Document:

<PAGE>
                                                                    EXHIBIT 4.10

                          REGISTRATION RIGHTS AGREEMENT

                                      among

                               CRITICAL PATH, INC.

                       GENERAL ATLANTIC PARTNERS 74, L.P.,

                       GAP COINVESTMENT PARTNERS II, L.P.,

                                  GAPSTAR, LLC

                                       and

                         THE OTHER PARTIES LISTED HEREIN

                            ------------------------
                             Dated: November 8, 2001
                            ------------------------

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                                TABLE OF CONTENTS

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<S>     <C>                                                                         <C>
1.      Definitions...................................................................1

2.      General; Securities Subject to this Agreement.................................4
        (a)    Grant of Rights........................................................4
        (b)    Registrable Securities.................................................5
        (c)    Holders of Registrable Securities......................................5

3.      Demand Registration...........................................................5
        (a)    Request for Demand Registration........................................5
        (b)    Incidental or "Piggy-Back" Rights with Respect to a Demand
               Registration...........................................................6
        (c)    Effective Demand Registration..........................................6
        (d)    Expenses...............................................................7
        (e)    Underwriting Procedures................................................7
        (f)    Selection of Underwriters..............................................8

4.      Incidental or "Piggy-Back" Registration.......................................8
        (a)    Request for Incidental Registration....................................8
        (b)    Expenses...............................................................8

5.      Holdback Agreements...........................................................9
        (a)    Restrictions on Public Sale by Designated Holders......................9
        (b)    Restrictions on Public Sale by the Company.............................9

6.      Registration Procedures.......................................................9
        (a)    Obligations of the Company.............................................9
        (b)    Seller Information....................................................12
        (c)    Notice to Discontinue.................................................12
        (d)    Registration Expenses.................................................13

7.      Indemnification; Contribution................................................13
        (a)    Indemnification by the Company........................................13
        (b)    Indemnification by Designated Holders.................................14
        (c)    Conduct of Indemnification Proceedings................................14
        (d)    Contribution..........................................................15

8.      Rule 144.....................................................................16

9.      Miscellaneous................................................................16
        (a)    Recapitalizations, Exchanges, etc.....................................16
        (b)    No Inconsistent Agreements............................................16
        (c)    Remedies..............................................................16
        (d)    Amendments and Waivers................................................17
        (e)    Notices...............................................................17
</TABLE>

                                       i
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<S>     <C>                                                                         <C>
        (f)    Successors and Assigns; Third Party Beneficiaries.....................19
        (g)    Counterparts..........................................................19
        (h)    Headings..............................................................19
        (i)    GOVERNING LAW.........................................................19
        (j)    Severability..........................................................19
        (k)    Rules of Construction.................................................20
        (l)    Entire Agreement......................................................20
        (m)    Further Assurances....................................................20
        (n)    Other Agreements......................................................20
</TABLE>

                                       ii
<PAGE>

                         REGISTRATION RIGHTS AGREEMENT

        REGISTRATION RIGHTS AGREEMENT, dated November 8, 2001 (this
"Agreement"), among Critical Path, Inc., a California corporation (the
"Company"), General Atlantic Partners 74, L.P., a Delaware limited partnership
("GAP LP"), GAP Coinvestment Partners II, L.P., a Delaware limited partnership
("GAP Coinvestment"), GapStar, LLC, a Delaware limited liability company
("GapStar"), Cenwell Limited ("Cenwell"), Campina Enterprises Limited
("Campina") and Vectis CP Holdings, LLC, a Delaware limited liability company
("Vectis").

        WHEREAS, pursuant to the Stock and Warrant Purchase Agreement, dated
November 8, 2001 (the "Stock Purchase Agreement"), among the Company, GAP LP,
GAP Coinvestment, GapStar, Cenwell, Campina and Vectis, the Company has agreed
to (i) issue and sell to GAP LP, GAP Coinvestment, GapStar, Cenwell, Campina and
Vectis, an aggregate of 2,162,582 shares of Series D Cumulative Redeemable
Convertible Participating Series D Preferred Stock, par value $0.001 per share,
of the Company (the "Series D Preferred Stock"), (ii) issue and deliver to GAP
LP, GAP Coinvestment and GapStar an aggregate of 1,837,418 shares of Series D
Preferred Stock in exchange for a certain amount of convertible subordinated
notes of the Company and (iii) issue and sell to GAP LP, GAP Coinvestment and
GapStar warrants to purchase, at an exercise price of $1.05 per share, an
aggregate of 2,500,000 shares of Common Stock (as hereinafter defined) (the
"Warrants");

        WHEREAS, pursuant to an Escrow Agreement, dated the date hereof, among
the Company, GAP LP, GAP Coinvestment, GapStar, Cenwell, Campina, Vectis and
Pillsbury Winthrop, LLP, as Escrow Agent (the "Escrow Agreement"), the parties
have agreed to consummate the transaction contemplated by the Stock Purchase
Agreement in escrow, including the execution and delivery of this Agreement; and

        WHEREAS, in order to induce (i) each of GAP LP, GAP Coinvestment,
GapStar, Cenwell, Campina and Vectis to purchase shares of Series D Preferred
Stock and (ii) each of GAP LP, GAP Coinvestment and GapStar to purchase the
Warrants, the Company has agreed to grant registration rights with respect to
the Registrable Securities (as hereinafter defined) as set forth in this
Agreement.

        NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth herein and for good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereto agree as follows:

        1. Definitions. As used in this Agreement, and unless the context
requires a different meaning, the following terms have the meanings indicated:

        "Affiliate" shall mean any Person who is an "affiliate" as defined in
Rule 12b-2 of the General Rules and Regulations under the Exchange Act.

        "Agreement" mean this Agreement as the same may be amended, supplemented
or modified in accordance with the terms hereof.

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                                                                               2

        "Approved Underwriter" has the meaning set forth in Section 3(f) of this
Agreement.

        "Board of Directors" means the Board of Directors of the Company.

        "Business Day" means any day other than a Saturday, Sunday or other day
on which commercial banks in the State of New York are authorized or required by
law or executive order to close.

        "Campina" has the meaning set forth in the preamble to this Agreement.

        "Cenwell" has the meaning set forth in the preamble to this Agreement.

        "Cenwell Stockholders" means Cenwell, Campina and any Affiliates thereof
that, after the date hereof, acquires Registrable Securities.

        "Commission" means the Securities and Exchange Commission or any similar
agency then having jurisdiction to enforce the Securities Act.

        "Common Stock" means the Common Stock, par value $0.001 per share, of
the Company or any other capital stock of the Company into which such stock is
reclassified or reconstituted and any other common stock of the Company.

        "Company" has the meaning set forth in the preamble to this Agreement.

        "Company Underwriter" has the meaning set forth in Section 4(a) of this
Agreement.

        "Demand Registration" has the meaning set forth in Section 3(a) of this
Agreement.

        "Designated Holder" means each of the General Atlantic Stockholders, the
Cenwell Stockholders, the Vectis Stockholders and any transferee of any of them
to whom Registrable Securities have been transferred in accordance with Section
9(f) of this Agreement, other than a transferee to whom Registrable Securities
have been transferred pursuant to a Registration Statement under the Securities
Act or Rule 144 (or any successor rule thereto).

        "Escrow Agreement" has the meaning set forth in the recitals to this
Agreement.

        "Escrow Release Date" has the meaning set forth in the Escrow Agreement.

        "Escrow Termination Date" has the meaning set forth in the Escrow
Agreement.

<PAGE>
                                                                               3

        "Exchange Act" means the Securities Exchange Act of 1934, as amended,
and the rules and regulations of the Commission thereunder.

        "GAP Coinvestment" has the meaning set forth in the preamble to this
Agreement.

        "GAP LLC" means General Atlantic Partners, LLC, a Delaware limited
liability company and the general partner of GAP LP and the managing member of
GapStar, and any successor to such entity.

        "GAP LP" has the meaning set forth in the preamble to this Agreement.

        "GapStar" has the meaning set forth in the preamble to this Agreement.

        "General Atlantic Stockholders" means GAP LP, GAP Coinvestment, GapStar,
GmbH Coinvestment and any Affiliate of GAP LLC that, after the date hereof,
acquires Registrable Securities.

        "GmbH Coinvestment" means GAPCO GmbH & Co. KG, a German limited
partnership.

        "Holders' Counsel" has the meaning set forth in Section 6(a)(i) of this
Agreement.

        "Incidental Registration" has the meaning set forth in Section 4(a) of
this Agreement.

        "Indemnified Party" has the meaning set forth in Section 7(c) of this
Agreement.

        "Indemnifying Party" has the meaning set forth in Section 7(c) of this
Agreement.

        "Initiating Holders" has the meaning set forth in Section 3(a) of this
Agreement.

        "Inspector" has the meaning set forth in Section 6(a)(vii) of this
Agreement.

        "Liability" has the meaning set forth in Section 7(a) of this Agreement.

        "NASD" means the National Association of Securities Dealers, Inc.

        "Person" means any individual, firm, corporation, partnership, limited
liability company, trust, incorporated or unincorporated association, joint
venture, joint stock company, limited liability company, government (or an
agency or political subdivision thereof) or other entity of any kind, and shall
include any successor (by merger or otherwise) of such entity.

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                                                                               4

        "Public Offering" means any public offering of the shares of Common
Stock of the Company pursuant to an effective Registration Statement filed under
the Securities Act.

        "Records" has the meaning set forth in Section 6(a)(vii) of this
Agreement.

        "Registrable Securities" means each of the following: (a) any and all
shares of Common Stock issued or issuable upon conversion of shares of Series D
Preferred Stock or exercise of the Warrants, (b) any other shares of Common
Stock acquired or owned by any of the Designated Holders after the date hereof
if such Designated Holder is an Affiliate of the Company and (c) any shares of
Common Stock issued or issuable to any of the Designated Holders with respect to
the Registrable Securities by way of stock dividend or stock split or in
connection with a combination of shares, recapitalization, merger, consolidation
or other reorganization or otherwise and any shares of Common Stock or voting
common stock issuable upon conversion, exercise or exchange thereof.

        "Registration Expenses" has the meaning set forth in Section 6(d) of
this Agreement.

        "Registration Statement" means a Registration Statement filed pursuant
to the Securities Act.

        "Securities Act" means the Securities Act of 1933, as amended, and the
rules and regulations of the Commission promulgated thereunder.

        "Series D Preferred Stock" has the meaning set forth in the recitals to
this Agreement.

        "Stock Purchase Agreement" has the meaning set forth in the recitals to
this Agreement.

        "Valid Business Reason" has the meaning set forth in Section 3(a) of
this Agreement.

        "Vectis" has the meaning set forth in the preamble of this Agreement.

        "Vectis Stockholders" means Vectis and any Affiliate thereof that, after
the date hereof, acquires Registrable Securities.

        "Warrants" has the meaning set forth in the recitals to this Agreement.

        2. General; Securities Subject to this Agreement.

                (a) Grant of Rights. Unless the Escrow Termination Date shall
have occurred, in which case this Agreement shall terminate and be void and of
no further force or effect, then effective upon the Escrow Release Date, the
Company hereby

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                                                                               5

grants registration rights to the Designated Holders upon the terms and
conditions set forth in this Agreement.

                (b) Registrable Securities. For the purposes of this Agreement,
Registrable Securities will cease to be Registrable Securities, when (i) a
Registration Statement covering such Registrable Securities has been declared
effective under the Securities Act by the Commission and such Registrable
Securities have been disposed of pursuant to such effective Registration
Statement, (ii) (x) the entire amount of the Registrable Securities owned by a
Designated Holder may be sold in a single sale, in the opinion of counsel
satisfactory to the Company and such Designated Holder, each in their reasonable
judgment, without any limitation as to volume pursuant to Rule 144 (or any
successor provision then in effect) under the Securities Act and (y) such
Designated Holder owning such Registrable Securities owns less than one percent
(1%) of the outstanding shares of Common Stock on a fully diluted basis, or
(iii) the Registrable Securities are proposed to be sold or distributed by a
Person not entitled to the registration rights granted by this Agreement.

                (c) Holders of Registrable Securities. A Person is deemed to be
a holder of Registrable Securities whenever such Person owns of record
Registrable Securities, or holds an option to purchase, or a security
convertible into or exercisable or exchangeable for, Registrable Securities
whether or not such acquisition or conversion has actually been effected. If the
Company receives conflicting instructions, notices or elections from two or more
Persons with respect to the same Registrable Securities, the Company may act
upon the basis of the instructions, notice or election received from the
registered owner of such Registrable Securities. Registrable Securities issuable
upon exercise of an option or upon conversion of another security shall be
deemed outstanding for the purposes of this Agreement.

        3. Demand Registration.

                (a) Request for Demand Registration. At any time commencing one
year after the date hereof, either the General Atlantic Stockholders or the
Cenwell Stockholders (the "Initiating Holders"), may each make a written request
to the Company to register, and the Company shall register, under the Securities
Act and on an appropriate registration statement form as reasonably determined
by the Company and approved by the Initiating Holders (a "Demand Registration"),
the number of Registrable Securities stated in such request; provided, however,
that the Company shall not be obligated to effect more than one such Demand
Registration for the General Atlantic Stockholders (subject to Section 3(e)(ii)
below) and more than one such Demand Registration for the Cenwell Stockholders
(subject to Section 3(e)(ii) below). If following receipt of a written request
for a Demand Registration the Board of Directors, in its good faith judgment,
determines that any registration of Registrable Securities should not be made or
continued because it would materially interfere with any material financing,
acquisition, corporate reorganization or merger or other material transaction
involving the Company (a "Valid Business Reason"), the Company may (x) postpone
filing a Registration Statement relating to a Demand Registration until such
Valid Business Reason no longer exists, but in no event for more than ninety
(90) days, and

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                                                                               6

(y) in case a Registration Statement has been filed relating to a Demand
Registration, if the Valid Business Reason has not resulted from actions taken
by the Company, the Company, upon the approval of a majority of the Board of
Directors, such majority to include at least one Director appointed by the
General Atlantic Stockholders, may cause such Registration Statement to be
withdrawn and its effectiveness terminated or may postpone amending or
supplementing such Registration Statement. The Company shall give written notice
of its determination to postpone or withdraw a Registration Statement and of the
fact that the Valid Business Reason for such postponement or withdrawal no
longer exists, in each case, promptly after the occurrence thereof.
Notwithstanding anything to the contrary contained herein, the Company may not
postpone or withdraw a filing under this Section 3(a) more than once in any
twelve (12) month period. Each request for a Demand Registration by the
Initiating Holders shall state the amount of the Registrable Securities proposed
to be sold and the intended method of disposition thereof.

                (b) Incidental or "Piggy-Back" Rights with Respect to a Demand
Registration. Each of the Designated Holders (other than Initiating Holders
which have requested a registration under Section 3(a)) may offer its or his
Registrable Securities under any Demand Registration pursuant to this Section
3(b). Within five (5) days after the receipt of a request for a Demand
Registration from an Initiating Holder, the Company shall (i) give written
notice thereof to all of the Designated Holders (other than Initiating Holders
which have requested a registration under Section 3(a)) and (ii) subject to
Section 3(e), include in such registration all of the Registrable Securities
held by such Designated Holders from whom the Company has received a written
request for inclusion therein within ten (10) days of the receipt by such
Designated Holders of such written notice referred to in clause (i) above. Each
such request by such Designated Holders shall specify the number of Registrable
Securities proposed to be registered. The failure of any Designated Holder to
respond within such 10 day period referred to in clause (ii) above shall be
deemed to be a waiver of such Designated Holder's rights under this Section 3
with respect to such Demand Registration. Any Designated Holder may waive its
rights under this Section 3 prior to the expiration of such 10-day period by
giving written notice to the Company, with a copy to the Initiating Holders. If
a Designated Holder sends the Company a written request for inclusion of part or
all of such Designated Holder's Registrable Securities in a registration, such
Designated Holder shall not be entitled to withdraw or revoke such request
without the prior written consent of the Company in its sole discretion unless,
as a result of facts or circumstances arising after the date on which such
request was made relating to the Company or to market conditions, such
Designated Holder reasonably determines that participation in such registration
would have a material adverse effect on such Designated Holder.

                (c) Effective Demand Registration. The Company shall use all
commercially reasonable efforts to cause any such Demand Registration to be
filed not later than thirty (30) days after it receives a request under Section
3(a) hereof and to become and remain effective as soon as practicable thereafter
but, in any event, not later than ninety (90) days after such filing. A
registration shall not constitute a Demand Registration until it has become
effective and remains continuously effective for the lesser of (i) the period
during which all Registrable Securities registered in the Demand Registration
are sold and (ii) 120 days; provided, however, that a registration shall not

<PAGE>
                                                                               7

constitute a Demand Registration if (x) after such Demand Registration has
become effective, such registration or the related offer, sale or distribution
of Registrable Securities thereunder is interfered with by any stop order,
injunction or other order or requirement of the Commission or other governmental
agency or court for any reason not attributable to the Initiating Holders and
such interference is not thereafter eliminated or (y) the conditions specified
in the underwriting agreement, if any, entered into in connection with such
Demand Registration are not satisfied or waived, other than by reason of a
failure by the Initiating Holder.

                (d) Expenses. The Company shall pay all Registration Expenses in
connection with a Demand Registration, whether or not such Demand Registration
becomes effective.

                (e) Underwriting Procedures.

                        (i) If the Company or the Initiating Holders holding a
majority of the Registrable Securities held by all of the Initiating Holders so
elect, the Company shall use all commercially reasonable efforts to cause such
Demand Registration to be in the form of a firm commitment underwritten offering
and the managing underwriter or underwriters selected for such offering shall be
the Approved Underwriter selected in accordance with Section 3(f). In connection
with any Demand Registration under this Section 3 involving an underwritten
offering, none of the Registrable Securities held by any Designated Holder
making a request for inclusion of such Registrable Securities pursuant to
Section 3(b) hereof shall be included in such underwritten offering unless such
Designated Holder accepts the terms of the offering as agreed upon by the
Company, the Initiating Holders and the Approved Underwriter, and then only in
such quantity as will not, in the opinion of the Approved Underwriter,
jeopardize the success of such offering by the Initiating Holders. If the
Approved Underwriter advises the Company in its reasonable opinion that the
aggregate amount of such Registrable Securities requested to be included in such
offering is sufficiently large to have a material adverse effect on the success
of such offering, then the Company shall include in such registration only the
aggregate amount of Registrable Securities that the Approved Underwriter
believes may be sold without any such material adverse effect and shall reduce
the amount of Registrable Securities to be included in such registration by
removing from such registration securities owned, first by the Company and
second by the Designated Holders (including the Initiating Holders) pro rata
based on the number of Registrable Securities owned by each such Designated
Holder.

                        (ii) If an Initiating Holder makes a request for a
Demand Registration and, pursuant to Section 3(e)(i) above, the Approved
Underwriter advises the Company to reduce the aggregate amount of Registrable
Securities requested to be included in such offering such that less than
seventy-five percent (75%) of the Registrable Securities requested to be
included by any Initiating Holder are ultimately included in and sold pursuant
to such Demand Registration, the Initiating Holder shall have the right to
require the Company to effect an additional Demand Registration; provided,
however, that in no event shall the aggregate number of Demand Registrations to
be effected by the Company for any one Initiating Holder exceed two (2).

<PAGE>
                                                                               8

                (f) Selection of Underwriters. If any Demand Registration of
Registrable Securities is in the form of an underwritten offering, the Company
shall select and obtain an investment banking firm of national reputation to act
as the managing underwriter of the offering (the "Approved Underwriter");
provided, however, that the Approved Underwriter shall, in any case, also be
approved by the Initiating Holders.

        4. Incidental or "Piggy-Back" Registration.

                (a) Request for Incidental Registration. If at any time the
Company proposes to file a Registration Statement under the Securities Act with
respect to an offering by the Company for its own account (other than a
Registration Statement on Form S-4 or S-8 or any successor thereto) or for the
account of any stockholder of the Company other than the Designated Holders,
then the Company shall give written notice of such proposed filing to each of
the Designated Holders at least twenty (20) days before the anticipated filing
date, and such notice shall describe the proposed registration and distribution
and offer such Designated Holders the opportunity to register the number of
Registrable Securities as each such Designated Holder may request (an
"Incidental Registration"). The Company shall use all commercially reasonable
efforts (within twenty (20) days of the notice provided for in the preceding
sentence) to cause the managing underwriter or underwriters in the case of a
proposed underwritten offering (the "Company Underwriter") to permit each of the
Designated Holders who have requested in writing to participate in the
Incidental Registration to include its or his Registrable Securities in such
offering on the same terms and conditions as the securities of the Company or
the account of such other stockholder, as the case may be, included therein. In
connection with any Incidental Registration under this Section 4(a) involving an
underwritten offering, the Company shall not be required to include any
Registrable Securities in such underwritten offering unless the Designated
Holders thereof accept the terms of the underwritten offering as agreed upon
between the Company, such other stockholders, if any, and the Company
Underwriter, and then only in such quantity as the Company Underwriter believes
will not jeopardize the success of the offering by the Company. If the Company
Underwriter determines that the registration of all or part of the Registrable
Securities which the Designated Holders have requested to be included would
materially adversely affect the success of such offering, then the Company shall
be required to include in such Incidental Registration, to the extent of the
amount that the Company Underwriter believes may be sold without causing such
adverse effect, first, all of the securities to be offered for the account of
the Company or on the account of the selling stockholder that caused the
registration statement that has triggered the Incidental Registration to be
filed, as the case may be; second, the Registrable Securities to be offered for
the account of the Designated Holders pursuant to this Section 4, pro rata based
on the number of Registrable Securities owned by each such Designated Holder;
and third, any other securities requested to be included in such offering.

                (b) Expenses. The Company shall bear all Registration Expenses
in connection with any Incidental Registration pursuant to this Section 4,
whether or not such Incidental Registration becomes effective.

<PAGE>
                                                                               9

        5. Holdback Agreements.

                (a) Restrictions on Public Sale by Designated Holders. To the
extent (i) requested (A) by the Company or the Initiating Holders, as the case
may be, in the case of a non-underwritten public offering and (B) by the
Approved Underwriter or the Company Underwriter, as the case may be, in the case
of an underwritten public offering and (ii) all of the Company's officers,
directors and holders in excess of one percent (1%) of its outstanding capital
stock execute agreements identical to those referred to in this Section 5(a),
each Designated Holder agrees (x) not to effect any public sale or distribution
of any Registrable Securities or of any securities convertible into or
exchangeable or exercisable for such Registrable Securities, including a sale
pursuant to Rule 144 under the Securities Act, or offer to sell, contract to
sell (including without limitation any short sale), grant any option to purchase
or enter into any hedging or similar transaction with the same economic effect
as a public sale any Registrable Securities and (y) not to make any request for
a Demand Registration under this Agreement, during the ninety (90) day period or
such shorter period, if any, mutually agreed upon by such Designated Holder and
the requesting party beginning on the effective date of the Registration
Statement (except as part of such registration) for such public offering. No
Designated Holder of Registrable Securities subject to this Section 5(a) shall
be released from any obligation under any agreement, arrangement or
understanding entered into pursuant to this Section 5(a) unless all other
Designated Holders of Registrable Securities subject to the same obligation are
also released. All Designated Holders of Registrable Securities shall be
automatically released from any obligations under any agreement, arrangement or
understanding entered into pursuant to this Section 5(a) immediately upon the
expiration of the 90 day period.

                (b) Restrictions on Public Sale by the Company. The Company
agrees not to effect any public sale or distribution of any of its securities,
or any securities convertible into or exchangeable or exercisable for such
securities (except pursuant to registrations on Form S-4 or S-8 or any successor
thereto), during the period beginning on the effective date of any Registration
Statement in which the Designated Holders of Registrable Securities are
participating and ending on the earlier of (i) the date on which all Registrable
Securities registered on such Registration Statement are sold and (ii) 120 days
after the effective date of such Registration Statement (except as part of such
registration).

        6. Registration Procedures.

                (a) Obligations of the Company. Whenever registration of
Registrable Securities has been requested pursuant to Section 3 or Section 4 of
this Agreement, the Company shall use all commercially reasonable efforts to
effect the registration and sale of such Registrable Securities in accordance
with the intended method of distribution thereof as quickly as practicable, and
in connection with any such request, the Company shall, as expeditiously as
possible:

                        (i) prepare and file with the Commission a Registration
Statement on any form for which the Company then qualifies or which counsel for
the

<PAGE>
                                                                              10

Company shall deem appropriate and which form shall be available for the sale of
such Registrable Securities in accordance with the intended method of
distribution thereof, and cause such Registration Statement to become effective;
provided, however, that (x) before filing a Registration Statement or prospectus
or any amendments or supplements thereto, the Company shall provide counsel
selected by the Designated Holders holding a majority of the Registrable
Securities being registered in such registration ("Holders' Counsel") with an
adequate opportunity to review and comment on such Registration Statement and
each prospectus included therein (and each amendment or supplement thereto) to
be filed with the Commission, subject to such documents being under the
Company's control, and (y) the Company shall notify the Holders' Counsel and
each seller of Registrable Securities of any stop order issued or threatened by
the Commission and take all action required to prevent the entry of such stop
order or to remove it if entered;

                        (ii) 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 for the lesser of (x) 120 days and (y) such shorter period
which will terminate when all Registrable Securities covered by such
Registration Statement have been sold, and comply with the provisions of the
Securities 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 by the sellers thereof set forth in such Registration
Statement;

                        (iii) furnish to each seller of Registrable Securities,
prior to filing a Registration Statement, at least one copy of such Registration
Statement as is 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), and the prospectus included in such
Registration Statement (including each preliminary prospectus) and any
prospectus filed under Rule 424 under the Securities Act as each such seller may
reasonably request in order to facilitate the disposition of the Registrable
Securities owned by such seller;

                        (iv) register or qualify such Registrable Securities
under such other securities or "blue sky" laws of such jurisdictions as any
seller of Registrable Securities may request, and to continue such qualification
in effect in such jurisdiction for as long as permissible pursuant to the laws
of such jurisdiction, or for as long as any such seller requests or until all of
such Registrable Securities are sold, whichever is shortest, and do any and all
other acts and things which may be reasonably necessary or advisable to enable
any such seller to consummate the disposition in such jurisdictions of the
Registrable Securities owned by such seller; provided, however, that the Company
shall not be required to (x) qualify generally to do business in any
jurisdiction where it would not otherwise be required to qualify but for this
Section 6(a)(iv), (y) subject itself to taxation in any such jurisdiction or (z)
consent to general service of process in any such jurisdiction;

<PAGE>
                                                                              11

                        (v) notify each seller of Registrable Securities at any
time when a prospectus relating thereto is required to be delivered under the
Securities Act, upon discovery that, or upon the happening 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, in
light of the circumstances under which they were made, not misleading and the
Company shall promptly prepare a supplement or amendment to such prospectus and
furnish to each seller of Registrable Securities a reasonable number of copies
of such 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, in light of the circumstances under which they were made,
not misleading;

                        (vi) enter into and perform customary agreements
(including an underwriting agreement containing representations, warranties,
covenants and indemnities for securities law matters and otherwise in customary
form with the Approved Underwriter or Company Underwriter, if any, selected as
provided in Section 3 or Section 4, as the case may be) and take such other
actions as are prudent and reasonably required in order to expedite or
facilitate the disposition of such Registrable Securities, including causing its
officers to participate in "road shows" and other information meetings organized
by the Approved Underwriter or Company Underwriter;

                        (vii) make available at reasonable times for inspection
by any seller of Registrable Securities, any managing underwriter participating
in any disposition of such Registrable Securities pursuant to a Registration
Statement, Holders' Counsel and any attorney, accountant or other agent retained
by any such seller or any managing underwriter (each, an "Inspector" and
collectively, the "Inspectors"), all financial and other records, pertinent
corporate documents and properties of the Company and its subsidiaries
(collectively, the "Records") as shall be reasonably necessary to enable them to
exercise their due diligence responsibility, and cause the Company's and its
subsidiaries' 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. Records that
the Company determines, in good faith, to be confidential and which it notifies
the Inspectors are confidential shall not be disclosed by the Inspectors (and
the Inspectors shall confirm their agreement in writing in advance to the
Company if the Company shall so request) unless (x) the disclosure of such
Records is necessary, in the Company's judgment, to avoid or correct a
misstatement or omission in the Registration Statement, (y) the release of such
Records is ordered pursuant to a subpoena or other order from a court of
competent jurisdiction after exhaustion of all appeals therefrom or (z) the
information in such Records was known to the Inspectors on a non-confidential
basis prior to its disclosure by the Company or has been made generally
available to the public. Each seller of Registrable Securities 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 the
Records deemed confidential;

<PAGE>
                                                                              12

                        (viii) if such sale is pursuant to an underwritten
offering, obtain a "cold comfort" letters dated the effective date of the
Registration Statement and the date of the closing under the underwriting
agreement from the Company's independent public accountants in customary form
and covering such matters of the type customarily covered by "cold comfort"
letters as the managing underwriter reasonably requests;

                        (ix) furnish, at the request of any seller of
Registrable Securities on the date such securities are delivered to the
underwriters for sale pursuant to such registration or, if such securities are
not being sold through underwriters, on the date the Registration Statement with
respect to such securities becomes effective, an opinion, if reasonably
available, dated such date, of counsel representing the Company for the purposes
of such registration, addressed to the underwriters, if any, and to the seller
making such request, covering such legal matters with respect to the
registration in respect of which such opinion is being given as the
underwriters, if any, and such seller may reasonably request and are customarily
included in such opinions;

                        (x) comply with all applicable rules and regulations of
the Commission, and make available to its security holders, as soon as
reasonably practicable but no later than fifteen (15) months after the effective
date of the Registration Statement, an earnings statement covering a period of
twelve (12) months beginning after the effective date of the Registration
Statement, in a manner which satisfies the provisions of Section 11(a) of the
Securities Act and Rule 158 thereunder;

                        (xi) cause all such Registrable Securities to be listed
on each securities exchange on which similar securities issued by the Company
are then listed, provided that the applicable listing requirements are
satisfied;

                        (xii) cooperate with each seller of Registrable
Securities 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 NASD; and

                        (xiii) take all other steps reasonably necessary to
effect the registration of the Registrable Securities contemplated hereby.

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

                (c) Notice to Discontinue. Each Designated Holder agrees that,
upon receipt of any notice from the Company of the happening of any event of the
kind described in Section 6(a)(v), such Designated Holder shall forthwith
discontinue disposition of Registrable Securities pursuant to the Registration
Statement covering such Registrable Securities until such Designated Holder's
receipt of the copies of the supplemented or amended prospectus contemplated by
Section 6(a)(v) and, if so directed

<PAGE>
                                                                              13

by the Company, such Designated Holder shall deliver to the Company (at the
Company's expense) all copies, other than permanent file copies then in such
Designated Holder's possession, of the prospectus covering such Registrable
Securities which is current at the time of receipt of such notice. If the
Company shall give any such notice, the Company shall extend the period during
which such Registration Statement shall be maintained effective pursuant to this
Agreement (including, without limitation, the period referred to in Section
6(a)(ii)) by the number of days during the period from and including the date of
the giving of such notice pursuant to Section 6(a)(v) to and including the date
when sellers of such Registrable Securities under such Registration Statement
shall have received the copies of the supplemented or amended prospectus
contemplated by and meeting the requirements of Section 6(a)(v).

                (d) Registration Expenses. The Company shall pay all expenses
arising from or incident to its performance of, or compliance with, this
Agreement, including, without limitation, (i) Commission, stock exchange and
NASD registration and filing fees, (ii) all fees and expenses incurred in
complying with securities or "blue sky" laws (including reasonable fees, charges
and disbursements of counsel to any underwriter incurred in connection with
"blue sky" qualifications of the Registrable Securities as may be set forth in
any underwriting agreement), (iii) all printing, messenger and delivery expenses
and (iv) the fees, charges and expenses of counsel to the Company and of its
independent public accountants and any other accounting fees, charges and
expenses incurred by the Company (including, without limitation, any expenses
arising from any "cold comfort" letters or any special audits incident to or
required by any registration or qualification) and any reasonable legal fees,
charges and expenses incurred by one counsel for the General Atlantic
Stockholders. All of the expenses described in the preceding sentence of this
Section 6(d) are referred to herein as "Registration Expenses." The Designated
Holders of Registrable Securities sold pursuant to a Registration Statement
shall bear the expense of any underwriter's discount or commission relating to
registration and sale of such Designated Holders' Registrable Securities.

        7. Indemnification; Contribution.

                (a) Indemnification by the Company. The Company agrees to
indemnify and hold harmless each Designated Holder, its partners, directors,
officers, affiliates and each Person who controls (within the meaning of Section
15 of the Securities Act) such Designated Holder from and against any and all
losses, claims, damages, liabilities and expenses (including reasonable costs of
investigation) (each, a "Liability" and collectively, "Liabilities"), arising
out of or based upon any untrue, or allegedly untrue, statement of a material
fact contained in any Registration Statement, prospectus or preliminary
prospectus (as amended or supplemented if the Company shall have furnished any
amendments or supplements thereto) or arising out of or based upon any omission
or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading in the light
of the circumstances under which such statements were made, except insofar as
such Liability arises out of or is based upon any untrue statement or alleged
untrue statement or omission or alleged omission contained in such Registration
Statement, preliminary

<PAGE>
                                                                              14

prospectus or final prospectus in reliance and in conformity with information
concerning such Designated Holder furnished in writing to the Company by such
Designated Holder expressly for use therein, including, without limitation, the
information furnished to the Company pursuant to Section 7(b). The Company shall
also provide customary indemnities to any underwriters of the Registrable
Securities, their officers, directors and employees and each Person who controls
such underwriters (within the meaning of Section 15 of the Securities Act) to
the same extent as provided above with respect to the indemnification of the
Designated Holders of Registrable Securities.

                (b) Indemnification by Designated Holders. In connection with
any Registration Statement in which a Designated Holder is participating
pursuant to Section 3 or Section 4 hereof, each such Designated Holder shall
promptly furnish to the Company in writing such information with respect to such
Designated Holder as the Company may reasonably request or as may be required by
law for use in connection with any such Registration Statement or prospectus and
all information required to be disclosed in order to make the information
previously furnished to the Company by such Designated Holder not materially
misleading or necessary to cause such Registration Statement not to omit a
material fact with respect to such Designated Holder necessary in order to make
the statements therein not misleading. Each Designated Holder agrees to
indemnify and hold harmless the Company, each of its directors, each of its
officers who has signed the Registration Statement, any underwriter retained by
the Company and each Person who controls the Company or such underwriter (within
the meaning of Section 15 of the Securities Act) to the same extent as the
foregoing indemnity from the Company to the Designated Holders, but only if such
statement or alleged statement or omission or alleged omission was made in
reliance upon and in conformity with information with respect to such Designated
Holder furnished in writing to the Company by such Designated Holder expressly
for use in such Registration Statement or prospectus, including, without
limitation, the information furnished to the Company pursuant to this Section
7(b); provided, however, that the total amount to be indemnified by such
Designated Holder pursuant to this Section 7(b) shall be limited to the net
proceeds (after deducting the underwriters' discounts and commissions) received
by such Designated Holder in the offering to which the Registration Statement or
prospectus relates.

                (c) Conduct of Indemnification Proceedings. Any Person entitled
to indemnification hereunder (the "Indemnified Party") agrees to give prompt
written notice to the indemnifying party (the "Indemnifying Party") after the
receipt by the Indemnified Party of any written notice of the commencement of
any action, suit, proceeding or investigation or threat thereof made in writing
for which the Indemnified Party intends to claim indemnification or contribution
pursuant to this Agreement; provided, however, that the failure so to notify the
Indemnifying Party shall not relieve the Indemnifying Party of any Liability
that it may have to the Indemnified Party hereunder (except to the extent that
the Indemnifying Party is materially prejudiced or otherwise forfeits
substantive rights or defenses by reason of such failure). If notice of
commencement of any such action is given to the Indemnifying Party as above
provided, the Indemnifying Party shall be entitled to participate in and, to the
extent it may wish, jointly with any other Indemnifying Party similarly
notified, to assume the defense of

<PAGE>
                                                                              15

such action at its own expense, with counsel chosen by it and reasonably
satisfactory to such Indemnified Party. The Indemnified Party shall have the
right to employ separate counsel in any such action and participate in the
defense thereof, but the fees and expenses of such counsel shall be paid by the
Indemnified Party unless (i) the Indemnifying Party agrees to pay the same, (ii)
the Indemnifying Party fails to assume the defense of such action with counsel
reasonably satisfactory to the Indemnified Party or (iii) the named parties to
any such action (including any impleaded parties) include both the Indemnifying
Party and the Indemnified Party and such parties have been advised by such
counsel that either (x) representation of such Indemnified Party and the
Indemnifying Party by the same counsel would be inappropriate under applicable
standards of professional conduct or (y) there may be one or more legal defenses
available to the Indemnified Party which are different from or additional to
those available to the Indemnifying Party. In any of such cases, the
Indemnifying Party shall not have the right to assume the defense of such action
on behalf of such Indemnified Party, it being understood, however, that the
Indemnifying Party shall not be liable for the fees and expenses of more than
one separate firm of attorneys (in addition to any local counsel) for all
Indemnified Parties. No Indemnifying Party shall be liable for any settlement
entered into without its written consent, which consent shall not be
unreasonably withheld. No Indemnifying Party shall, without the consent of such
Indemnified Party, effect any settlement of any pending or threatened proceeding
in respect of which such Indemnified Party is a party and indemnity has been
sought hereunder by such Indemnified Party, unless such settlement includes an
unconditional release of such Indemnified Party from all liability for claims
that are the subject matter of such proceeding.

                (d) Contribution. If the indemnification provided for in this
Section 7 from the Indemnifying Party is unavailable to an Indemnified Party
hereunder in respect of any Liabilities referred to herein, then the
Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall
contribute to the amount paid or payable by such Indemnified Party as a result
of such Liabilities in such proportion as is appropriate to reflect the relative
fault of the Indemnifying Party and Indemnified Party in connection with the
actions which resulted in such Liabilities, as well as any other relevant
equitable considerations. The relative faults of such Indemnifying Party and
Indemnified Party shall be determined by reference to, among other things,
whether any action in question, including any untrue or alleged untrue statement
of a material fact or omission or alleged omission to state a material fact, has
been made by, or 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 action. The amount paid
or payable by a party as a result of the Liabilities referred to above shall be
deemed to include, subject to the limitations set forth in Sections 7(a), 7(b)
and 7(c), any legal or other fees, charges or expenses reasonably incurred by
such party in connection with any investigation or proceeding; provided that the
total amount to be contributed by such Designated Holder shall be limited to the
net proceeds (after deducting the underwriters' discounts and commissions)
received by such Designated Holder in the offering.

<PAGE>
                                                                              16

        The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 7(d) were determined by pro rata
allocation or by any other method of allocation which does not take account of
the equitable considerations referred to in the immediately preceding paragraph.
No Person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any Person
who was not guilty of such fraudulent misrepresentation.

        8. Rule 144. The Company covenants that it shall (a) file any reports
required to be filed by it under the Exchange Act and (b) take such further
action as each Designated Holder may reasonably request (including providing any
information necessary to comply with Rule 144 under the Securities Act), all to
the extent required from time to time to enable such Designated Holder to sell
Registrable Securities without registration under the Securities Act within the
limitation of the exemptions provided by (i) Rule 144 under the Securities Act,
as such rule may be amended from time to time or (ii) any similar rules or
regulations hereafter adopted by the Commission. The Company shall, upon the
request of any Designated Holder, deliver to such Designated Holder a written
statement as to whether it has complied with such requirements.

        9. Miscellaneous.

                (a) Recapitalizations, Exchanges, etc. The provisions of this
Agreement shall apply to the full extent set forth herein with respect to (i)
the shares of Common Stock, (ii) any and all shares of voting common stock of
the Company into which the shares of Common Stock are converted, exchanged or
substituted in any recapitalization or other capital reorganization by the
Company and (iii) any and all equity securities of the Company or any successor
or assign of the Company (whether by merger, consolidation, sale of assets or
otherwise) which may be issued in respect of, in conversion of, in exchange for
or in substitution of, the shares of Common Stock and shall be appropriately
adjusted for any stock dividends, splits, reverse splits, combinations,
recapitalizations and the like occurring after the date hereof. The Company
shall use all commercially reasonable efforts to cause any successor or assign
(whether by merger, consolidation, sale of assets or otherwise) to enter into a
new registration rights agreement with the Designated Holders on terms
substantially the same as this Agreement as a condition of any such transaction.

                (b) No Inconsistent Agreements. The Company shall not enter into
any agreement with respect to its securities that is inconsistent with the
rights granted to the Designated Holders in this Agreement or grant any
additional registration rights to any Person or with respect to any securities
which are not Registrable Securities which are prior in right to or inconsistent
with the rights granted in this Agreement.

                (c) Remedies. The Designated Holders, in addition to being
entitled to exercise all rights granted by law, including recovery of damages,
shall be entitled to specific performance of their rights under this Agreement.
The Company agrees that monetary damages would not be adequate compensation for
any loss incurred by reason of a breach by it of the provisions of this
Agreement and hereby agrees to

<PAGE>
                                                                              17

waive in any action for specific performance the defense that a remedy at law
would be adequate.

                (d) Amendments and Waivers. Except as otherwise provided herein,
the provisions of this Agreement may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be
given unless consented to in writing by (i) the Company and (ii) the General
Atlantic Stockholders, Cenwell Stockholders and Vectis Stockholders holding
Registrable Securities representing (after giving effect to any adjustments) at
least a majority of the aggregate number of Registrable Securities owned by all
of the General Atlantic Stockholders, Cenwell Stockholders and Vectis
Stockholders; provided, however, that to the extent any amendment or waiver
shall adversely affect any of the Stockholders, such amendment or waiver shall
require the prior written consent of each Stockholder so adversely affected. Any
such written consent shall be binding upon the Company and all of the Designated
Holders.

                (e) Notices. All notices, demands and other communications
provided for or permitted hereunder shall be made in writing and shall be made
by registered or certified first-class mail, return receipt requested,
telecopier, courier service or personal delivery:

                             (i)    if to the Company:

                             Critical Path, Inc.
                             532 Folsom Street
                             San Francisco, CA 94105
                             Telecopy: (415) 808-8898
                             Attention:  Chief Financial Officer

                             with a copy to:

                             Pillsbury Winthrop LLP
                             50 Fremont Street
                             San Francisco, CA 94105
                             Telecopy: (415) 983-1200
                             Attention: Gregg F. Vignos, Esq.

                             (ii)   if to GAP LP, GapStar or GAP Coinvestment:

                             c/o General Atlantic Service Company
                             3 Pickwick Plaza
                             Greenwich, CT  06830
                             Telecopy: (203) 622-8818
                             Attention: Matthew Nimetz

<PAGE>
                                                                              18

                             with a copy to:

                             Paul, Weiss, Rifkind, Wharton & Garrison
                             1285 Avenue of the Americas
                             New York, NY 10019-6064
                             Telecopy:  (212) 757-3990
                             Attention:  Douglas A. Cifu, Esq.

                             (iii)  if to Cenwell:

                             c/o 7th Floor
                             Cheung Kong Center
                             2 Queens Road Central
                             Hong Kong
                             Telecopy:  (852) 2845-2057
                             Attention:  Mr. Edmond lp

                             (iv)   if to Campina:

                             c/o 22nd Floor
                             Hutchison House
                             10 Harcourt Road
                             Hong Kong
                             Telecopy: (852) 2128-1778
                             Attention: Company Secretary

                             (v)    if to Vectis:

                             c/o Vectis Group, LLC
                             117 Greenwich Street
                             San Francisco, CA 94111
                             Telecopy: 415-352-5310
                             Attention: Matthew Hobart

                             with a copy to:

                             Kirkland & Ellis
                             153 East 53rd Street
                             New York, NY 10022-4675
                             Telecopy: 212-446-4900
                             Attention: Michael Movsovich, Esq.

                             (vi)   if to any other Designated Holder, at its
                                    address as it appears on the record books of
                                    the Company.

<PAGE>
                                                                              19

        All such notices, demands and other communications shall be deemed to
have been duly given when delivered by hand, if personally delivered; when
delivered by courier, if delivered by commercial courier service; five (5)
Business Days after being deposited in the mail, postage prepaid, if mailed; and
when receipt is mechanically acknowledged, if telecopied. Any party may by
notice given in accordance with this Section 9(e) designate another address or
Person for receipt of notices hereunder.

                (f) Successors and Assigns; Third Party Beneficiaries. This
Agreement shall inure to the benefit of and be binding upon the successors and
permitted assigns of the parties hereto as hereinafter provided. The Demand
Registration rights and related rights of the General Atlantic Stockholders or
the Cenwell Stockholders contained in Section 3 hereof shall be (i) with respect
to any Registrable Security that is transferred to an Affiliate of a General
Atlantic Stockholder or a Cenwell Stockholder, automatically transferred to such
Affiliate and (ii) with respect to any Registrable Security that is transferred
in all cases to a non-Affiliate, transferred only with the consent of the
Company which consent shall not be unreasonably withheld, conditioned or
delayed. The incidental or "piggy-back" registration rights of the Designated
Holders contained in Sections 3(b) and 4 hereof and the other rights of each of
the Designated Holders with respect thereto shall be, with respect to any
Registrable Security, automatically transferred to any Person who is the
transferee of such Registrable Security so long as such transferee agrees to be
bound by this Agreement. All of the obligations of the Company hereunder shall
survive any such transfer. Except as provided in Section 7, no Person other than
the parties hereto and their successors and permitted assigns is intended to be
a beneficiary of this Agreement.

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

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

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

                (j) Severability. If any one or more of the provisions contained
herein, or the application thereof in any circumstance, is held invalid, illegal
or unenforceable in any respect for any reason, the validity, legality and
enforceability of any such provision in every other respect and of the remaining
provisions hereof shall not be in any way impaired, unless the provisions held
invalid, illegal or unenforceable shall substantially impair the benefits of the
remaining provisions hereof.

<PAGE>
                                                                              20

                (k) Rules of Construction. Unless the context otherwise
requires, references to sections or subsections refer to sections or subsections
of this Agreement.

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

                (m) Further Assurances. Each of the parties shall execute such
documents and perform such further acts as may be reasonably required or
desirable to carry out or to perform the provisions of this Agreement.

                (n) Other Agreements. Nothing contained in this Agreement shall
be deemed to be a waiver of, or release from, any obligations any party hereto
may have under, or any restrictions on the transfer of Registrable Securities or
other securities of the Company imposed by, any other agreement including, but
not limited to, the Stock Purchase Agreement or the Stockholders Agreement.

                     [Remainder of page intentionally left blank]

<PAGE>

                IN WITNESS WHEREOF, the undersigned have executed, or have
caused to be executed, this Registration Rights Agreement on the date first
written above.

                             CRITICAL PATH, INC.

                             By:    /s/ Laureen DeBuono
                                    --------------------------------------------
                                    Name:
                                    Title:

                             GENERAL ATLANTIC PARTNERS 74, L.P.

                                    By:     GENERAL ATLANTIC PARTNERS, LLC,
                                            its General Partner

                                    By:     /s/ William Ford
                                            ------------------------------------
                                            Name:
                                            Title:

                             GAP COINVESTMENT PARTNERS II, L.P.

                             By:    /s/ William Ford
                                    --------------------------------------------
                                    Name:
                                    Title:

                             GAPSTAR, LLC

                                    By:     GENERAL ATLANTIC PARTNERS, LLC,
                                            its Managing Member

                                    By:     /s/ William Ford
                                            ------------------------------------
                                            Name:
                                            Title:

<PAGE>

                             VECTIS CP HOLDINGS, LLC,
                             a Delaware limited liability company

                              By:   VECTIS GROUP, LLC

                                    its Managing Member

                             By:    /s/ Matthew Hobart
                                    --------------------------------------------
                                    Name:
                                    Title:

<PAGE>

                             CENWELL LIMITED

                             By:
                                    --------------------------------------------
                                    Name:
                                    Title:

                             CAMPINA ENTERPRISES LIMITED

                             By:
                                    --------------------------------------------
                                    Name:
                                    Title:<PAGE>
                                                                    EXHIBIT 4.11

                                ESCROW AGREEMENT

        ESCROW AGREEMENT, dated November 8, 2001 (this "Escrow Agreement"), by
and among General Atlantic Partners 74, L.P., a Delaware limited partnership,
GAP Coinvestment Partners II, L.P., a Delaware limited partnership, GapStar,
LLC, a Delaware limited liability company, Vectis CP Holdings, LLC , a Delaware
limited liability company, Cenwell Limited and Campina Enterprises Limited
(collectively, the "Purchasers"), Critical Path, Inc., a California Corporation
("Seller"), and Pillsbury Winthrop, LLP, as Escrow Agent (the "Escrow Agent").

        WHEREAS, the Purchasers and Seller are parties to the Stock and Warrant
Purchase and Exchange Agreement, dated the date hereof (the "Purchase
Agreement"), pursuant to which the (i) Purchasers are acquiring from Seller an
aggregate of 4,000,000 shares of Series D Cumulative Redeemable Convertible
Participating Preferred Stock, par value $0.001 per share, of Seller (the
"Series D Preferred Stock") and (ii) the GAP Purchasers (as defined in the
Purchase Agreement) are acquiring from the Seller warrants (the "Warrants"), to
purchase, at an exercise price of $1.05 per share, an aggregate of 2,500,000
shares of common stock, par value $0.001 per share, of Seller (the "Common
Stock");

        WHEREAS, the Purchase Agreement provides for the escrow hereby
established to be held by the Escrow Agent; and

        WHEREAS, capitalized terms used herein, unless otherwise indicated, have
the respective meanings ascribed to them in the Purchase Agreement.

        Accordingly, the parties agree as follows:

        1. Establishment of Escrow.

                1.1 Escrow Deposit.

                        1.1.1 On November 9, 2001, pursuant to (i) Section 2.1
of the Purchase Agreement, the Purchasers will deposit with the Escrow Agent
$29,735,502.50 representing the entire purchase price payable pursuant to
Section 2.1 for the Purchased Shares, (ii) Section 2.2 of the Purchase
Agreement, the GAP Purchasers will deposit with the Escrow Agent the GAP Sub
Notes in the aggregate face amount of $64,630,000 together with signed and
undated Note Powers for such GAP Sub Notes, and (iii) Section 2.3 of the
Purchase Agreement, the GAP Purchasers will deposit with the Escrow Agent
$1,000.00 representing the entire purchase price for the Warrants and (the items
in clause (i)-(iii) referred to collectively, as the "Purchasers' Deposit") to
be held and disbursed in accordance with the terms hereof.

                        1.1.2 On November 9, 2001, pursuant to Sections 2.1, 2.2
and 2.3 of the Purchase Agreement, Seller is depositing with the Escrow Agent
(i) stock certificates in definitive form representing the number of Purchased
Shares set forth opposite each Purchaser's name on Schedule 2.1 to the Purchase
Agreement, updated, but

<PAGE>
                                                                               2

registered in the name of such Purchasers, (ii) stock certificates in definitive
form representing the number of Exchange Shares set forth opposite each GAP
Purchaser's name on Schedule 2.2 to the Purchase Agreement, undated but
registered in the name of such GAP Purchaser, (iii) the GAP LP Warrant , (iv)
the GAP Coinvestment Warrant, and (v) the GapStar Warrant, (collectively, the
"Seller's Deposit" and, together with the Purchasers' Deposit, the "Deposit").

                        1.1.3 The Escrow Agent acknowledges receipt of and
agrees to accept the Deposit and establish and maintain a separate account for
each Purchaser's cash portion of the Deposit as provided herein (the "Escrow
Account").

                1.2 Escrow Fund. The cash portion of the Deposit, as from time
to time invested and reinvested as herein provided, less any distributions
pursuant hereto, is hereinafter referred to as the "Escrow Fund."

        2. Investment of Escrow Fund.

                2.1 Investment. The Escrow Agent shall invest any or all of the
Escrow Fund and any income or interest earned or accrued with respect thereto
only in time deposits and certificates of deposit of any commercial bank
incorporated in the United States of America of recognized standing having
capital and surplus in excess of $50,000,000. Except as otherwise provided in
Section 5.3, in no event shall the Escrow Agent have any liability for any
investment hereunder, including, without limitation, any loss of the principal
amount of any investment or in connection with the rate of return on any
investment.

                2.2 Distribution of Interest. All interest accrued from the date
hereof to and including the Escrow Release Date (as defined below) on
investments made pursuant to Section 2.1 shall be for the account of each of the
Purchasers. On the Escrow Release Date, the Escrow Agent shall distribute to
each of the Purchasers all interest then accrued for the account of each of the
Purchasers pursuant to this Section 2.2 and not theretofore distributed
hereunder.

        3. Distributions from the Escrow.

                3.1 Distributions.

                        3.1.1 Upon the satisfaction of the Escrow Release
Condition (as hereinafter defined) and the Nasdaq Escrow Approval Condition (as
hereinafter defined), the Purchasers shall execute and deliver to the Escrow
Agent a Certificate directing the Escrow Agent to take the action specified in
Section 3.1.2(a). Upon the satisfaction of the Escrow Release Condition, but not
the Nasdaq Escrow Approval Condition, Purchasers shall execute and deliver to
the Escrow Agent a Certificate directing the Escrow Agent to take the action
specified in Section 3.1.2(b). If subsequent to the delivery of the Certificate
referred to in the previous sentence and on or prior to March 31, 2002, the
Nasdaq Escrow Approval Condition is satisfied, the GAP Purchasers shall execute
and deliver to the Escrow Agent a Certificate directing the Escrow Agent to take
the action specified in Section 3.1.2(c).

<PAGE>
                                                                               3

                        3.1.2 (a) Upon receipt by the Escrow Agent of a
Certificate signed by the GAP Purchasers stating that the Escrow Release
Condition and the Nasdaq Escrow Approval Condition have occurred, the Escrow
Agent shall promptly, but in any case within 24 hours of receipt, (i) distribute
to Seller the Purchasers' Deposit and (ii) deliver to the Purchasers the
Seller's Deposit and the interest on the Escrow Fund payable pursuant to Section
2.2 of this Agreement.

                                (b) Upon receipt by the Escrow Agent of a
Certificate signed by the GAP Purchasers stating that the Escrow Release
Condition has occurred but the Nasdaq Escrow Approval Condition has not
occurred, the Escrow Agent shall promptly, but in any case within 24 hours, (i)
distribute to the Seller the Purchasers' Deposit, less the Consideration
Holdback Amount (as defined below) and (ii) deliver to the Purchasers the
Seller's Deposit, less the Purchased Shares Holdback (as defined below) and the
interest on the Escrow Fund payable pursuant to Section 2.2 of this Agreement.

                                (c) Upon receipt by the Escrow Agent of a
Certificate signed by the GAP Purchasers stating that the Nasdaq Escrow Approval
Condition has occurred, the Escrow Agent shall promptly, but in any case within
24 hours, (i) distribute to the Seller the Consideration Holdback Amount and
(ii) deliver to the GAP Purchasers the Purchased Shares Holdback.

                        3.1.3 For purposes of this Agreement, the "Escrow
Release Condition" shall mean the entry on or before January 31, 2002 of a final
order by District Court Judge William H. Orrick, not subject to further review,
approving an executed, final, Stipulation and Agreement of Settlement in the
litigation entitled In Re Critical Path Inc. Securities Litigation (the
"Actions") and that (A) provides for the certification of the "Class" (as
defined in paragraph 1 of the MOU), (B) contains terms and conditions for the
payment of cash and warrants to purchase the Common Stock to the Class that do
not differ from the amounts set forth in paragraph 2 of the MOU and (C)
dismisses the Action with prejudice as set forth in paragraph 3 of the MOU and
provides for a broad form general release for the Defendants and the other
parties as provided in paragraph 3 of the MOU.

                        3.1.4 "Escrow Release Date" shall mean the date upon
which the notice specified in the first sentence of Section 3.1.1 is delivered
by the GAP Purchasers.

                        3.1.5 "Nasdaq Escrow Approval Condition" means the
earlier to occur of (i) the date upon which the Company obtains written
confirmation from Nasdaq that the approval of a majority of the Company's
stockholders, present in person or proxy at a properly convened meeting of the
Company's stockholders ("Stockholder Approval") to the issuance of the shares of
Preferred Stock to the GAP Purchasers is not required under the applicable
Nasdaq rules and regulations and (ii) the date upon which the Company
consummates all action required by the Nasdaq and applicable California law to
obtain Stockholder Approval for the issuance to the GAP Purchasers of the
portion of the shares of Series D Preferred Stock that constitute the

<PAGE>
                                                                               4

amount of shares of Series D Preferred Stock (determined assuming conversion of
all of the shares of Series D Preferred Stock) in excess of 19.9% of the
outstanding shares of the Common Stock on the date hereof.

                        3.1.6 "Consideration Holdback Amount" shall mean a total
of $19,220,960, consisting of $9,485,464 aggregate purchase price amount (and
$24,265,101 aggregate face amount) of GAP Sub Notes and $9,735,496 of cash.

                        3.1.7 "Purchased Shares Holdback" shall mean a total of
1,397,888 shares of Preferred Stock.

                        3.1.8 On the earlier of (i) receipt of a joint notice
executed by all of the Purchasers and Seller or (ii) January 31, 2002 (the
"Escrow Termination Date"), the Escrow Agent shall return the Purchaser's
Deposit to the Purchasers and the Seller's Deposit to Seller.

                        3.1.9 If the Nasdaq Escrow Approval Condition has not
been satisfied by April 30, 2002, the Escrow Agent shall return the
Consideration Holdback Amount to the GAP Purchasers, together with any remaining
interest in the Escrow Account and return the Purchased Shares Holdback to the
Seller.

                3.2 Tax Reporting. Seller and each of the Purchasers
shall provide the Escrow Agent with its Tax Identification Number (TIN) as
assigned by the Internal Revenue Service. All interest or other income earned
under this Escrow Agreement shall be allocated and paid as provided herein and
reported by the recipient to the Internal Revenue Service as having been so
allocated and paid.

        4. Termination of this Escrow Agreement. This Escrow Agreement shall
terminate upon the distribution or return of all of the Purchasers' Deposit, all
of Seller's Deposit and all other sums and documents held by the Escrow Agent
pursuant to this Escrow Agreement.

        5. Duties of Escrow Agent.

                5.1 Duties Limited. The Escrow Agent shall perform only the
duties expressly set forth herein, and shall not have any liability under, or
duty to inquire into, the terms and provisions of any other agreement, including
but not limited to the Purchase Agreement, except as expressly set forth herein,
in performing its duties hereunder. Except as to the due execution and delivery
of this Escrow Agreement by a duly authorized officer, the Escrow Agent has no
responsibility as to the validity of this Escrow Agreement or any document
related thereto.

                5.2 Reliance. The Escrow Agent may rely upon, and shall incur no
liability for acting or refraining from acting upon, any written notice,
instruction, request, consent, certificate, statement or other document
furnished to it pursuant to this Escrow Agreement and believed by it to be
genuine and to have been signed or presented by the proper party or parties, and
the Escrow Agent shall be under no duty to inquire into or investigate the
validity, accuracy or content of any such document.

<PAGE>
                                                                               5

                5.3 Good Faith. In no event shall the Escrow Agent have any
liability for any error of judgment or for any act done or omitted by it in good
faith, or for any mistake of fact or law, or for anything which it may do or
refrain from doing hereunder, except for its own gross negligence or willful
misconduct arising out of or in connection with this Escrow Agreement. The
Purchasers and Seller agree to indemnify the Escrow Agent for, and defend and
hold it harmless against, any loss, liability or expense arising out of or in
connection with its actions as Escrow Agent hereunder, including the reasonable
costs and expenses incurred in defending any such claim of liability, except
that none of the Purchasers or the Seller shall be liable for any loss,
liability or expense incurred on account of the gross negligence or willful
misconduct on the part of the Escrow Agent. The Escrow Agent may consult with
counsel from time to time and the opinion of such counsel shall be full and
complete authorization and protection in respect of any action taken or omitted
to be taken by the Escrow Agent hereunder or in good faith and in accordance
with the opinion of such counsel. The reasonable fees and disbursements of such
counsel shall be promptly paid one half by the Purchasers and one half by Seller
pursuant to the provisions of Section 7 hereof.

                5.4 Limited Notice. The Escrow Agent shall be deemed to have no
notice of, or duties with respect to, any agreement or agreements (whether or
not a copy thereof is delivered to the Escrow Agent), other than as expressly
set forth herein.

                5.5 Limited Actions. The Escrow Agent shall not take any action
by reason of any notice or instruction given by any of the parties or by any
other person, firm or corporation, except only (i) such notices or instructions
as are herein specifically provided for and (ii) orders or process of any court
entered or issued with competent jurisdiction. In the event that the Escrow
Agent shall be uncertain as to its duties or rights hereunder, it shall be
entitled to refrain from taking any action until it shall be directed otherwise
in writing by each of the Purchasers and Seller or by an order of a court of
competent jurisdiction.

                5.6 Conflicts.

                        5.6.1 In the event that any of the terms and provisions
of any other agreement between any of the parties conflict or are inconsistent
with any of the terms and provisions of this Escrow Agreement, the terms and
provisions of this Escrow Agreement shall govern and control in all respects the
duties and liabilities of the Escrow Agent.

                        5.6.2 In the event that the Escrow Agent shall be
uncertain as to its duties or rights hereunder or shall receive instructions,
claims or demands from any party hereto which, in its opinion, conflict with any
of the provisions of this Agreement, it shall be entitled to refrain from taking
any action and its sole obligation shall be to keep safely all property held in
escrow until it shall be directed otherwise in writing by all of the other
parties hereto or by a final order or judgment of a court of competent
jurisdiction.

<PAGE>
                                                                               6

        6. Resignation; Successor Escrow Agent.

                6.1 Resignation. The Escrow Agent may resign at any time by
giving 30 days' prior written notice of such resignation to the Purchasers and
Seller. On the 30th day following delivery of such notice, the Escrow Agent
shall have no further obligation hereunder except to hold the Escrow Fund and
any other amounts and documents held by it pursuant to this Escrow Agreement as
depositary. After resignation, the Escrow Agent shall have no further obligation
to invest amounts then in the Escrow Fund (absent written instructions with
respect thereto executed by the Seller and the Purchasers) and shall not take
any action until the Purchasers and Seller have jointly designated a successor
escrow agent. If the Purchasers and Seller are unable to agree upon a successor
escrow agent within 30 days of receipt of notice from the Escrow Agent, the
Escrow Agent may designate its successor, and if the Escrow Agent declines to
designate its successor, the Purchasers shall designate the successor escrow
agent. The Escrow Agent shall promptly deliver the Escrow Fund and any other
amounts and documents held by it pursuant to this Escrow Agreement to such
successor escrow agent and shall thereafter have no further obligations
hereunder. Upon receipt of the Escrow Fund and other amounts and documents, the
successor escrow agent shall thereupon be bound by all of the provisions hereof.

                6.2 Termination. The Purchasers and Seller acting jointly may
terminate the appointment of the Escrow Agent hereunder upon notice specifying
the date upon which such termination shall take effect. In the event of such
termination, the Purchasers and Seller shall jointly appoint and designate in
such termination notice a successor escrow agent and the Escrow Agent shall turn
over to such successor escrow agent the Escrow Fund and any other amounts and
documents held by it pursuant to this Escrow Agreement. Upon receipt of the
Escrow Fund and other amounts and documents, the successor escrow agent shall
thereupon be bound by all of the provisions hereof, and the Escrow Agent shall
have no further obligations hereunder.

        7. Fees and Expenses of Escrow Agent. The Purchasers and Seller shall
each pay directly to the Escrow Agent one half of the Escrow Agent's reasonable
fees for the Escrow Agent's services hereunder and all expenses, disbursements
and advances (including reasonable attorneys' fees) incurred in carrying out the
Escrow Agent's duties hereunder (the "Escrow Agent's Fees").

        8. Miscellaneous.

                8.1 Notices. Any notice or other communication required or
permitted hereunder shall be in writing and shall be delivered personally,
telegraphed, sent by facsimile transmission, overnight delivery service or
certified, registered or express mail, postage prepaid. Any such notice shall be
deemed given when so delivered personally, telegraphed or sent by facsimile
transmission, or by overnight delivery service, one day after the date of
deposit to such overnight delivery service or, if mailed, three days after the
date of deposit in the United States mail, as follows:

<PAGE>
                                                                               7

                      if to Seller:

                      Critical Path, Inc.
                      532 Folsom Street
                      San Francisco, CA 94105
                      Attention:  Chief Financial Officer
                      Telecopy:  (415) 808-8898

                      with a copy to:

                      Pillsbury Winthrop LLP
                      P.O. Box 7880
                      San Francisco, CA 94105-7880
                      Attention:  Gregg F. Vignos, Esq.
                      Telecopy:  (415) 983-1200

                      if to the GAP Purchasers:

                      c/o General Atlantic Service Corporation
                      3 Pickwick Plaza
                      Greenwich, CT 06830
                      Telecopy:  (203) 622-8818
                      Attention:  Matthew Nimetz

                      with a copy to:

                      Paul, Weiss, Rifkind, Wharton & Garrison
                      1285 Avenue of the Americas
                      New York, New York  10019-6064
                      Attention: Douglas A. Cifu, Esq.
                      Telecopy:  (212) 757-3990

                      if to Vectis CP Holdings, LLC:

                      c/o Vectis Group
                      117 Greenwich Street
                      San Francisco, CA 94111
                      Telecopy:  (415) 352-5310
                      Attention:  Matthew Hobart

                      with a copy to:

                      Kirkland & Ellis
                      153 East 53rd Street
                      New York, NY 10022-4675
                      Telecopy:  (212) 446-4900
                      Attention:  Michael Movsovich, Esq.

<PAGE>
                                                                               8

                      if to Cenwell Limited:

                      c/o 12th Floor
                      Cheung Kong Center
                      2 Queen's Road Central
                      Hong Kong
                      Telecopy:  852-2485-2057
                      Attention:  Mr. Edmond lp.

                      if to Campina Enterprises Limited:

                      c/o 22nd Floor
                      Hutchison House
                      10 Harcourt Road
                      Hong Kong
                      Telecopy:  852-2128-1778
                      Attention:  Company Secretary

                      if to the Escrow Agent:

                      Pillsbury Winthrop LLP
                      50 Fremont Street
                      San Francisco, CA 94104
                      Attention:  Gregg F. Vignos, Esq.
                      Telecopy:  415-983-1200

Any party may by notice given in accordance with this Section 8.1 to the other
parties designate another address for receipt of notices hereunder. In the event
that the Escrow Agent, in its sole discretion, shall determine that an emergency
exists, the Escrow Agent may use such other means of communication as the Escrow
Agent deems advisable. If any notice is required to be given to both the Escrow
Agent and another party, such notice shall be given in a manner that results in
the same effective date for each such notice.

                        8.1.1 In the event funds transfer instructions are given
(other than in writing at the time of execution of this Escrow Agreement),
whether in writing, by telecopier or otherwise, the Escrow Agent is authorized
to seek confirmation of such instructions by telephone call-back to the person
or persons designated on Schedule II hereto, and the Escrow Agent may rely upon
the confirmations of anyone purporting to be the person or persons so
designated. The persons and telephone numbers for call-backs may be changed only
in a writing actually received and acknowledged by the Escrow Agent. The parties
to this Agreement acknowledge that such security procedure is commercially
reasonable.

                        8.1.2 It is understood that the Escrow Agent and the
beneficiary's bank in any funds transfer may rely solely upon any account
numbers or

<PAGE>
                                                                               9

similar identifying number provided either of the other parties hereto to
identify (i) the beneficiary, (ii) the beneficiary's bank, or (iii) an
intermediary bank. The Escrow Agent may apply any of the escrowed funds for any
payment order it executes using any such identifying number, even where its use
may result in a person other than the beneficiary being paid, or transfer of
funds to a bank other than the beneficiary's bank, or an intermediary bank
designated.

                8.2 Entire Agreement. This Escrow Agreement is entered into and
delivered pursuant to the Purchase Agreement and sets forth the entire agreement
among the parties with respect to the subject matter hereof and supersedes all
prior agreements, written or oral, with respect thereto.

                8.3 Governing Law. This Escrow Agreement shall be governed and
construed in accordance with the laws of the State of New York without regard to
its principles of conflicts of laws.

                8.4 Jurisdiction; Venue. Each of the parties hereto by its
execution hereof:

                        8.4.1 irrevocably submits to the jurisdiction of the
state courts of the State of New York and to the jurisdiction of the United
States District Court for the Southern District of New York, for the purpose of
any suit, action or other proceeding arising out of or based on this Agreement
or the subject matter hereof; and

                        8.4.2 waives to the extent not prohibited by applicable
law, and agrees not to assert, by way of motion, as a defense or otherwise, in
any such proceeding brought in any of the above-named courts, any claim that it
is not subject personally to the jurisdiction of such courts, that its property
is exempt or immune from attachment or execution, that any such proceeding
brought in an inconvenient forum, that the venue of such proceeding is improper,
or that this Agreement, or the subject matter hereof, may not be enforced in or
by such court.

The parties hereto hereby agree that any action brought under this Agreement
shall be brought in one of the above-mentioned courts.

The parties hereto hereby consent to service of process in any such proceeding
in any manner permitted by the laws of the State of New York, and agree that
service of process by registered or certified mail, return receipt requested, at
its address specified in or pursuant to Section 8.5 is reasonably calculated to
give actual notice.

                8.5 Binding Effect. This Escrow Agreement shall be binding upon
and inure to the benefit of the parties and their respective heirs, legal
representatives, successors and assigns.

                8.6 Waivers and Amendments. This Escrow Agreement may be
amended, modified, superseded, cancelled, renewed or extended, and the terms or
conditions hereof may be waived, only by a written instrument signed by the
parties, or, in the case of a waiver, by the party waiving compliance. No delay
on the part of any

<PAGE>
                                                                              10

party in exercising any right, power or privilege hereunder shall operate as a
waiver thereof, nor shall any waiver on the part of any party of any right,
power or privilege hereunder, nor any single or partial exercise of any right,
power or privilege hereunder, preclude any other or further exercise thereof or
the exercise of any other right, power or privilege hereunder.

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

                8.8 Further Assurances. Each of the parties shall execute such
documents and other papers and take such further actions as may be reasonably
required or desirable to carry out the provisions hereof and the transactions
contemplated hereby.

                8.9 Variations in Pronouns. All pronouns and any variations
thereof refer to the masculine, feminine or neuter, singular or plural, as the
identity of the person or persons may require.

                8.10 Headings. The headings in this Escrow Agreement are for
reference purposes only and shall not in any way affect the meaning or
interpretation of this Escrow Agreement.

                8.11 Conflict Waiver. Each party to this Escrow Agreement
acknowledges that the Escrow Agent is counsel for the Seller and has in the past
and will in the future perform legal services for Seller in matters related to
and unrelated to this Escrow Agreement and the parties hereto hereby (i)
acknowledge that they have had an opportunity to ask for information relevant to
this disclosure; (ii) acknowledge that the Escrow Agent represented the Seller
in the transaction contemplated by this Escrow Agreement and has not represented
any Purchaser in connection with such transaction; and (iii) give its informed
written consent to the representation of the Seller in connection with the
Purchase Agreement; and the transactions contemplated thereby, including
litigation arising thereunder.

<PAGE>
                                                                              11

                IN WITNESS WHEREOF, the parties have caused this Escrow
Agreement to be executed on the date first written above.

                                    GENERAL ATLANTIC PARTNERS 74, L.P.
                                    By: GENERAL ATLANTIC PARTNERS, LLC,
                                            its General Partner

                                    By:    /s/ William Ford
                                        ----------------------------------------
                                    Name:
                                    Title: A Managing Member

                                    Address for Notice to General Atlantic
                                    Partners 74, L.P., GAPp Coinvestment
                                    Partners II, L.P. and GapStar, LLC:

                                    c/o General Atlantic Service Corporation
                                    3 Pickwick Plaza
                                    Greenwich, CT 06830
                                    Attn: Matthew Nimetz
                                    Tel: 203-629-8600
                                    Fax: 203-622-8818

                                    With copies to:

                                    Paul, Weiss, Rifkind, Wharton & Garrison
                                    1285 Avenue of the Americas
                                    New York, NY 10019-60064
                                    Attn: Douglas A. Cifu, Esq.
                                    Tel:  212-373-3426
                                    Fax:  212-757-3990

                                    GAP COINVESTMENT PARTNERS II, L.P.

                                    By:    /s/ William Ford
                                        ----------------------------------------
                                    Name:
                                    Title: A General Partner

                                    GAPSTAR, LLC

                                    By: GENERAL ATLANTIC PARTNERS, LLC,
                                            its Managing Member

                                    By:    /s/ William Ford
                                        ----------------------------------------
                                    Name:
                                    Title: A Managing Member

<PAGE>
                                                                              12

                                    CENWELL LIMITED

                                    By:     /s/ Cenwell
                                        ----------------------------------------
                                    Name:
                                    Title:

                                    Address for Notice to Cenwell Limited:

                                    c/o 12th Floor
                                    Cheung Kong Center
                                    2 Queen's Road Central
                                    Hong Kong
                                    Attn:  Mr. Edmond lp.
                                    Fax:  852-2845-2057

                                    CAMPINA ENTERPRISES LIMITED

                                    By:     /s/ Campina
                                        ----------------------------------------
                                    Name:
                                    Title:

                                    c/o 22nd Floor
                                    Hutchison House
                                    10 Harcourt Road
                                    Hong Kong
                                    Attn:  Company Secretary
                                    Fax:  852-2128-1778

                                    VECTIS CP HOLDINGS, LLC,
                                    a Delaware limited liability company
                                    By: VECTIS GROUP LLC,
                                            its Managing Member

                                    By:     /s/ Matthew Hobart
                                        ----------------------------------------
                                    Name:
                                    Title:

                                    Address for Notice to Vectis CP Holdings,
                                    LLC:

                                    117 Greenwich Street
                                    San Francisco, CA 94111
                                    Attn: Matthew Hobart
                                    Fax: 415-352-5310

<PAGE>
                                                                              13

                                    CRITICAL PATH, INC.

                                    By:     /s/ Laureen DeBuono
                                        ----------------------------------------
                                    Name:
                                    Title:

                                    Address for Notice to Critical Path, Inc.:

                                    532 Folsom Street
                                    San Francisco, CA 94105
                                    Attn:  Chief Financial Officer
                                    Fax: (415) 808-8898

                                    With copies to:

                                    Pillsbury Winthrop LLP
                                    P.O. Box 7880
                                    San Francisco, CA 94120-7880
                                    Attention: Gregg F. Vignos
                                    Tel: 415-983-1000
                                    Fax: 415-983-1200

                                    PILLSBURY WINTHROP LLP,
                                    Escrow Agent

                                    By:     /s/ Gregg Vignos
                                        ----------------------------------------
                                    Name:
                                    Title:

                                    Address for Notice to the Escrow Agent:

                                    Pillsbury Winthrop LLP
                                    P.O. Box 7880
                                    San Francisco, CA 94120-7880
                                    Attention: Gregg F. Vignos
                                    Tel: 415-983-1000
                                    Fax: 415-983-1200

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