Document:

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                                                                   EXHIBIT 10.48

                                                                  EXECUTION COPY

                         REGISTRATION RIGHTS AGREEMENT

         THIS REGISTRATION RIGHTS AGREEMENT (this "AGREEMENT"), dated as of
March 30, 2001 (the "CLOSING DATE"), is made by and among DALEEN TECHNOLOGIES,
INC., a Delaware corporation (the "COMPANY"), the undersigned Purchasers
(individually a "PURCHASER" and collectively the "PURCHASERS"), and ROBERTSON
STEPHENS, INC., a Pennsylvania corporation (the "PLACEMENT AGENT").

                                    RECITALS

         A.       In connection with the Securities Purchase Agreement by and
among the parties hereto of even date herewith (the "PURCHASE AGREEMENT"), the
Company has agreed, upon the terms and subject to the conditions of the Purchase
Agreement, to issue and sell to the Purchasers and the Purchasers have agreed to
purchase from the Company (i) an aggregate of 247,882 shares of the Company's
Series F Convertible Preferred Stock, par value $.01 per share (the "SERIES F
PREFERRED STOCK"), which are convertible into shares of the Company's common
stock, par value $.01 per share (the "COMMON STOCK"), in accordance with the
terms of the Certificate of Amendment to the Certificate of Incorporation
authorizing, creating and designating the Series F Preferred Stock (the
"CERTIFICATE OF AMENDMENT") and (ii) warrants to purchase an aggregate of 99,153
additional shares of Series F Preferred Stock (the "WARRANTS" and the shares
issuable upon exercise, the "WARRANT SHARES").

         B.       In connection with the closing of the transactions
contemplated by the Purchase Agreement, and as compensation to the Placement
Agent, the Company has agreed to issue to the Placement Agent a warrant to
purchase an aggregate of 9,915 shares of Series F Preferred Stock (the
"PLACEMENT AGENT WARRANTS" and the shares issuable upon exercise, the "PLACEMENT
AGENT WARRANT SHARES").

         C.       To induce the Purchasers to execute and deliver the Purchase
Agreement, and the Placement Agent to perform its services in connection with
the Purchase Agreement, the Company has agreed to provide certain registration
rights under the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder, or any similar successor statute
(collectively, the "SECURITIES ACT"), and applicable state securities laws.

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

         1.       Definitions. As used in this Agreement, the following terms
shall have the following meanings:

                  a.       "EXISTING RIGHTSHOLDER" means any stockholder of the
Company with registration rights granted pursuant to the Series A Convertible
Preferred Stock and Warrants to Purchase Series B Convertible Preferred Stock
Preferred Stock and Warrant Purchase Agreement dated September 12, 1997, by and
between the Company and HarbourVest Partners V - Direct Fund L.P. (formerly
known as Hancock Venture Partners V - Direct Fund L.P.), the Series D and

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Series D-1 Convertible Preferred Stock Preferred Stock Purchase Agreement
dated June 18, 1998, by and between the Company and the several purchasers named
therein, and/or the Series E Convertible Preferred Stock Preferred Stock
Purchase Agreement dated June 30, 1999, by and between the Company and Science
Applications International Corporation.

                  b.       "INVESTOR" means a Purchaser, the Placement Agent and
any transferee or assignee thereof about whom the Purchaser or the Placement
Agent provides notice to the Company in accordance with Section 9 herein and to
whom a Purchaser or the Placement Agent assigns its rights under this Agreement
and who agrees in writing to become bound by the provisions of this Agreement in
accordance with Section 9 herein and any transferee or assignee thereof to whom
a transferee or assignee assigns its rights under this Agreement and who agrees
in writing to become bound by the provisions of this Agreement in accordance
with Section 9 herein. Any Person shall no longer be an Investor if such Person
no longer holds Registrable Securities, Series F Preferred Stock, Warrants,
Warrant Shares, Placement Agent Warrants or Placement Agent Warrant Shares.

                  c.       "PERSON" means a corporation, a limited liability
company, an association, a partnership, an organization, a business, an
individual, a governmental or political subdivision thereof or a governmental
agency.

                  d.       "REGISTER," "REGISTERED," and "REGISTRATION" refer to
a registration effected by preparing and filing one or more Registration
Statements (as defined below) in compliance with the Securities Act and pursuant
to Rule 415 under the Securities Act or any successor rule providing for
offering securities on a continuous or delayed basis ("RULE 415"), and the
declaration or ordering of effectiveness of such Registration Statement(s) by
the United States Securities and Exchange Commission (the "SEC").

                  e.       "REGISTRABLE SECURITIES" means (i) the shares of
Common Stock issued or issuable upon conversion of the Series F Preferred Stock,
the Warrant Shares and the Placement Agent Warrant Shares (such Common Stock is
referred to collectively as the "CONVERSION SHARES") and (ii) any shares of
capital stock issued or issuable with respect to the Conversion Shares, as a
result of any stock split, stock dividend, recapitalization, exchange or similar
event or otherwise, without regard to any limitations on conversions of the
Series F Preferred Stock or exercises of Warrants or Placement Agent Warrants.
For the purposes of this Agreement, Registrable Securities will cease to be
Registrable Securities, when (i) the Registration Period (as defined below) is
over, (ii) when they are sold pursuant to a Registration Statement, or (iii) the
Registrable Securities are proposed to be sold or distributed by a Person not
entitled to the registration rights granted by this Agreement.

                  f.       "REGISTRATION STATEMENT" means a registration
statement or registration statements of the Company filed under the Securities
Act covering the Registrable Securities.

         Capitalized terms used herein and not otherwise defined herein shall
have the respective meanings set forth in the Purchase Agreement and its
exhibits, schedules and attachments.

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         2.       Registration.

                  a.       Mandatory Registration. The Company shall prepare,
and, as soon as practicable, but in no event later than May 14, 2001 or such
later date as the Company and the holders of a majority of the Registrable
Securities (with the holders of Series F Preferred Stock and/or Warrants
consenting on an as converted and as exercised basis) shall agree in writing, or
in the event the Series F Preferred Stock and Warrants have not been issued at
such time, such later date as the Company and the Purchasers of a majority of
the shares of Series F Preferred Stock to be purchased pursuant to the Purchase
Agreement shall agree in writing (the "FILING DEADLINE"), file with the SEC a
Registration Statement or Registration Statements (as necessary) for an offering
to be made on a continuous basis pursuant to Rule 415 on Form S-3 covering the
resale of the Registrable Securities as provided for in this Section 2a,
provided, however, that in the event the SEC, pursuant to its rules, regulations
or otherwise, prohibits the Company from filing a Registration Statement prior
to the actual issuance of the Series F Preferred Stock, Warrants and Placement
Agent Warrants pursuant to the Purchase Agreement, then the Filing Deadline
shall be the later of (i) the day following the Escrow Closing or if the SEC is
not open for business on such day, on the next day that the SEC is open for
business, or (ii) the date the SEC, pursuant to its rules, regulations or
otherwise, permits such filing. In the event that Form S-3 is unavailable for
such a registration, the Company shall use such other form as is available for
such a registration, subject to the provisions of Section 2d. The Company shall
use its best efforts to cause such Registration Statement to be declared
effective by the SEC as soon as practicable after the filing thereof but in no
event later than the date which is one hundred eighty (180) days after the
Closing Date or such later date as the Company and the holders of a majority of
the Registrable Securities (with the holders of Series F Preferred Stock and/or
Warrants consenting on an as converted and as exercised basis) shall agree in
writing (as so extended, the "EFFECTIVENESS DEADLINE"), provided, however, that
in the event the Filing Deadline is delayed by the SEC, pursuant to its rules,
regulations, or otherwise, as provided in this Section 2a, then the
Effectiveness Deadline shall be the date that is the later of (i) one hundred
eighty (180) days after the Closing Date or (ii) one hundred (100) days after
the Filing Deadline. Notwithstanding any other provision herein, the Company
shall have no liability hereunder for its failure to file with the SEC a
Registration Statement by the Filing Deadline, or to cause such Registration
Statement to be declared effective by the SEC by the Effectiveness Deadline, in
the event the failure to file a Registration Statement or to cause the
effectiveness of such Registration Statement, on or before such respective dates
arises from the action or inaction of any Investor, including any Investor's
failure to comply with its obligation pursuant to Section 5 herein (an "INVESTOR
DELAY").

                  b.       Allocation of Registrable Securities. The initial
number of Registrable Securities included in any Registration Statement and any
other shares of Common Stock included in the Registration Statement pursuant to
registration rights previously granted to the Existing Rightsholders (solely for
purposes of this Section 2b, such shares of Common Stock included in the
Registration Statement pursuant to registration rights previously granted to the
Existing Rightsholders shall be deemed to be Registrable Securities) and each
increase in the number of Registrable Securities included therein shall be
allocated pro rata among the Investors and Existing Rightsholders based on the
number of Registrable Securities held by each Investor and Existing Rightsholder
at the time the Registration Statement covering such initial number of

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Registrable Securities or increase thereof is declared effective by the SEC. In
the event that an Investor or Existing Rightsholder sells or otherwise transfers
any of such Investor's or Existing Rightsholders' Registrable Securities to
another party who becomes an Investor or Existing Rightsholder, as the case may
be, each transferee Investor or Existing Rightsholder shall be allocated a pro
rata portion of the then remaining number of Registrable Securities included in
such Registration Statement for such transferor Investor or Existing
Rightsholder. Any shares of Common Stock included in a Registration Statement
and which remain allocated to any Person which ceases to hold any Registrable
Securities covered by such Registration Statement shall be allocated to the
remaining Investors and Existing Rightsholders, pro rata based on the number of
Registrable Securities then held by such Investors and Existing Rightsholder
that are covered by such Registration Statement.

                  c.       Legal Counsel. Subject to Section 6 hereof, the
Purchasers holding a majority of the Registrable Securities shall have the right
to select one legal counsel ("LEGAL COUNSEL") to review and, if applicable,
comment on, the Registration Statement and any amendments thereto pursuant to
this Section 2. The Company shall reasonably cooperate with Legal Counsel in
connection with its review of the Registration Statement.

                  d.       Ineligibility for Form S-3. In the event that Form
S-3 is not available for any registration of Registrable Securities hereunder,
the Company shall (i) register the sale of the Registrable Securities on another
appropriate form that is reasonably acceptable to the holders of a majority of
the Registrable Securities (with the holders of Series F Preferred Stock and/or
Warrants consenting on an as converted and as exercised basis) and (ii)
undertake to register the Registrable Securities on Form S-3 as soon as such
form is available, provided that the Company shall maintain the effectiveness of
the Registration Statement then in effect until such time as a Registration
Statement on Form S-3 covering the Registrable Securities has been declared
effective by the SEC.

                  e.       Sufficient Number of Shares Registered. In the event
the number of shares available under a Registration Statement filed pursuant to
Section 2a is insufficient to cover all of the Registrable Securities required
to be covered by such Registration Statement (solely for purposes of this
Section 2e, any shares of Common Stock included in the Registration Statement by
any Existing Rightsholder pursuant to registration rights previously granted to
such Existing Rightsholder shall be deemed to be Registrable Securities), the
Company shall amend the Registration Statement, or file a new Registration
Statement (on the short form available therefor, if applicable), or both, so as
to cover 100% of the number of such Registrable Securities as of the trading day
immediately preceding the date of the filing of such amendment or new
Registration Statement, in each case, as soon as practicable, but in any event
not later than forty-five (45) days after the necessity therefor arises. The
Company shall use its best efforts to cause such amendment and/or new
Registration Statement to become effective as soon as reasonably practicable
following the filing thereof. For purposes of the foregoing provision, the
number of shares available under a Registration Statement shall be deemed
"insufficient to cover all of the Registrable Securities" if at any time the
number of Registrable Securities covered by such Registration Statement is
greater than the number of shares of Common Stock available for resale under
such Registration Statement. The calculation set forth in the foregoing sentence
shall be made without regard to any limitations on the conversion of the Series
F Preferred

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Stock, the Warrant Shares or the Placement Agent Warrant Shares and such
calculation shall assume that the Series F Preferred Stock, the Warrant Shares
and the Placement Agent Warrant Shares are then convertible into shares of
Common Stock at the then prevailing Conversion Price (as defined in the
Certificate of Amendment).

                  f.       Incidental or "Piggyback" Registration. If the
Company proposes to file a Registration Statement under the Securities Act with
respect to an offering of Common Stock by the Company for its own account (other
than a Registration Statement on Form S-4 or S-8 or any successor thereto) or
for the account of any stockholder of the Company, then the Company shall give
written notice of such proposed filing to each of the Investors at least twenty
(20) days before the anticipated filing date, and such notice shall describe the
proposed registration and distribution and offer such Investors the opportunity
to register the number of Registrable Securities as each such Investor may
request, subject in each case to the terms of any existing registration rights
agreement(s) (an "INCIDENTAL REGISTRATION"). The Company shall use its
reasonable best efforts (within twenty (20) days of the notice provided for in
the preceding sentence) to cause the managing underwriter or underwriters in the
case of a proposed firm commitment underwritten offering (the "UNDERWRITER") to
permit each of the Investors who have requested in writing to participate in the
Incidental Registration to include its or his Registrable Securities in such
offering on the same terms and conditions as the securities of the Company or
the account of such other stockholder, as the case may be, included therein. In
connection with any Incidental Registration under this Section 2f involving an
underwritten offering, the Company shall not be required to include any
Registrable Securities in such underwritten offering unless the Investors
thereof accept the terms of the underwritten offering as agreed upon between the
Company, such other stockholders, if any, and the Underwriter, and then only in
such quantity as the Underwriter believes will not jeopardize the success of the
offering by the Company. If the Underwriter determines that the registration of
all or part of the Registrable Securities which the Investors have requested to
be included would materially adversely affect the success of such offering, then
the Company shall be required to include in such Incidental Registration, to the
extent of the amount that the Underwriter believes may be sold without causing
such adverse effect: first, all of the securities to be offered for the account
of the Company; second, securities requested to be included in such offering
pursuant to registration rights granted by the Company whose rights are, by
their terms, superior to those granted to Investors hereunder; third, to the
Registrable Securities to be offered for the account of the Investors pursuant
to this Section 2f and any securities requested to be included in such offering
pursuant to registration rights granted by the Company whose rights are, by
their terms, pari passu to those granted to Investors hereunder, pro rata based
on the number of Registrable Securities owned by each such Investor and
securities owned by each such other holder or registration rights; and fourth,
any other securities requested to be included in such offering. Notwithstanding
anything herein to the contrary, no holder of Registrable Securities may
participate in any underwritten registration hereunder unless such holder (i)
agrees to enter into an underwriting agreement in customary form with the
Underwriter or Underwriters and (ii) accurately completes and executes in a
timely manner all questionnaires, powers of attorney, indemnities, custody
agreements, underwriting agreements, lock-up agreements and other documents
reasonably required under the terms of such underwriting agreements.

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                  g.       Liquidated Damages. If, other than as a result of an
Investor Delay, a Registration Statement covering all of the Registrable
Securities (i) is not filed with the SEC on or prior to the Filing Deadline or
(ii) has not been declared effective by the SEC on or prior to the Effectiveness
Deadline (any such event, a "REGISTRATION DEFAULT"), then the Company shall pay
each Purchaser liquidated damages in an amount equal to one percent (1.0%) of
the aggregate purchase price paid by such Purchaser for the Series F Preferred
Stock or Warrants that are convertible or exercisable for the Registrable
Securities not included in the Registration Statement per calendar month,
including a pro rata portion thereof for any partial calendar month, that such
Registration Default continues ("LIQUIDATED DAMAGES"). The Company shall not in
any event be required to pay Liquidated Damages for more than one Registration
Default at any given time, and upon cure of a Registration Default (by the
filing or the declaration of effectiveness of the Registration Statement, as
applicable) such Liquidated Damages shall cease to accrue. All accrued
Liquidated Damages shall be paid in cash to the Purchasers entitled thereto, in
proportion to the aggregate number of Registrable Securities beneficially owned
by each such Purchasers, on the last business day of March, June, September or
December, as applicable, following the Effectiveness Deadline. The foregoing
shall not be the exclusive remedy of the Purchasers in the event of a breach by
the Company of this Section 2g.

                  h.       Underwritten Offering.

                           (i)      Timing of Demand Registrations. At any time
after the effective date of Registration Statement filed pursuant to Section 2a
hereof, the holders of forty percent (40%) in interest of the Registrable
Securities (with the holders of Series F Preferred Stock and/or Warrants
representing on an as converted and as exercised basis) (individually a
"DEMANDING HOLDER" and collectively, the "DEMANDING HOLDERS"), may request that
the Company file a Registration Statement under the Securities Act covering the
sale by them of Registrable Securities and all other validly issued Common Stock
or other securities convertible or exercisable into Common stock of which such
Demanding Holder is a holder (the "DEMAND SECURITIES") for the purpose of
selling such Demand Securities through a firm commitment underwritten offering
(a "DEMAND REGISTRATION"). In the event that any Existing Rightsholder exercises
its rights under existing registration rights to have all or part of its shares
of Common Stock to which it is entitled to incidental registration rights
included in a Demand Registration, such entity shall be deemed to be a Demanding
Holder and such shares shall be deemed to be Demand Securities for purposes of
this Section 2h.

                           Upon receipt of a valid Demand Registration, the
Company shall (i) if required by the Securities Act and all relevant securities
laws, rules and regulations, file a post-effective amendment to the relevant
Registration Statement regarding the Registrable Securities, or such other
filings as necessary to effect a Demand Registration, (ii) within ten (10)
Business Days give written notice to all holders of Registrable Securities
(other than the Demanding Holders) that they may exercise their piggyback rights
pursuant to Section 2f hereof, with respect to such registration, and (iii)
within ten (10) Business Days give written notice to all holders of Common Stock
(other than Demanding Holders) or other securities convertible or exercisable
into Common Stock who hold piggyback rights. Subject to this Section 2h, the
Company shall thereafter use its reasonable best efforts to effect the
registration under the Securities Act of all Demand Securities that Demanding
Holders have requested to include in such registration

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pursuant to the request for Demand Registration and pursuant to notices that the
Company receives, within twenty (20) days after the date of its written notice,
from Investors and other holders of Common Stock or other securities convertible
or exercisable into Common Stock, that desire to exercise their piggyback
rights.

                           (ii)     Number of Demand Registrations. The Company
shall be obligated to prepare, file and cause to become effective pursuant to
this Section 2h an aggregate of no more than three (3) Registration Statements
on Form S-3 or, in the event Form S-3 is not available, such other form as is
available for such registration; provided, however, that the Company shall not
be obligated to file more than one Registration Statement pursuant to this
Section 2h during any six-month period. A Registration Statement will not count
as a Demand Registration unless it is declared effective by the SEC; provided,
however, that in the event a Registration Statement is withdrawn at the request
of the Demanding Holders, the Demanding Holders will pay all Registration
Expenses with respect to such registration unless they agree to forfeit the
Demand Registration right that they exercised in connection with such
registration.

                           (iii)    Underwriter's Cutback. The Company may, and
may allow other holders of securities of the Company to, include securities in a
Demand Registration if, but only if, the managing underwriter concludes that
such inclusion will not interfere with the successful marketing of all the
Registrable Securities requested to be included in such Demand Registration. If,
in the good faith judgment of the managing underwriter, marketing factors
require a limitation of the number of Registrable Securities to be underwritten,
the number of shares of Registrable Securities to be included in such Demand
Registration shall be reduced in the following order until such inclusion, in
the good faith judgment of the managing underwriter, will not interfere with the
successful marketing of the remaining Registrable Securities: first, all
securities that are not contractually entitled to be included in such Demand
Registration shall be excluded; second, all securities that are entitled to be
included in such Demand Registration pursuant to contractual commitments made by
the Company other than pursuant to this Agreement shall be excluded; third,
securities that are entitled to be included in such Demand Registration pursuant
to the exercise of piggyback rights shall be excluded, with such number of
excluded securities to be allocated on a pro rata basis among the holders of
such piggyback rights in accordance with the number of Registrable Securities
then outstanding and held by each such Investor; and fourth, pro rata based on
the number of Demand Securities owed by each Demanding Holder.

                           (iv)     Managing Underwriter. The managing
underwriter or other underwriters of any underwritten public offering covered by
a Demand Registration shall be selected by the mutual agreement of a majority in
interest of the Demanding Holders, and shall be reasonably acceptable to the
Board of Directors of the Company.

                           (v)      Underwriter's Agreement. Upon receipt of a
valid Demand Registration, the Company shall enter into and perform customary
agreements (including an underwriting agreement in customary form with the
managing underwriter) and take such other actions as are prudent and reasonably
required in order to expedite or facilitate the disposition of such Demand
Securities, including, without limitation, causing its officer's to be
reasonably available for and to participate in "road shows," due diligence
inquiries and other information meetings as reasonably requested by the managing
underwriter.

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         3.       Limitations on Registration Rights. Any other provision of
this Agreement notwithstanding, if the Company furnishes to the Investors a
certificate signed by a duly authorized officer of the Company stating that in
the good faith judgment of the Board of Directors of the Company it would be
seriously detrimental to the Company for such Registration Statement to be filed
on or before the date filing would be required or to update or correct the
Registration Statement or prospectus pursuant to Section 4 hereof prior to its
effectiveness, then the Company shall be entitled to postpone filing the
Registration Statement or updating or correcting the Registration Statement or
prospectus, as applicable, or otherwise be obligated to effect any registration
pursuant to this Agreement for up to ninety (90) days; provided, however, that
the Company shall only be allowed to postpone filing the Registration Statement
or updating or correcting the Registration Statement or prospectus prior to its
effectiveness, as applicable, pursuant to this Section 3, one time during any
twelve (12) month period.

         4.       Company Obligations. At such time as the Company is obligated
to file a Registration Statement with the SEC pursuant to Section 2, the Company
will use its best efforts to effect the registration of the Registrable
Securities in accordance with the intended method of disposition thereof and,
pursuant thereto, the Company shall have the following obligations:

                  a.       The Company shall prepare and file with the SEC a
Registration Statement with respect to the Registrable Securities on or before
the Filing Deadline and use its best efforts to cause such Registration
Statement relating to the Registrable Securities to become effective as soon as
possible after such filing and keep such Registration Statement effective
pursuant to Rule 415 at all times until the earlier of (i) the date as of which
each Investor may sell all of its Registrable Securities during a single three
(3) month period pursuant to Rule 144 promulgated under the Securities Act (or
successor thereto) ("RULE 144"), or (ii) the date on which (A) the Investors
shall have sold or otherwise disposed of all the Registrable Securities and (B)
none of the outstanding Series F Preferred Stock, Warrants, the Placement Agent
Warrants or the Conversion Shares are held by Persons entitled to the
registration rights granted by this Agreement (the "REGISTRATION PERIOD"). The
term "BEST EFFORTS" as used in the first sentence of this Section 4a shall mean,
among other things, that the Company shall submit to the SEC, within three (3)
business days after the Company learns that no review of a particular
Registration Statement will be made by the staff of the SEC or that the staff
has no further comments on the Registration Statement, as the case may be, a
request for acceleration of effectiveness of such Registration Statement to a
time and date not later than forty-eight (48) hours after the submission of such
request. Notwithstanding the foregoing, Investors which, individually or in the
aggregate with its affiliates, holds Registrable Securities representing more
than three percent (3%) of the total outstanding equity securities of the
Company shall, pursuant to, and limited by Section 3 above, continue to have the
right to require the Company to prepare an underwritten offering and shall
continue to have rights under Section 2f, and the term "Registrable Securities"
shall include the shares held by such 3% holder, despite the termination of the
Registration Period above, for all Registrable Securities it then holds.

                  b.       Subject to Section 4l, the Company shall prepare and
file with the SEC such amendments (including post-effective amendments) and
supplements to a Registration

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Statement and the prospectus used in connection with such Registration
Statement, which prospectus is to be filed pursuant to Rule 424 promulgated
under the Securities Act, as may be necessary to keep such Registration
Statement effective at all times during the Registration Period, and, during
such period, comply with the provisions of the Securities Act with respect to
the disposition of all Registrable Securities of the Company covered by such
Registration Statement until such time as all of such Registrable Securities
shall have been disposed of in accordance with the intended methods of
disposition by the seller or sellers thereof as set forth in such Registration
Statement.

                  c.       The Company shall (a) permit Legal Counsel to review
and comment upon a Registration Statement and all amendments and supplements
thereto at least five (5) days prior to their filing with the SEC and (b) not
file any document in a form to which Legal Counsel reasonably objects and has
advised the Company in writing of its objection and the basis for such
objection, provided that notwithstanding anything to the contrary in this
Agreement, the Company shall suffer no adverse consequence from any delay in the
filing of a Registration Statement if such delay is caused by any delay in
review of or comment on such Registration Statement by Legal Counsel. The
Company shall furnish to Legal Counsel, without charge, (i) copies of any
correspondence with the SEC or the Staff of the SEC to the Company or its
representatives relating to the effectiveness of the Registration Statement,
(ii) promptly after the same is prepared and filed with the SEC, one copy of any
Registration Statement and any amendment(s) thereto, including financial
statements and schedules, and all exhibits and (iii) upon the effectiveness of
any Registration Statement, one copy of the prospectus included in such
Registration Statement and all amendments and supplements thereto.

                  d.       The Company shall furnish to each Investor whose
Registrable Securities are included in any Registration Statement, without
charge, (i) promptly after the same is prepared and filed with the SEC, at least
one copy of such Registration Statement and any amendment(s) thereto, including
financial statements and schedules, and all exhibits, (ii) upon the
effectiveness of any Registration Statement, ten (10) copies of the prospectus
included in such Registration Statement and all amendments and supplements
thereto (or such other number of copies as such Investor may reasonably request)
and (iii) such other documents, including copies of any preliminary or final
prospectus, as such Investor may reasonably request from time to time in order
to facilitate the disposition of the Registrable Securities owned by such
Investor.

                  e.       Subject to Section 4l, the Company shall use
reasonable efforts to (i) register and qualify the Registrable Securities
covered by a Registration Statement under such securities or "blue sky" laws of
such jurisdictions in the United States as Legal Counsel or any Investor
reasonably requests, (ii) prepare and file in those jurisdictions such
amendments (including post-effective amendments) and supplements to such
registrations and qualifications as may be necessary to maintain the
effectiveness thereof during the Registration Period, (iii) take such other
actions as may be necessary to maintain such registrations and qualifications in
effect at all times during the Registration Period, and (iv) take all other
actions reasonably necessary or advisable to qualify the Registrable Securities
for sale in such jurisdictions; provided, however, that the Company shall not be
required in connection therewith or as a condition thereto to (x) qualify to do
business in any jurisdiction where it would not otherwise be required to qualify
but for this Section 4e, (y) subject itself to general taxation in any such

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jurisdiction, or (z) file a general consent to service of process in any such
jurisdiction. The Company shall promptly notify Legal Counsel and each Investor
who holds Registrable Securities of the receipt by the Company of any
notification with respect to the suspension of the registration or qualification
of any of the Registrable Securities for sale under the securities or "blue sky"
laws of any jurisdiction in the United States or its receipt of actual notice of
the initiation or threat of any proceeding for such purpose.

                  f.       As promptly as practicable after becoming aware of
such event or development, the Company shall notify Legal Counsel and each
Investor in writing of the happening of any event as a result of which the
prospectus included in a Registration Statement, as then in effect, includes an
untrue statement of a material fact or omission to state a material fact
required to be stated therein or necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading (provided
that such notice shall not contain any material, non- public information), and
promptly prepare a supplement or amendment to such Registration Statement to
correct such untrue statement or omission, and deliver ten (10) copies of such
supplement or amendment to Legal Counsel and each Investor (or such other number
of copies as Legal Counsel or such Investor may reasonably request). The Company
shall also promptly notify Legal Counsel and each Investor in writing (i) when a
prospectus or any prospectus supplement or post-effective amendment has been
filed, and when a Registration Statement or any post-effective amendment has
become effective (notification of such effectiveness shall be delivered to Legal
Counsel by overnight mail as promptly as possible), (ii) of any request by the
SEC for amendments or supplements to a Registration Statement or related
prospectus or related information, and (iii) of the Company's reasonable
determination that a post-effective amendment to a Registration Statement would
be appropriate.

                  g.       The Company shall use its reasonable best efforts to
prevent the issuance of any stop order or other suspension of effectiveness of a
Registration Statement, or the suspension of the qualification of any of the
Registrable Securities for sale in any jurisdiction and, if such an order or
suspension is issued, to obtain the withdrawal of such order or suspension at
the earliest possible moment and to notify Legal Counsel and each Investor who
holds Registrable Securities being sold of the issuance of such order and the
resolution thereof or its receipt of actual notice of the initiation or threat
of any proceeding for such purpose.

                  h.       At the reasonable request of any Purchaser and at the
Company's expense, the Company shall use its reasonable best efforts to furnish
to such Purchaser, on the date of the effectiveness of the Registration
Statement and thereafter from time to time upon any change or addition
(including by way of incorporation by reference) to the financial statements or
financial information included in the Registration Statement (i) a letter, dated
such date, from the Company's independent certified public accountants in form
and substance as is customarily given by independent certified public
accountants to underwriters in an underwritten public offering, addressed to
such Purchaser and the Company and any underwriter and (ii) an opinion, dated as
of such date, of counsel representing the Company for purposes of such
Registration Statement, in form, scope and substance as is customarily given in
an underwritten public offering, addressed to such Purchaser and any
underwriter.

                                      -10-
<PAGE>   11

                  i.       The Company shall use its best efforts either to
cause all the Registrable Securities covered by a Registration Statement to be
listed on each securities exchange or The Nasdaq National Market on which
securities of the same class or series issued by the Company are then listed, if
any, if the listing of such Registrable Securities is then permitted under the
rules of such exchange or The Nasdaq National Market. The Company shall pay all
fees and expenses in connection with satisfying its obligation under this
Section 4i.

                  j.       The Company shall cooperate with the Investors who
hold Registrable Securities being offered and, to the extent applicable, to
facilitate the timely preparation and delivery of certificates representing the
Registrable Securities to be offered pursuant to a Registration Statement and
enable such certificates to be in such denominations or amounts, as the case may
be, as the Investors may reasonably request and registered in such names as the
Investors may request.

                  k.       Within two (2) business days after a Registration
Statement which includes the Registrable Securities is declared effective by the
SEC, the Company shall deliver, and shall cause legal counsel for the Company to
deliver, to the transfer agent for such Registrable Securities (with copies to
the Investors whose Registrable Securities are included in such Registration
Statement) written confirmation that such Registration Statement has been
declared effective by the SEC.

                  l.       Notwithstanding anything to the contrary herein, at
any time after the applicable Registration Statement has been declared effective
by the SEC, the Company may delay the disclosure of material non-public
information concerning the Company the disclosure of which at the time is not,
in the good faith opinion of the Board of Directors of the Company, in the best
interest of the Company (a "GRACE PERIOD"); provided, that the Company shall
promptly (i) notify the Investors in writing of the existence of material
non-public information giving rise to a Grace Period (provided that in each
notice the Company will not disclose the content of such material non-public
information to the Investors) and the date on which the Grace Period will begin,
and (ii) notify the Investors in writing of the date on which the Grace Period
ends; and, provided further, that no Grace Period shall exceed 30 consecutive
days and during any consecutive 365 day period, such Grace Periods shall not
exceed an aggregate of 90 days (an "ALLOWABLE GRACE PERIOD"). For purposes of
determining the length of a Grace Period above, the Grace Period shall begin on
and include the date the Investors receive the notice referred to in clause (i)
and shall end on and include the later of the date the Investors receive the
notice referred to in clause (ii) and the date referred to in such notice. The
provisions of Section 4f hereof shall not be applicable during the period of any
Allowable Grace Period. Upon expiration of the Grace Period, the Company shall
again be bound by the first sentence of Section 4f with respect to the
information giving rise thereto.

                  m.       If requested by an Investor, the Company shall (i) as
soon as practicable incorporate in a prospectus supplement or post-effective
amendment such information as an Investor reasonably requests to be included
therein relating to the sale and distribution of Registrable Securities,
including, without limitation, information with respect to the number of
Registrable Securities being offered or sold, the purchase price being paid
therefor and any other terms of the offering of the Registrable Securities to be
sold in such other offering provided that

                                      -11-
<PAGE>   12

such information is required to be included in the Registration Statement by the
Securities Act; (ii) as soon as practicable make all required filings of such
prospectus supplement or post-effective amendment after being notified of the
matters to be incorporated in such prospectus supplement or post-effective
amendment; and (iii) as soon as practicable, supplement or make amendments to
any Registration Statement if reasonably requested by an Investor of such
Registrable Securities.

                  n.       The Company shall use its reasonable best efforts to
cause the Registrable Securities covered by the Registration Statement to be
registered with or approved by such other governmental agencies or authorities
as may be necessary to consummate the disposition of such Registrable
Securities.

                  o.       The Company shall make generally available to its
security holders as soon as practical, but not later than 90 days after the
close of the period covered thereby, an earnings statement as contemplated by
Section 11(a) of the Securities Act (in form and in a manner complying with the
provisions of Rule 158 promulgated under the Securities Act). The Company shall
otherwise use its best efforts to comply with all applicable rules and
regulations of the SEC in connection with any registration hereunder.

                  p.       The Company shall make available for inspection by
(i) any Investor, (ii) Legal Counsel, (iii) one firm of accountants or other
agents retained by the Investors and (iv) any underwriter (collectively, the
"INSPECTORS"), all pertinent financial and other records, and pertinent
corporate documents and properties of the Company (collectively, the "RECORDS"),
as shall be reasonably requested by each Inspector, and cause the Company's
officers, directors and employees to supply all information which any Inspector
may reasonably request; provided, however, that each Inspector shall agree to
hold in strict confidence and shall not make any disclosure (except to an
Investor) or use of any Record or other information which the Company determines
in good faith to be confidential, and of which determination the Inspectors are
so notified, unless (a) the disclosure of such Records is necessary to avoid or
correct a misstatement or omission in any Registration Statement or is otherwise
required under the Securities Act at a time when there is no Grace Period, (b)
the release of such Records is ordered pursuant to a final, non-appealable
subpoena or order from a court or government body of competent jurisdiction, or
(c) the information in such Records has been made generally available to the
public other than by disclosure in violation of this or any other agreement of
which the Inspector has knowledge. Each Investor agrees that it shall, upon
learning that disclosure of such Records is sought in or by a court or
governmental body of competent jurisdiction or through other means, give prompt
notice to the Company and allow the Company, at its expense, to undertake
appropriate action to prevent disclosure of, or to obtain a protective order
for, the Records deemed confidential.

         5.       Obligations of the Investors.

                  a.       At least seven (7) days prior to the first
anticipated filing date of a Registration Statement, the Company shall notify
each Investor in writing of the information the Company requires from each such
Investor if such Investor elects to have any of such Investor's Registrable
Securities included in such Registration Statement. It shall be a condition
precedent to the obligations of the Company to complete the registration
pursuant to this Agreement with

                                      -12-
<PAGE>   13

respect to the Registrable Securities of a particular Investor that such
Investor shall furnish to the Company such information regarding itself, the
Registrable Securities held by it and the intended method of disposition of the
Registrable Securities held by it as shall be required to effect the
registration of such Registrable Securities and shall execute such documents in
connection with such registration as the Company may reasonably request.

                  b.       Each Investor by such Investor's acceptance of the
Registrable Securities agrees to cooperate with the Company as reasonably
requested by the Company in connection with the preparation and filing of any
Registration Statement hereunder, unless such Investor has notified the Company
in writing of such Investor's election to exclude all of such Investor's
Registrable Securities from such Registration Statement.

                  c.       Each Investor agrees that, upon receipt of any notice
from the Company of the happening of any event of the kind described in Section
4g, the first sentence of Section 4f, or Section 4l, such Investor will
immediately discontinue disposition of Registrable Securities pursuant to any
Registration Statement(s) covering such Registrable Securities until such
Investor's receipt of the copies of the supplemented or amended prospectus
contemplated by Section 4d or the first sentence of Section 4f or receipt of
notice that no supplement or amendment is required, or in the case of Section 4l
that the Grace Period has expired and if so directed by the Company, such
Investor shall deliver to the Company or destroy (and deliver to the Company a
written certificate of destruction) all copies in such Investor's possession, of
the prospectus covering such Registrable Securities at the time of receipt of
such notice.

                  d.       To the extent requested by the Underwriter in the
case of an underwritten public offering, and if all of the Company's executive
officers, directors and holders in excess of five percent (5%) of its
outstanding capital stock execute agreements identical to those referred to in
this Section 5d, each Investor agrees not to effect any public sale or
distribution of any Registrable Securities or of any securities convertible into
or exchangeable or exercisable for such Registrable Securities, including a sale
pursuant to Rule 144 promulgated under the Securities Act, during the ninety
(90) day period or such shorter period, if any, mutually agreed upon by such
Investor and the Underwriter beginning on the effective date of such
Registration Statement (except as part of such registration).

                  e.       If, however, an Investor has entered into a contract
for sale of its Registrable Securities prior to the Investor's receipt of a
notice from the Company of the happening of any event of the kind described in
Section 4g, the first sentence of Section 4f, or Section 4l and for which the
Investor has not yet settled, the Company agrees to (i) cause its transfer agent
to deliver unlegended shares of Common Stock to a transferee of the Investor in
accordance with the terms of the purchase agreement in connection with any sale,
or (ii) be fully liable for any damages resulting from any breach by the
Investor in complying with this Section 5e.

         6.       Expenses of Registration. Except as otherwise set forth
herein, all reasonable expenses, other than underwriting discounts and brokerage
commissions, incurred in connection with registrations, filings or
qualifications pursuant to Sections 2 and 4, including, without limitation, all
registration, listing and qualifications fees, printers and accounting fees
shall be

                                      -13-
<PAGE>   14

paid by the Company. In addition, the Company shall reimburse the Investors for
the reasonable fees and disbursements of Legal Counsel in connection with
registrations, filings or qualifications pursuant to Sections 2 and 4 of this
Agreement.

         7.       Indemnification.  In the event any Registrable Securities are
included in a Registration Statement under this Agreement:

                  a.       Indemnification by the Company. The Company shall,
notwithstanding any termination of this Agreement and without limitation as to
time, indemnify and hold harmless each Investor, the officers, directors, agents
(including any underwriters retained by such Investor in connection with the
offer and sale of Registrable Securities), each Person who controls any such
Investor (within the meaning of Section 15 of the Securities Act or Section 20
of the Securities Exchange Act of 1934, as amended, (the "EXCHANGE ACT")) and
the officers, directors, agents and employees of each such controlling Person,
to the fullest extent permitted by applicable law, from and against any and all
losses, claims, damages, liabilities, costs (including, without limitation,
reasonable costs of preparation and attorneys' fees) and expenses (collectively,
"LOSSES"), that arise out of or are based upon (x) any untrue statement of a
material fact or alleged untrue statement of material fact contained in the
Registration Statement, any prospectus, or any form of prospectus or amendment
or supplement thereto, or (y) any omission or alleged omission of a material
fact required to be stated therein or necessary to make the statements therein
not misleading, or (z) any violation or alleged violation by the Investor (or
its underwriter) of the prospectus delivery requirements of the Securities Act.
Notwithstanding anything to the contrary contained herein, the indemnification
agreement contained in this Section 7(a): (w) shall not apply to the extent, but
only to the extent, that such untrue statements or omissions are based solely
upon information regarding such Investor furnished in writing to the Company by
or on behalf of such Investor expressly for use in any Registration Statement,
prospectus or any amendment or supplement thereto, which information was
reasonably relied on by the Company for use therein or to the extent that such
information relates to such Investor or such Investor's or Underwriter's
proposed method of distribution of Registrable Securities and was reviewed and
approved by such Investor or Underwriter for use in the Registration Statement,
such prospectus or such form of prospectus or in any amendment or supplement
thereto; (x) with respect to any preliminary prospectus, shall not inure to the
benefit of any such Investor, Underwriter or any related Indemnified Persons
from whom the Person asserting any such Losses purchased the Registrable
Securities that are the subject thereof (or to the benefit of any Person
controlling such Person) if the untrue statement or omission of material fact
contained in the preliminary prospectus was corrected in the prospectus, as then
amended or supplemented, if such prospectus was timely made available by the
Company pursuant to Section 4d hereof; (y) shall not be available to the extent
such Losses are based on a failure of an Investor to deliver or to cause to be
delivered the prospectus made available by the Company; and (z) shall not apply
to amounts paid in settlement of any losses, claims, damages, liabilities, costs
if such settlement is effected without the prior written consent of the Company,
which consent shall not be unreasonably withheld.

                  b.       Indemnification by Investors. Each Investor shall,
severally and not jointly, indemnify and hold harmless the Company, the
directors, officers, agents and employees, each Person who controls the Company
(within the meaning of Section 15 of the Securities Act

                                      -14-
<PAGE>   15

and Section 20 of the Exchange Act), and the directors, officers, agents or
employees of such controlling Persons, to the fullest extent permitted by
applicable law, from and against all Losses to the extent they arise out of or
are based upon (x) any untrue statement of a material fact or alleged untrue
statement of material fact contained in the Registration Statement, any
prospectus, or any form of prospectus or amendment or supplement thereto, or (y)
any omission or alleged omission of a material fact required to be stated
therein or necessary to make the statements therein not misleading, or (z) any
violation or alleged violation by the Investor (or its underwriter) of the
prospectus delivery requirements of the Securities Act, including, without
limitation, Losses arising out of the failure to deliver, or to cause to be
delivered, or alleged failure to deliver or cause to be delivered any amendments
or supplements to the prospectus or supplement, if such amendment or supplement
was timely made available to such Investor; provided, however, that the Investor
shall be liable under this Section 7b to the extent, but only to the extent,
that such untrue statement or omission is made in reliance upon or results in
conformity with any information furnished in writing by such Investor to the
Company specifically for use in connection with the Registration Statement or
such prospectus or any amendment or supplement thereto, or to the extent that
such information relates to such Investor or such Investor's proposed method of
distribution of Registrable Securities and was reviewed and approved by such
Investor expressly for use in the Registration Statement, such prospectus or
such form of prospectus or any amendment or supplement thereto; provided,
further that the Investor shall be liable under this Section 7(b) for only that
amount of a claim or Losses as does not exceed the net proceeds to such Investor
as result of the sale of Registrable Securities pursuant to such Registration
Statement.

                  c.       Conduct of Indemnification Proceedings.

                           (i)      If any proceeding shall be brought or
asserted against any Person entitled to indemnity hereunder (an "INDEMNIFIED
PARTY"), such Indemnified Party promptly shall notify the Person from whom
indemnity is sought (the "INDEMNIFYING PARTY") in writing promptly after receipt
by the Indemnified Party of notice of such proceeding, and the Indemnifying
Party shall assume the defense thereof, including the employment of counsel
reasonably satisfactory to the Indemnified Party and the payment of all fees and
expenses incurred in connection with defense thereof; provided, that the failure
of any Indemnified Party to give such notice shall not relieve the Indemnifying
Party of its obligations or liabilities pursuant to this Agreement, except (and
only) to the extent that it shall be finally determined by a court of competent
jurisdiction (which determination is not subject to appeal or further review)
that such failure shall have proximately and adversely prejudiced the
Indemnifying Party or the defense of such proceeding or is shown to be the
proximate cause of additional Losses.

                           (ii)     An Indemnified Party shall have the right to
employ separate counsel in any such proceeding and to participate in the defense
thereof, but the fees and expenses of such counsel shall be at the expense of
such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed
to pay such fees and expenses; or (2) the Indemnifying Party shall have failed
promptly to assume the defense of such proceeding and to employ counsel
reasonably satisfactory to such Indemnified Party in any such proceeding; or (3)
the named parties to any such proceeding (including any impleaded parties)
include both such Indemnified Party and the Indemnifying Party, and such
Indemnified Party shall have been advised by

                                      -15-
<PAGE>   16

counsel that a conflict of interest is likely to exist if the same counsel were
to represent such Indemnified Party and the Indemnifying Party (in which case,
if such Indemnified Party notifies the Indemnifying Party in writing that it
elects to employ separate counsel at the expense of the Indemnifying Party, the
Indemnifying Party shall not have the right to assume the defense thereof and
the reasonable expenses of such counsel shall be at the expense of the
Indemnifying Party). Notwithstanding the foregoing, in no event shall an
Indemnifying Party be required to pay the expenses of more than one (1) separate
counsel. The Indemnifying Party shall not be liable for any settlement of any
such Proceeding effected without its written consent, which consent shall not be
unreasonably withheld. No Indemnifying Party shall, without the prior written
consent of the Indemnified Party, effect any settlement of any pending
proceeding in respect of which any Indemnified Party is a party, unless such
settlement includes an unconditional release of such Indemnified Party from all
liability on claims that are the subject matter of such proceeding.

                  d.       Contribution. If a claim for indemnification under
Section 7a or 7b is unavailable to an Indemnified Party because of a failure or
refusal of a governmental authority to enforce such indemnification in
accordance with its terms (by reason of public policy or otherwise), then each
Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall
contribute to the amount paid or payable by such Indemnified Party as a result
of such Losses, in such proportion as is appropriate to reflect the relative
fault of the Indemnifying Party and Indemnified Party in connection with the
actions, statements or omissions that resulted in such Losses as well as any
other relevant equitable considerations. The relative fault of such Indemnifying
Party and Indemnified Party shall be determined by reference to, among other
things, whether any action in question, including any untrue or alleged untrue
statement of a material fact or omission or alleged omission of a material fact,
has been taken or made by, or relates to information supplied by, such
Indemnifying Party or Indemnified Party, and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
action, statement or omission. The amount paid or payable by a party as a result
of any Losses shall be deemed to include, subject to the limitations set forth
in Section 7c, any reasonable attorneys' or other fees or expenses incurred by
such party in connection with any proceeding to the extent such party would have
been indemnified for such fees or expenses if the indemnification provided for
in this Section 7 was available to such party in accordance with its terms. The
parties hereto agree that it would not be just and equitable if contribution
pursuant to this Section 7d were determined by pro rata allocation or by any
other method of allocation that does not take into account the equitable
considerations referred to in the immediately preceding paragraph.
Notwithstanding the provisions of this Section 7d, no Investor shall be required
to contribute, in the aggregate, any amount in excess of the amount by which the
proceeds actually received by the Investor from the sale of the Registrable
Securities subject to the proceeding exceeds the amount of any damages that the
Investor has otherwise been required to pay by reason of such untrue or alleged
untrue statement or omission or alleged omission. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation.

                  e.       Fees and Expenses - Indemnification. All fees and
expenses of the Indemnified Party (including reasonable fees and expenses to the
extent incurred in connection

                                      -16-
<PAGE>   17

with investigating or preparing to defend such proceeding in a manner not
inconsistent with this Section 7) shall be paid to the Indemnified Party, as
incurred, within ten (10) business days after written notice thereof to the
Indemnifying Party (regardless of whether it is ultimately determined that an
Indemnified Party is not entitled to indemnification hereunder; provided, that
the Indemnifying Party may require such Indemnified Party to undertake to
reimburse all such fees and expenses to the extent it is finally judicially
determined that such Indemnified Party is not entitled to indemnification
hereunder); provided, however, this Section 7e shall not apply if there is a
bona fide dispute between the Indemnifying Party and the Indemnified Party as to
the Indemnified Party's right to indemnification in the instance in question.

                  f.       Cumulative. The indemnity and contribution agreements
contained in this Section 7 are in addition to any liability that the
Indemnifying Parties may have to the Indemnified Parties.

         8.       Reports Under the Securities Act and the Exchange Act. With a
view to making available to the Investors the benefits of Rule 144 or any other
similar rule or regulation of the SEC that may at any time permit the Investors
to sell securities of the Company to the public without registration, the
Company agrees to:

                  a.       file with the SEC in a timely manner all reports and
other documents required of the Company under the Securities Act and the
Exchange Act so long as the Company remains subject to such requirements and the
filing of such reports and other documents is required for the applicable
provisions of Rule 144; and

                  b.       furnish to each Investor so long as such Investor
owns Registrable Securities, promptly upon request, (i) a written statement by
the Company that it has complied with the reporting requirements of the Exchange
Act or, if applicable, that there is publicly available the information
concerning the Company described in Rule 144(C)(2), (ii) unless available on the
EDGAR system, a copy of the most recent annual or quarterly report of the
Company and such other reports and documents so filed by the Company, and (iii)
such other information as may be reasonably requested to permit the investors to
sell such securities pursuant to Rule 144 without registration.

         9.       Assignment of Registration Rights. The rights under this
Agreement shall be assignable by the Investors to any transferee of all or any
portion of Registrable Securities if: (i) the Investor agrees in writing with
the transferee or assignee to assign such rights, and a copy of such agreement
is furnished to the Company within a reasonable time after such assignment; (ii)
the Company is, within a reasonable time after such transfer or assignment,
furnished with written notice of (a) the name and address of such transferee or
assignee, and (b) the securities with respect to which such registration rights
are being transferred or assigned; (iii) immediately following such transfer or
assignment the further disposition of such securities by the transferee or
assignee is restricted under the Securities Act and applicable state securities
laws; (iv) at or before the time the Company receives the written notice
contemplated by clause (ii) of this sentence the transferee or assignee agrees
in writing with the Company to be bound by all of the provisions contained
herein; and (v) such transfer shall have been made in accordance with the
applicable requirements of the Purchase Agreement.

                                      -17-
<PAGE>   18

         10.      Amendment of Registration Rights. Provisions of this Agreement
may be amended and the observance thereof may be waived (either generally or in
a particular instance and either retroactively or prospectively), only with the
written consent of the Company and Investors who then hold two-thirds (2/3) of
the Registrable Securities (including Registrable Securities issuable upon
conversion of outstanding Series F Preferred Stock and Series F Preferred Stock
issuable upon conversion of Warrant Shares, in each case, with the holders of
Series F Preferred Stock and/or Warrants consenting on an as converted and as
exercised basis). Any amendment or waiver effected in accordance with this
Section 10 shall be binding upon each Investor and the Company. No such
amendment shall be effective to the extent that it applies to less than all of
the holders of the Registrable Securities. No consideration shall be offered or
paid to any Person to amend or consent to a waiver or modification of any
provision of any of this Agreement unless the same consideration also is offered
to all of the parties to this Agreement.

         11.      Miscellaneous.

                  a.       A Person is deemed to be a holder of Registrable
Securities whenever such Person owns or is deemed to own of record such
Registrable Securities. If the Company receives conflicting instructions,
notices or elections from two or more Persons with respect to the same
Registrable Securities, the Company shall act upon the basis of instructions,
notice or election received from the registered owner of such Registrable
Securities.

                  b.       Any notices, consents, waivers or other
communications required or permitted to be given under the terms of this
Agreement must be in writing and will be deemed to have been delivered: (i) upon
receipt, when delivered personally; (ii) upon receipt, when sent by facsimile
(provided confirmation of transmission is mechanically or electronically
generated and kept on file by the sending party); or (iii) one (1) business day
after deposit with a nationally recognized overnight delivery service, in each
case properly addressed to the party to receive the same. The addresses and
facsimile numbers for such communications shall be:

                           If to the Company:

                           DALEEN TECHNOLOGIES, INC.
                           1750 Clint Moore Road
                           Boca Raton, Florida 33487
                           Facsimile No.: (561) 981-1134
                           Attn: Stephen Wagman, Chief Financial Officer

                                      -18-
<PAGE>   19

                           With copies to:

                           MORRIS, MANNING & MARTIN, L.L.P.
                           1600 Atlanta Financial Center
                           3343 Peachtree Road N.E.
                           Atlanta, Georgia 30326
                           Facsimile No.:  (404) 365-9532
                           Attn:  David M. Calhoun, Esq.

                           If to the Placement Agent:

                           ROBERTSON STEPHENS, INC.
                           555 California Street
                           San Francisco, California 94104
                           Facsimile No.: (415) 781-9700
                           Attn: Mr. David J. Fullerton

                           With copies to:

                           O'MELVENY & MYERS LLP
                           Embarcadero Center West
                           275 Battery Street, 26th Floor
                           San Francisco, California 94111
                           Facsimile No.: (415) 984-8701
                           Attn: Peter T. Healy, Esq.

If to a Purchaser, to it at the address and facsimile number set forth below
adjacent to such Purchaser's name on EXHIBIT A hereto, with copies to such
Purchaser's representatives as set forth on EXHIBIT A, or at such other address
and/or facsimile number and/or to the attention of such other person as the
recipient party has specified by written notice given to each other party five
days prior to the effectiveness of such change. Written confirmation of receipt
(A) given by the recipient of such notice, consent, waiver or other
communication, (B) mechanically or electronically generated by the sender's
facsimile machine containing the time, date, recipient facsimile number and an
image of the first page of such transmission or (C) provided by a nationally
recognized overnight delivery service shall be rebuttable evidence of personal
service, receipt by facsimile or receipt from a nationally recognized overnight
delivery service in accordance with clause (i), (ii) or (iii) above,
respectively.

                  c.       Failure of any party to exercise any right or remedy
under this Agreement or otherwise, or delay by a party in exercising such right
or remedy, shall not operate as a waiver thereof.

                  d.       The corporate laws of the State of Delaware shall
govern all issues concerning the relative rights of the Company and its
stockholders. All other questions concerning the construction, validity,
enforcement and interpretation of this Agreement shall be governed by the
internal laws of the State of New York, without giving effect to any choice of

                                      -19-
<PAGE>   20

law or conflict of law provision or rule (whether of the State of New York or
any other jurisdictions) that would cause the application of the laws of any
jurisdictions other than the State of New York. If any provision of this
Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity
or unenforceability shall not affect the validity or enforceability of the
remainder of this Agreement in that jurisdiction or the validity or
enforceability of any provision of this Agreement in any other jurisdiction.
Each party hereby irrevocably waives any right it might have, and agrees not to
request, a jury trial for the adjudication of any dispute hereunder of in
connection herewith or arising out of this Agreement or any transaction
contemplated hereby.

                  e.       This Agreement, the Purchase Agreement, the Escrow
Agreement by and among the parties hereto of even date herewith (the "ESCROW
AGREEMENT"), the Warrants and the Placement Agent Warrants are the entire
agreement among the parties hereto with respect to the subject matter hereof and
thereof. There are no restrictions, promises, warranties or undertakings, other
than those set forth or referred to herein and therein. This Agreement
supersedes all prior agreements and understandings among the parties hereto with
respect to the subject matter hereof. Notwithstanding the foregoing, this
Agreement shall not alter or amend the rights of the Existing Rightsholders
under existing registration rights agreements.

                  f.       Subject to the requirements of Section 9, this
Agreement shall inure to the benefit of and be binding upon the permitted
successors and assigns of each of the parties hereto.

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

                  h.       This Agreement may be executed in identical
counterparts, each of which shall be deemed an original but all of which shall
constitute one and the same agreement. This Agreement, once executed by a party,
may be delivered to the other party hereto by facsimile transmission of a copy
of this Agreement bearing the signature of the party so delivering this
Agreement.

                  i.       Each party shall do and perform, or cause to be done
and performed, all such further acts and things, and shall execute and deliver
all such other agreements, certificates, instruments and documents, as the other
party may reasonably request in order to carry out the intent and accomplish the
purposes of this Agreement and the consummation of the transactions contemplated
hereby.

                  j.       All consents and other determinations to be made by
the Investors pursuant to this Agreement shall be made, unless otherwise
specified in this Agreement, by Investors holding a majority of the Registrable
Securities, determined as if all of the Series F Preferred Stock, Warrants,
Warrant Shares, Placement Agent Warrants and Placement Agent Warrant Shares then
outstanding have been converted into or exercised for Registrable Securities
without regard to any limitation on conversions of the Series F Preferred Stock
or exercises of the Warrants.

                                      -20-
<PAGE>   21

                  k.       The language used in this Agreement will be deemed to
be the language chosen by the parties to express their mutual intent and no
rules of strict construction will be applied against any party.

                  l.       If any one or more of the provisions contained
herein, or the application thereof in any circumstance, is held invalid, illegal
or unenforceable in any respect for any reason, the validity, legality and
enforceability of any such provision in every other respect and of the remaining
provisions hereof shall not be in any way impaired, it being intended that all
of the rights and privileges of the Investors shall be enforceable to the
fullest extent permitted by law.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                      -21-
<PAGE>   22

         IN WITNESS WHEREOF, the parties have caused this Registration Rights
Agreement to be duly executed as of day and year first above written.

                                   COMPANY:

                                   DALEEN TECHNOLOGIES, INC.

                                   By:  /s/ James Daleen
                                       ----------------------------------------
                                   Name:   James Daleen
                                   Title:  Chairman and Chief Executive Officer

                                   PLACEMENT AGENT:

                                   ROBERTSON STEPHENS, INC.

                                   By: /s/ Illegible
                                      ------------------------------------------
                                   Name:
                                   Title: Managing Director

                   [PURCHASERS SIGNATURES BEGIN ON NEXT PAGE]

<PAGE>   23

            [SIGNATURE PAGE TO DALEEN REGISTRATION RIGHTS AGREEMENT]

                                   PURCHASERS:

                                   HARBOURVEST PARTNERS VI - DIRECT FUND L.P.

                                   By: HVP VI-DIRECT ASSOCIATES, L.L.C.
                                   Its General Partner

                                   By: HARBOURVEST PARTNERS, LLC
                                   Its General Partner

                                   By: /s/ Ofer Nemirovsky
                                      ------------------------------------------
                                      Ofer Nemirovsky, Managing Director

                       [SIGNATURES CONTINUED ON NEXT PAGE]

<PAGE>   24

            [SIGNATURE PAGE TO DALEEN REGISTRATION RIGHTS AGREEMENT]

                                   SAIC VENTURE CAPITAL CORPORATION

                                   By: /s/ Kevin A. Werner
                                      ------------------------------------------
                                   Name:     Kevin A. Werner
                                   Title:    President

<PAGE>   25

                       [SIGNATURES CONTINUED ON NEXT PAGE]

<PAGE>   26

            [SIGNATURE PAGE TO DALEEN REGISTRATION RIGHTS AGREEMENT]

                                   ROYAL WULFF VENTURES, LLC

                                   By: /s/ Robert E. Cook
                                      ------------------------------------------
                                   Name:    Robert E. Cook
                                   Title:   Managing Member

<PAGE>   27

                       [SIGNATURES CONTINUED ON NEXT PAGE]

<PAGE>   28

            [SIGNATURE PAGE TO DALEEN REGISTRATION RIGHTS AGREEMENT]

                                   ST. PAUL VENTURE CAPITAL VI, LLC

                                   By:   SPVC MANAGEMENT VI, LLC
                                   Its:  Managing Member

                                   By: /s/ Patrick A. Hopf
                                      ------------------------------------------
                                   Name:    Patrick A. Hopf
                                   Title:   Senior Managing Director

                       [SIGNATURES CONTINUED ON NEXT PAGE]
            [SIGNATURE PAGE TO DALEEN REGISTRATION RIGHTS AGREEMENT]

<PAGE>   29

                                   ABS VENTURES IV, L.P.

                                   By: CALVERT CAPITAL,  LLC
                                   Its:  General Partner

                                   By: /s/ Bruns Grayson
                                      ------------------------------------------
                                      Bruns Grayson, its manager

                                   ABX FUND, L.P.

                                   By: CALVERT CAPITAL II, LLC
                                   Its:  General Partner

                                   By: /s/ Bruns Grayson
                                      ------------------------------------------
                                      Bruns Grayson, its manager

                       [SIGNATURES CONTINUED ON NEXT PAGE]

<PAGE>   30

            [SIGNATURE PAGE TO DALEEN REGISTRATION RIGHTS AGREEMENT]

                                      HALIFAX FUND, L.P.

                                      By: /s/ Jeffrey Devers
                                         ---------------------------------------
                                      Name:    Jeffrey Devers
                                      Title:   Managing Director

<PAGE>   31

                       [SIGNATURES CONTINUED ON NEXT PAGE]

<PAGE>   32

            [SIGNATURE PAGE TO DALEEN REGISTRATION RIGHTS AGREEMENT]

                                      BAYSTAR CAPITAL, L.P.

                                      By: /s/ Brian Davidson
                                         ---------------------------------------
                                      Name:    Brian Davidson
                                      Title:

                                      BAYSTAR INTERNATIONAL LTD.

                                      By: /s/ Brian Davidson
                                         ---------------------------------------
                                      Name:    Brian Davidson
                                      Title:

                       [SIGNATURES CONTINUED ON NEXT PAGE]

<PAGE>   33

            [SIGNATURE PAGE TO DALEEN REGISTRATION RIGHTS AGREEMENT]

                                      SPECIAL SITUATIONS PRIVATE EQUITY
                                      FUND, L.P.

                                      By: /s/ David Greenhouse
                                         ---------------------------------------
                                      Name:    David Greenhouse
                                      Title:   Managing Director

                                      SPECIAL SITUATIONS CAYMEN FUND, L.P.

                                      By: /s/ David Greenhouse
                                         ---------------------------------------
                                      Name:    David Greenhouse
                                      Title:   Managing Director<PAGE>   1
                                                                  EXECUTION COPY

                                                                   EXHIBIT 10.49

                                ESCROW AGREEMENT

         This ESCROW AGREEMENT, dated as of March 30, 2001 ("ESCROW AGREEMENT")
is by and between DALEEN TECHNOLOGIES, INC., a Delaware corporation (the
"COMPANY"); SunTrust Bank, a Georgia banking corporation, as Escrow Agent
hereunder ("ESCROW AGENT"); and the purchasers named on Exhibit A hereto (the
"ESCROW PURCHASERS").

                                   BACKGROUND

         A.       The Company is offering for sale (i) an aggregate of 247,882
shares (the "SHARES") of its Series F Convertible Preferred Stock, $.01 par
value per share (the "SERIES F PREFERRED"), and (ii) warrants (collectively, the
"WARRANTS") to purchase an aggregate of 99,153 additional shares of Series F
Preferred at an exercise price of $166.41 per share (the "WARRANT SHARES"),
pursuant to the Securities Purchase Agreement (the "PURCHASE AGREEMENT"), dated
as of March 30, 2001, by and among the Company and the purchasers identified in
Exhibit A attached thereto.

         B.       In accordance with the Purchase Agreement, the Escrow
Purchasers will be required to submit full payment for their respective
investments at the time they enter into the Purchase Agreement.

         C.       Pursuant to the MarketPlace Rules of the Nasdaq National
Market (the "NNM"), and the Delaware General Corporation Law, the Company is
required to obtain stockholder approval for the issuance and sale of Series F
Preferred and Warrants (i) to the extent such shares of Series F Preferred and
Warrant Shares are convertible into a number of shares of Common Stock equal to
20% or more of the outstanding shares of Common Stock on the date hereof, (ii)
to certain affiliates of the Company and (iii) to the extent that the issuance
and sale of the Series F Preferred and Warrants constitute a change of control
under the MarketPlace Rules. Additionally, the Company will be required to amend
its Certificate of Incorporation to authorize, create and designate the Series F
Preferred and to increase the total number of shares of stock and the total
number of shares of Common Stock authorized to be issued in order to have a
sufficient number of shares of authorized Common Stock for issuance upon
conversion of all of the Series F Preferred. Pursuant to the Delaware General
Corporation law, the amendment to the Certificate of Incorporation to authorize,
create and designate the Series F Preferred and to increase the number of
authorized shares requires the approval of the stockholders of the Company (such
stockholder approval, together with the stockholder approval required by the
MarketPlace Rules of The Nasdaq National Market, hereinafter are referred to
collectively as the "REQUISITE STOCKHOLDER APPROVAL"). As a result, the Company
and those Escrow Purchasers identified on Exhibit A hereto have agreed to the
terms of the Purchase Agreement pursuant to which all of the Escrow Purchase
Price (as hereinafter defined) payable by such Escrow Purchasers and
certificates representing the Series F Shares and warrants shall be placed in
escrow pending the Company's receipt of the Requisite Stockholder Approval.

<PAGE>   2

         D.       In order to establish the escrow of funds, the parties hereto
have entered into this Escrow Agreement.

         NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, for
themselves, their successors and assigns, hereby agree as follows:

1.       DEFINITIONS. The following terms shall have the following meanings when
used herein:

         "CLOSING DATE" shall be March 30, 2001.

         "ESCROW CERTIFICATES" shall have the meaning set forth in Section 3(b)
hereof.

         "ESCROW FUNDS" shall mean the entirety of the Escrow Purchase Price
deposited with the Escrow Agent pursuant to this Escrow Agreement by the Escrow
Purchasers, together with any interest and other income thereon.

         "ESCROW PURCHASE PRICE" shall mean the funds in the respective amounts
set forth opposite each Escrow Purchaser's name under the column "ESCROW
PURCHASE PRICE" on Exhibit A hereto.

         "ESCROW PURCHASER" or "ESCROW PURCHASERS" shall have the meaning set
forth in the first paragraph of this Escrow Agreement.

         "ESCROW WARRANTS" shall have the meaning set forth in Section 3 hereof.

         "EXPIRATION DATE" shall mean July 30, 2001, or such later date as shall
be agreed to in writing by the Company and the Escrow Purchasers.

         "MAJORITY OF ESCROW PURCHASERS" shall mean the Escrow Purchasers that
have deposited a majority of the Escrow Funds in the escrow.

         "PRO RATA BASIS" with respect to the allocation among Escrow Purchasers
of interest and other earnings held in the Escrow Funds which derive solely from
the Escrow Funds, shall mean, for each Escrow Purchaser, the Escrow Purchaser's
Escrow Purchase Price multiplied by the number of days the Purchase Price of
such Escrow Purchaser was held in interest-bearing investments pursuant to
Section 5 hereof, multiplied by the average yield earned on the Escrow Funds
during such period of days.

         "REQUISITE STOCKHOLDER APPROVAL" shall have the meaning set forth in
the section of this Escrow Agreement titled "Background".

                                      -2-
<PAGE>   3

2.       APPOINTMENT OF AND ACCEPTANCE BY ESCROW AGENT. The Company and the
Escrow Purchasers hereby appoint Escrow Agent to serve as escrow agent
hereunder, and Escrow Agent hereby accepts such appointment in accordance with
the terms of this Escrow Agreement.

3.       DEPOSITS INTO ESCROW.

                  a.       Deposit of Escrow Funds. On the Closing Date, each
Escrow Purchaser shall deposit with the Escrow Agent in the following account
the full amount of the Escrow Purchase Price set forth opposite such Escrow
Purchaser's name on Exhibit A hereto:

                          SunTrust Bank
                          Corporate Trust Department
                          Center #008
                          A/C #9088000008
                          ABA #  061000104
                          ATTN:  Rebecca Fischer
                          Re:  Daleen Technologies, Inc. - Escrow Account.

Such Escrow Purchase Price shall be paid in United States dollars in immediately
available funds by wire transfer to such account.

         The Escrow Purchase Price deposited by each Escrow Purchaser shall be
accompanied by the following documents:

                  (1)      a report containing such Escrow Purchaser's name,
                           taxpayer identification number, address and other
                           information required for withholding purposes; and

                  (2)      a copy of the Purchase Agreement and this Escrow
                           Agreement, in each case signed by such Escrow
                           Purchaser as delivered to the Company.

         ALL FUNDS SO DEPOSITED SHALL REMAIN THE PROPERTY OF THE ESCROW
PURCHASERS ACCORDING TO THEIR RESPECTIVE INTERESTS AND SHALL NOT BE SUBJECT TO
ANY LIEN OR CHARGE BY ESCROW AGENT OR BY JUDGMENT OR CREDITORS' CLAIMS AGAINST
THE COMPANY UNTIL RELEASED TO THE COMPANY IN ACCORDANCE WITH SECTION 4(a)
HEREOF.

                  b.       Deposit of Escrow Certificates. On the Closing Date,
the Company shall deposit with the Escrow Agent (x) undated certificates in the
name of each Escrow Purchaser (collectively, the "ESCROW CERTIFICATES")
representing the number of Shares that will, upon receipt of the Requisite
Stockholder Approval, be issued to each Escrow Purchaser as set forth opposite
each such Escrow Purchasers name on Exhibit A hereto and (y) undated warrants
(the "ESCROW WARRANTS") representing the number of Warrant Shares that will,
upon receipt of the Requisite Stockholder Approval, be issued to each Escrow
Purchaser. The Escrow Certificates and Escrow Warrants shall be held and
distributed by the Escrow Agent, in accordance with the terms and conditions of
this Escrow Agreement. The parties hereto acknowledge and agree that

                                      -3-
<PAGE>   4

the Shares to be represented by the Escrow Certificates and the Escrow Warrants
shall not be issued, or be deemed to have been issued, by the Company until
receipt of the Requisite Stockholder Approval and the disbursement of the Escrow
Funds to the Company pursuant to Section 4 hereof.

                  c.       On the Closing Date, and in connection with the
deposit of Escrow Certificates and Escrow Warrants as set forth in Section 3(b)
hereof, the Company shall deliver to the Escrow Agent, irrevocable instructions
set forth in Exhibit B attached hereto (the "IRREVOCABLE INSTRUCTIONS") which
instruct the Transfer Agent, upon the receipt thereof, without any further
instruction or direction from the Company, to date and deliver final definitive
Escrow Certificates and Escrow Warrants pursuant to the provisions of Section
4(a) hereof.

                  d.       Upon receipt, Escrow Agent shall hold the (i) Escrow
Funds, (ii) Escrow Certificates, (iii) Escrow Warrants, and (iv) the Irrevocable
Instructions until disbursed in accordance with Section 4 hereof.

4.       DISBURSEMENT OF ESCROW FUNDS.

                  a.       Disbursement Upon Receipt of Requisite Stockholder
Approval. Subject to the provisions of Section 10 hereof, Escrow Agent shall pay
to the Company the liquidated value of the Escrow Funds, less the Placement
Agent Fee (as defined below), by wire transfer to the Company's account set
forth on Exhibit C hereto (or such other account as the Company shall give
written notice), no later than two (2) business days following receipt by the
Escrow Agent of a certificate signed by an officer of the Company (the "NOTICE
OF DISBURSEMENT") certifying that the Company has obtained Requisite Stockholder
Approval on or before the Expiration Date. Simultaneously therewith, the Escrow
Agent shall pay to Robertson Stephens, Inc. (the "PLACEMENT AGENT") $1,218,750
(the "PLACEMENT AGENT FEE") from the Escrow Funds by wire transfer to the
Placement Agent's account set forth on Exhibit F hereto (or such other account
as the Company shall give written notice). No later than the business day
following the Company's delivery of the Notice of Disbursement to the Escrow
Agent, the Company shall deliver by overnight courier or facsimile transmission
to each Escrow Purchaser a copy of the Notice of Disbursement.

         Simultaneously with wiring to the Company Escrow Funds, less the
Placement Agent Fee, pursuant to this Section 4(a), Escrow Agent shall (x)
deliver to the Transfer Agent (i) the Escrow Certificates, (ii) the Escrow
Warrants, and (iii) Irrevocable Instructions to issue to each Escrow Purchaser
the number of Shares represented by each Escrow Purchaser's Escrow Certificate
and such Escrow Purchaser's Escrow Warrants in accordance with the Irrevocable
Instructions. Thereafter, the Company shall take all action necessary to cause
the Transfer Agent to cause the Shares to be issued on the books and records of
the Company and to deliver to each Escrow Purchaser the Escrow Certificate in
definitive form and dated representing such Escrow Purchaser's Shares as
indicated opposite such Escrow Purchaser's name on Exhibit A hereto, duly
executed on behalf of the Company and registered in the name of such Escrow
Purchaser, and (y) such Escrow Purchaser's Escrow Warrants to purchase the
number of Warrant Shares set

                                      -4-
<PAGE>   5

forth opposite such Escrow Purchaser's name on Exhibit A hereto, duly executed
on behalf of the Company and registered in the name of such Escrow Purchaser.

                  b.       Expiration of Escrow. (i) Notwithstanding anything to
the contrary contained herein, if Escrow Agent shall not have received a Notice
of Disbursement on or before the Expiration Date, Escrow Agent shall, within two
(2) business days after the Expiration Date without further instructions or
directions from the Company or the Escrow Purchasers, (x) return to each Escrow
Purchaser, by wire transfer of immediately available funds to such Escrow
Purchaser's Account set forth on Exhibit D hereto, the Escrow Purchase Price
deposited with the Escrow Agent by such Escrow Purchaser and such Escrow
Purchaser's share of income, if any, earned on the Escrow Funds, each such share
of income to be calculated on a Pro Rata Basis and (y) return to the Company the
Escrow Certificates and Escrow Warrants.

                  (ii)     In the event that prior to the Expiration Date, the
Company holds a stockholders meeting at which a stockholder vote is actually
taken on the proposal or proposals to approve the Transaction Documents and the
transactions contemplated thereby and the Company does not obtain the Requisite
Stockholder Approval (the "STOCKHOLDER DISAPPROVAL"), the Company shall, within
two (2) business days after the Stockholder Disapproval notify each of the
Escrow Purchasers and the Escrow Agent of such Stockholder Disapproval (the
"DISAPPROVAL NOTICE"). Notwithstanding the foregoing, a stockholder vote on the
Transaction Documents and the transactions contemplated thereby shall not be
deemed to be a Stockholder Disapproval unless and until such vote is final and
the Company is not legally able to adjourn or otherwise postpone the stockholder
meeting for the purpose of reconsidering or revoting on such proposal.
Additionally, there shall be no Stockholder Disapproval if the Company adjourns
or postpones a stockholders meeting for any reason prior to the stockholders
vote on a proposal to approve the Transaction Documents and the transactions
contemplated thereby, or if there is otherwise not a full and final vote by the
stockholders on the Proposal that results in a Stockholder Disapproval. The
Escrow Agent shall, within two (2) business days after receipt of a Disapproval
Notice, without further instructions or directions from the Company or the
Escrow Purchasers, (x) return to each Escrow Purchaser, by wire transfer of
immediately available funds to such Escrow Purchaser's Account set forth on
Exhibit D hereto, the Escrow Purchase Price deposited with the Escrow Agent by
such Escrow Purchaser and such Escrow Purchaser's share of income, if any,
earned on the Escrow Funds, each such share of income to be calculated on a Pro
Rata Basis and (y) return to the Company the Escrow Certificates and Escrow
Warrants.

5.       INVESTMENT OF FUNDS. Escrow Agent shall invest the Escrow Funds in a
separate and distinct STI Classic U.S. Treasury Securities Money Market Fund
deposit account bearing interest at a rate customary for like accounts offered
by the Escrow Agent.

         Escrow Agent shall in no event be liable in connection with its
investment or reinvestment of the Escrow Funds held by it hereunder in good
faith, in accordance with the terms hereof, including, but not limited to, any
liability for any delays (not resulting from its gross negligence or willful
misconduct) in the investment or reinvestment of the Escrow Funds, or any loss
of interest incident to any such delays.

                                      -5-
<PAGE>   6

6.       SUSPENSION OF PERFORMANCE OR DISBURSEMENT INTO COURT. If, at any time,
there shall exist any dispute between the Company, Escrow Agent, any Escrow
Purchaser or any other person with respect to the holding or disposition of any
portion of the Escrow Funds or any other obligations of Escrow Agent hereunder,
or if at any time Escrow Agent is unable to determine, to Escrow Agent's sole
satisfaction, the proper disposition of any portion of the Escrow Funds or
Escrow Agent's proper actions with respect to its obligations hereunder, or if
the Company and a Majority of the Escrow Purchasers has not within 30 days of
the furnishing by Escrow Agent of a notice of resignation pursuant to Section 7
hereof appointed a successor Escrow Agent to act hereunder, then Escrow Agent
may, in its sole discretion, take either or both of the following actions:

                  a.       suspend the performance of any of its obligations
under this Escrow Agreement until such dispute or uncertainty shall be resolved
to the sole satisfaction of Escrow Agent or until a successor Escrow Agent shall
have been appointed (as the case may be); provided, however, that Escrow Agent
shall continue to invest the Escrow Funds in accordance with Section 5 hereof;
and/or

                  b.       petition (by means of an interpleader action or any
other appropriate method) any court of competent jurisdiction in Georgia for
instructions with respect to such dispute or uncertainty, and pay into such
court all funds held by it in the Escrow Funds for holding and disposition in
accordance with the instructions of such court.

                  Escrow Agent shall have no liability to the Company, any
Escrow Purchaser or any other person with respect to any such suspension of
performance or disbursement into court, specifically including any liability or
claimed liability that may arise, or be alleged to have arisen, out of or as a
result of any delay in the disbursement of funds held in the Escrow Funds or any
delay in or with respect to any other action required or requested of Escrow
Agent.

7.       RESIGNATION AND REMOVAL OF ESCROW AGENT. Escrow Agent may resign from
the performance of its duties hereunder at any time, for any reason, by giving
thirty (30) days' prior written notice to the Company and the Escrow Purchasers
or may be removed, with or without cause, by either the Company or a Majority of
the Escrow Purchasers, at any time by the giving of thirty (30) days' prior
written notice to Escrow Agent. Such resignation or removal shall take effect
upon the appointment of a successor Escrow Agent as provided below. Upon any
such notice of resignation, or removal, the Company and the Majority of the
Escrow Purchasers shall appoint a successor Escrow Agent hereunder, which shall
be a company bank, trust company or other financial institution with a combined
capital and surplus in excess of $100,000,000. Upon the acceptance in writing of
any appointment as Escrow Agent hereunder by a successor Escrow Agent, such
successor Escrow Agent shall thereupon succeed to and become vested with all the
rights, powers, privileges and duties of the retiring Escrow Agent, and the
retiring Escrow Agent shall be discharged from its duties and obligations under
this Escrow Agreement, but shall not be discharged from any liability for
actions taken as escrow agent hereunder prior to such succession. Upon removal
or resignation, Escrow Agent shall deliver all Escrow Funds, Escrow Certificates
and Escrow Warrants in its possession under this Escrow Agreement to any
successor Escrow Agent appointed by the Company and a Majority of the Escrow
Purchasers or,

                                      -6-
<PAGE>   7

if no successor Escrow Agent has been appointed upon the effective date of such
resignation, to any court of competent jurisdiction. After any retiring Escrow
Agent's resignation or removal, the provisions of this Escrow Agreement shall
inure to its benefit as to any actions taken or omitted to be taken by it while
it was Escrow Agent under this Escrow Agreement, except that such resignation
shall not prevent Escrow Agent from receiving its compensation earned prior
thereto subject to Section 10 hereof.

8.       LIABILITY OF ESCROW AGENT.

                  a.       Escrow Agent shall have no liability or obligation
with respect to the Escrow Funds, the Escrow Certificates and the Escrow
Warrants except for Escrow Agent's willful misconduct or gross negligence.
Escrow Agent's sole responsibility shall be for the safekeeping, investment, and
disbursement of the Escrow Funds in accordance with the terms of this Escrow
Agreement. Escrow Agent shall have no implied duties or obligations and shall
not be charged with knowledge or notice of any fact or circumstance not
specifically set forth herein. Escrow Agent may rely upon any instrument, not
only as to its due execution, validity and effectiveness, but also as to the
truth and accuracy of any information contained therein which Escrow Agent shall
in good faith believe to be genuine, to have been signed or presented by the
person or parties purporting to sign the same and to conform to the provisions
of this Escrow Agreement. Escrow Agent shall not be obligated to take any legal
action or commence any proceedings in connection with the Escrow Funds or any
account in which Escrow Funds are deposited or this Escrow Agreement or to
appear in, prosecute or defend any such legal action or proceeding which would
or might involve Escrow Agent in any cost, expense, loss or liability unless
indemnification shall be furnished. Without limiting the generality of the
foregoing, Escrow Agent shall not be responsible for or required to enforce any
of the terms or conditions of any Purchase Agreement with any Escrow Purchaser
or any other agreement between the Company and/or any Escrow Purchaser. Escrow
Agent shall not be responsible or liable in any manner for the performance by
the Company or any Escrow Purchaser of their respective obligations under any
Purchase Agreement nor shall Escrow Agent be responsible or liable in any manner
for the failure of the Company or any third party (including any Escrow
Purchaser) to honor any of the provisions of this Escrow Agreement. Escrow Agent
may consult legal counsel selected by it in the event of any dispute or question
as to the construction of any of the provisions hereof or of any other agreement
or of its duties hereunder, and shall incur no liability and shall be fully
indemnified from any liability whatsoever in acting in good faith and in
accordance with the opinion or instruction of such counsel. The Company shall
promptly pay, upon demand, the reasonable fees and expenses of any such counsel.

                  b.       The Escrow Agent is authorized, in its sole
discretion, to comply with orders issued or process entered by any court with
respect to the Escrow Funds, without determination by the Escrow Agent of such
court's jurisdiction in the matter. If any portion of the Escrow Funds is at any
time attached, garnished or levied upon under any court order, or in case the
payment, assignment, transfer, conveyance or delivery of any such property shall
be stayed or enjoined by any court order, or in case any order, judgment or
decree shall be made or entered by any court affecting such property or any part
thereof, then and in any such event, the Escrow Agent is authorized, in its sole
discretion, to rely upon and comply with any such order,

                                      -7-
<PAGE>   8

writ, judgment or decree which it is advised by legal counsel selected by its is
binding upon it without the need for appeal or other action; and if the Escrow
Agent complies with any such order, writ, judgment or decree, it shall not be
liable to any of the parties hereto or to any other person or entity by reason
of such compliance even though such order, writ, judgment or decree may be
subsequently reversed, modified, annulled, set aside or vacated.

9.       INDEMNIFICATION OF ESCROW AGENT. From and at all times after the date
of this Escrow Agreement, the Company shall, to the fullest extent permitted by
law, indemnify and hold harmless the Escrow Agent and each director, officer,
employee, attorney, agent and affiliate of Escrow Agent (collectively, the
"INDEMNIFIED PARTIES") against any and all actions, claims (whether or not
valid), losses, damages, liabilities, costs and expenses of any kind or nature
whatsoever (including without limitation reasonable attorneys' fees, costs and
expenses) incurred by or asserted against any of the Indemnified Parties from
and after the date hereof, whether direct, indirect or consequential, as a
result of or arising from or in any way relating to any claim, demand, suit,
action or proceeding (including any inquiry or investigation) by any person,
including without limitation the Company, whether threatened or initiated,
asserting a claim for any legal or equitable remedy against any person under any
statute or regulation, including, but not limited to, any federal or state
securities laws; or under any common law or equitable cause or otherwise,
arising from or in connection with the negotiation, preparation, execution,
performance or failure of performance of this Escrow Agreement or any
transactions contemplated herein, whether or not any such Indemnified Party is a
party to any such action, proceeding, suit, or the target of any such inquiry or
investigation; provided, however, that no Indemnified Party shall have the right
to be indemnified hereunder for any liability finally determined by a court of
competent jurisdiction, subject to no further appeal, to have resulted from the
gross negligence or willful misconduct of any Indemnified Party. If any such
action or claim shall be brought or asserted against any Indemnified Party, such
Indemnified Party shall promptly notify the Company in writing, and the Company
shall assume the defense thereof, including the employment of counsel and the
payment of all expenses. Such Indemnified Party shall, in its sole discretion,
have the right to employ separate counsel (who may be selected by such
Indemnified Party in its sole discretion) in any such action and to participate
in the defense, and the fees and expenses of such counsel shall be paid by such
Indemnified Party, except that the Company shall be required to pay such fees
and expenses if (a) the Company agrees to pay such fees and expenses, or (b) the
Company shall fail to assume the defense of such action or proceeding or shall
fail, in the reasonable discretion of such Indemnified Party, to employ counsel
satisfactory to the Indemnified Party in any such action or proceeding, (c) the
Company is the plaintiff in any such action or proceeding, or (d) the named
parties to any such action or proceeding (including any impleaded parties)
include both Indemnified Party and the Company, and Indemnified Party shall have
been advised by counsel that there may be one or more legal defenses available
to it which are different from or additional to those available to the Company.
The Company shall be liable to pay reasonable fees and expenses of counsel
pursuant to the preceding sentence. All such fees and expenses payable by the
Company pursuant to the forgoing sentence shall be paid from time to time as
incurred, both in advance of and after the final disposition of such action or
claim. The obligations of the Company under this Section 9 shall survive any
termination of this Escrow Agreement and the resignation or removal of Escrow
Agent.

                                      -8-
<PAGE>   9

10.      COMPENSATION TO ESCROW AGENT. The Company shall compensate Escrow Agent
for its services hereunder in accordance with the fee schedule for the Escrow
Agent attached as Exhibit E hereto. The foregoing compensation shall be payable
by the Company upon demand by Escrow Agent. The obligations of the Company under
this Section 10 shall survive any termination of this Escrow Agreement and the
resignation or removal of Escrow Agent.

11.      REPRESENTATIONS AND WARRANTIES. (a) The Company makes the following
representations and warranties to Escrow Agent.

                  (i)      The Company is a corporation duly organized, validly
existing, and in good standing under the laws of the State of Delaware and has
full power and authority to execute and deliver this Escrow Agreement and to
perform its obligations hereunder;

                  (ii)     This Escrow Agreement has been duly approved by all
necessary action of the Company, has been executed by duly authorized officers
of the Company, and constitutes a valid and binding agreement of the Company,
enforceable in accordance with its terms.

                  (iii)    The execution, delivery, and performance by the
Company of this Escrow Agreement will not violate, conflict with, or cause a
default under the organizational documents of the Company, any applicable law or
regulation, any court order or administrative ruling or decree to which the
Company is a party or any of its property is subject, or any agreement,
contract, indenture, or other binding arrangement to which the Company is a
party or any of its property is subject.

                  (iv)     No party other than the parties hereto and the
prospective Escrow Purchasers have, or shall have, any lien, claim or security
interest in the Escrow Funds or any part thereof. No financing statement under
the Uniform Commercial Code is on file in any jurisdiction claiming a security
interest in or describing (whether specifically or generally) the Escrow Funds
or any part thereof.

                  (v)      The Company hereby acknowledges that the status of
Escrow Agent is that of agent only for the limited purposes set forth herein,
and hereby represents and covenants that no representation or implication shall
be made that the Escrow Agent has investigated the desirability or advisability
of investment in the Shares or has approved, endorsed or passed upon the merits
of the investment therein and that the name of the Escrow Agent has not and
shall not be used in any manner in connection with the offer or sale of the
Shares other than to state that the Escrow Agent has agreed to serve as escrow
agent for the limited purposes set forth herein. The Company further agrees to
allow Escrow Agent to review any sales literature in which Escrow Agent's name
appears and which is used in connection with this offering.

                  (vi)     All of the representations and warranties of the
Company contained herein are true and complete as of the date hereof and will be
true and complete at the time of any deposit to or disbursement from the Escrow
Funds.

         (b)      Each Escrow Purchaser, severally and not jointly, makes the
following representations and warranties to Escrow Agent.

                                      -9-
<PAGE>   10

                  (i)      The Escrow Purchaser is duly organized, validly
existing, and in good standing under the laws of the state of its organization
and has full power and authority to execute and deliver this Escrow Agreement
and to perform its obligations hereunder;

                  (ii)     This Escrow Agreement has been duly approved by all
necessary action of the Escrow Purchaser, has been executed by the Escrow
Purchaser, and constitutes a valid and binding agreement of the Escrow
Purchaser, enforceable in accordance with its terms.

                  (iii)    The execution, delivery, and performance by the
Escrow Purchaser of this Escrow Agreement will not violate, conflict with, or
cause a default under the organizational documents of the Escrow Purchaser, any
applicable law or regulation, any court order or administrative ruling or decree
to which the Escrow Purchaser is a party or any of its property is subject, or
any agreement, contract, indenture, or other binding arrangement to which the
Escrow Purchaser is a party or any of its property is subject.

                  (iv)     The Escrow Purchaser shall not have any lien or
security interest in the Escrow Purchase Price or any part thereof. No financing
statement under the Uniform Commercial Code is on file in any jurisdiction
claiming a security interest in or describing (whether specifically or
generally) the Escrow Purchase Price or any part thereof.

                  (v)      The Escrow Purchaser hereby acknowledges that the
status of Escrow Agent is that of agent only for the limited purposes set forth
herein, and hereby represents and covenants that no representation or
implication shall be made that the Escrow Agent has investigated the
desirability or advisability of investment in the Shares or Warrants or has
approved, endorsed or passed upon the merits of the investment therein.

12.      NOTICE. All notices and other communications hereunder shall be in
writing and shall be deemed to have been validly served, given or delivered five
(5) days after deposit in the United States mails, by certified mail with return
receipt requested and postage prepaid, when delivered personally, one (1) day
after deliver to any overnight courier, or when transmitted by facsimile
transmission facilities, and addressed to the party to be notified as follows:

         If to the Company at:
                                    Daleen Technologies, Inc.
                                    1750 Clint Moore Road
                                    Boca Raton, Florida 33487
                                    Telephone Number: (561) 999-8000
                                    Facsimile Number: (561) 981-1134
                                    Attn: Steve Wagman, Chief Financial Officer

                                      -10-
<PAGE>   11

         If to the Escrow Agent at:

                                    SunTrust Bank
                                    25 Park Place
                                    24th Floor
                                    Atlanta, Georgia  30303-2900
                                    Attn:  Rebecca Fischer
                                    Telephone Number:  (404) 588-7262
                                    Facsimile Number:  (404) 588-7333

or to such other address as each party may designate for itself by like notice.
A party shall not be charged with knowledge of any fact, including but not
limited to performance or non-performance of any condition, unless such party
has actually received notice thereof in accordance with this section.

13       AMENDMENT OR WAIVER. This Escrow Agreement may be changed, waived,
discharged or terminated only by a writing signed by the Company, the Escrow
Purchasers and Escrow Agent. No delay or omission by any party in exercising any
right with respect hereto shall operate as a waiver. A waiver on any one
occasion shall not be construed as a bar to, or waiver of, any right or remedy
on any future occasion.

14       SEVERABILITY. To the extent any provision of this Escrow Agreement is
prohibited by or invalid under applicable law, such provision shall be
ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this
Escrow Agreement.

15.      GOVERNING LAW. This Escrow Agreement shall be construed and interpreted
in accordance with the internal laws of the State of Georgia without giving
effect to the conflict of laws principles thereof.

16.      ENTIRE AGREEMENT. This Escrow Agreement constitutes the entire
agreement between the parties relating to the acceptance, collection, holding,
investment and disbursement of the Escrow Funds and sets forth in their entirety
the obligations and duties of the Escrow Agent with respect to the Escrow Funds
and supersedes all prior agreements or understandings, written or oral, between
the parties with respect thereto.

17.      BINDING EFFECT. All of the terms of this Escrow Agreement as amended
from time to time, shall be binding upon, inure to the benefit of and be
enforceable by the respective successors and assigns of the Company and Escrow
Agent.

18.      EXECUTION IN COUNTERPARTS. This Escrow Agreement may be executed in two
or more counterparts, which when so executed shall constitute one and the same
agreement.

19.      TERMINATION. Upon the first to occur of the disbursement of all amounts
in the Escrow Funds or deposit of all amounts in the Escrow Funds into court
pursuant to Section 6 hereof, this

                                      -11-
<PAGE>   12

Escrow Agreement shall terminate and Escrow Agent shall have no further
obligation or liability whatsoever with respect to this Escrow Agreement or the
Escrow Funds.

20.      DEALINGS.

                  a.       The Escrow Agent and any stockholder, director,
officer or employee of the Escrow Agent may buy, sell, and deal in any of the
securities of the Company and become pecuniarily interested in any transaction
in which the Company may be interested, and contract and lend money to the
Company and otherwise act as fully and freely as though it were not Escrow Agent
under this Agreement. Nothing herein shall preclude the Escrow Agent from acting
in any other capacity for the Company or any other entity.

                  b.       The Company shall provide Escrow Agent with its
Employer Identification Number as assigned by the Internal Revenue Service.
Additionally, the Company shall complete and return to Escrow Agent any and all
tax forms or reports required to be maintained or obtained by Escrow Agent. In
the event that Escrow Funds are returned to Escrow Purchasers pursuant to
Section 4 hereof, Escrow Agent shall, based upon the information available to
it, file with the Internal Revenue Service and send to each Escrow Purchaser a
Form 1099-INT with respect to contributions of interest to Escrow Purchasers.
All interest or other income earned under this Escrow Agreement which is payable
to the Company pursuant to Section 4 hereof shall be allocated and paid as
directed by the Company and reported to the Internal Revenue Service as having
been so allocated and paid.

                  c.       The Company's and Escrow Agent's signatures hereto
shall signify their consent that a signed copy hereof may be filed with the
various regulatory authorities of the State of Georgia and with any Federal
Government agencies or regulatory authorities.

                         [SIGNATURES ON FOLLOWING PAGE]

                                      -12-
<PAGE>   13

         IN WITNESS WHEREOF, the parties hereto have caused this Escrow
Agreement to be executed under seal as of the date first above written.

                                   DALEEN TECHNOLOGIES, INC.

                                   By: /s/ James Daleen
                                      ------------------------------------------
                                   Name:   James Daleen
                                   Title:  Chairman and Chief Executive Officer

ATTEST:

/s/ Stephen M. Wagman
------------------------------
Secretary
[CORPORATE SEAL]

                                   SUNTRUST BANK
                                   as Escrow Agent

                                   By: /s/ Rebecca Fischer
                                      ------------------------------------------
                                   Name:   Rebecca Fischer
                                   Title:  Assistant Vice President

                    [PLACEMENT AGENT SIGNATURE ON NEXT PAGE]

<PAGE>   14

                   [SIGNATURE PAGE TO DALEEN ESCROW AGREEMENT]

                                   PLACEMENT AGENT:

                                   ROBERTSON STEPHENS, INC.

                                   By: /s/ Illegible
                                      ------------------------------------------
                                   Name:
                                   Title:   Managing Director

                [ESCROW PURCHASERS SIGNATURES BEGIN ON NEXT PAGE]

<PAGE>   15

                   [SIGNATURE PAGE TO DALEEN ESCROW AGREEMENT]

                                   PURCHASERS:

                                   HARBOURVEST PARTNERS VI - DIRECT FUND L.P.

                                   By: HVP VI-DIRECT ASSOCIATES, L.L.C.
                                   Its General Partner

                                   By: HARBOURVEST PARTNERS, LLC
                                   Its General Partner

                                   By: /s/ Ofer Nemirovsky
                                      ------------------------------------------
                                      Ofer Nemirovsky, Managing Director

                       [SIGNATURES CONTINUED ON NEXT PAGE]

<PAGE>   16

                   [SIGNATURE PAGE TO DALEEN ESCROW AGREEMENT]

                                   SAIC VENTURE CAPITAL CORPORATION

                                   By: /s/ Kevin A. Werner
                                      ------------------------------------------
                                   Name:    Kevin A. Werner
                                   Title:   President

                       [SIGNATURES CONTINUED ON NEXT PAGE]

<PAGE>   17

                   [SIGNATURE PAGE TO DALEEN ESCROW AGREEMENT]

                                   ROYAL WULFF VENTURES, LLC

                                   By: /s/ Robert E. Cook
                                      ------------------------------------------
                                   Name:    Robert E. Cook
                                   Title:   Managing Member

                       [SIGNATURES CONTINUED ON NEXT PAGE]

<PAGE>   18

                   [SIGNATURE PAGE TO DALEEN ESCROW AGREEMENT]

                                   ST. PAUL VENTURE CAPITAL VI, LLC

                                   By: SPVC MANAGEMENT VI, LLC
                                   Its:  Managing Member

                                   By: /s/ Patrick A. Hopf
                                      ------------------------------------------
                                   Name:    Patrick A. Hopf
                                   Title:   Senior Managing Director

                       [SIGNATURES CONTINUED ON NEXT PAGE]

<PAGE>   19

                   [SIGNATURE PAGE TO DALEEN ESCROW AGREEMENT]

                                   ABS VENTURES IV, L.P.

                                   By: CALVERT CAPITAL,  LLC
                                   Its:  General Partner

                                   By: /s/ Bruns Grayson
                                      ------------------------------------------
                                      Bruns Grayson, its manager

                                   ABX FUND, L.P.

                                   By: CALVERT CAPITAL II, LLC
                                   Its:  General Partner

                                   By: /s/ Bruns Grayson
                                      ------------------------------------------
                                      Bruns Grayson, its manager

                       [SIGNATURES CONTINUED ON NEXT PAGE]

<PAGE>   20

                   [SIGNATURE PAGE TO DALEEN ESCROW AGREEMENT]

                                   HALIFAX FUND, L.P.

                                   By: /s/ Jeffrey Devers
                                      ------------------------------------------
                                   Name:    Jeffrey Devers
                                   Title:   Managing Director

                       [SIGNATURES CONTINUED ON NEXT PAGE]

<PAGE>   21

                   [SIGNATURE PAGE TO DALEEN ESCROW AGREEMENT]

                                   BAYSTAR CAPITAL, L.P.

                                   By: /s/ Brian Davidson
                                      ------------------------------------------
                                   Name:    Brian Davidson
                                   Title:

                                   BAYSTAR INTERNATIONAL LTD.

                                   By: /s/ Brian Davidson
                                      ------------------------------------------
                                   Name:    Brian Davidson
                                   Title:

                       [SIGNATURES CONTINUED ON NEXT PAGE]

<PAGE>   22

                   [SIGNATURE PAGE TO DALEEN ESCROW AGREEMENT]

                                   SPECIAL SITUATIONS PRIVATE
                                   EQUITY FUND, L.P.

                                   By: /s/ David Greenhouse
                                      ------------------------------------------
                                   Name:    David Greenhouse
                                   Title:   Managing Director

                                   SPECIAL SITUATIONS CAYMEN FUND, L.P.

                                   By: /s/ David Greenhouse
                                      ------------------------------------------
                                   Name:    David Greenhouse
                                   Title:   Managing Director

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