Document:

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                                                                     EXHIBIT 4.3

                         REGISTRATION RIGHTS AGREEMENT

          THIS REGISTRATION RIGHTS AGREEMENT, dated as of June 15, 2001 between
Rellian Investments Limited ("Purchaser") and Valicert, Inc. (the "Company").

          WHEREAS, simultaneously with the execution and delivery of this
Agreement, the parties shall enter into the Common Stock Purchase Agreement,
dated as of the date hereof, (the "Purchase Agreement") pursuant to which the
Purchaser has committed to purchase up to $50,000,000 of the Company's Common
Stock (terms not defined herein shall have the meanings ascribed to them in the
Purchase Agreement) and the Warrant; and

          WHEREAS, the execution and delivery of this Agreement and granting to
the Purchaser of the registration rights set forth herein with respect to the
Shares is a component part of the transaction contemplated under the Purchase
Agreement.

          NOW, THEREFORE, the parties hereto mutually agree as follows:

          Section 1. Registrable Securities. As used herein the term
                     ----------------------
"Registrable Security" means all Shares that (i) have not been sold under the
Registration Statement, (ii) have not been sold under circumstances under which
all of the applicable conditions of Rule 144 (or any similar provision then in
force) under the Securities Act ("Rule 144") are met, (iii) have not been
otherwise transferred to persons who may trade such Shares without restriction
under the Securities Act, and the Company has delivered a new certificate or
other evidence of ownership for such Shares not bearing a restrictive legend, or
(iv) may not be sold without any time, volume or manner limitations pursuant to
Rule 144(k) (or any similar provision then in effect) under the Securities Act.
In the event of any merger, reorganization, consolidation, recapitalization or
other change in corporate structure affecting the Common Stock, such adjustment
shall be deemed to be made in the definition of "Registrable Security" as is
appropriate in order to prevent any dilution or enlargement of the rights
granted pursuant to this Agreement.

          Section 2. Restrictions on Transfer. The Purchaser acknowledges and
                     ------------------------
understands that in the absence of an effective Registration Statement
authorizing the resale of the Shares as provided herein, the Shares are
"restricted securities" as defined in Rule 144.  The Purchaser understands that
no disposition or transfer of the Shares may be made by Purchaser in the absence
of (i) an opinion of counsel to the Purchaser, in form and substance reasonably
satisfactory to the Company, that such transfer may be made without registration
under the Securities Act or (ii) such registration.

          With a view to making available to the Purchaser the benefits of Rule
144, the Company agrees to:

               (a)  comply with the provisions of paragraph (c)(1) of Rule 144;
                    and
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               (b)  to file with the Commission in a timely manner all reports
     and other documents required to be filed by the Company pursuant to Section
     13 or 15(d) under the Exchange Act; and, if at any time it is not required
     to file such reports but in the past had been required to or did file such
     reports, it will, upon the request of the Purchaser, make available other
     information as required by, and so long as necessary to permit sales of,
     its Registrable Securities pursuant to Rule 144.

          Section 3. Registration Rights With Respect to the Shares.
                     ----------------------------------------------

               (a)  The Company agrees that it will prepare and file with the
     Securities and Exchange Commission ("Commission"), within forty-five (45)
     days after the date hereof, a registration statement (on Form S-1 and/or
     SB-2, or other appropriate form of registration statement) under the
     Securities Act (the "Registration Statement"), at the sole expense of the
     Company (except as provided in Section 3(c) hereof), so as to permit a
     public offering and resale of the Shares under the Securities Act by
     Purchaser.

               (b)  The Company shall cause the Registration Statement to become
     effective within the earlier of (i) ninety (90) days of the date of filing
     the Registration Statement, or (ii) five (5) days after receiving written
     notice of SEC clearance and will within said five (5) days request
     acceleration of effectiveness.  The Company will notify Purchaser of the
     effectiveness of the Registration Statement within one Trading Day of such
     event.

               (c)  The Company will maintain the Registration Statement or
     post-effective amendment filed under this Section 3 hereof effective under
     the Securities Act until the earliest of (i) the date that all the
     Registrable Securities have been disposed of pursuant to the Registration
     Statement, (ii) the date that all of the Registrable Securities have been
     sold pursuant to the Registration Statement, (iii) the date that all of the
     Registrable Securities have been otherwise transferred to persons who may
     trade such shares without restriction under the Securities Act, and the
     Company has delivered a new certificate or other evidence of ownership for
     such Shares not bearing a restrictive legend, (iv) the date that all of the
     Registrable Securities may be sold without any time, volume or manner
     limitations pursuant to Rule 144(k) or any similar provision then in effect
     under the Securities Act in the opinion of counsel to the Company, which
     counsel shall be reasonably acceptable to the Purchaser.

               (d)  All fees, disbursements and out-of-pocket expenses and costs
     incurred by the Company in connection with the preparation and filing of
     the Registration Statement under subparagraph 3(a) and in complying with
     applicable securities and Blue Sky laws (including, without limitation, all
     attorneys' fees of the Company) shall be borne by the Company. The
     Purchaser shall bear the cost of underwriting and/or brokerage discounts,
     fees and commissions, if any, applicable to the Shares being registered and
     the fees and expenses of its counsel. Other than as provided for in Section
     8.1 of the Purchase Agreement and in Section 1.2(iii) of the Escrow
     Agreement of an

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     even date, the Company shall not be responsible for payment of any other
     fees, including legal fees, of Purchaser.

               (e)  The Purchaser and its counsel shall have a reasonable
     period, not to exceed ten (10) Trading Days, to review the proposed
     Registration Statement or any amendment thereto, prior to filing with the
     Commission, and the Company shall provide the Purchaser with copies of any
     comment letters received from the Commission with respect thereto within
     two (2) Trading Days of receipt thereof.

               (f)  The Company shall make reasonably available for inspection
     by Purchaser, any underwriter participating in any disposition pursuant to
     the Registration Statement, and any attorney, accountant or other agent
     retained by the Purchaser or any such underwriter all relevant financial
     and other records, pertinent corporate documents and properties of the
     Company and its subsidiaries, and cause the Company's officers, directors
     and employees to supply all information reasonably requested by the
     Purchaser or any such underwriter, attorney, accountant or agent in
     connection with the Registration Statement, in each case, as is customary
     for similar due diligence examinations; provided, however, that all
                                             --------  -------
     records, information and documents that are designated in writing by the
     Company, in good faith, as confidential, proprietary or containing any
     material non-public information shall be kept confidential by the Purchaser
     and any such underwriter, attorney, accountant or agent, unless such
     disclosure is made pursuant to judicial process in a court proceeding
     (after first giving the Company an opportunity promptly to seek a
     protective order or otherwise limit the scope of the information sought to
     be disclosed) or is required by law, or such records, information or
     documents become available to the public generally or through a third party
     not in violation of an accompanying obligation of confidentiality.  If the
     foregoing inspection and information gathering would otherwise disrupt the
     Company's conduct of its business, such inspection and information
     gathering shall, to the maximum extent possible, be coordinated on behalf
     of the Purchaser and the other parties entitled thereto by one firm of
     counsel designed by and on behalf of the majority in interest of Purchaser
     and other parties.

               (g)  The Company shall qualify any of the Shares for sale in such
     states as the Purchaser reasonably designates and shall furnish
     indemnification in the manner provided in Section 6 hereof. However, the
     Company shall not be required to qualify in any state which will require an
     escrow or other restriction relating to the Company and/or the sellers, or
     which will require the Company to qualify to do business in such state or
     require the Company to file therein any general consent to service of
     process.

               (h)  The Company at its expense will supply the Purchaser with
     copies of the Registration Statement and the final prospectus included
     therein (the "Prospectus") and other related documents in such quantities
     as may be reasonably requested by the Purchaser.

               (i)  The Company shall not be required by this Section 3 to
     include the Purchaser's Shares in any Registration Statement which is to be
     filed if, in the opinion of

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     counsel for both the Purchaser and the Company (or, should they not agree,
     in the opinion of another counsel experienced in securities law matters
     acceptable to counsel for the Purchaser and the Company) the proposed
     offering or other transfer as to which such registration is requested is
     exempt from applicable federal and state securities laws and would result
     in all purchasers or transferees obtaining securities which are not
     "restricted securities", as defined in Rule 144 under the Securities Act.

               (j)  If at any time or from time to time after the effective date
     of the Registration Statement, the Company notifies the Purchaser in
     writing of the existence of a Potential Material Event (as defined in
     Section 3(k) below), the Purchaser shall not offer or sell any Shares or
     engage in any other transaction involving or relating to Shares, from the
     time of the giving of notice with respect to a Potential Material Event
     until the Purchaser receives written notice from the Company that such
     Potential Material Event either has been disclosed to the public or no
     longer constitutes a Potential Material Event (the "Suspension Period"). If
     a Potential Material Event shall occur prior to the date the Registration
     Statement is filed, then the Company's obligation to file the Registration
     Statement shall be delayed without penalty for not more than thirty (30)
     calendar days. The Company must give Purchaser notice in writing of the
     existence of a Potential Material Event promptly upon knowledge that such
     an event exists and, where possible, at least two (2) days prior to the
     first day of a Suspension Period, if lawful to do so.

               (k)  "Potential Material Event" means any of the following: (i)
     the possession by the Company of material information that is not ripe for
     disclosure in a registration statement, as determined in good faith by the
     Chief Executive Officer or the Board of Directors of the Company or that
     disclosure of such information in the Registration Statement would be
     detrimental to the business and affairs of the Company; (ii) any material
     engagement or activity by the Company which would, in the good faith
     determination of the Chief Executive Officer or the Board of Directors of
     the Company, be adversely affected by disclosure in a registration
     statement at such time, which determination shall be accompanied by a good
     faith determination by the Chief Executive Officer or the Board of
     Directors of the Company that the Registration Statement would be
     materially misleading absent the inclusion of such information, or (iii)
     pursuant to applicable law, the Company is required to file a post-
     effective amendment to the Registration Statement because the Company
     experiences a fundamental change, must change the plan of distribution to
     the Prospectus, or must update the information included in the Prospectus
     pursuant to Section 10(a)(3) of the Securities Act.

          Section 4. Cooperation with Company. The Purchaser will cooperate with
                     ------------------------
the Company in all respects in connection with this Agreement, including timely
supplying all information reasonably requested by the Company (which shall
include all information regarding the Purchaser and proposed manner of sale of
the Registrable Securities required to be disclosed in the Registration
Statement) and executing and returning all documents reasonably requested in
connection with the registration and sale of the Registrable Securities and
entering into and performing its obligations under any underwriting agreement,
if the offering is an underwritten

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offering, in usual and customary form, with the managing underwriter or
underwriters of such underwritten offering. The Purchaser shall consent to be
named as an underwriter in the Registration Statement. The Purchaser
acknowledges that in accordance with current Commission policy, the Purchaser
will be named as the underwriter of the Shares in the Registration Statement.

          Section 5. Registration Procedures. If and whenever the Company is
                     -----------------------
required by any of the provisions of this Agreement to effect the registration
of any of the Registrable Securities under the Securities Act, the Company shall
(except as otherwise provided in this Agreement), as expeditiously as possible,
subject to the Purchaser's assistance and cooperation as reasonably required:

               (a)  (i) prepare and file with the Commission such amendments and
     supplements to the Registration Statement and the Prospectus as may be
     necessary to keep such registration statement effective and to comply with
     the provisions of the Securities Act with respect to the sale or other
     disposition of all securities covered by such registration statement
     whenever the Purchaser of such Registrable Securities shall desire to sell
     or otherwise dispose of the same (including prospectus supplements with
     respect to the sales of securities from time to time in connection with a
     registration statement pursuant to Rule 415 promulgated under the
     Securities Act) and (ii) take all lawful action such that each of (A) the
     Registration Statement and any amendment thereto does not, when it becomes
     effective, contain an untrue statement of a material fact or omit to state
     a material fact required to be stated therein or necessary to make the
     statements therein not misleading and (B) the Prospectus, and any amendment
     or supplement thereto, does not at any time during the Effectiveness Period
     include an untrue statement of a material fact or omit to state a material
     fact required to be stated therein or necessary to make the statements
     therein, in light of the circumstances under which they were made, not
     misleading;

               (b)  (i) prior to the filing with the Commission of any
     Registration Statement (including any amendments thereto) and the
     distribution or delivery of the Prospectus (including any supplements
     thereto), provide draft copies thereof to the Purchaser and reflect in such
     documents all such comments as the Purchaser (and its counsel) reasonably
     may propose and (ii) furnish to the Purchaser such numbers of copies of the
     Prospectus including a preliminary prospectus or any amendment or
     supplement to the Prospectus, as applicable, in conformity with the
     requirements of the Securities Act, and such other documents, as the
     Purchaser may reasonably request in order to facilitate the public sale or
     other disposition of the Registrable Securities;

               (c)  comply with the New York blue sky laws with respect to the
     Registrable Securities (subject to the limitations set forth in Section
     3(g) above), and do any and all other acts and things which may be
     reasonably necessary or advisable to enable the Purchaser to consummate the
     public sale or other disposition in such jurisdiction of the Registrable
     Securities, except that the Company shall not for any such

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     purpose be required to qualify to do business as a foreign corporation in
     any jurisdiction wherein it is not so qualified or to file therein any
     general consent to service of process;

               (d)  list such Registrable Securities on the Principal Market,
     and any other exchange on which the Common Stock of the Company is then
     listed, if the listing of such Registrable Securities is then permitted
     under the rules of such exchange or the Nasdaq Stock Market;

               (e)  notify the Purchaser at any time when the Prospectus is
     required to be delivered under the Securities Act, of the happening of any
     event of which it has knowledge as a result of which the Prospectus, as
     then in effect, includes an untrue statement of a material fact or omits to
     state a material fact required to be stated therein or necessary to make
     the statements therein not misleading in the light of the circumstances
     then existing, and the Company shall prepare and file a curative amendment
     or curative supplement under Section 5(a) as quickly as commercially
     possible;

               (f)  as promptly as practicable after becoming aware of such
     event, notify the Purchaser (or, in the event of an underwritten offering,
     the managing underwriters) of the issuance by the Commission or any state
     authority of any stop order or other suspension of the effectiveness of the
     Registration Statement at the earliest possible time and take all lawful
     action to effect the withdrawal, rescission or removal of such stop order
     or other suspension;

               (g)  take all such other lawful actions reasonably necessary to
     expedite and facilitate the disposition by the Purchaser of its Registrable
     Securities in accordance with the intended methods therefor provided in the
     Prospectus which are customary for issuers to perform under the
     circumstances;

               (h)  in the event of an underwritten offering, promptly include
     or incorporate in a prospectus supplement or post-effective amendment to
     the Registration Statement such information as the managing underwriters
     reasonably agree should be included therein and to which the Company does
     not reasonably object and make all required filings of such prospectus
     supplement or post-effective amendment as soon as practicable after it is
     notified of the matters to be included or incorporated in such prospectus
     supplement or post-effective amendment; and

               (i)  maintain a transfer agent for its Common Stock.

          Section 6. Indemnification.
                     ---------------

               (a)  The Company agrees to indemnify and hold harmless the
     Purchaser and each person, if any, who controls the Purchaser within the
     meaning of the Securities Act ("Distributing Purchaser") against any
     losses, claims, damages or liabilities, joint or several (which shall, for
     all purposes of this Agreement, include, but not be limited to, all
     reasonable costs of defense and investigation and all reasonable attorneys'
     fees), to which the Distributing Purchaser may become subject, under the
     Securities Act or otherwise,

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     insofar as such losses, claims, damages or liabilities (or actions in
     respect thereof) arise out of or are based upon any untrue statement or
     alleged untrue statement of any material fact contained in the Registration
     Statement, or any related preliminary prospectus, the Prospectus or
     amendment or supplement thereto, or arise out of or are based upon the
     omission or alleged omission to state therein a material fact required to
     be stated therein or necessary to make the statements therein in light of
     the circumstances when made not misleading; provided, however, that the
     Company will not be liable in any such case to the extent that any such
     loss, claim, damage or liability arises out of or is based upon an untrue
     statement or alleged untrue statement or omission or alleged omission made
     in the Registration Statement, preliminary prospectus, the Prospectus or
     amendment or supplement thereto in reliance upon, and in conformity with,
     written information furnished to the Company by the Distributing Purchaser
     specifically for use in the preparation thereof. This Section 6(a) shall
     not inure to the benefit of any Distributing Purchaser with respect to any
     person asserting such loss, claim, damage or liability who purchased the
     Registrable Securities which are the subject thereof if the Distributing
     Purchaser failed to send or give a copy of the Prospectus to such person at
     or prior to the written confirmation to such person of the sale of such
     Registrable Securities, where the Distributing Purchaser was obligated to
     do so under the Securities Act or the rules and regulations promulgated
     thereunder. This indemnity agreement will be in addition to any liability
     which the Company may otherwise have.

               (b)  Each Distributing Purchaser agrees that it will indemnify
     and hold harmless the Company, and each officer, director of the Company or
     person, if any, who controls the Company within the meaning of the
     Securities Act, against any losses, claims, damages or liabilities (which
     shall, for all purposes of this Agreement, include, but not be limited to,
     all reasonable costs of defense and investigation and all reasonable
     attorneys' fees) to which the Company or any such officer, director or
     controlling person may become subject under the Securities Act or
     otherwise, insofar as such losses, claims, damages or liabilities (or
     actions in respect thereof) arise out of or are based upon any untrue
     statement or alleged untrue statement of any material fact contained in the
     Registration Statement, or any related preliminary prospectus, the
     Prospectus or amendment or supplement thereto, or arise out of or are based
     upon the omission or the alleged omission to state therein a material fact
     required to be stated therein or necessary to make the statements therein
     not misleading, but in each case only to the extent that such untrue
     statement or alleged untrue statement or omission or alleged omission was
     made in the Registration Statement, preliminary prospectus, the Prospectus
     or amendment or supplement thereto in reliance upon, and in conformity
     with, written information furnished to the Company by such Distributing
     Purchaser specifically for use in the preparation thereof. This indemnity
     agreement will be in addition to any liability which the Distributing
     Purchaser may otherwise have. Notwithstanding anything to the contrary
     herein, the Distributing Purchaser shall not be liable under this Section
     6(b) for any amount in excess of the net proceeds to such Distributing
     Purchaser as a result of the sale of Registrable Securities pursuant to the
     Registration Statement; provided however, that this provision shall not
     limit any rights or claims based on fraudulent or intentional
     misrepresentation, bad faith or willful misconduct.

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               (c)  Promptly after receipt by an indemnified party under this
     Section 6 of notice of the commencement of any action, such indemnified
     party will, if a claim in respect thereof is to be made against the
     indemnifying party under this Section 6, notify the indemnifying party of
     the commencement thereof; but the omission so to notify the indemnifying
     party will not relieve the indemnifying party from any liability which it
     may have to any indemnified party except to the extent of actual prejudice
     demonstrated by the indemnifying party. In case any such action is brought
     against any indemnified party, and it notifies the indemnifying party of
     the commencement thereof, the indemnifying party will be entitled to
     participate in, and, to the extent that it may wish, jointly with any other
     indemnifying party similarly notified, assume the defense thereof, subject
     to the provisions herein stated and after notice from the indemnifying
     party to such indemnified party of its election so to assume the defense
     thereof, the indemnifying party will not be liable to such indemnified
     party under this Section 6 for any legal or other expenses subsequently
     incurred by such indemnified party in connection with the defense thereof
     other than reasonable costs of investigation, unless the indemnifying party
     shall not pursue the action to its final conclusion. The indemnified party
     shall have the right to employ separate counsel in any such action and to
     participate in the defense thereof, but the fees and expenses of such
     counsel shall not be at the expense of the indemnifying party if the
     indemnifying party has assumed the defense of the action with counsel
     reasonably satisfactory to the indemnified party; provided that if the
     indemnified party is the Distributing Purchaser, the fees and expenses of
     such counsel shall be at the expense of the indemnifying party if (i) the
     employment of such counsel has been specifically authorized in writing by
     the indemnifying party, or (ii) the named parties to any such action
     (including any impleaded parties) include both the Distributing Purchaser
     and the indemnifying party and the Distributing Purchaser shall have been
     advised by such counsel in writing that there may be one or more legal
     defenses available to the indemnifying party different from or in conflict
     with any legal defenses which may be available to the Distributing
     Purchaser (in which case the indemnifying party shall not have the right to
     assume the defense of such action on behalf of the Distributing Purchaser,
     it being understood, however, that the indemnifying party shall, in
     connection with any one such action or separate but substantially similar
     or related actions in the same jurisdiction arising out of the same general
     allegations or circumstances, be liable only for the reasonable fees and
     expenses of one separate firm of attorneys for the Distributing Purchaser,
     which firm shall be designated in writing by the Distributing Purchaser and
     be approved by the indemnifying party). No settlement of any action against
     an indemnified party shall be made without the prior written consent of the
     indemnified party, which consent shall not be unreasonably withheld.

          All fees and expenses of the indemnified party (including reasonable
costs of defense and investigation in a manner not inconsistent with this
Section and all reasonable attorneys' fees and expenses) shall be promptly paid
to the indemnified party, as incurred; within ten (10) Trading Days of written
notice thereof  to the indemnified party; provided, that the indemnifying party
may require such indemnified party to undertake to reimburse all such fees and
expenses to the extent it is finally judicially determined that such indemnified
party is not entitled to indemnification hereunder.

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          Section 7.  Contribution.  In order to provide for just and equitable
                      ------------
contribution under the Securities Act in any case in which (i) the indemnified
party makes a claim for indemnification pursuant to Section 6 hereof but is
judicially determined (by the entry of a final judgment or decree by a court of
competent jurisdiction and the expiration of time to appeal or the denial of the
last right of appeal) that such indemnification may not be enforced in such case
notwithstanding the fact that the express provisions of Section 6 hereof provide
for indemnification in such case, or (ii) contribution under the Securities Act
may be required on the part of any indemnified party, then the Company and the
applicable Distributing Purchaser shall contribute to the aggregate losses,
claims, damages or liabilities to which they may be subject (which shall, for
all purposes of this Agreement, include, but not be limited to, all reasonable
costs of defense and investigation and all reasonable attorneys' fees), in
either such case (after contribution from others) on the basis of relative fault
as well as any other relevant equitable considerations.  The relative fault
shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission
to state a material fact relates to information supplied by the Company on the
one hand or the applicable Distributing Purchaser on the other hand, and the
parties' relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission.   The Company and the
Distributing Purchaser agree that it would not be just and equitable if
contribution pursuant to this Section 7 were determined by pro rata allocation
or by any other method of allocation which does not take account of the
equitable considerations referred to in this Section 7.  The amount paid or
payable by an indemnified party as a result of the losses, claims, damages or
liabilities (or actions in respect thereof) referred to above in this Section 7
shall be deemed to include any legal or other expenses reasonably incurred by
such indemnified party in connection with investigating or defending any such
action or claim. No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation.

          Notwithstanding any other provision of this Section 7, in no event
shall any (i) Purchaser be required to undertake liability to any person under
this Section 7 for any amounts in excess of the dollar amount of the net
proceeds to be received by the Purchaser from the sale of the Purchaser's
Registrable Securities (after deducting any fees, discounts and commissions
applicable thereto) pursuant to any Registration Statement under which such
Registrable Securities are or were to be registered under the Securities Act and
(ii) underwriter be required to undertake liability to any person hereunder for
any amounts in excess of the aggregate discount, commission or other
compensation payable to such underwriter with respect to the Registrable
Securities underwritten by it and distributed pursuant to the Registration
Statement.

          Section 8.  Notices. All notices, demands, requests, consents,
                      -------
approvals, and other communications required or permitted hereunder shall be in
writing and, unless otherwise specified herein, shall be delivered as set forth
in the Purchase Agreement.

          Section 9.  Assignment.  Neither this Agreement nor any rights of the
                      ----------
Purchaser or the Company hereunder may be assigned by either party to any other
person. Notwithstanding the foregoing, (a) the provisions of this Agreement
shall inure to the benefit of, and be

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enforceable by, any transferee of any of the Common Stock purchased by the
Purchaser pursuant to the Purchase Agreement other than through open-market
sales, and (b) upon the prior written consent of the Company, which consent
shall not be unreasonably withheld or delayed in the case of an assignment to an
affiliate of the Purchaser, the Purchaser's interest in this Agreement may be
assigned at any time, in whole or in part, to any other person or entity
(including any affiliate of the Purchaser) who agrees to be bound hereby.

          Section 10.  Counterparts/Facsimile. This Agreement may be executed in
                       ----------------------
two or more counterparts, each of which shall constitute an original, but all of
which, when together shall constitute but one and the same
instrument, and shall become effective when one or more counterparts have been
signed by each party hereto and delivered to the other party. In lieu of the
original, a facsimile transmission or copy of the original shall be as effective
and enforceable as the original.

          Section 11.  Remedies and Severability.  The remedies provided in this
                       -------------------------
Agreement are cumulative and not exclusive of any remedies provided by law.  If
any term, provision, covenant or restriction of this Agreement is held by a
board of arbitration or a court of competent jurisdiction to be invalid,
illegal, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions set forth herein shall remain in full force and
effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their best efforts to find and employ an alternative means to
achieve the same or substantially the same result as that contemplated by such
term, provision, covenant or restriction.  It is hereby stipulated and declared
to be the intention of the parties that they would have executed the remaining
terms, provisions, covenants and restrictions without including any of those
that may be hereafter declared invalid, illegal, void or unenforceable.

          Section 12.  Conflicting Agreements. The Company shall not enter into
                       ----------------------
any agreement with respect to its securities that is inconsistent with the
rights granted to the purchasers of Registrable Securities in this Agreement or
otherwise prevents the Company from complying with all of its obligations
hereunder.

          Section 13.  Headings. The headings in this Agreement are for
                       --------
reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement.

          Section 14.  Governing Law. This Agreement shall be governed by and
                       -------------
construed in accordance with the laws of the State of New York applicable to
contracts made in New York by persons domiciled in New York City and without
regard to its principles of conflicts of laws. Any action may be brought as set
forth in the Purchase Agreement. The Company and the Purchaser agree to submit
themselves to the in personam jurisdiction of the state and federal courts
situated within the Southern District of the State of New York with regard to
any controversy arising out of or relating to this Agreement. Any party shall
have the right to seek injunctive relief from any court of competent
jurisdiction in any case where such relief is available. Any dispute under this
Agreement shall be submitted to arbitration under the American Arbitration
Association (the "AAA") in New York City, New York, and shall be finally and
conclusively determined by the decision of a board of arbitration consisting of
three (3) members (hereinafter

                                       10
<PAGE>

referred to as the "Board of Arbitration") selected as according to the rules
governing the AAA. The Board of Arbitration shall meet on consecutive business
days in New York City, New York, and shall reach and render a decision in
writing (concurred in by a majority of the members of the Board of Arbitration)
with respect to the amount, if any, which the losing party is required to pay to
the other party in respect of a claim filed. In connection with rendering its
decisions, the Board of Arbitration shall adopt and follow the laws of the State
of New York. To the extent practical, decisions of the Board of Arbitration
shall be rendered no more than thirty (30) calendar days following commencement
of proceedings with respect thereto. The Board of Arbitration shall cause its
written decision to be delivered to all parties involved in the dispute. The
Board of Arbitration shall be authorized and is directed to enter a default
judgment against any party refusing to participate in the arbitration proceeding
within thirty days of any deadline for such participation. Any decision made by
the Board of Arbitration (either prior to or after the expiration of such thirty
(30) calendar day period) shall be final, binding and conclusive on the parties
to the dispute, and entitled to be enforced to the fullest extent permitted by
law and entered in any court of competent jurisdiction. The prevailing party
shall be awarded its costs, including attorneys' fees, from the non-prevailing
party as part of the arbitration award. Any party shall have the right to seek
injunctive relief from any court of competent jurisdiction in any case where
such relief is available. The prevailing party in such injunctive action shall
be awarded its costs, including attorney's fees, from the non-prevailing party.

                           [SIGNATURE PAGE FOLLOWS]

                                       11
<PAGE>

               [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT]

          IN WITNESS WHEREOF, the parties hereto have caused this Registration
Rights Agreement to be duly executed, on this 15th day of June, 2001

                                       VALICERT, INC.

                                       By: /s/ Joseph Amram
                                           __________________________________
                                           Joseph Amram, President & CEO

                                       RELLIAN INVESTMENTS LIMITED

                                       By: /s/ David Sims
                                           __________________________________
                                           David Sims, Director

                                       12<PAGE>

                                                                     EXHIBIT 4.4

                               ESCROW AGREEMENT

          THIS ESCROW AGREEMENT (this "Agreement") is made as of June 15, 2001,
by and among Valicert, Inc., a corporation incorporated under the laws of
Delaware (the "Company"), Rellian Investments Limited ("Purchaser"), and Epstein
Becker & Green, P.C., having an address at 250 Park Avenue, New York, NY 10177
(the "Escrow Agent").  Capitalized terms used but not defined herein shall have
the meanings set forth in the Common Stock Purchase Agreement referred to in the
first recital.

          WHEREAS, the Purchaser will from time to time as requested by the
Company, purchase shares of the Company's Common Stock from the Company as set
forth in that certain Common Stock Purchase Agreement (the "Purchase Agreement")
dated the date hereof between the Purchaser and the Company, which shares shall
be issued pursuant to the terms and conditions contained herein and in the
Purchase Agreement; and

          WHEREAS, the Company and the Purchaser have requested that the Escrow
Agent hold in escrow and then distribute the initial documents and certain funds
which are conditions precedent to the effectiveness of the Purchase Agreement,
and have further requested that upon each exercise of a Draw Down, the Escrow
Agent hold the relevant documents and the applicable purchase price pending
receipt by Purchaser of the securities issuable upon such Draw Down;

          NOW, THEREFORE, in consideration of the covenants and mutual promises
contained herein and other good and valuable consideration, the receipt and
legal sufficiency of which are hereby acknowledged and intending to be legally
bound hereby, the parties agree as follows:

                                   ARTICLE I

                  TERMS OF THE ESCROW FOR THE INITIAL CLOSING

          1.1. The parties hereby agree to establish an escrow account with the
Escrow Agent whereby the Escrow Agent shall hold the funds and documents which
are referenced in Section 4.2 of the Purchase Agreement.

          1.2. At the Initial Closing, the Company shall deliver to the Escrow
Agent:

               (i)    the original executed Registration Rights Agreement in the
                      Form of Exhibit A to the Purchase Agreement;
                              ---------

               (ii)   the original executed opinion of Gray Cary Ware &
                      Freidenrich LLP in the Form of Exhibit C to the Purchase
                                                     ---------
                      Agreement;

               (iii)  the sum of $35,000, pursuant to the wire transfer
                      instructions set forth below;
<PAGE>

               (iv)   the original executed Company counterpart of this Escrow
                      Agreement;

               (v)    the original executed Company counterpart of the Purchase
                      Agreement;

               (vi)   the original executed Warrant; and

               (vii)  a warrant issued to Pacific Crest Securities, Inc. to
                      purchase up to 100,000 shares of Common Stock otherwise
                      identical to that of the Warrant ("PC Warrant").

          1.3. Upon receipt of the foregoing, and receipt of executed
counterparts from Purchaser of the Purchase Agreement, the Registration Rights
Agreement and this Escrow Agreement, the Escrow Agent shall calculate and enter
the exercise price, issuance date and termination date on the face of the
Warrant and the PC Warrant and immediately transfer the sum of $35,000 to
Epstein Becker & Green, P.C., as a non-accountable expense allowance for the
Purchaser's legal, administrative and due diligence costs and expenses and shall
then arrange to have the Purchase Agreement, this Escrow Agreement, the
Registration Rights Agreement, the Warrant, the PC Warrant and the opinion of
counsel delivered to the appropriate parties.

          1.4  Wire transfers to the Escrow Agent (not address for notice or
               ---------------                     ---
delivery of documents) shall be made as follows:

                    Epstein Becker & Green, P.C.
                    Master Escrow Account
                    Chase Manhattan Bank
                    1411 Broadway - Fifth Floor
                    New York, New York 10018
                    ABA No. 021000021
                    Account No. 035 1 346036
                    Attention: L. Borneo

                                  ARTICLE II

                    TERMS OF THE ESCROW FOR EACH DRAW DOWN

          2.1. Each time the Company shall send a Draw Down Notice to the
Purchaser as provided in the Purchase Agreement, it shall send a copy, by
facsimile, to the Escrow Agent.

          2.2. Each time the Purchaser shall purchase Shares pursuant to a Draw
Down, the Purchaser shall send the applicable Purchase Price of the Draw Down
Shares to the Escrow Agent.  Upon receipt of such funds, the Escrow Agent shall
advise the Company that it has received the funds for such Draw Down Shares.
The Company shall promptly, but no later than one (1) Trading Day after receipt
of such funding notice from the Escrow Agent:

                                       2
<PAGE>

               (i)   cause its transfer agent to issue the Draw Down Shares to
                     the Purchaser via DTC's DWAC system to the account
                     specified by the Purchaser from time to time;

               (ii)  deliver the original executed attorney's opinion in the
                     form of Exhibit C to the Purchase Agreement to the
                             ---------
                     Purchaser; and

               (iii) deliver a Form 424(b)(3) supplemental prospectus to the
                     Purchaser.

          2.3. Upon receipt of written confirmation from the transfer agent or
from the Purchaser that such Draw Down Shares have been so deposited and the
opinion and the supplemental prospectus have been so delivered, the Escrow Agent
shall, within one (1) Trading Day of receipt of the foregoing, wire 97.5% of the
applicable Investment Amount per the written instructions of the Company, net of
one thousand dollars ($1,000) as escrow expenses to the Escrow Agent, and the
remaining 2.5% to Pacific Crest Securities, Inc. ("Pacific Crest").

          2.4. The Escrow Agent shall remit Pacific Crest's fee in accordance
with wire instructions that it will send to the Escrow Agent.

                                  ARTICLE III

                                 MISCELLANEOUS

          3.1.  No waiver of any breach of any covenant or provision herein
contained shall be deemed a waiver of any preceding or succeeding breach
thereof, or of any other covenant or provision herein contained.  No extension
of time for performance of any obligation or act shall be deemed an extension of
the time for performance of any other obligation or act.

          3.2.  All notices or other communications required or permitted
hereunder shall be in writing, and shall be sent by fax, overnight courier,
registered or certified mail, postage prepaid, return receipt requested, and
shall be deemed received upon receipt thereof, as set forth in the Purchase
Agreement.

          3.3.  This Escrow Agreement shall be binding upon and shall inure to
the benefit of the permitted successors and permitted assigns of the parties
hereto.

          3.4.  This Escrow Agreement is the final expression of, and contains
the entire agreement between, the parties with respect to the subject matter
hereof and supersedes all prior understandings with respect thereto.  This
Escrow Agreement may not be modified, changed, supplemented or terminated, nor
may any obligations hereunder be waived, except by written instrument signed by
the parties to be charged or by their respective agents duly authorized in
writing or as otherwise expressly permitted herein.

          3.5.  Whenever required by the context of this Escrow Agreement, the
singular shall include the plural and masculine shall include the feminine.
This Escrow Agreement shall

                                       3
<PAGE>

not be construed as if it had been prepared by one of the parties, but rather as
if both parties had prepared the same. Unless otherwise indicated, all
references to Articles are to this Escrow Agreement.

          3.6.  The parties hereto expressly agree that this Escrow Agreement
shall be governed by, interpreted under and construed and enforced in accordance
with the laws of the State of New York.  Except as expressly set forth herein,
any action to enforce, arising out of, or relating in any way to, any provisions
of this Escrow Agreement shall be brought as is more fully set forth in the
Purchase Agreement.

          3.7.  The Escrow Agent's duties hereunder may be altered, amended,
modified or revoked only by a writing signed by the Company, Purchaser and the
Escrow Agent.

          3.8.  The Escrow Agent shall be obligated only for the performance of
such duties as are specifically set forth herein and may rely and shall be
protected in relying or refraining from acting on any instrument reasonably
believed by the Escrow Agent to be genuine and to have been signed or presented
by the proper party or parties.  The Escrow Agent shall not be personally liable
for any act the Escrow Agent may do or omit to do hereunder as the Escrow Agent
while acting in good faith, excepting only its own gross negligence or willful
misconduct, and any act done or omitted by the Escrow Agent pursuant to the
advice of the Escrow Agent's attorneys-at-law (other than Escrow Agent itself)
shall be conclusive evidence of such good faith.

          3.9.  The Escrow Agent is hereby expressly authorized to disregard any
and all warnings given by any of the parties hereto or by any other person or
corporation, excepting only orders or process of courts of law and is hereby
expressly authorized to comply with and obey orders, judgments or decrees of any
court.  In case the Escrow Agent obeys or complies with any such order, judgment
or decree, the Escrow Agent shall not be liable to any of the parties hereto or
to any other person, firm or corporation by reason of such decree being
subsequently reversed, modified, annulled, set aside, vacated or found to have
been entered without jurisdiction.

          3.10. The Escrow Agent shall not be liable in any respect on account
of the identity, authorization or rights of the parties executing or delivering
or purporting to execute or deliver the Purchase Agreement or any documents or
papers deposited or called for thereunder or hereunder.

          3.11. The Escrow Agent shall be entitled to employ such legal counsel
and other experts as the Escrow Agent may deem necessary properly to advise the
Escrow Agent in connection with the Escrow Agent's duties hereunder, may rely
upon the advice of such counsel, and may pay such counsel reasonable
compensation therefor.  The Escrow Agent has acted as legal counsel for the
Purchaser, and may continue to act as legal counsel for the Purchaser, from time
to time, notwithstanding its duties as the Escrow Agent hereunder.  The Company
consents to the Escrow Agent in such capacity as legal counsel for the Purchaser
and waives any claim that such representation represents a conflict of interest
on the part of the Escrow Agent.  The Company understands that the Purchaser and
the Escrow Agent are relying explicitly on the foregoing provision in entering
into this Escrow Agreement.

                                       4
<PAGE>

          3.12. The Escrow Agent's responsibilities as escrow agent hereunder
shall terminate if the Escrow Agent shall resign by written notice to the
Company and the Purchaser.  In the event of any such resignation, the Purchaser
and the Company shall appoint a successor Escrow Agent.

          3.13. If the Escrow Agent reasonably requires other or further
instruments in connection with this Escrow Agreement or obligations in respect
hereto, the necessary parties hereto shall join in furnishing such instruments.

          3.14. It is understood and agreed that should any dispute arise with
respect to the delivery and/or ownership or right of possession of the documents
or the escrow funds held by the Escrow Agent hereunder, the Escrow Agent is
authorized and directed in the Escrow Agent's sole discretion (i) to retain in
the Escrow Agent's possession without liability to anyone all or any part of
said documents or the escrow funds until such disputes shall have been settled
either by mutual written agreement of the parties concerned by a final order,
decree or judgment of a board of arbitration or a court of competent
jurisdiction after the time for appeal has expired and no appeal has been
perfected, but the Escrow Agent shall be under no duty whatsoever to institute
or defend any such proceedings, or (ii) to deliver the escrow funds and any
other property and documents held by the Escrow Agent hereunder to a state or
Federal court having competent subject matter jurisdiction and located in the
State and City of New York in accordance with the applicable procedure therefor.

          3.15. The Company and the Purchaser agree jointly and severally to
indemnify and hold harmless the Escrow Agent and its partners, employees, agents
and representatives from any and all claims, liabilities, costs or expenses
(including reasonable attorneys' fees) in any way arising from or relating to
the duties or performance of the Escrow Agent hereunder or the transactions
contemplated hereby or by the Purchase Agreement other than any such claim,
liability, cost or expense to the extent the same shall have been determined by
final, unappealable judgment of a court of competent jurisdiction to have
resulted from the gross negligence or willful misconduct of the Escrow Agent.

                           [SIGNATURE PAGE FOLLOWS]

                                       5
<PAGE>

                [SIGNATURE PAGE TO EQUITY LINE ESROW AGREEMENT]

IN WITNESS WHEREOF, the parties hereto have executed this Escrow Agreement as of
this 15th day of June, 2001.

                                    VALICERT, INC.

                                        /s/ Joseph Amram
                                    By:________________________________________
                                        Joseph Amram, President & CEO

                                    RELLIAN INVESTMENTS LIMITED

                                        /s/ David Sims
                                    By:________________________________________
                                        David Sims, Director

                                    ESCROW AGENT:

                                    EPSTEIN BECKER & GREEN, P.C.

                                        /s/ Robert F. Charron
                                    By:________________________________________
                                        Robert F. Charron, Authorized Signatory

                                       6

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