Document:

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                                                                     Exhibit 4.2

                                 NETMANAGE, INC.

                          EMPLOYEE STOCK PURCHASE PLAN

                     Restated effective as of April 25, 2002

        1. PURPOSE.

      (a) The purpose of the Employee Stock Purchase Plan (the "Plan") is to
provide a means by which employees of NetManage, Inc., a Delaware corporation
(the "Company"), and its Affiliates, as defined in subparagraph 1(b), which are
designated as provided in subparagraph 2(b), may be given an opportunity to
purchase stock of the Company.

      (b) The word "Affiliate" as used in the Plan means any parent corporation
or subsidiary corporation of the Company, as those terms are defined in Sections
424(e) and (f), respectively, of the Internal Revenue Code of 1986, as amended
(the "Code").

      (c) The Company, by means of the Plan, seeks to retain the services of its
employees, to secure and retain the services of new employees, and to provide
incentives for such persons to exert maximum efforts for the success of the
Company.

      (d) The Company intends that the rights to purchase stock of the Company
granted under the Plan be considered options issued under an "employee stock
purchase plan" as that term is defined in Section 423(b) of the Code.

        2. ADMINISTRATION.

      (a) The Plan shall be administered by the Board of Directors (the "Board")
of the Company unless and until the Board delegates administration to a
Committee, as provided in subparagraph 2(c). Whether or not the Board has
delegated administration, the Board shall have the final power to determine all
questions of policy and expediency that may arise in the administration of the
Plan.

      (b) The Board shall have the power, subject to, and within the limitations
of, the express provisions of the Plan:

            (i) To determine when and how rights to purchase stock of the
      Company shall be granted and the provisions of each offering of such
      rights.

            (ii) To designate from time to time which Affiliates of the Company
      shall be eligible to participate in the Plan.

            (iii) To construe and interpret the Plan and rights granted under
      it, and to establish, amend and revoke rules and regulations for its
      administration. The Board, in the

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      exercise of this power, may correct any defect, omission or inconsistency
      in the Plan, in a manner and to the extent it shall deem necessary or
      expedient to make the Plan fully effective.

            (iv) To amend the Plan as provided in paragraph 13.

            (v) Generally, to exercise such powers and to perform such acts as
      the Board deems necessary or expedient to promote the best interests of
      the Company.

      (c) The Board may delegate administration of the Plan to a Committee
composed of not fewer than two (2) members of the Board (the "Committee"). If
administration is delegated to a Committee, the Committee shall have, in
connection with the administration of the Plan, the powers theretofore possessed
by the Board, subject, however, to such resolutions, not inconsistent with the
provisions of the Plan, as may be adopted from time to time by the Board. The
Board may abolish the Committee at any time and revest in the Board the
administration of the Plan.

      3. SHARES SUBJECT TO THE PLAN.

      (a) Subject to the provisions of paragraph 12 relating to adjustments upon
changes in stock, the stock that may be sold pursuant to rights granted under
the Plan shall not exceed in the aggregate 6,900,000 shares of the Company's
common stock (the "Common Stock"). This reserve is comprised of (i) the
600,000(1) share reserve initially approved by the Board on July 22, 1993, (ii)
the aggregate 4,800,000 -share increases approved by the Board and stockholders
subsequently and (iii) the 1,500,000-share increase approved by the Board on
April 25, 2002, subject to stockholder approval at the 2002 Annual Stockholders
Meeting. If any right granted under the Plan shall for any reason terminate
without having been exercised, the Common Stock not purchased under such right
shall again become available for the Plan.

      (b) The number of shares of Common Stock available for issuance under the
Plan shall automatically increase on the first trading day of January each
calendar year during the term of the Plan, beginning with calendar year 2003, by
an amount equal to one percent (1%) of the total number of shares of Common
Stock outstanding on the last trading day in December of the immediately
preceding calendar year, but in no event shall any such annual increase exceed
750,000 shares.

      (c) The stock subject to the Plan may be unissued shares or reacquired
shares, bought on the market or otherwise.

      4. GRANT OF RIGHTS; OFFERING.

            The Board or the Committee may from time to time grant or provide
for the grant of rights to purchase Common Stock of the Company under the Plan
to eligible employees (an "Offering") on a date or dates (the "Offering
Date(s)") selected by the Board or the Committee.

(1) Adjusted to reflect the 3-for-1 stock split to be effected in connection
with the Company's reincorporation.

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Each Offering shall be in such form and shall contain such terms and conditions
as the Board or the Committee shall deem appropriate. If an employee has more
than one right outstanding under the Plan, unless he or she otherwise indicates
in agreements or notices delivered hereunder: (1) each agreement or notice
delivered by that employee will be deemed to apply to all of his or her rights
under the Plan, and (2) a right with a lower exercise price (or an
earlier-granted right, if two rights have identical exercise prices), will be
exercised to the fullest possible extent before a right with a higher exercise
price (or a later-granted right, if two rights have identical exercise prices)
will be exercised. The provisions of separate Offerings need not be identical,
but each Offering shall include (through incorporation of the provisions of this
Plan by reference in the Offering or otherwise) the substance of the provisions
contained in paragraphs 5 through 8, inclusive.

      5. ELIGIBILITY.

      (a) Rights may be granted only to employees of the Company or, as the
Board or the Committee may designate as provided in subparagraph 2(b), to
employees of any Affiliate of the Company. Except as provided in subparagraph
5(b), an employee of the Company or any Affiliate shall not be eligible to be
granted rights under the Plan, unless, on the Offering Date, such employee has
been in the employ of the Company or any Affiliate for such continuous period
preceding such grant as the Board or the Committee may require, but in no event
shall the required period of continuous employment be equal to or greater than
two (2) years. In addition, unless otherwise determined by the Board or the
Committee and set forth in the terms of the applicable Offering, no employee of
the Company or any Affiliate shall be eligible to be granted rights under the
Plan, unless, on the Offering Date, such employee's customary employment with
the Company or such Affiliate is at least twenty (20) hours per week and at
least five (5) months per calendar year.

      (b) The Board or the Committee may provide that, each person who, during
the course of an Offering, first becomes an eligible employee of the Company or
designated Affiliate will, on a date or dates specified in the Offering which
coincides with the day on which such person becomes an eligible employee or
occurs thereafter, receive a right under that Offering, which right shall
thereafter be deemed to be a part of that Offering. Such right shall have the
same characteristics as any rights originally granted under that Offering, as
described herein, except that:

            (i) the date on which such right is granted shall be the "Offering
      Date" of such right for all purposes, including determination of the
      exercise price of such right;

            (ii) the Purchase Period (as defined below) for such right shall
      begin on its Offering Date and end coincident with the end of such
      Offering; and

            (iii) the Board or the Committee may provide that if such person
      first becomes an eligible employee within a specified period of time
      before the end of the Purchase Period (as defined below) for such
      Offering, he or she will not receive any right under that Offering.

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      (c) No employee shall be eligible for the grant of any rights under the
Plan if, immediately after any such rights are granted, such employee owns stock
possessing five percent (5%) or more of the total combined voting power or value
of all classes of stock of the Company or of any Affiliate. For purposes of this
subparagraph 5(c), the rules of Section 424(d) of the Code shall apply in
determining the stock ownership of any employee, and stock which such employee
may purchase under all outstanding rights and options shall be treated as stock
owned by such employee.

      (d) An eligible employee may be granted rights under the Plan only if such
rights, together with any other rights granted under "employee stock purchase
plans" of the Company and any Affiliates, as specified by Section 423(b)(8) of
the Code, do not permit such employee's rights to purchase stock of the Company
or any Affiliate to accrue at a rate which exceeds twenty-five thousand dollars
($25,000) of fair market value of such stock (determined at the time such rights
are granted) for each calendar year in which such rights are outstanding at any
time.

      (e) Officers of the Company and any designated Affiliate shall be eligible
to participate in Offerings under the Plan, provided, however, that the Board
may provide in an Offering that certain employees who are highly compensated
employees within the meaning of Section 423(b)(4)(D) of the Code shall not be
eligible to participate.

      6. RIGHTS; PURCHASE PRICE.

      (a) On each Offering Date, each eligible employee, pursuant to an Offering
made under the Plan, shall be granted the right to purchase up to the number of
shares of Common Stock of the Company purchasable with a percentage designated
by the Board or the Committee not exceeding fifteen percent (15%) of such
employee's Earnings (as defined in Section 7(a)) during the period which begins
on the Offering Date (or such later date as the Board or the Committee
determines for a particular Offering) and ends on the date stated in the
Offering, which date shall be no more than twenty-seven (27) months after the
Offering Date (the "Purchase Period"). In connection with each Offering made
under this Plan, the Board or the Committee shall specify a maximum number of
shares which may be purchased by any employee as well as a maximum aggregate
number of shares which may be purchased by all eligible employees pursuant to
such Offering. In addition, in connection with each Offering which contains more
than one Exercise Date (as defined in the Offering), the Board or the Committee
may specify a maximum aggregate number of shares which may be purchased by all
eligible employees on any given Exercise Date under the Offering. If the
aggregate purchase of shares upon exercise of rights granted under the Offering
would exceed any such maximum aggregate number, the Board or the Committee shall
make a pro rata allocation of the shares available in as nearly a uniform manner
as shall be practicable and as it shall deem to be equitable.

      (b) The purchase price of stock acquired pursuant to rights granted under
the Plan shall be not less than the lesser of:

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            (i) an amount equal to eighty-five percent (85%) of the fair market
      value of the stock on the Offering Date; or

            (ii) an amount equal to eighty-five percent (85%) of the fair market
      value of the stock on the Exercise Date.

      7. PARTICIPATION; WITHDRAWAL; TERMINATION.

      (a) An eligible employee may become a participant in an Offering by
delivering a participation agreement to the Company within the time specified in
the Offering, in such form as the Company provides. Each such agreement shall
authorize payroll deductions of up to the maximum percentage specified by the
Board or the Committee of such employee's Earnings during the Purchase Period.
"Earnings" is defined as the total compensation paid to an employee, including
all salary, wages (including amounts elected to be deferred by the employee,
that would otherwise have been paid, under any cash or deferred arrangement
established by the Company), overtime pay, commissions, bonuses, and other
remuneration paid directly to the employee, but excluding profit sharing, the
cost of employee benefits paid for by the Company, education or tuition
reimbursements, imputed income arising under any Company group insurance or
benefit program, traveling expenses, business and moving expense reimbursements,
income received in connection with stock options, contributions made by the
Company under any employee benefit plan, and similar items of compensation. The
payroll deductions made for each participant shall be credited to an account for
such participant under the Plan and shall be deposited with the general funds of
the Company. A participant may reduce (including to zero), increase or begin
such payroll deductions after the beginning of any Purchase Period only as
provided for in the Offering. A participant may make additional payments into
his or her account only if specifically provided for in the Offering and only if
the participant has not had the maximum amount withheld during the Purchase
Period.

      (b) At any time during a Purchase Period a participant may terminate his
or her payroll deductions under the Plan and withdraw from the Offering by
delivering to the Company a notice of withdrawal in such form as the Company
provides. Such withdrawal may be elected at any time prior to the end of the
Purchase Period except as provided by the Board or the Committee in the
Offering. Upon such withdrawal from the Offering by a participant, the Company
shall distribute to such participant all of his or her accumulated payroll
deductions (reduced to the extent, if any, such deductions have been used to
acquire stock for the participant) under the Offering, without interest, and
such participant's interest in that Offering shall be automatically terminated.
A participant's withdrawal from an Offering will have no effect upon such
participant's eligibility to participate in any other Offerings under the Plan
but such participant will be required to deliver a new participation agreement
in order to participate in subsequent Offerings under the Plan.

      (c) Rights granted pursuant to any Offering under the Plan shall terminate
immediately upon cessation of any participating employee's employment with the
Company and any designated Affiliate, for any reason, and the Company shall
distribute to such terminated employee all of his or her accumulated payroll
deductions (reduced to the extent, if any, such

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deductions have been used to acquire stock for the terminated employee), under
the Offering, without interest.

      (d) Rights granted under the Plan shall not be transferable, and shall be
exercisable only by the person to whom such rights are granted.

      8. EXERCISE.

      (a) On each exercise date, as defined in the relevant Offering (an
"Exercise Date"), each participant's accumulated payroll deductions and other
additional payments specifically provided for in the Offering (without any
increase for interest) will be applied to the purchase of whole shares of stock
of the Company, up to the maximum number of shares permitted pursuant to the
terms of the Plan and the applicable Offering, at the purchase price specified
in the Offering. No fractional shares shall be issued upon the exercise of
rights granted under the Plan. The amount, if any, of accumulated payroll
deductions remaining in each participant's account after the purchase of shares
which is less than the amount required to purchase one share of stock on the
final Exercise Date of an Offering shall be held in each such participant's
account for the purchase of shares under the next Offering under the Plan,
unless such participant withdraws from such next Offering, as provided in
subparagraph 7(b), or is no longer eligible to be granted rights under the Plan,
as provided in paragraph 5, in which case such amount shall be distributed to
the participant after said final Exercise Date, without interest. The amount, if
any, of accumulated payroll deductions remaining in any participant's account
after the purchase of shares which is equal to the amount required to purchase
whole shares of stock on the final Exercise Date of an Offering shall be
distributed in full to the participant after such Exercise Date, without
interest.

      (b) No rights granted under the Plan may be exercised to any extent unless
the Plan (including rights granted thereunder) is covered by an effective
registration statement pursuant to the Securities Act of 1933, as amended (the
"Securities Act"). If on an Exercise Date of any Offering hereunder the Plan is
not so registered, no rights granted under the Plan or any Offering shall be
exercised on said Exercise Date and the Exercise Date shall be delayed until the
Plan is subject to such an effective registration statement, except that the
Exercise Date shall not be delayed more than two (2) months and the Exercise
Date shall in no event be more than twenty-seven (27) months from the Offering
Date. If on the Exercise Date of any Offering hereunder, as delayed to the
maximum extent permissible, the Plan is not registered, no rights granted under
the Plan or any Offering shall be exercised and all payroll deductions
accumulated during the purchase period (reduced to the extent, if any, such
deductions have been used to acquire stock) shall be distributed to the
participants, without interest.

      9. COVENANTS OF THE COMPANY.

      (a) During the terms of the rights granted under the Plan, the Company
shall keep available at all times the number of shares of stock required to
satisfy such rights.

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      (b) The Company shall seek to obtain from each regulatory commission or
agency having jurisdiction over the Plan such authority as may be required to
issue and sell shares of stock upon exercise of the rights granted under the
Plan. If, after reasonable efforts, the Company is unable to obtain from any
such regulatory commission or agency the authority which counsel for the Company
deems necessary for the lawful issuance and sale of stock under the Plan, the
Company shall be relieved from any liability for failure to issue and sell stock
upon exercise of such rights unless and until such authority is obtained.

      10. USE OF PROCEEDS FROM STOCK.

      Proceeds from the sale of stock pursuant to rights granted under the Plan
shall constitute general funds of the Company.

      11. RIGHTS AS A STOCKHOLDER.

      A participant shall not be deemed to be the holder of, or to have any of
the rights of a holder with respect to, any shares subject to rights granted
under the Plan unless and until certificates representing such shares shall have
been issued.

      12. ADJUSTMENTS UPON CHANGES IN STOCK.

      (a) If any change is made in the stock subject to the Plan, or subject to
any rights granted under the Plan (through merger, consolidation,
reorganization, recapitalization, stock dividend, dividend in property other
than cash, stock split, liquidating dividend, combination of shares, exchange of
shares, change in corporate structure or otherwise), the Plan and outstanding
rights will be appropriately adjusted in the class(es) and maximum number of
shares subject to the Plan, the class(es) and maximum number of shares by which
the share reserve may increase annually and the class(es) and number of shares
and price per share of stock subject to outstanding rights.

      (b) In the event of: (1) a dissolution or liquidation of the Company; (2)
a merger or consolidation in which the Company is not the surviving corporation;
(3) a reverse merger in which the Company is the surviving corporation but the
shares of the Company's Common Stock outstanding immediately preceding the
merger are converted by virtue of the merger into other property, whether in the
form of securities, cash or otherwise; or (4) any other capital reorganization
in which more than fifty percent (50%) of the shares of the Company entitled to
vote are exchanged, then, as determined by the Board in its sole discretion (i)
any surviving corporation may assume outstanding rights or substitute similar
rights for those under the Plan, (ii) such rights may continue in full force and
effect, or (iii) participants' accumulated payroll deductions may be used to
purchase Common Stock immediately prior to the transaction described above and
the participants' rights under the ongoing Offering terminated.

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      13. AMENDMENT OF THE PLAN.

      (a) The Board at any time, and from time to time, may amend the Plan.
However, except as provided in paragraph 12 relating to adjustments upon changes
in stock, no amendment shall be effective unless approved by the stockholders of
the Company within twelve (12) months before or after the adoption of the
amendment, where the amendment will:

            (i) Increase the number of shares reserved for rights under the
      Plan;

            (ii) Modify the provisions as to eligibility for participation in
      the Plan (to the extent such modification requires stockholder approval in
      order for the Plan to obtain employee stock purchase plan treatment under
      Section 423 of the Code or to comply with the requirements of Rule 16b-3
      promulgated under the Securities Exchange Act of 1934, as amended ("Rule
      16b-3")); or

            (iii) Modify the Plan in any other way if such modification requires
      stockholder approval in order for the Plan to obtain employee stock
      purchase plan treatment under Section 423 of the Code or to comply with
      the requirements of Rule 16b-3.

It is expressly contemplated that the Board may amend the Plan in any respect
the Board deems necessary or advisable to provide eligible employees with the
maximum benefits provided or to be provided under the provisions of the Code and
the regulations promulgated thereunder relating to employee stock purchase plans
and/or to bring the Plan and/or rights granted under it into compliance
therewith.

      (b) Rights and obligations under any rights granted before amendment of
the Plan shall not be altered or impaired by any amendment of the Plan, except
with the consent of the person to whom such rights were granted or except as
necessary to comply with any laws or governmental regulation.

      14. DESIGNATION OF BENEFICIARY.

      (a) A participant may file a written designation of a beneficiary who is
to receive any shares and cash, if any, from the participant's account under the
Plan in the event of such participant's death subsequent to a purchase under the
Offering but prior to delivery to him of such shares and cash. In addition, a
participant may file a written designation of a beneficiary who is to receive
any cash from the participant's account under the Plan in the event of such
participant's death prior to a purchase under the Offering.

      (b) Such designation of beneficiary may be changed by the participant at
any time by written notice. In the event of the death of a participant and in
the absence of a beneficiary validly designated under the Plan who is living at
the time of such participant's death, the Company shall deliver such shares
and/or cash to the executor or administrator of the estate of the participant,
or if no such executor or administrator has been appointed (to the knowledge

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of the Company), the Company, in its discretion, may deliver such shares and/or
cash to the spouse or to any one or more dependents or relatives of the
participant, or if no spouse, dependent or relative is know to the Company, then
to such other person as the Company may designate.

      15. TERMINATION OR SUSPENSION OF THE PLAN.

      (a) The Board may suspend or terminate the Plan without stockholder
approval or ratification at any time. Unless sooner terminated, the Plan shall
terminate on April 30, 2012. No rights may be granted under the Plan while the
Plan is suspended or after it is terminated.

      (b) Rights and obligations under any rights granted while the Plan is in
effect shall not be altered or impaired by suspension or termination of the
Plan, except with the consent of the person to whom such rights were granted or
except as necessary to comply with any laws or governmental regulation.

      16. EFFECTIVE DATE OF PLAN.

      The Plan became effective in connection with the initial public offering
of the Common Stock and was approved by the Board on July 22, 1993. The Plan was
amended on April 18, 2000, to increase the share reserve by 1,000,000 shares.
The Plan was amended and restated on April 25, 2002, subject to stockholder
approval at the 2002 Annual Stockholders Meeting to (i) increase the share
reserve by 1,500,000 shares, (ii) implement an automatic share reserve increase
each year beginning with the year 2003 and (iii) extend the term of the Plan to
April 30, 2012. No rights granted under the Plan shall be exercised, and no
shares of Common Stock shall be issued hereunder, until (i) the Plan shall have
been approved by the stockholders of the Company and (ii) the Company shall have
complied with all applicable requirements of the 1933 Act (including the
registration of the shares of Common Stock issuable under the Plan on a Form S-8
registration statement filed with the Securities and Exchange Commission), all
applicable listing requirements of any stock exchange (or the Nasdaq National
Market, if applicable) on which the Common Stock is listed for trading and all
other applicable requirements established by law or regulation.

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                                                                    EXHIBIT 4.19

                                                                  EXECUTION COPY

                                4,600,000 Shares

                          CHESAPEAKE ENERGY CORPORATION

                  6.00% Cumulative Convertible Preferred Stock

                          REGISTRATION RIGHTS AGREEMENT

                                                                   March 5, 2003

CREDIT SUISSE FIRST BOSTON LLC
MORGAN STANLEY & CO. INCORPORATED
SALOMON SMITH BARNEY INC.
BEAR, STEARNS & CO. INC.
LEHMAN BROTHERS INC.
CIBC WORLD MARKETS CORP.
JOHNSON RICE & COMPANY L.L.C.
RBC DAIN RAUSCHER INC.
SIMMONS & COMPANY INTERNATIONAL
     c/o Credit Suisse First Boston LLC
         Eleven Madison Avenue
         New York, N.Y. 10010-3629

Dear Sirs:

     Chesapeake Energy Corporation, an Oklahoma corporation (the "Company"),
proposes to issue and sell to Credit Suisse First Boston LLC, Morgan Stanley &
Co. Incorporated, Salomon Smith Barney Inc., Bear, Stearns & Co. Inc., Lehman
Brothers Inc., CIBC World Markets Corp., Johnson Rice & Company L.L.C., RBC Dain
Rauscher Inc. and Simmons & Company International (collectively, the "Initial
Purchasers"), upon the terms set forth in a purchase agreement of even date
herewith (the "Purchase Agreement"), 4,600,000 shares of its 6.00% Cumulative
Convertible Preferred Stock, par value $0.01 per share (liquidation preference
$50 per share) (the "Convertible Preferred Stock"). The Convertible Preferred
Stock will be convertible into shares of Common Stock, par value $0.01 per
share, of the Company (the "Common Stock") at the conversion price set forth in
the Offering Circular dated February 27, 2003 (the "Offering Circular"), subject
to adjustment in accordance with the Certificate of Designation of the
Convertible Preferred Stock (the "Certificate of Designation"). The Convertible
Preferred Stock and the Common Stock issuable upon conversion of the Convertible
Preferred Stock are collectively referred to as "Securities" and each referred
to singularly as a "Security." As an inducement to the Initial Purchasers to
enter into the Purchase Agreement, the Company agrees with the Initial
Purchasers, for the benefit of the Initial Purchasers and the holders of the
Securities (collectively the "Holders"), as follows:

     1. Shelf Registration. So long as any Transfer Restricted Security (as
defined in Section 5 hereof) exists, the Company shall take the following
actions:

          (a) The Company shall, within 60 days after the date on which the
     Initial Purchasers purchase the Convertible Preferred Stock pursuant to the
     Purchase Agreement (the "Closing

<PAGE>

     Date"), file with the Securities and Exchange Commission (the "Commission")
     and thereafter use its reasonable best efforts to cause to be declared
     effective no later than 180 days after the Closing Date a registration
     statement (the "Shelf Registration Statement") on an appropriate form under
     the Securities Act relating to the offer and sale of the Transfer
     Restricted Securities by the Holders thereof from time to time in
     accordance with the methods of distribution set forth in the Shelf
     Registration Statement and Rule 415 under the Securities Act (hereinafter,
     the "Shelf Registration"); provided, however, that no Holder (other than an
     Initial Purchaser) shall be entitled to have the Securities held by it
     covered by such Shelf Registration Statement unless such Holder agrees in
     writing to be bound by all the provisions of this Agreement applicable to
     such Holder.

          (b) The Company shall use its reasonable best efforts to keep the
     Shelf Registration Statement continuously effective, in order to permit the
     prospectus included therein to be lawfully delivered by the Holders of the
     relevant Securities, until such time as all the Securities covered by the
     Shelf Registration Statement (i) have been sold pursuant thereto or (ii)
     are eligible to be sold under Rule 144(k) under the Securities Act (or any
     successor rule thereof), assuming for this purpose that the Holders thereof
     are not affiliates of the Company (in any such case, such period being
     called the "Shelf Registration Period." The Company shall be deemed not to
     have used its reasonable best efforts to keep the Shelf Registration
     Statement effective during the requisite period if it voluntarily takes any
     action that would result in Holders of Securities covered thereby not being
     able to offer and sell such Securities during that period, unless such
     action is required by applicable law.

          (c) Notwithstanding any other provisions of this Agreement to the
     contrary, the Company shall cause the Shelf Registration Statement and the
     related prospectus and any amendment or supplement thereto, as of the
     effective date of the Shelf Registration Statement, amendment or
     supplement, (i) to comply in all material respects with the applicable
     requirements of the Securities Act and the rules and regulations of the
     Commission and (ii) not to contain any untrue statement of a material fact
     or omit to state a material fact required to be stated therein or necessary
     in order to make the statements therein, in light of the circumstances
     under which they were made, not misleading; provided, however, the Company
     shall have no such obligations or liabilities with respect to any written
     information pertaining to any Holder and furnished to the Company by or on
     behalf of such Holder specifically for inclusion therein.

     2. Registration Procedures. In connection with the Shelf Registration
contemplated by Section 1 hereof, the following provisions shall apply so long
as any Transfer Restricted Security exists:

          (a) The Company shall (i), if requested by an Initial Purchaser,
     furnish, without charge, to such Initial Purchaser, prior to the filing
     thereof with the Commission, a copy of the Shelf Registration Statement and
     each amendment thereof and each supplement, if any, to the prospectus
     included therein and, in the event that an Initial Purchaser (with respect
     to any portion of an unsold allotment from the original offering) is
     participating in the Shelf Registration Statement, the Company shall use
     its best efforts to reflect in each such document, when so filed with the
     Commission, such comments as such Initial Purchaser reasonably may propose,
     (ii) include in each such document the names of the Holders who have
     delivered written notice to the Company at least three business days prior
     to the filing thereof that they propose to sell Transfer Restricted
     Securities pursuant to the Shelf Registration Statement as selling
     securityholders and (iii) file pursuant to Rule 424(b) under the Securities
     Act an amendment to the Shelf Registration Statement or amend the
     prospectus to cover new Holders of Securities upon at least seven business
     days' prior written notice by such new Holders to such effect.

<PAGE>

          (b) The Company shall give written notice to the Initial Purchasers,
     the Holders of the Securities and the Holders of Transfer Restricted
     Securities included within the coverage of the Shelf Registration Statement
     (which notice pursuant to clauses (ii)-(v) hereof shall be accompanied by
     an instruction to suspend the use of the prospectus until the requisite
     changes have been made):

               (i) when the Shelf Registration Statement or any amendment
          thereto has been filed with the Commission and when the Shelf
          Registration Statement or any post-effective amendment thereto has
          become effective;

               (ii) of any request by the Commission for amendments or
          supplements to the Shelf Registration Statement or the prospectus
          included therein or for additional information;

               (iii) of the issuance by the Commission of any stop order
          suspending the effectiveness of the Shelf Registration Statement or
          the initiation of any proceedings for that purpose;

               (iv) of the receipt by the Company or its legal counsel of any
          notification with respect to the suspension of the qualification of
          the Securities for sale in any jurisdiction or the initiation or
          threatening of any proceeding for such purpose; and

               (v) of the happening of any event that requires the Company to
          make changes in the Shelf Registration Statement or the prospectus in
          order that the Shelf Registration Statement or the prospectus do not
          contain an untrue statement of a material fact nor omit to state a
          material fact required to be stated therein or necessary to make the
          statements therein (in the case of the prospectus, in light of the
          circumstances under which they were made) not misleading.

          (c) The Company shall make every reasonable effort to obtain the
     withdrawal at the earliest possible time, of any order suspending the
     effectiveness of the Shelf Registration Statement.

          (d) The Company shall furnish to each Holder of Transfer Restricted
     Securities included within the coverage of the Shelf Registration, without
     charge, if the Holder so requests in writing, at least one copy of the
     Shelf Registration Statement and any post-effective amendment thereto,
     including financial statements and schedules and all exhibits thereto
     (including those, if any, incorporated by reference).

          (e) The Company shall, during the Shelf Registration Period, deliver
     to each Holder of Transfer Restricted Securities included within the
     coverage of the Shelf Registration Statement, without charge, as many
     copies of the prospectus (including each preliminary prospectus) included
     in the Shelf Registration Statement and any amendment or supplement thereto
     as such person may reasonably request. The Company consents, subject to the
     provisions of this Agreement, to the use of the prospectus or any amendment
     or supplement thereto by each of the selling Holders in connection with the
     offering and sale of the Transfer Restricted Securities covered by the
     prospectus, or any amendment or supplement thereto, included in the Shelf
     Registration Statement.

          (f) Prior to any public offering of the Securities pursuant to the
     Shelf Registration Statement, the Company shall register or qualify or
     cooperate with the Holders of the Transfer Restricted Securities included
     therein and their respective counsel in connection with the registration or
     qualification of the Securities for offer and sale under the securities or
     "blue sky" laws of such states of the United States as any Holder
     reasonably requests in writing and do any and all other acts or things
     necessary or advisable to enable the offer and sale in such jurisdictions

<PAGE>

     of the Securities covered by the Shelf Registration Statement; provided,
     however, that the Company shall not be required to (i) qualify generally to
     do business in any jurisdiction where it is not then so qualified or (ii)
     take any action which would subject it to general service of process or to
     taxation in any jurisdiction where it is not then so subject.

          (g) The Company shall cooperate with the Holders of the Transfer
     Restricted Securities to facilitate the timely preparation and delivery of
     certificates representing the Securities to be sold pursuant to the Shelf
     Registration Statement free of any restrictive legends and in such
     denominations and registered in such names as the Holders may request a
     reasonable period of time prior to sales of the Securities pursuant to the
     Shelf Registration Statement, except in such cases where such Transfer
     Restricted Securities are required to be issued only in book-entry form
     pursuant to the terms of the Certificate of Designation.

          (h) Upon the occurrence of any event contemplated by paragraphs (ii)
     through (v) of Section 2(b) above during the Shelf Registration Period, the
     Company shall promptly prepare and file a post-effective amendment to the
     Shelf Registration Statement or a supplement to the related prospectus and
     any other required document so that, as thereafter delivered to Holders of
     the Securities or purchasers of 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.
     If the Company notifies the Initial Purchasers or the Holders of Transfer
     Restricted Securities included within the coverage of the Shelf
     Registration Statement, in accordance with paragraphs (ii) through (v) of
     Section 2(b) above, to suspend the use of the prospectus until the
     requisite changes to the prospectus have been made, then the Initial
     Purchasers and the Holders shall suspend use of such prospectus.

          (i) Not later than the effective date of the Shelf Registration
     Statement, the Company will provide CUSIP numbers for the Convertible
     Preferred Stock registered for resale under the Shelf Registration
     Statement, and provide one or more certificates for such Convertible
     Preferred Stock, in a form eligible for deposit with The Depository Trust
     Company.

          (j) The Company will comply with all rules and regulations of the
     Commission to the extent and so long as they are applicable to the Shelf
     Registration and will make generally available to its security holders (or
     otherwise provide in accordance with Section 11(a) of the Securities Act)
     an earnings statement satisfying the provisions of Section 11(a) of the
     Securities Act, no later than 45 days after the end of a 12-month period
     (or 90 days, if such period is a fiscal year) beginning with the first
     month of the Company's first fiscal quarter commencing after the effective
     date of the Shelf Registration Statement, which statement shall cover such
     12-month period.

          (k) The Company may require each Holder of Securities to be sold
     pursuant to the Shelf Registration Statement to furnish to the Company such
     information regarding the Holder and the distribution of the Securities as
     the Company may from time to time reasonably require for inclusion in the
     Shelf Registration Statement, and the Company may exclude from such
     registration the Securities of any Holder that fails to furnish such
     information within the applicable time period specified in Section 2(a)
     above.

          (l) The Company shall enter into such customary agreements (including,
     if requested, an underwriting agreement in customary form) and take all
     such other action, if any, as any Holder of the Securities shall reasonably
     request in order to facilitate the disposition of the Securities pursuant
     to any Shelf Registration.

<PAGE>

          (m) In the case of any Shelf Registration, the Company shall (i) make
     reasonably available for inspection by the Holders of the Securities, any
     underwriter participating in any disposition pursuant to the Shelf
     Registration Statement and any attorney, accountant or other agent retained
     by the Holders of the Securities or any such underwriter all relevant
     financial and other records, pertinent corporate documents and properties
     of the Company and (ii) cause the Company's officers, directors, employees,
     accountants and auditors to supply all relevant information reasonably
     requested by the Holders of the Securities or any such underwriter,
     attorney, accountant or agent in connection with the Shelf Registration
     Statement, in each case, as shall be reasonably necessary to enable such
     persons, to conduct a reasonable investigation within the meaning of
     Section 11 of the Securities Act; provided, however, that the foregoing
     inspection and information gathering shall be coordinated on behalf of the
     Initial Purchasers by you and on behalf of the other parties, by one
     counsel designated by and on behalf of such other parties as described in
     Section 3 hereof.

          (n) In the case of any Shelf Registration, the Company, if requested
     by any Holder of Securities covered thereby, shall cause (i) its counsel to
     deliver an opinion and updates thereof relating to the Securities in
     customary form addressed to such Holders and the managing underwriters, if
     any, thereof and dated, in the case of the initial opinion, the effective
     date of such Shelf Registration Statement (it being agreed that the matters
     to be covered by such opinion shall include, without limitation, the due
     incorporation and good standing of the Company and its subsidiaries; the
     qualification of the Company and its subsidiaries to transact business as
     foreign corporations; the due authorization, execution and delivery of the
     relevant agreement of the type referred to in Section 2(l) hereof; the due
     authorization, execution, authentication and issuance, and the validity and
     enforceability, of the applicable Securities; the absence of material legal
     or governmental proceedings involving the Company and its subsidiaries; the
     absence of governmental approvals required to be obtained in connection
     with the Shelf Registration Statement, the offering and sale of the
     applicable Securities, or any agreement of the type referred to in Section
     2(l) hereof; the compliance as to form of such Shelf Registration Statement
     and any documents incorporated by reference therein with the requirements
     of the Securities Act; and, as of the date of the opinion and as of the
     effective date of the Shelf Registration Statement or most recent
     post-effective amendment thereto, as the case may be, the absence from such
     Shelf Registration Statement and the prospectus included therein, as then
     amended or supplemented, and from any documents incorporated by reference
     therein of an untrue statement of a material fact or the omission to state
     therein a material fact required to be stated therein or necessary to make
     the statements therein not misleading (in the case of any such documents,
     in the light of the circumstances existing at the time that such documents
     were filed with the Commission under the Securities and Exchange Act of
     1934, as amended (the "Exchange Act")); (ii) its officers to execute and
     deliver all customary documents and certificates and updates thereof
     requested by any underwriters of the applicable Securities and (iii) its
     independent public accountants to provide to the selling Holders of the
     applicable Securities and any underwriter therefor a comfort letter in
     customary form and covering matters of the type customarily covered in
     comfort letters in connection with primary underwritten offerings, subject
     to receipt of appropriate documentation as contemplated, and only if
     permitted, by Statement of Auditing Standards No. 72.

          (o) The Company shall use its best efforts to cause the Common Stock
     included in such Shelf Registration Statement to be, upon resale
     thereunder, listed on each securities exchange, if any, on which any shares
     of Common Stock are then listed.

          (p) The Company shall use its best efforts to take all other steps
     necessary to effect the registration of the Transfer Restricted Securities
     covered by the Shelf Registration Statement contemplated hereby.

<PAGE>

       3. Registration Expenses.

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

               (i) all registration and filing fees and expenses;

               (ii) all fees and expenses of compliance with federal securities
          and state "blue sky" or securities laws;

               (iii) all expenses of printing (including printing certificates
          and printing of prospectuses), messenger and delivery services and
          telephone;

               (iv) all fees and disbursements of counsel for the Company;

               (v) all application and filing fees in connection with listing on
          a national securities exchange or automated quotation system pursuant
          to the requirements hereof; and

               (vi) all fees and disbursements of independent certified public
          accountants of the Company (including the expenses of any special
          audit and comfort letters required by or incident to such
          performance).

The Company will bear its internal expenses (including, without limitation, all
salaries and expenses of its officers and employees performing legal or
accounting duties), the expenses of any annual audit and the fees and expenses
of any person, including special experts, retained by the Company.

          (b) In connection with the Shelf Registration Statement, the Company
     will reimburse the Initial Purchasers and the Holders of Transfer
     Restricted Securities who are selling or reselling Securities pursuant to
     the "Plan of Distribution" contained in the Shelf Registration Statement
     for the reasonable fees and disbursements of not more than one counsel, who
     shall be chosen by the Holders of a majority in number of shares of the
     Transfer Restricted Securities for whose benefit such Registration
     Statement is being prepared.

     4. Indemnification.

          (a) The Company agrees to indemnify and hold harmless each Holder of
     the Transfer Restricted Securities included within the coverage of the
     Shelf Registration Statement and each person, if any, who controls such
     Holder within the meaning of the Securities Act or the Exchange Act (each
     Holder and such controlling persons are referred to collectively as the
     "Indemnified Parties") from and against any losses, claims, damages or
     liabilities, joint or several, or any actions in respect thereof
     (including, but not limited to, any losses, claims, damages, liabilities or
     actions relating to purchases and sales of the Securities) to which each
     Indemnified Party may become subject under the Securities Act, the Exchange
     Act or otherwise, insofar as such losses, claims, damages, liabilities or
     actions arise out of or are based upon any untrue statement or alleged
     untrue statement of a material fact contained in the Shelf Registration
     Statement or prospectus or in any amendment or supplement thereto or in any
     preliminary prospectus relating to the Shelf Registration, or arise out of,
     or are based upon, the omission or alleged omission to state therein a
     material fact required to be stated therein or necessary to make the
     statements therein not misleading, and shall reimburse, as incurred, the
     Indemnified Parties for any legal or other expenses reasonably incurred by
     them in connection with investigating or defending any such loss, claim,
     damage, liability or action in respect thereof; provided, however, that (i)
     the Company shall not be liable in any such case to the extent that such
     loss,

<PAGE>

     claim, damage or liability arises out of or is based upon any untrue
     statement or alleged untrue statement or omission or alleged omission made
     in the Shelf Registration Statement or prospectus or in any amendment or
     supplement thereto or in any preliminary prospectus relating to a Shelf
     Registration in reliance upon and in conformity with written information
     pertaining to such Holder and furnished to the Company by or on behalf of
     such Holder specifically for inclusion therein and (ii) with respect to any
     untrue statement or omission or alleged untrue statement or omission made
     in any prospectus relating to a Shelf Registration Statement, the indemnity
     agreement contained in this subsection (a) shall not inure to the benefit
     of any Holder from whom the person asserting any such losses, claims,
     damages or liabilities purchased the Securities concerned, to the extent
     that a prospectus relating to such Securities was required to be delivered
     by such Holder under the Securities Act in connection with such purchase
     and any such loss, claim, damage or liability of such Holder results from
     the fact that there was not sent or given to such person, at or prior to
     the written confirmation of the sale of such Securities to such person, a
     copy of the final prospectus if the Company had previously furnished copies
     thereof to such Holder; provided further, however, that this indemnity
     agreement will be in addition to any liability which the Company may
     otherwise have to such Indemnified Party. The Company shall also indemnify
     underwriters, their officers and directors and each person who controls
     such underwriters within the meaning of the Securities Act or the Exchange
     Act to the same extent as provided above with respect to the
     indemnification of the Holders of the Securities if requested by such
     Holders.

          (b) Each Holder of the Securities, severally and not jointly, will
     indemnify and hold harmless the Company and each person, if any, who
     controls the Company within the meaning of the Securities Act or the
     Exchange Act from and against any losses, claims, damages or liabilities or
     any actions in respect thereof, to which the Company or any such
     controlling person may become subject under the Securities Act, the
     Exchange Act or otherwise, insofar as such losses, claims, damages,
     liabilities or actions arise out of or are based upon any untrue statement
     or alleged untrue statement of a material fact contained in a Shelf
     Registration Statement or prospectus or in any amendment or supplement
     thereto or in any preliminary prospectus relating to a Shelf Registration,
     or arise out of or are based upon the omission or alleged omission to state
     therein a material fact necessary to make the statements therein not
     misleading, but in each case only to the extent that the untrue statement
     or omission or alleged untrue statement or omission was made in reliance
     upon and in conformity with written information pertaining to such Holder
     and furnished to the Company by or on behalf of such Holder specifically
     for inclusion therein; and, subject to the limitation set forth immediately
     preceding this clause, shall reimburse, as incurred, the Company for any
     legal or other expenses reasonably incurred by the Company or any such
     controlling person in connection with investigating or defending any loss,
     claim, damage, liability or action in respect thereof. This indemnity
     agreement will be in addition to any liability which such Holder may
     otherwise have to the Company or any of its controlling persons.

          (c) Promptly after receipt by an indemnified party under this Section
     4 of notice of the commencement of any action or proceeding (including a
     governmental investigation), such indemnified party will, if a claim in
     respect thereof is to be made against the indemnifying party under this
     Section 4, notify the indemnifying party of the commencement thereof; but
     the omission so to notify the indemnifying party will not, in any event,
     relieve the indemnifying party from any obligations to any indemnified
     party other than the indemnification obligation provided in paragraph (a)
     or (b) above. In case any such action is brought against any indemnified
     party, and it notifies the indemnifying party of the commencement thereof,
     the indemnifying party will be entitled to participate therein and, to the
     extent that it may wish, jointly with any other indemnifying party
     similarly notified, to assume the defense thereof, with counsel reasonably
     satisfactory to such indemnified party (who shall not, except with the
     consent of the indemnified

<PAGE>

     party, be counsel to the indemnifying party), and after notice from the
     indemnifying party to such indemnified party of its election so to assume
     the defense thereof the indemnifying party will not be liable to such
     indemnified party under this Section 4 for any legal or other expenses,
     other than reasonable costs of investigation, subsequently incurred by such
     indemnified party in connection with the defense thereof. No indemnifying
     party shall, without the prior written consent of the indemnified party,
     effect any settlement of any pending or threatened action in respect of
     which any indemnified party is or could have been a party and indemnity
     could have been sought hereunder by such indemnified party unless such
     settlement (i) includes an unconditional release of such indemnified party
     from all liability on any claims that are the subject matter of such
     action, and (ii) does not include a statement as to or an admission of
     fault, culpability or a failure to act by or on behalf of any indemnified
     party.

          (d) If the indemnification provided for in this Section 4 is
     unavailable or insufficient to hold harmless an indemnified party under
     subsections (a) or (b) above, then each indemnifying party shall contribute
     to the amount paid or payable by such indemnified party as a result of the
     losses, claims, damages or liabilities (or actions in respect thereof)
     referred to in subsection (a) or (b) above in such proportion as is
     appropriate to reflect the relative fault of the indemnifying party or
     parties on the one hand and the indemnified party on the other in
     connection with the statements or omissions that resulted in such losses,
     claims, damages or liabilities (or actions in respect thereof) as well as
     any other relevant equitable considerations. The relative fault of the
     parties 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 on the one hand or such Holder or such other
     indemnified party, as the case may be, on the other, and the parties'
     relative intent, knowledge, access to information and opportunity to
     correct or prevent such statement or omission. The amount paid by an
     indemnified party as a result of the losses, claims, damages or liabilities
     referred to in the first sentence of this subsection (d) shall be deemed to
     include any legal or other expenses reasonably incurred by such indemnified
     party in connection with investigating or defending any action or claim
     which is the subject of this subsection (d). Notwithstanding any other
     provision of this Section 4(d), the Holders shall not be required to
     contribute any amount in excess of the amount by which the net proceeds
     received by such Holders from the sale of the Securities pursuant to the
     Shelf Registration Statement exceeds the amount of damages which such
     Holders have 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. For purposes of this
     paragraph (d), each person, if any, who controls such indemnified party
     within the meaning of the Securities Act or the Exchange Act shall have the
     same rights to contribution as such indemnified party and each person, if
     any, who controls the Company within the meaning of the Securities Act or
     the Exchange Act shall have the same rights to contribution as the Company.

          (e) The agreements contained in this Section 4 shall survive the sale
     of the Securities pursuant to the Shelf Registration Statement and shall
     remain in full force and effect, regardless of any termination or
     cancellation of this Agreement or any investigation made by or on behalf of
     any indemnified party.

     5. Additional Dividends Under Certain Circumstances.

          (a) Additional dividends ("Additional Dividends") with respect to the
     Convertible Preferred Stock shall accrue as follows if any of the following
     events occur (each such event in clauses (i) through (iii) below being
     herein called a "Registration Default"):

<PAGE>

               (i) the Shelf Registration Statement required by this Agreement
          is not filed with the Commission on or prior to 60 days after the
          Closing Date;

               (ii) the Shelf Registration Statement required by this Agreement
          is not declared effective by the Commission on or prior to 180 days
          after the Closing Date;

               (iii) if after the Shelf Registration Statement required by this
          Agreement has been declared effective by the Commission but (A) such
          Registration Statement thereafter ceases to be effective or (B) the
          Shelf Registration Statement or the related prospectus ceases to be
          usable in connection with resales of Transfer Restricted Securities
          during the periods specified herein because either (1) any event
          occurs as a result of which the related prospectus forming part of
          such Shelf Registration Statement would include any untrue statement
          of a material fact or omit to state any material fact necessary to
          make the statements therein in the light of the circumstances under
          which they were made not misleading, or (2) it shall be necessary to
          amend such Shelf Registration Statement or supplement the related
          prospectus, to comply with the Securities Act or the Exchange Act or
          the respective rules thereunder.

Each of the foregoing will constitute a Registration Default whatever the reason
for any such event and whether it is voluntary or involuntary or is beyond the
control of the Company or pursuant to operation of law or as a result of any
action or inaction by the Commission .

Additional Dividends shall accrue on the shares of Convertible Preferred Stock
from and including the date on which any such Registration Default shall occur
to but excluding the date on which all such Registration Defaults have been
cured, at a rate of 6.50% per annum (50 basis points above the rate shown on the
cover page of the Offering Circular) in addition to the dividends otherwise
accruing on the Convertible Preferred Stock.

                  (b) A Registration Default referred to in Section 5(a)(iii)
         hereof shall be deemed not to have occurred and be continuing in
         relation to the Shelf Registration Statement or the related prospectus
         if (i) such Registration Default has occurred solely as a result of (x)
         the filing of a post-effective amendment to the Shelf Registration
         Statement to incorporate annual audited financial information with
         respect to the Company where such post-effective amendment is not yet
         effective and needs to be declared effective to permit Holders to use
         the related prospectus or (y) other material events, with respect to
         the Company that would need to be described in the Shelf Registration
         Statement or the related prospectus and (ii) in the case of clause (y),
         the Company is proceeding promptly and in good faith to amend or
         supplement such Shelf Registration Statement and related prospectus to
         describe such events; provided, however, that in any case if such
         Registration Default occurs for a continuous period in excess of 30
         days, Additional Dividends shall be payable in accordance with the
         above paragraph from the day such Registration Default occurs until
         such Registration Default is cured.

                  (c) Any amounts of Additional Dividends due pursuant to
         Section 5(a) will be payable in cash on the regular dividend payment
         dates with respect to the Convertible Preferred Stock on the same terms
         and conditions and subject to the same limitations as pertain at such
         time for the payment of regular dividends. The amount of Additional
         Dividends will be determined by multiplying the applicable Additional
         Dividends rate by the aggregate liquidation preference of the
         outstanding shares of Convertible Preferred Stock and further
         multiplied by a fraction, the numerator of which is the number of days
         such Additional Dividend rate was applicable during such period
         (determined on the basis of a 360-day year comprised of twelve 30-day
         months), and the denominator of which is 360.

<PAGE>

                  (d) "Transfer Restricted Securities" means each Security until
         (i) the date on which such Security has been effectively registered
         under the Securities Act and disposed of in accordance with the Shelf
         Registration Statement or (ii) the date on which such Security is
         distributed to the public pursuant to Rule 144 under the Securities Act
         or is saleable pursuant to Rule 144(k) under the Securities Act.

     6. Rules 144 and 144A. The Company shall use its best efforts to file the
reports required to be filed by it under the Securities Act and the Exchange Act
in a timely manner and, if at any time during the Shelf Registration Period the
Company is not required to file such reports, it will, upon the request of any
Holder of Transfer Restricted Securities, make publicly available other
information so long as necessary to permit sales of their securities pursuant to
Rules 144 and 144A. The Company covenants that it will take such further action
as any Holder of Transfer Restricted Securities may reasonably request, all to
the extent required from time to time to enable such Holder to sell Transfer
Restricted Securities without registration under the Securities Act within the
limitation of the exemptions provided by Rules 144 and 144A (including the
requirements of Rule 144A(d)(4)). The Company will provide a copy of this
Agreement to prospective purchasers of Initial Securities identified to the
Company by the Initial Purchasers upon request. Upon the request of any Holder
of Transfer Restricted Securities, the Company shall deliver to such Holder a
written statement as to whether it has complied with such requirements.
Notwithstanding the foregoing, nothing in this Section 6 shall be deemed to
require the Company to register any of its securities pursuant to the Exchange
Act.

     7. Underwritten Registrations. If any of the Transfer Restricted Securities
covered by any Shelf Registration are to be sold in an underwritten offering,
the investment banker or investment bankers and manager or managers that will
administer the offering ("Managing Underwriters") will be selected by the
Holders of a majority in number of shares of such Transfer Restricted Securities
to be included in such offering.

     No person may participate in any underwritten registration hereunder unless
such person (i) agrees to sell such person's Transfer Restricted Securities on
the basis reasonably provided in any underwriting arrangements approved by the
persons entitled hereunder to approve such arrangements and (ii) completes and
executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents reasonably required under the terms of such
underwriting arrangements.

     8. Miscellaneous.

          (a) Remedies. The Company acknowledges and agrees that any failure by
     the Company to comply with its obligations under Section 1 hereof may
     result in material irreparable injury to the Initial Purchasers or the
     Holders for which there is no adequate remedy at law, that it will not be
     possible to measure damages for such injuries precisely and that, in the
     event of any such failure, the Initial Purchasers or any Holder may obtain
     such relief as may be required to specifically enforce the Company's
     obligations under Section 1 hereof. The Company further agrees to waive the
     defense in any action for specific performance that a remedy at law would
     be adequate.

          (b) No Inconsistent Agreements. The Company will not on or after the
     date of this Agreement enter into any agreement with respect to its
     securities that is inconsistent with the rights granted to the Holders in
     this Agreement or otherwise conflicts with the provisions hereof. The
     rights granted to the Holders hereunder do not in any way conflict with and
     are not inconsistent with the rights granted to the holders of the
     Company's securities under any agreement in effect on the date hereof.

          (c) Amendments and Waivers. The provisions of this Agreement may not
     be amended, modified or supplemented, and waivers or consents to departures
     from the provisions hereof may

<PAGE>

     not be given, except by the Company and the written consent of the Holders
     of a majority in number of shares of Transfer Restricted Securities
     (provided that Holders of Common stock issued upon conversion of
     Convertible Preferred Stock shall be deemed to be Holders of the aggregate
     number of shares of Convertible Preferred stock from which such Common
     Stock was converted) affected by such amendment, modification, supplement,
     waiver or consents. Without the consent of the Holder of each share of
     Convertible Preferred Stock then outstanding, however, no modification may
     change the provisions relating to the payment of Additional Dividends.

          (d) Notices. All notices and other communications provided for or
     permitted hereunder shall be made in writing by hand delivery, first-class
     mail, facsimile transmission, or air courier which guarantees overnight
     delivery:

               (1) if to the Holders, at the most current address shown for the
          Holders in the records of the Transfer Agent, with a copy in like
          manner as follows:

               (2) if to the Initial Purchasers:

               Credit Suisse First Boston LLC
               Eleven Madison Avenue
               New York, NY 10010-3629
               Fax No.: (212) 325-8278
               Attention: Transactions Advisory Group

          with a copy to:

               Cravath, Swaine & Moore
               Worldwide Plaza
               825 Eighth Avenue
               New York, NY  10019-7475
               Fax No.: (212) 474-3700
               Attention: Stephen L. Burns, Esq.

               (3) if to the Company, at its address as follows:

               Chesapeake Energy Corporation
               6100 North Western Avenue
               Oklahoma City, OK  73118
               Fax No.: (405) 848-8588
               Attention: Marcus C. Rowland

         with a copy to:

               Vinson & Elkins L.L.P.
               2300 First City Tower
               1001 Fannin Street
               Houston, TX 77002-6760
               Fax No.: (713) 758-2346
               Attention: James M. Prince, Esq.

          All such notices and communications shall be deemed to have been duly
     given: at the time delivered by hand, if personally delivered; three
     business days after being deposited in the mail, postage prepaid, if
     mailed; when receipt is acknowledged by recipient's facsimile machine
     operator, if sent by

<PAGE>

     facsimile transmission; and on the day delivered, if sent by overnight air
     courier guaranteeing next day delivery.

          (e) Third Party Beneficiaries. The Holders shall be third party
     beneficiaries to the agreements made hereunder between the Company, on the
     one hand, and the Initial Purchasers, on the other hand, and shall have the
     right to enforce such agreements directly to the extent they may deem such
     enforcement necessary or advisable to protect their rights or the rights of
     Holders hereunder.

          (f) 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 the need for an express assignment or any consent by the
     Company thereto, subsequent Holders of Transfer Restricted Securities. The
     Company hereby agrees to extend the benefits of this Agreement to any
     Holder of Transfer Restricted Securities and any such Holder may
     specifically enforce the provisions of this Agreement as if an original
     party hereto.

          (g) 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.

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

          (i) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
     IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO
     PRINCIPLES OF CONFLICTS OF LAWS.

          (j) Severability. If any one or more of the provisions contained
     herein, or the application thereof in any circumstance, is held invalid,
     illegal or unenforceable, the validity, legality and enforceability of any
     such provision in every other respect and of the remaining provisions
     contained herein shall not be affected or impaired thereby.

          (k) Securities Held by the Company. Whenever the consent or approval
     of Holders of a specified number of Transfer Restricted Securities is
     required hereunder, Securities held by the Company or its affiliates (other
     than subsequent Holders of Transfer Restricted Securities if such
     subsequent Holders are deemed to be affiliates solely by reason of their
     holdings of such Securities) shall not be counted in determining whether
     such consent or approval was given by the Holders of such required
     percentage.

<PAGE>

     If the foregoing is in accordance with your understanding of our agreement,
please sign and return to the Company a counterpart hereof, whereupon this
instrument, along with all counterparts, will become a binding agreement among
the several Initial Purchasers and the Company in accordance with its terms.

                                        Very truly yours,

                                        Chesapeake Energy Corporation

                                        by /s/ Aubrey K. McClendon
                                          --------------------------------------
                                          Name: Aubrey K. McClendon
                                          Title: Chairman of the Board and
                                                 Chief Executive Officer

<PAGE>

The foregoing Registration Rights Agreement is hereby confirmed and accepted as
of the date first above written.

CREDIT SUISSE FIRST BOSTON LLC
MORGAN STANLEY & CO. INCORPORATED
SALOMON SMITH BARNEY INC.
BEAR, STEARNS & CO. INC.
LEHMAN BROTHERS INC.
CIBC WORLD MARKETS CORP.
JOHNSON RICE & COMPANY L.L.C.
RBC DAIN RAUSCHER INC.
SIMMONS & COMPANY INTERNATIONAL

By:  CREDIT SUISSE FIRST BOSTON LLC

by /s/ Timothy E. Perry
  -----------------------------------------
  Name: Timothy E. Perry
  Title: Director

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