Document:

EXHIBIT 4.2

NUMBER W
WARRANT_____________

WARRANT TO PURCHASE ____________ SHARES
see reverse for certain definitions

                            NETSOL TECHNOLOGIES, INC.
                          COMMON STOCK PURCHASE WARRANT

will be void if not exercised prior to 11:59 P.M. Pacific Time on        , 200_.

THIS CERTIFIES THAT

FOR VALUE RECEIVED _______________, THE REGISTERED HOLDER ("HOLDER"), is
entitled to purchase from NetSol Technologies, Inc., a Nevada corporation (the
"Company") at any time after 9:00 A.M. Eastern Time on ________, _____ at the
purchase price per share of $___ (the "Warrant Price"), the number of shares of
Common Stock of the Company set forth above (the "Shares"). The Warrants expire
on _______, 200_. Holders will not have any rights or privileges of shareholders
of the Company prior to exercise of the Warrants. The Warrant evidenced hereby
may be exercised in whole or in part by presentation of this Warrant certificate
with the Purchase Form on the reverse side hereof fully executed (with a
signature guarantee as provided on the reverse side hereof) and simultaneous
payment of the Warrant Price (subject to adjustment) at the principal office of
the Company. Payment of such price shall be made at the option of the holder in
cash or by certified check or bank draft. The Warrants evidenced hereby are part
of a duly authorized issue of Common Stock Purchase Warrants with rights to
purchase an aggregate of up to ___________ shares of Common Stock of the
Company. Upon any partial exercise of the Warrant evidenced hereby, there shall
be countersigned and issued to the Holder a new Warrant Certificate in respect
of the Shares as to which the Warrants evidenced hereby shall not have been
exercised. This Warrant Certificate may be exchanged at the office of the
Company by surrender of this Warrant Certificate properly endorsed with a
signature guarantee either separately or in combination with one or more other
Warrants for one or more new Warrants to purchase the same aggregate number of
Shares as evidenced by the Warrant or Warrants exchanged. No fractional Shares
will be issued upon the exercise of rights to purchase hereunder, but the
Company shall pay the cash value of any fraction upon the exercise of one or
more Warrants. The Holder hereof may be treated by the Company and all other
persons dealing with this Warrant Certificate as the absolute owner hereof for
all purposes and as the person entitled to exercise the rights represented
hereby, any notice to the contrary notwithstanding, and until such transfer is
on such books, the Company may treat the Holder as the owner for all purposes.

DATED:                                   NETSOL TECHNOLOGIES, INC.

------------------------------------     ------------------------------
Patti L.W. McGlasson, Secretary          Naeem Ghauri, President

<PAGE>

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933. THE SHARES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT
BE OFFERED, SOLD, OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SHARES UNDER THE SECURITIES ACT OF 1933, OR A
PRIOR OPINION OF COUNSEL SATISFACTORY TO THE ISSUER, THAT REGISTRATION IS NOT
REQUIRED UNDER THAT ACT.

                              ELECTION TO PURCHASE

      The undersigned hereby elects irrevocably to exercise the within Warrant
and to purchase _______________________ shares of Common Stock of NetSol
Technologies, Inc. and hereby makes payment of $_________ (at the rate of $0.__)
per share) in payment of the Exercise Price pursuant hereto. Please issue the
shares as to which this Warrant is exercised in accordance with the instructions
given below.

      The undersigned represents and warrants that the exercise of the within
Warrant was solicited by the member firm of the National Association of
Securities Dealers, Inc. ("NASD") listed below. If not solicited by an NASD
member, please write "unsolicited" in the space below.

             ------------------------------------------------------
                  (Insert Name of NASD Member or "Unsolicited")

Dated:                 , 200_                Signature:
                                                       -------------------------

                     INSTRUCTIONS FOR REGISTRATION OF SHARES

Name (print)
            -----------------------------------

Address (print)
               -----------------------------------

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933. THE SHARES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT
BE OFFERED, SOLD, OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SHARES UNDER THE SECURITIES ACT OF 1933, OR A
PRIOR OPINION OF COUNSEL SATISFACTORY TO THE ISSUER, THAT REGISTRATION IS NOT
REQUIRED UNDER THAT ACT.<PAGE>
                                                                     Exhibit 4.1

Certificate No. _______________________    No. of Shares _______________________

                        CHINA FINANCE ONLINE CO. LIMITED

       INCORPORATED UNDER THE COMPANIES ORDINANCE OF THE HONG KONG S.A.R.
 AUTHORIZED CAPITAL: HK$90,000.00 divided into 25,000,000 Ordinary Shares and
              65,000,000 Preference Shares, both of HK$0.001 each

    THIS is to Certify that ____________________________________________________

of _____________________________________________________________________________

is the Ordinary/Preference Holder of _______________________ fully paid Share(s)

of HK$0.001 each number ___________________ to ____________________ inclusive in

the above-named Company subject to the Memorandum and Articles of Association

thereof.

    GIVEN under Common Seal of said Company this _______________________________

day of _____________________, __________

_____________________________________      _____________________________________
             Director                                   Director<PAGE>
                                                                     Exhibit 4.2

                         CHINA FINANCE ONLINE CO., LTD.

                             SHAREHOLDERS AGREEMENT

THIS SHAREHOLDERS AGREEMENT (the "Agreement") is made as of June 15, 2000, by
and among

         (a)      PTV-CHINA, INC., a company incorporated under the laws of the
                  State of Massachusetts of the United States of America with
                  its registered office at One Exeter Plaza, Penthouse Suite,
                  Boston, MA 02116, the United States of America ("PTV");

         (b)      VERTEX TECHNOLOGY FUND (III) LTD., a company incorporated
                  under the laws of Singapore with its office at 77 Science Park
                  Drive, #02-15 Cintech III, Singapore Science Park, Singapore
                  118256 ("Vertex"; each of PTV and Vertex or their respective
                  designees, an "Investor", and collectively, "Investors);

         (c)      CAST HOLDINGS, INC., a company incorporated under the laws of
                  British Virgin Islands with its office at Unit 6&7, 12th
                  Floor, New Victory House, 93-103 Wing Lok Street, Sheung Wan,
                  Hong Kong ("CAST");

         (d)      NORMART ENTERPRISES, INC., a company incorporated under the
                  laws of State of California, the United State of America with
                  its office at 508 Everett Ave., Suite B, Monterey Park, CA
                  91755 U.S.A ("Normart");

         (e)      CHINA FINANCE ONLINE CO., LTD., a company incorporated under
                  the laws of Hong Kong SAR, the People's Republic of China (the
                  "PRC") with its office at Unit C, 8/F., East Wing, Sincere
                  Insurance Building, 4-6 Hennessy Road, Hong Kong (the
                  "Company");

         (f)      Mr. Cen Anbin, Mr. Zou Qixiong, Mr. Lin Gang, Mr. Zhang Libo,
                  Mr. Ning Jun, Mr. Wang Xinzheng and Mr. Fan Zhongkui
                  (collectively, the "Founders"); and

         (g)      Mr. Zheng Changqing.

Each of CAST, Normart, the Founders and Mr.Zheng Changqing is referred to as an
"Existing Shareholder" and collectively, the "Existing Shareholders". The
Existing Shareholders and the Investors are sometimes collectively referred to
as the "Shareholders".

                                    RECITALS

         WHEREAS, the parties to the Agreement entered into a Series B
Preference Shares Purchase Agreement on June 15, 2000 (the "Purchase
Agreement"), pursuant to which PTV has subscribed for 8,333,3333 shares of
Series B Preference Shares of the Company, par value HK$0.001 per share (the
"Series B Preference Shares") and Vertex has subscribed for 12,500,000

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<PAGE>

shares of Series B Preference Shares.

         WHEREAS, subject to the adjustment of the purchase price as stipulated
in the Section 2.3 of the Purchase Agreement, immediately after the closing of
the transactions contemplated in the Purchase Agreement, the Founders own
17,784,900 shares of Ordinary Shares, representing 25.07% of the total
outstanding share capital of the Company; Mr. Zheng Changqing owns 1,672,100
shares of Series A Preference Shares, representing 2.36% of the total
outstanding share capital of the Company; PTV owns 18,643,000 shares of Series A
Preference Shares and 8,333,333 shares of Series B Preference Shares,
representing 26.28% and 11.75% of the total outstanding share capital of the
Company, respectively; CAST owns 6,000,000 shares of Series A Preference Shares,
representing 8.46% of the total outstanding share capital of the Company;
Normart owns 6,000,000 shares of Series A Preference Shares, representing 8.46%
of the total outstanding share capital of the Company; and Vertex owns
12,500,000 shares of Series B Preference Shares, representing 17.62% of the
total outstanding share capital of the Company, respectively; and

         WHEREAS, in connection with the closing of the Purchase Agreement, the
Company, the Existing Shareholders and the Investors desire to set forth the
rights of the Shareholders with respect to the election of the directors, the
business of the Company Group, registration, participation, right of first
refusal, and right of co-sale, according to the terms of this Agreement.

NOW THEREFORE, THE PARTIES AGREE AS FOLLOWS:

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

1.1.     "Adjusted Pro Rata Share" with respect to any Non-transferring
         Preference Shareholder, means the ratio of (a) the total number of
         Ordinary Shares and Ordinary Shares warrants, rights, or options held
         by that Non-transferring Preference Shareholder (including any Ordinary
         Shares into which shares of the Convertible Securities, if any, held by
         that Non-transferring Preference Shareholder are convertible) to (b)
         the total number of Ordinary Shares and Ordinary Shares warrants,
         rights, or options held by all Non-transferring Preference Shareholders
         (including any Ordinary Shares into which all outstanding shares of
         Convertible Securities are convertible).

1.2.     "Affiliate" means, in respect of a corporation, a partnership or other
         entities, any other corporation, partnership or entity if it directly,
         or indirectly through one or more intermediaries, controls, is
         controlled by, or is under common control with, the other specified
         corporation, partnership or entity. For the purposes of this
         definition, "control" means the ownership, directly or indirectly, of
         shares possessing more than 50% of the voting power of the corporation,
         or the partnership or other entity.

1.3.     "Agreement" has the meaning set forth in the preamble to this
         Agreement.

1.4.     "Blue Sky" means the statutes of any state in the United States of
         America regulating the sale of securities within that state.

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<PAGE>

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

1.6.     "Ordinary Shares" means the ordinary shares of the Company, par value
         HK$0.001 per share..

1.7.     "Company" has the meaning set forth in the preamble to this Agreement.

1.8.     "Company Group" means the Company and the WFOE, collectively.

1.9.     "Convertible Securities" means the Preference Shares, of the Company,
         which may be converted into the Ordinary Shares pursuant to the
         provisions of the Memorandum of Association of the Company and this
         Agreement.

1.10.    "Co-Sale Right" has the meaning set forth in Section 5.2 of this
         Agreement.

1.11.    "Damages" has the meaning set forth in Section 13.1 of this Agreement.

1.12.    "Exchange Act" means the United States Securities Exchange Act of 1934,
         as amended, and the rules and regulations of the Commission promulgated
         thereunder, all as from time to time in effect.

1.13.    "Form F-3" means such form under the Securities Act as in effect on the
         date hereof or any successor registration form under the Securities Act
         subsequently adopted by the Commission which permits inclusion or
         incorporation of substantial information by reference to other
         documents filed by the Company with the Commission.

1.14.    "Existing Shareholders" has the meaning set forth in the preamble of
         this Agreement.

1.15.    "Holder" means any holder of outstanding Registrable Securities which
         have not been sold to the public, but only if that holder is one of the
         Shareholders or an assignee or transferee of registration rights as
         permitted by Section 15 of this Agreement.

1.16.    "Initiating Holders" means Investors who in the aggregate hold at least
         25% of the Registrable Securities.

1.17.    "Issuance Notice" has the meaning set forth in Section 4.2 of this
         Agreement.

1.18.    "New Securities" means any share of the Company, whether authorized or
         not, and any rights, options, or warrants to purchase share of the
         Company, and securities of any type whatsoever that are, or may become,
         convertible into shares of the Company. "New Securities" does not
         include: (a) Convertible Securities outstanding as of the date of this
         Agreement or issued or issuable pursuant to the Purchase Agreement; (b)
         Ordinary Shares issuable upon conversion of the Convertible Securities;
         (c) securities offered to

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<PAGE>

         third parties in connection with the acquisition of assets from such
         third party or in connection with a joint venture merger or other
         business combination with the third party; (d) securities offered to
         the public pursuant to a Registration Statement; (e) up to a maximum
         number of shares issued or issuable to the Company's employees,
         consultants, and advisors pursuant to a plan or arrangement approved by
         the Company's Board of Directors not exceeding 20% of the total issued
         and outstanding share capital of the Company at any time;

1.19.    "Non-transferring Preference Shareholder" has the meaning set forth in
         Section 5.1.

1.20.    "PRC" means the People's Republic of China, excluding Hong Kong Special
         Administrative Region, Macao and Taiwan.

1.21.    "Preference Shares" means both Series A Preference Shares and Series B
         Preference Shares.

1.22.    "Preference Shareholders" means the shareholders of Series A Preference
         Shares and/or Shareholders of Series B Preference Shares.

1.23.    "Prohibited Transfer" has the meaning set forth in Section 5.6 of this
         Agreement.

1.24.    "Pro Rata Share" with respect to any Shareholder, means the ratio of
         (a) the total number of Ordinary Shares and Ordinary Shares warrants,
         rights, or options held by that Shareholder (including any Ordinary
         Shares into which shares of the Convertible Securities, if any, held by
         that Shareholder are convertible) to (b) the total number of Ordinary
         Shares and Ordinary Shares warrants, rights, or options outstanding at
         the time the determination is made (including any Ordinary Shares into
         which all outstanding shares of the Convertible Securities are
         convertible).

1.25.    "Purchase Agreement" has the meaning set forth in the recitals to this
         Agreement.

1.26.    "Register", "Registered", and "Registration" means a registration of
         the Company as an issuer of securities or of securities issued by the
         Company effected by preparing and filing a registration statement in
         compliance with the Securities Act or the Exchange Act in the United
         States or by a comparable process pursuant to other applicable laws or
         regulations in connection with a registration in a jurisdiction other
         than the United States (a "Registration Statement"), and the
         declaration or ordering of the effectiveness of that Registration
         Statement.

1.27.    "Registrable Securities" means all Ordinary Shares not previously sold
         to the public and issued or issuable to the Investors, including: (a)
         Ordinary Shares issuable upon conversion or exercise of either (i) any
         Convertible Securities, or (ii) any options or warrants to purchase
         Ordinary Shares of the Company; and (b) Ordinary Shares issued pursuant
         to bonus issue, subdivision, and similar distributions.

                                       4
<PAGE>

1.28.    "Registration Expenses" means all expenses incurred by the Company in
         complying with Sections 7, 8 and 9 of this Agreement, including,
         without limitation, all federal and state Registration, qualification,
         and filing fees, printing expenses, fees and disbursements of counsel
         for the Company and one special counsel for all Holders (if different
         from counsel to the Company), Blue Sky fees and expenses, and the
         expense of any special audits incident to or required by any
         Registration.

1.29.    "Right of First Refusal" has the meaning set forth in Section 5.1 of
         this Agreement.

1.30.    "Securities Act" means the United States Securities Act of 1933, as
         amended, and the rules and regulations of the Commission promulgated
         thereunder, all as from time to time in effect.

1.31.    "Selling Expenses" means all underwriting, discounts and selling,
         commissions applicable to the sale of Registrable Securities pursuant
         to this Agreement.

1.32.    "Shareholders" has the meaning set forth in the preamble to this
         Agreement.

1.33.    "Shares" has the meaning set forth in Section 5.1 of this Agreement.

1.34.    "Subsidiaries" means, with respect to any Person, any corporation,
         partnership or limited liability company with respect to which more
         than 50% of the outstanding shares of stock or ownership interests of
         each class having ordinary voting power (other than, in the case of
         corporation, stock having such power only by reason of the occurrence
         of a contingency) is at the time owned by such Person, or by one or
         more Subsidiaries of such Person, or by such Person and one or more
         Subsidiaries of such Person.

1.35.    "Transfer Notice" has the meaning set forth in Section 5.1 of this
         Agreement.

1.36.    "Transferring Shareholder" has the meaning set forth in Section 5.1 of
         this Agreement.

1.37.    "Underwriter's Representative" has the meaning set forth in Section 7.5
         of this Agreement.

1.38.    "WFOE" has the meaning set forth in the recitals of this Agreement.

2. Election of Directors. So long as Vertex owns of record or beneficially not
less than 50% of Series B Preference Shares acquired by it pursuant to the
Purchase Agreement or Ordinary Shares issuable upon conversion of such
Preference Shares, each of the Existing Shareholders and PTV agrees that at each
meeting of the shareholders of each member of the Company Group called for the
purpose of electing the Board of Directors of such member of the Company Group,
he/it shall vote all of his/its shares or shares in the capital stock of such
member of the Company Group entitled to vote for the election to the Board of
Directors, and shall otherwise use his best efforts to cause the election to the
Board of Directors of one representative nominated by Vertex ("Investors
Representative").

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<PAGE>

2.1      Removal and Replacement. Only the Investors, by mutual consent, can
         remove from office and replace any Investor Representative.

2.2      Board Size. Without the mutual consent of the Investors, the Board of
         Directors of each member of the Company Group shall consist of not more
         than Seven (7) members.

3.       Business of the Company Group.

3.1      Without the prior consent of the Shareholders owing at least 50% of all
         the outstanding Preference Shares, the Company shall not do any of the
         following:

         (a)      Amend the provisions of the Company's Memorandum of
                  Association that would adversely affect the rights of any
                  series of Preference Shares or authorize for issuance of
                  shares with superior or equal rights to any of the then
                  outstanding Preference Shares;

         (b)      Liquidate or dissolve or terminate the operation or business
                  of the Company or the WFOE;

         (c)      Declare or pay a dividend on the Ordinary Shares;

         (d)      Transfer, sell or dispose of any equity interest owned by the
                  Company in the WFOE;

         (e)      Engage in sale and transfer of all or substantially all assets
                  and/or business of the Company or the WFOE, merger or change
                  in control of the Company, change of business and/or move into
                  new business, and other corporate reorganisation of the
                  Company or WFOE;

         (f)      Incur indebtedness in excess of US$100,000;

         (g)      Extend loans to any director, officer or employee in excess of
                  US$10,000 in aggregate;

         (h)      Purchase or lease any real property or any motor vehicle
                  valued in excess of US$100,000;

         (i)      Purchase any securities of any other company in excess of
                  US$100,000;

         (j)      Increase in compensation of any of the five (5) most highly
                  compensated employees of the Company by more than 25% in a
                  twelve (12) month period;

         (k)      Enter into any transaction or series of transactions between
                  the Company and any holder of Ordinary Shares, director,
                  office or employee of the Company and any director, officer or
                  employee that is not in the ordinary course of business or for
                  which the aggregate value exceeds US$10,000;

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<PAGE>

         (l)      Materially change the Company's business plan or the WFOE's
                  business plan;

         (m)      Set up, increase or decrease in the number of issue of new
                  shares under the employees stock option plan; or

         (n)      Change in the number of authorised directors of the Board of
                  Directors.

3.2      Business of the WFOE. Subject to the provisions of Section 3.1 above,
         the business and operations of the WFOE shall be determined by the
         Board of Directors of the Company.

4.       Right of Participation.

4.1.     Right of Participation. The Company grants to each Preference
         Shareholder the right of participation to purchase its Pro Rata Share
         of New Securities which the Company may, from time to time, propose to
         sell and issue (other than in a public offering of securities of the
         Company). The Preference Shareholders may purchase New Securities on
         the same terms and at the same price at which the Company proposes to
         sell the New Securities to third parties.

4.2.     Notice. In the event the Company proposes to issue New Securities, it
         shall give each Preference Shareholder written notice (the "Issuance
         Notice") of its intention, describing the type of New Securities, the
         price, the terms upon which the Company proposes to issue the same, the
         number of shares which each Preference Shareholder is entitled to
         purchase pursuant to Section 4.1 of this Agreement, and a statement
         that each Preference Shareholder shall have 15 days to respond to the
         Issuance Notice. Each Preference Shareholder shall have 15 days from
         the date of receipt of the Issuance Notice to agree to purchase its Pro
         Rata Share of the New Securities for the price and upon the terms
         specified in the Issuance Notice by: (a) giving a written notice to the
         Company and (b) making the payment of the purchase price to the Company
         for its Pro Rata Share of New Securities if immediate payment is
         required by the terms of the Issuance Notice.

4.3      Sale of New Securities. In the event any Preference Shareholder fails
         to exercise its right of participation within the 15 day period
         specified in Section 4.2, the Company shall have 90 days thereafter to
         sell or enter into an agreement (pursuant to which the sale of New
         Securities covered by the Issuance Notice shall be closed, if at all,
         within 60 days after the date of that agreement) to sell the New
         Securities respecting which the Preference Shareholders' rights were
         not exercised, at a price and upon the terms as to those specified in
         the Issuance Notice. In the event the Company has not sold the New
         Securities within this 90 day period (or sold and issued New Securities
         in accordance with the foregoing within 60 days from the date of the
         agreement), the Company shall not thereafter issue or sell any New
         Securities without first offering the New Securities to the Preference
         Shareholders in the manner provided in Sections 4.1 and 4.2.

4.4      Notwithstanding the foregoing, the Company shall not be required to
         offer or sell such New Securities to any Preference Shareholder if such
         sale would cause the Company to

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<PAGE>

         be in violation of applicable securities law, by virtue of such offer
         or sale.

5.       Right of First Refusal; Co-Sale Right

5.1.     Right of First Refusal. Subject to Section 5.5 of this Agreement, if
         any Shareholder proposes to sell, pledge, or otherwise transfer (a
         "Transferring Shareholder") any shares of the Company now owned or
         subsequently acquired by the Shareholder (the "Shares") or any interest
         therein to any person or entity, including another Shareholder, then
         each of the Preference Shareholders, other than an Preference
         Shareholder who is a Transferring Shareholder (the "Non-transferring
         Preference Shareholder") shall have a right of first refusal (the
         "Right of First Refusal") to purchase some or all of the Shares
         proposed to be sold or transferred. The Transferring Shareholder shall
         give a written notice (the "Transfer Notice") to the Non-transferring
         Preference Shareholders describing fully the proposed transfer,
         including the number of shares proposed to be transferred, the proposed
         transfer price, and the name and address of the proposed transferee.
         The Transfer Notice shall be signed both by the Transferring
         Shareholder and by the proposed transferee, and shall constitute a
         binding commitment of both parties for the transfer of the Shares. Each
         Non-transferring Preference Shareholder shall then have the right to
         purchase its Adjusted Pro Rata Share of the Shares subject to the
         Transfer Notice at a price per share equal to the proposed per share
         transfer price, by delivery of a written notice of exercise of its
         Right of First Refusal within 20 days after the date the Transfer
         Notice is delivered to the Non-transferring Preference Shareholder. To
         the extent the Non-transferring Preference Shareholders exercise their
         Right of First Refusal in accordance with the terms and conditions set
         forth in this Section 5, the number of Shares that the Transferring
         Shareholder may sell to the proposed transferee in the transaction
         shall be correspondingly reduced. Notwithstanding the foregoing, each
         of the Preference Shareholders shall be entitled to transfer all or any
         portion of the preference Shares now owned or subsequently acquired by
         it to any its Subsidiary or Affiliate.

5.2.     Co-Sale Right. Subject to the provisions of Section 5.1 above, if the
         Transferring Shareholder proposes to sell, pledge, or otherwise
         transfer Shares or any interest therein representing 50% or more of the
         Shares to any person or entity, including another Shareholder, and the
         Non-Transferring Preference Shareholder(s) have not elected to exercise
         their Right of First Refusal under Section 5.1 in full, then each
         Non-transferring Preference Shareholder that did not exercise his Right
         of First Refusal shall have the right (the "Co-Sale Right"),
         exercisable upon written notice to the Transferring Shareholder within
         20 days after the date the Transfer Notice is delivered to such
         Non-transferring Preference Shareholder, to participate in the sale on
         the same terms and conditions as the Transferring Shareholder up to a
         maximum number of Shares calculated according to the following formula
         (the "Maximum Co-Sale Shares"):

         S = Adjusted Pro Rata Share x T, where:

         "S" means the number of Shares for which such Non-transferring
         Preference Shareholder has a Co-Sale Right, and

                                       8
<PAGE>

         "T" means the number of Shares covered by the Transfer Notice.

         Notice of exercise of a Co-Sale Right shall indicate the number of
         Shares an Non-transferring Preference Shareholder wishes to sell under
         its Co-Sale Right. Any Non-transferring Preference Shareholder that did
         not exercise his Right of First Refusal may elect to sell all or some
         of the Shares then held by that Non-transferring Preference Shareholder
         (or issuable upon conversion or exercise of any convertible debt,
         warrants, or similar securities then held by the Non-transferring
         Preference Shareholders) up to that Non-transferring Preference
         Shareholder's Maximum Co-Sale Shares. To the extent a Non-transferring
         Preference Shareholder exercises his Co-Sale Right in accordance with
         the terms and conditions set forth in this Section 5.2, the number of
         Shares that the Transferring Shareholder may sell in the transaction
         shall be correspondingly reduced.

(a)      Delivery of Certificates. The Non-transferring Preference Shareholders
         shall effect their participation in the sale by promptly delivering to
         the Transferring Shareholder for transfer to the prospective purchaser
         one or more certificates, properly endorsed for transfer, which
         represent the type and number of Shares which the Non-transferring
         Preference Shareholders elect to sell.

(b)      Sales Proceeds. The share certificate or certificates that the
         Non-transferring Preference Shareholders deliver to the Transferring
         Shareholder pursuant to Section 5.2(a) shall be transferred to the
         prospective purchaser in consummation of the sale of the Shares
         pursuant to the terms and conditions specified in the Transfer Notice,
         and the Transferring Shareholder shall use commercially reasonable
         efforts to cause the purchaser to remit to each Non-transferring
         Preference Shareholder that portion of the sale proceeds to which that
         Non-transferring Preference Shareholder is entitled by reason of its
         participation in the sale. To the extent that any prospective purchaser
         or purchasers prohibits assignment or otherwise refuses to purchase
         shares or other securities from the Non-transferring Preference
         Shareholders, the Transferring Shareholder shall not sell to the
         prospective purchaser or purchasers any Shares unless and until,
         simultaneously with the sale, the Transferring Shareholder purchases
         those shares or other securities from the Non-transferring Preference
         Shareholders.

5.3.     Sale by Transferring Shareholder. If the Non-transferring Preference
         Shareholders do not exercise their Right of First Refusal or their
         Co-Sale Right with respect to the sale of the Shares subject to the
         Transfer Notice, the Transferring Shareholder may, not later than 60
         days following delivery to the Company and the Non-transferring
         Preference Shareholders of the Transfer Notice, conclude a transfer of
         all of the Shares covered by the Transfer Notice on terms and
         conditions not more favorable to the transferee than those described in
         the Transfer Notice. Any proposed transfer on terms and conditions more
         favorable to the transferee than those described in the Transfer
         Notice, as well as any subsequent proposed transfer of any Shares by
         the Transferring Shareholder, shall again be subject to the Right of
         First Refusal and Co-Sale Right of the Non-transferring Preference
         Shareholders and shall require compliance by the Transferring
         Shareholder with the procedures described in this Section 5.

                                       9
<PAGE>

5.4.     No Adverse Effect. The Non-transferring Preference Shareholders'
         exercise or non-exercise of the Right of First Refusal or the Co-Sale
         Right shall not adversely affect their rights to participate in
         subsequent transfers of Shares by the Transferring Shareholder subject
         to the provisions of this Section 5.

5.5.     Exempt Transfers. Notwithstanding the foregoing, the Right of First
         Refusal and the Co-Sale Right shall not apply to: (a) any transfer of
         Shares to the ancestors, descendants, or spouse of the Transferring
         Shareholder, or to trusts for the benefit of such persons or the
         Transferring-Shareholder; (b) any transfer to an Affiliate or a
         Subsidiary of the Transferring Shareholder; or (c) any distribution to
         a partner of or member in the Transferring Shareholder; provided, that,
         in any of the above cases: (x) the transferring party shall inform the
         parties of the transfer prior to effecting it; and (y) the transferee
         shall furnish the parties with a written agreement to be bound by and
         comply with all provisions of this Section 5. Subject to Section 15
         regarding the transfer or non-transfer of certain rights, the
         transferred shares shall remain "Shares", and the transferee shall be
         treated as a "Shareholder" for purposes of this Agreement.

5.6      Commitment to the Company by the Founders. Notwithstanding the
         foregoing, each of the Founders may not reduce his ownership interest
         in the Company to below [90%] of the total shares of the Company owned
         by it immediately after the closing of the transactions contemplated in
         the Purchase Agreement, either by way of selling, assigning,
         transferring, pledging or any other means, voluntarily or
         involuntarily, without prior written consent from each of the
         Preference Shareholders.

5.7.     Prohibited Transfer. In the event the Transferring Shareholder sells
         any Share in contravention of the Right of First Refusal or the Co-Sale
         Right set forth in this Section 5 (a "Prohibited Transfer"), such
         transfer shall be null and void and the Company shall not recognize
         such transfer and will not effect the transfer on the Company's shares
         records.

6. Termination of Covenants. The covenants set forth in Sections 2, 3, 4, and 5
of this Agreement shall terminate and be of no further force or effect upon the
earlier of (a) the closing of the first public offering of the Ordinary Shares
of the Company that is effected pursuant to a Registration Statement filed with,
and declared effective by, either the Commission under the Securities Act or any
comparable regulatory agency for a Registration in a jurisdiction other than the
United States (other than either a public offering limited solely to employees
of the Company or an offering pursuant to Rule 145 under the Securities Act);
(b) the date the Company Registers any securities under the Exchange Act or
other applicable law in a jurisdiction other than the United States; or (c) as
to any Preference Shareholder, as of the date that Preference Shareholder holds
less than 2% of the total outstanding shares of the Company.

7.       Demand Registration.

7.1.     The Company and the Shareholders currently contemplate making an
         initial public offering of its securities in the United States in due
         course. The registration rights of Holders set forth in Sections 7 and
         8 relate primarily to registration of securities in the United Sates.
         In the event that the Company makes an initial public offering of its

                                       10
<PAGE>

         securities in a jurisdiction outside of the United States, the
         Shareholders agree for themselves and their transferees that the
         Company shall not be required to register the Registrable Securities
         under the Securities Act or the Exchange Act, but shall provide instead
         comparable Registration rights in the jurisdiction in which it made its
         initial public offering.

7.2.     Request for Registration on Form Other Than Form F-3. Subject to the
         terms of this Agreement, in the event that the Company receives from
         the Initiating Holders at any time six months after the closing of the
         Company's initial public offering of shares of Ordinary Shares under a
         Registration Statement, a written request that the Company effect any
         Registration with respect to all or a part of the Registrable
         Securities on a form other than Form F-3 for an offering of at least
         25% of the then outstanding Registrable Securities, the Company shall
         (i) promptly give written notice of the proposed Registration to all
         other Holders, and (ii) as soon as practicable, use its best efforts to
         effect Registration of the Registrable Securities specified in the
         request, together with any Registrable Securities of any Holder in that
         request as are specified in a written request given within 20 days
         after written notice from the Company. The Company shall not be
         obligated to take any action to effect any Registration pursuant to
         this Section 7.2. after the Company has effected two Registrations at
         the request of the Preference Shareholders pursuant to this Section
         7.2. and the Registration has been declared effective. The substantive
         provisions of Section 7.6 shall be applicable to the Registration
         initiated under this Section 7.2. The Company shall not be required to
         effect more than one Registration pursuant to this Section 7.2 in any
         ninety-day period.

7.3.     Request for Registration on Form F-3. If Holders who in the aggregate
         hold at least 15% of the Registrable Securities request that the
         Company file a Registration Statement on Form F-3 (or any successor
         form to Form F-3, or any comparable form for a Registration in a
         jurisdiction other than the United States) for a public offering of
         shares of Registrable Securities, the reasonably anticipated aggregate
         price to the public of which, net of Selling Expenses, would not be
         less than US$ 1,000,000, and the Company is a registrant entitled to
         use Form F-3 or comparable form to Register the Registrable Securities
         for an offering, the Company shall use all reasonable efforts to cause
         those Registrable Securities to be Registered for the offering on that
         form and to cause those Registrable Securities to be qualified in
         jurisdictions as the Holder or Holders may reasonably request. The
         Company shall not be required to effect more than two Registrations
         pursuant to this Section 7.3 in any twelve-month period.

7.4.     Registration of Other Securities in Demand Registration. Any
         Registration Statement filed pursuant to the request of the Initiating
         Holders under this Section 7 may, subject to the provisions of Section
         7.5, include securities of the Company other than Registrable
         Securities.

7.5.     Underwriting in Demand Registration.

(a)      Notice of Underwriting. If the Initiating Holders intend to distribute
         the Registrable Securities covered by their request by means of an
         underwriting, they shall so advise the

                                       11
<PAGE>

         Company as a part of their request made pursuant to this Section 7, and
         the Company shall include that information in the written notice
         referred to in Section 7.2 or 7.3 of this Agreement. The right of any
         Holder to Registration pursuant to this Section 7 shall be conditioned
         upon that Holder's agreement to participate in the underwriting and the
         inclusion of that Holder's Registrable Securities in the underwriting.

(b)      Inclusion of Other Holders in Demand Registration. If the Company,
         officers or directors of the Company holding Ordinary Shares other than
         Registrable Securities, or holders of securities other than Registrable
         Securities, request inclusion in the Registration, the Initiating
         Holders, to the extent they deem advisable and consistent with the
         goals of that Registration, may, in their sole discretion, on behalf of
         all Holders, offer to any or all of the Company, those officers or
         directors, and the holders of securities other than Registrable
         Securities that their securities be included in the underwriting and
         may condition that offer on the acceptance by those persons of the
         terms of this Section 7. If, however, the number of shares so included
         exceeds the number of shares of Registrable Securities included by all
         Holders, the Registration shall be treated as governed by Section 8 of
         this Agreement rather than this Section 7, and it shall not count as a
         Registration for purposes of this Section 7.

(c)      Selection of Underwriter in Demand Registration. The Company shall
         (together with all Holders proposing to distribute their securities
         through the underwriting) enter into an underwriting agreement with the
         representative ("Underwriter's Representative") of the underwriter or
         underwriters selected for the underwriting by the Holders of a majority
         of the Registrable Securities being Registered by the Initiating
         Holders and agreed to by the Company.

(d)      Marketing Limitation in Demand Registration. In the event the
         Underwriter's Representative advises the Initiating Holders in writing
         that market factors (including, without limitation, the aggregate
         number of shares of Ordinary Shares requested to be Registered, the
         general condition of the market, and the status of the persons
         proposing to sell securities pursuant to the Registration) require a
         limitation of the number of shares to be underwritten, the number of
         shares to be included in the Registration shall be allocated as
         follows. The Registrable Securities held by officers and directors of
         the Company and the Existing Shareholders shall be excluded, pro rata,
         from the Registration and underwriting to the extent required by the
         limitation. If a limitation of the number of shares is still required
         after this exclusion, the number of shares that may be included in the
         Registration and underwriting by selling shareholders shall be
         allocated among all other Holders and other holders of securities
         (other than Registrable Securities) requesting and legally entitled to
         include securities in that Registration, in proportion, as nearly as
         practicable, to the respective amounts of securities (including
         Registrable Securities) which the other Holders and the other holders
         would otherwise be entitled to include in the Registration.

(e)      Right of Withdrawal in Demand Registration. If any Holder of
         Registrable Securities, or a holder of other securities entitled (upon
         request) to be included in that Registration, disapproves of the terms
         of the underwriting, that person may elect to withdraw

                                       12
<PAGE>

         therefrom by written notice to the Company, the Underwriter's
         Representative, and the Initiating Holders delivered at least three
         days prior to the effective date of the Registration Statement. The
         securities so withdrawn shall also be withdrawn from the Registration
         Statement. If securities are so withdrawn from the Registration, and if
         the number of securities to be included in such Registration was
         previously reduced as a result of marketing factors pursuant to Section
         7.5(d), the Company shall offer to all holders who, but for the
         limitation under Section 7.5(d), have retained rights to include
         securities in the Registration the right to include additional
         securities in the Registration in an aggregate amount equal to the
         number so withdrawn, with such securities to be allocated among such
         holders requesting additional inclusion in proportion to the respective
         amounts of securities (including Registrable Securities) entitled to
         inclusion in such Registration held by those holders at the time of
         filing of the Registration Statement.

7.6.     Other Securities Laws in Demand Registration. In the event of any
         Registration pursuant to this Section 7, the Company shall exercise its
         best efforts to Register and qualify the securities covered by the
         Registration Statement under the securities laws of any other
         jurisdictions as shall be reasonably appropriate for the distribution
         of the securities; provided, however, that: (a) the Company shall not
         be required to do business or to file a general consent to service of
         process in any such state or jurisdiction; and (b) notwithstanding
         anything in this Agreement to the contrary, in the event any
         jurisdiction in which the securities shall be qualified imposes a
         non-waivable requirement that expenses incurred in connection with the
         qualification of the securities be borne by selling shareholders, the
         expenses shall be payable pro rata by the selling shareholders.

8.       Piggyback Registration.

8.1.     Notice of Piggyback Registration and Inclusion of Registrable
         Securities. Subject to the terms of this Agreement, if the Company
         decides to Register any of its Ordinary Shares (either for its own
         account or the account of a security holder or holders exercising their
         respective demand registration rights) on a form that would be suitable
         for a Registration involving solely Registrable Securities, the Company
         shall: (a) promptly give each Holder written notice thereof (which
         shall include a list of the jurisdictions in which the Company intends
         to attempt to qualify those securities under the applicable Blue Sky or
         other securities laws); and (b) include in that Registration (and any
         related qualification under Blue Sky laws or other compliance), and in
         any underwriting involved therein, all the Registrable Securities
         specified in a written request delivered to the Company by any Holder
         within 20 days after delivery of the written notice from the Company.

8.2.     Underwriting in Piggyback Registration.

(a)      Notice of Underwriting in Piggyback Registration. If the Registration
         of which the Company gives notice is for a Registered public offering,
         involving an underwriting, the Company shall so advise the Holders as a
         part of the written notice given pursuant to Section 8. In this event,
         the right of any Holder to Registration shall be conditioned upon the
         underwriting and the inclusion of that Holder's Registrable Securities
         in the underwriting, to the extent provided in this Section 8. All
         Holders proposing to distribute

                                       13
<PAGE>

         their securities through the underwriting shall (together with the
         Company and the other holders distributing their securities through the
         underwriting) enter into an underwriting agreement with the
         Underwriter's Representative for that offering. The Holders shall have
         no right to participate in the selection of the underwriters for an
         offering pursuant to this Section 8.

(b)      Marketing Limitation in Piggyback Registration. In the event the
         Underwriter's Representative advises the Holders seeking Registration
         of Registrable Securities pursuant to this Section 8 in writing that
         market factors (including, without limitation, the aggregate number of
         shares of Ordinary Shares requested to be Registered, the general
         condition of the market, and the status of the persons proposing to
         sell securities pursuant to the Registration) require a limitation of
         the number of shares to be underwritten, the Underwriter's
         Representative (subject to the allocation priority set forth in Section
         8.2(c)) may:

         (i)      In the case of the Company's initial Registered public
                  offering, exclude some or all Registrable Securities from the
                  Registration and underwriting; and

         (ii)     In the case of any Registered public offering subsequent to
                  the initial public offering, exclude some or all Registrable
                  Securities held by the Existing Shareholders from Registration
                  and underwriting and limit the number of shares of Registrable
                  Securities to be included in the Registration and
                  underwriting, to not more than 25% of the securities included
                  in the Registration.

(c)      Allocation of Shares in Piggyback Registration. In the event that the
         Underwriter's Representative limits the number of shares to be included
         in a Registration pursuant to Section 8.2(b), the number of shares to
         be included in the Registration shall be allocated (subject to Section
         8.2(b)) as set forth in this Section 8.2(c). The Registrable Securities
         held by officers and directors of the Company and the Existing
         Shareholders shall be excluded from the Registration and underwriting
         to the extent required by the limitation. If a limitation of the number
         of shares is still required after this exclusion, the number of shares
         that may be included in the Registration and underwriting by selling
         shareholders shall be allocated among all other Holders and other
         holders of securities (other than Registrable Securities) requesting
         and legally entitled to include securities in that Registration, in
         proportion, as nearly as practicable, to the respective amounts of
         securities (including Registrable Securities) which the Holders and the
         other holders would otherwise be entitled to include in the
         Registration. For any Registration subsequent to an initial public
         offering, the number of Registrable Securities that may be included in
         the Registration and underwriting under Section 8.2(c) shall not be
         reduced to less than 10% of the aggregate securities included in the
         Registration without the prior consent of at least a majority of the
         Holders who have requested their shares be included in the Registration
         and underwriting. No Registrable Securities or other securities
         excluded from the underwriting by reason of this Section 8.2(c) shall
         be included in the Registration Statement.

(d)      Withdrawal in Piggyback Registration. If any Holder disapproves of the
         terms of any

                                       14
<PAGE>

         underwriting, the Holder may elect to withdraw therefrom by written
         notice to the Company and the Underwriter's Representative delivered at
         least three days prior to the effective date of the Registration
         Statement. Any Registrable Securities or other securities excluded or
         withdrawn from the underwriting shall be withdrawn from the
         Registration.

9. Expenses of Registration. All Registration Expenses incurred in connection
with one Registration pursuant to Section 7.2 and unlimited Registrations
pursuant to Sections 7.3 and 8, shall be borne by the Company, and the Company
shall bear the reasonable fees of a single counsel for the selling Holders in
the Registrations. All Registration Expenses incurred in connection with any
other Registration, qualification, or compliance, shall be apportioned among the
Holders and other holders, including the Company, of the securities so
Registered on the basis of the number of shares Registered.

10. Termination of Registration Rights. The rights to cause the Company to
Register securities granted under Sections 7 and 8 of this Agreement and to
receive notices pursuant to Section 8 of this Agreement, shall terminate, with
respect to each Holder, on the earliest of: (a) the date five years after the
closing date of the Company's initial public offering of securities pursuant to
a Registration Statement; (b) after the Company's initial public offering of
securities pursuant to a Registration Statement, upon that Holder holding less
than 1% of the total outstanding Ordinary Shares of the Company; and (c) if that
Holder is eligible to sell all of that Holder's Registrable Securities either
(i) under Rule 144 of the Securities Act within any three month period without
volume limitations, or (ii) under Rule 144(k) of the Securities Act, or (iii)
for a Registration in a jurisdiction other than the United States, under a
comparable provision of that jurisdiction's securities laws.

11. Registration Procedures and Obligations. Whenever required under this
Agreement to effect the Registration of any Registrable Securities, the Company
shall, as expeditiously as reasonably possible:

(a)      Prepare and file with the Commission (or comparable regulatory agency
         for a Registration in a jurisdiction other than the United States) a
         Registration Statement with respect to those Registrable Securities and
         use its reasonable best efforts to cause that Registration Statement to
         become effective, and, upon the request of the Holders of a majority of
         the Registrable Securities Registered thereunder, keep the Registration
         Statement effective for up to 120 days;

(b)      Prepare and file with the Commission (or comparable regulatory agency
         for a Registration in a jurisdiction other than the United States),
         amendments and supplements to that Registration Statement and the
         prospectus used in connection with the Registration Statement as may be
         necessary to comply with the provisions of the Securities Act (or other
         applicable law in a jurisdiction other than the United States) with
         respect to the disposition of all securities covered by the
         Registration Statement;

(c)      Furnish to the Holders the number of copies of a prospectus, including
         a preliminary prospectus, required by the Securities Act (or other
         applicable law in a jurisdiction other than the United States), and any
         other documents as they may reasonably request in order

                                       15
<PAGE>

         to facilitate the disposition of Registrable Securities owned by them;

(d)      Use its reasonable best efforts to Register and qualify the securities
         covered by the Registration Statement under the securities or Blue Sky
         laws of any other jurisdictions as shall be reasonably requested by the
         Holders, provided that the Company shall not be required to qualify to
         do business or file a general consent to service of process in any such
         states or jurisdictions, and provided further that in the event any
         jurisdiction in which the securities shall be qualified imposes a
         non-waivable requirement that expenses incurred in connection with the
         qualification of the securities be borne by selling shareholders, those
         expenses shall be payable pro rata by selling shareholders;

(e)      In the event of any underwritten public offering, enter into and
         perform its obligations under an underwriting agreement, in usual and
         customary form, with the managing underwriter of the offering. Each
         Holder participating in the underwriting shall also enter into and
         perform its obligations under such an agreement;

(f)      Notify each Holder of Registrable Securities covered by the
         Registration Statement at any time when a prospectus relating thereto
         is required to be delivered under the Securities Act of the happening
         of any event as a result of which the prospectus included in the
         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 the light of the circumstances then existing;

(g)      Provide a transfer agent and registrar for all Registrable Securities
         Registered pursuant to the Registration Statement and a CUSIP number
         for all those Registrable Securities, in each case not later than the
         effective date of the Registration;

(h)      Furnish, at the request of any Holder requesting Registration of
         Registrable Securities pursuant to this Agreement, on the date that
         Registrable Securities are delivered for sale in connection with a
         Registration pursuant to this Agreement, (i) an opinion, dated the date
         of the sale, of the counsel representing the Company for the purposes
         of the Registration, in form and substance as is customarily given to
         underwriters in an underwritten public offering, and (ii) a letter
         dated the date of the sale, from the independent certified public
         accountants of the Company, in form and substance as is customarily
         given by independent certified public accountants to underwriters in an
         underwritten public offering, addressed to the underwriters; and

(i)      Take all reasonable action necessary to list the Registrable Securities
         on the primary exchange upon which the Company's securities are then
         traded.

12. Information Furnished by Holder. It shall be a condition precedent of the
Company's obligations under this Agreement that each Holder of Registrable
Securities included in any Registration furnish to the Company information
regarding the Holder and the distribution proposed by the Holder as the Company
may reasonably request.

13.      Indemnification.

                                       16
<PAGE>

13.1.    Company's Indemnification of Holders. To the extent permitted by law,
         the Company shall indemnify each Holder, each of its officers,
         directors, and constituent partners, legal counsel for the Holders, and
         each person controlling that Holder, with respect to which
         Registration, qualification, or compliance of Registrable Securities
         has been effected pursuant to this Agreement, and each underwriter, if
         any, and each person who controls any underwriter against all claims,
         losses, damages, liabilities, or actions in respect thereof
         (collectively, "Damages") to the extent the Damages arise out of or are
         based upon any untrue statement (or alleged untrue statement) of a
         material fact contained in any prospectus or other document (including
         any related Registration Statement) incident to any Registration,
         qualification, or compliance, or are based on any 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
         any violation by the Company of any rule or regulation promulgated
         under the Securities Act, Exchange Act, applicable Blue Sky laws, or
         any other applicable laws in the jurisdiction other than the United
         States in which the Registration occurred, applicable to the Company
         and relating to action or inaction required of the Company in
         connection with such Registration, qualification, or compliance, and
         the Company shall reimburse each Holder, each underwriter, and each
         person who controls any Holder or underwriter, for any legal and any
         other expenses reasonably incurred in connection with investigating or
         defending any such claim, loss, damage, liability, or action; provided,
         however, that the indemnity contained in this Section 13.1 shall not
         apply to amounts paid in settlement of any Damages if such settlement
         is effected without the consent of the Company (which consent shall not
         unreasonably be withheld); and provided, further, that the Company will
         not be liable in any case to the extent that any Damages arise out of
         or are based upon any untrue statement or omission based upon written
         information furnished to the Company by a Holder, underwriter, or
         control person of a Holder or underwriter and stated to be for use in
         connection with the offering of securities of the Company.

13.2.    Holder's Indemnification of Company. To the extent permitted by law,
         each Holder shall, if Registrable Securities held by that Holder are
         included in the securities as to which Registration, qualification or,
         compliance is being effected pursuant to this Agreement, indemnify the
         Company, each of its directors and officers, each legal counsel and
         independent accountant of the Company, each underwriter, if any, of the
         Company's securities covered by the Registration Statement, each person
         who controls the Company or underwriter within the meaning of the
         Securities Act, and each other Holder, each of its officers, directors,
         and constituent partners, and each person controlling the other Holder,
         against all Damages arising out of or based upon any untrue statement
         (or alleged untrue statement) of a material fact contained in any
         Registration Statement, prospectus, offering circular, or other
         document, or any 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 any violation by the Holder of
         any rule or regulation promulgated under the Securities Act, Exchange
         Act, applicable Blue Sky laws, or any other applicable laws in the
         jurisdiction other than the United States in which the Registration
         occurred, applicable to the Holder and relating to action or inaction
         required of the Holder in connection with such Registration,
         qualification, or compliance, and

                                       17
<PAGE>

         shall reimburse the Company, other Holders, directors, officers,
         partners, persons, law and accounting firms, underwriters or each of
         their control persons for any legal and any other expenses reasonably
         incurred in connection with investigating or defending any claim, loss,
         damage, liability, or action, in each case to the extent, but only to
         the extent, that the untrue statement (or alleged untrue statement) or
         omission (or alleged omission) is made in that Registration Statement,
         prospectus, offering circular, or other document in reliance upon and
         in conformity with written information furnished to the Company by that
         Holder and stated to be specifically for use in connection with the
         offering of securities of the Company, provided, however, that the
         indemnity contained in this Section 13.2 shall not apply to amounts
         paid in settlement of any Damages if such settlement is effected
         without the consent of that Holder (which consent shall not be
         unreasonably withheld) and provided, further, that each Holder's
         liability under this Section 13.2 shall not exceed the proceeds (less
         underwriting discounts and selling commissions) received by such Holder
         from the offering of securities made in connection with that
         Registration.

13.3.    Indemnification Procedure. Promptly after receipt by an indemnified
         party under this Section 13 of notice of the commencement of any
         action, the indemnified party shall, if a claim is to be made against
         an indemnifying party under this Section 13, notify the indemnifying
         party in writing, of the commencement thereof and generally summarize
         the action. The indemnifying party shall have the right to participate
         in and to assume the defense of that claim; provided, however, that the
         indemnifying party shall be entitled to select counsel for the defense
         of the claim with the approval of any parties entitled to
         indemnification, which approval shall not be unreasonably withheld;
         provided further, however, that if either party reasonably determines
         that there may be a conflict between the position of the Company and
         the Shareholders in conducting the defense of the action, suit, or
         proceeding, then counsel for that party shall be entitled to conduct
         the defense to the extent reasonably determined by counsel to be
         necessary to protect the interests of that party. The failure to notify
         an indemnifying party promptly of the commencement of any action, if
         prejudicial to the ability of the indemnifying party to defend the
         action, shall relieve the indemnifying party, to the extent so
         prejudiced, of any liability to the indemnified party under this
         Section 13, but the omission to notify the indemnifying party shall not
         relieve the party of any liability that the party may have to any
         indemnified party otherwise than under this Section 13.

13.4.    Contribution. If the indemnification provided for in this Section 13 is
         held by a court of competent jurisdiction to be unavailable to an
         indemnified party with respect to any Damages, then the indemnifying
         party, in lieu of indemnifying the indemnified party hereunder, shall
         contribute to the amount paid or payable by the indemnified party as a
         result of those Damages in such proportion as is appropriate to reflect
         the relative fault of the indemnifying party, on one hand, and of the
         indemnified party, on the other hand, in connection with the statements
         or omissions that resulted in Damages as well as any other relevant
         equitable considerations. The relative fault of the indemnifying party
         and of the indemnified party shall be determined by reference to, among
         other things, whether the untrue or alleged untrue statement of a
         material fact or the omission to state a material fact relates to
         information supplied by the indemnifying or the indemnified party and
         the

                                       18
<PAGE>

         parties' relative intent, knowledge, access to information, and
         opportunity to correct or prevent the statement or omission.

13.5.    Conflicts. Notwithstanding the foregoing, to the extent that provisions
         on indemnification and contribution contained in the underwriting
         agreement entered into in connection with the underwritten public
         offering are in conflict with the foregoing provisions, the provisions
         in the underwriting agreement shall control.

13.6     Each Holder hereby agrees that, if requested by the Company and the
         Underwriter's Representative (if any) in connection with the Company's
         initial public offering, the Holder shall not sell, make any short sale
         of, loan, grant any option for the purchase of, or otherwise transfer
         or dispose of any Registrable Securities or other securities of the
         Company without the prior written consent of the Company and the
         Underwriter's Representative for such period of time (not to exceed 180
         days) following the effective date of a Registration Statement of the
         Company filed under the Securities Act (or other applicable law in a
         jurisdiction other than the United States in which a Registration
         occurred) as may be requested by the Underwriter's Representative. The
         obligations of Holders under this Section 13.6 shall be conditioned
         upon similar agreements being in effect with each other shareholder who
         is an officer, director, or 5% shareholder of the Company.

13.7.    Survival of Obligations. The obligations of the Company and Holders
         under this Section 13 shall survive the completion of any offering of
         Registrable Securities in a Registration Statement under this Agreement
         or otherwise.

14. Reports Under the Exchange Act. With a view to making available to Holders
the benefits of Rule 144 promulgated under the Securities Act and any other rule
or regulation of the Commission that may at any time permit a Holder to sell
securities of the Company to the public without Registration or pursuant to a
Registration on Form F-3, the Company agrees to:

(a)      use its reasonable efforts to make and keep public information
         available, as those terms are understood and defined in Rule 144, at
         all times after 90 days after the effective date of the first
         Registration Statement filed by the Company for the offering of its
         securities to the public;

(b)      take all reasonable action, including the voluntary Registration of its
         Ordinary Shares under Section 12 of the Exchange Act, necessary to
         enable the Holders to utilize Form F-3 for the sale of their
         Registrable Securities, such action to be taken as soon as practicable
         after the end of the fiscal year in which the first Registration
         Statement filed by the Company for the offering of its securities to
         the general public is declared effective;

(c)      use its reasonable efforts to file with the Commission in a timely
         manner all reports and other documents required of the Company under
         the Securities Act and the Exchange Act;

                                       19
<PAGE>

(d)      use its reasonable efforts to furnish to any Holder, so long as the
         Holder owns any Registrable Securities, promptly upon request (i) a
         written statement by the Company that it has complied with the
         reporting requirements of Rule 144 (at any time after 90 days after the
         effective date of the first Registration Statement filed by the
         Company) or of the Securities Act and the Exchange Act (at any time
         after it has become subject to those reporting requirements), or that
         it qualifies as a registrant whose securities may be resold pursuant to
         Form F-3 (at any time after it so qualifies); (ii) a copy of the most
         recent annual or quarterly report of the Company and any other reports
         and documents filed by the Company; and (iii) any other information as
         may be reasonably requested in availing any Holder of any rule or
         regulation of the Commission which permits the selling of any
         securities without Registration or pursuant to that form; and

(e)      use its reasonable efforts for a Registration in a jurisdiction other
         than the United States, take actions similar to those set forth in
         paragraphs (a), (b), (c) and (d) of this Section 14 with a view to
         making available to Holders the benefits of the corresponding provision
         or provisions of that jurisdiction's securities laws.

15. Transfer of Rights. The rights under Sections 3, 4, 5, 7 and 8 may be
assigned by any Holder to a transferee or assignee of any Convertible Securities
or Registrable Securities not sold to the public, which acquires at least 25% of
the total shares of the Holder's Registrable Securities, provided that such
assignee or transferee agrees in writing to be bound by Section 13.6 as if it
were a Holder for purposes of that section. Notwithstanding the limitation set
forth in the foregoing sentence respecting the minimum number of shares which
must be transferred, (i) any Holder which is a partnership may transfer that
Holder's Registration rights to that Holder's constituent partners without
restriction as to the number or percentage of shares acquired by any constituent
partner; and (ii) any Preference Shareholder may transfer its Registration
rights to its Affiliate or Subsidiaries.

16.      Miscellaneous.

16.1.    Governing Law. This Agreement shall be governed by, and construed in
         accordance with, the laws of the Hong Kong SAR, excluding those laws
         that direct the application of the laws of another jurisdiction.

16.2.    Counterparts and Facsimile Execution. This Agreement may be executed in
         two or more counterparts, each of which shall be deemed an original,
         but all of which together shall constitute one and the same instrument.
         Any counterpart or other signature delivered by facsimile shall be
         deemed for all purposes as being a good and valid execution and
         delivery of this Agreement by that party.

16.3.    Headings. The headings of the Sections of this Agreement are for
         convenience and shall not by themselves determine the interpretation of
         this Agreement.

16.4.    Notices. Any notice required or permitted by this Agreement shall be
         given in writing and shall be conclusively deemed effectively given
         upon personal delivery or delivery by courier, or on the first business
         day after transmission if sent by confirmed facsimile

                                       20
<PAGE>

         transmission, or 15 days after deposit in the official mails of the
         jurisdiction of mailing, by registered or certified mail, postage
         prepaid, addressed: (a) if to the Company, as set forth below the
         Company's name on the signature page of this Agreement; (b) if to a
         Shareholder, at that Shareholder's address (and any additional
         addresses) as set forth on Exhibit A to this Agreement; or (c) at such
         other address as the Company or that Shareholder may designate by 15
         days' advance written notice to all other parties to this Agreement.

16.5.    Amendment of Agreement. Any provision of this Agreement may be amended
         only by a written instrument signed by the Company and by persons
         holding at least two-thirds of the Registrable Securities (calculated
         on an as-converted basis).

16.6.    Severability. In case any provision of this Agreement shall be invalid,
         illegal, or unenforceable, the validity, legality, and enforceability
         of the remaining provisions shall not in any way be affected or
         impaired thereby.

16.7.    Entire Agreement; Successors and Assigns. This Agreement constitutes
         the entire contract among the Company and the Shareholders relative to
         the subject matter of this Agreement, and shall supersede any previous
         agreement between the Company and any Shareholder concerning the
         subject matter of this Agreement. Subject to the exceptions
         specifically set forth in this Agreement, the terms and conditions of
         this Agreement shall inure to the benefit of and be binding upon the
         respective executors, administrators, heirs, successor, and assigns of
         the parties.

16.8     Each Shareholder agrees not to make any disposition of all or any
         portion of the Convertible Securities and unregistered Ordinary Shares
         except (i) pursuant to an effective registration statement under the
         Securities Act or (ii) in a transaction exempt from such registration
         requirements, in each case in compliance with other applicable
         securities laws, and unless and until the transferee has agreed in
         writing for the benefit of the Company to be bound by this Section 17.8
         as if it were a Shareholder. Such Shareholder shall advise the Company
         of any proposed disposition and, if requested by the Company, such
         Shareholder shall furnish the Company with an opinion of counsel,
         reasonably satisfactory to the Company, that such disposition will not
         require registration of such securities under the Securities Act or
         other applicable securities regulations prior to the completion of the
         disposition.

16.9     Lock-Up. Each Shareholder hereby agrees for itself and its transferees
         that, if requested by the Company and the Underwriter's Representative
         (if any) in connection with the Company's initial public offering,
         neither it nor its transferees will sell, make any short sale of, loan,
         grant any option for the purchase of, or otherwise transfer or dispose
         of any Registrable Securities or other securities of the Company
         without the prior written consent of the Company and the Underwriter's
         Representative for such period of time (not to exceed 180 days)
         following the effective date of a Registration Statement of the Company
         filed under the Securities Act (or other applicable law in a
         jurisdiction other than the United States in which a Registration
         occurred) as may be requested by the Underwriter's Representative. The
         obligations of Holders under this Section 17.9 shall

                                       21
<PAGE>

         be conditioned upon similar agreements being in effect with each other
         shareholder who is an officer, director of the Company or Existing
         Shareholders.

16.10    Non-Competition. The Founders shall not, and shall cause their
         Affiliates and Subsidiaries not to, manage or involve in the business
         or operations, either directly or indirectly, of any Person engaged in
         any business which is similar or competes with the business or
         operations of the Company or the WFOE.

16.11    Assignment. The Preference Shareholders shall be entitled to transfer
         all or any portion of the Preference Shares to any of its Affiliates
         and Subsidiaries. Such Preference Shareholders shall provide notice of
         such transfer to the Company and other Shareholders stating the name
         and the address of the assignee and identifying the securities of the
         Company being transferred.

                                       22
<PAGE>

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

PTV-CHINA, INC.

by: /s/ Gongquan Wang
   __________________________________

Address: COFCO Plaza, Tower A, Room 616
         No. 8 Jianguomentnei Dajie
         Beijing  100005
         P. R. China

VERTEX TECHNOLOGY FUND (III) LTD.

by: /s/ Lee Kheng Nam
   __________________________________

Address: 77 Science Park Drive
         #02-15 Cintech III
         Singapore Science Park
         Singapore  118256

CAST HOLDINGS, INC.

BY: /s/ Wenzhong Zhang
   __________________________________

ADDRESS: Unit 6&7, 12th Floor,
         New Victory House,
         93-103 Wing Lok Street,
         Sheung Wan, Hong Kong

NORMART ENTERPRISES, INC.

BY: /s/ Yuan Tian
   __________________________________

ADDRESS: 508 Everett Ave.,
         Suite B,
         Monterey Park, CA 91755
         U.S.A

                                       23
<PAGE>

CHINA FINANCE ONLINE CO., LTD.

BY: /s/ Xinzheng Wang
   __________________________________

ADDRESS: Unit C, 8/F., East Wing,
         Sincere Insurance Building,
         4-6 Hennessy Road, Hong Kong

FOUNDERS OF THE COMPANY

BY: /s/ Xinzheng Wang
   __________________________________

FOR AND ON BEHALF OF

MR. CEN ANBIN
ADDRESS: 22# - 5 Fuwai Dajie,
         Beijing, China 10003

MR. ZOU QIXIONG
ADDRESS: 2nd Floor, Wuyang New City Plaza,
         Siyou New Rd., Guangzhou
         P.R.China

MR. LIN GANG
ADDRESS: 2nd Floor, Wuyang New City Plaza,
         Siyou New Rd., Guangzhou
         P.R.China

MR. ZHANG LIBO
ADDRESS: Rm.201 2/F Ping'an Mansion,
         No.23 Financial Street
         Xicheng District, Beijing
         P.R.China 100032

MR. NING JUN
ADDRESS: Rm.201 2/F Ping'an Mansion,
         No.23 Financial Street
         Xicheng District, Beijing
         P.R.China 100032

                                       24
<PAGE>

MR. WANG XINZHENG
ADDRESS: Rm.201 2/F Ping'an Mansion,
         No.23 Financial Street
         Xicheng District, Beijing
         P.R.China 100032

MR. FAN ZHONGKUI
ADDRESS: Rm.201 2/F Ping'an Mansion,
         No.23 Financial Street
         Xicheng District, Beijing
         P.R.China 100032

MR. ZHENG CHANGQING

BY: /s/ Zheng Changqing
   __________________________________

ADDRESS: Rm 2101 - 2, Arion Comm Center,
         2 - 12 Queen's Rd West, Hong Kong

                                       25

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