Document:

EXECUTION COPY
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                            STOCK PURCHASE AGREEMENT

                                 BY AND BETWEEN

                     STANFORD VENTURE CAPITAL HOLDINGS, INC.

                                       AND

                      INTERNATIONAL COSMETICS MARKETING CO.
                           D/B/A BEVERLY SASSOON & CO.

                                September 7, 2001

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<TABLE>
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                                    CONTENTS
<S>                                                                                                              <C>
Authorization and Closing.........................................................................................1
         Authorization of the Stock...............................................................................1
         Purchase and Sale of the Stock...........................................................................1
Conditions of the Purchasers' Obligations.........................................................................1
         Conditions to Closing....................................................................................1
Covenants.........................................................................................................3
         Current Public Information...............................................................................3
         Indemnification..........................................................................................3
         No Affiliated Party Transactions.........................................................................4
         Board Representation.....................................................................................4
Compliance with Laws..............................................................................................4
Transfer of Restricted Securities.................................................................................4
Representations and Warranties of the Company.....................................................................4
         Organization and Corporate Power.........................................................................5
         Capital Stock and Related Matters........................................................................5
         Authorization; No Breach.................................................................................6
         Undisclosed Liabilities..................................................................................6
         Tax Matters..............................................................................................6
         Litigation, etc..........................................................................................7
         Governmental Consent, etc................................................................................7
         Compliance with Laws.....................................................................................7
         Disclosure...............................................................................................7
         Recent Occurrences.......................................................................................8
         Registration Rights......................................................................................8
         Securities Laws..........................................................................................8
         Commission Documents.....................................................................................8
         Transactions with Affiliates.............................................................................9
         Vote Required; State Takeover Statutes...................................................................9
Definitions.......................................................................................................9
Miscellaneous....................................................................................................12
         Expenses................................................................................................12
         Remedies 13
         Purchasers' Investment Representations..................................................................13
         Consent to Amendments...................................................................................13
         Survival of Representations and Warranties..............................................................14
         Successors and Assigns..................................................................................14
         Severability............................................................................................14
         Counterparts............................................................................................14
         Descriptive Headings; Interpretation....................................................................14
         Governing Law...........................................................................................14
         Notices  15
         Rights   16
         Amendments..............................................................................................16

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List of Exhibits
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Exhibit A         -        Form of Registration Rights Agreement
Exhibit B         -        Form of Assignment Agreement
Exhibit C         -        Form of Letter Agreement
Exhibit D         -        Form of Warrant
Schedule of Exceptions
Schedule 5.B.(i)
</TABLE>

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                            STOCK PURCHASE AGREEMENT

         THIS STOCK PURCHASE AGREEMENT ("Agreement") is made as of September 7,
2001, by and between STANFORD VENTURE CAPITAL HOLDINGS, INC. (the "Purchaser" or
"Stanford"), and INTERNATIONAL COSMETICS MARKETING CO. D/B/A BEVERLY SASSOON &
CO., a Florida corporation ("Company"). Except as otherwise indicated herein,
capitalized terms used herein are defined in Section 6 hereof.

         In consideration of the mutual covenants contained herein and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties to this Agreement, intending to be legally bound,
hereby agree as follows:

         Section 1. Authorization and Closing.

         A. Authorization of the Stock. The Company has authorized the issuance
and sale to the Purchaser of 1,000,000 shares of its Common Stock, par value
$.001 per share (the "Common Stock") and 750,000 Warrants to purchase Common
Stock at $2.125 per share (the "Warrants").

         B. Purchase and Sale of the Stock. At the Closing (as defined below),
the Company shall sell to the Purchaser and, subject to the terms and conditions
set forth herein, the Purchaser shall purchase from the Company, 1,000,000
shares of Common Stock and 750,000 Warrants at an aggregate purchase price of
$1,500,000. The closing of the purchase and sale of the Common Stock pursuant
hereto (the "Closing") shall take place at the offices of Akerman Senterfitt, 1
S.E. 3rd Avenue, Suite 2700, Miami, Florida 33131 simultaneously with the
execution and delivery of this Agreement. At the Closing, pursuant to the escrow
provisions of the Assignment Agreement, the Company shall deliver to the
Purchaser stock certificates evidencing the Common Stock purchased by the
Purchaser, registered in the Purchaser's name, and the Purchaser shall pay to
the Company the purchase price by certified or bank check or wire transfer of
immediately available funds.

         Section 2. Conditions of the Purchaser' Obligations.

         A. Conditions to Closing. The obligation of the Purchaser to purchase
and pay for the Common Stock at the Closing is subject to the satisfaction or
written waiver as of the Closing of the following conditions:

                  (i) Representations and Warranties; Covenants. The
         representations and warranties contained in Section 5 hereof shall be
         true and correct at and as of the Closing, and the Company shall have
         performed all of the covenants required to be performed by it hereunder
         prior to the Closing.

                  (ii) Registration Rights Agreement. The Company and the
         Purchaser shall have entered into an Registration Rights Agreement in
         form and substance set forth in Exhibit A attached hereto (the
         "Registration Rights Agreement"), and the Registration Rights Agreement
         shall not have been amended or modified and shall be in full force and
         effect as of the Closing.

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                  (iii) Assignment and Escrow Agreement. Paul Lambert, Atlas
         Pearlman, P.A. and the Purchaser shall have entered into an Assignment
         and Escrow Agreement in form and substance set forth in Exhibit B
         attached hereto (the "Assignment Agreement"), relating to the
         assignment of that certain option (the "Option"), dated as of August
         19, 1999, to purchase 250,000 shares of Common Stock, which is being
         assigned to Purchaser simultaneously herewith, and the Assignment
         Agreement shall not have been amended or modified and shall be in full
         force and effect as of the Closing.

                  (iv) Letter Agreement. The Purchaser and Nico Pronk shall have
         entered into a Letter Agreement in form and substance set forth in
         Exhibit C attached hereto (the "Letter Agreement"), and the Letter
         Agreement shall not have been amended or modified and shall be in full
         force and effect as of the Closing.

                  (v) Warrants. The Company shall have executed warrant
         certificates in form and substance set forth in Exhibit D attached
         hereto representing the Warrants, and the Warrants shall not have been
         amended or modified and shall be in full force and affect as of the
         Closing.

                  (vi) Consents and Approvals. The Company shall have received
         or obtained all third-party, governmental and regulatory consents and
         approvals necessary for the consummation of the transactions
         contemplated hereby.

                  (vii) Compliance with Applicable Laws. The sale of Common
         Stock to the Purchaser hereunder shall not be prohibited by any
         applicable law or governmental regulation.

                  (viii) Fees and Expenses. The Company shall have reimbursed
         Purchaser's expenses, paid the fee and issued the Placement Warrants as
         provided in Section 7.A.

                  (ix) Closing Documents. The Company shall have delivered to
         Purchaser all of the following documents:

                           (a) an Officer's Certificate, dated the date of the
                  Closing, stating that the conditions specified in this Section
                  2 have been fully satisfied;

                           (b) certified copies of the resolutions duly adopted
                  by the Company's board of directors (its "Board"), including
                  the consent of the majority holder of the Company's Series A
                  Convertible Preferred Stock and the holder of the Company's
                  outstanding debentures, authorizing the execution, delivery,
                  and performance of the Transaction Documents, the issuance and
                  sale of the Common Stock and the consummation of all other
                  transactions contemplated by this Agreement; and

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                           (c) certified copies of (1) the Company's Articles of
                  Incorporation and (2) the Company's Bylaws, each as in effect
                  at the Closing.

                  (x) No Material Adverse Change. There shall not have occurred
         any material adverse change in the financial condition, operating
         results, assets, operations or business prospects of the Company since
         the Financial Statement Date.

                  (xi) Opinion. The Company shall have delivered to the
         Purchaser a legal opinion, in form and content reasonably satisfactory
         to Purchaser, with respect to such matters (including, but not limited
         to, the absence of dissenters' rights with respect to this transaction)
         as Purchaser shall reasonably request.

                  (xii) Rights of First Refusal, Anti-Dilution Rights, and
         Preemptive Rights Waived. The Company shall have delivered to Purchaser
         evidence reasonably satisfactory to Purchaser that no rights of first
         refusal to purchase securities of the Company, anti-dilution rights or
         preemptive rights will be contravened by the consummation of the
         transactions contemplated in connection herewith.

                  (xiii) Other. The Purchaser shall have received such other
         documents relating to the transactions contemplated hereby as Purchaser
         or its counsel may reasonably request.

         Any condition specified in this Section 2 may be waived only if such
waiver is set forth in a writing executed by Purchaser.

         Section 3. Covenants. As an inducement to enter into the transactions
contemplated by this Agreement, the Company hereby covenants to undertake the
obligations set forth in this Section 3.

         A. Current Public Information. For so long as Purchaser beneficially
owns any securities of the Company, the Company shall timely file all reports
required to be filed by it under the Securities Act and the Securities Exchange
Act and the rules and regulations adopted by the Commission thereunder and shall
take such further action as any holder or holders of Restricted Securities may
reasonably request, all to the extent required to enable: (i) such holders to
sell Restricted Securities pursuant to Rule 144 adopted by the Commission under
the Securities Act (as such rule may be amended from time to time) or any
similar rule or regulation hereafter adopted by the Commission; or (ii) the
Company to be eligible to register its securities pursuant to a registration
statement on Form S-2 or S-3 or any similar registration form hereafter adopted
by the Commission. Upon request, the Company shall deliver to any holder of
Restricted Securities a written statement as to whether it has complied with
such requirements.

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         B. Indemnification. The Company shall indemnify, defend and hold the
Purchaser and its respective directors, officers, employees, affiliates and
agents (collectively, the "Indemnified Persons") harmless from and against and
in respect of any and all claims, demands, losses, costs, expenses, obligations,
liabilities, damages, recoveries and deficiencies, including, without
limitation, interest, penalties, court costs and attorneys' fees (collectively,
"Losses"), that any Indemnified Person shall incur or suffer, which arise,
result from, or relate to (a) any breach of, or failure by the Company to
perform, any of its representations, warranties, covenants or agreements in any
Transaction Document or any violation of any securities law by the Company, and
(b) any claim, litigation, investigation or proceeding (whether or not such
Indemnified Person is a party thereto) relating to any transactions, services or
matters that are the subject of any Transaction Document.

         C. No Affiliated Party Transactions. For so long as the Purchaser
beneficially owns any securities of the Company, the Company and each of its
Subsidiaries shall not, without the prior written consent of the Purchaser,
enter into any transaction with any of its or any Subsidiary's officers,
directors, employees or Affiliates or any individual related by blood, marriage
or adoption to any such Person or any entity in which any such Person or
individual owns a beneficial interest, except for (i) normal employment
arrangements and benefit programs on reasonable terms, (ii) the Letter
Agreement, dated as of October 13, 2000, between the Company and Noble
International Investments, Inc. and (iii) except as otherwise expressly
contemplated by this Agreement.

         D. Board Representation. Upon Closing, and until the earlier to occur
of the following events: (a) two years from the date of this Agreement; or (b)
any event which results in Purchaser or its Affiliates, at any time,
collectively being the beneficial owners of less than 50% of the securities of
the Company (on an as-converted basis) acquired pursuant to this Agreement, the
Warrants and the Assignment Agreement, the Company shall take all necessary and
desirable actions within its control (including, without limitation, calling
special Board meetings), so that one (1) representative designated by the
Purchaser shall be nominated and/or appointed to Board.

         E. Compliance with Laws. The Company shall take all necessary actions
to comply with all state and federal securities laws in connection with the
issuance and sale of its securities to any other party, by private placement or
otherwise.

         Section 4. Transfer of Restricted Securities. The Purchaser
acknowledges that the Restricted Securities are transferable only pursuant to:
(a) public offerings registered under the Securities Act; (b) Rule 144 or Rule
144A under the Securities Act (or any similar rule or rules then in force) if
such rule or rules are available; (c) any other legally available means of
transfer; and (d) any other agreement to which such Purchaser is a party. In
connection with the transfer of any Restricted Securities (other than a transfer
described in clauses (a) or (b) above), the holder thereof shall deliver written
notice to the Company describing in reasonable detail the transfer or proposed
transfer. In addition, upon the request of the Purchaser, the Company shall
promptly supply to such Purchaser or its prospective transferees all information
regarding the Company required to be delivered in connection with a transfer
pursuant to Rule 144A under the Securities Act.

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         Section 5. Representations and Warranties of the Company. As a material
inducement to the Purchaser to enter into this Agreement and purchase the Common
Stock, the Company hereby represents and warrants to the Purchaser that, except
as expressly set forth on the Schedule of Exceptions attached hereto:

         A. Organization and Corporate Power. The Company is a corporation duly
organized, validly existing, and in good standing under the laws of Florida and
is qualified to do business in every jurisdiction in which the failure to so
qualify might reasonably be expected to have a material adverse effect on the
financial condition, operating results, assets, operations, or business
prospects of the Company. The Company has all requisite corporate power and
authority and all material licenses, permits, and authorizations necessary to
own and operate its properties, to carry on its businesses as now conducted and
presently proposed to be conducted, and to carry out the transactions
contemplated by this Agreement and the agreements and documents contemplated in
connection therewith. The copies of the Company's Articles of Incorporation and
the Company's Bylaws which have been furnished to Purchaser's counsel reflect
all amendments made thereto at any time before the Closing and are correct and
complete.

         B. Capital Stock and Related Matters.

                  (i) The authorized capital stock of the Company consists of
         30,000,000 shares of capital stock, of which 5,000,000 shares are
         designated as Preferred Stock, par value $.001, and of which 25,000,000
         shares are designated as Common Stock, par value $.001. Immediately
         prior to the Closing, the Company had that number of shares outstanding
         as set forth on Schedule 5.B.(i). Except as set forth on Schedule
         5.B.(i), or the Schedule of Exceptions, the Company does not have
         outstanding any stock or securities convertible or exchangeable for any
         shares of its capital stock or containing any profit participation
         features, nor does it have outstanding any rights or options to
         subscribe for or to purchase its capital stock or any stock or
         securities convertible into or exchangeable for its capital stock or
         any stock appreciation rights or phantom stock plans other than
         pursuant to, and as contemplated by, this Agreement. The Company is not
         subject to any obligation (contingent or otherwise) to repurchase or
         otherwise acquire or retire any shares of its capital stock or any
         warrants, options, or other rights to acquire its capital stock. All of
         the outstanding shares of the Company's capital stock are and shall be
         validly issued, fully paid, and non-assessable and free of any Liens
         other than Liens created by the holders thereof. No event has occurred
         which would change the conversion price or number of shares issuable
         upon conversion of any of the Company's outstanding securities.

                  (ii) Except as set forth on the Schedule of Exceptions, there
         are no statutory or contractual preemptive rights, anti-dilution
         rights, or rights of first refusal with respect to the issuance of any
         of the Common Stock hereunder and the Company has never issued
         securities in contravention of any rights of first refusal,
         anti-dilution rights, or preemptive rights. The Company has not
         violated any applicable federal or state securities laws in connection
         with the offer, sale, or issuance of any of its capital stock, and the
         offer, sale, and issuance of the Common Stock hereunder does not and
         will not require registration under the Securities Act or any
         applicable state securities laws. Except as disclosed on the Schedule
         of Exceptions, there are no agreements between the Company's
         stockholders with respect to the voting or transfer of the Company's
         capital stock or with respect to any other aspect of the Company's
         affairs.

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         C. Authorization; No Breach. The execution, delivery, and performance
of the Transaction Documents have been duly authorized by the Company. The
Transaction Documents each constitutes a valid and binding obligation of the
Company, enforceable in accordance with its terms. The execution and delivery by
the Company of the Transaction Documents, the offering, sale, and issuance of
the Common Stock hereunder and the fulfillment of and compliance with the
respective terms hereof and thereof by the Company do not and will not: (i)
conflict with or result in a breach of the terms, conditions, or provisions of;
(ii) constitute a default under; (iii) result in the creation of any Lien,
security interest, charge, or encumbrance upon the Company's capital stock or
assets pursuant to; (iv) give any third party the right to modify, terminate, or
accelerate any obligation under; (v) result in a violation of; or (vi) require
any authorization, consent, approval, exemption, or other action by or notice to
any court or administrative or governmental body pursuant to, the Articles of
Incorporation or Bylaws of the Company, or any law, statute, rule, or regulation
to which the Company is subject, or any agreement, instrument, order, judgment,
or decree to which the Company or any of its Affiliates or employees is a party
or by which it or any of the foregoing Persons is bound. Furthermore, the
offering, sale and issuance of Common Stock hereunder (and the conversion
thereof) will not contravene or give rights to any Person pursuant to any right
of first refusal to purchase securities of the Company, anti-dilution right or
preemptive right granted by the Company.

         D. Undisclosed Liabilities. Except as set forth in the financial
statements referenced in Section 5.M, the Company has no liabilities,
commitments or obligations of any nature whatsoever, whether accrued, contingent
or otherwise and whether due or to become due (other than nonmaterial, both
individually and in the aggregate, liabilities, commitments or obligations
incurred since the Financial Statement Date in the ordinary course of business
consistent with past practices to Persons other than Affiliates of the Company)
or any unrealized or unanticipated losses from any commitments of the Company,
and there is no basis for assertion against the Company of any such liability,
commitment, obligation or loss.

         E. Tax Matters. Except as set forth on the Schedule of Exceptions, the
Company has filed all Tax Returns (if any) which it is required to file under
applicable laws and regulations; all such Tax Returns are complete and correct
in all material respects; the Company has paid all Taxes due and owing by it and
has withheld and paid over all Taxes which it is obligated to withhold from
amounts paid or owing to any employee, stockholder, creditor or other third
party; the Company has not waived any statute of limitations with respect to
Taxes or agreed to any extension of time with respect to a Tax assessment or
deficiency; the assessment of any additional Taxes for periods for which returns
have been filed is not expected; no foreign, federal, state or local Tax audits

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are pending or being conducted with respect to the Company, no information
related to Tax matters has been requested by any foreign, federal, state or
local taxing authority and no notice indicating an intent to open an audit or
other review has been received by the Company from any foreign, federal, state
or local taxing authority; and there are no unresolved questions or claims
concerning the Company's Tax liability. The Company has not made an election
under Section 341 (f) of the IRC.

         F. Litigation, etc. There are no actions, suits, proceedings, orders,
investigations or claims pending or, to the best of the Company's knowledge,
threatened against or affecting the Company (or to the best of the Company's
knowledge, pending or threatened against or affecting any of the officers,
directors or employees of the Company with respect to their business or proposed
business activities) at law or in equity, or before or by any governmental
department, commission, board, bureau, agency or instrumentality (including,
without limitations, any actions, suits, proceedings or investigations with
respect to the transactions contemplated by this Agreement) which (i) could have
a material adverse effect on the financial condition, operating results, assets,
operations or business prospects of the Company, or (ii) questions the validity
of the transactions contemplated in connection herewith or seeks to enjoin or
restrict same. The Company is not subject to any arbitration proceedings under
collective bargaining agreements or otherwise or, to the best of the Company's
knowledge, any governmental investigations or inquiries; and, to the best of the
Company's knowledge, there is no basis for any of the foregoing. The Company is
not subject to any judgment, order or decree of any court or other governmental
agency. The Company has not received any opinion or memorandum or legal advice
from legal counsel to the effect that it is exposed, from a legal standpoint, to
any liability or disadvantage which may be material to its business.

         G. Governmental Consent, etc. Except for filings under Regulation D
under the Securities Act, no permit, consent, approval or authorization of, or
declaration to or filing with, any governmental authority or other Person is
required in connection with the execution, delivery and performance by the
Company of this Agreement, any other Transaction Documents, or the consummation
by the Company of any other transactions contemplated hereby or thereby.

         H. Compliance with Laws. The Company has not violated any law or any
governmental regulation or requirement which violation could have a material
adverse effect upon the financial condition, operating results, assets,
operations or business prospects of the Company, and the Company has not
received notice of any such violation. The Company is not subject to any clean
up liability, and the Company has no reason to believe it may become subject to
any clean up liability, under any federal, state or local environmental law,
rule or regulation.

         I. Disclosure. Neither this Agreement nor any of the schedules,
attachments, written statements, documents, certificates or other items prepared
or supplied to the Purchaser by or on behalf of the Company with respect to the
transactions contemplated hereby contain any untrue statement of a material fact
or omit a material fact necessary to make each statement contained herein or
therein not misleading. There is no fact which the Company has not disclosed to
the Purchaser in writing making specific reference hereto and of which any of
its officers, directors or executive employees is aware and which has had or
might reasonably be anticipated to have a material adverse effect upon the

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existing or expected financial condition, operating results, assets, customer or
supplier relations, employee relations or business prospects of the Company.

         J. Recent Occurrences. Since the Financial Statement Date, the Company
has conducted its business only in the ordinary and usual course and there has
not occurred any material adverse change in the financial condition, operating
results, assets, or business prospects of the Company. Since the Financial
Statement Date, the Company has not (i) suffered any material damage,
destruction or loss, whether or not covered by insurance; (ii) waived any
valuable right or debt; (iii) entered into or amended or suffered the
termination or expiration of or defaulted on any material contract or agreement;
(iv) incurred any indebtedness; (v) suffered any resignation, termination or
other cessation of employment of any officer or key employee; (vi) disclosed any
material confidential and proprietary information; (vii) satisfied or waived any
Lien or obligation, except in the ordinary course of business which in the
aggregate are not material; (viii) modified any compensation arrangement; (ix)
sold, assigned, transferred or licensed any patent, trademark, copyright, trade
secret or other intellectual property right, or any interest therein; (x)
received notice that any significant customer or supplier has (or intends to)
adversely modify its business relationship with the Company or cancel any order;
(xi) suffered any event or occurrence that could cause any material adverse
change in the financial condition, operating results, assets, operations or
business prospects of the Company; or (xii) entered into any arrangement or
commitment to do any of the foregoing.

         K. Registration Rights. Except as set forth on the Schedule of
Exceptions, the Company is not currently under any obligation to register under
the Securities Act any of its presently outstanding securities or any of its
securities which may hereafter be issued. The Company is not restricted pursuant
to the terms of any existing registration rights from granting additional
registration rights as contemplated by the Registration Rights Agreement and
none of the registration rights disclosed on the Schedule of Exceptions provides
the holders thereof priority over the Holders (as defined in the Registration
Rights Agreement) in the event of a "claw back" by an underwriter or manager of
an underwriter public offering.

         L. Securities Laws. The sale and delivery of the Common Stock issued to
the Purchaser are exempt from the requirement of registration under the
Securities Act and applicable state securities laws. Except as set forth on the
Schedule of Exceptions, the Securities Act and state securities laws were not
violated by the original issuance of the Company's capital stock to its existing
shareholders and will not be violated by the execution of this Agreement or the
consummation of the transactions contemplated hereby; provided that, the
representations and warranties made in this Section 5.L with respect to the
Purchaser assume that the representations and warranties of the Purchaser
contained in Section 7.C are true and correct.

         M. Commission Documents. The Company has delivered or made available to
the Purchaser each registration statement, report, proxy statement or
information statement (as defined in Regulation 14C under the Exchange Act)
prepared by it since January 1, 1998, which reports constitute all of the
documents required to be filed by the Company with the Commission since such
date, each in the form filed with the Commission (collectively, the "Company
Reports"). As of their respective dates, the Company Reports (a) complied as to
form in all material respects with the applicable requirements of the Securities
Act or the Securities Exchange Act, as the case may be, and the rules and
regulations thereunder; and (b) did not contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements made therein, in the light of the circumstances
under which they were made, not misleading. The Company has timely filed with
the Commission all reports required to be filed under Section 13, 14 and 15(d)
of the Exchange Act. Each of the balance sheets of the Company included in or
incorporated by reference into the Company Reports (including the related notes
and schedules) fairly present in all material respects the financial position of

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the Company and its Subsidiaries as of its date (subject, in the case of
unaudited statements, to normal year-end audit adjustments which would not be
material in amount or effect), and each of the statements of operations, changes
in stockholders' equity and cash flows of the Company included in or
incorporated by reference into the Company Reports (including any related notes
and schedules) fairly present in all material respects the results of
operations, changes in stockholders' equity or cash flows, as the case may be,
of the Company and its Subsidiaries for the periods set forth therein (subject,
in the case of unaudited statements, to normal year-end audit adjustments which
would not be material in amount or effect). The financial statements of the
Company, including the notes thereto, included in or incorporated by reference
into the Company Reports comply as to form in all material respects with
applicable accounting requirements and with the published rules and regulations
of the Commission with respect thereto, and have been prepared in accordance
with GAAP. Since January 1, 1998, there has been no material change in the
Company's accounting methods or principles except as described in the notes to
such Company financial statements.

         N. Transactions with Affiliates. Except as set forth in the Company
Reports and except with respect to the transactions contemplated hereby, there
has been no transaction, agreement, arrangement or understanding, or any related
series thereof, between the Company and/or the Subsidiaries and the Company"s
Affiliates (other than wholly-owned Subsidiaries).

         O. No Vote Required; State Takeover Statutes; Poison Pill.

                  (i) No vote of holders of the Company's capital stock is
         necessary to execute and deliver this Agreement, or to consummate the
         transactions contemplated by this Agreement.

                  (ii) No state takeover statute or similar statute or
         regulation of the State of Florida (and, to the knowledge of the
         Company after due inquiry, of any other jurisdiction) applies or
         purports to apply to this Agreement or any of the transactions
         contemplated hereby. No provision of the Articles of Incorporation,
         By-laws or other governing instruments of the Company or any of the
         Subsidiaries or any applicable law would, directly or indirectly,
         restrict or impair the ability of the Purchaser to vote, or otherwise
         to exercise the rights of a shareholder with respect to, shares of the
         Company that may be beneficially owned by the Purchaser.

                                       9
<PAGE>

                  (iii) The Company is not subject to any Rights Plan or Rights
         Agreement or any other document commonly referred to as a "poison pill"
         which would be triggered by or as a result of this transaction.

         Section 6. Definitions. For the purposes of this Agreement, the
following terms have the meanings set forth below:

         "Affiliate" of any particular Person means any other Person
controlling, controlled by, or under common control with such particular Person,
including, but not limited to, any current or former employee, officer or
director or entity in which any of them has any direct or indirect interest.

         "Affiliated Group" means an affiliated group as defined in Section 1504
of the IRC (or any analogous combined, consolidated, or unitary group defined
under state, local, or foreign income Tax law).

         "Assignment Agreement" has the meaning set forth in Section 2.A.

         "Financial Statement Date" means June 30, 2001, provided that the draft
financial statements relating to that date and for the quarter and fiscal year
ended on such date which were presented to the Purchaser for review are
certified by the Company's independent auditors, and if not so certified, then
"Financial Statement Date" means June 30, 2000.

         "Commission" means the Securities and Exchange Commission and includes
any governmental body or agency succeeding to the functions thereof.

         "Common Stock" means the Company's Common Stock, par value $.001.

         "Company Reports" has the meaning set forth in Section 5.M.

         "GAAP" means generally accepted accounting principles consistently
applied.

         "IRC" means the Internal Revenue Code of 1986, as amended, and any
reference to any particular IRC section shall be interpreted to include any
revision of or successor to that section regardless of how numbered or
classified.

         "Lien" means any mortgage, pledge, security interest, encumbrance,
lien, or charge of any kind (including, without limitation, any conditional sale
or other title retention agreement or lease in the nature thereof), any sale of
receivables with recourse against the Company or any of its Affiliates, any
filing or agreement to file a financing statement as debtor under the Uniform
Commercial Code or any similar statute other than to reflect ownership by a
third party of property leased to the Company under a lease which is not in the
nature of a conditional sale or title retention agreement, or any subordination
arrangement in favor of another Person (other than any subordination arising in
the ordinary course of business).

                                       10
<PAGE>

         "Officer's Certificate" means a certificate signed by the Company's
President, stating that: (i) the officer signing such certificate has made or
has caused to be made such investigations as are necessary in order to permit
such officer to verify the accuracy of the information set forth in such
certificate; and (ii) such certificate does not misstate any material fact and
does not omit to state any fact necessary to make the certificate not
misleading.

         "Option" has the meaning set forth in Section 2.A.

         "Person" means an individual, a partnership, a limited liability
company, a corporation, an association, a joint stock company, a trust, a joint
venture, an unincorporated organization or other entity, and a governmental
entity or any department, agency, or political subdivision thereof.

         "Placement Warrants" has the meaning set forth in Section 7.A.

         "Restricted Securities" means: (i) the Common Stock issued hereunder;
(ii) the Warrants and the Placement Warrants and the shares of Common Stock
issuable upon conversion thereof; and (iii) any securities issued with respect
to the securities referred to in clause (i) or (ii) above by way of a stock
dividend or stock split, or in connection with combination of shares,
recapitalization, merger, consolidation, or other reorganization. As to any
particular Restricted Securities, such securities shall cease to be Restricted
Securities when they have: (a) been effectively registered under the Securities
Act and disposed of in accordance with the registration statement covering them;
(b) become eligible for sale pursuant to Rule 144(k) (or any similar provision
then in force) under the Securities Act; or (c) been otherwise transferred and
new certificates for them not bearing the Securities Act legend set forth in
Section 7.C have been delivered by the Company in accordance with Section 7.C.
Whenever any particular securities cease to be Restricted Securities, the holder
thereof shall be entitled to receive from the Company, without expense, new
securities of like tenor not bearing a Securities Act legend of the character
set forth in Section 7.C.

         "Securities Act" means the Securities Act of 1933, as amended, or any
similar federal law then in force.

         "Securities Exchange Act" means the Securities Exchange Act of 1934, as
amended, or any similar federal law then in force.

         "Subsidiary" means, with respect to any Person, any corporation,
limited liability company, partnership, association, or other business entity of
which: (i) if a corporation, a majority of the total voting power of shares of
stock entitled (without regard to the occurrence of any contingency) to vote in
the election of directors, managers, or trustees thereof is at the time owned or
controlled, directly or indirectly, by that Person or one or more of the other
Subsidiaries of that Person or a combination thereof; or (ii) if a limited
liability company, partnership, association, or other business entity, a
majority of the partnership or other similar ownership interest thereof is at
the time owned or controlled, directly or indirectly, by any Person or one or
more Subsidiaries of that Person or a combination thereof. For purposes hereof,
a Person or Persons shall be deemed to have a majority ownership interest in a

                                       11
<PAGE>

limited liability company, partnership, association, or other business entity if
such Person or Persons shall be allocated a majority of limited liability
company, partnership, association, or other business entity gains or losses or
shall be or control any managing director or general partner of such limited
liability company, partnership, association, or other business entity.

         "Tax" or "Taxes" means any: (i) federal, state, local, or foreign
income, gross receipts, franchise, estimated, alternative minimum, add-on
minimum, sales, use, transfer, registration, value added, excise, natural
resources, severance, stamp, occupation, premium, windfall profit,
environmental, customs, duties, real property, personal property, capital stock,
social security, unemployment, disability, payroll, license, employee or other
withholding, or other tax, of any kind whatsoever, including any interest,
penalties, or additions to tax or additional amounts in respect of the
foregoing; (ii) liability of the Company for the payment of any amounts of the
type described in clause (i) arising as a result of being (or ceasing to be) a
member of any Affiliated Group (or being included (or required to be included)
in any Tax Return relating thereto); and (iii) liability of the Company for the
payment of any amounts of the type described in clause (i) as a result of any
express or implied obligation to indemnify or otherwise assume or succeed to the
liability of any other person (including, but not limited to, as a successor or
transferee).

         "Tax Returns" means returns, declarations, reports, claims for refund,
information returns, or other documents (including any related or supporting
schedules, statements, or information) filed or required to be filed in
connection with the determination, assessment, or collection of Taxes of any
party or the administration of any laws, regulations, or administrative
requirements relating to any Taxes.

         "Transaction Documents" means this Agreement, the Registration Rights
Agreement, the Assignment Agreement, the Escrow Agreement and all other
agreements contemplated hereby to which the Company is, or may be from time to
time, a party, or any schedule, certificate, exhibit or instrument furnished or
to be furnished by the Company hereunder or thereunder.

         "Warrants" shall have the meaning set forth in Section 1.A.

         Section 7. Miscellaneous.

         A. Expenses. As a further inducement for the Purchaser to consummate
the transactions contemplated hereby, the Company agrees to pay Stanford Group
Company a fee at Closing of $97,500 in cash and to issue Stanford Group Company
warrants to purchase 50,000 shares of Common Stock at an exercise price of $1.50
per share and warrants to purchase 37,500 shares of Common Stock at an exercise
price of $2.125 per share (the "Placement Warrants"). In addition, the Company
shall reimburse Purchaser for its reasonable fees and expenses (including its
reasonable fees and expenses of its counsel and other advisors) which Purchaser
has incurred in connection with the Closing up to a maximum of $10,000. In
addition, the Company agrees to pay, and hold Purchaser harmless against
liability for the payment of: (i) its reasonable fees and expenses (including
its reasonable fees and expenses of its counsel and other advisors) arising in
connection with the interpretation, modification, monitoring and enforcement of

                                       12
<PAGE>

its rights under the Transaction Documents, and the consummation of the
transactions contemplated hereby and thereby (including, but not limited to, any
subsequent or proposed acquisitions, sales, mergers, or re-capitalizations by
the Company); (ii) the reasonable fees and expenses incurred with respect to any
amendments or waivers (whether or not the same become effective) under or in
respect of the Transaction Documents; (iii) reasonable travel expenses and other
reasonable out-of-pocket fees and expenses as have been or may be incurred by
Purchaser, its directors, officers and employees in connection with the
transactions contemplated hereby or in attending Board or other of the Company's
meetings; and (iv) stamp and other Taxes which may be payable in respect of the
execution and delivery of this Agreement or the issuance, delivery, or
acquisition of any shares of Common Stock purchased hereunder.

         B. Remedies. The Purchaser shall have all rights and remedies set forth
in this Agreement and all rights and remedies which such holder has been granted
at any time under any other agreement or contract and all of the rights which
such holder has under any law. Any Person having any rights under any provision
of this Agreement shall be entitled to enforce such rights specifically, to
recover damages by reason of any breach of any provision of this Agreement, and
to exercise all other rights granted by law.

         C. Purchaser's Investment Representations. The Purchaser hereby
represents that such Purchaser is acquiring the Restricted Securities purchased
hereunder for its own account with the present intention of holding such
securities for purposes of investment, and that it has no intention of selling
such securities in a public distribution in violation of the federal securities
laws or any applicable state securities laws; provided that nothing contained
herein shall prevent such Purchaser and subsequent holders of Restricted
Securities from transferring such securities in compliance with the provisions
of Section 4 hereof and any agreements to which such Persons may be parties.

Each certificate for Restricted Securities shall be imprinted with a legend in
substantially the following form:

                  "THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE
                  ORIGINALLY ISSUED ON SEPTEMBER 7, 2001, AND HAVE NOT BEEN
                  REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THE
                  TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS
                  SUBJECT TO THE CONDITIONS SPECIFIED IN THE STOCK PURCHASE
                  AGREEMENT, DATED AS OF SEPTEMBER 7, 2001, BETWEEN THE ISSUER
                  (THE "COMPANY") AND A CERTAIN INVESTOR, AND THE COMPANY
                  RESERVES THE RIGHT TO REFUSE THE TRANSFER OF SUCH SECURITIES
                  UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED WITH RESPECT TO SUCH
                  TRANSFER. A COPY OF SUCH CONDITIONS SHALL BE FURNISHED BY THE
                  COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT
                  CHARGE."

                                       13
<PAGE>

         If the holder of the Restricted Securities delivers to the Company an
opinion of qualified securities counsel reasonably acceptable to the Company
that no subsequent transfer of such Restricted Securities shall require
registration under the Securities Act, however, the Company shall promptly upon
such contemplated transfer deliver new certificates for such Restricted
Securities which do not bear the Securities Act legend set forth in this Section
7.C.

         D. Consent to Amendments. Except as otherwise expressly provided
herein, the provisions of this Agreement may be amended and the Company may take
any action herein prohibited, or omit to perform any act herein required to be
performed by it, if and when the Company has obtained the written consent of
Purchaser. No other course of dealing between the Company and Purchaser or any
delay in exercising any rights hereunder shall operate as a waiver of any rights
of Purchaser.

         E. Survival of Representations and Warranties. All representations and
warranties contained herein or made in writing by any party in connection
herewith shall survive the execution and delivery of this Agreement and the
consummation of the transactions contemplated by this Agreement for the
applicable statute of limitations, regardless of any investigation made by the
Purchaser or on its behalf.

         F. Successors and Assigns. Except as otherwise expressly provided
herein, all covenants and agreements contained in this Agreement by or on behalf
of any of the parties hereto shall bind and inure to the benefit of the
respective successors and assigns of the parties hereto whether so expressed or
not. In addition, and whether or not any express assignment has been made, the
provisions of this Agreement which are for the Purchaser's benefit as the
Purchaser or holder of Common Stock are also for the benefit of, and enforceable
by, any subsequent holder of such Common Stock.

         G. Severability. Whenever possible, each provision of this Agreement
shall be interpreted in such manner as to be effective and valid under
applicable law, but, if any provision of this Agreement is held to be prohibited
by or invalid under applicable law, then such provision shall be ineffective
only to the extent of such prohibition or invalidity, without invalidating the
remainder of this Agreement.

         H. Counterparts. This Agreement may be executed simultaneously in two
or more counterparts, any one of which need not contain the signatures of more
than one party, but all such counterparts taken together shall constitute one
and the same Agreement.

                                       14
<PAGE>

         I. Descriptive Headings; Interpretation. The descriptive headings of
this Agreement are inserted for convenience only and do not constitute a
substantive part of this Agreement. Whenever required by the context, any
pronoun used in this Agreement shall include the corresponding masculine,
feminine, or neuter forms, and the singular form of nouns, pronouns, and verbs
shall include the plural and vice versa. The use of the word "including" in this
Agreement shall be by way of example rather than by limitation. Reference to any
agreement, document, or instrument means such agreement, document, or instrument
as amended or otherwise modified from time to time in accordance with the terms
thereof, and if applicable hereof. Without limiting the generality of the
immediately preceding sentence, no amendment or other modification to any
agreement, document, or instrument that requires the consent of any Person
pursuant to the terms of this Agreement or any other agreement will be given
effect hereunder unless such Person has consented in writing to such amendment
or modification.

         J. Governing Law. This Agreement shall be construed in accordance with
and governed for all purposes by the laws of the State of Florida applicable to
contracts executed and to be wholly performed within such State without giving
effect to any choice of law or conflict of law rules or provisions (whether of
the State of Florida or any other jurisdiction) that would cause the application
of the laws of any other jurisdiction other than the State of Florida. EACH OF
THE PARTIES HEREBY IRREVOCABLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDINGS OR TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTES OR CLAIMS,
WHETHER ANY SUCH PROCEEDINGS, DISPUTES OR CLAIMS RELATE TO OR ARISE IN CONTRACT,
TORT OR OTHERWISE, WHETHER WITH RESPECT TO THIS AGREEMENT OR ANY OTHER DOCUMENTS
OR INSTRUMENTS DELIVERED IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY. This Agreement shall be subject to the exclusive
jurisdiction of the courts of the State of Florida located in Miami-Dade County,
Florida or the United States District Court for the Southern District of
Florida. The parties to this Agreement agree that any breach of any term or
condition of this Agreement shall be deemed to be a breach occurring in the
State of Florida by virtue of a failure to perform an act required to be
performed in the State of Florida and irrevocably and expressly agree to submit
to the jurisdiction of such courts in the State of Florida for the purpose of
resolving any disputes among the parties relating to this Agreement or the
transactions contemplated hereby. The parties irrevocably waive, to the fullest
extent permitted by law, any objection which they may now or hereafter have to
the laying of venue of any suit, action or proceeding arising out of or relating
to this Agreement, or any judgment entered by any court in respect hereof
brought in Miami-Dade County, Florida, and further irrevocably waive any claim
that any suit, action or proceeding brought in Miami-Dade County, Florida has
been brought in an inconvenient forum.

         K. Notices. All notices, demands, or other communications to be given
or delivered under or by reason of the provisions of this Agreement shall be in
writing and shall be deemed to have been given when delivered personally to the
recipient or sent to the recipient by a nationally-recognized express courier

                                       15
<PAGE>

service (charges prepaid) for next business day delivery. Such notices, demands,
and other communications shall be sent to the Purchaser and to the Company at
the address indicated below:

         If to the Company:

                  International Cosmetics Marketing Co.
                  6501 N.W. Park of Commerce Blvd., Suite 205
                  Boca Raton, FL 33487
                  Attn: Sam A. Lazar

         with a copy to:

                  Atlas Pearlman, P.A.
                  350 E. Las Olas Boulevard, Suite 1700
                  Fort Lauderdale, FL 33301
                  Attn: Roxanne K. Beilly, Esq.

         If to the Purchaser:

                  Stanford Venture Capital Holdings, Inc.
                  5050 Westheimer Road
                  Houston, TX 77056
                  Attn: Mauricio Alvarado, Esq.

         with a copy to:

                  Akerman Senterfitt
                  1 S.E. 3rd Avenue
                  Suite 2700
                  Miami, Florida 33131
                  Attention: Carl D. Roston, Esq.

or to such other address or to the attention of such other person as the
recipient party has specified by prior written notice to the sending party.

         L. Rights. This Agreement shall not confer any rights or remedies upon
any Person, other than the parties hereto and their respective heirs,
successors, and permitted assigns.

         M. Amendments. Any reference contained herein to any agreement,
instrument, or other document shall include any amendments or modifications made
to such agreement, instrument, or other document made from time to time in
accordance with the terms thereof, and if applicable, hereof.

                      [THIS SPACE INTENTIONALLY LEFT BLANK]

                                       16
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Stock
Purchase Agreement on the date first written above.

                               INTERNATIONAL  COSMETICS  MARKETING CO.
                               D/B/A BEVERLY  SASSOON & CO.

                               By: /s/ Sam A. Lazar
                                   ---------------------------------------------
                               Name: Sam A. Lazar
                               Title: President

                               STANFORD VENTURE CAPITAL HOLDINGS, INC.

                               By: /s/ James Davis
                                   ---------------------------------------------
                               Name: James Davis
                               Title: Authorized PersonREGISTRATION RIGHTS AGREEMENT

                          dated as of September 7, 2001

                                     between

                      INTERNATIONAL COSMETICS MARKETING CO.

                                       and

                        THE HOLDERS LISTED ON SCHEDULE I
                              ---------------------

<PAGE>
<TABLE>
<CAPTION>

                                                 TABLE OF CONTENTS

                                                                                                               Page

<S>                                                                                                              <C>
         Section 1.        Definitions............................................................................1

         Section 2.        Demand Registration....................................................................3
                           a.       Request for Registration by Holders...........................................3
                           b.       Filing and Effectiveness......................................................3
                           c.       Priority on Demand Registration...............................................4
                           d.       Postponement of Demand Registration...........................................4

         Section 3.        Piggyback Registration.................................................................5
                           a.       Right to Piggyback............................................................5
                           b.       Priority on Piggyback Registrations...........................................5

         Section 4.        Registration Procedures................................................................6

         Section 5.        Registration Expenses.................................................................11

         Section 6.        Indemnification.......................................................................11
                           a.       Indemnification by the Company...............................................12
                           b.       Indemnification by Holders...................................................12
                           c.       Conduct of Indemnification Proceedings.......................................12
                           d.       Contribution.................................................................13

         Section 7.        Underwritten Registrations............................................................14

         Section 8.        Covenants of the Company..............................................................14

         Section 9.        Miscellaneous.........................................................................15
                           a.       Remedies.....................................................................15
                           b.       Amendments and Waivers.......................................................15
                           c.       Notices......................................................................16
                           d.       Successors and Assigns.......................................................16
                           e.       Counterparts.................................................................17
                           f.       Titles and Subtitles.........................................................17
                           g.       Governing Law................................................................17
                           h.       Separability.................................................................17
                           i.       Entire Agreement.............................................................17

</TABLE>

                                       -i-

<PAGE>

                                                             Execution Copy

                          REGISTRATION RIGHTS AGREEMENT
                          -----------------------------

         THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement") is made and
entered into as of September 7, 2001 by and between INTERNATIONAL COSMETICS
MARKETING CO., a Florida corporation (together with its successors and assigns,
the "Company") and the Persons named on Schedule 1 as Holders, and each other
person who becomes a Holder (as defined below) hereunder.

                                    RECITALS
                                    --------

         WHEREAS, the Company and Stanford Venture Capital Holdings, Inc.
("Stanford") have entered into a Stock Purchase Agreement dated as of September
7, 2001 (the "Stock Purchase Agreement"); and

         WHEREAS, to induce Stanford to execute and deliver the Stock Purchase
Agreement, the Company has agreed to provide to the Holders certain registration
rights under the Securities Act (as defined below).

         NOW, THEREFORE, in consideration of the mutual promises and agreements
set forth herein and in the Stock Purchase Agreement, and other valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto hereby agree as follows:

         Section 1. Definitions. For purposes of this Agreement, the following
capitalized terms have the following meanings:

         "Articles of Incorporation" shall mean the Articles of Incorporation of
the Company, as amended to date.

         "Assignment Agreement" shall mean the Assignment and Escrow Agreement,
dated as of September 7, 2001 between Paul Lambert, Atlas Pearlman, P.A. and
Stanford.

         "Common Stock" shall mean the Common Stock, par value $.001 per share,
of the Company and any securities into which such Common Stock may be or has
been converted or exchanged in any merger, consolidation or reclassification.

         "Holders" shall mean the Persons listed on Schedule 1 and each of such
Person's permitted transferees pursuant to Section 9(d) who agree to be bound by
the provisions of this Agreement in accordance with said section.

                                        1

<PAGE>

         "Option" shall mean that certain Option to purchase Common Stock, dated
as of August 19, 1999, as assigned pursuant to the Assignment Agreement.

         "Option Shares" shall mean the shares of Common Stock issuable upon
exercise of the Option and any securities into which such Common Stock may be or
has been converted or exchanged in any merger, consolidation or
reclassification.

         "Person" shall mean an individual, partnership, corporation, limited
liability company, unincorporated organization, trust or joint venture, or a
governmental agency or political subdivision thereof, or other entity of any
kind.

         "Prospectus" shall mean the prospectus included in any Registration
Statement (including, without limitation, a prospectus that discloses
information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A under the Securities Act), as
amended or supplemented by any prospectus supplement, with respect to the terms
of the offering of any portion of the Registrable Securities covered by such
Registration Statement and all other amendments and supplements to such
prospectus, including post-effective amendments, and all material incorporated
by reference or deemed to be incorporated by reference in such prospectus.

         "Registrable Securities" shall mean all Shares, Warrant Shares and
Option Shares, excluding (i) any such shares that have been disposed of by a
Holder pursuant to a Registration Statement relating to the sale thereof that
has become effective under the Securities Act or pursuant to Rule 144 or Rule
145 under the Securities Act and (ii) any such shares that may be sold under
Rule 144 under the Securities Act by a Holder who beneficially owns less than 1%
of the issued and outstanding shares of Common Stock of the Company. Registrable
Securities shall also include any shares of the Common Stock or other securities
(or shares of Common Stock underlying such other securities) that may be
received by the Holders (x) as a result of a stock dividend on or stock split of
Registrable Securities, (y) in exchange for or as a replacement of Registrable
Securities, or (z) on account of Registrable Securities in a recapitalization
of, merger, reorganization or similar transaction involving the Company.

         "Registration Statement" shall mean any registration statement of the
Company under the Securities Act (including Shelf Registrations) that covers any
of the Registrable Securities pursuant to the provisions of this Agreement,
including the related Prospectus, any preliminary Prospectus, all amendments and
supplements to such registration statement (including post-effective
amendments), all exhibits and all material incorporated by reference or deemed
to be incorporated by reference in such registration statement.

         "SEC" shall mean the Securities and Exchange Commission or any
successor agency.

         "Securities Act" shall mean the Securities Act of 1933, as amended, and
the rules and regulations promulgated thereunder, all as the same shall be in
effect from time to time.

                                        2

<PAGE>

         "Shares" shall mean the shares of Common Stock acquired pursuant to the
Stock Purchase Agreement, as well as any securities into which such Common Stock
may be or has been converted or exchanged in any merger, consolidation or
reclassification.

         "Shelf Registration" shall mean any registration statement filed with
the SEC in accordance with the Securities Act pursuant to which offers may be
made on a delayed or continuous basis pursuant to Rule 415 of the Securities
Act.

         "Stock Purchase Agreement" shall have the meaning set forth in the
recitals hereto.

         "Underwritten Offering" shall mean a distribution, registered pursuant
to the Securities Act, in which securities of the Company are sold to the public
through one or more underwriters.

         "Warrants" shall mean the Warrants and the Placement Warrants (as each
term is defined in the Stock Purchase Agreement) representing an aggregate of
925,000 Warrants to purchase Common Stock issued by the Company to each of the
Holders listed on Schedule 1.

         "Warrant Shares" shall have the meaning set forth in the Warrants.

         Section 2. Demand Registration.

                  a. Request for Registration by Holders. Subject to the
conditions set forth in this Agreement, at any time, one or more Holders will
have the right, by written notice delivered to the Company (a "Demand Notice"),
to require the Company to register Registrable Securities under and in
accordance with the provisions of the Securities Act (a "Demand Registration");
provided that: (i) the Holders may not make more than one (1) Demand
Registration under this Agreement. The Demand Notice shall set forth (A) the
name of each Holder signing such Demand Notice, (B) the number of Registrable
Securities held by each such Holder, and, if different, the number of
Registrable Securities such Holder has elected to have registered, and (C) the
intended methods of disposition of the Registrable Securities. A Demand
Registration shall not be deemed to have been effected (i) unless a Registration
Statement with respect thereto has become effective, (ii) if after such
Registration Statement has become effective, such registration or the related
offer, sale or distribution of Registrable Securities thereunder is interfered
with by any stop order, injunction or other order or requirement of the SEC or
other governmental agency or court for any reason not attributable to the
selling Holders and such interference is not thereafter eliminated within 10
days, or (iii) if the conditions to closing specified in the underwriting
agreement, if any, entered into in connection with such registration are not
satisfied or waived, other than by reason of a failure on the part of the
selling Holders. If the Company shall have complied with its obligations under
this Agreement, a right to demand a registration pursuant to this Section 2
shall be deemed to have been satisfied upon the date as of which all of the
Registrable Securities set forth in the Demand Notice shall have been disposed
of pursuant to an effective Registration Statement.

                  b.       Filing and Effectiveness.

                                        3

<PAGE>

                           (i) The Company will file a Registration Statement
relating to any Demand Registration as promptly as practicable (but in any event
within 75 days) following the date on which the Demand Notice is given and will
use its reasonable best efforts to cause the same to be declared effective by
the SEC as soon as practicable thereafter, but in any event within 120 days
thereafter (the "Effectiveness Date"). A registration pursuant to this Section 2
shall be on such appropriate registration form of the SEC as shall (i) be
selected by the Company and be reasonably acceptable to the Holders, and (ii)
permit the disposition of the Registrable Securities in accordance with the
intended method or methods of disposition specified in the Demand Notice.

                           (ii) The Company agrees to use its best efforts to
comply with all necessary provisions of the federal securities laws in order to
keep each Registration Statement relating to a Demand Registration continuously
effective until all Registrable Securities covered by such Registration
Statement have been sold pursuant to such Registration Statement. If such
Registration Statement fails to remain effective for such period of time for any
reason, then the Exercise Price (as defined in the Warrants and the Option,
respectively) of each of the Warrants and the Option shall automatically be
reduced by fifty percent (50%), effective immediately.

                                Within ten (10) business days after receipt of
such Demand Notice, the Company will serve written notice thereof (the "Notice")
to all other Holders and will, subject to the provisions of Section 2(c),
include in any registration required under this Section 2 all Registrable
Securities with respect to which the Company receives written requests for
inclusion therein within fifteen (15) business days after receipt of the Notice
by the applicable Holder. The Holder will be permitted to withdraw in good faith
all or part of the Registrable Securities from a Demand Registration at any time
prior to the effective date of such Demand Registration, in which event the
Company will promptly amend or, if applicable, withdraw the related Registration
Statement.

                  c. Priority on Demand Registration. If the managing
underwriter or underwriters of an Underwritten Offering to which a Demand
Registration relates advises the Holders that the total amount of Registrable
Securities that such Holders intend to include in such Demand Registration is in
the aggregate such as to materially and adversely affect the success of such
offering, then the number of Registrable Securities to be included in such
Demand Registration will, if necessary, be reduced and there will be included in
such underwritten offering the number of Registrable Securities that, in the
opinion of such managing underwriter or underwriters, can be sold without
materially and adversely affecting the success of such Underwritten Offering.
The Registrable Securities of the Holder or Holders initiating the Demand
Registration shall receive priority in such Underwritten Offering to the full
extent of the Registrable Securities such Holder or Holders desire to sell and
the remaining allocation available for sale, if any, shall be allocated pro rata
among the other Holders on the basis of the amount of Registrable Securities
requested to be included therein by each such Holder.

                                        4

<PAGE>

                  d. Postponement of Demand Registration. Notwithstanding
anything to the contrary in any other provision of this Agreement, the Company
will be entitled to postpone the filing period of any Demand Registration for a
reasonable period of time not in excess of 60 calendar days if the Board of
Directors of the Company determines, in the good faith exercise of its business
judgment, and has delivered to the Holders written certification to the effect,
that such registration and offering could materially interfere with, or require
premature disclosure of, a bona fide financing transaction of the Company,
including without limitation a primary offering of securities, or any other
material acquisition or reorganization of the Company. If the Company postpones
the filing of a Registration Statement, it will promptly notify the Holders in
writing when the events or circumstances permitting such postponement have
ended.

         Section 3. Piggyback Registration.

                  a. Right to Piggyback. If at any time the Company proposes to
file a Registration Statement, whether or not for sale for the Company's own
account, on a form and in a manner that would also permit registration of
Registrable Securities (other than in connection with a registration statement
on Forms S-4 or S-8 or any similar or successor form) the Company shall give to
Holders holding Registrable Securities, written notice of such proposed filing
promptly, but in any case at least twenty (20) days before the anticipated
filing. The notice referred to in the preceding sentence shall offer Holders the
opportunity to register such amount of Registrable Securities as each Holder may
request (a "Piggyback Registration"). Subject to Section 3(b), the Company will
include in each such Piggyback Registration (and any related qualification under
state blue sky laws and other compliance filings, and in any underwriting
involved therein) all Registrable Securities with respect to which the Company
has received written requests for inclusion therein within twenty (20) days
after the written notice from the Company is given. The Holders will be
permitted to withdraw all or part of the Registrable Securities from a Piggyback
Registration at any time prior to the effective date of such Piggyback
Registration.

                     Notwithstanding the foregoing, the Company will not be
obligated to effect any registration of Registrable Securities under this
Section 3 as a result of the registration of any of its securities solely in
connection with mergers, acquisitions, exchange offers, dividend reinvestment
and share purchase plans offered solely to current holders of the Common Stock,
rights offerings or option or other employee benefit plans.

                     The Company hereby agrees to file such a Registration
Statement within ninety (90) days of the date hereof so that the Holders shall
be able to participate pursuant to this Section 3.

                  b. Priority on Piggyback Registrations. The Company will cause
the managing underwriter or underwriters of a proposed Underwritten Offering to
permit Holders holding Registrable Securities requested to be included in the
registration for such offering to include therein all such Registrable
Securities requested to be so included (such securities, together with any other
shares of the same class requested to be included in such registration by any
other Person pursuant

                                        5

<PAGE>

to similar registration rights, the "Piggyback Shares") on the same terms and
conditions as any other securities of the Company, whether or not for the
Company's own account, included therein (other than the indemnification by the
Holders, which will be limited as set forth in Section 6 hereof and that the
Holders shall give customary representations and warranties). The Company shall
cooperate with any such Holder of Registrable Securities in order to limit any
representations and warranties to, or agreements with, the Company or the
underwriters to be made by such Holder only to those representations, warranties
or agreements regarding such Holder, such Holder's Registrable Securities and
such Holder's intended method of distribution and any other representation
required by law. Notwithstanding the foregoing, if the managing underwriter or
underwriters of such Underwritten Offering advises the Holders to the effect
that the total amount of securities that such Holders and the Company propose to
include in such Underwritten Offering is such as to materially and adversely
affect the success of such offering, then the Company will include in such
registration:

                  (x) in the case of a registration in connection with a sale of
                  securities for the Company's own account, (i) first, 100% of
                  the securities that the Company proposes to sell for its own
                  account, and (ii) second, to the extent that the number of
                  securities in clause (i) above is less than the number of
                  securities which the Company has been advised can be sold in
                  such offering without having the adverse effect referred to
                  above, the number of Piggyback Shares of each Holder and the
                  number of Piggyback Shares requested to be included in such
                  offering by any other Persons pursuant to similar existing
                  registration rights, determined pro rata on the basis of the
                  number of shares of the class being sold owned by each Holder
                  requesting registration and such other Persons requesting
                  registration, collectively; and

                  (y) in the case of a registration in connection with a sale of
                  securities on account of any Person other than the Company
                  (the "Initiating Party"), (i) first, 100% of the securities,
                  if any, that the Initiating Party proposes to sell, (ii)
                  second, to the extent that the number of securities in clause
                  (i) above is less than the number of securities which the
                  Company has been advised can be sold in such offering without
                  having the adverse effect referred to above, the number of
                  Piggyback Shares of each Holder and the number of Piggyback
                  Shares requested to be included in such offering by any other
                  Persons pursuant to similar existing registration rights,
                  determined pro rata on the basis of the number of shares of
                  the class being sold owned by each Holder requesting
                  registration and such other Persons requesting registration,
                  collectively, and (iii) third, to the extent that the number
                  of securities in clauses (i) and (ii) above is less than the
                  number of securities which the Company has been advised can be
                  sold in such offering without having the adverse effect

                                        6

<PAGE>

                  referred to above, the securities included by the Company in
                  the offering.

         Section 4. Registration Procedures. In connection with the Company's
registration obligations pursuant to Sections 2 and 3, the Company will effect
such registrations to permit the sale of such Registrable Securities in
accordance with the intended method or methods of disposition thereof, and
pursuant thereto the Company will as expeditiously as possible, and in each case
to the extent applicable:

                  a. Prepare and file with the SEC a Registration Statement on
any appropriate form under the Securities Act available for the sale of the
Registrable Securities by the holders thereof in accordance with the intended
method or methods of distribution thereof, and cause such Registration Statement
to become effective and remain effective as provided herein; provided, however,
that before filing a Registration Statement or Prospectus or any amendments or
supplements thereto (including documents that would be incorporated or deemed to
be incorporated therein by reference) the Company will furnish to the Holders
holding Registrable Securities covered by such Registration Statement, not more
than one counsel chosen by Holders holding a majority of the Registrable
Securities being registered ("Special Counsel") and the managing underwriters,
if any, copies of all such documents proposed to be filed, which documents will
be subject to the review of such Holders, such Special Counsel and such
underwriters, and the Company will not file any such document to which the
Holders holding a majority of the Registrable Securities covered by such
Registration Statement, the Special Counsel or the managing underwriter, if any,
shall reasonably object.

                  b. Prepare and file with the SEC such amendments and
post-effective amendments to each Registration Statement as may be necessary to
keep such Registration Statement continuously effective for the applicable
periods specified herein; cause the related Prospectus to be supplemented by any
required Prospectus supplement, and as so supplemented to be filed pursuant to
Rule 424 (or any similar provisions then in force) under the Securities Act; and
comply with the provisions of the Securities Act with respect to the disposition
of all securities covered by such Registration Statement during the applicable
period in accordance with the intended methods of disposition by the sellers
thereof set forth in such Registration Statement as so amended or in such
Prospectus as so supplemented. Subject to Rule 415 under the Securities Act, if
the Registration Statement relates to a Shelf Registration, the Company shall
amend the Registration Statement or supplement or amend the Prospectus whenever
required so that it will remain current and in compliance with the requirements
of the Securities Act for three (3) years after its effective date.

                  c. Promptly notify the selling Holders and the managing
underwriters, if any, promptly, and (if requested by any such Person) confirm
such notice in writing, (i) when a Prospectus or any Prospectus supplement or
post-effective amendment has been filed, and, with respect to a Registration
Statement or any post-effective amendment, when the same has become effective,
(ii) of any request by the SEC or any other federal or state governmental
authority for amendments or supplements to a Registration Statement or related
Prospectus or for additional

                                        7

<PAGE>

information, (iii) of the issuance by the SEC or any other federal or state
governmental authority of any stop order suspending the effectiveness of a
Registration Statement or the initiation of any proceedings for that purpose,
(iv) if at any time the representations and warranties of the Company contained
in any agreement contemplated by Section 4(n) (including any underwriting
agreement) cease to be true and correct in any material respect, (v) of the
receipt by the Company of any notification with respect to the suspension of the
qualification or exemption from qualification of any of the Registrable
Securities for sale in any jurisdiction or the initiation or threatening of any
proceeding for such purpose, (vi) of the occurrence of any event or development
that makes any statement made in such Registration Statement or related
Prospectus or any document incorporated or deemed to be incorporated therein by
reference untrue in any material respect or that requires the making of any
changes in a Registration Statement, Prospectus or any such document so that, in
the case of the Registration Statement, it will not contain any 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 and, in the
case of the Prospectus, it will not contain any untrue statement of a material
fact or omit to state any material fact required to be stated or necessary to
make the statements therein, in light of the circumstances under which they were
made, not misleading, and (vii) of the Company's reasonable determination that a
post-effective amendment to a Registration Statement would be appropriate.

                  d. Use its best efforts to obtain the withdrawal of any order
suspending the effectiveness of a Registration Statement, or the lifting of any
suspension of the qualification (or exemption from qualification) of any of the
Registrable Securities for sale in any jurisdiction, at the earliest possible
moment.

                  e. If requested by the managing underwriters, if any, or
Holders holding a majority of the Registrable Securities being registered, (i)
promptly incorporate in a Prospectus supplement or post-effective amendment such
information as the managing underwriters, if any, and such Holders agree should
be included therein as may be required by applicable law and (ii) make all
required filings of such Prospectus supplement or such post-effective amendment
as soon as practicable after the Company has received notification of the
matters to be incorporated in such Prospectus supplement or post-effective
amendment; provided, however, that the Company will not be required to take any
actions under this Section 4(e) that are not, in the opinion of counsel for the
Company, in compliance with applicable law; and provided further that to the
extent that any such information relates only to a particular Holder, the
consent of the Holders of a majority of the Registrable Securities being
registered shall not be required.

                  f. Furnish to each selling Holder and each managing
underwriter, if any, without charge, at least one conformed copy of the
Registration Statement and any pre-effective or post- effective amendment
thereto (but excluding schedules, all documents incorporated or deemed
incorporated therein by reference and all exhibits, unless requested in writing
by such holder or underwriter) and such other documents as any such selling
Holders may reasonably request in order to facilitate the disposition of
Registrable Securities owned by such selling Holder.

                                        8

<PAGE>

                  g. Deliver to each selling Holder and the underwriters, if
any, without charge as many copies of the Prospectus or Prospectuses relating to
such Registrable Securities (including each preliminary prospectus) and any
amendment or supplement thereto as such persons may reasonably request; and the
Company hereby consents to the use of such Prospectus or each amendment or
supplement thereto by each of the selling Holders and the underwriters, if any,
in connection with the offering and sale of the Registrable Securities covered
by such Prospectus or any amendment or supplement thereto.

                  h. Prior to any public offering of Registrable Securities, to
register or qualify or cooperate with the selling Holders, the underwriters, if
any, and their respective counsel in connection with the registration or
qualification (or exemption from such registration or qualification) of such
Registrable Securities for offer and sale under the securities or blue sky laws
of such jurisdictions within the United States as any seller or underwriter
reasonably requests in writing; use all reasonable efforts to keep such
registration or qualification (or exemption therefrom) effective during the
period the applicable Registration Statement is required to be kept effective
and do any and all other acts or things necessary or advisable to enable the
disposition in each such jurisdiction of the Registrable Securities covered by
the applicable Registration Statement; provided, however, that the Company will
not be required to (i) qualify to do business in any jurisdiction where it is
not then so qualified, or (ii) take any action that would subject it to taxation
or service of process in any such jurisdiction where it is not then so subject,
except, in each case, as required pursuant to registrations under blue sky laws
contemplated by this Agreement.

                  i. Cooperate with the selling Holders and the managing
underwriters, if any, to facilitate the timely preparation and delivery of
certificates representing Registrable Securities to be sold and enable such
Registrable Securities to be in such denominations and registered in such names
as the Holders or managing underwriters, if any, shall request at least two
business days prior to any sale of Registrable Securities to the underwriters or
third parties.

                  j. Use its best efforts to cause the Registrable Securities
covered by the applicable Registration Statement to be registered with or
approved by such other governmental agencies or authorities within the United
States except as may be required solely as a consequence of the nature of any
selling Holder's business, in which case the Company will cooperate in all
reasonable respects with the filing of such Registration Statement and the
granting of such approvals as may be necessary to enable the seller or sellers
thereof or the underwriters, if any, to consummate the disposition of such
Registrable Securities.

                  k. Upon the occurrence of any event contemplated by Section
4(c)(vi) or 4(c)(vii), prepare a supplement or post-effective amendment to each
Registration Statement or a supplement to the related Prospectus or any document
incorporated therein by reference or file any other required document so that,
as thereafter delivered to the purchasers of the Registrable Securities being
sold thereunder, such Prospectus will not contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading. Upon the

                                        9

<PAGE>

occurrence of any other event enumerated in Section 4(c) (other than 4(c)(iii)),
use its best efforts to remedy such problems as soon as possible.

                  l. Use its best efforts to cause all Registrable Securities
covered by such Registration Statement to be (i) listed on each securities
exchange, if any, on which securities issued by the Company of the same class
are then listed, or (ii) authorized to be quoted on the National Association of
Securities Dealers Automated Quotation System ("Nasdaq"), if the securities
qualify to be so quoted.

                  m. As needed, (i) engage an appropriate transfer agent and
provide the transfer agent with printed certificates for the Registrable
Securities in a form eligible for deposit with The Depository Trust Company and
(ii) provide a CUSIP number for the Registrable Securities.

                  n. Enter into such customary agreements (including, in the
event of an Underwritten Offering, an underwriting agreement in form, scope and
substance as is customary in underwritten offerings) and take all such other
commercially reasonable and customary actions in connection therewith (including
those reasonably requested by the Holders holding a majority of the Registrable
Securities being sold or, in the event of an Underwritten Offering, those
reasonably requested by the managing underwriters) in order to facilitate the
disposition of such Registrable Securities and in such connection, but only
where an underwriting agreement is entered into in connection with an
underwritten registration, (i) make such representations and warranties to the
underwriters with respect to the businesses of the Company and its subsidiaries,
the Registration Statement, Prospectus and documents incorporated by reference
or deemed incorporated by reference therein, if any, in each case, in form,
substance and scope as are customarily made by issuers to underwriters in
underwritten offerings and confirm the same if and when requested; (ii) obtain
opinions of counsel to the Company and updates thereof, which counsel and
opinions (in form, scope and substance) shall be reasonably satisfactory to the
managing underwriters, if any, addressed to each of the underwriters covering
the matters customarily covered in opinions requested in underwritten offerings
and such other matters as may be reasonably requested by such underwriters;
(iii) obtain "comfort" letters and updates thereof from the independent
certified public accountants of the Company (and, if necessary, any other
certified public accountants of any subsidiary of the Company or of any business
acquired by the Company for which financial statements and financial data is, or
is required to be, included in the Registration Statement), addressed to each of
the underwriters, such letters to be in customary form and covering matters of
the type customarily covered in "comfort" letters in connection with
underwritten offerings; (iv) cause the Company's management to be made available
for, and assist in, the marketing and disposition of such Registrable Securities
in the manner and to the extent reasonably requested by the underwriters
including, without limitation, participation by management in customary road
shows, investor conferences and other similar presentations and (v) deliver such
documents and certificates as may be reasonably requested by the managing
underwriters, if any, to evidence the continued validity of the representations
and warranties of the Company and its subsidiaries made pursuant to clause (i)
above and to evidence compliance with any customary conditions contained in the
underwriting

                                       10

<PAGE>

agreement entered into by the Company. The foregoing actions will be taken in
connection with each closing under such underwriting agreement as and to the
extent required thereunder.

                  o. Make available for reasonable inspection during normal
business hours by a representative of the Holders holding Registrable Securities
being sold, any underwriter participating in any disposition of Registrable
Securities, and any attorney or accountant retained by such selling Holders or
underwriter, all financial and other records, pertinent corporate and legal
documents and properties of the Company and its subsidiaries, and cause the
officers, directors and employees of the Company and its subsidiaries and its
independent public accountants who have certified the audited financial
statements included in such Registration Statement to be available to discuss
the business affairs of the Company and to supply all information reasonably
requested by any such representative, underwriter, attorney or accountant in
connection with such Registration Statement; provided, however, that any
records, information or documents that are designated by the Company in writing
as confidential at the time of delivery of such records, information or
documents will be kept confidential by such persons unless (i) such records,
information or documents are in the public domain or otherwise publicly
available, (ii) disclosure of such records, information or documents is required
by court or administrative order or is necessary to respond to inquiries of
regulatory authorities, or (iii) disclosure of such records, information or
documents, in the reasonable opinion of counsel to such person, is otherwise
required by law (including, without limitation, pursuant to the requirements of
the Securities Act).

                  p. Comply with all applicable rules and regulations of the SEC
and make generally available to Holders copies of all periodic reports, proxy
statements and other information referred to in Section 8(a) and earning
statements satisfying the provisions of Section 11(a) of the Securities Act and
Rule 158 thereunder (or any similar rule promulgated under the Securities Act)
no later than 45 calendar days after the end of any 12-month period (or 90
calendar days after the end of any 12-month period if such period is a fiscal
year) (i) commencing at the end of any fiscal quarter in which Registrable
Securities are sold to underwriters in a firm commitment or best efforts
underwritten offering, or (ii) if not sold to underwriters in such an offering,
commencing on the first day of the first fiscal quarter of the Company, after
the effective date of a Registration Statement, which statements shall cover
such 12-month period.

                  q. Take such other actions as are reasonably required in order
to expedite or facilitate the disposition of Registrable Securities covered by
each such Registration Statement.

                      The Company may require each seller of Registrable
Securities as to which any registration is being effected to furnish to the
Company such information regarding the distribution of such Registrable
Securities as the Company may, from time to time, reasonably request in writing,
and the Company may exclude from such registration the Registrable Securities of
any seller who unreasonably fails to furnish such information within a
reasonable time after receiving such request.

                                       11

<PAGE>

         Section 5. Registration Expenses. Subject to the second to last
sentence of this Section 5, all fees and expenses incident to the performance of
or compliance with this Agreement by the Company will be borne by the Company
whether or not any of the Registration Statements become effective. Such fees
and expenses will include, without limitation, (i) printing expenses (including,
without limitation, expenses of printing certificates for Registrable Securities
in a form eligible for deposit with The Depository Trust Company and of printing
a reasonable number of Prospectuses if the printing of such Prospectuses is
requested by the Holders holding a majority of the Registrable Securities
included in any Registration Statement), (ii) messenger, telephone and delivery
expenses incurred by the Company, (iii) fees and disbursements of counsel for
the Company incurred by the Company, (iv) all registration and filing fees, (v)
fees and disbursements of all independent certified public accountants referred
to in Section 4(n)(iii) and 4(o) (including the expenses of any special audit
and "comfort" letter required by or incident to such performance) incurred by
the Company and (vi) the reasonable fees and disbursements of one firm of
counsel for the Holders of Registrable Securities incurred in connection with a
Piggyback Registration (selected by the Holders of a majority of Registrable
Securities included in any such Registration Statement). In addition, the
Company will pay internal expenses (including without limitation all salaries
and expenses of its officers and employees performing legal or accounting
duties), the expense of any annual audit, the fees and expenses incurred in
connection with the listing of the securities to be registered on any securities
exchange on which securities of the same class issued by the Company are then
listed and the fees and expenses of any person, including special experts,
retained by the Company. In no event, however, will the Company be responsible
for any underwriting discounts or selling commissions with respect to any sale
of Registrable Securities pursuant to this Agreement or the legal fees and
expenses of the Holders incurred in connection with a Demand Registration, and
the Holders shall be responsible on a pro rata basis for any taxes of any kind
(including, without limitation, transfer taxes) with respect to any disposition,
sale or transfer of Registrable Securities. Any failure by the Company to pay
any registration expenses as required by this Section 5 shall not relieve the
Company of its obligations under this Agreement.

         Section 6. Indemnification.

                  a. Indemnification by the Company. The Company will indemnify
and hold harmless, to the fullest extent permitted by law, each Holder holding
Registrable Securities registered pursuant to this Agreement, the officers,
directors and agents and employees of each of them, each Person who controls
such a Holder (within the meaning of Section 15 of the Securities Act or Section
20 of the Exchange Act) and the officers, directors, agents and employees of any
such controlling person, from and against all losses, claims, damages,
liabilities, costs (including without limitation the costs of investigation and
attorneys' fees) and expenses (collectively, "Losses"), arising out of or based
upon (i) any untrue or alleged untrue statement of a material fact contained in
any Registration Statement, Prospectus or form of Prospectus (including any
preliminary Prospectus) or in any amendment or supplement thereto, (ii) any
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading, or
(iii) any violation or alleged violation by the Company of the Securities Act,
the Exchange Act, any applicable state securities law or any rule or regulation
promulgated under the Securities Act,

                                       12

<PAGE>

the Exchange Act or any applicable state securities law, except insofar and then
only to the extent that the same are based upon information furnished in writing
to the Company by such Holder specifically for use in connection with such
Registration Statement.

                  b. Indemnification by Holders. In connection with any
Registration Statement in which a Holder is participating, such Holder will
furnish to the Company in writing such information as the Company reasonably
requests for use in connection with any Registration Statement, Prospectus or
preliminary Prospectus and will indemnify and hold harmless, to the fullest
extent permitted by law, the Company, its directors and officers, agents and
employees, each Person who controls the Company (within the meaning of Section
15 of the Securities Act and Section 20 of the Exchange Act), and the directors,
officers, agents or employees of such controlling persons, from and against all
Losses arising out of or based upon any untrue or alleged untrue statement of a
material fact contained in any Registration Statement, Prospectus or preliminary
Prospectus or arising out of or based upon any omission of a material fact
required to be stated therein or necessary to make the statements therein not
misleading, to the extent, but only to the extent, that such untrue statement or
omission is contained in any information so furnished in writing by such Holder
to the Company specifically for use in such Registration Statement, Prospectus
or preliminary Prospectus and was relied upon by the Company in the preparation
of such Registration Statement, Prospectus or preliminary Prospectus. In no
event will the liability of any selling Holder hereunder be greater in amount
than the dollar amount of the proceeds received by such Holder upon the sale of
the Registrable Securities giving rise to such indemnification obligation.

                  c. Conduct of Indemnification Proceedings. If any person shall
become entitled to indemnity hereunder (an "indemnified party"), such
indemnified party shall give prompt written notice to the party from which such
indemnity is sought (the "indemnifying party") of any claim or of the
commencement of any action or proceeding with respect to which such indemnified
party seeks indemnification or contribution pursuant hereto; provided, however,
that the failure to so notify the indemnifying party will not relieve the
indemnifying party from any obligation or liability except to the extent that
the indemnifying party has been prejudiced materially by such failure. All
reasonable fees and expenses (including any reasonable fees and expenses
incurred in connection with investigating or preparing to defend such action or
proceeding) will be paid to the indemnified party (provided appropriate
documentation for such expenses is also submitted with such notice), as
incurred, within five calendar days of written notice thereof to the
indemnifying party (regardless of whether it is ultimately determined that an
indemnified party is not entitled to indemnification hereunder). The
indemnifying party will not consent to entry of any judgment or enter into any
settlement or otherwise seek to terminate any action or proceeding in which any
indemnified party is or could be a party and as to which indemnification or
contribution could be sought by such indemnified party under this Section 6,
unless such judgment, settlement or other termination includes as an
unconditional term thereof the giving by the claimant or plaintiff to such
indemnified party of a release, in form and substance reasonably satisfactory to
the indemnified party, from all liability in respect of such claim or litigation
for which such indemnified party would be entitled to indemnification hereunder.

                                       13

<PAGE>

                  d. Contribution. If the indemnification provided for in this
Section 6 is unavailable to an indemnified party under Section 6(a) or 6(b) in
respect of any Losses or is insufficient to hold such indemnified party
harmless, then each applicable indemnifying party, in lieu of indemnifying such
indemnified party, will, severally but not jointly, contribute to the amount
paid or payable by such indemnified party as a result of such Losses, in such
proportion as is appropriate to reflect the relative fault of the indemnifying
party or indemnifying parties, on the one hand, and such indemnified party, on
the other hand, in connection with the actions, statements or omissions that
resulted in such Losses as well as any other relevant equitable considerations.
The relative fault of such indemnifying party or indemnifying parties, on the
one hand, and such indemnified party, on the other hand, will be determined by
reference to, among other things, whether any action in question, including any
untrue or alleged untrue statement of a material fact or omission or alleged
omission of a material fact, has been taken or made by, or related to
information supplied by, such indemnifying party or indemnified party, and the
parties' relative intent, knowledge, access to information and opportunity to
correct or prevent such action, statement or omission. The amount paid or
payable by a party as a result of any Losses will be deemed to include any legal
or other fees or expenses incurred by such party in connection with any action
or proceeding.

                      The parties hereto agree that it would not be just and
equitable if contribution pursuant to this Section 6(d) were determined by pro
rata allocation or by any other method of allocation that does not take into
account the equitable considerations referred to in the immediately preceding
paragraph. Notwithstanding the provisions of this Section 6(d), an indemnifying
party that is a selling Holder will not be required to contribute any amount in
excess of the amount by which the total price at which the Registrable
Securities sold by such indemnifying party and distributed to the public were
offered to the public exceeds the amount of any damages that such indemnifying
party has otherwise been required to pay by reason of such untrue or alleged
untrue statement or omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
will be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation.

                       The indemnity, contribution and expense reimbursement
obligations of the Company hereunder will be in addition to any liability the
Company may otherwise have hereunder or otherwise. The provisions of this
Section 6 will survive, notwithstanding any permitted transfer of the
Registrable Securities by any Holder thereof or any termination of this
Agreement.

         Section 7. Underwritten Registrations. The Company will have the
exclusive right in connection with any Piggyback Registration that is an
Underwritten Offering to select an investment banker or investment bankers and a
manager or managers to manage the offering. In connection with any Demand
Registration that is an Underwritten Offer, the Holders holding a majority of
the Registrable Securities included in the Demand Notice will have the exclusive
right to select such investment banker(s) or manager(s), provided that such
investment banker(s) is reasonably acceptable to the Company. The Company and
the Holders agree that, in connection with any Underwritten Offering hereunder,
they shall each undertake to offer customary indemnification, representations
and warranties to the participating underwriters and to agree to any
restrictions

                                       14

<PAGE>

required by the underwriters on the sale of Common Stock or other securities by
such party after the completion of the underwritten offering.

         Section 8. Covenants of the Company.  The Company hereby agrees and
covenants as follows:

                  a. The Company shall file as and when applicable, on a timely
basis, all reports required to be filed by it under the Exchange Act. If the
Company is not required to file reports pursuant to the Exchange Act, upon the
request of any Holder of Registrable Securities, the Company shall make publicly
available the information specified in subparagraph (c)(2) of Rule 144 of the
Securities Act, and take such further action as may be reasonably required from
time to time and as may be within the reasonable control of the Company, to
enable the Holders to transfer Registrable Securities without registration under
the Securities Act within the limitation of the exemptions provided by Rule 144
under the Securities Act or any similar rule or regulation hereafter adopted by
the SEC.

                  b. The Company shall not, and shall not permit its majority
owned subsidiaries to, effect any public sale or distribution of any shares of
Common Stock or any securities convertible into or exchangeable or exercisable
for shares of Common Stock, during the five business days prior to, and during
the 90-day period beginning on, the commencement of a public distribution of the
Registrable Securities pursuant to any registration statement prepared pursuant
to this Agreement (other than by the Company pursuant to such registration if
the registration is pursuant to Section 3). The Company shall not effect any
registration of its securities (other than on Form S-4, Form S-8, or any
successor forms to such forms or pursuant to such other registration rights
agreements as may be approved in writing by the Holders of a majority of
Registrable Securities) or effect any public or private sale or distribution of
any of its securities, including a sale pursuant to Regulation D under the
Securities Act, whether on its own behalf or at the request of any holder or
holders of such securities from the date of a request for a Demand Registration
pursuant to Section 2 until the earlier of (x) 90 days following the date as of
which all securities covered by such Registration Statement shall have been
disposed of, and (y) 120 days following the effective date of such Registration
Statement, unless the Company shall have previously notified in writing all
selling Holders of the Company's desire to do so, and selling Holders owning a
majority of the Registrable Securities or the underwriters' representative, if
any, shall have consented thereto in writing.

                      Any agreement entered into after the date of this
Agreement pursuant to which the Company or any of its majority owned
subsidiaries issues or agrees to issue any privately placed securities similar
to any issue of the Registrable Securities (other than (x) shares of Common
Stock pursuant to a stock incentive, stock option, stock bonus, stock purchase
or other employee benefit plan of the Company approved by its Board of
Directors, and (y) securities issued to Persons in exchange for ownership
interests in any Person in connection with a business combination in which the
Company or any of its majority owned subsidiaries is a party) shall contain a
provision whereby holders of such securities agree not to effect any public sale
or distribution of any such securities during the periods described in the first
paragraph of this Section 8(b), in each case including a sale

                                       15

<PAGE>

pursuant to Rule 144 under the Securities Act (unless such Person is prevented
by applicable statute or regulation from entering into such an agreement).

                  c. The Company shall not, directly or indirectly, (x) enter
into any merger, consolidation or reorganization in which the Company shall not
be the surviving corporation or (y) transfer or agree to transfer all or
substantially all the Company's assets, unless prior to such merger,
consolidation, reorganization or asset transfer, the surviving corporation or
the transferee, respectively, shall have agreed in writing to assume the
obligations of the Company under this Agreement, and for that purpose references
hereunder to "Registrable Securities" shall be deemed to include the securities
which the Holders of Registrable Securities would be entitled to receive in
exchange for Registrable Securities pursuant to any such merger, consolidation
or reorganization.

                  d. The Company shall not grant to any Person (other than a
Holder of Registrable Securities) any registration rights with respect to
securities of the Company, or enter into any agreement, that would entitle the
holder thereof to have securities owned by it included in a Demand Registration
or Shelf Registration unless such rights are subordinated to the rights of the
Holders herein.

         Section 9. Miscellaneous.

                  a. Remedies. In the event of a breach by a party of its
obligations under this Agreement, each other party, in addition to being
entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this Agreement.
Each party agrees that monetary damages would not be adequate compensation for
any loss incurred by reason of a breach by it of any provision of this Agreement
and hereby further agrees that, in the event of any action for specific
performance in respect of such breach, it will waive the defense that a remedy
at law would be adequate.

                  b. Amendments and Waivers. The provisions of this Agreement
may not be amended, modified, waived or supplemented without the prior written
consent of the Company and Holders holding in excess of 50% of the Registrable
Securities. No waiver of any terms or conditions of this Agreement shall operate
as a waiver of any other breach of such terms and conditions or any other term
or condition, nor shall any failure to enforce any provision hereof operate as a
waiver of such provision or of any other provision hereof. No written waiver
hereunder, unless it by its own terms explicitly provides to the contrary, shall
be construed to effect a continuing waiver of the provisions being waived and no
such waiver in any instance shall constitute a waiver in any other instance or
for any other purpose or impair the right of the party against whom such waiver
is claimed in all other instances or for all other purposes to require full
compliance with such provision.

                  c. Notices.  All notices required or permitted hereunder
shall be in writing and shall be deemed effectively given: (i) upon personal
delivery to the party to be notified; (ii) when sent by confirmed telex or
facsimile if sent during normal business hours of the recipient, if not, then

                                       16

<PAGE>

on the next business day; (iii) upon delivery if sent by registered or certified
mail, return receipt requested, postage prepaid; or (iv) upon delivery if
deposited with a nationally recognized overnight courier, specifying next day
delivery, with written verification of receipt. All communications shall be sent
to the parties at the following addresses (or at such other address for a party
as shall be specified by like notice):

If to the Company:                    INTERNATIONAL COSMETICS MARKETING CO.
                                      Suite 205
                                      6501 N.W. Park of Commerce Blvd.
                                      Boca Raton, FL  33487
                                      Attn: Sam A. Lazar
                                      Facsimile: 561-999-0822

With a copy to:                       Atlas Pearlman, P.A.
                                      350 East Las Olas Boulevard
                                      Suite 1700
                                      Fort Lauderdale, Florida 33301
                                      Attn: Roxanne K. Beilly, Esq.
                                      Facsimile: 954-766-7800

If to the Holders:                    STANFORD VENTURE CAPITAL HOLDINGS, INC.
                                      5050 Westheimer Road
                                      Houston, TX 77056
                                      Attn: Mauricio Alvarado, Esq.
                                      Facsimile: 713-964-5242

With a copy to:                       Akerman, Senterfitt & Eidson, P.A.
                                      One SE 3rd Avenue, 28th Floor
                                      Miami, FL 33131
                                      Attn: Carl D. Roston, Esq.
                                      Facsimile: (305) 374-5095

or to such other address or addresses as shall be designated in writing. All
notices shall be effective when received.

                  d. Successors and Assigns. Subject to the terms of the Common
Stock, the Warrants and the Option regarding transfers of the Shares, the
Warrant Shares and the Option Shares, respectively, any lawful transferee of all
or a portion of the Registrable Securities shall become a Holder hereunder to
the extent it agrees in writing to be bound by all of the provisions applicable
hereunder to the transferring Holder (such acknowledgment being evidenced by
execution and delivery to the Company of a Counterpart and Acknowledgment
substantially in the form of Exhibit A). Subject to the requirements of this
Section 9(d), this Agreement shall inure to the benefit of and be binding upon
the successors and permitted assigns of the parties hereto.

                                       17

<PAGE>

                  e. Counterparts.  This Agreement may be executed in any number
of counterparts, each of which shall be an original, but all of which together
shall constitute one instrument.

                  f. Titles and Subtitles.  The titles of the sections and
subsections of this Agreement are for convenience of reference only and are not
to be considered in construing this Agreement.

                  g. Governing Law.  This Agreement shall be governed in all
respects by the laws of the State of Florida without giving regard to any
conflicts of law principles thereof which would result in the imposition of the
laws of another jurisdiction.

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

                  i. Entire Agreement. This Agreement and the other documents
delivered pursuant hereto, the Stock Purchase Agreement, the Warrants, the
Option and the Assignment Agreement constitute the full and entire understanding
and agreement between the parties with regard to the subjects thereto and no
party shall be liable or bound to any other in any manner by any
representations, warranties, covenants and agreements except as specifically set
forth herein and therein.

                            [Signatures on next page]

                                       18

<PAGE>

         IN WITNESS WHEREOF, each of the parties has duly executed this
Agreement as of the date first written above.

                                  INTERNATIONAL COSMETICS MARKETING CO.

                                  By: /s/ Sam A. Lazar
                                      ------------------------------------
                                  Name: Sam A. Lazar
                                  Title:  Chief Executive Officer

                                  STANFORD VENTURE CAPITAL HOLDINGS, INC.

                                  By: /s/ James Davis
                                      ------------------------------------
                                  Name: James Davis
                                  Title: Authorized Person

                                  STANFORD GROUP COMPANY

                                  By: /s/ Ronald Stein
                                      ------------------------------------
                                  Name: Ronald Stein
                                  Title: Senior Vice President

                                  /s/ Nico P. Pronk
                                  ----------------------------------------
                                  Nico P. Pronk

                                  /s/ Wayne Horne
                                  ----------------------------------------
                                  Wayne Horne

                                       19

<PAGE>

                                   SCHEDULE I
                                   ----------

                                     HOLDERS
                                     -------

Stanford Venture Capital Holdings, Inc., a Delaware corporation

Stanford Group Company, a Texas corporation

Nico P. Pronk

Wayne Horne

                                       20

<PAGE>

                                    EXHIBIT A

                          REGISTRATION RIGHTS AGREEMENT
                         COUNTERPART AND ACKNOWLEDGMENT
                         ------------------------------

TO:               The Company

RE:               The Registration Rights Agreement (the "Agreement") dated as
                  of September 7, 2001 by and among the Company and the Holders
                  (as defined in the Agreement)

                  The undersigned hereby agrees to be bound by the terms of the
Agreement as a party to the Agreement, and shall be entitled to all benefits of
the Holders (as defined in the Agreement) and shall be subject to all
obligations and restrictions of the Holders pursuant to the Agreement, as fully
and effectively as though the undersigned had executed a counterpart of the
Agreement together with the other parties to the Agreement. The undersigned
hereby acknowledges having received and reviewed a copy of the Agreement.

                  DATED this _____ day of ____________, _____.

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

                                Number of
                                Shares of
                                Registrable Securities:
                                                       -------------------------

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