Document:

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                                                                    Exhibit 10.5

                             1997 STOCK OPTION PLAN
                            OF CREDITSOURCE USA, INC.

                  (FORMERLY KNOWN AS LEWISBURG VENTURES, INC.)

1.       ESTABLISHMENT, PURPOSE AND TYPES OF AWARDS

         CreditSource USA, Inc. (the "Company") hereby establishes the
CreditSource USA, Inc. 1997 Stock Option Plan (the "Plan"). The purpose of the
Plan is to promote the long-term growth and profitability of the Company by (i)
providing key people with incentives to improve stockholder value and to
contribute to the growth and financial success of the Company, and (ii) enabling
the Company to attract, retain and reward the best available persons for
positions of substantial responsibility.

         The Plan permits the granting of stock options (including incentive
stock options qualifying under Section 422 of the Code and nonqualified stock
options) in any combination (collectively, "Options").

2.       DEFINITIONS

         Under the Plan, except where !he context otherwise indicates, the
following definitions apply:

         (a) "Affiliate" shall mean any entity, whether now or hereafter
existing, that controls, is controlled by, or is under common control with, the
Company (including, but not limited to, joint ventures, limited liability
companies, and partnerships). For this purpose, "control" shall mean ownership
of 50% or more of the voting power of the entity.

         (b) "Board" shall mean the Board of Directors of the Company.

         (c) "Change in Control" shall mean (i) any sale, exchange or other
disposition of all or substantially all of the Company's assets; or (ii) any
merger, share exchange, consolidation or other reorganization or business
combination in which the Company is not the surviving or continuing corporation,
or in which the Company's stockholders become entitled to receive cash,
securities of the Company other than voting common stock, or securities of
another issuer.
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         (d) "Code" shall mean the Internal Revenue Code of 1986, as amended,
and any regulations promulgated thereunder.

         (e) "Committee" shall mean the Board or committee of Board members
appointed pursuant to Section 3 of the Plan to administer the Plan.

         (f) "Common Stock" shall mean shares of the Company's common stock par
value of one cent ($0.01) per share.

         (g) "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended.

         (h) "Fair Market Value" of a share of the Common Stock for any purpose
on a particular date shall be determined in a manner such as the Board or the
Committee as applicable, shall in good faith determine to be appropriate;
provided, however, that in the case of incentive stock options, the
determination of Fair Market Value shall be made by the Committee in good faith
in conformance with the Treasury Regulations under Section 422 of the Code.

         (i) "Grant Agreement" shall mean a written agreement between the
Company and a grantee memorializing the terms and conditions of an Option
granted pursuant to the Plan.

         (j) "Grant Date" shall mean the date on which the Committee formally
acts to grant an Option to a grantee or such other date as the Committee shall
so designate at the time of taking such formal action.

         (k) "Grantee" shall mean a person granted an Option pursuant to the
Plan.

         (l) "Parent" shall mean a corporation, whether now or hereafter
existing, within the meaning of the definition of "parent corporation" provided
in Section 424(e) of the Code, or any successor thereto of similar import.

         (m) "Rule 16b-3" shall mean Rule 16b-3 as in effect under the Exchange
Act on the effective date of the Plan, or any successor provision prescribing
conditions necessary to exempt the issuance of securities under the Plan (and
further transactions in such securities) from Section 16(b) of the Exchange Act.

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         (n) "Subsidiary" and "Subsidiaries" shall mean only a corporation or
corporations, whether now or hereafter existing, within the meaning of the
definition of "subsidiary corporation" provided in Section 424(f) of the Code,
or any successor thereto of similar import.

3.       ADMINISTRATION

         (a) Procedure. The Plan shall be administered by the Board. In the
alternative, the Board may appoint a Committee consisting of not less than two
(2) members of the Board to administer the Plan on behalf of the Board, subject
to such terms and conditions as the Board may prescribe. Once appointed, the
Committee shall continue to serve until otherwise directed by the Board. From
time to time, the Board may increase the size of the Committee and appoint
additional members thereof, remove members (with or without cause) and appoint
new members in substitution therefor, fill vacancies, however caused, and remove
all members of the Committee and, thereafter, directly administer the Plan. In
the event that the Board is the administrator of the Plan in lieu of a
Committee, the term "Committee" as used herein shall be deemed to mean the
Board.

                  Members of the Board or Committee who are either eligible for
awards of stock options ("Awards") or have been granted Awards may vote on any
matters affecting the administration of the Plan or the grant of Awards pursuant
to the Plan, except that no such member shall act upon the granting of an Award
to himself or herself, but any such member may be counted in determining the
existence of a quorum at any meeting of the Board or the Committee during which
action is taken with respect to the granting of an Award to him or her.

                  The Committee shall meet at such times and places and upon
such notice as it may determine. A majority of the Committee shall constitute a
quorum. Any acts by the Committee may be taken at any meeting at which a quorum
is present and shall be by majority vote of those members entitled to vote.
Addition ally, any acts reduced to writing or approved in writing by all of the
members of the Committee shall be valid acts of the Committee.

         (b) Procedure After Registration of Common Stock. Notwithstanding
anything to the contrary contained in the provisions of subsection (a) above, in
the event that the Common Stock or any other capital stock of the Company
becomes registered under Section 12 of the Exchange Act, the members of the
Committee shall be both "Non-Employee Directors" within the meaning of Rule
16b-3 and, to

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the extent that the Board has resolved to take actions necessary to enable
compensation arising with respect to Awards under the Plan to constitute
performance-based compensation for purposes of Section 162(m) of the Code,
"outside directors" within the meaning of Section 162(m) of the Code.

         (c) Powers of the Committee. The Committee shall have all the powers
vested in it by the terms of the Plan, such powers to include authority, in its
sole and absolute discretion, to grant Options under the Plan, prescribe Grant
Agreements evidencing such Options and establish programs for granting Options.
The Committee shall have full power and authority to take all other actions
necessary to carry out the purpose and intent of the Plan, including, but not
limited to, the authority to:

                  (i) determine the eligible persons to whom, and the time or
         times at which, Options shall be granted;

                  (ii) determine the types of Options to be granted;

                  (iii) determine the number of shares to be covered by each
         Option;

                  (iv) impose such terms, limitations, restrictions and
         conditions upon any such Option as the Committee shall deem
         appropriate;

                  (v) modify, extend or renew outstanding Options, accept the
         surrender of outstanding Options and substitute new Options;

                  (vi) accelerate or otherwise change the time in which an
         Option may be exercised or becomes payable and to waive or accelerate
         the lapse, in whole or in part, of any restriction or condition,
         respect to such Option, including, but not limited to, any restriction
         or condition with respect to the vesting or exercisability of an Option
         following termination of any grantee's employment; and

                  (vii) to establish objectives and conditions, if any, for
         earning the grant of an Option and determining whether Options will be
         granted after the end of a performance period.

The Committee shall have full power and authority to administer and interpret
the Plan and to adopt such rules, regulations, agreements, guidelines and
instruments for the administration of the Plan and for the conduct of its
business as the Committee

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deems necessary or advisable and to interpret same, all within the Committee's
sole and absolute discretion.

         (d) Limited Liability. To the maximum extent permitted by law, no
member of the Board or Committee shall be liable for any action taken or
decision made in good faith relating to the Plan or any Option thereunder.

         (e) Indemnification. To the maximum extent permitted by law and the
Company's charter or by-laws, the members of the Board and Committee shall be
indemnified by the Company in respect of all their activities under the Plan.

         (f) Effect of Committee's Decision. All actions taken and decisions and
determinations made by the Committee on all matters relating to the Plan
pursuant to the powers vested in it hereunder shall be in the Committee's sole
and absolute discretion and shall be conclusive and binding on all parties
concerned, including the Company, its stockholders, any participants in the Plan
and any other employee of the Company, and their respective successors in
interest.

4.       SHARES AVAILABLE FOR THE PLAN

         Subject to adjustments as provided in SECTION 11 of the Plan, the
shares of stock that may be delivered or purchased with respect to Options
granted under the Plan, including with respect to incentive stock options
intended to qualify under Section 422 of the Code, shall not exceed an aggregate
300 shares of Common Stock of the Company. The Company shall reserve said number
of shares for Options under the Plan, subject to adjustments as provided in
SECTION 11 of the Plan. If any Option, or portion of an Option, under the Plan
expires or terminates unexercised, becomes unexercisable or is forfeited or
otherwise terminated, surrendered or canceled as to any shares without the
delivery of shares of Common Stock or other consideration, the shares subject to
such Option shall thereafter be shares with respect to which further Options may
be granted under the Plan.

5.       PARTICIPATION

         Participation in the Plan shall be open to all employees, directors,
officers and consultants of the Company, or of any Affiliate of the Company, as
may be selected by the Committee from time to time. Notwithstanding the
foregoing, participation in the Plan with respect to grants of incentive stock
options shall be limited to employees of the Company or of any Parent or
Subsidiary of the Company.

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         Options may be granted to such eligible persons and for such number of
shares of Common Stock as the Committee shall determine, subject to the
limitations in SECTION 4 of the Plan. A grant of any type of Option made in any
one year to an eligible person shall neither guarantee nor preclude a further
grant of that or any other type of Option to such person in that year or
subsequent years.

6.       VESTING

         Unless earlier terminated pursuant to the provisions of the Plan or the
Grant Agreement, a portion of each Option shall become vested in accordance with
the vesting schedule qualified in the Grant Agreement; provided, however, that
vesting of any Option that is time-based only (i.e., such option vests only
through the passage of time and does not contain any performance-based vesting
criteria) shall be accelerated so that the unvested portion of the Option shall
become fifty percent (50%) vested in the grantee upon any Change in Control of
the Company.

7.       TERMINATION OF OPTIONS

         (a) Upon Termination of Employment or Service Relationship for Reason
Other Than Death, Disability or Retirement. Unless earlier terminated pursuant
to the provisions of the Plan or the Grant Agreement, Options shall terminate in
their entirety, whether vested in whole or in part, ninety (90) days after the
date the Grantee is no longer employed by, nor in a service relationship with,
the Company and its affiliates for any reason other than the Grantee's death,
Disability, or Retirement. Notwithstanding the foregoing, a Grantee's Options
shall terminate in their entirety, whether vested in whole or in part, upon
termination, of the employment or service relationship of the Grantee by the
Company or an affiliate for "cause". If a Grantee is a party to a written
employment agreement with the Company or an affiliate which contains a
definition of "cause", "termination for cause" or any other similar term or
phrase, whether such Grantee is terminated for "cause" pursuant to this SECTION
7(a) shall be determined according to the terms of and in a manner consistent
with the provisions of such written employment agreement. If a Grantee is not
party to such a written employment agreement with the Company or an affiliate,
then, for purposes of this SECTION 7(a), "cause" shall mean (i) any
substantiated act by Grantee involving dishonesty or bad faith against the
Company or an affiliate, or any act or omission that demonstrates a lack of
integrity of Grantee with respect to the Company or an affiliate; (ii) Grantee
engaging in acts or omissions that demonstrably and materially injure the
business and affairs of the Company or an affiliate, monetarily or otherwise;
(iii) breach or threatened breach by Grantee of any

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non-competition or confidentiality agreement entered into between Grantee and
the Company or its affiliate; (iv) chronic use of alcohol, drugs or other
similar substances affecting Grantee's work performance; or (v) Grantee being
convicted of, or pleading guilty or no lo contendere to, or being indicted for a
felony or other crime involving theft, fraud or moral turpitude. The good faith
determination by the Committee of whether Grantee's employment or service
relationship was terminated by the Company for "cause" shall be final and
binding for all purposes hereunder.

         (b) Upon Grantee's Death. Unless earlier terminated pursuant to the
provisions of the Plan or the Grant Agreement, upon a Grantee's death Grantee's
executor, personal representative, or the person to whom Options shall have been
transfered by will or the laws of descent and distribution, as the case may be,
may exercise all or any part of outstanding Options with respect to shares of
Common Stock as to which the Options are vested as of Grantee's date of death,
provided such exercise occurs within one (1) year after the date of Grantee's
death, but not later than the end of the stated term of the Option. If not
earlier terminated, Options shall terminate upon expiration of the one-year
period immediately following a Grantee's death.

         (c) Upon Termination of Employment or Service Relationship by Reason of
Disability or Retirement. Unless earlier terminated pursuant to the provisions
of the Plan or the Grant Agreement, in the event that a Grantee ceases, by
reason of Disability or Retirement, to be an employee of or in a service
relationship with the Company or an affiliate, the vested portion of an
outstanding Option may be exercised in whole or in part at any time within one
(1) year after the date of Disability or Retirement, as the case may be, but not
later than the end of the stated term of the Option. If not earlier terminated,
Options shall terminate upon expiration of the one-year period immediately
following a Grantee's Disability or Retirement, as the case may be. For purposes
of the Plan, "Disability" shall mean the inability to engage in any substantial
gainful activity by reason of any medically determinable physical or mental
impairment which can be expected to result in death or which has lasted or can
be expected to for a continuous period of not less than twelve (12) months. The
Committee may require such proof of Disability as the Committee in its sole
discretion deems appropriate and the Committee's determination as to whether
Grantee is Disabled shall be final and binding on all parties concerned. For
purposes of the Plan, "Retirement" shall mean termination of employment or
service, other than for cause, on or after attainment of age 65.

8.       STOCK OPTIONS

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         Subject to the other applicable provisions of the Plan, the Committee
may from time to time grant to eligible participants awards of incentive stock
options as that term is defined in Section 422 of the Code or nonqualified stock
options. The Option awards granted shall be subject to the following terms and
conditions.

         (a) Grant of Option. The grant of an Option shall be evidenced by a
Grant Agreement, executed by the Company and the grantee, stating the number of
shares of Common Stock subject to the Option evidenced thereby and the terms and
conditions of such Option, in such form as the Committee may from time to time
determine.

         (b) Price. The price per share payable upon the exercise of each Option
("exercise price") shall be determined by the Committee; provided, however, that
in the case of incentive stock options, the exercise price shall not be less
than 100% of the Fair Market Value of the shares on the date the Option is
granted.

         (c) Payment. Stock options may be exercised in whole or in part by
payment of the exercise price of the shares to be acquired in accordance with
the provisions of the Grant Agreement, or such rules and regulations as the
Committee may have prescribed, or such determinations, orders, or decisions as
the Committee may have made. Payment may be made in cash (or cash equivalents
acceptable to the Committee) or by such other means as the Committee may
prescribe. The Company may make or guarantee loans to grantees to assist
grantees in exercising Options and satisfying any related withholding tax
obligations.

         If the Common Stock is registered under Section 12 of the Exchange Act,
the Committee, subject to such limitations as it may determine, may authorize
payment of the exercise price, in whole or in part, by delivery of a properly
executed exercise notice, together with irrevocable instructions: (i) to a
brokerage firm designated by the Committee and approved by the Company to
deliver promptly to the Company the aggregate amount of sale or loan proceeds to
pay the exercise price and any withholding tax obligations that may arise in
connection with the exercise, and (ii) to the Company to deliver the
certificates for such purchased shares directly to such brokerage firm.

         (d) Terms of Options. The term during which each Option may be
exercised shall be determined by the Committee; provided, however, that in no
event shall an incentive stock option be exercisable more than 10 years from the
date it is

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granted. Prior to the exercise of the Option and delivery of the shares
certificates represented thereby, the grantee shall have none of the rights of a
stockholder with respect to any shares represented by an outstanding Option.

         (e) Restrictions on Incentive Stock Options. Incentive stock options
granted under the Plan shall comply in all respects with Code Section 422 and,
as such, shall meet the following additional requirements:

                  (i) Grant Date. An incentive stock option must be granted
         within 10 years of the earlier of the Plan's adoption by the Board of
         Directors or approval by the Company's shareholders.

                  (ii) Exercise Price and Term. The exercise price of an
         incentive stock option shall not be less than 100% of the Fair Market
         Value of the shares on the date the Option is granted and the term of
         the stock option shall not exceed ten years. Notwithstanding anything
         to the contrary contained in the immediately preceding sentence, the
         exercise price of any incentive stock option granted to a grantee who
         owns (within the meaning of Section 422(b)(6) of the Code, after the
         application of the attribution rules in Section 424(d) of the Code)
         more than 10% of the total combined voting power of all classes of
         shares of the Company, or its Parent or Subsidiary corporations, shall
         be not less than 110% of the Fair Market Value of the Common Stock on
         the grant date and the term of such Option shall not exceed five years.

                  (iii) Maximum Grant. The aggregate Fair Market Value
         (determined as of the Grant Date) of shares of Common Stock with
         respect to which all incentive stock options first become exercisable
         by any grantee in any calendar year under this or any other plan of the
         Company and its Parent and Subsidiary corporations may not exceed
         $100,000 or such other amount as may be permitted from time to time
         under Section 422 of the Code. To the extent that such aggregate Fair
         Market Value shall exceed $100,000, or other applicable amount, such
         Options shall be treated as nonqualified stock options. In such case,
         the Company may designate the shares of Common Stock that are to be
         treated as stock acquired pursuant to the exercise of an incentive
         stock option by issuing a separate certificate for such shares and
         identifying the certificate as incentive stock option shares in the
         stock transfer records of the Company.

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                  (iv) Grantee. Incentive stock options shall only be issued to
         employees of the Company, or of a Parent or Subsidiary of the Company.

                  (v) Tandem Options Prohibited. An incentive stock option may
         not be granted in tandem with a nonqualified option in such a manner
         that the exercise of one affects a grantee's right to exercise the
         other.

                  (vi) Designation. No Option shall be an incentive stock option
         unless so designated by the Committee at the time of grant or in the
         Grant Agreement evidencing such Option.

         (f) Other Terms and Conditions. Options may contain such other
provisions, not inconsistent with the provisions of the Plan, as the Committee
shall determine appropriate from time to time.

9.       WITHHOLDING OF TAXES

         The Company may require, as a condition, to the exercise of any Option
under the Plan or the delivery of certificates for shares issued or payments of
cash to a grantee pursuant to the Plan or a Grant Agreement (hereinafter
collectively referred to as a "taxable event"), that the grantee pay to the
Company in cash any federal, state or local taxes of any kind required by law to
be withheld with respect to any taxable event under the Plan. The Company, to
the extent permitted or required by law, shall have the right to deduct from any
payment of any kind (including salary or bonus) otherwise due to a grantee any
federal, state or local taxes of any kind required by law to be withheld with
respect to any taxable event under the Plan, or to retain or sell without notice
a sufficient number of the shares to be issued to such grantee to cover any such
taxes.

10.      TRANSFERABILITY

         Except as otherwise determined by the Committee, and in any event in
the case of an incentive stock option, no Option granted under the Plan shall be
transferable by a grantee otherwise than by will or the laws of descent and
distribution. Unless otherwise determined by the Committee in accord with the
provisions of the immediately preceding sentence, an Option may be exercised
during the lifetime of the grantee, only by the grantee or, during the period
the grantee is under a legal disability, by the grantee's guardian or legal
representative.

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11.      ADJUSTMENTS; BUSINESS COMBINATIONS

         In the event of a reclassification, recapitalization, stock split,
stock dividend, combination of shares, or other similar event, the maximum
number and kind of shares reserved for issuance or with respect to which Options
may be granted under the Plan as provided in SECTION 4 shall be adjusted to
reflect such event, and the Committee shall make such adjustments as it deems
appropriate and equitable in the number, kind and price of shares covered by
outstanding Options made under the Plan, and in any other matters which relate
to Options and which are affected by the changes in the Common Stock referred to
above.

         In the event of any proposed Change in Control, the Committee shall
take such action as it deems appropriate and equitable to effectuate the
purposes of this Plan and to protect the grantees of Options, which action may
include, but without limitation, any one, or more of the following: (i)
acceleration or change of the exercise dates of any Option; (ii) arrangements
with grantees for the payment of appropriate consideration to them for the
cancellation and surrender of any Option; and (iii) in any case where equity
securities other than Common Stock of the Company are proposed to be delivered
in exchange for or with respect to Common Stock of the Company, arrangements
providing that any Option shall become one or more Options with respect to such
other equity securities.

         The Committee is authorized to make adjustments in the terms and
conditions of, and the criteria included in, Options in recognition of unusual
or nonrecurring events (including, without limitation, the events described in
the preceding two paragraphs of this SECTION 11) affecting the Company, or the
financial statements of the Company or any Subsidiary, or of changes in
applicable laws, regulations, or accounting principles, whenever the Committee
determines that such adjustments are appropriate in order to prevent dilution or
enlargement of the benefits intended to be made available under the Plan.

         In the event the Company dissolves and liquidates (other than pursuant
to a plan of merger or reorganization), then notwithstanding any restrictions on
exercise set forth in this Plan or any Grant Agreement: (i) each grantee shall
have the right to exercise his Option at any time up to ten (10) days prior to
the effective date of such liquidation and dissolution; and (ii) the Committee
may make arrangements with the grantees for the payment of appropriate
consideration to them for the cancellation and surrender of any Option that is
so canceled or surrendered at any time up to ten (10) days prior to the
effective date of such liquidation and dissolution. The Com-

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mittee may establish a different period (and different conditions) for such
exercise, delivery, cancellation, or surrender to avoid subjecting the grantee
to liability under Section 16(b) of the Exchange Act. Any Option not so
exercised, canceled, or surrendered shall terminate on the last day for exercise
prior to such effective date.

12.      TERMINATION AND MODIFICATION OF THE PLAN

         The Board, without further approval of the stockholders, may modify or
terminate the Plan or any portion thereof at any time, except that no
modification shall become effective without prior approval of the stockholders
of the Company if stockholder approval is necessary to comply with any tax or
regulatory requirement or rule of any exchange or Nasdaq System upon which the
Common Stock is listed or quoted; including for this purpose stockholder
approval that is required to enable the Committee to grant incentive stock
options pursuant to the Plan.

         The Committee shall be authorized to make minor or administrative
modifications to the Plan as well as modifications to the Plan that may be
dictated by requirements of federal or state laws applicable to the Company or
that may be authorized or made desirable by such laws. The Committee may amend
or modify the grant of any outstanding Option in any manner to the extent that
the Committee would have had the authority to make such Option as so modified or
amended.

13.      NON-GUARANTEE OF EMPLOYMENT OR SERVICE

         Nothing in the Plan or in any Grant Agreement thereunder shall confer
any right on an employee, director, or consultant to continue in the employ or
service of the Company or shall interfere in any way with the right of the
Company to terminate an employee or server any service relationship of an
individual at any time.

14.      TERMINATION OF EMPLOYMENT

         For purposes of maintaining a grantee's continuous status as an
employee and accrual of rights under any Option granted pursuant to the Plan,
transfer of an employee among the Company and the Company's Affiliates shall not
be considered a termination of employment with the employer.

15.      WRITTEN AGREEMENT

         Each Grant Agreement entered into between the Company and a grantee
with

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respect to an Option granted under the Plan shall incorporate the terms of this
Plan and shall contain such provisions, consistent with the provisions of the
Plan, as may be established by the Committee.

16.      NON-UNIFORM DETERMINATIONS

         The Committee's determinations under the Plan (including without
limitation determinations of the persons to receive Options, the form, amount
and timing of such Options, the terms and provisions of such Options and the
agreements evidencing same) need not be uniform and may be made by it
selectively among persons who receive, or me eligible to receive, Options under
the Plan, whether or not such persons are similarly situated.

17.      APPLICATION OF FUNDS

         The proceeds received by the Company from the sale of Common Stock
pursuant to Options granted under the Plan will be used for general corporate
purposes.

18.      LISTING AND REGISTRATION

         If the Company determines that the listing, registration or
qualification upon any securities exchange or upon any listing or quotation
system established by the National Association of Securities Dealers, Inc.
("Nasdaq System") or under any law, of shares subject to any Option is necessary
or desirable as a condition of, or in connection with, the granting of same or
the issue or purchase of shares thereunder, no such Option may be exercised in
whole or in part, unless such listing, registration or qualification is effected
free of any conditions not acceptable to the Company.

19.      COMPLIANCE WITH SECURITIES LAW

         Common Stock shall not be issued with respect to an Option granted
under the Plan unless the exercise of such Option and the issuance and delivery
of share certificates for such Common Stock pursuant thereto shall comply with
all relevant provisions of law, including, without limitation, the Securities
Act of 1933, the Exchange Act, the rules and regulations promulgated thereunder,
and the requirements of any national securities exchange or Nasdaq System upon
which the Common Stock may then be listed or quoted, and shall be further
subject to the approval of counsel for the Company with respect to such
compliance to the extent such

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approval is sought by the Committee. All certificates for Common Stock delivered
under the Plan pursuant to any Option or the exercise thereof shall be subject
to such stop transfer orders and other restrictions as the Committee may deem
advisable under the Plan or the rules, regulations, and other requirements of
the Securities and Exchange Commission, any stock exchange or Nasdaq System upon
which such securities are then listed or quoted, and any applicable Federal or
state laws, and the Committee may cause a legend or legends to be put on any
such certificates to make appropriate reference to such restrictions.

20.      NO LIMIT ON OTHER COMPENSATION ARRANGEMENTS

         Nothing contained in the Plan shall prevent the Company or its Parent
or Subsidiary Companies from adopting or continuing in effect other compensation
arrangements (whether such arrangements be generally applicable or applicable
only in specific cases) as the Committee in its discretion determines desirable,
including without limitation the granting of Options, stock awards, stock
appreciation rights or phantom stock units otherwise than under the Plan.

21.      NO TRUST OR FUND CREATED

         Neither the Plan nor any Option shall create or be construed to create
a trust or separate fund of any kind or a fiduciary relationship between the
Company and a grantee or any other person. To the extent that any grantee or
other person acquires a right to receive payments from the Company pursuant to
an Option, such right shall be no greater than the right of any unsecured
general creditor of the Company.

22.      GOVERNING LAW

         The validity, construction and effect of the Plan, of Grant Agreements
entered into pursuant to the Plan, and of any rules, regulations, determinations
or decisions made by the Board or Committee relating to the Plan or such Grant
Agreements, and the rights of any and all persons having or claiming to have any
interest therein or thereunder, shall be determined exclusively in accordance
with applicable federal laws and the laws of the Commonwealth of Virginia,
without regard to its conflict of laws rules and principles.

23.      PLAN SUBJECT TO CHARTER AND BY-LAWS

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         This Plan is subject to the Charter and By-Laws of the Company, as they
may be amended from time to time.

24.      EFFECTIVE DATE; TERMINATION DATE

         The Plan is effective as of the date on which the Plan is adopted by
the Board, or such other date as the Board may specify as the effective date,
subject to approval of the stockholders within twelve months before or after
such date. No Option shall be granted under the Plan after the close of business
on the day immediately preceding the tenth anniversary of the effective date of
the Plan. Subject to other applicable provisions of the Plan, all Options made
under the Plan prior to such termination of the Plan shall remain in effect
until such Options have been satisfied or terminated in accordance with the Plan
and the terms of such Options.

Date Approved by the Board:  January 15, 1997

Date Approved by the Shareholders:___________________

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                                                                       Exhibit A

                               LENDING TREE, INC.
                               AMENDMENT NO. 2 TO
                             1997 STOCK OPTION PLAN

                   (formerly known as CreditSource USA, Inc.)

                  THIS AMENDMENT NO. 2 TO 1997 STOCK OPTION PLAN
("AMENDMENT NO.2") is made and effective this 20th day of March, 1998 by the
Board of Directors of Lending Tree, Inc. (the "COMPANY").

                  WHEREAS, the Board of Directors previously adopted the Com
pany's 1997 Stock Option Plan (the "1997 PLAN") on January 15, 1997;

                  WHEREAS, as presently written, only 300,000 shares of Common
Stock are available for award under the 1997 Plan;

                  WHEREAS, the Board of Directors has previously made option
grants exceeding 300,000 shares and it now desires to increase the number of
shares of Common Stock available for award under the plan to 612,949 shares; and

                  WHEREAS, pursuant to Section 12 of the 1997 Plan, the terms
and provisions of the 1997 Plan may be modified or amended by the Board of
Directors.

                  NOW THEREFORE

         The 1997 Plan is hereby amended by deleting the first sentence of
Section 4 in its entirety and inserting the following sentence in lieu thereof:

         "Subject to adjustments as provided in SECTION 11 of the Plan, the
shares of stock that may be delivered or purchased with respect to Options
granted under the Plan, including with respect to incentive stock options
intended to qualify under Section 422 of the Code, shall not exceed an aggregate
of 612,949 shares of Common Stock of the Company."
<PAGE>   17
                             CREDITSOURCE USA, INC.
                               AMENDMENT NO. 1 TO
                             1997 STOCK OPTION PLAN

                  THIS AMENDMENT NO. 1 TO 1997 STOCK OPTION PLAN ("AMENDMENT NO.
1") is made and effective this 10th day of October, 1997 by the Board of
Directors of CreditSource USA, Inc. (the "COMPANY").

                  WHEREAS, the Board of Directors previously adopted the
Company's 1997 Stock Option Plan (the "PLAN") on January 15, 1997;

                  WHEREAS, the Board of Directors deemed it desirable to extend
the applicable maximum exercise periods following an optionee's termination from
the Company from 90 days to three years for terminations other than death,
disability or retirement and from one year to three years for terminations
because of death, disability, or retirement;

                  WHEREAS, to effect such time extensions, the Plan must be
amended;

                  WHEREAS, the Board of Directors deemed it desirable and in the
best interest of the Company to change the governing law of the Plan from the
Commonwealth of Virginia to the State of North Carolina; and

                  WHEREAS, pursuant to Section 12 of the Plan the terms and
provisions of the Plan may be modified or amended by Board of Directors
approval.

                  NOW THEREFORE:

                  1. Section 7 of the Plan is deleted its entirety and the
following Section 7 shall be inserted in lieu thereof:

                  "7.  TERMINATION OF OPTIONS

         (a) Upon Termination of Employment or Service Relationship for Reason
Other Than Death, Disability or Retirement. Unless earlier terminated pursuant
to the provisions of the Plan or the Grant Agreement, Options shall terminate in
their entirety, whether vested in whole or in part, three (3) years after the
date the Grantee is no longer employed by, nor in a service relationship with,
the Company and its
<PAGE>   18
affiliates for any reason other than the Grantee's death, Disability, or
Retirement. Notwithstanding the foregoing, a Grantee's Options shall terminate
in their entirety, whether vested in whole or in part, upon termination of the
employment or service relationship of the Grantee by the Company or an affiliate
for "'cause". If a Grantee is a party to a written employment agreement with the
Company or an affiliate which contains a definition of "cause", "termination for
cause" or any other similar term or phrase, whether such Grantee is terminated
for "cause" pursuant to this SECTION 7(a) shall be determined according to the
terms of and in a manner consistent with the provisions of such written
employment agreement. If a Grantee is not party to such a written employment
agreement with the Company or an affiliate, then for purposes of this SECTION
7(a), "cause" shall mean (i) any substantiated act by Grantee involving
dishonesty or bad faith against the Company or so affiliate, or any act or
omission that demonstrates a lack of integrity of Grantee with respect to the
Company or an affiliate; (ii) Grantee engaging in acts or omissions that
demonstrably and materially injure the business and affairs of the Company or an
affiliate, monetarily or otherwise; (iii) breach or threatened breach by Grantee
of any non-competition or confidentiality agreement entered into between Grantee
and the Company or its affiliate; (iv) chronic use of alcohol, drugs or other
similar substances affecting Grantee's work performance; or (v) Grantee being
convicted of, or pleading guilty or no lo contendere to, or being indicted for a
felony or other crime involving theft, fraud or moral turpitude. The good faith
determination by the Committee of whether Grantee's employment or service
relationship was terminated by the Company for "cause" shall be final and
binding for all purposes hereunder.

         (b) Upon Grantee's Death. Unless earlier terminated pursuant to the
provisions of the Plan or the Grant Agreement, upon a Grantee's death Grantee's
executor, personal representative, or the person to whom Options shall have been
transferred by will or the laws of descent and distribution, as the case may be,
may exercise all or any part of outstanding Options with respect to shares of
Common Stock as to which the Options are vested as of Grantee's date of death,
provided such exercise occurs within three (3) years after the date of Grantee's
death, but not later than the end of the stated term of the Option. If not
earlier terminated, Options Shall terminate upon expiration of the 3 year period
immediately following a Grantee's death.

         (c) Upon Termination of Employment or Service Relationship by Reason of
Disability or Retirement. Unless earlier terminated pursuant to the provisions
of the Plan or the Grant Agreement, in the event that a Grantee ceases, by
reason of Disability or Retirement, to be an employee of or in a service
relationship with the
<PAGE>   19
Company or an affiliate, the vested portion of an outstanding Option may be
exercised in whole or in part at any time within three (3) years after the date
of Disability or Retirement, as the case may be, but not later than the end of
the stated term of the Option. If not earlier terminated, Options shall
terminate upon expiration of the three-year period immediately following a
Grantee's Disability or Retirement, as the case may be. For purposes of the
Plan, "Disability" shall mean the inability to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or which has lasted or can be expected
to last for a continuous period of not less than twelve (12) months. The
Committee may require such proof of Disability as the Committee in its sole
discretion deems appropriate and the Committee's determination as to whether
Grantee is Disabled shall be final and binding on all parties concerned. For
purposes of the Plan, 'Retirement' shall mean termination of employment or
service, other than for cause, on or after attainment of age 65."

                  2. Section 22 of the Plan is deleted its entirety and the
following Section 22 shall be inserted in lieu thereof.

                  "22.  GOVERNING LAW

                  The validity, construction and effect of the Plan, of Grant
Agreements entered into pursuant to the Plan, and of any rules, regulations,
determinations or decisions made by the Board or Committee relating to the Plan
or such Grant Agreements, and the rights of any and all persons having or
claiming to have any interest therein or thereunder, shall be determined
exclusively in accordance with applicable federal laws and the laws of the State
of North Carolina without regard to its conflict of laws rules and principles."

This Amendment No. 1 was adopted and is effective the 10th day of October 1997.<PAGE>   1
                                                                    Exhibit 10.7

                          REGISTRATION RIGHTS AGREEMENT

                         DATED AS OF SEPTEMBER 20, 1999

                                      AMONG

                                LENDINGTREE, INC.

                                       AND

                            SIGNATORIES LISTED HEREIN
<PAGE>   2
                                TABLE OF CONTENTS

                                    ARTICLE I

                               REGISTRATION RIGHTS

                                                                        PAGE

Section 1.1       Demand Registration......................................   1
Section 1.2       Piggyback Rights.........................................   4
Section 1.3       Holdback Agreement.......................................   6
Section 1.4       Registration Procedures..................................   6
Section 1.5       Suspension of Dispositions...............................   8
Section 1.6       Registration Expenses....................................   9
Section 1.7       Indemnification..........................................   9

                                   ARTICLE II

                                  MISCELLANEOUS

Section 2.1       Notices.................................................   13
Section 2.2       Entire Agreement........................................   13
Section 2.3       Non-Waiver..............................................   14
Section 2.4       Transferees.............................................   14
Section 2.5       No Other Registration Rights............................   14
Section 2.6       Severability............................................   14
Section 2.7       Governing Law...........................................   14
Section 2.8       Construction............................................   14
Section 2.9       Counterparts............................................   15
Section 2.10      Amendments..............................................   15
Section 2.11      Definitions.............................................   15
<PAGE>   3
                          REGISTRATION RIGHTS AGREEMENT

         THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement") is entered into
and effective as of September 20, 1999, by and among LendingTree, Inc., a
Delaware corporation (the "Company"), the holders of Preferred Stock or Common
Stock of the Company who are signatories hereto as of the date hereof and any
direct or indirect transferees of such holders who become parties to this
Agreement in accordance with the provisions of Section 2.4 hereof.

         WHEREAS, the parties hereto desire to enter into this Agreement on the
terms set forth herein;

         WHEREAS, capitalized terms used, but not otherwise defined herein shall
have the respective meanings indicated in Section 2.11 hereof.

         In consideration of the premises, mutual covenants and agreements
hereinafter contained and for other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the parties hereto agree
as follows:

                                    ARTICLE I

                               REGISTRATION RIGHTS

         Section 1.1       Demand Registration.

                  (a)      Request for Registration.

                           (i) At anytime after the earlier of (A) the third
anniversary of the date hereof and (B) one hundred eighty (180) days after the
consummation by the Company of an underwritten public offering of its Common
Stock, a Preferred Holder or Preferred Holders who collectively own at least
thirty percent (30%) of the Registrable Shares held by all Preferred Holders,
may request the Company, in writing (a "Demand Request"), to effect the
registration under the Securities Act of all or part of its Registrable Shares
(a "Demand Registration").

                           (ii) In addition, at any time after the earlier of
(A) the third anniversary of the date hereof and (B) one hundred eighty (180)
days after the consummation by the Company of an underwritten public offering of
Common

                                       1
<PAGE>   4
Stock, if the Company shall then be qualified to use Form S-3 promulgated under
the Securities Act or any successor form thereto, a Holder or Holders may make a
Demand Request for registration of Registrable Shares on Form S-3 or such
successor form; provided, however, that the aggregate market value (based on the
current market price) of the Registrable Shares to which such Demand Request
relates must be at least $500,000; provided further, that the Company shall not
be required to effect a Demand Registration under this Section 1.1 (a)(ii) if it
shall have effected a Demand Registration within the previous one hundred eighty
(180) days. As used in this Agreement, "Requesting Holder" means a Holder that
makes a Demand Request (regardless of whether such Demand Request is made
pursuant to Section 1.1(a)(i) or this Section 1.1(a)(ii)).

                           (iii) Each Demand Request shall specify the number of
Registrable Shares proposed to be sold. Subject to Section 1.1(f), the Company
shall file the Demand Registration within ninety (90) days after receiving a
Demand Request (the "Required Filing Date") and shall use all its best efforts
to cause the same to be declared effective by the SEC as promptly as practicable
after such filing; provided, however, that (A) the Company need effect only an
aggregate of three (3) Demand Registrations pursuant to Demand Requests made
pursuant to Section 1.1(a)(i); provided further, that if any Registrable Shares
requested to be registered pursuant to a Demand Request made pursuant to Section
1.1(a)(i) are excluded from the applicable Demand Registration pursuant to
Section 1.1(d) below, the Holders shall have the right, with respect to each
such exclusion, to request one (1) additional Demand Registration pursuant to
Section 1.1(a)(i).

                  (b) Effective Registration and Expenses. A registration will
not count as a Demand Registration until it has become effective (unless the
Requesting Holders withdraw all their Registrable Shares and the Company has
performed its obligations hereunder in all material respects, in which case such
demand will count as a Demand Registration unless the Requesting Holders pay all
Registration Expenses in connection with such withdrawn registration or unless
such withdrawal is a result of a change in circumstances occurring following the
time of the Demand Request); provided, that if, after it has become effective,
an offering of Registrable Shares pursuant to a registration is interfered with
by any stop order, injunction, or other order or requirement of the SEC or other
governmental agency or court, such registration will be deemed not to have been
effected and will not count as a Demand Registration.

                                       2
<PAGE>   5
                  (c) Selection of Underwriters. The Requesting Holders of a
majority of the Registrable Shares to be registered in a Demand Registration
shall select the nationally recognized investment banking firm or firms to
manage the underwritten offering; provided, however, that such selection shall
be subject to the consent of the Company, which consent shall not be
unreasonably withheld or delayed.

                  (d) Priority on Demand Registrations. No securities to be sold
for the account of any Person (including the Company) other than a Requesting
Holder shall be included in a Demand Registration unless the managing
underwriter or underwriters shall advise the Company or the Requesting Holders
in writing that the inclusion of such securities will not materially and
adversely affect the price or success of the offering (a "Material Adverse
Effect"). Furthermore, in the event the managing underwriter or underwriters
shall advise the Company or the Requesting Holders that even after exclusion of
all securities of other Persons pursuant to the immediately preceding sentence,
the amount of Registrable Shares proposed to be included in such Demand
Registration by Requesting Holders is sufficiently large to cause a Material
Adverse Effect, the Registrable Shares of the Requesting Holders to be included
in such Demand Registration shall equal the number of shares which the Company
is so advised can be sold in such offering without a Material Adverse Effect and
such shares shall be allocated pro rata among the Requesting Holders on the
basis of the number of Registrable Shares requested to be included in such
registration by each such Requesting Holder.

                  (e) Rights of Nonrequesting Owners. Upon receipt of any Demand
Request, the Company shall promptly (but in any event within ten (10) days) give
written notice of such proposed Demand Registration to all other Holders, who
shall have the right, exercisable by written notice to the Company within twenty
(20) days of their receipt of the Company's notice, to elect to include in such
Demand Registration such portion of their Registrable Shares as they may
request. All Holders requesting to have their Registrable Shares included in a
Demand Registration in accordance with the preceding sentence shall be deemed
to be "Requesting Holders" for purposes of this Section 1.1 and Section 1.2.

                  (f) Deferral of Filing. The Company may defer the filing (but
not the preparation) of a registration statement required by this Section 1.1
until a date not later than one hundred twenty (120) days after the Required
Filing Date (or, if longer, one hundred twenty (120) days after the effective
date of the registration statement contemplated by clause (ii) below) if (i) at
the time the Company receives

                                       3
<PAGE>   6
the Demand Request, the Company or any of its subsidiaries is engaged in
confidential negotiations or other confidential business activities, disclosure
of which would be required in such registration statement (but would not be
required if such registration statement were not filed), and the Board of
Directors of the Company determines in good faith that such disclosure would be
materially detrimental to the Company and its stockholders or would have a
material adverse effect on any such confidential negotiations or other
confidential business activities, or (ii) prior to receiving the Demand Request,
the Board of Directors of the Company had determined to effect a registered
underwritten public offering of the Company's securities for the Company's
account and the Company had taken substantial steps and is proceeding with
reasonable diligence to effect such offering. A deferral of the filing of a
registration statement pursuant to this Section 1.1(f) shall be lifted, and the
requested registration statement shall be filed forthwith, if, in the case of a
deferral pursuant to clause (i) of the preceding sentence, the negotiations or
other activities are disclosed or terminated, or, in the case of a deferral
pursuant to clause (ii) of the preceding sentence, the proposed registration for
the Company's account is abandoned. In order to defer the filing of a
registration statement pursuant to this Section 1.1(f), the Company shall
promptly (but in any event within ten (10) days), upon determining to seek such
deferral, deliver to each Requesting Holder a certificate signed by an executive
officer of the Company stating that the Company is deferring such filing
pursuant to this Section 1.1(f) and a general statement of the reason for such
deferral and an approximation of the anticipated delay. Within twenty (20) days
after receiving such certificate, the Holders of a majority of the Registrable
Shares held by the Requesting Holders and for which registration was previously
requested may withdraw such Demand Request by giving notice to the Company; and
if withdrawn, the Demand Request shall be deemed not to have been made for all
purposes of this Section 1.1. The Company may defer the filing of a particular
registration statement pursuant to this Section 1.1(f) only once.

         Section 1.2       Piggyback Rights.

                  (a) Right to Piggyback. Each time the Company proposes,
following the completion by the Company of its initial underwritten public
offering of its Common Stock, to register any of its Common Stock under the
Securities Act (other than pursuant to an Excluded Registration) for sale to the
public and the registration form to be used may be used for the registration of
Registrable Shares, the Company shall give prompt written notice to the Holders
of its intention to effect such a registration (which notice shall be given not
less than twenty (20) days prior to the effective date of such registration
statement) and such notice shall offer such

                                       4
<PAGE>   7
Holders the opportunity to have any or all of the Registrable Shares included in
such registration statement, subject to the limitations contained in Section
1.2(b). The Holders desiring to have their Registrable Shares registered under
this Section 1.2 will so advise the Company in writing within ten days after the
date of receipt of such notice from the Company. Subject to Section 1.2(b)
below, the Company shall include in such registration statement all such
Registrable Shares so requested to be included therein; provided, however, that
the Company may at any time withdraw or cease proceeding with any such
registration if it shall at the same time withdraw or cease proceeding with the
registration of all other Common Stock originally proposed to be registered.

                  (b) Priority on Registrations. If the managing underwriter
advises the Company in writing that the number of Shares requested to be
included in the registration by all Persons (including the Company) exceeds the
number of Shares which can be sold in such offering without having an adverse
effect on such offering, including without limitation, the price at which such
securities can be sold (the "Maximum Offering Size"), the Company will be
obligated to include in such registration only (i) first, (x) if such
registration was initiated by the Company for the sale of Shares for its own
account, any and all Shares for sale by the Company, or (y) if such registration
was initiated by any Holder or Holders pursuant to any Demand Request, any and
all Shares for sale by the Requesting Holders pursuant to such Demand Request,
(ii) second, to the extent of any remaining Shares which may be sold in such
offering without exceeding the Maximum Offering Size, each other Holder shall be
entitled to include any and all Shares held by such Holder in the registration
(pro rata based on the total number of such Shares requested to be included in
such registration by each such Holder), (iii) third, to the extent of any
remaining Shares which may be sold in such offering without exceeding the
Maximum Offering Size, pro rata among any other Shares requested to be included
pursuant to any other registration rights that may have been, or may hereafter
be, granted by the Company (on the basis of the total number of Shares that each
holder thereof has requested to be registered) and (iv) fourth, if such
registration was not initiated by the Company for the sale of Shares for its own
account, to the extent of any remaining Shares which may be sold in such
offering, without exceeding the Maximum Offering Size, any Shares for sale by
the Company. No Person may participate in any registration under this Section
1.2 unless such Person (x) agrees to sell such Person's Registrable Shares on
the basis provided in any underwriting arrangements approved by the Company and
(y) completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements, and other documents required under the terms of such
underwriting arrangements.

                                       5
<PAGE>   8
         Section 1.3 Holdback Agreement. Unless the managing underwriter
otherwise consents, each of the Holders, in the case of the Company initial
underwritten public offering, and each of the Holders participating in any
subsequent underwritten registration (in the case of such registration) agrees
not to effect any public sale or private offer or distribution of any Common
Stock or Common Stock Equivalents during the ten Business Days prior to such
underwritten registration and during such time period after such underwritten
registration (not to exceed one hundred eighty (180) days in the case of the
Company's initial public offering or ninety (90) days in the case of subsequent
public offerings) (except, if applicable, as part of such underwritten
registration) as the Company and the managing underwriter may agree; provided,
however, that such period shall not exceed the period that the Company's senior
executives are bound by a similar restriction.

         Section 1.4 Registration Procedures. Whenever the Holders have
requested that any Registrable Shares be registered pursuant to this Agreement,
the Company will use its commercially reasonable efforts to effect the
registration and the sale of such Registrable Shares in accordance with the
intended method of disposition thereof, and pursuant thereto the Company will as
expeditiously as possible:

                  (a) prepare and file with the SEC a registration statement on
any appropriate form under the Securities Act with respect to such Registrable
Shares and use its commercially reasonable efforts to cause such registration
statement to become effective;

                  (b) prepare and file with the SEC such amendments,
post-effective amendments, and supplements to such registration statement and
the prospectus used in connection therewith as may be necessary to keep such
registration statement effective for a period of not less than one hundred
eighty (180) days (or such lesser period as is necessary for the underwriters in
an underwritten offering to sell unsold allotments) and comply with the
provisions of the Securities Act with respect to the disposition of all
securities covered by such registration statement during such period in
accordance with the intended methods of disposition by the sellers thereof set
forth in such registration statement;

                  (c) modify, at the request of any seller of Registrable
Shares, any information contained in such registration statement, amendment and
supplement thereto pertaining to such seller if such modification would be
required in order that

                                       6
<PAGE>   9
the prospectus not contain an untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the
statements therein not misleading;

                  (d) furnish to each seller of Registrable Shares and the
underwriters of the securities being registered such number of copies of such
registration statement, each amendment and supplement thereto, the prospectus
included in such registration statement (including each preliminary prospectus),
and such other documents as such seller or underwriters may reasonably request
in order to facilitate the disposition of the Registrable Shares owned by such
seller or the sale of such securities by such underwriters;

                  (e) use its commercially reasonable efforts to register or
qualify such Registrable Shares under such other securities or blue sky laws of
such jurisdictions as the managing underwriter reasonably requests and do any
and all other acts and things which may be reasonably necessary or advisable to
enable such seller to consummate the disposition of the Registrable Shares owned
by such seller in such jurisdictions (provided, however, that the Company will
not be required to (A) qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify but for this subparagraph or
(B) consent to general service of process or taxation in any such jurisdiction);

                  (f) notify each seller of Registrable Shares promptly after it
shall receive notice thereof, of the time when such registration statement has
become effective or a supplement to any prospectus forming a part of such
registration statement has been filed;

                  (g) notify each seller of Registrable Shares promptly of any
request by the SEC for the amending or supplementing of such registration
statement or prospectus or for additional information or, at any time when a
prospectus relating thereto is required to be delivered under the Securities
Act, of the occurrence of any other event requiring the preparation of a
supplement or amendment to such prospectus so that, as thereafter delivered to
the purchasers of such Registrable Shares, such prospectus will not contain an
untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein not misleading;

                  (h) prepare and file with the SEC promptly any amendments or
supplements to such registration statement or prospectus which, in the opinion
of

                                       7
<PAGE>   10
counsel for the Company or the managing underwriter, is required in connection
with the distribution of the Registrable Shares;

                  (i) enter into such agreements (including underwriting
agreements in the managing underwriter's customary form) as are customary in
connection with an underwritten registration;

                  (j) advise each seller of such Registrable Shares, promptly
after it shall receive notice or obtain knowledge thereof, of the issuance of
any stop order by the SEC suspending the effectiveness of such registration
statement or the initiation or threatening of any proceeding for such purpose
and promptly use its best efforts to prevent the issuance of any stop order or
to obtain its withdrawal if such stop order should be issued;

                  (k) furnish to each seller of Registrable Shares and the
underwriters of the securities being registered legal opinions of the Company's
counsel in customary form;

                  (l) furnish to each seller of Registrable Securities and the
under writers of the securities being registered auditors' comfort letters in
customary form; and

                  (m) make available the members of the Company's management, as
requested by any seller of Registrable Shares or the underwriters of the
securities being registered, to provide reasonable assistance in connection with
such registration, including but not limited to the attendance by such members
of management at road show presentations.

         Section 1.5 Suspension of Dispositions. Each Holder agrees by
acquisition of any Registrable Shares that, upon receipt of any notice (a
"Suspension Notice") from the Company of the happening of any event of the kind
which, in the opinion of the Company, requires the amendment or supplement of
any prospectus, such Holder will forthwith discontinue disposition of
Registrable Shares until such Holder's receipt of the copies of the supplemented
or amended prospectus, or until it is advised in writing (the "Advice") by the
Company that the use of the prospectus may be resumed, and has received copies
of any additional or supplemental filings which are incorporated by reference in
the prospectus, and, if so directed by the Company, such Holder will deliver to
the Company all copies, other than permanent file copies then in such Holder's
possession, of the prospectus covering such

                                       8
<PAGE>   11
Registrable Shares current at the time of receipt of such notice. In the event
the Company shall give any such notice, the time period regarding the
effectiveness of registration statements set forth in Section 1.4(b) hereof
shall be extended by the number of days during the period from and including the
date of the giving of the Suspension Notice to and including the date when each
seller of Registrable Shares covered by such registration statement shall have
received the copies of the supplemented or amended prospectus or the Advice.

         Section 1.6 Registration Expenses. All expenses incident to the
Company's performance of or compliance with this Agreement, including, without
limitation, all registration and filing fees, all fees and expenses associated
with filings required to be made with the National Association of Securities
Dealers, Inc. ("NASD") (including, if applicable, the fees and expenses of any
"qualified independent underwriter" as such term is defined in Schedule E of the
By-Laws of the NASD, and of its counsel), as may be required by the rules and
regulations of the NASD, fees and expenses of compliance with securities or
"blue sky" laws (including reasonable fees and disbursements of counsel in
connection with "blue sky" qualifications of the Registrable Shares), internal
expenses of the Company, rating agency fees, printing expenses (including
expenses of printing certificates for the Registrable Shares in a form eligible
for deposit with Depository Trust Company and of printing prospectuses if the
printing of prospectuses is requested by a Holder of Registrable Shares),
messenger and delivery expenses, fees and expenses of counsel for the Company
and its independent certified public accountants (including the expenses of any
special audit or "cold comfort" letters required by or incident to such
performance), securities acts liability insurance (if the Company elects to
obtain such insurance), the fees and expenses of any special experts retained by
the Company in connection with such registration, reasonable fees and expenses
of up to one counsel for the Holders participating in the offering, and fees and
expenses of other Persons retained by the Company (all such expenses being
herein called "Registration Expenses") will be borne by the Company whether or
not any registration statement becomes effective; provided that in no event
shall Registration Expenses include any underwriting discounts or commissions
attributable to the sale of the Registrable Shares or fees and expenses of any
counsel (other than as permitted above), accountants, or other persons retained
or employed by the Holders.

         Section 1.7 Indemnification.

                  (a) The Company agrees to indemnify and reimburse, to the
fullest extent permitted by law, each seller of Registrable Shares, and each of
its

                                       9
<PAGE>   12
employees, advisors, agents, representatives, partners, officers, and directors
and each Person who controls such seller (within the meaning of the Securities
Act or the Exchange Act) (collectively, the "Seller Affiliates") (A) against all
losses, claims, damages, liabilities and expenses, joint or several (including,
without limitation, attorneys' fees except as limited by subparagraph (iii)
below) arising out of or caused by any untrue or alleged untrue statement of a
material fact contained in any registration statement, prospectus, or
preliminary prospectus or any amendment thereof or supplement thereto or any
omission or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein not misleading, or arising out of or
caused by any violation by the Company of any securities or blue sky laws of any
jurisdiction, (B) against any and all loss, liability, claim, damage, and
expense whatsoever, as incurred, to the extent of the aggregate amount paid in
settlement of any litigation, or investigation or proceeding by any governmental
agency or body, commenced or threatened, or of any claim whatsoever based upon
any such untrue statement or omission or violation, and (C) against any and all
costs and expenses (including reasonable fees and disbursements of legal counsel
and other agents) as may be reasonably incurred in investigating, preparing, or
defending against any litigation, or investigation or proceeding by any
governmental agency or body, commenced or threatened, or any claim whatsoever
based upon any such untrue statement or omission or violation, to the extent
that any such expense or cost is not paid under subparagraph (A) or (B) above;
except insofar as the same are made in reliance upon and in strict conformity
with information furnished in writing to the Company by such seller or any
Seller Affiliate specifically for use therein or by such seller or any Seller
Affiliate's failure to deliver a copy of the registration statement or
prospectus or any amendments or supplements thereto after the Company has
furnished such seller or Seller Affiliate with a sufficient number of copies of
the same. The reimbursements required by this Section 1.7(a) will be made by
periodic payments during the course of the investigation or defense, as and when
bills are received or expenses incurred.

                  (b) In connection with any registration statement in which a
seller of Registrable Shares is participating, each such seller will indemnify
the Company, its directors, officers and other security holders, including
without limitation, each Person who controls the Company (within the meaning of
the Securities Act) against any losses, claims, damages, liabilities, and
expenses (including, without limitation, attorneys' fees except as limited by
subparagraph (iii) below) resulting from any untrue statement or alleged untrue
statement of a material fact contained in the registration statement,
prospectus, or preliminary prospectus or any amendment thereof or supplement
thereto or any omission or alleged omission of a material fact

                                       10
<PAGE>   13
required to be stated therein or necessary to make the statements therein not
misleading, but only to the extent that such untrue statement or alleged untrue
statement, or omission or alleged omission, is contained in any information or
affidavit so furnished in writing by such seller or any of its Seller
Affiliates specifically for use therein; provided that the obligation to
indemnify will be several, not joint and several, among such sellers of
Registrable Shares, and the liability of each such seller of Registrable Shares
will be in proportion to, and provided further that such liability will be
limited to, the net amount received by such seller from the sale of Registrable
Shares pursuant to such registration statement.

                  (c) Any Person entitled to indemnification hereunder will (A)
give prompt written notice to the indemnifying party of any claim with respect
to which it seeks indemnification (provided that the failure to give such notice
shall not limit the rights of such Person) and (B) unless in such indemnified
party's reasonable judgment a conflict of interest between such indemnified and
indemnifying parties may exist with respect to such claim, permit such
indemnifying party to assume the defense of such claim with legal counsel
reasonably satisfactory to the indemnified party; provided, however, that any
Person entitled to indemnification hereunder shall have the right to employ
separate legal counsel and to participate in the defense of such claim, but the
fees and expenses of such legal counsel shall be at the expense of such Person
unless (X) the indemnifying party has agreed to pay such fees or expenses, (Y)
the indemnifying party shall have failed to assume (or shall not be permitted to
assume such defense pursuant to clause (B) above) the defense of such claim and
employ legal counsel reasonably satisfactory to such Person or (Z) such Person
shall have been advised by counsel that there may be legal defenses available to
it or them which are different from or additional to those available to the
indemnifying parties. If such defense is assumed, the indemnifying party will
not be subject to any liability for any settlement made by the indemnified party
without its consent (but such consent will not be unreasonably withheld);
provided, however, that the withholding of consent to any settlement by any
indemnified party will not be deemed to be unreasonable if such settlement (i)
does not contain an unconditional release of such indemnified party from each
Person asserting any claim or (ii) contains any admission of fault on the part
of such Indemnified Party. An indemnifying party who is not entitled to, or
elects not to, assume the defense of a claim will not be obligated to pay the
fees and expenses of more than one legal counsel for all parties indemnified by
such indemnifying party with respect to such claim (and one local counsel in
each jurisdiction where engagement of local counsel is necessary to defend such
claim), unless in the reasonable judgment of any indemnified party, a

                                       11
<PAGE>   14
conflict of interest may exist between such indemnified party and any other of
such indemnified parties with respect to such claim.

                  (d) Each party hereto agrees that, if for any reason the
indemnification provisions contemplated by Section 1.7(a) or Section 1.7(b) are
unavailable or insufficient (other than in accordance with the terms thereof) to
hold harmless an indemnified party in respect of any losses, claims, damages,
liabilities, or expenses (or actions in respect thereof) referred to therein,
then each indemnifying party shall contribute to the amount paid or payable by
such indemnified party as a result of such losses, claims, liabilities, or
expenses (or actions in respect thereof) in such proportion as is appropriate to
reflect the relative fault of the indemnifying party and the indemnified party
as well as any other relevant equitable considerations. The relative fault of
such indemnifying party and indemnified party shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a
material fact or omission or alleged omission to state a material fact relates
to information supplied by such indemnifying party or indemnified party, and the
parties' relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. The parties hereto agree that it
would not be just and equitable if contribution pursuant to this Section 1.7(d)
were determined by pro rata allocation (even if the Holders or any underwriters
or all of them were treated as one entity for such purpose) or by any other
method of allocation which does not take account of the equitable considerations
referred to in this Section 1.7(d). The amount paid or payable by an indemnified
party as result of the losses, claims, damages, liabilities, or expenses (or
actions in respect thereof) referred to above shall be deemed to include any
legal or other fees or expenses reasonably incurred by such indemnified party in
connection with investigating or, except as provided in Section 1.7(c),
defending any such action or claim. Notwithstanding the provisions of this
Section 1.7(d), no Holder shall be required to contribute an amount greater than
the dollar amount of the proceeds received by such Holder with respect to the
sale of any Registrable Shares, less any amounts paid in indemnity. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any person who was
not guilty of such fraudulent misrepresentation. The Holders' obligations in
this Section 1.7(d) to contribute shall be several in proportion to the amount
of Registrable Shares registered by them and not joint.

                                       12
<PAGE>   15
                                   ARTICLE II

                                  MISCELLANEOUS

         Section 2.1 Notices. Any notice or request specifically provided for or
permitted to be given under this Agreement must be in writing. Notice may be
served in any manner, including by facsimile or nationally recognized overnight
courier service, but shall be deemed delivered and effective as of the time of
actual delivery thereof to the addressee. For purposes of notice the addresses
of the parties shall be as follows:

if to the Company, to

         LendingTree, Inc.
         6701 Carmel Road, Suite 205
         Charlotte, North Carolina  28226
         Attention:        Douglas R. Lebda, Chief Executive Officer
         Facsimile No.: (704) 541-1824

with copies to (which shall not constitute notice):

         Brobeck, Phleger & Harrison LLP
         701 Pennsylvania Avenue N.W., Suite 220
         Washington, D.C.  20004
         Attention:        Brian D. Henderson, Esquire
         Facsimile No.: (202) 220-5200

         If to any Holder, at its address listed on the signature pages hereof.

Each party named above may change its address and that of its representative for
notice by the giving of notice thereof in the manner hereinabove provided.

         Section 2.2 Entire Agreement. This Agreement sets forth the entire
agreement of the parties with respect to the matters set forth herein. This
Agreement supersedes and terminates any and all other agreements, oral or
written, between any of the parties with respect to such matters, including, but
not limited to that certain Amended and Restated Registration Rights Agreement
dated as of December 9, 1998, further amended as of May 25, 1999, among the
Company and securityholders

                                       13
<PAGE>   16
of the Company listed therein, and that certain Convertible Promissory Note and
Warrant Purchase Agreement dated July 13, 1999 by and among the Company and the
Investors (defined therein) and the provisions relating to registration rights
set forth or incorporated by reference in that certain Consulting Agreement
referred to in Section 5.8 of that certain Convertible Preferred Stock Purchase
Agreement dated as of September __, 1999 among the Company and the other
signatories listed thereto.

         Section 2.3 Non-Waiver. The failure of any party to insist upon strict
performance of any provision hereof shall not constitute a waiver of, or
estoppel against asserting, the right to require such performance in the future,
nor shall a waiver or estoppel with respect to a later breach of a similar
nature or otherwise.

         Section 2.4 Transferees. Other than in the case of transfers to the
public pursuant to an effective Registration Statement or sales to the public
pursuant to Rule 144 promulgated under the Securities Act, each Holder may (but
shall not be required to) cause any proposed transferee of any Common Stock or
Common Stock Equivalent or any interest therein held by him or it to agree, by
execution of a counterpart signature page hereto, to take and hold such Common
Stock or Common Stock Equivalent subject to the provisions and upon the
conditions specified in this Agreement and to become a party to this Agreement.

         Section 2.5 No Other Registration Rights. Without the written consent
of the holders of a majority of the outstanding shares of Preferred Stock, the
Company will not grant any other registration rights to any Person.

         Section 2.6 Severability. If any provision of this Agreement is held
invalid, such invalidity shall not affect the other provisions hereof which can
be given effect without the invalid provision, and to this end the provisions of
this Agreement are intended to be and shall be deemed severable.

         Section 2.7 Governing Law. This Agreement shall be governed by and
construed in accordance with the internal laws of the State of Delaware without
regard to its provisions concerning conflicts of law.

         Section 2.8 Construction. The headings in this Agreement are inserted
for convenience and identification only and are not intended to describe,
interpret, define or limit the scope, extent, or intent of this Agreement or any
provision hereof. Whenever the context requires, the gender of all words used in
this Agreement shall

                                       14
<PAGE>   17
include the masculine, feminine, and neuter, and the number of all words shall
include the singular and the plural.

         Section 2.9 Counterparts. This Agreement may be executed in any number
of counterparts with the same effect as if each of the parties had signed the
same document. All counterparts shall be construed together and shall constitute
one and the same instrument.

         Section 2.10 Amendments. Any provision of this Agreement may be amended
or waived if, but only if, such amendment or waiver is in writing and is signed
by the Company and the Holders holding at least 66-2/3% of the Fully-Diluted
Common Shares held by all Holders.

         Section 2.11 Definitions.

"Advice" shall have the meaning assigned in Section 1.5.

"Affiliate" shall mean, with respect to a specified Person, a Person that
directly, or indirectly through one or more intermediaries, controls or is
controlled by, or is under common control with, the Person specified. The term
"control" (including the terms "controlling", "controlled by", or "under common
control with") for purposes of this definition shall mean the possession, direct
or indirect, of the power to direct or cause the direction of the management and
policies of a Person, whether through the ownership of voting securities, by
contract, or otherwise.

"Business Day" shall mean a day on which federally chartered banks located in
New York City, are not required or authorized to close and not be open for
business (other than a Saturday or Sunday) under the Legal Requirements of the
United States.

"Common Stock" shall mean the common stock, par value $.01 per share, of the
Company.

"Common Stock Equivalent" shall mean (without duplication with any other Common
Stock or Common Stock Equivalent) rights, warrants, options, convertible
securities or convertible indebtedness, exchangeable securities or exchangeable
indebtedness, or other rights, exercisable for or convertible or exchangeable
into, directly or indirectly, Common Stock, whether at the time or upon the
occurrence of some future event.

                                       15
<PAGE>   18
"Company" shall have the meaning assigned in the introductory paragraph hereof.

"Demand Registration" shall have the meaning assigned in Section 1.1.

"Demand Request" shall have the meaning assigned in Section 1.1.

"Excluded Registration" shall mean a registration under the Securities Act of
securities registered on Form S-4 or S-8 or any similar successor form.

"Fully-Diluted Common Shares" shall mean, at any time, the then outstanding
Common Stock of the Company plus (without duplication) all Common Stock
issuable, whether at such time or upon passage of time or the occurrence of
future events, upon the exercise, conversion, or exchange of all
then-outstanding Common Stock Equivalents.

"Holder" means (i) a holder of Preferred Stock or Common Stock listed on a
signature page hereof as of the date of this Agreement and (ii) any direct or
indirect transferee of any such security holder who shall become a party to this
Agreement in accordance with Section 3.4.

"Legal Requirement" shall mean any and all applicable (a) federal, state or
local laws, whether of the United States or other jurisdiction (statutory and
administrative), rules, ordinances, codes and regulations, (b) judgments,
orders, writs, injunctions and decrees and (c) undertakings to or agreements
with any court or governmental agency.

"Material Adverse Effect" shall have the meaning assigned in Section 1.1(d).

"Maximum Offering Size" shall have the meaning assigned in Section 1.2(b).

"NASD" shall have the meaning assigned in Section 1.6.

"Person" shall mean a natural person, partnership (whether general or limited
and whether domestic or foreign), limited liability company, foreign limited
liability company, trust, estate, association, corporation, custodian, nominee
or any other individual or entity in its own or any representative capacity.

"Preferred Holder" means a Holder who owns Preferred Stock.

                                       16
<PAGE>   19
"Preferred Stock" shall mean the Series A Convertible Preferred Stock, par value
$0.01 per share, of the Company, the Series B Convertible Preferred Stock, par
value $.01 per share, of the Company, and/or the Series D Convertible Preferred
Stock, par value $0.01 per share, of the Company.

"Registrable Shares" means any Common Stock held by a Holder (including but not
limited to any Common Stock issuable upon conversion of any of the Preferred
Stock, Common Stock issued as a dividend or other distribution with respect to
any such shares and Common Stock acquired pursuant to the exercise of preemptive
rights); provided, however, that Registrable Shares shall not include any shares
(i) the sale of which has been registered pursuant to the Securities Act and
which shares have been sold pursuant to such registration or (ii) which have
been sold to the public pursuant to Rule 144(k) (or a successor rule or
regulation), as promulgated under the Securities Act.

"Registration Expenses" shall have the meaning assigned in Section 1.6.

"Requesting Holders" shall have the meaning assigned in Section 1.1(a).

"Required Filing Date" shall have the meaning assigned in Section 1.1(a).

"SEC" means the U.S. Securities and Exchange Commission.

"Securities Act" means the Securities Act of 1933, as amended.

"Seller Affiliates" shall have the meaning assigned in Section 1.7.

"Shares" shall mean the shares of Common Stock of the Company.

"Suspension Notice" shall have the meaning assigned in Section 1.5.

[The remainder of this page intentionally left blank]

                                       17
<PAGE>   20
         IN WITNESS WHEREOF, the parties have hereunto executed this
Registration Rights Agreement as of September 20, 1999.

                                  LENDINGTREE, INC.

                                  By:
                                    ------------------------------------------
                                        Douglas R. Lebda
                                        Chief Executive Officer

                                       18
<PAGE>   21
                                   CAPITAL Z FINANCIAL SERVICES
                                   FUND II, L.P.

                                   By:  Capital Z Partners, L.P., its sole
                                           general partner

                                         By:  Capital Z Partners, Ltd., its sole
                                                  general partner

                                                   By:
                                                       ------------------------
                                                   Name:
                                                       -------------------------
                                                   Title:
                                                       -------------------------

                                       19
<PAGE>   22
                                    CAPITAL Z FINANCIAL SERVICES
                                    PRIVATE FUND II, L.P.

                                    By:  Capital Z Partners, L.P., its sole
                                           general partner

                                          By: Capital Z Partners, Ltd., its sole
                                                 general partner

                                                   By:
                                                       ------------------------
                                                   Name:
                                                       -------------------------
                                                   Title:
                                                       -------------------------

                                       20
<PAGE>   23
                                        GENERAL ELECTRIC CAPITAL
                                        ASSURANCE COMPANY

                                        By:
                                           ------------------------------------
                                        Name:
                                           ------------------------------------
                                        Title:
                                           ------------------------------------

                                       21
<PAGE>   24
                                        GE CAPITAL RESIDENTIAL
                                        CONNECTIONS CORPORATION

                                        By:
                                           ------------------------------------
                                        Name: Theodore F. Weiland
                                           ------------------------------------
                                        Title:    Sr. Vice President
                                           ------------------------------------

                                       22
<PAGE>   25
                                       THE GOLDMAN SACHS GROUP, INC.

                                       By:
                                           ------------------------------------
                                       Name:      Joseph Gleberman, V.P.
                                           ------------------------------------
                                       Title:
                                           ------------------------------------

                                       23
<PAGE>   26
                                        MARSH & McLENNAN RISK
                                        CAPITAL HOLDINGS, LTD.

                                        By:
                                           ------------------------------------
                                        Name:      Frank Borelli
                                           ------------------------------------
                                        Title:        Chairman
                                           ------------------------------------

                                       24
<PAGE>   27
                                        PRICELINE.COM INCORPORATED

                                        By:
                                           ------------------------------------
                                        Name:
                                           ------------------------------------
                                        Title:
                                           ------------------------------------

                                       25
<PAGE>   28
                                        STONE STREET FUND 1999, LP.

                                        By:   Stone Street 1999 Corp.
                                              Its General Partner

                                             By:
                                                -------------------------------
                                                Eve M. Gerriets, Vice President

                                       26
<PAGE>   29
                                        THE UNION LABOR LIFE INSURANCE
                                        COMPANY ACTING ON BEHALF OF
                                        ITS SEPARATE ACCOUNT P

                                        By:
                                           ------------------------------------
                                        Name:
                                           ------------------------------------
                                        Title:
                                           ------------------------------------

                                       27
<PAGE>   30
                                        ------------------------------------
                                        Douglas R. Lebda

                                       28
<PAGE>   31
                                        ------------------------------------
                                        Tara G. Lebda

                                       29
<PAGE>   32
                                        ------------------------------------
                                        Robert G. Wilson

                                       30
<PAGE>   33
                                       PHOENIX STRATEGIC CAPITAL
                                       CORPORATION

                                        By:
                                           ------------------------------------
                                              Richard H. Booth
                                              Executive Vice President

                                       31
<PAGE>   34
                                        ------------------------------------
                                        William N. Shiebler

                                       32
<PAGE>   35
                                        ------------------------------------
                                        Jeffrey P. Hughes

                                       33
<PAGE>   36
                                        ------------------------------------
                                        John B. Prince

                                       34
<PAGE>   37
                                        JOHN B. PRINCE, ACF
                                        COURNTEY PRINCE/U/UT/UTMA

                                        By:
                                           ------------------------------------
                                              John B. Prince

                                       35
<PAGE>   38
                                        JOHN B. PRINCE ACF
                                        MATTHEW PRINCE U/UT/UTMA

                                        By:
                                           ------------------------------------
                                              John B. Prince

                                       36
<PAGE>   39
                                        ---------------------------------------
                                        Theodore W. Kheel

                                       37
<PAGE>   40
                                        ---------------------------------------
                                        W. James Tozer, Jr.

                                       38
<PAGE>   41
                                        ---------------------------------------
                                        Richard D. Field

                                       39
<PAGE>   42
                                        BARBARA A. AND PETER A.
                                        GEORGESCU

                                         --------------------------------------
                                         Barbara A. Georgescu

                                         --------------------------------------
                                         Peter A. Georgescu

                                       40
<PAGE>   43
                                         GARRITY INVESTMENTS LLC

                                         By:
                                             ----------------------------------
                                               Norman E. Garrity, Member

                                       41
<PAGE>   44
                                         FINANCIAL INSTITUTION PARTNERS
                                         II, L.P., by its General Partner, HOVDE
                                         CAPITAL, L.L.C.

                                         By:
                                             ----------------------------------
                                               Eric D. Hovde
                                               Managing Member

                                       42
<PAGE>   45
                                         HOVDE INVESTMENT CORP., L.L.C.

                                         By:
                                            -----------------------------------
                                              Eric D. Hovde
                                              Managing Member

                                       43
<PAGE>   46
                                         THE SEACRIS GROUP, LTD.

                                         By:
                                             ----------------------------------
                                         Name:
                                             ----------------------------------
                                         Title:
                                             ----------------------------------

                                       44

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