Document:

<PAGE>

                                                                   EXHIBIT 10.65

               __________________________________________________

                                  AGREEMENT OF
                             LIMITED PARTNERSHIP OF
                     @VENTURES FOREIGN EXPANSION FUND, L.P.
               __________________________________________________

                                 March 8, 2000
<PAGE>

                                 AGREEMENT OF
                            LIMITED PARTNERSHIP OF
                    @VENTURES FOREIGN EXPANSION FUND, L.P.

                               TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                                           Page
                                                                                           ----
<S>                                                                                        <C>
I.   DEFINITIONS...........................................................................  1

II.  FORMATION............................................................................. 12
     2.1  Purpose.......................................................................... 12
     2.2  Name............................................................................. 12
     2.3  Principal Place of Business...................................................... 13
     2.4  Registered Agent................................................................. 13
     2.5  Term............................................................................. 13
     2.6  Tax Returns...................................................................... 13

III. CAPITAL CONTRIBUTIONS; PARTNERS' ACCOUNTS............................................. 13
     3.1  Capital Commitments and Contributions............................................ 13
     3.2  Initial Capital Contribution of the Limited Partners............................. 14
     3.3  Other Capital Contributions by the Limited Partners.............................. 15
     3.4  Capital Accounts................................................................. 17
     3.5  Review or Modification of Capital Commitments.................................... 17
     3.6  Default in Capital Commitment.................................................... 18

IV.  BRIDGE FINANCING...................................................................... 20
     4.1  Extension of Bridge Financing.................................................... 20
     4.2  Funding of Bridge Financing...................................................... 20
     4.3  Permanent Bridge Financing....................................................... 21

V.   DISTRIBUTIONS; WITHHOLDING; VALUATION; ALLOCATIONS.................................... 21
     5.1  Withdrawal of Capital............................................................ 21
     5.2  Distributions Prior to Liquidation............................................... 21
     5.3  Distributions Upon Liquidation................................................... 23
     5.4  Distributions of Securities in Kind.............................................. 24
     5.5  Withholding...................................................................... 25
     5.6  Valuation........................................................................ 26
     5.7  Allocations of Operating Income and Loss and
          Investment Gain and Loss......................................................... 27
     5.8  Special Provisions............................................................... 28
     5.9  Special Provisions in the Event of Borrowings or a Section 754 Election.......... 30

VI.  MANAGEMENT; PAYMENT OF EXPENSES....................................................... 30
     6.1  Description of General Partner................................................... 30
</TABLE>
<PAGE>

<TABLE>
<S>                                                                                       <C>
       6.2    Management by the General Partner.........................................   30
       6.3    Powers of Limited Partners................................................   33
       6.4    Continuity Mode...........................................................   33
       6.5    Payment of Fees and Expenses..............................................   34

VII.   OTHER ACTIVITIES OF PARTNERS; CO-INVESTMENT OBLIGATION...........................   36
       7.1    Commitment of General Partner.............................................   36
       7.2    Dealings with Limited Partners............................................   36
       7.3    Investments by the Partnership, the Domestic Fund, CMG @ Ventures
                Expansion LLC and @Ventures Investors Expansion LLC.....................   37
       7.4    Co-investments by the Other Participating Funds...........................   38

VIII.  ADMISSIONS; ASSIGNMENTS; REMOVAL AND WITHDRAWALS.................................   39
       8.1    Admission of Additional General Partner...................................   39
       8.2    Admission of Additional Limited Partners..................................   39
       8.3    Assignment of Partnership Interest........................................   40
       8.4    Restrictions on Transfer..................................................   41
       8.5    Removal of General Partner................................................   41
       8.6    Withdrawals...............................................................   42

IX.    LIABILITY OF PARTNERS; INDEMNIFICATION...........................................   42
       9.1    Liability of General Partner..............................................   42
       9.2    Liability of Limited Partners.............................................   43
       9.3    Indemnification of the General Partner and Limited Partners...............   43
       9.4    Payment of Expenses.......................................................   44

X.     ACCOUNTING FOR THE PARTNERSHIP; REPORTS..........................................   45
       10.1   Accounting for the Partnership............................................   45
       10.2   Books and Records.........................................................   45
       10.3   Reports to Partners.......................................................   45
       10.4   Annual Meeting............................................................   46

XI.    DISSOLUTION AND WINDING UP.......................................................   46
       11.1   Termination...............................................................   46
       11.2   Winding Up................................................................   47
       11.3   Liquidating Trust.........................................................   47

XII.   MISCELLANEOUS....................................................................   48
       12.1   Registration of Securities................................................   48
       12.2   Entire Agreement..........................................................   48
       12.3   Voting; Amendments........................................................   48
       12.4   Severability..............................................................   49
       12.5   Notices...................................................................   49
       12.6   Heirs and Assigns; Execution..............................................   49
</TABLE>

                                     -ii-
<PAGE>

<TABLE>
<S>                                                                                  <C>
       12.7   Waiver of Partition..................................................   50
       12.8   Power of Attorney....................................................   50
       12.9   Headings.............................................................   50
       12.10  Further Actions......................................................   50
       12.11  Gender, Etc..........................................................   50
       12.12  Tax Matters Partner..................................................   50
       12.13  Applicable Law.......................................................   51
       12.14  Avoidance of Trade or Business Status; Service-Related Income........   51
       12.15  Confidentiality......................................................   52
       12.16  Favorable Arrangements...............................................   52
       12.17  Additional Co-Investments............................................   53

Schedule 1.........................................................................   55
Exhibit A - Form of Management Contract
</TABLE>

                                     -iii-
<PAGE>

                                 AGREEMENT OF
                            LIMITED PARTNERSHIP OF
                    @VENTURES FOREIGN EXPANSION FUND, L.P.

     AGREEMENT OF LIMITED PARTNERSHIP dated as of March 8, 2000 (the
"Agreement"), by and among @Ventures Expansion Partners, LLC (referred to as the
"General Partner"), and the undersigned limited partners (together with any
other limited partner which may hereafter be admitted referred to as the
"Limited Partners").  The General Partner and the Limited Partners are sometimes
collectively referred to herein as the "Partners" and individually as a
"Partner."  Definitions of certain terms used in this Agreement are contained in
Article I.

     WHEREAS, @Ventures Expansion Fund, L.P. (the "Domestic Fund") was formed
pursuant to a Certificate of Limited Partnership filed with the Office of the
Secretary of State of the State of Delaware on February 10, 2000.

     WHEREAS, the General Partner and the Limited Partners desire to enter into
an agreement of limited partnership to invest side-by-side with the Domestic
Fund, and hereby form a limited partnership pursuant to and in accordance with
the Delaware Revised Uniform Limited Partnership Act (6 Del. C. (S) 17-101, et
seq.) (the "Delaware Act").

                                   AGREEMENT
                                   ---------

     In consideration of the premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

                                      I.

                                  DEFINITIONS
                                  -----------

     As used herein, the following terms have the following meanings:

@Ventures Expansion:
-------------------

     @Ventures Expansion Partners, LLC, a Delaware limited liability company.

Accredited Investor:
-------------------

     An investor which qualifies as an "accredited investor" as defined in Rule
     501 of Regulation D promulgated under the Securities Act.
<PAGE>

Act:
---

     The Delaware Revised Uniform Limited Partnership Act, as amended from time
     to time.

Adjusted Capital Account Deficit:
--------------------------------

     With respect to any Partner, the deficit balance, if any, in such Partner's
     Capital Account as of the end of the relevant fiscal year or other
     accounting period determined after (i) crediting to such Capital Account
     any amounts which such Partner is obligated to restore thereto hereunder or
     is deemed to be obligated to restore thereto pursuant to the penultimate
     sentences of Sections 1.704-2(g)(1) and 1.704-2(i)(5) of the Treasury
     Regulations and (ii) debiting to such Capital Account the items described
     in Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6) of the Treasury
     Regulations.  The foregoing definition of Adjusted Capital Account Deficit
     is intended to comply with the provisions of Section 1.704-1(b)(2)(ii)(d)
     of the Treasury Regulations and shall be interpreted consistently
     therewith.

Affiliates:
----------

     With respect to any person, any officer, director, employee or general
     partner of, or any person that directly or indirectly through one or more
     intermediaries controls, is controlled by or is under common control with,
     such person.  The General Partner and its individual members shall all be
     deemed Affiliates of one another.

Assignee:
--------

     As defined in Section 8.3.

Break-up Fee:
------------

     Any fee, reimbursement or other form of compensation payable by a third
     party as a result of the failure to consummate an investment.

Bridge Financing:
----------------

     As defined in Section 4.1.

Business Day:
-----------

     Any day, excluding Saturday, Sunday and any other day on which commercial
     banks in Boston, Massachusetts are authorized or required by law not to be
     open for business.

Capital Account:
---------------

                                      -2-
<PAGE>

     As defined in Section 3.4.

Capital Commitment:
------------------

     As defined in Section 3.1.

Capital Contribution:
--------------------

     As defined in Section 3.1.

Capital Contribution Allocable to Liquidated Portfolio Securities:
-----------------------------------------------------------------

     With respect to any Partner or class of Partners as of any time of
     determination, that portion of the Capital Contributions of such Partner or
     Partners equal to the cost basis of Portfolio Securities that have been
     liquidated or otherwise disposed of.  Capital Contributions Allocable to
     Liquidated Portfolio Securities shall include (i) the unreimbursed cost to
     the Partnership of acquiring, holding and selling Portfolio Securities,
     (ii) any Deemed Portfolio Loss and (iii) that portion of the expenses of
     the Partnership described in Section 6.5.A(1) that is equal to the ratio of
     the cost basis of such liquidated Portfolio Security to the total Capital
     Commitments of the Partnership (provided, however, that in the case of the
     last investment by the Partnership in a Portfolio Security, any such
     expenses that have not previously been allocated shall be allocated in
     their entirety to such last investment for purposes of determining the
     Capital Contribution of the Partners allocable to such Portfolio Security).
     For the purposes of Section 5.2B(1), Capital Contributions Allocable to
     Liquidated Portfolio Securities shall be reduced by any Deemed Portfolio
     Loss previously distributed with respect to that security pursuant to
     Section 5.2B(1).

Capital Contribution Allocable to Portfolio Securities:
------------------------------------------------------

     With respect to any Partner or class of Partners as of any time of
     determination, (i) that portion of the Capital Contributions of such
     Partner or Partners that have been invested in Portfolio Securities,
     including the unreimbursed cost to the Partnership of acquiring, holding
     and selling Portfolio Securities (to the extent not paid by break-up and
     other fees as provided in Sections 6.5.E and 6.5.F), and (ii) that portion
     of the expenses of the Partnership described in Section 6.5.A(1) that is
     equal to the ratio of the cost basis of Portfolio Securities to the total
     Capital Commitments of the Partnership (provided, however, that in the case
     of the last investment by the Partnership in a Portfolio Security, any such
     expenses that have not previously been allocated shall be allocated in
     their entirety to such last investment for purposes of determining the
     Capital Contribution of the Partners allocable to such Portfolio Security).

                                      -3-
<PAGE>

CMGI:
----

     CMGI, Inc., a Delaware corporation.

CMGI Funds:
----------

     The Prior Funds and any other corporation, partnership or limited liability
     company organized by CMGI in order to facilitate its co-investment
     obligation under Section 7.3 hereof.

Code:
----

     The Internal Revenue Code of 1986, as amended.

Co-investment Obligation:
------------------------

     As defined in Section 7.3.

Committed Investment:
--------------------

     An investment in Portfolio Securities in which the Partnership had an
     obligation to invest as of the last day of the Commitment Period pursuant
     to either (i) a commitment to make an initial investment in a Portfolio
     Company or (ii) a commitment made at the time of the initial investment in
     a Portfolio Company.

Commitment Period:
-----------------

     The period from the Initial Closing Date to four years from such date.

Continuity Mode:
---------------

     Status which the Limited Partners can impose upon the Partnership in the
     event of a Triggering Event as described in Section 6.4.

Deemed Portfolio Loss:
---------------------

     As defined in Section 5.2.D.

Defaulting Partner:
------------------

     As defined in Section 3.6.

                                      -4-
<PAGE>

Dissolution Sale:
----------------

     Sales and liquidations by or on behalf of the Partnership of all or
     substantially all of its assets in connection with or in contemplation of
     the winding up of the Partnership.

Domestic Fund:
-------------

     @Ventures Expansion Fund, L.P., a Delaware limited partnership, which will
     co-invest with the Partnership in the acquisition of Portfolio Securities.

Eighty Percent (80%) in Interest of the Limited Partners:
--------------------------------------------------------

     At any time, those Limited Partners whose aggregate Percentage of
     Contributed Capital equals or exceeds eighty percent (80%).

Escrow Account:
--------------

     As defined in Section 5.2.F.

Expansion LLC:
-------------

     CMG @Ventures Expansion LLC or any other entity organized by CMGI in order
to satisfy its co-investment obligation described in Section 7.3.

Financial Institution:
---------------------

     A bank, savings institution, trust company, insurance company, pension or
     profit sharing trust, or similar entity which is a member of any group of
     such persons, having assets of at least $100 million, or other entity
     (other than an individual) a substantial part of whose business consists of
     investing in, purchasing or selling the securities of others.

Follow-on Investment:
--------------------

     An investment, other than a Committed Investment, in Portfolio Securities
     of a Portfolio Company in which the Partnership holds, immediately prior
     thereto, Portfolio Securities.

General Partner:
---------------

     @Ventures Expansion Partners, LLC or any successor general partner of the
     Partnership.

                                      -5-
<PAGE>

Incentive Distributions:
-----------------------

     As defined in the last paragraph of Section 5.2.B.

Indemnitees:
-----------

     As defined in Section 9.3.

Initial Closing Date:
--------------------

     The first date on which any Limited Partner, other than the Initial Limited
     Partner, is admitted to the Partnership.

Investment Company Act:
----------------------

     The Investment Company Act of 1940, as amended.

Investment Gain:
---------------

     For any fiscal year or other accounting period of the Partnership, the
     amount, if any, by which the Partnership's gross taxable income and gains
     with respect to interests in Portfolio Companies exceed the Partnership's
     gross taxable deductions and losses with respect to such interests in
     Portfolio Companies.  The following amounts shall be included in
     determining Investment Gain:  (i) any interest, dividend or similar
     distribution with respect to Portfolio Securities, and (ii) any and all
     payments arising out of the disposition of Portfolio Securities, including
     without limitation any option payment, lump sum payment, principal or
     interest paid or imputed under any promissory note, and any payment made
     pursuant to a royalty or earn-out arrangement or similar form of contingent
     payment.  Calculations of Investment Gain shall be consistent with
     calculations made for federal income tax purposes, except that Investment
     Gain shall be determined (w) by taking into account unrealized gains and
     losses with respect to Portfolio Securities that are revalued pursuant to
     the penultimate sentence of Section 3.4 or distributed in kind hereunder,
     (x) with reference to the book value rather than the adjusted tax basis of
     any Portfolio Security that has been revalued pursuant to the penultimate
     sentence of Section 3.4, (y) without regard to any amounts that are
     specially allocated pursuant to Sections 5.8. and 5.9 and (z) without
     giving effect to any adjustments made pursuant to Sections 743 or 734 of
     the Code.  Notwithstanding the foregoing, Investment Gain shall not include
     (i) interest or dividends received from, or gain received upon the
     disposition of, Temporary Bridge Financing or Permanent Bridge Financing;
     (ii) the amount of any fees paid to the Partnership pursuant to Section
     6.5.E, and (iii) the amount of any fees paid to the Partnership pursuant to
     Section 6.5.F.

                                      -6-
<PAGE>

Investment Loss:
---------------

     For any fiscal year or other accounting period of the Partnership, the
     amount, if any, by which the Partnership's gross taxable deductions and
     losses with respect to interests in Portfolio Companies exceed the
     Partnership's gross taxable income and gains with respect to interests in
     Portfolio Companies.  Calculations of Investment Loss shall be consistent
     with calculations made for federal income tax purposes and with the
     calculation of Investment Gain.

Investment Receipts:
-------------------

     Amounts received by the Partnership with respect to (including payments and
     distributions on and proceeds of dispositions of) interests in and assets
     of Portfolio Companies, net of amounts necessary to pay all expenses, debts
     and obligations of the Partnership or to establish reserves therefor.
     Investment Receipts shall exclude (i) interest or dividends received from,
     or gain received upon the disposition of, Temporary or Permanent Bridge
     Financing, (ii) the amount of any fees paid to the Partnership pursuant to
     Section 6.5.E, and (iii) the amount of any fees paid to the Partnership
     pursuant to Section 6.5.F.

Investors LLC:
-------------

     @Ventures Expansion Investors LLC or any other entity or group of persons
     organized for the purpose of satisfying the Co-investment Obligation of the
     principals of CMGI and/or the Management Company or other persons rendering
     services to or for the benefit of the Partnership, as described in Section
     7.3.

Liabilities:
-----------

     As defined in Section 9.3.

Limited Partners:
----------------

     As defined in the recitals.

Liquidated Portfolio Securities:
-------------------------------

     Portfolio Securities that have been liquidated or otherwise disposed of.

Majority in Interest of Limited Partners:
----------------------------------------

     At any time, those Limited Partners whose aggregate Percentage of
     Contributed Capital exceeds fifty percent (50%).

                                      -7-
<PAGE>

Management Company:
------------------

     @Ventures Expansion Management, LLC, a Delaware limited liability company.

Management Contract:
-------------------

     The management contract with the Management Company in the form attached
     hereto as Exhibit A.

Management Fee:
--------------

     The management fee payable by the Partnership to the Management Company
     pursuant to the Management Contract.

Marketable Securities:
---------------------

     Securities (i) that are freely tradeable pursuant to a registration under
     the Securities Act of 1933, as amended, or an exemption therefrom, (ii)
     that immediately after giving effect to their distribution will not be
     subject to any contractual restriction on transfer, (iii) that will be
     traded on a national securities exchange or reported through the National
     Association of Securities Dealers Automated Quotation System, and (iv) that
     may be sold without regard to volume limitations.

Net Investment Gain:
-------------------

     As of any time of determination, the amount, if any, by which the sum of
     the Investment Gains for all fiscal years and other accounting periods of
     the Partnership exceeds the sum of the Investment Losses for all fiscal
     years and other accounting periods of the Partnership.

Net Operating Income:
--------------------

     As of any time of determination, the amount, if any, by which the sum of
     the Operating Income for all fiscal years and other accounting periods of
     the Partnership exceeds the sum of the Operating Losses for all fiscal
     years and other accounting periods of the Partnership.

Operating Income (Loss):
-----------------------

     For any fiscal year or other accounting period of the Partnership the
     excess (deficiency) of all income and gains of the Partnership, from
     whatever source derived, over the losses and expenses borne by the
     Partnership (including the Management Fee), including any income, gain,
     losses or expenses relating to Temporary Bridge Financing or Permanent
     Bridge

                                      -8-
<PAGE>

     Financing but excluding Investment Gain (Loss) all as calculated for
     federal income tax purposes, except that Operating Income (Loss) shall be
     computed with the following adjustments: (i) income of the Partnership that
     is exempt from federal income tax and that is not otherwise taken into
     account in computing income or loss shall be added to Operating Income
     (Loss); (ii) expenditures of the Partnership that are neither deductible
     for Federal income tax purposes nor allowable as additions to the basis of
     Partnership property (or that are so treated pursuant to Section 1.704-
     1(b)(2)(iv)(i) of the Treasury Regulations) shall be subtracted from such
     taxable income or loss; and (iii) there shall not be taken into account any
     items that are specially allocated pursuant to Sections 5.8.A, 5.8.C, 5.8.D
     and 5.9.

Operating Receipts:
------------------

     All amounts received by the Partnership other than Investment Receipts, net
     of amounts necessary to pay all expenses, debts and obligations of the
     Partnership or to establish reserves therefor.

Partners:
--------

     As defined in the recitals hereof.

Partnership:
-----------

     @Ventures Foreign Expansion Fund, L.P., a Delaware limited partnership.

Percentage of Contributed Capital:
---------------------------------

     In the case of each Partner, except as provided in Sections 3.5 and 3.6,
     the Capital Contributions of such Partner divided by the sum of the Capital
     Contributions of all Partners.

Permanent Bridge Financing:
--------------------------

     As defined in Section 4.3.

Portfolio Companies:
-------------------

     Companies in which the Partnership makes investments in accordance with the
     provisions of this Agreement.

                                      -9-
<PAGE>

Portfolio Securities:
--------------------

     Equity and equity-related securities of Portfolio Companies in which the
     Partnership invests in accordance with the provisions of this Agreement.
     Temporary Bridge Financing and Permanent Bridge Financing shall not be
     considered to be Portfolio Securities except for the purpose of calculating
     the amount of Investment Receipts to be distributed and allocated pursuant
     to Sections 5.2.B(2) and 5.7.B(4).

Prior Funds:
-----------

     CMG@Ventures I, LLC, CMG@Ventures II, LLC, CMG @Ventures III, LLC,
     @Ventures III, L.P. and @Ventures Foreign Fund III, L.P.

Removal Date Securities:
-----------------------

     As defined in Section 8.5.

Securities Act:
--------------

     The Securities Act of 1933, as amended.

Special Limited Partner:
-----------------------

     As defined in Section 8.5.

Substitute Limited Partner:
--------------------------

     As defined in Section 8.3.

Subscription Agreement:
----------------------

     Each of the several Subscription Agreements between the Partnership and the
     Limited Partners.

Target Allocation:
-----------------

     With respect to any Partner as of the close of any fiscal year or other
     accounting period of the Partnership for which an allocation of Investment
     Loss is to be made pursuant to Section 5.7.C(1), the amount of Net
     Investment Gain that would then be allocated to such Partner if (i) the Net
     Investment Gain for all periods through the close of such fiscal year or
     other period were equal to the Net Investment Gain as of the close of the
     immediately preceding fiscal year or other accounting period of the
     Partnership less the amount of Investment Loss to be then allocated
     pursuant to Section 5.7.C(1) and (ii) the Net

                                      -10-
<PAGE>

     Investment Gain as then calculated pursuant to clause (i) were then
     allocated to the Partners pursuant to Sections 5.7.B(3), 5.7.B(4) and
     5.7.B(5) as if there had been no prior allocations of Investment Gain or
     Investment Loss.

Temporary Bridge Financing:
--------------------------

     Bridge Financing that has not been converted into Permanent Bridge
     Financing pursuant to Section 4.3.

Temporary Investments:
---------------------

          (i)    Investments in direct obligations of the United States of
     America, or obligations of any instrumentality or agency thereof payment of
     principal and interest of which is unconditionally guaranteed by the United
     States of America, all of such obligations having a final maturity not more
     than one year from the date of issue thereof;

          (ii)   Investments in certificates of deposit or repurchase agreements
     having a final maturity not more than one year from the date of acquisition
     thereof issued by any bank or trust company organized under the laws of the
     United States of America or any state thereof having capital and surplus of
     at least $100 million;

          (iii)  Investments in money market funds, provided that such funds
     invest primarily in government securities described in subparagraph (i) or
     in municipal obligations that receive a rating of AAA or AA, or Aaa or Aa
     from a nationally recognized financial rating service such as Standard &
     Poor's Corporation or Moody's Investors Service, Inc., respectively;

          (iv)   Investments in interest-bearing accounts of Financial
     Institutions; and

          (v)    Commercial paper payable on demand or having a final maturity
     not more than one year from the date of acquisition thereof which has the
     highest credit rating by either Standard & Poor's Corporation or Moody's
     Investors Service, Inc.

Treasury Rate:
-------------

     An interest rate calculated quarterly at the average of the ninety (90) day
     United States Treasury Bill weekly auction rates for the preceding quarter.

Treasury Regulations:
--------------------

     Income Tax Regulations promulgated from time to time under the Code.
     References to specific sections of the Treasury Regulations shall be to
     such Sections as amended, supplemented or superseded by Treasury
     Regulations currently in effect.

                                      -11-
<PAGE>

Triggering Event:
----------------

     As defined in Section 6.4.

Two-Thirds in Interest of the Limited Partners:
----------------------------------------------

     Those Limited Partners whose aggregate Percentage of Contributed Capital
     equals or exceeds sixty-six and two-thirds percent (66 2/3%).

UBTI:
----

     Unrelated business taxable income as defined in Section 512 of the Code and
     including unrelated debt-financed income as defined in Section 514 of the
     Code.

                                      II.

                                   FORMATION
                                   ---------

     Section 2.1  Purpose.
                  -------

     Pursuant to the Act, the Partners hereby agree to form the Partnership as a
limited partnership for the principal purpose of making equity and equity-
related investments in Portfolio Companies, on a side-by-side basis with the
Domestic Fund, managing, supervising and disposing of such investments,
receiving the profits and losses therefrom, and engaging in activities
necessarily incidental or ancillary thereto.  The Partnership will invest solely
in companies in which @Ventures III, L.P., @Ventures Foreign Fund, L.P.,
Expansion LLC and Investors LLC have previously invested.

     Section 2.2  Name.
                  ----

     The name of the Partnership will be "@VENTURES FOREIGN EXPANSION FUND,
L.P." or such other name or names as the General Partner may from time to time
designate.

     Section 2.3  Principal Place of Business.
                  ---------------------------

     The principal office of the Partnership will be located at 100 Brickstone
Square, Andover, Massachusetts 01810, or such other location in the United
States as the General Partner may from time to time determine.  The General
Partner shall give prompt notice of any change in the principal office of the
Partnership to each Limited Partner.

                                      -12-
<PAGE>

     Section 2.4  Registered Agent.
                  ----------------

     The initial address of the Partnership's registered office in Delaware is
1209 Orange Street, Wilmington, County of New Castle, and its initial registered
agent at such address for service of process is CT Corporation.

     Section 2.5   Term.
                   ----

     The Partnership shall continue in full force and effect until July 31,
2006, unless extended or until earlier terminated pursuant to Section 11.1.

     Section 2.6  Tax Returns.
                  -----------

     The Partnership shall not take any position in any federal or state income
tax return that the Partnership is engaged in a trade or business unless there
is a change in law which in the opinion of counsel to the Partnership would
require such reporting.

                                      -13-
<PAGE>

                                     III.

                   CAPITAL CONTRIBUTIONS; PARTNERS' ACCOUNTS
                   -----------------------------------------

     Section 3.1  Capital Commitments and Contributions.
                  -------------------------------------

     Subject to the provisions of Sections 3.3 and 3.5, each Partner intends to
make cash contributions to the capital of the Partnership in the amount set
forth opposite its name on Schedule 1 attached hereto.  The amount of such
                           ----------
commitment, reduced by any portion of the commitment which is released pursuant
to Section 3.5 and increased or decreased by any amount pursuant to Section 3.6,
is referred to herein as a "Capital Commitment."  With respect to each Partner,
the amount of capital contributed pursuant to such Capital Commitment and, after
the end of the Commitment Period, amounts proportional to the Partner's
Percentage of Contributed Capital that are reserved from Operating Receipts or
Investment Receipts and invested in Follow-on Investments or Committed
Investments, are referred to as "Capital Contributions."  On any date when a
Limited Partner makes a Capital Contribution to the Partnership, the General
Partner shall contribute to the capital of the Partnership cash in such amount
as is sufficient to cause the General Partner's Capital Contribution to equal
one percent (1%) of the aggregate Capital Contributions of all Partners.  The
General Partner shall call for payment of the balance of each Partner's Capital
Commitment as needed to fund the Partnership's investments in Portfolio
Companies and other permitted uses under this Agreement in accordance with this
Article III; provided, however, that no call may be made at any time subsequent
to the Commitment Period except to the extent necessary to (i) provide for the
expenses of the Partnership including the Management Fee, (ii) make Committed
Investments pursuant to Section 6.2.M or (iii) make Follow-on Investments
pursuant to Section 6.2.L; and provided further, however, that mandatory capital
contributions by the Limited Partners shall be required only for (x) funding the
payment of Partnership expenses in accordance with Section 6.5 (but not
including indemnification expenses pursuant to Section 9.3), and (y) the
Management Fee. All such calls shall be made in writing to all Partners pro rata
in proportion to their respective Capital Commitments and shall specify the
intended use of such called capital, including in the case of a capital call to
invest in a Portfolio Company the name of the Portfolio Company. Such calls
shall be made at least ten (10) Business Days before the date on which the
installment payable in response to that call is due. The Capital Contributions
of a Partner shall not in any case exceed the Capital Commitment of such Partner
except as such Partner may otherwise consent. No Capital Contribution returned
to a Partner, other than a Capital Contribution that is allocable to a Temporary
Bridge Financing which has been sold, refinanced or otherwise disposed of, shall
be callable by the General Partner pursuant to this Section 3.1 again, except as
such Partner may otherwise consent.

     Section 3.2  Initial Capital Contribution of the Limited Partners.
                  ----------------------------------------------------

     Upon formation of the Partnership, each Limited Partner shall pay a capital
contribution (such Limited Partner's "Initial Contribution" and such date of
payment being the "Initial Contribution Date") to the Partnership, by wire
transfer or check, in an amount equal to such

                                      -14-
<PAGE>

Limited Partner's pro rata share (based upon Capital Commitments of the Limited
Partners) of the initial Management Fee, calculated from March 8, 2000 of the
Domestic Fund. In addition, each Limited Partner shall contribute capital to the
Partnership in an amount equal to (i) such Limited Partner's pro rata share
(based upon Capital Commitments of the Limited Partners) of the product of the
Aggregate Partnership Percentage (as defined below) as of the time of such
Initial Contribution multiplied by the aggregate original purchase price of the
securities held by the Domestic Fund in which the Partnership determines to
invest (as set forth below), plus (ii) interest calculated in the same manner as
in Section 8.2 of this Agreement (as to additional Limited Partners), plus (iii)
such Limited Partner's pro rata share (based upon Capital Commitments of the
Limited Partners) of the organizational fees and expenses payable in accordance
with Section 6.5. The General Partner and the Limited Partners shall follow the
procedures set forth in Section 3.3 with respect to the securities held by the
Domestic Fund on the date of formation of the Partnership in order to determine
the securities in which the Partnership will invest and for which Partners will
contribute capital. The Limited Partners shall fund the capital contribution
described in this Section 3.2 within ten (10) business days of the date that the
General Partner gives the Limited Partners written notice confirming the amount
of such capital contribution. The General Partner shall cause the Domestic Fund
to transfer the securities so acquired by the Partnership as soon as reasonably
practicable following such capital contribution, such transfer to be effected in
a manner reasonably satisfactory to the Limited Partners and their counsel. For
purposes of this Article III, "Aggregate Partnership Percentage" equals the
quotient, expressed as a percentage, of the aggregate Capital Commitments of all
of the Partners of the Partnership, divided by the sum of the aggregate Capital
Commitments of all of the Partners of the Partnership plus the aggregate capital
commitments of all of the partners of the Domestic Fund.

     Section 3.3  Other Capital Contributions by the Limited Partners.
                  ---------------------------------------------------

     Capital contributions by the Limited Partners to fund investments of the
Partnership shall be made from time to time in accordance with this Section 3.3.

     (a)  The General Partner shall offer to the Partnership the opportunity to
acquire its Aggregate Partnership Percentage of each investment opportunity
offered to the Domestic Fund, including any Follow-on Investments, on the same
terms and conditions as those offered to the Domestic Fund. In the event that a
Majority in Interest of the Limited Partners of the Partnership desires to fund
an investment, then each Limited Partner of the Partnership (including those who
have not so notified the General Partner) shall be required to contribute
capital to the Partnership in an amount equal to that portion of the investment
which equals the product of (x) the quotient obtained by dividing its Capital
Commitment by the Capital Commitments of all of the Partners times (y) the
Partnership's aggregate investment amount ("Pro Rata Share"). The Partnership
shall not make any investments in securities (other than Temporary Investments)
without the prior written approval of a Majority in Interest of the Limited
Partners of the Partnership as set forth in this Section 3.3. The General
Partner's obligations under this Section 3.3 shall commence on the date hereof
and shall continue throughout the term of the Partnership.

                                      -15-
<PAGE>

     (b)  In connection with a proposed investment to be made by the
Partnership, the General Partner shall give each Limited Partner a written
investment memorandum (an "Investment Memo") summarizing such investment, and
indicating the date on which a definitive decision shall be required by a
Majority in Interest of the Limited Partners of the Partnership (the "Decision
Date"), which shall be no less than 30 days from the date of delivery of the
Investment Memo or Follow-On Investment Memo (as defined below), as the case may
be, except in unusual or exigent circumstances where the requirements of the
particular transaction dictate a shorter notice period, which circumstances
shall be described in writing in the Investment Memo. The Investment Memo shall
include (a) the name of the company in which such investment may be made, (b) a
description of the business engaged in by such company, (c) the background and
suitability of the portfolio company's senior management, (d) historical
financial data for such company, if available, (e) financial forecasts, (f) the
rationale for such investment, (g) the projected internal rate of return for
such investment based on forecasted revenue, operating margins and net income
and valuation multiples of revenue and net profit, (h) valuations, valuation
multiples and operating results of comparable companies selected by the General
Partner, (i) the proposed amount and terms of the proposed investment by the
Domestic Fund and the Partnership, (j) the proposed use of proceeds by such
company, (k) the projected future financing requirements of such company, (l) a
description of such company's products and technology including an assessment of
its advantages, (m) a description of such company's market, including estimates
of the size of the current and future market, (n) descriptions of current and
anticipated competitive companies and technologies, (o) risks and other issues
of the investment, (p) the General Partner's expected action plan or agenda
relating to the investment, (q) a capitalization table, reflecting the ownership
of management and other investors and stock option plan(s), (r) a description of
(A) any interest in such company that is held by the General Partner or its
Affiliates, and (B) any other affiliations known to the General Partner between
such company and the General Partner, any Affiliate of the General Partner or
any portfolio company in which one of the persons listed in the preceding clause
(A) has made an investment, and (s) any other information reasonably requested
by the Limited Partners.

     (c)  Prior to the closing of any investment to be made by the Domestic Fund
in a Follow-on Investment, the General Partner shall deliver to each Limited
Partner a written recommendation memorandum (a "Follow-On Investment Memo")
summarizing such Follow-on Investment, and indicating the Decision Date
therefor. Such Follow-on Investment Memo shall include (a) the name of the
portfolio company, (b) the most recent financial data for the company, (c) the
rationale for the Follow-on Investment, (d) the amount and terms of the proposed
Follow-on Investment, (e) an update to the other information provided pursuant
to subparagraph (ii), and (f) any other information reasonably requested by the
Limited Partners.

     (d)  Within three (3) business days of receipt of the Investment Memo or
Follow-on Investment Memo, each Limited Partner shall notify the General Partner
as to whether such Limited Partner will be able to reach a decision as to such
investment on or before the Decision Date.

                                      -16-
<PAGE>

     (e)  On or before the Decision Date, each Limited Partner shall notify the
General Partner as to whether or not such Limited Partner will participate in
such investment. If a Majority in Interest of the Limited Partners of the
Partnership fails to provide to the General Partner an affirmative notice
pursuant to this clause on or before the Decision Date, such failure shall be
regarded as a waiver by all Limited Partners of their right to participate in
such investment.

     (f)  Any capital contribution agreed to be made by the Limited Partners
pursuant to this Section 3.3 shall be made by check or wire transfer upon no
less than ten (10) business days' prior written notice given by the General
Partner.

     (g)  Notwithstanding the above, with respect to the following Follow-on
Investments, if (i) the initial Investment Memo provides the Limited Partners
with the same type of information for any proposed Follow-On Investments as
required in Investment Memos and Follow-On Investment Memos, plus information
indicating the milestones and other goals for such portfolio company and a price
range for the subsequent securities and market capitalization range for such
portfolio company at the time of the Follow-On Investment, and (ii) the Limited
Partners agree to fund the initial investment in such portfolio company based
upon the comprehensive initial Investment Memo, and (iii) the General Partner
provides the Limited Partners with a memorandum stating that such portfolio
company has met such milestones and goals (or other equivalent progress) and the
price of the securities in the Follow-On Investment and market capitalization of
the portfolio company meet the ranges specified in the initial Investment Memo,
then the Limited Partners Partners shall be required to fund such Follow-On
Investment up to the amount specified in the initial Investment Memo.

     Section 3.4  Capital Accounts.
                  ----------------

     The Partnership shall establish and maintain a Capital Account for each
Partner. A Partner's Capital Account shall be (i) increased by (a) the amount of
such Partner's Capital Contributions, (b) such Partner's allocations of
Operating Income and Investment Gain pursuant to Sections 5.7.A and 5.7.B, and
(c) items of income or gain specially allocated to such Partner pursuant to
Section 5.8 or 5.9, (ii) decreased by (x) the amount of money and the fair
market value of any property distributed to such Partner by the Partnership, (y)
such Partner's allocations of Operating Loss and Investment Loss pursuant to
Sections 5.7.A and 5.7.C and (z) items of loss, deduction or expenditure
specially allocated to such Partner pursuant to Section 5.8 or 5.9, and (iii)
adjusted to reflect any liabilities that are assumed by such Partner or the
Partnership or that are secured by property contributed by or distributed to
such Partner, all in accordance with Sections 1.704-1(b)(2)(iv) and 1.704-2 of
the Treasury Regulations. Except as otherwise provided in the Treasury
Regulations, a transferee of an interest in the Partnership shall succeed to the
Capital Account of its transferor to the extent allocable to the transferred
interest. Notwithstanding any provision of this Agreement other than Section
5.4, the General Partner shall revalue Partnership properties, and make
corresponding adjustments to the Partners' Capital Accounts, as prescribed by
Section 1.704-1(b)(2)(iv)(f) of the Treasury Regulations in connection

                                      -17-
<PAGE>

with any contribution to or distribution by the Partnership of more than a de
                                                                           --
minimis amount of money or other property in exchange for an interest in the
-------
Partnership unless the General Partner reasonably determines that such
revaluations and adjustments are not necessary to reflect the economic interests
of the Partners in the Partnership. In addition, the book values of Partnership
properties shall be increased or decreased, as the case may be, to reflect any
adjustments to the adjusted tax bases of such properties pursuant to Section
734(b) or Section 743(b) of the Code to the extent that such basis adjustments
are taken into account in determining Capital Account balances pursuant to
Treasury Regulations Section 1.704-1(b)(2)(iv)(m) and have not been reflected in
adjustments to the book values of such properties pursuant to the preceding
sentence of this Section 3.4.

     Section 3.5  Review or Modification of Capital Commitments.
                  ---------------------------------------------

     Each Partner acknowledges that it is currently lawful for it to invest in
the Partnership.  Notwithstanding this acknowledgment and the provisions of this
Article III, no Partner shall be obligated to make any contribution of its
Capital Commitment if at the time such contribution is due (i) such Partner is
substantially likely to be prohibited from making investments in the Partnership
under any applicable federal or state law or regulations thereunder then in
effect, or (ii) if such Partner is a bank holding company, it has a significant,
pre-existing and continuing relationship with a Portfolio Company in which the
Partnership has proposed to invest (in each case, a "Modification Event"). In
the case of a Modification Event, the affected Partner shall advise the General
Partner of the specific terms of the Modification Event within five (5) Business
Days of receiving the call notice pursuant to Article III. The General Partner
shall promptly notify all other Partners of the alleged Modification Event.
Unless (x) in the case of a Modification Event set forth in clauses (i) or (ii)
above, the Partner asserting such Modification Event shall, at the request of
the General Partner, have delivered to the General Partner an opinion from
counsel reasonably satisfactory to the General Partner confirming the existence
of such Modification Event or (y) in the case of a Modification Event set forth
in clause (ii) above, the affected Partner shall have provided the General
Partner with such information and material, including, at the request of the
General Partner an opinion of counsel reasonably satisfactory to the General
Partner confirming, in the sole discretion of the General Partner, the existence
of this Modification Event, the General Partner may, as of the date on which the
contribution at issue was due and upon fifteen (15) days notice to the affected
Partner, reduce the Capital Account and percentage of Contributed Capital of
such Partner by one fourth and correspondingly increase the Capital Account and
Percentage of Contributed Capital of each other Partner in a manner similar to
that provided in Section 3.6.B; provided, that the Partner asserting the
prohibition shall not be deemed a Defaulting Partner, as defined in Section 3.6,
for purposes of the provisions thereof.

     Notwithstanding the provisions of this Agreement, the General Partner may
refuse to permit a Limited Partner to participate in an investment in a
Portfolio Company if, in the sole discretion of the General Partner, such
Limited Partner's participation would impair the ability of the Partnership or
the General Partner or make it impractical or inadvisable as a result of
regulatory or competitive considerations or otherwise to consummate or to
maintain the

                                      -18-
<PAGE>

investment in the Portfolio Company. In this event, at the time of providing
call notices to the Limited Partners, the General Partner shall notify the
affected Limited Partner of its non-participation in the proposed investment and
give such Partner such information and material as the General Partner
determines is sufficient to warrant the non-participation of such Partner in the
investment. The decision of the General Partner to refuse a Limited Partner the
opportunity to participate in an investment shall be in the sole discretion of
the General Partner.

     Section 3.6  Default in Capital Commitment.
                  -----------------------------

     Except as provided in Section 3.5, in the event a Partner fails to fund its
Capital Commitment as required under Sections 3.1 to 3.3 in a timely manner, and
such failure continues for ten (10) Business Days after written notice of such
failure from the General Partner (or for such longer period (not to exceed
twenty (20) business days) as the General Partner may in its sole discretion
permit under extraordinary circumstances), then such Partner which failed to
make payment shall be a Defaulting Partner, and the following provisions of this
Section 3.6 shall apply:

     A.  Whenever the vote, consent or decision of the Partners is required or
permitted pursuant to this Agreement, any Defaulting Partner shall not be
entitled to participate in such vote or consent, or to make such decision, and
such vote, consent or decision shall be made as if such Defaulting Partner were
not a Partner.  Notwithstanding this prohibition, any such vote, consent or
decision shall be binding upon such Defaulting Partner.

     B.  The Defaulting Partner shall not be required to make any further
Capital Contributions to the Partnership and shall be released from that portion
of a Defaulting Partner's unfunded Capital Commitment (provided that such
Defaulting Partner shall remain fully liable to the creditors of the Partnership
to the extent of the installment of the Capital Commitment with respect to which
the default occurred).  Thereafter, the Defaulting Partner's Percentage of
Contributed Capital in all investments made by the Partnership in Portfolio
Companies after the date of default shall be zero, and the Percentages of
Contributed Capital of the remaining Partners shall be adjusted accordingly.

     C.  Except as set forth in this Section 3.6.C, the Defaulting Partner shall
not be entitled to receive any distribution of Operating Receipts or Investment
Receipts until the termination of the Partnership.  The General Partner shall
establish a separate escrow account with a Financial Institution into which will
be deposited all of the distributions of Operating Receipts and Investment
Receipts that the Defaulting Partner would otherwise be entitled to receive.
Upon the liquidation of the Partnership, the Defaulting Partner will be entitled
to receive from the separate escrow account, an amount equal to the lesser of
(i) seventy-five percent (75%) of the distributions it was otherwise entitled to
receive with respect to investments in Portfolio Companies that were consummated
prior to the date of the Defaulting Partner's default (without the addition of
interest that accrued on the amounts held in the separate escrow account) and
(ii) its aggregate Capital Contributions to the Partnership reduced by all
distributions made to the Defaulting Partner prior to the date of default.  Any
amounts remaining in the

                                      -19-
<PAGE>

separate escrow account, including all interest earned on such amounts, shall
thereafter be distributed to the General Partner to compensate the General
Partner for any damages incurred as a result of the default and then to the non-
defaulting Limited Partners in proportion to their respective Percentages of
Contributed Capital recalculated as if the Defaulting Partner were not a Partner
of the Partnership. The Defaulting Partner shall be allocated Operating Income
and Loss and Investment Gain and Loss only with respect to investments in
Portfolio Companies that were consummated prior to the date of the Defaulting
Partner's default.

     D.   The provisions of Sections 3.6.B and C shall not apply more than once
to any Defaulting Partner.

     E.   No Defaulting Partner shall be entitled to assign its interest in the
Partnership in accordance with Section 8.3 without the consent of the General
Partner, which it may withhold in its sole discretion.

     F.   No right, power or remedy available to the General Partner in this
Section 3.6 shall be exclusive, and each such right, power or remedy shall be
cumulative and in addition to any other right, power or remedy available at law
or in equity. No course of dealing between the General Partner and any
Defaulting Partner, and no delay in exercising any right, power or remedy shall
operate as a waiver or otherwise prejudice the exercise of such right, power or
remedy.

     G.   Notwithstanding the remaining provisions of Section 3.6, this Section
3.6 shall only apply to a Partner's default relating to a mandatory capital
contribution and not a discretionary capital contribution under Section 3.3 and
the other provisions relating thereto.

                                      -20-
<PAGE>

                                      IV.

                               BRIDGE FINANCING
                               ----------------

     Section 4.1  Extension of Bridge Financing.
                  -----------------------------

     Solely in order to facilitate the making of investments in Portfolio
Securities as expeditiously as practicable with the most favorable pricing
reasonably available, the Partnership may from time to time provide interim
financing ("Bridge Financing") to one or more Portfolio Companies until
permanent financing is arranged. All such Bridge Financing shall be designated
as such by the General Partner at the time it is first provided. All Bridge
Financing will be senior to the permanent investment of the Partnership in such
Portfolio Company, and bear interest or carry other compensation at rates not
less favorable to the Partnership than those available from an unaffiliated
Financial Institution. The General Partner will use its best efforts to cause
Bridge Financing to be converted into Portfolio Securities, and if not so
converted, to be sold or refinanced as promptly as practicable, and in any event
will use its best efforts to cause such conversion, sale or refinancing to occur
within one year after such Bridge Financing is first provided by the
Partnership. Bridge Financing may be provided to any single Portfolio Company
only to the extent that the sum of the Partnership's investment in such
Portfolio Company, including Portfolio Securities, Bridge Financings and the
amount of any guarantees, shall not exceed the lesser of (i) fifteen percent
(15%) of the Partnership's aggregate Capital Commitments, or (ii) the remaining
unfunded Commitments as of the date of such Bridge Financing.

     Section 4.2  Funding of Bridge Financing.
                  ---------------------------

     The Partnership may fund Bridge Financing by borrowing pursuant to Section
6.2.P from one or more Financial Institutions, by calling upon the Partners'
Capital Commitments in accordance with Section 3.2, or by guarantying
indebtedness incurred by the Portfolio Company with the written consent of Two-
Thirds in Interest of the Limited Partners of this Partnership, in each case
solely in order to facilitate the making of investments in Portfolio Securities
as expeditiously as practicable with the most favorable pricing reasonably
available.  The proceeds of the sale, refinancing or other disposition of
Temporary Bridge Financing which has been funded by the call of Capital
Commitments shall, to the extent of the Partners' Capital Contributions
allocable thereto, be returned to the Partners in proportion to such Partners'
Capital Contributions allocable to such investment within five (5) days after
the receipt thereof by the Partnership.  The Partners' Capital Commitments
remaining to be called shall thereafter include that portion of such allocable
Capital Contributions returned.

                                      -21-
<PAGE>

     Section 4.3  Permanent Bridge Financing.
                  --------------------------

     If and to the extent that Temporary Bridge Financing is not converted into
Portfolio Securities or sold or refinanced within one year after it is provided,
it promptly shall be converted as of the end of such one year period into
financing ("Permanent Bridge Financing") on terms and in proportions not less
favorable to the Partnership, than those most recently offered by the
Partnership to prospective investors during the period that the financing
remained outstanding pursuant to Temporary Bridge Financing.  If the Temporary
Bridge Financing was funded through borrowings by a Portfolio Company guaranteed
by the Partnership, the Partnership, shall purchase its portion of the Permanent
Bridge Financing as if it were a permanent investment in a Portfolio Company.

                                      V.

              DISTRIBUTIONS; WITHHOLDING; VALUATION; ALLOCATIONS
              --------------------------------------------------

     Section 5.1  Withdrawal of Capital.
                  ---------------------

     No Partner shall have the right to withdraw capital from the Partnership
or, except as otherwise set forth in this Agreement and the Act, to receive any
distribution or return of its Capital Contribution.

     Section 5.2  Distributions Prior to Liquidation.
                  ----------------------------------

     A.   Subject to Sections 5.3 and 5.4, and except to the extent deemed
necessary by the General Partner to reserve for Committed Investments pursuant
to 6.2.M, Operating Receipts for each fiscal year (or fractional portion
thereof) shall be distributed to the Partners in proportion to their respective
Percentages of Contributed Capital.  Such distributions shall be made by the
General Partner within ninety (90) days after the close of each fiscal year and
at such other time or times as the General Partner shall determine.

     B.   Subject to Sections 5.3 and 5.4, and except to the extent deemed
necessary by the General Partner to reserve for Committed Investments pursuant
to 6.2.M, the General Partner shall, each calendar quarter on or before the
fifteenth day after the end of such quarter, make distributions of all
Investment Receipts and shall distribute such Investment Receipts as follows:

          (1) First, to the Partners in proportion to their Percentages of
              -----
     Contributed Capital, until such Partners have received from all
     distributions then or theretofore made pursuant to this Section 5.2.B(1),
     on a cumulative basis, an amount of distributions equal to the sum of (i)
     their Capital Contributions Allocable to Liquidated Portfolio Securities
     and (ii) all Management Fees that have been paid out of the Capital
     Contributions of the Limited Partners to the Management Company as of any
     date on which a distribution pursuant to this Section 5.2 will be made;

                                      -22-
<PAGE>

          (2)  Second, twenty percent (20%) to the Partners in proportion to
               ------
     their Percentages of Contributed Capital and eighty percent (80%) to the
     General Partner until the General Partner has received pursuant to this
     Section 5.2.B(2) an amount of distributions equal to twenty percent (20%)
     of the amounts distributed to the Partners in proportion to their
     Percentages of Contributed Capital pursuant to (A) clause (i) of Section
     5.2.B(1), but only to the extent of the amount of Capital Contributions
     Allocable to Portfolio Securities attributable to expenses set forth in
     Sections 6.5.A(1) and (4) that have been allocated to a particular
     Portfolio Security and (B) clause (ii) of Section 5.2.B(1); and

          (3)  Third, thereafter, eighty percent (80%) to the Partners in
               -----
     proportion to their Percentages of Contributed Capital and twenty percent
     (20%) to the General Partner.

     For purposes of this Agreement, all amounts distributed to the General
Partner pursuant to Sections 5.2.B(2) and 5.2.B(3) (other than in proportion to
its Percentage of Contributed Capital) shall be referred to herein as "Incentive
Distributions."

     C.   In addition to any other obligations hereunder, the General Partner
shall endeavor (if practical and reasonable to do so in light of the
circumstances of the Partnership) to distribute, if available, sufficient
amounts of Operating Receipts and/or Investment Receipts to the Partners in
accordance with this Article V to enable them to make timely payment of any
Federal, state, local and foreign income tax liabilities incurred by them or
their principals as a result of their participation in the Partnership.

     D.   As of any date on which the General Partner determines to make a
distribution of Investment Receipts, the General Partner shall determine,
pursuant to Section 5.6, the fair market value of each investment in a Portfolio
Company which has not been sold or disposed of. The extent to which the
aggregate fair market values of all such investments are less than the aggregate
cost bases of all such investments for book purposes shall constitute a "Deemed
Portfolio Loss". That portion of each Liquidated Portfolio Security equal to the
amount of Deemed Portfolio Loss allocated with respect thereto shall, upon the
deemed or actual sale of that Liquidated Portfolio Security, be deemed to have
been sold for an amount equal to the amount of Deemed Portfolio Loss and shall
be deemed to have a tax basis of zero, and the tax basis of the remaining
portion of the Liquidated Portfolio Security shall include the amount of such
Deemed Portfolio Loss.

     E.   If upon the liquidation of the Partnership the General Partner shall
have received as Incentive Distributions under Section 5.2B(3) (that have not
been recontributed to the Partnership pursuant to Section 5.3) an aggregate
amount in excess of the amount the General Partner would have received as
Incentive Distributions pursuant to Section 5.2B(3), including liquidating
distributions, had the entire amount of Investment Receipts actually received by
the Partnership been received by the Partnership on the date of liquidation of
the Partnership, then the General

                                      -23-
<PAGE>

Partner shall, to the extent of all distributions received as Incentive
Distributions pursuant to Section 5.2B(3) (that have not been recontributed to
the Partnership pursuant to Section 5.3), pay to the Partners in proportion to
their Percentages of Contributed Capital such excess.

     F.   The General Partner shall establish in its name, but for the benefit
of the Partners, a separate bank account at a Financial Institution (the "Escrow
Account"), in which it will maintain an amount equal to the lesser of (i)
twenty-five percent (25%) of all Incentive Distributions paid to the General
Partner, and (ii) the amount required to be added to the fair market value of
the existing Portfolio Securities of the Partnership, determined pursuant to
Section 5.6, so that the resulting total exceeds the total amount of Capital
Contributions allocable to such investments by twenty-five percent (25%). Upon
the liquidation of the Partnership, the General Partner shall distribute to the
Partners from the Escrow Account, in proportion to their Percentages of
Contributed Capital, that portion of the escrowed funds equal to the General
Partner's required payment under Section 5.2.E, or if such required payment is
in excess of such escrowed funds, the total amount held in such Escrow Account
plus an amount, paid directly by the General Partner, that when added to the
escrowed funds equals the General Partner's required payment pursuant to Section
5.2.E. Any funds held in the Escrow Account upon liquidation of the Partnership
and after the required payment pursuant to this Section and Section 5.2.E shall
be distributed immediately to the General Partner. The General Partner will
direct the investment of amounts held in the Escrow Account, which shall in any
event be made solely in investments qualifying as Temporary Investments. All
income earned on the amounts retained in the Escrow Account shall be distributed
at the end of each calendar quarter immediately to the General Partner.

     Section 5.3  Distributions Upon Liquidation.
                  ------------------------------

     Upon the liquidation of the Partnership, the assets of the Partnership
shall first be applied to the payment of, or the establishment of adequate
reserves or other provision for the payment of, the debts and obligations of the
Partnership. Thereafter, there shall be made a final allocation of Operating
Income or Loss and Investment Gain or Loss, as the case may be, and other items
to the Partners' Capital Accounts in accordance with Section 5.7. If the General
Partner has a negative balance in its Capital Account after such final
allocation, it shall contribute to the Partnership an amount of cash equal to
the excess of such negative balance over the amount that it is required to pay
to the Partners pursuant to Section 5.2.E. Notwithstanding the foregoing, the
General Partner's obligation to pay such excess pursuant to this Section 5.3
shall not inure to the benefit of, or be invoked or enforced by or for the
benefit of, any creditor who has otherwise contractually obligated itself to
look solely to all or a part of the assets of the Partnership and not to the
assets of any Partner for satisfaction of any debt owed or owing to that
creditor by the Partnership. The assets of the Partnership, including any
Portfolio Securities, whether or not such securities are Marketable Securities
(or the proceeds of sales or other dispositions in liquidation of assets of the
Partnership) remaining after the payment or other provision for the
Partnership's debts and obligations shall then be distributed to the Partners in
proportion to the positive balances in their Capital Accounts, determined after
the final allocation of Operating Income or Loss and Investment Gain or Loss,
and of other items to Capital Accounts has been made;

                                      -24-
<PAGE>

provided that the name of the Partnership shall be transferred with a value of
$1.00 ascribed thereto, to the General Partner. For purposes of making this
distribution, such assets shall be valued pursuant to Section 5.6. Amounts
reserved or set aside, in connection with the Partnership's liquidation, for the
payment of Partnership debts and obligations, which are not utilized for such
payment, shall be distributed to the Partners in the same proportions that such
amounts would have been distributed hereunder if distributed upon the
Partnership's liquidation, as soon as practicable.

     Section 5.4  Distributions of Securities in Kind.
                  -----------------------------------

     A.   The General Partner shall distribute to the Partners as an Investment
Receipt any Portfolio Securities that become Marketable Securities promptly upon
their becoming Marketable Securities, when such a distribution would serve the
best interests of the Partnership. Factors to be considered by the General
Partner in making such a determination shall include (i) the fiduciary
obligations owed to the stockholders of the issuer of such Marketable Securities
by any Affiliate of the General Partner who may serve as a director of such
issuer, and (ii) whether retention of such Marketable Securities shall serve the
best interests of the Partnership by maintaining control of or influence over
the issuer of the securities, stabilizing the market for such securities until
such time as the securities are either distributed to the Partners pursuant to
this Section 5.4 or are sold or otherwise disposed of or facilitating subsequent
offerings by the issuer which shall include such Marketable Securities. The
General Partner shall notify the Limited Partners each time a Portfolio Security
becomes a Marketable Security. The General Partner shall not distribute
Portfolio Securities that are not Marketable Securities at any time other than
upon the liquidation of the Partnership.

     B.   With respect to securities distributed in kind to the Partners in
liquidation or otherwise, (i) any unrealized appreciation or unrealized
depreciation in the values of such securities shall be deemed to be realized by
the Partnership immediately prior to the liquidation or other distribution
event; and (ii) such appreciation or depreciation shall be allocated to the
Partners as part of the allocation of Investment Gain or Loss, as the case may
be, for the year of the distribution in accordance with Section 5.7 hereof, and
treating any property so distributed as a distribution of an amount in cash
equal to the fair market value of the property determined pursuant to Section
5.6. For the purposes of this Section 5.4.B, "unrealized appreciation" or
"unrealized depreciation" shall mean the difference between the fair market
value of such assets and the adjusted basis of such assets for federal income
tax purposes (or, in the case of any asset that is reflected on the books of the
Partnership at a value that is different from the Partnership's federal tax
basis in such asset in compliance with the Treasury Regulations, the value of
such asset as shown on the Partnership's books). This Section 5.4.B is merely
intended to provide a rule for allocating unrealized gains and losses upon
liquidation or other distribution event, and nothing contained in this Section
5.4.B or elsewhere in this Agreement is intended to treat or cause such
distributions to be treated as sales for value.

                                      -25-
<PAGE>

     C.   If any Partner would otherwise receive a distribution of an amount of
any securities that would cause such Partner to own or control in excess of the
amount of such securities that it may lawfully own or control or which, by
reason of any legal or contractual restriction, the General Partner may not
distribute to such Partner, the Partner shall, solely for purposes of this
Agreement, be treated as if it had received such securities as a distribution in
kind pursuant to Section 5.4.B. The General Partner shall, at the written
request of such Partner and to the extent it is practicable to do so, dispose of
all or any portion of such securities on behalf of and as the agent for such
Partner and distribute the proceeds of such disposition to such Partner;
provided that such Partner shall bear all of the reasonable expenses (including,
without limitation, underwriting costs) of such disposition. In the alternative,
at the request of such Partner, the General Partner shall use reasonable efforts
to recapitalize the Portfolio Company so as to distribute to such Partner non-
voting securities. In either event, any discrepancy between the actual gain or
loss recognized upon the sale or other disposition of Portfolio Securities
(including Marketable Securities) and the unrealized appreciation or unrealized
depreciation in the values thereof as determined under Section 5.4.B, shall
constitute gain or loss of the Partner to whom the securities were
constructively distributed, and shall in no event constitute gain or loss to the
Partnership.

     D.   The General Partner may cause certificates evidencing any securities
to be distributed to be imprinted with legends as to such restrictions on
transfers that it may deem necessary, including legends as to applicable federal
or state securities laws or other legal or contractual restrictions, and may
require any Partner to which securities are to be distributed to agree in
writing that such securities will not be transferred except in compliance with
such restrictions and applicable law.

     Section 5.5  Withholding.
                  -----------

     Each Partner hereby authorizes the Partnership to withhold and to pay over
any withholding taxes payable by the Partnership, to the extent required by
applicable law, as a result of such Partner's status as a Partner hereunder. If
and to the extent that the Partnership shall be required under applicable law to
withhold any such taxes, such Partner shall be deemed for all purposes of this
Agreement to have received a payment from the Partnership as of the time such
withholding is required to be paid, which payment shall be deemed to be a
distribution to the extent that the Partner is then entitled to receive a
distribution. The amount of any distribution to which such Partner would
otherwise be entitled shall be reduced by the amount of such deemed
distribution. To the extent that the aggregate of such payments to a Partner for
any period exceeds the distributions to which such Partner is entitled for such
period, the amount of such excess shall be considered a loan from the
Partnership to such Partner, with interest at the Treasury Rate, until
discharged by such Partner by repayment, which may be made out of distributions
to which such Partner would otherwise be subsequently entitled. The withholdings
referred to in this Section 5.5 shall be made at the maximum statutory rate
applicable to such Partner under the applicable tax law unless the General
Partner shall have received either (i) an opinion of counsel, satisfactory to
the General Partner, to the effect that a lower rate is applicable,

                                      -26-
<PAGE>

or that no withholding is applicable or (ii) any form authorized by the relevant
taxing authority signed by a Partner that establishes that no withholding is
required for such Partner. Notwithstanding the foregoing, the Partnership shall
not withhold any amount from distributions in any taxable year of the
Partnership with respect to a Limited Partner, provided that (i) such Limited
Partner delivers to the Partnership a properly executed withholding tax
exemption certificate in the form provided by the General Partner (or such form
as the Internal Revenue Service may require) for such year and (ii) there is no
charge in law regarding withholding obligations with respect to foreign persons
which, in the opinion of counsel to the Partnership, would require withholding
with respect to such Partner.

     Section 5.6  Valuation.
                  ---------

     For purposes of this Agreement except as specifically provided in Section
8.5, securities and other property of the Partnership shall be valued as
follows:

     A.   The Portfolio Securities of the Partnership shall be valued by the
General Partner pursuant to subparagraphs B, C, D and E hereof (i) at the time
of any distribution pursuant to Section 5.2 in order to determine the amount of
any Deemed Portfolio Loss, (ii) at the time of any distribution pursuant to
Section 5.4, (iii) upon the distribution of Partnership assets in liquidation
pursuant to Section 5.3 and (iv) annually pursuant to Section 10.3.

     B.   Marketable Securities shall (i) if traded on a national securities
exchange, be valued at the average of their last sales prices on such exchange
on which such Marketable Securities shall have traded on the last ten (10)
trading days on which such Marketable Securities were traded immediately
preceding the date of determination, or (ii) if the trading of such Marketable
Securities is reported through the National Association of Securities Dealers
Automated Quotation System, such Marketable Securities shall be valued at the
average of the last closing "bid" prices as shown by the National Association of
Securities Dealers Automated Quotation System on the last ten (10) trading days
on which such Marketable Securities were traded immediately preceding the date
of determination.

     C.   Except as provided in subparagraph E below, all property other than
Marketable Securities shall be valued by the General Partner in such manner as
it may determine in good faith.  Factors considered in valuing individual
securities will include purchase price, prices received in recent significant
private placements of securities of the same issuer, transfer restrictions on
the securities, prices of securities of comparable public and private companies
engaged in similar businesses and changes in the financial condition and
prospects of the issuer.

     D.   If, within thirty (30) days after receipt of notice of any valuation
made pursuant to subparagraph C above, Two-Thirds in Interest of the Limited
Partners shall so request, the General Partner shall obtain at the expense of
the Partnership a valuation of any securities or other property from an
independent firm of investment bankers of nationally recognized standing
selected by the General Partner and approved by Two-Thirds in Interest of the
Limited Partners,

                                      -27-
<PAGE>

such approval not to be unreasonably withheld. The decision of such firm shall
be binding on all Partners. Each distribution in kind of securities other than
Marketable Securities subject to valuation under subparagraph B shall be
accompanied by a notice from the General Partner reminding the Limited Partners
of their right to require an independent valuation under this subparagraph D.

     E.   Upon liquidation of the Partnership, all assets which will be
distributed to the Partners in liquidation, other than Marketable Securities
subject to valuation under subparagraph B above, shall, upon request by Two-
Thirds in Interest of the Limited Partners, be valued by an independent firm of
investment bankers of nationally recognized standing selected by the General
Partner.  The decision of such firm as to the liquidation value of all such
assets shall be binding on all Partners.

     Section 5.7  Allocations of Operating Income and Loss and Investment Gain
                  ------------------------------------------------------------
and Loss.
--------

     A.   Subject to Sections 5.8 and 5.9, all Operating Income and Operating
Loss of the Partnership shall be allocated to the Partners in proportion to
their Percentages of Contributed Capital.

     B.   Subject to Sections 5.8 and 5.9, an Investment Gain for any fiscal
year or other accounting period of the Partnership shall be allocated as follows
and in the following order of priority as of the close of such fiscal year or
other accounting period:

          (1)  First, to the General Partner until there has been allocated on a
               -----
     cumulative basis pursuant to this Section 5.7.B(1) for all fiscal years and
     other accounting periods of the Partnership an amount of Investment Gain
     equal to the amount of Investment Loss that has been allocated pursuant to
     Section 5.7.C(3) for all fiscal years and other accounting periods of the
     Partnership;

          (2)  Second, to the Partners, in proportion to their Percentages of
               ------
     Contributed Capital, until there has been allocated on a cumulative basis
     pursuant to this Section 5.7.B(2) for all fiscal years and other accounting
     periods of the Partnership an amount of Investment Gain equal to the amount
     of Investment Loss that has been allocated pursuant to Section 5.7.C(2) for
     all fiscal years and other accounting periods of the Partnership;

          (3)  Third, to the Partners, in proportion to their Percentages of
               -----
     Contributed Capital, until there has been allocated on a cumulative basis
     for all fiscal years and other accounting periods of the Partnership
     pursuant to this Section 5.7.B(3), an amount of Net Investment Gain equal
     to the sum of (i) the amount of Deemed Portfolio Loss that has been
     included in the determination of Capital Contributions Allocable to
     Liquidated Portfolio Securities for purposes of making distributions
     pursuant to Section 5.2.B, and

                                      -28-
<PAGE>

     (ii) the amount of distributions made with respect to Management Fees
     pursuant to clause (ii) of Section 5.2.B(1);

          (4)  Fourth, eighty percent (80%) to the General Partner and twenty
               ------
     percent (20%) to the Partners in proportion to their Percentages of
     Contributed Capital until the General Partner has been allocated on a
     cumulative basis for all fiscal years and other accounting periods of the
     Partnership pursuant to this Section 5.7.B(4), in addition to allocations
     made to the General Partner pursuant to this Section 5.7 in proportion to
     its Percentage of Contributed Capital, an amount of Net Investment Gain of
     the Partnership equal to the amount distributed to the General Partner
     pursuant to Section 5.2.B(2);

          (5)  Fifth, thereafter with respect to the remaining Net Investment
               -----
     Gain, eighty percent (80%) to the Partners, in proportion to their
     Percentages of Contributed Capital, and twenty percent (20%) to the General
     Partner.

     C.   Subject to Sections 5.8 and 5.9, an Investment Loss for any fiscal
year or other accounting period of the Partnership shall be allocated as follows
and in the following order of priority as of the close of such fiscal year or
other accounting period:

          (1)  First, to the extent of the Net Investment Gain, if any, that has
               -----
     been allocated hereunder for all prior fiscal years and other accounting
     periods, to the Partners in proportion to the respective amounts, if any,
     by which (i) their allocations of Net Investment Gain for all such prior
     years and other periods exceed (ii) their Target Allocations as of the
     close of the fiscal year or other period for which an Investment Loss is
     then being allocated;

          (2)  Second, to the Partners, in proportion to their Percentages of
               ------
     Contributed Capital, until the Limited Partners' Capital Accounts have been
     reduced to zero; and

          (3)  Third, thereafter, to the General Partner.
               -----

     Section 5.8  Special Provisions.
                  ------------------

     The following provisions shall be complied with notwithstanding any
provision of this Agreement other than Section 5.9:

     A.   If any Partner unexpectedly receives any adjustment, allocation or
distribution described in Sections 1.704-1(b)(2) (ii)(d)(4), 1.704-
1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Treasury Regulations which
causes it to have an, or increases the amount of its, Adjusted Capital Account
Deficit, items of Partnership income and gain shall be specially allocated to
such Partner in an amount and manner sufficient to eliminate, to the extent
required by the Treasury Regulations, such Partner's Adjusted Capital Account
Deficit as quickly as possible, provided that an allocation pursuant to this
Section 5.8.A shall be made to a Partner only if and to the extent

                                      -29-
<PAGE>

that such Partner would have an Adjusted Capital Account Deficit after all other
allocations provided for in this Article V have been tentatively made as if this
Section 5.8.A were not in this Agreement. This Section 5.8.A is intended to
constitute a "qualified income offset" as defined in Section 1.704-
1(b)(2)(ii)(d) of the Treasury Regulations.

     B.   Notwithstanding Section 5.7.C, an allocation of Operating Loss or
Investment Loss shall not be made to a Partner to the extent that such
allocation would cause such Partner to have an Adjusted Capital Account Deficit.
An allocation that would be made to a Partner but for this Section 5.8.B shall
instead be made to the other Partners to the extent, and in the proportions,
that they could then be made such allocation without causing them to have
Adjusted Capital Account Deficits. Any excess allocation of Operating Loss or
Investment Loss shall be made to the General Partner.

     C.   The allocations set forth in Sections 5.8.A, 5.8.B, and 5.9 hereof
(the "Regulatory Allocations") are intended to comply with certain provisions of
the Treasury Regulations. Notwithstanding any other provision of this Article V,
the Regulatory Allocations shall be taken into account in making allocations of
other items of income, gain, loss, deduction and expenditure among the Partners
so that, to the extent possible consistent with the Code and the Treasury
Regulations, and on a cumulative basis, the respective net amounts of such
allocations of other items and the Regulatory Allocations to the Partners are
equal to the respective net amounts that would have been allocated to the
Partners had no Regulatory Allocations been made. The General Partner shall
apply this Section 5.8.C at such times, in such order and in such manner as it
determines, in its sole discretion, is likely to minimize any economic
distortions caused by the Regulatory Allocations.

     D.   If contributions that would otherwise be required pursuant to Article
III with respect to the interest in the Partnership of a particular Limited
Partner are excused hereunder or by law, such interest shall be treated for
purposes of this Article V as an interest in a separate portfolio of assets in
which, subject to all other provisions of this Agreement, only such Limited
Partner (or his assignees or legatees) and the General Partner shall be entitled
to participate (as provided in this Article V). Such separate portfolio shall
consist of such Limited Partner's pro rata share (by allocable Capital
Contribution) of each Portfolio Security the Partnership's interest in which
was, or the assets of which were, acquired in part with capital contributions of
such Limited Partner. Such Limited Partner (and his assignees and legatees)
shall have no interest in the Partnership or its assets to the extent not
included in, and shall have no right to participate in the results of the
Partnership to the extent not attributable to, such separate portfolio. A
separate portfolio shall be charged with portions of the Partnership's expenses,
liabilities, costs and reserves in such manner as the General Partner reasonably
determines to be fair and equitable.

     E.   Income, gain, loss and deduction with respect to property contributed
to the Partnership by a Partner shall be shared among the Partners so as to take
account of the variation between the basis of the property to the Partnership
and its fair market value at the time of contribution in accordance with the
principles of Section 704(c) of the Code.

                                      -30-
<PAGE>

     Section 5.9  Special Provisions in the Event of Borrowings or a Section 754
                  --------------------------------------------------------------
Election.
--------

     A.   If the Partnership incurs any borrowings, the Partnership (i) shall
allocate any "non-recourse deductions," computed and determined in accordance
with Sections 1.704-2(b)(1), 1.704-2(c) and 1.704-2(j) of the Treasury
Regulations, it may have twenty percent (20%) to the General Partner and eighty
percent (80%) to the Partners in proportion to their Percentages of Contributed
Capital, (ii) shall allocate any "partner non-recourse deductions," computed and
determined in accordance with Sections 1.704-2(i)(1), 1.704-2(i)(2) and 1.704-
2(j) of the Treasury Regulations, it may have so as to comply with Section
1.704-2(i) of the Treasury Regulations and (iii) shall make such allocations as
are necessary to comply with the "minimum gain chargeback" provisions of
Sections 1.704-2(f), 1.704-2(i) and 1.704-2(j) of the Treasury Regulations,
taking into account all exceptions provided by such provisions to the
applicability of this clause (iii).

     B.   To the extent an adjustment to the adjusted tax basis of any asset of
the Partnership pursuant to Section 734(b) or Section 743(b) of the Code is
required, pursuant to Section 1.704-1(b)(2)(iv)(m) of the Treasury Regulations,
to be taken into account in determining Capital Accounts, the amount of such
adjustment to the Capital Accounts shall be treated as an item of gain (if the
adjustment increases the basis of the asset) or loss (if the adjustment
decreases the basis of the asset), and such gain or loss shall be specially
allocated to the Partners in a manner that is consistent with the manner in
which their Capital Accounts are required to be adjusted pursuant to Section
1.704-1(b)(2)(iv)(m) of the Treasury Regulations.

                                      VI.

                       MANAGEMENT; PAYMENT OF EXPENSES
                       -------------------------------

     Section 6.1  Description of General Partner.
                  ------------------------------

     @Ventures Expansion Partners, LLC is the General Partner of the
Partnership.

     Section 6.2  Management by the General Partner.
                  ---------------------------------

     The management, policy and operation of the Partnership shall be vested
exclusively in the General Partner who shall perform all acts and enter into and
perform all contracts and other undertakings which it deems necessary or
advisable to carry out any and all of the purposes of the Partnership.  Without
limiting the foregoing general powers and duties, and except as is otherwise
expressly set forth herein, the General Partner is hereby authorized and
empowered on behalf of the Partnership and, as relevant herein, is required:

     A.   To enter into a Management Contract with the Management Company on the
terms, including those pertaining to payment of the Management Fee, set forth in
Exhibit A
---------

                                      -31-
<PAGE>

attached hereto; provided that such Contract may not be amended without the
written consent of Two-Thirds in Interest of the Limited Partners unless such
Contract is amended to increase the Management Fee, in which case unanimous
consent of the Limited Partners shall be required in accordance with Section
12.3.

     B.   To identify investment opportunities for the Partnership, negotiate
and structure the terms of such investments, arrange additional financing needed
to consummate such investments and monitor such investments.

     C.   To invest the assets of the Partnership in the securities of any
organization, domestic or foreign, in accordance with Article III and the other
terms and provisions of this Agreement, without other limitation as to kind and
without other limitation as to marketability of the securities, and pending such
investment, to invest the assets of the Partnership in Temporary Investments.

     D.   To exercise all rights, powers, privileges and other incidents of
ownership with respect to the Portfolio Securities, including, without
limitation the voting of such Portfolio  Securities, the approval of a
restructuring of an investment, participation in arrangements with creditors,
the institution and settlement or compromise of suits and administrative
proceedings, and other similar matters.

     E.   To sell, transfer, liquidate or otherwise terminate investments made
by the Partnership.

     F.   To employ or consult brokers, accountants, attorneys, or specialists
in any field of endeavor whatsoever, including such persons or firms who may be
Partners, provided, however, that no Affiliate of the General Partner may be
hired or employed without the approval of Two-Thirds in Interest of the Limited
Partners.

     G.   To deposit any funds of the Partnership in any bank or trust company
or money market fund provided that, in the case of any bank or trust company
such bank or trust company qualifies as a Financial Institution and in the case
of any money market fund such fund would qualify as a money market fund in which
the Partnership may make a Temporary Investment, and to entrust to such bank or
trust company any of the securities, monies, documents and papers belonging to
or relating to the Partnership; provided, however, that from time to time, in
order to facilitate any transaction, any of the said securities, monies,
documents and papers belonging to or relating to the Partnership may be
deposited in and entrusted to any brokerage firm that is a member of the New
York Stock Exchange and which has minimum net capital of $10 million as
calculated in accordance with the Securities Exchange Act of 1934.

     H.   To determine, settle and pay all expenses, debts and obligations of
and claims against the Partnership and, in general, to make all accounting and
financial determinations and decisions.

                                      -32-
<PAGE>

     I.   To enter into, make and perform all contracts, agreements and other
undertakings as may be determined to be necessary or advisable or incident to
the carrying out of the foregoing objectives and purposes, the execution thereof
by the General Partner to be conclusive evidence of such determination.

     J.   To execute all other instruments of any kind or character which the
General Partner determines to be necessary or appropriate in connection with the
business of the Partnership, the execution thereof by the General Partner to be
conclusive evidence of such determination.

     K.   With the consent of a Majority in Interest of Limited Partners of the
Partnership, to provide Bridge Financing on the terms and subject to the
conditions set forth in Section 4.1 to Portfolio Companies and to borrow funds
and provide guarantees in the name and on behalf of the Partnership in
connection therewith solely in order to facilitate or expedite the closing of
investments in Portfolio Securities.

     L.   To make Portfolio Company Investments and Follow-on Investments in
Portfolio Companies from Capital Contributions called from the Partners and from
Operating Receipts and Investment Receipts during and after the Commitment
Period, in each case in accordance with Article III.

     M.   To make Committed Investments in Portfolio Companies after the end of
the Commitment Period from Capital Contributions called from the Partners
pursuant to Article III. The General Partner shall notify the Limited Partners
at the end of the Commitment Period of any Committed Investments of the
Partnership described in clause (i) of the definition thereof. In addition, any
Committed Investment of the Partnership described in clause (i) of the
definition thereof, shall be consummated within six months of the end of the
Commitment Period. The aggregate amount of Committed Investments shall not
exceed the lesser of (x) the uncalled Capital Commitments as of the last day of
the Commitment Period reduced by Capital Contributions used to make Follow-on
Investments after the end of the Commitment Period or (y) fifteen percent (15%)
of the Capital Commitments of the Partnership. Except upon the approval of Two-
Thirds in Interest of the Limited Partners, no Committed Investment may be made
by the Partnership after the third anniversary of the last day of the Commitment
Period.

     N.   Subject to Section 6.2.O and with the consent of a Majority in
Interest of Limited Partners of the Partnership, to guarantee obligations of
Portfolio Companies, provided that the sum of any such guarantee, the
Partnership's investment in Portfolio Securities of such Portfolio Company and
the amount of Bridge Financing made by the Partnership at any one time shall not
exceed fifteen percent (15%) of the aggregate Capital Commitments of the
Partnership, exclusive of guarantees made in connection with Temporary Bridge
Financing.

                                      -33-
<PAGE>

     O.   To take such steps as the General Partner shall consider necessary or
appropriate in its sole discretion to cause the Partnership to qualify as a
Venture Capital Operating Company as of the date of the Partnership's first
acquisition of Portfolio Securities and at all relevant times thereafter.

     P.   With the consent of a Majority in Interest of Limited Partners of the
Partnership, to cause the Partnership or one or more corporate subsidiaries of
the Partnership to borrow funds (i) to purchase Portfolio Securities pending the
receipt of Capital Contributions called from the Partners pursuant to Article
III or (ii) to provide Bridge Financing to a Portfolio Company pursuant to
Section 4.2; provided, however, that the Partnership shall not borrow funds as
provided in this Section 6.2.P, if as a result of such borrowing UBTI would be
generated to Tax-Exempt Partners; and provided, further, that any borrowing
shall be on terms that are no less favorable to such corporate subsidiary than
those applicable to loans extended by the lender to borrowers comparable to such
corporate subsidiary, and that the General Partner shall cause the corporate
subsidiary to retire this indebtedness with such Capital Contributions
immediately upon receipt thereof.

     Section 6.3  Powers of Limited Partners.
                  --------------------------

     The Limited Partners shall not participate in the control of the
Partnership and shall have no authority to act for or bind the Partnership.

     Section 6.4  Continuity Mode.
                  ---------------

     If during the Commitment Period, or during the eighteen month period after
the end of the Commitment Period, three or more of Peter H. Mills, Jonathan
Callaghan, Guy A. Bradley, Marc D. Poirier, Brad Garlinghouse and David J.
Nerrow, Jr. cease to be members of either the General Partner or the Management
Company or otherwise cease to be actively involved in the business thereof (such
event hereinafter referred to as a "Triggering Event"), prompt notice of such
Triggering Event shall be given to all Limited Partners. At any time within
ninety (90) days after receipt of notice of a Triggering Event, Two-Thirds in
Interest of the Limited Partners may by an election in writing determine to put
the Partnership in a Continuity Mode. While in a Continuity Mode (i) the General
Partner shall only be permitted to retain the investments of the Partnership and
to make further investments solely in (x) Temporary Investments, (y) securities
of companies as to which the Partnership had an existing legal commitment to
make an investment on the date the Partnership was put in the Continuity Mode
and (z) investments in current Portfolio Companies being considered on the date
the Partnership was placed in a Continuity Mode, and (ii) the General Partner
shall not be permitted to call for payment of any remaining installments of
Capital Commitments except for the purpose of funding investment commitments
pursuant to (y) and (z) above and to pay current expenses of the Partnership
pursuant to Section 6.6 of this Agreement. Except as hereinabove expressly
provided, from and after the date the Partnership enters the Continuity Mode,
the General Partner shall continue to act on behalf of the Partnership to
perform the functions of the General Partner and to have all the rights and
privileges of the

                                      -34-
<PAGE>

General Partner hereunder. If within sixty (60) days after commencement of the
Continuity Mode (or such shorter period of time as may be agreed to by Two-
Thirds in Interest of the Limited Partners) Two-Thirds in Interest of the
Limited Partners do not by an election in writing remove the General Partner or
dissolve the Partnership, the Continuity Mode shall automatically terminate and
all decisions with respect to the management and operation of the Partnership
will again be made by the General Partner in accordance with the terms of this
Agreement. As provided in the Management Contract, the Management Fee shall be
reduced by one half while the Partnership is in the Continuity Mode.

     Section 6.5  Payment of Fees and Expenses.
                  ----------------------------

     Fees and expenses incurred with respect to the business of the Partnership
shall be payable as follows:

     A.   Subject to the provisions of Section 6.5.D, the Partnership shall be
responsible for and shall pay all fees and reasonable expenses not specified in
subparagraph B as being the responsibility of the Management Company, including
without limitation:

          (1)  out-of-pocket expenses incurred and fees paid by the Partnership
     or the General Partner in connection with the formation of the Partnership
     and the offering and distribution of interests therein to the Limited
     Partners in an amount not in excess of $200,000 (when aggregated with
     amounts paid by the Domestic Fund in connection with the formation of the
     Domestic Fund and the offering and distribution of interests therein);

          (2)  any government or regulatory filings, returns or reports,
     including without limitation fees and expenses for annual reports and
     foreign qualification certificates;

          (3)  expenses incurred in connection with the administration of the
     Partnership including without limitation, the Management Fee and fees paid
     to consultants, custodians, outside counsel, accountants, agents,
     investment bankers and other similar outside advisors;

          (4)  unreimbursed fees and out-of-pocket costs of acquiring, holding
     or selling, Temporary Investments, Portfolio Securities or Bridge
     Financing, whether or not such transactions close, including fees and
     expenses of consultants, outside counsel and accountants and similar
     outside advisors in connection with identifying, evaluating, structuring
     and consummating potential investments by the Partnership and recordkeeping
     expenses and finders', placement, brokerage and other similar fees;
     provided that with respect to consummated investments, it is expected, and
     the Management Company will use its reasonable best efforts to ensure, that
     such fees and expenses paid by the Partnership will be reimbursed by the
     Portfolio Company in which the investment is made;

          (5)  out-of-pocket costs of reporting to the Limited Partners;

                                      -35-
<PAGE>

          (6)  any taxes, fees or other governmental charges levied against the
     Partnership or on its income or assets or in connection with its business
     or operations;

          (7)  costs of litigation or other matters that are the subject of
     indemnification pursuant to Section 9.3; and

          (8)  costs of winding-up and liquidating the Partnership.

     B.   The Management Company, so long as the Management Contract is in
effect, shall be responsible for and shall pay all of its out-of-pocket expenses
and those of the General Partner, including expenses which relate to salaries,
office space, supplies and other facilities of their businesses except as set
forth in Section 6.5.A(4).

     C.   The Management Company shall serve as the management company of the
Partnership in accordance with the terms of the Management Contract, and shall
be entitled to receive a Management Fee in the amount and payable in the manner
provided in such Contract.

     D.   The amount of any unreimbursed fees and expenses incurred directly in
connection with a proposed or consummated investment in a Portfolio Company and
payable by the Partnership under subparagraph A shall be allocated among the
Partnership, the Domestic Fund and Expansion LLC in proportion to the amount
which would have been or which was invested by each.

     E.   Subject to Section 6.2.O, any Break-Up Fee payable to the Partnership,
the General Partner, the Management Company or their respective Affiliates shall
be paid as follows. An amount equal to the aggregate unreimbursed fees and
expenses paid by the Partnership, the General Partner, the Management Company or
their Affiliates which were specific to the transaction giving rise to such fee
shall be paid to each such entity in proportion to the fees and expenses
incurred by it. The balance of any such Break-Up Fee shall be paid to the
Management Company; provided that one-half of the remaining Break-Up Fee shall
be credited against the Management Fee payable by the Partnership, the Domestic
Fund, and Expansion LLC in subsequent periods as follows: 19.9% of such amount
shall be credited against the Management Fee payable by Expansion LLC and the
balance shall be credited against the Management Fee payable by the Partnership
and the Domestic Fund in proportion to their respective aggregate capital
commitments.

     F.   The General Partner, the Management Company and their respective
Affiliates shall be entitled to receive management, directors', consulting and
other similar fees and compensation from Portfolio Companies; provided that the
amount of such fees and other compensation is reasonable in relation to the work
involved and bears a reasonable relation to fees and compensation charged for
similar work by third parties. One-half of such fees shall be credited against
the Management Fee payable by the Partnership, the Domestic Fund and

                                      -36-
<PAGE>

Expansion LLC as follows: 19.9% of such amount shall be credited against the
Management Fee payable by Expansion LLC and the balance shall be credited
against the Management Fee payable by the Partnership and the Domestic Fund, in
proportion to their respective aggregate capital commitments, and if such
portion of such fees exceeds the Management Fee, such excess shall be credited
against the Management Fee payable by the Partnership, the Domestic Fund and
Expansion LLC in subsequent periods (in the same proportions). To the extent
such amounts exceed total future installments of the Management Fee, they shall
be paid to the Partnership, the Domestic Fund and Expansion LLC in the same
proportions and included in their respective Operating Receipts.

                                     VII.

            OTHER ACTIVITIES OF PARTNERS; CO-INVESTMENT OBLIGATION
            ------------------------------------------------------

     Section 7.1  Commitment of General Partner.
                  -----------------------------

     The General Partner hereby agrees to use its best efforts in furtherance of
the purposes and objectives of the Partnership and to devote to such purposes
and objectives such of its time as shall be necessary for the effective
management of the affairs of the Partnership.  Each of the members of the
General Partner shall devote to the Partnership such time as may be reasonably
necessary to manage the assets of the Partnership for the benefit of the
investors therein.

     Subject to the other provisions of this Agreement, the General Partner and
any of its Affiliates (i) may act as a director, officer, employee or advisor of
any corporation, a trustee of any trust, or a partner of any partnership; (ii)
may receive compensation for his services as an advisor with respect to, or
participation in profits derived from, the investments of any such corporation,
trust or partnership; and (iii) may, subject to the time commitments as set
forth above, acquire, invest in, hold and sell securities of any entity.
Neither the Partnership nor any other Partner shall have by virtue of this
Agreement, any right, title or interest in or to such other corporation, trust,
partnership or investment.

     Section 7.2  Dealings with Limited Partners.
                  ------------------------------

     The General Partner shall not enter into any agreement, contract,
modification or undertaking of any kind with any Limited Partner that would
grant rights in the Partnership as a Limited Partner by the acquisition of a
Capital Commitment that are more favorable than those offered to any other
Limited Partner. Notwithstanding the foregoing, the General Partner may permit
certain Limited Partners to co-invest with it and the Partnership in Portfolio
Securities and may enter into agreements with any Limited Partner for the
provision to the Partnership or the General Partners of any services thereunder,
provided that any such agreement will be on terms equivalent to those entered
into with independent third parties.

                                      -37-
<PAGE>

     Section 7.3  Investments by the Partnership, the Domestic Fund, CMG
                  ------------------------------------------------------
@Ventures Expansion LLC and @Ventures Expansion Investors LLC.
-------------------------------------------------------------

          A.   Subject to the rights of the Limited Partners contained in
Section 3.3 above, except to the extent prohibited by applicable law, the
General Partner shall cause the Partnership to co-invest with the Domestic Fund
in all securities in which the Domestic Fund invests, and on the same terms and
at the same times as the Domestic Fund. If the Domestic Fund and the Partnership
both participate in any particular investment, such investment shall be made at
the same time and on the same terms. The respective amounts to be invested by
the Partnership, the Domestic Fund, Investors LLC and Expansion LLC in any
investment in a Portfolio Company shall be as described in Section 7.3.D below.

          B.   Except to the extent prohibited by applicable law, Expansion LLC
will co-invest with the Partnership and the Domestic Fund in all investments in
Portfolio Companies made by the Partnership on the terms described and to the
extent provided in Section 7.3.C and D below. Expansion LLC may assign all or
any portion of such co-investment obligation to any of its Affiliates,
including, without limitation, any CMGI Fund; however, for purposes of this
Section 7.3, the co-investment obligation shall remain an obligation of
Expansion LLC.

          Except to the extent prohibited by applicable law, Investors LLC or
another entity consisting of principals of CMGI and/or the Management Company or
other persons who perform services to or for the benefit of the Partnership will
co-invest with the Partnership and the Domestic Fund in all investments in
Portfolio Companies made by the Partnership on the terms described and to the
extent provided in Section 7.3.C and D below.

          The respective amounts to be invested by the Partnership, the Domestic
Fund, Expansion LLC and Investors LLC in any investment in a Portfolio Company
shall be as described in Section 7.3.D below. The obligations of Expansion LLC
and Investors LLC to co-invest with the Partnership are hereinafter referred to
as their respective "Co-investment Obligations."

          C.   The co-investment obligation of Expansion LLC and Investors LLC
shall arise with respect to all investments made by the Partnership in Portfolio
Companies (including Follow-on Investments, Committed Investments, Bridge
Financing and through the funding of guarantees), shall be satisfied in cash and
shall be made on the same terms, at the same price and in securities identical
to the Portfolio Securities purchased by the Partnership.

          D.   In the case of each investment in a Portfolio Company in which
the Partnership invests:

               (i)  Expansion LLC shall invest an amount equal to the 19.9% of
          the aggregate amount invested by the Partnership, the Domestic Fund,
          Expansion LLC and Investors LLC.

                                      -38-
<PAGE>

               (ii)   Investors LLC shall invest an amount equal to the 2% of
          the aggregate amount invested by the Partnership, the Domestic Fund,
          Expansion LLC and Investors LLC.

               (iii)  The balance of such investment shall be acquired by the
          Partnership and the Domestic Fund, and the ratio of the amount
          invested by the Partnership and the Domestic Fund shall be the ratio
          that the respective Capital Commitments to the Partnership and capital
          commitments to the Domestic Fund bear to each other.

     Section 7.4  Co-investments by the Other Participating Funds.
                  -----------------------------------------------

     (a)  None of the Domestic Fund, Expansion LLC or Investors LLC (each an
"Other Participating Fund") shall at any time sell, exchange, transfer or
otherwise dispose of any securities that were acquired as a co-investment with
the Partnership in the same investment opportunity as contemplated by Section
7.3 unless (i) the Partnership also sells, exchanges, transfers or otherwise
disposes of, at substantially the same time, securities that were acquired by
the Partnership in such investment opportunity, and the aggregate amount of such
securities sold, exchanged, transferred or otherwise disposed of by the
Partnership and such Other Participating Fund is pro rata in proportion to the
aggregate amount respectively invested by the Partnership and such Other
Participating Fund and (ii) the terms of such sale, exchange, transfer or other
disposition, except to the extent necessary to address regulatory or other legal
considerations, are substantially the same as those applicable to such sale,
exchange, transfer or other disposition by the Partnership at such time.  In
connection with any sale, exchange, transfer or other disposition by the
Partnership at any time of any securities comprising all or part of an
investment acquired pursuant to any investment opportunity, each of the Other
Participating Funds shall, at substantially the same time, sell, exchange,
transfer or otherwise dispose of securities in respect of its related co-
investment in an aggregate amount equal to the amount determined pursuant to
clause (i) of the immediately preceding sentence and on terms described in
clause (ii) of the immediately preceding sentence. Except to the extent
necessary to comply with applicable regulations or laws, or to address other
legal considerations, the General Partner shall not permit the Domestic Fund at
any time to distribute to the Domestic Fund's partners any Marketable Securities
that were acquired as a co-investment with the Partnership in the same
investment opportunity as contemplated by Section 7.3 unless the Partnership
also distributes to the Partners, at substantially the same time, Marketable
Securities that were acquired by the Partnership in such investment opportunity,
and the aggregate amount of all such Marketable Securities distributed is in the
same ratio as the ratio of the aggregate amount respectively invested by the
Partnership and the Domestic Fund in such investment opportunity.

     (b)  The General Partner undertakes, represents and warrants that the
partnership agreement or other operative agreement for each of the Other
Participating Funds will contain provisions substantially to the effect set
forth in Section 7.4(a) and that no such provision of such

                                      -39-
<PAGE>

limited partnership agreements shall be amended or waived unless Section 7.4(a)
shall have been amended or waived in substantially the same manner.

                                     VIII.

               ADMISSIONS; ASSIGNMENTS; REMOVAL AND WITHDRAWALS
               ------------------------------------------------

     Section 8.1  Admission of Additional General Partner.
                  ---------------------------------------

     It is not contemplated that any additional general partners will be
admitted to the Partnership. A person may be admitted to the Partnership as a
general partner only with the written consent of the General Partner and Two-
Thirds in Interest of the Limited Partners. Any such person so admitted as a
general partner shall be liable for all the obligations of the Partnership
arising before its admission as though it had been a general partner when such
obligations were incurred. In the event of the addition of a general partner,
the participation of such person in the management of the Partnership and the
interest of such person in the Partnership's Operating Income and Loss and
Investment Gain and Loss must be approved by the General Partner and Two-Thirds
in Interest of the Limited Partners at the time of such person's admission.

     Section 8.2  Admission of Additional Limited Partners.
                  ----------------------------------------

     After the expiration of the 270 day period commencing on the Initial
Closing Date of the Partnership, additional Limited Partners (other than
Substitute Limited Partners admitted pursuant to Section 8.3) shall be admitted
to the Partnership only with the written consent of, and on the terms approved
by, all Partners. Until such time, the General Partner may admit one or more
additional Limited Partners with the consent of a Majority in Interest of
Limited Partners of the Partnership, subject only to satisfaction of the
following conditions: (i) each such additional Limited Partner shall execute and
deliver a Subscription Agreement and an appropriate amendment to this Agreement
pursuant to which such additional Limited Partner agrees to be bound by the
terms and provisions hereof, (ii) such admission would not result in a violation
of any applicable law, including the federal or state securities laws, or any
term or condition of this Agreement and, as a result of such admission, the
Partnership would not be required to register as an investment company under the
Investment Company Act, and (iii) such additional Limited Partner shall pay to
the Partnership, on the date of its admission to the Partnership, an amount
equal to the sum of (x) the percentage of its Capital Commitment which is equal
to the percentage of the other Limited Partners' Capital Commitments that shall
have been payable at or prior to the admission of the additional Limited Partner
and (y) an amount equal to interest on that portion of the Capital Commitment
payable upon admission at the Treasury Rate from the date such portion would
have been payable if such additional Limited Partner had been admitted on the
date of formation of the Partnership to the date of actual payment, which amount
shall be treated as Operating Receipts. The Partnership shall pay, from such
initial Capital Contribution of such additional Limited Partner, its allocable
portion of the Management Fee computed as if such

                                      -40-
<PAGE>

additional Limited Partner had been a Partner of the Partnership since the
Initial Closing Date. The name and business address of each Limited Partner
admitted to the Partnership under this Section 8.2 and the amount of its Capital
Commitment shall be added to Schedule 1 hereto. Each additional Limited Partner
                             ----------
admitted pursuant to this Section 8.2 during the 270 day period commencing with
the formation of the Partnership shall be deemed for purposes of all allocations
of Operating Income or Loss and Investment Gain or Loss to have been admitted on
the date of formation of the Partnership. Admission of an additional Limited
Partner shall not be a cause of dissolution of the Partnership.

     Section 8.3  Assignment of Partnership Interest.
                  ----------------------------------

     The General Partner shall not assign or otherwise transfer its interest as
the general partner of the Partnership. A Limited Partner may assign or
otherwise transfer all or any part of its interest in the Partnership (provided
that such part shall include a Capital Commitment, whether funded or unfunded,
of at least $1 million), subject to the limitations set forth in Section 8.4.
The assignee or transferee of a Limited Partner's interest in the Partnership
(an "Assignee") shall have the right to become a Substitute Limited Partner only
if the following conditions are satisfied:

     A.   A duly executed and acknowledged written instrument of assignment
shall have been filed with the Partnership.

     B.   The Limited Partner and the Assignee shall have executed and
acknowledged such other instruments and taken such other action as the General
Partner shall reasonably deem necessary or desirable to effect such
substitution, including, without limitation, the execution by the Assignee of a
Subscription Agreement, an appropriate amendment to this Agreement and a Power
of Attorney substantially similar to that referred to in Section 12.8 hereof.

     C.   The restrictions on transfer contained in Section 8.4 shall be
inapplicable, and, if requested by the General Partner, the Limited Partner or
the Assignee shall have obtained an opinion of counsel reasonably satisfactory
to the General Partner as to the legal matters set forth in that Section.   The
Limited Partner may request that the General Partner seek to obtain the required
opinion from counsel recommended by such Limited Partner which is reasonably
satisfactory to the General Partner, provided that the expense of such counsel
shall be an expense of the Partnership that is paid out of the Capital
Commitment of such Partner.

     D.   The Limited Partner or the Assignee shall have paid to the Partnership
such amount of money as is sufficient to cover all expenses incurred by or on
behalf of the Partnership in connection with such substitution.

     E.   The General Partner shall have consented, in its sole and absolute
discretion, to such substitution, except in the case of a transfer to an
Affiliate.

                                      -41-
<PAGE>

     The pledge or hypothecation of a Partner's interest in the Partnership
shall not be deemed an assignment or transfer; provided, that such pledge or
hypothecation shall nonetheless be subject to the restrictions set forth in
Section 8.4.  An Assignee who is not admitted to the Partnership as a Substitute
Limited Partner shall have none of the rights of a Partner and the assignor in
such case shall remain fully liable for the unpaid portion of its Capital
Commitment.

     Section 8.4  Restrictions on Transfer.
                  ------------------------

     Notwithstanding any other provision of this Agreement, no Limited Partner
may assign or otherwise transfer all or any part of its interest in the
Partnership, and no attempted or purported assignment or transfer of such
interest shall be effective, unless (i) after giving effect thereto, such
assignment or transfer would not terminate the Partnership for the purposes of
Section 708 of the Code, (ii) such assignment or transfer would not result in a
violation of applicable law, including the federal and state securities laws, or
any term or condition of this Agreement and, as a result of such assignment or
transfer, the Partnership would not be required to register as an investment
company under the Investment Company Act, (iii) if requested by the General
Partner, such Limited Partner shall deliver a favorable opinion of counsel
satisfactory to the General Partner that such transfer would not result in (x) a
violation of the Securities Act or any blue sky laws or other securities laws of
any state of the United States applicable to the Partnership or the interest to
be transferred, (y) the Partnership being required to register, or seek an
exemption from registration, under the Investment Company Act, and (z) the
Partnership being deemed to be a "publicly traded partnership" within the
meaning of Section 7704 of the Code, (iv) except for an assignment to an
Affiliate of a Limited Partner, the General Partner shall have consented
thereto, which consent may be granted or withheld in its sole discretion, and
(v) such assignment or transfer is to an entity which is an Accredited Investor.

     Section 8.5  Removal of General Partner.
                  --------------------------

     A.   The General Partner may be removed by the Limited Partners only upon
the approval of at least Two-Thirds in Interest of the Limited Partners, (i) if
any act or omission of the General Partner in connection with the Partnership
constitutes bad faith, breach of fiduciary duty, willful misconduct or fraud,
(ii) if the General Partner is in material violation of its obligations
hereunder, or (iii) if a Triggering Event occurs; provided, however, that the
Limited Partners may remove the General Partner pursuant to clauses (i) and (ii)
above only if a court of competent jurisdiction or, at the election of Two-
Thirds in Interest of the Limited Partners, an arbitration committee (which
shall conduct its proceedings in accordance with the commercial rules of the
American Arbitration Committee and shall consist of three individuals, of whom
one shall be selected by the General Partner, one shall be selected by Two-
Thirds in Interest of the Limited Partners and one shall be selected by written
agreement of the other two) has previously determined that any act or omission
of the General Partner in connection with the Partnership constitutes bad faith,
willful misconduct or fraud or that the General Partner is in material violation
of its obligations hereunder.

                                      -42-
<PAGE>

     B.   In the event of any such removal of the General Partner, the
Partnership shall, within sixty (60) days of the date of such removal, obtain an
appraisal of the Portfolio Securities of the Partnership, including Portfolio
Securities the purchase of which the Partnership has committed to as of such
removal date (together "Removal Date Securities") from an independent firm of
investment bankers of nationally recognized standing selected by the removed
General Partner and approved by Two-Thirds in Interest of the Limited Partners,
which approval shall not unreasonably be withheld. As of the removal date, the
removed General Partner shall become a Special Limited Partner. The Special
Limited Partner shall be entitled to receive as distributions pursuant to
Section 5.2 that portion of all distributions made with reference to its
Percentage of Contributed Capital, and that portion of all Incentive
Distributions it would have received pursuant to Section 5.2 with respect to the
Removal Date Securities, provided that all such distributions received in
connection with such Removal Date Securities do not in the aggregate exceed the
aggregate fair market value determinations for such securities made pursuant to
this Section 8.5.B. Notwithstanding the foregoing, if after the removal of the
General Partner the Partnership then terminates under Article XI without there
having been elected a successor General Partner, the General Partner shall be
entitled to the same allocations and distributions arising out of the
Dissolution Sale as if it had not been removed. The Special Limited Partner
shall not have the limited approval rights accorded to Limited Partners in this
Agreement, and as a Special Limited Partner, the General Partner and its
Affiliates shall be released from all commitments and obligations under Article
VII effective upon the date of such removal.

     Section 8.6  Withdrawals.
                  -----------

     No Partner shall have the right to withdraw from the Partnership, except in
connection with a transfer under Section 8.3.

                                      IX.

                    LIABILITY OF PARTNERS; INDEMNIFICATION
                    --------------------------------------

     Section 9.1  Liability of General Partner.
                  ----------------------------

     A.   The General Partner shall be subject to the liabilities of a partner
in a partnership without limited partners, and nothing herein shall be deemed to
relieve the General Partner of liabilities to third parties which it otherwise
has under applicable law. The General Partner shall not be liable to the
Partnership or any other Partner for any act or omission taken or suffered by
the General Partner in good faith and in the belief that such act or omission is
in the best interests of the Partnership; provided that such act or omission is
not in violation of this Agreement and does not constitute willful misconduct,
fraud, recklessness, breach of fiduciary duty, gross negligence or a willful
violation of law by the General Partner.  The General Partner shall not be
liable to the Partnership or any other Partner for any action taken by any other
Partner, nor shall the General Partner (in the absence of willful misconduct,
fraud, recklessness, breach of fiduciary duty, gross negligence or a willful
violation of law by the General Partner) be liable to the

                                      -43-
<PAGE>

Partnership or any other Partner for any action of any employee or agent of the
Partnership provided that the General Partner shall have exercised appropriate
care in the selection and supervision of such employee or agent.

     B.   Whenever in this Agreement the General Partner is permitted or
required to make a decision (i) in its "discretion" or "sole discretion" or
under a grant of similar authority or latitude, the General Partner shall be
entitled to consider only such interests and factors as it desires, including
its own interests, and shall have no duty or obligation to give any
consideration to any interests of or factors affecting any person other than the
Partnership, or (ii) in its "good faith" or under another express standard, the
General Partner shall act under such express standard and shall not be subject
to any other or different standard imposed by this Agreement or other applicable
law; provided that all judgments and determinations shall comply with the
fiduciary duty of the General Partner to the Limited Partners.

     C.   Notwithstanding Section 9.3 below, the General Partner shall not be
indemnified for any losses, liabilities or expenses arising from or out of an
alleged violation of federal or state securities laws unless (i) there has been
a successful adjudication on the merits of each count involving alleged
securities law violations as to the particular indemnitee, or (ii) such claims
have been dismissed with prejudice on the merits by a court of competent
jurisdiction as to the particular indemnitee, or (iii) a court of competent
jurisdiction approves a settlement of the claims against a particular
indemnitee. In any claim for indemnification for federal or state securities law
violations, the party seeking indemnification shall place before the court the
position of the Securities and Exchange Commission and the Massachusetts
Securities Division with respect to the issue of indemnification for securities
law violations. The Partnership shall not incur the cost of that portion of any
insurance, other than public liability insurance, which insures any party
against any liability the indemnification of which is herein prohibited.

     Section 9.2  Liability of Limited Partners.
                  -----------------------------

     Except as required by law, no Limited Partner shall be bound by, nor be
personally liable for, the expenses, liabilities, or obligations of the General
Partner or the Partnership.  Each Limited Partner shall be liable for the return
of any part of a distribution in respect of its Capital Contribution to the
extent required by law.

     Section 9.3  Indemnification of the General Partner and Limited Partners.
                  -----------------------------------------------------------

     The General Partner and its partners, agents, employees and Affiliates and
the Limited Partners (the "Indemnitees") shall be and hereby are (i) indemnified
and held harmless by the Partnership and (ii) released by the other Partners
from and against any and all claims, demands, liabilities, costs, expenses,
damages, losses, suits, proceedings and actions for which such Indemnitee has
not otherwise been reimbursed (collectively, "Liabilities"), whether judicial,
administrative, investigative or otherwise, of any nature whatsoever, known or
unknown, liquidated or unliquidated, that may accrue to the Partnership or any
other Partner or in which any

                                      -44-
<PAGE>

of the Indemnitees may become involved, as a party or otherwise, arising out of
the conduct of the business or affairs of the Partnership by the respective
Indemnitee or otherwise relating to this Agreement, provided that an Indemnitee
shall not be entitled to indemnification or release hereunder if it shall have
been determined by a court of competent jurisdiction that (x) such person did
not act in good faith and in a manner such person reasonably believed to be in
the best interests of the Partnership and, in the case of a criminal proceeding,
did not have reasonable cause to believe that his conduct was lawful, or (y)
such Liabilities shall have arisen from a violation of this Agreement or the
gross negligence, willful misconduct, breach of fiduciary duty, fraud or willful
violation of law by such Indemnitee, or actions of such Indemnitee outside the
scope of and unauthorized by this Agreement. The termination of any proceeding
by settlement shall not, of itself, create a presumption that the Indemnitee did
not act in good faith and in a manner that such person reasonably believed to be
in the best interests of the Partnership or that the Indemnitee did not have
reasonable cause to believe that its conduct was lawful. Any indemnification
right provided for in this Section 9.3 shall be retained by any removed General
Partner and its partners, agents, employees and Affiliates. The indemnification
rights provided for in this Section 9.3 shall survive the termination of the
Partnership or this Agreement.

     Section 9.4  Payment of Expenses.
                  -------------------

     Expenses incurred by an Indemnitee in defense or settlement of any claim
that may be subject to a right of indemnification hereunder may be advanced by
the Partnership prior to the final disposition thereof provided that the
following conditions are satisfied: (i) the claim relates to the performance of
duties or services by the Indemnitee on behalf of the Partnership and (ii) the
Indemnitee undertakes to repay the advanced funds to the Partnership if it is
ultimately determined that the Indemnitee is not entitled to be indemnified
hereunder or under applicable law. The right of any Indemnitee to the
indemnification provided herein shall be cumulative of, and in addition to, any
and all rights to which such Indemnitee may otherwise be entitled by contract or
as a matter of law or equity and shall extend to such Indemnitee's successors,
assigns and legal representatives. All judgments against the Partnership and the
General Partner, in respect of which such General Partner is entitled to
indemnification, must first be satisfied from Partnership assets before the
General Partner is responsible therefor. The obligations of the Partnership
under this Article IX shall be satisfied only after any applicable insurance
proceeds have been exhausted and then only out of Partnership assets and, to the
extent required by law, distributions made by the Partnership to its Partners,
and Limited Partners shall have no personal liability to fund indemnification
payments hereunder.

                                      -45-
<PAGE>

                                      X.

                    ACCOUNTING FOR THE PARTNERSHIP; REPORTS
                    ---------------------------------------

     Section 10.1  Accounting for the Partnership.
                   ------------------------------

     The Partnership shall use the accrual method of accounting and its
financial statements shall be prepared in accordance with generally accepted
accounting principles.  The Partnership's tax return shall be prepared on an
accrual basis.  The fiscal year of the Partnership shall end on December 31.

     Section 10.2  Books and Records.
                   -----------------

     The General Partner shall keep or cause to be kept complete and appropriate
records and books of account.  Except as otherwise expressly provided herein,
such books and records shall be maintained on the basis used in preparing the
Partnership's federal income tax returns.  Such information as is necessary to
reconcile such books and records with generally accepted accounting principles
shall also be maintained.  The books and records shall be maintained at the
principal office of the Partnership, and shall be available for inspection and
copying by any Partner and its advisors at its expense during ordinary business
hours following reasonable notice.

     Section 10.3  Reports to Partners.
                   -------------------

     (a)  Within forty-five (45) days after the end of each calendar quarter,
the General Partner will prepare and deliver to each Partner (i) an unaudited
balance sheet and income statement of the Partnership for such quarter,
accompanied by a report on any material developments in existing investments
which occurred during such quarter and a newsletter relating to the
Partnership's activities and (ii) a statement showing the balance in such
Partner's Capital Account and a reconciliation of such balance. After the end of
each fiscal year commencing with the fiscal year ending on December 31, 2000,
the General Partner shall cause an audit of the Partnership to be made by an
independent public accountant of nationally recognized status of the financial
statements of the Partnership for that year. Such audit shall be certified and a
copy thereof shall be delivered to each Partner within ninety (90) days after
the end of each of the Partnership's fiscal years. Such certified financial
statements shall also be accompanied by a report on the Partnership's activities
during the year prepared by the General Partner. Within ninety (90) days after
the end of each fiscal year, the Partnership will deliver to each Partner the
General Partner's good faith estimate of the fair value of the Partnership's
investments as of the end of such year, a statement showing the balances in each
Partner's Capital Account as of the end of such year, and such other
information, reports and forms as are necessary to assist each Partner in the
preparation of his federal, state and local tax returns.

     (b)  The quarterly and annual reports shall include a summary of the
acquisition and disposition of investments by the Partnership during such
period, a list of investments then held,

                                      -46-
<PAGE>

together with a valuation of such investments, including an explanation of such
valuation in accordance with Section 5.6, a narrative report describing the
operations and financial status of each investment, the General Partner's
evaluation of the Portfolio Companies' prospects and any other information
regarding the Partnership and the Portfolio Companies that the Limited Partners
may reasonably request.

     (c)  Promptly after each Capital Contribution, the General Partner shall
acknowledge receipt of funds from the Limited Partners.

     (d)  Promptly following the closing of each investment by the Partnership
and semi-annually thereafter, the General Partner shall provide the Limited
Partners with a fact sheet containing the following information: a
capitalization table and summary balance sheet for the Portfolio Company, the
amount of the Partnership's investment and percentage ownership, the amount of
each Limited Partner's investment and each Limited Partner's percentage
ownership and the expenses incurred in connection with the investment and the
Partnership's share thereof.

     Section 10.4  Annual Meeting.
                   --------------

     Beginning with the Partnership's 2000 fiscal year, the General Partner will
convene an annual meeting of all Partners, at such time and on such date as it
deems appropriate, at which the General Partner will report on the activities of
the Partnership during the year and respond to questions pertaining to the
Partnership's affairs. The General Partner shall call a special meeting of all
Partners upon request of a Majority in Interest of the Limited Partners. The
General Partner will give all Partners at least thirty (30) days notice of each
annual or special meeting; provided that such notice may be waived by a Majority
in Interest of the Limited Partners in the case of any special meeting.

                                      XI.

                          DISSOLUTION AND WINDING UP
                          --------------------------

     Section 11.1  Termination.
                   -----------

     The existence of the Partnership shall terminate upon the first to occur of
the following events:

          (1)  July 31, 2006; provided that the duration of the Partnership may
     be extended by the General Partner for not more than two additional one
     year periods;

          (2)  the sale or other disposition at any one time of all or
     substantially all of the assets of the Partnership;

                                      -47-
<PAGE>

          (3)  the happening of any event which causes the cessation of the
     General Partner's status as a general partner under the Act unless, in any
     such case (i) at the time of such event there is at least one other general
     partner of the Partnership who agrees to and does continue the business of
     the Partnership, or (ii) Two-Thirds in Interest of the Limited Partners
     agree in writing to continue the business of the Partnership and to the
     appointment of one or more additional general partners in accordance with
     the Act;

          (4)  the entry of a decree of judicial dissolution under the Act; and

          (5)  the written agreement of Two-Thirds in Interest of the Limited
     Partners to terminate the Partnership.

     Section 11.2  Winding Up.
                   ----------

     Upon the occurrence of an event specified in Section 11.1, the Partnership
shall be wound up, liquidated and dissolved.  At any time during the wind up,
liquidation and dissolution of the Partnership as provided in this Section 11.2,
Eighty Percent (80%) in Interest of the Limited Partners may remove the General
Partner and replace it with a liquidator.  In addition, if there is no General
Partner, Two-Thirds in Interest of the Limited Partners may appoint a
liquidator.  The General Partner or liquidator shall proceed with the
Dissolution Sale or a liquidating distribution of the securities and other
property of the Partnership pursuant to the required valuation in Section 5.6,
all within the discretion of the General Partner or liquidator as promptly as
practicable; provided that in the event of a Dissolution Sale the General
Partner or such liquidator shall continue such sale only as long as it feels is
reasonably necessary to obtain fair value for the investments in Portfolio
Companies and other assets of the Partnership.  In the Dissolution Sale the
General Partner or such liquidator shall use its best efforts to reduce the
Partnership's investments in Portfolio Companies to cash and cash equivalents,
subject to obtaining fair value therefor and other legal and tax considerations.

     Section 11.3  Liquidating Trust.
                   -----------------

     In the sole discretion of the General Partner or the liquidator at the
termination of the Partnership pursuant to Section 11.1, all or a portion of the
non-cash assets of the Partnership (other than Marketable Securities) may be
distributed to a trust established for the benefit of the Partners for the sole
purposes of liquidating Partnership assets, collecting amounts owed to the
Partnership and paying any contingent or unforeseen liabilities or obligations
of the Partnership.  The distribution to the trust will constitute a final,
liquidating distribution of assets pursuant to Section 5.3.  The Partners'
beneficial interests in the trust will be equal to their respective interests in
the assets of the Partnership upon liquidation.  The trustee of the trust shall
be the General Partner or the liquidator.

                                      -48-
<PAGE>

                                     XII.

                                 MISCELLANEOUS
                                 -------------

     Section 12.1  Registration of Securities.
                   --------------------------

     Stocks, bonds, securities and other property owned by the Partnership shall
be registered in the Partnership name or a "street name." Any corporation or
transfer agent called upon to transfer any stocks, bonds and securities to or
from the name of the Partnership shall be entitled to rely on instructions or
assignments signed or purporting to be signed by the General Partner without
inquiry as to the authority of the person signing or purporting to sign such
instructions or assignments or as to the validity of any transfer to or from the
name of the Partnership. At the time of transfer, the corporation or transfer
agent is entitled to assume (i) that the Partnership is still in existence and
(ii) that this Agreement is in full force and effect and has not been amended
unless the corporation or transfer agent has received written notice to the
contrary.

     Section 12.2  Entire Agreement.
                   ----------------

     This Agreement and the Exhibits and Schedules attached hereto set forth the
full and complete agreement of the Partners with respect to the subject matter
hereof and supersede any prior agreement or undertaking among the parties;
provided that the representations of the General Partner, the Partnership and
the Limited Partners contained in the Subscription Agreement will survive the
execution of this Agreement.

     Section 12.3  Voting; Amendments.
                   ------------------

     On any occasion on which the General Partner submits to the Limited
Partners for their approval a proposed amendment, waiver or other action (a
"Vote") with respect to a provision of this Agreement (except as to Sections
3.1, 3.2, 4.2, 6.2C, 6.2D, 6.2K, 6.2N, 6.2P, and Sections 12.14 through 12.17,
and all provisions relating thereto, in which case the vote, consent or approval
of the Limited Partners of only this Partnership shall be obtained), and the
General Partner also submits to the Limited Partners of the Domestic Fund for
their approval a proposed Vote with respect to a provision with a substantially
similar impact of the partnership agreement for the Domestic Fund, then for
purposes of determining whether such Vote was approved by the Limited Partners,
(x) the Partnership will be deemed to have Capital Commitments equal to the
Capital Commitments of the Domestic Fund and the Capital Commitments of the
Partnership ("Deemed Total Capital Commitments"); (y) the portion of the Deemed
Total Capital Commitments attributable to the Domestic Fund shall be deemed
voted as actually voted by the Limited Partners of the Domestic Fund and (z) the
portion of the Deemed Total Capital Commitments attributable to the Partnership
shall be deemed voted as the Limited Partners actually vote. Subject to the
foregoing, this Agreement may be modified from time to time by the General
Partner and a Majority in Interest of the Limited Partners; provided that the
written consent of all Partners shall be required for any amendment which would
do any of the following:

                                      -49-
<PAGE>

(i) increase the Capital Commitment of any Partner; (ii) modify the
distributions of Operating Receipts or Investment Receipts in Section 5.2 or the
allocations of Operating Income or Loss or Investment Gain or Loss in Section
5.7; (iii) extend the period in which additional Limited Partners may be
admitted to the Partnership beyond 270 days as specified in Section 8.2; (iv)
amend the Management Contract so as to increase the Management Fee or other
compensation of the General Partner; (v) increase the percentage in interest of
the Limited Partners needed to remove the General Partner under Section 8.5 or
to terminate the Partnership under Section 11.1; or (vii) amend this Section
12.3; or (viii) amend, waive or remove any other right granted to the Limited
Partners of this Partnership not granted to the limited partners of the Domestic
Fund. No amendment may be made to any provision of this Agreement which
contemplates action by a vote or consent of greater than a Majority in Interest
of the Limited Partners without a vote or consent of such greater majority as
therein specified.

     Section 12.4  Severability.
                   ------------

     If any provision of this Agreement, or the application of such provision to
any person or circumstance, shall be held invalid, the remainder of this
Agreement or the application of such provision to other persons or circumstances
shall not be affected thereby.  Any default hereunder by a Limited Partner shall
not excuse a default by any other Limited Partner.

     Section 12.5  Notices.
                   -------

     All notices, requests, demands and other communications shall be in writing
and shall be deemed to have been duly given if personally delivered or sent by
United States mails, or private or postal express mail service or by facsimile
transmission confirmed by letter, if to the Partners, at the addresses set forth
on Schedule 1 attached hereto, and if to the Partnership, to the General Partner
at its address set forth in said Schedule, or to such other address as any
Partner shall have last designated by notice to the Partnership and the other
Partners, or as the General Partner shall have last designated by notice to the
Limited Partners, as the case may be.  Any notice shall be deemed received,
unless earlier received, (i) if sent by first-class mail, postage prepaid, when
actually received, (ii) if sent by private or postal express mail service, when
actually received, (iii) if sent by facsimile transmission, on the date sent
provided confirmatory notice is sent by first-class mail, postage prepaid, and
(iv) if delivered by hand, on the date of receipt.

     Section 12.6  Heirs and Assigns; Execution.
                   ----------------------------

     This Agreement (i) shall be binding on the executors, administrators,
estates, heirs, legal representatives, successors, and assigns of the Partners;
and (ii) may be executed in more than one counterpart with the same effect as if
the parties executing the several counterparts had all executed one counterpart;
provided, however, that the several counterparts, in the aggregate, shall have
been signed by all of the Partners.

                                      -50-
<PAGE>

     Section 12.7  Waiver of Partition.
                   -------------------

     Except as may be otherwise provided by law in connection with the winding-
up, liquidation and dissolution of the Partnership, each Partner hereby
irrevocably waives any and all rights that it may have to maintain an action for
partition of any of the Partnership's property.

     Section 12.8  Power of Attorney.
                   -----------------

     Concurrently with the execution of this Agreement, each Limited Partner
shall execute a Power of Attorney in the form attached to the Subscription
Agreement.

     Section 12.9  Headings.
                   --------

     The section headings in this Agreement are for convenience of reference
only, and shall not be deemed to alter or affect the meaning or interpretation
of any provisions hereof.

     Section 12.10 Further Actions.
                   ---------------

     Each Partner shall execute and deliver such other certificates, agreements
and documents, and take such other actions, as may reasonably be requested by
the General Partner in connection with the formation of the Partnership and the
achievement of its purposes, including, without limitation, (i) any documents
that the General Partner deems necessary or appropriate to form, qualify, or
continue the Partnership as a limited partnership in all jurisdictions in which
the Partnership conducts or plans to conduct business and (ii) all such
agreements, certificates, tax statements and other documents as may be required
to be filed in respect of the Partnership.

     Section 12.11 Gender, Etc.
                   -----------

     Whenever the context permits, the use of a particular gender shall include
the masculine, feminine and neuter genders, and any reference to the singular or
the plural shall be interchangeable with the other.

     Section 12.12 Tax Matters Partner.
                   -------------------

     The General Partner shall be designated as the Tax Matters Partner in
accordance with Section 6231 of the Code and shall promptly notify the other
partners if any tax return or report of the Partnership is audited or if any
adjustments are proposed.  In addition, the General Partner shall promptly
furnish to the Partners all notices concerning administrative or judicial
proceedings relating to federal income tax matters as required under the Code
and shall supply such information to the Internal Revenue Service as may be
necessary to identify the Partners as Notice Partners under Section 6231 of the
Code.  During the pendency of any administrative or judicial proceeding, the
General Partner shall furnish to the Partners periodic reports concerning the
status of any such proceeding.  Without the consent of a Majority in Interest of
the Partners, the General

                                      -51-
<PAGE>

Partner shall not extend the statute of limitations, file a request for
administrative adjustment or enter into any settlement agreement relating to any
Partnership item of income, gain, loss, deduction or credit for any fiscal year
of the Partnership.

     Section 12.13  Applicable Law.
                    --------------

     This Agreement shall be construed and enforced in accordance with and
governed by the laws of the State of Delaware.

     Section 12.14  Avoidance of Trade or Business Status; Service-Related
                    ------------------------------------------------------
Income.
------

Notwithstanding anything to the contrary in this Agreement or otherwise:

     (a)   The General Partner will use its best efforts to conduct the affairs
of the Partnership so as to (i) avoid having the Partnership treated as engaged
in a trade or business within the United States for purposes of Sections 864,
875, 882, and 1446 of the Code, (ii) conduct the affairs of the Partnership so
that the Partnership does not invest in United States real property interests as
that term is defined in Section 897 of the Code, and (iii) avoid investing or
entering into contracts for the purchase or sale of commodities or in options or
futures, including currency futures, other than options or other contracts for
the acquisition or disposition of securities of a portfolio company.

     (b)   Neither the General Partner, the Partnership, the principals of the
General Partner nor any agents of the foregoing (in each case in their
capacities as such, including actions relating to the Domestic Fund and the
Prior Funds) shall:

     (i)   engage in investments for the purpose of realizing a quick, immediate
           and profitable sale rather than holding the investment for long-term
           capital appreciation;

     (ii)  invest in portfolio companies for relatively short holding periods,
           (e.g., engaging in quick sales in response to market fluctuations),
           or engage in frequent, short-term turnover of investments in
           portfolio companies (including leveraged financings, short sales,
           puts, calls, hedging transactions and purchases on margin) or a large
           number of such transactions;

     (iii) acquire an interest in a partnership, limited liability company,
           trust or other non-corporate entity that is engaged in a U.S. trade
           or business within the meaning of the Code;

     (iv)  receive a fee for any management-, consulting- or promotion-type
           services provided to Portfolio Companies; or

                                      -52-
<PAGE>

     (v)  engage in the management of the day-to-day operations of Portfolio
          Companies or perform any sustained or ongoing services; provided that
          no such persons shall be prohibited from serving as a member of the
          board of directors of Portfolio Companies.

          Accordingly, the General Partner agrees, to the extent legally
permissible, to file all federal, state and local tax returns and reports of the
Partnership in a manner consistent with such limitations.  The General Partner
shall not cause the Partnership to invest in any other partnership unless such
other partnership agrees to use its best efforts to conduct its activities in a
manner such that those activities will not cause the Partnership to be engaged
in a trade or business within the United States for purposes of Sections 875,
882, 897 and 1446 of the Code.

     Section 12.15  Confidentiality.
                    ---------------

     The General Partner and the Partnership on behalf of themselves and their
respective Affiliates, members, managers, employees and other agents (i)
acknowledge, that, during the term of the Partnership, they may become aware of
information relating to the Limited Partners and their respective principals,
clients, Affiliates, partners, members, managers, employees, consultants and
other agents, and (ii) agree, except as otherwise may be required by applicable
law, to keep such information in strict confidence. In the event that the
General Partner or the Partnership or any of their Affiliates or such other
related persons is requested by any governmental body or in any legal proceeding
to disclose information concerning any of the above persons or entities, such
person will provide, to the extent not prohibited by applicable law, prompt
notice to any such person so that such person may seek an appropriate protective
order. This provision shall survive the termination of the Partnership and the
Partnership Agreement.

     Section 12.16  Favorable Arrangements.
                    ----------------------

     The General Partner shall promptly disclose in writing to the Limited
Partners of this Partnership any arrangement, agreement or provision relating to
the Domestic Fund which provides a limited partner of the Domestic Fund with a
material benefit which the Limited Partners of the Partnership do not have. The
Limited Partners shall have thirty (30) days after receipt of such notice to
inform the General Partner that such Limited Partner desires to have such
favorable arrangement, agreement or provision apply to it in relation to the
Partnership and/or this Agreement. Promptly upon receipt of such writing from
the Limited Partner, the General Partner (on behalf of the Partnership) and such
Limited Partner shall legally implement and document such favorable arrangement,
agreement or provision.

                                      -53-
<PAGE>

     Section 12.17  Additional Co-Investments.
                    -------------------------

     Subject to the provisions of this Agreement and the Domestic Fund's Limited
Partnership Agreement, the General Partner may, in its discretion, request that
any Portfolio Company or other company offer each Limited Partner the
opportunity to acquire the securities of such company (the "Additional
Securities"). Any such offer shall be made pro rata to each Limited Partner
based on its Capital Commitment and the capital commitment of the partners of
the Domestic Fund, provided that strategic partners of the CMGI Funds or the
Domestic Fund may be offered in excess of their pro rata shares if and to the
extent such an investment would benefit the Portfolio Company. In the event that
one or more of such Limited Partners desires to acquire such Additional
Securities, such investment shall be made outside of the Partnership (either
directly or in an entity to be designated by any such Limited Partner), and each
Limited Partner that so invests shall agree to pay the General Partner an amount
in cash or in-kind (in the discretion of the Limited Partner) equal to ten
percent (10%) of the appreciation in value, if any, of the Additional
Securities, such amount to be determined and payable upon the earlier of (i) the
disposition of such Additional Securities by such Limited Partner (or its
designee), (ii) in the case of Additional Securities issued by Portfolio
Companies of the Partnership, the distribution or liquidation by the Partnership
of the securities of such company, or (iii) in the case of Additional Securities
issued by companies which are not Portfolio Companies of the Partnership, the
termination of the Partnership. In the event that Additional Securities have
been issued by Portfolio Companies of the Partnership or the Domestic Fund, the
General Partner shall sell or otherwise dispose of the Additional Securities at
the same time and based upon the same terms and conditions (including but not
limited to price) as the Partnership's or Fund's sale or disposal of securities
of such portfolio company.

                                      -54-
<PAGE>

     IN WITNESS WHEREOF, the parties to this Agreement have executed the same as
of the date first above set forth.

                                    GENERAL PARTNER

                                    @VENTURES EXPANSION PARTNERS, LLC

                                    By:  /s/ Denise W. Marks
                                         -------------------

                                    Name:  Denise W. Marks

                                    Title: Managing Member

                                    LIMITED PARTNERS:

                                    By:  @VENTURES EXPANSION PARTNERS, LLC,
                                         Their Attorney in Fact

                                    By:  /s/ Denise W. Marks
                                         -------------------

                                    Name:  Denise W. Marks

                                    Title: Managing Member

                                      -55-<PAGE>

                                                                   EXHIBIT 10.66

                    LIMITED LIABILITY COMPANY AGREEMENT OF
                      @ VENTURES EXPANSION PARTNERS, LLC

     THIS LIMITED LIABILITY COMPANY AGREEMENT of @ Ventures Expansion Partners,
LLC (the "LLC"), dated as of February 10, 2000, is by and among the persons
named on Schedule A attached hereto, each of whom is designated as either a
         ----------
Capital Member or a Managing Member.

     WHEREAS, the LLC was formed as a limited liability company pursuant to the
Delaware Limited Liability Company Act, by the filing, on or about the date
hereof, in the Office of the Secretary of State of the State of Delaware, of a
Certificate of Formation for the LLC (the "Certificate"); and

     WHEREAS, the Members desire to enter into this Agreement to set forth the
agreements among the Members with respect to the LLC, all as more fully set
forth herein.

     NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, and in consideration of the
agreements hereinafter set forth, the parties hereby agree as follows:

                                   ARTICLE I

                                  DEFINITIONS

     The following capitalized terms used in this Agreement shall have the
respective meanings ascribed to them below:

     "Act" means the Delaware Limited Liability Company Act, in effect at the
      ---
time of the initial filing of the Certificate with the Office of the Secretary
of State of the State of Delaware, and as thereafter amended from time to time.

     "Affiliate" shall mean, with respect to any specified person or entity, (i)
      ---------
any person or entity that directly or indirectly controls, is controlled by, or
is under common control with such specified person or entity; (ii) any person or
entity that directly or indirectly controls 10% or more of the outstanding
equity securities of the specified entity or of which the specified person or
entity is directly or indirectly the owner of 10% or more of any class of equity
securities; (iii) any person or entity that is an officer of, director of,
manager of, partner in, or trustee of, or serves in a similar capacity with
respect to, the specified person or entity or of which the specified person or
entity is an officer, director, partner, manager or trustee, or with respect to
which the specified
<PAGE>

person or entity serves in a similar capacity; or (iv) any person that is a
spouse, mother, father, brother, sister or lineal descendant of the specified
person.

     "Agreement" means this Limited Liability Company Agreement as it may be
      ---------
amended, supplemented, or restated from time to time.

     "Capital Account" means a separate account maintained for each Member and
      ---------------
adjusted in accordance with Treasury Regulations under Section 704 of the Code.
To the extent consistent with such Treasury Regulations, the adjustments to such
accounts shall include the following:

               (i)    There shall be credited to each Member's Capital Account
     the amount of any cash actually contributed by such Member to the capital
     of the LLC, the fair market value of any property contributed by such
     Member to the capital of the LLC, the amount of liabilities of the LLC
     assumed by the Member or to which property distributed to the Member was
     subject and such Member's share of the Net Profits of the LLC and of any
     items in the nature of income or gain separately allocated to the Members;
     and there shall be charged against each Member's Capital Account the amount
     of all cash distributions to such Member, the fair market value of any
     property distributed to such Member by the LLC, the amount of liabilities
     of the Member assumed by the LLC or to which property contributed by the
     Member to the LLC was subject and such Member's share of the Net Losses of
     the LLC and of any items in the nature of losses or deductions separately
     allocated to the Members.

               (ii)   If the LLC at any time distributes any of its assets in-
     kind to any Member, the Capital Account of each Member shall be adjusted to
     account for that Member's allocable share of the Net Profits, Net Losses or
     items thereof that would be realized by the LLC if it sold the assets that
     were distributed at their respective fair market values (taking Code
     Section 7701(g) into account) immediately prior to their distribution.

               (iii)  If elected by the LLC in accordance with Section 6.01(b)
     hereof, at any time specified in Treasury Regulation Section 1.704-
     1(b)(2)(iv)(f), the Capital Account balance of each Member shall be
     adjusted to the extent provided under such Treasury Regulation to reflect
     the Member's allocable share (as determined under Article V) of the items
     of Net Profits or Net Losses that would be realized by the LLC if it sold
     all of its property at its fair market value (taking Code Section 7701(g)
     into account) on the day of the adjustment.

     "Capital Member" shall refer severally to any person named as a Capital
      --------------
Member in this Agreement and any person who becomes an additional, substitute or
replacement Capital Member as permitted by this Agreement, in such person's
capacity as a Capital Member of the LLC. "Capital Members" shall refer
collectively to all such persons in their capacities as Capital Members.

                                      -2-
<PAGE>

     "Carrying Value" means, with respect to any asset, the asset's adjusted
      --------------
basis for federal income tax purposes; provided, however, that (i) the initial
                                       -------- --------
Carrying Value of any asset contributed to the LLC shall be adjusted to equal
its gross fair market value at the time of its contribution and (ii) the
Carrying Values of all assets held by the LLC shall be adjusted to equal their
respective gross fair market values (taking Code Section 7701(g) into account)
upon an adjustment to the Capital Accounts of the Members described in paragraph
(iii) of the definition of "Capital Account." The Carrying Value of any asset
whose Carrying Value was adjusted pursuant to the preceding sentence thereafter
shall be adjusted in accordance with the provisions of Treasury Regulation
Section 1.704-1(b)(2)(iv)(g).

     "Cause" shall mean, in connection with the termination of a Managing
      -----
Member's relationship with the Employer:

               (i)    conviction of, or plea of nolo contendere to, (A) a
     felony, whether or not business related, which may injure the business or
     reputation of the Employer, or (B) a crime of moral turpitude;

               (ii)   theft or embezzlement of assets of the Employer;

               (iii)  a material breach of any agreement between the Managing
     Member and the Employer including, without limitation, any violation of the
     covenants set forth in Sections 6.06 and 6.07 below;

               (iv)   the willful and continued failure by the Managing Member
     to substantially perform his or her duties (other than as a result of
     incapacity due to physical or mental illness); or

               (v)    gross neglect of duties or responsibilities as an employee
     of the Employer, or as a Managing Member, or dishonesty or incompetence, or
     willful misconduct, which in any case adversely affects the business of the
     Employer, but only if there has been a good faith determination by a
     Majority in Number of the Voting Managing Members other than the subject
     Managing Member that such neglect or misconduct or dishonesty or
     incompetence has occurred.

     "Certificate" means the Certificate of Formation creating the LLC, as it
      -----------
may, from time to time, be amended in accordance with the Act.

     "CMGI" means CMGI Inc., a Delaware corporation.
      ----

     "CMGI Fund" means CMG @ Ventures Expansion, LLC, a Delaware limited
      ---------
liability company.

                                      -3-
<PAGE>

     "CMGI Fund Agreement" means the Limited Liability Company Agreement of the
      -------------------
CMGI Fund, as from time to time amended and in effect.

     "Code" means the Internal Revenue Code of 1986, as amended from time to
      ----
time.

     "Distributable Cash and Property", with respect to any particular
      -------------------------------
Investment shall mean, with respect to any fiscal period, the excess of all
receipts of cash and property of the LLC from such Investment, including
dividends or distributions in respect of such Investment, proceeds from a
capital transaction relating to such Investment, and any and all other sources
over the sum of:

               (i)  Any and all expenses of the LLC related directly or
     indirectly to such Investment, including an allocable share of the
     following types of LLC expenses:

                    (A)  cash disbursements for all items which are customarily
          considered to be "operating expenses";

                    (B)  payments of interest, principal and premium and points
          and other costs of borrowing under any indebtedness of the LLC;

                    (C)  payments made to purchase inventory or capital assets,
          and for capital construction, rehabilitation, acquisitions,
          alterations and improvements;

                    (D)  payments made to purchase or sell securities, and
          brokerage commissions, finders fees and transaction costs; and

                    (E)  amounts set aside as reserves for working capital,
          contingent liabilities, replacements or for any of the expenditures
          described in clauses (A), (B), (C) and (D) above which are deemed by
          the Voting Managing Members (in their reasonable discretion) to be
          necessary to meet the current and anticipated future needs of the LLC;
          and

               (ii) The amount of expenses described in clause (i) above that
     (A) are attributable to another Investment (the "Other Investment"), (B)
     are not paid from the receipts of cash and property attributable to the
     Other Investment as a result of the total expenses attributable to the
     Other Investment for the fiscal period exceeding the total receipts of cash
     and property attributable to the Other Investment for the fiscal period and
     (C) are paid from the receipts of cash and property in respect of the
     Investment for which the computation of Distributable Cash and Property is
     being made (the "First Investment"); provided, however, that if
                                          --------  -------
     Distributable Cash and Property with respect to the First Investment is
     reduced as a result of this clause (ii), a corresponding amount of the next
     amount of Distributable Cash and Property with respect to the Other
     Investment shall be treated as a receipt attributable to the First
     Investment.

                                      -4-
<PAGE>

For purposes of determining Distributable Cash or Property in respect of any
particular Investment, the Voting Managing Members shall allocate all LLC
expenses of the types described in clauses (i) and (ii) above among all
Investments and among Other Cash Receipts in such manner as they may reasonably
determine.

     "Distributable Other Cash" means, with respect to any fiscal period, the
      ------------------------
excess of Other Cash Receipts over the sum of the expenses (including those
described in clause (i) of the definition of "Distributable Cash and Property")
which the Voting Managing Members reasonably allocate to Other Cash Receipts.

     "Domestic Fund" means @ Ventures Expansion Fund, L.P., a Delaware limited
      -------------
partnership.

     "Domestic Fund Agreement" means the Limited Partnership Agreement of the
      -----------------------
Domestic Fund, as from time to time amended and in effect.

     "Employer" shall mean, for any Managing Member, the LLC, any Fund, the
      --------
Management Company, CMGI or any Affiliate of any of them that employs the
Managing Member on a substantially full-time basis.  For purposes of this
Agreement, a Portfolio Company shall not constitute an Affiliate of any of the
LLC, any Fund, the Management Company, or CMGI (and a Managing Member shall not
be deemed to be employed by an Employer if such Managing Member is employed by a
Portfolio Company), unless the Capital Member specifically elects in writing to
treat a Portfolio Company as an Affiliate and such Portfolio Company falls
within the definition of "Affiliate" set forth above.

     "Event of Forfeiture" shall mean and shall be deemed to have occurred in
      -------------------
the event that:

          (x)  a Managing Member dies or becomes mentally or physically disabled
     (as determined by a physician licensed in the Commonwealth of
     Massachusetts, selected by the Voting Managing Members exclusive of any
     Managing Member which is the subject of the determination) or a conservator
     or guardian is appointed for the benefit of any Managing Member or his
     property;

          (y)  the relationship of such Managing Member to all Employers is
     terminated without Cause or for any reason other than the reasons specified
     in clauses (x) and (z) of this definition; or

          (z)  a Managing Member defaults in its obligation to make Capital
     Contributions to the LLC pursuant to Section 3.01 below and the Voting
     Managing Members exercise the remedy in Section 3.01(e), or the
     relationship of such Managing Member to the LLC is terminated with Cause
     (in accordance with the procedures described below), or is terminated by
     the Managing Member (each of the foregoing, a "Clause Z Event").

                                      -5-
<PAGE>

An Event of Forfeiture for a Managing Member whose relationship with all
Employers was terminated pursuant to clause (y) may thereafter occur if any
Clause Z Event occurs with respect to such Managing Member.

     "Follow-on Investment" shall have the meaning ascribed thereto in the
      --------------------
Domestic Fund Agreement, the Foreign Fund Agreement and the CMGI Fund Agreement,
the Limited Partnership Agreements of each of @Ventures III, L.P. and @Ventures
Foreign Fund III, L.P. and the Limited Liability Company Agreement of CMG
@Ventures III, LLC, it being the intention of the Members that an investment in
a company in which any of such entities has a pre-existing investment shall be a
Follow-on Investment.

     "Foreign Fund" means @ Ventures Foreign Expansion Fund, L.P., a Delaware
      ------------
limited partnership.

     "Foreign Fund Agreement" means the Limited Partnership Agreement of the
      ----------------------
Foreign Fund, as from time to time amended and in effect.

     "Funds" means the Domestic Fund, the Foreign Fund and the CMGI Fund, and
      -----
"Fund" means any one of the Funds.
 ----

     "Investment" means an investment in a Portfolio Company made by any Fund,
      ----------
including without limitation a Follow-on Investment. As and when a Fund or Funds
makes an Investment, there shall be attached to this Agreement a Schedule for
such Investment, which shall reflect the information described in Section
3.03(a). Each such Schedule is hereinafter referred to as an "Investment
                                                              ----------
Schedule" and all such Schedules are referred to collectively as the "Investment
--------                                                              ----------
Schedules."  The term "Investment" shall not include short-term investments made
---------
by any Fund pending investments in securities of Portfolio Companies.

     "Investment Percentage Interest" means each Member's Percentage Interest in
      ------------------------------
an Investment, as specified on the Investment Schedule for such Investment.

     "LLC" means the limited liability company formed pursuant to the
      ---
Certificate and this Agreement, as it may from time to time be constituted and
amended.

     "Majority in Number of the Voting Managing Members" means, with respect to
      -------------------------------------------------
a particular action or matter, a majority in number of the Voting Managing
Members then entitled to vote on the action.

     "Management Company" means @Ventures Expansion Management, LLC or an
      ------------------
Affiliate thereof.

     "Managing Member" shall refer severally to any person named as a Managing
      ---------------
Member in this Agreement (whether a Voting Managing Member or a Non-Voting
Managing Member) and any person who becomes an additional, substitute or
replacement Managing Member as permitted

                                      -6-
<PAGE>

by this Agreement, in such person's capacity as a Managing Member of the LLC.
"Managing Members" shall refer collectively to all such persons in their
capacities as Managing Members. Except as expressly set forth in this Agreement,
the rights, obligations and interests of the Voting Managing Members and the
Non-Voting Managing Members shall be identical.

     "Member" shall refer severally to any person named as a Capital Member or
      ------
Managing Member in this Agreement and any person who becomes an additional,
substitute or replacement Capital Member or Managing Member as permitted by this
Agreement, in such person's capacity as a Member of the LLC.  "Members" shall
                                                               -------
refer collectively to all such persons in their capacities as Members.

     "Net Profits" and "Net Losses" mean the taxable income or loss, as the case
      -----------       ----------
may be, for a period as determined in accordance with Code Section 703(a)
computed with the following adjustments:

               (i)    Items of gain, loss, and deduction shall be computed based
     upon the Carrying Values of the LLC's assets (in accordance with Treasury
     Regulation Sections 1.704(b)(2)(iv)(g) and/or 1.704-3(d)) rather than upon
     the assets' adjusted bases for federal income tax purposes;

               (ii)   Any tax-exempt income received by the LLC shall be
     included as an item of gross income;

               (iii)  The amount of any adjustments to the Carrying Values of
     any assets of the LLC pursuant to Code Section 743 shall not be taken into
     account;

               (iv)   Any expenditure of the LLC described in Code Section
     705(a)(2)(B) (including any expenditures treated as being described in
     Section 705(a)(2)(B) pursuant to Treasury Regulations under Code Section
     704(b)) shall be treated as a deductible expense;

               (v)    The amount of items of income, gain, loss or deduction
     specially allocated to any Members pursuant to Section 5.02 shall not be
     included in the computation; and

               (vi)   The amount of any items of Net Profits or Net Losses
     deemed realized pursuant to paragraphs (ii) and (iii) of the definition of
     "Capital Account" shall be included in the computation.

     "Non-Voting Managing Member" shall refer severally to any Managing Member
      --------------------------
identified as a Non-Voting Managing Member on Schedule A hereto and any person
                                              ----------
who becomes an additional, substitute or replacement Non-Voting Managing Member
as permitted by this Agreement, in such person's capacity as a Non-Voting
Managing Member of the LLC. "Non-

                                      -7-
<PAGE>

Voting Managing Members" shall refer collectively to all such persons in their
capacities as Non-Voting Managing Members.

     "Other Cash Receipts" means cash receipts of the LLC, exclusive of capital
      -------------------
contributions of the Members, which the Voting Managing Members reasonably
determine are not allocable to Investments.

     "Percentage Interest" shall be the percentage interest of a Member set
      -------------------
forth in Schedule B, as amended from time to time, and subject to adjustment
         ----------
pursuant to Sections 3.04, 8.02 and 8.03.

     "Permitted Transferee" means (A) any Member; (B) any spouse, parent, lineal
      --------------------
descendant, brother, sister, or spouse of a brother or sister of a Member; (C)
any trust, corporation or partnership or other entity in which any Member and/or
one of the persons designated in clause (B) is a principal, beneficiary,
majority stockholder, member or limited or general partner with an aggregate
interest in profits and losses of greater than fifty percent; (D) grantors or
beneficiaries of a trust which is (or of which the trustees thereof are, in
their capacities as trustees) a Member; or (E) charitable foundations created or
primarily endowed by a Member or a member of his or her family.

     "Portfolio Company" means the issuer of any security in which any Fund has
      -----------------
invested, other than issuers in which the Fund has made short-term investments
pending the making of long-term investments.

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

     "Vesting Commencement Date" means, for each Managing Member, the Vesting
      -------------------------
Commencement Date specified on Schedule A attached hereto.
                               ----------

     "Vesting Escrow" shall have the meaning ascribed thereto in Section 4.02.
      --------------

     "Vested Percentage" means, for any Managing Member, a fraction (expressed
      -----------------
as a percentage) the numerator of which is the number of whole calendar quarters
that have elapsed between such Managing Member's Vesting Commencement Date and
the date of determination and the denominator of which is 20; provided, however,
that in no event shall a Managing Member's Vested Percentage exceed 100%.

     "Voting Managing Member" shall refer severally to any Managing Member
      ----------------------
identified as a Voting Managing Member on Schedule A hereto and any person who
                                          ----------
becomes an additional, substitute or replacement Voting Managing Member as
permitted by this Agreement, in such person's capacity as a Voting Managing
Member of the LLC.  "Voting Managing Members" shall refer collectively to all
such persons in their capacities as Voting Managing Members.

                                      -8-
<PAGE>

                                  ARTICLE II

                              GENERAL PROVISIONS

     2.01  Formation of Limited Liability Company; Foreign Qualification.  The
           -------------------------------------------------------------
Capital Member formed the LLC as a limited liability company under the Act on
February 10, 2000, by the filing on such date of the Certificate in the Office
of the Secretary of State of the State of Delaware.

     Prior to the LLC's conducting business in any jurisdiction other than the
State of Delaware, the LLC shall comply, to the extent procedures are available,
with all requirements necessary to qualify the LLC as a foreign limited
liability company in each such jurisdiction where foreign qualification is
either necessary or appropriate.  Each Member shall execute, acknowledge, swear
to and deliver all certificates and other instruments conforming to this
Agreement that are necessary or appropriate to qualify, or, as appropriate, to
continue or terminate the foreign qualification of, the LLC as a limited
liability company in all such jurisdictions in which the LLC may conduct
business.

     2.02  Name of the LLC.  The name of the LLC shall be @ Ventures Expansion
           ---------------
Partners, LLC.

     2.03  Business of the LLC.  The general character of the business of the
           -------------------
LLC is to (a) serve as the general partner of each of the Domestic Fund and the
Foreign Fund, (b) serve as the Managing Member of the CMGI Fund, (c) own a
limited liability company interest in Covestco-Ateura, LLC (or an affiliate
thereof), and (d) engage in any activities directly or indirectly related or
incidental thereto which may be lawfully conducted by a limited liability
company formed under the laws of the State of Delaware.

     2.04  Place of Business of the LLC; Resident Agent.  The address of the
           --------------------------------------------
principal place of business of the LLC, and the office at which the LLC will
maintain its records is 100 Brickstone Square, Andover, Massachusetts 01810.
The LLC's registered office in Delaware is c/o Corporation Trust Company, 1209
Orange Street, Wilmington, Delaware, 19810, and the LLC's registered agent for
service of process in Delaware is Corporation Trust Company, 1209 Orange Street,
Wilmington, Delaware, 19810.  The Voting Managing Members may at any time and
from time to time change the LLC's principal place of business, establish
additional places of business, change the LLC's registered agent or registered
office in Delaware, and in each case shall promptly provide notice of any of
such actions (identifying all such offices and agents) to all Members.

     2.05  Duration of the LLC.  The term of the LLC commenced on February 10,
           -------------------
2000, and the LLC shall have perpetual existence, unless earlier terminated in
accordance with Article IX hereof.

                                      -9-
<PAGE>

     2.06  Members' Names and Addresses.  The name and address of each Member
           ----------------------------
are set forth on Schedule A.  Additional Members may be admitted in accordance
                 ----------
with the procedures specified in Article VIII.  A Member may not resign from the
LLC at any time.

     2.07  No Partnership.  The LLC is not intended to be a general partnership,
           --------------
limited partnership or joint venture, and no Member shall be considered to be a
partner or joint venturer of any other Member, for any purposes other than
foreign and domestic federal, state, provincial and local income tax purposes,
and this Agreement shall not be construed to suggest otherwise.

     2.08  Title to LLC Property.  All property owned by the LLC, whether real
           ---------------------
or personal, tangible or intangible, shall be deemed to be owned by the LLC as
an entity, and no Member, individually, shall have any ownership of such
property. The LLC may hold any of its assets in its own name or in the name of
its nominee, which nominee may be one or more trusts. Any property held by a
nominee trust for the benefit of the LLC shall, for purposes of this Agreement,
be treated as if such property were directly owned by the LLC.

     2.09  Nature of Member's Interest.  The interests of all of the Members in
           ---------------------------
the LLC are personal property and shall not, under any circumstances, be
considered real property.

     2.10  Investment Representations.  Each Member, by execution of this
           --------------------------
Agreement or an amendment hereto reflecting such Member's admission to the LLC,
hereby represents and warrants to the LLC that:

           (a)  It is acquiring an interest in the LLC for its own account for
investment only, and not with a view to, or for sale in connection with, any
distribution thereof in violation of the Securities Act or any rule or
regulation thereunder.

           (b)  It understands that (i) the interest in the LLC it is acquiring
has not been registered under the Securities Act or applicable state securities
laws and cannot be resold unless subsequently registered under the Securities
Act and such laws or unless an exemption from such registration is available,
(ii) such registration under the Securities Act and such laws is unlikely at any
time in the future and neither the LLC nor the Members are obligated to file a
registration statement under the Securities Act or such laws, and (iii) the
assignment, sale, transfer, exchange, or other disposition of the interests in
the LLC is restricted in accordance with the terms of this Agreement.

           (c)  It has had such opportunity as it has deemed adequate to ask
questions of and receive answers from representatives of the LLC concerning the
LLC, and to obtain from representatives of the LLC such information which the
LLC possesses or can acquire without unreasonable effort or expense, as is
necessary to evaluate the merits and risks of an investment in the LLC.

                                      -10-
<PAGE>

          (d) It has, either alone or with its professional advisers, sufficient
experience in business, financial and investment matters to be able to evaluate
the merits and risks involved in investing in the LLC and to make an informed
investment decision with respect to such investment.

          (e) It can afford a complete loss of the value of its investment in
the LLC and is able to bear the economic risk of holding such investment for an
indefinite period.

          (f) If it is an entity, (i) it is duly organized, validly existing and
in good standing under the laws of its jurisdiction of organization, (ii) it has
full organizational power to execute and deliver this Agreement and to perform
its obligations hereunder, (iii) its execution, delivery and performance of this
Agreement has been authorized by all requisite action on behalf of the entity,
and (iv) it has duly executed and delivered this Agreement.

                                  ARTICLE III

                             CAPITAL CONTRIBUTIONS

     3.01 Capital Contributions.
          ---------------------

          (a) Each Member shall be required to contribute capital to the LLC in
accordance with this Section 3.01.

          (b) As and when the LLC is required to contribute capital to any Fund,
each Member shall contribute to the LLC his or its proportionate share of the
amount required to be contributed by the LLC to such Fund, determined in the
manner hereinafter provided.  Each of the Members hereby acknowledges that it
has received copies of the CMGI Fund Agreement, the Domestic Fund Agreement and
the Foreign Fund Agreement, that it has read each of such Agreements, and
understands the LLC's obligations thereunder, including without limitation, the
LLC's obligations to make capital contributions to each of the Funds and to fund
certain escrow accounts.

              (i) With respect to any routine call for capital by any Fund
     (which capital calls the Members acknowledge are generally, but not always,
     called for on a quarter annual basis), each Member shall contribute a
     portion of the total amount called for based on his Percentage Interest in
     the LLC on the date on which such capital is required to be contributed by
     the LLC to the Fund.  Notwithstanding the foregoing, the Voting Managing
     Members may, in respect of any particular call for capital, determine to
     modify each Member's share of the contribution to be made by such Member to
     the LLC if the Voting Managing Members reasonably determine that the
     amounts called for by any Fund relate in whole or in part to a Follow-on
     Investment, in which case the portion of the contributions which relate to
     such Follow-on Investment shall be contributed by the

                                      -11-
<PAGE>

     Members in accordance with their respective Investment Percentage Interests
     in such Follow-on Investment. The Voting Managing Members may also make
     other equitable adjustments to the portion to be contributed by each Member
     to the LLC in respect of Investments to be made by the Funds to take into
     account similar factors.

          If any Member is admitted to the LLC during any calendar quarter, such
     Member shall be required to contribute to the LLC an amount equal to (x)
     the aggregate amount of the sum of (I) any contributions made by the other
     Members to the LLC during or with respect to such calendar quarter pursuant
     to this Section 3.01(b)(i) plus (II) the unspent amount, if any, of the
     capital contributions made by the Members to the LLC in previous quarters
     multiplied by (y) such Member's Percentage Interest in the LLC.  The amount
     so contributed by such Member shall be distributed to the other Members
     (exclusive of Members whose Percentage Interests have been reduced to
     zero), so that, following the admission of such additional Member, all
     Members will have contributed a portion of the amount described in clause
     (x) of the preceding sentence equal to their respective Percentage
     Interests in the LLC as in effect immediately following such admission.

               (ii)  With respect to any amount required to satisfy the LLC's
     obligations under Section 5.2E of the Domestic Fund Agreement [clawback
     obligation], or Section 5.2E of the Foreign Fund Agreement [clawback
     obligation], each Member shall contribute a portion of the total amount
     called for based on the aggregate amount of distributions received by such
     Member from the LLC which are, in the reasonable judgment of the Voting
     Managing Members, attributable to the Domestic Fund and the Foreign Fund,
     respectively, as compared to the aggregate amount of distributions received
     by all Members from the LLC which are, in the reasonable judgment of the
     Voting Managing Members, attributable to the Domestic Fund and the Foreign
     Fund, respectively.  Notwithstanding the foregoing, in no event shall any
     Member be obligated to contribute to the LLC any amount pursuant to this
     clause (ii) in excess of the total amount of distributions received by (or
     held in the Vesting Escrow for the benefit of) such Member from the LLC.
     The obligation of each Member to make contributions pursuant to this
     Section 3.01(b)(ii) shall survive the withdrawal, resignation or default
     (as described in Section 3.01(e) below) of any Member, and the occurrence
     of an Event of Forfeiture of any Member.  The LLC may contribute to the
     Domestic Fund or the Foreign Fund on behalf of any Member any amounts held
     in a Vesting Escrow on behalf of such Member, in respect of such Member's
     obligations under this Section 3.01(b)(ii).

               (iii) As and when the LLC is required to deposit amounts into
     the escrow account established pursuant to Section 5.2F of the Domestic
     Fund Agreement or Section 5.2F of the Foreign Fund Agreement, the Voting
     Managing Members may determine to call for contributions of cash to the LLC
     to enable the LLC to satisfy any such obligation.  Each Member shall
     contribute a portion of the amount which the Voting Managing Members so
     determine to call, based on the aggregate amount of distributions received
     by such Member from the LLC which are, in the reasonable judgment of the

                                      -12-
<PAGE>

     Voting Managing Members, attributable to the Domestic Fund and the Foreign
     Fund, respectively, as compared to the aggregate amount of distributions
     received by all Members from the LLC which are, in the reasonable judgment
     of the Voting Managing Members, attributable to the Domestic Fund and the
     Foreign Fund, respectively.  In no event shall any Member be obligated to
     contribute to the LLC any amount pursuant to this clause (iii) in excess of
     the total amount of distributions received by (or held in the Vesting
     Escrow for the benefit of) such Member from the LLC.  The obligation of
     each Member to make contributions pursuant to this Section 3.01(b)(iii)
     shall survive the withdrawal, resignation or default (as described in
     Section 3.01(e) below) of any Member, and the occurrence of an Event of
     Forfeiture of any Member.  The LLC may contribute to the Domestic Fund or
     the Foreign Fund on behalf of any Member any amounts held in a Vesting
     Escrow on behalf of such Member, in respect of such Member's obligations
     under this Section 3.01(b)(iii).

          (c) The Voting Managing Members may call for capital for other LLC
purposes as they may from time to time reasonably determine, and any capital
called for pursuant to this Section 3.01(c) shall be contributed by the Members
in proportion to their respective Percentage Interests on the date on which such
capital is called for.

          (d) The Voting Managing Members shall call for capital from all
Members for the purposes specified in this Section 3.01 from time to time as
needed.  In connection with any such call, the Voting Managing Members shall
provide to each Member notice of a call for capital (which notice may be given
in writing or by electronic mail), which notice shall specify the aggregate
amount called for from the LLC, a general statement of the purposes for which
such capital call is being made, each Member's share of the total amount called
for, and the date on which the capital contribution is due (which date shall, to
the extent reasonably practicable, be not less than 10 days after the date of
the notice).

          (e) Any contribution of capital which is not made when due shall bear
interest at the prime rate of interest announced from time to time by The Wall
Street Journal plus 1% per annum, until paid in full.  Without limiting the
foregoing, if a Member fails to satisfy his, her or its capital contribution
obligation as required under this Section 3.01 in a timely manner, the LLC may
exercise any rights it may have under the Act or otherwise at law or in equity,
and shall also have the rights provided in this Section 3.01(e).  In any such
event, a Majority in Number of the Voting Managing Members (determined exclusive
of the Member which has defaulted in his capital contribution obligation) may
(but shall not be obligated to) cause the LLC to deliver to such Member a notice
("Default Notice") making reference to the Member's failure to contribute
capital to the LLC, and to this Section 3.01(e).  If the defaulting Member fails
to fund such capital contribution obligation within five business days after the
date of delivery of the Default Notice, then an Event of Forfeiture shall be
deemed to have occurred with respect to such Member, with the consequences
specified in Section 3.04 below.

                                      -13-
<PAGE>

          (f) The LLC shall maintain written records indicating the amount of
capital contributed by each Member to the LLC.

          (g)  The LLC may elect to withhold from any amounts which are
otherwise distributable to a Member in accordance with the terms of this
Agreement any amount which such Member may be required to contribute to the LLC
pursuant to this Section 3.01.  In the event the LLC so withholds, for all
purposes of this Agreement the Member with respect to whom the withholding
occurs shall be treated as if he had been distributed such amount in accordance
with Article IV hereof and then recontributed such amount pursuant to this
Section 3.01.

     3.02 No Additional Capital.  Except as provided in this Article III, no
          ---------------------
Member shall be obligated or permitted to contribute any additional capital to
the LLC.  No interest shall accrue on any contributions to the capital of the
LLC, and no Member shall have the right to withdraw or to be repaid any capital
contributed by it or to receive any other payment in respect of its interest in
the LLC, including without limitation as a result of the withdrawal or
resignation of such Member from the LLC, except as specifically provided in this
Agreement.

     3.03 Anticipated Operations of the LLC.
          ---------------------------------

          (a) As and when any Fund acquires an Investment, the Managing Members
shall create an Investment Schedule for such Investment, which shall be attached
to this Agreement.  The Investment Schedule for each Investment shall reflect
(a) the Fund or Funds making the acquisition, (b) the Portfolio Company issuing
the securities, (c) the Acquisition Date, (d) the number and class or series of
shares of such securities, (e) the purchase price and/or other consideration
payable by each Fund, (f) the Investment Percentage Interest of each of the
Members in such Investment (determined in the manner hereinafter provided) and
(g) such other information, if any, as the Managing Members may deem
appropriate.

          (b)  The Investment Percentage Interest of the Capital Member in each
Investment (including Follow-on Investments) shall at all times equal 10%.

          (c)  (i)  Subject to Sections 3.03(c)(ii) and 3.04, the Investment
     Percentage Interest of each Managing Member for whom an Event of Forfeiture
     has not occurred shall equal 90% multiplied by a fraction (x) the numerator
         ---
     of which shall equal such Managing Member's Percentage Interest at the
     beginning of the calendar quarter in which the Investment was made (the
     "Applicable Quarter") and the denominator of which shall equal the
     aggregate Percentage Interests at the beginning of the Applicable Quarter
     for all Managing Members exclusive of those for whom an Event of Forfeiture
     has occurred.  The Investment Percentage Interest of each Managing Member
     in each Investment shall be subject to reduction upon the occurrence of an
     Event of Forfeiture.

               (ii) Notwithstanding Section 3.03(c)(i), if any Fund makes a
     Follow-on Investment, the Investment Percentage Interests of the Managing
     Members in such

                                      -14-
<PAGE>

     Follow-on Investment shall be proportionate to their Investment Percentage
     Interests (determined hereunder or under the Limited Liability Company
     Agreement of @Ventures Partners III, LLC, as applicable) for other
     investments in the same Portfolio Company (except that the Investment
     Percentage Interest in any Follow-on Investment for any Managing Member for
     whom an Event of Forfeiture has occurred shall be zero). The Members agree
     and acknowledge that it is currently anticipated that all Fund investments
     will be Follow-on Investments, because the Funds expect to invest
     exclusively in Portfolio Companies in which @Ventures III, L.P. and
     @Ventures Foreign Fund III, L.P. invested. Therefore, the Investment
     Percentage Interests of the Members in any such Portfolio Company will be
     prorated based on their respective Investment Percentage Interests
     specified in @Ventures Partners III, LLC with respect to investments in
     such Portfolio Company.

     3.04 Event of Forfeiture.
          -------------------

          (a)  Each Managing Member's Percentage Interest and Investment
Percentage Interest in each Investment are subject to adjustment upon the
occurrence of an Event of Forfeiture with respect to such Managing Member, as
provided in this Section 3.04.   In no event shall the provisions of this
Section 3.04 be applicable to the interest of the Capital Member.

          (b)  Upon the occurrence of an Event of Forfeiture with respect to a
Managing Member:

               (i) Such Managing Member's Percentage Interest in the LLC shall,
     from and after the date of the Event of Forfeiture, be reduced to zero, and
     the Percentage Interest in the LLC of all other Managing Members (exclusive
     of any Managing Member for whom an Event of Forfeiture has occurred) shall
     be increased by an aggregate amount equal to the amount of the Percentage
     Interest of the Managing Member for whom the Event of Forfeiture has
     occurred (such increase to be allocated among them in proportion to their
     respective Percentage Interests immediately prior to the adjustment
     contemplated hereby).

               (ii) If the Event of Forfeiture is not a Clause Z Event, such
                                                  ---
     Managing Member's Investment Percentage Interest in each Investment in
     which such Managing Member participates shall be reduced to a Percentage
     determined by multiplying the Managing Member's initial Investment
     Percentage Interest by such Managing Member's then Vested Percentage; and,
     if the Event of Forfeiture is a Clause Z Event, such Managing Member's
     Investment Percentage Interest in each Investment in which such Managing
     Member participates shall be reduced to zero.  The Investment Percentage
     Interest in each Investment of all other Managing Members (exclusive of any
     Managing Member for whom an Event of Forfeiture has occurred) participating
     in such Investment shall be increased by an aggregate amount equal to the
     amount of the reduction in the Investment Percentage Interest of the
     Managing Member for whom the Event of

                                      -15-
<PAGE>

     Forfeiture has occurred (such increase to be allocated among them in
     proportion to their respective Investment Percentage Interests in such
     Investment immediately prior to the adjustment contemplated hereby).

               (iii) Any amount held in any Vesting Escrow for the benefit of
     such Managing Member shall be forfeited.  Amounts so forfeited shall
     (subject to the provisions of this Section 3.04 and Section 4.02), on an
     Investment by Investment basis, be allocated to all other Managing Members
     (exclusive of any Managing Member for whom an Event of Forfeiture has
     occurred) participating in each such Investment (such distributions to be
     allocated among them in proportion to their respective Investment
     Percentage Interests in each such Investment immediately prior to the
     adjustment contemplated hereby).

               (iv)  Such Managing Member (whether Voting or Non-Voting) shall
     have no right to vote on or participate in any decision or matter on or in
     which Managing Members are entitled to vote or participate and such
     Managing Member shall be disregarded for all purposes in determining the
     number of Managing Members which constitute a Majority in Number of the
     Voting Managing Members or the number or percentage or Managing Members
     entitled to vote on any matter, as the case may be.

          (c)  A Managing Member with respect to whom an Event of Forfeiture has
occurred:  (i) shall not be entitled to participate in any Investment acquired
by the LLC (including without limitation, a Follow-on Investment) made by the
LLC after the date of the Event of Forfeiture; (ii) shall not be required to
make subsequent capital contributions to the LLC from and after the date of the
Event of Forfeiture, except for capital contributions required pursuant to
Section 3.01(b)(ii) and (iii); and (iii) shall automatically and without any
action on the part of the LLC, such Managing Member or any other Member, be
deemed to have withdrawn from the LLC on the first date on which the LLC no
longer owns any Investment in which such Managing Member has an Investment
Percentage Interest.

     The Voting Managing Members shall make all determinations under this
Section 3.04 (including determinations as to when and whether an Event of
Forfeiture has occurred, and the reduction in the Percentage Interest and
Investment Percentage Interests of the affected Managing Member in connection
therewith), in their reasonable discretion.

                                  ARTICLE IV

                                 DISTRIBUTIONS

     4.01 Distribution of Distributable Cash and Property and Distributable
          -----------------------------------------------------------------
Other Cash.
----------

          (a) Distributable Cash and Property of the LLC shall be distributed on
an Investment by Investment basis, at such times and in such amounts as the
Voting Managing

                                      -16-
<PAGE>

Members may in their reasonable discretion determine. Any non-cash distributions
made to the Members shall be valued at their respective fair market values, as
determined by the Voting Managing Members in good faith and in a manner
consistent with the valuation procedures established in the Domestic Fund
Agreement and the Foreign Fund Agreement. Distributable Other Cash shall be
distributed, in such amounts as the Voting Managing Members may determine, not
less frequently than quarterly, within 30 days following the last day of each
fiscal quarter of the LLC.

          (b) Subject to the provisions of Sections 4.02 and 9.02(b) below:  (i)
Distributable Cash and Property related to an Investment shall be distributed to
the Members in proportion to their respective Investment Percentage Interests in
such Investment on the date the LLC makes such distribution; and (ii)
Distributable Other Cash shall be distributed to the Members in proportion to
their respective Percentage Interests on the date the LLC makes such
distribution.

          (c) The Voting Managing Members will use reasonable efforts to cause
the LLC to distribute to each Member in each year the Tax Distribution Amount
(as defined below), which amount shall be treated as an advance against future
distributions to such Member pursuant to Section 4.01(b) above.  The Tax
Distribution Amount shall equal an amount which, when added to all distributions
previously made to the Member pursuant to this Section 4.01 from the inception
of the LLC, equals the product of (i) the Member's allocable share of the net
taxable income of the LLC computed on an aggregate cumulative basis from the
inception of the LLC and (ii) the highest combined marginal rate of federal and
Massachusetts state income tax applicable to individuals for any year since the
inception of the LLC.  Separate Tax Distribution Amounts shall be computed with
respect to each Investment, and, to the extent practicable, the required
distribution of the Tax Distribution Amount attributable to a particular
Investment for a particular period shall be satisfied by a distribution of
Distributable Cash and Property attributable to such Investment.  To the extent
that the required distribution of the Tax Distribution Amount attributable to a
particular Investment is satisfied by a distribution of Distributable Cash and
Property attributable to another Investment, rules similar to those set forth in
clause (ii) of the definition of "Distributable Cash and Property" shall apply.

                                      -17-
<PAGE>

     4.02 Vesting Escrow.
          --------------

          (a) Notwithstanding the provisions of Section 4.01 above, the LLC
shall distribute to each Managing Member on the date of any distribution only
that portion of any Distributable Cash and Property to which he is entitled
which is equal to his Vested Percentage of such amount.  Any portion of any
distribution which is not distributed as a result of the operation of this
Section 4.02(a) shall be held in escrow by the LLC, in accordance with this
Section 4.02.  Any escrow established pursuant to this Section 4.02 is herein
referred to as a "Vesting Escrow."  Subject to Section 3.04, on the last day of
each calendar quarter following the date of the distribution with respect to any
Investment, one-twentieth of the amount of the original distribution (plus a
proportionate amount of interest or other amounts earned thereon, if any), shall
be disbursed from such Vesting Escrow to such Managing Member.

          (b) The interest of the Capital Member shall not be subject to the
provisions of this Section 4.02, and it shall at all times be entitled to
receive 100% of any distributions to Distributable Cash and Property allocable
to it pursuant to and in accordance with Section 4.01.

          (c) Each of the Managing Members hereby agrees and acknowledges that,
as a result of the operation of this Section 4.02:  (i) such Managing Member may
be allocated Net Profits and Net Losses of the LLC without corresponding
distributions of Distributable Cash or Property; (ii) the Managing Members are
authorized to and may (but shall not be required to) invest amounts that are
held in a Vesting Escrow in short-term investments pending distribution of such
amounts to the Managing Members; (iii) the LLC may hold in a Vesting Escrow
securities which would otherwise have been distributed to such Managing Member,
and the LLC shall be entitled to vote, transfer, sell, assign and exercise all
rights of ownership with respect to all such securities prior to their
distribution to the Managing Members in accordance with this Section 4.02; and
(iv) amounts held in escrow pursuant to this Section 4.02 shall be irrevocably
forfeited by a Managing Member from and after the date of any Event of
Forfeiture with respect to such Managing Member.  If any property which is held
in escrow pursuant to this Section 4.02 is sold or otherwise disposed of, the
proceeds of such sale or other disposition shall be substituted in the Vesting
Escrow for such property, and released in accordance with Section 4.02(a) above
at the same time such property would have been released from such Vesting
Escrow.

          (d) Upon the discontinuance of the activities of the LLC related to
the funding of additional investments after the Funds have been fully invested,
and with the approval of a Majority in Number of the Voting Managing Members,
the Vested Percentage of each Managing Member shall be increased to one hundred
percent (100%).

                                      -18-
<PAGE>

     4.03  Certain Payments to the Internal Revenue Service Treated as
           -----------------------------------------------------------
Distributions.  Notwithstanding anything to the contrary herein, to the extent
-------------
that the LLC is required (as determined in the discretion of the Voting Managing
Members), or elects, pursuant to applicable law, either (i) to pay tax
(including estimated tax) on a Member's allocable share of LLC items of income
or gain, whether or not distributed, or (ii) to withhold and pay over to the tax
authorities any portion of a distribution otherwise distributable to a Member,
the LLC may pay over such tax or such withheld amount to the tax authorities,
and such amount shall be treated as a distribution to such Member at the time it
is paid to the tax authorities.  In the event that the amount paid (or paid
over) to the tax authorities on behalf of a Member exceeds the amount that would
have been distributed to such Member absent such tax obligation, such excess
shall be treated as a demand loan from the LLC to such Member, which loan shall
bear interest at the prime rate announced from time to time by The Wall Street
Journal, until paid in full.

     4.04  Distributions in Kind.  A Member, regardless of the nature of his
           ---------------------
contribution to the LLC, shall have no right to demand or receive any
distribution from the LLC in any form other than cash.  The LLC may, at any time
and from time to time, make distributions in kind to the Members.  Any Member
entitled to any interest in such assets shall, unless otherwise determined by
the Members, receive separate assets of the LLC and not an interest as a tenant-
in-common with other Members so entitled in any asset being distributed.

     4.05  Distributions Upon Transfer or Admission. In the event that a Member
           ----------------------------------------
acquires an interest in the LLC either by transfer from another Member or by
acquisition from the LLC, the LLC shall close its books as of the date of the
acquisition and Distributable Cash and Property and items thereof computed for
the portion of the year ending on the date of the acquisition shall be
distributed among the Members without regard to such acquisition, and
Distributable Cash and items thereof computed for the portion of the year
commencing on the day following the date of the acquisition shall be allocated
among the Members taking into account such acquisition.  For purposes of this
Section 4.05, any modifications to a Member's Percentage Interest or Investment
Percentage Interest for any Investment, shall be treated as if a Member acquired
an interest in the LLC.

     4.06  Right to Set Off Certain Amounts.  The LLC may withhold from any
           --------------------------------
amounts which are otherwise distributable to a Member in accordance with this
Agreement, and pay over to @Ventures Management, LLC, any amount which such
Member may owe to @Ventures Management, LLC pursuant to certain promissory notes
made by such Member to @Ventures Management, LLC, which notes evidence loans
made by @Ventures Management, LLC to such Member in order to enable such Member
to satisfy its capital contribution obligations to the LLC.

                                      -19-
<PAGE>

                                   ARTICLE V

                   ALLOCATION OF NET PROFITS AND NET LOSSES

     5.01  Basic Allocations.
           -----------------

           (a) Net Profits and Net Losses shall be computed on an Investment by
Investment basis as of the end of each fiscal year (or other relevant period).
Except as provided in Section 5.02 below (which shall be applied first) and
Section 5.01(b) below, Net Profits and Net Losses attributable to a particular
Investment shall be allocated among the Members in proportion to their
respective Investment Percentage Interests in such Investment.  Net Profits and
Net Losses attributable to Other Cash Receipts shall be allocated among the
Members in proportion to their respective Percentage Interests.

           (b) Notwithstanding Section 5.01(a) above, Net Profits and Net Losses
attributable to any assets held in a Vesting Escrow shall be specially allocated
to the Managing Member to whom such Vesting Escrow relates.

           (c) For purposes of this Article V, the amount of the Net Profits or
Net Losses from any Investment (treating all sources of Other Cash Receipts as
one Investment) shall be determined by allocating expenses incurred by the LLC
among the Investments in the same manner that expenses are allocated pursuant to
the last sentence of the definition of "Distributable Cash and Property."

           (d) Allocations of Net Profits and Net Losses provided for in this
Section 5.01 shall generally be made as of the end of the fiscal year of the
LLC; provided, however, that allocations of items of Net Profits and Net Losses
     --------  -------
described in clause (vi) of the definition of "Net Profits" and "Net Losses"
shall be made at the time deemed realized as described in the definition of
"Capital Account."

           (e) Upon admission of any Managing Member to the LLC following the
date of formation of the LLC, any deduction attributable to such admission shall
be allocated among the Managing Members of the LLC (determined immediately prior
to the admission of such new Managing Member), in proportion to such Managing
Members' respective Percentage Interests as in effect immediately prior to such
admission.

     5.02  Regulatory Allocations.  Notwithstanding the provisions of Section
           ----------------------
5.01 above, the following allocations of Net Profits, Net Losses and items
thereof shall be made in the following order of priority:

           (a) Items of income or gain (computed with the adjustments contained
in paragraphs (i), (ii) and (iii) of the definition of "Net Profits and Net
Losses") for any taxable period shall be allocated to the Members in the manner
and to the minimum extent required by the

                                      -20-
<PAGE>

"minimum gain chargeback" provisions of Treasury Regulation Section 1.704-2(f)
and Treasury Regulation Section 1.704-2(i)(4).

          (b)  All "nonrecourse deductions" (as defined in Treasury Regulation
Section 1.704-2(b)(1)) of the LLC for any year shall be allocated to the Members
in the manner in which Net Profits and Net Losses are allocated; provided,
however, that nonrecourse deductions attributable to "partner nonrecourse debt"
(as defined in Treasury Regulation Section 1.704-2(b)(4)) shall be allocated to
the Members in accordance with the provisions of Treasury Regulation Section
1.704-2(i)(1).

          (c)  Items of income or gain (computed with the adjustments contained
in paragraphs (i), (ii) and (iii) of the definition of "Net Profits and Net
Losses") for any taxable period shall be allocated to the Members in the manner
and to the extent required by the "qualified income offset" provisions of
Treasury Regulation Section 1.704-1(b)(2)(ii)(d).

          (d)  In no event shall Net Losses of the LLC be allocated to a Member
if such allocation would cause or increase a negative balance in such Member's
Capital Account (determined for purposes of this Section 5.02(d) only, by
increasing the Member's Capital Account balance by (i) the amount the Member is
obligated to restore to the LLC pursuant to Treasury Regulation Section 1.704-
1(b)(2)(ii)(c) and (ii) such Member's share of "minimum gain" and of "partner
nonrecourse debt minimum gain" as determined pursuant to Treasury Regulation
Sections 1.704-2(g) and 1.704-2(i)(5), respectively).

          (e)  Except as otherwise provided herein or as required by Code
Section 704, for tax purposes, all items of income, gain, loss, deduction or
credit shall be allocated to the Members in the same manner as are Net Profits
and Net Losses; provided, however, that if the Carrying Value of any property of
the LLC differs from its adjusted basis for tax purposes, then items of income,
gain, loss, deduction or credit related to such property for tax purposes shall
be allocated among the Members so as to take account of the variation between
the adjusted basis of the property for tax purposes and its Carrying Value in
the manner provided for under Code Section 704(c).

          (f)  In the event that Net Profits, Net Losses or items thereof in
respect of any Investment are allocated to one or more Members pursuant to
subsections (a) or (b) above, subsequent Net Profit, Net Losses or items thereof
will first be allocated (subject to the provisions of subsections (a) and (b))
to the Members in a manner designed to result in each Member having been
allocated an amount of Net Profits, Net Losses or items thereof attributable to
each Investment as such Member would have been allocated had Section 5.02 not
been contained in this Agreement.

     5.03 Allocations Upon Transfer or Admission. In the event that a Member
          --------------------------------------
acquires an interest in the LLC either by transfer from another Member or by
acquisition from the LLC, the LLC shall close its books as of the date of the
acquisition and Net Profits, Net Losses and items

                                      -21-
<PAGE>

thereof computed for the portion of the year ending on the date of the
acquisition shall be allocated among the Members without regard to such
acquisition, and Net Profits, Net Losses and items thereof computed for the
portion of the year commencing on the day following the date of the acquisition
shall be allocated among the Members taking into account such acquisition. For
purposes of this Section 5.03, any modifications to a Member's Percentage
Interest or Investment Percentage Interest for any Investment, shall be treated
as if a Member acquired an interest in the LLC.

                                  ARTICLE VI

                                  MANAGEMENT

     6.01  Management of the LLC.  (a)  Subject to the provisions of this
           ---------------------
Agreement and the Act, all powers shall be exercised by or under the authority
of, and the business and affairs of the LLC shall be controlled by the Members.

           (b)  Except to the extent that this Agreement specifically provides
for a higher or lower number or percentage of Members, all decisions respecting
any matter set forth herein or otherwise affecting or arising out of the conduct
of the business of the LLC shall be made by action of a Majority in Number of
the Voting Managing Members; provided that, Voting Managing Members with respect
to whom an Event of Forfeiture has occurred shall have no right to vote on or
participate in any matter or decision to be made by the Voting Managing Members
and shall be disregarded for all purposes in determining the number of Voting
Managing Members which constitute a Majority in Number of the Voting Managing
Members. Except to the extent specifically provided in this Agreement, the Non-
Voting Managing Members shall not be entitled to vote on, consent to or approve
any matter relating to the conduct of the LLC's business. The Voting Managing
Members, by action of a Majority in Number thereof, may at any time and from
time to time change the status of any Managing Member from Voting to Non-Voting,
and vice versa.

     Subject to the foregoing, the Voting Managing Members shall have the
exclusive right and full authority to manage, conduct and operate the LLC
business.  Specifically, but not by way of limitation, the Voting Managing
Members (by action of such Majority in Number) shall be authorized, for and on
behalf of the LLC:

                (i)   to borrow money, to issue evidences of indebtedness and to
     guarantee the debts of others for whatever purposes they may specify, and,
     as security therefor, to pledge or otherwise encumber the assets of the
     LLC;

                (ii)  to cause to be paid on or before the due date thereof all
     amounts due and payable by the LLC to any person or entity;

                                      -22-
<PAGE>

               (iii)  to employ such agents, employees, managers, accountants,
     attorneys, consultants and other persons necessary or appropriate to carry
     out the business and affairs of the LLC, whether or not any such persons so
     employed are Members or are affiliated or related to any Member, and to pay
     such fees, expenses, salaries, wages and other compensation to such persons
     as the Members shall in their sole discretion determine;

               (iv)   to pay, extend, renew, modify, adjust, submit to
     arbitration, prosecute, defend or compromise, upon such terms as they may
     determine and upon such evidence as they may deem sufficient, any
     obligation, suit, liability, cause of action or claim, including taxes,
     either in favor of or against the LLC;

               (v)    to pay any and all fees and to make any and all
     expenditures which the Voting Managing Members, in their discretion, deem
     necessary or appropriate in connection with the organization of the LLC,
     and the carrying out of its obligations and responsibilities under this or
     any other Agreement;

               (vi)   to invest the assets of the LLC, and to lease, sell,
     finance, refinance or dispose of all or any portion of the LLC's property;

               (vii)  to cause the LLC to make or revoke any of the elections
     referred to in Sections 108, 704, 709, 754 or 1017 of the Code or any
     similar provisions enacted in lieu thereof, or in any other Section of the
     Code;

               (viii) to establish and maintain reserves for such purposes and
     in such amounts as they deem appropriate from time to time;

               (ix)   to pay all organizational expenses and general and
     administrative expenses of the LLC;

               (x)    to deal with, or otherwise engage in business with, or
     provide services to and receive compensation therefor from, any person who
     has provided or may in the future provide any services to, lend money to,
     sell property to, or purchase property from the LLC, including without
     limitation, a Member;

               (xi)   to engage in any kind of activity and to perform and carry
     out contracts of any kind necessary to, or in connection with, or
     incidental to the accomplishment of the purposes of the LLC;

               (xii)  to compromise the obligation of a Member to make a
     contribution to the capital of the LLC or to return to the LLC money or
     other property paid or distributed to such Member in violation of this
     Agreement or the Act;

                                      -23-
<PAGE>

               (xiii) to cause to be paid any and all taxes, charges and
     assessments that may be levied, assessed or imposed upon any of the assets
     of the LLC, unless the same are contested by the Voting Managing Members;

               (xiv)  to exercise all powers and authority granted by the Act to
     members, except as otherwise specifically provided in this Agreement;

               (xv)   to cause the LLC to take any of the foregoing actions in
     the name and on behalf of the Funds, in the LLC's respective capacity as a
     general partner or managing member, as applicable, of any Fund;

               (xvi)  to exercise all other rights, powers, privileges and other
     incidents of ownership with respect to the interest of the LLC in each of
     the Funds, and to perform the LLC's respective obligations under the Fund
     Agreements.

          (c)  Notwithstanding the foregoing, the Voting Managing Members shall
not be authorized to take any of the following actions without the prior
approval of the Capital Member:

               (i)    to do any act that is in contravention of this Agreement
     or that is not consistent with the purposes of the LLC;

               (ii)   to do any act that would make it impossible to carry on
     the ordinary business of the LLC;

               (iii)  to guarantee the obligations of any Portfolio Company; or

               (iv)   to take any other action which requires the consent of the
     Capital Member pursuant to this Agreement.

Other than as set forth in this Section 6.01(c), the Capital Member shall not
participate in the management or control of the LLC and shall have no authority
to act for or bind the LLC.

          (d)  Any Managing Member is authorized to execute, deliver and file on
behalf of the LLC any documents to be filed with the Secretary of State of the
State of Delaware or comparable authorities of other jurisdictions. The
signature of one Managing Member on any agreement, contract, instrument or other
document shall be sufficient to bind the LLC in respect thereof and conclusively
evidence the authority of such Managing Member and the LLC with respect thereto,
and no third party need look to any other evidence or require the joinder or
consent of any other party.

          (e)  Each Managing Member is authorized to use the title "Managing
Director" when acting on behalf of the LLC in the conduct of the LLC's business.

                                      -24-
<PAGE>

           (f)  The Voting Managing Members, by action of a Majority in Number
of the Voting Managing Members exclusive of the Managing Member as to whom the
determination is being made, shall determine whether or not "Cause" is present
in connection with the termination of the relationship of a Managing Member with
the LLC. A Managing Member's relationship with the LLC may be terminated for
Cause only after a hearing to consider the matter. Any such hearing shall be
held only after written notice has been given to all Members, including the
Managing Member proposed to be terminated. Such notice must be given not less
than 10 days prior to such hearing, and must specify the time and place at which
the hearing will be held, and a general statement of the nature of the charges
against the Managing Member proposed to be terminated. At such hearing, the
Managing Member proposed to be terminated will have an opportunity to respond to
the charges constituting Cause. None of the Members (including the Managing
Member proposed to be terminated), may be represented at such hearing by counsel
or other representatives. At the time any such notice is given, or any time
thereafter, but prior to a decision of a Majority in Number of the Voting
Managing Members following the hearing, a Majority in Number of the Voting
Managing Members (exclusive of the Member proposed to be terminated) may
immediately relieve the Managing Member proposed to be terminated of his or her
duties and responsibilities hereunder pending a decision.

     6.02  Tax Matters Partner.  Denise W. Marks shall be the tax matters
           -------------------
partner for the LLC pursuant to Code Sections 6221 through 6231.

     6.03  Liability of the Members; Indemnification.
           -----------------------------------------

           (a)  No Member shall be liable to the LLC or any other Member for any
act or omission taken by the Member in good faith and in the belief that such
act or omission is in the best interests of the LLC; provided that such act or
omission is not in violation of this Agreement and does not constitute
negligence, misconduct, fraud or a willful violation of law by the Member. No
Member shall be liable to the LLC or any other Member for any action taken by
any other Member, nor shall any Member (in the absence of negligence,
misconduct, fraud or a willful violation of law by the Member) be liable to the
LLC or any other Member for any action of any employee or agent of the LLC
provided that the Member shall have exercised appropriate care in the selection
and supervision of such employee or agent.

                                      -25-
<PAGE>

          (b)  Each Member and its respective partners, agents, employees and
Affiliates (the "Indemnitees") shall be and hereby are (i) indemnified and held
harmless by the LLC and (ii) released by the other Members from and against any
and all claims, demands, liabilities, costs, expenses, damages, losses, suits,
proceedings and actions for which such Indemnitee has not otherwise been
reimbursed (collectively, "Liabilities"), whether judicial, administrative,
investigative or otherwise, of any nature whatsoever, known or unknown,
liquidated or unliquidated, that may accrue to the LLC or any other Member or in
which any of the Indemnitees may become involved, as a party or otherwise,
arising out of the conduct of the business or affairs of the LLC by the
respective Indemnitee or otherwise relating to this Agreement, provided that an
Indemnitee shall not be entitled to indemnification or release hereunder if it
shall have been determined by (i) in the case of the Capital Member or an
Indemnitee claiming by or through the Capital Member, a court of competent
jurisdiction, or (ii) in the case of any Managing Member or an Indemnitee
claiming by or through the Managing Member, by the Capital Member, that (x) such
person did not act in good faith and in a manner such person reasonably believed
to be in the best interests of the LLC and, in the case of a criminal
proceeding, did not have reasonable cause to believe that its conduct was
lawful, or (y) such Liabilities shall have arisen from a violation of this
Agreement or the negligence, misconduct, fraud or willful violation of law by
such Indemnitee, or actions of such Indemnitee outside the scope of and
unauthorized by this Agreement, and provided further that an Indemnitee shall
not be entitled to indemnification hereunder with respect to any liability
arising in connection with its activities performed for or on behalf of any
Portfolio Company, the securities of which have been sold or have been
distributed to the Members pursuant to Article IV, if such activities were
performed after the date on which such securities were sold or distributed. The
termination of any proceeding by settlement shall not, of itself, create a
presumption that the Indemnitee did not act in good faith and in a manner that
such person reasonably believed to be in the best interests of the LLC or that
the Indemnitee did not have reasonable cause to believe that its conduct was
lawful. The indemnification rights provided for in this Section 6.03 shall
survive the termination of the LLC or this Agreement.

     Expenses incurred by an Indemnitee in defense or settlement of any claim
that may be subject to a right of indemnification hereunder may be advanced by
the LLC prior to the final disposition thereof provided that the following
conditions are satisfied: (i) the claim relates to the performance of duties or
services by the Indemnitee on behalf of the LLC and (ii) the Indemnitee
undertakes to repay the advanced funds to the LLC if it is ultimately determined
that the Indemnitee is not entitled to be indemnified hereunder or under
applicable law. The right of any Indemnitee to indemnification provided herein
shall be cumulative of, and in addition to, any and all rights to which such
Indemnitee may otherwise be entitled by contract or as a matter of law or equity
and shall extend to such Indemnitee's successors, assigns and legal
representatives. The obligations of the Members under this Section 6.03(b) shall
be satisfied only after any applicable insurance proceeds have been exhausted
and then only out of LLC assets and, to the extent required by law,
distributions made by the LLC to the Members, and the Members shall have no
liability to fund any indemnification payment hereunder.

                                      -26-
<PAGE>

     6.04  Liability of Members.  The liability of the Members for the losses,
           --------------------
debts and obligations of the LLC shall be limited to their capital
contributions; provided, however, that under applicable law, the Members may
under certain circumstances be liable to the LLC to the extent of previous
distributions made to them in the event that the LLC does not have sufficient
assets to discharge its liabilities.

     6.05  Certain Fees and Expenses.  All out-of-pocket expenses reasonably
           -------------------------
incurred by any Member in connection with the LLC's business (including an
allocable share of certain overhead and similar expenses of the Capital Member)
shall be paid by the LLC or reimbursed to the Member by the LLC.

     6.06  Other Activities.
           ----------------

           (a)  Subject to Sections 6.06(b) and Section 6.07 below, the Members
and their respective Affiliates may engage in and possess interests in other
business ventures and investment opportunities of every kind and description,
independently or with others, including serving as directors, officers,
stockholders, managers, members and general or limited partners of corporations,
partnerships or other limited liability companies with purposes similar to or
the same as those of the LLC.  Neither the LLC nor any other Member shall have
any rights in or to such ventures or opportunities or the income or profits
therefrom.

           (b)  Each Managing Member agrees that (I) during his or her
employment by the Employer, and (II) while he or she holds any interest in the
LLC, and (III) for a period of three (3) years following termination of his or
her employment relationship with the Employer if such employment is terminated:
(A) by the Managing Member voluntarily, or (B) by the Employer for Cause, such
Managing Member will not, directly or indirectly:

                (x)  recruit, solicit or induce, or attempt to induce, any
     employee or consultant of the Employer or of any Portfolio Company or of
     any Affiliate of any of them to terminate his or her employment with, or
     otherwise cease any relationship with, the Employer or any Portfolio
     Company or any Affiliate of any of them; or

                (y)  solicit, divert, take away, or attempt to divert or take
     away, any investment opportunity with respect to any Portfolio Company or
     any investment opportunity with respect to any prospective investment or
     prospective portfolio company which the Employer contacted or solicited
     during such Managing Member's employment relationship with the Employer.

If any restriction set forth herein is found by any court to be unenforceable
because it extends for too long a period of time, or over too great a range of
activities, or over too broad a geographic area, the restriction shall be
interpreted to extend only over the maximum period of time, range of activities,
or geographic area which the court finds to be enforceable.  Each Managing
Member acknowledges and agrees that the restrictions contained in this Section
6.06(b) are necessary for

                                      -27-
<PAGE>

the protection of the business and goodwill of the Employer, the Portfolio
Companies and the Affiliates of any of them and are considered by such Managing
Member to be reasonable for such purpose and that his or her interest in the LLC
is being received partly in consideration for the foregoing covenant.

     6.07  Commitment of Members.  Each of the Managing Members hereby agrees to
           ---------------------
use its best efforts in connection with the purposes and objectives of the LLC
and to devote to such purposes and objectives such of its time and resources as
shall be necessary for the management of the affairs of the LLC.

     6.08  Conflicts of Interest.  No contract or transaction between the LLC
           ---------------------
and one or more of its Members or Affiliates, or between the LLC and any other
corporation, partnership association or other organization in which one or more
of its Members or Affiliates are directors, officers, members, managers or
partners or have a financial interest, shall be void or voidable solely for such
reason, or solely because the Member or Affiliate is present at or participates
in any meeting of Managing Members which authorizes the contract or transaction,
or solely because his, her or its votes are counted for such purpose, if:

               (i)    the material facts as to his, her or its interest as to
     the contract or transaction are disclosed or are known to the Voting
     Managing Members and the Voting Managing Members authorize the contract or
     transaction by a vote sufficient for such purpose without counting the vote
     of any interested Voting Managing Member even though the disinterested
     Voting Managing Members may be less than a Majority in Number of the Voting
     Managing Members entitled to vote thereon; or

               (ii)   the material facts as to his, her or its interest and as
     to the contract or transaction are disclosed or are known to the Voting
     Managing Members entitled to vote thereon, and the contract or transaction
     is specifically approved by a vote of the Voting Managing Members; or

               (iii)  the contract or transaction is fair to the LLC or its
     Affiliates as of the time it is authorized, approved or ratified by the
     Voting Managing Members.

                                      -28-
<PAGE>

                                  ARTICLE VII

                       BOOKS, RECORDS AND BANK ACCOUNTS

     7.01  Books and Records.  The Managing Members shall keep or cause to be
           -----------------
kept just and true books of account with respect to the operations of the LLC.
Such books shall be maintained at the LLC's principal place of business, or at
such other place as the Members shall determine, and all Members, and their duly
authorized representatives, shall at all reasonable times have access to such
books as well as any information required to be made available to the Members
under the Act. The Managing Members shall not be required to deliver or mail
copies of the LLC's Certificate of Formation or copies of certificates of
amendment thereto or cancellation thereof to the Members, although such
documents shall be available for review and/or copying by the Members at the
LLC's principal place of business.

     7.02  Accounting Basis and Fiscal Year.  The LLC's books shall be kept on
           --------------------------------
the accrual method of accounting, or on such other method of accounting as the
Members may from time to time determine, and shall be closed and balanced at the
end of each fiscal year of the LLC.  The fiscal year of the LLC shall be the
calendar year.

     7.03  Bank Accounts.  The Managing Members shall be responsible for causing
           -------------
one or more accounts to be maintained in a bank (or banks), which accounts shall
be used for the payment of the expenditures incurred by the Managing Members in
connection with the business of the LLC, and in which shall be deposited any and
all cash receipts of the LLC. All deposits and funds not needed for the
operations of the LLC may be invested in such short-term investments as the
Managing Members may determine. All such amounts shall be and remain the
property of the LLC, and shall be received, held and disbursed by the Managing
Members for the purposes specified in this Agreement. There shall not be
deposited in any of said accounts any funds other than funds belonging to the
LLC, and no other funds shall in any way be commingled with such funds.

     7.04  Reports to Members.  Within 90 days after the end of each fiscal
           ------------------
year, the Managing Members shall cause the LLC to furnish to each Member (i)
such information as may be needed to enable the Members to file their federal
income tax returns and any required state income tax returns, and (ii) an
audited balance sheet of the LLC as of the last day of such fiscal year, and
audited financial statements of the LLC for such fiscal year. The cost of such
reporting shall be paid by the LLC as a LLC expense. Any Member may, at any
time, at its own expense, cause an audit of the LLC books to be made by a
certified public accountant of its own selection. All expenses incurred by such
accountant shall be borne by such Member.

                                 ARTICLE VIII

                       TRANSFERS OF INTERESTS OF MEMBERS

                                      -29-
<PAGE>

     8.01  Substitution and Assignment of Member's Interest.
           ------------------------------------------------

           (a)  Subject to Section 8.01(b) below, no Managing Member may sell,
transfer, assign, pledge, hypothecate or otherwise dispose of all or any part of
its interest in the LLC (whether voluntarily, involuntarily or by operation of
law), unless (i) the Capital Member and (ii) a Majority in Number of the Voting
Managing Members (exclusive of the transferor) shall have previously consented
to such transfer, assignment, pledge, hypothecation or disposition in writing,
the granting or denying of which consent shall be in such Members' absolute
discretion. The provisions of this Section 8.01(a) shall not be applicable to
any assignment of the interest of a Managing Member to a Permitted Transferee
(provided that no such Permitted Transferee may be admitted to the LLC as a
substitute Member except as provided in Section 8.01(c) below). Subject to
Section 8.01(b) below, the Capital Member may sell, transfer, assign, pledge,
hypothecate or otherwise dispose of all or any part of its interest in the LLC
without the consent or approval of any other Member, provided that the
transferee of any such interest may not be admitted to the LLC as a substitute
Member except as provided in Section 8.01(c) below.

           (b)  No assignment of the interest of a Member shall be made if, in
the opinion of counsel to the LLC, such assignment (i) may not be effected
without registration under the Securities Act of 1933, as amended, (ii) would
result in the violation of any applicable state securities laws, (iii) would
result in a termination of the LLC under Section 708 of the Code, unless such a
transfer is consented to by (i) the Capital Member and (ii) a Majority in Number
of the Voting Managing Members, (iv) would result in the treatment of the LLC as
an association taxable as a corporation or as a "publicly-traded limited
partnership" for tax purposes, unless such a transfer is consented to by all
Members or (v) would require the LLC or any Fund to register as an investment
company under the Investment Company Act of 1940, as amended, or as an
investment advisor under the Investment Advisors Act of 1940, as amended. The
LLC shall not be required to recognize any assignment until the instrument
conveying such interest has been delivered to the LLC for recordation on the
books of the LLC. Unless an assignee becomes a substituted Member in accordance
with the provisions of Section 8.01(c), it shall not be entitled to any of the
rights granted to a Member hereunder, other than the right to receive all or
part of the share of the Net Profits, Net Losses, distributions of cash or
property or returns of capital to which his assignor would otherwise be
entitled.

           (c)  An assignee of the interest of a Member, or any portion thereof,
shall become a substituted Member entitled to all the rights of a Member if, and
only if:

                (i)   the assignor gives the assignee such right;

                (ii)  in the case of an assignee of a Managing Member, the
     Capital Member and a Majority in Number of the Voting Managing Members
     (exclusive of the assignor) consent to such substitution, the granting or
     denying of which consent shall be in the other Members' absolute
     discretion;

                                      -30-
<PAGE>

               (iii)  in the case of an assignee of the Capital Member, a
     Majority in Number of the Voting Managing Members consent to such
     substitution, the granting or denying of which consent shall be in the
     Voting Managing Members' absolute discretion, except that, in the case of a
     transfer all or substantially all of the business or assets of CMGI (by
     sale of assets, sale of stock, merger or otherwise), including its indirect
     interest in the LLC, no such consent of the Voting Managing Members shall
     be required;

               (iv)   the assignee or the assignor pays to the LLC all costs and
     expenses incurred in connection with such substitution, including
     specifically, without limitation, costs incurred in the review and
     processing of the assignment and in amending this Agreement; and

               (v)    the assignee executes and delivers such instruments, in
     form and substance satisfactory to the LLC, as may be necessary or
     desirable to effect such substitution and to confirm the agreement of the
     assignee to be bound by all of the terms and provisions of this Agreement.

Unless a Majority in Number of the Voting Managing Members (exclusive of the
assignor) otherwise approve, any assignee of the interest of a Voting Managing
Member who becomes a substitute Managing Member shall be and become a Voting
Managing Member, and any assignee of the interest of a Non-Voting Managing
Member who becomes a substitute Managing Member shall be and become a Non-Voting
Managing Member.

          (d)  The LLC and the Members shall be entitled to treat the record
owner of any interest in the LLC as the absolute owner thereof in all respects,
and shall incur no liability for distributions of cash or other property made in
good faith to such owner until such time as a written assignment of such
interest has been received and accepted by the Managing Members and recorded on
the books of the LLC. The Managing Members may refuse to accept an assignment
until the end of the next successive quarterly accounting period. In no event
shall any interest in the LLC, or any portion thereof, be sold, transferred or
assigned to a minor or incompetent, and any such attempted sale, transfer or
assignment shall be void and ineffectual and shall not bind the LLC.

          (e)  If a Member who is an individual dies or a court of competent
jurisdiction adjudges him to be incompetent to manage his person or his
property, the Member's executor, administrator, guardian, conservator or other
legal representative may exercise all of the Member's rights hereunder, but
solely for the purpose of settling his estate or administering his property, and
in no event shall such executor, administrator, guardian, conservator or legal
representative participate in any way in the conduct of the business of the LLC,
or in the making of any decision or the taking of any action provided for
hereunder (including without limitation, Section 6.01(a) or (b)) for any other
purpose. If a Member is a corporation, trust or other entity, and is dissolved
or terminated, the powers of that Member may be exercised by its legal
representative or successor.

                                      -31-
<PAGE>

     8.02  Additional Members.
           ------------------

           (a)  Except as provided in Section 8.01, additional Members may be
admitted to the LLC only upon the written consent of the Capital Member and a
Majority in Number of the Voting Managing Members.  Any such consent shall
specify (i) the capital contribution, if any, and the Percentage Interest of the
additional Member, (ii) whether such Managing Member is a Voting or Non-Voting
Managing Member and (iii) any other rights and obligations of such additional
Member.  Such approval shall bind all Members.  In connection with any such
admission of an additional Member, this Agreement (including Schedules A and B)
                                                             -----------     -
shall be amended to reflect the additional Member, its capital contribution, if
any, its Percentage Interest, its Vesting Commencement Date, and any other
rights and obligations of the additional Member. In connection with any such
admission of an additional Member, the Percentage Interest or other rights and
interests of the Capital Member in the LLC may not be diluted or otherwise
modified or adjusted without the specific written consent of the Capital Member.

           (b)  Unless all Voting Managing Members (exclusive of those with
respect to whom an Event of Forfeiture has occurred) otherwise agree, in
connection with the admission of any additional Managing Member to the LLC, the
Percentage Interests of all Managing Members shall be diluted proportionately
based on their respective Percentage Interests immediately prior to any such
admission.

           (c)  Each Managing Member, and each person who is hereinafter
admitted to the LLC as a Managing Member, hereby (i) consents to the admission
to the LLC of any such third party on such terms as may be approved by the
Members in accordance with this Section 8.02, and to any amendment to this
Agreement which may be necessary or appropriate to reflect the admission of any
such third party and the terms of its interest in the LLC, and (ii) acknowledges
that, in connection with any admission of any such person, such Member's
interest in allocations of Net Profits and Net Losses and distributions of cash
and property of the LLC, and net proceeds upon liquidation of the LLC, may be
diluted or otherwise altered (subject to the provisions of this Section 8.02).
Any amendment to this Agreement which shall be made in order to effectuate the
provisions of this Section 8.02 shall be executed by the Capital Member and a
Majority in Number of the Voting Managing Members, and any such amendment shall
be binding upon all of the Members.

     8.03  Reallocation of Percentage Interests.  The Voting Managing Members,
           ------------------------------------
by action of a Majority in Number thereof, may not later than 10 business days
following the commencement of any fiscal year, elect to modify the respective
Percentage Interests of the Managing Members. Any such determination to modify
the Percentage Interests of the Managing Members shall be made based on the
respective professional and managerial contribution and anticipated contribution
to the business of the LLC of the Managing Members, and any such determination
shall take effect as of the first day of such fiscal year, and shall not
otherwise have any retroactive effect. In no event shall the Percentage Interest
of the Capital Member be

                                      -32-
<PAGE>

modified or adjusted as a result of this Section 8.03. In connection with any
such adjustment, Schedule B shall be amended accordingly, and all Members shall
                 ----------
be bound by the determination of a Majority in Number of the Voting Managing
Members.

                                  ARTICLE IX

                          DISSOLUTION AND TERMINATION

     9.01  Events of Dissolution.
           ---------------------

           (a)  The LLC shall be dissolved:

                (i)   on a date designated in writing by (A) the Capital Member
     and (B) a Majority in Number of the Voting Managing Members;

                (ii)  following the dissolution (following which the business is
     not continued) of the last to dissolve of the Funds, and the liquidation of
     all of assets of the Funds and the winding up of their respective
     businesses;

                (iii) upon the sale or other disposition of all of the LLC's
     assets; or

                (iv)  upon the entry of a decree of judicial dissolution under
     Section 18-802 of the Act.

           (b)  Dissolution of the LLC shall be effective on the day on which
the event occurs giving rise to the dissolution, but the LLC shall not terminate
until the LLC's Certificate of Formation shall have been cancelled and the
assets of the LLC shall have been distributed as provided herein.
Notwithstanding the dissolution of the LLC, prior to the termination of the LLC,
as aforesaid, the business of the LLC and the affairs of the Members, as such,
shall continue to be governed by this Agreement. A liquidator appointed by the
Voting Managing Members (who may be a Member), shall liquidate the assets of the
LLC, and distribute the proceeds thereof as contemplated by this Agreement and
cause the cancellation of the LLC's Certificate of Formation.

                                      -33-
<PAGE>

     9.02  Distributions Upon Liquidation.
           ------------------------------

           (a) After payment of liabilities owing to creditors, the liquidator
shall set up such reserves as it deems reasonably necessary for any contingent
or unforeseen liabilities or obligations of the LLC (including without
limitation, any liabilities or obligations to the Funds).  Said reserves may be
paid over by such liquidator to a bank, to be held in escrow for the purpose of
paying any such contingent or unforeseen liabilities or obligations and, at the
expiration of such period as such liquidator may deem advisable, such reserves
shall be distributed to the Members or their assigns in the manner set forth in
paragraph (b) below.

           (b) After paying such liabilities and providing for such reserves,
the liquidator shall cause the remaining net assets of the LLC to be distributed
to all Members with positive Capital Account balances (after such balances have
been adjusted to reflect all debits and credits required by applicable Treasury
Regulations under Section 704(b) of the Code for all events through and
including the distribution in liquidation of the LLC), in proportion to and to
the extent of such positive balances. In the event that any part of such net
assets consists of notes or accounts receivable or other non-cash assets, the
liquidator may take whatever steps it deems appropriate to convert such assets
into cash or into any other form which would facilitate the distribution
thereof. If any assets of the LLC are to be distributed in kind, such assets
shall be distributed on the basis of their fair market value net of any
liabilities. No Member other than the Capital Member shall have any right or
interest in or to the name "@ Ventures" and all rights and interest in such name
shall, upon termination of the LLC, be assigned and transferred to the Capital
Member.

                                   ARTICLE X

                                 MISCELLANEOUS

     10.01  Notices.  Except as otherwise specifically provided in this
            -------
Agreement, any and all notices, requests, elections, consents or demands
permitted or required to be made under this Agreement shall be in writing,
signed by the Member giving such notice, request, election, consent or demand,
and shall be delivered personally, or sent by registered or certified mail, or
by overnight mail, Federal Express or other similar commercial overnight
courier, to the other Member or Members at their addresses set forth in Schedule
                                                                        --------
A, and, in the case of a notice to the LLC, at the address of its principal
-
office as set forth in Article I hereof, or at such other address as may be
supplied by written notice given in conformity with the terms of this Section
10.01.  The date of personal delivery, three days after the date of mailing, the
business day after delivery to an overnight courier, as the case may be, or the
date of actual delivery if sent by any other method, shall be the date of such
notice.

     10.02  Successors and Assigns.  Subject to the restrictions on transfer set
            ----------------------
forth herein, this Agreement, and each and every provision hereof, shall be
binding upon and shall inure to the

                                      -34-
<PAGE>

benefit of the Members, their respective successors, successors-in-title, heirs
and assigns, and each and every successor-in-interest to any Member, whether
such successor acquires such interest by way of gift, purchase, foreclosure, or
by any other method, shall hold such interest subject to all of the terms and
provisions of this Agreement.

     10.03  Amendments.  Except as otherwise specifically provided in this
            ----------
Agreement (including without limitation, Section 3.04 and Article VIII), this
Agreement may be amended or modified only by (i) the Capital Member and (ii) a
Majority in Number of the Voting Managing Members; provided that (x) no such
amendment shall increase the liability of, increase the obligations of or
adversely affect the interest of, any Member without the specific approval of
such Member (other than upon the occurrence of an Event of Forfeiture, upon
admission of a Managing Member in accordance with Section 8.02 or upon the
adjustment of the Percentage Interests of the Managing Members in accordance
with Section 8.03); (y) if any provision of this Agreement provides for the
approval or consent of a greater number of Members or of Members holding a
higher percentage of the total Percentage Interests of the Members, any
amendment effectuated pursuant to such provision, and any amendment to such
provision, shall require the approval or consent of such greater number of
Members or of Members holding such higher percentage of Percentage Interests;
and (z) subject to clauses (x) and (y) above, any amendment to this Section
10.03 shall require the approval of (i) the Capital Member and (ii) Managing
Members holding not less than two-thirds of all Percentage Interests held by all
Managing Members.

     10.04  Partition.  The Members hereby agree that no Member nor any
            ---------
successor-in-interest to any Member, shall have the right while this Agreement
remains in effect to have the property of the LLC partitioned, or to file a
complaint or institute any proceeding at law or in equity to have the property
of the LLC partitioned, and each Member, on behalf of himself, his successors,
representatives, heirs and assigns, hereby waives any such right.  It is the
intention of the Members that during the term of this Agreement, the rights of
the Members and their successors-in-interest, as among themselves, shall be
governed by the terms of this Agreement, and that the right of any Member or
successor-in-interest to assign, transfer, sell or otherwise dispose of his
interest in the LLC shall be subject to the limitations and restrictions of this
Agreement.

     10.05  No Waiver.  The failure of any Member to insist upon strict
            ---------
performance of a covenant hereunder or of any obligation hereunder, irrespective
of the length of time for which such failure continues, shall not be a waiver of
such Member's right to demand strict compliance in the future.  No consent or
waiver, express or implied, to or of any breach or default in the performance of
any obligation hereunder, shall constitute a consent or waiver to or of any
other breach or default in the performance of the same or any other obligation
hereunder.

     10.06  Entire Agreement.  This Agreement constitutes the full and complete
            ----------------
agreement of the parties hereto with respect to the subject matter hereof.

                                      -35-
<PAGE>

     10.07  Captions.  Titles or captions of Articles or sections contained in
            --------
this Agreement are inserted only as a matter of convenience and for reference,
and in no way define, limit, extend or describe the scope of this Agreement or
the intent of any provision hereof.

     10.08  Counterparts.  This Agreement may be executed in a number of
            ------------
counterparts, all of which together shall for all purposes constitute one
Agreement, binding on all the Members notwithstanding that all Members have not
signed the same counterpart.

     10.09  Applicable Law.  This Agreement and the rights and obligations of
            --------------
the parties hereunder shall be governed by and interpreted, construed and
enforced in accordance with the laws of the State of Delaware.

     10.10  Gender, Etc.  In the case of all terms used in this Agreement, the
            -----------
singular shall include the plural and the masculine gender shall include the
feminine and neuter, and vice versa, as the context requires.

     10.11  Creditors.  None of the provisions of this Agreement shall be for
            ---------
the benefit of or enforceable by any creditor of any Member or of the LLC other
than a Member who is such a creditor of the LLC.

                                      -36-
<PAGE>

     IN WITNESS WHEREOF, the Members have signed and sworn to this Agreement
under penalties of perjury as of the date first above written.

                    CAPITAL MEMBER:

                    CMG @ VENTURES CAPITAL CORP.

                    By: /s/ Andrew J. Hajducky III
                        --------------------------

                    Name: Andrew J. Hajducky III

                    Title: Authorized Signer

                    MANAGING MEMBERS:

                    /s/ Guy A. Bradley
                    ------------------
                    Guy A. Bradley

                    /s/ Jonathan Callaghan
                    ----------------------
                    Jonathan Callaghan

                    /s/ Peter H. Mills
                    ------------------
                    Peter H. Mills

                    /s/ Marc Poirier
                    ----------------
                    Marc Poirier

                    /s/ Brad Garlinghouse
                    ---------------------
                    Brad Garlinghouse

                    /s/ Denise W. Marks
                    -------------------
                    Denise W. Marks

                    /s/ David J. Nerrow, Jr.
                    ------------------------
                    David J. Nerrow, Jr.

                                      -37-

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