Document:

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                                                                     EXHIBIT 4.3

                          MICROWARE SYSTEMS CORPORATION

            1995 STOCK OPTION PLAN, AS AMENDED THROUGH MARCH 9, 2001

         1.       PURPOSE. The purpose of this Stock Option Plan (the "Plan") is
to enable Microware Systems Corporation (the "Company") to attract and retain
people of initiative and ability as employees, advisors and directors and to
provide additional incentives to these individuals. Reference hereinafter to
"employee" shall also include advisors and non-employee directors. Reference to
"employment" shall also include service as an advisor or member of the board of
directors of the Company.

         2.       SHARES SUBJECT TO THE PLAN. Subject to adjustment as provided
below and in Paragraph 7, the shares to be offered under the Plan shall consist
of Common Stock of the Company ("Shares"). The total number of Shares that may
be issued under the Plan shall not exceed 2,670,000 (determined as of July 11,
2000) Shares. If an option right granted under the Plan expires, terminates or
is canceled, the unissued Shares subject to such option shall again be available
under the Plan.

         3.       EFFECTIVE DATE AND DURATION OF PLAN.

                  (a) EFFECTIVE DATE. The Plan shall become effective as of
         April 1, 1995. However, no option granted under the Plan shall become
         exercisable until the Plan is approved by the affirmative vote of the
         holders of a majority of the Common Stock of the Company represented at
         a shareholders' meeting at which a quorum is present; any awards under
         the Plan prior to such approval shall be conditioned on and subject to
         such approval. Subject to this limitation, options may be granted under
         the Plan at any time after the Effective Date and before termination of
         the Plan.

                  (b) DURATION. The Board of Directors may at any time suspend
         or terminate the Plan. Unless previously terminated by the Board, this
         Plan shall terminate on March 31, 2005. The rights and obligations
         under any option granted while the Plan is in effect shall not be
         altered or impaired by suspension or termination of the Plan, except by
         the consent of the person to whom the option was granted.

         4.       ADMINISTRATION. Except as otherwise specifically reserved to
the Board of Directors of the Company herein, the Plan shall be administered by
the Compensation Committee of the Board of Directors of the Company (the
"Committee"), which Committee shall be comprised of not less than two members
each of whom are "Non-Employee Directors" as defined in Rule 16b-3(b)(3)(i),
promulgated under the Securities Exchange Act of 1934, and who are also "outside
directors" within the meaning of section 162(m) of the Internal Revenue Code.
The Committee shall determine and designate from time to time the employees to
whom awards shall be made, the amount of the awards and the other terms and
conditions of the awards, except that only the Board of Directors may (i)
determine and designate the non-employee directors to whom awards shall be made,
the amount of such awards and the other terms and conditions of

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such awards, including acceleration of exercise dates and waivers or
modifications of restrictions, and (ii) amend or terminate the Plan as provided
in Paragraphs 3 and 10. Subject to the provisions of the Plan, the Committee may
from time to time adopt and amend rules and regulations relating to
administration of the Plan, advance the lapse of any waiting period, accelerate
any exercise date, waive or modify any restriction applicable to Shares (except
those restrictions imposed by law) and make all other determination in the
judgment of the Committee necessary or desirable for the administration of the
Plan. The interpretation and construction of the provisions of the Plan and
related agreements by the Committee shall be final and conclusive. The Committee
may correct any defect or supply any omission or reconcile any inconsistency in
the Plan or in any related agreement in the manner and to the extent it shall
deem expedient to carry the Plan into effect, and it shall be the sole and final
judge of such expediency.

         5.       ELIGIBILITY. Any awards may be made to employees of the
Company, including advisors and directors of the Company; provided, however, no
member of the Committee shall be eligible for selection as a person to whom
awards may be made. The Committee shall select the employees to whom awards
shall be made. The Committee shall specify the action taken with respect to each
employee to whom an award is made under the Plan. At the discretion of the
Committee, an employee may be given an election to surrender an award in
exchange for the grant of a new award.

The number of Shares underlying options granted in a fiscal year to each
executive officer whose compensation is subject to reporting on the Company's
annual proxy statement (an "Executive Officer") shall not exceed 200,000 shares
for any fiscal year during which he or she becomes or serves as an Executive
Officer.

         6.       OPTION GRANT.

                  (a) GRANT. The Committee has the authority and discretion to
         grant options under the Plan. With respect to each option grant, the
         Committee shall determine the number of Shares subject to the option,
         the option price, the period of the option, and the time or times at
         which the option may be exercised. In addition, the Committee may
         provide for any further restrictions or provisions in the option
         agreement which it deems appropriate. Options shall be either Incentive
         Stock Options or Nonstatutory Stock Options. Incentive Stock Options
         shall meet all of the requirements of this Paragraph 6. Nonstatutory
         Options shall meet the requirements of Subparagraphs (c) through (g) of
         this Paragraph 6.

                  (b) INCENTIVE STOCK OPTION. Incentive Stock Options ("ISOs")
         shall be subject to the following terms and conditions. (For the
         purposes of this Subparagraph 6(b), references to "employee" shall not
         include advisors or non-employee directors; only common law employees
         may receive ISOs.)

                           (i) ISOs may be granted under the Plan to an employee
                  possessing more than 10% percent, directly or by attribution,
                  of the total combined voting power of all classes of stock of
                  the Company only if the option price is at least 110% of the
                  fair market value of the Shares subject to the option on the
                  date it is

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                  granted, as described in Subparagraph 6(b)(iii), and the
                  option by its terms is not exercisable after the expiration
                  of five years from the date it is granted.

                           (ii) Subject to Subparagraphs 6(b)(i) and 6(c), ISOs
                  granted under the Plan shall continue in effect for the period
                  fixed by the Committee, except that no ISO shall be
                  exercisable after the expiration of ten years from the date it
                  is granted.

                           (iii) The option price per shall be determined by the
                  Committee at the time of grant. Subject to Subparagraph
                  6(b)(i), the option price shall not be less than 100% of the
                  fair market value of the Shares covered by the ISO at the date
                  the option is granted. The fair market value shall be
                  determined by the Committee, or procedures established by the
                  Committee.

                           (iv)  No ISO shall be granted on or after the
                  tenth anniversary of the Effective Date of the Plan.

                  (c) EXERCISE OF OPTIONS. Except as provided in Subparagraph
         6(f), no option granted under the Plan may be exercised unless at the
         time of such exercise the optionee is employed by the Company and shall
         have been so employed continuously since the date such option was
         granted. Absence on leave or on account of illness or disability under
         rules established by the Committee shall not, however, be deemed an
         interruption of employment for this purpose. Except as provided in
         Subparagraphs 6(f), 6(h) and 6(i), and Paragraphs 7 and 8, options
         granted under the Plan may be exercised from time to time over the
         period stated in each option in such amounts and at such times as shall
         be prescribed by the Committee, provided that options shall not be
         exercised for fractional shares. Unless otherwise determined by the
         Committee, if the optionee does not exercise an option in any one year
         with respect to the full number of Shares to which the optionee is
         entitled in that year, the optionee's rights shall be cumulative and
         the optionee may purchase those Shares in any subsequent year during
         the term of the option.

                  (d) NONTRANSFERABILITY. Each stock option granted under the
         Plan by its terms shall be nonassignable and nontransferable by the
         optionee, either voluntarily or by operation of law, except by will or
         by the laws of descent and distribution of the state or country of the
         optionee's domicile at the time of death, and each option by its terms
         shall be exercisable during the optionee's lifetime only by the
         optionee.

                  (e) VESTING. Options granted under the Plan shall vest
         according to such schedule as the Committee may prescribe at the time
         of grant, which may include full and immediate vesting. Reference to
         "option" in this Plan means all vested and non-vested options.

                  (f)      TERMINATION OF EMPLOYMENT OR DEATH.

                           WITH RESPECT TO ISOS.

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                           (i) Subject to Subparagraphs 6(h) and 6(i), if the
                  employment of an employee is terminated, any then outstanding
                  stock option held by the employee shall be exercisable, in
                  accordance with the provision of the stock option agreement,
                  by such employee at any time prior to the expiration date of
                  such stock option or within three months after the date of
                  termination of employment, whichever is the shorter period.

                           (ii) Subject to Subparagraph 6(i), and
                  notwithstanding the provisions of (f)(i), if the employee's
                  employment is terminated because of a disability described in
                  Section 422(c)(6) of the Internal Revenue Code ("Disability"),
                  any then outstanding stock option held by the employee shall
                  be exercisable, in accordance with the stock option agreement,
                  by such employee at any time prior to the expiration of such
                  option agreement or within one year after the date of
                  termination of employment, whichever is the shorter period.
                  Whether an optionee has a Disability shall be determined in
                  each case, in its discretion, by the Committee, and any such
                  determination by the Committee shall be final and binding.

                           (iii) Notwithstanding the provisions of (f)(i), if
                  the employee dies, any then outstanding stock option held by
                  such employee on the date of death shall be exercisable, in
                  accordance with the provisions of the stock option agreement,
                  by the duly appointed representative of the employee's estate
                  at any time prior to the expiration of such option agreement
                  or within one year after the date of death, whichever is the
                  shorter period.

                           If a termination under (f)(ii) or (iii) occurs, any
                  unvested portion of the option held by the employee shall
                  become vested, provided that the aggregate value of Shares
                  with respect to which any ISO first becomes exercisable in the
                  calendar year of the termination of employment does not exceed
                  $100,000. If the value of Shares that become fully vested
                  under an ISO exceed $100,000, the excess shall be treated as
                  stock subject to a Nonstatutory Stock Option. For purposes of
                  the $100,000 limitation, the fair market value of the Shares
                  on the date the ISO was granted shall be used in determining
                  the value of the Shares.

                           WITH RESPECT TO NONSTATUTORY OPTIONS:

                           The Committee may specify in the option agreement
                  what restrictions will apply in the event of termination of
                  employment.

                           For all options issued hereunder, to the extent that
                  the option of any deceased optionee or any optionee whose
                  employment terminates is not exercised within the applicable
                  period, all further rights to purchase Shares pursuant to such
                  option shall cease and terminate.

                  (g) PURCHASE OF SHARES. Unless the Committee determines
         otherwise, Shares may be acquired pursuant to an option granted under
         the Plan only upon receipt by the

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         Company of notice in writing from the optionee of the optionee's
         intention to exercise, specifying the number of Shares as to which the
         optionee desires to exercise the option and the date on which the
         optionee desires to complete the transaction, and if required in order
         to comply with the Securities Act of 1933, as amended, containing a
         representation that it is the optionee's present intention to acquire
         the Shares for investment and not with a view toward distribution.
         Unless the Committee determines otherwise, on or before the date
         specified for completion of the purchase of Shares pursuant to an
         option, the optionee must have paid the Company the full purchase
         price of such shares in cash. No Shares shall be issued until full
         payment therefor has been made. If the Company is required to withhold
         on account of any of any present or future tax imposed as a result of
         an exercise, the Company shall so notify the optionee and the optionee
         shall be required to pay all such withholding in cash as a condition
         to the receipt of shares. The Shares shall contain any restrictions
        required by the option agreement unless the Committee determines
         otherwise.

                  (h) TERMINATION FOR CAUSE. For all options issued hereunder,
         if the Company terminates the employment of an optionee for cause, all
         outstanding stock options held by the optionee at the time of such
         termination shall automatically terminate unless the Committee notifies
         the optionee that the options will not terminate. A termination "for
         cause" shall be defined under each written option agreement. Whether
         and when a termination of employment is a termination "for cause" shall
         be determined in each case, in its discretion, by the Committee, and
         any such determination by the Committee shall be final and binding.

                  (i) VIOLATION OF OTHER AGREEMENT. For all options issued
         hereunder, if an optionee violates any confidentiality,
         non-solicitation or non-competition agreement with the Company, all
         outstanding stock options held by the optionee at the time of such
         violation shall automatically terminate unless the Committee notifies
         the optionee that the options will not terminate. Whether and when any
         such agreement is violated shall be determined in each case, in its
         discretion, by the Committee, and any such determination by the
         Committee shall be final and binding.

         7.       CHANGES IN CAPITAL STRUCTURE. If the outstanding shares of
Common Stock of the Company are hereafter increased or decreased or changed into
or exchanged for a different number or kind of shares or other securities of the
Company or of another corporation by reason of any reorganization, merger,
consolidation, plan of exchange, recapitalization, reclassification, stock
split, combination of shares or dividend payable in shares, appropriate
adjustment shall be made by the Committee in the number and kind and/or price of
shares available for awards under the Plan, provided that this Paragraph 7 shall
not apply with respect to transactions referred to in Paragraph 8. In addition,
the Committee shall make appropriate adjustment in the number and kind and/or
price of shares as to which outstanding options, or portions thereof then
unexercised, shall be exercisable, so the optionee's proportionate interest is
maintained as before the occurrence of such event. The Committee may also
require that any securities issued in respect of or exchange for Shares issued
hereunder that are subject to restrictions be subject to restrictions.
Notwithstanding the foregoing, the Committee shall have no obligation to effect
any adjustment that would or might result in the issuance of fractional shares,
and any fractional

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shares resulting from any adjustment may be disregarded or provided for in any
manner determined by the Committee. Any such adjustments made by the Committee
shall be conclusive.

         8.       SPECIAL ACCELERATION IN CERTAIN EVENTS.

                  (a) SPECIAL ACCELERATION. Notwithstanding any other provisions
         of the Plan, option agreements issued under the Plan may (but need not)
         provide for a special acceleration ("Special Acceleration") of options
         outstanding under such agreement with the effect set forth in
         Subparagraph 8(b) at any time when the shareholders of the Company
         approve one of the following ("Approved Transactions"):

                           (i) Any consolidation, merger, plan of exchange, or
                  transaction involving the Company (`Merger') in which the
                  Company is not the continuing or surviving corporation or
                  pursuant to which the Common Stock of the Company would be
                  converted into cash, securities or other property, other than
                  a Merger involving the Company in which the holders of the
                  Common Stock of the Company immediately prior to the Merger
                  have the same proportionate ownership of common stock of the
                  giving corporation after the Merger; or

                           (ii) Any sale, lease, exchange, or other transfer (in
                  one transaction or a series of related transactions) of all or
                  substantially all of the assets of the Company or the adoption
                  of any plan or proposal for the liquidation or dissolution of
                  the Company.

                  In addition, option agreements issued under the Plan may (but
         need not) provide for a Special Acceleration in the event a "person",
         within the meaning of Section 13(d) of the Exchange Act, becomes the
         beneficial owner (as defined in Rule 13d-3 under the Exchange Act),
         directly or indirectly, in one or more transactions, of shares of
         Common Stock of the Company representing 50% or more of the total
         number of votes that may be cast by all stockholders of the Company
         voting as a single class, without the approval or consent of the Board
         of Directors.

                  (b) EFFECT ON OUTSTANDING OPTIONS. Except as provided below in
         this Subparagraph 8(b), upon a Special Acceleration pursuant to
         Subparagraph 8(a), all options then outstanding under the Plan and
         subject to such acceleration shall immediately become exercisable in
         full during the remainder of their terms; provided, the Committee may,
         in its sole discretion, provide a 30-day period prior to an Approved
         Transaction during which such optionees shall have the right to
         exercise options, in whole or in part, without any limitation on
         exercisability, and upon the expiration of such 30-day period all such
         unexercised options shall immediately terminate.

         9.       CORPORATE MERGERS, ACQUISITIONS, ETC. The Committee may also
grant options under the Plan having terms, conditions and provisions that vary
from those specified in this Plan, provided that any such awards are granted in
substitution for, or in connection with the assumption of, existing options,
issued by another corporation and assumed or otherwise agreed

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to be provided for by the Company pursuant to or by reason of a transaction
involving a corporate merger, consolidation, plan of exchange, acquisition of
property or stock, separation, reorganization or liquidation to which the
Company is a party.

         10.      AMENDMENT OF PLAN. The Board of Directors may at any time, and
from time to time, modify or amend the Plan in such respects as it shall deem
advisable because of changes in the law while the Plan is in effect or for any
other reason. Except as provided in Subparagraphs 6(f), 6(g), 6(h) or 6(i), or
Paragraphs 7 and 8, however, no change in an award already granted shall be made
without the written consent of the holder of such award.

         11.      APPROVALS. The obligations of the Company under the Plan are
subject to the approval of state and federal authorities or agencies with
jurisdiction in the matter. The Company will use its best efforts to take steps
required by state and federal law or applicable regulations, including rules and
regulations of the Securities and Exchange Commission and any stock exchange or
trading system on which this Company's shares may then be listed or admitted for
trading, in connection with grants under the Plan. The foregoing
notwithstanding, the Company shall not be obligated to issue or deliver Common
Stock under the Plan if such issuance or delivery would violate applicable state
or federal securities laws.

         12.      EMPLOYMENT RIGHTS. Nothing in the Plan or any award pursuant
to the Plan shall confer upon any employee any right to continued service with
the Company or shall interfere in any way with the right of the Company to
terminate such employee's service at anytime, for any reason, with or without
cause, or to increase or decrease such employee's compensation or benefits.

         13.      RIGHTS AS A SHAREHOLDER. The recipient of any award under the
Plan shall have no rights as a shareholder with respect to any Shares until the
date of issue to the recipient of a stock certificate for such shares. Except as
otherwise provided in the Plan, no adjustment shall be made for dividends or
other rights for which the record date is prior to the date such stock
certificate is issued.<PAGE>

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                          SECURITIES PURCHASE AGREEMENT

                                      among

                           NETSOL INTERNATIONAL, INC.

                                       and

                         THE INVESTORS SIGNATORY HERETO

                           Dated as of January 8, 2001

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         SECURITIES PURCHASE AGREEMENT together with any schedules and
exhibits attached hereto (this "AGREEMENT"), dated as of January 8, 2001,
among NetSol International, Inc., a Nevada corporation (the "COMPANY"), and
the investors signatory hereto (each such investor is a "PURCHASER" and all
such investors are, collectively, the "PURCHASERS").

         WHEREAS, subject to the terms and conditions set forth in this
Agreement and pursuant to Section 4(2) of the Securities Act of 1933, as
amended (the "SECURITIES ACT"), and Rule 506 promulgated thereunder, the
Company desires to issue and sell to the Purchasers and the Purchasers,
severally and not jointly, desire to purchase from the Company, shares of the
Company's common stock, $.001 par value per share (the "COMMON STOCK"), and
certain other securities of the Company as more fully described in this
Agreement.

         NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained
in this Agreement, and for other good and valuable consideration the receipt
and adequacy of which are hereby acknowledged, the Company and the Purchasers
agree as follows:

                                    ARTICLE I
                                PURCHASE AND SALE

         1.1.     CLOSING; SETTLEMENT DATES.

         Subject to the terms and conditions set forth in this Agreement, the
Company shall issue and sell to the Purchasers and the Purchasers shall
severally purchase shares of Common Stock ("SHARES") and warrants to purchase
Shares ("WARRANTS") for an aggregate purchase price of $2,000,000 (the
"PURCHASE PRICE"). The purchase and sale of the Shares and Warrants hereunder
shall be closed (the "CLOSING") at the offices of Robinson Silverman Pearce
Aronsohn & Berman LLP ("ROBINSON SILVERMAN"), 1290 Avenue of the Americas,
New York, New York 10104, on the execution date of this Agreement. The
Closing shall take place on the two dates described in Sections 1.1(i) and
1.1(iii) below.

(i)      THE FIRST CLOSING DATE. On the date of execution of this Agreement
         (the "FIRST CLOSING DATE"), the parties shall deliver or shall cause
         to be delivered the following: (A) the Company shall deliver to each
         Purchaser: (1) a stock certificate of the Company, registered in the
         name of such Purchaser, representing a number of Shares equal to the
         quotient obtained by dividing (x) 50% of the portion of the Purchase
         Price indicated below such Purchaser's signature to this Agreement
         by (y) the First Closing Date Per Share Purchase Price (as defined
         below), (2) a Warrant, in the form of EXHIBIT C, registered in the
         name of such Purchaser, pursuant to which such Purchaser shall have
         the right to acquire upon the terms thereof at an exercise price per
         share equal to 125% of the First Closing Date Per Share Purchase
         Price, a number of shares of Common Stock equal to the quotient
         obtained by dividing (x) 30% of the Purchase Price to be paid by
         such Purchaser on the First Closing Date pursuant to clause (B)
         below in this paragraph and (y) the First Closing Date Per Share
         Purchase Price; (3) an executed Registration Rights Agreement, dated
         the date of this Agreement, among the Company and the Purchasers, in
         the form of EXHIBIT A (the

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         "REGISTRATION RIGHTS AGREEMENT"), (4) Transfer Agent Instructions,
         in the form of EXHIBIT B, executed by the Company and delivered to
         and acknowledged in writing by the Company's transfer agent (the
         "TRANSFER AGENT INSTRUCTIONS"), (5) the legal opinion of Riordan &
         McKinzie, outside counsel to the Company, in agreed form, and (6) an
         executed copy of this Agreement; and (B) each Purchaser shall
         deliver to the Company: (1) 50% of the portion of the Purchase Price
         set forth under such Purchaser's signature to this Agreement (less
         the monies set forth in Section 4.1) in United States dollars in
         immediately available funds by wire transfer to an account
         designated in writing by the Company for such purpose, (2) an
         executed Registration Rights Agreement and (3) an executed copy of
         this Agreement. The parties acknowledge and agree that the Purchase
         Price paid by such Purchaser on the First Closing Date in accordance
         with Section 1.1(i) (including as paid for purposes of this Section,
         all monies deducted from the amount paid as set forth in Section
         4.1) will be deemed to be consideration paid for the Shares to be
         issued to such Purchaser pursuant to Section 1.1(i)(A)(1) and the
         Shares, if any, to be issued to such Purchaser pursuant to Section
         1.1(ii)(A).

(ii)     THE FIRST SETTLEMENT DATE. On the twelfth Trading Day following the
         First Closing Date (including the First Closing Date) (the "FIRST
         SETTLEMENT DATE"), the Company shall deliver to each Purchaser: (A)
         a stock certificate of the Company, registered in the name of such
         Purchaser, representing a number of Shares equal to the amount
         obtained by subtracting (x) the quotient obtained by dividing the
         Purchase Price paid by such Purchaser on the First Closing Date in
         accordance with Section 1.1(i) by the First Closing Date Per Share
         Purchase Price (including as paid for purposes of this Section, all
         monies deducted from the amount paid as set forth in Section 4.1),
         from (y) the quotient obtained by dividing the Purchase Price paid
         by such Purchaser on the First Closing Date in accordance with
         Section 1.1(i) (including as paid for purposes of this Section, all
         monies deducted from the amount paid as set forth in Section 4.1) by
         the First Settlement Date Per Share Purchase Price (if the
         difference obtained by subtracting the quotient of item (ii)(A)(x)of
         this paragraph from the product of item (ii)(A)(y)of this paragraph
         is a negative number, then the parties agree that such Purchaser
         shall not be obligated to return Shares to the Company), (B) a
         Warrant, in the form of EXHIBIT C, registered in the name of such
         Purchaser, pursuant to which such Purchaser shall have the right to
         acquire upon the terms thereof at an exercise price per share equal
         to 125% of the First Settlement Date Per Share Purchase Price, a
         number of shares of Common Stock equal to the amount obtained by
         subtracting (x) the quotient obtained by dividing 30% of the
         Purchase Price paid by such Purchaser on the First Closing Date in
         accordance with Section 1.1(i) by the First Closing Date Per Share
         Purchase Price, from (y) the quotient obtained by dividing 30% of
         the Purchase Price paid by such Purchaser on the First Closing Date
         in accordance with Section 1.1(i) (including as paid for purposes of
         this Section, all monies deducted from the amount paid as set forth
         in Section 4.1) by the First Settlement Date Per Share Purchase
         Price (if the difference obtained by subtracting the quotient of
         item (ii)(B)(x) of this paragraph from the quotient of item
         (ii)(B)(y) of this paragraph is a negative number, then the parties
         agree that such Purchaser shall not be obligated to return the
         Warrant issued to it on the First Closing Date for re-issuance in a
         lower amount).

                                       -2-
<PAGE>

(iii)    THE SECOND CLOSING DATE. On the 30th Trading Day following (and
         including) the First Closing Date, or such earlier date as may be
         indicated in writing by Deephaven (the "SECOND CLOSING DATE"): (A)
         the Company will deliver to each Purchaser: (1) a stock certificate
         of the Company, registered in the name of such Purchaser,
         representing a number of Shares equal to the quotient obtained by
         dividing (x) 50% of the portion of the Purchase Price indicated
         below such Purchaser's signature to this Agreement by (y) the Second
         Closing Date Per Share Purchase Price (as defined below), (2) a
         Warrant, in the form of EXHIBIT C, registered in the name of such
         Purchaser, pursuant to which such Purchaser shall have the right to
         acquire upon the terms thereof at an exercise price per share equal
         to 125% of the Second Closing Date Per Share Purchase Price, a
         number of shares of Common Stock equal to the quotient obtained by
         dividing (x) 30% of the Purchase Price to be paid by such Purchaser
         on the Second Closing Date pursuant to clause (B) below in this
         paragraph by (y) the Second Closing Date Per Share Purchase Price,
         and (B) each Purchaser shall deliver 50% of the portion of the
         Purchase Price set forth under such Purchaser's signature to this
         Agreement in United States dollars in immediately available funds by
         wire transfer to an account designated in writing by the Company for
         such purpose. The parties acknowledge and agree that the Purchase
         Price paid by such Purchaser on the Second Closing Date in
         accordance with Section 1.1(iii) will be deemed to be consideration
         paid for the Shares to be issued to such Purchaser pursuant to
         Section 1.1(iii)(A)(1) and the Shares, if any, that may be issued to
         such Purchaser pursuant to Section 1.1(iv)(A). Notwithstanding
         anything to the contrary contained herein, a Purchaser shall not be
         obligated to acquire Shares or Warrants on the Second Closing Date
         or Second Settlement Date (as defined below) if there shall have
         occurred and be continuing an Event Under Section 3.17(a)(b).
         However, the obligations of the Company under the Transaction
         Documents shall not be affected by such non-acquisition.

(iv)     THE SECOND SETTLEMENT DATE. On the twelfth Trading Day following the
         Second Closing Date (including the Second Closing Date) (the "SECOND
         SETTLEMENT DATE"), the Company shall deliver to each Purchaser: (A)
         a stock certificate of the Company, registered in the name of such
         Purchaser, representing a number of Shares equal to the amount
         obtained by subtracting (x) the quotient obtained by dividing the
         Purchase Price paid by such Purchaser on the Second Closing Date in
         accordance with Section 1.1(iii) by the Second Closing Date Per
         Share Purchase Price, from (y) the quotient obtained by dividing the
         Purchase Price paid by such Purchaser on the Second Closing Date in
         accordance with Section 1.1(iii) by the Second Settlement Date Per
         Share Purchase Price (if the difference obtained by subtracting the
         quotient of item (iv)(A)(x)of this paragraph from the product of
         item (iv)(A)(y)of this paragraph is a negative number, then the
         parties agree that such Purchaser shall not be obligated to return
         Shares to the Company), (B) a Warrant, in the form of EXHIBIT C,
         registered in the name of such Purchaser, pursuant to which such
         Purchaser shall have the right to acquire upon the terms thereof at
         an exercise price per share equal to 125% of the Second Settlement
         Date Per Share Purchase Price, a number of shares of Common Stock
         equal to the amount obtained by subtracting (x) the quotient
         obtained by dividing 30% of the Purchase Price paid by such
         Purchaser on the Second Closing Date in accordance with Section
         1.1(iii) by the Second Closing Date Per Share Purchase Price, from
         (y) the quotient obtained by dividing 30% of the Purchase Price paid
         by such Purchaser on

                                       -3-
<PAGE>

         the Second Closing Date in accordance with Section 1.1(iii) by the
         Second Settlement Date Per Share Purchase Price (if the difference
         obtained by subtracting the quotient of item (iv)(B)(x) of this
         paragraph from the quotient of item (iv)(B)(y) of this paragraph is
         a negative number, then the parties agree that such Purchaser shall
         not be obligated to return the Warrant issued to it on the Second
         Closing Date for re-issuance in a lower amount).

         1.2. CERTAIN DEFINED TERMS. As used in this Agreement, the following
terms shall have the meanings set forth in this Section 1.2.

              (a)    "BID PRICE" means on any particular date (a) the closing
                   bid price per share of the Common Stock on such date on
                   the NASDAQ (as reported at approximately 4:15 p.m. (New
                   York City time) on such date for regular session trading)
                   or on any Subsequent Market (as defined herein) on which
                   the Common Stock is then listed or quoted, as reported by
                   Bloomberg Information Services, Inc. (or any successor
                   entity succeeding to its function of reporting prices), or
                   if there is no such price on such date, then the closing
                   bid price on the NASDAQ (as reported at approximately 4:15
                   p.m. (New York City time) on such date for regular session
                   trading) or on such Subsequent Market on the date nearest
                   preceding such date, as reported by Bloomberg Information
                   Services, Inc. (or any successor entity succeeding to its
                   function of reporting prices), or (b) if the Common Stock
                   is not then listed or quoted on the Nasdaq or a Subsequent
                   Market, the closing bid price for a share of Common Stock
                   in the over-the-counter market, as reported by the
                   National Quotation Bureau Incorporated or similar
                   organization or agency succeeding to its functions of
                   reporting prices) at the close of business on such date,
                   or (c) if the Common Stock is not then reported by the
                   National Quotation Bureau Incorporated (or similar
                   organization or agency succeeding to its functions of
                   reporting prices), then the average of the "Pink Sheet"
                   quotes for the relevant conversion period, as determined
                   in good faith by the Holder, or (d) if the Common Stock is
                   not then publicly traded the fair market value of a share
                   of Common Stock as determined by an Appraiser selected in
                   good faith by Deephaven.

              (b)    "BUSINESS DAY" means any day except Saturday, Sunday and
                   any day which shall be a federal legal holiday or a day on
                   which banking institutions in the State of New York or
                   California are authorized or required by law or other
                   governmental action to close.

              (c)    "CLOSING DATE" means either of the First Closing Date or
                   Second Closing Date.

              (d)    "DEEPHAVEN" means Deephaven Private Placement Trading
                   Ltd.

                                       -4-
<PAGE>

              (e)    "FIRST CLOSING DATE PER SHARE PURCHASE PRICE" means the
                   lesser of (a) 85% of the average Bid Price for the 10
                   Trading Days immediately preceding the First Closing Date
                   and (b) the Bid Price on the Trading Day immediately
                   preceding the First Closing Date.

              (f)    "FIRST OFFER PER SHARE PURCHASE PRICE" means the lesser
                   of (a) $10.00 (subject to equitable adjustment in the
                   event of any stock splits of the Common Stock and similar
                   events prior to the date that any offer under Section
                   3.16(a) is accepted) and (b) 85% of the average Bid Price
                   for the 21 Trading Days immediately following the date of
                   the delivery by the Company of an offer, if any, under
                   Section 3.16(a).

              (g)    "FIRST SETTLEMENT DATE PER SHARE PURCHASE PRICE" means
                   the lesser of (a) 85% of the average Bid Price for the 21
                   Trading Days comprising the ten Trading Days immediately
                   preceding the Closing Date, the Closing Date and the ten
                   Trading Days immediately following the Closing Date and
                   (b) the Bid Price on the Trading Day immediately preceding
                   the Closing Date.

              (h)    "NASDAQ" means the Nasdaq SmallCap Market.

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

              (j)    "SECOND CLOSING DATE PER SHARE PURCHASE PRICE" means the
                   lesser of (a) 85% of the average Bid Price for the 10
                   Trading Days immediately preceding the Second Closing Date
                   and (b) the Bid Price on the Trading Day immediately
                   preceding the Second Closing Date.

              (k)    "SECOND OFFER PER SHARE PURCHASE PRICE" means the lesser
                   of (a) $10.00 (subject to equitable adjustment in the
                   event of any stock splits of the Common Stock or similar
                   events prior to the date of any offer under Section
                   3.16(b) is accepted) and (b) 85% of the average Bid Price
                   for the 21 Trading Days immediately following the date of
                   the delivery by the Company of an offer, if any, under
                   Section 3.16(b).

              (l)    "SECOND SETTLEMENT DATE PER SHARE PURCHASE PRICE" means
                   the lesser of (a) 85% of the average Bid Price for the 21
                   Trading Days comprising the ten Trading Days immediately
                   preceding the Second Settlement Date and the ten Trading
                   Days immediately following the Second Settlement Date and
                   (b) the Bid Price on the Trading Day immediately preceding
                   the Second Settlement Date.

              (m)    "SUBSEQUENT MARKET" shall mean any of the New York Stock
                   Exchange,American Stock Exchange, or Nasdaq National
                   Market.

                                       -5-
<PAGE>

              (n)    "TRADING DAY" means (a) a day on which the Common Stock
                   is traded on the NASDAQ or on the Subsequent Market on
                   which the Common Stock is then listed or quoted, as the
                   case may be, or (b) if the Common Stock is not listed on
                   the NASDAQ or a Subsequent Market, a day on which the
                   Common Stock is traded in the over-the-counter market, as
                   reported by the OTC Bulletin Board , or (c) if the Common
                   Stock is not quoted on the OTC Bulletin Board, a day on
                   which the Common Stock is quoted in the over-the-counter
                   market as reported by the National Quotation Bureau
                   Incorporated (or any similar organization or agency
                   succeeding its functions of reporting prices); PROVIDED,
                   that in the event that the Common Stock is not listed or
                   quoted as set forth in (a), (b) and (c) hereof, then
                   Trading Day shall mean a Business Day.

                                   ARTICLE II
                         REPRESENTATIONS AND WARRANTIES

         2.1. REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company hereby
makes the following representations and warranties to the Purchasers:

              (a)    ORGANIZATION AND QUALIFICATION. The Company is a
                   corporation duly incorporated, validly existing and in
                   good standing under the laws of the State of Nevada, with
                   the requisite corporate power and authority to own and use
                   its properties and assets and to carry on its business as
                   currently conducted. The Company has no subsidiaries other
                   than as set forth in SCHEDULE 2.1(a) (collectively, the
                   "SUBSIDIARIES"). Each of the Subsidiaries is an entity,
                   duly incorporated or otherwise organized, validly existing
                   and in good standing under the laws of the jurisdiction of
                   its incorporation or organization (as applicable), with
                   the requisite power and authority to own and use its
                   properties and assets and to carry on its business as
                   currently conducted. Each of the Company and the
                   Subsidiaries is duly qualified to do business and is in
                   good standing as a foreign corporation or other entity in
                   each jurisdiction in which the nature of the business
                   conducted or property owned by it makes such qualification
                   necessary, except where the failure to be so qualified or
                   in good standing, as the case may be, could not,
                   individually or in the aggregate, (x) adversely affect the
                   legality, validity or enforceability of the Securities (as
                   defined below), this Agreement, the Registration Rights
                   Agreement, the Transfer Agent Instructions or the Warrants
                   (collectively, the "TRANSACTION DOCUMENTS"), (y) have or
                   result in a material adverse effect on the results of
                   operations, assets, prospects, or condition (financial or
                   otherwise) of the Company and the Subsidiaries, taken as a
                   whole, or (z) adversely impair the Company's ability to
                   perform fully on a timely basis its obligations under any
                   of the Transaction Documents (any of (x), (y) or (z), a
                   "MATERIAL ADVERSE EFFECT").

                                       -6-
<PAGE>

              (b)    AUTHORIZATION; ENFORCEMENT. The Company has the
                   requisite corporate power and authority to enter into and
                   to consummate the transactions contemplated by each of the
                   Transaction Documents and otherwise to carry out its
                   obligations thereunder. The execution and delivery of each
                   of the Transaction Documents by the Company and the
                   consummation by it of the transactions contemplated
                   thereby have been duly authorized by all necessary action
                   on the part of the Company and no further action is
                   required by the Company. Each of the Transaction Documents
                   has been duly executed by the Company and, when delivered
                   in accordance with the terms hereof, will constitute the
                   valid and binding obligation of the Company enforceable
                   against the Company in accordance with its terms. Neither
                   the Company nor any Subsidiary is in violation of any of
                   the provisions of its respective certificate or articles
                   of incorporation, by-laws or other organizational or
                   charter documents.

              (c)    CAPITALIZATION. The number of authorized, issued and
                   outstanding capital stock of the Company is set forth in
                   SCHEDULE 2.1(c). Except as disclosed in SCHEDULE 2.1(c),
                   the Company owns all of the capital stock of each
                   Subsidiary. No shares of Common Stock are entitled to
                   preemptive or similar rights, nor is any holder of the
                   securities of the Company entitled to preemptive or
                   similar rights arising out of any agreement or
                   understanding with the Company or any Subsidiary by virtue
                   of any of the Transaction Documents. Except as a result of
                   the purchase and sale of the Securities (as defined below)
                   hereunder and under the Warrants and except as disclosed
                   in SCHEDULE 2.1(c), there are no outstanding options,
                   warrants, script rights to subscribe to, calls or
                   commitments of any character whatsoever relating to, or
                   securities, rights or obligations convertible into or
                   exchangeable for, or giving any Person any right to
                   subscribe for or acquire, any shares of Common Stock, or
                   contracts, commitments, understandings, or arrangements by
                   which the Company or any Subsidiary is or may become bound
                   to issue additional shares of Common Stock, or securities
                   or rights convertible or exchangeable into shares of
                   Common Stock. The issue and sale of the Securities, will
                   not obligate the Company to issue shares of Common Stock
                   or other securities to any Person other than the Purchaser
                   and will not result in a right of any holder of Company
                   securities to adjust the exercise or conversion or reset
                   price under such securities.

              (d)    ISSUANCE OF THE SECURITIES. The Securities are duly
                   authorized and, when issued and paid for in accordance
                   with the terms hereof and the Warrants, shall have been
                   duly and validly issued, fully paid and nonassessable,
                   free and clear of all liens, encumbrances and rights of
                   first refusal of any kind (collectively, "LIENS"). The
                   Company has reserved a sufficient number of duly
                   authorized shares of Common Stock to issue all of the
                   Shares and for issuance upon exercise in full of the
                   Warrants. Prior to

                                       -7-
<PAGE>

                   any offer of First Offered Shares and Second Offered
                   Shares (as defined in Sections 3.16(a) and (b),
                   respectively), the Company will reserve for issuance to
                   Deephaven a number of shares of Common Stock equal to the
                   number of First Offered Shares and Second Offered Shares.
                   The shares of Common Stock issuable upon exercise of the
                   Warrants are referred to herein as the "UNDERLYING
                   SHARES." The Shares, the Warrants, the Underlying Shares,
                   the Adjustment Shares (as defined in Section 3.14) the
                   First Offered Shares and Second Offered Shares are
                   collectively referred to herein as, the "SECURITIES."

              (e)    NO CONFLICTS. The execution, delivery and performance of
                   the Transaction Documents by the Company and the
                   consummation by the Company of the transactions
                   contemplated thereby do not and will not (i) conflict with
                   or violate any provision of the Company's or any
                   Subsidiary's certificate or articles of incorporation,
                   bylaws or other charter documents (each as amended through
                   the date hereof), or (ii) subject to obtaining the
                   Required Approvals (as defined below), conflict with, or
                   constitute a default (or an event which with notice or
                   lapse of time or both would become a default) under, or
                   give to others any rights of termination, amendment,
                   acceleration or cancellation (with or without notice,
                   lapse of time or both) of, any agreement, instrument
                   (evidencing a Company or Subsidiary debt or otherwise) or
                   other understanding to which the Company or any Subsidiary
                   is a party or by which any property or asset of the
                   Company or any Subsidiary is bound or affected, or (iii)
                   result in a violation of any law, rule, regulation, order,
                   judgment, injunction, decree or other restriction of any
                   court or governmental authority to which the Company or a
                   Subsidiary is subject (including federal and state
                   securities laws and regulations), or by which any property
                   or asset of the Company or a Subsidiary is bound or
                   affected; except in the case of each of clauses (ii) and
                   (iii), as could not, individually or in the aggregate,
                   have or result in a Material Adverse Effect. The business
                   of the Company is not being conducted in violation of any
                   law, ordinance or regulation of any governmental
                   authority, except for violations which, individually or in
                   the aggregate, could not have or result in a Material
                   Adverse Effect. The Company shall indemnify and hold
                   harmless the Purchasers, their employees, officers,
                   directors, agents and partners, and their respective
                   Affiliates, from and against all claims, losses, damages,
                   costs (including the costs of preparation and attorney's
                   fees) and expenses suffered in respect of any breach of
                   this representation and warranty, as such losses, damages,
                   costs, fees and expenses are incurred.

              (f)    FILINGS, CONSENTS AND APPROVALS. Neither the Company nor
                   any Subsidiary is required to obtain any consent, waiver,
                   authorization or order of, give any notice to, or make any
                   filing or registration with, any court or other federal,
                   state, local or other governmental authority or other
                   Person in connection with the execution, delivery and
                   performance by the Company of the Transaction Documents,
                   other than (i) the filings required pursuant to

                                       -8-
<PAGE>

                   Section 3.10, (ii) the filing with the Securities and
                   Exchange Commission (the "COMMISSION") of a registration
                   statement meeting the requirements set forth in the
                   Registration Rights Agreement and covering the resale of
                   the Shares and the Underlying Shares by the Purchasers
                   (the "UNDERLYING SHARES REGISTRATION STATEMENT"), (iii)
                   the application(s) to the NASDAQ for the listing of the
                   Underlying Shares for trading on the NASDAQ (and with any
                   other national securities exchange or market on which the
                   Common Stock is then listed) in the time and manner
                   required thereby, and (iv) applicable Blue Sky filings
                   (collectively, the "REQUIRED APPROVALS").

              (g)    LITIGATION; PROCEEDINGS. There is no action, suit,
                   inquiry, notice of violation, proceeding or investigation
                   pending or, to the knowledge of the Company, threatened
                   against or affecting the Company or any of its
                   Subsidiaries or any of their respective properties before
                   or by any court, arbitrator, governmental or
                   administrative agency or regulatory authority (federal,
                   state, county, local or foreign) (collectively, an
                   "ACTION") which (i) adversely affects or challenges the
                   legality, validity or enforceability of any of the
                   Transaction Documents or the Securities or (ii) could, if
                   there were an unfavorable decision, individually or in the
                   aggregate, have or result in a Material Adverse Effect.
                   Neither the Company nor any Subsidiary, nor any director
                   or officer thereof, is or has been the subject of any
                   Action involving (A) a claim of violation of or liability
                   under federal or state securities laws or (B) a claim of
                   breach of fiduciary duty; (iv) the Company does not have
                   pending before the Commission any request for confidential
                   treatment of information and the Company has no knowledge
                   of any expected such request that would be made prior to
                   the Effectiveness Date (as defined in the Registration
                   Rights Agreement); and (v) there has not been, and to the
                   best of the Company's knowledge there is not pending or
                   contemplated, any investigation by the Commission
                   involving the Company or any current or former director or
                   officer of the Company.

              (h)    NO DEFAULT OR VIOLATION. Neither the Company nor any
                   Subsidiary (i) is in default under or in violation of (and
                   no event has occurred which has not been waived which,
                   with notice or lapse of time or both, would result in a
                   default by the Company or any Subsidiary under), nor has
                   the Company or any Subsidiary received notice of a claim
                   that it is in default under or that it is in violation of,
                   any indenture, loan or credit agreement or any other
                   agreement or instrument to which it is a party or by which
                   it or any of its properties is bound, (ii) is in violation
                   of any order of any court, arbitrator or governmental
                   body, or (iii) is in violation of any statute, rule or
                   regulation of any governmental authority, in each case of
                   clauses (i), (ii) or (iii) above, except as could not
                   individually or in the aggregate, have or result in a
                   Material Adverse Effect.

                                       -9-
<PAGE>

              (i)    PRIVATE OFFERING. Assuming the accuracy of the
                   representations and warranties of the Purchasers set forth
                   in Sections 2.2(b)-(g), the offer, issuance and sale of
                   the Shares, the Warrants and the Warrants Shares being
                   issued to the Purchasers on the First Closing Date, First
                   Settlement Date, Second Closing Date, Second Settlement
                   Date as contemplated hereby and the issuance and sale of
                   the Adjustment Shares are exempt from the registration
                   requirements of the Securities Act. Neither the Company
                   nor any Person acting on its behalf has taken or is, to
                   the knowledge of the Company, contemplating taking any
                   action which could subject the offering, issuance or sale
                   of such Securities to the registration requirements of the
                   Securities Act including soliciting any offer to buy or
                   sell such Securities by means of any form of general
                   solicitation or advertising.

              (j)    SEC REPORTS; FINANCIAL STATEMENTS. The Company has filed
                   all reports required to be filed by it under the
                   Securities Exchange Act of 1934, as amended (the "EXCHANGE
                   ACT"), including pursuant to Section 13(a) or 15(d)
                   thereof, for the two years preceding the date hereof (or
                   such shorter period as the Company was required by law to
                   file such material) (the foregoing materials being
                   collectively referred to herein as the "SEC REPORTS" and,
                   together with the Schedules to this Agreement, the
                   "DISCLOSURE MATERIALS") on a timely basis or has received
                   a valid extension of such time of filing and has filed any
                   such SEC Reports prior to the expiration of any such
                   extension. As of their respective dates, the SEC Reports
                   complied in all material respects with the requirements of
                   the Securities Act and the Exchange Act and the rules and
                   regulations of the Commission promulgated thereunder, and
                   none of the SEC Reports, when filed, contained any untrue
                   statement of a material fact or omitted 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.
                   All material agreements to which the Company is a party or
                   to which the property or assets of the Company are subject
                   have been filed as exhibits to the SEC Reports as required
                   under the Exchange Act. The financial statements of the
                   Company included in the SEC Reports comply in all material
                   respects with applicable accounting requirements and the
                   rules and regulations of the Commission with respect
                   thereto as in effect at the time of filing. Such financial
                   statements have been prepared in accordance with generally
                   accepted accounting principles applied on a consistent
                   basis during the periods involved ("GAAP"), except as may
                   be otherwise specified in such financial statements or the
                   notes thereto, and fairly present in all material respects
                   the financial position of the Company and its consolidated
                   subsidiaries as of and for the dates thereof and the
                   results of operations and cash flows for the periods then
                   ended, subject, in the case of unaudited statements, to
                   normal, immaterial, year-end audit adjustments. Since
                   January 1, 2000, except as specifically disclosed in the
                   SEC Reports, (a) there has been no event, occurrence or
                   development that has or that could result in a

                                       -10-
<PAGE>

                   Material Adverse Effect, (b) the Company has not incurred
                   any liabilities (contingent or otherwise) other than (x)
                   liabilities incurred in the ordinary course of business
                   consistent with past practice and (y) liabilities not
                   required to be reflected in the Company's financial
                   statements pursuant to GAAP or required to be disclosed in
                   filings made with the Commission, (c) the Company has not
                   altered its method of accounting or the identity of its
                   auditors, (d) the Company has not declared or made any
                   payment or distribution of cash or other property to its
                   stockholders or officers or directors (other than in
                   compliance with existing Company stock option plans) with
                   respect to its capital stock, or purchased, redeemed (or
                   made any agreements to purchase or redeem) any shares of
                   its capital stock and (e) the Company has not issued or
                   committed to issue shares of Common Stock or securities
                   that are convertible or exchangeable into, or give holders
                   thereof the right to receive, shares of Common Stock.

              (k)    INVESTMENT COMPANY. The Company is not, and is not an
                   Affiliate (as defined in Rule 405 under the Securities
                   Act) of, an "investment company" within the meaning of the
                   Investment Company Act of 1940, as amended.

              (l)    CERTAIN FEES. Except for certain fees payable by the
                   Company to Jesup & Lamont Securities Corporation, no fees
                   or commissions will be payable by the Company to any
                   broker, financial advisor or consultant, finder, placement
                   agent, investment banker, bank or other Person with
                   respect to the transactions contemplated by this
                   Agreement. The Purchasers shall have no obligation with
                   respect to any fees or with respect to any claims made by
                   or on behalf of other Persons for fees of a type
                   contemplated in this Section that may be due in connection
                   with the transactions contemplated by this Agreement. The
                   Company shall indemnify and hold harmless the Purchasers,
                   their employees, officers, directors, agents, and
                   partners, and their respective Affiliates, from and
                   against all claims, losses, damages, costs (including the
                   costs of preparation and attorney's fees) and expenses
                   suffered in respect of any such claimed or existing fees,
                   as such losses, damages, costs, fees and expenses are
                   incurred.

              (m)    FORM S-3 ELIGIBILITY. The Company is eligible to
                   register its Common Stock for resale under Form S-3
                   promulgated under the Securities Act.

              (n)    LISTING AND MAINTENANCE REQUIREMENTS. Except as set
                   forth in the SEC Reports, the Company has not, in the two
                   years preceding the date hereof received notice (written
                   or oral) from the NASDAQ, any stock exchange, market or
                   trading facility on which the Common Stock is or has been
                   listed (or on which it has been quoted) to the effect that
                   the Company is not in compliance with the listing or
                   maintenance requirements of such exchange, market or
                   trading facility. The Company is, and has no reason to

                                       -11-
<PAGE>

                   believe that it will not in the foreseeable future
                   continue to be, in compliance with all such listing and
                   maintenance requirements.

              (o)    PATENTS AND TRADEMARKS. The Company and its Subsidiaries
                   have, or have rights to use, all patents, patent
                   applications, trademarks, trademark applications, service
                   marks, trade names, copyrights, licenses and rights which
                   are necessary or material for use in connection with their
                   respective businesses as described in the SEC Reports and
                   which the failure to so have would have a Material Adverse
                   Effect (collectively, the "INTELLECTUAL PROPERTY RIGHTS").
                   Neither the Company nor any Subsidiary has received a
                   written notice that the Intellectual Property Rights used
                   by the Company or its Subsidiaries violates or infringes
                   upon the rights of any Person. To the best knowledge of
                   the Company, all such Intellectual Property Rights are
                   enforceable and there is no existing infringement by
                   another Person of any of the Intellectual Property Rights.

              (p)    REGISTRATION RIGHTS; RIGHTS OF PARTICIPATION. Except as
                   set forth on Schedule 6(b) to the Registration Rights
                   Agreement, the Company has not granted or agreed to grant
                   to any Person any rights (including "piggy-back"
                   registration rights) to have any securities of the Company
                   registered with the Commission or any other governmental
                   authority which has not been satisfied. Except as set
                   forth on Schedule 6(b) to the Registration Rights
                   Agreement, no Person has any right of first refusal,
                   preemptive right, right of participation, or any similar
                   right to participate in the transactions contemplated by
                   the Transaction Documents.

              (q)    REGULATORY PERMITS. The Company and its Subsidiaries
                   possess all certificates, authorizations and permits
                   issued by the appropriate federal, state or foreign
                   regulatory authorities necessary to conduct their
                   respective businesses as described in the SEC Reports,
                   except where the failure to possess such permits could
                   not, individually or in the aggregate, have or result in a
                   Material Adverse Effect ("MATERIAL PERMITS"), and neither
                   the Company nor any such Subsidiary has received any
                   notice of proceedings relating to the revocation or
                   modification of any Material Permit.

              (r)    TITLE. The Company and the Subsidiaries have good and
                   marketable title in fee simple to all real property owned
                   by them which is material to the business of the Company
                   and its Subsidiaries and good and marketable title in all
                   personal property owned by them which is material to the
                   business of the Company and its Subsidiaries, in each case
                   free and clear of all Liens, except for Liens as do not
                   materially affect the value of such property and do not
                   interfere with the use made and proposed to be made of
                   such property by the Company and its Subsidiaries. Any
                   real property and facilities held under lease by the
                   Company and its Subsidiaries are held by them under valid,
                   subsisting and enforceable leases of which the Company and
                   its Subsidiaries

                                       -12-
<PAGE>

                   are in compliance and do not interfere with the use made
                   and proposed to be made of such property and buildings by
                   the Company and its Subsidiaries.

              (s)    LABOR RELATIONS. No material labor problem exists or, to
                   the knowledge of the Company, is imminent with respect to
                   any of the employees of the Company.

              (t)    SOLVENCY. Based on the financial condition of the
                   Company as of the Closing Date, (i) the Company's fair
                   saleable value of its assets exceeds the amount that will
                   be required to be paid on or in respect of the Company's
                   existing debts and other liabilities (including known
                   contingent liabilities) as they mature; (ii) the Company's
                   assets do not constitute unreasonably small capital to
                   carry on its business for the current fiscal year as now
                   conducted and as proposed to be conducted including its
                   capital needs taking into account the particular capital
                   requirements of the business conducted by the Company, and
                   project capital requirements and capital availability
                   thereof; and (iii) the current cash flow of the Company,
                   together with the proceeds the Company would receive, were
                   it to liquidate all of its assets, after taking into
                   account all anticipated uses of the cash, would be
                   sufficient to pay all amounts on or in respect of its debt
                   when such amounts are required to be paid. The Company
                   does not intend to incur debts beyond its ability to pay
                   such debts as they mature (taking into account the timing
                   and amounts of cash to be payable on or in respect of its
                   debt).

              (u)    APPLICATION OF TAKEOVER PROTECTIONS. The Company and its
                   Board of Directors have taken all necessary action, if
                   any, in order to render inapplicable any control share
                   acquisition, business combination, poison pill (including
                   any distribution under a rights agreement) or other
                   similar anti-takeover provision under the Company's
                   Certificate of Incorporation (or similar charter
                   documents) or the laws of its state of incorporation that
                   is or could become applicable to the Purchasers as a
                   result of the Purchasers and the Company fulfilling their
                   obligations or exercising their rights under this
                   Agreement, including without limitation the Company's
                   issuance of the Securities and the Purchasers' ownership
                   of the Securities.

              (v)    DISCLOSURE. The Company confirms that neither it nor any
                   other Person acting on its behalf has provided any of the
                   Purchasers or its agents or counsel with any information
                   that constitutes or might constitute material non-public
                   information. The Company understands and confirms that the
                   Purchasers shall be relying on the foregoing
                   representations in effecting transactions in securities of
                   the Company. All disclosure provided to the Purchasers
                   regarding the Company, its business and the transactions
                   contemplated hereby, including the Schedules to this
                   Agreement, furnished by or on behalf of the Company are
                   true and correct and do not contain any untrue statement
                   of a material fact or omit to state any material fact
                   necessary

                                       -13-
<PAGE>

                   in order to make the statements made therein, in light of
                   the circumstances under which they were made, not
                   misleading.

         2.2.      REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS. Each
Purchaser hereby for itself and for no other Purchaser, represents and
warrants to the Company as follows:

              (a)    ORGANIZATION; AUTHORITY. Such Purchaser, if an entity,
                   is an entity duly organized, validly existing and in good
                   standing under the laws of the jurisdiction of its
                   organization with the requisite corporate or partnership
                   power and authority to enter into and to consummate the
                   transactions contemplated by the Transaction Documents and
                   otherwise to carry out its obligations thereunder. The
                   purchase by such Purchaser of the Securities to be
                   acquired by it hereunder has been duly authorized by all
                   necessary action on the part of such Purchaser. Each of
                   this Agreement and the Registration Rights Agreement has
                   been duly executed by such Purchaser, and when delivered
                   by such Purchaser in accordance with the terms hereof,
                   will constitute the valid and legally binding obligation
                   of such Purchaser, enforceable against it in accordance
                   with its terms.

              (b)    INVESTMENT INTENT. Such Purchaser is acquiring the
                   Securities as principal for its own account for investment
                   purposes only and not with a view to or for distributing
                   or reselling such Securities or any part thereof, without
                   prejudice, however, to such Purchaser's right, subject to
                   the provisions of this Agreement, the Registration Rights
                   Agreement and the Warrants, at all times to sell or
                   otherwise dispose of all or any part of such Securities in
                   compliance with applicable securities laws. Nothing
                   contained herein shall be deemed a representation or
                   warranty by such Purchaser to hold Securities for any
                   period of time. Such Purchaser is acquiring the Securities
                   hereunder in the ordinary course of its business. Such
                   Purchaser does not have any agreement or understanding,
                   directly or indirectly, with any Person to distribute the
                   Securities.

              (c)    PURCHASER STATUS. At the time such Purchaser was offered
                   the Securities, it was, and at the date hereof it is, and
                   at each exercise date under its respective Warrants, it
                   will be, an "accredited investor" as defined in Rule
                   501(a) under the Securities Act.

              (d)    EXPERIENCE OF SUCH PURCHASER. Such Purchaser, either
                   alone or together with its representatives, has such
                   knowledge, sophistication and experience in business and
                   financial matters so as to be capable of evaluating the
                   merits and risks of the prospective investment in the
                   Securities, and has so evaluated the merits and risks of
                   such investment.

                                       -14-
<PAGE>

              (e)    ABILITY OF SUCH PURCHASER TO BEAR RISK OF INVESTMENT.
                   Such Purchaser is able to bear the economic risk of an
                   investment in the Securities and, at the present time, is
                   able to afford a complete loss of such investment.

              (f)    ACCESS TO INFORMATION. Such Purchaser acknowledges that
                   it has reviewed the Disclosure Materials and has been
                   afforded (i) the opportunity to ask such questions as it
                   has deemed necessary of, and to receive answers from,
                   representatives of the Company concerning the terms and
                   conditions of the offering of the Securities and the
                   merits and risks of investing in the Securities; (ii)
                   access to information about the Company and the Company's
                   financial condition, results of operations, business,
                   properties, management and prospects sufficient to enable
                   it to evaluate its investment; and (iii) the opportunity
                   to obtain such additional information which the Company
                   possesses or can acquire without unreasonable effort or
                   expense that is necessary to make an informed investment
                   decision with respect to the investment and to verify the
                   accuracy and completeness of the information contained in
                   the Disclosure Materials. Neither such inquiries nor any
                   other investigation conducted by or on behalf of such
                   Purchaser or its representatives or counsel shall modify,
                   amend or affect such Purchaser's right to rely on the
                   truth, accuracy and completeness of the Disclosure
                   Materials and the Company's representations and warranties
                   contained in the Transaction Documents.

              (g)    GENERAL SOLICITATION. Such Purchaser is not purchasing
                   the Securities as a result of or subsequent to any
                   advertisement, article, notice or other communication
                   regarding such Securities published in any newspaper,
                   magazine or similar media or broadcast over television or
                   radio or presented at any seminar or any other general
                   solicitation or general advertisement.

              (h)    RELIANCE. Such Purchaser understands and acknowledges
                   that (i) the Shares, Warrants and Warrants Shares issuable
                   on the First Closing Date, the First Settlement Date, the
                   Second Closing Date, the Second Settlement Date and the
                   Adjustment Shares are being offered and sold to it without
                   registration under the Securities Act in a private
                   placement that is exempt from the registration provisions
                   of the Securities Act and (ii) the availability of such
                   exemption, depends in part on, and the Company will rely
                   upon the accuracy and truthfulness of, the foregoing
                   representations and such Purchaser hereby consents to such
                   reliance.

                  The Company acknowledges and agrees that no Purchaser makes or
has made any representations or warranties with respect to the transactions
contemplated hereby other than those specifically set forth in this Section 2.2.

                                       -15-
<PAGE>

                                   ARTICLE III
                         OTHER AGREEMENTS OF THE PARTIES

         3.1.     TRANSFER RESTRICTIONS.  Securities may only be disposed
               of pursuant to an effective registration statement under the
               Securities Act, to the Company or pursuant to an available
               exemption from or in a transaction not subject to the
               registration requirements of the Securities Act, and in
               compliance with any applicable federal and state securities
               laws. In connection with any transfer of Securities other than
               pursuant to an effective registration statement or to the
               Company, except as otherwise set forth herein, the Company may
               require the transferor thereof to provide to the Company an
               opinion of counsel selected by the transferor, the form and
               substance of which opinion shall be reasonably satisfactory to
               the Company, to the effect that such transfer does not require
               registration of such transferred Securities under the
               Securities Act. Any such transferee shall agree in writing to
               be bound by the terms of this Agreement and shall have the
               rights of a Purchaser under this Agreement and the
               Registration Rights Agreement and, if such transfer is of all
               or a portion of the Warrants held by such Purchaser, as a
               Holder of the Warrants (as defined therein).

    (a)       The Shares, the Warrants and any Warrant Shares issued
         while there is not an effective Underlying Shares Registration
         Statement shall be issued with the following legend:

                  [NEITHER] THESE SECURITIES [NOR THE SECURITIES INTO WHICH
         THESE SECURITIES ARE EXERCISABLE] HAVE BEEN REGISTERED WITH THE
         SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY
         STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE
         SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND,
         ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
         REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
         AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
         REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
         APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF
         COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL
         BE REASONABLY ACCEPTABLE TO THE COMPANY.

    (c)  However, Underlying Shares issued when there is an

         effective Underlying Shares Registration Statement or when such
         legend is not required under the Securities Act (including judicial
         interpretations and pronouncements issued by the Staff of the
         Commission) shall not contain the legend set forth above nor any
         other legend. The Company shall cause its counsel to issue the legal
         opinion included in the Transfer Agent Instructions to the Company's
         transfer agent on the date that an Underlying Shares Registration
         Statement is declared effective by the Commission (such date, the
         "EFFECTIVE DATE"). The Company agrees that following the Effective
         Date, it will, no later than three Trading Days following the
         delivery by a Purchaser to the Company of a certificate or

                                       -16-
<PAGE>

         certificates representing Shares or Underlying Shares issued with a
         restrictive legend, deliver to such Purchaser certificates
         representing such Shares or Underlying Shares which shall be free
         from all restrictive and other legends. The Company may not make any
         notation on its records or give instructions to any transfer agent
         of the Company which enlarge the restrictions of transfer set forth
         in this Section.

         3.2.     ACKNOWLEDGMENT OF DILUTION. The Company acknowledges that
               the issuance of Underlying Shares upon exercise of the
               Warrants will result in dilution of the outstanding shares of
               Common Stock, which dilution may be substantial under certain
               market conditions. The Company further acknowledges that its
               obligation to issue Underlying Shares upon exercise of the
               Warrants pursuant to the terms thereof is unconditional and
               absolute, subject to the limitations set forth in the
               Warrants, regardless of the effect of any such dilution.

         3.3.     FURNISHING OF INFORMATION. As long as the Purchasers own
               Securities, the Company covenants to timely file (or obtain
               extensions in respect thereof and file within the applicable
               grace period) all reports required to be filed by the Company
               after the date hereof pursuant to Section 13(a) or 15(d) of
               the Exchange Act. As long as the Purchasers own Securities, if
               the Company is not required to file reports pursuant to such
               sections, it will prepare and furnish to the Purchasers and
               make publicly available in accordance with Rule 144(c)
               promulgated under the Securities Act such information as is
               required for the Purchasers to sell the Securities under Rule
               144 promulgated under the Securities Act. The Company further
               covenants that it will take such further action as any holder
               of Securities may reasonably request, all to the extent
               required from time to time to enable such Person to sell
               Underlying Shares without registration under the Securities
               Act within the limitation of the exemptions provided by Rule
               144 promulgated under the Securities Act, including causing
               its attorneys to render and deliver any legal opinion required
               under such rule or by the transfer agent of the Common Stock
               or clearing broker for the Purchaser in order to permit a
               Purchaser to sell shares under Rule 144. Upon the request of
               any such Person, the Company shall deliver to such Person a
               written certification of a duly authorized officer as to
               whether it has complied with such requirements.

         3.4.     INTEGRATION. The Company shall not, and shall use its best
               efforts to ensure that, no Affiliate of the Company shall,
               sell, offer for sale or solicit offers to buy or otherwise
               negotiate in respect of any security (as defined in Section 2
               of the Securities Act) that would be integrated with the offer
               or sale of the Securities in a manner that would require the
               registration under the Securities Act of the sale of the
               Securities to the Purchasers, or that would be integrated with
               the offer or sale of the Securities for the purposes of the
               rules and regulations of NASDAQ.

         3.5.     INCREASE IN AUTHORIZED SHARES. If on any date the Company
               would be, if a notice of exercise were to be delivered on such
               date, precluded from issuing the number of Underlying Shares
               issuable upon exercise in full of the Warrants due to the
               unavailability of a sufficient number of authorized but
               unissued or reserved

                                       -17-
<PAGE>

               shares of Common Stock, then the Board of Directors of the
               Company shall promptly prepare and mail to the stockholders of
               the Company proxy materials requesting authorization to amend
               the Company's certificate or articles of incorporation to
               increase the number of shares of Common Stock which the
               Company is authorized to issue so as to provide enough shares
               for issuance under the Warrants. In connection therewith, the
               Board of Directors shall (a) adopt proper resolutions
               authorizing such increase, (b) recommend to and otherwise use
               its best efforts to promptly and duly obtain stockholder
               approval to carry out such resolutions (and hold a special
               meeting of the stockholders no later than the earlier to occur
               of the 60th day after delivery of the proxy materials relating
               to such meeting and the 90th day after request by a holder of
               Warrants to issue the number of Underlying Shares in
               accordance with the terms hereof) and (c) within five Business
               Days of obtaining such stockholder authorization, file an
               appropriate amendment to the Company's certificate or articles
               of incorporation to evidence such increase.

         3.6.     RESERVATION AND LISTING OF UNDERLYING SHARES. (a) The
               Company shall take such steps as may be required to cause the
               listing of the Shares, Warrant Shares, Adjustment Shares, if
               any, First Offered Shares, if any, and Second Offered Shares
               (if any) on the NASDAQ and such other exchange, market or
               quotation facility on which the Common Stock is traded.

    (b)      The Company shall maintain a reserve of shares of Common Stock for
         issuance upon exercise in full of the Warrants in accordance with this
         Agreement and the Warrants, respectively, in such amount as may be
         required to fulfill its obligations in full under the Warrants.

         3.7.     USE OF PROCEEDS. The Company shall use the net proceeds
               from the sale of the Securities hereunder for working capital
               purposes and not for the satisfaction of any portion of the
               Company's debt (other than payment of trade payables in the
               ordinary course of the Company's business and prior
               practices), to redeem any Company equity or equity-equivalent
               securities or to settle any outstanding litigation.

         3.8.     EXERCISE OBLIGATIONS. The Company shall honor exercises of
               the Warrants and shall deliver Underlying Shares in accordance
               with the terms, conditions and time periods set forth in the
               Warrants.

         3.9.     SUBSEQUENT FINANCINGS; LIMITATION ON REGISTRATION.  (a)
               Prior to the 270th day after the Second Closing Date, other
               than to Deephaven or an Affiliate thereof, the Company shall
               not offer, sell, grant any option to purchase or offer, sell
               or grant any right to reprice its securities, or otherwise
               dispose of or issue (or announce any offer, sale, grant or any
               option to purchase or other disposition) any Common Stock or
               any equity or equity equivalent securities (including any
               equity, debt or other instrument that is at any time over the
               life thereof convertible into or exchangeable for Common
               Stock), and the Company will cause its Subsidiaries not to
               offer, sell or issue during

                                       -18-
<PAGE>

               such period any of such Subsidiary's securities which provide
               the holder thereof the right to receive any Common Stock
               (collectively, "COMMON STOCK EQUIVALENTS"), unless otherwise
               agreed to in writing by the Company and Deephaven. In
               furtherance of this restriction, other than to Deephaven or an
               Affiliate thereof, prior to the 270th day following the Second
               Closing Date, the Company may not enter into any equity line
               or similar financing arrangement or issue or agree to issue
               any shares of its Common Stock or any Common Stock Equivalents
               pursuant to any equity line or similar type of financing,
               unless otherwise agreed to in writing by the Company and
               Deephaven.

    (b)     From the date of this Agreement through the 180th day following the
         Effective Date, other than to Deephaven or an Affiliate thereof, the
         Company shall not directly or indirectly, offer, sell, grant any option
         to purchase, or otherwise dispose of (or announce any offer, sale,
         grant of any option to purchase or other disposition) any Common Stock
         or Common Stock Equivalents, unless (A) the Company delivers to
         Deephaven a written notice (the "SUBSEQUENT PLACEMENT NOTICE") of its
         intention to effect such Subsequent Placement, which Subsequent
         Placement Notice shall describe in reasonable detail the proposed terms
         of such Subsequent Placement, the amount of proceeds intended to be
         raised thereunder, the Person with whom such Subsequent Placement shall
         be effected, and attached to which shall Placement Trading Ltd. shall
         not have notified the Company by 6:30 p.m. (New York City time) on the
         fifth Trading Day after its receipt of the Subsequent Placement
         Notice of its willingness to provide (or to cause its sole designee
         to provide), subject to completion of mutually acceptable
         documentation, financing to the Company on the same terms set forth
         in the Subsequent Placement Notice. If Deephaven shall fail to
         notify the Company of its intention to enter into such negotiations
         within such time period, the Company may effect the Subsequent
         Placement substantially upon the terms and to the Persons (or
         Affiliates of such Persons) set forth in the Subsequent Placement
         Notice; PROVIDED, that the Company shall provide Deephaven with a
         second Subsequent Placement Notice, and Deephaven shall again have
         the right of first refusal set forth above in this paragraph (b), if
         the Subsequent Placement subject to the initial Subsequent Placement
         Notice shall not have been consummated for any reason on the terms
         set forth in such Subsequent Placement Notice within 40 Trading Days
         after the date of the initial Subsequent Placement Notice with the
         Person (or an Affiliate of such Person) identified in the Subsequent
         Placement Notice.

    (c)      Except to register (x) the Registrable Securities (as defined in
         the Registration Rights Agreement), (y) securities of the Company
         permitted pursuant to Section 6(c) of the Registration Rights
         Agreement to be registered in the Underlying Shares Registration
         Statement, and (z) Common Stock permitted to be issued pursuant to
         Section 3.9(e), the Company may not until the 180th day after the
         Effective Date file a registration statement to register any of its
         securities.

    (d)      The restrictive periods set forth in Sections 3.9 (a)-(c) shall be
         extended for the number of days during such periods (A) in which
         trading in the Common Stock is suspended by any securities exchange
         or market or quotation system on which the Common Stock is then
         listed, or (B) following the Effective Date that the Registration
         Statement is not

                                       -19-
<PAGE>

         effective, or (C) following the Effective Date, that the prospectus
         included in the Registration Statement may not be used by the
         holders thereof for the resale of Registrable Securities.

    (e)      The restrictions contained in Section 3.9 (a)-(c) shall not apply
         to (i) the granting of options or warrants to employees, officers and
         directors of the Company, and the issuance of Common Stock upon
         exercise of such options or warrants granted under any stock option
         plan heretofore or hereinafter duly adopted by the Company and (ii)
         shares of Common Stock issuable upon exercise of any currently
         outstanding warrants and other outstanding convertible securities of
         the Company, in each case as and to the extent disclosed in SCHEDULE
         2.1(c) (but not as to any amendments or modifications of the terms
         of such securities after the date of this Agreement, including
         "back-dated" agreements).

         3.10.     CERTAIN SECURITIES LAWS DISCLOSURES; PUBLICITY. The
               Company shall: (i) on the Second Settlement Date issue a press
               release acceptable to the Purchasers disclosing the
               transactions contemplated hereby, (ii) file with the
               Commission a Report on Form 8-K disclosing the transactions
               contemplated hereby in the time and manner required under the
               Exchange Act, and (iii) timely file with the Commission a Form
               D promulgated under the Securities Act. The Company shall, no
               less than two Business Days prior to the filing of any
               disclosure required by clauses (ii) and (iii) above, provide a
               copy thereof to the Purchasers for their review. The Company
               and the Purchasers shall consult with each other in issuing
               any other press releases or otherwise making public statements
               or filings and other communications with the Commission or any
               regulatory agency or stock market or trading facility with
               respect to the transactions contemplated hereby and neither
               party shall issue any such press release or otherwise make any
               such public statement, filings or other communications without
               the prior written consent of the other, except if such
               disclosure is required by law or stock market regulation, in
               which such case the disclosing party shall promptly provide
               the other party with prior notice of such public statement,
               filing or other communication. In the event that there is any
               offer and sale of First Offered Shares or Second Offered
               Shares, the Company shall, by the third Trading Day following
               each such sale, prepare and file with the Commission, a
               supplement to the applicable registration statement under
               which such shares are offered to disclose any such offer and
               sale.

         3.11.     REIMBURSEMENT. If any Purchaser becomes involved in any
               capacity in any action, proceeding or investigation brought by
               or against any Person, including stockholders of the Company,
               solely as a result of acquiring the Securities under this
               Agreement, the Company will reimburse such Purchaser for its
               reasonable legal and other expenses (including the cost of any
               investigation preparation and travel in connection therewith)
               incurred in connection therewith, as such expenses are
               incurred. The reimbursement obligations of the Company under
               this paragraph shall be in addition to any liability which the
               Company may otherwise have, shall extend upon the same terms
               and conditions to any Affiliates of the Purchasers who are
               actually named in such action, proceeding or investigation,
               and partners, directors,

                                       -20-
<PAGE>

               agents, employees and controlling persons (if any), as the
               case may be, of the Purchasers and any such Affiliate, and
               shall be binding upon and inure to the benefit of any
               successors, assigns, heirs and personal representatives of the
               Company, the Purchasers and any such Affiliate and any such
               Person. The Company also agrees that neither the Purchasers
               nor any such Affiliates, partners, directors, agents,
               employees or controlling persons shall have any liability to
               the Company or any Person asserting claims on behalf of or in
               right of the Company solely as a result of acquiring the
               Securities under this Agreement.

         3.12.     SHAREHOLDER RIGHTS PLAN. No claim will be made or enforced
               by the Company or any other Person that any Purchaser is an
               "Acquiring Person" under any shareholders rights plan or
               similar plan or arrangement in effect or hereafter adopted by
               the Company, or that any Purchaser could be deemed to trigger
               the provisions of any such plan or arrangement, by virtue of
               receiving Securities or shares of Common Stock under the
               Transaction Documents.

         3.13.     DISCLOSURE OF MATERIAL NON-PUBLIC INFORMATION. The Company
               shall not and shall cause each of its Affiliates and other
               Persons acting on behalf of the Company not to divulge to any
               Purchaser any information that it believes to be material
               non-public information unless such Purchaser has agreed in
               writing to receive such information. The Company agrees to
               comply with Regulation FD, promulgated under the Exchange Act.

         3.14.     ADJUSTMENT TO PURCHASE PRICE UPON ISSUANCE OF COMMON STOCK
               OR EQUIVALENTS. If prior to the 180th Trading Day following
               the Second Closing Date, (a) the Company shall issue or agree
               to issue shares of Common Stock at a price (i) with respect to
               the Shares issued on the First Closing Date, below the First
               Closing Date Per Share Purchase Price, (ii) with respect to
               the Shares issued on the First Settlement Date, below the
               First Settlement Date Per Share Purchase Price, (iii) with
               respect to the Shares issued on the Second Closing Date, below
               the Second Closing Date Per Share Purchase Price, or (iv) with
               respect to the Shares issued on the Second Settlement Date,
               below the Second Settlement Date Per Share Purchase Price, or
               (b) the Company shall issue any Common Stock Equivalents or
               shall enter an agreement to issue Common Stock Equivalents,
               that entitle any Person to acquire shares of Common Stock at a
               price per share less than (i) with respect to the Shares
               issued on the First Closing Date, below the First Closing Date
               Per Share Purchase Price, (iii) with respect to the Shares
               issued on the First Settlement Date, below the First
               Settlement Date Per Share Purchase Price or (iv) with respect
               to the Shares issued on the Second Closing Date, below the
               Second Closing Date Per Share Purchase Price, (ii) with
               respect to the Shares issued on the Second Settlement Date,
               below the Second Settlement Date Per Share Purchase Price (if
               the holder of the Common Stock or Common Stock Equivalent so
               issued shall at any time, whether by operation of purchase
               price adjustments, reset provisions, floating conversion,
               exercise or exchange prices or otherwise, or due to warrants,
               options or rights issued in connection with such issuance, be
               entitled to receive shares of Common Stock at

                                       -21-
<PAGE>

               a price less than the applicable Per Share Purchase Price,
               such issuance shall be deemed to have occurred for less than
               the applicable Per Share Purchase Price), then the applicable
               Per Share Purchase Price shall be deemed adjusted to equal the
               price at which the triggering shares of Common Stock or Common
               Stock Equivalents were deemed issued under this Section and
               the Company shall, within two Trading Days of the date of such
               issuance or agreement to issue Common Stock or Common Stock
               Equivalents, issue and deliver to each Purchaser a number of
               shares of Common Stock (such shares, the "ADJUSTMENT SHARES")
               equal to (1) the number of Shares that would have been issued
               to such Purchaser on the First Closing Date, Second Closing
               Date, First Settlement Date or Second Settlement Date (as the
               case may be) at the lower per share purchase price at which
               the triggering shares of Common Stock or Common Stock
               Equivalents were deemed issued under this Section minus (2)
               the number of Shares actually issued to such Purchaser on the
               First Closing Date, Second Closing Date, First Settlement Date
               or Second Settlement Date (as the case may be). The Company
               shall notify the Purchasers in writing of its issuance of any
               such Common Stock Equivalents by the end of the day on which
               the Common Stock or Common Stock Equivalents first issued. The
               adjustment set forth in this Section shall occur on the date
               of the issuance of the Common Stock Equivalent at issue, and
               the Purchasers shall not have to await the conversion,
               exchange or other adjustment or resetting provision applicable
               to such Common Stock Equivalent. Such adjustment shall be made
               whenever such Common Stock or Common Stock Equivalents are
               issued. If the Company has an effective primary shelf
               registration statement covering shares of its Common Stock at
               the time of issuance of any Adjustment Shares, then such
               issuance shall be made under such registration statement and
               shall, notwithstanding anything to the contrary set forth
               herein, be made free of all restrictive legends. If no such
               registration statement is then effective, the Adjustment
               Shares shall be entitled to full piggy-back registration
               rights on all future or then pending Company registration
               statements, PROVIDED, THAT, in the event that any Adjustment
               Shares are not included within a registration statement filed
               by the Company by the 60th day following the issuance of such
               Adjustment Shares, then the Company shall undertake to file a
               registration statement covering the resale by the Purchasers
               (or their transferees) of such Adjustment Shares by the 20th
               day following such 60th day period, such registration
               statement shall be treated as a "Registration Statement" under
               the Registration Rights Agreement and the Purchasers and the
               Company shall be accorded the obligations and rights under
               such Agreement with respect to such registration statement.
               This paragraph shall not apply with respect to (i) the
               granting of options or warrants to employees, officers,
               directors and consultants of the Company, and the issuance of
               Common Stock upon exercise of such options or warrants granted
               under any stock option plan heretofore or hereinafter duly
               adopted by the Company, (ii) a Strategic Transaction (as
               defined below), (iii) the issuance of shares of Common Stock
               pursuant to a bone fide underwritten public offering (which
               public offering shall have an aggregate offering price of not
               less than twenty million dollars) of the Common Stock (it
               being understood that equity line transactions, including any
               on- going warrant financing, or any similar arrangements shall
               not constitute a bonafide underwritten offering of

                                       -22-
<PAGE>

               the Common Stock for the purposes hereof). A "STRATEGIC
               TRANSACTION" shall mean a transaction or relationship in which
               the Company issues shares of Common Stock to a Person which
               is, itself or through its subsidiaries, an operating company
               in a business related to the business of the Company and in
               which the Company receives material benefits in addition to
               the investment of funds, but shall not include a transaction
               in which the Company is issuing securities primarily for the
               purpose of raising capital or to an entity whose primary
               business is investing in securities.

         3.15.     CERTAIN TRADING RESTRICTIONS.  Each Purchaser agrees that
               it will not enter into any Short Sales (as hereinafter
               defined) while it still holds Shares issued to it on a Closing
               Date or a Settlement Date. For purposes of this Section, a
               "Short Sale" by a Purchaser shall mean a sale of Common Stock
               by such Purchaser that is marked as a short sale and that is
               made at a time when there is no equivalent offsetting long
               position in Common Stock held by such Purchaser. For purposes
               of determining whether there is an equivalent offsetting long
               position in Common Stock held by a Purchaser, Underlying
               Shares that may be acquired under Warrants held by such
               Purchaser shall be deemed to be held long by such Purchaser.

         3.16.     SUBSEQUENT OFFERS TO ACQUIRE COMMON STOCK. (a) The Company
               agrees that on the later of (i) the 20th Trading Day following
               the date, if any, that there has been declared effective by
               the Commission a primary shelf registration statement of the
               Company covering shares of Common Stock and (ii) the 20th
               Trading Day following the Effective Date, it shall deliver to
               Deephaven an offer to buy shares of Common Stock under such
               registration statement (the "FIRST OFFERED SHARES") at an
               aggregate purchase price equal to $2,000,000. The offer to
               acquire First Offered Shares may be accepted by Deephaven by
               delivery to the Company of a written acceptance by the fifth
               Trading Day following the receipt of such offer. The number of
               First Offered Shares that would be so offered shall equal
               $2,000,000 divided by the First Offer Per Share Purchase
               Price. If such offer is timely accepted by Deephaven, then on
               the 22nd Trading Day following the date of such offer, the
               Company shall issue and deliver to Deephaven (A) the First
               Offered Shares, free of all restrictive legends, and (B) a
               Warrant, in the form of EXHIBIT C except that Underlying
               Shares thereunder shall never be issued with any restrictive
               legend), registered in the name of Deephaven, pursuant to
               which Deephaven shall have the right to acquire upon the terms
               and at an Exercise Price equal to 125% of the First Offer Per
               Share Purchase Price a number of shares of Common Stock equal
               to the quotient obtained by dividing (x) $600,000 by (y) the
               First Offer Per Share Purchase Price; and Deephaven shall
               deliver to the Company $2,000,000 by wire transfer of
               immediately available funds to an account designated for such
               purpose by the Company. In the event that the First Offer
               Purchase Price is equal to or less than $7.00 (as adjusted
               equitably to reflect any stock splits of the Common Stock
               prior to the closing of the issue and sale of the First
               Offered Shares) then, notwithstanding its acceptance of the
               offer, Deephaven shall not be obligated to acquire any First
               Offered Shares. The purchase price for any First Offered
               Shares shall be subject to adjustment and a subsequent
               issuance obligation by the Company that mirrors the adjustment
               and

                                       -23-
<PAGE>

               issuance obligations under Section 3.14 with respect to
               Shares, except that the applicable comparison price shall be
               the First Offer Per Share Purchase Price.

    (b)      The Company agrees that if (i) at least 120 days shall have
         elapsed from the Second Settlement Date, (ii) a primary shelf
         registration statement of the Company covering shares of Common
         Stock is then effective,(iii) the closing sales price of the Common
         Stock as reported by NASDAQ on the exceeds the Second Settlement
         Date Per Share Purchase Price, and (iv) the Effective Date shall
         have occurred at least 20 Trading Days prior to such date of
         determination then the Company shall, on the day following the date,
         if any, that the conditions set forth in clauses (i) - (iv) have
         been satisfied, deliver to Deephaven an offer to buy additional
         shares of Common Stock under such registration statement (the
         "SECOND OFFERED SHARES") at an aggregate purchase price equal to
         $4,000,000. The offer to acquire Second Offered Shares may be
         accepted by Deephaven by delivery to the Company of a written
         acceptance by the fifth Trading Day following the receipt of such
         offer. The number of Second Offered Shares that would be so offered
         shall equal $4,000,000 divided by the Second Offer Per Share
         Purchase Price. If such offer is timely accepted by Deephaven, then
         on the 22nd Trading Day following the date of such offer, the
         Company shall issue and deliver to Deephaven (A) the Second Offered
         Shares, free of all restrictive legends, and (B) a Warrant, in the
         form of EXHIBIT C except that Underlying Shares thereunder shall
         never be issued with any restrictive legend), registered in the name
         of Deephaven, pursuant to which Deephaven shall have the right to
         acquire upon the terms and at an Exercise Price equal to 125% of the
         Second Offer Per Share Purchase Price a number of shares of Common
         Stock equal to the quotient obtained by dividing (x) $1,200,000 by
         (y) the Second Offer Per Share Purchase Price; and Deephaven shall
         deliver to the Company $4,000,000 by wire transfer of immediately
         available funds to an account designated for such purpose by the
         Company. In the event that the Second Offer Purchase Price is equal
         to or less than $7.00 (as adjusted equitably to reflect any stock
         splits of the Common Stock prior to the closing of the issue and
         sale of the Second Offered Shares) then, notwithstanding its
         acceptance of the offer, Deephaven shall not be obligated to acquire
         any Second Offered Shares. The purchase price for any Second Offered
         Shares shall be subject to adjustment and a subsequent issuance
         obligation by the Company that mirrors the adjustment and issuance
         obligations described under Section 3.14 with respect to Shares,
         except that the applicable comparison price shall be the Second
         Offer Per Share Purchase Price.

         3.17.     PUT EVENT. Upon the occurrence of any of the following
               events (each, an "EVENT"), a Purchaser may provide the Company
               with a notice (an "EVENT NOTICE ") requiring the Company to
               reacquire all or a portion of the Shares, First Offered Shares
               or Second Offered Shares (if any) which such Purchaser
               acquired hereunder and then still holds at a put price ("PUT
               PRICE") per share equal to the greater of (i) the purchase
               price per share paid by the Purchaser for such shares and (ii)
               the closing sales price per share for such shares on the date
               of the Event Notice or date of the payment in full of the Put
               Price, whichever is greatest (if there is no closing sales
               price on such date, then the last closing sales price reported
               for the Common Stock shall de the closing sales price
               calculated for such purpose):

                                       -24-
<PAGE>

    (a)      immediately prior to an assignment by the Company for the
         benefit of creditors or commencement of a voluntary case under Title
         11 of the United States Code, or an entering into of an order for
         relief in an involuntary case under Title 11 of the United States
         Code, or adoption by the Company of a plan of liquidation or
         dissolution;

    (b)      the Common Stock fails to be listed or quoted for trading on the
         NASDAQ for a period of three Trading Days (which need not be
         consecutive Trading Days) or the Company shall enter into an
         agreement to sell all or substantially all of its assets or shall
         enter into an agreement to merge or combine the Company with or into
         another entity in which transaction the Company will not be the
         surviving entity;

    (c)      after the Effective Date, a holder of Registrable Securities is
         not permitted to sell Registrable Securities under the Underlying
         Shares Registration Statement for any reason for fifteen Trading
         Days (whether or not consecutive) and;

    (d)      the Effective Date does not occur on or prior to the 180th day
         following the Closing Date.

             The Company shall pay the Put Price by the fifth Trading Day
    following the date of the delivery of the Event Notice. Interest shall
    accrue on the aggregate Put Price from the date such amount is due until
    paid in full at the rate of 15% per annum (or such lesser maximum amount
    that is permitted to be paid by applicable law), to accrue daily from
    the date such payment is due hereunder through and including the date of
    payment. Any Event Notice may be rescinded by the delivering Purchaser
    at any time prior to its receipt of the full Put Price.

                                   ARTICLE IV
                                  MISCELLANEOUS

         4.1.     FEES AND EXPENSES. On the First Closing Date, the Company
               shall reimburse the Purchasers for their legal fees and
               expenses incurred in connection with the preparation and
               negotiation of the Transaction Documents by paying to Robinson
               Silverman $25,000 (less $5,000 delivered previously to
               Robinson Silverman) for the preparation and negotiation of the
               Transaction Documents and $1,500 at the closing, if any, of
               the issuance and sale of First and Second Offered Shares. The
               amount contemplated by the immediately preceding sentence
               shall be retained by the Purchasers and shall not be delivered
               to the Company on the First Closing Date. Other than the
               amount contemplated herein and except as otherwise set forth
               in the Registration Rights Agreement, each party shall pay the
               fees and expenses of its advisers, counsel, accountants and
               other experts, if any, and all other expenses incurred by such
               party incident to the negotiation, preparation, execution,
               delivery and performance of this Agreement. The Company shall
               pay all stamp and other taxes and duties levied in connection
               with the issuance of the Securities.

                                       -25-
<PAGE>

         4.2.     ENTIRE AGREEMENT; AMENDMENTS. The Transaction Documents,
               together with the Exhibits and Schedules thereto and Transfer
               Agent Instructions, contain the entire understanding of the
               parties with respect to the subject matter hereof and
               supersede all prior agreements and understandings, oral or
               written, with respect to such matters, which the parties
               acknowledge have been merged into such documents, exhibits and
               schedules.

         4.3.     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 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 this 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 U.S. 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:                      NetSol International, Inc.
                                                 24025 Park Sorrento, Suite 220
                                                 Calabasas, California 91302
                                                 Facsimile No.: (818) 222-9197
                                                 Telephone No.: (818) 222-9195
                                                 Attn:  Chief Financial Officer

         With a copy to:                         Riordan & McKenzie
                                                 600 Anton Blvd., 18th Floor
                                                 Costa Mesa, California 92626
                                                 Facsimile No.: (714) 433-2716
                                                 Attn: Michael P. Whalen, Esq.

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

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

         4.4.     AMENDMENTS; WAIVERS. No provision of this Agreement may be
               waived or amended except in a written instrument signed, in
               the case of an amendment, by the Company and each of the
               Purchasers or, in the case of a waiver, by the party against
               whom enforcement of any such waiver is sought, except that
               Sections 3.9, 3.14, 3.15 and 3.16 may be amended in a writing
               signed by each of Deephaven Private Placement Trading Ltd. and
               the Company. No waiver of any default with respect to

                                       -26-
<PAGE>

               any provision, condition or requirement of this Agreement
               shall be deemed to be a continuing waiver in the future or a
               waiver of any other provision, condition or requirement
               hereof, nor shall any delay or omission of either party to
               exercise any right hereunder in any manner impair the exercise
               of any such right accruing to it thereafter.

         4.5.     HEADINGS. The headings herein are for convenience only, do
               not constitute a part of this Agreement and shall not be
               deemed to limit or affect any of the provisions hereof.

         4.6.     SUCCESSORS AND ASSIGNS. This Agreement shall be binding
               upon and inure to the benefit of the parties and their
               successors and permitted assigns. The Company may not assign
               this Agreement or any rights or obligations hereunder without
               the prior written consent of the Purchasers. Except as set
               forth in Section 3.1(a), the Purchasers may not assign this
               Agreement or any of the rights or obligations hereunder
               without the consent of the Company. This provision shall not
               limit any Purchaser's right to transfer securities or transfer
               or assign rights under the Registration Rights Agreement.

         4.7.     NO THIRD-PARTY BENEFICIARIES. This Agreement is intended
               for the benefit of the parties hereto and their respective
               successors and permitted assigns and is not for the benefit
               of, nor may any provision hereof be enforced by, any other
               Person.

         4.8.     GOVERNING LAW. The corporate laws of the State of Nevada
               shall govern all issues concerning the relative rights of the
               Company and its stockholders. 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 (including
               with respect to the enforcement of any of the Transaction
               Documents), 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 via registered or
               certified mail or overnight delivery (with evidence of
               delivery) 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. Each party irrevocably waives, to the fullest extent
               permitted by applicable law, any and all right to trial by
               jury in any legal proceeding arising out of or relating to
               this Agreement or the transactions contemplated hereby. If
               either party shall commence an action or

                                       -27-
<PAGE>

               proceeding to enforce any provisions of this Agreement,
               then the prevailing party in such action or proceeding shall
               be reimbursed by the other party for its' attorneys fees and
               other costs and expenses incurred with the investigation,
               preparation and prosecution of such action or proceeding.

         4.9.     SURVIVAL. The representations, warranties, agreements and
               covenants contained herein shall survive the Closing and the
               delivery and exercise of the Warrants.

         4.10.     EXECUTION. This Agreement may be executed in two or more
               counterparts, all of which when taken together shall be
               considered one and the same agreement and shall become
               effective when counterparts have been signed by each party and
               delivered to the other party, it being understood that both
               parties need not sign the same counterpart. In the event that
               any signature is delivered by facsimile transmission, such
               signature shall create a valid and 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 page were an original thereof.

         4.11.     SEVERABILITY. In case any one or more of the provisions of
               this Agreement shall be invalid or unenforceable in any
               respect, the validity and enforceability of the remaining
               terms and provisions of this Agreement shall not in any way be
               affecting or impaired thereby and the parties will attempt to
               agree upon a valid and enforceable provision which shall be a
               reasonable substitute therefor, and upon so agreeing, shall
               incorporate such substitute provision in this Agreement.

         4.12.     REMEDIES. In addition to being entitled to exercise all
               rights provided herein or granted by law, including recovery
               of damages, each of the Purchasers and the Company will be
               entitled to specific performance under the Transaction
               Documents. The parties agree that monetary damages may not be
               adequate compensation for any loss incurred by reason of any
               breach of obligations described in the foregoing sentence and
               hereby agrees to waive in any action for specific performance
               of any such obligation the defense that a remedy at law would
               be adequate.

         4.13.     INDEPENDENT NATURE OF PURCHASERS' OBLIGATIONS AND RIGHTS.
               The obligations of each Purchaser under any Transaction
               Document is several and not joint with the obligations of any
               other Purchaser, and no Purchaser shall be responsible in any
               way for the performance of the obligations of any other
               Purchaser under any Transaction Document. Nothing contained
               herein or in any Transaction Document, and no action taken by
               any Purchaser pursuant 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 the Transaction Document. Each Purchaser shall be entitled
               to independently protect and enforce its rights, including
               without limitation the rights arising out of this Agreement or
               out of the

                                       -28-
<PAGE>

               other Transaction Documents, and it shall not be necessary for
               any other Purchaser to be joined as an additional party in any
               proceeding for such purpose.

         4.14.     No Purchaser may become a party to this Agreement or
               acquire Shares or Warrants without the prior consent of
               Deephaven.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
                         SIGNATURE PAGES FOLLOWS]

                                      -29-
<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this
Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

                                   NETSOL INTERNATIONAL, INC.

                                   By: /s/ Salim Ghauri
                                      -------------------------------------
                                      Name: Salim Ghauri
                                      Title: CEO

                   [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
                      SIGNATURE PAGE FOR PURCHASER FOLLOWS]

<PAGE>

                            DEEPHAVEN PRIVATE PLACEMENT TRADING LTD.

                            By: /s/ Bruce Lieberman
                               -------------------------------------
                               Name: Bruce Lieberman
                               Title: Director Private Placement Trading

                            Purchase Price:                 $2,000,000

                            Address for Notice:

                            Address for Notice:
                            Deephaven Private Placement Trading Ltd.
                            c/o Deephaven Capital Management LLC
                            130 Cheshire Lane
                            Minnetonka, MN 55305
                            Facsimile No.: (952) 249-5320
                            Attn: Bruce Lieberman

         With a copy 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:  Eric L. Cohen, Esq.

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