Document:

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                                                                    EXHIBIT 10.3

                               SUBSCRIPTION NOTE

$__________                                               Minneapolis, Minnesota
                                                                  March __, 2001

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "ACT"), OR UNDER APPLICABLE STATE SECURITIES LAWS.  THIS NOTE HAS BEEN
ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND SUCH STATE LAWS OR PURSUANT
TO AN EXEMPTION FROM REGISTRATION UNDER THE ACT AND SUCH STATE LAWS, THE
AVAILABILITY OF WHICH IS TO BE ESTABLISHED TO THE SATISFACTION OF THE COMPANY
WHOSE AUTHORIZED OFFICER HAS SIGNED THIS NOTE ABOVE.

     FOR VALUE RECEIVED, United Shipping & Technology, Inc., a Utah corporation,
(the "Company"), promises to pay to the order of ____________________ (together,
the "Holder"), at Holder's address specified in the Stock Purchase Agreement of
even date, or at such other place as Holder may designate in writing from time
to time, the principal sum of ____________________ dollars ($__________), in
lawful money of the United States, together with interest, compounding quarterly
from the date hereof on the unpaid principal balance outstanding from time to
time, at the rate of __________ percent (__%) per annum (calculated on the basis
of the actual number of days elapsed and a 365-day year).  Unless converted
pursuant to Section 2 hereof, all outstanding principal and accrued interest on
this Note shall be due and payable on ____________, ____.

     Section 1. Stock Purchase Agreement. This Note has been issued pursuant to
and is subject to the terms and provisions of a Stock Purchase Agreement (the
"Agreement"), dated as of the date hereof, between the Company and the Holder,
and this Note and the Holder are entitled to all the benefits provided for in
the Agreement. The provisions of the Agreement are incorporated herein by
reference with the same force and effect as if fully set forth herein.

     Section 2. Conversion. Prior to payment of the principal amount of this
Note by the Company, this Note may be converted as follows:

          2A Automatic Conversion. Subject to the Company having obtained the
     approval of its shareholders pursuant to Section 10 of the Agreement, all
     of the principal balance of and accrued interest on this Note shall be
     converted into shares of the Company's Series D Convertible Preferred Stock
     ("Conversion Shares"). The Company shall notify the Holder when such
     shareholder approval has been obtained and of the automatic conversion into
     the Conversion Shares. Following the issuance of the Conversion Shares,
     this Note shall be deemed satisfied.

          2B Conversion Procedure. Upon receipt of a conversion notice from the
     Company, Holder shall surrender this Note against delivery of the
     Conversion Shares and payment of interest on the Note. The Note shall cease
     to bear interest on the date notice of conversion is given by the Company
     or Holder. The number of shares issuable upon conversion shall be equal to
     the quotient of the amount converted, including accrued interest divided by
     the Conversion Price. As promptly as possible thereafter, the Company shall
     issue and deliver to the Holder a certificate representing the number of
     Conversion Shares into which this Note has been converted. Thereupon, this
     Note, or the portion hereof converted, shall be deemed to have been
     satisfied and discharged, and the Conversion Shares into which this Note
     shall be so converted shall be fully paid and nonassessable shares. In the
     event a conversion pursuant to Section 5(a) results in the issuance of a
     fractional share, the Holder shall receive, in lieu thereof, cash payment
     based upon the Conversion Price. If less than the entire
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     principal balance of this Note is converted, the Company shall deliver to
     the Holder a new Note of like tenor for the unconverted principal balance.

          2C Conversion Price. The Conversion Price shall be $8.00 per share.

          2D Adjustments. The Conversion Price and the number of shares into
     which the Note may be converted shall be appropriately adjusted to reflect
     any stock split, stock dividend, merger, reorganization, or similar action
     affecting the outstanding stock of the Company.

     Section 3. Payment Of Interest. Interest shall be payable at maturity or
upon conversion of this Note pursuant to Section 3, if earlier, of this Note in
immediately available funds or, at the Holder's option, in shares of Conversion
Shares converted at the Conversion Price

     Section 4. Investment Intent. Neither this Note, the Common Stock of the
Company nor the Conversion Shares have been registered under the Securities Act
of 1933, as a amended ("Securities Act"), or under applicable state securities
laws. Other than pursuant to registration under federal and any applicable state
securities laws or an exemption from such registration, the availability of
which the Company shall determine in its sole discretion, neither this Note nor
any Conversion Shares may be sold, pledged, or otherwise disposed of unless the
Company has received from the transferee hereof such representations and
agreements as the Company shall determine in its sole discretion may be
necessary to permit such transfer, and the Company shall determine that such
transfer will not violate applicable securities laws. The Holder, by acceptance
hereof, agrees to give written notice to the Company before transferring this
Note or any Conversion Shares of the Holder's intention to do so, describing the
manner of any proposed transfer. Within 30 days after receiving written notice,
the Company shall notify the Holder as to whether such transfer may be effected
and of the conditions to any such transfer.

     Section 5. Notices. All demands and notices to be given hereunder shall be
delivered or sent by certified mail, return receipt requested; or by courier, in
the case of the Company, to its corporate headquarters at 9850 51st Avenue
North, Suite 110, Minneapolis, Minnesota 55442, and in the case of the Holder,
addressed to the address provided in the Agreement.

     Section 6. Miscellaneous. This Note shall be governed by the law of the
State of Minnesota, without application of conflicts of law principles. This
Note shall be binding upon, and enforceable in accordance with its terms
against, the Company and its successors and assigns.

     Section 7. Severability. If at the time of enforcement of this Note, a
Court shall hold that any provision or rate or term stated herein is
unreasonable under the circumstances then existing, the Company agrees that a
provision deemed reasonable by the Court shall be substituted for such provision
or rate or term and the Court shall be allowed to so revise such provision.

     Section 8. Subordination. NOTE: any capitalized terms used in this Section
and not otherwise defined in this Note shall have the meaning set forth in the
Senior Credit Agreement.

     Notwithstanding anything in this Note to the contrary, all indebtedness
evidenced by this Note shall be subordinate and junior to the Senior Debt.  The
Company shall not make and the Holder shall not be permitted to ask, demand, sue
for or receive, by setoff, or otherwise, any payment hereunder; provided, that
so long as no Event of Default (as defined in the Senior Credit Agreement)
exists or would be caused thereby, the Company may pay and the Holder may
receive, regularly scheduled interest payments pursuant to this Note.  After the
payment in full of all Senior Debt, the Holder shall be subrogated to the rights
of the holders of Senior Debt to receive payments or distributions of assets of
the Company payable or distributable to the holders of Senior Debt, until this
Note shall be paid in full, and as between the Company and the Holder, any such
payment by virtue of the subrogation herein provided for shall be deemed to be a
payment by the Company on account of this  Note.  No right of any present or
future holder of Senior Debt to enforce subordination as herein provided

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shall at any time in any way be prejudiced or impaired by any act or failure to
act on the part of the Company, or by any act or failure to act in good faith by
any such holder, or by any noncompliance by the Company, with the terms,
provisions and covenants of any agreement relating to Senior Debt, regardless of
any knowledge thereof any such holder may have or be otherwise charged with.

     In the event of any distribution, division or application, partial or
complete, voluntary or involuntary, by operation of law or otherwise, of all or
any part of the assets of the Company or the proceeds thereof to the creditors
of the Company or readjustment of the obligations and indebtedness of the
Company, whether by reason of liquidation, bankruptcy, arrangement,
receivership, assignment for the benefit of creditors or any other action or
proceeding involving the readjustment of all or any part of the indebtedness
evidenced by this  Note, or the application of the assets of the Company to the
payment or liquidation thereof, or upon the dissolution, liquidation, cessation
or other winding up of the Company's business, or upon the sale of all or
substantially all of the Company's assets, then, and in any such event (i) the
Lenders shall be entitled to receive payment in full of any and all of the
Senior Debt then owing prior to the payment of all or any part of the
indebtedness evidenced by this  Note, and (ii) any payment or distribution of
any kind or character, whether in cash, securities or other property, which
shall be payable or deliverable upon or with respect to any or all of the
indebtedness evidenced by this  Note shall be paid or delivered directly to
Agent, for the benefit of itself and the Lenders, for application on any of the
Senior Debt, due or not due, until such Senior Debt shall have first been fully
paid and satisfied.  In order to enable Agent to enforce its rights hereunder in
any of the aforesaid actions or proceedings, Agent is hereby irrevocably
authorized and empowered, in its discretion, to make and present for and on
behalf of the Holder such proofs of claim against the Company on account of the
indebtedness evidenced by this Note as Agent may deem expedient or proper and to
vote such proofs of claim in any such proceeding and to receive and collect any
and all dividends or other payments or disbursements made thereon in whatever
form the same may be paid or issued and to apply the same on account of any of
the Senior Debt.  the Holder irrevocably authorizes and empowers Agent, for the
benefit of itself and the Lenders, to demand, sue for, collect and receive each
of the aforesaid payments and distributions and give acquittance therefor and to
file claims and take such other actions, in Agent's own name or in the name of
the Holder or otherwise, as Agent may deem necessary or advisable for the
enforcement of this  Note; and the Holder will execute and deliver to Agent, for
the benefit of itself and the Lenders, such powers of attorney, assignments and
other instruments or documents, including notes (together with such assignments
or endorsements as Agent shall deem necessary) as may be requested by Agent in
order to enable Agent to enforce any and all claims upon or with respect to any
or all of the indebtedness evidenced by this  Note and to collect and receive
any and all payments and distributions which may be payable or deliverable at
any time upon or with respect to the indebtedness evidenced by this  Note, all
for Agent's own benefit.  Following payment in full of the Senior Debt, the
Lenders will remit to the Holder, to the extent of each of its interests
therein, all dividends or other payments or distributions paid to and held by it
in excess of the Senior Debt.

     Should any payment or distribution or security, or the proceeds of any
thereof, be collected or received by the Holder which is required to be paid to
Agent, for the benefit of itself and the Lenders, under the terms hereof, the
Holder will forthwith deliver the same to Agent, for the benefit of itself and
the Lenders, in precisely the form received (except for the endorsement without
recourse or the assignment without recourse of the Holder where necessary) and,
until so delivered, the same shall be held in trust by the Holder as the
property of the Agent, for the benefit of itself and the Lenders.

     The provisions of this Note are for the benefit of Agent and Lenders and
may be enforced directly by such entities against the Holder.  The Holder
acknowledges and agrees, by acceptance hereof, that Agent and Lenders have
relied upon and will continue to rely upon the subordination provided for herein
in making the extensions of credit to the Company.  The Holder hereby waives
notice of or proof of reliance hereon.

     The holders of Senior Debt may at any time and from time to time, without
the consent of or notice to the Holder, without incurring responsibility to the
Holder and without impairing or releasing the subordination provided herein or
the obligations hereunder of the Holder to such holders (i) change the manner,
place or terms of payment or extend the time of payment of, or renew or alter,
all or any of the Senior Debt, or

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otherwise amend or supplement in any manner, or grant any waiver or release with
respect to, Senior Debt or any instrument evidencing the same (including,
without limitation, the Senior Credit Agreement), (ii) sell, exchange, release,
not perfect or otherwise deal with any property at any time pledged, assigned or
mortgaged to secure or otherwise securing, Senior Debt, or amend or grant any
waiver or release with respect to, or consent to any departure from any
guarantee for all or any of the Senior Debt, (iii) exercise or refrain from
exercising any rights against the Company and any other person, and (iv) apply
any sums from time to time received to the Senior Debt.

     The provisions of this Section shall remain in full force and effect
irrespective of (i) any lack of validity or enforceability of the Senior Credit
Agreement or Senior Debt, or (ii) any other circumstances that might otherwise
constitute a defense available to, or a discharge of Holder.

     The subordination provisions contained in this Section are solely for the
benefit of the holders of Senior Debt and may not be rescinded, canceled,
amended or modified in any way without the prior written consent thereto of such
holders.

     The provisions of this Section shall continue to be effective or be
reinstated, as the case may be, if at any time any payment of any of the Senior
Debt is rescinded or must otherwise be returned by any holder of Senior Debt
upon the insolvency, bankruptcy or reorganization of the Company or otherwise,
all as though such payment had not been made.

     Section 9. Definitions. When used herein the following terms shall have
the following meanings:

     "Senior Debt" shall mean all amounts due and payable under the Senior
Credit Agreement and any guaranty thereof, whether outstanding as of the date of
this  Note or incurred after this  Note, including, without limitation, all
principal, interest, prepayment premiums, fees and expenses incurred under the
Senior Credit Agreement and any guaranty thereof.  Without limiting the
foregoing, Senior Debt includes interest accruing after the commencement of
bankruptcy proceedings by or against The Company, regardless of whether allowed
by the court.

     "Senior Credit Agreement" shall mean the Credit Agreement dated as of
September 24, 1999, among Velocity Express, Inc. f/k/a UST Delivery Systems,
Inc., General Electric Capital Corporation, as a lender and as agent ("Agent")
for certain other lenders (collectively, the "Lenders"), and the other Credit
Parties signatory thereto, and all renewals, extensions, refinancings,
refundings, amendments and modification thereof.

     IN WITNESS WHEREOF, the Company has caused this Note to be executed on its
behalf by its duly authorized officer; on the day and year first above written.

                                       United Shipping & Technology, Inc.

                                       By:
                                           -------------------------------------
                                           Chief Executive Officer

                                       4<PAGE>

                                                                    EXHIBIT 10.4

           SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

     SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this
"Agreement"), dated as of March 1, 2001, among UNITED SHIPPING & TECHNOLOGY,
INC., a Utah corporation (the "Company"), TH LEE.PUTNAM INTERNET PARTNERS, L.P.,
a Delaware limited partnership ("THLI"), TH LEE.PUTNAM INTERNET PARALLEL
PARTNERS, L.P., a Delaware limited partnership ("THLIP"), THLi COINVESTMENT
PARTNERS LLC ("THLI COINVEST"), a Delaware limited liability company, BLUE STAR
I, LLC ("BLUE STAR"), a Delaware limited liability company and together with
THLI, THLIP, THLI COINVEST, the "THLi Investors"), the persons executing a
Series D Purchaser Signature Page attached hereto (each a "Series D Purchaser"),
and the persons executing a Series E Purchaser Signature Page attached hereto
(each, a "Series E Purchaser").  Capitalized terms used herein but not otherwise
defined have the meaning set forth in Section 1 hereof.

     WHEREAS, THLI, THLIP and the Company entered into a Securities Purchase
Agreement, dated as of May 15, 2000, pursuant to which THLI and THLIP purchased
from the Company certain shares of the Company's Series B Convertible Preferred
Stock, par value $0.004 per share (the "Series B Preferred Stock").

     WHEREAS, the Investors and the Company have entered into a Securities
Purchase Agreement, dated as of September 1, 2000, pursuant to which the THLI
Entities purchased from the Company certain shares of the Company's Series C
Convertible Preferred Stock, par value $0.004 per share (the "Series C Preferred
Stock").

     WHEREAS, the Series D Purchasers and the Company have entered into a
Securities Purchase Agreement dated as of March 1, 2001, pursuant to which the
Investors have agreed to purchase from the Company certain of the shares of the
Company's Series D Convertible Preferred Stock, par value $.004 per share (the
"Series D Preferred Stock").

     WHEREAS, the Series E Purchasers and the Company have entered into a
Securities Purchase Agreement dated ___________, 2001, pursuant to which the
Series E Purchasers purchased from the Company certain of the shares of the
Company's Series E Convertible Preferred Stock, par value $.004 per share (the
"Series E Preferred Stock"), which is convertible into the Company's Series D
Preferred Stock (none of which have been issued as of the date hereof).

     WHEREAS, the Company granted to the THLI Entities certain registration
rights with respect to the Company's equity securities held by the THLI Entities
as set forth in an Amended and Restated Registration Rights Agreement (the
"Original Agreement") dated as of September 1, 2000, and the Company and the
THLI Entities hereby desire for this Agreement to replace and supersede the
Original Agreement in its entirety to, among other things, grant the Series E
Purchasers and Series D Purchasers certain registration rights.

     NOW, THEREFORE, in consideration of the mutual covenants herein contained,
the parties hereto agree as follows:

     Section 1. Definitions.

     "Business Day" means any day other than a Saturday, a Sunday or a day on
which banks in New York City are authorized or obligated by law or executive
order to close.

     "Commission" means the United States Securities and Exchange Commission, or
any successor Commission or agency having similar powers.

     "Common Stock" means the Common Stock of the Company, $0.004 par value per
share.
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     "Existing Registrable Securities" means, collectively, (i) the Common Stock
issued or issuable (A) upon exercise of the Warrant To Purchase Shares of Common
Stock of United Shipping & Technology, Inc., or upon conversion of the 9%
Convertible Subordinated Notes, in each case dated as of April 25, 2000 and
issued by the Company to J. Iver & Company, (B) upon conversion of the
Convertible Subordinated Promissory Note, dated as of September 24, 1999, issued
by the Company to CEX Holdings, Inc., and (C) upon exercise of the Warrant To
Purchase Shares of Common Stock of United Shipping & Technology, Inc., dated as
of September 24, 1999, issued by the Company to Bayview Capital LP, and (ii) any
Common Stock issued or issuable with respect to the securities referred to in
clause (i) above by way of a stock dividend or stock split, or in connection
with a combination of shares, recapitalization, merger, consolidation or other
reorganization (and any and all warrants to purchase common stock issued to
holders of preferred stock); provided, that any particular Existing Registrable
Securities shall cease to be Existing Registrable Securities upon the Company no
longer having any contractual obligation to register such securities under the
Securities Act pursuant to their respective written terms as in effect on the
date hereof.

     "Registrable Securities" means, collectively, the THLI Registrable
Securities, Series D Registrable Securities and the Series E Registrable
Securities.

     "Registration Expenses" has the meaning set forth in Section 6(a) hereof.

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

     "Series D or E Purchasers" means any purchasers of Series D Preferred Stock
or Series E Preferred Stock.

     "Series D or E Registrable Securities" means (i) any Common Stock issued or
issuable upon the conversion of any shares of Series D Preferred Stock and/or
Series E Preferred Stock (whether held by the Series D or E Purchasers or any
successors or assignees of the Series E Purchasers), (ii) any other shares of
Common Stock held by the Series D or E Purchasers, and (iii) any Common Stock
issued or issuable with respect to the Series D Preferred Stock and/or Series E
Preferred Stock held by any of the Series D or E Purchasers (or any of their
respective successors or assignees) by way of a stock dividend or stock split or
in connection with a combination of shares, recapitalization, merger,
consolidation or other reorganization.  For purposes of this Agreement, a Person
will be deemed to be a holder of Series D or E Registrable Securities whenever
such Person has the right to acquire directly or indirectly such Series D or E
Registrable Securities (upon conversion or exercise in connection with a
transfer of securities or otherwise, but disregarding any restrictions or
limitations upon the exercise of such right), whether or not such acquisition
has actually been effected.  For purposes of calculating the percentage of
Series D or E Registrable Securities for voting purposes, the Series D Preferred
Stock or Series E Preferred Stock held by any of the Series D or E Purchasers
(or any of their respective successors or assignees) shall be deemed to have
been converted at the then applicable conversion price.  As to any particular
Series D or E Registrable Securities, such securities will cease to be Series D
or E Registrable Securities when they have been distributed to the public
pursuant to an offering registered under the Securities Act or sold to the
public through a broker, dealer or market maker in compliance with Rule 144
under the Securities Act (or any similar rule then in force).

     "THLI Registrable Securities" means (i) any Common Stock issued upon the
conversion of any shares of Series B Preferred Stock, Series C Preferred Stock
and/or Series D Preferred Stock issued or issuable to the THLI Entities (whether
held by the THLI Entities or any successors or assignees of the THLI Entities),
(ii) any other shares of Common Stock held by the THLI Entities, and (iii) any
Common Stock issued or issuable with respect to the Series B Preferred Stock,
Series C Preferred Stock or any other class or series of the Company's preferred
stock held by any of the THLI Entities (or any of their respective successors or
assignees) by way of a stock dividend or stock split or in connection with a
combination of shares, recapitalization, merger, consolidation or other
reorganization.  For purposes of this Agreement, a Person will be deemed to be a
holder of THLI Registrable Securities whenever such Person has the right to
acquire directly or indirectly such THLI

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Registrable Securities (upon conversion or exercise in connection with a
transfer of securities or otherwise, but disregarding any restrictions or
limitations upon the exercise of such right), whether or not such acquisition
has actually been effected. For purposes of calculating the percentage of THLI
Registrable Securities for voting purposes, the Series B Preferred Stock, Series
C Preferred Stock or any other class or series of the Company's preferred stock
held by any of the THLI Entities (or any of their respective successors or
assignees) shall be deemed to have been converted at the then applicable
conversion price. As to any particular THLI Registrable Securities, such
securities will cease to be THLI Registrable Securities when they have been
distributed to the public pursuant to an offering registered under the
Securities Act or sold to the public through a broker, dealer or market maker in
compliance with Rule 144 under the Securities Act (or any similar rule then in
force).

     Section 2. Demand Registrations.

          2A Requests for Registration. Subject to paragraph 2(b) below, (i) the
     holders of a majority of the THLI Registrable Securities may request, at
     any time and from time to time, registration under the Securities Act, of
     all or part of their THLI Registrable Securities on Form S-1 or any similar
     long-form registration ("Long-Form Registrations"), (ii) each holder of
     THLI Registrable Securities may request registration under the Securities
     Act of all or part of their THLI Registrable Securities on Form S-2 or S-3
     or any similar short-form registration ("Short-Form Registrations"), if
     available, and (iii) the holders of a majority of the Series D Registrable
     Securities or the Series E Registrable Securities may request Short-Form
     Registrations, if available. Each request for a Demand Registration (as
     defined below) shall specify the approximate number of Registrable
     Securities requested to be registered and the anticipated per share price
     range for such offering. Within ten (10) days after receipt of any such
     request, the Company will give written notice of such requested
     registration to all other holders of Registrable Securities and will
     include in such registration all Registrable Securities with respect to
     which the Company has received written requests for inclusion therein
     within twenty (20) days after the receipt of the Company's notice. All
     registrations requested pursuant to this paragraph 2(a) are referred to
     herein as "Demand Registrations".

          2B Long-Form Registrations. Subject to paragraph 1(a), the holders of
     the THLI Registrable Securities will be entitled to request up to three (3)
     Long-Form Registrations in which the Company will pay all Registration
     Expenses. A registration will not count as one of the permitted Long-Form
     Registrations until it has become effective, and no Long-Form Registration
     will count as one of the permitted Long-Form Registrations unless the
     holders of the THLI Registrable Securities are able to register and sell at
     least 90% of the THLI Registrable Securities requested to be included in
     such registration.

          2C Short-Form Registrations. In addition to the Long-Form
     Registrations provided pursuant to paragraph 1(b), (i) at any time, the
     holders of THLI Registrable Securities will be entitled to request an
     unlimited number of Short- Form Registrations in which the Company will pay
     all Registration Expenses and (ii) the holders of the Series D or E
     Registrable Securities will be entitled to request up to three (3)
     Short-Form Registrations in which the Company will pay all Registration
     Expenses; provided, that the holders of Registrable Securities shall not be
     entitled to require the Company to effect any Short-Form Registration if
     the aggregate offering price of Registrable Securities (based on the
     mid-point of the price range specified in the request for such Short-Form
     Registration) to be included in such Short-Form Registration is less than
     $1,000,000. Demand Registrations will be Short-Form Registrations whenever
     the Company is permitted to use any applicable short form. The Company will
     use its best efforts to make Short-Form Registrations on Form S-3 available
     for the sale of Registrable Securities.

          2D Priority on Demand Registrations. If a Demand Registration is an
     underwritten offering and the managing underwriters advise the Company in
     writing that in their opinion the number of Registrable Securities and, if
     permitted hereunder, other securities requested to be included in such
     offering exceeds the number of Registrable Securities and other securities,
     if any, which can

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<PAGE>

     be sold therein without adversely affecting the marketability of the
     offering, the Company will include in such registration (i) first, the
     number of Registrable Securities requested to be included in such Demand
     Registration by the holders initially requesting such Demand Registration
     pro rata, if necessary, among the holders of such Registrable Securities
     based on the number of such Registrable Securities owned by each such
     holder, (ii) second, the number of other Registrable Securities not
     included pursuant to clause (i) above pro rata, if necessary, among the
     holders of such Registrable Securities based on the number of such
     Registrable Securities owned by each such holder, and (iii) third, any
     other securities of the Company requested to be included in such Demand
     Registration.

          2E Restrictions on Demand Registrations. The Company will not be
     obligated to effect any Demand Registration within sixty (60) days after
     the effective date of a previous registration of equity securities by the
     Company. The Company may postpone for up to ninety (90) days the filing or
     the effectiveness of a registration statement for a Demand Registration if
     the Company's Board of Directors determines in good faith that such Demand
     Registration would reasonably be expected to be seriously detrimental to
     the Company and its shareholders; provided, that in such event, (i) the
     Company shall give written notice to the holders of Registrable Securities
     as soon after such determination as practicable, but in any event within
     ten (10) days thereafter, (ii) the holders of Registrable Securities
     initially requesting such Demand Registration will be entitled to withdraw
     such request and such Demand Registration will not count as one of the
     permitted Demand Registrations hereunder and the Company will pay all
     Registration Expenses in connection with such registration and (iii) the
     Company may postpone a Demand Registration pursuant hereto only once in any
     365-day period.

          2F Selection of Underwriters. If any Demand Registration is an
     underwritten offering, the selection of investment banker(s) and manager(s)
     for the offering, which investment banker(s) and manager(s) shall be
     nationally recognized, shall be made by the holders of a majority of the
     Registrable Securities initially requesting such registration, subject to
     the Company's approval which shall not be unreasonably withheld.

          2G Other Registration Rights. Except as provided in this Agreement,
     the Company shall not grant to any Persons the right to request the Company
     to register any equity securities of the Company, or any securities
     convertible or exchangeable into or exercisable for such securities,
     without the prior written consent of the holders of at least a majority of
     the THLi Registrable Securities.

     Section 3. Piggyback Registrations.

          3A Right to Piggyback. Whenever the Company proposes to register any
     of its securities under the Securities Act (other than pursuant to a Demand
     Registration) and the registration form to be used may be used for the
     registration of Registrable Securities (a "Piggyback Registration"), the
     Company will give prompt written notice to all holders of Registrable
     Securities of its intention to effect such a registration and will include
     in such registration all Registrable Securities with respect to which the
     Company has received written requests for inclusion therein within twenty
     (20) days after the receipt of the Company's notice.

          3B Piggyback Expenses. The Registration Expenses of the holders of
     Registrable Securities will be paid by the Company in all Piggyback
     Registrations.

          3C Priority on Primary Registrations. If a Piggyback Registration is
     an underwritten primary registration on behalf of the Company, and the
     managing underwriters advise the Company in writing that in their opinion
     the number of securities requested to be included in such registration
     exceeds the number which can be sold in such offering without adversely
     affecting the marketability of the offering, the Company will include in
     such registration (i) first, the securities the Company

                                       4
<PAGE>

     proposes to sell, and (ii) second, the Registrable Securities and Existing
     Registrable Securities requested to be included in such Piggyback
     Registration, pro rata, if necessary, among the holders of such Registrable
     Securities and Existing Registrable Securities on the basis of the number
     of Registrable Securities and Existing Registrable Securities owned by each
     such holder and (iii) third, other securities requested to be included in
     such Piggyback Registration.

          3D Priority on Secondary Registrations. If a Piggyback Registration is
     an underwritten secondary registration on behalf of holders of the
     Company's securities, and the managing underwriters advise the Company in
     writing that in their opinion the number of securities requested to be
     included in such registration exceeds the number which can be sold in such
     offering without adversely affecting the marketability of the offering, the
     Company will include in such Piggyback Registration (i) first, the
     securities requested to be included therein by the holders requesting such
     registration, (ii) second, the Registrable Securities and Existing
     Registrable Securities requested to be included in such Piggyback
     Registration, pro rata among the holders of such Registrable Securities and
     Existing Registrable Securities on the basis of the number of Registrable
     Securities and Existing Registrable Securities owned by each such holder
     and (iii) third, other securities requested to be included in such
     Piggyback Registration.

          3E Selection of Underwriters. If any Piggyback Registration is an
     underwritten offering, the selection by the Company of investment banker(s)
     and manager(s), which investment banker(s) and manager(s) shall be
     nationally recognized, for the offering must be approved by the holders of
     a majority of the Registrable Securities included in such Piggyback
     Registration, which approval shall not be unreasonably withheld.

     Section 4. Holdback Agreements.

          4A Each holder of Registrable Securities agrees not to effect any
     public sale or distribution (including sales pursuant to Rule 144) of
     equity securities of the Company, or any securities convertible into or
     exchangeable or exercisable for such securities, during the seven (7) days
     prior to and the ninety (90)-day period beginning on the effective date of
     any underwritten Demand Registration or any underwritten Piggyback
     Registration in which Registrable Securities are included (except as part
     of such underwritten registration), unless the underwriters managing the
     registered public offering otherwise agree.

          4B The Company agrees not to effect any public sale or distribution of
     its equity securities, or any securities convertible into or exchangeable
     or exercisable for such securities, during the seven (7) days prior to and
     during the ninety (90)-day period beginning on the effective date of any
     underwritten Demand Registration or any underwritten Piggyback Registration
     (except as part of such underwritten registration or pursuant to
     registrations on Form S-8 or Form S-4 or any successor forms thereto),
     unless the underwriters managing the registered public offering otherwise
     agree.

     Section 5. Registration Procedures. Whenever the holders of Registrable
Securities have requested that any Registrable Securities be registered pursuant
to this Agreement, the Company will use its best efforts to effect the
registration and the sale of such Registrable Securities in accordance with the
intended method of disposition thereof including the registration of common
stock that may be obtained upon conversion of Preferred Stock held by a holder
of Registrable Securities requesting registration, and pursuant thereto the
Company will as expeditiously as possible:

          5A prepare and file (in the case of a Demand Registration not more
     than ninety (90) days after request therefor) with the Commission a
     registration statement with respect to such Registrable Securities and use
     its best efforts to cause such registration statement to become effective
     (provided that as far in advance as practicable before filing a
     registration statement or prospectus or any amendments or supplements
     thereto, the Company will furnish to the counsel selected by the holders

                                       5
<PAGE>

     of a majority of the Registrable Securities covered by such registration
     statement copies of all such documents proposed to be filed, which
     documents will be subject to the review of such counsel);

          5B in the event that such registration statement is not filed with the
     Commission on or before the ninetieth (90) day after request therefor, or
     on the next business day that the Commission is open, for each seven day
     period (a "Penalty Period"), until such time as the registration statement
     is filed with the Commission the holders who have requested registration
     shall be entitled to a number of shares of Common Stock of the Company
     equal to the product of (A) the number of shares of Common Stock then
     issuable upon conversion of the number of Series D Preferred Stock or
     Series E Preferred Stock, as applicable, purchased by the Investors,
     multiplied by .10 (the "Penalty Shares"), multiplied by (B) The number of
     Penalty Periods that has elapsed before the registration statement has been
     filed with the Commission, divided by 25.714. In no event shall the number
     of Penalty Shares exceed 10% of the total Series D Preferred Stock or
     Series E Preferred Stock, as applicable. The ninety (90) day period shall
     be extended for any period during which the filing is precluded by reason
     of the Company's response to a comment or objection from holder's counsel
     pursuant to Section 5(a) hereof.

          5C prepare and file with the Commission such amendments and
     supplements to such registration statement and the prospectus used in
     connection therewith as may be necessary to keep such registration
     statement effective for a period of not less than one hundred and eighty
     (180) days and comply with the provisions of the Securities Act with
     respect to the disposition of all securities covered by such registration
     statement during such period in accordance with the intended methods of
     disposition by the sellers thereof set forth in such registration
     statement;

          5D furnish to each seller of Registrable Securities such number of
     copies of such registration statement, each amendment and supplement
     thereto, the prospectus included in such registration statement (including
     each preliminary prospectus) and such other documents as such seller may
     reasonably request in order to facilitate the disposition of the
     Registrable Securities owned by such seller;

          5E use its best efforts to register or qualify such Registrable
     Securities under such other securities or blue sky laws of such
     jurisdictions as any seller reasonably requests and do any and all other
     acts and things which may be reasonably necessary or advisable to enable
     such seller to consummate the disposition in such jurisdictions of the
     Registrable Securities owned by such seller (provided that the Company will
     not be required to (i) qualify generally to do business in any jurisdiction
     where it would not otherwise be required to qualify but for this
     subparagraph, (ii) subject itself to taxation in any such jurisdiction or
     (iii) consent to general service of process in any such jurisdiction);

          5F notify each seller of such Registrable Securities, at any time when
     a prospectus relating thereto is required to be delivered under the
     Securities Act, of the happening of any event as a result of which the
     prospectus included in such registration statement contains an untrue
     statement of a material fact or omits any fact necessary to make the
     statements therein not misleading, and, at the request of any such seller,
     the Company will prepare a supplement or amendment to such prospectus so
     that, as thereafter delivered to the purchasers of such Registrable
     Securities, such prospectus will not contain an untrue statement of a
     material fact or omit to state any fact necessary to make the statements
     therein not misleading;

          5G cause all such Registrable Securities to be listed on each
     securities exchange on which similar securities issued by the Company are
     then listed and, if not so listed, to be listed on the National Association
     of Securities Dealers automated quotation system;

                                       6
<PAGE>

          5H provide a transfer agent and registrar for all such Registrable
     Securities not later than the effective date of such registration
     statement;

          5I enter into such customary agreements (including underwriting
     agreements in customary form) and take all such other actions as the
     holders of a majority of the Registrable Securities being sold or the
     underwriters, if any, reasonably request in order to expedite or facilitate
     the disposition of such Registrable Securities (including, without
     limitation, effecting a stock split or a combination of shares);

          5J make available for inspection by any seller of Registrable
     Securities, any underwriter participating in any disposition pursuant to
     such registration statement and any attorney, accountant or other agent
     retained by any such seller or underwriter, all financial and other
     records, pertinent corporate documents and properties of the Company, and
     cause the Company's officers, directors, employees and independent
     accountants to supply all information reasonably requested by any such
     seller, underwriter, attorney, accountant or agent in connection with such
     registration statement;

          5K permit any holder of Registrable Securities which holder, in its
     sole and exclusive judgment, might be deemed to be an underwriter or a
     controlling person of the Company, to participate in the preparation of
     such registration or comparable statement and to require the insertion
     therein of material, furnished to the Company in writing, which in the
     reasonable judgment of such holder and its counsel should be included;

          5L in the event of the issuance of any stop order suspending the
     effectiveness of a registration statement, or of any order suspending or
     preventing the use of any related prospectus or suspending the
     qualification of any common stock included in such registration statement
     for sale in any jurisdiction, the Company will promptly notify the holders
     of Registrable Securities and will use its reasonable best efforts promptly
     to obtain the withdrawal of such order;

          5M obtain a cold comfort letter from the Company's independent public
     accountants in customary form and covering such matters of the type
     customarily covered by cold comfort letters as the holders of a majority of
     the Registrable Securities being sold reasonably request; and

          5N in connection with an underwritten public offering, (i) cooperate
     with the selling holders of Registrable Securities, the underwriters
     participating in the offering and their counsel in any due diligence
     investigation reasonably requested by the selling holders or the
     underwriters in connection therewith and (ii) participate, to the extent
     reasonably requested by the managing underwriter for the offering or the
     selling holder, in efforts to sell the Registrable Securities under the
     offering (including, without limitation, participating in "roadshow"
     meetings with prospective investors) that would be customary for
     underwritten primary offerings of a comparable amount of equity securities
     by the Company.

     Section 6. Registration Expenses.

          6A All expenses incident to the Company's performance of or compliance
     with this Agreement, including without limitation all registration and
     filing fees, fees and expenses of compliance with securities or blue sky
     laws, printing expenses, messenger and delivery expenses, and fees and
     disbursements of counsel for the Company and all independent certified
     public accountants, underwriters (excluding discounts and commissions) and
     other Persons retained by the Company (all such expenses being herein
     called "Registration Expenses"), will be borne as provided in this
     Agreement, except that the Company will, in any event, pay its internal
     expenses (including, without limitation, all salaries and expenses of its
     officers and employees performing legal or accounting duties), the expense
     of any annual audit or quarterly review, the expense of any liability
     insurance and the expenses and fees for listing the securities to be
     registered on each securities exchange on which

                                       7
<PAGE>

     similar securities issued by the Company are then listed or on the National
     Association of Securities Dealers automated quotation system. The Company
     shall not be required to pay an underwriting discount with respect to any
     shares being sold by any party other than the Company in connection with an
     underwritten public offering of any of the Company's securities pursuant to
     this Agreement.

          6B In connection with each Demand Registration and each Piggyback
     Registration, the Company will reimburse the holders of Registrable
     Securities covered by such registration for the reasonable fees and
     disbursements of one counsel chosen by the holders of a majority of the
     Registrable Securities initially requesting such registration.

          6C The Company will reimburse the holders of Registrable Securities
     for the reasonable fees and expenses (including the fees and expenses of
     counsel chosen by the holders of a majority of the Registrable Securities)
     incurred by such holders in enforcing any of their rights under this
     Agreement.

     Section 7. Indemnification.

          7A Indemnification of Selling Stockholders by the Company. The Company
     agrees to indemnify and hold harmless each holder of Registrable Securities
     which are registered pursuant hereto (each a "Selling Stockholder") and
     each person, if any, who controls any Selling Stockholder 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"), as follows:

               (i) against any and all loss, liability, claim, damage and
          expense whatsoever, as incurred, arising out of any untrue statement
          or alleged untrue statement of a material fact contained in the
          registration statement (or any amendment thereto), or the omission or
          alleged omission therefrom of a material fact required to be stated
          therein or necessary to make the statements therein not misleading or
          arising out of any untrue statement or alleged untrue statement of a
          material fact contained in any preliminary prospectus or the
          prospectus (or any amendment or supplement thereto), or the omission
          or alleged omission therefrom of a material fact necessary in order to
          make the statements therein, in the light of the circumstances under
          which they were made, not misleading;

               (ii) against any and all loss, liability, claim, damage and
          expense whatsoever, as incurred, to the extent of the aggregate amount
          paid in settlement of any litigation, or any investigation or
          proceeding by any governmental agency or body, commenced or
          threatened, or of any claim whatsoever based upon any such untrue
          statement or omission, or any such alleged untrue statement or
          omission; provided, that subject to Section 7(d) below any such
          settlement is effected with the prior written consent of the Company;
          and

               (iii) against any and all expense whatsoever, as incurred
          (including the fees and disbursements of counsel chosen by such
          Selling Stockholder), reasonably incurred in investigating, preparing
          or defending against any litigation, or any investigation or
          proceeding by any governmental agency or body, commenced or
          threatened, or any claim whatsoever based upon any such untrue
          statement or omission, or any such alleged untrue statement or
          omission, to the extent that any such expense is not paid under (i) or
          (ii) above; Notwithstanding the foregoing, this indemnity agreement
          shall not apply to any loss, liability, claim, damage or expense to
          the extent arising out of any untrue statement or omission or alleged
          untrue statement or omission made in reliance upon and in conformity
          with written information furnished to the Company by the Selling
          Stockholder expressly for use in the registration statement (or any
          amendment thereto), or any preliminary prospectus or the prospectus
          (or any amendment or supplement thereto) or by such Selling
          Stockholder's failure to deliver a copy of the registration statement
          or prospectus or any amendments or

                                       8
<PAGE>

          supplements thereto after the Company has furnished such Selling
          Stockholder with a sufficient number of copies of the same.

          7B Indemnification of Company by the Selling Stockholders. Each
     Selling Stockholder, severally and not jointly, agrees to indemnify and
     hold harmless the Company, its directors, each of its officers who signed
     the registration statement and each person, if any, who controls the
     Company within the meaning of Section 15 of the Securities Act or Section
     20 of the Exchange Act, against any and all loss, liability, claim, damage
     and expense described in the indemnity contained in Section 7(a) above, as
     incurred, but only with respect to untrue or alleged untrue statements or
     omissions made in the registration statement (or any amendment thereto), or
     any preliminary prospectus or any prospectus (or any amendment or
     supplement thereto) in reliance upon and in conformity with written
     information furnished to the Company by or on behalf of such Selling
     Stockholder with respect to such Selling Stockholder expressly for use in
     the registration statement (or any amendment or supplement thereto);
     provided, that such Selling Stockholder's aggregate liability under this
     Section 7 shall be limited to an amount equal to the net proceeds (after
     deducting the underwriting discount, but before deducting expenses)
     received by such Selling Stockholder from the sale of Registrable
     Securities pursuant to a registration statement filed pursuant to this
     Agreement.

          7C Actions against Parties; Notification. Each indemnified party shall
     give notice as promptly as reasonably practicable to each indemnifying
     party of any action commenced against it in respect of which indemnity may
     be sought hereunder, but failure to so notify an indemnifying party shall
     not relieve such indemnifying party from any liability hereunder to the
     extent it is not materially prejudiced as a result thereof and in any event
     shall not relieve it from any liability which it may have otherwise than on
     account of this indemnity agreement. In the case of parties indemnified
     pursuant to Section 7(a), counsel to the indemnified parties shall be
     selected by the Company, subject to the approval of the holders of a
     majority of the Registrable Securities included in a registration
     hereunder, which shall not be unreasonably withheld and, in the case of
     parties indemnified pursuant to Section 7(b), counsel to the indemnified
     parties shall be selected by the Company. An indemnifying party may
     participate at its own expense in the defense of any such action and
     counsel to the indemnifying party shall also be counsel for the indemnified
     parties; provided, that if under applicable principals of legal ethics,
     there is a conflict of interest that prohibits such counsel from
     representing the indemnifying parties as well as the indemnified parties,
     the indemnifying parties shall be liable for fees and expenses of one
     additional counsel (in addition to any local counsel) separate from their
     own counsel for all indemnified parties in connection with any one action
     or separate but similar or related actions in the same jurisdiction arising
     out of the same general allegations or circumstances. No indemnifying party
     shall, without the prior written consent of the indemnified parties, settle
     or compromise or consent to the entry of any judgment with respect to any
     litigation, or any investigation or proceeding by any governmental agency
     or body, commenced or threatened, or any claim whatsoever in respect of
     which indemnification or contribution could be sought under this Section 7
     (whether or not the indemnified parties are actual or potential parties
     thereto), unless such settlement, compromise or consent (i) includes an
     unconditional release of each indemnified party from all liability arising
     out of such litigation, investigation, proceeding or claim and (ii) does
     not include a statement as to or an admission of fault, culpability or a
     failure to act by or on behalf of any indemnified party.

          7D Settlement without Consent. If at any time an indemnified party
     shall have requested an indemnifying party to reimburse the indemnified
     party for fees and expenses of counsel, such indemnifying party agrees that
     it shall be liable for any settlement of the nature contemplated by Section
     7(a)(ii) effected without its written consent if (i) such settlement is
     entered into more than forty-five (45) days after receipt by such
     indemnifying party of the aforesaid request, (ii) such indemnifying party
     shall have received notice of the terms of such settlement at least thirty
     (30) days prior to such settlement being entered into and (iii) such
     indemnifying party shall not have reimbursed such indemnified party in
     accordance with such request prior to the date of such settlement.

                                       9
<PAGE>

          7E Contribution.

               (i) If a claim for indemnification under Section 7(a) or 7(b) 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 the
          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 this
          Section, any reasonable attorneys' or other reasonable fees or
          expenses incurred by such party in connection with any proceeding to
          the extent such party would have been indemnified for such fees or
          expenses if the indemnification provided for in this Section was
          available to such party in accordance with its terms.

               (ii) The parties hereto agree that it would not be just and
          equitable if contribution pursuant to this Section 7(e) 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 7(e), a holder shall not be required to
          contribute, in the aggregate, any amount in excess of the amount by
          which the proceeds actually received by such holder from the sale of
          the Registrable Securities subject to the proceeding exceeds the
          amount of any damages that the holder has otherwise been required to
          pay by reason of such untrue or alleged untrue statement or omission
          or alleged omission. No Person guilty of fraudulent misrepresentation
          (within the meaning of Section 11(f) of the Securities Act) shall be
          entitled to contribution from any Person who was not guilty of such
          fraudulent misrepresentation.

               (iii) The indemnity and contribution agreements contained in this
          Section are in addition to any liability that the indemnifying parties
          may have to the indemnified parties.

     Section 8. Participation In Underwritten Registrations. No Person may
participate in any registration hereunder which is underwritten unless such
Person (a) agrees to sell such Person's securities on the basis provided in any
underwriting arrangements approved by the Person or Persons entitled hereunder
to approve such arrangements and (b) completes and executes all questionnaires,
powers of attorney, indemnities, underwriting agreements and other documents
required under the terms of such underwriting arrangements; provided, that no
holder of Registrable Securities included in any underwritten registration shall
be required to make any representations or warranties to the Company or the
underwriters other than representations and warranties regarding such holder,
such holder's Registrable Securities and such holder's intended method of
distribution or to undertake any indemnification obligations to the Company or
the underwriters with respect thereto, except as otherwise provided in Section 7
hereof.

     Section 9. Miscellaneous.

          9A No Inconsistent Agreements. The Company will not hereafter enter
     into any agreement with respect to its securities which is inconsistent
     with or violates the rights granted to the holders of Registrable
     Securities in this Agreement. To the extent that any registration rights

                                       10
<PAGE>

     previously granted by the Company remain in effect and are inconsistent
     with the rights granted to the Registrable Securities in this Agreement,
     upon any registration of Registrable Securities hereunder, the Company
     shall use its best efforts to seek a waiver, consent or amendment of such
     existing rights in order to provide the holders of Registrable Securities
     with the benefits and priorities set forth in this Agreement.

          9B Adjustments Affecting Registrable Securities. The Company will not
     take any action, or permit any change to occur, with respect to its
     securities which would materially and adversely affect the ability of the
     holders of Registrable Securities to include such Registrable Securities in
     a registration undertaken pursuant to this Agreement or which would
     materially and adversely affect the marketability of such Registrable
     Securities in any such registration (including, without limitation,
     effecting a stock split or a combination of shares).

          9C Remedies. Any Person having rights under any provision of this
     Agreement will be entitled to enforce such rights specifically to recover
     damages caused by reason of any breach of any provision of this Agreement
     and to exercise all other rights granted by law. The parties hereto agree
     and acknowledge that money damages may not be an adequate remedy for any
     breach of the provisions of this Agreement and that any party may in its
     sole discretion apply to any court of law or equity of competent
     jurisdiction (without posting any bond or other security) for specific
     performance and for other injunctive relief in order to enforce or prevent
     violation of the provisions of this Agreement.

          9D Amendments and Waivers. Except as otherwise provided herein, the
     provisions of this Agreement may be amended or waived only upon the prior
     written consent of the Company and holders of at least a majority of the
     Registrable Securities. The failure of any party to enforce any of the
     provisions of this Agreement shall in no way be construed as a waiver of
     such provisions and shall not affect the right of such party thereafter to
     enforce each and every provision of this Agreement in accordance with its
     terms.

          9E Successors and Assigns. All covenants and agreements in this
     Agreement by or on behalf of any of the parties hereto will bind and inure
     to the benefit of the permitted respective successors and assigns of the
     parties hereto whether so expressed or not. In addition, whether or not any
     express assignment has been made, the provisions of this Agreement which
     are for the benefit of purchasers or holders of Registrable Securities are
     also for the benefit of, and enforceable by, any subsequent holder of
     Registrable Securities.

          9F Notices. All notices, requests, consents and other communications
     provided for herein shall be in writing and shall be (i) delivered in
     person, (ii) transmitted by telecopy, (iii) sent by first-class, registered
     or certified mail, postage prepaid, or (iv) sent by reputable overnight
     courier service, fees prepaid, to the recipient at the address or telecopy
     number set forth below, or such other address or telecopy number as may
     hereafter be designated in writing by such recipient. Notices shall be
     deemed given upon personal delivery, seven days following deposit in the
     mail as set forth above, upon acknowledgment by the receiving telecopier or
     one day following deposit with an overnight courier service.

                                       11
<PAGE>

               If to the Company:

                    United Shipping & Technology, Inc.
                    9850 51st Avenue North
                    Suite 110
                    Plymouth, MN  55442
                    Telecopy:  (952) 941-6440
                    Attention:  Wesley C. Fredenburg
                                Secretary and General Counsel

                    with a copy to (which shall not constitute notice to the
                    Company):

                    Briggs and Morgan Professional Association
                    2400 IDS Center
                    Minneapolis, MN  55402
                    Telecopy:  (612) 334-8650
                    Attention: Avron L. Gordon

               If to any of the THLI Entities:

                    c/o TH Lee.Putnam Internet Fund Advisors, L.P.
                    200 Madison Avenue
                    Suite 2225
                    New York, NY 10016
                    Telecopy:  (212) 951-8655
                    Attention: Douglas Hsieh

                    with a copy to (which shall not constitute notice to any
                    THLI Entities):

                    Kirkland & Ellis
                    153 East 53rd Street
                    New York, NY  10022
                    Telecopy:  (212) 446-4900
                    Attention:  Eunu Chun

               If to any of the Series D or E Purchasers:

                    To the address for such Series D or E Purchaser indicated on
                    the Series D Purchaser Signature Page or Series E Purchaser
                    Signature Page.

or such other address or to the attention of such other Person as the recipient
party shall have specified by prior written notice to the sending party.

          9G Interpretation of Agreement; Severability. The provisions of this
     Agreement shall be applied and interpreted in a manner consistent with each
     other so as to carry out the purposes and intent of the parties hereto, but
     if for any reason any provision hereof is determined to be unenforceable or
     invalid, such provision or such part thereof as may be unenforceable or
     invalid shall be deemed severed from the Agreement and the remaining
     provisions carried out with the same force and effect as if the severed
     provision or part thereof had not been a part of this Agreement.

          9H Governing Law. The corporate law of the State of Utah shall govern
     all issues concerning the relative rights of the Company and its
     stockholders. All other provisions of this Agreement shall be governed by
     and construed in accordance with the internal laws of the State of

                                       12
<PAGE>

     New York, without giving effect to principles of conflicts of laws or
     choice of law of the State of New York or any other jurisdiction which
     would result in the application of the laws of any jurisdiction other than
     the State of New York.

          9I Counterparts. This Agreement may be executed in one or more
     counterparts, each of which shall be deemed to be an original, but all of
     which taken together shall constitute one and the same Agreement.

          9J Entire Agreement. This document, the Purchase Agreement and the
     "Related Documents" (as defined in the Purchase Agreement) embodies the
     complete agreement and understanding among the parties hereto with respect
     to the subject matter hereof and supersede and preempt any prior
     understandings, agreements or representations by or among the parties,
     written or oral, which may have related to the subject matter hereof in any
     way.

          9K Waiver of Jury Trial. The parties to this Agreement each hereby
     waives, to the fullest extent permitted by law, any right to trial by jury
     of any claim, demand, action, or cause of action (i) arising under this
     Agreement or (ii) in any way connected with or related or incidental to the
     dealings of the parties hereto in respect of this Agreement or any of the
     transactions related hereto, in each case whether now existing or hereafter
     arising, and whether in contract, tort, equity, or otherwise. The parties
     to this Agreement each hereby agrees and consents that any such claim,
     demand, action, or cause of action shall be decided by court trial without
     a jury and that the parties to this Agreement may file an original
     counterpart of a copy of this Agreement with any court as written evidence
     of the consent of the parties hereto to the waiver of their right to trial
     by jury.

                                   * * * * *

                                       13
<PAGE>

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

                                 UNITED SHIPPING & TECHNOLOGY, INC.

                                 By: /s/ Jeffry Parell
                                     -------------------------------------------
                                    Name:  Jeffry Parell
                                    Title:  Chief Executive Officer

                                 TH LEE.PUTNAM INTERNET PARTNERS, L.P.

                                 By:  TH Lee.Putnam Internet Fund Advisors, L.P.
                                 Its:  General Partner

                                 By: /s/ James Brown
                                     -------------------------------------------
                                    Name: James Brown
                                    Title: Managing Director

                                 TH LEE.PUTNAM INTERNET PARALLEL PARTNERS, L.P.

                                 By:  TH Lee.Putnam Internet Fund Advisors, L.P.
                                 Its:  General Partner

                                 By: /s/ James Brown
                                     -------------------------------------------
                                    Name: James Brown
                                    Title: Managing Director

                                 THLI COINVESTMENT PARTNERS LLC

                                 /s/ James Brown
                                 -----------------------------------------------
                                 By:  James Brown
                                 Its:  Managing Member

                                 BLUE STAR I LLC

                                 /s/ Steven Ezzed
                                 -----------------------------------------------
                                 By:  Steven Ezzed
                                      ------------------------------------------
                                 Its:  Managing Member

                                       14
<PAGE>

                                 SERIES D PURCHASERS SIGNATURE PAGE

                                 By /s/ John Wallace
                                    --------------------------------------------
                                 Name:  RS Investment Management, Inc.
                                 Address for Notices:  388 Market Street
                                                       San Francisco, CA  94111

                                 By /s/ Michael Green
                                    --------------------------------------------
                                 Name:  TenX Venture Partners, LLC.
                                 Address for Notices:  One First Ave, Suite 100
                                                       Conshohocken, PA 19428

                                 By /s/ Michael Green
                                    --------------------------------------------
                                 Name:  Homepoint Corporation
                                 Address for Notices:  One First Ave, Suite 100
                                                       Conshohocken, PA 19428

                                 By /s/ SALAH A.H. AL-QAHTANI
                                    --------------------------------------------
                                 Name:  SALA A.H. AL-QAHTANI
                                 Address for Notices:
                                    AL-QAHTANI PIPE COATING TERMINAL
                                    P.O. BOX 20, DAMMAM 31411
                                    KINGDOM OF SAUDI ARABIA

                                 AL-MAL ISLAMIC COMPANY

                                 By /s/ Abdulaziz Y. Al-Nafisi
                                    --------------------------------------------
                                 By: Abdulaziz Y. Al-Nafisi
                                 Its: Chairman

                                 Address for Notices:  Fahad Al-Salem Street
                                                       Al-Usaimi Building,
                                                       13th Floor
                                                       Kuwait City, Kuwait

                                       15

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