Document:

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                                                                     EXHIBIT 4.2

                          REGISTRATION RIGHTS AGREEMENT

                  REGISTRATION RIGHTS AGREEMENT (this "AGREEMENT"), dated as of
March 25, 2004, by and among Noble International, Ltd., a Delaware corporation,
with headquarters located at 28213 Van Dyke Road, Warren, Michigan 48093 (the
"COMPANY"), and the investors listed on the Schedule of Buyers attached hereto
(each, a "Buyer" and collectively, the "BUYERS").

                  WHEREAS:

                  A. In connection with the Securities Purchase Agreement by and
among the parties hereto dated as of as of the date hereof (the "SECURITIES
PURCHASE AGREEMENT"), the Company has agreed, upon the terms and subject to the
conditions of the Securities Purchase Agreement, to issue and sell on the date
hereof to each Buyer convertible notes of the Company (the "NOTES") which shall
be convertible into shares of the Company's common stock, par value $.001 per
share (the "COMMON STOCK") (as converted, the "CONVERSION SHARES") in accordance
with the terms of the Notes;

                  B. To induce the Buyers to execute and deliver the Securities
Purchase Agreement, the Company has agreed to provide certain registration
rights under the Securities Act of 1933, as amended, and the rules and
regulations thereunder, or any similar successor statute (collectively, the
"1933 ACT"), and applicable state securities laws.

                  NOW, THEREFORE, in consideration of the premises and the
mutual covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company and each
of the Buyers hereby agree as follows:

                  1. Definitions.

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

                           a. "BUSINESS DAY" means any day other than Saturday,
Sunday or any other day on which commercial banks in The City of New York are
authorized or required by law to remain closed.

                           b. "INVESTOR" means a Buyer, any transferee or
assignee thereof to whom a Buyer assigns its rights under this Agreement and who
agrees to become bound by the provisions of this Agreement in accordance with
Section 9 and any transferee or assignee thereof to whom a transferee or
assignee assigns its rights under this Agreement and who agrees to become bound
by the provisions of this Agreement in accordance with Section 9.

                           c. "PERSON" means an individual, a limited liability
company, a partnership, a joint venture, a corporation, a trust, an
unincorporated organization and governmental or any department or agency
thereof.

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                           d. "REGISTER," "REGISTERED," and "REGISTRATION" refer
to a registration effected by preparing and filing one or more Registration
Statements (as defined below) in compliance with the 1933 Act and pursuant to
Rule 415 under the 1933 Act or any successor rule providing for offering
securities on a continuous or delayed basis ("RULE 415"), and the declaration or
ordering of effectiveness of such Registration Statement(s) by the United States
Securities and Exchange Commission (the "SEC").

                           e. "REGISTRABLE SECURITIES" means (i) the Notes, (ii)
the Conversion Shares issued or issuable upon conversion of all of the Notes,
(iii) any shares of capital stock issued or issuable with respect to the Notes
or the Conversion Shares as a result of any stock split, stock dividend,
recapitalization, exchange or similar event or otherwise, without regard to any
limitations on conversions of the Notes, and (iv) any shares of capital stock of
any entity issued in respect of the capital stock referenced in the immediately
preceding clauses (i), (ii) and (iii) as a result of a merger, consolidation,
sale of assets, sale or exchange of capital stock or other similar transaction;
provided, that the Notes and the Conversion Shares will cease to be Registrable
Securities at such time as they have been sold under a Registration Statement or
pursuant to Rule 144 under the 1933 Act or such time as they are eligible to be
sold pursuant to Rule 144(k).

                           f. "REGISTRATION PERIOD" means the period between the
date of this Agreement and the earliest of (i) the second anniversary of the
date of this Agreement or (ii) the date on which all of the Registrable
Securities have been sold by the Investors under a Registration Statement or
pursuant to Rule 144, or otherwise.

                           g. "REGISTRATION STATEMENT" means a registration
statement or registration statements of the Company filed under the 1933 Act
covering the Registrable Securities.

                  Capitalized terms used herein and not otherwise defined herein
shall have the respective meanings set forth in the Securities Purchase
Agreement.

                  2. Registration.

                           a. Mandatory Registration. The Company shall use its
reasonable best efforts to prepare, and, as soon as practicable but in no event
later than 30 days after the date hereof (the "FILING DEADLINE"), file with the
SEC a Registration Statement on Form S-3 covering the resale of all of the
Registrable Securities. In the event that Form S-3 is unavailable for such a
registration, the Company shall use such other form as is available for such a
registration, subject to the provisions of Section 2(d). The Registration
Statement prepared pursuant hereto shall register the Registrable Securities for
resale, including the Notes and at least 125% of the number of shares of Common
Stock issuable upon conversion of the Notes, subject to adjustment as provided
in Section 2(e), and shall contain the "Selling Securityholders" section and
"Plan of Distribution" attached hereto as Annex I. The Company shall use its
reasonable best efforts to have the Registration Statement declared effective by
the SEC as soon as practicable, but in no event later than the date which is 120
days after the date hereof (the "EFFECTIVENESS DEADLINE").

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                           b. Allocation of Registrable Securities. The initial
number of Registrable Securities included in any Registration Statement and each
increase in the number of Registrable Securities included therein pursuant to
Section 2(e) shall be allocated pro rata among the Investors based on the number
of Registrable Securities held by each Investor at the time the Registration
Statement covering such initial number of Registrable Securities or increase
thereof is declared effective by the SEC. In the event that an Investor sells or
otherwise transfers any of such Investor's Registrable Securities, each
transferee shall be allocated a pro rata portion of the then remaining number of
Registrable Securities included in such Registration Statement for such
transferor. Any shares of Common Stock included in a Registration Statement and
which remain allocated to any Person which ceases to hold any Registrable
Securities covered by such Registration Statement shall be allocated to the
remaining Investors, pro rata based on the number of Registrable Securities then
held by such Investors which are covered by such Registration Statement. In no
event shall the Company include any securities other than Registrable Securities
on any Registration Statement without the prior written consent of Buyers
holding at least a majority of the Registrable Securities.

                           c. Legal Counsel. Subject to Section 5 hereof, the
Investors holding at least a majority of the Registrable Securities shall have
the right to select one legal counsel to review and oversee any registration
pursuant to this Section 2 ("LEGAL COUNSEL"), which shall be Schulte Roth &
Zabel LLP or such other counsel as thereafter designated by the holders of at
least a majority of the Registrable Securities. The Company and Legal Counsel
shall reasonably cooperate with each other in performing the Company's
obligations under this Agreement.

                           d. Ineligibility for Form S-3. In the event that Form
S-3 is not available for the registration of the resale of Registrable
Securities hereunder, the Company shall (i) register the resale of the
Registrable Securities on another appropriate form reasonably acceptable to the
holders of at least a majority of the Registrable Securities and (ii) undertake
to register the Registrable Securities on Form S-3 as soon as such form is
available, provided that the Company shall maintain the effectiveness of the
Registration Statement then in effect until such time as a Registration
Statement on Form S-3 covering the Registrable Securities has been declared
effective by the SEC.

                           e. Sufficient Number of Shares Registered. In the
event the number of shares available under a Registration Statement filed
pursuant to Section 2(a) is insufficient to cover all of the Registrable
Securities required to be covered by such Registration Statement or an
Investor's allocated portion of the Registrable Securities pursuant to Section
2(b), the Company shall amend the applicable Registration Statement, or file a
new Registration Statement (on the short form available therefor, if
applicable), or both, so as to cover at least 110% of the number of such
Conversion Shares as of the trading day immediately preceding the date of the
filing of such amendment or new Registration Statement, in each case, as soon as
practicable, but in any event not later than thirty (30) days after the Company
becomes aware of the necessity therefor arises (excluding any applicable
Allowable Grace Period). The Company shall use its reasonable best efforts to
cause such amendment and/or new Registration Statement to become effective as
soon as practicable following the filing thereof. For purposes of the foregoing
provision, the number of shares available under a Registration Statement shall
be

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deemed "insufficient to cover all of the Registrable Securities" if at any time
the number of shares of Common Stock available for resale under such
Registration Statement is less than 125% of the number of Conversion Shares
issued and issuable upon conversion of the Notes. The calculation set forth in
the foregoing sentence shall be made without regard to any limitations on the
conversion of the Notes and such calculation shall assume that the Notes are
convertible into shares of Common Stock, assuming the initial outstanding
principal amount of the Notes remains outstanding through the scheduled maturity
date and assuming no conversions or redemptions of the Notes prior to the
scheduled maturity date, are issuable at the then prevailing the Conversion Rate
(as defined in the Notes ).

                           f. Effect of Failure to File and Obtain and Maintain
Effectiveness of Registration Statement. If (i) a Registration Statement
covering all the Registrable Securities required to be covered thereby and
required to be filed by the Company pursuant to this Agreement is (A) not filed
with the SEC on or before the Filing Deadline (a "FILING FAILURE") or (B) not
declared effective by the SEC on or before the Effectiveness Deadline (an
"EFFECTIVENESS FAILURE") or (ii) on any day after such Registration Statement
has been declared effective by the SEC sales of all the Registrable Securities
required to be included on such Registration Statement cannot be made (other
than during an Allowable Grace Period (as defined in Section 3(r)) pursuant to
such Registration Statement (including, without limitation, because of a failure
to keep such Registration Statement effective, to disclose such information as
is necessary for sales to be made pursuant to such Registration Statement or to
register sufficient shares of Common Stock)(a "MAINTENANCE FAILURE"), then, as
partial relief for the damages to any holder by reason of any such delay in or
reduction of its ability to sell the underlying shares of Common Stock (which
remedy shall not be exclusive of any other remedies available at law or in
equity), the Company shall pay to each holder of Notes relating to such
Registration Statement: on the earlier of the last day of each 30 day period
after a Filing Failure, an Effectiveness Failure and the initial day of a
Maintenance Failure, as the case may be until such event is cured, or on the
third Business Day after any such Filing Failure, Effectiveness Failure or
Maintenance Failure is cured, an amount in cash equal to the product of (i) the
aggregate Principal (as defined in the Notes) of such Investor's Notes
convertible into Conversion Shares included in such Registration Statement (to
the extent that such Conversion Shares have not been sold) multiplied by (ii)
0.015, provided, however, that such payment shall apply on a pro-rata basis for
any portion of a 30 day period prior to the cure of a Filing Failure,
Effectiveness Failure or Maintenance Failure as applicable. The payments to
which a holder shall be entitled pursuant to this Section 2(f) are referred to
herein as "Registration Delay Payments" and shall cease to accrue upon
termination of the Registration Period. Registration Delay Payments shall be
paid on the earlier of (I) the last day of the calendar month during which such
Registration Delay Payments are incurred and (II) the third Business Day after
the event or failure giving rise to the Registration Delay Payments is cured. In
the event the Company fails to make any Registration Delay Payments pursuant to
this Section 2(f) in a timely manner, such Registration Delay Payments shall
bear interest at the rate of 1.5% per month, or such lower maximum amount as is
permitted by law, (prorated for partial months) until paid in full.

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                  3. Related Obligations.

                  At such time as the Company is obligated to file a
Registration Statement with the SEC pursuant to Section 2(a), 2(d) or 2(e), the
Company will use its best efforts to effect the registration of the Registrable
Securities in accordance with the intended method of disposition thereof and,
pursuant thereto, the Company shall have the following obligations:

                           a. The Company shall submit to the SEC, within two
Business Days after the Company learns that no review of a particular
Registration Statement will be made by the staff of the SEC or that the staff of
the SEC has no further comments on a particular Registration Statement, as the
case may be, a request for acceleration of effectiveness of such Registration
Statement to a time and date not later than 48 hours after the submission of
such request. The Company shall keep each Registration Statement effective
pursuant to Rule 415 at all times until the earlier of (i) the date as of which
the Investors may sell all of the Registrable Securities covered by such
Registration Statement without restriction pursuant to Rule 144(k) (or successor
thereto) promulgated under the 1933 Act or (ii) the date on which the Investors
shall have sold all the Registrable Securities covered by such Registration
Statement (the "REGISTRATION PERIOD"). The Company shall ensure that each
Registration Statement (including any amendments or supplements thereto and
prospectuses contained therein) shall 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 therein (in the case of prospectuses, in the
light of the circumstances in which they were made) not misleading.

                           b. The Company shall prepare and file with the SEC
such amendments (including post-effective amendments) and supplements to a
Registration Statement and the prospectus used in connection with such
Registration Statement, which prospectus is to be filed pursuant to Rule 424
promulgated under the 1933 Act, as may be necessary to keep such Registration
Statement effective at all times during the Registration Period, and, during
such period, comply with the provisions of the 1933 Act with respect to the
disposition of all Registrable Securities of the Company covered by such
Registration Statement until such time as all of such Registrable Securities
shall have been disposed of in accordance with the intended methods of
disposition by the seller or sellers thereof as set forth in such Registration
Statement. In the case of amendments and supplements to a Registration Statement
which are required to be filed pursuant to this Agreement (including pursuant to
this Section 3(b)) by reason of the Company filing a report on Form 10-K, Form
10-Q or Form 8-K or any analogous report under the Securities Exchange Act of
1934, as amended (the "1934 ACT"), the Company shall have incorporated such
report by reference into such Registration Statement, if applicable, or shall
file such amendments or supplements with the SEC on the same day on which the
1934 Act report is filed which created the requirement for the Company to amend
or supplement such Registration Statement.

                           c. The Company shall (A) permit Legal Counsel to
review and comment upon (i) a Registration Statement at least three (3) Business
Days prior to its filing with the SEC and (ii) all amendments and supplements to
all Registration Statements (except for Annual Reports on Form 10-K, Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K and any similar or
successor reports) within a reasonable number of days prior to their filing

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with the SEC, and (B) not file any Registration Statement or amendment or
supplement thereto in a form to which Legal Counsel reasonably objects. The
Company shall not submit a request for acceleration of the effectiveness of a
Registration Statement or any amendment or supplement thereto without the prior
approval of Legal Counsel, which consent shall not be unreasonably withheld. The
Company shall furnish to Legal Counsel, without charge, (i) copies of any
correspondence from the SEC or the staff of the SEC to the Company or its
representatives relating to any Registration Statement, (ii) promptly after the
same is prepared and filed with the SEC, one copy of any Registration Statement
and any amendment(s) thereto, including financial statements and schedules, all
documents, including exhibits if reasonably requested by the Investor,
incorporated therein by reference, if requested by an Investor and not otherwise
available on the EDGAR system, and all other exhibits and (iii) upon the
effectiveness of any Registration Statement, one copy of the prospectus included
in such Registration Statement and all amendments and supplements thereto. The
Company shall reasonably cooperate with Legal Counsel in performing the
Company's obligations pursuant to this Section 3.

                           d. The Company shall furnish to each Investor whose
Registrable Securities are included in any Registration Statement, without
charge, (i) promptly after the same is prepared and filed with the SEC, at least
one copy of such Registration Statement and any amendment(s) thereto, including
financial statements and schedules, all documents, including exhibits,
incorporated therein by reference, if requested by an Investor and not otherwise
available on the EDGAR system, all other exhibits if reasonably requested by the
Investor and each preliminary prospectus, (ii) upon the effectiveness of any
Registration Statement, ten (10) copies of the prospectus included in such
Registration Statement and all amendments and supplements thereto (or such other
number of copies as such Investor may reasonably request) and (iii) such other
documents, including copies of any preliminary or final prospectus, as such
Investor may reasonably request from time to time in order to facilitate the
disposition of the Registrable Securities owned by such Investor.

                           e. The Company shall use its reasonable best efforts
to (i) register and qualify, unless an exemption from registration and
qualification applies, the resale by Investors of the Registrable Securities
covered by a Registration Statement under such other securities or "blue sky"
laws of such jurisdictions in the United States as the Investor may reasonably
request, (ii) prepare and file in those jurisdictions such amendments (including
post-effective amendments) and supplements to such registrations and
qualifications as may be necessary to maintain the effectiveness thereof during
the Registration Period, (iii) take such other actions as may be necessary to
maintain such registrations and qualifications in effect at all times during the
Registration Period, and (iv) take all other actions reasonably necessary or
advisable to qualify the Registrable Securities for sale in such jurisdictions;
provided, however, that the Company shall not be required in connection
therewith or as a condition thereto to (x) qualify to do business in any
jurisdiction where it would not otherwise be required to qualify but for this
Section 3(e), (y) subject itself to general taxation in any such jurisdiction,
or (z) file a general consent to service of process in any such jurisdiction.
The Company shall promptly notify Legal Counsel and each Investor who holds
Registrable Securities of the receipt by the Company of any notification with
respect to the suspension of the registration or qualification of

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any of the Registrable Securities for sale under the securities or "blue sky"
laws of any jurisdiction in the United States or its receipt of actual notice of
the initiation or threatening of any proceeding for such purpose.

                           f. The Company shall notify Legal Counsel and each
Investor in writing of the happening of any event, as promptly as practicable
after becoming aware of such event, as a result of which the prospectus included
in a Registration Statement, as then in effect, includes an untrue statement of
a material fact or omission 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 (provided that in no
event shall such notice contain any material, nonpublic information), and,
subject to Section 3(r), promptly prepare a supplement or amendment to such
Registration Statement to correct such untrue statement or omission, and deliver
ten (10) copies of such supplement or amendment to Legal Counsel and each
Investor (or such other number of copies as Legal Counsel or such Investor may
reasonably request). The Company shall also promptly notify Legal Counsel and
each Investor in writing (i) when a prospectus or any prospectus supplement or
post-effective amendment has been filed, and when a Registration Statement or
any post-effective amendment has become effective (notification of such
effectiveness shall be delivered to Legal Counsel and each Investor by facsimile
on the same day of such effectiveness and by overnight mail), (ii) of any
request by the SEC for amendments or supplements to a Registration Statement or
related prospectus or related information, and (iii) of the Company's reasonable
determination that a post-effective amendment to a Registration Statement would
be appropriate.

                           g. The Company shall use its reasonable best efforts
to prevent the issuance of any stop order or other suspension of effectiveness
of a Registration Statement, or the suspension of the qualification of any of
the Registrable Securities for sale in any jurisdiction and, if such an order or
suspension is issued, to obtain the withdrawal of such order or suspension at
the earliest possible moment and to notify Legal Counsel and each Investor who
holds Registrable Securities being sold of the issuance of such order and the
resolution thereof or its receipt of actual notice of the initiation or threat
of any proceeding for such purpose.

                           h. If any Investor is required under applicable
securities law to be described in the Registration Statement as an underwriter,
at the reasonable request of such Investor, the Company shall furnish to such
Investor, on the date of effectiveness of the Registration Statement and
thereafter from time to time on such dates as an Investor may reasonably request
(i) a letter, dated such date, from the Company's independent certified public
accountants in form and substance as is customarily given by independent
certified public accountants to underwriters in an underwritten public offering,
addressed to such Investors, and (ii) an opinion, dated as of such date, of
counsel representing the Company for purposes of such Registration Statement, in
form, scope and substance as is customarily given in an underwritten public
offering, addressed to such Investor.

                           i. Upon the written request of any Investor of
holding at least 20% of the Registrable Securities) in connection with such
Investor's due diligence requirements, the Company shall make available for
inspection by (i) such Investor, (ii) Legal Counsel and (iii) one firm of
accountants or other agents retained by such Investor (collectively, the

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"INSPECTORS"), all pertinent financial and other records, and pertinent
corporate documents and properties of the Company (collectively, the "RECORDS"),
as shall be reasonably deemed necessary by each Inspector, and cause the
Company's officers, directors and employees to supply all information which any
Inspector may reasonably request; provided, however, that each Inspector shall
agree in writing (in a form reasonably acceptable to the Company) to hold in
strict confidence and shall not make any disclosure (except to an Investor) or
use of any Record or other information which the Company determines in good
faith to be confidential, and of which determination the Inspectors are so
notified, unless (a) the disclosure of such Records is necessary to avoid or
correct a misstatement or omission in any Registration Statement or is otherwise
required under the 1933 Act, (b) the release of such Records is ordered pursuant
to a final, non-appealable subpoena or order from a court or government body of
competent jurisdiction, or (c) the information in such Records has been made
generally available to the public other than by disclosure in violation of this
or any other agreement of which the Inspector has knowledge. Each Investor
agrees that it shall, upon learning that disclosure of such Records is sought in
or by a court or governmental body of competent jurisdiction or through other
means, give prompt notice to the Company and allow the Company, at its expense,
to undertake appropriate action to prevent disclosure of, or to obtain a
protective order for, the Records deemed confidential. Nothing herein (or in any
other confidentiality agreement between the Company and any Investor) shall be
deemed to limit the Investors' ability to sell Registrable Securities in a
manner which is otherwise consistent with applicable laws and regulations.

                           j. The Company shall hold in confidence and not make
any disclosure of information concerning an Investor provided to the Company
unless (i) disclosure of such information is necessary to comply with federal or
state securities laws or applicable rules and regulations of NASDAQ or any other
relevant market or exchange, (ii) the disclosure of such information is
necessary to avoid or correct a misstatement or omission in any Registration
Statement, (iii) the release of such information is ordered pursuant to a
subpoena or other final, non-appealable order from a court or governmental body
of competent jurisdiction, or (iv) such information has been made generally
available to the public other than by disclosure in violation of this Agreement
or any other agreement of which the Company has knowledge. The Company agrees
that it shall, upon learning that disclosure of such information concerning an
Investor is sought in or by a court or governmental body of competent
jurisdiction or through other means, give prompt written notice to such Investor
and allow such Investor, at the Investor's expense, to undertake appropriate
action to prevent disclosure of, or to obtain a protective order for, such
information.

                           k. The Company shall use its reasonable best efforts
either to (i) cause all the Registrable Securities covered by a Registration
Statement to be listed on each securities exchange on which securities of the
same class or series issued by the Company are then listed, if any, if the
listing of such Registrable Securities is then permitted under the rules of such
exchange, or (ii) secure designation and quotation of all the Registrable
Securities covered by a Registration Statement on The Nasdaq National Market, or
(iii) if, despite the Company's reasonable best efforts to satisfy the preceding
clause (i) or (ii), the Company is unsuccessful in satisfying the preceding
clause (i) or (ii), to secure the inclusion for quotation on The Nasdaq SmallCap
Market for such Registrable Securities, and, without limiting the generality of
the

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foregoing, to use its reasonable best efforts to arrange for at least two market
makers to register with the National Association of Securities Dealers, Inc. as
such with respect to such Registrable Securities. The Company shall pay all fees
and expenses in connection with satisfying its obligation under this Section
3(k).

                           l. The Company shall cooperate with the Investors who
hold Registrable Securities being offered and, to the extent applicable,
facilitate the timely preparation and delivery of certificates (not bearing any
restrictive legend) representing the Registrable Securities to be offered
pursuant to a Registration Statement and enable such certificates to be in such
denominations or amounts, as the case may be, as the Investors may reasonably
request and registered in such names as the Investors may request.

                           m. If requested by an Investor, the Company shall (i)
as soon as practicable incorporate in a prospectus supplement or post-effective
amendment such information as an Investor reasonably requests to be included
therein relating to the sale and distribution of Registrable Securities,
including, without limitation, information with respect to the number of
Registrable Securities being offered or sold, the purchase price being paid
therefor and any other terms of the offering of the Registrable Securities to be
sold in such offering; (ii) as soon as practicable make all required filings of
such prospectus supplement or post-effective amendment after being notified of
the matters to be incorporated in such prospectus supplement or post-effective
amendment; and (iii) as soon as practicable, supplement or make amendments to
any Registration Statement if reasonably requested by an Investor holding any
Registrable Securities.

                           n. The Company shall use its best efforts to cause
the Registrable Securities covered by a Registration Statement to be registered
with or approved by such other governmental agencies or authorities as may be
necessary to consummate the disposition of such Registrable Securities.

                           o. The Company shall make generally available to its
security holders as soon as practical, but not later than ninety (90) days after
the close of the period covered thereby, an earnings statement (in form
complying with, and in the manner provided by, the provisions of Rule 158 under
the 1933 Act) covering a twelve-month period beginning not later than the first
day of the Company's fiscal quarter next following the effective date of a
Registration Statement.

                           p. The Company shall otherwise use its reasonable
best efforts to comply with all applicable rules and regulations of the SEC in
connection with any registration hereunder.

                           q. Within two (2) Business Days after a Registration
Statement which covers Registrable Securities is ordered effective by the SEC,
the Company shall deliver, and shall cause legal counsel for the Company to
deliver, to the transfer agent for such Registrable Securities (with copies to
the Investors whose Registrable Securities are included in such Registration
Statement) confirmation that such Registration Statement has been declared
effective by the SEC in the form attached hereto as Exhibit A.

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                           r. Notwithstanding anything to the contrary herein,
at any time after the Registration Statement has been declared effective by the
SEC, the Company may delay the disclosure of material non-public information
concerning the Company the disclosure of which at the time is not, in the good
faith opinion of the Board of Directors of the Company and its counsel, in the
best interest of the Company and, in the opinion of counsel to the Company,
otherwise required (a "GRACE PERIOD"); provided, that the Company shall promptly
(i) notify the Investors in writing of the existence of material non-public
information giving rise to a Grace Period (provided that in each notice the
Company will not disclose the content of such material non-public information to
the Investors), the date on which the Grace Period will begin, and the fact that
the use of the Registration Statement has been suspended, and (ii) notify the
Investors in writing of the date on which the Grace Period ends and that the use
of the Registration Statement may be resumed; and, provided further, that no
Grace Period shall exceed twenty (20) consecutive days and during any three
hundred sixty five (365) day period such Grace Periods shall not exceed an
aggregate of forty-five (45) days and the first day of any Grace Period must be
at least two (2) trading days after the last day of any prior Grace Period
(each, an "ALLOWABLE GRACE PERIOD"). For purposes of determining the length of a
Grace Period above, the Grace Period shall begin on and include the date the
Investors receive the notice referred to in clause (i) and shall end on and
include the later of the date the Investors receive the notice referred to in
clause (ii) and the date referred to in such notice. During the period of any
Allowable Grace Period, the provisions of Section 3(f) hereof shall not be
applicable and the use of the Registration Statement shall be suspended. Upon
expiration of the Grace Period, the Company shall again be bound by the first
sentence of Section 3(f) with respect to the information giving rise thereto
unless such material non-public information is no longer applicable.
Notwithstanding anything to the contrary, the Company shall cause its transfer
agent to deliver unlegended shares of Common Stock to a transferee of an
Investor in accordance with the terms of the Securities Purchase Agreement in
connection with any sale of Registrable Securities with respect to which an
Investor has entered into a contract for sale, and delivered a copy of the
prospectus included as part of the applicable Registration Statement, prior to
the Investor's receipt of the notice of a Grace Period and for which the
Investor has not yet settled.

                  4. Obligations Of The Investors.

                           a. At least seven (7) Business Days prior to the
first anticipated filing date of a Registration Statement, the Company shall
notify each Investor in writing of the information the Company requires from
each such Investor if such Investor elects to have any of such Investor's
Registrable Securities included in such Registration Statement. It shall be a
condition precedent to the obligations of the Company to complete the
registration pursuant to this Agreement with respect to the Registrable
Securities of a particular Investor that such Investor shall furnish, in a
manner consistent with the last sentence of this Section 4(a), to the Company
such information regarding itself, the Registrable Securities held by it and the
intended method of disposition of the Registrable Securities held by it as shall
be reasonably required to effect the effectiveness of the registration of such
Registrable Securities and shall execute such documents in connection with such
registration as the Company may reasonably request. All such information
provided to the Company by an Investor pursuant to the prior sentence shall be
in writing, and such writing shall expressly acknowledge that the information is
being provided

                                      -10-
<PAGE>

for use in connection with the preparation of the Registration Statement or any
such amendment thereof or supplement thereto.

                           b. Each Investor, by such Investor's acceptance of
the Registrable Securities, agrees to cooperate with the Company as reasonably
requested by the Company in connection with the preparation and filing of any
Registration Statement hereunder, unless such Investor has notified the Company
in writing of such Investor's election to exclude all of such Investor's
Registrable Securities from such Registration Statement.

                           c. Each Investor agrees that, upon receipt of any
notice from the Company of the happening of any event of the kind described in
Section 3(g) or the first sentence of 3(f), such Investor will immediately
discontinue disposition of Registrable Securities pursuant to any Registration
Statement(s) covering such Registrable Securities until such Investor's receipt
of the copies of the supplemented or amended prospectus contemplated by Section
3(g) or the first sentence of 3(f) or receipt of notice that no supplement or
amendment is required. Notwithstanding anything to the contrary, the Company
shall cause its transfer agent to deliver unlegended shares of Common Stock to a
transferee of an Investor in accordance with the terms of the Securities
Purchase Agreement in connection with any sale of Registrable Securities with
respect to which an Investor has entered into a contract for sale prior to the
Investor's receipt of a notice from the Company of the happening of any event of
the kind described in Section 3(g) or the first sentence of 3(f) and for which
the Investor has not yet settled.

                  5. Expenses of Registration.

                  All reasonable expenses, other than underwriting discounts and
commissions (which shall be borne by the Investors), incurred in connection with
the performance of the Company's obligations hereunder and under the
transactions contemplated hereby, including registrations, filings or
qualifications pursuant to Sections 2 and 3, including, without limitation, all
registration, listing and qualifications fees, printers and accounting fees, and
fees and disbursements of counsel for the Company shall be paid by the Company.
The Company shall also reimburse the Investors for the fees and disbursements of
Legal Counsel in connection with registration, filing or qualification pursuant
to Sections 2 and 3 of this Agreement which amount shall be limited to $10,000
for the Registration Statement.

                  6. Indemnification.

                  In the event any Registrable Securities are included in a
Registration Statement under this Agreement:

                           a. To the fullest extent permitted by law, the
Company will, and hereby does, indemnify, hold harmless and defend each
Investor, the directors, officers, partners, employees, agents, representatives
of, and each Person, if any, who controls any Investor within the meaning of the
1933 Act or the 1934 Act (each, an "INDEMNIFIED PERSON"), against any losses,
claims, damages, liabilities, judgments, fines, penalties, charges, costs,
reasonable attorneys' fees, amounts paid in settlement or expenses, joint or
several (collectively, "CLAIMS"), incurred in investigating, preparing or
defending any action, claim, suit, inquiry, proceeding,

                                      -11-
<PAGE>

investigation or appeal taken from the foregoing by or before any court or
governmental, administrative or other regulatory agency, body or the SEC,
whether pending or threatened, whether or not an indemnified party is or may be
a party thereto ("INDEMNIFIED DAMAGES"), to which any of them may become subject
insofar as such Claims (or actions or proceedings, whether commenced or
threatened, in respect thereof) arise out of or are based upon: (i) any untrue
statement or alleged untrue statement of a material fact in a Registration
Statement or any post-effective amendment thereto or in any filing made in
connection with the qualification of the offering under the securities or other
"blue sky" laws of any jurisdiction in which Registrable Securities are offered
("BLUE SKY FILING"), or the omission or alleged omission to state a material
fact required to be stated therein or necessary to make the statements therein
not misleading, (ii) any untrue statement or alleged untrue statement of a
material fact contained in any preliminary prospectus if used prior to the
effective date of such Registration Statement, or contained in the final
prospectus (as amended or supplemented, if the Company files any amendment
thereof or supplement thereto with the SEC) or the omission or alleged omission
to state therein any material fact necessary to make the statements made
therein, in the light of the circumstances under which the statements therein
were made, not misleading, (iii) any violation or alleged violation by the
Company of the 1933 Act, the 1934 Act, any other law, including, without
limitation, any state securities law, or any rule or regulation thereunder
relating to the offer or sale of the Registrable Securities pursuant to a
Registration Statement or (iv) any material violation of this Agreement (the
matters in the foregoing clauses (i) through (iv) being, collectively,
"VIOLATIONS"). Subject to Section 6(c), the Company shall reimburse the
Indemnified Persons, promptly as such expenses are incurred and are due and
payable, for any legal fees or other reasonable expenses incurred by them in
connection with investigating or defending any such Claim. Notwithstanding
anything to the contrary contained herein, the indemnification agreement
contained in this Section 6(a): (w) shall not apply to a Claim by an Indemnified
Person arising out of or based upon a Violation which occurs in reliance upon
and in conformity with information furnished in writing to the Company by such
Indemnified Person for such Indemnified Person expressly for use in connection
with the preparation of the Registration Statement or any such amendment thereof
or supplement thereto, if such prospectus was timely made available by the
Company pursuant to Section 3(d); (x) with respect to any preliminary
prospectus, shall not inure to the benefit of any such Indemnified Person from
whom the Person asserting any such Claim purchased the Registrable Securities
that are the subject thereof (or to the benefit of any Person controlling such
Person) if the untrue statement or omission of material fact contained in the
preliminary prospectus was corrected in the prospectus, as then amended or
supplemented, and if such prospectus was timely made available by the Company
pursuant to Section 3(d), and the Indemnified Person was promptly advised in
writing not to use the incorrect prospectus prior to the use giving rise to a
violation and such Indemnified Person, notwithstanding such advice, used it or
failed to deliver the correct prospectus as required by the 1933 Act and such
correct prospectus was timely made available pursuant to Section 3(d); (y) shall
not be available to the extent such Claim is based on a failure of the Investor
to deliver or to cause to be delivered the prospectus made available by the
Company, including a corrected prospectus, if such prospectus or corrected
prospectus was timely made available by the Company pursuant to Section 3(d);
and (z) shall not apply to amounts paid in settlement of any Claim if such
settlement is effected without the prior written consent of the Company, which
consent shall not be unreasonably withheld or delayed. Such

                                      -12-
<PAGE>

indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of the Indemnified Person and shall survive the transfer of
the Registrable Securities by the Investors pursuant to Section 9.

                           b. In connection with any Registration Statement in
which an Investor is participating, each such Investor agrees to severally and
not jointly indemnify, hold harmless and defend, to the same extent and in the
same manner as is set forth in Section 6(a), the Company, each of its directors,
each of its officers who signs the Registration Statement and each Person, if
any, who controls the Company within the meaning of the 1933 Act or the 1934 Act
(each, an "INDEMNIFIED PARTY"), against any Claim or Indemnified Damages to
which any of them may become subject, under the 1933 Act, the 1934 Act or
otherwise, insofar as such Claim or Indemnified Damages arise out of or are
based upon: (y) any Violation, in each case to the extent, and only to the
extent, that such Violation occurs in reliance upon and in conformity with
written information furnished to the Company by such Investor expressly for use
in connection with such Registration Statement or any post-effective amendment
thereof or any prospectus contained therein, or (z) any failure by such Investor
to comply with the prospectus delivery requirements (or the 1933 Act, the 1934
Act, or any other law, including, without limitation, any state securities law,
or any rule or regulation thereunder relating to the offer or sale of the
Registrable Securities pursuant to a Registration Statement) or any covenant or
agreement contained in the Securities Purchase Agreement or this Agreement; and,
subject to Section 6(c), such Investor will reimburse any legal or other
expenses reasonably incurred by an Indemnified Party in connection with
investigating or defending any such Claim as promptly as such expenses are
incurred and are due and payable; provided, however, that the indemnity
agreement contained in this Section 6(b) and the agreement with respect to
contribution contained in Section 7 shall not apply to amounts paid in
settlement of any Claim if such settlement is effected without the prior written
consent of such Investor, which consent shall not be unreasonably withheld or
delayed; provided, further, however, that an Investor shall be liable under this
Section 6(b) for only that amount of a Claim or Indemnified Damages as does not
exceed the net proceeds to such Investor as a result of the sale of Registrable
Securities pursuant to such Registration Statement. Such indemnity shall remain
in full force and effect regardless of any investigation made by or on behalf of
such Indemnified Party and shall survive the transfer of the Registrable
Securities by the Investors pursuant to Section 9. Notwithstanding anything to
the contrary contained herein, the indemnification agreement contained in this
Section 6(b) with respect to any preliminary prospectus shall not inure to the
benefit of any Indemnified Party if the untrue statement or omission of material
fact contained in the preliminary prospectus was corrected on a timely basis in
the prospectus, as then amended or supplemented.

                           c. Promptly after receipt by an Indemnified Person or
Indemnified Party under this Section 6 of notice of the commencement of any
action or proceeding (including any governmental action or proceeding) involving
a Claim, such Indemnified Person or Indemnified Party shall, if a Claim in
respect thereof is to be made against any indemnifying party under this Section
6, deliver to the indemnifying party a written notice of the commencement
thereof, and the indemnifying party shall have the right to participate in, and,
to the extent the indemnifying party so desires, jointly with any other
indemnifying party similarly

                                      -13-
<PAGE>

noticed, to assume control of the defense thereof with counsel mutually
satisfactory to the indemnifying party and the Indemnified Person or the
Indemnified Party, as the case may be; provided, however, that an Indemnified
Person or Indemnified Party shall have the right to retain its own counsel with
the fees and expenses of not more than one counsel for such Indemnified Person
or Indemnified Party to be paid by the indemnifying party, if, in the reasonable
opinion of the Indemnified Person or the Indemnified Party, as the case may be,
the representation by such counsel of the Indemnified Person or Indemnified
Party and the indemnifying party would be inappropriate due to actual or
potential differing interests between such Indemnified Person or Indemnified
Party and any other party represented by such counsel in such proceeding. In the
case of an Indemnified Person, legal counsel referred to in the immediately
preceding sentence shall be selected by the Investors holding at least a
majority in interest of the Registrable Securities included in the Registration
Statement to which the Claim relates. The Indemnified Party or Indemnified
Person shall cooperate fully with the indemnifying party in connection with any
negotiation or defense of any such action or Claim by the indemnifying party and
shall furnish to the indemnifying party all information reasonably available to
the Indemnified Party or Indemnified Person which relates to such action or
Claim. The indemnifying party shall keep the Indemnified Party or Indemnified
Person fully apprised at all times as to the status of the defense or any
settlement negotiations with respect thereto. No indemnifying party shall be
liable for any settlement of any action, claim or proceeding effected without
its prior written consent, provided, however, that the indemnifying party shall
not unreasonably withhold, delay or condition its consent. No indemnifying party
shall, without the prior written consent of the Indemnified Party or Indemnified
Person, consent to entry of any judgment or enter into any settlement or other
compromise which does not include as an unconditional term thereof the giving by
the claimant or plaintiff to such Indemnified Party or Indemnified Person of a
release from all liability in respect to such Claim or litigation. Following
indemnification as provided for hereunder, the indemnifying party shall be
subrogated to all rights of the Indemnified Party or Indemnified Person with
respect to all third parties, firms or corporations relating to the matter for
which indemnification has been made. The failure to deliver written notice to
the indemnifying party within a reasonable time of the commencement of any such
action shall not relieve such indemnifying party of any liability to the
Indemnified Person or Indemnified Party under this Section 6, except to the
extent that the indemnifying party is prejudiced in its ability to defend such
action.

                           d. The indemnification required by this Section 6
shall be made by periodic payments of the amount thereof during the course of
the investigation or defense, as and when bills are received or Indemnified
Damages are incurred.

                           e. The indemnity agreements contained herein shall be
in addition to (i) any cause of action or similar right of the Indemnified Party
or Indemnified Person against the indemnifying party or others, and (ii) any
liabilities the indemnifying party may be subject to pursuant to the law.

                  7. Contribution.

                  To the extent any indemnification by an indemnifying party is
prohibited or limited by law, the indemnifying party agrees to make the maximum
contribution with respect to

                                      -14-
<PAGE>

any amounts for which it would otherwise be liable under Section 6 to the
fullest extent permitted by law; provided, however, that: (i) no contribution
shall be made under circumstances the maker would not have been liable for
indemnification under the fault standards set forth in Section 6, (ii) no Person
involved in the sale of Registrable Securities which Person is guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933
Act) in connection with such sale shall be entitled to contribution from any
Person involved in such sale of Registrable Securities who was not guilty of
fraudulent misrepresentation; and (iii) contribution by any seller of
Registrable Securities shall be limited in amount to the net amount of proceeds
received by such seller from the sale of such Registrable Securities pursuant to
such Registration Statement.

                  8. Rule 144A Information. The Company shall, upon request of
any Investor, make available to such Investor the information required by Rule
144A(d)(4) (or any successor rule) under the Securities Act.

                  9. Assignment of Registration Rights.

                  The rights under this Agreement shall be automatically
assignable by the Investors to any transferee of all or any portion of such
Investor's Registrable Securities if: (i) the Investor agrees in writing with
the transferee or assignee to assign such rights, and a copy of such agreement
is furnished to the Company within a reasonable time after such assignment; (ii)
the Company is, within a reasonable time after such transfer or assignment,
furnished with written notice of (a) the name and address of such transferee or
assignee, and (b) the securities with respect to which such registration rights
are being transferred or assigned; (iii) immediately following such transfer or
assignment the further disposition of such securities by the transferee or
assignee is restricted under the 1933 Act and applicable state securities laws;
(iv) at or before the time the Company receives the written notice contemplated
by clause (ii) of this sentence the transferee or assignee agrees in writing
with the Company to be bound by all of the provisions contained herein; and (v)
such transfer shall have been made in accordance with the applicable
requirements of the Securities Purchase Agreement.

                  10. Amendment of Registration Rights.

                  Provisions of this Agreement may be amended and the observance
thereof may be waived (either generally or in a particular instance and either
retroactively or prospectively), only with the written consent of the Company
and Investors who then hold at least a majority of the Registrable Securities.
Any amendment or waiver effected in accordance with this Section 10 shall be
binding upon each Investor and the Company. No such amendment shall be effective
to the extent that it applies to less than all of the holders of the Registrable
Securities. No consideration shall be offered or paid to any Person to amend or
consent to a waiver or modification of any provision of any of this Agreement
unless the same consideration also is offered to all of the parties to this
Agreement.

                  11. Termination of Obligations. The obligations of the Company
pursuant to Sections 3 and 4 hereof shall cease and terminate upon the
expiration of the Registration Period.

                                      -15-
<PAGE>

                  12. Miscellaneous.

                           a. A Person is deemed to be a holder of Registrable
Securities whenever such Person owns or is deemed to own of record such
Registrable Securities. If the Company receives conflicting instructions,
notices or elections from two or more Persons with respect to the same
Registrable Securities, the Company shall act upon the basis of instructions,
notice or election received from the record owner of such Registrable
Securities.

                           b. Any notices, consents, waivers or other
communications required or permitted to be given under the terms of this
Agreement must be in writing and will be deemed to have been delivered: (i) upon
receipt, when delivered personally; (ii) upon receipt, when sent by facsimile
(provided confirmation of transmission is mechanically or electronically
generated and kept on file by the sending party); or (iii) one Business Day
after deposit with a nationally recognized overnight delivery service, in each
case properly addressed to the party to receive the same. The addresses and
facsimile numbers for such communications shall be:

                            If to the Company:

                             Noble International, Ltd.
                             28213 Van Dyke Road
                             Warren, MI 48093
                             Telephone: (586) 751-5600
                             Facsimile: (586) 751-5601
                             Attention: Christopher L. Morin

                           with a copy to:

                             Foley and Lardner LLP
                             150 West Jefferson Avenue
                             Suite 1000
                             Detroit, MI 48226
                             Telephone: (313) 963-6200
                             Facsimile: (313) 963-9308
                             Attention: Patrick Daugherty, Esq.

                           If to Legal Counsel:

                             Schulte Roth & Zabel LLP
                             919 Third Avenue
                             New York, New York  10022
                             Telephone: (212) 756-2000
                             Facsimile: (212) 593-5955
                             Attention: Eleazer Klein, Esq.

If to a Buyer, to its address and facsimile number set forth on the Schedule of
Buyers attached hereto, with copies to such Buyer's representatives as set forth
on the Schedule of Buyers, or to

                                      -16-
<PAGE>

such other address and/or facsimile number and/or to the attention of such other
Person as the recipient party has specified by written notice given to each
other party five days prior to the effectiveness of such change. Written
confirmation of receipt (A) given by the recipient of such notice, consent,
waiver or other communication, (B) mechanically or electronically generated by
the sender's facsimile machine containing the time, date, recipient facsimile
number and an image of the first page of such transmission or (C) provided by a
courier or overnight courier service shall be rebuttable evidence of personal
service, receipt by facsimile or receipt from a nationally recognized overnight
delivery service in accordance with clause (i), (ii) or (iii) above,
respectively.

                           c. Failure of any party to exercise any right or
remedy under this Agreement or otherwise, or delay by a party in exercising such
right or remedy, shall not operate as a waiver thereof.

                           d. All questions concerning the construction,
validity, enforcement and interpretation of this Agreement shall be governed by
the internal laws of the State of New York, without giving effect to any choice
of law or conflict of law provision or rule (whether of the State of New York or
any other jurisdictions) that would cause the application of the laws of any
jurisdictions other than the State of New York. Each party hereby irrevocably
submits to the non-exclusive jurisdiction of the state and federal courts
sitting in the City of New York, Borough of Manhattan, for the adjudication of
any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and
agrees not to assert in any suit, action or proceeding, any claim that it is not
personally subject to the jurisdiction of any such court, that such suit, action
or proceeding is brought in an inconvenient forum or that the venue of such
suit, action or proceeding is improper. Each party hereby irrevocably waives
personal service of process and consents to process being served in any such
suit, action or proceeding by mailing a copy thereof to such party at the
address for such notices to it under this Agreement and agrees that such service
shall constitute good and sufficient service of process and notice thereof.
Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. If any provision of this Agreement shall
be invalid or unenforceable in any jurisdiction, such invalidity or
unenforceability shall not affect the validity or enforceability of the
remainder of this Agreement in that jurisdiction or the validity or
enforceability of any provision of this Agreement in any other jurisdiction.
EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN
CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION
CONTEMPLATED HEREBY.

                           e. This Agreement, the Securities Purchase Agreement,
the Notes and the instruments referenced herein and therein constitute the
entire agreement among the parties hereto with respect to the subject matter
hereof and thereof. There are no restrictions, promises, warranties or
undertakings, other than those set forth or referred to herein and therein. This
Agreement, the Securities Purchase Agreement, the Notes and the instruments
referenced herein

                                      -17-
<PAGE>

and therein supersede all prior agreements and understandings among the parties
hereto with respect to the subject matter hereof and thereof.

                           f. Subject to the requirements of Section 9, this
Agreement shall inure to the benefit of and be binding upon the permitted
successors and assigns of each of the parties hereto.

                           g. The headings in this Agreement are for convenience
of reference only and shall not limit or otherwise affect the meaning hereof.

                           h. This Agreement may be executed in identical
counterparts, each of which shall be deemed an original but all of which shall
constitute one and the same agreement. This Agreement, once executed by a party,
may be delivered to the other party hereto by facsimile transmission of a copy
of this Agreement bearing the signature of the party so delivering this
Agreement.

                           i. Each party shall do and perform, or cause to be
done and performed, all such further acts and things, and shall execute and
deliver all such other agreements, certificates, instruments and documents, as
any other party may reasonably request in order to carry out the intent and
accomplish the purposes of this Agreement and the consummation of the
transactions contemplated hereby.

                           j. All consents and other determinations required to
be made by the Investors pursuant to this Agreement shall be made, unless
otherwise specified in this Agreement, by Investors holding at least a majority
of the Registrable Securities, determined as if all the Notes then outstanding
have been converted to Common Stock without regard to any limitations on
exercises of the Notes.

                           k. The language used in this Agreement will be deemed
to be the language chosen by the parties to express their mutual intent and no
rules of strict construction will be applied against any party.

                           l. This Agreement is intended for the benefit of the
parties hereto and their respective permitted successors and assigns, and is not
for the benefit of, nor may any provision hereof be enforced by, any other
Person.

                  [Remainder of Page Intentionally Left Blank.]

                                      -18-
<PAGE>

         IN WITNESS WHEREOF, each of the parties have caused their respective
signature page to this Registration Rights Agreement to be duly executed as of
day and year first above written.

                                               COMPANY:

                                               NOBLE INTERNATIONAL, LTD.

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

                [Signature Page to Registration Rights Agreement]

<PAGE>

         IN WITNESS WHEREOF, each of the parties have caused their respective
signature page to this Registration Rights Agreement to be duly executed as of
day and year first above written.

                                               BUYERS:

                                               THE RIVERVIEW GROUP LLC

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

                [Signature Page to Registration Rights Agreement]

<PAGE>

         IN WITNESS WHEREOF, each of the parties have caused their respective
signature page to this Registration Rights Agreement to be duly executed as of
day and year first above written.

                                               BUYERS:

                                               MAINFIELD ENTERPRISES INC.

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

                [Signature Page to Registration Rights Agreement]

<PAGE>

         IN WITNESS WHEREOF, each of the parties have caused their respective
signature page to this Registration Rights Agreement to be duly executed as of
day and year first above written.

                                               BUYERS:

                                               SMITHFIELD FIDUCIARY LLC

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

                [Signature Page to Registration Rights Agreement]

<PAGE>

         IN WITNESS WHEREOF, each of the parties have caused their respective
signature page to this Registration Rights Agreement to be duly executed as of
day and year first above written.

                                         BUYERS:

                                         DKR SOUNDSHORE OASIS HOLDING FUND LTD.

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

                [Signature Page to Registration Rights Agreement]

<PAGE>

IN WITNESS WHEREOF, each of the parties have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of day and
year first above written.

                                               BUYERS:

                                               DKR SOUNDSHORE STRATEGIC HOLDING
                                               FUND LTD

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

                [Signature Page to Registration Rights Agreement]

<PAGE>

                               SCHEDULE OF BUYERS

<Table>
<Caption>
                                                  INVESTOR ADDRESS                    INVESTOR'S REPRESENTATIVE'S ADDRESS
             INVESTOR                           AND FACSIMILE NUMBER                          AND FACSIMILE NUMBER
             --------                           --------------------                  -----------------------------------
<S>                                           <C>                                     <C>
THE RIVERVIEW GROUP LLC                       666 Fifth Avenue, 8th Floor               Schulte Roth & Zabel LLP
                                              New York, New York  10103                 919 Third Avenue
                                              Attention: Daniel Cardella                New York, New York 10022
                                              Facsimile: (212) 977-1667                 Attention: Eleazer Klein, Esq.
                                              Telephone: (212) 841-4100                 Facsimile: (212) 593-5955
                                                                                        Telephone: (212) 756-2000

SMITHFIELD FIDUCIARY LLC                       c/o Highbridge Capital
                                               Management, LLC
                                               9 West 57th Street, 27th Floor
                                               New York, New York  10019
                                               Attention: Ari J. Storch
                                                   Adam J. Chill
                                               Facsimile: (212) 751-0755
                                               Telephone: (212) 287-4720

MAINFIELD ENTERPRISES INC.
                                               c/o Sage Capital Growth, Inc.
                                               660 Madison Avenue, 18th Floor
                                               New York, New York  10021
                                               Attention: Eldad Gal
                                               Facsimile: (212) 651-9010
                                               Telephone: (212) 651-9008

DKR SOUNDSHORE OASIS HOLDING                   1281 East Main Street, 3rd Floor
FUND LTD.                                      Stamford, CT 06902-3565
                                               Attention: Barbara Burger
                                               Facsimile: (203) 674-4735
                                               Telephone: (203) 324-8367
                                               Residence: Bermuda

DKR SOUNDSHORE STRATEGIC                       1281 East Main Street, 3rd Floor
HOLDING FUND LTD                               Stamford, CT 06902-3565
                                               Attention: Barbara Burger
                                               Facsimile: (203) 674-4735
                                               Telephone: (203) 324-8367
                                               Residence: Bermuda
</Table>

<PAGE>
                                                                       EXHIBIT A

                         FORM OF NOTICE OF EFFECTIVENESS
                            OF REGISTRATION STATEMENT

------------

------------

------------

Attn:  ____________

         Re: Noble International, Ltd.

Ladies and Gentlemen:

                  We are counsel to Noble International, Ltd., a Delaware
corporation (the "Company"), and have represented the Company in connection with
that certain Securities Purchase Agreement, dated as of March 25, 2004 (the
"Purchase Agreement"), entered into by and among the Company and the buyers
named therein (collectively, the "Holders") pursuant to which the Company issued
to the Holders its convertible notes (the "Notes") convertible into shares of
the Company's Common Stock, par value $.001 per share (the "Common Stock").
Pursuant to the Purchase Agreement, the Company also has entered into a
Registration Rights Agreement with the Holders (the "Registration Rights
Agreement") pursuant to which the Company agreed, among other things, to
register the resale of the Registrable Securities (as defined in the
Registration Rights Agreement), including the Notes and the shares of its Common
Stock issuable upon conversion of the Notes under the Securities Act of 1933, as
amended (the "1933 Act"). In connection with the Company's obligations under the
Registration Rights Agreement, on ____________ ___, 2004, the Company filed a
Registration Statement on Form S-1 (File No. 333-_____________) (the
"Registration Statement") with the Securities and Exchange Commission (the
"SEC") relating to the Registrable Securities which names each of the Holders as
a selling stockholder thereunder.

                  In connection with the foregoing, we advise you that a member
of the SEC's staff has advised us by telephone that the SEC has entered an order
declaring the Registration Statement effective under the 1933 Act at [ENTER TIME
OF EFFECTIVENESS] on [ENTER DATE OF EFFECTIVENESS] and we have no knowledge,
after telephonic inquiry of a member of the SEC's staff, that any stop order
suspending its effectiveness has been issued or that any proceedings for that
purpose are pending before, or threatened by, the SEC and the Registrable
Securities are available for resale under the 1933 Act pursuant to the
Registration Statement.

                                                Very truly yours,

                                                [ISSUER'S COUNSEL]

                                                By:
                                                   --------------------

CC: [LIST NAMES OF HOLDERS]

<PAGE>

                                     ANNEX I

                             SELLING SECURITYHOLDERS

         The notes were originally issued by us pursuant to a Securities
Purchase Agreement, dated as of March 25, 2004 by and among the Company and the
buyers party thereto in transactions exempt from the registration requirements
of the federal securities laws. The selling securityholders (which term includes
their transferees, pledges, donees or successors) may from time to time offer
and sell pursuant to this prospectus any and all of the notes and the shares of
common stock issuable upon conversion of the notes. For additional information
regarding the issuance of these notes and shares of common stock issuable upon
conversion of such notes, see "Private Placement of Notes" above. We are
registering the notes and shares of common stock issuable upon conversion of the
notes in order to permit the selling securityholders to offer the notes and
common stock for resale from time to time. Unless set forth below, none of the
selling securityholders has had a material relationship with us or any of our
predecessors or affiliates within the past three years.

         Any or all of the notes or common stock listed below may be offered for
sale pursuant to this prospectus by the selling securityholders from time to
time. Accordingly, no estimate can be given as to the amounts of notes or common
stock that will be held by the selling securityholders upon consummation of any
such sales. In addition, the selling securityholders identified below may have
sold, transferred, or otherwise disposed of all or a portion of their notes or
shares of common stock since the date on which the information regarding their
notes was provided in transactions exempt from the registration requirements of
the Securities Act.

         The table below sets forth the names of each selling securityholder,
the principal amount of the notes that may be offered by such selling
securityholder pursuant to this prospectus and the number of shares of common
stock beneficially owned by such selling securityholders. The third column lists
the number of shares of common stock beneficially owned by each selling
securityholder, based on its ownership of the shares of common stock as of
________ [ ], 2004, assuming conversion of all of the notes held by the selling
securityholders on that date, without regard to any limitations on conversion,
each to the extent known to us as of the date of this prospectus. The terms of
the notes provide that no selling securityholder may exercise warrants for
common stock if such conversion or exercise would result in such selling
securityholder beneficially owning more than 9.99% of our outstanding common
stock. Unless otherwise indicated below, each selling securityholder has sole
voting and investment power with respect to its shares of common stock. The
inclusion of any shares in this table does not constitute an admission of
beneficial ownership for the selling securityholder.

         The fourth column lists the shares of common stock being offered by
this prospectus by the selling securityholders. The fifth column assumes the
sale of all of the shares of common stock offered by the selling securityholders
pursuant to this prospectus.

         The selling securityholders may sell all, some or none of their shares
in this offering. See "Plan of Distribution."

<PAGE>

<Table>
<Caption>
                                                             AGGREGATE
                                                             PRINCIPAL    AGGREGATE      NUMBER OF
                                                               AMOUNT     PRINCIPAL        SHARES        MAXIMUM
                                                              OF NOTES     AMOUNT       BENEFICIALLY    NUMBER OF     BENEFICIAL
                                                              AT PRIOR    OF NOTES      OWNED PRIOR       SHARES      OWNERSHIP
                                                               TO THE     THAT MAY        TO THE        REGISTERED    AFTER THE
                             NAME                             OFFERING     BE SOLD       OFFERING (1)     HEREBY     OFFERING (2)
                             ----                            ----------   ---------     ------------    ----------   ------------
<S>                                                          <C>         <C>          <C>               <C>          <C>
    The Riverview Group LLC (3) ............................               $----

    Smithfield Fiduciary LLC (4)

    Mainfield Enterprises, Inc. (5)
    DKR SoundShore Oasis Holding Fund Ltd. (6)

    DKR SoundShore Strategic Holding Fund Ltd. (7)

    Total...................................................               $-----
</Table>

(1) The shares beneficially owned have been determined in accordance with rules
promulgated by the SEC, and the information is not necessarily indicative of
beneficial ownership for any other purpose. The calculation of the shares
beneficially owned does not take into account the limitation on more than 9.99%
beneficial ownership contained in the terms of the warrants (as discussed below
in note 1). The information in the table below is current as of _______ __,
2004.

(2) Assumes the sale of all the notes and shares of common stock offered by this
prospectus. We are unable to determine the exact number of notes and shares that
will actually be sold pursuant to this prospectus.

(3) The sole member of Riverview is Millennium Holding Group, L.P., a Delaware
limited partnership ("Holding"). Millennium Management, LLC, a Delaware limited
liability company ("Millennium Management"), is the general partner of Holding
and consequently has voting control and investment discretion over securities
owned by Holding and by Riverview. Israel A. Englander ("Mr. Englander") is the
sole managing member of Millennium Management. As a result, Mr. Englander may be
considered the beneficial owner of any shares deemed to be beneficially owned by
Millennium Management. Each of Holding, Millennium Management and Mr. Englander
disclaims any beneficial ownership of the shares owned by Riverview.

(4) Highbridge Capital Management, LLC ("Highbridge") is the trading manager of
Smithfield Fiduciary LLC ("Smithfield") and consequently has voting control and
investment discretion over the shares of common stock held by Smithfield. Glenn
Dubin and Henry Swieca control Highbridge. Each of Highbridge and Messrs. Dubin
and Swieca disclaims beneficial ownership of the shares held by Smithfield.

<PAGE>

(5) Pursuant to an investment management agreement, Avi Vigder has voting
discretion and investment control over the shares held by Mainfield Enterprises,
Inc. Avi Vigder disclaims beneficial ownership of such shares.

(6)

(7)

<PAGE>

                              PLAN OF DISTRIBUTION

         The selling securityholders may, from time to time, sell any or all of
the securities offered by this prospectus on any stock exchange, market or
trading facility on which the shares are traded or in private transactions.
These sales may be at fixed or negotiated prices. The selling securityholders
may use any one or more of the following methods when selling the notes or the
shares of common stock:

o    ordinary brokerage transactions and transactions in which the broker-dealer
        solicits purchasers;

o    block trades in which the broker-dealer will attempt to sell the securities
        as agent but may position and resell a portion of the block as principal
        to facilitate the transaction;

o    purchases by a broker-dealer as principal and resale by the broker-dealer
        for its account;

o    an exchange distribution in accordance with the rules of the applicable
        exchange;

o    privately negotiated transactions;

o    short sales;

o    broker-dealers may agree with the selling securityholders to sell a
        specified number of such securities at a stipulated price;

o    a combination of any such methods of sale; and

o    any other method permitted pursuant to applicable law.

         The selling securityholders may also sell the securities under Rule 144
or Rule 144A under the Securities Act, if available, rather than under this
prospectus.

         The selling securityholders may also engage in short sales against the
box, puts and calls and other transactions in our securities or derivatives of
our securities and may sell or deliver shares in connection with these trades.

         Broker-dealers engaged by the selling securityholders may arrange for
other brokers-dealers to participate in sales. Broker-dealers may receive
commissions or discounts from the selling securityholders (or, if any
broker-dealer acts as agent for the purchaser of securities, from the purchaser)
in amounts to be negotiated. The selling securityholders do not expect these
commissions and discounts to exceed what is customary in the types of
transactions involved. Any profits on the resale of shares of common stock or
notes by a broker-dealer acting as principal might be deemed to be underwriting
discounts or commissions under the Securities Act. Discounts, concessions,
commissions and similar selling expenses, if any, attributable to the sale of
notes or shares of common stock will be borne by a selling securityholder. The
selling securityholders may agree to indemnify any agent, dealer or
broker-dealer that

<PAGE>

participates in transactions involving sales of the notes or shares of common
stock if liabilities are imposed on that person under the Securities Act.

         The selling securityholders may from time to time pledge or grant a
security interest in some or all of the notes or shares of common stock owned by
them and, if they default in the performance of their secured obligations, the
pledgees or secured parties may offer and sell the notes or shares of common
stock from time to time under this prospectus after we have filed an amendment
to this prospectus under Rule 424(b)(3) or other applicable provision of the
Securities Act of 1933 amending the list of selling securityholders to include
the pledgee, transferee or other successors in interest as selling
securityholders under this prospectus.

         The selling securityholders also may transfer the notes and shares of
common stock in other circumstances, in which case the transferees, pledgees or
other successors in interest will be the selling beneficial owners for purposes
of this prospectus and may sell the notes and shares of common stock from time
to time under this prospectus after we have filed an amendment to this
prospectus under Rule 424(b)(3) or other applicable provision of the Securities
Act of 1933 amending the list of selling securityholders to include the pledgee,
transferee or other successors in interest as selling securityholders under this
prospectus.

         The selling securityholders and any broker-dealers or agents that are
involved in selling the notes and shares of common stock may be deemed to be
"underwriters" within the meaning of the Securities Act in connection with such
sales. In such event, any commissions received by such broker-dealers or agents
and any profit on the resale of the notes and shares of common stock purchased
by them may be deemed to be underwriting commissions or discounts under the
Securities Act. The selling securityholders have advised us that they have
acquired their securities in the ordinary course of business and they have not
entered into any agreements, understandings or arrangements with any
underwriters or broker-dealers regarding the sale of their notes or shares of
common stock, nor is there an underwriter or coordinating broker acting in
connection with a proposed sale of notes or shares of common stock by any
selling securityholder. If we are notified by any selling securityholder that
any material arrangement has been entered into with a broker-dealer for the sale
of notes or shares of common stock, if required, we will file a supplement to
this prospectus

         We are required to pay all fees and expenses incident to the
registration of the notes or shares of common stock. We have agreed to indemnify
the selling securityholders against certain losses, claims, damages and
liabilities, including liabilities under the Securities Act.<PAGE>
                                                                    EXHIBIT 10.1

                          SECURITIES PURCHASE AGREEMENT

         SECURITIES PURCHASE AGREEMENT (the "AGREEMENT"), dated as of March 25,
2004, by and among Noble International, Ltd., a Delaware corporation, with
headquarters located at 28213 Van Dyke Road, Warren, MI 48093 (the "COMPANY"),
and the investors listed on the Schedule of Buyers attached hereto
(individually, a "BUYER" and collectively, the "BUYERS").

         WHEREAS:

         A. The Company and each Buyer are executing and delivering this
Agreement in reliance upon the exemption from securities registration afforded
by Rule 144A ("RULE 144A") of the Securities Act of 1933, as amended (the "1933
ACT"), by Section 4(2) of the 1933 Act and Rule 506 of Regulation D ("REGULATION
D") and as promulgated by the United States Securities and Exchange Commission
(the "SEC") under the 1933 Act;

         B. The Company has authorized subordinated convertible notes of the
Company in the form attached hereto as Exhibit A (together with any subordinated
convertible notes issued in replacement thereof in accordance with the terms
thereof, the "NOTES"), which Notes shall be convertible into shares of the
Company's Common Stock, par value $0.001 per share (the "COMMON STOCK") (as
converted, the "CONVERSION SHARES"), in accordance with the terms of the Notes;

         C. Each Buyer wishes to purchase, and the Company wishes to sell, upon
the terms and conditions stated in this Agreement, that aggregate principal
amount of Notes set forth opposite such Buyer's name in column (3) on the
Schedule of Buyers (which aggregate principal amount for all Buyers shall be
$40,000,000);

         D. Contemporaneously with the execution and delivery of this Agreement,
the parties hereto are executing and delivering a Registration Rights Agreement,
substantially in the form attached hereto as Exhibit B (the "REGISTRATION RIGHTS
AGREEMENT"), pursuant to which the Company has agreed to provide certain
registration rights with respect to the Notes and the Conversion Shares under
the 1933 Act and the rules and regulations promulgated thereunder, and
applicable state securities laws; and

         G. The Notes and the Conversion Shares collectively are referred to
herein as the "SECURITIES".

         NOW, THEREFORE, the Company and each Buyer hereby agree as follows:

         1. PURCHASE AND SALE OF NOTES.

                  (a) Purchase of Notes.

                           (i) Notes. Subject to the satisfaction (or waiver) of
the conditions set forth in Sections 6(a) and 7(a) below, the Company shall
issue and sell to each Buyer, and each Buyer severally, but not jointly, agrees
to purchase from the Company on the Closing Date (as defined below), a principal
amount of Notes, as is set forth opposite such Buyer's name in column (3) on the
Schedule of Buyers (the "CLOSING").

<PAGE>

                           (ii) Closing. The Closing shall occur on the Closing
Date at the offices of Schulte Roth & Zabel LLP, 919 Third Avenue, New York, New
York 10022.

                           (iii) Purchase Price. The purchase price for each
Buyer (the "PURCHASE PRICE") of the Notes to be purchased by each such Buyer at
the Closing shall be equal to $1.00 for each $1.00 of principal amount of Notes
being purchased by such Buyer at the Closing.

                  (b) Closing Date. The date and time of the Closing (the
"CLOSING DATE") shall be 10:00 a.m., New York Time, on the date hereof, subject
to notification of satisfaction (or waiver) of the conditions to the Closing set
forth in Sections 6(a) and 7(a) below (or such later date as is mutually agreed
to by the Company and each Buyer).

                  (c) Form of Payment. On the Closing Date, (i) each Buyer shall
pay its Purchase Price to the Company for the Notes to be issued and sold to
such Buyer at the Closing, by wire transfer of immediately available funds in
accordance with the Company's written wire instructions, and (ii) the Company
shall deliver to each Buyer the Notes (in the principal amounts as such Buyer
shall request) which such Buyer is then purchasing, duly executed on behalf of
the Company and registered in the name of such Buyer or its designee.

         2. BUYER'S REPRESENTATIONS AND WARRANTIES.

                 Each Buyer represents and warrants with respect to only itself
that:

                  (a) No Public Sale or Distribution. Such Buyer is (i)
acquiring the Notes and (ii) upon conversion of the Notes will acquire the
Conversion Shares issuable upon conversion of the Notes, in the ordinary course
of business for its own account and not with a view towards, or for resale in
connection with, the public sale or distribution thereof, except pursuant to
sales registered or exempted under the 1933 Act; provided, however, that by
making the representations herein, such Buyer does not agree to hold any of the
Securities for any minimum or other specific term and reserves the right to
dispose of the Securities at any time in accordance with or pursuant to a
registration statement or an exemption from the registration requirements of the
1933 Act and applicable state securities laws. Such Buyer is acquiring the
Securities hereunder in the ordinary course of its business. Such Buyer
presently does not have any agreement or understanding, directly or indirectly,
with any person to distribute any of the Securities.

                  (b) Qualified Institutional Buyer; Accredited Investor Status.
Such Buyer is a "qualified institutional buyer" as defined in Rule 144A under
the 1933 Act (a "QIB") and such Buyer is an "accredited investor" as that term
is defined in Rule 501(a) of Regulation D.

                  (c) Transfer or Resale. In connection with such Buyer's
subsequent offers to sell, such Buyer (i) will offer the Notes for resale only
upon the terms and conditions set forth in this Agreement and pursuant to
prospectus delivery requirements (the "EXEMPT RESALES"), and (ii) will solicit
offers to buy the Notes only from, and will offer and sell the Notes only to,
(A) persons reasonably believed by such Buyer to be QIBs or (B) persons
reasonably believed by

                                      -2-
<PAGE>

such Buyer to be an "accredited investor" as that term is defined in Rule 501(a)
of Regulation D (an "ACCREDITED INVESTOR") or (C) persons reasonably believed by
such Buyer to be non-U.S. persons referred to in Regulation S under the 1933 Act
("NON-U.S. PERSONS"), and in connection with each such sale, it will take
reasonable steps to ensure that the purchaser of such Notes is aware that such
sale is being made in reliance on Rule 144A, Regulation D or Regulation S, as
applicable.

                  (d) General Solicitation. No form of general solicitation or
general advertising in violation of the 1933 Act has been or will be used nor
will any offers in any manner involving a public offering within the meaning of
Section 4(2) of the 1933 Act or, with respect to Notes to be sold in reliance on
Regulation S, by means of any directed selling efforts be made by such Buyer or
any of its representatives in connection with the offer and sale of any of the
Notes.

                  (e) Reliance on Exemptions. Such Buyer understands that the
Securities are being offered and sold to it in reliance on specific exemptions
from the registration requirements of United States federal and state securities
laws and that the Company is relying in part upon the truth and accuracy of, and
such Buyer's compliance with, the representations, warranties, agreements,
acknowledgments and understandings of such Buyer set forth herein in order to
determine the availability of such exemptions and the eligibility of such Buyer
to acquire the Securities.

                  (f) Information. Such Buyer and its advisors, if any, have
been furnished with all materials relating to the business, finances and
operations of the Company and materials relating to the offer and sale of the
Securities which have been requested by such Buyer. Such Buyer and its advisors,
if any, have been afforded the opportunity to ask questions of the Company and
have received what such Buyer and its advisors, if any, believe to be
satisfactory answers to any such inquiries. Neither such inquiries nor any other
due diligence investigations conducted by such Buyer or its advisors, if any, or
its representatives shall modify, amend or affect such Buyer's right to rely on
the Company's representations and warranties contained herein. Such Buyer
understands that its investment in the Securities involves a high degree of
risk. Such Buyer has sought such accounting, legal and tax advice as it has
considered necessary to make an informed investment decision with respect to its
acquisition of the Securities.

                  (g) No Governmental Review. Such Buyer understands that no
United States federal or state agency or any other government or governmental
agency has passed on or made any recommendation or endorsement of the Securities
or the fairness or suitability of the investment in the Securities nor have such
authorities passed upon or endorsed the merits of the offering of the
Securities.

                  (h) Restrictions. Such Buyer understands that except as
provided in this Agreement and the Registration Rights Agreement: (i) the
Securities have not been and are not being registered under the 1933 Act or any
state securities laws, and may not be offered for sale, sold, assigned or
transferred unless (A) subsequently registered thereunder, (B) such Buyer shall
have delivered to the Company an opinion of counsel, in a form reasonably
acceptable to the Company, to the effect that such Securities to be sold,
assigned or transferred may be sold, assigned or transferred pursuant to an
exemption from such registration, or (C) such Buyer

                                      -3-
<PAGE>

provides the Company with reasonable assurance that such Securities can be sold,
assigned or transferred pursuant to Rule 144 or Rule 144A promulgated under the
1933 Act, as amended, (or a successor rule thereto) (collectively, "RULE 144");
(ii) any sale of the Securities made in reliance on Rule 144 may be made only in
accordance with the terms of Rule 144 and further, if Rule 144 is not
applicable, any resale of the Securities under circumstances in which the seller
(or the Person (as defined in Section 3(s)) through whom the sale is made) may
be deemed to be an underwriter (as that term is defined in the 1933 Act) may
require compliance with some other exemption under the 1933 Act or the rules and
regulations of the SEC thereunder; and (iii) neither the Company nor any other
Person is under any obligation to register the Securities under the 1933 Act or
any state securities laws or to comply with the terms and conditions of any
exemption thereunder. The Securities may be pledged in connection with a bona
fide margin account or other loan secured by the Securities and such pledge of
Securities shall not be deemed to be a transfer, sale or assignment of the
Securities hereunder, and no Buyer effecting a pledge of Securities shall be
required to provide the Company with any notice thereof or otherwise make any
delivery to the Company pursuant to this Agreement or any other Transaction
Document, including, without limitation, this Section 2(h); provided, that in
order to make any sale, transfer or assignment of Securities, such Buyer and its
pledgee makes such disposition in accordance with or pursuant to a registration
statement or an exemption under the 1933 Act.

                  (i) Legends. Until such time as the resale of the Notes and
the Conversion Shares have been registered under the 1933 Act as contemplated by
the Registration Rights Agreement, such Buyer understands that the certificates
or other instruments representing the Notes and, the stock certificates
representing the Conversion Shares, except as set forth below, shall bear any
legend as required by the "blue sky" laws of any state and a restrictive legend
in substantially the following form (and a stop-transfer order may be placed
against transfer of such stock certificates):

         [NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS
         CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE
         CONVERTIBLE HAVE BEEN][THE SECURITIES REPRESENTED BY THIS CERTIFICATE
         HAVE NOT BEEN] REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
         OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED
         FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN
         EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE
         SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL, IN A
         FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT
         REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR
         RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES
         MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER
         LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

The legend set forth above shall be removed and the Company shall issue a
certificate without such legend to the holder of the Securities upon which it is
stamped, if, unless otherwise required

                                      -4-
<PAGE>

by state securities laws, (i) such Securities are registered for resale under
the 1933 Act, (ii) in connection with a sale, assignment or other transfer, such
holder provides the Company with an opinion of counsel, in a form reasonably
acceptable to the Company, to the effect that such sale, assignment or transfer
of the Securities may be made without registration under the applicable
requirements of the 1933 Act, or (iii) such holder provides the Company with
reasonable assurance that the Securities can be sold, assigned or transferred
pursuant to Rule 144 or Rule 144A.

                  (j) Validity; Enforcement. This Agreement and the Registration
Rights Agreement have been duly and validly authorized, executed and delivered
on behalf of such Buyer and shall constitute the legal, valid and binding
obligations of such Buyer enforceable against such Buyer in accordance with
their respective terms, except as such enforceability may be limited by general
principles of equity or to applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation and other similar laws relating to, or affecting
generally, the enforcement of applicable creditors' rights and remedies, and
except that any rights to indemnity or contribution under the Transaction
Documents may be limited by federal and state securities laws and public policy
considerations.

                  (k) No Conflicts. The execution, delivery and performance by
such Buyer of this Agreement and the Registration Rights Agreement and the
consummation by such Buyer of the transactions contemplated hereby and thereby
will not (i) result in a violation of the organizational documents of such Buyer
or (ii) conflict with, or constitute a default (or an event which with notice or
lapse of time or both would become a default) under, or give to others any
rights of termination, amendment, acceleration or cancellation of, any
agreement, indenture or instrument to which such Buyer is a party, or (iii)
result in a violation of any law, rule, regulation, order, judgment or decree
(including federal and state securities laws) applicable to such Buyer, except
in the case of clauses (ii) and (iii) above, for such conflicts, defaults,
rights or violations which would not, individually or in the aggregate,
reasonably be expected to have a material adverse effect on the ability of such
Buyer to perform its obligations hereunder.

                  (l) Residency. Such Buyer is a resident of that jurisdiction
specified below its address on the Schedule of Buyers. Such Buyer represents
that it was not organized solely for purposes of making an investment in the
Company.

         3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

                  The Company represents and warrants to each of the Buyers
that:

                  (a) Organization and Qualification. The Company and its
"SUBSIDIARIES" (which for purposes of this Agreement means any entity in which
the Company, directly or indirectly, owns capital stock or holds an equity or
similar interest) are corporations duly organized and validly existing in good
standing under the laws of the jurisdiction in which they are incorporated, and
have the requisite corporate power and authorization to own their properties and
to carry on their business as now being conducted. Each of the Company and its
Subsidiaries is duly qualified as a foreign corporation to do business and is in
good standing in every jurisdiction in which its ownership of property or the
nature of the business conducted by it makes such qualification necessary,
except to the extent that the failure to be so qualified or be in

                                      -5-
<PAGE>

good standing would not have a Material Adverse Effect. As used in this
Agreement, "MATERIAL ADVERSE EFFECT" means any material adverse effect on the
business, properties, assets, operations, results of operations, condition
(financial or otherwise) or prospects of the Company and its Subsidiaries, taken
as a whole, or on the transactions contemplated hereby and the other Transaction
Documents or by the agreements and instruments to be entered into in connection
herewith or therewith, or on the authority or ability of the Company to perform
its obligations under the Transaction Documents (as defined below). The Company
has no Subsidiaries except as set forth on Schedule 3(a) or on the Company's
Annual Report on Form 10-K for the year ended December 31, 2002 (the "2002
10-K").

                  (b) Authorization; Enforcement; Validity. The Company has the
requisite corporate power and authority to enter into and perform its
obligations under this Agreement, the Notes, the Registration Rights Agreement,
the Irrevocable Transfer Agent Instructions (as defined in Section 5(b)) and
each of the other agreements entered into by the parties hereto in connection
with the transactions contemplated by this Agreement (collectively, the
"TRANSACTION DOCUMENTS") and to issue the Securities in accordance with the
terms hereof and thereof. The execution and delivery of the Transaction
Documents by the Company and the consummation by the Company of the transactions
contemplated hereby and thereby, including, without limitation, the issuance of
the Notes and the reservation for issuance and the issuance of the Conversion
Shares issuable upon conversion, issuance or exercise thereof, as the case may
be, have been duly authorized by the Company's Board of Directors and no further
consent or authorization is required by the Company, its Board of Directors or
its stockholders. This Agreement and the other Transaction Documents of even
date herewith have been duly executed and delivered by the Company, and
constitute the legal, valid and binding obligations of the Company enforceable
against the Company in accordance with their respective terms, except as such
enforceability may be limited by general principles of equity or applicable
bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws
relating to, or affecting generally, the enforcement of applicable creditors'
rights and remedies, and except that any rights to indemnity or contribution
under the Transaction Documents may be limited by federal and state securities
laws and public policy considerations.

                  (c) Issuance of Securities. The Notes are duly authorized and,
upon issuance in accordance with the terms hereof, shall be free from all taxes,
liens and charges with respect to the issue thereof. As of the Closing, a number
of shares of Common Stock shall have been duly authorized and reserved for
issuance which equals the sum of 125% of the number of shares of Common Stock
issuable upon conversion of the Notes to be issued at such Closing. Upon
conversion, exercise or issuance in accordance with the Notes, the Conversion
Shares will be validly issued, fully paid and nonassessable and free from all
taxes, liens and charges with respect to the issue thereof, with the holders
being entitled to all rights accorded to a holder of Common Stock. Assuming the
accuracy of each of the representations and warranties of the Buyers contained
in Section 2, the issuance by the Company of the Securities is exempt from the
registration requirements of Section 5 of the 1933 Act.

                  (d) No Conflicts. The execution, delivery and performance of
the Transaction Documents by the Company and the consummation by the Company of
the transactions contemplated hereby and thereby (including, without limitation,
the issuance of the Notes and reservation for issuance and issuance of the
Conversion Shares) will not (i) result in a violation

                                      -6-
<PAGE>

of the certificate of incorporation, any certificate of designations,
preferences and rights of any outstanding series of preferred stock or bylaws of
the Company or any of its Subsidiaries or (ii) conflict with, or constitute a
default (or an event which with notice or lapse of time or both would become a
default) under, or give to others any rights of termination, amendment,
acceleration or cancellation of, any material agreement, indenture or instrument
to which the Company or any of its Subsidiaries is a party, except which are the
subject of written waivers or consents which have been obtained or effected on
or prior to the Closing Date or (iii) result in a violation of any law, rule,
regulation, order, judgment or decree (including federal and state securities
laws and regulations and the rules and regulations of the Principal Market)
applicable to the Company or any of its Subsidiaries or by which any property or
asset of the Company or any of its Subsidiaries is bound or affected, except in
the case of clauses (ii) and (iii), for such breaches or defaults as could not
reasonably be expected to have a Material Adverse Effect.

                  (e) Consents. Except as disclosed in Schedule 3(e), the
Company is not required to obtain any consent, authorization or order of, or
make any filing or registration with, any court, governmental agency or any
regulatory or self-regulatory agency or any other Person in order for it to
execute, deliver or perform any of its obligations under or contemplated by the
Transaction Documents, in each case in accordance with the terms hereof or
thereof. All consents, authorizations, orders, filings and registrations which
the Company is required to obtain pursuant to the preceding sentence have been
obtained or effected on or prior to the Closing Date (other then filings and
reports relating to the offer and sale of the Securities required under
Regulation D or applicable securities or "Blue Sky" laws as contemplated under
Section 4(b) of this Agreement), and the Company and its Subsidiaries are
unaware of any facts or circumstances which might prevent the Company from
obtaining or effecting any of the registration, application or filings pursuant
to the preceding sentence. The Company is not in violation of the listing
requirements of the Principal Market and has no knowledge of any facts which
would reasonably lead to delisting or suspension of the Common Stock in the
foreseeable future.

                  (f) Acknowledgment Regarding Buyer's Purchase of Securities.
The Company acknowledges and agrees that each Buyer is acting solely in the
capacity of arm's length purchaser with respect to the Transaction Documents and
the transactions contemplated hereby and thereby and that no Buyer is (i) an
officer or director of the Company, (ii) an "affiliate" of the Company (as
defined in Rule 144) or (iii) to the knowledge of the Company, a "beneficial
owner" of more than 10% of the Common Stock (as defined for purposes of Rule
13d-3 of the Securities Exchange Act of 1934, as amended (the "EXCHANGE ACT")).
The Company further acknowledges that no Buyer is acting as a financial advisor
or fiduciary of the Company (or in any similar capacity) with respect to the
Transaction Documents and the transactions contemplated hereby and thereby, and
any advice given by a Buyer or any of its representatives or agents in
connection with the Transaction Documents and the transactions contemplated
hereby and thereby is merely incidental to such Buyer's purchase of the
Securities. The Company further represents to each Buyer that the Company's
decision to enter into the Transaction Documents has been based solely on the
independent evaluation by the Company and its representatives and partially in
reliance upon the representations and warranties of each Buyer hereunder.

                  (g) No General Solicitation; Placement Agent's Fees. Neither
the Company,

                                      -7-
<PAGE>

nor any of its affiliates, nor any Person acting on its or their behalf, has
engaged in any form of general solicitation or general advertising (within the
meaning of Regulation D) in connection with the offer or sale of the Securities.
The Company shall be responsible for the payment of any placement agent's fees,
financial advisory fees, or brokers' commissions (other than for persons engaged
by any Buyer or its investment advisor) relating to or arising out of the
transactions contemplated hereby. The Company shall pay, and hold each Buyer
harmless against, any liability, loss or expense (including, without limitation,
attorney's fees and out-of-pocket expenses) arising in connection with any such
claim. The Company acknowledges that is has engaged William Blair & Company,
L.L.C. as placement agent (the "AGENT") in connection with the sale of the
Notes. Other than the Agent, the Company has not engaged any placement agent or
other agent in connection with the sale of the Notes.

                  (h) No Integrated Offering. None of the Company, its
Subsidiaries, any of their affiliates, and any Person acting on their behalf
has, directly or indirectly, made any offers or sales of any security or
solicited any offers to buy any security, under circumstances that would require
registration of any of the Securities under the 1933 Act or cause this offering
of the Securities to be integrated with prior offerings by the Company for
purposes of the 1933 Act or any applicable stockholder approval provisions,
including, without limitation, under the rules and regulations of any exchange
or automated quotation system on which any of the securities of the Company are
listed or designated. None of the Company, its Subsidiaries, their affiliates
and any Person acting on their behalf will take any action or steps referred to
in the preceding sentence that would require registration of any of the
Securities under the 1933 Act or cause the offering of the Securities to be
integrated with other offerings.

                  (i) Dilutive Effect. The Company understands and acknowledges
that the number of Conversion Shares issuable upon conversion of the Notes will
increase in certain circumstances. The Company further acknowledges that its
obligation to issue Conversion Shares upon conversion of the Notes is absolute
and unconditional (except as otherwise set forth in the Transaction Documents)
regardless of the dilutive effect that such issuance may have on the ownership
interests of other stockholders of the Company.

                  (j) Application of Takeover Protections; Rights Agreement. The
Company and its board of directors have taken all necessary action, if any, in
order to render inapplicable any control share acquisition, business
combination, poison pill (including any distribution under a rights agreement)
or other similar anti-takeover provision under the Certificate of Incorporation
(as defined in Section 3(r)) or the laws of the state of its incorporation which
is or could become applicable to any Buyer as a result of the transactions
contemplated by this Agreement, including, without limitation, the Company's
issuance of the Securities and any Buyer's ownership of the Securities. The
Company has not adopted a stockholder rights plan or similar arrangement
relating to accumulations of beneficial ownership of Common Stock or a change in
control of the Company.

                  (k) SEC Documents; Financial Statements. The Company has filed
all reports, schedules, forms, statements and other documents required to be
filed by it with the SEC pursuant to the reporting requirements of the Exchange
Act (all of the foregoing filed prior to the date hereof, and all exhibits
included therein and financial statements and schedules thereto and documents
incorporated by reference therein being hereinafter referred to as the "SEC

                                      -8-
<PAGE>

DOCUMENTS"). The Company has delivered to the Buyers or their respective
representatives true, correct and complete copies of the SEC Documents not
available on the EDGAR system. As of their respective dates, the SEC Documents
complied in all material respects with the requirements of the Exchange Act and
the rules and regulations of the SEC promulgated thereunder applicable to the
SEC Documents, and none of the SEC Documents, at the time they were filed with
the SEC, contained any untrue statement of a material fact or omitted to state a
material fact required to be stated therein or necessary in order to make the
statements therein, in the light of the circumstances under which they were
made, not misleading. As of their respective dates, the financial statements of
the Company included in the SEC Documents complied as to form in all material
respects with applicable accounting requirements and the published rules and
regulations of the SEC with respect thereto. Such financial statements have been
prepared in accordance with generally accepted accounting principles,
consistently applied, during the periods involved (except (i) as may be
otherwise indicated in such financial statements or the notes thereto, or (ii)
in the case of unaudited interim statements, to the extent they may exclude
footnotes or may be condensed or summary statements) and fairly present in all
material respects the financial position of the Company as of the dates thereof
and the results of its operations and cash flows for the periods then ended
(subject, in the case of unaudited statements, to normal year-end audit
adjustments). No other written information provided by or on behalf of the
Company to the Buyers which is not included in the SEC Documents, including,
without limitation, information referred to in Section 2(d) of this Agreement,
contains any untrue statement of a material fact or omits to state any material
fact necessary in order to make the statements therein, in the light of the
circumstance under which they are or were made, not misleading.

                  (l) Absence of Certain Changes. Except as disclosed in
Schedule 3(l), since September 30, 2003, there has been no material adverse
change and no material adverse development in the business, properties,
operations, condition (financial or otherwise), results of operations or
prospects of the Company or its Subsidiaries. Except as disclosed in Schedule
3(l), since September 30, 2003, the Company has not (i) declared or paid any
dividends, (ii) sold any assets, individually or in the aggregate, in excess of
$100,000 outside of the ordinary course of business or (iii) had capital
expenditures, individually or in the aggregate, in excess of $1,000,000. The
Company has not taken any steps to seek protection pursuant to any bankruptcy
law nor does the Company have any knowledge or reason to believe that its
creditors intend to initiate involuntary bankruptcy proceedings or any actual
knowledge of any fact which would reasonably lead a creditor to do so. The
Company is not as of the date hereof, and after giving effect to the
transactions contemplated hereby to occur at the Closing, will not be Insolvent
(as defined below). For purposes of this Section 3(l), "INSOLVENT" means (i) the
present fair saleable value of the Company's assets is less than the amount
required to pay the Company's total Indebtedness(as defined in Section 3(s)),
(ii) the Company is unable to pay its debts and liabilities, subordinated,
contingent or otherwise, as such debts and liabilities become absolute and
matured, (iii) the Company intends to incur or believes that it will incur debts
that would be beyond its ability to pay as such debts mature or (iv) the Company
has unreasonably small capital with which to conduct the business in which it is
engaged as such business is now conducted and is proposed to be conducted.

                  (m) [INTENTIONALLY OMITTED].

                                      -9-
<PAGE>

                  (n) Conduct of Business; Regulatory Permits. Neither the
Company nor its Subsidiaries is in violation of any term of or in default under
its Certificate of Incorporation, any Certificate of Designations, Preferences
and Rights of any outstanding series of preferred stock of the Company or Bylaws
or their organizational charter or bylaws, respectively. Except as disclosed in
Schedule 3(n), neither the Company nor any of its Subsidiaries is in violation
of any judgment, decree or order or any statute, ordinance, rule or regulation
applicable to the Company or its Subsidiaries, and neither the Company nor any
of its Subsidiaries will conduct its business in violation of any of the
foregoing, except for possible violations which would not, individually or in
the aggregate, have a Material Adverse Effect. Without limiting the generality
of the foregoing, the Company is not in violation of any of the rules,
regulations or requirements of the Nasdaq National Market (the "PRINCIPAL
MARKET") other than violations which could not reasonably be expected,
individually or in the aggregate, to have a Material Adverse Effect and has no
knowledge of any facts or circumstances which would reasonably lead to delisting
or suspension of the Common Stock by the Principal Market in the foreseeable
future. Except as disclosed on Schedule 3(n), since January 1, 2003, (i) the
Common Stock has been designated for quotation on the Principal Market, (ii)
trading in the Common Stock has not been suspended by the SEC or the Principal
Market and (iii) the Company has received no communication, written or oral,
from the SEC or the Principal Market regarding the suspension or delisting of
the Common Stock from the Principal Market. The Company and its Subsidiaries
possess all certificates, authorizations and permits issued by the appropriate
federal, state or foreign regulatory authorities necessary to conduct their
respective businesses, except where the failure to possess such certificates,
authorizations or permits would not have, individually or in the aggregate, a
Material Adverse Effect, and neither the Company nor any such Subsidiary has
received any notice of proceedings relating to the revocation or modification of
any such certificate, authorization or permit.

                  (o) Foreign Corrupt Practices. Neither the Company, nor any of
its Subsidiaries, nor any director, officer, agent, employee or other Person
acting on behalf of the Company or any of its Subsidiaries has, in the course of
its actions for, or on behalf of, the Company (i) used any corporate funds for
any unlawful contribution, gift, entertainment or other unlawful expenses
relating to political activity; (ii) made any direct or indirect unlawful
payment to any foreign or domestic government official or employee from
corporate funds; (iii) violated or is in violation of any provision of the U.S.
Foreign Corrupt Practices Act of 1977, as amended; or (iv) made any unlawful
bribe, rebate, payoff, influence payment, kickback or other unlawful payment to
any foreign or domestic government official or employee.

                  (p) Sarbanes-Oxley Act. The Company is in compliance with any
and all applicable requirements of the Sarbanes-Oxley Act of 2002 that are
effective as of the date hereof, and any and all applicable rules and
regulations promulgated by the SEC thereunder that are effective as of the date
hereof, except where such noncompliance would not have, individually or in the
aggregate, a Material Adverse Effect.

                  (q) Transactions With Affiliates. Except as set forth on
Schedule 3(q) and in the SEC Documents filed at least ten days prior to the date
hereof and other than the grant of stock options disclosed on Schedule 3(r),
none of the officers, directors or employees of the Company is presently a party
to any transaction with the Company or any of its Subsidiaries (other than for
ordinary course services as employees, officers or directors), including any

                                      -10-
<PAGE>

material contract, agreement or other arrangement providing for the furnishing
of services to or by, providing for rental of real or personal property to or
from, or otherwise requiring payments to or from any such officer, director or
employee or, to the knowledge of the Company, any corporation, partnership,
trust or other entity in which any such officer, director, or employee has a
substantial interest or is an officer, director, trustee or partner.

                  (r) Equity Capitalization. As of the date hereof, the
authorized capital stock of the Company consists of (x) 20,000,000 shares of
Common Stock, of which as of the date hereof, 8,947,373 shares of Common Stock
are issued and outstanding, 847,679 shares of Common Stock are reserved for
issuance pursuant to the Company's stock option and purchase plans and 154,322
shares of Common Stock are reserved for issuance pursuant to securities (other
than the Notes) exercisable or exchangeable for, or convertible into, shares of
Common Stock, and (y) 150,000 shares of preferred stock, of which as of the date
hereof, none are issued and outstanding. All of such outstanding shares have
been, or upon issuance will be, validly issued and are fully paid and
nonassessable. All of such outstanding shares of capital stock are duly
authorized, validly issued, fully paid and nonassessable. No shares of capital
stock of the Company are subject to preemptive rights or any other similar
rights of the shareholders of the Company or any liens or encumbrances imposed
through the actions or failure to act of the Company. (i) Other than pursuant to
this Agreement and as contemplated by the Company's employee and director
benefit, incentive, or option plans disclosed in the Company's SEC Documents
(the "Plans"), there are no outstanding options, warrants, scrip, rights to
subscribe for, puts, calls, rights of first refusal, and (ii) there are no
agreements, understandings, claims, antidilution protection or other commitments
or rights of any character whatsoever (other than the 1998 Debentures (as
defined in the Notes)) that could require the Company to issue additional shares
of capital stock of the Company or adjust the purchase or exercise price of any
such instrument. There are no agreements or arrangements, including any set
forth in the SEC Documents, (other than the Registration Rights Agreement) under
which the Company is obligated to register the sale of any of its securities
under the 1933 Act.

                  (s) Indebtedness and Other Contracts. Except as disclosed in
Schedule 3(s) or in the Company's 2002 10-K, neither the Company nor any of its
Subsidiaries (i) has any outstanding Indebtedness, (ii) is a party to any
contract, agreement or instrument, the violation of which, or default under
which, by the other party(ies) to such contract, agreement or instrument would
result in a Material Adverse Effect, or (iii) is in violation of any term of or
in default under any contract, agreement or instrument relating to any
Indebtedness, except where such violations and defaults would not result,
individually or in the aggregate, in a Material Adverse Effect. For purposes of
this Agreement: (x) "INDEBTEDNESS" of any Person means, without duplication (A)
all indebtedness for borrowed money, (B) all obligations issued, undertaken or
assumed as the deferred purchase price of property or services (other than trade
payables entered into in the ordinary course of business), (C) all reimbursement
or payment obligations with respect to letters of credit, surety bonds and other
similar instruments, (D) all obligations evidenced by notes, bonds, debentures
or similar instruments, including obligations so evidenced incurred in
connection with the acquisition of property, assets or businesses, (E) all
indebtedness created or arising under any conditional sale or other title
retention agreement, or incurred as financing, in either case with respect to
any property or assets acquired with the proceeds of such indebtedness (even
though the rights and remedies of the seller or bank under such agreement in

                                      -11-
<PAGE>

the event of default are limited to repossession or sale of such property), (F)
all monetary obligations under any leasing or similar arrangement which, in
connection with generally accepted accounting principles, consistently applied
for the periods covered thereby, is classified as a capital lease, (G) all
indebtedness referred to in clauses (A) through (F) above secured by (or for
which the holder of such Indebtedness has an existing right, contingent or
otherwise, to be secured by) any mortgage, lien, pledge, charge, security
interest or other encumbrance upon or in any property or assets (including
accounts and contract rights) owned by any Person, even though the Person which
owns such assets or property has not assumed or become liable for the payment of
such indebtedness, and (H) all Contingent Obligations in respect of indebtedness
or obligations of others of the kinds referred to in clauses (A) through (G)
above; (y) "CONTINGENT OBLIGATION" means, as to any Person, any direct or
indirect liability, contingent or otherwise, of that Person with respect to any
indebtedness, lease, dividend or other obligation of another Person if the
primary purpose or intent of the Person incurring such liability, or the primary
effect thereof, is to provide assurance to the obligee of such liability that
such liability will be paid or discharged, or that any agreements relating
thereto will be complied with, or that the holders of such liability will be
protected (in whole or in part) against loss with respect thereto; and (z)
"PERSON" means an individual, a limited liability company, a partnership, a
joint venture, a corporation, a trust, an unincorporated organization and a
government or any department or agency thereof.

                  (t) Absence of Litigation. There is no action, suit,
proceeding, inquiry or investigation before or by the Principal Market, any
court, public board, government agency, self-regulatory organization or body
pending or, to the knowledge of the Company, threatened against or affecting the
Company, the Common Stock or any of the Company's Subsidiaries that could,
individually or in the aggregate, reasonably be expected to result in a Material
Adverse Effect

                  (u) Insurance. The Company and each of its Subsidiaries are
insured by insurers of recognized financial responsibility against such losses
and risks and in such amounts as management of the Company believes to be
prudent and customary in the businesses in which the Company and its
Subsidiaries are engaged. Neither the Company nor any such Subsidiary has been
refused any insurance coverage sought or applied for and neither the Company nor
any such Subsidiary has any reason to believe that it will not be able to renew
its existing insurance coverage as and when such coverage expires or to obtain
similar coverage from similar insurers as may be necessary to continue its
business at a cost that would not have a Material Adverse Effect.

                  (v) Employee Relations. (i) Neither the Company nor any of its
Subsidiaries is a party to any collective bargaining agreement or employs any
member of a union. The Company and its Subsidiaries believe that their relations
with their employees are good. No executive officer of the Company (as defined
in Rule 501(f) of the 1933 Act) has notified the Company that such officer
intends to leave the Company or otherwise terminate such officer's employment
with the Company. No executive officer of the Company, to the knowledge of the
Company, is, or is now expected to be, in violation of any material term of any
employment contract, confidentiality, disclosure or proprietary information
agreement, non-competition agreement, or any other contract or agreement or any
restrictive covenant. To the knowledge of the Company, the continued employment
of each such executive officer does not subject the

                                      -12-
<PAGE>

Company or any of its Subsidiaries to any liability with respect to any of the
foregoing matters.

                           (ii) The Company and its Subsidiaries are in
compliance with all federal, state, local and foreign laws and regulations
respecting employment and employment practices, terms and conditions of
employment and wages and hours, except where failure to be in compliance would
not, either individually or in the aggregate, reasonably be expected to result
in a Material Adverse Effect.

                  (w) Title. The Company and its Subsidiaries have good and
marketable title in fee simple to all real property and good and marketable
title to all personal property owned by them which is material to the business
of the Company and its Subsidiaries, in each case free and clear of all liens,
encumbrances and defects except such as are described in Schedule 3(w) or such
as do not materially affect the value of such property and do not interfere with
the use made and proposed to be made of such property by the Company and any of
its Subsidiaries. Any real property and facilities held under lease by the
Company and any of its Subsidiaries are held by them under valid, subsisting and
enforceable leases with such exceptions as are not material and do not interfere
with the use made and proposed to be made of such property and buildings by the
Company and its Subsidiaries.

                  (x) Intellectual Property Rights. To the knowledge of the
Company, the Company and its Subsidiaries own or possess adequate rights or
licenses to use all trademarks, trade names, service marks, service mark
registrations, service names, patents, patent rights, copyrights, inventions,
licenses, approvals, governmental authorizations, trade secrets and other
intellectual property rights ("INTELLECTUAL PROPERTY Rights") necessary to
conduct their respective businesses as now conducted. Except as set forth in
Schedule 3(x), none of the Company's Intellectual Property Rights have expired
or terminated, or are expected to expire or terminate, within three years from
the date of this Agreement. The Company does not have any knowledge of any
infringement by the Company or its Subsidiaries of Intellectual Property Rights
of others, except where such infringement would not, individually or in the
aggregate, have a Material Adverse Effect. Except as set forth in Schedule 3(x),
there is no claim, action or proceeding being made or brought, or to the
knowledge of the Company, being threatened, against the Company or its
Subsidiaries regarding its Intellectual Property Rights which could have a
Material Adverse Effect. The Company is unaware of any facts or circumstances
which might give rise to any of the foregoing infringements or claims, actions
or proceedings. The Company and its Subsidiaries have taken reasonable security
measures to protect the secrecy, confidentiality and value of all of their
Intellectual Property Rights.

                  (y) Environmental Laws. To the knowledge of the Company, the
Company and its Subsidiaries (i) are in compliance with any and all
Environmental Laws (as hereinafter defined), (ii) have received all permits,
licenses or other approvals required of them under applicable Environmental Laws
to conduct their respective businesses and (iii) are in compliance with all
terms and conditions of any such permit, license or approval where, in each of
the foregoing clauses (i), (ii) and (iii), the failure to so comply could be
reasonably expected to have, individually or in the aggregate, a Material
Adverse Effect. The term "ENVIRONMENTAL LAWS" means all federal, state, local or
foreign laws relating to pollution or protection of human health or the
environment (including, without limitation, ambient air, surface water,
groundwater, land surface or subsurface strata), including, without limitation,
laws relating to emissions,

                                      -13-
<PAGE>

discharges, releases or threatened releases of chemicals, pollutants,
contaminants, or toxic or hazardous substances or wastes (collectively,
"HAZARDOUS MATERIALS") into the environment, or otherwise relating to the
manufacture, processing, distribution, use, treatment, storage, disposal,
transport or handling of Hazardous Materials, as well as all authorizations,
codes, decrees, demands or demand letters, injunctions, judgments, licenses,
notices or notice letters, orders, permits, plans or regulations issued,
entered, promulgated or approved thereunder.

                  (z) Subsidiary Rights. The Company or one of its Subsidiaries
has the unrestricted right to vote, and (subject to limitations imposed by
applicable law) to receive dividends and distributions on, all capital
securities of its material Subsidiaries as owned by the Company or such
Subsidiary.

                  (aa) Tax Status. The Company and each of its Subsidiaries (i)
has made or filed all federal and state income and all other tax returns,
reports and declarations required by any jurisdiction to which it is subject,
(ii) has paid all taxes and other governmental assessments and charges that are
material in amount, shown or determined to be due on such returns, reports and
declarations, except those being contested in good faith and (iii) has set aside
on its books provision reasonably adequate for the payment of all taxes for
periods subsequent to the periods to which such returns, reports or declarations
apply. There are no unpaid taxes in any material amount claimed to be due by the
taxing authority of any jurisdiction, and the officers of the Company know of no
basis for any such claim.

                  (bb) Internal Accounting Controls. The Company and each of its
Subsidiaries maintain a system of internal accounting controls sufficient to
provide reasonable assurance that (i) transactions are executed in accordance
with management's general or specific authorizations, (ii) transactions are
recorded as necessary to permit preparation of financial statements in
conformity with generally accepted accounting principles and to maintain asset
and liability accountability, (iii) access to assets or incurrence of
liabilities is permitted only in accordance with management's general or
specific authorization and (iv) the recorded accountability for assets and
liabilities is compared with the existing assets and liabilities at reasonable
intervals and appropriate action is taken with respect to any difference.

                  (cc) Disclosure. The Company confirms that neither it nor, to
its knowledge, any officer, director or agent of the Company has provided any of
the Buyers or their respective agents or counsel with any information that
constitutes material, nonpublic information. The Company understands and
confirms that each of the Buyers will rely on the foregoing representations in
effecting transactions in securities of the Company. All written disclosure
provided to the Buyers regarding the Company, its business and the transactions
contemplated hereby, including the Schedules to this Agreement, furnished by or
on behalf of the Company are true and correct and do not contain any untrue
statement of a material fact or omit to state any material fact necessary in
order to make the statements made therein, in light of the circumstances under
which they were made, not misleading. No event or circumstance has occurred or
information exists with respect to the Company or any Subsidiary or either of
its or their respective business, properties, prospects, operations or financial
conditions, which, under applicable law, rule or regulation, requires public
disclosure or announcement by the Company on or before the date hereof but which
has not been so publicly announced or disclosed (assuming for this purpose that
the Company's reports filed under the Exchange Act, as

                                      -14-
<PAGE>

amended, are being incorporated into an effective registration statement filed
by the Company under the 1933 Act). The Company acknowledges and agrees that no
Buyer makes or has made any representations or warranties with respect to the
transactions contemplated hereby other than those specifically set forth in
Section 2.

                  (dd) Manipulation of Price. The Company has not, and to its
knowledge no one acting on its behalf has, (i) taken, directly or indirectly,
any action designed to cause or to result in, or that has constituted or which
might reasonably be expected to constitute, the stabilization or manipulation of
the price of any security of the Company to facilitate the sale or resale of any
of the Securities, (ii) sold, bid for, purchased, or paid anyone any
compensation for soliciting purchases of, any of the Securities, or (iii) paid
or agreed to pay to any person any compensation for soliciting another to
purchase any other securities of the Company.

                  (ee) Exemption From Registration. Without limiting any
provision herein, no registration under the 1933 Act is required for the sale of
the Notes to the Buyers as contemplated hereby or for the Exempt Resales,
assuming (i) that the purchasers in the Exempt Resales are QIBs or Accredited
Investors or Non-U.S. Persons and (ii) the accuracy of the Buyer's
representations contained in Section 2 of this Agreement.

                  (ff) Rule 144A Resales. Assuming (i) that the purchasers in
the Exempt Resales are QIBs or Accredited Investors or Non-U.S. Persons and (ii)
the accuracy of the Buyer's representations contained in Section 2 of this
Agreement, the Notes are eligible for resale pursuant to Rule 144A under the
1933 Act and no other securities of the Company are of the same class (within
the meaning of Rule 144A under the 1933 Act) as the Notes and listed on a
national securities exchange registered under Section 6 of the Exchange Act, or
quoted in a U.S. automated inter-dealer quotation system. No securities of the
Company of the same class as the Notes have been offered, issued or sold by the
Company or any of its Affiliates within the six-month period immediately prior
to the date hereof.

         4. COVENANTS.

                  (a) Best Efforts. Each party shall use its best efforts timely
to satisfy each of the conditions to be satisfied by it as provided in Sections
6 and 7 of this Agreement.

                  (b) Form D and Blue Sky. The Company agrees to file a Form D
with respect to the Securities as required under Regulation D and to provide a
copy thereof to each Buyer promptly after such filing. The Company shall, on or
before the Closing Date, take such action as the Company shall reasonably
determine is necessary in order to obtain an exemption for or to qualify the
Securities for sale to the Buyers at the Closing pursuant to this Agreement
under applicable securities or "Blue Sky" laws of the states of the United
States (or to obtain an exemption from such qualification), and shall provide
evidence of any such action so taken to the Buyers on or prior to the Closing
Date. The Company shall make all filings and reports relating to the offer and
sale of the Securities required under applicable securities or "Blue Sky" laws
of the states of the United States following the Closing Date.

                  (c) Reporting Status. With a view to making available to the
Investors (as that term is defined in the Registration Rights Agreement) the
benefits of Rule 144 promulgated

                                      -15-
<PAGE>

under the Securities Act or any similar rule or regulation of the Commission
that may at any time permit the Investors to sell securities of the Company to
the public without registration ("Rule 144"), the Company shall: (i) make and
keep public information available, as those terms are understood and defined in
Rule 144; (2) file with the Commission in a timely manner all reports and other
documents required of the Company under the Securities Act and the Exchange Act;
and (3) furnish to each Investor, so long as such Investor owns Registrable
Securities (the "REPORTING Period"), promptly upon request, (A) a written
statement by the Company, if true, that it has complied with the applicable
reporting requirements of Rule 144, the Securities Act and the Exchange Act, (B)
a copy of the most recent annual or quarterly report of the Company and copies
of such other reports and documents so filed by the Company, (C) the information
required by Rule 144A(d)(4) (or any successor rule) under the Securities Act,
and (D) such other information as may be reasonably requested to permit the
Investors to sell such securities pursuant to Rule 144 without registration.

                  (d) [INTENTIONALLY OMITTED].

                  (e) Financial Information. The Company agrees to send the
following to each Investor during the Reporting Period (i) unless the following
are filed with the SEC through EDGAR and are available to the public through the
EDGAR system, within one (1) Business Day after the filing thereof with the SEC,
a copy of its Annual Reports on Form 10-K, its Quarterly Reports on Form 10-Q,
any Current Reports on Form 8-K and any registration statements (other than on
Form S-8) or amendments filed pursuant to the 1933 Act, and (ii) copies of any
notices and other information made available or given to the stockholders of the
Company generally, contemporaneously with the making available or giving thereof
to the stockholders (other than those in connection with the Company's annual
meeting of stockholders).

                  (f) Listing. The Company shall promptly secure the listing of
all of the Conversion Shares (as defined in the Registration Rights Agreement)
upon each national securities exchange and automated quotation system, if any,
upon which shares of Common Stock are then listed (subject to official notice of
issuance) and shall use its reasonable best efforts to maintain, so long as any
other shares of Common Stock shall be so listed, such listing of all Conversion
Shares from time to time issuable under the terms of the Transaction Documents.
The Company shall use its reasonable best efforts to maintain the Common Stock's
authorization for quotation on the Principal Market or the Nasdaq National
Market. Neither the Company nor any of its Subsidiaries shall take any action
which would be reasonably expected to result in the delisting or suspension of
the Common Stock on the Principal Market. The Company shall pay all fees and
expenses in connection with satisfying its obligations under this Section 4(f).

                  (g) Fees. The Company shall reimburse the Buyers in the
maximum aggregate amount of $40,000 for the Buyers' reasonable expenses actually
incurred in connection with the preparation, execution and performance of this
Agreement and the transactions contemplated hereunder, which amount will be net
funded from the Purchase Price of The Riverview Group LLC at the Closing. The
Company shall be responsible for the payment of any placement agent's fees,
financial advisory fees, or broker's commissions (other than for Persons engaged
by any Buyer) relating to or arising out of the transactions contemplated
hereby,

                                      -16-
<PAGE>

including, without limitation, any fees or commissions payable to the Agent. The
Company shall pay, and hold each Buyer harmless against, any liability, loss or
expense (including, without limitation, reasonable attorney's fees and
out-of-pocket expenses) arising in connection with any claim relating to any
such payment. Except as otherwise set forth in this Agreement or in the
Transaction Documents, each party to this Agreement shall bear its own expenses
in connection with the sale of the Securities to the Buyers.

                  (h) Pledge of Securities. The Company acknowledges and agrees
that the Securities may be pledged by an Investor (as defined in the
Registration Rights Agreement) in connection with a bona fide margin agreement
or other loan or financing arrangement that is secured by the Securities. The
pledge of Securities shall not be deemed to be a transfer, sale or assignment of
the Securities hereunder, and no Investor effecting a pledge of Securities shall
be required to provide the Company with any notice thereof or otherwise make any
delivery to the Company pursuant to this Agreement or any other Transaction
Document, including, without limitation, Section 2(f) hereof; provided that an
Investor and its pledgee shall be required to comply with the provisions of
Section 2(f) hereof in order to effect a sale, transfer or assignment of
Securities to such pledgee. The Company hereby agrees to execute and deliver
such documentation as a pledgee of the Securities may reasonably request in
connection with a pledge of the Securities to such pledgee by an Investor.

                  (i) Disclosure of Transactions and Other Material Information.
On or before 8:30 a.m., New York Time, on the first Business Day following the
date hereof, the Company shall file a Current Report on Form 8-K describing the
terms of the transactions contemplated by the Transaction Documents in the form
required by the Exchange Act, and attaching the material Transaction Documents
(including, without limitation, this Agreement (and all schedules to this
Agreement), the form of Note, and the Registration Rights Agreement) as exhibits
to such filing (including all attachments, the "8-K FILING"). From and after the
filing of the 8-K Filing with the SEC, unless required pursuant to Section 3(i)
of the Registration Rights Agreement, no Buyer shall be in possession of any
material, nonpublic information received from the Company, any of its
Subsidiaries or any of its respective officers, directors, employees or agents,
that is not disclosed in the 8-K Filing. Unless required pursuant to Section
3(i) of the Registration Rights Agreement, the Company shall not, and shall
cause each of its Subsidiaries and its and each of their respective officers,
directors, employees and agents, not to, provide any Buyer with any material,
nonpublic information regarding the Company or any of its Subsidiaries from and
after the filing of the 8-K Filing with the SEC without the express written
consent of such Buyer. Neither the Company nor any Buyer shall issue any press
releases or any other public statements with respect to the transactions
contemplated hereby; provided, however, that the Company shall be entitled,
without the prior approval of any Buyer, to make any press release or other
public disclosure with respect to such transactions (i) in substantial
conformity with the 8-K Filing and contemporaneously therewith and (ii) as is
required by applicable law and regulations (provided that in the case of clause
(i) each Buyer shall be consulted by the Company in connection with any such
press release or other public disclosure prior to its release).

                  (j) Restriction on Redemption and Repurchases. So long as any
Notes are outstanding, the Company shall not, directly or indirectly, redeem or
repurchase any shares of the Common Stock without the prior express written
consent of the holders of Notes representing not less than a majority of the
aggregate principal amount of the then outstanding Notes.

                                      -17-
<PAGE>

                  (k) Additional Notes; Variable Securities; Additional
Registration Statement; Additional Securities. For so long as any Buyer
beneficially owns any Securities, the Company will not issue any Notes other
than to the Buyers as contemplated hereby and the Company shall not issue any
other securities that would cause a breach or default under the Notes. For long
as any Notes remain outstanding, the Company shall not, in any manner, issue or
sell any rights, warrants or options to subscribe for or purchase Common Stock
or directly or indirectly convertible into or exchangeable or exercisable for
Common Stock (other than Excluded Securities (as defined in the Notes)) at a
price which varies or may vary with the market price of the Common Stock,
including by way of one or more reset(s) to any fixed price unless the
conversion, exchange or exercise price of any such security cannot be less than
the then applicable Conversion Price (as defined in the Notes) with respect to
the Common Stock under any into which any Note is convertible. Until such time
as the Registration Statement (as defined in the Registration Rights Agreement)
is declared effective by the SEC, (i) the Company will not file a registration
statement under the 1933 Act relating to securities that are not the Securities,
other than a registration statement on Form S-8, in order to register increases
in the shares underlying equity incentive plans in existence as of the date of
this Agreement and (ii) the Company will not issue, sell or exchange, agree or
obligate itself to issue, sell or exchange or reserve or set aside for issuance,
sale or exchange other than in connection with any Excluded Securities (as
defined in the Notes), (A) any shares of Common Stock, (B) any other equity
security of the Company, including without limitation shares of preferred stock,
(C) any debt security of the Company (other than debt with no equity feature),
including without limitation any debt security which by its terms is convertible
into or exchangeable for any equity security of the Company, (D) any security of
the Company that is a combination of debt and equity, or (E) any option, warrant
or other right to subscribe for, purchase or otherwise acquire any such equity
security or any such debt security of the Company.

                  (l) Corporate Existence. So long as any Buyer beneficially
owns any Notes, the Company shall maintain its corporate existence and shall not
sell all or substantially all of the Company's assets, except in connection with
a Change of Control (as defined in the Notes) where the Company complies with
its obligations under Section 5 of the Notes.

                  (m) Reservation of Shares. The Company shall take all action
necessary to at all times have authorized, and reserved for the purpose of
issuance, 125% of the number of shares of Common Stock issuable upon conversion
of the Notes being issued at the Closing.

                  (n) Conduct of Business. The business of the Company and its
Subsidiaries shall not be conducted in violation of any law, ordinance or
regulation of any governmental entity, except where such violations would not
result, either individually or in the aggregate, in a Material Adverse Effect.

                  (o) Sales by Buyers. Each Buyer will sell any Securities sold
by it in compliance with applicable prospectus delivery requirements, if any, or
otherwise in compliance with the requirements for an exemption from registration
under the Securities Act and the rules and regulations promulgated thereunder.
No Buyer will make any sale, transfer or other disposition of the Securities in
violation of the federal or state securities laws.

                  (o) Right of Participation.

                                      -18-
<PAGE>

                           (i) For a period of 12 months following the Closing
Date, the Company shall not issue, sell or exchange, agree or obligate itself to
issue, sell or exchange or reserve or set aside for issuance, sale or exchange
(a "FUTURE ISSUANCE"), but excluding any Excluded Securities (as defined in the
Notes), (A) any shares of Common Stock, (B) any other equity security of the
Company, including without limitation shares of preferred stock, (C) any debt
security of the Company (other than debt with no equity feature), including
without limitation any debt security which by its terms is convertible into or
exchangeable for any equity security of the Company, (D) any security of the
Company that is a combination of debt and equity, or (E) any option, warrant or
other right to subscribe for, purchase or otherwise acquire any such equity
security or any such debt security of the Company, unless in each case the
Company shall have first offered to sell (in the case of public offerings, to
the extent permitted by the SEC and other applicable laws, as reasonably
determined by the Company upon consultation with counsel) the Offered Securities
(as defined below) to the Buyers (in all respects upon identical terms and
conditions, including, without limitations, unit price and interest rates) as
follows: The Company shall offer to sell to each Buyer (1) that portion of the
Offered Securities as the principal amount of Notes acquired by such Buyer at
the Closing bears to the total principal amount of Notes acquired by all Buyers
at the Closing (the "BASIC AMOUNT"), and (2) such additional portion of the
Offered Securities as such Buyer shall indicate it will purchase should the
other Buyers subscribe for less than their Basic Amounts (the "UNDERSUBSCRIPTION
AMOUNT"), at a price and on such other terms as shall have been specified by the
Company in writing delivered to such Buyer (the "OFFER"), which Offer by its
terms shall remain open and irrevocable (unless the Future Issuance is not
consummated) for a period of twenty (20) days from receipt of the Offer.
"OFFERED SECURITIES" means 50% of the aggregate amount of the securities being
issued or sold in the Future Issuance; provided, however, that with respect to
Future Issuances that are underwritten public offerings, "Offered Securities"
means the Buyers' pro rata share of the aggregate amount of securities being
issued or sold in such Future Issuance, calculated on a fully diluted basis.

                           (ii) Notice of each Buyer's intention to accept, in
whole or in part, any Offer made pursuant to Section 4(o)(i) shall be evidenced
by a writing signed by such Buyer and delivered to the Company prior to the end
of the 20-day period of such Offer, setting forth such of the Buyer's Basic
Amount as such Buyer elects to purchase and, if such Buyer shall elect to
purchase all of its Basic Amount, the Undersubscription Amount as such Buyer
shall elect to purchase (the "NOTICE OF ACCEPTANCE"). If the Basic Amounts
subscribed for by all Buyers are less than the total Offered Securities then
each Buyer who has set forth Undersubscription Amounts in its Notice of
Acceptance shall be entitled to purchase all Undersubscription Amounts it has
subscribed for; provided, however, that should the Undersubscription Amounts
subscribed for exceed the difference between the Offered Securities and the
Basic Amounts subscribed for (the "AVAILABLE UNDERSUBSCRIPTION AMOUNT"), each
Buyer who has subscribed for any Undersubscription Amount shall be entitled to
purchase only that portion of the Available Undersubscription Amount as the
Undersubscription Amount subscribed for by such Buyer bears to the total
Undersubscription Amounts subscribed for by all Buyers, subject to rounding by
the Board of Directors of the Company to the extent it deems reasonably
necessary.

                           (iii) Permitted Sales of Refused Securities. If
Notices of Acceptance are not given by the Buyers in respect of all of the
Offered Securities, the Company shall have

                                      -19-
<PAGE>

ninety (90) days from the expiration of the period set forth in Section 4(o)(i)
to close the sale of all or any part of such Offered Securities as to which a
Notice of Acceptance has not been given by the Buyer (the "REFUSED SECURITIES")
(as well as the other securities proposed to be issued in a Future Issuance) to
any other Person or Persons, but only for cash and otherwise in all respects
upon terms and conditions, including, without limitation, unit price and
interest rates, which are no more favorable, in the aggregate, to such other
Person or Persons or less favorable to the Company than those set forth in the
Offer.

                           (iv) Reduction in Amount of Offered Securities. If
the Company shall propose to sell less than all the Refused Securities (any such
sale to be in the manner and on the terms specified in Section 4(o)(iii) above),
then each Buyer may, at its sole option and in its sole discretion, reduce the
number or other units of the Offered Securities specified in its Notice of
Acceptance to an amount which shall be not less than the amount of the Offered
Securities which such Buyer elected to purchase pursuant to Section 4(o)(ii)
multiplied by a fraction, (A) the numerator of which shall be the amount of
Offered Securities which the Company actually proposes to sell, and (B) the
denominator of which shall be the amount of all Offered Securities. In the event
that any Buyer so elects to reduce the number or amount of Offered Securities
specified in its Notice of Acceptance, the Company may not sell or otherwise
dispose of more than the reduced amount of the Offered Securities until such
securities have been offered to the Buyers in accordance with Section 4(o).

                           (v) Closing. Upon each closing under this Section
4(o), which shall include full payment to the Company, the Buyer shall purchase
from the Company, and the Company shall sell to the Buyer the number of Offered
Securities specified in the Notices of Acceptance, as reduced pursuant to
Section 4(o)(iv) if the Buyers have so elected, upon the terms and conditions
specified in the Offer. The purchase by the Buyers of any Offered Securities is
subject in all cases to the preparation, execution and delivery by the Company
and the Buyers of a purchase agreement relating to such Offered Securities
reasonably satisfactory in form and substance to the Buyers and their respective
counsel.

                           (vi) Further Sale. In each case, any securities
proposed to be issued in a Future Issuance that are not purchased by the Buyers
or other Person or Persons in accordance with Section 4 may not be sold or
otherwise disposed of until they are again offered to the Buyers to the same
extent, and under the procedures specified in, Section 4(o).

                           (vii) Exception. The rights of the Buyers under this
Section 4(o) shall not apply to Excluded Securities (as defined in the Notes) or
in connection with any bona fide third party strategic acquisition by the
Company, whether through an acquisition for stock or a merger, of any business
or assets the primary purpose of which is not to raise equity capital.

                  (p) CUSIP Numbers. The Company in issuing the Securities shall
use "CUSIP" numbers (if then generally in use), and shall use such "CUSIP"
numbers in notices to holders as a convenience to holders thereof.

                  (q) PORTAL. If requested in writing by the holders of Notes
representing not less than a majority of the aggregate principal amount of the
then outstanding Notes, the Company shall use its reasonable best efforts to
apply for and effect the quotation of the Notes on the Private Offerings,
Resales and Trading Automated Linkages market.

                                      -20-
<PAGE>

         5. REGISTER; TRANSFER AGENT INSTRUCTIONS.

                  (a) Register. The Company shall maintain at its principal
executive offices (or such other office or agency of the Company as it may
designate by notice to each holder of Notes), a register for the Notes, in which
the Company shall record the name and address of the Person in whose name the
Notes have been issued (including the name and address of each transferee), the
principal amount of Notes held by such Person. The Company shall keep the
register open and available at all times during business hours for inspection of
any Buyer or its legal representatives.

                  (b) Transfer Agent Instructions. The Company shall issue
irrevocable instructions to its transfer agent, and any subsequent transfer
agent, to issue certificates or credit shares to the applicable balance accounts
at The Depository Trust Company ("DTC"), registered in the name of each Buyer or
its respective nominee(s), for the Notes and the Conversion Shares in such
amounts as specified from time to time by each Buyer to the Company upon
transfer of the Notes or conversion of the Notes in the form of Exhibit C
attached hereto (the "IRREVOCABLE TRANSFER AGENT INSTRUCTIONS"). The Company
warrants that no instruction other than the Irrevocable Transfer Agent
Instructions referred to in this Section 5(b), and stop transfer instructions to
give effect to Section 2(g) hereof, will be given by the Company to its transfer
agent, and that the Securities shall otherwise be freely transferable on the
books and records of the Company as and to the extent provided in this Agreement
and the other Transaction Documents. If a Buyer effects a sale, assignment or
transfer of the Securities in accordance with Section 2(f), the Company shall
permit the transfer and shall promptly instruct its transfer agent to issue one
or more certificates or credit Notes or shares to the applicable balance
accounts at DTC in such name and in such denominations as specified by such
Buyer to effect such sale, transfer or assignment. In the event that such sale,
assignment or transfer involves Securities sold, assigned or transferred
pursuant to an effective registration statement or pursuant to Rule 144, the
transfer agent shall issue such Securities to the Buyer, assignee or transferee,
as the case may be, without any restrictive legend. The Company acknowledges
that a breach by it of its obligations hereunder will cause irreparable harm to
a Buyer. Accordingly, the Company acknowledges that the remedy at law for a
breach of its obligations under this Section 5(b) will be inadequate and agrees,
in the event of a breach or threatened breach by the Company of the provisions
of this Section 5(b), that a Buyer shall be entitled, in addition to all other
available remedies, to an order and/or injunction restraining any breach and
requiring immediate issuance and transfer, without the necessity of showing
economic loss and without any bond or other security being required. Nothing in
this Section 5(b) will affect in any way the Buyer's obligations and agreements
set forth in Section 4 hereof to comply with all applicable prospectus delivery
requirements, upon resale of the Securities.

         6. CONDITIONS TO THE COMPANY'S OBLIGATION TO SELL.

                  (a) Closing Date. The obligation of the Company hereunder to
issue and sell the Notes to each Buyer at the Closing is subject to the
satisfaction, at or before the Closing Date, of each of the following
conditions, provided that these conditions are for the Company's sole benefit
and may be waived by the Company at any time in its sole discretion by providing
each Buyer with prior written notice thereof:

                                      -21-
<PAGE>

                           (i) Such Buyer shall have executed each of the
Transaction Documents to which it is a party and delivered the same to the
Company.

                           (ii) Such Buyer and each other Buyer shall have
delivered to the Company the Purchase Price (less, in the case of The Riverview
Group LLC, the amounts withheld pursuant to Section 4(g)) for the Notes being
purchased by such Buyer and each other Buyer at the Closing by wire transfer of
immediately available funds pursuant to the wire instructions provided by the
Company.

                           (iii) The representations and warranties of such
Buyer shall be true and correct in all material respects as of the date when
made and as of the Closing Date as though made at that time (except for
representations and warranties that speak as of a specific date), and such Buyer
shall have performed, satisfied and complied in all material respects with the
covenants, agreements and conditions required by this Agreement to be performed,
satisfied or complied with by such Buyer at or prior to the Closing Date.

         7. CONDITIONS TO EACH BUYER'S OBLIGATION TO PURCHASE.

                  (a) Closing Date. The obligation of each Buyer hereunder to
purchase the Notes at the Closing is subject to the satisfaction, at or before
the Closing Date, of each of the following conditions, provided that these
conditions are for each Buyer's sole benefit and may be waived by such Buyer at
any time in its sole discretion by providing the Company with prior written
notice thereof:

                           (i) The Company shall have executed and delivered to
such Buyer (i) each of the Transaction Documents and (ii) the Notes (in such
principal amounts as such Buyer shall request) (in such amounts as such Buyer
shall request) being purchased by such Buyer at the Closing pursuant to this
Agreement.

                           (ii) Such Buyer shall have received the opinion of
Foley and Lardner LLP, the Company's counsel, dated as of the Closing Date, in
substantially the form of Exhibit D attached hereto.

                           (iii) The Company shall have delivered to such Buyer
a copy of the Irrevocable Transfer Agent Instructions, in the form of Exhibit C
attached hereto, which instructions shall have been delivered to and
acknowledged in writing by the Company's transfer agent.

                           (iv) The Company shall have delivered to such Buyer a
certificate evidencing the incorporation and good standing of the Company and
each of its Subsidiaries in such corporation's state of incorporation issued by
the Secretary of State of such state of incorporation, as of a date within 10
days of the Closing Date.

                           (v) The Company shall have delivered to such Buyer a
certificate evidencing the Company's qualification as a foreign corporation and
good standing issued by the Secretary of State of the State of Michigan, as of a
date within 10 days of the Closing Date.

                                      -22-
<PAGE>

                           (vi) The Company shall have delivered to such Buyer a
certified copy of the Certificate of Incorporation as certified by the Secretary
of State of the State of Delaware within 10 days of the Closing Date.

                           (vii) The Company shall have delivered to such Buyer
a certificate, executed by the Secretary of the Company and dated as of the
Closing Date, as to (i) the resolutions consistent with Section 3(b) as adopted
by the Company's Board of Directors in a form reasonably acceptable to such
Buyer (the "RESOLUTIONS"), (ii) the Certificate of Incorporation and (iii) the
Bylaws, each as in effect at the Closing, in the form attached hereto as Exhibit
E.

                           (viii) The representations and warranties of the
Company shall be true and correct as of the date when made and as of the Closing
Date as though made at that time (except for representations and warranties that
speak as of a specific date) and the Company shall have performed, satisfied and
complied in all respects with the covenants, agreements and conditions required
by the Transaction Documents to be performed, satisfied or complied with by the
Company at or prior to the Closing Date. Such Buyer shall have received a
certificate, executed by the Chief Executive Officer of the Company, dated as of
the Closing Date, to the foregoing effect and as to such other matters as may be
reasonably requested by such Buyer in the form attached hereto as Exhibit F.

                           (ix) The Company shall have delivered to such Buyer a
letter from the Company's transfer agent certifying the number of shares of
Common Stock outstanding as of a date within five days of the Closing Date.

                           (x) The Common Stock (I) shall be designated for
quotation or listed on the Principal Market and (II) shall not have been
suspended, as of the Closing Date, by the SEC or the Principal Market from
trading on the Principal Market nor shall suspension by the SEC or the Principal
Market have been threatened, as of the Closing Date, either (A) in writing by
the SEC or the Principal Market or (B) by falling below the minimum listing
maintenance requirements of the Principal Market.

                           (xi) The Company shall have obtained all
governmental, regulatory or third party consents and approvals, if any,
necessary for the sale of the Notes.

                           (xii) The Company shall have delivered to such Buyer
such other documents relating to the transactions contemplated by this Agreement
as such Buyer or its counsel may reasonably request.

         8. TERMINATION. In the event that the Closing shall not have occurred
with respect to a Buyer on or before five (5) Business Days from the date hereof
due to the Company's or such Buyer's failure to satisfy the conditions set forth
in Sections 6 and 7 above (and the nonbreaching party's failure to waive such
unsatisfied condition(s)), the nonbreaching party shall have the option to
terminate this Agreement with respect to such breaching party at the close of
business on such date without liability of any party to any other party;
provided, however, this if this Agreement is terminated pursuant to this Section
8 by Buyer and the Company has failed to timely satisfy the conditions in
Section 7 above, the Company shall

                                      -23-
<PAGE>

remain obligated to reimburse the non-breaching Buyers for the expenses
described in Section 4(g) above.

         9. MISCELLANEOUS.

                  (a) Governing Law; Jurisdiction; Jury Trial. All questions
concerning the construction, validity, enforcement and interpretation of this
Agreement shall be governed by the internal laws of the State of New York,
without giving effect to any choice of law or conflict of law provision or rule
(whether of the State of New York or any other jurisdictions) that would cause
the application of the laws of any jurisdictions other than the State of New
York. Each party hereby irrevocably submits to the non-exclusive jurisdiction of
the state and federal courts sitting in the City of New York, Borough of
Manhattan, for the adjudication of any dispute hereunder or in connection
herewith or with any transaction contemplated hereby or discussed herein, and
hereby irrevocably waives, and agrees not to assert in any suit, action or
proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such suit, action or proceeding is brought in an
inconvenient forum or that the venue of such suit, action or proceeding is
improper. Each party hereby irrevocably waives personal service of process and
consents to process being served in any such suit, action or proceeding by
mailing a copy thereof to such party at the address for such notices to it under
this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any manner permitted by law.
EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN
CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED
HEREBY.

                  (b) Counterparts. This Agreement may be executed in two or
more identical counterparts, all of which shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each
party and delivered to the other party; provided that a facsimile signature
shall be considered due execution and shall be binding upon the signatory
thereto with the same force and effect as if the signature were an original, not
a facsimile signature.

                  (c) Headings. The headings of this Agreement are for
convenience of reference and shall not form part of, or affect the
interpretation of, this Agreement.

                  (d) Severability. If any provision of this Agreement shall be
invalid or unenforceable in any jurisdiction, such invalidity or
unenforceability shall not affect the validity or enforceability of the
remainder of this Agreement in that jurisdiction or the validity or
enforceability of any provision of this Agreement in any other jurisdiction.

                  (e) Entire Agreement; Amendments. This Agreement supersedes
all other prior oral or written agreements between the Buyers, the Company,
their affiliates and Persons acting on their behalf with respect to the matters
discussed herein, and this Agreement and the instruments referenced herein
contain the entire understanding of the parties with respect to the matters
covered herein and therein and, except as specifically set forth herein or
therein, neither

                                      -24-
<PAGE>

the Company nor any Buyer makes any representation, warranty, covenant or
undertaking with respect to such matters. No provision of this Agreement may be
amended other than by an instrument in writing signed by the Company and the
holders of Notes representing at least two-thirds of the aggregate principal
amount of the Notes, or, if prior to the Closing Date, the Company and the
Buyers listed on the Schedule of Buyers as being obligated to purchase at least
a majority of the aggregate principal amount of the Notes, and any amendment to
this Agreement made in conformity with the provisions of this Section 9(e) shall
be binding on all Buyers and holders of Notes, as applicable. No provision
hereof may be waived other than by an instrument in writing signed by the party
against whom enforcement is sought. No such amendment shall be effective to the
extent that it applies to less than all of the holders of the Notes then
outstanding. No consideration shall be offered or paid to any Person to amend or
consent to a waiver or modification of any provision of any of the Transaction
Documents unless the same consideration also is offered to all of the parties to
the Transaction Documents, holders of Notes. The Company has not, directly or
indirectly, made any agreements with any Buyers relating to the terms or
conditions of the transactions contemplated by the Transaction Documents except
as set forth in the Transaction Documents.

                  (f) Notices. Any notices, consents, waivers or other
communications required or permitted to be given under the terms of this
Agreement must be in writing and will be deemed to have been delivered: (i) upon
receipt, when delivered personally; (ii) upon receipt, when sent by facsimile
(provided confirmation of transmission is mechanically or electronically
generated and kept on file by the sending party); or (iii) one Business Day
after deposit with an overnight courier service, in each case properly addressed
to the party to receive the same. The addresses and facsimile numbers for such
communications shall be:

         If to the Company:

                  Noble International, Ltd.
                  28213 Van Dyke Road
                  Warren, MI 48093
                  Telephone: (586) 751-5600
                  Facsimile: (586) 751-5601
                  Attention: Christopher L. Morin

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

                  Foley & Lardner LLP
                  150 West Jefferson Avenue
                  Suite 1000
                  Detroit, MI 48226
                  Telephone: (313) 963-6200
                  Facsimile: (313) 963-9308
                  Attention: Patrick Daugherty, Esq.

         If to the Transfer Agent:

                  American Stock Transfer & Trust Company

                                      -25-
<PAGE>

                  6201 15th Avenue
                  Brooklyn, New York  11219
                  Telephone: (718) 921-8200
                  Facsimile: (718) 921-8337
                  Attention:

If to a Buyer, to its address and facsimile number set forth on the Schedule of
Buyers, with copies to such Buyer's representatives as set forth on the Schedule
of Buyers, or to such other address and/or facsimile number and/or to the
attention of such other Person as the recipient party has specified by written
notice given to each other party five (5) days prior to the effectiveness of
such change. Written confirmation of receipt (A) given by the recipient of such
notice, consent, waiver or other communication, (B) mechanically or
electronically generated by the sender's facsimile machine containing the time,
date, recipient facsimile number and an image of the first page of such
transmission or (C) provided by an overnight courier service shall be rebuttable
evidence of personal service, receipt by facsimile or receipt from an overnight
courier service in accordance with clause (i), (ii) or (iii) above,
respectively.

                  (g) Successors and Assigns. This Agreement shall be binding
upon and inure to the benefit of the parties and their respective successors and
assigns, including any purchasers of the Notes. The Company shall not assign
this Agreement or any rights or obligations hereunder without the prior written
consent of the holders of Notes representing at least a majority of the
aggregate principal amount of the Notes then outstanding, including by merger or
consolidation, except pursuant to a Change of Control (as defined in Section 5
of the Notes) with respect to which the Company is in compliance with Section 5
of the Notes. A Buyer may assign some or all of its rights hereunder without the
consent of the Company, in which event such assignee shall be deemed to be a
Buyer hereunder with respect to such assigned rights.

                  (h) No Third Party Beneficiaries. This Agreement is intended
for the benefit of the parties hereto and their respective permitted successors
and assigns, and is not for the benefit of, nor may any provision hereof be
enforced by, any other Person.

                  (i) Survival. Unless this Agreement is terminated under
Section 8, the representations and warranties of the Company and the Buyers
contained in Sections 2 and 3 and the agreements and covenants set forth in
Sections 4, 5 and 9 shall survive the Closing. Each Buyer shall be responsible
only for its own representations, warranties, agreements and covenants
hereunder.

                  (j) Further Assurances. Each party shall do and perform, or
cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and
documents, as any other party may reasonably request in order to carry out the
intent and accomplish the purposes of this Agreement and the consummation of the
transactions contemplated hereby.

                  (k) Indemnification. In consideration of each Buyer's
execution and delivery of the Transaction Documents and acquiring the Securities
thereunder and in addition to all of the Company's other obligations under the
Transaction Documents, the Company shall defend, protect, indemnify and hold
harmless each Buyer and each other holder of the Securities and all

                                      -26-
<PAGE>

of their stockholders, partners, members, officers, directors, employees and
direct or indirect investors and any of the foregoing Persons' agents or other
representatives (including, without limitation, those retained in connection
with the transactions contemplated by this Agreement) (collectively, the
"INDEMNITEES") from and against any and all actions, causes of action, suits,
claims, losses, costs, penalties, fees, liabilities and damages, and expenses in
connection therewith (irrespective of whether any such Indemnitee is a party to
the action for which indemnification hereunder is sought), and including
reasonable attorneys' fees and disbursements (the "INDEMNIFIED LIABILITIES"),
incurred by any Indemnitee as a result of, or arising out of, or relating to (a)
any misrepresentation or breach of any representation or warranty made by the
Company in the Transaction Documents, (b) any breach of any covenant, agreement
or obligation of the Company contained in the Transaction Documents or (c) any
cause of action, suit or claim brought or made against such Indemnitee by a
third party (including for these purposes a derivative action brought on behalf
of the Company) and arising out of or resulting from (i) the execution,
delivery, performance or enforcement of the Transaction Documents, (ii) any
transaction financed or to be financed in whole or in part, directly or
indirectly, with the proceeds of the issuance of the Securities, or (iii) the
status of such Buyer or holder of the Securities as an investor in the Company
pursuant to the transactions contemplated by the Transaction Documents. To the
extent that the foregoing undertaking by the Company may be unenforceable for
any reason, the Company shall make the maximum contribution to the payment and
satisfaction of each of the Indemnified Liabilities which is permissible under
applicable law. Except as otherwise set forth herein, the mechanics and
procedures with respect to the rights and obligations under this Section 9(k)
shall be the same as those set forth in Section 6 of the Registration Rights
Agreement.

                  (l) No Strict Construction. The language used in this
Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against
any party.

                  (m) Remedies. Each Buyer and each holder of the Securities
shall have all rights and remedies set forth in the Transaction Documents and
all rights and remedies which such holders have been granted at any time under
any other agreement or contract and all of the rights which such holders have
under any law. Any Person having any rights under any provision of this
Agreement shall be entitled to enforce such rights specifically (without posting
a bond or other security), to recover damages by reason of any breach of any
provision of this Agreement and to exercise all other rights granted by law.
Furthermore, the Company recognizes that in the event that it fails to perform,
observe, or discharge any or all of its obligations under the Transaction
Documents, any remedy at law may prove to be inadequate relief to the Buyers.
The Company therefore agrees that the Buyers shall be entitled to seek temporary
and permanent injunctive relief in any such case without the necessity of
proving actual damages and without posting a bond or other security.

                  (n) Payment Set Aside. To the extent that the Company makes a
payment or payments to the Buyers hereunder or pursuant to any of the other
Transaction Documents or the Buyers enforce or exercise their rights hereunder
or thereunder, and such payment or payments or the proceeds of such enforcement
or exercise or any part thereof are subsequently invalidated, declared to be
fraudulent or preferential, set aside, recovered from, disgorged by or are
required to be refunded, repaid or otherwise restored to the Company, a trustee,
receiver or any other

                                      -27-
<PAGE>

Person under any law (including, without limitation, any bankruptcy law, state
or federal law, common law or equitable cause of action), then to the extent of
any such restoration the obligation or part thereof originally intended to be
satisfied shall be revived and continued in full force and effect as if such
payment had not been made or such enforcement or setoff had not occurred.

                  (o) Independent Nature of Buyers' Obligations and Rights. The
obligations of each Buyer under any Transaction Document are several and not
joint with the obligations of any other Buyer, and no Buyer shall be responsible
in any way for the performance of the obligations of any other Buyer under any
Transaction Document. Nothing contained herein or in any other Transaction
Document, and no action taken by any Buyer pursuant hereto or thereto, shall be
deemed to constitute the Buyers as a partnership, an association, a joint
venture or any other kind of entity, or create a presumption that the Buyers are
in any way acting in concert or as a group with respect to such obligations or
the transactions contemplated by the Transaction Documents. Each Buyer confirms
that it has independently participated in the negotiation of the transaction
contemplated hereby with the advice of its own counsel and advisors. Each Buyer
shall be entitled to independently protect and enforce its rights, including,
without limitations, the rights arising out of this Agreement or out of any
other Transaction Documents, and it shall not be necessary for any other Buyer
to be joined as an additional party in any proceeding for such purpose.

                            [SIGNATURE PAGE FOLLOWS]

<PAGE>

         IN WITNESS WHEREOF, each Buyer and the Company have caused have caused
their respective signature page to this Securities Purchase Agreement to be duly
executed as of the date first written above.

                                       COMPANY:

                                       NOBLE INTERNATIONAL, LTD.

                                       By:
                                          --------------------------------------
                                       Name:
                                       Title: Vice President and General Counsel

                [Signature Page to Securities Purchase Agreement]

<PAGE>

         IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Securities Purchase Agreement to be duly
executed as of the date first written above.

                                               BUYERS:

                                               THE RIVERVIEW GROUP LLC

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

                [Signature Page to Securities Purchase Agreement]

<PAGE>

         IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Securities Purchase Agreement to be duly
executed as of the date first written above.

                                               BUYERS:

                                               MAINFIELD ENTERPRISES INC.

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

                [Signature Page to Securities Purchase Agreement]

<PAGE>

         IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Securities Purchase Agreement to be duly
executed as of the date first written above.

                                               BUYERS:

                                               SMITHFIELD FIDUCIARY LLC

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

                [Signature Page to Securities Purchase Agreement]

<PAGE>

         IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Securities Purchase Agreement to be duly
executed as of the date first written above.

                                         BUYERS:

                                         DKR SOUNDSHORE OASIS HOLDING FUND
                                         LTD.

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

                [Signature Page to Securities Purchase Agreement]

<PAGE>

         IN WITNESS WHEREOF, each Buyer and the Company have caused their
respective signature page to this Securities Purchase Agreement to be duly
executed as of the date first written above.

                                          BUYERS:

                                          DKR SOUNDSHORE STRATEGIC HOLDING
                                          FUND LTD

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

                [Signature Page to Securities Purchase Agreement]

<PAGE>

                               SCHEDULE OF BUYERS

<Table>
<Caption>
          (1)                        (2)                   (3)                      (4)

                                                             AGGREGATE
                                                             PRINCIPAL
                                                             AMOUNT OF            LEGAL REPRESENTATIVE'S
      BUYER             ADDRESS AND FACSIMILE NUMBER           NOTES           ADDRESS AND FACSIMILE NUMBER
      -----             ----------------------------         ---------        -----------------------------
<S>                     <C>                                  <C>              <C>
THE RIVERVIEW GROUP     666 Fifth Avenue, 8th Floor          $20,000,000         Schulte Roth & Zabel LLP
LLC                     New York, New York  10103                                919 Third Avenue
                        Attention: Daniel Cardella                               New York, New York  10022
                        Facsimile: (212) 977-1667                                Attention: Eleazer Klein, Esq.
                        Telephone: (212) 841-4100                                Facsimile: (212) 593-5955
                        Residence: Delaware                                      Telephone: (212) 756-2000

SMITHFIELD FIDUCIARY    c/o Highbridge Capital               $ 7,500,000
LLC                     Management, LLC
                        9 West 57th Street, 27th Floor
                        New York, New York  10019
                        Attention:  Ari J. Storch
                            Adam J. Chill
                        Facsimile: (212) 751-0755
                        Telephone: (212) 287-4720
                        Residence: Cayman Islands

MAINFIELD ENTERPRISES   c/o Sage Capital Growth, Inc.        $ 7,500,000
INC.                    660 Madison Avenue, 18th Floor
                        New York, New York  10021
                        Attention: Eldad Gal
                        Facsimile: (212) 651-9010
                        Telephone: (212) 651-9008
                        Residence: British Virgin
                        Islands

DKR SOUNDSHORE OASIS    1281 East Main Street, 3rd Floor     $ 4,250,000
HOLDING FUND LTD.       Stamford, CT 06902-3565
                        Attention: Barbara Burger
                        Facsimile: (203) 674-4735
                        Telephone: (203) 324-8367
                        Residence: Bermuda
</Table>

<PAGE>

<Table>
<Caption>

          (1)                        (2)                        (3)                      (4)

                                                             AGGREGATE
                                                             PRINCIPAL
                                                             AMOUNT OF            LEGAL REPRESENTATIVE'S
      BUYER             ADDRESS AND FACSIMILE NUMBER           NOTES           ADDRESS AND FACSIMILE NUMBER
      -----             ----------------------------         ---------        -----------------------------
<S>                     <C>                                  <C>              <C>
DKR SOUNDSHORE          1281 East Main Street, 3rd Floor     $750,000
STRATEGIC HOLDING FUND  Stamford, CT 06902-3565
LTD                     Attention: Barbara Burger
                        Facsimile: (203) 674-4735
                        Telephone: (203) 324-8367
                        Residence: Bermuda
</Table>

<PAGE>

                                    EXHIBITS

Exhibit A         Form of Note
Exhibit B         Form of Registration Rights Agreement
Exhibit C         Form of Irrevocable Transfer Agent Instructions
Exhibit D         Form of Company Counsel Opinion
Exhibit E         Form of Secretary's Certificate
Exhibit F         Form of Officer's Certificate

                                    SCHEDULES

Schedule 3(a)              Subsidiaries
Schedule 3(e)              Consents
Schedule 3(l)              Absence of Certain Changes
Schedule 3(n)              Conduct of Business; Regulatory Permits
Schedule 3(q)              Transactions with Affiliates
Schedule 3(r)              Capitalization
Schedule 3(s)              Indebtedness and Other Contracts
Schedule 3(t)              Litigation
Schedule 3(u)              Title
Schedule 3(v)              Intellectual Property

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