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                                                                     EXHIBIT 4.7

                                                                       EXHIBIT B

                          REGISTRATION RIGHTS AGREEMENT

          This Registration Rights Agreement (the "Agreement") is entered into
as of December 3, 1999, by and among Stockpoint, Inc., a Delaware corporation
(the "Company"), and the persons listed on the signature page hereof (the
"Purchasers").

          WHEREAS, the Purchasers (the "Purchasers") have purchased Stock
Purchase Warrants (the "Warrants") for the purchase of Common Stock, $.01 par
value per share, of the Company;

          WHEREAS, the Company and the Purchasers desire to provide for certain
arrangements with respect to the registration under the Securities Act of 1933,
as amended (the "Securities Act"), of shares of Common Stock of the Company,
$.01 par value per share, to be issued upon exercise of the Warrants held by the
Purchasers as provided in this Agreement:

         NOW, THEREFORE, in consideration of the mutual promises and agreements
contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Company and the Purchasers
hereby agree as follows:

         1.    Definitions.

               1.1 "Commission" shall mean the Securities and Exchange
Commission or any other federal agency at the time administering the Securities
Act.

               1.2 "Company" shall mean Stockpoint, Inc., a Delaware
corporation.

               1.3 "Common Shares" shall mean the shares of common stock, par
value $.01 per share, authorized by the Company's Certificate of Incorporation
and any additional shares of common stock which may be authorized in the future
by the Company, and any stock into which such Common Shares may hereafter be
changed, and shall also include capital stock of any other class of the Company
which is not preferred as to dividends or assets over any other class of stock
of the Company and which is not subject to redemption.

               1.4 "Public Offering" shall mean any offering of Common Shares to
the public, either on behalf of the Company or any of its security holders,
pursuant to an effective registration statement under the Securities Act.

               1.5 "Purchasers" shall mean the holders from time to time of the
Warrants.

               1.6 "Registrable Securities" shall mean (a) the Common Shares at
any time issued or subject to issuance upon the exercise of the Warrants and any
series of preferred stock, warrants, options or rights, the holders of which are
granted registration rights by agreement with the Company and (b) any additional
securities issued with respect to the above-described

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securities upon any stock split, stock dividend, recapitalization, or similar
event. Registrable Securities shall cease to be Registrable Securities when (x)
a registration statement with respect to the sale of such securities shall have
been declared effective under the Securities Act and such securities shall have
been disposed of in accordance with such registration statement, (y) all such
securities held by a Purchaser shall be eligible to be distributed pursuant to
Rule 144 under the Securities Act in a single three-month period by the holders
thereof or (z) such securities shall have ceased to be outstanding.

          1.7 "Registration Expenses" shall mean the expenses described in
Section 5.

          1.8 "Securities Act" shall mean the Securities Act of 1933, as
amended.

          2. Demand Registration.

             2.1 Subject to Sections 2.4 and 2.5, if at any time after one year
has elapsed from the date the Company first consummates a Public Offering
pursuant to a registration statement on Form S-1 or Form SB-2, the Company shall
receive a written request therefor from the record holder or holders of an
aggregate of at least 51% of the Registrable Securities, the Company shall
prepare and file a registration statement under the Securities Act covering such
number of Registrable Securities as are the subject of such request and shall
use its best efforts to cause such registration statement to become effective.
Upon the receipt of a registration request meeting the requirements of this
Section 2.1, the Company shall promptly give written notice to all other record
holders of Registrable Securities that such registration is to be effected. The
Company shall include in such registration statement such additional Registrable
Securities as such other record holders request in writing within thirty (30)
days after the date of the Company's written notice to them. If (a) the holders
of a majority of the Registrable Securities for which registration has been
requested pursuant to this Section 2.1 determine for any reason not to proceed
with the registration at any time before the related registration statement has
been declared effective by the Commission, (b) such registration statement, if
theretofore filed with the Commission, is withdrawn and (c) the holders of the
Registrable Securities subject to such registration statement agree to bear
their own Registration Expenses incurred in connection therewith and to
reimburse the Company for the Registration Expenses incurred by it in such
connection or if such registration statement, if theretofore filed with the
Commission, is withdrawn at the initiative of the Company, then the holders of
the Registrable Securities shall not be deemed to have exercised their demand
registration right pursuant to this Section 2.1.

             2.2 At the request of the holders of a majority of the Registrable
Securities to be registered, the method of disposition of all Registrable
Securities included in such registration shall be an underwritten Public
Offering. The managing underwriter of any such Public Offering shall be selected
by the Company. If in the good faith judgment of the managing underwriter of
such Public Offering, the inclusion of all of the Registrable Securities the
registration of which has been requested would interfere with their successful
marketing, the number of Registrable Securities to be included in the Public
Offering shall be reduced, pro rata, among the requesting holders thereof in
proportion to the number of Registrable Securities included in their respective
requests for registration. Registrable Securities that are so excluded from such
underwritten

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Public Offering shall be withheld by the holders thereof for such period, not
exceeding one hundred and twenty (120) days, as the managing underwriter
reasonably determines is necessary to effect such Public Offering.

          2.3 The Company shall be obligated to prepare, file and cause to be
effective only one (1) registration statement pursuant to Section 2.1.

          2.4 Notwithstanding the foregoing, the Company may delay initiating
the preparation and filing of any registration statement requested pursuant to
Section 2.1 for a period not to exceed one hundred eighty (180) days if, in the
good faith judgment of the Company's Board of Directors, effecting the
registration would adversely affect a proposed Public Offering by the Company or
would require the premature disclosure of any financing, acquisition,
disposition of assets or stock, merger or other comparable transaction or would
require the Company to make public disclosure of information the public
disclosure of which could have material adverse effect on the Company.

          2.6 Notwithstanding anything to the contrary contained herein, at any
time within thirty (30) days after receiving a demand for registration pursuant
to Section 2.1, the Company may elect to effect an underwritten primary
registration in lieu of the requested registration. If the Company so elects,
the Company shall give prompt written notice to all holders of Registrable
Securities of its intention to effect such a registration and shall afford such
holders the rights contained in Article 3 with respect to "piggyback"
registrations. In such event, the demand for registration pursuant to Section
2.1 shall be deemed to have been withdrawn.

     3.   Piggyback Registration.

          3.1 From and after the date on which one year has elapsed from the
date the Company first consummates a Public Offering pursuant to a registration
statement on Form S-1 or Form SB-2, each time the Company shall determine to
proceed with the actual preparation and filing of a registration statement under
the Securities Act in connection with the proposed offer and sale for money of
any of its securities by it or any of its security holders (other than a
registration statement on Form S-8, Form S-4 or other limited purpose form), the
Company will give written notice of its determination to all record holders of
Registrable Securities. Upon the written request of a record holder of any
Registrable Securities given within 30 days after the date of any such notice
from the Company, the Company will, except as herein provided, cause all
Registrable Securities the registration of which is requested to be included in
such registration statement, all to the extent requisite to permit the sale or
other disposition by the prospective seller or sellers of the Registrable
Securities to be so registered; provided, however, that nothing herein shall
prevent the Company from, at any time, abandoning or delaying any registration;
and provided, further, that if the Company determines not to proceed with a
registration after the registration statement has been filed with the
Commission, and the Company's decision not to proceed is primarily based upon
the anticipated Public Offering price of the securities to be sold by the
Company, the Company shall promptly complete the registration for the benefit of
those selling security holders who wish to proceed with a Public Offering of
their Registrable Securities and who agree to bear all of the Registration
Expenses in excess of $25,000 incurred by the Company as the result of such
registration after the Company has decided not to proceed. In the

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discretion of the holders of the Registrable Securities to be included in the
registration (provided that such holders are the record holders of at least 51%
of the Registrable Securities), such registration may count as a demand
registration under Section 2.1 (if it otherwise meets the requirements of
Section 2.1) for which the Company will pay all Registration Expenses.

          3.2 If any registration pursuant to Section 3.1 is underwritten in
whole or in part, the Company may require that the Registrable Securities
included in the registration be included in the underwriting on the same terms
and conditions as the securities otherwise being sold through the underwriters.
If, in the good faith judgment of the managing underwriter of the Public
Offering, the inclusion of all of the Registrable Securities originally covered
by requests for registration would reduce the number of shares to be offered by
the Company or interfere with the successful marketing of the shares offered by
the Company, the number of Registrable Securities to be included in the Public
Offering may be reduced in the following manner: first, securities held by
officers and directors of the Company (other than Registrable Securities) shall
be excluded from such underwritten public offering to the extent required by the
managing underwriter, second, if a further reduction in the Public Offering is
required, any securities, other than Registrable Securities, proposed to be sold
in the Public Offering by persons other than the Company shall be excluded and
third, if a further reduction in the Public Offering is required, the
Registrable Securities requested to be included in the Public Offering shall be
reduced, pro rata, among the requesting holders thereof in proportion to the
number of Registrable Securities included in their respective requests for
registration. The Registrable Securities which are thus excluded from the
underwritten Public Offering shall be withheld from the market by the holders
thereof for a period which the managing underwriter reasonably determines is
necessary in order to effect the Public Offering.

     4. Short Form Registration. In addition to the registration rights provided
in Articles 2 and 3, if the Company qualifies for the use of Form S-3 or any
similar registration form then in force, the Company shall on one occasion at
its expense at the request of a majority of the holders of Registrable
Securities then outstanding file a registration statement on such form covering
Registrable Securities on behalf of such holder or holders. The Company shall
give notice to all the holders of Registrable Securities who did not join in
such request and afford them a reasonable opportunity to do so.

     5. Registration Procedures. If and whenever the Company is required by the
provisions of Article 2, Article 3 or Articles 4 to effect a registration of
Registrable Securities under the Securities Act, the Company will use its best
efforts to effect the registration and sale of such Registrable Securities in
accordance with the intended methods of disposition specified by the holders
participating therein. Without limiting the foregoing, the Company in each such
case will, as expeditiously as possible:

          5.1 In the case of a demand registration pursuant to Section 2.1 or
Article 4, prepare and file with the Commission the requisite registration
statement to effect such registration (including such audited financial
statements as may be required by the Securities Act or the rules and regulations
thereunder) and use its best efforts to cause such registration statement to
become effective; provided, however, that as far in advance as practical before
filing

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such registration statement or any amendment thereto, the Company will
furnish counsel for the requesting holders of Registrable Securities with copies
of reasonably complete drafts of all such documents proposed to be filed
(including exhibits), and any such holder shall have the opportunity to object
to any information pertaining solely to such holder that is contained therein
and the Company will make the corrections reasonably requested by such holder
with respect to such information prior to filing such registration statement or
amendment.

          5.2 Prepare and file with the Commission such amendments and
supplements to such registration statement and any prospectus used in connection
therewith as may be necessary to maintain the effectiveness of such registration
statement and to comply with the provisions of the Securities Act with respect
to the disposition of all Registrable Securities included in such registration
statement, in accordance with the intended methods of disposition thereof, until
the earlier of (a) such time as all of the Registrable Securities included in
such registration statement have been disposed of in accordance with the
intended methods of disposition by the holder or holders thereof as set forth in
such registration statement or (b) one hundred eighty (180) days after such
registration statement becomes effective.

          5.3 Promptly notify each requesting holder and the underwriter or
underwriters, if any, of:

          (a) when such registration statement or any prospectus used in
     connection therewith, or any amendment or supplement thereto, has been
     filed and, with respect to such registration statement or any
     post-effective amendment thereto, when the same has become effective;

          (b) any written request by the Commission for amendments or
     supplements to such registration statement or prospectus;

          (c) any notification received by the Company from the Commission
     regarding the Commission's initiation of any proceeding with respect to, or
     of the issuance by the Commission of, any stop order suspending the
     effectiveness of such registration statement; and

          (d) the receipt by the Company of any notification with respect to the
     suspension of the qualification of any Registrable Securities for sale
     under the applicable securities or blue sky laws of any jurisdiction.

          5.4 Furnish to each holder of Registrable Securities included in such
registration statement such number of conformed copies of such registration
statement and of each amendment and supplement thereto, and such number of
copies of the prospectus contained in such registration statement (including
each preliminary prospectus and any summary prospectus) and any other prospectus
filed under Rule 424 promulgated under the Securities Act relating to such
seller's Registrable Securities, and such other documents, as such holder may
reasonably request to facilitate the disposition of its Registrable Securities.

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          5.5 Use its best efforts to register or qualify all Registrable
Securities included in such registration statement under the securities or "blue
sky" laws of such states as each holder of Registrable Securities shall
reasonably request within twenty (20) days following the original filing of such
registration statement and to keep such registration or qualification in effect
for so long as such registration statement remains in effect, and take any other
action which may be reasonably necessary or advisable to enable such holder to
consummate the disposition in such states of the Registrable Securities owned by
such holder, except that the Company shall not for any such purpose be required
(a) to qualify generally to do business as a foreign corporation in any
jurisdiction wherein it would not but for the requirements of this Section 5.5
be obligated to be so qualified, (b) to consent to general service of process in
any such jurisdiction or (c) to subject itself to taxation in any such
jurisdiction by reason of such registration or qualification.

          5.6 Use its best efforts to cause all Registrable Securities included
in such registration statement to be registered with or approved by such other
governmental agencies or authorities as may be necessary to enable each holder
thereof to consummate the disposition of such Registrable Securities.

          5.7 Notify each holder whose Registrable Securities are included in
such registration statement, at any time when a prospectus relating thereto is
required to be delivered under the Securities Act, of the happening of any event
as a result of which any prospectus included in such registration statement, as
then in effect, includes an untrue statement of a material fact or omits to
state any material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were
made, not misleading, and at the request of any such holder promptly prepare and
furnish to such holder a reasonable number of copies of a supplement to or an
amendment of such prospectus as may be necessary so that, as thereafter
delivered to the purchasers of such Registrable Securities, such prospectus
shall not include an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not
misleading.

          5.8 Otherwise use its best efforts to comply with all applicable rules
and regulations of the Commission.

          5.9 Use its best efforts to cause all Registrable Securities included
in such registration statement to be listed, upon official notice of issuance,
on any securities exchange or quotation system on which any of the securities of
the same class as the Registrable Securities are then listed.

          5.10 The Company may require each holder whose Registrable Securities
are being registered to, and each such holder, as a condition to including
Registrable Securities in such registration statement, shall, furnish the
Company and the underwriters with such information and affidavits regarding such
holder and the distribution of such Registrable Securities as the Company and
the underwriters may from time to time reasonably request in writing in
connection with such registration statement. At any time during the
effectiveness of any registration statement covering Registrable Securities
offered by a holder, if such holder becomes

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aware of any change materially affecting the accuracy of the information
contained in such registration statement or the prospectus (as then amended or
supplemented) relating to such holder, it will immediately notify the Company of
such change.

          5.11 Upon receipt of any notice from the Company of the happening of
any event of the kind described in Section 5.7, each holder will forthwith
discontinue such holder's disposition of Registrable Securities pursuant to the
registration statement relating to such Registrable Securities until such holder
receives the copies of the supplemented or amended prospectus contemplated by
Section 5.7 and, if so directed by the Company, shall deliver to the Company all
copies, other than permanent file copies, then in such holder's possession of
the prospectus relating to such Registrable Securities.

     6. Expenses. With respect to any registration requested pursuant to Article
2 (except as otherwise provided in such Article with respect to a registration
voluntarily terminated at the request of the requesting holders of Registrable
Securities), Article 3 (except as otherwise provided in such Article with
respect to a registration continued by holders of Registrable Securities who
wish to proceed with a Public Offering that is withdrawn by the Company) or
Article 4, the Company shall bear all of the fees and expenses ("Registration
Expenses") incident to the Company's performance of or compliance with its
obligations under this Agreement in connection with such registration, or
participation by the holders of Registrable Securities in any such registration,
including, without limitation, all registration, filing, securities exchange
listing and NASD fees, all registration, filing, qualification and other fees
and expenses or complying with state securities or "blue sky" laws, all word
processing, duplicating and printing expenses, messenger and delivery expenses,
the fees and disbursements of counsel for the Company and of its independent
public accountants, and one counsel for the selling holders selected by them,
including the expenses of any special audits or "cold comfort" letters required
by or incident to such performance and compliance, premiums and other costs of
any policies of insurance against liabilities arising out of the Public Offering
of the Registrable Securities being registered obtained by the Company (it being
understood that the Company shall have no obligation to obtain such insurance)
and any fees and disbursements of underwriters customarily paid by issuers or
sellers of securities; but excluding underwriting discounts and commissions and
transfer taxes, if any, in respect of Registrable Securities and any fees and
disbursements of more than one counsel or any accountant to the holders of the
Registrable Securities, which discounts, commissions, transfer taxes, fees and
disbursements shall in any registration be payable by the holders of the
Registrable Securities being registered, pro rata in proportion to the number of
Registrable Securities being sold by them.

     7. Indemnification.

          7.1 The Company will, to the full extent permitted by law, indemnify
and hold harmless each holder of Registrable Securities which are included in a
registration statement pursuant to the provisions of this Agreement, and its
directors, officers and partners and each other person, if any, who controls
such holder within the meaning of the Securities Act, from and against any and
all losses, claims, damages, expenses or liabilities, joint or several
(collectively, "Losses") to which such holder or any such director, officer,
partner or controlling person may

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become subject under the Securities Act or otherwise, insofar as such Losses (or
actions or proceedings, whether commenced or threatened, in respect thereof)
arise out of or are based upon any untrue statement or alleged untrue statement
of any material fact contained in a registration statement prepared and filed
hereunder, any preliminary, final or summary prospectus contained therein or any
amendment or supplement thereto or any omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the
statements therein (in the case of a prospectus, in the light of the
circumstances under which they were made) not misleading, and the Company will
reimburse the holder and each such director, officer, partner and controlling
person for any legal or other expenses reasonably incurred by them in connection
with investigating or defending against any such Losses (or action or proceeding
in respect thereof); provided, however, that the Company will not be liable in
any such case to the extent that any such Losses arise out of or are based upon
(a) an untrue statement or alleged untrue statement or omission or alleged
omission made in conformity with written information furnished by such holder
specifically for use in the preparation of the registration statement or (b)
such holder's failure to send or give a copy of the final prospectus to the
persons asserting an untrue statement or alleged untrue statement or omission or
alleged omission at or prior to the written confirmation of the sale of
Registrable Securities to such person if such statement or omission was
corrected in such final prospectus. Such indemnity shall remain in full force
and effect regardless of any investigation made by or on behalf of such holder
or any such director, officer, partner or controlling person of such holder and
shall survive the transfer of such securities by such holder. The Company shall
also indemnify each other person who participates (including as an underwriter)
in the offering or sale of Registrable Securities, their officers and directors,
and partners, and each other person, if any, who controls any such participating
person within the meaning of the Securities Act to the same extent provided
above with respect to holders of Registrable Securities.

          7.2 Each holder of Registrable Securities which are included in a
registration pursuant to the provisions of this Agreement will, to the full
extent permitted by law, indemnify and hold harmless the Company, its officers,
directors and each other person, if any, who controls the Company within the
meaning of the Securities Act from and against any and all Losses to which the
Company or any such officer, director or controlling person may become subject
under the Securities Act or otherwise, insofar as such Losses (or actions or
proceedings, whether commenced or threatened, in respect thereof) arise out of
or are based upon any untrue or alleged untrue statement of any material fact
contained in a registration statement prepared and filed hereunder, any
preliminary, final or summary prospectus contained therein or any amendment or
supplement thereto, or arise out of or are based upon the omission or the
alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein (in the case of a prospectus, in the
light of the circumstances under which they were made) not misleading, in each
case to the extent, but only to the extent, that such untrue statement or
alleged untrue statement or omission or alleged omission was so made in reliance
upon and in strict conformity with written information furnished by such holder
specifically for use in the preparation of such registration statement. Such
indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of the Company or any such director, officer or controlling
person of the Company. The holder of Registrable Securities included in a
registration statement shall also indemnify each other person who participates
(including as an

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underwriter) in the offering or sale of Registrable Securities, their officers
and directors, and partners, and each other person, if any, who controls any
such participating person within the meaning of the Securities Act to the same
extent as provided above with respect to the Company. In no event shall the
liability of any holder under this Section 7.2 exceed the net proceeds received
by such holder from the sale of their Registrable Securities.

          7.3 Promptly after receipt by a party indemnified pursuant to the
provisions of Section 7.1 or Section 7.2 of notice of the commencement of any
action involving the subject matter of the foregoing indemnity provisions, such
indemnified party will, if a claim thereof is to be made against the
indemnifying party pursuant to the provisions of Section 7.1 or Section 7.2,
promptly notify the indemnifying party of the commencement thereof; but the
omission so to notify the indemnifying party will not relieve the indemnifying
party from any liability which it may have to any indemnified party except to
the extent that the indemnifying party is actually prejudiced by such failure to
give notice. In case any such action is brought against any indemnified party,
the indemnifying party shall have the right to participate in, and, to the
extent that it may wish, jointly with any other indemnifying party, to assume
the defense thereof, with counsel reasonably satisfactory to such indemnified
party; provided, however, that if the defendants in any action include both the
indemnified party and the indemnifying party and the indemnified party
reasonably concludes that there is a conflict of interest that would prevent
counsel for the indemnifying party from also representing the indemnified party,
the indemnified party shall have the right to select separate counsel to
participate in the defense of such action on behalf of the indemnified party or
parties. After notice from the indemnifying party to such indemnified party of
its election so to assume the defense thereof, the indemnifying party will not
be liable to such indemnified party pursuant to the provisions of Section 7.1 or
Section 7.2 for any legal or other expense subsequently incurred by such
indemnified party in connection with the defense thereof unless (a) the
indemnified party shall have employed counsel in accordance with the proviso of
the preceding sentence, (b) the indemnifying party shall not have employed
counsel reasonably satisfactory to the indemnified party to represent the
indemnified party within a reasonable time after the notice of the commencement
of the action or (c) the indemnifying party has authorized the employment of
counsel for the indemnified party at the expense of the indemnifying party. If
the indemnifying party is not entitled to, or elects not to, assume the defense
of a claim, it will not be obligated to pay the fees and expenses of more than
one counsel for the indemnified parties with respect to such claim, unless in
the reasonable judgment of any indemnified party a conflict of interest may
exist between such indemnified party and any other indemnified parties with
respect to such claim, in which event the indemnifying party shall be obligated
to pay the fees and expenses of additional counsel or counsels for the
indemnified parties. No indemnifying party shall consent to entry of any
judgment or enter into any settlement which does not include as an unconditional
term thereof the giving by the claimant or plaintiff to such indemnified party
of a release from all liability in respect to such claim or litigation without
the consent of the indemnified party. No indemnifying party shall be subject to
any liability for any settlement made without its consent. An indemnified party
may at any time elect to participate in the defense of any claim or proceeding
at its own expense.

          7.4 If the indemnification provided for in this Article 7 is held by a
court of competent jurisdiction to be unavailable to an indemnified party with
respect to any loss, liability,

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claim, damage, or expenses referred to therein, then the indemnifying party, in
lieu of indemnifying such indemnified party hereunder, shall contribute to the
amount paid or payable by such indemnified party as a result of such loss,
liability, claim, damage, or expense in such proportion as it appropriate to
reflect the relative fault of the indemnifying party on the one hand and of the
indemnified party on the other in connection with the statements or omissions
that resulted in such loss, liability, claim, damage, or expense as well as any
other relevant equitable considerations. The relative fault of the indemnifying
party and of the indemnified party shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact
or the omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties' relative intent,
knowledge, access to information, and opportunity to correct or prevent such
statement or omission.

     8. Covenants Relating to Rule 144. If at any time the Company is required
to filed reports in compliance with either Section 13 or Section 15(d) of the
Securities Exchange Act of 1934, as amended, (the "Exchange Act") the Company
will (a) file reports in compliance with the Exchange Act and (b) comply with
all rules and regulations of the Commission applicable to the use of Rule 144.

     9. Underwritten Offerings. If a distribution of Registrable Securities
pursuant to a registration statement is to be underwritten, the holders whose
Registrable Securities are to be distributed by such underwriters shall be
parties to such underwriting agreement. No requesting holder may participate in
such underwritten offering unless such holder agrees to sell its Registrable
Securities on the basis provided in such underwriting agreement and completes
and executes all questionnaires, powers of attorney, indemnities and other
documents reasonably required under the terms of such underwriting agreement. If
any requesting holder disapproves of the terms of an underwriting, such holder
may elect to withdraw therefrom and from such registration by notice to the
Company and the managing underwriter, and each of the remaining requesting
holders shall be entitled to increase the number of Registrable Securities being
registered to the extent of the Registrable Securities so withdrawn in the
proportion which the number of Registrable Securities being registered by such
remaining requesting holder bears to the total number of Registrable Securities
being registered by all such remaining requesting holders.

     10. Stand-Off Agreement. Each holder of Registrable Securities agrees, so
long as such holder holds at least 1% of the Company's outstanding voting equity
securities, in connection with the Company's initial Public Offering, upon
request of the Company or the underwriters managing such Public Offering, not to
sell, make any short sale of, loan, grant any option for the purchase of, or
otherwise dispose of any Common Shares of the Company without the prior written
consent of the Company or such underwriters, as the case may be, for such period
of time (not exceeding 180 days) from the effective date of the registration
statement relating to such initial Public Offering as may be requested by the
underwriters; provided, however, that all other holders of at least 1% of the
Company's outstanding voting equity securities and all of the officers and
directors of the Company who own stock of the Company must also agree to not
less onerous restrictions.

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     11. Amendment. The Company shall not amend this Agreement without the
written consent of the holders of more than 50% of the Registrable Securities.

     12. Termination. This Agreement, and all of the Company's obligations
hereunder (other than its obligations pursuant to Article 7, which obligations
shall survive such termination), shall terminate upon the earlier to occur of
(a) the date on which there are no Registrable Securities outstanding or (b)
December     , 2004.

     13. Assignment of Registration Rights. The rights to cause the Company to
register Registrable Securities pursuant to this Agreement may be assigned (but
only with all related obligations) by a holder of Registrable Securities to a
transferee or assignee of all, but not less than all, such securities provided
the Company is within a reasonable time after such transfer furnished with
written notice of the name and address of such transferee or assignee and the
securities with respect to which such registration rights are being assigned.

IN WITNESS WHEREOF, the parties hereto have duly executed this Registration
Rights Agreement as of the date and year first above-written.

                                   STOCKPOINT, INC.

                                   By:
                                      -----------------------------------------

                                   By:
                                      -----------------------------------------
                                        John Pappajohn

                                   By:
                                      -----------------------------------------
                                        Gerald M. Kirke

                                   IOWA FARM BUREAU FEDERATION

                                   By:
                                      -----------------------------------------

                                   By:
                                      -----------------------------------------
                                        Derace Schaffer

                                       13
<PAGE>   12

                                   By:
                                      -----------------------------------------
                                        Matthew P. Kinley

                                   DOMINION SECURITIES INC.

                                   By:
                                      -----------------------------------------
                                        Steve Michalicek

                                   By:
                                      -----------------------------------------
                                       Michael J. Richards

                                   By:
                                      -----------------------------------------
                                        Joseph Dunham

                                   EQUITY DYNAMICS, INC., as Agent

                                   By:
                                      -----------------------------------------
                                       12<PAGE>   1
                                                                     EXHIBIT 4.8

                                MASTER AGREEMENT

                           DATED AS OF MARCH 29, 2000,

                                      AMONG

                                STOCKPOINT, INC.,

                                 AS THE COMPANY,

                                       AND

                            ZEKE INVESTMENT PARTNERS

                                MATTHEW P. KINLEY

                                  JOSEPH DUNHAM

                               AS THE GUARANTORS,

                                       AND

                             EQUITY DYNAMICS, INC.,

                        AS THE AGENT FOR THE GUARANTORS.

<PAGE>   2

<TABLE>
<CAPTION>

                                         TABLE OF CONTENTS

<S>                                                                                                         <C>
SECTION 1.  CREDIT SUPPORT AGREEMENTS.........................................................................1

SECTION 2.  AGENT.............................................................................................4

         2.1.  ACTIONS........................................................................................4
         2.2.  EXCULPATION....................................................................................4
         2.3.  SUCCESSOR......................................................................................5

SECTION 3.  WARRANTS..........................................................................................5

         3.1.  ISSUANCE.......................................................................................5
         3.2.  REGISTRATION RIGHTS............................................................................5

SECTION 4.  CLOSING...........................................................................................5

SECTION 5.  REPRESENTATIONS AND WARRANTIES OF COMPANY.........................................................6

         5.1.  ORGANIZATION...................................................................................6
         5.2.  CORPORATE AUTHORIZATION; ENFORCEABILITY........................................................6
         5.3.  NO CONFLICT....................................................................................6
         5.4.  CAPITALIZATION.................................................................................7
         5.5.  FINANCIAL INFORMATION..........................................................................7
         5.6.  SECURITIES LAWS................................................................................8
         5.7.  TITLE TO ASSETS................................................................................8
         5.8.  REAL PROPERTY..................................................................................8
         5.9.  INTELLECTUAL PROPERTY RIGHTS...................................................................8
         5.10.  COMPLIANCE WITH LAWS; GOVERNMENTAL AUTHORIZATIONS.............................................9
         5.11.  MATERIAL AGREEMENTS...........................................................................9
         5.12.  LITIGATION....................................................................................9
         5.13.  SOLVENCY......................................................................................9
         5.14.  ENVIRONMENTAL MATTERS.........................................................................9
         5.15.  TAX MATTERS..................................................................................10
         5.16.  ERISA........................................................................................10
         5.17.  DISCLOSURE...................................................................................10

SECTION 6.  REPRESENTATIONS AND WARRANTIES OF GUARANTORS.....................................................11

         6.1.  INVESTMENT INTENT.............................................................................11
         6.2.  DUE ORGANIZATION AND REQUISITE POWER..........................................................11
         6.3.  ACTION AND EXECUTION..........................................................................11
</TABLE>

<PAGE>   3

<TABLE>

<S>                                                                                                        <C>
         6.4.  NO CONFLICT...................................................................................12

SECTION 7.  PRIOR OR SIMULTANEOUS ACTIONS....................................................................12

SECTION 8.  COVENANTS........................................................................................12

         8.1.  ACCESS TO RECORDS.............................................................................12
         8.2.  FINANCIAL REPORTING; DRAWS ON LINE OF CREDIT..................................................13
         8.3.  PAYMENT; PREPAYMENT...........................................................................13
         8.4.  PAYMENT OF OBLIGATIONS........................................................................14
         8.5.  INSURANCE.....................................................................................14
         8.6.  NOTICE OF DISPUTES, MATERIAL ADVERSE CHANGE...................................................14
         8.7.  CONDUCT OF BUSINESS...........................................................................14
         8.8.  DEBT..........................................................................................14
         8.9.  RESTRICTED PAYMENTS...........................................................................15
         8.10.  NEGATIVE PLEDGE..............................................................................15
         8.11.  TERMINATION..................................................................................15

SECTION 9.  SURVIVAL OF REPRESENTATIONS, WARRANTIES, AND COVENANTS...........................................16

SECTION 10.  INDEMNIFICATION.................................................................................16

SECTION 11.  PURCHASE OF BANK'S RIGHTS AND INTERESTS; EVENTS OF DEFAULT......................................16

SECTION 12.  FEES AND EXPENSES...............................................................................17

SECTION 13.  CONFIDENTIALITY.................................................................................17

SECTION 14.  ASSIGNMENT; PARTIES IN INTEREST.................................................................17

SECTION 15.  ENTIRE AGREEMENT................................................................................18

SECTION 16.  FURTHER ASSURANCES..............................................................................18

SECTION 17.  NOTICES.........................................................................................18

SECTION 18.  AMENDMENTS......................................................................................20
</TABLE>

<PAGE>   4

<TABLE>

<S>                                                                                                          <C>
SECTION 19.  COUNTERPARTS....................................................................................20

SECTION 20.  HEADINGS, GENDER, TENSE.........................................................................20

SECTION 21.  GOVERNING LAW, JURISDICTION.....................................................................20

SECTION 22.  WAIVER OF JURY TRIAL............................................................................21
</TABLE>

<PAGE>   5

                           MASTER AGREEMENT dated as of March 29, 2000, among
                  (a) STOCKPOINT, INC., a Delaware corporation (the "Company"),
                  and (b)(i) ZEKE INVESTMENT PARTNERS ("Zeke") (ii) MATTHEW P.
                  KINLEY, JOSEPH DUNHAM (together with Zeke, the "Guarantors"),
                  and (c) EQUITY DYNAMICS, INC., an Iowa corporation, as agent
                  (the "Agent") for the Guarantors.

                                    RECITALS

WHEREAS, the Company requested that the Guarantors execute guarantees in favor
of and/or arrange for the issuance of standby letters of credit or pledge
certificates of deposit (collectively, the "Credit Support Agreements") naming
Norwest Bank Iowa, National Association, or any successor or assign thereof
approved by the Agent (the "Bank") as beneficiary or pledgee in connection with
a line of credit with a maximum principal amount of $500,000 (the "Facility") to
be made available by the Bank to the Company;

WHEREAS, the Company has an existing $2,500,000 senior secured debt facility
("Previous Facility") executed on December 3, 1999;

WHEREAS, the Company offered to issue warrants in the form attached hereto as
Exhibit A ("Warrants") to purchase its common stock, $.01 par value (the "Common
Stock") to the Guarantors if they would provide the Credit Support Agreements;

WHEREAS, the Guarantors agreed to provide the Credit Support Agreements in
accordance with terms and conditions set forth herein.

ACCORDINGLY, the parties agree as follows:

SECTION 1.  CREDIT SUPPORT AGREEMENTS.

     (a) Upon the terms and subject to the conditions set forth in the this
     Agreement, the Warrants, and the registration rights agreement in the form
     attached hereto as Exhibit B (the "Registration Rights Agreement") (the
     "Documents"), the Guarantors shall, for the benefit of the Company, arrange
     for the issuance by one or more institutions acceptable to the Bank of
     standby letters of credit or, in the alternative, pledge such Guarantors'
     right, title and interest in and to certificates of deposit (each a
     "Guarantor Commitment") in the aggregate amount of $500,000 naming the Bank
     as beneficiary or pledgee, as the case may be, thereunder. The maximum
     Guarantor Commitment of each of the Guarantors shall be as follows: (i)
     Zeke - $350,000; (ii) Matthew P. Kinley - $100,000; Joseph Dunham -
     $50,000. Each Guarantor's Commitment as a proportion of the maximum amount
     of the loans (the "Loans") available under the Facility ($500,000.00) shall
     be its "Pro Rata Share." In addition, if necessary, John Pappajohn has
     executed a personal guaranty (the "Pappajohn Guaranty") of the Company's
     obligations to the Bank in an amount agreed to by Pappajohn and the Bank.

     (b) The obligation of the Guarantors to provide the Credit Support
     Agreements shall be subject to the following conditions precedent:

<PAGE>   6

          (i) the Company's execution and delivery of this Agreement and the
          Documents;

          (ii) the Company has executed and delivered to the Bank of (A) a
          security agreement, in form satisfactory to the Agent, which includes
          provision for security agreements in favor of the Bank by each
          subsidiary of the Company (the "Bank Security Agreement"); (B) a
          pledge agreement, in form satisfactory to the Agent (the "Pledge
          Agreement"); (C) a conditional assignment of intellectual property
          covering trademarks, in form satisfactory to the Agent (the "Bank
          Intellectual Property Assignment," and, together with Bank Security
          Agreement, Pledge Agreement and all documents executed in connection
          therewith, the "Bank Security Documents"); (D) and the Company will
          execute and deliver to the Bank the Credit Agreement dated March 29,
          2000, between the Company and the Bank (the "Credit Agreement"); and
          (E) the Promissory Note dated March 29, 2000, executed by the Company
          in favor of the Bank (the "Promissory Note").

          (iii) the Company's payment to the Agent of the Agent's costs and
          expenses incurred in connection herewith and the Documents, as
          provided in Section 12 below;

          (iv) the Bank's agreement with the Guarantors, satisfactory to the
          Guarantors, regarding the respective remedies of the Bank and the
          Guarantors with respect to the Facility;

          (v) the Company's delivery to the Bank of waivers by the Series C
          Debenture Holders to the transactions contemplated by the Agreement,
          in a form satisfactory to the Agent;

          (vi) the Company's delivery to the Bank of a confirmation, waiver and
          consent by Northern Trust to the first lien position by the Bank, in
          each case in a form satisfactory to the Agent;

          (vii) review and approval by the Agent of all outstanding liens on the
          Company's assets by CEBA, Kirkwood Community College, Linn County REC
          and Cisco Systems Capital;

          (viii)...a cash flow budget in form and content acceptable to the
          Agent, and attached hereto as Exhibit C (the "Budget");

      (c) The Company has agreed to pay the Bank all sums due and owing in
     connection with the Facility. The Company realizes and understands that the
     reason it was able to obtain the Facility was due to the willingness of the
     Guarantors to provide the Credit Support Agreements in respect of the
     Company's obligations to the Bank. The Company agrees that at any time the
     Guarantors, individually, or collectively, deem themselves to be insecure
     they may acquire the position of the Bank in the Facility by paying the
     obligation of the Company to the Bank. The Company fully agrees that upon
     acquisition of the Bank's position or the Bank's exercise of its remedies
     against the Guarantor Commitments and/or Pappajohn Guaranty, the Guarantors
     shall be subrogated to all rights of the Bank under the Company's
     agreements with the Bank (including, without limitation, the Credit
     Agreement, the Promissory Note, and the Bank Security Documents; together,
     the "Bank Documents") whether or not the Bank may have canceled all or any
     portion of the Company's obligations to the Bank under the Facility.

                                      -2-

<PAGE>   7

     (d) As between the Guarantors, each of the Guarantors agrees that no
     Guarantor should bear a proportionately greater loss under the Credit
     Support Agreements than any other Guarantor. Therefore, each of the
     Guarantors shall bear any losses under the Credit Support Agreements in
     accordance with its Pro Rata Share. Each Guarantor promises each other
     Guarantor that it will pay, on demand, his or its Pro Rata Share of the
     Company's obligations to the Bank, in connection with such party's
     obligations under the Credit Support Agreements, either to the Bank, if the
     obligations under the Facility have not been satisfied, or to another
     Guarantor who has made payment to the Bank in satisfaction of the Company's
     obligations under the Facility. The demand for payment made by any
     Guarantor to any other Guarantor shall be made in writing to the Agent,
     accompanied by proof of the demanding party's payment under a Credit
     Support Agreement. Each Guarantor (an "Indemnifying Guarantor") hereby
     agrees to indemnify and hold harmless each other Guarantor from and against
     any and all losses, claims, damages or liabilities, joint or several, which
     such other party may suffer by reason of the failure of an Indemnifying
     Guarantor to pay his or its Pro Rata Share on demand. The Company promises
     to pay each Guarantor any and all sums which that Guarantor has paid to the
     Bank in satisfaction of all or any portion of the Company's obligations to
     the Bank when such obligations are due, plus all costs, including, without
     limitation, interest and reasonable attorney's fees, incurred in connection
     therewith.

     (e) In the event the indemnification referred to in the immediately
     preceding paragraph above is determined to be invalid or unenforceable for
     any reason whatsoever, each Guarantor agrees that the common law principle
     of contribution shall apply and that each Guarantor shall be obligated to
     contribute his or its Pro Rata Share towards satisfaction of any payment
     made or to be made under the Credit Support Agreements or made by any other
     Guarantor, if the payments by such other Guarantor exceeds such other
     Guarantor's Pro Rata Share of the Company's obligations to the Bank. (f)
     The Agent hereby deems that the Facility and Previous Facility shall be
     pari passu in all material respects.

SECTION 2. AGENT.

2.1. ACTIONS

     (a) Each Guarantor hereby irrevocably appoints the Agent as its agent under
     and for purposes of this Agreement and the Documents. Each Guarantor
     authorizes the Agent to act on behalf of such Guarantor under this
     Agreement and each Document and, in the absence of written instructions
     from the Guarantors received from time to time by the Agent (with respect
     to which the Agent agrees that it will comply, except as otherwise provided
     in this Section or as otherwise advised by counsel), to exercise such
     powers hereunder and thereunder as are delegated to or required of the
     Agent by the terms hereof and thereof, together with such powers as may be
     reasonably incidental thereto. Each Guarantor hereby indemnifies and holds
     harmless (which indemnity shall survive any termination of this Agreement)
     the Agent, and the directors, officers, agents or employees of the Agent,
     from and against any and all liabilities, obligations, losses, damages,
     claims, costs or expenses of any kind or nature whatsoever which may at any
     time be imposed on, incurred by, or asserted against, the Agent in any way

                                      -3-

<PAGE>   8

     relating to or arising out of this Agreement and any Documents, including,
     without limitation, attorneys' fees, and as to which the Agent is not
     indemnified or reimbursed by the Company. The Agent shall not be required
     to take any action hereunder or under any Document, or to prosecute or
     defend any suit in respect of this Agreement or any Document, unless it is
     indemnified hereunder to the Agent's satisfaction. If any indemnity in
     favor of the Agent shall be or become, in the Agent's determination,
     inadequate, the Agent may demand additional indemnification from the
     Guarantors and cease to act as Agent hereunder until such additional
     indemnity is given.

     (b) Each Guarantor acknowledges that it has, independently and without
     reliance upon the Agent, and based on such documents and information as it
     has deemed appropriate, made its own credit analysis and decision to enter
     into this Agreement and the transactions contemplated hereby. Each
     Guarantor also acknowledges that it will, independently and without
     reliance upon the Agent, and based on such documents and information as it
     shall deem appropriate at the time, continue to make its own credit
     decisions in taking or not taking any action under this Agreement.

2.2. EXCULPATION.

Neither the Agent nor any of its directors, officers, employees or agents shall
be liable to any Guarantor for any action taken or omitted to be taken by it
under this Agreement or any Document, or in connection herewith or therewith,
except for its own willful misconduct or gross negligence, nor shall they be
responsible for any recitals or warranties herein or therein, nor for the
effectiveness, enforceability, validity or due execution of this Agreement or
any other Document, nor for the creation, perfection or priority of any liens
purported to be created by any of the Documents, or the validity, genuineness,
enforceability, existence, value or sufficiency of any collateral security, nor
to make any inquiry respecting the performance by the Company of its obligations
hereunder or under any Document. Any such inquiry which may be made by the Agent
shall not obligate it to make any further inquiry or to take any action. The
Agent shall be entitled to rely upon advice of counsel concerning legal matters
and upon any notice, consent, certificate, statement or writing which the Agent
believes to be genuine and to have been presented by a proper person.

2.3.  SUCCESSOR.

The Agent may resign as such at any time upon at least 30 days' prior notice to
the Company and all Guarantors. If the Agent at any time shall resign, the
Guarantors may appoint another Guarantor as a successor Agent which shall
thereupon become the Agent hereunder. If no successor Agent shall have been so
appointed by the Guarantors, and shall have accepted such appointment, within 30
days after the retiring Agent's giving notice of resignation, then the retiring
Agent may, on behalf of the Guarantors, appoint a successor Agent, which shall
be one of the Guarantors. Upon the acceptance of any appointment as Agent
hereunder by a successor Agent, such successor Agent shall be entitled to
receive from the retiring Agent such documents of transfer and assignment as
such successor Agent may reasonably request, and shall thereupon succeed to and
become vested with all rights, powers, privileges and duties of the retiring
Agent, and the, retiring Agent shall be discharged from its duties and
obligations under this Agreement.

                                      -4-

<PAGE>   9

After any retiring Agent's resignation
hereunder as the Agent the provisions of this Section shall inure to its benefit
as to any actions taken or omitted to be taken by it while it was the Agent
under this Agreement.

SECTION 3. WARRANTS.

3.1. ISSUANCE.

At the Closing (defined below in Section 4), the Company shall sell to the
Guarantors, and the Guarantors shall purchase from the Company, Warrants to
purchase an aggregate of 100,000 shares of the Common Stock (the "Warrant
Shares") upon the terms set forth in the Warrants. Each Guarantor shall purchase
a Warrant at the purchase price stated below to purchase the number of Warrant
Shares set forth below:

<TABLE>
<CAPTION>

                                                           Common Shares             Guarantors Purchase
Guarantor                                                  Exercisable               Price
------------------------------------------------------------------------------------------------------------------
<S>                                                        <C>                       <C>
Zeke                                                            70,000                     $700

Matthew P. Kinley                                               20,000                     $200

Joseph Dunham                                                   10,000                     $100
</TABLE>

3.2. REGISTRATION RIGHTS.

At the Closing, the Company and the Guarantors shall enter into the Registration
Rights Agreement.

SECTION 4. CLOSING.

The closing of the Transactions (the "Closing") shall take place at the offices
of BELIN LAMSON McCORMICK ZUMBACH FLYNN, a Professional Corporation, The
Financial Center, 666 Walnut Street, Suite 2000, Des Moines, Iowa 50309,
simultaneously with the execution and delivery of this Agreement and the other
Documents to be executed and delivered at Closing.

SECTION 5. REPRESENTATIONS AND WARRANTIES OF COMPANY.

The Company hereby represents and warrants to the Guarantors as follows:

5.1. ORGANIZATION.

The Company is a corporation duly organized, validly existing and in good
standing under the laws of the jurisdiction of its incorporation and has all
requisite corporate power and authority to own, lease and operate the assets
used in its business, to carry on its business as presently-conducted, to enter
into the Documents, to perform its obligations thereunder, and to

                                      -5-

<PAGE>   10

consummate the transactions contemplated thereby. Attached as Schedule 5.1 are
correct and complete copies of the Certificate of Incorporation and the Bylaws
of the Company, as in effect on the date of the Closing (the "Certificate of
Incorporation" and the "Bylaws," respectively).

5.2. CORPORATE AUTHORIZATION; ENFORCEABILITY.

The Company has taken all corporate action necessary to authorize its execution
and delivery of the Documents and the Bank Documents, its performance of its
obligations thereunder, and its consummation of the transactions contemplated
thereby. Each Document and each Bank Document has been executed and delivered by
an officer of the Company in accordance with such authorization. Each Document
and each Bank Document constitutes a valid and binding obligation of the
Company, enforceable in accordance with its terms, subject to applicable
bankruptcy, reorganization, insolvency, moratorium, fraudulent transfer, and
similar laws affecting creditors' rights generally, and the effect of general
principles of equity.

5.3. NO CONFLICT.

The execution and delivery by the Company of the Documents and the Bank
Documents, its consummation of the transactions contemplated thereby, and its
compliance with the provisions thereof, will not (i) violate or conflict with
its Certificate of Incorporation or Bylaws, (ii) violate, conflict with, or give
rise to any right of termination, cancellation, or acceleration under any
material agreement, lease, security, license, permit, or instrument to which the
Company is a party, or to which it or any of its assets is subject (except where
same would not individually or in the aggregate have a Material Adverse Effect
(as defined below)), (iii) result in the imposition of any Encumbrance on any
asset of the Company, other than pursuant to the Bank Documents and the
Documents, (iv) violate or conflict with any Laws, which violation would cause a
Material Adverse Change (as defined below), or (v) require any consent, approval
or other action of, notice to, or filing with any entity or person (governmental
or private), except for those that have been obtained or made, or where the
failure to obtain such consent or approval would not cause a Material Adverse
Change.

"Encumbrance" means any security interest, mortgage, lien, pledge, charge,
easement, reservation, restriction, or similar right of any third party except
for Encumbrances in favor of the Bank in connection with the Facility.

"Laws" means all laws, rules, regulations, ordinances, orders, judgments,
injunctions and decrees. "Material Adverse Change" means any material adverse
change in the business, operations, properties, assets, or financial condition
of the Company. "Material Adverse Effect" means a material adverse effect on the
business, financial condition, assets, liabilities, property or operations of
the Company, or a material impairment of the Company's ability to perform its
obligations under the Documents.

5.4. CAPITALIZATION.

     (a) The authorized equity securities of the Company consist of 25,000,000
     shares of capital stock, including 20,000,000 shares of common stock, $.01
     par value, of which there are

                                      -6-

<PAGE>   11

     2,172,028 shares issued and outstanding, 5,000,000 shares of preferred
     stock, initially undesignated as to terms, of which the Company has
     designated the terms and preferences of 320,000 shares of Convertible
     Series A Voting Preferred Stock (of which there are 320,000 shares
     outstanding), 282,720 shares of Convertible Series B Voting Preferred Stock
     (of which there are 282,720 shares outstanding), and 1,179,540 shares of
     Convertible Series C Voting Preferred Stock (of which there are 773,254
     shares outstanding). The persons set forth on Schedule 5.4 own the shares
     and common stock equivalents set forth opposite such persons' names. All of
     the outstanding equity securities of the Company have been duly authorized
     and validly issued and are fully paid and nonassessable. Except for the
     Documents and the common stock equivalents set forth on Schedule 5.4 there
     are no agreements of any sort relating to the issuance, sale, or transfer
     of any equity securities or other securities of the Company. None of the
     outstanding equity securities or other securities of the Company was issued
     in violation of the Securities Act or any other legal requirement. Except
     as set forth in paragraph (b) below, the Company does not own, nor has any
     contract to acquire, any equity securities or other securities of any
     person or any direct or indirect equity or ownership interest in any other
     business. The fully diluted common stock equivalents of the Company
     outstanding before issuance of the Warrants do not exceed 7.1 million
     shares.

     (b) The Company owns 100% of the capital stock of Neural, Inc. and Ethos
     Corporation (collectively, the "Subsidiaries", and the capital stock of the
     Subsidiaries being the "Subsidiary Stock"). The Subsidiary Stock is free
     and clear of all Encumbrances.

5.5. FINANCIAL INFORMATION.

The Company has delivered to Agent: (a) audited consolidated balance sheets of
the Company as at December 31 for each of the years 1996 through 1998, and the
related audited consolidated statements of income, changes in stockholders'
equity, and cash flow for each of the fiscal years then ended, including in each
case the notes thereto and (b) an unaudited consolidated balance sheet of the
Company as at September 30, 1999 (the "Interim Balance Sheet") and the related
unaudited consolidated statements of income, changes in stockholders' equity,
and cash flow for the nine months then ended. Such financial statements and
notes fairly present the financial condition and the results of operations,
changes in stockholders' equity, and cash flow of the Company as at the
respective dates of and for the periods referred to in such financial
statements, all in accordance with United States generally accepted accounting
principles consistently applied ("GAAP"). No financial statements of any persons
other than the Company and the Subsidiaries are required by GAAP to be included
in the consolidated financial statements of the Company.

5.6. SECURITIES LAWS.

Based upon the representation of each Guarantor contained in Section 6.1 below,
the Transactions contemplated hereby are exempt from registration under the
Securities Act.

5.7. TITLE TO ASSETS.

The Company has good and marketable title to all of its assets, free and clear
of all encumbrances except for Permitted Liens (defined below). Such assets are
in good operating condition and

                                      -7-

<PAGE>   12

repair (ordinary wear and tear excepted), and are suitable for their intended
use in the business of the Company as conducted at the date hereof. "Permitted
Liens" means (i) liens in favor of the Bank granted in connection with the
Facility and in favor of the Agent granted in connection herewith, (ii) liens
arising by operation of law in the ordinary course of business that,
individually and in the aggregate, do not in any material respect interfere with
the use or value of any of the assets subject thereto, (iii) liens for taxes not
yet due and payable or that are being contested in good faith, (iv) liens
created by the Documents, (v) purchase money liens to finance property of the
Company acquired in the ordinary course of business, (vi) liens existing on the
date hereof listed in Schedule 5.7 or incurred in connection with extension or
renewal of indebtedness secured by such liens, (vii) liens consisting of
deposits or pledges to secure the performance of trade contracts, bids, leases,
public or statutory obligations and similar obligations incurred in the ordinary
course of business, and (viii) any judgment, attachment or similar lien unless
the judgment secured is not covered by insurance or not discharged or stayed or
bonded pending appeal or vacated within 30 days of entry thereof.

5.8. REAL PROPERTY.

The Company does not own, directly or indirectly, any fee title to real
property.

5.9. INTELLECTUAL PROPERTY RIGHTS.

The Company owns or is licensed to use, and has the right to bring infringement
actions with respect to, all material patents, trademarks, copyrights, service
marks, and applications and registrations therefor, and all trade names,
customer lists, trade secrets, proprietary processes and formulae, inventions,
know-how, other confidential and proprietary information, and other industrial
and intellectual property rights necessary to permit the Company to carry on its
business as presently conducted. Schedule 5.9 sets forth a list of all material
patents, trademarks, copyrights, service marks, and applications and
registrations therefor, and all trade names held or owned by the Company and all
rights (except for know-how and similar other undocumented intellectual
property) of the Company. All registered patents, copyrights, trademarks, and
service marks listed on Schedule 5.9 are in full force and effect and are not
subject to any taxes or maintenance fees which are delinquent. Except as set
forth on Schedule 5.9, the Company (i) did not license or grant to anyone rights
of any nature to use any intellectual property right that is material to its
business, and (ii) to the Company's knowledge, does not market or sell any
product or service that violates any intellectual property right of a third
party. Except as set forth on such Schedule, there is no pending or, to the
knowledge of the Company, threatened claim or litigation against the Company
contesting the right to use any of its material intellectual property rights,
asserting the misuse of any thereof, or asserting the infringement or other
violation of any intellectual property rights of a third party.

5.10. COMPLIANCE WITH LAWS; GOVERNMENTAL AUTHORIZATIONS.

To the Company's knowledge after due inquiry, it is not in violation of any Law,
which violation could reasonably be expected to have a Material Adverse Effect.

                                      -8-

<PAGE>   13

5.11. MATERIAL AGREEMENTS.

Schedule 5.11 sets forth each agreement or understanding which is material to
the business of the Company. Except as set forth on Schedule 5.11, each
agreement or understanding set forth on Schedule 5.11 is in full force and
effect and, to the knowledge of the Company, constitutes a valid and binding
obligation of all parties thereto. Except as set forth on Schedule 5.11, to the
Company's knowledge, the Company has in all material respects performed the
obligations required to be performed by it and is not in default or alleged to
be in default in any material respect under any material agreement or
understanding. Except as set forth on Schedule 5.11, to the Company's knowledge,
there exists no event or condition which, after notice or lapse of time, or
both, would constitute such a default in a material respect under such
agreements. The Company is not aware of any material defaults by any other party
to any such agreement or understanding.

5.12. LITIGATION.

Except as set forth on Schedule 5.12 hereto, there are no (i) actions, suits,
claims, investigations or other proceedings by or before any governmental
authority or arbitrator pending or, to the knowledge of the Company, threatened
against the Company which, if determined adversely to the Company, would have a
Material Adverse Effect, or (ii) judgments, decrees, injunctions or orders of
any governmental authority or arbitrator against the Company.

5.13. SOLVENCY.

The Company is solvent, meaning that the fair salable value of the Company's
assets is in excess of its liabilities.

5.14. ENVIRONMENTAL MATTERS.

Except as otherwise stated in this Section 5.14, the Company is in compliance
with all Laws relating to the protection of the environment (the "Environmental
Laws"). The Company has not handled, stored or released, or exposed any person
to, any hazardous substance, as defined in 42 U.S.C.A. Section 9601(14) or any
other applicable Environmental Laws (a "Hazardous Substance"). To the Company's
knowledge, the Company is not and will not be liable or responsible for clean-up
costs, remedial work or damages in connection with the handling, storage,
release, or exposure by the Company of any Hazardous Substance in excess of
$25,000 in the aggregate. No claims for clean-up costs, remedial work or damages
have been made by any person or entity in connection with the handling, storage,
release, or exposure by the Company of any Hazardous Substance.

5.15. TAX MATTERS.

     (a) (i) The Company has filed or been included in all required returns,
     declarations of estimated tax, reports, and statements relating to any
     Taxes (defined below) payable by it (collectively, the "Returns"); (ii) all
     Returns were correct and complete in all material respects as of the time
     of filing; (iii) the Company has timely paid all Taxes required to be paid
     by it through the date hereof, except to the extent that Taxes are being
     contested in good faith; (iv)

                                      -9-

<PAGE>   14

     the Company has made provision on the Interim Balance Sheet in accordance
     with GAAP for all Taxes payable by it for all periods prior to the date of
     the Interim Balance Sheet for which no Returns have yet been filed; (v) the
     Company is not delinquent in the payment of any Taxes, except to the extent
     that Taxes are being contested in good faith; (vi) there are no pending tax
     audits of any Returns; and (vii) except with respect to Taxes which are
     being contested in good faith, no deficiency or addition to any Taxes or
     interest or penalty for any Taxes has been proposed, asserted or assessed
     in writing against the Company.

     (b) "Taxes" means, with respect to any person or entity, (i) all Federal,
     state, local, and foreign taxes, including, without limitation, all taxes
     on or based upon net income, gross income, income as specially defined,
     earnings, profits or selected items of income, earnings, or profits, and
     all gross receipts, sales, use, ad valorem, transfer, franchise, license,
     withholding, payroll, employment, excise, severance, stamp, occupation,
     premium, property, or windfall profits taxes, alternative or add-on minimum
     taxes, customs duties, or other taxes, fees, assessments or charges of any
     kind, together with any interest, penalties, additions to tax or additional
     amounts imposed by any taxing authority on such person or entity, and (ii)
     any liability for the payment of any amount of the type described in the
     preceding clause (i) as a result of being a "transferee" (within the
     meaning of Section 6901 of the Internal Revenue Code of 1986, as amended
     (the "Code"), or any other applicable Laws) of another person or entity.

5.16. ERISA.

Any plan maintained or contributed to by the Company that is an "employee
benefit plan," as defined in Section 3(3) or 3(2) of the Employee Retirement
Income Security Act of 1974 ("ERISA") is being administered in compliance with
the terms of such plan and applicable law in all material respects.

5.17. DISCLOSURE.

None of the documents or materials relating to the Company referred to herein or
on any Schedule, or furnished to the Guarantors by the Company in connection
with this Agreement, contains any untrue statement of a material fact by the
Company or, to the knowledge of the Company, by any other person or entity.
Neither this Agreement (including the Schedules) nor any such document or
material omits to state a material fact necessary in order to make the
statements contained herein or therein not materially misleading.

SECTION 6. REPRESENTATIONS AND WARRANTIES OF GUARANTORS.

Each Guarantor, severally and only with respect to itself, represents and
warrants to the Company as of the date of this Agreement as follows:

6.1. INVESTMENT INTENT.

     (a) Each Guarantor is acquiring the Warrants, and it will acquire any
     Warrant Shares issuable upon exercise of the Warrants, for its own account,
     for investment and not with a view to the distribution thereof, nor with
     any present intention of distributing the same.

                                      -10-

<PAGE>   15

     (b) Each Guarantor understands that the Warrants have not been, and any
     Warrant Shares issuable upon exercise of the Warrants will not be,
     registered under the Securities Act, and that they must be held
     indefinitely unless a subsequent disposition thereof is registered under
     the Securities Act or is exempt from registration.

     (c) Each Guarantor understands that the exemption from registration
     afforded by Rule 144 of the Securities Act (the provisions of which are
     known to the Guarantors) depends on the satisfaction of various conditions
     and that, if applicable, Rule 144 may only afford the basis for sales under
     certain circumstances only in limited amounts.

     (d) Each Guarantor is an "accredited investor," as such term is defined in
     Rule 501 promulgated under the Securities Act.

     (e) Each Guarantor (i) has received copies of the financial statements of
     the Company described in Section 5.5 and (ii) believes that such Guarantor,
     either alone or with the assistance of such Guarantor's own professional
     advisor, has such knowledge and experience in financial and business
     matters that such Guarantor is capable of reading and interpreting the
     Company's financial statements and evaluating the merits and risks of the
     transactions contemplated by this Agreement.

     (f) In addition to the Company's financial statements referenced in
     paragraph (e) above, each Guarantor has been given access to full and
     complete information regarding the Company and has utilized such access to
     his, her or its satisfaction.

6.2. DUE ORGANIZATION AND REQUISITE POWER.

Each Guarantor has all requisite power and authority, including, where
applicable, corporate power and authority, necessary to perform its obligations
to the Company and to the Bank as provided for in this Agreement.

6.3. ACTION AND EXECUTION.

Each Guarantor has taken all action necessary for the authorization, execution,
delivery and performance of this Agreement and the Credit Support Agreements.
When executed, each of this Agreement and the Credit Support Agreements will be
the legal, valid and binding obligation of each Guarantor enforceable in
accordance with its terms.

6.4.1 NO CONFLICT.

Neither the execution nor the delivery nor the performance of this Agreement or
the Credit Support Agreements by any Guarantor will violate or otherwise
contravene, where applicable, the Guarantor's articles or certificate of
incorporation or bylaws or the terms of any agreement, the breach of which would
invalidate this Agreement.

                                      -11-

<PAGE>   16

SECTION 7. PRIOR OR SIMULTANEOUS ACTIONS.

Prior to or at the Closing, concurrently with the execution and delivery of this
Agreement, the following actions have been or are being taken:

     (a) Fees and Expenses. The fees and expenses of the Agent are being paid by
     the Company to the Agent as provided under Section 12 below.

     (b) Warrants. The Warrants are being executed and delivered by the Company.

     (c) Security Agreement. The Bank Security Agreement has been executed and
     delivered by the Company to the Bank.

     (d) Registration Rights Agreement. The Registration Rights Agreement is
     being executed and delivered by the Company to the Agent for the benefit of
     the Guarantors.

     (e) Intellectual Property Assignment. The Bank Intellectual Property
     Assignment have been executed and delivered by the Company to the Bank.

     (f) Required Consents. All consents, approvals and other actions of, and
     notices and filings with, all entities and persons as may be necessary or
     required with respect to the execution and delivery by the parties of the
     Documents, and the consummation by the parties of the transactions
     contemplated thereby, have been obtained or made.

     (g) Authorizing Actions of the Company. The Guarantors are receiving
     certified copies of all requisite corporate actions taken by the Company to
     authorize its execution and delivery of the Documents and its consummation
     of the transactions contemplated thereby, and such other corporate
     documents and other papers as the Guarantors may reasonably request.

     (h) Opinion of Counsel. The Guarantors are receiving an opinion dated the
     date hereof of counsel to the Company, in form reasonably satisfactory to
     the Agent.

SECTION 8. COVENANTS.

8.1. ACCESS TO RECORDS.

The Company shall afford to the Guarantors and their authorized employees,
counsel, accountants and other representatives, upon reasonable notice and
during ordinary business hours, (i) reasonable access to all books, records, and
properties of the Company, as the same may relate to the Agreement and the
Documents and (ii) the opportunity to interview any officer of the Company
regarding its affairs as the same may relate to the Agreement and the Documents.

8.2. FINANCIAL REPORTING; DRAWS ON LINE OF CREDIT.

     (a) The Company shall deliver to each Guarantor the following:

                                      -12-

<PAGE>   17

         (i) within 45 days after the end of each fiscal quarter of the Company,
         (i) the balance sheet of the Company at the end of such quarter, and
         (ii) the statements of income and cash flows of the Company for such
         quarter;

         (ii) within 90 days after the end of each fiscal year of the Company,
         (i) the balance sheet of the Company at the end of such fiscal year,
         (ii) the statements of income and cash flows of the Company for such
         fiscal year, and (iii) an audit report of a nationally-recognized firm
         of independent certified public accountants on such balance sheets and
         statements; and

         (iii) All financial statements to be delivered under this Section shall
         be in accordance with the books and records of the Company and shall
         have been prepared in accordance with generally accepted accounting
         principles consistently applied. At any time at which the Company has
         any subsidiaries, all such financial statements shall be the
         consolidated financial statements of the Company and such subsidiaries.

8.3. PAYMENT; PREPAYMENT.

     (a) The Company shall pay all its obligations to the Bank under the
     Facility on or before June 30, 2001.

     (b) Notwithstanding paragraph (a) above, the net cash proceeds of any of
     the following shall be applied immediately and in full against Company's
     obligations to the Bank under the Facility (i) any sale, lease, transfer or
     other disposition of the Company's direct or indirect assets including any
     sale, lease, transfer or other disposition of the assets of any direct or
     indirect subsidiary of the Company (except equipment leases and pledges
     under purchase money obligations which in the aggregate do not exceed those
     dollar amounts set forth in Section 8.8(c) and trade sales, in each case in
     the ordinary course of business), (ii) any equity or debt issuance by the
     Company, including, without limitation, an initial public offering or
     private placement of debt or equity securities or, (iii) after default
     under the Bank Documents or Section 11 hereof, collection of any assets
     (including accounts receivable) of the Company. Further, the Company agrees
     to prepay its obligations to the Bank under the Facility upon any
     consolidation or merger of the Company with or into another entity, or a
     transfer of all or substantially all of the assets of the Company.

8.4. PAYMENT OF OBLIGATIONS.

The Company shall pay or discharge or cause to be paid or discharged all
material claims or demands, and all Taxes levied or imposed upon the Company or
upon the income, profits or property of the Company; provided, however, that the
Company shall not be required to pay or discharge or cause to be paid or
discharged any such claim, demand, or Tax the amount, applicability or validity
of which is being contested in good faith by appropriate proceedings and for
which adequate provision has been made.

                                      -13-

<PAGE>   18

8.5. INSURANCE.

The Company shall maintain with financially sound and reputable insurers such
insurance as may be required by law and such other insurance, to such extent and
against such hazards and liabilities, as is customarily maintained by companies
similarly situated and in the same or similar business.

8.6. NOTICE OF DISPUTES, MATERIAL ADVERSE CHANGE.

The Company shall promptly notify the Agent of (i) the commencement or threat of
any action, suit, proceeding, labor dispute or grievance, governmental
investigation, or arbitration against or affecting the Company, which, if
adversely determined, could reasonably be expected to result in a Material
Adverse Change, (ii) any monetary or other material default under any
indebtedness of the Company in excess of $100,000; and (iii) any other Material
Adverse Change.

8.7. CONDUCT OF BUSINESS; BOARD OF DIRECTORS.

     (a) The Company shall (i) take all actions required to assure that the
     Company remains duly organized, validly existing and in good standing under
     the laws of the jurisdiction of its incorporation, (ii) take all actions
     required to assure that the Company maintains all requisite governmental
     authority, licenses, and permits necessary for the conduct its business,
     and (iii) conduct its business in compliance with all Laws except where
     noncompliance could not reasonably be expected to result in a Material
     Adverse Change.

8.8. DEBT.

The Company will not directly or indirectly, create, incur, assume, guarantee or
otherwise become or remain directly or indirectly liable with respect to, any
Debt (defined below), except for:

     (a)  Debt of the Company to the Bank or hereunder;

     (b) Accounts payable to trade creditors for goods and services, and current
     operating liabilities incurred in the ordinary course of business;

     (c) Debt of the Company with respect to capital leases in an aggregate
     amount less than $750,000 in calendar 1999; $1,500,000 in calendar 2000 and
     $1,500,000 during the first six months of calendar 2001; or

     (d) Permitted Liens.

     "Debt" means all indebtedness (i) for borrowed money, (ii) evidenced by
     bonds, debentures, notes or similar instruments, or (iii) evidenced by
     guaranties or similar contingent obligations.

8.9. RESTRICTED PAYMENTS.

While any amount payable to the Bank, or the Guarantors or the Agent in
connection herewith, including the Documents, is outstanding or the Company has
the ability to borrow under the

                                      -14-

<PAGE>   19

Facility, the Company shall not directly or indirectly pay or declare any
dividend or authorize or make any distribution upon, or redeem, retire,
repurchase or otherwise acquire, any shares of capital stock of the Company
(except that the Company may adjust the conversion price of the Series C
Preferred Stock pursuant to the accumulating dividend provisions set forth in
the Series C designation). Furthermore, the Company shall not (i) invest more
than $200,000 in any existing or $100,000 in any newly-created subsidiary or
affiliate during any one year period or (ii) make any voluntary prepayments on
Debt unrelated to the Facility.

8.10. NEGATIVE PLEDGE.

The Company will not create, assume or suffer to exist any encumbrance on any
asset now owned or hereafter acquired by it, except:

     (a)  any lien on any asset securing Debt permitted under Section 8.8 above;

     (b)  Permitted Liens;

     (c) liens securing the payment of taxes, assessments and governmental
     charges or levies, either not yet due and payable or which are being
     actually contested; and

     (d) any lien arising out of the refinancing, extension, renewal or
     refunding of any Debt secured by any lien permitted by any of the foregoing
     clauses of this Section; provided, however, that the principal amount of
     such Debt is not increased and is not secured by any additional assets.

The Company shall at all times from and after the date hereof keep reserved,
free from Encumbrances solely for the purpose of effecting the exercise of the
Warrants, sufficient Warrant Shares to provide for the full exercise of the
Warrants.

8.11. TERMINATION.

The obligations of the Company hereunder shall terminate when the Guarantors are
released from their obligations under the Credit Support Agreements and no
amounts are owing in connection with the Facility or the Credit Support
Agreements.

SECTION 9. SURVIVAL OF REPRESENTATIONS, WARRANTIES, AND COVENANTS.

The representations, warranties and covenants contained in this Agreement shall
survive the Closing indefinitely.

SECTION 10. INDEMNIFICATION.

     (a) The Company shall indemnify, defend and hold the Agent and Guarantors
     harmless against all liability, loss or damage, together with all
     reasonable costs and expenses related thereto (including reasonable legal
     fees and expenses), relating to or arising from the transactions described
     herein and the untruth, inaccuracy or breach of any of the

                                      -15-

<PAGE>   20

     representations, warranties or agreements of the Company contained in this
     Agreement or the other Documents; provided however, that none of the Agent
     or the Guarantors will be indemnified for any costs or expenses that have
     resulted primarily from its own gross negligence or willful misconduct.

     (b) The Guarantors shall indemnify and hold the Company harmless against
     all liability, loss or damage, together with all reasonable costs and
     expenses related thereto (including reasonable legal fees and expenses),
     relating to or arising from the untruth, inaccuracy or breach of any of the
     representations, warranties or agreements of the Guarantors contained in
     this Agreement.

SECTION 11. PURCHASE OF BANK'S RIGHTS AND INTERESTS; EVENTS OF DEFAULT.

If one or more of the Guarantors purchases the Bank's rights and interests under
the Bank Documents (collectively, the "Bank's Position"), violation by the
Company of any representation, warranty or covenant in this Agreement shall be
deemed to be an event of default under the Bank Documents, as will any one or
more of the following events (each, an "Event of Default"):

     (a) if one of more judgments, decrees or orders for the payment of money in
     excess of $100,000 shall be rendered against the Company, any such
     judgments, decrees, or orders shall continue unsatisfied and in effect for
     a period of 30 consecutive days without being vacated, discharged,
     satisfied or stayed or bonded pending appeal; or

     (b) if the Company shall become insolvent, or is adjudicated insolvent or
     bankruptcy; or

     (c)  if the Company admits in writing its inability to pay its debts; or

     (d) if the Company shall come under the authority of a custodian, receiver
     or trustee for it or for substantially all its property; or

     (e) if the Company makes an assignment for the benefit of creditors, or
     suffers proceedings under any law related to bankruptcy, insolvency,
     liquidation or the reorganization, readjustment or the release of debtors
     to be instituted against it and if contested by it not dismissed or stayed
     within 60 days; or

     (f) if proceedings under any law related to bankruptcy, insolvency,
     liquidation or the reorganization, readjustment or the release of debtors
     are instituted or commenced by the Company; or

     (g) if any order for relief is entered relating to any of the foregoing
     proceedings under clauses (d) through (f); or

     (h) the acquisition by any person (whether an individual, corporation,
     association or other entity), or two or more persons acting in concert, of
     beneficial ownership (within the meaning of Rule l3d-3 of the Securities
     and Exchange Commission under the Securities Exchange Act of 1934) of 30%
     or more of the outstanding voting securities of the Company; or

                                      -16-

<PAGE>   21

     (i) if there is a Material Adverse Effect, as determined in the reasonable
     discretion of the Agent; or

     (j) if the Company or any of its subsidiaries shall fail to make any
     material payment in respect of any indebtedness (including all amounts owed
     Northern Trust) or other material contract when due or within any
     applicable grace period; or any event or condition shall occur which
     results in the acceleration of the maturity of any indebtedness or material
     contract or enables (or, with the giving of notice or lapse of time or
     both, would enable) the holder of any indebtedness or material contract or
     any Person acting on such holder's behalf to accelerate the maturity
     thereof or obligations thereunder.

The Events of Default set forth in this Section 11 shall be applicable only upon
a purchase of the Bank's Position by one or more of the Guarantors.

SECTION 12. FEES AND EXPENSES.

The Company, shall pay or reimburse the Agent for all direct expenses associated
with this Agreement, the transactions contemplated hereby, and/or the
enforcement of or collection under this Agreement, including in each case,
without limitation, the reasonable fees and charges of BELIN LAMSON McCORMICK
ZUMBACH FLYNN, a Professional Corporation, counsel to the Agent and all letter
of credit fees or other fees related to the Guarantor Commitments.

SECTION 13. CONFIDENTIALITY.

Each Guarantor shall keep all confidential, non-public information on the
business operations and affairs of the Company, which it receives as a
consequence of this Agreement and the other Documents, strictly confidential and
shall not disclose such information to any third party without the Company's
prior consent.

SECTION 14. ASSIGNMENT; PARTIES IN INTEREST.

This Agreement and the rights and obligations of the parties hereunder shall be
assignable by the Guarantors, but not the Company. This Agreement shall bind and
inure to the benefit of the Company, the Guarantors, the Agent, and their
respective successors and permitted assigns.

SECTION 15. ENTIRE AGREEMENT.

This Agreement and the other Documents contain the entire understanding of the
parties with respect to the subject matter hereof and supersede all prior
agreements and understandings among the parties with respect to such subject
matter.

SECTION 16. FURTHER ASSURANCES.

The Company agrees to do such further acts and things and to execute and deliver
to Agent such additional assignments, agreements, powers and instruments, as
Agent may reasonably require to carry into effect the purposes of this Agreement
or any of the Documents.

                                      -17-

<PAGE>   22

SECTION 17. NOTICES.

All notices, claims, certificates, requests, demands and other communications
hereunder shall be in writing and shall be deemed to have been duly given if
personally delivered or if sent by nationally-recognized overnight courier, by
telecopy, or by registered or certified mail, return receipt requested and
postage prepaid, addressed as follows:

if to the Company:

         Stockpoint, Inc.
         2600 Crosspark Road
         Coralville, IA  52241-3212

with a copy to:

         Thomas Martin, Esq.
         Dorsey & Whitney LLP
         220 South 6th Street
         Minneapolis, MN  55402

if to the Agent:

         Equity Dynamics, Inc.
         2116 Financial Center
         666 Walnut Street
         Des Moines, Iowa  50309

with a copy to:

         Belin Lamson McCormick Zumbach Flynn
         A Professional Corporation
         The Financial Center
         666 Walnut Street
         Suite 2000
         Des Moines, Iowa  50309
         ATTN:  Garth D. Adams, Esq.

if to the Guarantors:

         Matthew Kinley
         c/o Equity Dynamics
         2116 Financial Center
         666 Walnut Street
         Des Moines, Iowa  50309

         Joseph Dunham
         c/o Equity Dynamics

                                      -18-

<PAGE>   23

         2116 Financial Center
         666 Walnut Street
         Des Moines, Iowa  50309

         Zeke Investment Partners
         569 Cantebury Lane
         Berwyn, PA 19312

or to such other address as the party to whom notice is to be given may have
furnished to the other parties in writing in accordance herewith. Any such
notice or communication shall be deemed to have been received (a) in the case of
personal delivery, on the date of such delivery, (b) in the case of
nationally-recognized overnight courier, on the next business day after the date
when sent, (c) in the case of telecopy transmission, upon receipt of electronic
confirmation of transmission, and (d) in the case of mailing, on the third
business day following that on which the piece of mail containing such
communication is posted.

SECTION 18. AMENDMENTS.

The terms and provisions of this Agreement may only be modified or amended
pursuant to an instrument signed by all parties. Notwithstanding the foregoing,
the obligations of the Company under Sections 8.1 through 8.10 may also be
waived, temporarily or permanently, but solely with respect to any Guarantor,
pursuant to an instrument signed by such Guarantor.

SECTION 19. COUNTERPARTS.

This Agreement may be executed in any number of counterparts, and each such
counterpart shall be deemed to be an original instrument, but all such
counterparts together shall constitute but one agreement.

SECTION 20. HEADINGS, GENDER, TENSE.

The section and paragraph headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of
this Agreement. Wherever from the context it appears appropriate, each term
stated in either of the singular or the plural will include the singular and the
plural, and pronouns stated in the masculine, feminine or neuter gender will
include the masculine, the feminine and the neuter. Unless otherwise expressly
stated in the Agreement, the words "herein," "hereof," "hereto," "hereunder" and
others of similar inference refer to the Agreement as a whole and not to any
particular section, subsection or clause contained in the Agreement. The term
"including" shall not be deemed to be exclusive and shall be deemed to mean
"including, without limitation."

SECTION 21. GOVERNING LAW, JURISDICTION.

THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
DOMESTIC LAWS OF THE STATE OF IOWA WITHOUT GIVING EFFECT TO ANY LAW OR RULE THAT
WOULD CAUSE THE LAWS OF ANY JURISDICTION

                                      -19-

<PAGE>   24

OTHER THAN THE STATE OF IOWA TO BE APPLIED. THE PARTIES HEREBY SUBMIT TO THE
NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN
DISTRICT OF IOWA AND OF ANY IOWA STATE COURT SITTING IN DES MOINES FOR PURPOSES
OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE PARTIES IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER
HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT
AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT
IN AN INCONVENIENT FORUM.

SECTION 22. WAIVER OF JURY TRIAL.

EACH OF THE COMPANY, THE AGENT AND THE GUARANTORS HEREBY IRREVOCABLY WAIVES ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THE DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED THEREBY AND TO THE
FULLEST EXTENT PERMITTED BY LAW WAIVES ANY RIGHTS THAT IT MAY HAVE TO CLAIM OR
RECEIVE CONSEQUENTIAL OR SPECIAL DAMAGES IN CONNECTION WITH ANY LEGAL PROCEEDING
ARISING OUT OR RELATING TO THE FINANCING DOCUMENTS OR THE TRANSACTIONS
CONTEMPLATED THEREBY.

                                      -20-

<PAGE>   25

IN WITNESS WHEREOF the parties have executed and delivered this Master Agreement
on the date first above written.

                                     STOCKPOINT, INC.

                                     By:
                                        ----------------------------------

                                     ZEKE INVESTMENT PARTNERS

                                     By: /s/ Edward N. Antoian
                                        ----------------------------------
                                          Ed Antoian

                                     By: /s/ Matthew P. Kinley
                                        ----------------------------------
                                          Matthew P. Kinley

                                     By:
                                        ----------------------------------
                                          Joseph Dunham

                                     EQUITY DYNAMICS, INC., as Agent

                                     By: /s/ Matthew P. Kinley
                                        ----------------------------------

                                      -21-

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