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                                                                    EXHIBIT 10.2

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                       GUARANTEE AND COLLATERAL AGREEMENT

                                     made by

                               MQ ASSOCIATES, INC.

                                 MEDQUEST, INC.,

                                   as Borrower

                         and certain of its Subsidiaries

                                   in favor of

                      WACHOVIA BANK, NATIONAL ASSOCIATION,
                             as Administrative Agent

                           Dated as of August 15, 2002

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                                TABLE OF CONTENTS

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SECTION 1.    DEFINED TERMS...................................................................................I
     1.1      Definitions.....................................................................................i
     1.2      Other Definitional Provisions..................................................................iv

SECTION 2.    GUARANTEE......................................................................................IV
     2.1      Guarantee......................................................................................iv
     2.2      Right of Contribution...........................................................................v
     2.3      No Subrogation..................................................................................v
     2.4      Amendments, etc. with respect to the Borrower Obligations......................................vi
     2.5      Guarantee Absolute and Unconditional...........................................................vi
     2.6      Reinstatement.................................................................................vii
     2.7      Payments......................................................................................vii

SECTION 3.    GRANT OF SECURITY INTEREST....................................................................VII

SECTION 4.    REPRESENTATIONS AND WARRANTIES...............................................................VIII
     4.1      No Other Liens...............................................................................viii
     4.2      Perfected First Priority Liens...............................................................viii
     4.3      Jurisdiction of Organization; Chief Executive Office.........................................viii
     4.4      Inventory and Equipment........................................................................ix
     4.5      Farm Products..................................................................................ix
     4.6      Investment Property............................................................................ix
     4.7      Receivables....................................................................................ix
     4.8      Contracts......................................................................................ix
     4.9      Intellectual Property...........................................................................x

SECTION 5.    COVENANTS.......................................................................................X
     5.1      Delivery of Instruments, Certificated Securities and Chattel Paper..............................x
     5.2      Maintenance of Perfected Security Interest; Further Documentation...............................x
     5.3      Investment Property.............................................................................x
     5.4      Contracts......................................................................................xi

SECTION 6.    REMEDIAL PROVISIONS...........................................................................XII
     6.1      Certain Matters Relating to Receivables.......................................................xii
     6.2      Communications with Obligors; Grantors Remain Liable..........................................xii
     6.3      Pledged Stock................................................................................xiii
     6.4      Proceeds to be Turned Over To Administrative Agent............................................xiv
     6.5      Application of Proceeds.......................................................................xiv
     6.6      Code and Other Remedies.......................................................................xiv
     6.7      Registration Rights............................................................................xv
     6.8      Intellectual Property.........................................................................xvi
     6.9      Deficiency....................................................................................xvi

SECTION 7.    THE ADMINISTRATIVE AGENT......................................................................XVI
     7.1      Administrative Agent's Appointment as Attorney-in-Fact, etc...................................xvi
     7.2      Duty of Administrative Agent.................................................................xvii
     7.3      Execution of Financing Statements............................................................xvii
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     7.4      Authority of Administrative Agent...........................................................xviii

SECTION 8.    MISCELLANEOUS...............................................................................XVIII
     8.1      Amendments in Writing.......................................................................xviii
     8.2      Notices.....................................................................................xviii
     8.3      No Waiver by Course of Conduct; Cumulative Remedies.........................................xviii
     8.4      Enforcement Expenses; Indemnification.......................................................xviii
     8.5      Successors and Assigns........................................................................xix
     8.6      Set-Off.......................................................................................xix
     8.7      Counterparts..................................................................................xix
     8.8      Severability..................................................................................xix
     8.9      Section Headings..............................................................................xix
     8.10     Integration....................................................................................xx
     8.11     GOVERNING LAW..................................................................................xx
     8.12     Submission To Jurisdiction; Waivers............................................................xx
     8.13     Acknowledgements...............................................................................xx
     8.14     Additional Grantors...........................................................................xxi
     8.15     Releases......................................................................................xxi
     8.16     Construction..................................................................................xxi
     8.17     WAIVER OF JURY TRIAL..........................................................................xxi
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SCHEDULES

Schedule 1    Notice Addresses
Schedule 2    Investment Property
Schedule 3    Perfection Matters
Schedule 4    Jurisdictions of Organization and Chief Executive Offices
Schedule 5    Inventory and Equipment Locations
Schedule 6    Intellectual Property
Schedule 7    Contracts

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                       GUARANTEE AND COLLATERAL AGREEMENT

            GUARANTEE AND COLLATERAL AGREEMENT, dated as of August 15, 2002,
made by each of the signatories hereto (together with any other entity that may
become a party hereto as provided herein, the "GRANTORS"), in favor of Wachovia
Bank, National Association, as Administrative Agent (in such capacity, the
"ADMINISTRATIVE AGENT") for the banks and other financial institutions or
entities (the "LENDERS") from time to time parties to the Credit Agreement,
dated as of August 15, 2002 (as amended, supplemented or otherwise modified from
time to time, the "CREDIT AGREEMENT"), among MQ Associates, Inc. ("HOLDINGS"),
Medquest, Inc. (the "BORROWER"), the Lenders and the Administrative Agent.

                              W I T N E S S E T H:

            WHEREAS, pursuant to the Credit Agreement, the Lenders have
severally agreed to make extensions of credit to the Borrower upon the terms and
subject to the conditions set forth therein;

            WHEREAS, the Borrower is a member of an affiliated group of
companies that includes each other Grantor;

            WHEREAS, the proceeds of the extensions of credit under the Credit
Agreement will be used in part to enable the Borrower to make valuable transfers
to one or more of the other Grantors in connection with the operation of their
respective businesses;

            WHEREAS, the Borrower and the other Grantors are engaged in related
businesses, and each Grantor will derive substantial direct and indirect benefit
from the making of the extensions of credit under the Credit Agreement; and

            WHEREAS, it is a condition precedent to the obligation of the
Lenders to make their respective extensions of credit to the Borrower under the
Credit Agreement that the Grantors shall have executed and delivered this
Agreement to the Administrative Agent for the ratable benefit of the Lenders;

            NOW, THEREFORE, in consideration of the premises and to induce the
Administrative Agent and the Lenders to enter into the Credit Agreement and to
induce the Lenders to make their respective extensions of credit to the Borrower
thereunder, each Grantor hereby agrees with the Administrative Agent, for the
ratable benefit of the Lenders, as follows:

                            SECTION 1. DEFINED TERMS

     1.1    DEFINITIONS. (a) Unless otherwise defined herein, terms defined in
the Credit Agreement and used herein shall have the meanings given to them in
the Credit Agreement, and the following terms are used herein as defined in the
New York UCC: Accounts, Certificated Security, Chattel Paper, Commercial Tort
Claims, Documents, Equipment, Farm Products, General Intangibles, Goods,
Instruments, Inventory, Letter-of-Credit Rights and Supporting Obligations.

     (b) The following terms shall have the following meanings:

            "AGREEMENT": this Guarantee and Collateral Agreement, as the same
may be amended, supplemented or otherwise modified from time to time.

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            "BORROWER OBLIGATIONS": the collective reference to the unpaid
principal of and interest on the Loans and Reimbursement Obligations and all
other obligations and liabilities of the Borrower (including, without
limitation, interest accruing at the then applicable rate provided in the Credit
Agreement after the maturity of the Loans and Reimbursement Obligations and
interest accruing at the then applicable rate provided in the Credit Agreement
after the filing of any petition in bankruptcy, or the commencement of any
insolvency, reorganization or like proceeding, relating to the Borrower, whether
or not a claim for post-filing or post-petition interest is allowed in such
proceeding) to the Administrative Agent or any Lender (or, in the case of any
Specified Swap Agreement, any Affiliate of any Lender), whether direct or
indirect, absolute or contingent, due or to become due, or now existing or
hereafter incurred, which may arise under, out of, or in connection with, the
Credit Agreement, this Agreement, the other Loan Documents, any Letter of
Credit, any Specified Swap Agreement or any other document made, delivered or
given in connection with any of the foregoing, in each case whether on account
of principal, interest, reimbursement obligations, fees, indemnities, costs,
expenses or otherwise (including, without limitation, all fees and disbursements
of counsel to the Administrative Agent or to the Lenders that are required to be
paid by the Borrower pursuant to the terms of any of the foregoing agreements).

            "COLLATERAL": as defined in Section 3.

            "COLLATERAL ACCOUNT": any collateral account established by the
Administrative Agent as provided in Section 6.1 or 6.4.

            "CONTRACTS": all contracts and agreements material to the conduct of
the business of the Grantors, subject to the proviso set forth at the end of
Section 3, which as of the Closing Date shall be listed in SCHEDULE 7, as the
same may be amended, supplemented or otherwise modified from time to time,
including, without limitation, (i) all rights of any Grantor to receive moneys
due and to become due to it thereunder or in connection therewith, (ii) all
rights of any Grantor to damages arising thereunder and (iii) all rights of any
Grantor to perform and to exercise all remedies thereunder.

            "COPYRIGHTS": (i) all copyrights arising under the laws of the
United States, any other country or any political subdivision thereof, whether
registered or unregistered and whether published or unpublished (including,
without limitation, those listed in SCHEDULE 6), all registrations and
recordings thereof, and all applications in connection therewith, including,
without limitation, all registrations, recordings and applications in the United
States Copyright Office, and (ii) the right to obtain all renewals thereof.

            "COPYRIGHT LICENSES": any written agreement naming any Grantor as
licensor or licensee (including, without limitation, those listed in SCHEDULE
6), granting any right under any Copyright, including, without limitation, the
grant of rights to manufacture, distribute, exploit and sell materials derived
from any Copyright.

            "DEPOSIT ACCOUNT": as defined in the Uniform Commercial Code of any
applicable jurisdiction and, in any event, including, without limitation, any
demand, time, savings, passbook or like account maintained with a depositary
institution.

            "FOREIGN SUBSIDIARY VOTING STOCK": the voting Capital Stock of any
Foreign Subsidiary.

            "GUARANTOR OBLIGATIONS": with respect to any Guarantor, all
obligations and liabilities of such Guarantor which may arise under or in
connection with this Agreement (including, without limitation, Section 2) or any
other Loan Document to which such Guarantor is a party, in each case whether on
account of guarantee obligations, reimbursement obligations, fees, indemnities,
costs, expenses or otherwise (including, without limitation, all fees and
disbursements of counsel to the

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Administrative Agent or to the Lenders that are required to be paid by such
Guarantor pursuant to the terms of this Agreement or any other Loan Document).

            "GUARANTORS": the collective reference to each Grantor other than
the Borrower.

            "INTELLECTUAL PROPERTY": the collective reference to all rights,
priorities and privileges relating to intellectual property, whether arising
under United States, multinational or foreign laws or otherwise, including,
without limitation, the Copyrights, the Copyright Licenses, the Patents, the
Patent Licenses, the Trademarks and the Trademark Licenses, and all rights to
sue at law or in equity for any infringement or other impairment thereof,
including the right to receive all proceeds and damages therefrom.

            "INTERCOMPANY NOTE": any promissory note evidencing loans made by
any Grantor to Holdings or any of its Subsidiaries.

            "INVESTMENT PROPERTY": the collective reference to (i) all
"investment property" as such term is defined in Section 9-102(a)(49) of the New
York UCC (other than any Foreign Subsidiary Voting Stock excluded from the
definition of "Pledged Stock") and (ii) whether or not constituting "investment
property" as so defined, all Pledged Notes and all Pledged Stock.

            "ISSUERS": the collective reference to each issuer of any Investment
Property.

            "NEW YORK UCC": the Uniform Commercial Code as from time to time in
effect in the State of New York.

            "OBLIGATIONS": (i) in the case of the Borrower, the Borrower
Obligations, and (ii) in the case of each Guarantor, its Guarantor Obligations.

            "PATENTS": (i) all letters patent of the United States, any other
country or any political subdivision thereof, all reissues and extensions
thereof and all goodwill associated therewith, including, without limitation,
any of the foregoing referred to in SCHEDULE 6, (ii) all applications for
letters patent of the United States or any other country and all divisions,
continuations and continuations-in-part thereof, including, without limitation,
any of the foregoing referred to in SCHEDULE 6, and (iii) all rights to obtain
any reissues or extensions of the foregoing.

            "PATENT LICENSE": all agreements, whether written or oral, providing
for the grant by or to any Grantor of any right to manufacture, use or sell any
invention covered in whole or in part by a Patent, including, without
limitation, any of the foregoing referred to in SCHEDULE 6.

            "PLEDGED NOTES": all promissory notes listed on SCHEDULE 2, all
Intercompany Notes at any time issued to any Grantor and all other promissory
notes issued to or held by any Grantor (other than promissory notes issued in
connection with extensions of trade credit by any Grantor in the ordinary course
of business).

            "PLEDGED STOCK": the shares of Capital Stock listed on SCHEDULE 2,
together with any other shares, stock certificates, options, interests or rights
of any nature whatsoever in respect of the Capital Stock of any Person that may
be issued or granted to, or held by, any Grantor while this Agreement is in
effect; PROVIDED that in no event shall more than 65% of the total outstanding
Foreign Subsidiary Voting Stock of any Excluded Foreign Subsidiary (as defined
in clause (i) of the definition of such term) be required to be pledged
hereunder and no Foreign Subsidiary Voting Stock of any Excluded

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Foreign Subsidiary (as defined in clause (ii) of the definition of such term)
shall be required to be pledged hereunder.

            "PROCEEDS": all "proceeds" as such term is defined in Section
9-102(a)(64) of the New York UCC and, in any event, shall include, without
limitation, all dividends or other income from the Investment Property,
collections thereon or distributions or payments with respect thereto.

            "RECEIVABLE": any right to payment for goods sold or leased or for
services rendered, whether or not such right is evidenced by an Instrument or
Chattel Paper and whether or not it has been earned by performance (including,
without limitation, any Account).

            "SECURITIES ACT": the Securities Act of 1933, as amended.

            "TRADEMARKS": (i) all trademarks, trade names, corporate names,
company names, business names, fictitious business names, trade styles, service
marks, logos and other source or business identifiers, and all goodwill
associated therewith, now existing or hereafter adopted or acquired, all
registrations and recordings thereof, and all applications in connection
therewith, whether in the United States Patent and Trademark Office or in any
similar office or agency of the United States, any State thereof or any other
country or any political subdivision thereof, or otherwise, and all common-law
rights related thereto, including, without limitation, any of the foregoing
referred to in SCHEDULE 6, and (ii) the right to obtain all renewals thereof.

            "TRADEMARK LICENSE": any agreement, whether written or oral,
providing for the grant by or to any Grantor of any right to use any Trademark,
including, without limitation, any of the foregoing referred to in SCHEDULE 6.

     1.2    OTHER DEFINITIONAL PROVISIONS. (a) The words "hereof," "herein",
"hereto" and "hereunder" and words of similar import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of
this Agreement, and Section and Schedule references are to this Agreement unless
otherwise specified.

     (b)    The meanings given to terms defined herein shall be equally
applicable to both the singular and plural forms of such terms.

     (c)    Where the context requires, terms relating to the Collateral or any
part thereof, when used in relation to a Grantor, shall refer to such Grantor's
Collateral or the relevant part thereof.

                              SECTION 2. GUARANTEE

     2.1    GUARANTEE. (a) Each of the Guarantors hereby, jointly and severally,
unconditionally and irrevocably, guarantees to the Administrative Agent, for the
ratable benefit of the Lenders and their respective successors, indorsees,
transferees and assigns, the prompt and complete payment and performance by the
Borrower when due (whether at the stated maturity, by acceleration or otherwise)
of the Borrower Obligations.

     (b)    Anything herein or in any other Loan Document to the contrary
notwithstanding, the maximum liability of each Guarantor hereunder and under the
other Loan Documents shall in no event exceed the amount which can be guaranteed
by such Guarantor under applicable federal and state laws relating to the
insolvency of debtors (after giving effect to the right of contribution
established in Section 2.2).

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     (c)    Each Guarantor agrees that the Borrower Obligations may at any time
and from time to time exceed the amount of the liability of such Guarantor
hereunder without impairing the guarantee contained in this Section 2 or
affecting the rights and remedies of the Administrative Agent or any Lender
hereunder.

     (d)    The guarantee contained in this Section 2 shall remain in full force
and effect until all the Borrower Obligations and the obligations of each
Guarantor under the guarantee contained in this Section 2 shall have been
satisfied by payment in full, no Letter of Credit shall be outstanding and the
Commitments shall be terminated, notwithstanding that from time to time during
the term of the Credit Agreement the Borrower may be free from any Borrower
Obligations.

     (e)    No payment made by the Borrower, any of the Guarantors, any other
guarantor or any other Person or received or collected by the Administrative
Agent or any Lender from the Borrower, any of the Guarantors, any other
guarantor or any other Person by virtue of any action or proceeding or any
set-off or appropriation or application at any time or from time to time in
reduction of or in payment of the Borrower Obligations shall be deemed to
modify, reduce, release or otherwise affect the liability of any Guarantor
hereunder which shall, notwithstanding any such payment (other than any payment
made by such Guarantor in respect of the Borrower Obligations or any payment
received or collected from such Guarantor in respect of the Borrower
Obligations), remain liable for the Borrower Obligations up to the maximum
liability of such Guarantor hereunder until the Borrower Obligations are paid in
full, no Letter of Credit shall be outstanding and the Commitments are
terminated.

     2.2    RIGHT OF CONTRIBUTION. Each Subsidiary Guarantor hereby agrees that
to the extent that a Subsidiary Guarantor shall have paid more than its
proportionate share of any payment made hereunder, such Subsidiary Guarantor
shall be entitled to seek and receive contribution from and against any other
Subsidiary Guarantor hereunder which has not paid its proportionate share of
such payment. Each Subsidiary Guarantor's right of contribution shall be subject
to the terms and conditions of Section 2.3. The provisions of this Section 2.2
shall in no respect limit the obligations and liabilities of any Subsidiary
Guarantor to the Administrative Agent and the Lenders, and each Subsidiary
Guarantor shall remain liable to the Administrative Agent and the Lenders for
the full amount guaranteed by such Subsidiary Guarantor hereunder.

     2.3    NO SUBROGATION. Notwithstanding any payment made by any Guarantor
hereunder or any set-off or application of funds of any Guarantor by the
Administrative Agent or any Lender, no Guarantor shall be entitled to be
subrogated to any of the rights of the Administrative Agent or any Lender
against the Borrower or any other Guarantor or any collateral security or
guarantee or right of offset held by the Administrative Agent or any Lender for
the payment of the Borrower Obligations, nor shall any Guarantor seek or be
entitled to seek any contribution or reimbursement from the Borrower or any
other Guarantor in respect of payments made by such Guarantor hereunder, until
all amounts owing to the Administrative Agent and the Lenders by the Borrower on
account of the Borrower Obligations are paid in full (other than contingent
obligations and liabilities), no Letter of Credit shall be outstanding and the
Commitments are terminated. If any amount shall be paid to any Guarantor on
account of such subrogation rights at any time when all of the Borrower
Obligations shall not have been paid in full, such amount shall be held by such
Guarantor in trust for the Administrative Agent and the Lenders, segregated from
other funds of such Guarantor, and shall, forthwith upon receipt by such
Guarantor, be turned over to the Administrative Agent in the exact form received
by such Guarantor (duly indorsed by such Guarantor to the Administrative Agent,
if required), to be applied against the Borrower Obligations, whether matured or
unmatured, in such order as the Administrative Agent may determine, subject to
the terms of the Loan Documents.

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     2.4    AMENDMENTS, ETC. WITH RESPECT TO THE BORROWER OBLIGATIONS. Each
Guarantor shall remain obligated hereunder notwithstanding that, without any
reservation of rights against any Guarantor and without notice to or further
assent by any Guarantor, any demand for payment of any of the Borrower
Obligations made by the Administrative Agent or any Lender may be rescinded by
the Administrative Agent or such Lender and any of the Borrower Obligations
continued, and the Borrower Obligations, or the liability of any other Person
upon or for any part thereof, or any collateral security or guarantee therefor
or right of offset with respect thereto, may, from time to time, in whole or in
part, be renewed, extended, amended, modified, accelerated, compromised, waived,
surrendered or released by the Administrative Agent or any Lender, and the
Credit Agreement and the other Loan Documents and any other documents executed
and delivered in connection therewith may be amended, modified, supplemented or
terminated, in whole or in part, as the Administrative Agent (or the Required
Lenders or all Lenders, as the case may be) may deem advisable from time to
time, subject to the terms of the Loan Documents, and any collateral security,
guarantee or right of offset at any time held by the Administrative Agent or any
Lender for the payment of the Borrower Obligations may be sold, exchanged,
waived, surrendered or released. Neither the Administrative Agent nor any Lender
shall have any obligation to protect, secure, perfect or insure any Lien at any
time held by it as security for the Borrower Obligations or for the guarantee
contained in this Section 2 or any property subject thereto.

     2.5    GUARANTEE ABSOLUTE AND UNCONDITIONAL. Each Guarantor waives any and
all notice of the creation, renewal, extension or accrual of any of the Borrower
Obligations and notice of or proof of reliance by the Administrative Agent or
any Lender upon the guarantee contained in this Section 2 or acceptance of the
guarantee contained in this Section 2; the Borrower Obligations, and any of
them, shall conclusively be deemed to have been created, contracted or incurred,
or renewed, extended, amended or waived, in reliance upon the guarantee
contained in this Section 2; and all dealings between the Borrower and any of
the Guarantors, on the one hand, and the Administrative Agent and the Lenders,
on the other hand, likewise shall be conclusively presumed to have been had or
consummated in reliance upon the guarantee contained in this Section 2. To the
extent permitted by applicable law, each Guarantor waives diligence,
presentment, protest, demand for payment and notice of default or nonpayment to
or upon the Borrower or any of the Guarantors with respect to the Borrower
Obligations. Each Guarantor understands and agrees that the guarantee contained
in this Section 2 shall be construed as a continuing, absolute and unconditional
guarantee of payment without regard to (a) the validity or enforceability of the
Credit Agreement or any other Loan Document, any of the Borrower Obligations or
any other collateral security therefor or guarantee or right of offset with
respect thereto at any time or from time to time held by the Administrative
Agent or any Lender, (b) any defense, set-off or counterclaim (other than a
defense of payment or performance) which may at any time be available to or be
asserted by the Borrower or any other Person against the Administrative Agent or
any Lender, or (c) any other circumstance whatsoever (with or without notice to
or knowledge of the Borrower or such Guarantor) which constitutes, or might be
construed to constitute, an equitable or legal discharge of the Borrower for the
Borrower Obligations, or of such Guarantor under the guarantee contained in this
Section 2, in bankruptcy or in any other instance. When making any demand
hereunder or otherwise pursuing its rights and remedies hereunder against any
Guarantor, the Administrative Agent or any Lender may, but shall be under no
obligation to, make a similar demand on or otherwise pursue such rights and
remedies as it may have against the Borrower, any other Guarantor or any other
Person or against any collateral security or guarantee for the Borrower
Obligations or any right of offset with respect thereto, and any failure by the
Administrative Agent or any Lender to make any such demand, to pursue such other
rights or remedies or to collect any payments from the Borrower, any other
Guarantor or any other Person or to realize upon any such collateral security or
guarantee or to exercise any such right of offset, or any release of the
Borrower, any other Guarantor or any other Person or any such collateral
security, guarantee or right of offset, shall not relieve any Guarantor of any
obligation or liability hereunder, and shall not impair or affect the rights and
remedies, whether express, implied or available as a matter of law, of the
Administrative Agent or any

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Lender against any Guarantor. For the purposes hereof "demand" shall include the
commencement and continuance of any legal proceedings.

     2.6    REINSTATEMENT. The guarantee contained in this Section 2 shall
continue to be effective, or be reinstated, as the case may be, if at any time
payment, or any part thereof, of any of the Borrower Obligations is rescinded or
must otherwise be restored or returned by the Administrative Agent or any Lender
upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of
the Borrower or any Guarantor, or upon or as a result of the appointment of a
receiver, intervenor or conservator of, or trustee or similar officer for, the
Borrower or any Guarantor or any substantial part of its property, or otherwise,
all as though such payments had not been made.

     2.7    PAYMENTS. Each Guarantor hereby guarantees that payments hereunder
will be paid to the Administrative Agent without set-off or counterclaim in
Dollars at the Funding Office.

                      SECTION 3. GRANT OF SECURITY INTEREST

            Each Grantor hereby assigns and transfers to the Administrative
Agent, and hereby grants to the Administrative Agent, for the ratable benefit of
the Lenders, a security interest in such Grantor's right, title and interest in
all of the following property now owned or at any time hereafter acquired by
such Grantor or in which such Grantor now has or at any time in the future may
acquire any right, title or interest (collectively, the "COLLATERAL"), as
collateral security for the prompt and complete payment and performance when due
(whether at the stated maturity, by acceleration or otherwise) of such Grantor's
Obligations,:

     (a)    all Accounts;

     (b)    all Chattel Paper;

     (c)    all Contracts;

     (d)    all Deposit Accounts;

     (e)    all Documents;

     (f)    all Equipment;

     (g)    all General Intangibles;

     (h)    all Instruments;

     (i)    all Intellectual Property;

     (j)    all Inventory;

     (k)    all Investment Property;

     (l)    all Letter-of-Credit Rights;

     (m)    all Goods;

     (n)    all other property not otherwise described above;

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     (o)    all books and records pertaining to the Collateral; and

     (p)    to the extent not otherwise included, all Proceeds, Supporting
Obligations and products of any and all of the foregoing and all collateral
security and guarantees given by any Person with respect to any of the
foregoing;

            PROVIDED, HOWEVER, that notwithstanding any of the other provisions
set forth in this Section 3, this Agreement shall not constitute a grant of a
security interest in any property to the extent that (x) such grant of a
security interest is prohibited by any Requirements of Law of a Governmental
Authority, requires a consent not obtained of any Governmental Authority
pursuant to such Requirement of Law or is prohibited by, or constitutes a breach
or default under or results in the termination of or requires any consent not
obtained under, any contract, license, agreement, instrument or other document
evidencing or giving rise to such property or, in the case of any Investment
Property, Pledged Stock or Pledged Note, any applicable shareholder or similar
agreement, except to the extent that such Requirement of Law or the term in such
contract, license, agreement, instrument or other document or shareholder or
similar agreement providing for such prohibition, breach, default or termination
or requiring such consent is ineffective under applicable law or (y) such
property is subject to a Lien permitted by Section 7.3(f), (g) or (l) of the
Credit Agreement, and with respect to such property the Administrative Agent and
the Lenders are not permitted to obtain a second priority Lien by the terms
thereof; but PROVIDED FURTHER that the security interests granted hereunder
shall extend to the Proceeds of any property described in this paragraph to the
extent that such Proceeds are not subject to either clause (x) or clause (y),
and if such Proceeds are subject to either clause (x) or clause (y), then this
Agreement shall not constitute a grant of a security interest in any such
Proceeds.

                    SECTION 4. REPRESENTATIONS AND WARRANTIES

            To induce the Administrative Agent and the Lenders to enter into the
Credit Agreement and to induce the Lenders to make their respective extensions
of credit to the Borrower thereunder, each Grantor hereby represents and
warrants to the Administrative Agent and each Lender that:

     4.1    NO OTHER LIENS. No financing statement or other public notice with
respect to all or any part of the Collateral is on file or of record in any
public office, except such as have been filed in favor of the Administrative
Agent, for the ratable benefit of the Lenders, pursuant to this Agreement or as
are permitted by the Credit Agreement.

     4.2    PERFECTED FIRST PRIORITY LIENS. The security interests granted
pursuant to this Agreement (a) upon completion of the filings and other actions
specified on SCHEDULE 3 (which, in the case of all filings and other documents
referred to on said Schedule, have been delivered to the Administrative Agent in
completed and duly executed form) will constitute valid perfected security
interests in all of the Collateral in favor of the Administrative Agent, for the
ratable benefit of the Lenders, as collateral security for such Grantor's
Obligations, enforceable in accordance with the terms hereof against all
creditors of such Grantor and any Persons purporting to purchase any Collateral
from such Grantor and (b) are prior to all other Liens on the Collateral in
existence on the date hereof except for Liens permitted by the Credit Agreement
which have priority over the Liens on the Collateral by operation of law.

     4.3    JURISDICTION OF ORGANIZATION; CHIEF EXECUTIVE OFFICE. On the date
hereof, such Grantor's jurisdiction of organization, identification number from
the jurisdiction of organization (if any), and the location of such Grantor's
chief executive office or sole place of business or principal residence, as the
case may be, are specified on SCHEDULE 4 and such Grantor has furnished to the
Administrative Agent a certified charter, certificate of incorporation or other
organization document and long-form good standing certificate as of a date which
is recent to the date hereof.

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     4.4    INVENTORY AND EQUIPMENT. On the date hereof, the Inventory and the
Equipment (other than mobile goods) are kept at the locations listed on SCHEDULE
5.

     4.5    FARM PRODUCTS. None of the Collateral constitutes, or is the
Proceeds of, Farm Products.

     4.6    INVESTMENT PROPERTY. (a) The shares of Pledged Stock pledged by such
Grantor hereunder constitute all the issued and outstanding shares of all
classes of the Capital Stock of each Issuer owned by such Grantor or, in the
case of Foreign Subsidiary Voting Stock, if less, 65% of the outstanding Foreign
Subsidiary Voting Stock of each relevant Issuer.

     (b)    All the shares of the Pledged Stock have been duly and validly
issued and are fully paid and nonassessable.

     (c)    To the best of such Grantor's knowledge, each of the Pledged Notes
constitutes the legal, valid and binding obligation of the obligor with respect
thereto, enforceable in accordance with its terms, subject to the effects of
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and
other similar laws relating to or affecting creditors' rights generally, general
equitable principles (whether considered in a proceeding in equity or at law)
and an implied covenant of good faith and fair dealing.

     (d)    Such Grantor is the record and beneficial owner of, and has good and
marketable title to, the Investment Property pledged by it hereunder, free of
any and all Liens or options in favor of, or claims of, any other Person, except
for the Liens created by this Agreement and such other security interests
permitted by the Credit Agreement.

     4.7    RECEIVABLES. (a) No amount in excess of $100,000 payable to such
Grantor under or in connection with any Receivable is evidenced by any
Instrument or Chattel Paper which has not been delivered to the Administrative
Agent.

     (b)    Except with respect to Receivables payable by Medicaid and Medicare,
none of the obligors on any Receivables is a Governmental Authority.

     (c)    The amounts represented by such Grantor to the Lenders from time to
time as owing to such Grantor in respect of the Receivables will at such times
be accurate in all material respects.

     4.8    CONTRACTS. (a)  Except for the failure of which could not
reasonably be expected to have a Material Adverse Effect, each Contract is in
full force and effect and constitutes a valid and legally enforceable obligation
of the parties thereto, subject to the effects of bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and other similar laws
relating to or affecting creditors' rights generally, general equitable
principles (whether considered in a proceeding in equity or at law) and an
implied covenant of good faith and fair dealing.

     (b)    Neither such Grantor nor (to the best of such Grantor's knowledge)
any of the other parties to the Contracts is in default in the performance or
observance of any of the terms thereof in any manner that, in the aggregate,
could reasonably be expected to have a Material Adverse Effect.

     (c)    Such Grantor has made available to the Administrative Agent a
complete and correct copy of each Contract, including all amendments,
supplements and other modifications thereto.

     (d)    No amount in excess of $100,000 payable to such Grantor under or in
connection with any Contract is evidenced by any Instrument or Chattel Paper
which has not been delivered to the Administrative Agent.

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     (e)    Except with respect to Medicaid Provider Agreements and Medicare
Provider Agreements, none of the parties to any Contract is a Governmental
Authority.

     4.9    INTELLECTUAL PROPERTY. (a) Schedule 6 lists all registered
Intellectual Property owned by such Grantor in its own name on the date hereof.

     (b)    Except as set forth in Schedule 6, on the date hereof, none of the
Intellectual Property is the subject of any licensing or franchise agreement
pursuant to which such Grantor is the licensor or franchisor.

                              SECTION 5.  COVENANTS

            Each Grantor covenants and agrees with the Administrative Agent and
the Lenders that, from and after the date of this Agreement until the
Obligations (other than contingent obligations and liabilities) shall have been
paid in full, no Letter of Credit shall be outstanding and the Commitments shall
have terminated:

     5.1    DELIVERY OF INSTRUMENTS, CERTIFICATED SECURITIES AND CHATTEL PAPER.
If any amount in excess of $100,000 payable under or in connection with any of
the Collateral shall be or become evidenced by any Instrument, Certificated
Security or Chattel Paper, such Instrument, Certificated Security or Chattel
Paper shall be promptly delivered to the Administrative Agent, duly indorsed in
a manner satisfactory to the Administrative Agent, to be held as Collateral
pursuant to this Agreement.

     5.2    MAINTENANCE OF PERFECTED SECURITY INTEREST; FURTHER DOCUMENTATION.
(a) Such Grantor shall maintain the security interest created by this Agreement
as a perfected security interest having at least the priority described in
Section 4.2 and shall use commercially reasonable efforts to defend such
security interest against any material claims and demands of all Persons
whomsoever (other than Persons claiming by, through or under the Administrative
Agent), subject to the rights of such Grantor under the Loan Documents to
dispose of the Collateral.

     (b)    As soon as practicable following the request of the Administrative
Agent, such Grantor will furnish to the Administrative Agent and the Lenders
statements and schedules further identifying and describing the assets and
property of such Grantor and such other reports in connection therewith as the
Administrative Agent may reasonably request, all in reasonable detail.

     (c)    At any time and from time to time, upon the written request of the
Administrative Agent, and at the sole expense of such Grantor, such Grantor will
promptly and duly execute and deliver, and have recorded, such further
instruments and documents and take such further actions as the Administrative
Agent may reasonably request for the purpose of obtaining or preserving the full
benefits of this Agreement and of the rights and powers herein granted,
including, without limitation, (i) filing any financing or continuation
statements under the Uniform Commercial Code (or other similar laws) in effect
in any jurisdiction with respect to the security interests created hereby and
(ii) in the case of Investment Property, Deposit Accounts, Letter-of-Credit
Rights and any other relevant Collateral, taking any actions reasonably
necessary to enable the Administrative Agent to obtain "control" (within the
meaning of the applicable Uniform Commercial Code) with respect thereto.

     5.3    INVESTMENT PROPERTY. (a) If such Grantor shall become entitled to
receive or shall receive any certificate (including, without limitation, any
certificate representing a dividend or a distribution in connection with any
reclassification, increase or reduction of capital or any certificate issued in
connection with any reorganization), option or rights in respect of the Capital
Stock of any Issuer, whether in addition to, in substitution of, as a conversion
of, or in exchange for, any shares of the Pledged

<Page>

Stock, or otherwise in respect thereof, such Grantor shall accept the same as
the agent of the Administrative Agent and the Lenders, hold the same in trust
for the Administrative Agent and the Lenders and deliver the same forthwith to
the Administrative Agent in the exact form received, duly indorsed by such
Grantor to the Administrative Agent, if required, together with an undated stock
power covering such certificate duly executed in blank by such Grantor and with,
if the Administrative Agent so reasonably requests, signature guaranteed, to be
held by the Administrative Agent, subject to the terms hereof, as additional
collateral security for the Obligations. Any sums paid upon or in respect of the
Investment Property (other than Cash Equivalents) upon the liquidation or
dissolution of any Issuer (other than, so long as no Event of Default shall have
occurred and be continuing, with respect to a dissolution or liquidation
permitted by Section 7.4(e) of the Credit Agreement) shall be paid over to the
Administrative Agent to be held by it hereunder as additional collateral
security for the Obligations, and in case any distribution of capital shall be
made on or in respect of the Investment Property or any property shall be
distributed upon or with respect to the Investment Property pursuant to the
recapitalization or reclassification of the capital of any Issuer or pursuant to
the reorganization thereof, the property so distributed shall, unless otherwise
subject to a perfected security interest in favor of the Administrative Agent,
be delivered to the Administrative Agent to be held by it hereunder as
additional collateral security for the Obligations. If any sums of money or
property so paid or distributed in respect of the Investment Property shall be
received by such Grantor, such Grantor shall, until such money or property is
paid or delivered to the Administrative Agent, hold such money or property in
trust for the Administrative Agent and the Lenders, segregated from other funds
of such Grantor, as additional collateral security for the Obligations.

     (b)    Without the prior written consent of the Administrative Agent, such
Grantor will not (i) vote to enable, or take any other action to permit, any
Issuer to issue (except to such Grantor or another Grantor) any Capital Stock of
any nature or to issue (except to such Grantor or another Grantor) any other
securities convertible into or granting the right to purchase or exchange for
any Capital Stock of any nature of any Issuer, (ii) sell, assign, transfer,
exchange, or otherwise dispose of, or grant any option with respect to, the
Investment Property or Proceeds thereof (except pursuant to a transaction
expressly permitted by the Credit Agreement), (iii) create, incur or permit to
exist any Lien or option in favor of, or any claim of any Person with respect
to, any of the Investment Property or Proceeds thereof, or any interest therein,
except for the security interests created by this Agreement or Liens permitted
under the Credit Agreement or (iv) enter into any agreement or undertaking
restricting the right or ability of such Grantor or the Administrative Agent to
sell, assign or transfer any of the Investment Property or Proceeds thereof.

     (c)    In the case of each Grantor which is an Issuer, such Issuer agrees
that (i) it will be bound by the terms of this Agreement relating to the
Investment Property issued by it and will comply with such terms insofar as such
terms are applicable to it, (ii) it will notify the Administrative Agent
promptly in writing of the occurrence of any of the events described in Section
5.7(a) with respect to the Investment Property issued by it and (iii) the terms
of Sections 6.3(c) and 6.7 shall apply to it, MUTATIS MUTANDIS, with respect to
all actions that may be required of it pursuant to Section 6.3(c) or 6.7 with
respect to the Investment Property issued by it.

     5.4    CONTRACTS. (a) Such Grantor will perform and comply in all respects
with all its obligations under the Contracts except to the extent that failure
to do so could not, in the aggregate, reasonably be expected to have a Material
Adverse Effect.

     (b)    Except as could not reasonably be expected to have a Material
Adverse Effect, such Grantor will not amend, modify, terminate or waive any
provision of any Contract in any manner which could reasonably be expected to
materially adversely affect the value of such Contract as Collateral.

<Page>

     (c)    Such Grantor will exercise promptly and diligently each and every
right which it may have under each Contract (other than any right of
termination) except to the extent that failure to do so could not, in the
aggregate, reasonably be expected to have a Material Adverse Effect.

                         SECTION 6. REMEDIAL PROVISIONS

     6.1    CERTAIN MATTERS RELATING TO RECEIVABLES. (a) The Administrative
Agent shall have the right to make test verifications of the Receivables in any
reasonable manner and through any reasonable medium (after consultation with the
Borrower), and each Grantor shall furnish all such assistance and information as
the Administrative Agent may require in connection with such test verifications.
At any time and from time to time, upon the Administrative Agent's request
(which request shall be limited to one request per Grantor each fiscal year,
unless otherwise consented to by the relevant Grantor (such consent not to be
unreasonably withheld or delayed); PROVIDED that if an Event of Default has
occurred and is continuing, such limitation on the Administrative Agent's
ability to make such request shall not be applicable) and at the expense of the
relevant Grantor, such Grantor shall cause independent public accountants or
others satisfactory to the Administrative Agent to furnish to the Administrative
Agent reports showing reconciliations, aging and test verifications of, and
trial balances for, the Receivables.

     (b)    The Administrative Agent hereby authorizes each Grantor to collect
such Grantor's Receivables, subject to the Administrative Agent's direction and
control, and the Administrative Agent may curtail or terminate said authority at
any time after the occurrence and during the continuance of an Event of Default.
If required by the Administrative Agent at any time after the occurrence and
during the continuance of an Event of Default, any payments of Receivables, when
collected by any Grantor, (i) shall be forthwith (and, in any event, within two
Business Days) deposited by such Grantor in the exact form received, duly
indorsed by such Grantor to the Administrative Agent if required, in a
Collateral Account maintained under the sole dominion and control of the
Administrative Agent, subject to withdrawal by the Administrative Agent for the
account of the Lenders only as provided in Section 6.5, and (ii) until so turned
over, shall be held by such Grantor in trust for the Administrative Agent and
the Lenders, segregated from other funds of such Grantor. Each such deposit of
Proceeds of Receivables shall be accompanied by a report identifying in
reasonable detail the nature and source of the payments included in the deposit.

     (c)    At the Administrative Agent's reasonable request, each Grantor shall
deliver to the Administrative Agent copies of all documents evidencing, and
relating to, the agreements and transactions which gave rise to the Receivables,
including, without limitation, copies of all orders, invoices and shipping
receipts. Originals of such documents shall be provided if necessary, in the
reasonable discretion of the Administrative Agent, upon the request of the
Administrative Agent.

     6.2    COMMUNICATIONS WITH OBLIGORS; GRANTORS REMAIN LIABLE. (a) At such
time as the Consolidated Senior Leverage Ratio exceeds 2.25 or an Event of
Default has occurred and is continuing, the Administrative Agent, in the name of
the Borrower or any Loan Party or, if an Event of Default has occurred and is
continuing, in its own name or in the name of others, may, to the extent
reasonably necessary and after written notice to the Borrower, communicate with
obligors under the Receivables and parties to the Contracts to verify with them
to the Administrative Agent's satisfaction the existence, amount and terms of
any Receivables or Contracts.

     (b)    Upon the request of the Administrative Agent at any time after the
occurrence and during the continuance of an Event of Default, each Grantor shall
notify obligors on the Receivables and parties to the Contracts that the
Receivables and the Contracts have been assigned to the Administrative Agent for
the ratable benefit of the Lenders and that payments in respect thereof shall be
made directly to the Administrative Agent.

<Page>

     (c)    Anything herein to the contrary notwithstanding, each Grantor shall
remain liable under each of the Receivables and Contracts to observe and perform
all of the conditions and obligations to be observed and performed by it
thereunder, all in accordance with the terms of any agreement giving rise
thereto. Neither the Administrative Agent nor any Lender shall have any
obligation or liability under any Receivable (or any agreement giving rise
thereto) or Contract by reason of or arising out of this Agreement or the
receipt by the Administrative Agent or any Lender of any payment relating
thereto, nor shall the Administrative Agent or any Lender be obligated in any
manner to perform any of the obligations of any Grantor under or pursuant to any
Receivable (or any agreement giving rise thereto) or Contract, to make any
payment, to make any inquiry as to the nature or the sufficiency of any payment
received by it or as to the sufficiency of any performance by any party
thereunder, to present or file any claim, to take any action to enforce any
performance or to collect the payment of any amounts which may have been
assigned to it or to which it may be entitled at any time or times.

     6.3    PLEDGED STOCK. (a) Unless an Event of Default shall have occurred
and be continuing and the Administrative Agent shall have given notice to the
relevant Grantor of the Administrative Agent's intent to exercise its
corresponding rights pursuant to Section 6.3(b), each Grantor shall be permitted
to receive all cash dividends paid in respect of the Pledged Stock and all
payments made in respect of the Pledged Notes, in each case paid to the extent
permitted in the Credit Agreement, and to exercise all voting and corporate or
other organizational rights with respect to the Investment Property; PROVIDED,
however, that no vote shall be cast or corporate or other organizational right
exercised or other action taken which, in the Administrative Agent's reasonable
judgment, would impair the Collateral or which would result in any violation of
any provision of the Credit Agreement, this Agreement or any other Loan
Document.

     (b)    If an Event of Default shall occur and be continuing and the
Administrative Agent shall give notice of its intent to exercise such rights to
the relevant Grantor or Grantors, (i) the Administrative Agent shall have the
right to receive any and all cash dividends, payments or other Proceeds paid in
respect of the Investment Property (other than cash dividends, payments and
other Proceeds permitted to be paid pursuant to Section 7.6(c) of the Credit
Agreement) and make application thereof to the Obligations in such order as the
Administrative Agent may reasonably determine, and (ii) any or all of the
Investment Property shall be registered in the name of the Administrative Agent
or its nominee, and the Administrative Agent or its nominee may thereafter
exercise (x) all voting, corporate and other rights pertaining to such
Investment Property at any meeting of shareholders of the relevant Issuer or
Issuers or otherwise and (y) any and all rights of conversion, exchange and
subscription and any other rights, privileges or options pertaining to such
Investment Property as if it were the absolute owner thereof (including, without
limitation, the right to exchange at its discretion any and all of the
Investment Property upon the merger, consolidation, reorganization,
recapitalization or other fundamental change in the corporate or other
organizational structure of any Issuer, or upon the exercise by any Grantor or
the Administrative Agent of any right, privilege or option pertaining to such
Investment Property, and in connection therewith, the right to deposit and
deliver any and all of the Investment Property with any committee, depositary,
transfer agent, registrar or other designated agency upon such terms and
conditions as the Administrative Agent may reasonably determine), all without
liability except to account for property actually received by it, but the
Administrative Agent shall have no duty to any Grantor to exercise any such
right, privilege or option and shall not be responsible for any failure to do so
or delay in so doing.

     (c)    Each Grantor hereby authorizes and instructs each Issuer of any
Investment Property pledged by such Grantor hereunder to (i) comply with any
instruction received by it from the Administrative Agent in writing that (x)
states that an Event of Default has occurred and is continuing and (y) is
otherwise in accordance with the terms of this Agreement, without any other or
further instructions from such Grantor, and each Grantor agrees that each Issuer
shall be fully protected in so complying, and

<Page>

(ii) to the extent expressly required hereby, pay any dividends or other
payments with respect to the Investment Property directly to the Administrative
Agent.

     6.4    PROCEEDS TO BE TURNED OVER TO ADMINISTRATIVE AGENT. In addition to
the rights of the Administrative Agent and the Lenders specified in Section 6.1
with respect to payments of Receivables, if an Event of Default shall occur and
be continuing, at the request of the Administrative Agent, all Proceeds received
by any Grantor consisting of cash, checks and other near-cash items shall be
held by such Grantor in trust for the Administrative Agent and the Lenders,
segregated from other funds of such Grantor, and shall, forthwith upon receipt
by such Grantor, be turned over to the Administrative Agent in the exact form
received by such Grantor (duly indorsed by such Grantor to the Administrative
Agent, if required). All Proceeds received by the Administrative Agent hereunder
shall be held by the Administrative Agent in a Collateral Account maintained
under its sole dominion and control. All Proceeds while held by the
Administrative Agent in a Collateral Account (or by such Grantor in trust for
the Administrative Agent and the Lenders) shall continue to be held as
collateral security for all the Obligations and shall not constitute payment
thereof until applied as provided in Section 6.5.

     6.5    APPLICATION OF PROCEEDS. At such intervals as may be agreed upon by
the Borrower and the Administrative Agent, or, if an Event of Default shall have
occurred and be continuing, at any time at the Administrative Agent's election,
the Administrative Agent may apply all or any part of Proceeds constituting
Collateral, whether or not held in any Collateral Account, in payment of the
Obligations in such order as the Administrative Agent may reasonably elect, and
any part of such funds which the Administrative Agent elects not so to apply and
deems not required as collateral security for the Obligations shall be paid over
from time to time by the Administrative Agent to the Borrower or to whomsoever
may be lawfully entitled to receive the same. Any balance of such Proceeds
remaining after the Obligations (other than contingent obligations and
liabilities) shall have been paid in full, no Letters of Credit shall be
outstanding and the Commitments shall have terminated shall be paid over to the
Borrower or to whomsoever may be lawfully entitled to receive the same.

     6.6    CODE AND OTHER REMEDIES. If an Event of Default shall occur and be
continuing, the Administrative Agent, on behalf of the Lenders, may exercise, in
addition to all other rights and remedies granted to them in this Agreement and
in any other instrument or agreement securing, evidencing or relating to the
Obligations, all rights and remedies of a secured party under the New York UCC
or any other applicable law. Without limiting the generality of the foregoing,
the Administrative Agent, without demand of performance or other demand,
presentment, protest, advertisement or notice of any kind (except any notice
required by law referred to below) to or upon any Grantor or any other Person
(all and each of which demands, defenses, advertisements and notices are hereby
waived to the extent permitted by applicable law), may in such circumstances
forthwith collect, receive, appropriate and realize upon the Collateral, or any
part thereof, and/or may forthwith sell, lease, assign, give option or options
to purchase, or otherwise dispose of and deliver the Collateral or any part
thereof (or contract to do any of the foregoing), in one or more parcels at
public or private sale or sales, at any exchange, broker's board or office of
the Administrative Agent or any Lender or elsewhere upon such terms and
conditions as it may deem advisable and at such prices as it may deem best, for
cash or on credit or for future delivery, in accordance with applicable law. The
Administrative Agent or any Lender shall have the right upon any such public
sale or sales, and, to the extent permitted by law, upon any such private sale
or sales, to purchase the whole or any part of the Collateral so sold, free of
any right or equity of redemption in any Grantor, which right or equity is
hereby waived and released. Each Grantor further agrees, at the Administrative
Agent's request, to assemble the Collateral and make it available to the
Administrative Agent at places which the Administrative Agent shall reasonably
select, whether at such Grantor's premises or elsewhere. The Administrative
Agent shall apply the net proceeds of any action taken by it pursuant to this
Section 6.6, after deducting all reasonable costs and expenses of every kind
incurred in connection therewith or incidental to the care or safekeeping of any
of the Collateral or in any way

<Page>

relating to the Collateral or the rights of the Administrative Agent and the
Lenders hereunder, including, without limitation, reasonable attorneys' fees and
disbursements, to the payment in whole or in part of the Obligations, in such
order as the Administrative Agent may elect, and only after such application and
after the payment by the Administrative Agent of any other amount required by
any provision of law, including, without limitation, Section 9-615(a)(3) of the
New York UCC. To the extent permitted by applicable law, each Grantor waives all
claims, damages and demands it may acquire against the Administrative Agent or
any Lender arising out of the exercise by them of any rights hereunder other
than with respect to claims, damages and demands resulting from the gross
negligence or willful misconduct of the Administrative Agent or any Lender. If
any notice of a proposed sale or other disposition of Collateral shall be
required by law, such notice shall be deemed reasonable and proper if given at
least 10 days before such sale or other disposition.

     6.7    REGISTRATION RIGHTS. (a) If the Administrative Agent shall determine
to exercise its right to sell any or all of that portion of the Pledged Stock
that is the Capital Stock of the Borrower pursuant to Section 6.6, and if in the
opinion of the Administrative Agent it is necessary or advisable to have such
Pledged Stock, or that portion thereof to be sold, registered under the
provisions of the Securities Act, the Borrower will (i) execute and deliver, and
cause its directors and officers to execute and deliver, all such instruments
and documents, and do or cause to be done all such other acts as may be, in the
opinion of the Administrative Agent, necessary or advisable to register such
Pledged Stock, or that portion thereof to be sold, under the provisions of the
Securities Act, (ii) use its best efforts to cause the registration statement
relating thereto to become effective and to remain effective for a period of one
year from the date of the first public offering of such Pledged Stock, or that
portion thereof to be sold, and (iii) make all amendments thereto and/or to the
related prospectus which, in the opinion of the Administrative Agent, are
necessary or advisable, all in conformity with the requirements of the
Securities Act and the rules and regulations of the Securities and Exchange
Commission applicable thereto. The Borrower agrees to comply with the provisions
of the securities or "Blue Sky" laws of any and all jurisdictions which the
Administrative Agent shall designate and to make available to its security
holders, as soon as practicable, an earnings statement (which need not be
audited) which will satisfy the provisions of Section 11(a) of the Securities
Act.

     (b)    Each Grantor recognizes that the Administrative Agent may be unable
to effect a public sale of any or all the Pledged Stock, by reason of certain
prohibitions contained in the Securities Act and applicable state securities
laws or otherwise, and may be compelled to resort to one or more private sales
thereof to a restricted group of purchasers which will be obliged to agree,
among other things, to acquire such securities for their own account for
investment and not with a view to the distribution or resale thereof. Each
Grantor acknowledges and agrees that any such private sale may result in prices
and other terms less favorable than if such sale were a public sale. The
Administrative Agent shall be under no obligation to delay a sale of any of the
Pledged Stock for the period of time necessary to permit the Issuer thereof to
register such securities for public sale under the Securities Act, or under
applicable state securities laws, even if such Issuer would agree to do so.

     (c)    Each Grantor agrees to use its commercially reasonable efforts to do
or cause to be done all such other acts as may be reasonably necessary to make
such sale or sales of all or any portion of the Pledged Stock pursuant to this
Section 6.7 valid and binding and in compliance with any and all other
applicable Requirements of Law. Each Grantor further agrees that a breach of any
of the covenants contained in this Section 6.7 will cause irreparable injury to
the Administrative Agent and the Lenders, that the Administrative Agent and the
Lenders have no adequate remedy at law in respect of such breach and, as a
consequence, that each and every covenant contained in this Section 6.7 shall be
specifically enforceable against such Grantor, and such Grantor hereby waives
and agrees not to assert any defenses against an action for specific performance
of such covenants except for a defense that no Event of Default has occurred
under the Credit Agreement.

<Page>

     6.8    INTELLECTUAL PROPERTY. In the event that the Loans become due and
payable pursuant to Section 8 of the Credit Agreement, the Administrative Agent
shall have the right to license the Intellectual Property of any Grantor to any
Person without the consent of such Grantor or any other Loan Party and such
Grantor shall take any action required by the Administrative Agent to enable the
Administrative Agent to so license such Intellectual Property.

     6.9    DEFICIENCY. Each Grantor shall remain liable for any deficiency if
the proceeds of any sale or other disposition of the Collateral are insufficient
to pay its Obligations and the fees and disbursements of any attorneys employed
by the Administrative Agent or any Lender to collect such deficiency.

                       SECTION 7. THE ADMINISTRATIVE AGENT

     7.1    ADMINISTRATIVE AGENT'S APPOINTMENT AS ATTORNEY-IN-FACT, ETC. (a)
Each Grantor hereby irrevocably constitutes and appoints the Administrative
Agent and any officer or agent thereof, with full power of substitution, as its
true and lawful attorney-in-fact with full irrevocable power and authority in
the place and stead of such Grantor and in the name of such Grantor or in its
own name, for the purpose of carrying out the terms of this Agreement, to take
any and all appropriate action and to execute any and all documents and
instruments which may be reasonably necessary or desirable to accomplish the
purposes of this Agreement, and, without limiting the generality of the
foregoing, each Grantor hereby gives the Administrative Agent the power and
right, on behalf of such Grantor, without notice to or assent by such Grantor,
to do any or all of the following:

     (i)    in the name of such Grantor or its own name, or otherwise, take
   possession of and indorse and collect any checks, drafts, notes, acceptances
   or other instruments for the payment of moneys due under any Receivable or
   Contract or with respect to any other Collateral and file any claim or take
   any other action or proceeding in any court of law or equity or otherwise
   deemed reasonably appropriate by the Administrative Agent for the purpose of
   collecting any and all such moneys due under any Receivable or Contract or
   with respect to any other Collateral whenever payable;

     (ii)   in the case of any Intellectual Property, execute and deliver, and
   have recorded, any and all agreements, instruments, documents and papers as
   the Administrative Agent may reasonably request to evidence the
   Administrative Agent's and the Lenders' security interest in such
   Intellectual Property and the goodwill and general intangibles of such
   Grantor relating thereto or represented thereby;

     (iii)  pay or discharge taxes and Liens levied or placed on or threatened
   against the Collateral, effect any repairs or any insurance called for by the
   terms of this Agreement and pay all or any part of the premiums therefor and
   the costs thereof;

     (iv)   execute, in connection with any sale provided for in Section 6.6 or
   6.7, any indorsements, assignments or other instruments of conveyance or
   transfer with respect to the Collateral; and

     (v)    (1) direct any party liable for any payment under any of the
   Collateral to make payment of any and all moneys due or to become due
   thereunder directly to the Administrative Agent or as the Administrative
   Agent shall direct; (2) ask or demand for, collect, and receive payment of
   and receipt for, any and all moneys, claims and other amounts due or to
   become due at any time in respect of or arising out of any Collateral; (3)
   sign and indorse any invoices, freight or express bills, bills of lading,
   storage or warehouse receipts, drafts against debtors, assignments,
   verifications, notices and other documents in connection with any of the
   Collateral; (4) commence and prosecute any suits, actions or proceedings at
   law or in equity in any court of competent jurisdiction to collect the

<Page>

   Collateral or any portion thereof and to enforce any other right in respect
   of any Collateral; (5) defend any suit, action or proceeding brought against
   such Grantor with respect to any Collateral; (6) settle, compromise or adjust
   any such suit, action or proceeding and, in connection therewith, give such
   discharges or releases as the Administrative Agent may deem reasonably
   appropriate; (7) assign any Copyright, Patent or Trademark (along with the
   goodwill of the business to which any such Copyright, Patent or Trademark
   pertains), throughout the world for such term or terms, on such conditions,
   and in such manner, as the Administrative Agent shall in its sole discretion
   reasonably determine; and (8) generally, sell, transfer, pledge and make any
   agreement with respect to or otherwise deal with any of the Collateral as
   fully and completely as though the Administrative Agent were the absolute
   owner thereof for all purposes, and do, at the Administrative Agent's option
   and such Grantor's expense, at any time, or from time to time, all acts and
   things which the Administrative Agent deems reasonably necessary to protect,
   preserve or realize upon the Collateral and the Administrative Agent's and
   the Lenders' security interests therein and to effect the intent of this
   Agreement, all as fully and effectively as such Grantor might do.

   Anything in this Section 7.1(a) to the contrary notwithstanding, the
Administrative Agent agrees that it will not exercise any rights under the power
of attorney provided for in this Section 7.1(a) unless an Event of Default shall
have occurred and be continuing.

     (b)    If any Grantor fails to perform or comply with any of its agreements
contained herein, the Administrative Agent, at its option, but without any
obligation so to do, may perform or comply, or otherwise cause performance or
compliance, with such agreement.

     (c)    The expenses of the Administrative Agent incurred in connection with
actions undertaken as provided in this Section 7.1, together with interest
thereon at a rate per annum equal to the highest rate per annum at which
interest would then be payable on any category of past due ABR Loans under the
Credit Agreement, from the date on which the Administrative Agent requests
reimbursement from the relevant Grantor, shall be payable by such Grantor to the
Administrative Agent on demand.

     (d)    Each Grantor hereby ratifies all that said attorneys shall lawfully
do or cause to be done by virtue hereof. All powers, authorizations and agencies
contained in this Agreement are coupled with an interest and are irrevocable
until this Agreement is terminated and the security interests created hereby are
released.

     7.2    DUTY OF ADMINISTRATIVE AGENT. The Administrative Agent's sole duty
with respect to the custody, safekeeping and physical preservation of the
Collateral in its possession, under Section 9-207 of the New York UCC or
otherwise, shall be to deal with it in the same manner as the Administrative
Agent deals with similar property for its own account. Neither the
Administrative Agent, any Lender nor any of their respective officers,
directors, employees or agents shall be liable for failure to demand, collect or
realize upon any of the Collateral or for any delay in doing so or shall be
under any obligation to sell or otherwise dispose of any Collateral upon the
request of any Grantor or any other Person or to take any other action
whatsoever with regard to the Collateral or any part thereof. The powers
conferred on the Administrative Agent and the Lenders hereunder are solely to
protect the Administrative Agent's and the Lenders' interests in the Collateral
and shall not impose any duty upon the Administrative Agent or any Lender to
exercise any such powers. The Administrative Agent and the Lenders shall be
accountable only for amounts that they actually receive as a result of the
exercise of such powers, and neither they nor any of their officers, directors,
employees or agents shall be responsible to any Grantor for any act or failure
to act hereunder, except for their own gross negligence or willful misconduct.

     7.3    EXECUTION OF FINANCING STATEMENTS. Pursuant to any applicable law,
each Grantor authorizes the Administrative Agent to file or record financing
statements and other filing or recording

<Page>

documents or instruments with respect to the Collateral without the signature of
such Grantor in such form and in such offices as the Administrative Agent
reasonably determines appropriate to perfect the security interests of the
Administrative Agent under this Agreement. Each Grantor authorizes the
Administrative Agent to use the collateral description "all personal property"
in any such financing statements.

     7.4    AUTHORITY OF ADMINISTRATIVE AGENT. Each Grantor acknowledges that
the rights and responsibilities of the Administrative Agent under this Agreement
with respect to any action taken by the Administrative Agent or the exercise or
non-exercise by the Administrative Agent of any option, voting right, request,
judgment or other right or remedy provided for herein or resulting or arising
out of this Agreement shall, as between the Administrative Agent and the
Lenders, be governed by the Credit Agreement and by such other agreements with
respect thereto as may exist from time to time among them, but, as between the
Administrative Agent and the Grantors, the Administrative Agent shall be
conclusively presumed to be acting as agent for the Lenders with full and valid
authority so to act or refrain from acting, and no Grantor shall be under any
obligation, or entitlement, to make any inquiry respecting such authority.

                            SECTION 8. MISCELLANEOUS

     8.1    AMENDMENTS IN WRITING. None of the terms or provisions of this
Agreement may be waived, amended, supplemented or otherwise modified except in
accordance with Section 10.1 of the Credit Agreement.

     8.2    NOTICES. All notices, requests and demands to or upon the
Administrative Agent or any Grantor hereunder shall be effected in the manner
provided for in Section 10.2 of the Credit Agreement; PROVIDED that any such
notice, request or demand to or upon any Guarantor shall be addressed to such
Guarantor at its notice address set forth on SCHEDULE 1 with a copy to be
delivered to each of the Borrower and its counsel as set forth in Section 10.2
of the Credit Agreement.

     8.3    NO WAIVER BY COURSE OF CONDUCT; CUMULATIVE REMEDIES. Neither the
Administrative Agent nor any Lender shall by any act (except by a written
instrument pursuant to Section 8.1), delay, indulgence, omission or otherwise be
deemed to have waived any right or remedy hereunder or to have acquiesced in any
Default or Event of Default. No failure to exercise, nor any delay in
exercising, on the part of the Administrative Agent or any Lender, any right,
power or privilege hereunder shall operate as a waiver thereof. No single or
partial exercise of any right, power or privilege hereunder shall preclude any
other or further exercise thereof or the exercise of any other right, power or
privilege. A waiver by the Administrative Agent or any Lender of any right or
remedy hereunder on any one occasion shall not be construed as a bar to any
right or remedy which the Administrative Agent or such Lender would otherwise
have on any future occasion. The rights and remedies herein provided are
cumulative, may be exercised singly or concurrently and are not exclusive of any
other rights or remedies provided by law.

     8.4    ENFORCEMENT EXPENSES; INDEMNIFICATION. (a) Each Guarantor agrees to
pay or reimburse each Lender and the Administrative Agent for all its costs and
expenses incurred in collecting against such Guarantor under the guarantee
contained in Section 2 or otherwise enforcing or preserving any rights under
this Agreement and the other Loan Documents to which such Guarantor is a party,
including, without limitation, the fees and disbursements of counsel (including
the allocated fees and expenses of in-house counsel) to each Lender and of
counsel to the Administrative Agent.

     (b)    Each Guarantor agrees to pay, and to save the Administrative Agent
and the Lenders harmless from, any and all liabilities with respect to, or
resulting from any delay in paying, any and all

<Page>

stamp, excise, sales or other taxes which may be payable or determined to be
payable with respect to any of the Collateral or in connection with any of the
transactions contemplated by this Agreement.

     (c)    Each Guarantor agrees to pay, and to save the Administrative Agent
and the Lenders harmless from, any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements
of any kind or nature whatsoever with respect to the execution, delivery,
enforcement, performance and administration of this Agreement to the extent the
Borrower would be required to do so pursuant to Section 10.5 of the Credit
Agreement.

     (d)    The agreements in this Section 8.4 shall survive repayment of the
Obligations and all other amounts payable under the Credit Agreement and the
other Loan Documents.

     8.5    SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon the
successors and assigns of each Grantor and shall inure to the benefit of the
Administrative Agent and the Lenders and their successors and assigns; PROVIDED
that no Grantor may assign, transfer or delegate any of its rights or
obligations under this Agreement without the prior written consent of the
Administrative Agent.

     8.6    SET-OFF. Each Grantor hereby irrevocably authorizes the
Administrative Agent and each Lender (but excluding any Participant) if an Event
of Default has occurred and is continuing, without prior notice to such Grantor
or any other Grantor, any such prior notice being expressly waived by each
Grantor, to set-off and appropriate and apply any and all deposits (general or
special, time or demand, provisional or final), in any currency, and any other
credits, indebtedness or claims, in any currency, in each case whether direct or
indirect, absolute or contingent, matured or unmatured, at any time held or
owing by the Administrative Agent or such Lender to or for the credit or the
account of such Grantor, or any part thereof in such amounts as the
Administrative Agent or such Lender may elect, against and on account of the
obligations and liabilities of such Grantor to the Administrative Agent or such
Lender hereunder and claims of every nature and description of the
Administrative Agent or such Lender against such Grantor, in any currency,
whether arising hereunder, under the Credit Agreement, any other Loan Document
or otherwise, as the Administrative Agent or such Lender may elect, whether or
not the Administrative Agent or any Lender has made any demand for payment and
although such obligations, liabilities and claims may be contingent or
unmatured. The Administrative Agent and each Lender shall notify such Grantor
promptly of any such set-off and the application made by the Administrative
Agent or such Lender of the proceeds thereof, PROVIDED that the failure to give
such notice shall not affect the validity of such set-off and application. The
rights of the Administrative Agent and each Lender under this Section 8.6 are in
addition to other rights and remedies (including, without limitation, other
rights of set-off) which the Administrative Agent or such Lender may have.

     8.7    COUNTERPARTS. This Agreement may be executed by one or more of the
parties to this Agreement on any number of separate counterparts (including by
telecopy), and all of said counterparts taken together shall be deemed to
constitute one and the same instrument.

     8.8    SEVERABILITY. Any provision of this Agreement which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

     8.9    SECTION HEADINGS. The Section headings used in this Agreement are
for convenience of reference only and are not to affect the construction hereof
or be taken into consideration in the interpretation hereof.

<Page>

     8.10   INTEGRATION. This Agreement and the other Loan Documents represent
the agreement of the Grantors, the Administrative Agent and the Lenders with
respect to the subject matter hereof and thereof, and there are no promises,
undertakings, representations or warranties by the Administrative Agent or any
Lender relative to subject matter hereof and thereof not expressly set forth or
referred to herein or in the other Loan Documents.

     8.11   GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

     8.12   SUBMISSION TO JURISDICTION; WAIVERS. Each Grantor hereby irrevocably
and unconditionally:

     (a)    submits for itself and its property in any legal action or
proceeding relating to this Agreement and the other Loan Documents to which it
is a party, or for recognition and enforcement of any judgment in respect
thereof, to the non-exclusive general jurisdiction of the courts of the State of
New York, the courts of the United States of America for the Southern District
of New York, and appellate courts from any thereof;

     (b)    consents that any such action or proceeding may be brought in such
courts and waives any objection that it may now or hereafter have to the venue
of any such action or proceeding in any such court or that such action or
proceeding was brought in an inconvenient court and agrees not to plead or claim
the same;

     (c)    agrees that service of process in any such action or proceeding may
be effected by mailing a copy thereof by registered or certified mail (or any
substantially similar form of mail), postage prepaid, to such Grantor at its
address referred to in Section 8.2 or at such other address of which the
Administrative Agent shall have been notified pursuant thereto;

     (d)    agrees that nothing herein shall affect the right to effect service
of process in any other manner permitted by law or shall limit the right to sue
in any other jurisdiction; and

     (e)    waives, to the maximum extent not prohibited by law, any right it
may have to claim or recover in any legal action or proceeding referred to in
this Section any special, exemplary, punitive or consequential damages.

     8.13   ACKNOWLEDGEMENTS. Each Grantor hereby acknowledges that:

     (a)    it has been advised by counsel in the negotiation, execution and
delivery of this Agreement and the other Loan Documents to which it is a party;

     (b)    neither the Administrative Agent nor any Lender has any fiduciary
relationship with or duty to any Grantor arising out of or in connection with
this Agreement or any of the other Loan Documents, and the relationship between
the Grantors, on the one hand, and the Administrative Agent and Lenders, on the
other hand, in connection herewith or therewith is solely that of debtor and
creditor; and

     (c)    no joint venture is created hereby or by the other Loan Documents or
otherwise exists by virtue of the transactions contemplated hereby among the
Lenders or among the Grantors and the Lenders.

<Page>

     8.14   ADDITIONAL GRANTORS. Each Subsidiary of the Borrower that is
required to become a party to this Agreement pursuant to Section 6.9 of the
Credit Agreement shall become a Grantor for all purposes of this Agreement upon
execution and delivery by such Subsidiary of an Assumption Agreement in the form
of Annex 1 hereto.

     8.15   RELEASES. (a) At such time as the Loans, the Reimbursement
Obligations and the other Obligations (other than Obligations in respect of
Specified Swap Agreements and contingent obligations and liabilities) shall have
been paid in full, the Commitments have been terminated and no Letters of Credit
shall be outstanding, the Collateral shall be automatically released from the
Liens created hereby, and this Agreement and all obligations (other than those
expressly stated to survive such termination) of the Administrative Agent and
each Grantor hereunder shall terminate, all without delivery of any instrument
or performance of any act by any party, and all rights to the Collateral shall
revert to the Grantors. At the request and sole expense of any Grantor following
any such termination, the Administrative Agent shall deliver to such Grantor any
Collateral held by the Administrative Agent hereunder, and execute and deliver
to such Grantor such documents as such Grantor shall reasonably request to
evidence such termination.

     (b)    If any of the Collateral shall be sold, transferred or otherwise
disposed of by any Grantor in a transaction permitted by the Credit Agreement
(including indirectly through the sale, transfer or other disposition of the
Capital Stock of a Subsidiary Guarantor), or otherwise permitted by the Required
Lenders pursuant to Section 10.1 of the Credit Agreement, the Lien of the
Administrative Agent in such Collateral shall be, and is hereby deemed to be,
automatically released and the Administrative Agent, at the request and sole
expense of such Grantor, shall execute and deliver to such Grantor all releases
or other documents reasonably necessary or desirable for the release of the
Liens created hereby on such Collateral. At the request and sole expense of the
Borrower, a Subsidiary Guarantor shall be, and is hereby deemed to be,
automatically released from its obligations hereunder in the event that all the
Capital Stock of such Subsidiary Guarantor shall be sold, transferred or
otherwise disposed of in a transaction permitted by the Credit Agreement or
otherwise permitted by the Required Lenders pursuant to Section 10.1 of the
Credit Agreement.

     8.16   CONSTRUCTION. In the event of any inconsistency between the terms of
this Agreement and the terms of the Credit Agreement, the terms of the Credit
Agreement shall govern to the extent necessary to resolve such inconsistency.

     8.17   WAIVER OF JURY TRIAL. EACH GRANTOR AND THE ADMINISTRATIVE AGENT
HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION
OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY
COUNTERCLAIM THEREIN.

<Page>

            IN WITNESS WHEREOF, each of the undersigned has caused this
Guarantee and Collateral Agreement to be duly executed and delivered as of the
date first above written.

                                 MEDQUEST, INC.

                                 By: /s/ J. KENNETH LUKE
                                 -------------------------
                                 J. Kenneth Luke
                                 President

                                 MQ ASSOCIATES, INC.

                                 By: /s/ J. KENNETH LUKE
                                 ------------------------
                                 J. Kenneth Luke
                                 President

<Page>

                                 MONTGOMERY OPEN MRI, LLC

                                 NORWOOD DIAGNOSTIC IMAGING, LLC

                                 On behalf of each of the entities listed above:

                                 By: /s/ J. KENNETH LUKE
                                 ------------------------------
                                 J. Kenneth Luke
                                 Manager

                                 By: /s/ GENE VENESKY
                                 ------------------------------
                                 Gene Venesky
                                 Manager

<Page>

                                 COASTAL IMAGING, LLC

                                 By: /s/ J. KENNETH LUKE
                                 ------------------------------
                                 J. Kenneth Luke
                                 Manager

                                 By: /s/ GENE VENESKY
                                 ------------------------------
                                 Gene Venesky
                                 Manager

<Page>

                                 DURHAM DIAGNOSTIC IMAGING, LLC

                                 JACKSONVILLE DIAGNOSTIC IMAGING, LLC

                                 On behalf of each of the entities listed above:

                                 By: /s/ J. KENNETH LUKE
                                 ------------------------------
                                 J. Kenneth Luke
                                 Manager

                                 By: /s/ GENE VENESKY
                                 ------------------------------
                                 Gene Venesky
                                 Manager

<Page>

                                 CAPE IMAGING, L.L.C.

                                 BRIDGETON MRI AND IMAGING CENTER, LLC

                                 KIRKWOOD MRI AND IMAGING CENTER, LLC

                                 ST. PETERS MRI & IMAGING CENTER, LLC

                                 On behalf of each of the entities listed above:

                                 By: /s/ J. KENNETH LUKE
                                 --------------------------------
                                 J. Kenneth Luke
                                 Manager

                                 By: /s/ GENE VENESKY
                                 --------------------------------
                                 Gene Venesky
                                 Manager

                                 Missouri Imaging, Inc., as sole member of each
                                 of the entities listed above

                                 By: /s/ J. KENNETH LUKE
                                 --------------------------------
                                 J. Kenneth Luke
                                 President

<Page>

                                 OPEN MRI & IMAGING OF RICHMOND, LLC

                                 RICHMOND WEST END DIAGNOSTIC IMAGING, LLC

                                 On behalf of each of the entities listed above:

                                 By: /s/ J. KENNETH LUKE
                                 ------------------------------
                                 J. Kenneth Luke
                                 Manager

                                 By: /s/ GENE VENESKY
                                 ------------------------------
                                 Gene Venesky
                                 Manager

                                 Virginia Diagnostic Imaging, Inc., as sole
                                 member of each of the entities listed above

                                 By: /s/ J. KENNETH LUKE
                                 ------------------------------
                                 J. Kenneth Luke
                                 President

<Page>

OPEN MRI & IMAGING OF ALBANY, LLC        OPEN MRI & IMAGING OF NORTH FULTON, LLC

OPEN MRI & IMAGING OF ATHENS, LLC        OPEN MRI & IMAGING OF N.E. GEORGIA, LLC

ATHENS MRI, LLC                          OPEN MRI AND IMAGING OF SNELLVILLE, LLC

OPEN MRI OF ATLANTA, LLC                 WEST PACES DIAGNOSTIC IMAGING, LLC

BUCKHEAD DIAGNOSTIC IMAGING, LLC         WOODSTOCK DIAGNOSTIC IMAGING, LLC

OPEN MRI OF CENTRAL GEORGIA, LLC         DIAGNOSTIC IMAGING OF HIRAM, LLC

IMAGING CENTER OF CENTRAL GEORGIA, LLC   DIAGNOSTIC IMAGING OF MARIETTA, LLC

OPEN MRI & IMAGING OF CONYERS, LLC       DIAGNOSTIC IMAGING OF GEORGIA, LLC

CUMMING DIAGNOSTIC IMAGING, LLC          OPEN MRI & IMAGING OF DOUGLASVILLE, LLC

OPEN MRI & IMAGING OF DEKALB, LLC        HAPEVILLE DIAGNOSTIC IMAGING, LLC

DULUTH DIAGNOSTIC IMAGING, LLC           OPEN MRI & IMAGING OF MACON, LLC

DULUTH CT CENTER, LLC                    MIDTOWN DIAGNOSTIC IMAGING, LLC

DIAGNOSTIC IMAGING OF ATLANTA, LLC

On behalf of each of the entities        On behalf of each of the entities
listed above:                            listed above:

By: /s/ J. KENNETH LUKE                  By: /s/ J. KENNETH LUKE
----------------------------             ----------------------------
J. Kenneth Luke                          J. Kenneth Luke
Manager                                  Manager

By: /s/ GENE VENESKY                     By: /s/ GENE VENESKY
----------------------------             ----------------------------
Gene Venesky                             Gene Venesky
Manager                                  Manager

<Page>

                                 CAROLINA MEDICAL IMAGING, LLC

                                 OPEN MRI OF SIMPSONVILLE, LLC

                                 SIMPSONVILLE OPEN MRI, LLC

                                 On behalf of each of the entities listed above:

                                 By: /s/ J. KENNETH LUKE
                                 ------------------------------
                                 J. Kenneth Luke
                                 Manager

                                 By: /s/ GENE VENESKY
                                 ------------------------------
                                 Gene Venesky
                                 Manager

                                 Palmetto Imaging, Inc., as sole member of each
                                 of the entities listed above

                                 By: /s/ J. KENNETH LUKE
                                 ------------------------------
                                 J. Kenneth Luke
                                 President

<Page>

                                 OPEN MRI & IMAGING OF FLORENCE, LLC

                                 OPEN MRI OF MYRTLE BEACH, LLC

                                 Palmetto Imaging, Inc., as sole member of each
                                 of the entities listed above

                                 By: /s/ J. KENNETH LUKE
                                 --------------------------------
                                 J. Kenneth Luke
                                 President

<Page>

                                 EAST COOPER DIAGNOSTIC IMAGING, LLC

                                 FARMFIELD DIAGNOSTIC IMAGING, LLC

                                 FORT MILL DIAGNOSTIC IMAGING, LLC

                                 TRICOM DIAGNOSTIC IMAGING, LLC

                                 WEST ASHLEY DIAGNOSTIC IMAGING, LLC

                                 On behalf of each of the entities listed above:

                                 By: /s/ J. KENNETH LUKE
                                 --------------------------------
                                 J. Kenneth Luke
                                 Manager

                                 By: /s/ GENE VENESKY
                                 --------------------------------
                                 Gene Venesky
                                 Manager

                                 South Carolina Diagnostic Imaging, Inc., as
                                 sole member of each of the entities listed
                                 above

                                 By: /s/ J. KENNETH LUKE
                                 --------------------------------
                                 J. Kenneth Luke
                                 President

<Page>

IMAGING SERVICES OF ALABAMA, INC.             KENOSHA DIAGNOSTIC IMAGING, INC.

ANDERSON DIAGNOSTIC IMAGING, INC.             LEXINGTON OPEN MRI, INC.

ASHEVILLE OPEN MRI, INC.                      MECKLENBURG OPEN MRI, INC.

BIOIMAGING AT CHARLOTTE, INC.                 MEDQUEST ASSOCIATES, INC.

BIOIMAGING AT HARDING, INC.                   MISSOURI IMAGING, INC.

BIOIMAGING OF COOL SPRINGS, INC.              MOBILE OPEN MRI, INC.

CABARRUS DIAGNOSTIC IMAGING, INC.             OCCUPATIONAL SOLUTIONS, INC.

CAPE FEAR DIAGNOSTIC IMAGING, INC.            PALMETTO IMAGING, INC.

CAROLINA IMAGING, INC. OF FAYETTEVILLE        PHOENIX DIAGNOSTIC IMAGING, INC.

CHAPEL HILL DIAGNOSTIC IMAGING, INC.          PIEDMONT IMAGING, INC. (FORSYTH)

CHATTANOOGA DIAGNOSTIC IMAGING, INC.          PIEDMONT IMAGING, INC.
                                              (SPARTANBURG)

DOTHAN DIAGNOSTIC IMAGING, INC.               OPEN MRI & IMAGING OF RICHMOND,
                                              INC.

FLORIDA DIAGNOSTIC IMAGING CENTER, INC.       SOUTH CAROLINA DIAGNOSTIC IMAGING,
                                              INC.

OPEN MRI OF GEORGIA, INC.                     SUN VIEW HOLDINGS, INC.

OPEN MRI & IMAGING OF GEORGIA, INC.           TEXAS IMAGING SERVICES OF EL PASO,
                                              INC.

GROVE DIAGNOSTIC IMAGING CENTER, INC.         TRIAD IMAGING, INC.

KANSAS DIAGNOSTIC IMAGING, INC.               TYSON'S CORNER DIAGNOSTIC IMAGING,
                                              INC.

NORTHEAST COLUMBIA DIAGNOSTIC                 VIRGINIA DIAGNOSTIC IMAGING, INC.
IMAGING, INC.

                                              OPEN MRI OF THE CAROLINAS, INC.

On behalf of each of the entities             On behalf of each of the entities
listed above:                                 listed above:

By: /s/ J. KENNETH LUKE                       By: /s/ J. KENNETH LUKE
---------------------------                   ----------------------------
J. Kenneth Luke                               J. Kenneth Luke
President                                     President<Page>

                                                                    EXHIBIT 10.3

                               MQ ASSOCIATES, INC.

                          REGISTRATION RIGHTS AGREEMENT

                                 AUGUST 15, 2002

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                            PAGE
                                                                                                            -----
<S>         <C>                                                                                               <C>
Section 1.  Definitions........................................................................................1

Section 2.  Required Registration..............................................................................4

Section 3.  Piggyback Registration.............................................................................6

Section 4.  Registrations on Form S-3..........................................................................7

Section 5.  Holdback Agreement.................................................................................8

Section 6.  Preparation and Filing.............................................................................9

Section 7.  Expenses..........................................................................................12

Section 8.  Indemnification...................................................................................12

Section 9.  Underwriting Agreement............................................................................14

Section 10. Suspension........................................................................................15

Section 11. Information by Holder.............................................................................15

Section 12. Exchange Act Compliance...........................................................................16

Section 13. No Conflict of Rights.............................................................................16

Section 14. Termination.......................................................................................16

Section 15. Successors and Assigns............................................................................16

Section 16. Assignment........................................................................................16

Section 17. Notices...........................................................................................17

Section 18. Modifications; Amendments; Waivers................................................................17

Section 19. Severability......................................................................................18

Section 20. Counterparts and Facsimile Execution..............................................................18

Section 21. Governing Law.....................................................................................18

Section 22. Waiver of Jury Trial..............................................................................18

Section 23. Consent to Jurisdiction...........................................................................19

Section 24. Entire Agreement..................................................................................19
</Table>

<Page>

<Table>
<S>         <C>                                                                                               <C>
Section 25. Headings..........................................................................................19
</Table>

                                       S-4
<Page>

                                                  REGISTRATION RIGHTS AGREEMENT
                                        (the "AGREEMENT"), dated as of August
                                        15, 2002, among MQ ASSOCIATES, INC., a
                                        Delaware corporation (the "COMPANY"),
                                        and each of the STOCKHOLDERS (as defined
                                        below).

             The Stockholders own, or have the right to purchase or otherwise
acquire (by the exercise, exchange or conversion of Common Stock Equivalents of
the Company owned by the Stockholders that are exercisable or exchangeable for
or convertible into Common Stock (as hereinafter defined) without regard to any
restrictions on the ability of any Stockholder to exercise such rights of
exercise, exchange or conversion), shares of Common Stock, par value $0.01 per
share, of the Company ("COMMON STOCK") (or such other class of common stock of
the Company into which the Common Stock may be converted or reclassified, and
all references herein to the Common Stock shall include such other class of
common stock of the Company, if applicable). The Company and the Stockholders
deem it to be in their respective best interests to set forth the rights of the
Stockholders in connection with public offerings and sales of the Common Stock
of the Company.

             Each Stockholder currently owns, or has the right to purchase or
otherwise acquire (by the exercise, exchange or conversion of Common Stock
Equivalents of the Company), the number of shares of the Common Stock as is set
forth opposite the name of such Stockholder on SCHEDULE I.

             ACCORDINGLY, in consideration of the mutual covenants and
obligations hereinafter set forth, the sufficiency of which is hereby
acknowledged, the parties hereto hereby agree as set forth below.

     SECTION 1. DEFINITIONS.

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

             "AFFILIATE" has the meaning set forth in the Stockholders'
Agreement.

             "BOARD OF DIRECTORS" means the board of directors of the Company.

             "BUSINESS DAY" means any day that is not (a) a Saturday, Sunday or
legal holiday or (b) a day on which banks are not required to be open in New
York, New York.

             "COMMISSION" means the Securities and Exchange Commission or any
other federal agency at the time administering the Securities Act.

             "COMMON STOCK" has the meaning set forth in the preamble.

             "COMMON STOCK EQUIVALENTS" has the meaning set forth in the
Stockholders' Agreement.

<Page>

             "COMPANY" has the meaning set forth in the caption.

             "EXCHANGE ACT" means the Securities Exchange Act of 1934, as
amended, or any successor federal statute then in force, and the rules and
regulations of the Commission promulgated thereunder, all as the same shall be
in effect from time to time.

             "INFORMATION" has the meaning set forth in SECTION 6(i).

             "INITIAL PUBLIC OFFERING" means the initial underwritten Public
Offering of Common Stock for the account of the Company pursuant to a
registration statement effective under the Securities Act and pursuant to which
the Company has successfully offered and sold all of the Securities registered
to be sold thereunder.

             "INSPECTORS" has the meaning set forth in SECTION 6(i).

             "INVESTOR STOCKHOLDERS" means, collectively, (a) the Persons listed
as "Investor Stockholders" on SCHEDULE I attached to this Agreement for so long
as such Persons hold Restricted Securities and (b) any successor to, or
permitted assignee or transferee in accordance with the Stockholders' Agreement
of Restricted Securities originally held by a Person referred to in clause (a)
of this paragraph, PROVIDED that such successor, assignee or transferee agrees
in writing to be treated as a Investor Stockholder hereunder and to be bound by
and comply with all of the applicable terms and provisions hereof.

             "MANAGEMENT STOCKHOLDERS" means, collectively, (a) the Persons
listed as "Management Stockholders" on SCHEDULE I attached to this Agreement for
so long as such Persons hold Restricted Securities and (b) any successor to, or
permitted assignee or transferee in accordance with the Stockholders' Agreement
of Restricted Securities originally held by a Person referred to in clause (a)
of this paragraph, PROVIDED that such successor, assignee or transferee agrees
in writing to be treated as a Management Stockholder hereunder and to be bound
by and comply with all of the applicable terms and provisions hereof.

             "MATERIAL TRANSACTION" means any material transaction in which the
Company or any of its subsidiaries proposes to engage or is engaged, including a
purchase or sale of assets or securities, financing, merger, tender offer or any
other transaction that would require disclosure pursuant to the Exchange Act,
and with respect to which the Board of Directors reasonably has determined in
good faith that compliance with this Agreement may reasonably be expected to
either materially interfere with the Company's or such subsidiary's ability to
consummate such transaction in a timely fashion or require the Company to
disclose material, non-public information prior to such time as it would
otherwise be required to be disclosed.

             "NASDAQ" means The Nasdaq Stock Market, Inc. or its successor.

             "NMS" has the meaning set forth in SECTION 6(n).

             "OTHER SHARES" means at any time those shares of Common Stock which
do not constitute Registrable Shares or Primary Shares.

             "PERSON" has the meaning set forth in the Stockholders' Agreement.

                                                                             -2-
<Page>

             "PRIMARY SHARES" means, at any time, the authorized but unissued
shares of Common Stock or shares of Common Stock held in the treasury of the
Company.

             "PROSPECTUS" means the prospectus included in a Registration
Statement, including any amendment or prospectus subject to completion, and any
such prospectus as amended or supplemented by any prospectus supplement with
respect to the terms of the offering of any portion of the Registrable Shares
and, in each case, by all other amendments and supplements to such prospectus,
including post-effective amendments, and in each case including all material
incorporated by reference therein.

             "PUBLIC OFFERING" means the closing of a public offering of Common
Stock pursuant to a Registration Statement declared effective under the
Securities Act, except that a Public Offering shall not include an offering of
securities to be issued as consideration in connection with a business
acquisition or an offering of securities issuable pursuant to an employee
benefit plan.

             "RECORDS" has the meaning set forth in SECTION 6(i).

             "REGISTRABLE SHARES" means at any time, and with respect to any
Stockholder, the shares of Common Stock held by, or issuable to, such
Stockholder which constitute Restricted Securities. As to any particular
Registrable Shares, once issued, such Registrable Shares shall cease to be
Registrable Shares (a) when an offering of such Registrable Shares has been
registered under the Securities Act, the Registration Statement in connection
therewith has been declared effective and such Registrable Shares have been
disposed of pursuant to and in the manner described in such effective
Registration Statement, (b) when such Registrable Shares are sold or distributed
to the public, or eligible to be sold or distributed through a broker, dealer or
market maker pursuant to Rule 144(k) (in the case of rights to acquire Common
Stock, assuming that such rights to acquire Common Stock are exercised through a
"cashless exercise" provision) or (c) when such Registrable Shares have ceased
to be outstanding.

             "REGISTRATION DATE" means the date upon which the Registration
Statement filed by the Company to effect its Initial Public Offering shall have
been declared effective by the Commission.

             "REGISTRATION STATEMENT" means any registration statement of the
Company which covers an offering of any of the Registrable Shares, and all
amendments and supplements to any such Registration Statement, including
post-effective amendments, in each case including the Prospectus contained
therein, all exhibits thereto and all material incorporated by reference
therein.

             "REPRESENTATIVE" of a Person shall be construed broadly and shall
include such Person's partners, members, officers, directors, managers,
investment advisors, employees, agents, advisors, counsel, accountants and other
representatives.

             "REQUESTING STOCKHOLDERS" means, on the date of determination, any
of the Persons requesting a registration pursuant to the terms of SECTION 2(a).

                                                                             -3-
<Page>

             "REQUISITE INVESTOR STOCKHOLDERS" means, on the date of
determination, those Investor Stockholders who hold in the aggregate in excess
of fifty percent (50%) of the Restricted Securities held by all of the Investor
Stockholders.

             "REQUISITE MANAGEMENT STOCKHOLDERS" means, on the date of
determination, those Management Stockholders who hold in the aggregate in excess
of fifty percent (50%) of the Restricted Securities held by all of the
Management Stockholders.

             "REQUISITE STOCKHOLDERS" means, on the date of determination, those
Stockholders who hold in the aggregate in excess of fifty percent (50%) of the
Restricted Securities held by all of the Stockholders.

             "RESTRICTED SECURITIES" means, at any time and with respect to any
Stockholder, the Common Stock and any other securities received or receivable
with respect to any such Common Stock, which are held by such Stockholder and
which theretofore have not been sold to the public pursuant to an effective
Registration Statement or pursuant to Rule 144.

             "RULE 144" means Rule 144 (including Rule 144(k) and all other
subdivisions thereof) promulgated by the Commission under the Securities Act or
as such rule may be amended from time to time, or any similar or successor rule
then in force.

             "SALE OF THE COMPANY" has the meaning set forth in the
Stockholders' Agreement.

             "SECURITIES ACT" means the Securities Act of 1933, as amended, or
any successor federal statute, and the rules and regulations of the Commission
promulgated thereunder, all as the same shall be in effect from time to time.

             "STOCKHOLDERS" means the holders of Common Stock Equivalents, in
each case who are parties hereto, and shall include any other Person who
hereafter becomes a party to this Agreement as an Investor Stockholder or a
Management Stockholder by signing a counterpart to this Agreement pursuant to
SECTION 16.

             "STOCKHOLDERS' AGREEMENT" means the Stockholders' Agreement, dated
as of the date hereof, among the Company, the Stockholders and the other Persons
party thereto, as the same may be amended, restated, modified or supplemented
from time to time in accordance with the terms thereof.

             "STOCKHOLDERS' COUNSEL" has the meaning set forth in SECTION 6.

             "SUSPENSION PERIOD" has the meaning set forth in SECTION 10.

             "TRANSFER" has the meaning set forth in the Stockholders'
Agreement.

     SECTION 2. REQUIRED REGISTRATION.

          (a)    If at any time the Company shall be requested by the Requisite
Investor Stockholders to effect the registration under the Securities Act of an
offering of Registrable Shares, then the Company shall promptly give written
notice to the other Stockholders of its

                                                                             -4-
<Page>

requirement to so register such offering and, upon the written request,
delivered to the Company within thirty (30) days after delivery of any such
notice by the Company, of the other Stockholders to include in such registration
Registrable Shares (which request shall specify the number of Registrable Shares
proposed to be included in such registration), the Company shall, whether or not
any other Stockholders request to include any Registrable Shares in such
registration, subject to SECTION 2(b) below, promptly use its best efforts to
effect such registration under the Securities Act of an offering of the
Registrable Shares which the Company has been so requested to register for sale
in accordance with the method of distribution specified in the initiating
request.

          (b)    Anything contained in SECTION 2(a) to the contrary
notwithstanding, the Company shall not be obligated to effect pursuant to
SECTION 2(a) any registration under the Securities Act except in accordance with
the following provisions:

                   (i) the Company shall not be obligated to use its best
     efforts to file and cause to become effective:

                       (A)  more than two (2) registrations on Registration
             Statements on Form S-1 (or any successor form thereto) initiated by
             the Requisite Investor Stockholders pursuant to SECTION 2(a)
             hereof; PROVIDED, HOWEVER, that, if the Requesting Stockholders are
             unable to sell all of the Registrable Shares requested by such
             Requesting Stockholders to be included in any registration pursuant
             to SECTION 2(a), then such registration shall not count as a
             requested registration for purposes of this clause (A); or

                       (B)  any Registration Statement during any period in
             which any other registration statement (other than on Form S-4 or
             Form S-8 promulgated under the Securities Act or any successor
             forms thereto) pursuant to which Primary Shares are to be or were
             offered and sold has been filed and not withdrawn or has been
             declared effective within the prior 180 days;

                  (ii) the Company may delay the filing or effectiveness of any
     Registration Statement for a period of up to sixty (60) days after the date
     of a request for registration pursuant to SECTION 2(a), if the Company is
     engaged in a Material Transaction at the time of such request; PROVIDED,
     HOWEVER, the Company may not utilize this right more than once in any
     twelve-month period; and

                 (iii) with respect to any registration pursuant to SECTION
     2(a), the Company may include in such registration any Registrable Shares,
     Primary Shares or Other Shares; PROVIDED, HOWEVER, that if the managing
     underwriter advises the Company that the inclusion of all Registrable
     Shares, Primary Shares, and Other Shares proposed to be included in such
     registration would materially adversely affect the successful offering and
     sale (including pricing) of all such securities, then the number of
     Registrable Shares, Primary Shares, and Other Shares proposed to be
     included in such registration shall be included in the following order:

                                                                             -5-
<Page>

                       (A)  first, the Registrable Shares held by the Investor
             Stockholders and the Management Stockholders requesting their
             Registrable Shares be included in such registration pursuant to
             SECTION 2(a), PRO RATA based upon the number of Registrable Shares
             held by each such Investor Stockholder and Management Stockholder
             at the time of such registration;

                       (B)  second, the Primary Shares; and

                       (C)  third, the Other Shares.

          (c)    Notwithstanding anything to the contrary contained in this
Agreement, if the managing underwriter advises the Company in good faith that
the inclusion of Registrable Shares held by any particular Stockholder(s)
proposed to be included in any such registration would materially adversely
affect the successful offering and sale (including pricing) of Registrable
Shares proposed to be offered and sold in such offering, then such
Stockholder(s) shall be precluded from including such Registrable Shares in such
offering.

          (d)    A requested registration under SECTION 2(a) may be rescinded at
least twenty (20) days prior to the filing of a Registration Statement by
written notice to the Company from the Requesting Stockholders holding a
majority of the Registrable Shares requested to be registered; PROVIDED,
HOWEVER, that such rescinded registration shall not count as a requested
registration pursuant to SECTION 2(a) for purposes of SECTION 2(b)(i)(A) above
if the Company shall have been reimbursed (PRO RATA by the Requesting
Stockholders based on the number of Registrable Shares requested to be
registered thereby or in such other proportion as such Requesting Stockholders
may agree) for all reasonable out-of-pocket expenses incurred by the Company in
connection with such rescinded registration.

     SECTION 3. PIGGYBACK REGISTRATION.

          (a)    If the Company at any time following the Registration Date
proposes for any reason to register Primary Shares or Other Shares under the
Securities Act (other than on Form S-4 or Form S-8 promulgated under the
Securities Act or any successor forms thereto), it shall promptly give written
notice to each Stockholder of such intention to register the Primary Shares or
Other Shares and, upon the written request, given within twenty (20) days after
delivery of any such notice by the Company, of any such Stockholder to include
in such registration Registrable Shares (which request shall specify the number
of Registrable Shares proposed to be included in such registration), the Company
shall use its best efforts to cause all such Registrable Shares requested to be
included in such registration on the same terms and conditions as the securities
otherwise being sold in such registration; PROVIDED, HOWEVER, that if the
managing underwriter advises the Company that the inclusion of all Registrable
Shares or Other Shares proposed to be included in such registration would
materially adversely affect the successful offering and sale (including pricing)
of Primary Shares proposed to be offered and sold by the Company, then the
number of Primary Shares, Registrable Shares and Other Shares proposed to be
included in such registration shall be included in the following order:

                   (i) first, the Primary Shares;

                                                                             -6-
<Page>

                  (ii) second, the Registrable Shares held by the Stockholders
     requesting their Registrable Shares be included in such registration
     pursuant to the terms of this SECTION 3, PRO RATA based upon the number of
     Registrable Shares owned by each such Stockholder at the time of such
     registration; and

                 (iii) third, the Other Shares.

          (b)    Notwithstanding anything to the contrary contained in this
Agreement, if the managing underwriter advises the Company in good faith that
the inclusion of Registrable Shares held by any particular Stockholder(s)
proposed to be included in any such registration would materially adversely
affect the successful offering and sale (including pricing) of Registrable
Shares proposed to be offered and sold in such offering, then such
Stockholder(s) shall be precluded from including such Registrable Shares in such
offering.

          (c)    The number of requests permitted by the Stockholders pursuant
to this SECTION 3 shall be unlimited.

     SECTION 4. REGISTRATIONS ON FORM S-3.

          (a)    Subject to SECTION 4(c), at such time as the Company shall have
qualified for the use of Form S-3 promulgated under the Securities Act or any
successor form thereto, each Investor Stockholder and Management Stockholder
shall have the right to request in writing registrations on Form S-3, or such
successor form, and to effect a registration under the Securities Act of
Registrable Shares in accordance with this SECTION 4.

          (b)    If the Company shall be requested by any Investor Stockholder
or Management Stockholder to effect a registration under the Securities Act of
Registrable Shares in accordance with this SECTION 4, then the Company shall
promptly give written notice of such proposed registration to all Investor
Stockholders and Management Stockholders and shall offer to include in such
proposed registration any Registrable Shares requested to be included in such
proposed registration by such Investor Stockholders and Warrantholders who
respond in writing to the Company's notice within thirty (30) days after
delivery of such notice (which response shall specify the number of Registrable
Shares proposed to be included in such registration). The Company shall promptly
use its commercially reasonable efforts to effect such registration on Form S-3
of the Registrable Shares which the Company has been so requested to register.

          (c)    The Company shall not be obligated to effect any registration
under the Securities Act requested by the Investor Stockholders and Management
Stockholders under this SECTION 4 except in accordance with the following
provisions:

                   (i) the Company shall not be obligated to effect any such
     registration initiated pursuant to this SECTION 4 if (A) the anticipated
     gross offering price of all Registrable Shares to be included therein would
     be less than $2,500,000 or (B) the Company shall have effected four (4) or
     more Registration Statements on Form S-3 pursuant to this SECTION 4 during
     the twelve month period prior to the date of such request for registration
     (unless the Company shall have waived such limitation);

                                                                             -7-
<Page>

                  (ii) the Company may delay the filing or effectiveness of any
     Registration Statement for a period not to exceed ninety (90) days after
     the date of a request for registration pursuant to this SECTION 4 if (A)
     the Board of Directors has determined that such registration would have a
     material adverse effect upon the Company or its then current business plans
     or (B) at the time of such request the Company is engaged in a Material
     Transaction; PROVIDED, HOWEVER, that the Company may not utilize this right
     more than once in any twelve-month period; and

                 (iii) with respect to any registration pursuant to this SECTION
     4, the Company may include in such registration any Registrable Shares,
     Primary Shares or Other Shares; PROVIDED, HOWEVER, that the Company shall
     not include any Primary Shares in such Registration Statement if such
     inclusion would render the Company ineligible to use Form S-3; and PROVIDED
     FURTHER, HOWEVER, that if the managing underwriter advises the Company that
     the inclusion of all Registrable Shares, Primary Shares and Other Shares
     proposed to be included in such registration would materially adversely
     affect the offering or sale (including pricing) of all such securities,
     then the number of Registrable Shares, Primary Shares and Other Shares
     proposed to be included in such registration shall be included in the
     following order:

                       (A)  first, the Registrable Shares held by the Investor
             Stockholders and Management Stockholders requesting their
             Registrable Shares be included in such registration pursuant to
             the terms of this SECTION 4, PRO RATA based upon the number of
             Registrable Shares owned by each such Investor Stockholder and
             Management Stockholders at the time of such registration;

                       (B)  second, the Primary Shares; and

                       (C)  third, the Other Shares.

          (d)    The number of requests permitted by the Investor Stockholders
pursuant to this SECTION 4 shall be unlimited. The Management Stockholders,
collectively, shall be permitted to make not more than two (2) requests pursuant
to this SECTION 4, and no more than one (1) of which may be made in any
twelve-month period.

          (e)    Notwithstanding anything to the contrary contained in this
Agreement, if the managing underwriter advises the Company in good faith that
the inclusion of Registrable Shares held by any particular Stockholder(s)
proposed to be included in any such registration would materially adversely
affect the successful offering and sale (including pricing) of Registrable
Shares proposed to be offered and sold in such offering, then such
Stockholder(s) shall be precluded from including such Registrable Shares in such
offering.

     SECTION 5. HOLDBACK AGREEMENT.

          (a)    If the Company at any time shall register an offering and sale
of shares of Common Stock under the Securities Act in an underwritten offering
(i) pursuant to an Initial Public Offering or (ii) pursuant to any other
registration under the Securities Act (other than on Form S-4 or Form S-8
promulgated under the Securities Act or any successor forms thereto), if
requested by the managing underwriter(s) and provided that the directors and
officers of the

                                                                             -8-
<Page>

Company are so restricted, the Stockholders shall not sell, make any short sale
of, grant any option for the purchase of, or otherwise dispose of any Restricted
Securities (other than (A) those Registrable Shares included in such
registration pursuant to SECTIONS 2, 3 or 4, (B) a Transfer without
consideration by a Stockholder that is a limited liability company or limited
partnership to its members, partners or investment advisors or (C) a Permitted
Transfer (as defined in the Stockholders' Agreement)) without the prior written
consent of the Company for a period as shall be determined by the managing
underwriters, which period cannot begin more than seven (7) days prior to the
effectiveness of such Registration Statement and cannot last more than ninety
(90) days (180 days in the case of the Company's Initial Public Offering) after
the effective date of such Registration Statement.

          (b)    If the Company at any time pursuant to SECTION 2 of this
Agreement shall register under the Securities Act an offering and sale of
Registrable Shares held by Stockholders for sale to the public pursuant to an
underwritten offering, the Company shall not, without the prior written consent
of the lead underwriters for such offering, effect any public sale or
distribution of securities similar to those being registered, or any securities
convertible into or exercisable or exchangeable for such securities, for such
period as shall be determined by the managing underwriters, which period shall
not begin more than seven (7) days prior to the effectiveness of the
Registration Statement pursuant to which such public offering shall be made and
shall not last more than ninety (90) days (180 days in the case of the Company's
Initial Public Offering) after the closing of sale of shares pursuant to such
Registration Statement (except as part of such underwritten registration or
pursuant to registrations on Form S-8 or any successor form).

     SECTION 6. PREPARATION AND FILING.

             If and whenever the Company is under an obligation pursuant to the
provisions of this Agreement to effect the registration of an offering and sale
of any Registrable Shares, the Company shall, as expeditiously as practicable:

          (a)    use its best efforts (or commercially reasonable efforts, if
such request is pursuant to SECTION 4) to cause a Registration Statement that
registers such offering of Registrable Shares to become and remain effective
(subject to paragraph (c) below) for a period of 120 days or until all of such
Registrable Shares have been disposed of (if earlier);

          (b)    furnish, at least five (5) Business Days before filing a
Registration Statement that registers such Registrable Shares, a Prospectus
relating thereto and any amendments or supplements relating to such Registration
Statement or Prospectus, to one counsel selected by the Requesting Stockholders
holding in excess of fifty percent (50%) of the Registrable Shares requested to
be included in such registration (the "STOCKHOLDERS' COUNSEL"), copies of all
such documents proposed to be filed (it being understood that such
five-Business-Day period need not apply to successive drafts of the same
document proposed to be filed so long as such successive drafts are supplied to
such counsel in advance of the proposed filing by a period of time that is
customary and reasonable under the circumstances) and shall use its best efforts
to reflect in each such document, when so filed with the Commission, such
comments as the Stockholders whose Registrable Shares are to be covered by such
Registration Statement may reasonably propose;

                                                                             -9-
<Page>

          (c)    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
at least a period of 180 days or until all of such Registrable Shares have been
disposed of (if earlier) and to comply with the provisions of the Securities Act
with respect to the offering and sale or other disposition of such Registrable
Shares;

          (d)    notify the Stockholders' Counsel promptly in writing (A) of any
comments by the Commission with respect to such Registration Statement or
Prospectus, or any request by the Commission for the amending or supplementing
thereof or for additional information with respect thereto, (B) of the issuance
by the Commission of any stop order suspending the effectiveness of such
Registration Statement or Prospectus or any amendment or supplement thereto or
the initiation of any proceedings for that purpose and (C) of the receipt by the
Company of any notification with respect to the suspension of the qualification
of such Registrable Shares for sale in any jurisdiction or the initiation or
threatening of any proceeding for such purposes;

          (e)    use its best efforts to register or qualify such Registrable
Shares under such other securities or blue sky laws of such jurisdictions as any
seller of Registrable Shares reasonably requests and do any and all other acts
and things which may be reasonably necessary or advisable to enable such seller
of Registrable Shares to consummate the disposition in such jurisdictions of the
Registrable Shares owned by such seller; PROVIDED, HOWEVER, that the Company
will not be required to qualify generally to do business, subject itself to
general taxation or consent to general service of process in any jurisdiction
where it would not otherwise be required to do so but for this SECTION 6(e);

          (f)    furnish to each seller of such Registrable Shares such number
of copies of a summary Prospectus or other Prospectus, including a preliminary
Prospectus, in conformity with the requirements of the Securities Act, and such
other documents as such seller of Registrable Shares may reasonably request in
order to facilitate the public offering and sale or other disposition of such
Registrable Shares;

          (g)    use its best efforts to cause such offering and sale of
Registrable Shares to be registered with or approved by such other governmental
agencies or authorities as may be necessary by virtue of the business and
operations of the Company to enable the seller or sellers thereof to consummate
the disposition of such Registrable Shares;

          (h)    notify on a timely basis each seller of such Registrable Shares
at any time when a Prospectus relating to such Registrable Shares is required to
be delivered under the Securities Act within the appropriate period mentioned in
clause SECTION 6(b) of the happening of any event as a result of which the
Prospectus included in such Registration Statement, as then in effect, includes
an untrue statement of a material fact or omits to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances then existing and, at the request of
such seller, prepare and furnish to such seller a reasonable number of copies of
a supplement to or an amendment of such Prospectus as may be necessary so that,
as thereafter delivered to the offerees of such shares, such Prospectus shall
not include an untrue statement of a material fact or omit to state a material
fact required to be stated

                                                                            -10-
<Page>

therein or necessary to make the statements therein not misleading in light of
the circumstances then existing;

          (i)    make available for inspection by any seller of such Registrable
Shares, 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 (collectively, the "INSPECTORS"), all pertinent
financial, business and other records, pertinent corporate documents and
properties of the Company (collectively, the "RECORDS"), as shall be reasonably
necessary to enable them to exercise their due diligence responsibilities, and
cause the Company's officers, directors and employees to supply all information
(together with the Records, the "INFORMATION") reasonably requested by any such
Inspector in connection with such Registration Statement (and any of the
Information which the Company determines in good faith to be confidential, and
of which determination the Inspectors are so notified, shall not be disclosed by
the Inspectors unless (A) the disclosure of such Information is necessary to
avoid or correct a misstatement or omission in the Registration Statement, (B)
the release of such Information is ordered pursuant to a subpoena or other order
from a court of competent jurisdiction, (C) such Information has been made
generally available to the public, and (D) the seller of Registrable Shares
agrees that it will, upon learning that disclosure of such Information is sought
in a court of competent jurisdiction, give notice to the Company and allow the
Company, at the Company's expense, to undertake appropriate action to prevent
disclosure of the Information deemed confidential);

          (j)    use its best efforts to obtain from its independent certified
public accountants a "cold comfort" letter in customary form and covering such
matters of the type customarily covered by cold comfort letters;

          (k)    use its best efforts to obtain, from its counsel, an opinion or
opinions in customary form (which shall also be addressed to the Stockholders
selling Registrable Shares in such registration);

          (l)    provide a transfer agent and registrar (which may be the same
entity and which may be the Company) for such Registrable Shares not later than
the effective date of such Registration Statement;

          (m)    issue to any underwriter to which any seller of Registrable
Shares may sell shares in such offering certificates evidencing such Registrable
Shares;

          (n)    list such Registrable Shares on any national securities
exchange on which any shares of the Common Stock are listed or, if the Common
Stock is not listed on a national securities exchange, use its commercially
reasonable efforts to qualify such Registrable Shares for quotation on the
automated quotation system of the NASDAQ, National Market System ("NMS"), or
such other national securities exchange as the holders of a majority of such
Registrable Shares included in such registration shall request;

          (o)    in connection with an underwritten offering, to the extent
reasonably requested by the managing underwriter(s), participate and support
customary efforts to sell the securities in the offering, including, without
limitation, participating in "ROAD SHOWS";

                                                                            -11-
<Page>

          (p)    otherwise use its best efforts to comply with all applicable
rules and regulations of the Commission, and make available to its security
holders, as soon as reasonably practicable but not later than eighteen (18)
months after the effective date, earnings statements which need not be audited
covering a period of twelve (12) months beginning within three (3) months after
the effective date of the Registration Statement, which earnings statements
shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158
thereunder; and

          (q)    use its best efforts to take all other steps necessary to
effect the registration of such Registrable Shares contemplated hereby.

     SECTION 7. EXPENSES.

             All expenses incurred by the Company in complying with SECTION 6,
including, without limitation, all registration and filing fees (including all
expenses incident to filing with the National Association of Securities Dealers,
Inc.), fees and expenses of complying with securities and blue sky laws,
printing expenses, fees and expenses of the Company's counsel and accountants
and fees and expenses of the Stockholders' Counsel shall be paid by the Company;
PROVIDED, HOWEVER, that all underwriting discounts and selling commissions
applicable to the Registrable Shares and Other Shares shall not be borne by the
Company but shall be borne by the seller or sellers thereof, in proportion to
the number of Registrable Shares and Other Shares sold by such seller or
sellers.

     SECTION 8. INDEMNIFICATION.

          (a)    In connection with any registration of any offering and sale of
Registrable Shares under the Securities Act pursuant to this Agreement, the
Company shall indemnify and hold harmless the seller of such Registrable Shares,
each underwriter, broker or any other Person acting on behalf of such seller,
each other Person, if any, who controls any of the foregoing Persons within the
meaning of the Securities Act and each Representative (including, without
limitation, the Stockholders' Counsel) of any of the foregoing Persons, against
any losses, claims, damages or liabilities, joint or several, to which any of
the foregoing Persons may become subject, whether commenced or threatened, under
the Securities Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon an
untrue statement or alleged untrue statement of a material fact contained in the
Registration Statement under which such Registrable Shares were registered, any
preliminary Prospectus or final Prospectus contained therein, any amendment or
supplement thereto or any document incident to registration or qualification of
any offering and sale of any Registrable Shares, or arise out of or are based
upon the omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein not misleading
or, with respect to any Prospectus, necessary to make the statements therein in
light of the circumstances under which they were made not misleading, or any
violation by the Company of the Securities Act or state securities or blue sky
laws applicable to the Company and relating to action or inaction required of
the Company in connection with such registration or qualification under such
state securities or blue sky laws, and the Company shall promptly reimburse such
seller, such underwriter, such broker, such controlling Person or such
Representatives for any legal or other expenses incurred by any of them in
connection with investigating or defending any such loss, claim, damage,
liability or action; PROVIDED, HOWEVER, that the Company shall not be liable

                                                                            -12-
<Page>

to any such Person to the extent that any such loss, claim, damage or liability
arises out of or is based upon an untrue statement or alleged untrue statement
or omission or alleged omission made in said Registration Statement, preliminary
Prospectus, amendment thereto, or any document incident to registration or
qualification of any Registrable Shares in reliance upon and in conformity with
written information furnished to the Company through an instrument duly executed
by such Person, or a Person duly acting on their behalf, specifically for use in
the preparation thereof; PROVIDED FURTHER, HOWEVER, that the foregoing indemnity
agreement is subject to the condition that, insofar as it relates to any untrue
statement or allegedly untrue statement in, or omission or alleged omission made
in any preliminary Prospectus but eliminated or remedied in the final Prospectus
(filed pursuant to Rule 424 of the Securities Act), such indemnity agreement
shall not inure to the benefit of any indemnified party from whom the Person
asserting any loss, claim, damage, liability or expense purchased the
Registrable Shares which are the subject thereof, if a copy of such final
Prospectus had been timely made available to such indemnified person and such
final Prospectus was not delivered to such Person with or prior to the written
confirmation of the sale of such Registrable Shares to such Person.

          (b)    In connection with any registration of an offering and sale of
Registrable Shares under the Securities Act pursuant to this Agreement, each
seller of Registrable Shares shall indemnify and hold harmless (in the same
manner and to the same extent as set forth in SECTION 8(a)) the Company, each
underwriter or broker involved in such offering, each other seller of
Registrable Shares under such Registration Statement, each Person who controls
any of the foregoing Persons within the meaning of the Securities Act and any
Representative of the foregoing Persons with respect to any untrue statement or
allegedly untrue statement in or omission or alleged omission from such
Registration Statement, any preliminary Prospectus or final Prospectus contained
therein, any amendment or supplement thereto or any document incident to
registration or qualification of any such offering and sale of Registrable
Shares, if such statement or omission was made in reliance upon and in
conformity with written information furnished to the Company or such underwriter
through an instrument duly executed by such seller or a Person duly acting on
its behalf specifically for use in connection with the preparation of such
Registration Statement, preliminary Prospectus, final Prospectus, amendment or
supplement; PROVIDED, HOWEVER, that the maximum amount of liability in respect
of such indemnification shall be limited, in the case of each seller of
Registrable Shares, to an amount equal to the net proceeds actually received by
such seller from the sale of Registrable Shares effected pursuant to such
registration.

          (c)    Promptly after receipt by an indemnified party of notice of the
commencement of any action involving a claim referred to in the preceding
paragraphs of this SECTION 8, such indemnified party will, if a claim in respect
thereof is made against an indemnifying party, give written notice to the latter
of the commencement of such action (PROVIDED, HOWEVER, that an indemnified
party's failure to give such notice in a timely manner shall only relieve the
indemnification obligations of an indemnifying party to the extent such
indemnifying party is materially prejudiced by such failure). In case any such
action is brought against an indemnified party, the indemnifying party will be
entitled to participate in and to assume the defense thereof, jointly with any
other indemnifying party similarly notified to the extent that it may wish, with
counsel reasonably satisfactory to such indemnified party, and after notice from
the indemnifying party to such indemnified party of its election so to assume
the defense thereof, the indemnifying party shall not be responsible for any
legal or other expenses subsequently incurred

                                                                            -13-
<Page>

by the indemnified party in connection with the defense thereof; PROVIDED,
HOWEVER, that if any indemnified party shall have reasonably concluded that
there may be one or more legal or equitable defenses available to such
indemnified party which are in addition to or conflict with those available to
the indemnifying party, or that such claim or litigation involves or could have
an effect upon matters beyond the scope of the indemnity agreement provided in
this SECTION 8, the indemnifying party shall not have the right to assume the
defense of such action on behalf of such indemnified party and such indemnifying
party shall reimburse such indemnified party and any Person controlling such
indemnified party for that portion of the fees and expenses of any one lead
counsel (PLUS appropriate special and local counsel) retained by the indemnified
party which are reasonably related to the matters covered by the indemnity
agreement provided in this SECTION 8.

          (d)    If the indemnification provided for in this SECTION 8 is held
by a court of competent jurisdiction to be unavailable to an indemnified party
with respect to any loss, claim, damage or liability referred to herein, then
the indemnifying party, in lieu of indemnifying such indemnified party
hereunder, shall contribute to the amounts paid or payable by such indemnified
party as a result of such loss, claim, damage or liability in such proportion as
is appropriate to reflect the relative fault of the indemnifying party on the
one hand and of the indemnified party on the other hand in connection with the
statements or omissions which resulted in such loss, claim, damage or liability
as well as any other relevant equitable considerations; PROVIDED, HOWEVER, that
the maximum amount of liability in respect of such contribution shall be
limited, in the case of each seller of Registrable Shares, to an amount equal to
the net proceeds actually received by such seller from the sale of Registrable
Shares effected pursuant to such registration. The relative fault of the
indemnifying party and of the indemnified party shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission to state a material fact relates to information
supplied by the indemnifying party or by the indemnified party and the parties'
relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. No Person guilty of fraud shall be entitled
to indemnification or contribution hereunder.

          (e)    The indemnification and contribution provided for under this
Agreement will remain in full force and effect regardless of any investigation
made by or on behalf of the indemnified party and will survive the Transfer of
Registrable Shares.

     SECTION 9. UNDERWRITING AGREEMENT.

          (a)    Notwithstanding the provisions of SECTIONS 5, 6 and 8, to the
extent that the Stockholders selling Registrable Shares in a proposed
registration shall enter into an underwriting or similar agreement, which
agreement contains provisions covering one or more issues addressed in such
Sections of this Agreement, the provisions contained in such Sections of this
Agreement addressing such issue or issues shall be of no force or effect with
respect to such registration, but this provision shall not apply to the Company
if the Company is not a party to the underwriting or similar agreement;
PROVIDED, HOWEVER, that no such underwriting agreement shall be effective to
diminish the rights of the Stockholders set forth in SECTION 8.

                                                                            -14-
<Page>

          (b)    If any registration pursuant to SECTION 2 or SECTION 4 is
requested to be an underwritten offering, the Company shall negotiate in good
faith to enter into a reasonable and customary underwriting agreement with the
underwriters thereof. The Company shall be entitled to receive indemnities from
lead institutions, underwriters, selling brokers, dealer managers and similar
securities industry professionals participating in the distribution, to the same
extent as provided above with respect to information so furnished in writing by
such Persons specifically for inclusion in any Prospectus or Registration
Statement and to the extent customary given their role in such distribution.

          (c)    No Stockholder may participate in any registration hereunder
that is underwritten unless such Stockholder agrees to (i) sell such
Stockholder's Registrable Shares proposed to be included therein on the basis
provided in any underwriting arrangements acceptable to the Company in the case
of an offering of Primary Shares, or, in the case of an offering pursuant to
SECTION 2 hereof, the Company and the Requesting Stockholders, provided that
with respect to an offering pursuant to SECTION 2, such restriction shall apply
only with respect to underwriting arrangements that are reasonable and
customary, and (ii) as expeditiously as possible, notify the Company of the
occurrence of any event concerning such Stockholder as a result of which the
Prospectus relating to such registration contains an untrue statement of a
material fact or omits to state a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading.

     SECTION 10. SUSPENSION.

             Anything contained in this Agreement to the contrary
notwithstanding, the Company may (not more than once with respect to each
registration and not more than once in any twelve-month period), by notice in
writing to each holder of Registrable Shares to which a Prospectus relates,
require such holder to suspend, for up to 90 days (the "SUSPENSION PERIOD"), the
use of any Prospectus included in a Registration Statement filed under SECTIONS
2, 3 or 4 if a Material Transaction exists that would require an amendment to
such Registration Statement or supplement to such Prospectus (including any such
amendment or supplement made through incorporation by reference to a report
filed under Section 13 of the Exchange Act). The period during which such
Prospectus must remain effective shall be extended by a period equal to the
Suspension Period. The Company may (but shall not be obligated to) withdraw the
effectiveness of any Registration Statement subject to this provision; PROVIDED,
HOWEVER, that, if the Company withdraws a Registration Statement, then, as soon
as the Company deems practicable, it shall use its best efforts to have a
Registration Statement with respect to such Registrable Shares declared
effective, otherwise such withdrawn Registration Statement shall not count as a
Registration Statement pursuant to SECTION 2.

     SECTION 11. INFORMATION BY HOLDER.

             Each holder of Registrable Shares to be included in any
registration shall furnish to the Company and the managing underwriter such
written information regarding such holder and the distribution proposed by such
holder as the Company or the managing underwriter may reasonably request in
writing and as shall be reasonably required in connection with any registration,
qualification or compliance referred to in this Agreement.

                                                                            -15-
<Page>

     SECTION 12. EXCHANGE ACT COMPLIANCE.

             From and after the Registration Date or such earlier date as a
registration statement filed by the Company pursuant to the Exchange Act
relating to any class of the Company's securities shall have become effective,
the Company shall comply with all of the reporting requirements of the Exchange
Act (whether or not it shall be required to do so) and shall comply with all
other public information reporting requirements of the Commission which are
conditions to the availability of Rule 144 for the sale of the Common Stock. The
Company shall cooperate with each Stockholder in supplying such information as
may be necessary for such Stockholder to complete and file any information
reporting forms presently or hereafter required by the Commission as a condition
to the availability of Rule 144.

     SECTION 13. NO CONFLICT OF RIGHTS.

             The Company represents and warrants to the Stockholders that it has
not granted registration rights to any other Person, and the Company shall not
grant to any other Person any registration rights without the consent of the
Requisite Stockholders. In any underwritten public offering, the managing
underwriter shall be a nationally recognized investment banking firm selected by
the Company, and, to the extent applicable, reasonably acceptable to the
Requesting Stockholders holding a majority of Registrable Shares requested to be
registered.

     SECTION 14. TERMINATION.

             This Agreement shall terminate and be of no further force or effect
when there shall not be any Restricted Securities outstanding; PROVIDED,
HOWEVER, that SECTIONS 7 and 8 shall survive the termination of this Agreement.

     SECTION 15. SUCCESSORS AND ASSIGNS.

             This Agreement shall bind and inure to the benefit of the Company
and the Stockholders and, subject to SECTION 16, their respective successors and
assigns.

     SECTION 16. ASSIGNMENT.

             Each Stockholder may assign its rights hereunder to any purchaser
from such Stockholder of Restricted Securities; PROVIDED, HOWEVER, that, in the
case of an assignment by any Stockholder, any such purchaser shall purchase such
Restricted Securities from such Stockholder in accordance with the Stockholders'
Agreement; PROVIDED FURTHER, HOWEVER, that such purchaser shall, as a condition
to the effectiveness of such assignment, be required to execute a counterpart to
this Agreement agreeing to be treated as a Stockholder hereunder (of the same
class (i.e., Investor Stockholder or Management Stockholder) as the transferor
Stockholder), whereupon such purchaser shall have the benefits of, and shall be
subject to the restrictions contained in, this Agreement. Each transferee of a
Stockholder is an intended third party beneficiary of this Agreement and shall
have the benefits of this Agreement upon such Transfer, without any further
action on its part. The Company may not assign its rights hereunder without the
consent of the Requisite Stockholders.

                                                                            -16-
<Page>

     SECTION 17. NOTICES.

             All notices, requests, consents and other communications hereunder
to any party shall be deemed to be sufficient if contained in a written
instrument and shall be deemed to have been duly given when delivered in Person,
by facsimile, by overnight courier, or by first class registered or certified
mail, postage prepaid, addressed to such party at the address set forth below or
such other address as may hereafter be designated in writing by the addressee to
the sender:

          (a)    if to the Company, to:

                       MQ Associates, Inc.
                       4300 North Point Parkway
                       Alpharetta, Georgia 30022
                       Telephone: (212) 899-3400
                       Facsimile: (212) 899-3401
                       Attention: President

                     with copies to:

                       O'Sullivan LLP
                       30 Rockefeller Plaza, 41st Floor
                       New York, NY 10112
                       Telephone: (212) 408-2400
                       Facsimile: (212) 728-5950
                       Attention: Christopher P. Giordano, Esq.; and

          (b)    if to any Stockholder, to it at its address set forth on
SCHEDULE I attached hereto;

or to such other address as the party to whom notice is to be given may have
furnished to each other party in writing in accordance herewith. Any such notice
or communication shall be deemed to have been received (i) when delivered, if
personally delivered or sent by facsimile, (ii) on the first Business Day after
dispatch, if sent by nationally recognized, overnight courier guaranteeing next
Business Day delivery and (iii) on the third Business Day following the date on
which the piece of mail containing such communication is posted, if sent by
mail.

     SECTION 18. MODIFICATIONS; AMENDMENTS; WAIVERS.

             The terms and provisions of this Agreement may not be modified or
amended, nor may any provision applicable to the Stockholders be waived, except
pursuant to a writing signed by (a) the Company and (b) the Requisite
Stockholders, PROVIDED, HOWEVER, that (i) any such amendment, modification, or
waiver that would adversely affect the rights hereunder of any Stockholder of a
particular class (i.e., Investor Stockholders and Management Stockholders), in
its capacity as a Stockholder of such class, without similarly affecting the
rights hereunder of all Stockholders of such class in their capacities as
Stockholders of such class, shall not be effective as to such Stockholder
without his or its prior written consent, (ii) any such amendment,

                                                                            -17-
<Page>

modification or waiver that would adversely affect the rights hereunder of any
particular class of Stockholders, in their capacities as Stockholders of such
class, without similarly affecting the rights hereunder of all other classes of
Stockholders, shall not be effective as to such class of Stockholders without
the prior written consent of the Stockholders of such class holding in the
aggregate in excess of fifty percent (50%) of the Restricted Shares held by such
Stockholders as members of such class, and (iii) assuming compliance with
SECTION 16 hereof, SCHEDULE I to this Agreement shall be deemed to be
automatically amended from time to time to reflect the addition to this
Agreement of any Person identified in clause (b) of the definitions of Investor
Stockholder and Management Stockholder, and the Company will, from time to time,
distribute to the Stockholders a revised SCHEDULE I to reflect any such changes.

     SECTION 19. SEVERABILITY.

             It is the desire and intent of the parties that the provisions of
this Agreement be enforced to the fullest extent permissible under the law and
public policies applied in each jurisdiction in which enforcement is sought.
Accordingly, if any provision of this Agreement would be held in any
jurisdiction to be invalid, prohibited or unenforceable for any reason, such
provision, as to such jurisdiction, shall be ineffective, without invalidating
the remaining provisions of this Agreement or affecting the validity or
enforceability of such provision in any other jurisdiction. Notwithstanding the
foregoing, if such provision could be more narrowly drawn so as not to be
invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such
jurisdiction, be so narrowly drawn, without invalidating the remaining
provisions of this Agreement or affecting the validity or enforceability of such
provision in any other jurisdiction.

     SECTION 20. COUNTERPARTS AND FACSIMILE EXECUTION.

             This Agreement may be executed in two or more counterparts, all of
which shall be considered one and the same agreement and shall become effective
when one or more counterparts have been signed by each of the parties and
delivered (by facsimile or otherwise) to the other party, it being understood
that all parties need not sign the same counterpart. Any counterpart or other
signature to this Agreement that is delivered by facsimile shall be deemed for
all purposes as constituting good and valid execution and delivery by such party
of this Agreement.

     SECTION 21. GOVERNING LAW.

             This Agreement shall be governed by and construed in accordance
with the domestic laws of the State of New York without giving effect to any
choice or conflict of law provision or rule that would cause the application of
the laws of any jurisdiction other than the State of New York.

     SECTION 22. WAIVER OF JURY TRIAL.

             EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO
TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR
RELATING TO THIS AGREEMENT.

                                                                            -18-
<Page>

     SECTION 23. CONSENT TO JURISDICTION.

             Each of the parties hereto irrevocably submits to the exclusive
jurisdiction of (a) the Supreme Court of the State of New York, New York County
and (b) the United States District Court for the Southern District of New York,
for the purposes of any suit, action or other proceeding arising out of this
Agreement or the transactions contemplated hereby. Each of the parties hereto
further agrees that service of any process, summons, notice or document by U.S.
registered mail to such party's respective address set forth in SECTION 17 shall
be effective service of process for any action, suit or proceeding in the State
of New York with respect to any matters to which it has submitted to
jurisdiction in this SECTION 23. Each of the parties hereto irrevocably and
unconditionally waives any objection to the laying of venue of any action, suit
or proceeding arising out of this Agreement or the transactions contemplated
hereby and thereby in (a) the Supreme Court of the State of New York, New York
County or (b) the United States District Court for the Southern District of New
York, and hereby and thereby further irrevocably and unconditionally waives and
agrees not to plead or claim in any such court that any such action, suit or
proceeding brought in any such court has been brought in an inconvenient forum.

     SECTION 24. ENTIRE AGREEMENT.

             This Agreement and the other documents, certificates, instruments,
writings and agreements referred to herein or delivered pursuant hereto contain
the entire understanding of the parties with respect to the subject matter
hereof and supersede in their entirety any and all prior agreements and
understandings between the parties hereto with respect to subject matter hereof,
all of which are hereby terminated in their entirety and of no further force or
effect.

     SECTION 25. HEADINGS.

             The headings of the various sections of this Agreement have been
inserted for convenience of reference only and shall not be deemed to be a part
of this Agreement.

                          *    *    *    *   *

                                                                            -19-
<Page>

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

                                     MQ ASSOCIATES, INC.

                                     By: /s/ GENE VENESKY
                                     ---------------------------
                                     Gene Venesky
                                     Chairman and CEO

                                     INVESTOR STOCKHOLDERS:

                                     MQ INVESTMENT HOLDINGS, LLC

                                     By: J.P. Morgan Partners (BHCA), L.P., its
                                         Managing Member

                                     By: JPMP Master Fund Manager, L.P., its
                                         General Partner

                                     By: JPMP Capital Corp., its General Partner

                                     By: /s/ MITCHELL BLUTT
                                     ---------------------------
                                     Mitchell Blutt, M.D.
                                     Executive Vice President

<Page>

                                     MANAGEMENT STOCKHOLDERS:

                                     /s/ GENE VENESKY
                                     -----------------------------
                                     Gene Venesky

                                     /s/ J. KENNETH LUKE
                                     -----------------------------
                                     J. Kenneth Luke

                                     /s/ THOMAS C. GENTRY
                                     -----------------------------
                                     Thomas C. Gentry

                                     /s/ DANIEL S. SCHAEFER
                                     -----------------------------
                                     Daniel S. Schaefer

                                     /s/ MICHAEL A. VILLA
                                     -----------------------------
                                     Michael A. Villa

                                       S-4

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