Document:

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                                                                   EXHIBIT 10.1

                          SECURITIES PURCHASE AGREEMENT

                         dated as of September 27, 2000

                                     between

                           CONTANGO OIL & GAS COMPANY

                                       and

                        AQUILA ENERGY CAPITAL CORPORATION

     5,000 shares of Series B Senior Convertible Cumulative Preferred Stock

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                                TABLE OF CONTENTS

<TABLE>

<S>      <C>                                                                                            <C>
1.       AGREEMENT TO PURCHASE SECURITIES...............................................................1

2.       WIRE TRANSFER OF PAYMENT FOR AND DELIVERY OF THE SECURITIES....................................1

3.       PURCHASER'S REPRESENTATIONS AND WARRANTIES.....................................................1

         3.1      Investment Intent.....................................................................1

         3.2      Access to Information.................................................................1

         3.3      Accredited Investor...................................................................2

         3.4      Knowledge and Experience..............................................................2

         3.5      Suitability...........................................................................2

         3.6      Ability to Bear Risk of Loss..........................................................2

         3.7      Private Offering......................................................................2

         3.8      Truth and Accuracy....................................................................2

         3.9      Authority.............................................................................2

         3.10     No Violation..........................................................................3

         3.11     Enforceability........................................................................3

         3.12     Reliance on Own Advisers..............................................................3

         3.13     Scope of Business.....................................................................3

4.       ISSUER'S REPRESENTATIONS AND WARRANTIES........................................................3

         4.1      Corporate Existence; Authority........................................................3

         4.2      Enforceability........................................................................3

         4.3      Capitalization........................................................................4

         4.4      No Conflicts..........................................................................5

         4.5      SEC Documents.........................................................................5

         4.6      Litigation............................................................................5

         4.7      No Material Adverse Change............................................................6

         4.8      Environmental Matters.................................................................6

         4.9      Equity Sales Since November 5, 1999...................................................6

         4.10     Material Agreements...................................................................6

         4.11     Truth and Accuracy....................................................................7

         4.12     Compliance with Laws, Other Instruments...............................................7

         4.13     Observance of Agreements, Statutes and Orders.........................................7

5.       RESTRICTIONS ON TRANSFER.......................................................................7
</TABLE>

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<TABLE>

<S>      <C>                                                                                           <C>
         5.1      Resale Restrictions...................................................................7

         5.2      Restrictive Legend....................................................................8

         5.3      Illiquid Investment...................................................................8

6.       REGISTRATION PROCEDURES........................................................................8

         6.1      Demand Registration Rights............................................................8

         6.2      Piggy-Back Registration Rights.......................................................10

         6.3      Delivery of Prospectus...............................................................11

         6.4      Third Party Registration Rights......................................................11

         6.5      Registration in Other Jurisdictions..................................................11

         6.6      Notice of Material Events............................................................11

         6.7      Notice of Suspension of Effectiveness................................................12

         6.8      Listing of Common Stock on Securities Exchanges......................................12

         6.9      Further Assurances...................................................................12

         6.10     Cooperation..........................................................................12

         6.11     Discontinuation of Disposition of Shares.............................................12

         6.12     Expenses.............................................................................13

         6.13     Indemnification of Purchaser.........................................................13

         6.14     Indemnification of Issuer............................................................14

         6.15     Participation in Indemnified Claims..................................................14

7.       TRANSFER AGENT INSTRUCTIONS...................................................................15

8.       RELIANCE......................................................................................15

9.       COVENANT REGARDING PRIORITY OF PREFERRED SHARES...............................................15

10.      BOARD OF DIRECTORS............................................................................16

11.      MISCELLANEOUS.................................................................................16

         11.1     Survival.............................................................................16

         11.2     Assignment...........................................................................16

         11.3     Execution and Delivery of Agreement..................................................17

         11.4     Titles...............................................................................17

         11.5     Severability.........................................................................17

         11.6     Entire Agreement.....................................................................17

         11.7     Waiver and Amendment.................................................................17

         11.8     Counterparts.........................................................................17

         11.9     Governing Law........................................................................17
</TABLE>

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THE SECURITIES TO WHICH THIS AGREEMENT RELATES HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER ANY
STATE SECURITIES LAWS ("STATE LAWS") AND MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED UNLESS THE OFFER AND SALE IS REGISTERED UNDER THE SECURITIES ACT OR
THE ISSUER RECEIVES AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER
THAT THE OFFER AND SALE IS EXEMPT FROM SECURITIES ACT REGISTRATION.

                          SECURITIES PURCHASE AGREEMENT

         This Securities Purchase Agreement ("Agreement") is made and entered
into as of the 27th day of September, 2000, by and between Contango Oil & Gas
Company (the "Issuer") and Aquila Energy Capital Corporation (the "Purchaser").

         1. AGREEMENT TO PURCHASE SECURITIES. On the terms and subject to the
conditions set forth in this Agreement, the Purchaser hereby agrees to purchase
from the Issuer 5,000 shares of the Issuer's Series B Senior Convertible
Cumulative Preferred Stock, $.04 per share par value (the "Preferred Shares")
for a purchase price of $5,000,000 (the "Purchase Price"), payable by wire
transfer to the account of the Issuer. The shares of Issuer's common stock that
may be issued upon conversion of the Preferred Shares as contemplated by the
Designation Certificate (as defined below) are referred to herein as the
"Converted Shares", and the Preferred Shares and the Converted Shares are
collectively referred to herein as the "Securities").

         2. WIRE TRANSFER OF PAYMENT FOR AND DELIVERY OF THE SECURITIES.
Immediately after the Purchaser has wired the Purchase Price for the Preferred
Shares as instructed by Issuer, the Issuer shall issue and deliver a certificate
representing the Preferred Shares, in the name and to the address specified by
the Purchaser in the registration and delivery instructions on the signature
page of this Agreement.

         3. PURCHASER'S REPRESENTATIONS AND WARRANTIES. The Purchaser hereby
represents and warrants to the Issuer that:

             3.1 Investment Intent. The Purchaser is acquiring the Securities
solely for the Purchaser's own account for investment purposes, and not with a
view to, or for offer or sale in connection with, any distribution of the
Securities in violation of the Securities Act.

             3.2 Access to Information. The Purchaser has received a copy of the
Issuer's annual report on Form 10-KSB for the year ended June 30, 1999 (the
"Annual Report") and quarterly report on Form 10-QSB for the quarter ended March
31, 2000 (the "Quarterly Report") and has reviewed them carefully, including the
risk factors set forth

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under the heading, "Management's Discussion and Analysis of Plan of Operation --
Risk Factors." In addition, the Purchaser has received and reviewed a copy of
the Issuer's proxy statement for its annual meeting of stockholders held on
September 28, 1999 (the "Proxy Statement"). If desired, the Purchaser has also
sought and obtained from management of the Issuer such additional information
concerning the business, management and financial affairs of the Issuer as the
Purchaser has deemed necessary or appropriate in evaluating an investment in the
Issuer and determining whether or not to purchase the Securities.

             3.3 Accredited Investor. By completing the Accredited Investor
Certification attached as Exhibit B, the Purchaser represents and warrants that
it is an accredited investor, as defined by Rule 501(a) of Regulation D under
the Securities Act.

             3.4 Knowledge and Experience. The Purchaser is experienced in
evaluating and investing in the securities of businesses in the development
stage, and has such knowledge and experience in financial and business matters
that it is capable of evaluating the merits and risks of an investment in the
Securities and of protecting its interests in connection with an acquisition of
the Securities.

             3.5 Suitability. The Purchaser has carefully considered, and has,
to the extent the Purchaser deems it necessary, discussed with the Purchaser's
own professional legal, tax and financial advisers the suitability of an
investment in the Securities for the Purchaser's particular tax and financial
situation, and the Purchaser has determined that the Securities are a suitable
investment for the Purchaser.

             3.6 Ability to Bear Risk of Loss. The Purchaser is financially able
to hold the Securities subject to restrictions on transfer for an indefinite
period of time, and is capable of bearing the economic risk of losing up to the
entire amount of its investment in the Securities.

             3.7 Private Offering. The offer of the Securities was directly
communicated to the Purchaser by the Issuer. At no time was the Purchaser
presented with or solicited by any leaflet, newspaper or magazine article, radio
or television advertisement, or any other form of general advertising or
solicited or invited to attend a promotional meeting otherwise than in
connection and concurrently with such directly communicated offer.

             3.8 Truth and Accuracy. All representations and warranties made by
the Purchaser in this Agreement are true and accurate as of the date hereof and
shall be true and accurate as of the date the Issuer issues the Securities. If
at any time prior to the issuance of the Securities any representation or
warranty shall not be true and accurate in any respect, the Purchaser shall so
notify the Issuer.

             3.9 Authority. The individuals executing and delivering this
Agreement on behalf of the Purchaser have been duly authorized to execute and
deliver this Agreement on behalf of the Purchaser, the signature of both such
individuals is binding upon the Purchaser, the Purchaser is duly organized and
subsisting under the

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laws of the jurisdiction in which it was organized, and the Purchaser was not
formed for the specific purpose of acquiring the Securities.

             3.10 No Violation. The execution and delivery of this Agreement and
the consummation of the transactions or performance of the obligations
contemplated by this Agreement do not and will not violate any term of the
Purchaser's organizational documents.

             3.11 Enforceability. The Purchaser has duly executed and delivered
this Agreement and (subject to its execution by the Issuer) it constitutes a
valid and binding agreement of the Purchaser enforceable in accordance with its
terms against the Purchaser, except as such enforceability may be limited by
principles of public policy, and subject to laws of general application relating
to bankruptcy, insolvency and the relief of debtors and rules of law governing
specific performance, injunctive relief or other equitable remedies.

             3.12 Reliance on Own Advisers. In connection with the Purchaser's
investment in the Securities, the Purchaser has not relied upon the Issuer or
its advisers for legal or tax advice, and has, if desired, in all cases sought
the advice of the Purchaser's own legal counsel and tax advisers.

             3.13 Scope of Business. The Purchaser has been advised and
understands that the Issuer will be exposed to numerous investment opportunities
in all areas of the oil and gas industry and may therefore pursue various types
of opportunities, even if they do not fit within the primary focus of the
Issuer's current business plan. For example, such opportunities could include
both onshore and offshore United States investments and also international
investments. Potential opportunities could also include such things as
downstream investments in oil and gas service companies, pipelines, and gas
processing and gas storage facilities.

         4. ISSUER'S REPRESENTATIONS AND WARRANTIES. The Issuer hereby
represents and warrants to the Purchaser that:

             4.1 Corporate Existence; Authority. The Issuer is a corporation
duly organized, validly existing and in good standing under the laws of Nevada,
and it has all requisite power and authority to carry on its business as it is
being conducted. The individual executing and delivering this Agreement on
behalf of the Issuer has been duly authorized to execute and deliver this
Agreement on behalf of the Issuer, and the signature of such individual is
binding upon the Issuer.

             4.2 Enforceability. The Issuer has duly executed and delivered this
Agreement and (subject to its execution by the Purchaser) it constitutes a valid
and binding agreement of the Issuer enforceable in accordance with its terms
against the Issuer, except as such enforceability may be limited by principles
of public policy, and subject to laws of general application relating to
bankruptcy, insolvency and the relief of debtors and rules of law governing
specific performance, injunctive relief or other equitable remedies.

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             4.3 Capitalization.

                  (a) The Issuer is authorized to issue 50,000,000 shares of
common stock, of which 22,920,412 shares are issued and outstanding, and, prior
to giving effect to the transactions set forth herein, 125,000 shares of
preferred stock, of which 5,000 shares have been designated as Series A Senior
Convertible Cumulative Preferred Stock (the "Series A Preferred") and 2,500
shares of such Series A Preferred are issued and outstanding. All of the
outstanding shares of common stock and Series A Preferred stock of the Issuer
have been duly and validly issued and are fully paid, non-assessable and not
subject to any preemptive or similar rights. The Preferred Shares have been duly
authorized and when issued and delivered to the Purchaser against payment
therefor as provided by this Agreement, will be validly issued, fully paid and
non-assessable, shall have the rights and preferences set forth in the Preferred
Stock Series Designation Certificate attached hereto as Exhibit B (the
"Designation Certificate") and the issuance of such Preferred Shares will not be
subject to any preemptive or similar rights. If and when issued, the Converted
Shares will have been duly authorized and when issued and delivered to the
Purchaser against payment therefor as provided by in herein, will be validly
issued, fully paid and non-assessable, and the issuance of such Converted Shares
will not be subject to any preemptive or similar rights.

                  (b) Prior to giving effect to the transactions set forth
herein, there are no outstanding subscriptions, options, warrants, convertible
securities, calls, commitments, agreements or rights to purchase or otherwise
acquire from the Issuer any shares of, or any securities convertible into, the
capital stock of the Issuer except as set forth on Schedule 4.3(b), including
(i) outstanding options to purchase 1,034,167 shares of the Issuer's common
stock under the Issuer's 1999 Stock Incentive Plan, under which 5,000,000 shares
of common stock are reserved for issuance, (ii) warrants exercisable for
3,830,370 shares of the Issuer's common stock at the exercise price of $1.00 per
share, (iii) outstanding options to purchase an aggregate of 280,000 shares of
the Issuer's common stock pursuant to certain agreements between the Issuer and
various third parties, and (iv) the Series A Preferred stock which is currently
convertible into 2,000,000 shares the Issuer's common stock (excluding accrued
and unpaid dividends).

                  (c) Except as set forth on Schedule 4.3(c), no shareholders of
the Issuer have any right to require the registration of any securities of the
Issuer or to participate in any such registration.

                  (d) No issuance of the Preferred Shares, the Converted Shares
and any other securities issued or issuable pursuant to this Agreement or the
Designation Certificate will result in the right of any person to obtain any
"anti-dilution adjustment", including any adjustment to the number of securities
of the Issuer outstanding or hereafter issuable, or to the conversion price or
exchange price of any convertible or exchangeable securities of the Issuer, or
to the exercise price of any option, warrant or right currently outstanding or
issuable.

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             4.4 No Conflicts.

                  (a) The issuance and sale of the Securities to the Purchaser
as contemplated hereby and the performance of this Agreement will not violate or
conflict with the Issuer's Articles of Incorporation or By-laws or any
agreements to which the Issuer is a party or by which it is otherwise bound or,
to the Issuer's knowledge, any statute, rule or regulation (federal, state,
local or foreign) to which it is subject.

                  (b) The Issuer has obtained, and has provided to the Purchaser
true and correct copies of, written waivers of rights of first refusal to
purchase additional securities issued by the Issuer insofar as such rights
pertain to the Series A Preferred, the Preferred Shares, the Converted Shares
and any other securities issued or issuable pursuant to this Agreement or the
Designation Certificate. Without limited the generality of the preceding
sentence, the Issuer has obtained such written waivers from all parties entitled
to assert the rights set forth in (i) Section 6 (Right to Additional Securities)
under that certain Securities Purchase Agreement dated December 29, 1999, by and
between the Issuer and Trust Company of the West, and (ii) Section 6 (Right to
Additional Securities) under that certain Securities Purchase Agreement dated
June 8, 2000, by and between the Issuer and the Southern Ute Indian Tribe.

                  (c) The Issuer has obtained, and has provided to the
Purchaser, a true and correct copy of, a written consent to the issuance of the
Preferred Shares, the Converted Shares and any other securities issued or
issuable pursuant to this Agreement or the Designation Certificate from the
holders of the Series A Preferred.

             4.5 SEC Documents. The Issuer has provided the Annual Report, the
Quarterly Report and the Proxy Statement to the Purchaser. As of the date
hereof, the Annual Report, the Quarterly Report and the Proxy Statement do not
contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they were made, not
misleading. The financial statements of the Issuer included in the Annual Report
and the financial statements dated as of March 31, 2000 heretofore delivered to
the Purchaser, have been prepared in accordance with generally accepted
accounting principles applied on a consistent basis during the periods involved
(except as may be indicated in the notes thereto) and fairly present the
financial position of the Issuer as of the dates thereof and the results of its
operations and cash flows for the periods then ended. The Issuer has included in
the Annual Report and in its Quarterly Reports on Form 10-QSB filed since the
Annual Report, all material agreements, contracts and other documents that it
reasonably believes are required to be filed as exhibits thereto.

             4.6 Litigation. There is no litigation or other legal,
administrative or governmental proceeding pending or, to the knowledge of the
Issuer, threatened against or relating to the Issuer or its properties or
business, that if determined adversely to the Issuer may reasonably be expected
to have a material adverse effect on the present or future operations or
financial condition of the Issuer.

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             4.7 No Material Adverse Change. Since the date of the Quarterly
Report, there has not been any material adverse change in the business,
operations, properties, prospects, assets, or condition of the Issuer, and no
event has occurred or circumstance exits that may result in such a material
adverse change.

             4.8 Environmental Matters.

                  (a) Except as would not be reasonably likely to have a
material adverse effect change in the business, operations, properties,
prospects, assets, or condition of the Issuer: (i) to Issuer's knowledge, Issuer
has complied with all applicable Environmental Laws (as defined in Section
4.8(b)); (ii) to Issuer's knowledge, Issuer is not subject to liability for any
Hazardous Substance disposal or contamination on any third party property; (iii)
to Issuer's knowledge, Issuer has not been associated with any release or threat
of release of any Hazardous Substance; (v) Issuer has not received any notice,
demand, letter, claim or request for information alleging that Issuer may be in
violation of or liable under any Environmental Law; (vi) Issuer is not subject
to any orders, decrees, injunctions or other arrangements with any Governmental
Entity or is subject to any indemnity or other agreement with any third party
relating to liability under any Environmental Law or relating to Hazardous
Substances; and (vii) there are no circumstances or conditions involving Issuer
that could reasonably be expected to result in any claims, liability,
investigations, costs or restrictions on the ownership, use or transfer of any
property of Issuer pursuant to any Environmental Law.

                  (b) For purposes of this Agreement, the term "Environmental
Law" means any federal, state, local or foreign law, regulation, order, decree,
permit, authorization, opinion, common law or agency requirement relating to:
(A) the protection, investigation or restoration of the environment, health and
safety, or natural resources, (B) the handling, use, presence, disposal, release
or threatened release of any Hazardous Substance or (C) noise, odor, wetlands,
pollution, contamination or any injury or threat of injury to persons or
property.

                  (c) For purposes of this Agreement, the term "Hazardous
Substance" means any substance that is: (A) listed, classified or regulated
pursuant to any Environmental Law; (B) any petroleum product or by-product,
asbestos-containing material, lead-containing paint or plumbing, polychlorinated
biphenyls, radioactive materials or radon; or (C) any other substance which is
the subject of regulatory action by any governmental entity pursuant to any
Environmental Law.

             4.9 Equity Sales Since November 5, 1999. All shares of common stock
sold by Issuer since November 5, 1999, the purchasers thereof, the number of
shares purchased and the dollar amount paid by each purchaser are set forth on
Schedule 4.9.

             4.10 Material Agreements. The Issuer has delivered to the Purchaser
true and correct copies of (i) the Agreement dated September 1, 1999, as
amended, between the Issuer and Juneau Exploration Company, LLC (the "Juneau
Agreement"), (ii) the Participation Agreement dated June 8, 2000 between the
Issuer and the Southern Ute Indian Tribe (doing business as Red Willow
Production Company) (the "SUIT

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Participation Agreement"), and (iii) the Limited Liability Company Agreement
dated August 24, 2000 of Republic Exploration LLC (the "REX Agreement"), and
since the date received by Purchaser, the Juneau Agreement, the SUIT
Participation Agreement and the REX Agreement have not been amended or modified
in any respect, orally or in writing, are in full force and effect and have not
been terminated.

             4.11 Truth and Accuracy. All representations and warranties made by
the Issuer in this Agreement are true and accurate as of the date hereof and
shall be true and accurate as of the date the Issuer issues the Securities. If
at any time prior to the issuance of any of the Securities any representation or
warranty shall not be true and accurate in any respect, the Issuer shall so
notify the Purchaser.

             4.12 Compliance with Laws, Other Instruments. The execution,
delivery and performance by the Issuer of this agreement will not (a)
contravene, result in any breach of, or constitute a default under or result in
the creation of any lien in respect of any property of the Issuer under, any
indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease,
corporate charter or bylaws, or any other material agreement or instrument to
which the Issuer is bound or by which the Issuer or any of its respective
properties may be bound or affected, (b) conflict with or result in a breach of
any of the terms, conditions or provisions of any order, judgment, decree, or
ruling of any court, arbitrator or governmental authority applicable to the
Issuer or (c) violate any provision of any statute or other rule or regulation
of any governmental authority applicable to the Issuer.

             4.13 Observance of Agreements, Statutes and Orders. The Issuer is
not in default under any term of any agreement or instrument to which it is a
party or by which it is bound, or any order, judgment, decree or ruling of any
court, arbitrator or governmental authority or is in violation of any applicable
law, ordinance, rule or regulation (including without limitation environmental
laws) of any governmental authority which default or violation could have a
material adverse effect upon the business or operations of the Issuer.

         5. RESTRICTIONS ON TRANSFER

             5.1 Resale Restrictions. The Purchaser understands that the offer
and sale of the Securities to the Purchaser has not been registered under the
Securities Act or under any State Laws. The Purchaser agrees not to offer, sell
or otherwise transfer the Securities, or any interest in the Securities, unless
(i) the offer and sale is registered under the Securities Act, (ii) the
Securities may be sold in accordance with the applicable requirements and
limitations of Rule 144 under the Securities Act and any applicable State Laws
and, if the Issuer reasonably requests, the Purchaser delivers to the Issuer an
opinion of counsel to such effect, or (iii) the Purchaser delivers to the Issuer
an opinion of counsel reasonably satisfactory to the Issuer that the offer and
sale is otherwise exempt from Securities Act registration. Notwithstanding the
foregoing subsections (ii) and (iii), no opinion shall be required for transfers
by Purchaser to Purchaser's affiliates.

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             5.2 Restrictive Legend. The Purchaser understands and agrees that a
legend in substantially the following form will be placed on the certificates or
other documents representing the Securities:

"THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER ANY STATE
SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED UNLESS (i)
THE OFFER AND SALE IS REGISTERED UNDER THE SECURITIES ACT, OR (ii) THE OFFER AND
SALE IS EXEMPT FROM SECURITIES ACT REGISTRATION AND THE TERMS OF SECTION 5.1 OF
THE SECURITIES PURCHASE AGREEMENT PURSUANT TO WHICH THE SECURITIES WERE
ORIGINALLY PURCHASED HAVE BEEN COMPLIED WITH. (A COPY OF THE SECURITIES PURCHASE
AGREEMENT IS ON FILE AT THE CORPORATE OFFICE OF THE ISSUER.)"

             5.3 Illiquid Investment. The Purchaser acknowledges that it must
bear the economic risk of its investment in the Securities for an indefinite
period of time, until such time as the Securities are registered or as an
exemption from registration is available. The Purchaser acknowledges that the
soonest that the Rule 144 exemption from registration could become available
would be after the Purchaser has paid for and held the Securities for one year.

         6. REGISTRATION PROCEDURES.

             6.1 Demand Registration Rights.

                  (a) Purchaser shall be entitled to make a request for
registration under the Securities Act of the Converted Shares (the "Registerable
Securities") in an aggregate amount of at least equal to the lesser of (i)
1,705,000 shares and (ii) number of non-registered Converted Shares then issued
to Purchaser (a "Demand Registration"). Within 90 days of the receipt of a
written request for a Demand Registration, the Issuer shall file with the SEC
and use its best efforts to cause to become effective under the Securities Act a
registration statement with respect to such Registerable Securities (a "Demand
Registration Statement"). Any such request will specify the number of
Registerable Securities proposed to be sold and will also specify the intended
method of disposition thereof. The Issuer shall be required to register
Registerable Securities pursuant to this Section 6.1 on a maximum of three
separate occasions; provided, the Issuer shall not be required to register
Registerable Securities pursuant to this Section 6.1 more than once in any
twelve month period. The Issuer shall thereafter use diligence in attempting to
cause each Demand Registration Statement to be declared effective by the SEC and
shall thereafter use diligence to maintain the effectiveness of such Demand
Registration Statement until the earlier to occur of (i) the date which is one
year from the effective date of such Demand Registration Statement, (ii) the
date on which all of the Converted Shares have been sold by the Purchaser or
(iii) the date on which the Converted Shares can be resold in full over a
three-month period pursuant to SEC Rule 144.

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             Subject to Section 6.1(b) hereof, no other securities of the Issuer
except securities held by Purchaser, any persons with "demand" registration
rights pursuant to a contractual commitment of the Issuer ("Demand Right
Holder"), and any Person entitled to exercise "piggy back" registration rights
pursuant to contractual commitments of the Issuer shall be included in a Demand
Registration.

                  (b) In a registration pursuant to Section 6.1(a) hereof
involving an underwritten offering, if the managing underwriter or underwriters
of such underwritten offering have informed, in writing, the Issuer and the
Purchaser that in such underwriter's or underwriters' opinion the total number
of securities which the Purchaser and any other person desiring to participate
in such registration intend to include in such offering is such as to adversely
affect the success of such offering, including the price at which such
securities can be sold, then the Issuer will be required to include in such
registration only the amount of securities which it is so advised should be
included in such registration. In such event, securities shall be registered in
such registration in the following order of priority: (i) first, the
Registerable Securities which have been requested to be included in such
registration by the Purchaser and person(s) exercising demand registration
rights (whether pursuant to this Agreement or otherwise) (pro rata based on the
amount of securities sought to be registered by such Persons), (ii) second,
provided that no securities sought to be included by the Purchasers and the
Demand Right Holders have been excluded from such registration, the securities
of other persons entitled to exercise "piggy-back" registration rights pursuant
to contractual commitments of the Issuer (pro rata based on the amount of
securities sought to be registered by such Persons) and (iii) third, securities
the Issuer proposes to register.

                  (c) A Demand Registration Statement will not be deemed to have
been effected as a Demand Registration unless it has been declared effective by
the SEC and the Issuer has complied in a timely manner and in all material
respects with all of its obligations under this Agreement with respect thereto;
provided, however, that if, after such Demand Registration Statement has become
effective, the offering of Registerable Securities pursuant to such Registration
Statement is or becomes the subject of any stop order, injunction or other order
or requirement of the SEC or any other governmental or administrative agency or
court that prevents, restrains or otherwise limits the sale of Registerable
Securities pursuant to such Demand Registration Statement for any reason not
attributable to Purchaser and such Demand Registration Statement has not become
effective within a reasonable time period thereafter (not to exceed 60 days),
such Demand Registration Statement will be deemed not to have been effected. If
(i) a registration requested pursuant to this Section 6.1 is deemed not to have
been effected or (ii) a Demand Registration does not remain effective under the
Securities Act until at least the earlier of (A) an aggregate of 90 days after
the effective date thereof or (B) the consummation of the distribution by the
Purchaser of 80% of Purchaser's Registerable Securities covered thereby, then
the Issuer shall continue to be obligated to effect a Demand Registration
pursuant to this Section 6.1. For purposes of calculating the 90-day period
referred to in the preceding sentence, any period of time during which such
Demand Registration Statement was not in effect shall be excluded.

                                       9
<PAGE>   13

             6.2 Piggy-Back Registration Rights

                 (a) If at any time a Demand Registration Statement is not in
effect with respect to all Registerable Securities and the Issuer proposes to
file a registration statement under the Securities Act with respect to an
offering by the Issuer for its own account or for the account of any of its
security holders of any class of its Common Stock in a firmly underwritten
public equity offering (other than (i) a registration statement on Form S-4 or
S-8 (or any substitute form that may be adopted by the SEC) or (ii) a
registration statement filed in connection with an exchange offer or offering of
securities solely to the Issuer's existing security holders), then the Issuer
shall give written notice of such proposed filing to the Purchaser as soon as
practicable (but in no event fewer than 30 days before the anticipated filing
date), and such notice shall offer Purchaser the opportunity to register such
number of Registerable Securities as Purchaser may request in writing within 15
days after receipt of such written notice from the Issuer (which request shall
specify the shares intended to be disposed of by Purchaser) (a "Piggy-Back
Registration"). The Issuer shall use its best efforts to keep such Piggy-Back
Registration continuously effective under the Securities Act until at least the
earlier of (A) the 90th day after the effective date thereof or (B) the
consummation of the distribution by the holders of all of the securities covered
thereby. The Issuer shall use its best efforts to cause the managing underwriter
or underwriters, if any, of such proposed offering to permit the Registerable
Securities requested by Purchaser to be included in a Piggy-Back Registration to
be included on the same terms and conditions as any similar securities of the
Issuer or any other security holder included therein and to permit the sale or
other disposition of such Registerable Securities in accordance with the
intended method of distribution thereof. Purchaser shall have the right to
withdraw its request for inclusion of its Registerable Securities in any
Registration Statement pursuant to this Section 6.2 by giving written notice to
the Issuer of its request to withdraw. The Issuer may withdraw the proposed
offering and/or a Piggy-Back Registration (subject to the Issuer's obligation to
use its best efforts to permit such Piggy-Back Registration set forth in the
second immediately preceding sentence) at any time prior to the time it becomes
effective or the Issuer may elect to delay the registration; provided, however,
that the Issuer shall give prompt written notice thereof to Purchaser.

             No registration effected under this Section 6.2, and no failure to
effect a registration under this Section 6.2, shall relieve the Issuer of its
obligation to effect a registration upon the request of Purchaser pursuant to
Section 6.1 hereof, and no failure to effect a registration under this Section
6.2 and to complete the sale of securities registered thereunder in connection
therewith shall relieve the Issuer of any other obligation under this Agreement.

                  (b) In a registration pursuant to Section 6.2 hereof involving
an underwritten offering, if the managing underwriter or underwriters of such
underwritten offering have informed, in writing, the Issuer and the security
holders requesting inclusion in such offering that in such underwriter's or
underwriters' opinion the total number of securities which the Issuer, the
Purchaser and any other persons desiring to participate in such registration
intend to include in such offering is such as to adversely affect the success of
such offering, including the price at which such securities can be sold, then
the Issuer will be required to include in such registration only the amount of

                                       10
<PAGE>   14

securities which it is so advised should be included in such registration. In
such event: (x) in cases initially involving the registration for sale of
securities for the Issuer's own account, securities shall be registered in such
offering in the following order of priority: (i) first, the securities which the
Issuer proposes to register and (ii) second, the securities which have been
requested to be included in such registration by persons entitled to exercise
"piggy-back" registration rights pursuant to contractual commitments of the
Issuer (pro rata based on the amount of securities sought to be registered by
such persons); and (y) in cases not initially involving the registration for
sale of securities for the Issuer's own account, securities shall be registered
in such offering in the following order of priority: (i) first, the securities
of any Demand Right Holder whose exercise of a demand registration right is the
basis for the registration, (ii) second, securities of other persons entitled to
exercise "piggy-back" registration rights pursuant to contractual commitments
(pro rata based on the amount of securities sought to be registered by such
Persons) and (iii) third, the securities which the Issuer proposes to register.

             6.3 Delivery of Prospectus. Following effectiveness of any
registration statement filed by Issuer pursuant to Sections 6.1 or 6.2 of this
Agreement ("a Registration Statement"), the Issuer shall furnish to the
Purchaser a quantity of the prospectus as well as such other documents as the
Purchaser may reasonably request.

             6.4 Third Party Registration Rights. Without the written consent of
the Purchaser, the Issuer shall not grant to any person the right to request the
Issuer to register any securities of the Issuer under the Securities Act unless
the rights so granted are subject to the prior rights of the Purchaser set forth
herein, and are not otherwise in conflict or inconsistent with the provisions of
this Agreement; provided, that Issuer has granted the registration rights set
forth on Schedule 4.3(c).

             6.5 Registration in Other Jurisdictions. The Issuer shall use
diligent efforts to (i) register or otherwise qualify the common stock covered
by the Registration Statement for sale under the securities laws of such
jurisdictions as the Purchaser may reasonably request, (ii) prepare and file in
those jurisdictions such amendments (including post-effective amendments) and
supplements as may be required, (iii) take such other actions as may be
necessary to maintain such registrations and/or qualifications in effect at all
times while the Registration Statement is likewise maintained effective and (iv)
take all other actions reasonably necessary or advisable to qualify the
Converted Shares for sale in such jurisdictions; provided, however, that the
Issuer shall not be required in connection therewith or as a condition thereto
to (I) qualify to do business in any jurisdiction where it would not otherwise
be required to qualify but for this Section 6.5, (II) subject itself to general
taxation in any such jurisdiction, (III) file a general consent to service of
process in any such jurisdiction, (IV) provide any undertakings that cause more
than nominal expense or burden to the Issuer or (V) make any change in its
certificate of incorporation or bylaws, which in each case the Board determines
to be contrary to the best interests of the Issuer and its stockholders.

             6.6 Notice of Material Events. The Issuer shall, following
effectiveness of the Registration Statement, as promptly as practicable after
becoming aware of any such event, notify the Purchaser of the happening of any
event of which the Issuer has knowledge, as a result of which the prospectus
included in the Registration

                                       11
<PAGE>   15

Statement, as then in effect, includes an untrue statement of a material fact or
omits to state a material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they were
made, not misleading, and use its best efforts promptly to prepare a supplement
or amendment to the Registration Statement to correct such untrue statement or
omission, and deliver a number of copies of such supplement or amendment to the
Purchaser or as the Purchaser may reasonably request. The Issuer may voluntarily
suspend once the effectiveness of a Registration Statement for a limited time,
which in no event shall be longer than 90 days, if the Issuer has been advised
by legal counsel that the offering of common stock pursuant to the Registration
Statement would adversely affect, or would be improper in view of (or improper
without disclosure in a prospectus), a proposed financing, a reorganization,
recapitalization, merger, consolidation, or similar transaction involving the
Issuer or its subsidiaries, in which event the one year period referred to in
clause (i) of Section 6.1(a) shall be extended for an additional period of time
beyond such one year period equal to the number of days the effectiveness
thereof has been suspended pursuant to this sentence.

             6.7 Notice of Suspension of Effectiveness. Following effectiveness
of a Registration Statement, the Issuer, as promptly as practicable after
becoming aware of any such event, will notify the Purchaser of the issuance by
the SEC of any stop order or other suspension of effectiveness of the
Registration Statement at the earliest possible time.

             6.8 Listing of Common Stock on Securities Exchanges. Following
effectiveness of a Registration Statement, the Issuer will use diligence either
to (i) cause all the common stock covered by the Registration Statement to be
listed on each national securities exchange on which similar securities issued
by the Issuer are then listed, if any, if the listing of such common stock is
then permitted under the rules of such exchange, or (ii) secure the quotation of
all the common stock covered by the Registration Statement on The Nasdaq
SmallCap Market, if the listing of such common stock is then permitted under the
rules of such The Nasdaq SmallCap Market, or (iii) if, despite the Issuer's best
efforts to satisfy the preceding clause (i) or (ii), the Issuer is unsuccessful
in satisfying the preceding clause (i) or (ii) and without limiting the
generality of the foregoing, to use its best efforts to arrange for at least two
market makers to register with the National Association of Securities Dealers,
Inc. as such with respect to such common stock.

             6.9 Further Assurances. It shall be a condition precedent to the
obligations of the Issuer to take any action pursuant to this Article 6 that the
Purchaser shall furnish to the Issuer such information regarding itself as the
Issuer may reasonably request to effect the registration of the common stock and
shall execute such documents in connection with such registration as the Issuer
may reasonably request.

             6.10 Cooperation. The Purchaser agrees to cooperate with the Issuer
in any manner reasonably requested by the Issuer in connection with the
preparation and filing of a Registration Statement hereunder.

             6.11 Discontinuation of Disposition of Shares. The Purchaser agrees
that, upon receipt of any notice from the Issuer of the happening of any event
of the kind

                                       12
<PAGE>   16

described in Section 6.6 or 6.7, the Purchaser will immediately discontinue
disposition of the Converted Shares pursuant to an effective Registration
Statement until the Purchaser's receipt of notice from the Issuer that sales may
resume and copies of the supplemented or amended prospectus and, if so directed
by the Issuer, shall deliver to the Issuer (at the expense of the Issuer) or
destroy (and deliver to the Issuer a certificate of destruction) all copies in
the Purchaser's possession of the prospectus covering such Common Stock current
at the time of receipt of such notice.

             6.12 Expenses. All expenses, other than (i) underwriting discounts
and commissions, (ii) other fees and expenses of investment bankers and (iii)
brokerage commissions, in each case incurred in connection with registrations,
filings or qualifications pursuant to this Article 6, including, without
limitation, all registration, listing and qualification fees, printing and
accounting fees and the fees and disbursements of counsel to the Issuer, shall
be borne by the Issuer.

             6.13 Indemnification of Purchaser. To the extent permitted by law,
the Issuer will indemnify and hold harmless the Purchaser, its directors and
officers, each person, if any, who is under common control with the Purchaser
within the meaning of the Securities Act or the Securities Exchange Act of 1934,
as amended (the "Exchange Act"), any underwriter (as defined in the Securities
Act) for the Purchaser, the officers and directors of such underwriter and each
person, if any, who controls any such underwriter within the meaning of the
Securities Act or the Exchange Act (each, an "Indemnified Person"), against any
losses, claims, damages, expenses or liabilities (joint or several)
(collectively, "Claims") to which any of them may become subject under the
Securities Act, the Exchange Act or otherwise, insofar as such Claims (or
actions or proceedings, whether commenced or threatened, in respect thereof)
arise out of or are based upon any of the following statements, omissions or
violations in a Registration Statement, or any post effective amendment thereof,
or any prospectus included therein: (i) any untrue statement or alleged untrue
statement of a material fact contained in a Registration Statement or any post
effective amendment thereof or the omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the
statements therein not misleading, (ii) any untrue statement or alleged untrue
statement of a material fact contained in any preliminary prospectus if used
prior to the effective date of a Registration Statement, or contained in the
final prospectus (as amended or supplemented, if the Issuer files any amendment
thereof or supplement thereto with the SEC) or the omission or alleged omission
to state therein any material fact necessary to make the statements made
therein, in light of the circumstances under which the statements therein were
made, not misleading or (iii) any violation or alleged violation by the Issuer
of the Securities Act, any state securities law or any rule or regulation under
the Securities Act, the Exchange Act or any state securities law (the matters in
the foregoing clauses (i) through (iii) are hereinafter collectively referred to
as the "Violations"). Subject to the restrictions set forth in Section 6.15 with
respect to the number of legal counsel, the Issuer shall reimburse the Purchaser
and each such underwriter or controlling person, promptly as such expenses are
incurred and are due and payable, for any reasonable legal fees or other
reasonable expenses incurred by them in connection with investigating or
defending any such Claim. Notwithstanding anything to the contrary contained
herein, the indemnity contained in this Section 6.13 (I) shall not apply to a
Claim arising out of or based upon a Violation which occurs in reliance upon

                                       13
<PAGE>   17

and in conformity with information furnished in writing to the Issuer by any
Indemnified Person or underwriter for such Indemnified Person expressly for use
in connection with the preparation of a Registration Statement or any such
amendment thereof or supplement thereto; (II) with respect to any preliminary
prospectus shall not inure to the benefit of any person from whom the person
asserting any Claim purchased the Converted Shares that are the subject thereof
(or to the benefit of any person controlling such person) if the untrue
statement or omission of material fact contained in the preliminary prospectus
was corrected in the prospectus, as then amended or supplemented, if such final
prospectus was timely made available by the Issuer; and (III) shall not apply to
amounts paid in settlement of any Claim if such settlement is effected without
the prior written consent of the Issuer, which consent shall not be unreasonably
withheld. Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of the Indemnified Person and shall survive
the transfer of the Converted Shares by the Purchaser.

             6.14 Indemnification of Issuer. The Purchaser agrees to indemnify
and hold harmless, to the same extent and in the same manner set forth in
Section 6.13, the Issuer, each of its directors, each of its officers who signs
a Registration Statement, each person, if any, who controls the Issuer within
the meaning of the Securities Act or the Exchange Act, any underwriter and any
other stockholder selling securities pursuant to a Registration Statement or any
of its directors or officers or any person who controls such stockholder or
underwriter within the meaning of the Securities Act or the Exchange Act (each
such person and each Indemnified Person, an "Indemnified Party"), against any
Claim to which any of them may become subject, under the Securities Act, the
Exchange Act or otherwise, insofar as such Claim arises out of or is based upon
any Violation by the Purchaser, in each case to the extent (and only to the
extent) that such Violation occurs in reliance upon and in conformity with
written information furnished to the Issuer by the Purchaser expressly for use
in connection with such Registration Statement or such prospectus; and the
Purchaser will reimburse any reasonable legal or other expenses reasonably
incurred by any Indemnified Party in connection with investigating or defending
any such Claim; provided, however, that the indemnity contained in this Section
6.14 shall not apply to amounts paid in settlement of any Claim if such
settlement is effected without the prior written consent of the Purchaser, which
consent shall not be unreasonably withheld; provided, further, that the
Purchaser shall be liable under this Section 6.14 for only that amount of a
Claim as does not exceed the net proceeds to the Purchaser as a result of the
sale of the Converted Shares pursuant to any such Registration Statement or such
prospectus. Such indemnity shall remain in full force and effect regardless of
any investigation made by or on behalf of such Indemnified Party and shall
survive the transfer of the Converted Shares (or underlying securities) by the
Purchaser. Notwithstanding anything to the contrary contained herein the
indemnity contained in this Section 6.14 with respect to any preliminary
prospectus shall not inure to the benefit of any Indemnified Party if the untrue
statement or omission of material fact contained in the preliminary prospectus
was corrected on a timely basis in the prospectus, as then amended or
supplemented.

             6.15 Participation in Indemnified Claims. Promptly after receipt by
an Indemnified Person or Indemnified Party under Section 6.13 or 6.14 of notice
of the commencement of any action (including any governmental action), such
Indemnified

                                       14
<PAGE>   18

Person or Indemnified Party shall, if a Claim in respect thereof is made against
any indemnifying party under this Article 6, deliver to the indemnifying party a
written notice of the commencement thereof, and the indemnifying party shall
have the right to participate in, and, to the extent the indemnifying party so
desires, jointly with any other indemnifying party similarly noticed, assume
control of the defense thereof with counsel mutually satisfactory to the
indemnifying parties; provided, however, that an Indemnified Person or
Indemnified Party shall have the right to retain its own counsel, with the fees
and expenses to be paid by the indemnifying party, if, in the reasonable opinion
of counsel retained by the indemnifying party, the representation by such
counsel of the Indemnified Person or Indemnified Party and the indemnifying
party would be inappropriate due to actual or potential differing interests
between such Indemnified Person or Indemnified Party and any other party
represented by such counsel in such proceeding. Except as provided in the
preceding sentence, the Issuer shall pay for only one separate legal counsel for
the Indemnified Persons. The failure to deliver written notice to the
indemnifying party within a reasonable time of the commencement of any such
action shall not relieve such indemnifying party of any liability to the
Indemnified Person or Indemnified Party under this Article 6, except to the
extent that the indemnifying party is prejudiced in its ability to defend such
action. The indemnity required by this Article 6 shall be made by periodic
payments of the amount thereof during the course of the investigation or
defense, as such expense, loss, damage or liability is incurred and is due and
payable.

         7. TRANSFER AGENT INSTRUCTIONS. The Issuer, concurrently with the
delivery by the Purchaser of the Purchase Price, will issue one or more
certificates representing the Preferred Shares purchased, bearing the
restrictive legend specified in Section 5.2 of this Agreement, registered in the
name of the Purchaser or its nominee and in such denominations as shall be
specified by the Purchaser. The Issuer warrants that the Preferred Shares shall
be freely transferable on the books and records of the Issuer as and to the
extent provided in this Agreement. Nothing in this Section shall affect in any
way the Purchaser's obligations and agreement to comply with all applicable
federal and state securities laws upon resale of the Preferred Shares. If the
Purchaser provides the Issuer with an opinion of counsel reasonably satisfactory
in form, scope and substance to the Issuer that registration of a resale by the
Purchaser of any of the Preferred Shares in accordance with Section 5.1 is not
required under the Securities Act or applicable state securities laws, the
Issuer shall permit the transfer agent to issue one or more share certificates
in such name and in such denominations as specified by the Purchaser.

         8. RELIANCE. Each of the Purchaser and the Issuer understand and agree
that the other party and its respective officers, directors, employees and
agents may, and will, rely on the accuracy of the other party's respective
representations and warranties in this Agreement to establish compliance with
applicable securities laws. Each of the Purchaser and the Issuer agree to
indemnify and hold harmless all such parties against all losses, claims, costs,
expenses and damages or liabilities which they may suffer or incur caused or
arising from their reliance on such representations and warranties.

         9. COVENANT REGARDING PRIORITY OF PREFERRED SHARES. The Issuer shall
not issue preferred stock that ranks senior to the Preferred Shares as to
dividend distributions

                                       15
<PAGE>   19

or distributions upon the liquidation, winding-up or dissolution of the Issuer
except as approved by the holder(s) of the Preferred Shares pursuant to the
Designation Certificate.

         10. BOARD OF DIRECTORS. For so long as the Purchaser holds at least
five percent (5%) of the Issuer's common stock or a sufficient number of
Preferred Shares which, if converted to common stock in accordance with the
Designation Certificate, would constitute at least five percent (5%) of the
Issuer's common stock, or a combination of the foregoing, the Issuer shall use
its best efforts to cause one of the members of the Issuer's Board of Directors
to be an individual selected by the Purchaser in its discretion. Such board
member, if any, shall have all the rights and privileges of each other outside
board member of the Issuer, including rights to compensation as established by
the Issuer. If at any time the Purchaser has not appointed or nominated for
election at least one of the members of the Issuer's Board of Directors and the
Purchaser then holds at least five percent (5%) of the Issuer's common stock or
Preferred Shares which, if converted to common stock in accordance with the
Designation Certificate, would constitute at least five percent (5%) of the
Issuer's common stock, or a combination of the foregoing, then the Purchaser
shall be entitled to appoint one observer to the Issuer's Board of Directors
(the "Observer"). Such Observer shall have the right to attend, and receive all
materials distributed for or at, all meetings (telephone and otherwise) of the
Board of Directors (including committees thereof) and shall be entitled to the
same rights and privileges as directors of the Issuer, except that such Observer
shall not be entitled to vote on matters presented to or discussed by the Board
of Directors. The Observer will receive compensation from the Issuer for his
services as observer on an equal basis with the directors of the Issuer and
shall be entitled to be reimbursed by the Issuer for all reasonable costs and
expenses incurred in connection with his participation in meetings or other
activities of the Board of Directors. The Purchaser will use commercially
reasonable efforts to cause the Observer to keep all information provided to the
Observer in connection with all meetings of the Board of Directors confidential
prior to its becoming public, except that the Observer shall be permitted to
disclose such information (i) to officers, directors, employees,
representatives, agents, auditors, accountants, consultants, advisors, lawyers
and affiliates of the Purchaser in the ordinary course of business who have been
made aware of the confidential nature of the information; (ii) to prospective
assignees and their respective directors, employees, agents and representatives
who have agreed in writing to become subject to this confidentiality provision,
(iii) as required by applicable law, or pursuant to subpoenas or other legal
process, or as requested by governmental agencies and examiners; (iv) to the
extent such information (A) becomes available to the Observer other than as a
result of a breach of this provision or (B) becomes available to the Observer on
a non-confidential basis, or (v) to the extent the Issuer shall have consented
to such disclosure in writing.

         11. MISCELLANEOUS.

             11.1 Survival. The representations and warranties made in this
Agreement shall survive the closing of the transactions contemplated by this
Agreement.

             11.2 Assignment. This Agreement is not transferable or assignable,
except that the rights of Purchaser set forth in Sections 5 and 6 hereof shall
be

                                       16
<PAGE>   20

transferable to an affiliate of Purchaser and any transferee of Purchaser's
Securities who receives at least 30% of the Securities to be issued hereby.

             11.3 Execution and Delivery of Agreement. The Issuer shall be
entitled to rely on delivery by facsimile transmission of an executed copy of
this Agreement, and acceptance by the Issuer of such facsimile copy shall create
a valid and binding agreement between the Purchaser and the Issuer.

             11.4 Titles. The titles of the sections and subsections of this
Agreement are for the convenience of reference only and are not to be considered
in construing this Agreement.

             11.5 Severability. The invalidity or unenforceability of any
particular provision of this Agreement shall not affect or limit the validity or
enforceability of the remaining provisions of this Agreement.

             11.6 Entire Agreement. This Agreement constitutes the entire
agreement and understanding between the parties with respect to the subject
matters herein and supersedes and replaces any prior agreements and
understandings, whether oral or written, between them with respect to such
matters.

             11.7 Waiver and Amendment. Except as otherwise provided herein, the
provisions of this Agreement may be waived, altered, amended or repealed, in
whole or in part, only upon the mutual written agreement of the Purchaser and
the Issuer.

             11.8 Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be an original, but all of which together
shall constitute one and the same instrument.

             11.9 Governing Law. This Agreement is governed by and shall be
construed in accordance with the laws of the State of Nevada.

                                       17
<PAGE>   21

             IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement as of the date first above mentioned.

THE "ISSUER"                                 THE "PURCHASER"

CONTANGO OIL & GAS COMPANY                   AQUILA ENERGY CAPITAL
                                             CORPORATION

By:                                          By:
    -----------------------------               --------------------------
    Kenneth R. Peak
    President and Chief Executive
    Officer

                                       18
<PAGE>   22

                                    EXHIBIT A
                         ACCREDITED INVESTOR CERTIFICATE

         In connection with the issuance of shares of Series B Senior Preferred
Convertible Cumulative Preferred Stock (the "Series B Preferred") of Contango
Oil & Gas Company, a Nevada corporation (the "Company"), the undersigned (an
"Investor") hereby furnishes the following information and makes the following
acknowledgments and representations and warranties:

                  I.       Legal Status of Investor.

         Each Investor must check the applicable statement below.

         The Investor is (check the appropriate category(ies)):

___               A natural person whose net worth (or joint net worth with his
                  or her spouse) is in excess of $1,000,000 as of the date
                  hereof;

___               A natural person whose income in 1997 and 1998 was, and whose
                  income in 1999 is expected to be, in excess of $200,000, or
                  whose income with his or her spouse in 1997 and 1998 was, and
                  whose income with his or her spouse in 1999 is expected to be,
                  in excess of $300,000;

___               A broker dealer registered pursuant to Section 15 of the
                  Securities Exchange Act of 1934, as amended;

___               An organization described in Section 501(c)(3) of the Internal
                  Revenue Code, corporation, Massachusetts or similar business
                  trust or partnership, not formed for the specific purpose of
                  acquiring the Securities, with total assets in excess of
                  $5,000,000;

___               A trust with total assets in excess of $5,000,000, not formed
                  for the specific purpose of acquiring the Securities, whose
                  purchase is directed by a sophisticated person as described in
                  Rule 506(b)(2)(ii) under the Securities Act;

___               An entity in which all of the equity owners are "accredited
                  investors" as defined in Rule 501 under the Securities Act; or

___               A director or executive officer of the Company.

                                       1
<PAGE>   23

II.      Identity of Investor.

         Name:             __________________________________________________

         Address:          __________________________________________________

         Telephone:        __________________________________________________

         Tax ID No.:       __________________________________________________

III.     Acknowledgment.

         Investor understands, acknowledges and agrees that:

                  (a) The shares of Series B Preferred have not been registered
         under the Securities Act or any other applicable federal or state
         securities laws;

                  (b) Investor is acquiring the Series B Preferred for his, her
         or its own account for investment purposes and not with a view to, or
         for offer or sale in connection with, any distribution of the Series B
         Preferred in violation of the Securities Act; and

                  (c) Investor has a preexisting personal and business
         relationship with the Company and certain of its officers, directors
         and controlling persons, and, by reason of Investor's business and
         financial experience, has the capacity to protect his, her or its
         interests in connection with the acquisition of the Series B Preferred.

         This completed questionnaire must be returned as soon as possible after
receipt hereof and prior to acquiring the Series B Preferred.

                                             -----------------------------------
                                             Print or type name of Investor

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

Date:  ____________________, 2000

                                       2
<PAGE>   24

                                    EXHIBIT B

                    CERTIFICATE OF DESIGNATION, PREFERENCES,
                       AND RELATIVE RIGHTS AND LIMITATIONS
                                     OF THE
             SERIES B SENIOR CONVERTIBLE CUMULATIVE PREFERRED STOCK

                                       1
<PAGE>   25

Schedules

4.3(b)            Outstanding Subscriptions, Options, Warrants, Convertible
                  Securities, etc.
4.3(c)            Third Party Registration Rights
4.9               Purchasers of Common Stock since November 5, 1999

Exhibits

A                 Accredited Investor Certificate

B                 Certificate of Designation of Series B Senior Convertible
                  Cumulative Preferred Stock

                                       1<PAGE>   1
                                                                   EXHIBIT 10.36

                          REGISTRATION RIGHTS AGREEMENT

                  This Registration Rights Agreement (this "Agreement") is made
and entered into as of March 10, 2000, among BrightStar Information Technology
Group, Inc., a Delaware corporation (the "Company"), and the investors signatory
hereto (each such investor is a "Purchaser" and all such investors are,
collectively, the "Purchasers").

                  This Agreement is made pursuant to the Securities Purchase
Agreement, dated as of the date hereof among the Company and the Purchasers (the
"Purchase Agreement").

                  The Company and the Purchasers hereby agree as follows:

                  1. Definitions.

                  Capitalized terms used and not otherwise defined herein that
are defined in the Purchase Agreement shall have the meanings given such terms
in the Purchase Agreement. As used in this Agreement, the following terms shall
have the following meanings:

                  "Adjustable Warrants" shall have the meaning set forth in the
Purchase Agreement.

                  "Affiliate" means, with respect to any Person, any other
Person that directly or indirectly controls or is controlled by or under common
control with such Person. For the purposes of this definition, "control," when
used with respect to any Person, means the possession, direct or indirect, of
the power to direct or cause the direction of the management and policies of
such Person, whether through the ownership of voting securities, by contract or
otherwise; and the terms of "affiliated," "controlling" and "controlled" have
meanings correlative to the foregoing.

                  "Business Day" means any day except Saturday, Sunday and any
day which shall be a legal holiday or a day on which banking institutions in the
State of New York or the State of California generally are authorized or
required by law or other government actions to close.

                  "Closing Date" shall have the meaning set forth in the
Purchase Agreement.

                  "Closing Warrants" shall have the meaning set forth in the
Purchase Agreement.

                  "Commission" means the Securities and Exchange Commission.

                  "Common Stock" means the Company's common stock, $.001 par
value, or such securities that such stock shall hereafter be reclassified into.

                  "Effectiveness Date" means the 90th day following the Closing
Date.

                  "Effectiveness Period" shall have the meaning set forth in
Section 2(a).

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

<PAGE>   2

                  "Filing Date" means April 15, 2000.

                  "Holder" or "Holders" means the holder or holders, as the case
may be, from time to time of Registrable Securities, to whom the registration
right conferred by this Agreement have been transferred in compliance with
Section 7(j) of this Agreement.

                  "Indemnified Party" shall have the meaning set forth in
Section 6(c).

                  "Indemnifying Party" shall have the meaning set forth in
Section 6(c).

                  "Losses" shall have the meaning set forth in Section 6(a).

                  "Person" means an individual or a corporation, partnership,
trust, incorporated or unincorporated association, joint venture, limited
liability company, joint stock company, government (or an agency or political
subdivision thereof) or other entity of any kind.

                  "Proceeding" means an action, claim, suit, investigation or
proceeding (including, without limitation, an investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

                  "Prospectus" means the prospectus included in the Registration
Statement (including, without limitation, a prospectus that includes any
information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A promulgated under the
Securities Act), as amended or supplemented by any prospectus supplement, with
respect to the terms of the offering of any portion of the Registrable
Securities covered by the Registration Statement, and all other amendments and
supplements to the Prospectus, including post-effective amendments, and all
material incorporated by reference or deemed to be incorporated by reference in
such Prospectus.

                  "Registrable Securities" means (i) the Shares and (ii) the
shares of Common Stock issuable upon exercise in full of the Warrants.

                  "Registration Statement" means the registration statement and
any additional registration statements contemplated by Section 2(a), including
(in each case) the Prospectus, amendments and supplements to such registration
statement or Prospectus, including pre- and post-effective amendments, all
exhibits thereto, and all material incorporated by reference or deemed to be
incorporated by reference in such registration statement.

                  "Rule 144" means Rule 144 promulgated by the Commission
pursuant to the Securities Act, as such Rule may be amended from time to time,
or any similar rule or regulation hereafter adopted by the Commission having
substantially the same effect as such Rule.

                  "Rule 415" means Rule 415 promulgated by the Commission
pursuant to the Securities Act, as such Rule may be amended from time to time,
or any similar rule or regulation hereafter adopted by the Commission having
substantially the same effect as such Rule.

                                       2
<PAGE>   3

                  "Rule 424" means Rule 424 promulgated by the Commission
pursuant to the Securities Act, as such Rule may be amended from time to time,
or any similar rule or regulation hereafter adopted by the Commission having
substantially the same effect as such Rule.

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

                  "Shares" means the shares of Common Stock issued to the
Purchasers on the Closing Date pursuant to the Purchase Agreement.

                  "Special Counsel" means one special counsel to the Holders,
for which the Holders will be reimbursed by the Company pursuant to Section 4.

                  "Trading Day" shall have the meaning set forth in the Purchase
Agreement.

                  "Vesting Date" shall have the meaning set forth in the
Adjustable Warrants.

                  "Warrants" means the Closing Warrants and the Adjustable
Warrants.

                  2.       Shelf Registration.

                  (a) On or prior to the Filing Date, the Company shall prepare
and file with the Commission a "Shelf" Registration Statement covering the
resale of all Registrable Securities for an offering to be made on a continuous
basis pursuant to Rule 415. The Registration Statement shall be on Form S-3
(except if the Company is not then eligible to register for resale the
Registrable Securities on Form S-3, in which case such registration shall be on
another appropriate form in accordance herewith as the Holders may consent) and
shall contain (except if otherwise directed by the Holders) the "Plan of
Distribution" attached hereto as Annex A. The Company shall use its best efforts
to cause the Registration Statement to be declared effective under the
Securities Act as promptly as possible after the filing thereof, but in any
event prior to the Effectiveness Date, and shall use its best efforts to keep
such Registration Statement continuously effective under the Securities Act
until the date which is two years after the date that such Registration
Statement is declared effective by the Commission or such earlier date when all
Registrable Securities covered by such Registration Statement have been sold or
may be sold without volume restrictions pursuant to Rule 144(k) as determined by
the counsel to the Company pursuant to a written opinion letter to such effect,
addressed and acceptable to the Company's transfer agent and the affected
Holders (the "Effectiveness Period"), provided, that the Company shall not be
deemed to have used its best efforts to keep the Registration Statement
effective during the Effectiveness Period if it voluntarily takes any action
that would result in the Holders not being able to sell the Registrable
Securities covered by such Registration Statement during the Effectiveness
Period, unless such action is required under applicable law or the Company has
filed a post-effective amendment to the Registration Statement and the
Commission has not declared it effective.

                  (b) In order to account for the fact that the number of shares
of Common Stock that are issuable upon exercise of the Adjustable Warrants is
determined in part upon the market price of the Common Stock on a Vesting Date,
the initial Registration Statement to be filed hereunder shall include (but not
be limited to) a number of shares of Common Stock equal

                                       3
<PAGE>   4

to no less than the sum of (i) the number of shares issuable upon exercise of
the Adjustable Warrants on the First Vesting Date (as defined in the Adjustable
Warrants) assuming, for the purposes of this subsection that, on the First
Vesting Date: (A) the Adjustment Price (as defined in the Adjustable Warrants)
is 50% of the Per Share Market Value for the Trading Day immediately preceding
the Closing Date and (B) that each Holder holds the entire number of Shares
purchased under the Purchase Agreement, (ii) the number of shares issuable upon
exercise in full of the Closing Warrants and (iii) the Shares.

                  (c) If (a) the initial Registration Statement is not filed on
or prior to the Filing Date (if the Company files such Registration Statement
without affording the Holder the opportunity to review and comment on the same
as required by Section 3(a) hereof, the Company shall not be deemed to have
satisfied this clause (a)), or (b) the Company fails to file with the Commission
a request for acceleration in accordance with Rule 461 promulgated under the
Securities Act, within five days of the date that the Company is notified
(orally or in writing, whichever is earlier) by the Commission that a
Registration Statement will not be "reviewed," or not subject to further review,
or (c) the initial Registration Statement filed hereunder is not declared
effective by the Commission on or prior to the Effectiveness Date, or (d) after
a Registration Statement is filed with and declared effective by the Commission,
such Registration Statement ceases to be effective as to all Registrable
Securities at any time prior to the expiration of the Effectiveness Period
without being succeeded within ten days by an amendment to such Registration
Statement or by a subsequent Registration Statement filed with and declared
effective by the Commission, or (e) the Common Stock shall be delisted or
suspended from trading on the Nasdaq National Market ("NASDAQ") or on the New
York Stock Exchange, American Stock Exchange or Nasdaq SmallCap Market (each, a
"Subsequent Market") for more than three days (which need not be consecutive
days), or (f) the exercise rights of the Holders pursuant to the Warrants are
suspended for any reason, or (g) an amendment to a Registration Statement is not
filed by the Company with the Commission within ten days of the Commission's
notifying the Company that such amendment is required in order for such
Registration Statement to be declared effective (any such failure or breach
being referred to as an "Event," and for purposes of clauses (a), (c), (f) the
date on which such Event occurs, or for purposes of clause (b) the date on which
such five day period is exceeded, or for purposes of clauses (d) and (g) the
date which such 10-day period is exceeded, or for purposes of clause (e) the
date on which such three-day period is exceeded, being referred to as "Event
Date"), then, on the Event Date and each monthly anniversary thereof until the
applicable Event is cured, the Company shall pay to each Holder 2.0% of the
purchase price paid by such Holder pursuant to the Purchase Agreement, in cash,
as liquidated damages and not as a penalty. If the Company fails to pay any
liquidated damages pursuant to this Section in full within seven (7) days after
the date payable, the Company will pay interest thereon at a rate of 18% per
annum (or such lesser maximum amount that is permitted to be paid by applicable
law) to the Holder, accruing daily from the date such liquidated damages are due
until such amounts, plus all such interest thereon, are paid in full. The
liquidated damages pursuant to the terms hereof shall apply on a pro-rata basis
for any portion of a month prior to the cure of an Event.

                  3.       Registration Procedures.

                  In connection with the Company's registration obligations
hereunder, the Company shall:

                                       4
<PAGE>   5

                  (a) Not less than five Business Days prior to the filing of
the Registration Statement or any related Prospectus or any amendment or
supplement thereto (including any document that would be incorporated or deemed
to be incorporated therein by reference), the Company shall, (i) furnish to the
Holders and their Special Counsel copies of all such documents proposed to be
filed, which documents (other than those incorporated or deemed to be
incorporated by reference) will be subject to the review of such Holders and
their Special Counsel, and (ii) cause its officers and directors, counsel and
independent certified public accountants to respond to such inquiries as shall
be necessary, in the reasonable opinion of respective counsel to such to conduct
a reasonable investigation within the meaning of the Securities Act. The Company
shall not file the Registration Statement or any such Prospectus or any
amendments or supplements thereto to which the Holders of a majority of the
Registrable Securities and their Special Counsel shall reasonably object.

                  (b) (i) Prepare and file with the Commission such amendments,
including post-effective amendments, to the Registration Statement and the
Prospectus used in connection therewith as may be necessary to keep the
Registration Statement continuously effective as to the applicable Registrable
Securities for the Effectiveness Period and prepare and file with the Commission
such additional Registration Statements in order to register for resale under
the Securities Act all of the Registrable Securities; (ii) cause the related
Prospectus to be amended or supplemented by any required Prospectus supplement,
and as so supplemented or amended to be filed pursuant to Rule 424; (iii)
respond as promptly as reasonably possible, and in any event within ten days, to
any comments received from the Commission with respect to the Registration
Statement or any amendment thereto and as promptly as reasonably possible
provide the Holders true and complete copies of all correspondence from and to
the Commission relating to the Registration Statement; and (iv) comply in all
material respects with the provisions of the Securities Act and the Exchange Act
with respect to the disposition of all Registrable Securities covered by the
Registration Statement during the applicable period in accordance with the
intended methods of disposition by the Holders thereof set forth in the
Registration Statement as so amended or in such Prospectus as so supplemented.

                  (c) File additional Registration Statements if the number of
Registrable Securities at any time exceeds 85% of the number of shares of Common
Stock then registered in a Registration Statement. The Company shall have twenty
days to file such additional Registration Statements after such requirement
notice of which is given by the Holders.

                  (d) Notify the Holders of Registrable Securities to be sold
and their Special Counsel as promptly as reasonably possible (and, in the case
of (i)(A) below, not less than five Business Days prior to such filing) and (if
requested by any such Person) confirm such notice in writing no later than one
Business Day following the day (i)(A) when a Prospectus or any Prospectus
supplement or post-effective amendment to the Registration Statement is proposed
to be filed; (B) when the Commission notifies the Company whether there will be
a "review" of such Registration Statement and whenever the Commission comments
in writing on such Registration Statement (the Company shall provide true and
complete copies thereof and all written responses thereto to each of the
Holders); and (C) with respect to the Registration Statement or any
post-effective amendment, when the same has become effective; (ii) of any
request by the Commission or any other Federal or state governmental authority
for amendments or supplements to the Registration Statement or Prospectus or for
additional information; (iii) of

                                       5
<PAGE>   6

the issuance by the Commission of any stop order suspending the effectiveness of
the Registration Statement covering any or all of the Registrable Securities or
the initiation of any Proceedings for that purpose; (iv) if at any time any of
the representations and warranties of the Company contained in any agreement
contemplated hereby ceases to be true and correct in all material respects; (v)
of the receipt by the Company of any notification with respect to the suspension
of the qualification or exemption from qualification of any of the Registrable
Securities for sale in any jurisdiction, or the initiation or threatening of any
Proceeding for such purpose; and (vi) of the occurrence of any event or passage
of time that makes the financial statements included in the Registration
Statement ineligible for inclusion therein or any statement made in the
Registration Statement or Prospectus or any document incorporated or deemed to
be incorporated therein by reference untrue in any material respect or that
requires any revisions to the Registration Statement, Prospectus or other
documents so that, in the case of the Registration Statement or the Prospectus,
as the case may be, it will not contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they were
made, not misleading.

                  (e) Use its best efforts to avoid the issuance of, or, if
issued, obtain the withdrawal of (i) any order suspending the effectiveness of
the Registration Statement, or (ii) any suspension of the qualification (or
exemption from qualification) of any of the Registrable Securities for sale in
any jurisdiction, at the earliest practicable moment.

                  (f) Furnish to each Holder and their Special Counsel, without
charge, at least one conformed copy of each Registration Statement and each
amendment thereto, including financial statements and schedules, all documents
incorporated or deemed to be incorporated therein by reference, and all exhibits
to the extent requested by such Person (including those previously furnished or
incorporated by reference) promptly after the filing of such documents with the
Commission.

                  (g) Promptly deliver to each Holder and their Special Counsel,
without charge, as many copies of the Prospectus or Prospectuses (including each
form of prospectus) and each amendment or supplement thereto as such Persons may
reasonably request. The Company hereby consents to the use of such Prospectus
and each amendment or supplement thereto by each of the selling Holders in
connection with the offering and sale of the Registrable Securities covered by
such Prospectus and any amendment or supplement thereto.

                  (h) Prior to any public offering of Registrable Securities,
use its best efforts to register or qualify or cooperate with the selling
Holders and their Special Counsel in connection with the registration or
qualification (or exemption from such registration or qualification) of such
Registrable Securities for offer and sale under the securities or Blue Sky laws
of such jurisdictions within the United States as any Holder requests in
writing, to keep each such registration or qualification (or exemption
therefrom) effective during the Effectiveness Period and to do any and all other
acts or things necessary or advisable to enable the disposition in such
jurisdictions of the Registrable Securities covered by a Registration Statement;
provided, that the Company shall not be required to qualify generally to do
business in any jurisdiction where it is not then so qualified or subject the
Company to any material tax in any such jurisdiction where it is not then so
subject.

                                       6
<PAGE>   7

                  (i) Cooperate with the Holders to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to
be delivered to a transferee pursuant to a Registration Statement, which
certificates shall be free, to the extent permitted by the Purchase Agreement,
of all restrictive legends, and to enable such Registrable Securities to be in
such denominations and registered in such names as any such Holders may request.

                  (j) Upon the occurrence of any event contemplated by Section
3(d)(vi), as promptly as reasonably possible, prepare a supplement or amendment,
including a post-effective amendment, to the Registration Statement or a
supplement to the related Prospectus or any document incorporated or deemed to
be incorporated therein by reference, and file any other required document so
that, as thereafter delivered, neither the Registration Statement nor such
Prospectus will contain an untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading.

                  (k) Comply with all applicable rules and regulations of the
Commission.

                  (l) The Company may require each selling Holder to furnish to
the Company a certified statement as to the number of shares of Common Stock
beneficially owned by such Holder and, if requested by the Commission, the
controlling person thereof.

                  (m) Information by Holder. Prior to the filing of any
Registration Statement, each Holder shall promptly furnish to the Company a
written statement as to the number shares of Common Stock beneficially owned by
such Holder at such time.

                  (n) If the Holders intend to distribute the Registrable
Securities covered by the Registration Statement by means of an underwriting,
the Holders shall so advise the Company. The Holders will have the right to
select the investment bankers for such underwriting subject to such investment
bankers being reasonably satisfactory to the Company. If in the opinion of the
managing underwriter the inclusion of all of the Registrable Securities
requested to be registered under this section adversely affects marketing of
such shares, after any shares to be sold by the Company or other holders of
Common Stock have been excluded, Registrable Securities to be sold by the
holders shall be excluded in such manner that the Registrable Securities to be
sold shall be allocated among the selling Holders pro rata based on their
ownership of Registrable Securities.

                  4. Suspensions of Effectiveness. For a period not exceeding
either (i) up to 20 consecutive Trading Days in any twelve (12) month period or
(ii) an aggregate of 60 calendar days in any twelve (12) month period, the
Company may suspend the ability of the Holders to make dispositions under the
Registration Statement or Prospectus and notify the Holders that they may not
sell the Registrable Securities pursuant to any Registration Statement or
Prospectus (a "Blocking Notice") if the Company's board of directors determines
in its reasonable good faith judgment that the Company's obligation to ensure
that such Registration Statement and Prospectus are current and complete would
require the Company to make a public disclosure that would reasonably be
expected to have a materially adverse detrimental effect on the Company and its
stockholders, provided, that the Company shall not be entitled to deliver a
Blocking Notice within 20 Trading Days of the expiration of any Blocking Notice
delivered immediately

                                       7
<PAGE>   8

prior thereto, provided, however, that the Company shall diligently and
expeditiously take all actions it reasonably determines to be necessary or
advisable to cause such Registration Statement or Prospectus to be current and
complete and to remove such suspension pursuant to a Blocking Notice. Each
Holder agrees by acquisition of the Registrable Securities that, upon receipt of
a Blocking Notice from the Company, such Holder shall not dispose of, sell or
offer for sale the Registrable Securities pursuant to the Registration Statement
until such Holder receives (i) copies of the supplemented or amended Prospectus,
or until counsel for the Company shall have determined that such disclosure is
not required due to subsequent events, (ii) notice in writing from the Company
that the use of the Prospectus may be resumed and (iii) copies of any additional
or supplemental filings that are incorporated by reference to in the Prospectus.
In the event the Company shall give any Blocking Notice pursuant to Section 4,
the Effectiveness Date, the Filing Date and Effectiveness Period shall be
extended for a number of days equal to the number of days during which such
Blockage Notice is in effect.

                  5. Registration Expenses. All fees and expenses incident to
the performance of or compliance with this Agreement by the Company shall be
borne by the Company whether or not any Registrable Securities are sold pursuant
to the Registration Statement. The fees and expenses referred to in the
foregoing sentence shall include, without limitation, (i) all registration and
filing fees (including, without limitation, fees and expenses (A) with respect
to filings required to be made with the NASDAQ and any Subsequent Market on
which the Common Stock is then listed for trading, and (B) in compliance with
state securities or Blue Sky laws (including, without limitation, fees and
disbursements of counsel for the Holders in connection with Blue Sky
qualifications or exemptions of the Registrable Securities and determination of
the eligibility of the Registrable Securities for investment under the laws of
such jurisdictions as the Holders of a majority of Registrable Securities may
designate)), (ii) printing expenses (including, without limitation, expenses of
printing certificates for Registrable Securities and of printing prospectuses if
the printing of prospectuses is requested by the holders of a majority of the
Registrable Securities included in the Registration Statement), (iii) messenger,
telephone and delivery expenses, (iv) fees and disbursements of counsel for the
Company and Special Counsel for the Holders (in the case of the latter, up to a
maximum of $7,500), (v) Securities Act liability insurance, if the Company so
desires such insurance, and (vi) fees and expenses of all other Persons retained
by the Company in connection with the consummation of the transactions
contemplated by this Agreement. In addition, the Company shall be responsible
for all of its internal expenses incurred in connection with the consummation of
the transactions contemplated by this Agreement (including, without limitation,
all salaries and expenses of its officers and employees performing legal or
accounting duties), the expense of any annual audit and the fees and expenses
incurred in connection with the listing of the Registrable Securities on any
securities exchange as required hereunder.

                  6.       Indemnification.

                  (a) Indemnification by the Company. The Company shall,
notwithstanding any termination of this Agreement, indemnify and hold harmless
each Holder, the officers, directors, agents, brokers (including brokers who
offer and sell Registrable Securities as principal as a result of a pledge or
any failure to perform under a margin call of Common Stock), investment advisors
and employees of each of them, each Person who controls any such Holder (within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act) and

                                       8
<PAGE>   9

the officers, directors, agents and employees of each such controlling Person,
to the fullest extent permitted by applicable law, from and against any and all
losses, claims, damages, liabilities, costs (including, without limitation,
costs of preparation and attorneys' fees) and expenses (collectively, "Losses"),
as incurred, arising out of or relating to any untrue or alleged untrue
statement of a material fact contained in the Registration Statement, any
Prospectus or any form of prospectus or in any amendment or supplement thereto
or in any preliminary prospectus, or arising out of or relating to any omission
or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein (in the case of any Prospectus or form
of prospectus or supplement thereto, in light of the circumstances under which
they were made) not misleading, except to the extent, but only to the extent,
that (1) such untrue statements or omissions are based solely upon information
regarding such Holder furnished in writing to the Company by such Holder
expressly for use therein, or to the extent that such information relates to
such Holder or such Holder's proposed method of distribution of Registrable
Securities and was reviewed and expressly approved in writing by such Holder
expressly for use in the Registration Statement, such Prospectus or such form of
Prospectus or in any amendment or supplement thereto or (2) in the case of an
occurrence of an event of the type specified in Section 3(d)(ii)-(vi), the use
by such Holder of an outdated or defective Prospectus after the Company has
notified such Holder in writing that the Prospectus is outdated or defective and
prior to the receipt by such Holder of the Advice contemplated in Section 6(e).
The Company shall notify the Holders promptly of the institution, threat or
assertion of any Proceeding of which the Company is aware in connection with the
transactions contemplated by this Agreement.

                  (b) Indemnification by Holders. Each Holder shall, severally
and not jointly, indemnify and hold harmless the Company, its directors,
officers, agents and employees, each Person who controls the Company (within the
meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act),
and the directors, officers, agents or employees of such controlling Persons, to
the fullest extent permitted by applicable law, from and against all Losses (as
determined by a court of competent jurisdiction in a final judgment not subject
to appeal or review) arising solely out of or based solely upon any untrue
statement of a material fact contained in the Registration Statement, any
Prospectus, or any form of prospectus, or in any amendment or supplement
thereto, or arising solely out of or based solely upon any omission of a
material fact required to be stated therein or necessary to make the statements
therein not misleading to the extent, but only to the extent, that such untrue
statement or omission is contained in any information so furnished in writing by
such Holder to the Company specifically for inclusion in the Registration
Statement or such Prospectus or to the extent that such information relates to
such Holder or such Holder's proposed method of distribution of Registrable
Securities and was reviewed and expressly approved in writing by such Holder
expressly for use in the Registration Statement, such Prospectus or such form of
Prospectus, or in any amendment or supplement thereto. In no event shall the
liability of any selling Holder hereunder be greater in amount than the dollar
amount of the net proceeds received by such Holder upon the sale of the
Registrable Securities giving rise to such indemnification obligation.

                  (c) Conduct of Indemnification Proceedings. If any Proceeding
shall be brought or asserted against any Person entitled to indemnity hereunder
(an "Indemnified Party"), such Indemnified' Party shall promptly notify the
Person from whom indemnity is sought (the "Indemnifying Party") in writing, and
the Indemnifying Party shall assume the defense thereof,

                                       9
<PAGE>   10

including the employment of counsel reasonably satisfactory to the Indemnified
Party and the payment of all fees and expenses incurred in connection with
defense thereof; provided, that the failure of any Indemnified Party to give
such notice shall not relieve the Indemnifying Party of its obligations or
liabilities pursuant to this Agreement, except (and only) to the extent that it
shall be finally determined by a court of competent jurisdiction (which
determination is not subject to appeal or further review) that such failure
shall have proximately and materially adversely prejudiced the Indemnifying
Party.

                  An Indemnified Party shall have the right to employ separate
counsel in any such Proceeding and to participate in the defense thereof, but
the fees and expenses of such counsel shall beat the expense of such Indemnified
Party or Parties unless: (1) the Indemnifying Party has agreed in writing to pay
such fees and expenses; or (2) the Indemnifying Party shall have failed promptly
to assume the defense of such Proceeding and to employ counsel reasonably
satisfactory to such Indemnified Party in any such Proceeding; or (3) the named
parties to any such Proceeding (including any impleaded parties) include both
such Indemnified Party and the Indemnifying Party, and such Indemnified Party
shall have been advised by counsel that a conflict of interest is likely to
exist if the same counsel were to represent such Indemnified Party and the
Indemnifying Party (in which case, if such Indemnified Party notifies the
Indemnifying Party in writing that it elects to employ separate counsel at the
expense of the Indemnifying Party, the Indemnifying Party shall not have the
right to assume the defense thereof and such counsel shall be at the expense of
the Indemnifying Party). The Indemnifying Party shall not be liable for any
settlement of any such Proceeding effected without its written consent, which
consent shall not be unreasonably withheld. No Indemnifying Party shall, without
the prior written consent of the Indemnified Party, effect any settlement of any
pending Proceeding in respect of which any Indemnified Party is a party, unless
such settlement includes an unconditional release of such Indemnified Party from
all liability on claims that are the subject matter of such Proceeding.

                  All fees and expenses of the Indemnified Party (including
reasonable fees and expenses to the extent incurred in connection with
investigating or preparing to defend such Proceeding in a manner not
inconsistent with this Section) shall be paid to the Indemnified Party, as
incurred, within ten Business Days of written notice thereof to the Indemnifying
Party (regardless of whether it is ultimately determined that an Indemnified
Party is not entitled to indemnification hereunder; provided, that the
Indemnifying Party may require such Indemnified Party to undertake to reimburse
all such fees and expenses to the extent it is finally judicially determined
that such Indemnified Party is not entitled to indemnification hereunder).

                  (d) Contribution. If a claim for indemnification under Section
6(a) or 6(b) is unavailable to an Indemnified Party (by reason of public policy
or otherwise), then each Indemnifying Party, in lieu of indemnifying such
Indemnified Party, shall contribute to the amount paid or payable by such
Indemnified Party as a result of such Losses, in such proportion as is
appropriate to reflect the relative fault of the Indemnifying Party and
Indemnified Party in connection with the actions, statements or omissions that
resulted in such Losses as well as any other relevant equitable considerations.
The relative fault of such Indemnifying Party and Indemnified Party shall be
determined by reference to, among other things, whether any action in question,
including any untrue or alleged untrue statement of a material fact or omission
or alleged omission of a material fact, has been taken or made by, or relates to
information supplied

                                       10
<PAGE>   11

by, such Indemnifying Party or Indemnified Party, and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent
such action, statement or omission. The amount paid or payable by a party as a
result of any Losses shall be deemed to include, subject to the limitations set
forth in Section 6(c), any reasonable attorneys' or other reasonable fees or
expenses incurred by such party in connection with any Proceeding to the extent
such party would have been indemnified for such fees or expenses if the
indemnification provided for in this Section was available to such party in
accordance with its terms.

                  The parties hereto agree that it would not be just and
equitable if contribution pursuant to this Section 6(d) were determined by pro
rata allocation or by any other method of allocation that does not take into
account the equitable considerations referred to in the immediately preceding
paragraph. Notwithstanding the provisions of this Section 6(d), no Holder shall
be required to contribute, in the aggregate, any amount in excess of the amount
by which the proceeds actually received by such Holder from the sale of the
Registrable Securities subject to the Proceeding exceeds the amount of any
damages that such Holder has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission. No Person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any Person who was
not guilty of such fraudulent misrepresentation.

                  The indemnity and contribution agreements contained in this
Section are in addition to any liability that the Indemnifying Parties may have
to the Indemnified Parties.

                  7.       Miscellaneous.

                  (a) Remedies. In the event of a breach by the Company or by a
Holder, of any of their obligations under this Agreement, each Holder or the
Company, as the case may be, in addition to being entitled to exercise all
rights granted by law and under this Agreement, including recovery of damages,
will be entitled to specific performance of its rights under this Agreement. The
Company and each Holder agree that monetary damages would not provide adequate
compensation for any losses incurred by reason of a breach by it of any of the
provisions of this Agreement and hereby further agrees that, in the event of any
action for specific performance in respect of such breach, it shall waive the
defense that a remedy at law would be adequate.

                  (b) No Inconsistent Agreements. Neither the Company nor any of
its subsidiaries has entered, as of the date hereof, nor shall the Company or
any of its subsidiaries, on or after the date of this Agreement, enter into any
agreement with respect to its securities that is inconsistent with the rights
granted to the Holders in this Agreement or otherwise conflicts with the
provisions hereof. Except as and to the extent specified in Schedule 6(b)
hereto, neither the Company nor any of its subsidiaries has previously entered
into any agreement granting any registration rights with respect to any of its
securities to any Person.

                  (c) No Piggyback on Registrations. Except as and to the extent
specified in Schedule 6(b) hereto, neither the Company nor any of its security
holders (other than the Holders in such capacity pursuant hereto) may include
securities of the Company in the Registration Statement other than the
Registrable Securities, and the Company shall not after the date hereof

                                       11
<PAGE>   12

enter into any agreement providing any such right to any of its security
holders, provided, that the Company may offer such registration to certain
employees in connection with termination or severance agreements.

                  (d) Compliance. Each Holder covenants and agrees that it will
comply with the prospectus delivery requirements of the Securities Act as
applicable to it in connection with sales of Registrable Securities pursuant to
the Registration Statement.

                  (e) Discontinued Disposition. Each Holder agrees by its
acquisition of such Registrable Securities that, upon receipt of a notice from
the Company of the occurrence of any event of the kind described in Sections
3(d)(ii), 3(d)(iii), 3(d)(iv), 3(d)(v) or 3(d)(vi), such Holder will forthwith
discontinue disposition of such Registrable Securities under the Registration
Statement until such Holder's receipt of the copies of the supplemented
Prospectus and/or amended Registration Statement contemplated by Section 3(j),
or until it is advised in writing (the "Advice") by the Company that the use of
the applicable Prospectus may be resumed, and, in either case, has received
copies of any additional or supplemental filings that are incorporated or deemed
to be incorporated by reference in such Prospectus or Registration Statement.
The Company may provide appropriate stop orders to enforce the provisions of
this paragraph.

                  (f) Piggy-Back Registrations. If at any time during the
Effectiveness Period there is not an effective Registration Statement covering
all of the Registrable Securities and the Company shall determine to prepare and
file with the Commission a registration statement relating to an offering for
its own account or the account of others under the Securities Act of any of its
equity securities, other than on Form S-4 or Form S-8 (each as promulgated under
the Securities Act) or their then equivalents relating to equity securities to
be issued solely in connection with any acquisition of any entity or business or
equity securities issuable in connection with stock option or other employee
benefit plans, then the Company shall send to each Holder written notice of such
determination and, if within fifteen days after receipt of such notice, any such
Holder shall so request in writing, the Company shall include in such
registration statement all or any part of such Registrable Securities such
holder requests to be registered.

                  (g) Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof
may not be given, unless the same shall be in writing and signed by the Company
and the Holders of at least two-thirds of the then outstanding Registrable
Securities. Notwithstanding the foregoing, a waiver or consent to depart from
the provisions hereof with respect to a matter that relates exclusively to the
rights of Holders and that does not directly or indirectly affect the rights of
other Holders may be given by Holders of at least a majority of the Registrable
Securities to which such waiver or consent relates; provided, however, that the
provisions of this sentence may not be amended, modified, or supplemented except
in accordance with the provisions of the immediately preceding sentence.

                  (h) Notices. Any and all notices or other communications or
deliveries required or permitted to be provided hereunder shall be in writing
and shall be deemed given and effective on the earliest of (i) the date of
transmission, if such notice or communication is

                                       12
<PAGE>   13

delivered via facsimile at the facsimile telephone number specified in this
Section prior to 6:30 p.m. (New York City time) on a Business Day, (ii) the
Business Day after the date of transmission, if such notice or communication is
delivered via facsimile at the facsimile telephone number specified in the
Purchase Agreement later than 6:30 p.m. (New York City time) on any date and
earlier than 11:59 p.m. (New York City time) on such date, (iii) the Business
Day following the date of mailing, if sent by nationally recognized overnight
courier service, or (iv) upon actual receipt by the party to whom such notice is
required to be given. The address for such notices and communications shall be
as follows:

         If to the Company:       BrightStar Information Technology Group, Inc.
                                  4900 Hopyard Road, Suite 200
                                  Pleasanton, California  94588
                                  Facsimile No.:  (925) 251-0001
                                  Attn:  Chief Financial Officer

         With a copy to:          Orrick, Herrington & Sutcliffe LLP
                                  400 Sansome Street
                                  San Francisco, CA  94111
                                  Facsimile No.:  (415) 773-5759
                                  Attn:  Richard S. Grey, Esq.

         If to a Purchaser:       To the address set forth under such
                                  Purchaser's name on the signature pages
                                  hereto.

         If to any other Person who is then the registered Holder:

                                  To the address of such Holder as it appears
                                  in the stock transfer books of the Company

or such other address as may be designated in writing hereafter, in the same
manner, by such Person.

                  (i) Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the successors and permitted assigns of each of
the parties and shall inure to the benefit of each Holder. The Company may not
assign its rights or obligations hereunder without the prior written consent of
each Holder. Each Holder may assign their respective rights hereunder in the
manner and to the Persons as permitted under the Purchase Agreement, provided,
that the Company is given written notice by any applicable Holder no less than
five (5) days prior to such transfer or assignment, stating the name and address
of said transferee or assignee and identifying the securities with respect to
which such registration rights are being transferred or assigned, and provided
further that the transferee or assignee of such rights agrees in writing to be
bound by this Agreement. Notwithstanding anything herein to the contrary, no
Holder may assign its rights hereunder to in excess of two persons without the
prior written consent of the Company.

                  (j) Counterparts. This Agreement may be executed in any number
of counterparts, each of which when so executed shall be deemed to be an
original and, all of which taken together shall constitute one and the same
Agreement. In the event that any signature is

                                       13
<PAGE>   14

delivered by facsimile transmission, such signature shall create a valid binding
obligation of the party executing (or on whose behalf such signature is
executed) the same with the same force and effect as if such facsimile signature
were the original thereof.

                  (k) Governing Law. All questions concerning the construction,
validity, enforcement and interpretation of this Agreement shall be governed by
and construed and enforced in accordance with the internal laws of the State of
New York, without regard to the principles of conflicts of law thereof. Each
party hereby irrevocably submits to the exclusive jurisdiction of the state and
federal courts sitting in the City of New York, borough of Manhattan, for the
adjudication of any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein, and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim
that it is not personally subject to the jurisdiction of any such court, that
such suit, action or proceeding is improper. Each party hereby irrevocably
waives personal service of process and consents to process being served in any
such suit, action or proceeding by mailing a copy thereof to such party at the
address in effect for notices to it under this Agreement and agrees that such
service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law.

                  (l) Cumulative Remedies. The remedies provided herein are
cumulative and not exclusive of any remedies provided by law.

                  (m) Severability. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction to be
invalid, illegal, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions set forth herein shall remain in full force and
effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their reasonable efforts to find and employ an alternative
means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and
declared to be the intention of the parties that they would have executed the
remaining terms, provisions, covenants and restrictions without including any of
such that may be hereafter declared invalid, illegal, void or unenforceable.

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

                  (o) Shares Held by the Company and its Affiliates. Whenever
the consent or approval of Holders of a specified percentage of Registrable
Securities is required hereunder, Registrable Securities held by the Company or
its Affiliates (other than any Holder or transferees or successors or assigns
thereof if such Holder is deemed to be an Affiliate solely by reason of its
holdings of such Registrable Securities) shall not be counted in determining
whether such consent or approval was given by the Holders of such required
percentage.

                  (p) Independent Nature of Purchasers' Obligations and Rights.
The obligations of each Purchaser hereunder is several and not joint with the
obligations of any other Purchaser hereunder, and neither Purchaser shall be
responsible in any way for the performance of the obligations of any other
Purchaser hereunder. Nothing contained herein or in any other agreement or
document delivered at any closing, and no action taken by any Purchaser pursuant

                                       14
<PAGE>   15

hereto or thereto, shall be deemed to constitute the Purchasers as a
partnership, an association, a joint venture or any other kind of entity, or
create a presumption that the Purchasers are in any way acting in concert with
respect to such obligations or the transactions contemplated by this Agreement.
Each Purchaser shall be entitled to protect and enforce its rights, including
without limitation the rights arising out of this Agreement, and it shall not be
necessary for any other Purchaser to be joined as an additional party in any
proceeding for such purpose.

                   [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
                           SIGNATURE PAGES TO FOLLOW]

                                       15
<PAGE>   16

                  IN WITNESS WHEREOF, the parties have executed this
Registration Rights Agreement as of the date first written above.

                                          BRIGHTSTAR INFORMATION
                                          TECHNOLOGY GROUP, INC.

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

                   [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
                           SIGNATURE PAGES TO FOLLOW]

                                       16
<PAGE>   17

                               STRONG RIVER INVESTMENTS, INC.

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

                               Address for Notice:

                               Strong River Investments, Inc.
                               c/o Gonzalez-Ruiz 7 Aleman (BVI) Limited
                               Wickhams Cay I, Vanterpool Plaza
                               P.O. Box 873
                               Road Town, Tortolla, BVI

                               With copies to:

                               Robinson Silverman Pearce Aronsohn
                                     & Berman LLP
                               1290 Avenue of the Americas
                               New York, NY  10104
                               Facsimile No.:  (212) 541-4630 and (212) 541-1432
                               Attn: Kenneth L. Henderson, Esq. and
                                     Eric L. Cohen, Esq.

                                       17
<PAGE>   18

                               MONTROSE INVESTMENTS LTD.

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

                               Address for Notice:

                               Montrose Investments Ltd.
                               300 Crescent Court, Suite 700
                               Dallas, TX  75201
                               Facsimile:  (214) 758-1221
                               Attn:  Will Rose
                                      Kim Rozman

                               With copies to:

                               Robinson Silverman Pearce Aronsohn
                                      & Berman LLP
                               1290 Avenue of the Americas
                               New York, NY  10104
                               Facsimile No.:  (212) 541-4630 and (212) 541-1432
                               Attn:  Kenneth L. Henderson, Esq. and
                                      Eric L. Cohen, Esq.

                                       18
<PAGE>   19

                                                                         Annex A

                              PLAN OF DISTRIBUTION

                  The Selling Stockholders and any of their pledgees, assignees
and successors-in-interest may, from time to time, sell any or all of their
shares of Common Stock on any stock exchange, market or trading facility on
which the shares are traded or in private transactions. These sales may be at
fixed or negotiated prices. The Selling Stockholders may use any one or more of
the following methods when selling shares:

o        ordinary brokerage transactions and transactions in which the
         broker-dealer solicits purchasers;

o        block trades in which the broker-dealer will attempt to sell the shares
         as agent but may position and resell a portion of the block as
         principal to facilitate the transaction;

o        purchases by a broker-dealer as principal and resale by the
         broker-dealer for its account;

o        an exchange distribution in accordance with the rules of the applicable
         exchange;

o        privately negotiated transactions;

o        broker-dealers may agree with the Selling Stockholders to sell a
         specified number of such shares at a stipulated price per share;

o        a combination of any such methods of sale;

o        and any other method permitted pursuant to applicable law.

                  The Selling Stockholders may also sell shares under Rule 144
under the Securities Act, if available, rather than under this prospectus.

                  Broker-dealers engaged by the Selling Stockholders may arrange
for other brokers-dealers to participate in sales. Broker-dealers may receive
commissions or discounts from the Selling Stockholders (or, if any broker-dealer
acts as agent for the purchaser of shares, from the purchaser) in amounts to be
negotiated. The Selling Stockholders do not expect these commissions and
discounts to exceed what is customary in the types of transactions involved.

                  The Selling Stockholders and any broker-dealers or agents that
are involved in selling the shares may be deemed to be "underwriters" within the
meaning of the Securities Act in connection with such sales. In such event, any
commissions received by such broker-dealers or agents and any profit on the
resale of the shares purchased by them may be deemed to be underwriting
commissions or discounts under the Securities Act.

                  The Company is required to pay all fees and expenses incident
to the registration of the shares, including up to $7,500 of the fees and
disbursements of counsel to the Selling Stockholders.

                                       19
<PAGE>   20

                  The Company has agreed to indemnify the Selling Stockholders
against certain losses, claims, damages and liabilities, including liabilities
under the Securities Act.

                                       20
<PAGE>   21

                                  SCHEDULE 6.3

                       Additional Shares to be Registered

                  Those shares to be issued pursuant to the Asset Purchase
Agreement dated as of June 30, 1998 among the Company, Cogent, Inc., Cogent
Technologies, LLC and the holders of all of the outstanding membership interests
of Cogent Technologies, LLC.

                  Those shares to be issued pursuant to the Asset Purchase
Agreement dated as of April 1, 1999 among the Company, Software Consulting
Services America, Inc., Integrated Systems Consulting, LLC and the individuals
owning all of the membership interests of Integrated Systems Consulting, LLC.

                                       21

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