Document:

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                                                                    EXHIBIT 10.1

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                        CONTINGENT VALUE RIGHTS AGREEMENT

                                     between

                      ECHOSTAR COMMUNICATIONS CORPORATION,

                                       and

                             VIVENDI UNIVERSAL, S.A.

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                                   Dated as of

                                January 22, 2002

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                                TABLE OF CONTENTS

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                                                      ARTICLE I

                                                  TERMS OF THE CVRs

     SECTION 1.01.    Issuance and Delivery of the CVRs; Form of CVRs.............................................1
     SECTION 1.02.    Maturity Date; CVR Payment Calculation......................................................2
     SECTION 1.03.    Roll-Over of the CVRs Upon Consummation of the Merger; Change of Control
                         Transactions During the Protection Period................................................3
     SECTION 1.04.    CVRs Not Transferable.......................................................................5
     SECTION 1.05.    Early Termination of CVRs...................................................................5
     SECTION 1.06.    Antidilution................................................................................5
     SECTION 1.07.    Payment Terms...............................................................................6
     SECTION 1.08.    No Interest on CVR Payments.................................................................6
     SECTION 1.09.    Determination that No Payment is Due........................................................6

                                                     ARTICLE II

                                                      COVENANTS

     SECTION 2.01.    Payment of Amounts, if any, to Holders of CVRs..............................................6
     SECTION 2.02.    Reservation of Class A Common Shares........................................................6
     SECTION 2.03.    Antimanipulation............................................................................7
     SECTION 2.04.    Certain Notices.............................................................................8

                                                     ARTICLE III

                                REMEDIES OF THE HOLDERS OF CVRs ON EVENT OF DEFAULTS

     SECTION 3.01.    Event of Default Defined; Acceleration of Maturity..........................................8
     SECTION 3.02.    Remedies Cumulative; Delay or Omission Not Waiver of Default................................9

                                                     ARTICLE IV

                                        OTHER CHANGE OF CONTROL TRANSACTIONS

     SECTION 4.01.    Company May Merge, Etc.....................................................................10
     SECTION 4.02.    Successor Substituted......................................................................10
     SECTION 4.03.    Termination................................................................................10
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                                                      ARTICLE V

                                                 GENERAL PROVISIONS

     SECTION 5.01.    Notices....................................................................................11
     SECTION 5.02.    Interpretation; Exhibits and Schedules; Certain Definitions................................12
     SECTION 5.03.    Counterparts...............................................................................12
     SECTION 5.04.    Severability...............................................................................12
     SECTION 5.05.    Governing Law..............................................................................13
     SECTION 5.06.    Amendments and Waivers.....................................................................13
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                                    CONTINGENT VALUE RIGHTS AGREEMENT (this
                           "Agreement") dated as of January 22, 2002, between
                           ECHOSTAR COMMUNICATIONS CORPORATION, a Nevada
                           corporation (the "Company"), and VIVENDI UNIVERSAL,
                           S.A., a societe anonyme organized under the laws of
                           France (the "Investor").

                  WHEREAS, pursuant to the Investment Agreement dated as of
December 14, 2001 (the "Investment Agreement"), between the Company and the
Investor, and as a condition to the willingness of the Investor to enter into
the Investment Agreement, the Company has agreed to issue and deliver to the
Investor, upon consummation of the transactions contemplated by the Investment
Agreement, one contingent value right having the terms set forth in this
Agreement (the "CVRs") for each share of Class A common stock, par value $0.01
per share, of the Company ("Class A Common Stock", which term shall include any
class of capital stock of the Company into which the Class A Common Stock may be
reclassified, converted or exchanged as contemplated by Section 1.06) issuable
upon the conversion of shares of Series D mandatorily convertible participating
preferred stock, par value $0.01 per share, of the Company (the "Preferred
Stock") purchased by the Investor pursuant to the Investment Agreement;

                  WHEREAS the Company has duly authorized the creation and issue
of the CVRs, and to provide therefor the Company has duly authorized the
execution and delivery of this Agreement; and

                  WHEREAS, all things necessary have been done to make the CVRs
the valid obligations of the Company and to make this Agreement a valid
agreement of the Company, in each case in accordance with the terms of this
Agreement.

                  NOW, THEREFORE, in consideration of the premises and the
consummation of the transactions contemplated by this Agreement and the
Investment Agreement and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:

                                   ARTICLE I

                                Terms of the CVRs

                  SECTION 1.01. Issuance and Delivery of the CVRs; Form of CVRs.
Effective upon the consummation of the issuance, sale and delivery of the
Preferred Stock to the Investor pursuant to the Investment Agreement, there
shall be issued and delivered to the Investor pursuant to this Agreement,
without any further action on the part of the Company or the Investor, that
number of CVRs as is equal to the number of shares of Class A Common Stock into
which the Preferred Stock is convertible as of the closing date of the purchase
and sale pursuant to the Investment Agreement (the "Initial CVR Amount"). The
CVRs shall be in uncertificated form and shall be evidenced by Schedule I
hereto, and the number of CVRs initially indicated on Schedule I shall be equal
to the Initial CVR Amount. The number of CVRs indicated on Schedule I as being
outstanding and owned by the Investor or its wholly owned

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subsidiaries shall be adjusted from time to time (i) in accordance with Section
1.04, based on sales of Class A Common Stock by the Investor or its wholly owned
subsidiaries and (ii) pursuant to the provisions of Section 1.06. The number of
CVRs indicated on Schedule I shall be considered to be "held" by the Investor or
its wholly owned subsidiary and "outstanding", notwithstanding the fact that the
CVRs are in uncertificated form.

                  The Company acknowledges that pursuant to Section 7.01(a) of
the Investment Agreement, the Investor has assigned the right to receive the
CVRs to Financiere De Videocommunication, its indirect wholly owned subsidiary.

                  SECTION 1.02. Maturity Date; CVR Payment Calculation. The
Company shall pay to the Investor on the date (the "Maturity Date") that is the
earliest to occur of:

                  (i) 36 months following the consummation of the merger (the
         "Merger") provided for in Article I of the Agreement and Plan of Merger
         dated as of October 28, 2001, by and between the Company and Hughes
         Electronics Corporation, a Delaware corporation ("Hughes"), as amended
         as of the date of this Agreement (as it may be amended from time to
         time, the "Merger Agreement");

                  (ii) 30 months following the acquisition by the Company of all
         of Hughes's indirect equity interests in PanAmSat Corporation, a
         Delaware corporation ("PanAmSat"), pursuant to the terms of the Stock
         Purchase Agreement dated as of October 28, 2001, among the Company,
         Hughes, Hughes Communications Galaxy, Inc., Hughes Communications
         Satellite Services, Inc. and Hughes Communications, Inc. (as it may be
         amended from time to time, the "PanAmSat Stock Purchase Agreement"); or

                  (iii) 30 months following the termination of the Merger
         Agreement and the termination of the PanAmSat Stock Purchase Agreement
         (with (a) any termination of the PanAmSat Stock Purchase Agreement by
         the Company upon written notice to the other parties thereto in
         accordance with the terms thereof being deemed a termination thereof,
         (b) any termination of the PanAmSat Stock Purchase Agreement by mutual
         agreement of Hughes and the Company in accordance with the terms
         thereof being deemed a termination thereof and (c) any purported
         termination of the PanAmSat Stock Purchase Agreement by Hughes upon
         written notice to the Company in accordance with the terms thereof
         being deemed a termination thereof, unless as promptly as practicable
         after the Company's receipt of Hughes's notice purporting to terminate
         the PanAmSat Stock Purchase Agreement, the Company notifies Hughes in
         writing that it objects to such purported termination, in which case
         such purported termination shall not be deemed a termination of the
         PanAmSat Stock Purchase Agreement hereunder until the earliest to occur
         of (1) the date on which Company notifies Hughes in writing that the
         Company is no longer contesting such purported termination, (2) the
         date on which a court of competent jurisdiction issues a final,
         non-appealable order to the effect that Hughes's purported termination
         was in accordance with the terms of the PanAmSat Stock Purchase
         Agreement and (3) the date that is 30 months after the date of Hughes's
         written notice purporting to terminate the PanAmSat Stock Purchase
         Agreement)

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(such 30- or 36-month period, as applicable, being referred to as the
"Protection Period"), for each outstanding CVR held by the Investor and its
wholly owned subsidiaries on the Maturity Date, the amount (payable as set forth
in Section 1.07), if any, as determined by the Company, by which (x) the
Reference Price (as defined below) exceeds (y) the Volume Weighted Average Price
(as defined below) of Class A Common Stock for the 20 trading days ended five
trading days prior to the Maturity Date (the "20-Day Average Price"); provided,
however, that the maximum payment in respect of each CVR shall be (i) if on or
prior to the Maturity Date, the Merger has been consummated, an amount equal to
15% of the Reference Price and (ii) if on the Maturity Date, the Merger has not
been consummated, an amount equal to 35% of the Reference Price (such 15% amount
or 35% amount, as applicable, the "Payment Cap"), and, upon the payment in full
of any such amount, all of the CVRs then outstanding and this Agreement shall
thereupon automatically terminate and become null and void without any further
action on the part of any party hereto, and the holders thereof and the parties
hereto shall have no further rights with respect thereto or hereto. Such
determination by the Company absent manifest error shall be final and binding on
the Company and the Investor. The term "Reference Price" shall mean $26.0395,
which amount shall be subject to adjustment from time to time as set forth in
Section 1.06, and all references in this Agreement, whether or not expressly so
stated, shall be to the Reference Price then in effect. The term "Volume
Weighted Average Price" shall mean, with respect to the Class A Common Stock on
any trading day, the volume weighted average price per share for the regular
trading session (defined as 9:30 a.m. through 4:00 p.m., Eastern Time) during
such trading day, as published by Bloomberg (or its successor corporation) on
page "AQR" (or its successor page), or if not published by Bloomberg (or its
successor corporation), on such national securities market or exchange upon
which the volume weighted average price per share for the Class A Common Stock
is reported for such trading day, or if the volume weighted average price per
share for the Class A Common Stock is not reported on a national securities
market or exchange for such trading day, as determined in good faith by the
board of directors of the Company.

                  SECTION 1.03. Roll-Over of the CVRs Upon Consummation of the
Merger; Change of Control Transactions During the Protection Period. (a)
Roll-Over Upon Merger. Upon consummation of the Merger, this Agreement and the
CVRs shall become obligations of the surviving corporation in the Merger (the
"Surviving Corporation"), and at all times thereafter all references herein (i)
to Class A Common Stock, shall be deemed to be references to the Class A common
stock, par value $0.01 per share, of the Surviving Corporation into which each
share of Class A Common Stock shall be converted at the effective time of the
Merger and (ii) to the Company, shall be to the Surviving Corporation.

                  (b) Change of Control Transactions; Acceleration Election. If
         at any time during the Protection Period the Company proposes to enter
         into a Change of Control Transaction (as defined below), the Company
         shall, as soon as practicable following the first public disclosure of
         such Change of Control Transaction but in no event less than five
         business days prior to the consummation thereof (or such lesser period
         as the Company has knowledge of the proposed consummation), provide
         written notice to the Investor of its intention to enter into such
         Change of Control Transaction, which notice shall specify the date on
         which such Change of Control Transaction is expected to be consummated.
         If the Investor so elects by providing written notice (an "Acceleration
         Election") to the Company no more than two business days prior to the
         expected date of

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         consummation of such Change of Control Transaction (as specified in the
         Company's notice to the Investor), the Company shall pay to the
         Investor on the date of consummation of such Change of Control
         Transaction (the "Change of Control Date"), for each outstanding CVR
         held by the Investor and its wholly owned subsidiaries on the Change of
         Control Date, the amount (payable as set forth in Section 1.07), if
         any, as determined by the Company, by which (x) the Reference Price
         exceeds (y) the 20-Day Average Price (with the 20-Day Average Price
         calculated as if the Change of Control Date were the Maturity Date),
         subject to the Payment Cap, and, upon the payment in full of any such
         amount, all of the CVRs then outstanding and this Agreement shall
         thereupon automatically terminate and become null and void without any
         further action on the part of any party hereto, and the holders thereof
         and the parties hereto shall have no further rights with respect
         thereto or hereto. Such determination by the Company absent manifest
         error shall be final and binding on the Company and the Investor. If
         the Investor does not make an Acceleration Election, the terms of
         Article IV shall, if applicable, apply by their terms to such Change of
         Control Transaction. The term "Change of Control Transaction" shall
         mean any merger, consolidation, tender offer, statutory share exchange
         or sale, lease or transfer of all or substantially all of the Company's
         assets or similar transaction or group of related transactions, in each
         case to which the Company is a party (or, in the case of a tender
         offer, in which capital stock of the Company is the subject security),
         the consummation of which results in a Change of Control (as defined
         below); provided that (a) neither the Merger nor any of the
         transactions provided for by the Merger Agreement or the other
         Transaction Agreements (as such term is defined in the Implementation
         Agreement dated as of October 28, 2001, among the Company, Hughes and
         General Motors Corporation, a Delaware corporation, as amended as of
         the date of this Agreement and as it may be amended from time to time),
         shall constitute a Change of Control Transaction; and (b) the
         consummation of the transactions contemplated by the PanAmSat Stock
         Purchase Agreement, including any issuance of shares of Class A Common
         Stock in connection therewith, shall not constitute a Change of Control
         Transaction. The term "Change of Control" shall mean (a) any
         transaction or series of related transactions (including a tender
         offer, merger or consolidation) the result of which is that holders of
         outstanding voting capital stock of the Company immediately prior to
         such transaction or series of related transactions hold, directly or
         indirectly, capital stock of the surviving person in such transaction
         or series of related transactions (or any ultimate parent thereof)
         representing less than 50% of the voting power in the election of
         members of the board of directors (or comparable governing body) of all
         outstanding capital stock of such surviving person (or such ultimate
         parent) immediately after such transaction or series of related
         transactions; or (b) the sale, lease or transfer of all or
         substantially all of the Company's assets to any "person" or "group",
         within the meaning of Section 13(d)(3) and 14(d)(2) of the Securities
         Exchange Act of 1934, as amended (the "Exchange Act"), or any successor
         provision to either of the foregoing, including any group acting for
         the purpose of acquiring, holding or disposing of securities within the
         meaning of Rule 13d-5(b)(1) under the Exchange Act, other than to any
         subsidiary or subsidiaries of the Company.

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                  SECTION 1.04. CVRs Not Transferable. The CVRs shall not be
transferable other than from the Investor to a wholly owned subsidiary of the
Investor or from a wholly owned subsidiary of the Investor to the Investor or
another wholly owned subsidiary of the Investor. Upon the sale, transfer or
other disposition by the Investor or a wholly owned subsidiary of the Investor
(other than to the Investor or a wholly owned subsidiary of the Investor) of any
shares of Class A Common Stock that were issued upon the conversion of shares of
Preferred Stock or upon consummation of the Merger, that number of CVRs as is
equal to the number of shares of Class A Common Stock so sold, transferred or
otherwise disposed of shall thereupon automatically terminate and become null
and void, and the Investor (or such wholly owned subsidiary) shall have no
further rights with respect thereto.

                  SECTION 1.05. Early Termination of CVRs. If the Volume
Weighted Average Price of the Class A Common Stock exceeds 120% of the Reference
Price on each trading day for 90 consecutive calendar days (x) if the event the
occurrence of which caused the Protection Period to commence was the
consummation of the Merger in accordance with Section 1.02(i), at any time
during the 30-month period beginning on the date that is six months after the
date on which the Merger was consummated and ending on the Maturity Date and (y)
if the commencement of the Protection Period was caused by the occurrence of the
events listed in either Section 1.02(ii) or Section 1.02(iii), at any time
during the Protection Period, in either such case all of the CVRs then
outstanding and this Agreement shall thereupon automatically terminate and
become null and void without any further action on the part of any party hereto,
and the holders thereof and the parties hereto shall have no further rights with
respect thereto or hereto.

                  SECTION 1.06. Antidilution. If the Company shall at any time
(whether before or after consummation of the Merger) in any manner subdivide (by
stock split, stock dividend or otherwise) or combine (by reverse stock split or
otherwise) the number of outstanding shares of Class A Common Stock or effect a
merger, consolidation, statutory share exchange or other similar transaction in
which shares of Class A Common Stock are reclassified, converted into or
exchanged for a different number of shares of Class A Common Stock or shares of
capital stock of a different class, the number of outstanding CVRs shall
thereupon automatically be similarly subdivided, combined or changed and the
Reference Price shall thereupon automatically be appropriately adjusted (in the
case of a merger, consolidation, statutory share exchange or other similar
transaction, based on the relevant exchange ratio). Upon consummation of the
Merger, the number of outstanding CVRs and the Reference Price will
automatically be adjusted to reflect the exchange of Class A Common Stock for
Class A Common Stock of the Surviving Corporation based on the following
formulas:

                  (i) the number of CVRs shall be adjusted by multiplying the
         number of outstanding CVRs immediately prior to the consummation of the
         Merger by the Class A Exchange Ratio (as such term is defined in the
         Merger Agreement); and

                  (ii) the Reference Price shall be adjusted by dividing the
         Reference Price in effect immediately prior to the consummation of the
         Merger by the Class A Exchange Ratio (as such term is defined in the
         Merger Agreement).

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                  SECTION 1.07. Payment Terms. Payments of any amounts in
respect of the CVRs shall be made, in the Company's sole discretion, subject to
Section 2.02, (i) in cash by wire transfer of immediately available funds to a
bank account designated in writing by the Investor, (ii) by the issuance and
delivery to the Investor of the number of shares of Class A Common Stock
obtained by dividing (x) the payment amount by (y) the product of (I) the 20-Day
Average Price applicable to such payment and (II) 0.95 or (iii) in cash and
shares of Class A Common Stock (with the number of shares of Class A Common
Stock to be issued and delivered being determined by subtracting from the total
payment amount the amount paid in cash and dividing that amount by the product
of (I) the 20-Day Average Price applicable to such payment and (II) 0.95). No
fractional shares of Class A Common Stock shall be issued to any holder of CVRs
in respect of any payment made in the form of shares of Class A Common Stock.
Instead of any fractional shares of Class A Common Stock that would otherwise be
issuable to any such holder, the Company shall pay to such holder in respect of
such fractional interest in an amount in cash equal to the product of (x) such
fractional interest and (y) the 20-Day Average Price applicable to such payment.

                  SECTION 1.08. No Interest on CVR Payments. Other than in the
case of interest on the Default Amount (as defined in Section 3.01) with respect
to any CVR, which shall be calculated in accordance with Section 3.01, no
interest shall accrue on any amounts payable with respect to the CVRs.

                  SECTION 1.09. Determination that No Payment is Due. If the
Company determines that no amount is payable with respect to the CVRs to the
holders thereof on the Maturity Date, the Change of Control Date (if an
Acceleration Election shall have been made by the Investor with respect thereto)
or the Default Payment Date (as defined in Section 3.01), as the case may be,
the Company shall give written notice of such determination to the Investor.
Upon making such determination, absent manifest error, the CVRs and this
Agreement shall terminate and become null and void without any further action on
the part of any party hereto, and the holders thereof and the parties hereto
shall have no further rights with respect thereto or hereto. The failure to give
such notice or any defect therein shall not affect the validity of such
determination.

                                   ARTICLE II

                                    Covenants

                  SECTION 2.01. Payment of Amounts, if any, to Holders of CVRs.
The Company will duly and punctually pay the amounts, if any, in the manner
provided for in Section 1.07, payable with respect to the CVRs in accordance
with the terms of this Agreement.

                  SECTION 2.02. Reservation of Class A Common Shares. The
Company shall be permitted to pay any amounts in respect of CVRs in shares of
Class A Common Stock pursuant to Section 1.07 only if (i) it has reserved for
issuance and delivery upon maturity or early settlement of the CVRs such number
of shares of Class A Common Stock as shall be issuable upon maturity or early
settlement of the CVRs and (ii) the Investor shall have received an opinion from
counsel to the Company, dated the date of such issuance and delivery and

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addressed to the Investor, in form and substance reasonably acceptable to the
Investor, as to the validity of the securities so issued and delivered. All such
shares of Class A Common Stock shall be duly authorized and, when issued, shall
be validly issued, fully paid and nonassessable, free and clear of all liens,
security interests, charges and other encumbrances, and will not have been
issued in violation of any preemptive or similar rights.

                  SECTION 2.03. Antimanipulation. (a) During the period
commencing 180 calendar days prior to the Maturity Date and ending on the date
that is 30 trading days prior to the Maturity Date (the "Limited Sale Period"),
in addition to any restrictions on sales arising under the federal securities
laws or other applicable laws, the Investor shall not, and shall not permit any
of its subsidiaries or controlled affiliates to, sell (including any
constructive sale by means of a hedging, derivative or similar transaction)
shares of Class A Common Stock (i) on any trading day (x) on which the opening
bid with respect to the Class A Common Stock is lower than the closing price on
the preceding trading day by 2% or more or $0.50 or more, whichever is more
restrictive or (y) in an amount greater than the sum of (I) 3.75% of the trading
volume of the Class A Common Stock on the preceding trading day and (II) 3.75%
of the trading volume of the Class A Common Stock during the first half of the
trading day on the date of sale or (ii) during the last hour of trading on any
trading day. In addition, all sales of Class A Common Stock by the Investor and
its subsidiaries and controlled affiliates during the Limited Sale Period (i)
shall comply with the volume limitations required by Rule 144 under the
Securities Act of 1933, as amended (the "Securities Act"), (ii) shall be
effected by means of "brokers' transactions" (as such term is used in Rule 144
under the Securities Act), (iii) shall not constitute the opening transaction in
the security on any trading day and (iv) shall not be at a price that is less
than the prevailing market price (the lowest current independent published bid).

                  (b) During the period commencing 30 trading days prior to the
         Maturity Date and ending on the Maturity Date (the "Restricted
         Period"), (i) the Investor shall not, and shall not permit any of its
         subsidiaries or controlled affiliates to, sell (including any
         constructive sale by means of a hedging, derivative or similar
         transaction), in open market transactions, privately negotiated
         transactions or otherwise, any Class A Common Stock and (ii) the
         Company shall not, and shall not permit any of its subsidiaries or
         controlled affiliates to, repurchase or redeem (or publicly announce an
         intention or plan to repurchase or redeem), or otherwise acquire, in
         open market purchases, privately negotiated transactions or otherwise,
         any Class A Common Stock or Class C common stock, par value $0.01 per
         share, of the Surviving Corporation (the "Class C Common Stock"), or
         any securities convertible into or exchangeable for, Class A Common
         Stock or Class C Common Stock, other than privately negotiated
         repurchases or redemptions of Class C Common Stock.

                  (c) Notwithstanding anything to the contrary in this Section
         2.03, the Investor and its affiliates shall be permitted to sell Class
         A Common Stock (i) during the Restricted Period or (ii) in an amount
         greater than that permitted during the Limited Sale Period, in each
         case if the Investor gives the Company at least 3 business days prior
         notice of its intention to do so. Upon the first to occur of any sales
         that are the subject of such notice or any such sales for which notice
         is not provided in violation of this Section 2.03(c), all of the CVRs
         then outstanding and this Agreement shall thereupon automatically
         terminate and become null and void without any further action on the
         part of any party

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         hereto, and the holders thereof and the parties hereto shall have no
         further rights with respect thereto or hereto.

                  SECTION 2.04. Certain Notices. (a) Subject to Section 2.03(c),
as soon as practicable after the Investor or any of its wholly owned
subsidiaries has sold, transferred or otherwise disposed of any Class A Common
Stock, the Investor shall inform the Company of such sale, transfer or other
disposition by written notice in substantially the form attached as Exhibit A
hereto. Schedule I hereto shall thereupon be adjusted to reduce the number of
outstanding CVRs in accordance with Section 1.04.

                  (b) Whenever an adjustment is made pursuant to Section 1.06,
         the Company shall promptly prepare a certificate setting forth such
         adjustment and a brief statement of the facts accounting for such
         adjustment and shall as promptly as practicably thereafter deliver such
         certificate to the Investor. Any such adjustment absent manifest error
         shall be final and binding on the Company and the Investor. Schedule I
         hereto shall thereupon be adjusted to indicate the number of
         outstanding CVRs after giving effect to such subdivision, combination
         or change, and to indicate the Reference Price then in effect.

                  (c) If an early termination of the CVRs occurs pursuant to,
         and in accordance with, the provisions of Section 1.05, the Company
         shall promptly provide the Investor with written notice of such
         occurrence, together with all information reasonably necessary for the
         Investor to confirm such occurrence.

                  (d) Notwithstanding anything to the contrary in this Section
         2.04, any reduction in the number of outstanding CVRs in accordance
         with Section 1.04, any adjustment to the number of outstanding CVRs or
         the Reference Price in accordance with Section 1.06, or any early
         termination of the CVRs in accordance with Section 1.05 shall, in each
         case, automatically occur upon the happening of the event giving rise
         to such reduction, adjustment or termination, regardless of whether the
         Company has received or given notice of such event or revised Schedule
         I as provided for in this Section 2.04.

                                  ARTICLE III

              Remedies of the Holders of CVRs on Event of Defaults

                  SECTION 3.01. Event of Default Defined; Acceleration of
Maturity. "Event of Default", with respect to CVRs, means any one of the
following events which shall have occurred and be continuing (whatever the
reason for such Event of Default and whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

                  (a) the Company shall default in the payment of all or any
         part of the amounts payable in respect of the CVRs as and when the same
         shall become due and payable either at the Maturity Date, or the Change
         of Control Date or otherwise; or

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                  (b) a court of competent jurisdiction shall enter a decree or
         order for relief in respect of the Company in an involuntary case under
         any applicable bankruptcy, insolvency or other similar law now or
         hereafter in effect, or appointing a receiver, liquidator, assignee,
         custodian, trustee or sequestrator (or similar official) of the Company
         or for any substantial part of its property or ordering the winding up
         or liquidation of its affairs, and such decree or order shall remain
         unstayed and in effect for a period of 60 days; or

                  (c) the Company shall commence a voluntary case under any
         applicable bankruptcy, insolvency or other similar law now or hereafter
         in effect, or consent to the entry of an order for relief in an
         involuntary case under any such law, or consent to the appointment of
         or taking possession by a receiver, liquidator, assignee, custodian,
         trustee or sequestrator (or similar official) of the Company or for any
         substantial part of its property, or make any general assignment for
         the benefit of creditors.

If an Event of Default occurs and is continuing, then, and in each and every
such case, unless all of the CVRs shall have already become due and payable or
have expired or terminated, the Investor by notice in writing to the Company may
declare all CVRs then outstanding to be due and payable immediately (the date of
such notice being the "Default Payment Date"), and upon any such declaration the
Default Amount (as defined below) for each such CVR shall become immediately due
and payable and, thereafter, shall bear interest, calculated at the interest
rate from time to time announced by Citibank, N.A., as its prime rate plus 2%,
until payment is made to the Investor on behalf of the holders of all CVRs then
outstanding, and, upon the payment in full of any such amount, all of the CVRs
then outstanding and this Agreement shall thereupon automatically terminate and
become null and void without any further action on the part of any party hereto,
and the holders thereof and the parties hereto shall have no further rights with
respect thereto or hereto. The term "Default Amount" shall mean (i) with respect
to an Event of Default described in clause (a) of the first sentence of this
Section 3.01, the amount (payable as set forth in Section 1.07) that shall have
become due and payable at the Maturity Date or the Change of Control Date, as
the case may be and (ii) with respect to an Event of Default described in
clauses (b) or (c) of the first sentence of this Section 3.01, the amount
(payable as set forth in Section 1.07), if any, as determined by the Company
(which determination absent manifest error shall be final and binding on the
Company and the Investor), by which (x) the Reference Price exceeds (y) the
20-Day Average Price (with the 20-Day Average Price calculated as if the Default
Payment Date were the Maturity Date), subject to the Payment Cap.

                  SECTION 3.02. Remedies Cumulative; Delay or Omission Not
Waiver of Default. No right or remedy herein conferred upon the Investor is
intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy. No delay or omission of the
Investor to exercise any right or power accruing upon any Event of Default
occurring and continuing as set forth in Section 3.01 shall impair any such
right or power or shall be construed to be a waiver of any such Event of Default
or an acquiescence therein.

<PAGE>
                                                                              10

                                   ARTICLE IV

                      Other Change of Control Transactions

                  SECTION 4.01. Company May Merge, Etc. (a) If at any time prior
to the beginning of the Protection Period the Company proposes to enter into a
Change of Control Transaction in which the capital stock of the Company is
exchanged for or changed into other stock or securities or the Investor does not
make an Acceleration Election pursuant to Section 1.03 in connection with a
Change of Control Transaction during the Protection Period, the Company shall
not consummate such Change of Control Transaction, unless:

                  (i) the surviving person in such Change of Control
         Transaction, or any ultimate parent thereof, if not the Company (the
         "Surviving Person"), is a corporation, partnership or trust organized
         and existing under the laws of the United States of America, any state
         thereof or the District of Columbia and expressly assumes the
         obligation to pay all amounts payable in respect of the CVRs and the
         performance of every covenant of this Agreement on the part of the
         Company to be performed or observed;

                  (ii) immediately after giving effect to such transaction and
         treating any indebtedness which becomes an obligation of the Surviving
         Person, the Company or any subsidiary of the Surviving Person or the
         Company as a result of such transaction as having been incurred by the
         Surviving Person, the Company or such subsidiary at the time of such
         transaction, no Event of Default shall have happened and be continuing;
         and

                  (iii) the Company has delivered to the Investor a certificate
         signed by the chief executive officer or the chief financial officer of
         the Company in his or her capacity as such an officer stating that such
         Change of Control Transaction complies with this Article IV and that
         all conditions precedent herein provided for relating to such
         transaction have been complied with.

                  (b) Nothing in this Section 4.01 shall affect the right of the
Investor to make an Acceleration Election pursuant to Section 1.03 with respect
to any Change of Control Transaction proposed during the Protection Period, and,
if the Investor does not make such an Acceleration Election, the provisions of
Section 1.06 shall apply to such Change of Control Transaction in accordance
with their terms.

                  SECTION 4.02. Successor Substituted. Upon the consummation of
any Change of Control Transaction in accordance with Section 4.01 in which the
Company is not the surviving person in such Change of Control Transaction or the
ultimate parent thereof, the Surviving Person shall succeed to, and be
substituted for, and may exercise every right and power of, the Company under
this Agreement with the same effect as if the Surviving Person had been named as
the Company herein and, thereafter, the predecessor person shall be relieved of
all obligations and covenants under this Agreement and the CVRs.

                  SECTION 4.03. Termination. This Agreement shall terminate and
be of no further force and effect without any further action on the part of any
party hereto automatically upon the termination of all outstanding CVRs in
accordance with the terms hereof.

<PAGE>
                                                                              11

                                    ARTICLE V

                               General Provisions

                  SECTION 5.01. Notices. All notices or other communications
required or permitted to be given hereunder shall be in writing and shall be
delivered by hand or sent by facsimile or sent, postage prepaid, by registered,
certified or express mail or overnight courier service and shall be deemed given
when so delivered by hand or facsimile, or if mailed, three days after mailing
(one business day in the case of express mail or overnight courier service), as
follows:

                (i) if to the Investor,

                             Vivendi Universal
                             42, Avenue de Friedland
                             75380 Paris Cedex 08
                             France
                             Fax: 33-1-7171-1414

                             Attention: Mr. Guillaume Hannezo

                with a copy to:

                             Cravath, Swaine & Moore
                             Worldwide Plaza
                             825 Eight Avenue New York, NY 10019
                             United States
                             Fax: 212-474-3700

                             Attention: Faiza J. Saeed; and

                (ii) if to the Company,

                             EchoStar Communications Corporation
                             5701 South Sante Fe Drive
                             Littleton, CO 80120
                             Fax: 303-723-1699

                             Attention: David K. Moskowitz, General Counsel

                with a copy to:

                             Sullivan & Cromwell
                             125 Broad Street
                             New York, NY 10004
                             Fax: 212-558-3588

                             Attention: Francis J. Aquila and John J. O'Brien

<PAGE>
                                                                              12

                  SECTION 5.02. Interpretation; Exhibits and Schedules; Certain
Definitions. (a) The headings contained in this Agreement, in any Annex, Exhibit
or Schedule hereto and in the table of contents to this Agreement are for
reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement. All Annexes, Exhibits and Schedules annexed
hereto or referred to herein are hereby incorporated in and made a part of this
Agreement as if set forth in full herein. Any capitalized terms used in any
Annex, Schedule or Exhibit but not otherwise defined therein, shall have the
meaning as defined in this Agreement. When a reference is made in this Agreement
to a Section, Annex, Exhibit or Schedule, such reference shall be to a Section
of, or an Annex, Exhibit or Schedule to, this Agreement unless otherwise
indicated.

                  (b) For all purposes hereof:

                  "affiliate" of any person means another person that directly
or indirectly, through one or more intermediaries, controls, is controlled by,
or is under common control with, such first person.

                  "control" (including the terms "controlling," "controlled by"
and "under common control with") means the possession, direct or indirect, of
the power to direct or cause the direction of the management and policies of a
person, whether through the ownership of voting securities, by contract, or
otherwise.

                  "including" means including, without limitation.

                  "person" means any individual, partnership, corporation,
limited liability company, business trust, joint stock company, trust,
unincorporated association, joint venture, governmental authority or other
entity of whatever nature.

                  "subsidiary" of any person means another person, an amount of
the voting securities, other voting rights or voting partnership interests of
which is sufficient to elect at least a majority of its board of directors or
other governing body (or, if there are no such voting interests, 50% or more of
the equity interests of which) is owned directly or indirectly by such first
person.

                  SECTION 5.03. Counterparts. This Agreement may be executed in
one or more counterparts, all of which shall be considered one and the same
agreement, and shall become effective when one or more such counterparts have
been signed by each of the parties and delivered to the other parties.

                  SECTION 5.04. Severability. This Agreement shall be deemed
severable, and the invalidity or unenforceability of any term or provision
hereof shall not affect the validity or enforceability of this Agreement or of
any other term or provision hereof. Furthermore, in lieu of any such invalid or
unenforceable term or provision, the parties hereto intend that there shall be
added as a part of this Agreement a provision as similar in terms to such
invalid or unenforceable provision as may be possible and be valid and
enforceable.

<PAGE>
                                                                              13

                  SECTION 5.05. Governing Law. This Agreement shall be governed
by and construed in accordance with the laws of the State of New York regardless
of the laws that might otherwise apply under applicable principles of law
thereof.

                  SECTION 5.06. Amendments and Waivers. This Agreement may not
be amended except by an instrument in writing signed on behalf of each of the
parties hereto. By an instrument in writing, the Investor, on the one hand, or
the Company, on the other hand, may waive compliance by the other with any term
or provision of this Agreement that such other party was or is obligated to
comply with or perform.

<PAGE>
                                                                              14

                  IN WITNESS WHEREOF, the Company and the Investor have duly
executed this Agreement as of the date first written above.

                                         ECHOSTAR COMMUNICATIONS
                                           CORPORATION,

                                         By:         /s/ David K. Moskowitz
                                                  ------------------------------
                                                  Name: David K. Moskowitz
                                                  Title: Senior Vice President
                                                         and General Counsel

                                         VIVENDI UNIVERSAL, S.A.,

                                         By:         /s/ Jean-Marie Messier
                                                  ------------------------------
                                                  Name: Jean-Marie Messier
                                                  Title: Chairman and Chief
                                                         Executive Officer

<PAGE>

                                                                       EXHIBIT A

                             FORM OF NOTICE OF SALE

                  On [insert date], the Investor sold [insert number] shares of
Class A Common Stock, which shares were issued to the Investor upon the
conversion of shares of Preferred Stock or upon consummation of the Merger. The
number of CVRs held by the Investor as indicated on Schedule I to the Contingent
Value Rights Agreement dated as of /o/, between EchoStar Communications
Corporation and Vivendi Universal, S.A. (the "CVR Agreement") should,
accordingly, be reduced by the number of shares of Class A Common Stock
indicated above as having been sold, in accordance with Section 1.04 of the CVR
Agreement. Terms used but not defined herein have the meanings ascribed thereto
in the CVR Agreement.

                                                   Very truly yours,

                                                   VIVENDI UNIVERSAL, S.A.,

                                                   by
                                                     ---------------------------
                                                     Name:
                                                     Title:

<PAGE>

                                                                      SCHEDULE I

                                OUTSTANDING CVRs

I.       Initial CVR Amount:  57,604,790

II.      Adjustments

<Table>
<Caption>

 Adjustments for        Date of      Number of Shares of      Adjustments
Sales of Class A       Notice of       Class A Common         Pursuant to         Number of CVRs        Reference
   Common Stock          Sale            Stock Sold          Section 1.06          Outstanding           Price
----------------       ---------     -------------------     ------------         --------------        ----------
<S>                    <C>           <C>                     <C>                  <C>                   <C>

</Table><PAGE>
                                                                    EXHIBIT 10.2

================================================================================

                          REGISTRATION RIGHTS AGREEMENT

                                     between

                      ECHOSTAR COMMUNICATIONS CORPORATION,

                                       and

                             VIVENDI UNIVERSAL, S.A.

                                   ----------

                                   Dated as of

                                January 22, 2002

                                   ----------

================================================================================

<PAGE>

                                TABLE OF CONTENTS

<Table>
<Caption>

                                                                                                               Page
                                                                                                               ----

<S>                                                                                                            <C>

                                                      ARTICLE I

                                                     DEFINITIONS

SECTION 1.01.           Definitions...............................................................................1

                                                     ARTICLE II

                                                 REGISTRATION RIGHTS

SECTION 2.01.           Piggy-Back Registration...................................................................4
SECTION 2.02.           Demand Registration.......................................................................6
SECTION 2.03.           Other Matters in Connection with Registrations............................................7
SECTION 2.04.           Certain Delay Rights......................................................................7
SECTION 2.05.           Expenses..................................................................................8
SECTION 2.06.           Registration and Qualification............................................................9
SECTION 2.07.           Underwriting.............................................................................12
SECTION 2.08.           Indemnification and Contribution.........................................................12
SECTION 2.09.           Holdback Agreements......................................................................15
SECTION 2.10.           Priority Rights of Holders...............................................................16
SECTION 2.11.           Holder Covenants.........................................................................16
SECTION 2.12.           Termination..............................................................................17

                                                     ARTICLE III

                                                    MISCELLANEOUS

SECTION 3.01.           Amendments and Waivers...................................................................17
SECTION 3.02.           Notices..................................................................................17
SECTION 3.03.           Interpretation...........................................................................18
SECTION 3.04.           Severability.............................................................................18
SECTION 3.05.           Counterparts.............................................................................19
SECTION 3.06.           Entire Agreement; No Third-Party Beneficiaries...........................................19
SECTION 3.07.           Governing Law............................................................................19
SECTION 3.08.           Assignment...............................................................................19
SECTION 3.09.           Enforcement..............................................................................19
</Table>

                                       i
<PAGE>

                                    REGISTRATION RIGHTS AGREEMENT (this
                           "Agreement"), dated as of January 22, 2002, between
                           ECHOSTAR COMMUNICATIONS CORPORATION, a Nevada
                           corporation (the "Company"), and the Holders, as
                           defined herein.

                  WHEREAS, pursuant to the Investment Agreement dated as of
December 14, 2001 (the "Investment Agreement"), between the Company and Vivendi
Universal, S.A., a societe anonyme organized under the laws of France (the
"Investor"), and as a condition to the willingness of the Investor to consummate
the transactions contemplated by the Investment Agreement, the Company has
agreed to grant to the Holders (as defined below) certain registration rights
with respect to their respective Registrable Securities (as defined below).

                  NOW, THEREFORE, in consideration of the premises and the
consummation of the transactions contemplated by this Agreement and the
Investment Agreement and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:

                                   ARTICLE I

                                   Definitions

                  SECTION 1.01. Definitions.

                  The following terms, when used in this Agreement, shall have
the following meanings:

                  "affiliate" of any person means another person that, directly
or indirectly, through one or more intermediaries, controls, is controlled by,
or is under common control with, the first person.

                  "Board of Directors" means the Board of Directors of the
Company or any duly authorized committee of that board.

                  "Class A Common Stock" means the Class A common stock, par
value $0.01 per share, of the Company.

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

                  "control" (including the terms "controlling," "controlled by"
and "under common control with") means the possession, direct or indirect, of
the power to direct or cause the direction of the management and policies of a
person, whether through the ownership of voting securities, by contract, or
otherwise.

                  "CVR Agreement" means the Contingent Value Rights Agreement
dated as of January 22, 2002, between the Company and the Investor.

                   "Demand Registration" has the meaning ascribed thereto in
Section 2.02(a)(i).

<PAGE>
                                                                               2

                  "Demand Request" has the meaning ascribed thereto in Section
2.02(a).

                  "Disadvantageous Condition" has the meaning ascribed thereto
in Section 2.04.

                  "Effective Period" means the period from the date on which the
Merger Agreement is terminated in accordance with its terms until the first date
on which all Registrable Securities are eligible for sale in their entirety
pursuant to Rule 144 in a 150-day period, based on the then average trading
volume of such Registrable Securities.

                  "Governmental Authority" means any federal, state or local
court or governmental or regulatory agency or authority or applicable stock
exchange or trading market.

                  "Holder" means a person who owns Registrable Securities and
is:

                  (i) the Investor;

                  (ii) a wholly owned subsidiary of the Investor; or

                  (iii) any transferee which has acquired from the Investor or a
         wholly owned subsidiary of the Investor (x) Class A Common Stock that
         represented 20% or more of the Class A Common Stock issuable upon
         conversion of all the Preferred Stock (defined below) on the date of
         issuance of such Preferred Stock, as adjusted for stock splits,
         combinations, subdivisions and other similar changes to the capital
         structure of the Company; plus, at any time after the Maturity Date,
         the Change of Control Date or the Default Payment Date, as applicable
         (each as defined in the CVR Agreement) (y) at least 20% of the Class A
         Common Stock, if any, issued pursuant to the settlement of the
         contingent value rights issued pursuant to the CVR Agreement (the
         "CVRs").

                  "Inspectors" has the meaning ascribed thereto in Section
2.06(h).

                  "Investment Agreement" has the meaning ascribed thereto in the
recitals of this Agreement.

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

                  "1934 Act" or "Exchange Act" means the Securities Exchange Act
of 1934, as amended.

                  "Merger Agreement" means the Agreement and Plan of Merger
dated as of October 28, 2001, by and between the Company and Hughes Electronics
Corporation, a Delaware corporation, as it may be amended from time to time.

                  "person" means any individual, firm, corporation, partnership,
limited liability company, trust, joint venture, Governmental Entity or other
entity.

                  "Piggy-back Registration" has the meaning ascribed thereto in
Section 2.01(a).

<PAGE>
                                                                               3

                  "Preferred Stock" means the Series D mandatorily convertible
participating preferred stock, par value $0.01 per share, issued pursuant to the
Investment Agreement.

                  "Records" has the meaning ascribed thereto in Section 2.06(h).

                  "Registrable Securities" means Class A Common Stock (x) issued
or issuable upon conversion of any Preferred Stock issued pursuant to the
transactions contemplated by the Investment Agreement, or (y) Class A Common
Stock issued pursuant to the settlement of the CVRs pursuant to the CVR
Agreement.

                  As used in this definition of Registrable Securities, (A) the
term "Class A Common Stock" shall include any shares of stock or other
securities into which or for which shares of Class A Common Stock may hereafter
be changed, converted or exchanged and any other shares or securities issued to
holders of Class A Common Stock (or such shares of stock or other securities
into which or for which shares of Class A Common Stock are so changed, converted
or exchanged) upon any reclassification, share combination, share subdivision,
share dividend, share exchange, merger, consolidation or similar transaction or
event and (B) the term "Preferred Stock" shall include any shares of stock or
other securities into which or for which shares of Preferred Stock may hereafter
be changed, converted or exchanged and any other shares or securities issued to
holders of Preferred Stock (or such shares of stock or other securities into
which or for which shares of Preferred Stock are so changed, converted or
exchanged) upon any reclassification, share combination, share subdivision,
share dividend, share exchange, merger, consolidation or similar transaction or
event.

                  As to any particular Registrable Securities, such Registrable
Securities shall cease to be Registrable Securities as soon as (A) such
Registrable Securities have been sold or otherwise disposed of pursuant to a
registration statement that was filed with the Commission in accordance with
this Agreement and declared effective under the 1933 Act, (B) based on an
opinion of counsel reasonably acceptable to the Company and the Holder of such
Registrable Securities, such Registrable Securities are eligible for sale in
their entirety pursuant to Rule 144 in a 150-day period, based on the then
average trading volume of such Registrable Securities, (C) such Registrable
Securities shall have been otherwise sold, transferred or disposed of by a
Holder to any person that is not a Holder or (D) such Registrable Securities
shall have ceased to be outstanding.

                  "Registration Expenses" means any and all expenses incident to
the Company's performance of or compliance with the provisions of this
Agreement, including (i) the fees, disbursements and expenses of the Company's
counsel and accountants (including in connection with the delivery of opinions
and comfort letters); (ii) all expenses and fees of compliance with securities
and blue sky laws; (iii) all expenses and fees, including filing fees, in
connection with the preparation, printing and filing of one or more registration
statements (and amendments thereto) pursuant to this Agreement; (iv) the cost of
producing or printing any agreements among underwriters and underwriting
agreements and any blue sky memoranda and legal investment memoranda; (v) the
expenses and fees, including filing fees, incident to securing any required
review by the National Association of Securities Dealers, Inc. of the
Registrable Securities to be disposed of or the terms of any disposition of
Registrable Securities; (vi) all fees and expenses payable in connection with
the quotation of any Registrable Securities on any automated

<PAGE>
                                                                               4

interdealer quotation system or the listing of any Registrable Securities on any
securities exchange on which the Class A Common Stock is then quoted or listed;
(vii) all transfer agents' and registrars' expenses and fees in connection with
any offering or disposition of Registrable Securities; (viii) all security
engraving and security printing expenses; (ix) all messenger and delivery
expenses and fees; provided, however, that Registration Expenses shall exclude
(w) all transfer taxes, if any, relating to the sale or disposition of the
Registrable Securities; (x) all underwriting discounts and underwriting
commissions, if any, in connection with the sale of any Registrable Securities;
(y) the fees and expenses of counsel and other advisors for any Holder and (z)
all out-of-pocket expenses of the underwriters, if any, including fees and
expenses of counsel for the underwriters.

                  "Rule 144" means Rule 144 (or any successor rule to similar
effect) promulgated under the 1933 Act.

                  "Section 2.04 Period" has the meaning ascribed thereto in
Section 2.04.

                  "Section 2.06(e) Period" has the meaning ascribed thereto in
Section 2.06(e).

                  "Selling Holder" means any Holder who sells Registrable
Securities pursuant to a public offering registered pursuant to this Agreement.

                  Internal References. Unless the context indicates otherwise,
references to Articles, Sections and paragraphs shall refer to the corresponding
articles, sections and paragraphs in this Agreement, and references to the
parties shall mean the parties to this Agreement.

                                   ARTICLE II

                               Registration Rights

                  SECTION 2.01. Piggy-Back Registration. (a) Whenever during the
Effective Period the Company shall propose to file a registration statement
under the 1933 Act relating to its Class A Common Stock (other than pursuant to
a registration statement on Form S-4 (or any other registration statement
registering shares to be issued in a merger, consolidation, acquisition or
similar transaction) or Form S-8 or any successor forms, or an offering of
securities in connection with an exchange offer to existing stockholders or
otherwise pursuant to a dividend reinvestment plan, stock purchase plan or other
employee benefit plan), whether or not for its own account, the Company shall
(i) provide a written notice at least 30 days prior to the filing thereof to
each Holder, specifying the approximate date on which the Company proposes to
file such registration statement and advising such Holder of its right to have
any or all (subject to Section 2.01(b)) of the Registrable Securities held by
such Holder included among the securities to be covered thereby and (ii) at the
written request of any such Holder received by the Company within 20 days after
the date of such written notice from the Company, include (subject to Section
2.01(b) and such Holder's compliance with Section 2.11(c)) among the securities
covered by such registration statement the number of Registrable Securities that
such Holder shall have requested be so included (a "Piggy-back Registration").
The Company shall require the lead or managing underwriter, if any, of any
proposed underwritten offering to permit the

<PAGE>
                                                                               5

Holders of Registrable Securities requested to be covered by the registration
statement for such offering to include (subject to Section 2.01(b) and such
Holder's compliance with Section 2.11(c)) such securities in such offering on
the same terms and subject to the same conditions as any similar securities
included therein; provided, however, that the Company shall not be required
under this Section 2.01(a) to use any efforts to cause any lead or managing
underwriter of any such offering to permit any such Holder to include any such
securities in such offering unless such Holder accepts the terms of any
underwriting agreed upon between the Company (and any other Holder whose
securities are included in such offering) and such underwriter (and any other
underwriter) and performs such Holder's obligations thereunder.

                  (b) Each Holder of Registrable Securities desiring to
participate in a Piggy-back Registration may include shares of Class A Common
Stock in any registration statement relating to such offering to the extent that
the inclusion of such shares of Class A Common Stock shall not reduce the number
of shares of Class A Common Stock to be offered and sold by the Company pursuant
thereto. If the Company or lead or managing underwriter for an underwritten
offering pursuant to Section 2.01(a) determines that marketing factors require a
limitation on the number of shares of Class A Common Stock to be offered and
sold by the stockholders of the Company in such offering, there shall be
included in the offering only that number of shares of Class A Common Stock of
stockholders of the Company that the Company or such lead or managing
underwriter reasonably and in good faith believes will not jeopardize the
success of the offering of all the shares of Class A Common Stock that the
Company desires to sell for its own account (including a material reduction in
the price per share of the shares of Class A Common Stock to be sold).

                  In such event, and provided the lead or managing underwriter
has so notified the Company in writing (if applicable), the number of shares of
Class A Common Stock to be offered and sold by stockholders of the Company,
including Holders of Registrable Securities desiring to participate in such
offering, shall be allocated among such stockholders of the Company pro rata on
the basis of the relative number of shares requested to be included therein by
each such stockholder.

                  (c) Nothing in this Section 2.01 shall create any liability on
the part of the Company to the Holders of Registrable Securities if the Company
for any reason should decide not to file a registration statement proposed to be
filed pursuant to Section 2.01(a) or to withdraw a registration statement filed
pursuant to Section 2.01(a) subsequent to its filing, regardless of any action
whatsoever that a Holder may have taken, whether as a result of the issuance by
the Company of any notice under this Section 2.01 or otherwise; provided that
the Investor shall be entitled to initiate or continue such registration as a
Demand Registration pursuant to Section 2.02 following such failure to file or
withdrawal to the extent that such registration by the Investor would otherwise
satisfy the requirements of Section 2.02 and provided further that the Company
shall be obligated to pay all Registration Expenses to the extent incurred in
connection with any such registration statement proposed to be filed or
withdrawn subsequent to its filing.

                  (d) A request by Holders to include Registrable Securities in
a proposed underwritten offering pursuant to Section 2.01(a) shall not be deemed
to be a request for a Demand Registration.

<PAGE>

                                                                               6

                  SECTION 2.02. Demand Registration. (a) Upon written notice to
the Company from the Investor at any time during the Effective Period (the
"Demand Request") requesting that the Company effect the registration under the
1933 Act of any or all of the Registrable Securities held by the Investor or any
other Holder, which notice shall specify the intended method or methods of
disposition of such Registrable Securities, the Company shall prepare and, as
promptly as is practicable, and in any event within 60 days after such request,
file with the Commission a registration statement with respect to such
Registrable Securities and thereafter use its best efforts to cause such
registration statement to be declared effective under the 1933 Act for purposes
of dispositions in accordance with the intended method or methods of disposition
stated in such request. Notwithstanding any other provision of this Agreement to
the contrary:

                  (i) the Investor may exercise its rights to request
          registration in respect of Registrable Securities held by the Investor
          or any other Holder under this Section 2.02(a) on not more than four
          occasions (each such registration being referred to herein as a
          "Demand Registration"); and

                  (ii) the Company shall not be required to effect more than one
          Demand Registration in any calendar year.

                  (b) Notwithstanding any other provision of this Agreement to
the contrary, a Demand Registration requested by the Investor pursuant to this
Section 2.02 shall not be deemed to have been effected, and, therefore, not
requested and the rights of the Investor shall be deemed not to have been
exercised for purposes of Section 2.02(a), (i) if the Investor has not received
notice (confirmed by the Commission) that such Demand Registration has become
effective under the 1933 Act or (ii) if such Demand Registration, after it
became effective under the 1933 Act, was not maintained effective under the 1933
Act (other than as a result of any stop order, injunction or other order or
requirement of the Commission or other Governmental Entity solely on the account
of a material misrepresentation or omission of the Investor) for at least 120
days (or such shorter period ending when all the Registrable Securities covered
thereby have been disposed of pursuant thereto (but in no event before the
expiration of the 90-day period referred to in Section 4(3) of the 1933 Act and
Rule 174 promulgated thereunder, if applicable)).

                  The time periods referred to in the preceding sentence shall
be extended, with respect to any Demand Registration, by the number of days in
any Section 2.04 Period and/or Section 2.06(e) Period applicable to such Demand
Registration.

                  If a Demand Request is made by the Investor during the
Effective Period but the related Demand Registration shall be deemed not to have
been exercised under the circumstances set forth in this Section 2.02(b), then
the Investor shall be deemed not to have used one of its rights to request a
Demand Registration under this Section 2.02 and shall continue to have such
right.

                  (c) The Company shall have the same rights to piggy-back any
shares of Class A Common Stock on a Demand Registration initiated pursuant to
this Section 2.02 as a Holder of Registrable Securities would have in a
Piggy-back Registration, and other stockholders of the Company may exercise any
piggy-back registration rights granted to them by the Company with

<PAGE>
                                                                               7

respect to such Demand Registration; provided however, that notwithstanding
anything to the contrary in this Agreement, if the lead or managing underwriter
referred to in Section 2.03 determines that marketing factors require a
limitation on the number of shares of Class A Common Stock to be offered and
sold pursuant to such Demand Registration, there shall be included in the
offering only that number of shares of Class A Common Stock that such lead or
managing underwriter reasonably and in good faith believes will not jeopardize
the success of the offering (including a material reduction in the price per
share of the Registrable Securities to be sold). In such event, the shares of
Class A Common Stock to be included in such Demand Registration shall be
apportioned (i) first, to any Registrable Securities that the Holders propose to
sell in such Demand Registration, pro rata among such Holders on the basis of
the relative number of Registrable Securities requested to be included therein
by each such Holder, (ii) second, to any Class A Common Stock that the Company
proposes to sell in such Demand Registration and (iii) third, among any shares
of Class A Common Stock that other stockholders of the Company propose to sell
in such Demand Registration, pro rata among such stockholders on the basis of
the relative number of shares requested to be included therein by each such
stockholder.

                  SECTION 2.03. Other Matters in Connection with Registrations.
In the event that any Demand Registration shall involve, in whole or in part, an
underwritten offering, the Investor shall have the right to designate an
underwriter or underwriters as the lead or managing underwriter or underwriters
of such underwritten offering, subject to the approval of Company, which
approval shall not be unreasonably withheld.

                  SECTION 2.04. Certain Delay Rights. Notwithstanding any other
provision of this Agreement to the contrary, if at any time while a registration
statement relating to a Piggy-back Registration or a Demand Registration is
effective, the Company provides written notice to each Holder of Registrable
Securities covered by any such registration statement that the Board of
Directors has determined, in its reasonable business judgment, that it would be
materially disadvantageous to the Company (because the sale of Registrable
Securities covered by such registration statement or the disclosure of
information therein or in any related prospectus or prospectus supplement would
materially interfere with or otherwise adversely affect in any material respect
any acquisition, financing, corporate reorganization or other material
transaction or development involving the Company (a "Disadvantageous
Condition")) for sales of Registrable Securities thereunder to then be
permitted, and setting forth in general terms the reasons for such
determination, the Company may refrain from maintaining current the prospectus
contained in such registration statement until such Disadvantageous Condition no
longer exists (notice of which the Company shall promptly deliver to each Holder
or Registrable Securities covered by such registration statement).

                  Furthermore, notwithstanding any other provision of this
Agreement to the contrary, with respect to any registration statement filed, or
to be filed, pursuant to Section 2.01 or 2.02, if the Company provides written
notice to each Holder of Registrable Securities to be covered by such
registration statement that the Board of Directors has determined, in its
reasonable business judgment, that it would be materially disadvantageous to the
Company (because of a Disadvantageous Condition) for such a registration
statement to be maintained effective, or to be filed or to become effective, and
setting forth in general terms the reasons for such determination, the Company
shall be entitled to cause such registration statement to be

<PAGE>
                                                                               8

withdrawn or the effectiveness of such registration statement to be terminated,
or, in the event no registration statement has been filed, the Company shall be
entitled to not file such registration statement, until such Disadvantageous
Condition no longer exists (notice of which the Company shall promptly deliver
to each Holder of Registrable Securities covered, or to be covered, by such
registration statement).

                  With respect to each Holder of Registrable Securities covered
by any registration statement relating to a Piggy-back Registration or a Demand
Registration, upon receipt by such Holder of any notice from the Company of a
Disadvantageous Condition, such Holder shall forthwith discontinue use of the
prospectus and any prospectus supplement under such registration statement and
shall suspend sales of Registrable Securities until such Disadvantageous
Condition no longer exists. Furthermore, if so directed by the Company by such
notice, such Holder will deliver to the Company all copies (other than permanent
file copies) then in such Holder's possession of the prospectus and prospectus
supplements then covering such Registrable Securities at the time of receipt of
such notice. In the event that the Company makes an election under this Section
2.04, each Holder agrees to keep confidential the fact of such election and any
information provided by the Company in connection therewith.

                  Notwithstanding any other provision of this Agreement to the
contrary, (i) the maintaining current of a prospectus (and the suspension of
sales of Registrable Securities) in connection with a Demand Registration may
not be delayed under this Section 2.04 for more than a total of 90 days in any
twelve-month period and (ii) neither the filing nor the effectiveness of any
registration statement under Section 2.02 may be delayed for more than a total
of 90 days pursuant to this Section 2.04. The time period during which any
registration statement under Section 2.02 must be maintained effective pursuant
to Section 2.02(b) shall be extended by the number of days in any delay period
imposed pursuant to this Section 2.04 (a "Section 2.04 Period"). In no event
shall the Company be entitled to delay the maintaining current of a prospectus
(and the suspension of sales of Registrable Securities) in connection with any
Demand Registration or to delay the filing or effectiveness of any registration
statement under Section 2.02 unless the Company shall (i) concurrently prohibit
sales by other security holders under registrable statements covering securities
held by such other securityholders and (ii) forbid purchases and sales of
securities of the Company in the open market by senior executives of the
Company, other than pursuant to a "written plan for trading securities", as such
phrase is used under Rule 10b5-1 under the Exchange Act.

                  In the event any registration statement in respect of a Demand
Registration is withdrawn or the effectiveness of such registration statement is
terminated, or a registration statement is not filed in respect of a Demand
Registration, in each case pursuant to this Section 2.04, then the Investor
shall have the right to withdraw its request for such Demand Registration at any
time following receipt of any notice from the Company of a Disadvantageous
Condition, and, if the Investor so withdraws its request, the Investor shall be
deemed not to have used one of its rights to request a Demand Registration under
Section 2.02 and shall continue to have such right.

                  SECTION 2.05. Expenses. Except as otherwise provided in this
Agreement, the Company shall pay all Registration Expenses with respect to each
registration under this Agreement.

<PAGE>
                                                                               9

                  SECTION 2.06. Registration and Qualification. If and whenever
the Company is required by the provisions of this Agreement to effect the
registration of any Registrable Securities under the 1933 Act as provided in
Section 2.01 or 2.02, the Company shall as promptly as practicable (but subject,
in the case of any registration as provided in Section 2.02, to the provisions
thereof):

                  (a) prepare and file with the Commission (within 60 days after
such request) a registration statement (as well as any necessary supplements and
amendments thereto) which counsel for the Company shall deem appropriate on such
form as shall be available for the sale of such Registrable Securities in
accordance with the intended method of distribution thereof and use its best
efforts to cause such registration statement to become effective and remain
effective until the earlier to occur of (i) such time as all Registrable
Securities covered by such registration statement have been disposed of in
accordance with the intended methods of disposition set forth in such
registration statement (but in no event before the expiration of the 90-day
period referred to in Section 4(3) of the 1933 Act and Rule 174 promulgated
thereunder, if applicable) and (ii) 120 days after such registration statement
becomes effective which period shall be extended in the case of any Demand
Registration by the number of days in any Section 2.04 Period and/or Section
2.06(e) Period applicable to such Demand Registration; provided, however, that,
before filing a registration statement or prospectus or any amendments or
supplements thereto, or comparable statements under securities or blue sky laws
of any jurisdiction, the Company shall (x) provide counsel selected by the
Investor with an opportunity to participate in the preparation of such
registration statement and each prospectus included therein (and each amendment
or supplement thereto) to be filed with the Commission, which shall be subject
to the review and approval (which approval shall not be unreasonably withheld)
of such counsel, and (y) notify each Selling Holder and such counsel of any stop
order issued or, to the best knowledge of the Company, threatened by the
Commission and take all reasonable action required to prevent the entry of such
stop order or to remove it if entered;

                  (b) prepare and file with the Commission such amendments and
supplements to such registration statement and the prospectus used in connection
therewith as may be necessary to keep such registration statement effective
until the earlier to occur of (i) such time as all Registrable Securities
covered by such registration statement have been disposed of in accordance with
the intended methods of disposition set forth in such registration statement
(but in no event before the expiration of the 90-day period referred to in
Section 4(3) of the 1933 Act and Rule 174 promulgated thereunder, if applicable)
and (ii) 120 days after such registration statement becomes effective which
period shall be extended in the case of any Demand Registration by the number of
days in any Section 2.04 Period and/or Section 2.06(e) Period applicable to such
Demand Registration, and comply with the provisions of the 1933 Act with respect
to the disposition of all securities covered by such registration statement
during such period in accordance with the intended methods of disposition set
forth in such registration statement;

                  (c) furnish, without charge, to each Holder of such
Registrable Securities and to any underwriter of such Registrable Securities,
prior to the filing of such registration statement, copies of such registration
statement as proposed to be filed and thereafter such number of copies of such
registration statement, each amendment and supplement thereto (in each case,
including all exhibits thereto), the prospectus included in such registration
statement (including each

<PAGE>
                                                                              10

preliminary prospectus), in conformity with the requirements of the 1933 Act,
such documents incorporated by reference in such registration statement or
prospectus and such other documents as such Holder or underwriter may reasonably
request, in order to facilitate the sale of the Registrable Securities by the
Selling Holders;

                  (d) use its commercially reasonable efforts to register or
qualify such Registrable Securities under such other securities or blue sky laws
of such jurisdictions as each Holder of Registrable Securities covered by such
Registration Statement requests and do any and all other acts and things which
may be reasonably necessary or advisable to enable each such Holder to
consummate the disposition of the Registrable Shares held by such Holder in such
jurisdictions; provided that the Company shall not be required to (i) qualify
generally to do business in any jurisdiction in which it would not otherwise be
required to qualify but for this Section 2.06(d), (ii) subject itself to
taxation in any such jurisdiction or (iii) consent to general service of process
in any such jurisdiction;

                  (e) promptly notify each Selling Holder in writing (i) at any
time when a prospectus relating to such Registrable Securities is required to be
delivered under 1933 Act, upon discovery that, or upon the occurrence of any
event as a result of which, the prospectus included in such registration
statement contains an untrue statement of a material fact or omits to state any
material fact required to be stated therein or necessary to make the statements
therein not misleading in light of the circumstances under which they were made
or (ii) of any request by the Commission or any other Governmental Entity for
any amendment of or supplement to any registration statement or other document
relating to such offering, and in either such case the Company shall promptly
prepare a supplement or amendment to such prospectus and furnish to each Selling
Holder a reasonable number of copies of a supplement to or an amendment of such
prospectus as may be necessary so that, after delivery to the purchasers of such
Registrable Securities, such prospectus shall 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 not misleading in light of the
circumstances under which they were made (the number of days from (x) the date
the written notice contemplated by this paragraph (e) is given by the Company to
(y) the date on which the Company delivers to the Selling Holders the supplement
or amendment contemplated by this paragraph (e) is referred to in this Agreement
as a "Section 2.06(e) Period");

                  (f) use its commercially reasonable efforts to cause such
Registrable Securities to be registered with or approved by such other
Governmental Entities as may be necessary by virtue of the business and
operations of the Company to enable each Holder of Registrable Securities
covered by such Registration Statement to consummate the disposition of the
Registrable Securities held by such Holder;

                  (g) enter into and perform customary agreements (including an
underwriting agreement in customary form, if the offering is underwritten) and
take such other actions as are reasonably required in order to expedite or
facilitate the disposition of such Registrable Securities, and each Selling
Holder shall also enter into and perform its obligations under such agreements;

<PAGE>
                                                                              11

                  (h) make available for inspection by any lead or managing
underwriter participating in any disposition pursuant to such registration
statement, any Selling Holder, counsel selected by the Investor and any
attorney, accountant or other agent retained by any lead or managing
underwriter, or the Investor (collectively, the "Inspectors") all financial and
other records, pertinent corporate documents and properties of the Company
(collectively, the "Records") as shall be reasonably necessary to enable the
Inspectors to exercise their due diligence responsibility and cause the
Company's officers, directors and employees and the independent public
accountants of the Company to supply all information reasonably requested by any
such Inspector in connection with such registration statement. Any Records that
the Company determines, in good faith, to be confidential and in respect of
which the Company notifies each Selling Holder that such Records are
confidential shall not be disclosed by the Inspectors unless (x) the disclosure
of such Records is necessary to avoid or correct a misstatement or omission in
the applicable registration statement (in which case, the Selling Holders shall
cooperate with the Company in seeking confidential treatment of such Records) or
(y) the release of such Records is ordered pursuant to a subpoena or other order
from a court of competent jurisdiction. Each Selling Holder agrees that it
shall, upon learning that disclosure of such Records is sought in a court of
competent jurisdiction, give notice to the Company and allow the Company, at the
Company's expense, to undertake appropriate action to prevent disclosure of such
Records;

                  (i) in the event such sale is effected pursuant to an
underwritten offering, obtain a "comfort" letter or comfort letters from the
Company's independent public accountants in customary form and covering such
matters of the type customarily covered by cold comfort letters as counsel for
the lead or managing underwriter or counsel for the Investor reasonably
requests;

                  (j) furnish, at the request of any Selling Holder, on the date
such Registrable Securities are delivered to any underwriter for sale pursuant
to such registration or, if such Registrable Securities are not being sold
through any underwriter, on the date the registration statement with respect to
such Registrable Securities becomes effective, an opinion, dated as of such
date, of counsel representing the Company for the purposes of such registration,
addressed to the underwriters, if any, and to each Selling Holder, covering such
legal matters with respect to the registration as any Selling Holder may
reasonably request and are customarily included in such opinions;

                  (k) otherwise use its best efforts to comply with all
applicable rules and regulations of the Commission and make available to each
Selling Holder, as soon as reasonably practicable, an earnings statement
covering a period of 12 months beginning after the effective date of the
registration statement, in a manner which satisfies the provisions of Section
11(a) of the 1933 Act;

                  (l) cause all such Registrable Securities to be quoted on each
interdealer quotation system or listed on each securities exchange, if any, on
which other securities of the same class issued by the Company are then quoted
or listed (subject to notice of issuance); provided that the applicable listing
requirements are satisfied;

<PAGE>
                                                                              12

                  (m) use its commercially reasonable efforts to assist the
Selling Holders in the marketing of Registrable Securities in connection with
underwritten offerings (including, to the extent reasonably consistent with work
commitments, using reasonable efforts to have officers of the Company
participate in "road shows" and analyst or investor presentations scheduled in
connection with such registration provided that the Selling Holders shall give
such officers reasonable advance notice concerning the scheduling of any such
presentations);

                  (n) if requested, furnish for delivery in connection with the
closing of any offering of Registrable Securities pursuant to a registration
effected pursuant to Section 2.01 or 2.02 unlegended certificates representing
ownership of the Registrable Securities being sold in such denominations as
shall be requested by the Selling Holders or the underwriters;

                  (o) promptly notify the Selling Holders of any stop order
issued or, to the Company's knowledge, threatened to be issued by the Commission
and take all reasonable actions required to prevent the entry of such stop order
or to remove it if entered;

                  (p) cause the Registrable Securities to be included in any
registration statement not later than the effective date of such registration
statement;

                  (q) cooperate with each Selling Holder and each Underwriter
participating in the disposition of such Registrable Securities and their
respective counsel in connection with any filings required to be made with the
National Association of Securities Dealers, Inc.;

                  (r) during the period when the prospectus is required to be
delivered under the Securities Act, promptly file all documents required to be
filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14
or 15(d) of the Exchange Act; and

                  (s) keep each Selling Holder reasonably advised as to the
initiation and progress of such registration.

                  SECTION 2.07. Underwriting. If requested by the underwriters
for any underwritten offering of Registrable Securities pursuant to a
registration requested under Section 2.02(a), the Company shall enter into an
underwriting agreement with such underwriters for such offering, which agreement
will contain such representations and warranties by the Company and such other
terms and provisions as are customarily contained in underwriting agreements
with respect to secondary distributions, including indemnification and
contribution provisions substantially to the effect and to the extent provided
in Section 2.08, and agreements as to the provision of opinions of counsel and
accountants' letters to the effect and to the extent provided in Sections
2.06(i) and 2.06(j), respectively. Such underwriting agreement shall also
contain such representations and warranties by such Selling Holders and such
other terms and provisions as are customarily contained in underwriting
agreements with respect to secondary distributions, including indemnification
and contribution provisions substantially to the effect and to the extent
provided in Section 2.08.

                  SECTION 2.08. Indemnification and Contribution. (a) The
Company agrees to indemnify and hold harmless, to the fullest extent permitted
by law, each Holder, its officers, directors, agents, trustees, stockholders and
each person, if any, who controls each Holder (within the meaning of either
Section 15 of the 1933 Act or Section 20 of the 1934 Act) and any

<PAGE>
                                                                              13

investment advisor of such Holder from and against any and all losses, claims,
damages, liabilities and expenses (including reasonable costs of investigation
and reasonable attorneys' fees, disbursements and expenses) arising out of or
based upon (i) any untrue statement or alleged untrue statement of a material
fact contained in any registration statement or any amendment thereof, any
preliminary prospectus or prospectus (as amended or supplemented if the Company
shall have furnished any amendment or supplements thereto) relating to the
Registrable Securities or 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 such untrue statement or omission or alleged
untrue statement or omission was made (x) in reliance upon and in conformity
with any information furnished to the Company in writing by such Holder or, if
applicable, the underwriters, legal counsel, or other agents of such Holder,
expressly for use therein, (y) in any prospectus used after such time as the
Company advised such Holder in writing that the filing of a post-effective
amendment or supplement thereto was required, other than such prospectus as so
amended or supplemented or (z) in any prospectus used after such time as the
obligation of the Company to keep such prospectus effective and current shall
have expired or (ii) any violation by the Company of the 1933 Act or the 1934
Act in connection with such registration. The Company shall also indemnify any
underwriters of the Registrable Securities, their officers and directors and
each person that controls such underwriters (within the meaning of either
Section 15 of the 1933 Act or Section 20 of the 1934 Act) to the same extent and
subject to the same limitations as provided in this Section 2.08 with respect to
the indemnification of the Holders; and provided further that the Company shall
not be liable for an underwriter's failure to send or give a copy of the final
prospectus or supplement to the persons asserting an untrue statement or alleged
untrue statement or omission or alleged omission at or prior to the written
confirmation of the sale of Registrable Securities to such person if such
statement or omission was corrected in such final prospectus or supplement.

                  (b) In connection with any registration statement pursuant to
which Registrable Securities owned by any Holders are being registered as
provided in Section 2.01 or 2.02, each such Holder shall furnish to the Company
in writing such information with respect to such Holder as the Company may
reasonably request for use in connection with any such registration statement or
related prospectus and agrees to indemnify and hold harmless the Company, its
officers, directors, agents, trustees and stockholders and each person, if any,
that controls the Company (within the meaning of either Section 15 of the 1993
Act or Section 20 of the 1934 Act) from and against any and all losses, claims,
damages, liabilities and expenses (including reasonable costs of investigation
and reasonable attorneys' fees, disbursements and expenses) arising out of or
based upon any untrue statement or alleged untrue statement of a material fact
contained in any registration statement or any amendment thereof, any
preliminary prospectus or prospectus (as amended or supplemented if the Company
shall have furnished any amendment or supplement thereto) relating to the
Registrable Securities or any omission or alleged omission to state therein a
material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading, but only insofar as
such losses, claims, damages, liabilities and expenses are caused by information
furnished in writing to the Company by such Holder, or, if applicable, the
underwriters, legal counsel, or other agents of such Holder, expressly for use
therein; provided however that in no event shall any Holder be required to
indemnify any person described in this Section 2.08(b) in an amount in excess of
the

<PAGE>
                                                                              14

amount of the net proceeds received by such Holder in connection with sales of
Registrable Securities covered by any such registration under the Securities
Act.

                  (c) Each party indemnified under paragraph (a) or (b) above
shall, promptly after receipt of notice of a claim or action against such
indemnified party in respect of which indemnity may be sought hereunder, notify
the indemnifying party in writing of the claim or action; provided that the
failure to notify the indemnifying party shall not relieve it from any liability
that it may have to an indemnified party on account of the indemnity agreement
contained in paragraph (a) or (b) above except to the extent that the
indemnifying party was actually substantially prejudiced by such failure, and in
no event shall such failure relieve the indemnifying party from any other
liability that it may have to such indemnified party. If any such claim or
action shall be brought against an indemnified party, and it shall have notified
the indemnifying party thereof, unless based on the advice of counsel to such
indemnified party a conflict of interest between such indemnified party and
indemnifying parties may exist in respect of such claim, the indemnifying party
shall be entitled to participate therein and, to the extent that it wishes,
jointly with any other similarly notified indemnifying party, to assume the
defense thereof. After notice from the indemnifying party to the indemnified
party of its election to assume the defense of such claim or action and the
prompt undertaking of such defense with counsel reasonably acceptable to the
indemnified party, the indemnifying party shall not be liable to the indemnified
party under this Section 2.08 for any legal or other expenses subsequently
incurred by the indemnified party in connection with the defense thereof. Any
indemnifying party against whom indemnity may be sought under this Section 2.08
shall not be liable to indemnify an indemnified party if such indemnified party
settles such claim or action without the consent of the indemnifying party (such
consent not to be unreasonably withheld, delayed or conditional). The
indemnifying party may not agree to any settlement of any such claim or action,
other than solely for monetary damages for which the indemnifying party shall be
responsible hereunder, the result of which any remedy or relief shall be applied
to or against the indemnified party, without the prior written consent of the
indemnified party, which consent shall not be unreasonably withheld. In any
action hereunder as to which the indemnifying party has assumed the defense
thereof, the indemnified party shall continue to be entitled to participate in
the defense thereof, with counsel of its own choice, but the indemnifying party
shall not be obligated hereunder to reimburse the indemnified party for the
costs thereof unless (i) the indemnifying party agrees to pay such costs or (ii)
the indemnifying party fails to promptly assume and continue the defense of such
claim or action with counsel reasonably satisfactory to the indemnified party.

                  (d) If the indemnification provided for in this Section 2.08
from an indemnifying party shall for any reason be unavailable to an indemnified
party (other than in accordance with its terms) in respect of any loss, claim,
damage, liability or expense referred to herein, then such indemnifying party
shall, in lieu of indemnifying such indemnified party, contribute to the amount
paid or payable by such indemnified party as a result of such loss, claim,
damage, liability or expense in such proportion as is appropriate to reflect the
relative fault of such indemnifying party on the one hand and of such
indemnified party on the other hand in connection with the statements or
omissions (or actions) that resulted in such losses, claims, damages,
liabilities or expenses as well as any other relevant equitable considerations.
The relative fault of the indemnifying party on the one hand and the indemnified
party on the other hand shall be determined by reference to, among other things,
whether the untrue or

<PAGE>
                                                                              15

alleged untrue statement of a material fact or the omission or alleged omission
to state a material fact relates to information supplied by such indemnifying
party or indemnified party 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 an indemnified party as a result of the loss,
claim, damage, liability or expense in respect thereof referred to above in this
paragraph (d), shall be deemed to include, for purposes of this paragraph (d),
any legal or other expenses reasonably incurred by such indemnified party in
connection with investigating or defending any such action or claim.

                  The parties hereto agree that it would not be just and
equitable if contribution pursuant to this Section 2.08 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 this paragraph (d).
Notwithstanding any other provision of this Section 2.08, no Holder shall be
required to contribute any amount in excess of the amount by which the proceeds
of the offering received by such Holder exceeds the amount of any damages which
such Holder 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 1933 Act) shall be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation. Each
Holder's obligation to contribute is several in the proportion that the proceeds
of the offering received by such Holder bears to the total proceeds of the
offering, and not joint.

                  (e) The obligations of the parties under this Section 2.08
shall be in addition to any liability that any party may otherwise have to any
other party.

                  SECTION 2.09. Holdback Agreements. (a) From the date of this
Agreement to the date on which the Merger Agreement is terminated in accordance
with its terms, each Holder agrees not to effect (and to cause its controlled
affiliates not to effect) any sale or distribution (including any open market
sales and any offerings made in reliance on Rule 144A under the 1933 Act or
similar distribution) of any Registrable Securities or any other equity security
of the Company, or any securities convertible into or exchangeable or
exercisable for Registrable Securities or other equity securities of the
Company, including a sale pursuant to Rule 144 and any hedging or derivative
transaction involving such securities.

                  (b) To the extent not inconsistent with applicable law, in the
event that any Registrable Securities shall be registered in connection with an
underwritten offering, each Holder agrees not to effect (and to cause its
controlled affiliates not to effect) any public sale or distribution (including
any open market sales and any offerings made in reliance on Rule 144A under the
1933 Act or similar distribution) of Registrable Securities or any other equity
security of the Company, or any securities convertible into or exchangeable or
exercisable for Registrable Securities or other equity securities of the
Company, including a sale pursuant to Rule 144 and any hedging or derivative
transaction involving any such securities, during the 14 days prior to, and
during the 90-day period beginning on, the later of (i) the effective date of
such registration or (ii) the commencement of a public distribution of such
Registrable Securities pursuant to such

<PAGE>
                                                                              16

registration, in each case if and to the extent requested by the Company or the
lead or managing underwriter of such underwritten offering.

                  (c) In connection with any registration of Registrable
Securities in connection with an underwritten offering, the Company agrees not
to effect any public sale or distribution of any of its equity securities, or
any securities convertible into or exchangeable or exercisable for its equity
securities (except pursuant to a registration statement on Form S-4 or Form S-8
or any successor or similar forms thereto) during the 20 days prior to, and
during the 90-day period beginning on, the later of (i) the effective date of
such registration or (ii) the commencement of a public distribution of such
Registrable Securities pursuant to such registration.

                  (d) In the event of a proposed offering of debt or equity
securities by the Company for its own account at any time during the Effective
Period, whether or not such offering is to be registered under the 1933 Act or
any Registrable Securities shall be registered in connection therewith, if
requested in writing by the Company, each Holder agrees not to effect (and to
cause its controlled affiliates not to effect) any public sale or distribution
(including any open market sales and offerings made in reliance on Rule 144A
under the 1933 Act or similar distribution) of Registrable Securities or any
other equity security of the Company, or any securities convertible into or
exchangeable or exercisable for Registrable Securities or other equity
securities of the Company, including a sale pursuant to Rule 144 and any hedging
or derivative transaction involving any such securities, for such period prior
to or following such offering, not to exceed 75 days in any calendar year, as
the Company may so request.

                  SECTION 2.10. Priority Rights of Holders. The Company hereby
agrees not to enter into any agreement for the registration, sale or
distribution of any of the Company's securities with terms that conflict with
the terms set forth in this Agreement with respect to each Holder.

                  SECTION 2.11. Holder Covenants. Each Holder hereby covenants
and agrees that:

                  (a) it will not sell any Registrable Securities under any
registration statement covering Registrable Securities until is has received
notice from the Company that such registration statement and any post-effective
amendments thereto have become effective; provided that the Company shall notify
each Holder promptly when such registration statement and any post-effective
amendments thereto have become effective;

                  (b) it will comply with the prospectus delivery requirements
of the Securities Act as applicable to it in connection with the sales of
Registrable Securities pursuant to a registration statement;

                  (c) it shall promptly furnish to the Company such information
regarding the Holder, the Registrable Securities held by it and the distribution
proposed by the Holder as the Company may request in writing and shall otherwise
cooperate with the Company to the extent such information or cooperation is
required in connection with any registration, qualification or compliance
referred to in this Agreement;

<PAGE>
                                                                              17

                  (d) it shall notify the Company as promptly as practicable of
any inaccuracy or change in information previously furnished to the Company or
of the happening of any event, in either case as a result of which any
prospectus relating to such registration contains an untrue statement of a
material fact regarding the Holder or the distribution of such Registrable
Securities or omits to state any material fact regarding the Holder or the
distribution of such Registrable Securities required to be stated therein or
necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading, and to furnish to the Company
promptly any additional information required to correct and update any
previously furnished information or required such that such prospectus shall not
contain, with respect to the Holder or the distribution of such Registrable
Securities, an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading.

                  SECTION 2.12. Termination. Effective immediately upon the
consummation of the transactions contemplated by the Merger Agreement, this
Agreement (other than Article III, which shall survive such termination) shall
thereupon automatically terminate and become null and void without any further
action on the part of any party hereto.

                                  ARTICLE III

                                  Miscellaneous

                  SECTION 3.01. Amendments and Waivers. This Agreement may not
be amended except by an instrument in writing signed on behalf of each of the
parties hereto. By an instrument in writing, the Investor, on the one hand, or
the Company, on the other hand, may waive compliance by the other with any term
or provision of this Agreement that such other party was or is obligated to
comply with or perform.

                  SECTION 3.02. Notices. All notices or other communications
required or permitted to be given hereunder shall be in writing and shall be
delivered by hand or sent by facsimile or sent, postage prepaid, by registered,
certified or express mail or overnight courier service and shall be deemed given
when so delivered by hand or facsimile (upon receipt of confirmation), or if
mailed, one day after mailing, as follows:

                  (a) If to the Company, to:

                           EchoStar Communications Corporation
                           5701 South Santa Fe Drive
                           Littleton, Colorado 80120
                           Fax: 303-723-1699

                           Attention: David K. Moskowitz, General Counsel

<PAGE>
                                                                              18

                           with a copy to:

                           Sullivan & Cromwell
                           125 Broad Street
                           New York, NY 10004
                           Fax: 212-558-3588

                           Attention: Francis J. Aquila and John J. O'Brien

                  (b) If to the Investor or any other Holder, to:

                           Vivendi Universal
                           42, Avenue de Friedland
                           75380 Paris Cedex 08
                           France
                           Fax: 33-1-7171-1414

                           Attention: Mr. Guillaume Hannezo

                           with a copy to:

                           Cravath, Swaine & Moore
                           Worldwide Plaza
                           825 Eighth Avenue
                           New York, NY 10019
                           Fax: 212-474-3700

                           Attention:  Faiza J. Saeed

                  SECTION 3.03. Interpretation. (a) The headings contained in
this Agreement are for reference purposes only and shall not affect in any way
the meaning or interpretation of this Agreement.

                  (b) For all purposes hereof:

                  "including" means including, without limitation.

                  "subsidiary" of any person means another person, an amount of
the voting securities, other voting rights or voting partnership interests of
which is sufficient to elect at least a majority of its board of directors or
other governing body (or, if there are no such voting interests, 50% or more of
the equity interests of which) is owned directly or indirectly by such first
person.

                  SECTION 3.04. Severability. This Agreement shall be deemed
severable, and the invalidity or unenforceability of any term or provision
hereof shall not affect the validity or enforceability of this Agreement or of
any other term or provision hereof. Furthermore, in lieu of any such invalid or
unenforceable term or provision, the parties hereto intend that there shall

<PAGE>
                                                                              19

be added as a part of this Agreement a provision as similar in terms to such
invalid or unenforceable provision as may be possible and be valid and
enforceable.

                  SECTION 3.05. Counterparts. This Agreement may be executed in
one or more counterparts, all of which shall be considered one and the same
agreement, and shall become effective when one or more such counterparts have
been signed by each of the parties and delivered to the other parties.

                  SECTION 3.06. Entire Agreement; No Third-Party Beneficiaries.
This Agreement (i) constitutes the entire agreement and supersedes all prior
agreements and understandings, both written and oral, among the parties with
respect to the subject matter hereof and (ii) except for the provisions of
Section 2.08, is not intended to confer upon any person other than the parties
hereto any rights or remedies hereunder.

                  SECTION 3.07. Governing Law. This Agreement shall be governed
by and construed in accordance with the laws of the State of New York regardless
of the laws that might otherwise apply under applicable principles of law
thereof.

                  SECTION 3.08. Assignment. Except as provided in clause (ii) or
(iii) of the definition of Holder, neither this Agreement nor any of the rights,
interests or obligations under this Agreement shall be assigned, in whole or in
part, by operation of law or otherwise, by any of the parties without the prior
written consent of the other parties. Any purported assignment without such
consent shall be void. Subject to the preceding sentences, this Agreement will
be binding upon, inure to the benefit of, and be enforceable by, the parties and
their respective successors and assigns.

                  SECTION 3.09. Enforcement. The parties agree that irreparable
damage would occur and that the parties would not have any adequate remedy at
law in the event that any of the provisions of this Agreement were not performed
in accordance with their specific terms or were otherwise breached. It is
accordingly agreed that the parties shall be entitled to an injunction or
injunctions to prevent breaches of this Agreement and to enforce specifically
the terms and provisions of this Agreement in any New York state court, any
Federal court located in the State of New York or any Colorado state court or
Federal court located in the State of Colorado, this being in addition to any
other remedy to which they are entitled at law or in equity. In addition, each
of the parties hereto (i) consents to submit itself to the personal jurisdiction
of any New York state court or any Federal court located in the State of New
York or any Colorado state court or Federal court located in the State of
Colorado in the event any dispute arises out of this Agreement, (ii) agrees that
it will not attempt to deny or defeat such personal jurisdiction by motion or
other request for leave from any such court, (iii) agrees that it will not bring
any action relating to this Agreement in any court other than a New York state
court or any Federal court sitting in the State of New York or any Colorado
state court or Federal court located in the State of Colorado and (iv) waives
any right to trial by jury with respect to any claim or proceeding related to or
arising out of this Agreement or any transaction contemplated hereby.

<PAGE>

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

                                          ECHOSTAR COMMUNICATIONS CORPORATION,

                                          by
                                              /s/ David K. Moskowitz
                                            ------------------------------------
                                            Name: David K. Moskowitz
                                            Title: Senior Vice President
                                                   and General Counsel

                                          VIVENDI UNIVERSAL, S.A.,

                                          by
                                               /s/ Jean-Marie Messier
                                            ------------------------------------
                                            Name: Jean-Marie Messier
                                            Title: Chairman and Chief
                                                   Executive Officer

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