sale, conveyance, transfer or lease to another entity of the properties and
assets of the Company as an entirety or substantially as an entirety and if, as
a result of or in connection with such transaction, the Stockholders would
receive or would be entitled to receive, in exchange for or otherwise with
respect to the Registrable Securities held by them, any common stock, other
capital stock or other securities of the successor or acquiring corporation or
any affiliate thereof or any Rights for any such common stock, capital stock or
other securities, then the Company shall not consummate such transaction unless
the successor or acquiring entity (as the case may be) shall, in a manner
reasonably satisfactory to the holders of a majority of the Registrable
Securities, grant to the Stockholders registration rights with respect to such
common stock, other capital stock or other securities which shall be no less
favorable to the Stockholders than the provisions of this Agreement. In the
event of (i) any reclassification, reorganization or change of the outstanding
shares of Common Stock or other capital stock of the Company, (ii) any
consolidation, merger, binding share exchange or reorganization to which the
Company is party (other than a consolidation, merger, share exchange or
reorganization in which the Company is the continuing corporation and which does
not result in any reclassification of or change in the Common Stock) or (iii)
any other event of any kind occurs which results in a change in the securities
constituting or included in the Common Stock immediately before such event, then
the Stockholders shall be entitled to registration rights with respect to such
all securities issued or issuable to them by reason thereof which are comparable
in all material respects to those provided for herein with respect to
Registrable Securities. In the event any dispute relating to this Section 13(k)
shall arise, then such dispute shall promptly thereafter be submitted for
resolution by an independent law firm of recognized national standing selected
by the Company and reasonably acceptable to the holders of a majority of the
Registrable Securities, whose decision (with the advice of an independent
investment banking firm of recognized national standing selected by such law
firm, if such law firm believes it advisable to seek such advice) shall be final
and conclusive. The fees and expenses of such law firm (and of any such
investment banking firm) shall be paid by the Company.

                                       22
<PAGE>

    IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed, as of the day and year first above written.

                                           REGISTER.COM INC.

                                           By:__________________________________
                                              Name:
                                              Title:
                                              575 Eighth Avenue
                                              11th Floor
                                              New York, NY  10018
                                              Facsimile: (212) 627-6477

                                       23
<PAGE>

                                           Stockholders:

                                           _____________________________________
                                           Dan B. Levine
                                           P.O. Box 292
                                           Old Westbury, NY 11564
                                           Facsimile: (516) 626-7869

<PAGE>

                                           _____________________________________
                                           Peter A. Forman
                                           201 Water Street
                                           Brooklyn, NY  11201
                                           Facsimile: (718) 596-3959

<PAGE>

                                           _____________________________________
                                           Richard D. Forman
                                           c/o Register.com Inc.
                                           575 Eighth Avenue
                                           11th Floor
                                           New York, NY  10018
                                           Facsimile: (212) 627-6477

<PAGE>

                                           CAPITAL EXPRESS, L.L.C.

                                           By:__________________________________
                                              Name: Niles H Cohen
                                              Title: Managing Member
                                              100 Plaza Drive
                                              Secaucus, NJ 07094
                                              Facsimile: (201) 583-3634

<PAGE>

                                           INTERNET WEB BUILDERS, LLC

                                           By:__________________________________
                                              Name: Zachary Prensky
                                              Title: Managing Member
                                              372 Central Park West
                                              New York, NY 10025
                                              Facsimile: (212) 280-4035

<PAGE>

                                           PALISADE PRIVATE PARTNERSHIP, L.P.

                                           By:__________________________________
                                              Name:
                                              Title:
                                              One Bridge Plaza
                                              Fort Lee, NJ 07024
                                              Facsimile: (201) 585-9798

<PAGE>

                                           STAPLES, INC.

                                           By:__________________________________
                                              Name:
                                              Title:
                                              500 Staples Drive
                                              Framingham, MA 01702
                                              Facsimile: (508) 370-7805

<PAGE>

                                           SANDLER CAPITAL IV PARTNERS, L.P.

                                           By: Sandler Investment Partners,
                                           L.P., a General Partner
                                           By: Sandler Capital Management,
                                           a General Partner
                                           By: MJDM Corp., a General Partner

                                           By:__________________________________
                                              Edward Grinacoff
                                              President
                                              767 Fifth Avenue
                                              45th Floor
                                              New York, NY  10153
                                              Facsimile: (212) 826-0280

<PAGE>

                                           SANDLER CAPITAL IV FTE PARTNERS, L.P.

                                           By: Sandler Investment Partners,
                                           L.P., a General Partner
                                           By: Sandler Capital Management,
                                           a General Partner
                                           By: MJDM Corp., a General Partner

                                           By:__________________________________
                                              Edward Grinacoff
                                              President
                                              767 Fifth Avenue
                                              45th Floor
                                              New York, NY  10153
                                              Facsimile: (212) 826-0280

<PAGE>

                                           SANDLER CAPITAL MANAGEMENT

                                           By: MJDM Corp., a General Partner

                                           By:__________________________________
                                              Edward Grinacoff
                                              President
                                              767 Fifth Avenue
                                              45th Floor
                                              New York, NY  10153
                                              Facsimile: (212) 826-0280

<PAGE>

                                           BESSEMER VENTURE PARTNERS IV L.P.

                                           By: Deer IV & Co. LLC,
                                           General Partner

                                           By:__________________________________
                                              Robert H. Buescher
                                              Manager
                                              1400 Old Country Road
                                              Suite 407
                                              Westbury, NY  11590
                                              Facsimile: (516) 997-2371

<PAGE>

                                           BESSEC VENTURES IV L.P.

                                           By: Deer IV & Co. LLC,
                                           General Partner

                                           By:__________________________________
                                              Robert H. Buescher
                                              Manager
                                              630 Fifth Avenue
                                              37th Floor
                                              New York, NY  10111
                                              Facsimile: (212) 265-5826

<PAGE>

                                           HIKARI TSUSHIN INC.

                                           By:__________________________________
                                              Name:
                                              Title:
                                              3333 Bowers Avenue
                                              Suite 239
                                              Santa Clara, CA 95054
                                              Facsimile: (408) 844-7969

<PAGE>

                                           CONCENTRIC NETWORK CORPORATION

                                           By:__________________________________
                                              Name:
                                              Title:
                                              1400 Parkmoor Avenue
                                              San Jose, CA 95126
                                              Facsimile: (408) 817-2810

<PAGE>

                                           BAYVIEW INVESTORS LTD.

                                           By:__________________________________
                                              Name:
                                              Title:
                                              555 California Street, 2600
                                              San Francisco, CA 94104
                                              Facsimile: (415) 676-2977<PAGE>

                  AMENDED AND RESTATED STOCKHOLDERS' AGREEMENT

                  AMENDED AND RESTATED STOCKHOLDERS' AGREEMENT, dated as of June
30, 1999, is made by and among REGISTER.COM INC., a Delaware corporation (the
"Company"), DAN B. LEVINE ("DBL"), PETER A. FORMAN, ("PAF"), RICHARD D. FORMAN,
("RDF"), CAPITAL EXPRESS, L.L.C., a New Jersey limited liability company
("CapEx"), INTERNET WEB BUILDERS, L.L.C., a New Jersey limited liability company
("IWB"), PALISADE PRIVATE PARTNERSHIP, L.P., a Delaware limited partnership
("PPP"), STAPLES, INC., a Delaware corporation ("Staples;" and together with
DBL, PAF, RDF, CapEx, IWB and PPP, the "Existing Stockholders"), and the Persons
named as purchasers (the "Investors") of the Company's Series A Convertible
Preferred Stock, par value $0.0001 per share (the "Series A Preferred Stock"),
pursuant to the Series A Convertible Preferred Stock Purchase Agreement, dated
as of the date hereof.

                  WHEREAS, the Company and the Existing Stockholders are parties
to a Shareholders' Agreement, dated as of January 5, 1998, as amended by
Amendment No. 1 to the Shareholders' Agreement dated as of March 25, 1999 and
Amendment No. 2 to the Shareholders' Agreement, dated as of May 21, 1999 (as
amended, the "Existing Shareholders' Agreement");

                  WHEREAS, in connection with the sale of the Company's Series A
Convertible Preferred Stock to the Investors, the Company and the Existing
Stockholders desire to amend (and, for ease of reference, restate) the Existing
Shareholders' Agreement on the terms and conditions set forth herein; and

                  WHEREAS, it is a condition to sale of the Company's Series A
Preferred Stock that the Investors become parties to this Agreement;

                  NOW, THEREFORE, in consideration of the mutual benefits to be
derived here from and the mutual agreements hereinafter set forth, the parties
hereto agree as follows:

                  1. Defined Terms.

                     (a) For purposes of this Agreement, the following terms
shall have the meanings indicated:

                  "Board of Directors" shall mean the board of directors of the
Company.

                  "Common Stock" shall mean the Common Stock of the Company, par
value $0.0001 per share, as constituted on the date hereof, and any capital
stock into which such Common Stock may hereafter be changed, and such term shall
also include (unless the context clearly indicates otherwise) (i) capital stock
of the Company of any other class or series (regardless of how denominated)
issued to the holders of shares of Common Stock upon any reclassification
thereof which is also not preferred as to dividends or assets on liquidation
over any other class or series of capital stock of the Company and which is not
subject to redemption and (ii) shares of common stock of any successor or
acquiring corporation or any affiliate thereof which are issued or may be
issuable to any Stockholders pursuant to any consolidation, merger, binding
share exchange or reorganization to which the Company is a party and in which
the Company is not the continuing corporation and which does not give rise to
termination of this Agreement pursuant to Section 2.

<PAGE>

                  "Competitor" means as of any date of determination any Person
or Entity (and any officer, director, partner, member, key employee or
beneficial owner of 10% or more of such Entity's voting equity) engaged, or
whose business is such that it is reasonably likely that such Person or Entity
could within one year as of such date of determination be engaged, in the
business of developing, marketing or distributing e-commerce services to create,
maintain and/or host web sites, or providing domain name registration services.

                  "DPR" means DBL, PAF and RDF.

                  "Entity" means any corporation, limited liability company,
general or limited partnership, joint venture, association, joint stock company,
trust, other unincorporated business or organization or other Person which is
not either a natural person or a governmental authority.

                  "Exempt Sale" means a sale of Shares owned by a Stockholder
pursuant to an effective registration statement under the Securities Act.

                  "Family Donee" means, with respect to individual Stockholders,
(i) such Stockholders' parents, spouse, adult lineal descendants and siblings,
(ii) the adult spouses of such siblings, the adult spouses of such lineal
descendants and the parents of such spouse, and (iii) trusts for the benefit of
any of such individuals or their children.

                  "Outstanding Shares" means, as of any date of determination,
all issued shares of Common Stock as of such date, except for such shares then
owned or held by or for the account of the Company or any subsidiary thereof,
and all shares of Common Stock issuable upon exercise, conversion or exchange of
any Rights outstanding as of such date, except for such Rights then owned or
held by or for the account of the Company and such Rights that cannot be
exercised, converted or exchanged without the occurrence of a specified date or
event or the satisfaction or happening of any other condition or contingency,
other than the payment of cash or property. "Outstanding Shares" shall not
include any shares of Common Stock issuable in payment of any dividend or other
distribution which has been declared but not actually paid. In determining the
percentage of Outstanding Shares of any Person, the numerator shall be the
number of Outstanding Shares beneficially owned by such Person and the
denominator shall be the number of Outstanding Shares beneficially owned by all
Persons.

                  "Person" means any individual, corporation, limited liability
company, general or limited partnership, joint venture, association, joint stock
company, trust, unincorporated business or organization, governmental authority
or other entity or legal person, whether acting in an individual, fiduciary or
other capacity.

                  "Prohibited Party" means any Person who has been convicted of
(or pleaded nolo contendere to) a felony or other crime, or who is or has been
the subject of any order, judgment, writ, decree, award or other determination,
decision or ruling of any court, judge, justice or magistrate, involving
self-dealing, fraud, embezzlement or acts of moral turpitude.

                                       2

<PAGE>

                  "Public Offering" means an underwritten public offering
pursuant to an effective registration statement under the Securities Act
covering the offer and sale to the public of Common Stock and/or Rights.

                  "Publicly Held Date" means the date on which shares of Common
Stock having an aggregate public offering price of not less than $10 million
have been effectively registered under the Securities Act and disposed of in
accordance with the registration statement or statements covering such shares.

                  "Related Party" means with respect to any Person, any other
Person who is a director, officer, partner, manager, member or shareholder of
such Person.

                  "Rights" means any options, warrants, convertible or
exchangeable securities or other rights, however denominated, to subscribe for,
purchase or otherwise acquire Common Stock or other Rights to subscribe for
purchase or otherwise acquire Common Stock, with or without payment of
additional consideration in cash or property, either immediately or upon the
occurrence of a specified date or a specified event or the satisfaction or
happening of any other condition or contingency.

                  "Securities Act" means the Securities Act of 1933, as amended
from time to time, or any successor statute, and (unless the context otherwise
requires) the rules and regulations promulgated thereunder.

                  "Shares" means (i) any Common Stock and any Rights purchased
or otherwise acquired by any Stockholder, (ii) any Common Stock or Rights issued
or issuable directly or indirectly with respect to the Common Stock referred to
in clause (i) above by way of stock dividend or stock split or in connection
with a combination of shares, recapitalization, merger, consolidation or other
reorganization, and (iii) any other Common Stock or Rights held by a
Stockholder. As to any particular securities constituting Shares, such
securities shall cease to be Shares when they have been sold to the public
through a Public Offering or other subsequent public sale unless thereafter they
are reacquired by a Stockholder.

                  "Stockholder" means each Person who is a party to this
Agreement other than the Company, except that such Person shall cease to be a
Stockholder as of the time such Person ceases to own any Shares subject to this
Agreement.

                                       3
<PAGE>

                     (b) The following additional terms listed below shall have
the meanings ascribed thereto in the Section (or other provision hereof)
indicated next to such term:

                  Term                                                 Section
                  ----                                                 -------
                  CapEx                                                Preamble

                  Company                                              Preamble

                  DBL                                                  Preamble

                  Existing Shareholder Agreement                       Recitals

                  Existing Stockholders                                Preamble

                  Investors                                            Preamble

                  IWB                                                  Preamble

                  Offer                                                8(a)

                  Offer Notice                                         7(a)

                  Offered Shares                                       7(a)

                  Offeror                                              7(a)

                  Option Period                                        7(d)(i)

                  Other Stockholders                                   7(a)

                  PAF                                                  Preamble

                  Participating Stockholder                            7(d)(i)

                  PPP                                                  Preamble

                  RDF                                                  Preamble

                  Remaining Shares                                     7(b)(ii)

                  Selling Stockholder                                  7(a)

                  Series A Preferred Stock                             Preamble

                  Staples                                              Preamble

                  Stockholder Offer Notice                             7(b)(ii)

                  Stockholder Shares                                   5(a)

                  Transfer                                             5(a)

                  2. Termination of Prior Agreements; Term of Agreement.

                     (a) The Existing Shareholders' Agreement and any and all
other shareholder agreements heretofore made or presently in effect between or
among the parties hereto, and all amendments thereto, are hereby in all respects
canceled, terminated and superseded by this Agreement.

                                       4
<PAGE>

                     (b) This Agreement shall continue from and after the date
hereof and will terminate upon the earliest to occur of the following: (i) the
sale of all or substantially all of the assets of the Company, (ii) the merger
or consolidation of the Company pursuant to which the holders of the voting
power of the Company immediately prior to such merger or consolidation are less
than 50% of the voting power immediately after such merger or consolidation,
(iii) the liquidation and dissolution of the Company, (iv) the commencement of
bankruptcy proceedings or the appointment of a receiver for the Company, or (v)
the Publicly-Held Date.

                  3. Legend on Certificates.

                     (a) Each Stockholder agrees to present the certificates
representing the Shares presently owned or hereafter acquired by him to the
Secretary of the Company and the Company agrees to cause the Secretary to stamp
on the certificate in a prominent manner the following legend:

         THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS
         AND CONDITIONS OF A CERTAIN AMENDED AND RESTATED STOCKHOLDERS'
         AGREEMENT, DATED JUNE 30, 1999, BY AND AMONG THE COMPANY AND THE
         STOCKHOLDERS OF THE COMPANY SPECIFIED THEREIN, A COPY OF WHICH
         AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY. THE SALE,
         PLEDGE, TRANSFER OR OTHER DISPOSITION OF THE SECURITIES REPRESENTED BY
         THIS CERTIFICATE OR ANY INTEREST THEREIN IS RESTRICTED BY SUCH
         AGREEMENT AND ANY SUCH SALE, PLEDGE, TRANSFER OR OTHER DISPOSITION MAY
         BE MADE ONLY UPON COMPLIANCE THEREWITH. SUCH AGREEMENT ALSO CONTAINS
         PROVISIONS RELATING TO THE EXERCISE OF CERTAIN VOTING AND CONSENT
         RIGHTS, IF ANY, OF THE HOLDERS OF THE SECURITIES REPRESENTED BY THIS
         CERTIFICATE."

                     (b) An original copy of this Agreement, duly executed by
each of the parties hereto, shall be delivered to the Secretary of the Company
and maintained at the principal executive office of the Company and made
available for inspection by any Person requesting it.

                  4. Restrictions on Issuance of Stock.

                     (a) From and after the date hereof, the Company shall not
issue Shares to any Person, unless such Person shall first execute a written
consent to be bound by all of the provisions of, become a party to, and a
"Stockholder" under, this Agreement and shall deliver a copy of such consent to
the Company and the Stockholders; provided, however, that this Section 4 shall
not apply to any Shares issued pursuant to (i) any stock options granted to
employees of the Company who are not a party to this Agreement, which stock
options are issued pursuant to stock option plans of the Company as may be in
effect from time to time, (ii) Rights outstanding as of the date hereof held by
Persons who as of the date hereof are not a party to this Agreement, and (iii) a
Public Offering or pursuant to Rights issued and sold in a Public Offering.

                     (b) Regardless of whether a written consent is executed and
delivered, each Person to which the Company properly issues Shares pursuant to
Section 4(a) or to which a Stockholder properly sells Shares pursuant to
Sections 6 or 7, by accepting Stockholder Shares, shall be deemed to be a party
to, and a "Stockholder" under, this Agreement and to have accepted and adopted
the terms and provisions of this Agreement as if such Person executed and
delivered such written instrument. Promptly (but in any case within five days)
after a Person becomes a Stockholder, the Company agrees to give (i) to those
Persons who are then Stockholders, notice of the name and address of the Person
becoming a Stockholder and (ii) to the Person who becomes a Stockholder, a copy
of this Agreement and a list of the names and addresses of each Person who is
then a Stockholder. The Company agrees not to effect a transfer on its books of
any of the Stockholder Shares except in accordance with the foregoing terms.

                                       5
<PAGE>

                  5. Restrictions on Transfer of Shares.

                     (a) No Transfers. No Stockholder shall sell, transfer,
assign, pledge, hypothecate, encumber or otherwise dispose of (collectively, a
"Transfer") any Shares or any interest in any Shares, beneficially owned by such
Stockholder ("Stockholder Shares") except in compliance with the provisions of
this Agreement. Any purported Transfer which is not made in compliance with this
Agreement shall be void.

                     (b) No Circumvention. Each Stockholder hereby agrees not to
Transfer or attempt to Transfer any Stockholder Shares indirectly in a manner
that would be inconsistent with the essential intent of this Agreement. For
purposes of this Agreement, any Transfer of an equity interest of an Entity that
was formed for the purpose of acquiring Stockholder Shares shall be deemed to be
a Transfer of such portion of the Shares, as applicable, owned by such Entity as
corresponds to the portion of the equity of such Entity that has been so
transferred.

                     (c) Prohibited Transferees. Each Stockholder agrees that,
notwithstanding any provision of this Agreement to the contrary, such
Stockholder will not Transfer or seek to Transfer any Stockholder Shares to any
Prohibited Party or Competitor.

                  6. Permitted Transfers. Any Stockholder may Transfer any
Stockholder Shares (i) to a Family Donee of such Stockholder, (ii) to any
Related Party of such Stockholder (together with a Family Donee, a "Permitted
Transferee"), (iii) to a Person pursuant to an Exempt Sale, or (iv) to another
Stockholder (unless such Stockholder, together with his affiliates, Related
Parties and Family Donee, would beneficially own more than 50% of the voting
power of the voting securities of the Company), in each case without complying
with the provisions of Section 7, provided that, in each instance of a Transfer
pursuant to clauses (i) and (ii) above, such Permitted Transferee first executes
a written consent to be bound by all of the provisions of, become a party to,
and a "Stockholder" under, this Agreement and shall deliver a copy of such
consent to the Company and the Stockholders.

                  7. Rights of First Refusal and Tag-Along Rights.

                     (a) Bona Fide Offer; Offer Notice. If any Stockholder
desires to Transfer any of his Shares, or any interest in such Shares, in any
transaction, other than pursuant to Section 6 of this Agreement, pursuant to a
bona fide written offer, such Stockholder (the "Selling Stockholder") shall
first deliver written notice of his desire to do so (the "Offer Notice") to the
Company and each of the other Stockholders (the "Other Stockholders"), in the
manner prescribed in Section 11 of this Agreement. The Offer Notice must
specify: (i) the name and address of the Selling Stockholder, (ii) the name and
address of the party to which the Selling Stockholder proposes to sell or
otherwise dispose of the Shares or an interest in the Shares (the "Offeror"),
(iii) the number and description of Shares the Selling Stockholder proposes to
sell or otherwise dispose of (the "Offered Shares"), (iv) the proposed amount
and form of the consideration per Share to be delivered to the Selling
Stockholder for the proposed sale, transfer or disposition, and the conditions
of payment, (v) all other material terms and conditions of the proposed
transaction, (vi) whether, upon consummation of the proposed sale, transfer or
disposition, the Offeror, together with the Offeror's Related Parties, would
beneficially own more than 50% of the voting power of the voting securities of
the Company, and (vii) that the Offeror has received a copy of this Agreement
and has agreed to purchase the Offered Shares in accordance with the terms and
conditions hereof. The Selling Stockholder shall include with the Offer Notice
copies any agreements or other documents related to the offer by the Offeror.

                                       6
<PAGE>

                     (b) Company's Option to Purchase.

                         (i) Subject to Section 7(d)(i), the Company shall have
the first option to purchase all or any part of the Offered Shares for the
consideration per share and on the terms and conditions specified in the Offer
Notice. The Company must exercise such option by written notice to the Selling
Stockholder, no later than 10 days after such Offer Notice is deemed to have
been delivered to it under Section 11 hereof.

                         (ii) In the event the Company does not exercise its
option within such 10-day period with respect to all of the Offered Shares, the
Company shall, by the last day of such period, give written notice of that fact
to the other Stockholders and the Selling Stockholder (the "Stockholder Offer
Notice"). The Stockholder Offer Notice shall specify the number of Offered
Shares that the Company elected not to purchase (the "Remaining Shares").

                         (iii) In the event the Company duly exercises its
option to purchase all or part of the Offered Shares, the closing of such
purchase shall take place at the offices of the Company on the later of (i) the
date five days after the expiration of such 10-day period or (ii) the date that
the Other Stockholders consummate their purchase of Remaining Shares under
Section 7(c)(iii) hereof.

                         (iv) To the extent that the consideration proposed to
be paid by the Offeror for the Offered Shares consists of property other than
cash or promissory notes, the consideration required to be paid by the Company
and/or the Other Stockholders exercising their options under Sections 7(b) and
(c) hereof may consist of cash equal to the value of such property, as
determined in good faith by agreement of the Selling Stockholder and the Company
and/or the Other Stockholders acquiring such Offered Shares.

                         (v) At the closing of such purchase, the Selling
Stockholder shall only be required to provide representations and warranties
that he has title to the Offered Shares, free and clear of any liens, claims or
encumbrances, and that he has the power and authority to sell the Offered Shares
and to provide indemnities with respect thereto and shall only be required to
sign such stock powers and other documents as may reasonably be requested by the
Company or the Other Stockholders, as applicable, with respect to the transfer
thereof.

                         (vi) Notwithstanding anything to the contrary herein,
neither the Company nor any of the Other Stockholders shall have any right to
purchase any of the Offered Shares hereunder unless the Company and/or the Other
Stockholders exercise their option or options to purchase all of the Offered
Shares.

                                       7
<PAGE>

                     (c) Other Stockholders' Option to Purchase.

                         (i) Subject to Section 7(d)(i), the Other Stockholders
shall have an option, exercisable for a period of 10 days from the date of
delivery of the Stockholder Offer Notice, to purchase, on a pro rata basis
according to the number of Shares beneficially owned by such Stockholder
(calculated on a fully diluted basis), the Remaining Shares for the
consideration per share and on the terms and conditions set forth in the Offer
Notice. Such option shall be exercised by delivery by such Stockholder of
written notice to the Selling Stockholder and the Secretary of the Company.
Alternatively, each Stockholder may within the same 10-day period, notify the
Selling Stockholder and the Secretary of the Company of its desire to
participate in the sale of the Shares on the terms set forth in the Offer
Notice, and the number of Shares it wishes to sell.

                         (ii) In the event options to purchase have been
exercised by the Stockholders with respect to some but not all of the Remaining
Shares, those Stockholders who have exercised their options within the 10-day
period specified in Section 7(c)(i) shall have an additional option, for a
period of five days next succeeding the expiration of such 10-day period, to
purchase all or any part of the balance of such Remaining Shares on the terms
and conditions set forth in the Offer Notice, which option shall be exercised by
the delivery of written notice to the Secretary of the Company. In the event
there are two or more such Stockholders that choose to exercise the
last-mentioned option for a total number of Remaining Shares in excess of the
number available, the Remaining Shares available for each such Stockholder's
option shall be allocated to such Stockholder pro rata based on the number of
Shares beneficially owned by the Stockholders so electing.

                         (iii) If the options to purchase the Remaining Shares
are exercised in full by the Stockholders, the Company shall immediately notify
all of the exercising Stockholders of that fact. The closing of the purchase of
the Remaining Shares shall take place at the offices of the Company no later
than five days after the date of such notice to the Stockholders.

                     (d) Failure to Fully Exercise Options; Tag-Along Right.

                         (i) If the Company and the Other Stockholders do not
exercise their options to purchase all of the Offered Shares within the periods
described in this Agreement (the "Option Period"), then all options of the
Company and the Other Stockholders to purchase the Offered Shares, whether
exercised or not, shall terminate; provided, however, that each Stockholder
which has, pursuant to Section 7(c)(i), expressed a desire to sell Shares in the
transaction (a "Participating Stockholder"), shall be entitled to do so pursuant
to this Section 7(d). The Company shall promptly, on expiration of the Option
Period, notify the Selling Stockholder of the aggregate number of Shares the
Participating Stockholders wish to sell. The Selling Stockholder shall use his
commercially reasonable efforts to interest the Offeror in purchasing, in
addition to the Offered Shares, the Shares the Participating Stockholders wish
to sell. If the Offeror does not wish to purchase all of the Shares made
available by the Selling Stockholder and the Participating Stockholders, then
each Participating Stockholder and the Selling Stockholder shall be entitled to
sell, at the price and on the terms and conditions set forth in the Offer
Notice, a portion of the Shares being sold to the Offeror, in the same
proportion as such Selling Stockholder or Participating Stockholder's beneficial
ownership of Shares bears to the aggregate number of Shares beneficially owned
(calculated on a fully diluted basis) by the Selling Stockholder and the
Participating Stockholders, it being agreed, however, that (i) any Participating
Stockholder shall be entitled to elect to be paid in cash in lieu of receiving
any non-cash consideration (the amount of such cash to be determined based on
the fair market value by an investment banking firm or, if an investment banking
firm is generally not qualified to render such a determination, by an appraisal
firm, in either case, of recognized national standing), and (ii) such terms and
conditions shall not include the making of any representations and warranties,
indemnities or other similar agreements other than representations and
warranties with respect to title of the Shares being sold and authority to sell
such Shares and indemnities related thereto. The transaction contemplated by the
Offer Notice shall be consummated not later than 60 days after the expiration of
the Option Period. It shall be a condition to the consummation thereof that the
Offeror execute a written consent to be bound by the provisions of, and become a
party to, and a "Stockholder" under, this Agreement in form and substance
reasonably satisfactory to the Company and deliver an original thereof to the
Secretary to the Company.

                                       8
<PAGE>

                         (ii) If the Participating Stockholders do not elect to
sell the full number of Shares which they are entitled to sell pursuant to
Section 7(d)(i), the Selling Stockholder shall be entitled to sell to the
Offeror, according to the terms set forth in the Offer Notice, that number of
his own Shares which equals the difference between the number of Shares desired
to be purchased by the Offeror and the number of Shares the Participating
Stockholders are entitled to sell pursuant to Section 7(d). If the Selling
Stockholder wishes to Transfer any such Shares at a price per Share which
differs from that set forth in the Offer Notice, upon terms different from those
previously offered to the Company and the Stockholders, or more than 60 days
after the expiration of the Option Period, then, as a condition precedent to
such transaction, such Shares must first be offered to the Company and the
Stockholders on the same terms and conditions as given the Offeror, and in
accordance with the procedures and time periods set forth above.

                         (iii) The proceeds of any sale made by the Selling
Stockholder without compliance with the provisions of this Section 7(d) shall be
deemed to be held in constructive trust in such amount as would have been due
the Participating Stockholders if the Selling Stockholder had complied with this
Agreement.

                  8. Drag-Along.

                     (a) Notwithstanding anything to the contrary contained in
this Agreement, if at any time the Company or DPR receives a bona fide offer
that DPR desires to accept (an "Offer") from a third party (i.e., a Person other
than a Related Party or Family Donee of DPR), to purchase, in a single or a
series of related arms' length transactions (the "Sale"), all or any part of the
outstanding shares of Common Stock (the "Subject Shares"), then, if requested by
DPR, each other Stockholder shall sell his shares of Common Stock in such
transaction, on the same terms and conditions, and for the same consideration,
as set forth in such Offer and in the same proportion as DPR's beneficial
ownership of the shares of Common Stock (calculated on a fully diluted basis) to
be sold in such sale bears to the aggregate number of shares of Common Stock
beneficially owned by DPR (calculated on a fully diluted basis). DPR shall give
each Stockholder written notice (the "Sale Notice"), in the manner prescribed by
Section 11 of this Agreement, of any such Offer at least twenty (20) days prior
to the date on which such transaction shall be consummated, including the terms
and conditions thereof, and each shall have the obligation to sell its
proportionate amount of shares of Common Stock in accordance with the
instruction set forth in the Sale Notice.

                     (b) Following receipt of the Sale Notice, each such
Stockholder shall vote for, consent to and raise no objections to, nor bring a
claim against any of DPR, any of their Related Parties, the Company, its
affiliates or any of their respective officers, directors or stockholders or
contest or seek to enjoin the Sale, or seek appraisal, dissenter or other
similar such rights. Without limiting the generality of the foregoing, if such
Sale is structured as: (i) a merger or consolidation, each other Stockholder
shall waive any dissenter rights, appraisal rights or similar rights in
connection with such merger or consolidation; or (ii) a sale of securities, each
other Stockholder shall (A) agree to sell the proportionate amount of their
shares of Common Stock on the terms and conditions of a Sale approved in
accordance with Section 8(c) and (B) only be required to provide representations
and warranties that he has title to the shares of Common Stock owned by him and
subject to the Sale, free and clear of any liens, claims or encumbrances, and
that he has the power and authority to sell such shares of Common Stock, and
only be required to sign such stock powers and other documents as may reasonably
be requested by DPR and/or the Company or the purchaser, as applicable, with
respect to the transfer thereof. The Company may, at its option, deposit the
consideration payable for the shares of Common Stock with depository designated
by it and thereafter each share of Common Stock certificate shall represent only
the right to receive the consideration payable in the transaction. The
Stockholders shall take such other necessary or desirable actions in connection
with the consummation or such Sale as reasonably requested by DPR or the
Company.

                                       9
<PAGE>

                     (c) The rights granted to DPR under this Section 8 shall
apply only to a Sale that is approved by the holders of a majority of the Common
Stock. For purposes of this Section 8, if the holder of a majority of the shares
of Common Stock constituting the shares of Common Stock beneficially owned by
DPR agree to take any action hereunder, each of the Stockholders constituting
DPR shall be bound thereby and shall be deemed to have agreed to such action,
provided each of them was first consulted with respect thereto.

                     (d) Staples shall not be bound by the provisions of Section
8(a) and (b) for (i) so long as Staples owns greater than five percent (5%) of
the outstanding Shares (calculated on a fully diluted basis) and (ii) in the
event that the per share purchase price of the Common Stock pursuant to the
Offer is less than $12.00 (as adjusted for stock splits, dividends,
recapitalizations or similar events).

                  9. Voting Agreements.

                     (a) Designation of Directors. Each of the Stockholders
severally covenants and agrees that, such Stockholder shall vote all shares of
the voting stock owned or controlled by each Stockholder, as of the record date
of any action of the stockholders of the Company, whether by consent or at a
meeting, at which members of the Board of Directors are to be elected or to
establish the number of directors of the Company, in favor of a Board of
Directors comprised of seven directors on the terms and conditions set forth in
this Section 9 as follows:

                         (i) Three (3) directors of the Company designated by
DPR for so long as DBL, PAF and RDF continue to beneficially own, in the
aggregate, at least 7.5% of the Outstanding Shares; provided, however, that, (A)
for so long as the Investors have a right to designate a director pursuant to
Section 9(a)(v), one of the directors for which DPR has the right to designate
shall be an industry representative designated by DPR, (B) as to the identity of
an industry representative, DPR shall consult and cooperate with the Investors
holding a majority of the issued and outstanding shares of Series A Preferred
Stock, provided, however, that the selection of such designee shall be made by
DPR, and (c) the obligation to consult and cooperate with such Investors shall
exist for so long as the issued and outstanding shares of Series A Preferred
Stock represent at least 6% of the Outstanding Shares. Upon the initial
designation by DPR of such industry representative, one of the directors for
which DPR has the right to designate, selected by DPR in its sole discretion,
shall resign and the vacancy created thereby shall be filled by such industry
representative pursuant to section 9(c).

                         (ii) One (1) director of the Company designated by
CapEx for so long as CapEx continues to beneficially own at least 5% of the
Outstanding Shares;

                                       10
<PAGE>

                         (iii) One (1) director of the Company designated by IWB
for so long as IWB continues to beneficially own at least 5% of the Outstanding
Shares;

                         (iv) One (1) director of the Company designated by PPP
for so long as PPP continues to beneficially own at least 5% of the Outstanding
Shares; and

                         (v) One (1) director of the Company designated by the
Investors holding at least 50% of the issued and outstanding shares of Series A
Preferred Stock for so long as the issued and outstanding shares of Series A
Preferred Stock represent at least 6% of the Outstanding Shares; provided,
however, that such director shall be subject to RDF's approval.

                     (b) Term of Appointment. Subject to the earlier death,
resignation or removal of any director designated hereunder, each director
elected or appointed at any time as provided herein shall serve until the next
annual meeting of the Company's stockholders and his or her successor shall have
been elected as provided herein.

                     (c) Filling of Vacancy without Forfeiture. In the event of
any vacancy in the position of any director occurring for any reason, the
Stockholder (DPR, in the case of directors designated by DPR pursuant to Section
9(a)(i), subject to the provisos in the first sentence of Section 9(a)(i); or
the holders of at least 50% of the issued and outstanding shares of the Series A
Preferred Stock in the case of the director designated by such holders pursuant
to Section 9(a)(v), subject to the proviso in Section 9(a)(v), provided,
however, that, for so long as Sandler owns any shares of Series A Preferred
Stock, Sandler, with the consent of the holders of at least 50% of the issued
and outstanding shares of the Series A Preferred Stock, which consent shall not
be unreasonably withheld or delayed) who originally designated the director
whose position became vacant shall designate a successor to the other
Stockholders. All Stockholders shall use their commercially reasonable efforts
to cause the Board of Directors to appoint such designated successsor and will
vote all of their shares of voting stock in favor of the election of such
designated successor. If necessary, the Stockholder (or Stockholders, as
aforesaid) who originally designated the director whose position became vacant
shall have the right to request the Board of Directors to call a special meeting
of stockholders, to be held as soon as practicable after the occurrence of the
vacancy. Without limiting the generality of the foregoing, in the event that, at
any time, any of DPR, CapEx, IWB, PPP or the holders of at least 50% of the
issued and outstanding shares of the Series A Preferred Stock (collectively, the
"Replacing Stockholders"; each, a "Replacing Stockholder") determines to replace
or remove any or all of their respective designees to the Board of Directors of
the Company, the Replacing Stockholder(s) shall, as promptly as practicable,
provide written notice of such replacement or removal to each Stockholder as
then set forth in the Company's records. Following the giving of such notice,
each of the Stockholders severally agrees to vote all of the voting Shares owned
or controlled by such Stockholder for such replacement or removal and for the
replacement designee designated by the Replacing Stockholder in accordance with
the terms of this Section 9. Failure by a Replacing Stockholder to provide the
removal notice described above shall not prejudice the Replacing Stockholder's
right to replace removed directors with new designees of their choosing
provided; however, that the other members of the Board of Directors may treat
such Replacing Stockholder's former designee as a director and take all actions
with such former designee until such notice is received. The Company hereby
agrees to use its best efforts to cause such designated candidates and
replacements to be elected to the Board of Directors of the Company.

                                       11
<PAGE>

                     (d) Filling a Vacancy upon Forefeiture. In the event any of
DPR, CapEx, IWB, PPP or at least 50% of the issued and outstanding shares of the
Series A Preferred Stock (each, a "Forfeiting Investor") forfeits the right to
designate one or more directors, as applicable (each such forfeiture event, a
"Forfeiture Date"), such director or directors, as designated by the Forfeiting
Investor (if applicable), shall be deemed to have resigned from the Board of
Directors of the Company as of the Forfeiture Date. Any vacancy created as a
result of any such resignation shall be filled by an individual designated by
the remaining members of the Board of Directors.

                     (e) Initial Designated Directors. The parties hereto agree
that as of the date hereof, the Board of Directors of the Company shall consist
of seven directors as set forth on Schedule I.

                     (f) Board Observer Rights. At any time prior to the
Publicly-Held Date, the Company shall invite a representative of PPP to attend
all meetings of its Board of Directors in a nonvoting-observer capacity and, in
this respect, shall give such representative copies of all notices, minutes,
consents and other materials it provides to its directors; provided, however,
that such representative shall agree to execute a confidentiality agreement in
favor of, and satisfactory, the Company and, provided further, that the Company
reserves the right to withhold any information and to exclude such
representative from any meeting or portion thereof if access to such information
or attendance at such meeting could adversely affect the attorney-client
privilege between the Company and its counsel.

                  10. Other Restrictions.

                  For so long as Staples owns Shares, the Company agrees that it
shall not agree to sell the Company by a merger or consolidation, or by a sale
of all or substantially all of the assets of the Company without the prior
written consent of Staples unless the consideration for such merger,
consolidation or sale of all or substantially all of the assets of the Company
is equal to a per share valuation of Common Stock of at least $12.00 (as
adjusted for stock splits, dividends, recapitalizations or similar events).

                  11. Notices.

                  All notices and other communications provided for or permitted
hereunder shall be made in writing by hand-delivery, registered first-class
mail, telecopier, or air courier guaranteeing overnight delivery:

                         (a) if to a Stockholder initially at its address set
forth on the signature page hereof and thereafter at such other address, notice
of which is given by such holder to the Company in accordance with the
provisions of this Section 11; and

                                       12
<PAGE>

                         (b) if to the Company, initially at its address set
forth on the signature page hereof and thereafter at such other address, notice
of which is given in accordance with the provisions of this Section 11, with a
copy to Loeb & Loeb LLP, 345 Park Avenue, New York, New York, Attention: David
S. Schaefer, Esq.

                  All such notices and communications shall be deemed to have
been duly given at the time delivered by hand, if personally delivered during
regular business hours on a business day (otherwise, on the next business day);
when received if deposited in the mail, postage prepaid, if mailed; when receipt
of confirmation of delivery occurs, if telecopied during regular business hours
on a business day (otherwise, on the next business day); and on the next
business day, if timely delivered to an air courier guaranteeing overnight
delivery.

                  12. Specific Performance.

                  Due to the fact that the Shares cannot be readily purchased or
sold in the open market, and for other reasons, the parties will be irreparably
damaged in the event that this Agreement is not specifically enforced. In the
event of a breach or threatened breach of the terms, covenants and/or conditions
of this Agreement by any of the parties hereto, the other parties shall, in
addition to all other remedies, be entitled to a temporary or permanent
injunction, without showing any actual damage, and/or a decree for specific
performance, in accordance with the provisions hereof.

                  13. Jurisdiction; Venue.

                  Each of the Company and each Stockholder irrevocably (i)
agrees that any suit, action or proceeding arising out of or relating to this
Agreement may be brought in the State or Federal courts located in The City of
New York, County of New York; (ii) consents to the jurisdiction of each such
court in any suit, action or proceeding relating to or arising out of this
Agreement; (iii) waives any objection which it may have to the laying of venue
in any such suit, action or proceeding in any of such court; and (iv) agrees
that service of any court paper may be made in such manner as may be provided
under applicable laws or court rules governing service of process, including,
without limitation, by the mailing of copies thereof by registered or certified
mail, postage pre-paid, to the other party at its address set forth in Section
11 hereof, such service to become effective five (5) business days after such
mailing.

                  14. Miscellaneous.

                         (a) This writing constitutes the entire agreement of
the parties with respect to the subject matter hereof and no provision may be
modified, amended, terminated or waived except by a writing signed by the
holders of not less than 51% of the outstanding Stockholder Shares (determined
on a fully diluted basis) subject to this Agreement; provided, however, that the
addition of any Stockholder to this Agreement shall not be deemed an amendment
hereof; provided, further, however, that no such writing shall be effective
against (i) any of DPR with respect to their respective rights under Sections 8
and 9 unless signed by them, (ii) CapEx with respect to its rights under Section
9 unless signed by it, (iii) IWB with respect to its rights under Section 9
unless signed by it, (iv) PPP with respect to its rights under Section 9 unless
signed by it, (v) Staples with respect to its rights under Sections 8(d) and 10
unless signed by it, and (vi) the Investors with respect to their rights under
Section 9 unless signed by the holders of a majority of the outstanding shares
of Series A Preferred Stock; provided, further, however that the consent of a
party shall not be required for any amendment, modification or termination of,
or waiver under, any provision of this Agreement if such party is not adversely
affected thereby.

                                       13
<PAGE>

                         (b) No action taken pursuant to this Agreement,
including, without limitation, any investigation by or on behalf of any party or
beneficiary, shall be deemed to constitute a waiver by the party or beneficiary
taking such action of compliance with any agreements, covenants, obligations or
commitments contained herein or made pursuant hereto. The waiver by any party of
a breach or beneficiary of any provision of this Agreement shall not operate or
be construed as a waiver of any preceding or succeeding breach and no failure by
any party or beneficiary to exercise any right, privilege or remedy hereunder
shall be deemed a waiver of such party's or beneficiary's rights, privileges or
remedies hereunder or shall be deemed a waiver of such party's or beneficiary's
rights to exercise the same at any subsequent time or times hereunder.

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

                         (d) Except as expressly provided in this Agreement,
nothing in this Agreement, express or implied, is intended or shall be construed
to confer upon or give any Person (including creditors, stockholders and
affiliates of the Company) other than the parties hereto and the Persons who
from time to time are Stockholders any remedy or claim under or by reason of
this Agreement or any term, covenant or condition hereof, all of which shall be
for the sole and exclusive benefit of the parties and such Persons who from time
to time are Stockholders. This Agreement and all of the provisions hereof shall
be binding upon and inure to the benefit of the Company and the Persons who from
time to time are Stockholders and the respective successors and permitted
assigns of the corporate parties hereto and, unless otherwise provided herein,
the respective assigns, heirs, and personal representatives of the individual
parties hereto. This Agreement constitutes the entire agreement of the parties
and supersedes all prior agreements and undertakings, both written and oral,
among the parties, or any of them, with respect to the specific subject matter
hereof.

                         (e) The section headings contained herein are for the
purposes of convenience only and are not intended to define or limit the
contents of said sections.

                         (f) Whenever the pronouns "he", or "his" are used
herein they shall also be deemed to mean "she" or "hers" or "it" or "its"
whenever applicable. Words in the singular shall be read and construed as though
in the plural and words in the plural shall be read and construed as though in
the singular in all cases where they would so apply.

                                       14

<PAGE>

                         (g) This Agreement may be executed in two or more
counterparts, all of which taken together shall be deemed one original.

                         (h) This Agreement shall be deemed to be a contract
under the laws of the State of New York and for all purposes shall be construed
and enforced in accordance with the internal laws of said state without regard
to the principles of conflicts of law.

                         (i) The number of Shares subject to the provisions of
this Agreement and all references herein to numbers of Shares and purchase
prices per share shall be appropriately adjusted in the case of any subdivision
or combination of the outstanding Shares into a greater or smaller number of
Shares, recapitalization, reorganization, reclassification of shares, stock
dividend, or like event.

                         (j) No Stockholder of the Company shall be entitled to
employment with the Company by virtue of his or its ownership of any Shares.

                         (k) Each party hereto will execute and deliver all such
further documents and instruments (including consents of stockholders and/or
directors) and will do all such further acts and things (including casting any
required stockholder votes, and approving any required amendments to the
Company's Certificate of Incorporation and/or By-Laws) as any other party hereto
shall reasonably request to give full effect to the purposes and intent of this
Agreement.

                                       15
<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed as of the day and year first above written.

                                                 REGISTER.COM INC.

                                                 By:___________________________
                                                    Name:
                                                    Title:
                                                    575 Eighth Avenue
                                                    11th Floor
                                                    New York, NY  10018
                                                    Facsimile:  212-627-6477

<PAGE>

                                  Stockholders:

                                  ___________________________________
                                  Dan B. Levine
                                  P.O. Box 292
                                  Old Westbury, New York  11564
                                  Facsimile:  516-626-7869

<PAGE>

                                  ___________________________________
                                  Peter A. Forman
                                  201 Water Street
                                  Brooklyn, NY
                                  Facsimile:  718-596-3959

<PAGE>

                                  ___________________________________
                                  Richard D. Forman
                                  c/o Register.com, Inc.
                                  575 Eighth Avenue
                                  11th Floor
                                  New York, NY  10018
                                  Facsimile:  212-627-6477

<PAGE>

                                  CAPITAL EXPRESS, L.L.C.

                                  By:__________________________________________
                                     Name:  Niles H Cohen
                                     Title:  Managing Member
                                     100 Plaza Drive
                                     Secaucus, New Jersey  07094
                                     Facsimile:  201-583-3634

<PAGE>

                                  INTERNET WEB BUILDERS, LLC

                                  By:__________________________________________
                                     Name:  Zachary Prensky
                                     Title:  Managing Member
                                     28-10 High Street Fairlawn
                                     New Jersey  07410
                                     Facsimile:  212-280-4035

<PAGE>

                                  PALISADE PRIVATE PARTNERSHIP, L.P.

                                  By:__________________________________________
                                     Name:
                                     Title:
                                     One Bridge Plaza
                                     Fort Lee, New Jersey  07024
                                     Facsimile: (201) 585-9798

<PAGE>

                                  STAPLES, INC.

                                  By:__________________________________________
                                     Name:
                                     Title:
                                     500 Staples Drive
                                     Framingham, Massachusetts  01702
                                     Facsimile: (508) 370-7805

<PAGE>

                       SANDLER CAPITAL IV PARTNERS, L.P.

                       By: Sandler Investment Partners, L.P., a General Partner
                       By: Sandler Capital Management, a General Partner
                       By: MJDM Corp., General Partner

                       By:____________________________________
                          Edward Grinacoff
                          President
                          767 Fifth Avenue
                          45th Floor
                          New York, NY  10153
                          Facsimile:

<PAGE>

                                  SANDLER CAPITAL MANAGEMENT
                                  By:  MJDM Corp., General Partner

                                  By:________________________________
                                     Edward Grinacoff
                                     President
                                     767 Fifth Avenue
                                     45th Floor
                                     New York, NY  10153
                                     Facsimile:

<PAGE>

                       SANDLER CAPITAL IV FTE PARTNERS , L.P.

                       By: Sandler Investment Partners, L.P., a General Partner
                       By: Sandler Capital Management, a General Partner
                       By: MJDM Corp., General Partner

                       By:___________________________________
                          Edward Grinacoff
                          President
                          767 Fifth Avenue
                          45th Floor
                          New York, NY  10153
                          Facsimile:

<PAGE>

                                  BESSEMER VENTURE PARTNERS IV L.P.

                                  By: Deer IV & Co., LLC, General Partner

                                  By:______________________________________
                                     Robert H. Buescher
                                     Manager
                                     1400 Old Country Road
                                     Suite 401
                                     Westbury, NY  11590
                                     Facsimile: (516) 997-2371

<PAGE>

                                  BESSEC VENTURES IV L.P.

                                  By: Deer IV & Co. LLC, General Partner

                                  By:_____________________________________
                                     Robert H. Buescher
                                     Manager
                                     630 Fifth Avenue
                                     37th Floor
                                     New York, NY  11590
                                     Facsimile: (212) 265-5826

<PAGE>

                                  HIKARI TSUSHIN, INC.

                                  By:____________________________________
                                     Name:
                                     Title:
                                     Address:

                                     Facsimile:

<PAGE>

                                  CONCENTRIC NETWORK CORPORATION

                                  By:___________________________________
                                     Name:
                                     Title:
                                     1400 Parkmoor Avenue
                                     San Jose, CA  95126
                                     Facsimile: (408) 817-2810

<PAGE>

                                  BAYVIEW INVESTORS LTD.

                                  By:__________________________________
                                     Name:
                                     Title:
                                     555 California Street, 2600
                                     San Francisco, CA  94104
                                     Facsimile: (415) 676-2977

<PAGE>

                                   Schedule I
                                   ----------

                                Initial Directors

                  DPR:              Richard D. Forman
                                    Peter A. Forman
                                    Dan Levine

                  CapEx:            Niles H Cohen

                  IWB:              Zachary Prensky

                  PPP:              Mark Hoffman

                  Investors:        Samantha McCuen

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