Document:

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                                                                    EXHIBIT 4(b)

                          REGISTRATION RIGHTS AGREEMENT

         THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement") is made as of
October 22, 2002, by and between KIMCO REALTY CORPORATION, a Maryland
corporation ("Kimco"), and WESTLAKE DEVELOPMENT COMPANY, INC., a California
corporation ("Westlake").

         A. Westlake is a party to that certain Contribution Agreement dated as
of August 14, 2002 (as amended, the "Contribution Agreement"), and is a Limited
Partner under that certain Agreement of Limited Partnership of Kimco Westlake
L.P. of even date herewith (the "Partnership Agreement").

         B. Kimco and Westlake desire to enter into this Agreement in order to
set forth the registration obligations of Kimco with respect to those certain
shares of Kimco common stock, par value $0.01 per share (the "REIT Shares"), to
be issued to Westlake and any other Qualifying Party (as defined in the
Partnership Agreement) (each, a "Holder") in connection with an Exchange (as
defined in the Partnership Agreement) under the Partnership Agreement (the REIT
Shares to be issued to the Holders, the "Registrable Shares").

         NOW, THEREFORE, in consideration of the mutual promises and covenants
set forth herein, the parties hereto hereby agree as follows:

         1. Mandatory Registration.

         (a) Primary Registration Statement. Within twelve (12) months after the
Closing Date (as defined in the Contribution Agreement), Kimco shall file with
the U.S. Securities and Exchange Commission (the "SEC) a registration statement
(a "Primary Registration Statement") under Rule 415 of the Securities Act of
1933, as amended or any successor (the "Securities Act"), covering the issuance
of the Registrable Shares to the Holders in exchange for Limited Partnership
Interests, pursuant to Article 8 of the Partnership Agreement.

         (b) Resale Registration Statement. In the event that Kimco is unable to
effect the registration of the Registrable Shares under a Primary Registration
Statement, Kimco may elect to file with the SEC a registration statement (a
"Resale Registration Statement") under Rule 415 of the Securities Act covering
the resale by the Holders of the Registrable Shares received in exchange for
Limited Partnership Interests, pursuant to Article 8 of the Partnership
Agreement.

         (c) Effectiveness. Kimco shall use its commercially reasonable efforts
to cause any Primary Registration Statement or Resale Registration Statement
(each, a "Registration Statement") (i) to be declared effective by the SEC as
soon as practicable after the filing thereof, and (ii) to remain continuously
effective (subject to the limitations contained herein) until the earlier of (A)
the tenth (10th) anniversary of the Closing Date; and (B) such time as all the
Registrable Shares covered by a Primary Registration Statement have been
distributed to the Holders or such time as all the Registrable Shares covered by
a Resale Registration Statement have been transferred by all the Holders in
transactions that constitute sales under the Securities Act. Thereafter, Kimco
will be entitled to withdraw and terminate the Registration Statement.

                                       1
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         2. Obligations of Kimco.

         (a) Compliance with Securities Laws. Kimco shall take such action as
may be necessary so that (i) any Registration Statement, the related prospectus
thereto, each amendment and supplement thereto, and each report or other
document incorporated therein by reference complies in all material respects
with the Securities Act, the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), and the respective rules and regulations thereunder; (ii) any
Registration Statement and the related prospectus thereto do not, when they
become effective, contain an untrue statement of a material fact or omit to
state a material fact necessary to make the statements therein not misleading in
light of the circumstances then existing; and (iii) any Registration Statement
complies with the provisions of the Securities Act with respect to the
disposition of all the Registrable Shares covered by such Registration
Statement.

         (b) Amendments and Supplements. Kimco shall (i) prepare and file with
the SEC such amendments and supplements to any Registration Statement and the
related prospectus as may be necessary to comply with the provisions of the
Securities Act with respect to the offer and sale of Registrable Shares; and
(ii) respond as promptly as practicable to any comments received from the SEC
with respect to any Registration Statement or any amendment thereto.

         (c) Documents to be Furnished. Kimco shall furnish to each Holder such
number of copies of the related prospectus, including the preliminary
prospectus, in conformity with the requirements of the Securities Act, and such
other documents as such Holder may reasonably request in order to facilitate the
disposition of the Registrable Shares.

         (d) Blue Sky. Kimco shall use its commercially reasonable efforts to
register and qualify the Registrable Shares covered by any Registration
Statement under such other securities or "Blue Sky" laws of such jurisdictions
in the United States (i) as may be necessary to effect the issuance by Kimco of
Registrable Shares to the Holders in accordance with a Primary Registration
Statement or (ii) as may reasonably be requested by any selling Holder in order
to effect the resale by such selling Holder of Registrable Shares in accordance
with a Resale Registration Statement; provided, that Kimco will not be required
in connection therewith or as a condition thereto to qualify to do business,
subject itself to taxation or execute a general consent to service of process in
any such states or jurisdictions where it has not already done so.

         (e) Exchange Listing. Kimco shall use its commercially reasonable
efforts to cause all the Registrable Shares to be supplementally listed (subject
to official notice of issuance) on the New York Stock Exchange or any other
securities exchange on which similar securities of Kimco are then listed.

         (f) Stop Orders. Kimco shall use its commercially reasonable efforts to
obtain the withdrawal of any SEC order suspending the effectiveness of any
Resale Registration Statement.

         (g) Notices. Kimco shall promptly notify each selling Holder of
Registrable Shares of (i) any notification received by Kimco with respect to the
issuance by the SEC of any stop order suspending the effectiveness of any Resale
Registration Statement or the initiation of any proceedings for that purpose,
and (ii) any determination by Kimco to delay the filing, or suspend the
effectiveness, of the Registration Statement pursuant to Section 4(a).

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         3. Obligations of Holders.

         (a) General Obligations. It is a condition precedent to Kimco's
obligations under this Agreement that each Holder must have (i) agreed in
writing to be bound by all the terms and conditions of this Agreement; (ii)
promptly furnished to Kimco, in writing, such Holder's name and address; and
(iii) promptly furnished to Kimco, in writing, such other information relating
to such Holder as may be reasonably requested by Kimco or as required by
applicable securities laws to complete any Registration Statement and to effect
the registration of the Registrable Shares.

         (b) Resale Registration Statement Obligations. Upon the receipt of any
notice from Kimco pursuant to Section 2(g), each selling Holder shall
immediately cease all offers and sales of Registrable Shares under any Resale
Registration Statement until such time that Kimco gives the selling Holder
written authorization to resume offers and sales under such Resale Registration
Statement. If the prospectus included in any Resale Registration Statement has
been amended to comply with the requirements of the Securities Act, no selling
Holder may make any offers or sales of Registrable Shares under such Resale
Registration Statement other than by means of such amended prospectus.

         4. Delay or Suspension of Registration Statement.

                  (a) Delay or Suspension. Kimco may either (1) delay the filing
or effectiveness of any Registration Statement or (2) suspend any Registration
Statement after effectiveness, in the event that:

                           (i) Kimco determines that information required to be
included in such Registration Statement is not yet available;

                           (ii) Kimco intends to file a registration statement
(other than a registration statement on Form S-8 or its successor form);

                           (iii) there is an occurrence which causes the
prospectus included in the Registration Statement, as then in effect, to contain
any untrue statement of a material fact or to omit to state any material fact
necessary to make the statements therein not misleading in light of the
circumstances then existing; or

                           (iv) Kimco is engaged in any activity, transaction or
any preparations or negotiations for any activity or transaction that Kimco has
a bona fide business purpose to keep confidential and Kimco determines that the
public disclosure requirements imposed on Kimco under the Securities Act in
connection with such Registration Statement would require the disclosure of such
activity, transaction, preparations or negotiations;

provided, however, that Kimco (x) will promptly notify the Holders of
Registrable Shares of the foregoing determination to delay or suspend such
Registration Statement (but without necessarily specifying the basis for such
determination) and (y) may not delay or suspend such Registration Statement for
such reason more than twice in any twelve (12) month period or for more than
sixty (60) days at any time.

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                  (b) Reinstatement. If Kimco delays or suspends a Registration
Statement pursuant to Section 4(a), Kimco shall, as promptly as practicable
following the termination of the circumstance entitling Kimco to do so (but in
no event more than sixty (60) days thereafter), take such actions as may be
necessary to file or reinstate the effectiveness of such Registration Statement.
If, as a result thereof, the prospectus included in such Registration Statement
has been amended to comply with the requirements of the Securities Act, Kimco
shall deliver to each Holder such amended prospectus.

         5. Expenses of Registration. In connection with any Registration
Statement required to be filed hereunder, Kimco shall pay any and all expenses
incurred in connection with any registration, including: (i) all registration
and filing fees, (ii) fees and expenses of compliance with federal securities
and state "Blue Sky" laws, (iii) printing expenses, (iv) internal Kimco expenses
(including, without limitation, all salaries and expenses of its officers and
employees performing legal or accounting duties), (v) the fees and expenses
incurred in connection with the listing of the Registrable Shares on the New
York Stock Exchange or any securities exchange on which similar securities
issued by Kimco are then listed, (vi) fees and disbursements of counsel for
Kimco and the independent public accountants of Kimco, and (vii) the fees and
expenses of any experts retained by Kimco in connection with such registration.

         6. Indemnification.

         (a) Indemnification by Kimco. To the extent permitted by law and solely
with respect to a Resale Registration Statement, Kimco shall indemnify and hold
harmless each selling Holder under a Resale Registration Statement, its
officers, directors, agents and representatives and each person, if any, who
"controls" a selling Holder within the meaning of the Securities Act (each, a
"Holder Indemnitee"), against any and all losses, claims, damages, or
liabilities (joint or several) to which any of the foregoing persons may become
subject under the Securities Act, the Exchange Act or other federal or state
law, insofar as such losses, claims, damages, or liabilities (or actions in
respect thereof) arise out of or are based upon any of the following statements
or omissions (each, a "Violation"): (i) any untrue statement or alleged untrue
statement of a material fact contained in the Resale Registration Statement,
including any preliminary prospectus or final prospectus contained therein or
any amendments or supplements thereto; or (ii) any 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 in which they were
made, not misleading. Kimco shall pay to each Holder Indemnitee, as incurred,
any legal or other expenses reasonably incurred by it in connection with
investigating or defending any such loss, claim, damage, liability, or action;
provided, however, that the indemnity agreement contained in this Section 6(a)
will not apply to (w) amounts paid in settlement of any such loss, claim,
damage, liability or action if such settlement is effected without the prior
written consent of Kimco; (x) any Violation to the extent such Violation occurs
in reliance upon and in conformity with written information furnished to Kimco
by such Holder Indemnitee expressly for inclusion in the Resale Registration
Statement; (y) any Violation to the extent such Violation occurs as a result of
such Holder Indemnitee's failure to send or give a copy of the final prospectus
furnished to it by Kimco at or prior to the time such action is required by the
Securities Act; and (z) any Violation to the extent such Violation is contained
in a prospectus included in a Resale Registration Statement which was corrected
in a supplement or amendment thereto if such claim is brought by a purchaser of
Registrable Shares from the Holder Indemnitee and the Holder Indemnitee failed
to deliver to such purchaser such supplement or amendment in a timely manner
after having received it from Kimco.

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         (b) Indemnification by Holders. To the extent permitted by law and
solely with respect to a Resale Registration Statement, each selling Holder
thereunder shall, severally and not jointly, indemnify Kimco, each of its
officers, directors, agents and representatives and each person, if any, who
"controls" Kimco within the meaning of the Securities Act (each, a "Kimco
Indemnitee"), against any and all losses, claims, damages, or liabilities (joint
or several) to which any of the foregoing persons may become subject, under the
Securities Act, the Exchange Act or other federal or state law, insofar as such
losses, claims, damages, or liabilities (or actions in respect thereto) arise
out of or are based upon any Violation, in each case to the extent that (i) such
Violation occurs in reliance upon and in conformity with written information
furnished to Kimco by such selling Holder expressly for inclusion in the Resale
Registration Statement; (ii) such Violation occurs as a result of such selling
Holder's failure to send or give a copy of the final prospectus furnished to it
by Kimco at or prior to the time such action is required by the Securities Act;
or (iii) such Violation is contained in a prospectus included in a Resale
Registration Statement which was corrected in a supplement or amendment thereto
if such claim is brought by a purchaser of Registrable Shares from the selling
Holder and the selling Holder failed to deliver to such purchaser such
supplement or amendment in a timely manner after having received it from Kimco.
Each Holder shall pay to each Kimco Indemnitee, as incurred, any legal or other
expenses reasonably incurred by such Kimco Indemnitee in connection with
investigating or defending any such loss, claim, damage, liability, or action;
provided, however, that the indemnity agreement contained in this Section 6(b)
will not apply to amounts paid in settlement of any such loss, claim, damage,
liability or action if such settlement is effected without the prior written
consent of the Holder.

         (c) Indemnification Procedures.

                  (i) Each indemnified party shall give reasonably prompt notice
to each indemnifying party of any action or proceeding commenced against it in
respect of which indemnity may be sought under this Section 6, but the failure
to so notify the indemnifying party (A) shall not relieve it from any liability
which it may have under the indemnity agreement contained in this Section 6,
unless and to the extent it did not otherwise learn of such action and the lack
of notice by the indemnified party results in the forfeiture by the indemnifying
party of substantial rights and defenses, and (B) shall not, in any event,
relieve the indemnifying party from any obligations to the indemnified party
other than its indemnification obligation under the indemnity agreement provided
under Sections 6(a) and 6(b).

                  (ii) If the indemnifying party so elects, within a reasonable
time after receipt of notice, the indemnifying party may assume the defense of
the action or proceeding at the indemnifying party's own expense with counsel
chosen by the indemnifying party and approved by the indemnified party, which
approval shall not be unreasonably withheld; provided, however, that if the
defendants in any such action or proceeding include both the indemnified party
and the indemnifying party and the indemnified party reasonably determines,
based upon advice of legal counsel experienced in such matters, that there may
be legal defenses available to it which are different from or in addition to
those available to the indemnifying party, then the indemnified party shall be
entitled to separate counsel at the indemnifying party's expense, which counsel
shall be chosen by the indemnified party and approved by the indemnifying party,
which approval shall not be unreasonably withheld; provided further, that it is
understood that the indemnifying party shall not be liable for the fees, charges
and disbursements of more than one separate firm. If the indemnifying party does
not assume the defense, after having received the notice referenced in Section
6(c)(i), the indemnifying party shall pay the reasonable fees and expenses of
counsel for the indemnified party; in that event, the indemnifying party will
not be liable for any amounts paid in any settlement if such settlement is
effected without the prior written consent of the indemnifying party. If an
indemnifying party assumes the defense of an action or proceeding in accordance
with this Section 6(c), the indemnifying party will not be liable for any fees
and expenses of counsel for the indemnified party incurred thereafter in
connection with that action or proceeding, except as set forth in the proviso in
the first sentence of this Section 6(c)(ii).

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                           (iii) Unless and until a final judgment is rendered
that an indemnified party is not
entitled to the costs of defense under the provisions of this Section 6, the
indemnifying party shall reimburse, promptly as they are incurred, the
indemnified party's costs of defense.

         (d) Contribution.

         (i) If the indemnification provided for in this Section 6 is held by a
court of competent jurisdiction to be unavailable to an indemnified party with
respect to any loss, liability, claim, damage, or expense referred to herein,
then the indemnifying party, in lieu of indemnifying such indemnified party
hereunder, shall contribute to the amount paid or payable by such indemnified
party as a result of such loss, liability, claim, damage, or expense in such
proportion as is appropriate to reflect the relative fault of the indemnifying
party, on the one hand, and of the indemnified party, on the other hand, in
connection with the Violation that resulted in such loss, liability, claim,
damage, or expense as well as any other relevant equitable considerations;
provided, however, that the contribution agreement contained in this Section
6(d) will not apply to amounts paid in settlement of any such loss, claim,
damage, liability or action if such settlement is effected without the prior
written consent of the indemnifying party, which consent shall not be
unreasonably withheld. The relative fault of the indemnifying party and of the
indemnified party will be determined by reference to, among other things,
whether the Violation relates to information supplied by the indemnifying party
or by the indemnified party and the parties' relative intent, knowledge, access
to information and opportunity to correct or prevent such Violation.

         (ii) Kimco and the Holders acknowledge that it would not be just and
equitable if contribution pursuant to this Section 6(d) were determined by any
method of allocation that does not take account of the equitable considerations
referred to above in Section 6(d)(i). The amount paid or payable by an
indemnifying party as a result of the losses, claims, damages or liabilities
referred to in Sections 6(a) and 6(b) shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by
the indemnified party in connection with investigating or defending any such
action or claim. Notwithstanding the provisions of this Section 6(d), no selling
Holder shall be required to contribute any amount in excess of the amount by
which the total price at which the Registrable Shares of such Holder were sold
pursuant to the Resale Registration Statement exceeds the amount of any damages
which such selling Holder has otherwise been required to pay by reason of such
Violation. 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.

                                       6
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         7. Miscellaneous.

                  (a) Amendment, Modification and Supplementation. This
Agreement may be amended, modified or supplemented only by written agreement of
both Kimco, on the one hand, and any Holder, on the other hand, and such
amendment, modification or supplement shall be binding only on the Holder
signing it. Upon becoming a Holder, a person shall become a party to this
Agreement by executing a counterpart of this Agreement and delivering a copy of
such counterpart to Kimco.

                  (b) Waiver of Compliance; Consents. Any failure of Kimco or
any Holder to comply with any obligation, covenant, agreement, or condition
herein may be waived by the other party only by a written instrument signed by
an officer of the party granting such waiver, but such waiver or failure to
insist upon strict compliance with such obligation, covenant, agreement, or
condition shall not operate as a waiver of, or estoppel with respect to, any
subsequent or other failure. Whenever this Agreement requires or permits consent
by or on behalf of any party hereto, such consent shall be given in writing.

                  (c) Notices. All notices and other communications hereunder
must be in writing and will be deemed given when delivered personally by
commercial courier service, reputable overnight delivery service or by facsimile
to the parties at the following addresses (or at such other address for a party
as may be specified by like notice):

            If to Westlake, to:       Westlake Development Company, Inc.
                                      520 El Camino Real, 9th Floor
                                      San Mateo, California  94402
                                      Attention:        Gary Wong
                                      Tel. No.:         (650) 579-1010 Ext. 159
                                      Facsimile:        (650) 745-1249
                                      Email:            gary@westlakegroup.net

            with a copy to:           O'Melveny & Myers LLP
                                      275 Battery Street, Suite 2600
                                      San Francisco, California  94111-3305
                                      Attention:        Stephen A. Cowan, Esq.
                                      Tel. No.:         (415) 984-8700
                                      Facsimile:        (415) 984-8701
                                      Email:            scowan@omm.com

                                       7
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            If to any other           Such address as such Holder designates
            Holder, to:               to Kimco in writing

            with a copy to:           O'Melveny & Myers LLP
                                      275 Battery Street, Suite 2600
                                      San Francisco, California  94111-3305
                                      Attention:        Stephen A. Cowan, Esq.
                                      Tel. No.:         (415) 984-8700
                                      Facsimile:        (415) 984-8701
                                      Email:            scowan@omm.com

            If to Kimco, to:  Kimco Realty Corporation
                                      3333 New Hyde Park Road, P.O. Box 5020
                                      New Hyde Park, New York  11042-0020
                                      Attention:
                                      Facsimile:

            with copies to:           Gibson, Dunn & Crutcher LLP
                                      4 Park Plaza
                                      Irvine, California  92614
                                      Attention:        Teresa J. Farrell, Esq.
                                      Facsimile:        (949) 451-3895

                                      Latham & Watkins
                                      885 Third Avenue
                                      New York, New York  10022-4802
                                      Attention:        Raymond Y. Lin, Esq.
                                      Facsimile:        (212) 751-4864

                  (d) Assignment. This Agreement and all of the provisions
hereof will be binding upon and inure to the benefit of the parties hereto and
their respective successors and permitted assigns, but neither this Agreement
nor any of the rights, interests, or obligations hereunder may be assigned by
any of the parties hereto without the prior written consent of the other
parties; provided, however, that Westlake or any Holder may assign its rights,
interests and obligations hereunder, without the prior written consent of Kimco,
in connection with any transfer of Limited Partnership Interests (as defined in
the Partnership Agreement) that does not require the consent of the General
Partner (as defined in the Partnership Agreement) pursuant to Article 11 of the
Partnership Agreement. This Agreement is not intended to confer upon any other
person, except the parties hereto and the Holders from time to time, any rights
or remedies hereunder.

                  (e) Governing Law. This Agreement will be governed by,
construed and enforced in accordance with the internal laws of the State of
California.

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                  (f) Costs of Enforcement. If any party to this Agreement
brings any action, suit, counterclaim, appeal, arbitration, mediation or other
proceeding, in equity or at law (an "Action"), to enforce this Agreement or to
declare rights under this Agreement, in addition to any damages and costs which
the prevailing party or parties otherwise would be entitled, the losing party or
parties in any such Action shall pay to the prevailing party or parties all
actual attorneys' fees and costs incurred in connection with such Action and/or
enforcing any judgment, order, ruling or award (collectively, a "Decision")
granted by a court, arbitrator or mediator, all of which must be paid whether or
not such Action is prosecuted to a Decision.

                  (g) Severability. Any provision of this Agreement which is
invalid, illegal, or unenforceable in any jurisdiction shall, as to that
jurisdiction, be ineffective to the extent of such invalidity, illegality, or
unenforceability, without affecting in any way the remaining provisions hereof
in such jurisdiction or rendering that or any other provision of this Agreement
invalid, illegal, or unenforceable in any other jurisdiction.

                  (h) Construction. The captions and titles of the sections and
subsections of this Agreement are for convenience of reference only and are not
to be considered in construing this Agreement. This Agreement will be construed
without regard to any presumption or other rule requiring the resolution of any
ambiguity regarding the interpretation or construction hereof against the party
causing this Agreement to be drafted.

                  (i) Entire Agreement. This Agreement embodies the entire
agreement and understanding of the parties hereto in respect of the subject
matter contained herein. This Agreement supersedes all prior agreements and the
understandings between the parties with respect to such subject matter. No
discussions regarding or exchange of drafts or comments in connection with the
transactions contemplated herein will constitute an agreement among the parties
hereto. Except as otherwise expressly provided in this Agreement, Kimco shall
have no obligation to the Holders to register Registrable Shares under the
Securities Act.

                  (j) Limitation of Obligation. Notwithstanding anything in this
Agreement suggesting the contrary, the obligations of Kimco and the Holders
under this Agreement will not apply to the extent the General Partner
irrevocably elects not to exercise its right to issue REIT Shares in any
Exchange under Section 8.5.B of the Partnership Agreement, and the General
Partner promptly notifies each Holder of such election in writing. Kimco will
have no obligation or liability, and no Holder will have any right or recourse,
under this Agreement if the General Partner elects to satisfy any Exchange by
means of Cash Payment (as defined in the Partnership Agreement).

                  (k) Counterparts. This Agreement may be executed in any number
of counterparts, each of which will be deemed an original, but all of which
together will constitute one instrument. Signatures transmitted electronically
or by facsimile will be deemed original signatures; provided that the party
delivering such electronic or facsimile signature shall deliver to the other an
original signature page as soon thereafter as practicable.

         [The remainder of this page has been intentionally left blank;
                            signature page follows.]

                                       9
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         IN WITNESS WHEREOF, the parties have executed and delivered this
Agreement as of the date first written above.

                                 Kimco:

                                 Kimco Realty Corporation,
                                 a Maryland corporation

                                 By:      /s/ Jeffrey J. Olson
                                          --------------------
                                 Name:    Jeffrey J. Olson
                                          ----------------
                                 Title:   Director of Acquisitions, West Coast
                                          ------------------------------------

                                 Westlake:

                                 Westlake Development Company, Inc.,
                                 a California corporation

                                 By:      /s/ Gary Wong
                                          -------------
                                          Gary Wong, President

                                      S-1THIS DEBENTURE,  AND THE SECURITIES INTO WHICH IT IS CONVERTIBLE  (COLLECTIVELY,
THE  "SECURITIES"),  HAVE NOT BEEN REGISTERED WITH THE UNITED STATES  SECURITIES
AND  EXCHANGE  COMMISSION  OR  THE  SECURITIES  COMMISSION  OF  ANY  STATE.  THE
SECURITIES ARE BEING OFFERED PURSUANT TO A SAFE HARBOR FROM  REGISTRATION  UNDER
REGULATION  D  PROMULGATED  UNDER THE  SECURITIES  ACT OF 1933,  AS AMENDED (THE
"ACT").  THE SECURITIES ARE  "RESTRICTED"  AND MAY NOT BE OFFERED OR SOLD UNLESS
THE  SECURITIES  ARE  REGISTERED  UNDER THE ACT,  PURSUANT  TO  REGULATION  D OR
PURSUANT TO AVAILABLE  EXEMPTIONS FROM THE REGISTRATION  REQUIREMENTS OF THE ACT
AND THE  COMPANY  WILL BE  PROVIDED  WITH  OPINION  OF  COUNSEL  OR  OTHER  SUCH
INFORMATION  AS IT MAY  REASONABLY  REQUIRE TO CONFIRM THAT SUCH  EXEMPTIONS ARE
AVAILABLE. FURTHER HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE MADE
EXCEPT IN COMPLIANCE WITH THE ACT.

                     AMENDED AND RESTATED SECURED DEBENTURE

                        MEDICAL STAFFING SOLUTIONS, INC.

                            5% CONVERTIBLE DEBENTURE

                               DUE MARCH ___, 2006

No.  ___                                                                $250,000

         This Debenture is issued by Medical Staffing Solutions,  Inc., a Nevada
corporation (the "Company"), to ____________________________  (together with its
permitted  successors  and assigns,  the "Holder")  pursuant to exemptions  from
registration under the Securities Act of 1933, as amended.

                                   ARTICLE I.

      SECTION 1.01  PRINCIPAL AND  INTEREST.  For value  received,  on March 11,
2004,  the Company  hereby  promises to pay to the order of the Holder in lawful
money of the United  States of America and in  immediately  available  funds the
principal sum of Two Hundred Fifty Thousand Dollars (US $250,000), together with
interest on the unpaid  principal of this  Debenture at the rate of five percent
(5%) per year  (computed  on the basis of a  365-day  year and the  actual  days
elapsed) from the date of this  Debenture  until paid. At the Company's  option,
the entire principal amount and all accrued interest shall be either (a) paid to
the Holder on the  second  (2nd) year  anniversary  from the date  hereof or (b)
converted in accordance with Section 1.02 herein.

<PAGE>

      SECTION 1.02 OPTIONAL CONVERSION.  The Holder is entitled,  at its option,
to convert,  and sell on the same day, at any time and from time to time,  until
payment in full of this  Debenture,  all or any part of the principal  amount of
the Debenture,  plus accrued interest,  into shares (the "Conversion Shares") of
the Company's common stock, par value $0.001 per share ("Common Stock"),  at the
price per share (the  "Conversion  Price")  equal to the lesser of (a) an amount
equal to one  hundred  fifteen  percent  (115%) of the  closing bid price of the
Common Stock as listed on a Principal Market (as defined  herein),  as quoted by
Bloomberg L.P. (the "Closing Bid Price") as of the date hereof, or (b) an amount
equal to eighty five percent (85%) of the lowest Closing Bid Price of the Common
Stock,  as quoted by  Bloomberg,  LP, for the five (5) trading days  immediately
preceding the Conversion  Date (as defined  herein).  Subparagraphs  (a) and (b)
above are  individually  referred to as a  "Conversion  Price".  As used herein,
"Principal  Market" shall mean The National  Association  of Securities  Dealers
Inc.'s  Over-The-Counter  Bulletin Board,  Nasdaq SmallCap  Market,  or American
Stock  Exchange.  If the Common Stock is not traded on a Principal  Market,  the
Closing  Bid Price  shall mean,  the  reported  Closing Bid Price for the Common
Stock, as furnished by the National Association of Securities Dealers, Inc., for
the applicable periods. No fraction of shares or scrip representing fractions of
shares will be issued on conversion,  but the number of shares issuable shall be
rounded to the nearest whole share. To convert this Debenture, the Holder hereof
shall deliver written notice thereof,  substantially  in the form of Exhibit "A"
to this Debenture, with appropriate insertions (the "Conversion Notice"), to the
Company at its address as set forth herein.  The date upon which the  conversion
shall be effective  (the  "Conversion  Date") shall be deemed to be the date set
forth in the Conversion Notice.

      SECTION 1.03  RESERVATION  OF COMMON STOCK.  The Company shall reserve and
keep available out of its authorized but unissued shares of Common Stock, solely
for the purpose of effecting the  conversion of this  Debenture,  such number of
shares of Common Stock as shall from time to time be  sufficient  to effect such
conversion, based upon the Conversion Price. If at any time the Company does not
have a sufficient number of Conversion Shares authorized and available, then the
Company shall call and hold a special meeting of its  stockholders  within sixty
(60)  days of that  time  for the sole  purpose  of  increasing  the  number  of
authorized shares of Common Stock.

      SECTION 1.04 RIGHT OF REDEMPTION. The Company at its option shall have the
right to redeem,  with fifteen (15)  business days advance  written  notice (the
"Redemption Notice"), a portion or all outstanding  convertible  debenture.  The
redemption  price  shall be one  hundred  fifteen  percent  (115%) of the amount
redeemed plus accrued interest.

      In the event the Company exercises a redemption of either all or a portion
the  Convertible  Debenture,  the Holder shall receive a warrant to purchase ten
thousand  (10,000)  shares of the  Company's  Common Stock for every One Hundred
Thousand  Dollars  ($100,000)  redeemed,  pro rata.  (the "Warrant") The Warrant
shall be exercisable on a "cash basis" and have an exercise price of one hundred
twenty percent (120%) of the Closing Bid Price of the Company's  Common Stock on
the Closing Date. The Warrant shall have  "piggy-back"  and demand  registration
rights and shall survive for two (2) years from the Closing Date.

      SECTION 1.05 REGISTRATION RIGHTS. The Company is obligated to register the
resale of the  Conversion  Shares under the  Securities Act of 1933, as amended,
pursuant to the terms of a Registration  Rights  Agreement,  between the Company
and  the  Holder  of even  date  herewith  (the  "Investor  Registration  Rights
Agreement").

<PAGE>

      SECTION 1.06  INTEREST  PAYMENTS.  The interest so payable will be paid at
the time of maturity or conversion to the person in whose name this Debenture is
registered.  At the time such  interest  is  payable,  the  Holder,  in its sole
discretion,  may elect to receive  the  interest  in cash (via wire  transfer or
certified  funds) or in the form of Common  Stock.  In the event of default,  as
described in Article III Section 3.01  hereunder,  the Holder may elect that the
interest be paid in cash (via wire  transfer or certified  funds) or in the form
of Common Stock. If paid in the form of Common Stock,  the amount of stock to be
issued  will be  calculated  as  follows:  the value of the  stock  shall be the
Closing Bid Price on: (i) the date the  interest  payment is due; or (ii) if the
interest  payment is not made when due, the date the interest payment is made. A
number of shares of Common  Stock with a value  equal to the amount of  interest
due shall be issued.  No  fractional  shares will be issued;  therefore,  in the
event  that the value of the  Common  Stock  per share  does not equal the total
interest due, the Company will pay the balance in cash.

      SECTION 1.07 PAYING AGENT AND REGISTRAR.  Initially,  the Company will act
as paying  agent and  registrar.  The  Company  may  change  any  paying  agent,
registrar,  or  Company-registrar  by giving  the  Holder not less than ten (10)
business  days' written  notice of its election to do so,  specifying  the name,
address, telephone number and facsimile number of the paying agent or registrar.
The Company may act in any such capacity.

      SECTION 1.08 SECURED NATURE OF DEBENTURE. This Debenture is secured by all
of the  assets  and  property  of the  Company  as set forth on Exhibit A to the
Security Agreement dated the date hereof between the Company and the Holder (the
"Security Agreement"),  subordinated to the rights of secured parties which have
entered into factoring agreements with the Company now and in the future. As set
forth in the Security Agreement, Holder's security interest shall terminate upon
the occurrence of an Expiration Event as defined in the Security Agreement.

                                  ARTICLE II.

      SECTION 2.01  AMENDMENTS  AND WAIVER OF DEFAULT.  The Debenture may not be
amended without the consent of the Holder.  Notwithstanding  the above,  without
the consent of the Holder,  the Debenture may be amended to cure any  ambiguity,
defect or inconsistency, to provide for assumption of the Company obligations to
the Holder or to make any change  that does not  adversely  affect the rights of
the Holder.

                                  ARTICLE III.

      SECTION 3.01 EVENTS OF DEFAULT. An Event of Default is defined as follows:
(a) failure by the Company to pay amounts due hereunder within fifteen (15) days
of the date of maturity of this Debenture;  (b) failure by the Company to comply
with the terms of the Irrevocable  Transfer Agent  Instructions  attached to the
Securities  Purchase  Agreement;  (c) failure by the Company's transfer agent to
issue freely  tradeable  Common Stock to the Holder  within five (5) days of the
Company's receipt of the attached Notice of Conversion from Holder;  (d) failure
by the  Company  for ten (10) days after  notice to it to comply with any of its
other agreements in the Debenture; (e) events of bankruptcy or insolvency; (f) a
breach by the Company of its obligations under the Securities Purchase Agreement
or the Investor  Registration Rights Agreement which is not cured by the Company
within ten (10) days after receipt of written notice thereof.

<PAGE>

      SECTION 3.02 FAILURE TO ISSUE  UNRESTRICTED  COMMON STOCK. As indicated in
Article III Section 3.01, a breach by the Company of its  obligations  under the
Investor  Registration  Rights  Agreement  shall be deemed an Event of  Default,
which if not cured within ten (10) days,  shall entitle the Holder to accelerate
full repayment of all debentures  outstanding and accrued interest thereon.  The
Company  acknowledges  that failure to honor a Notice of Conversion  shall cause
irreparable harm to the Holder.

                                  ARTICLE IV.

      SECTION 4.01 RIGHTS AND TERMS OF CONVERSION.  This Debenture,  in whole or
in part, may be converted at any time following the date of closing, into shares
of Common Stock at a price equal to the Conversion Price as described in Section
1.02 above.

      SECTION 4.02 RE-ISSUANCE OF DEBENTURE. When the Holder elects to convert a
part of the  Debenture,  then the Company  shall  reissue a new Debenture in the
same form as this Debenture to reflect the new principal amount.

      SECTION 4.03  TERMINATION  OF  CONVERSION  RIGHTS.  The Holder's  right to
convert the Debenture  into the Common Stock in accordance  with  paragraph 4.01
shall terminate on the date that is the second (2nd) year  anniversary  from the
date hereof and this Debenture shall be automatically  converted on that date in
accordance  with  the  formula  set  forth  in  Section  4.01  hereof,  and  the
appropriate shares of Common Stock and amount of interest shall be issued to the
Holder.

                                   ARTICLE V.

      SECTION  5.01  ANTI-DILUTION.  In the event that the Company  shall at any
time subdivide the  outstanding  shares of Common Stock,  or shall issue a stock
dividend  on the  outstanding  Common  Stock,  the  Conversion  Price in  effect
immediately  prior to such subdivision or the issuance of such dividend shall be
proportionately  decreased,  and in the event that the Company shall at any time
combine the outstanding  shares of Common Stock,  the Conversion Price in effect
immediately  prior  to such  combination  shall  be  proportionately  increased,
effective at the close of business on the date of such subdivision,  dividend or
combination as the case may be.

      SECTION  5.02 CONSENT OF HOLDER TO SELL  CAPITAL  STOCK OR GRANT  SECURITY
INTERESTS.  Except for the Standby Equity Distribution  Agreement dated the date
hereof between the Company and Cornell Capital  Partners,  LP. so long as any of
the principal of or interest on this Note remains  unpaid and  unconverted,  the
Company shall not,  without the prior  consent of the Holder,  issue or sell (i)
any Common Stock or Preferred Stock without consideration or for a consideration
per share less than its fair market value  determined  immediately  prior to its
issuance,  (ii)  issue or sell any  Preferred  Stock,  warrant,  option,  right,
contract,  call, or other security or instrument granting the holder thereof the
right to acquire Common Stock without  consideration or for a consideration  per
share less than such Common  Stock's  fair market value  determined  immediately
prior to its  issuance,  (iii) enter into any security  instrument  granting the
holder a security interest in any of the assets of the Company, or (iv) file any
registration  statement  on Form S-8  until at least  six (6)  month  after  the
effective date of the  registration  statement  filed pursuant the  Registration
Rights Agreement.

<PAGE>

                                  ARTICLE VI.

      SECTION 6.01 NOTICE. Notices regarding this Debenture shall be sent to the
parties at the following  addresses,  unless a party notifies the other parties,
in writing, of a change of address:

If to the Company, to:                Medical Staffing Solutions, Inc.
                                      8150 Leesburg Pike - Suite 1200
                                      Vienna, VA   22182
                                      Attention: Dr. B.B. Sahay, President
                                      Telephone: (703) 641-8890
                                      Facsimile: (703) 641-8949

With a copy to:                       Kirkpatrick & Lockhart LLP
                                      201 South Biscayne Boulevard - Suite 2000
                                      Miami, FL  33131-2399
                                      Attention: Clayton E. Parker, Esq.
                                      Telephone: (305) 539-3300
                                      Facsimile: (305) 358-7095

If to the Holder:

With a copy to:                       Butler Gonzalez LLP
                                      1416 Morris Avenue - Suite 207
                                      Union, NJ 07083
                                      Attention: David Gonzalez, Esq.
                                      Telephone: (908) 810-8588
                                      Facsimile: (908) 810-0973

      SECTION 6.02  GOVERNING  LAW.  This  Debenture  shall be deemed to be made
under and shall be construed in accordance  with the laws of the State of Nevada
without giving effect to the principals of conflict of laws thereof. Each of the
parties consents to the  jurisdiction of the U.S.  District Court sitting in the
District  of the State of New  Jersey  or the  state  courts of the State of New
Jersey  sitting in Hudson  County,  New Jersey in  connection  with any  dispute
arising under this Debenture and hereby waives,  to the maximum extent permitted
by law, any objection,  including any objection based on forum non conveniens to
the bringing of any such proceeding in such jurisdictions.

<PAGE>

      SECTION 6.03 SEVERABILITY. The invalidity of any of the provisions of this
Debenture shall not invalidate or otherwise  affect any of the other  provisions
of this Debenture, which shall remain in full force and effect.

      SECTION 6.04 ENTIRE  AGREEMENT AND AMENDMENTS.  This Debenture  represents
the entire  agreement  between  the parties  hereto with  respect to the subject
matter  hereof  and there are no  representations,  warranties  or  commitments,
except as set forth herein.  This Debenture may be amended only by an instrument
in writing executed by the parties hereto.

      SECTION  6.05  COUNTERPARTS.  This  Debenture  may be executed in multiple
counterparts,  each of which  shall be an  original,  but all of which  shall be
deemed to constitute on instrument.

      SECTION 6.06 CONVERSION RESTRICTIONS. Holder may not convert the Debenture
to the extent such  conversion  would  result in the Holder,  together  with any
affiliate thereof, beneficially owning (as determined in accordance with Section
13(d) of the Securities  Exchange Act and the rules  promulgated  thereunder) in
excess of 4.99% of the  then-issued and  outstanding  share of Company's  common
stock during any sixty (60) day period.  The Holder shall have the  authority to
determine  whether the  restriction  of this  section  shall limit a  particular
conversion. The provisions of this section may be waived by Holder upon not less
than sixty-five (65) days' prior notice to the Company.

      IN  WITNESS  WHEREOF,  with the  intent to be legally  bound  hereby,  the
Company as executed this Debenture as of the date first written above.

                                     MEDICAL STAFFING SOLUTIONS, INC.

                                       By:  /s/ B.B. Sahay
                                            ------------------------
                                     Name:  Dr. B.B. Sahay
                                     Title: President

<PAGE>
                                       A-1

                                   EXHIBIT "A"

                              NOTICE OF CONVERSION

           (TO BE EXECUTED BY THE HOLDER IN ORDER TO CONVERT THE NOTE)

TO:

      The undersigned  hereby  irrevocably  elects to convert $ of the principal
amount  of the above  Note into  Shares  of  Common  Stock of  Medical  Staffing
Solutions,  Inc.,  according  to  the  conditions  stated  therein,  as  of  the
Conversion Date written below.

CONVERSION DATE:                          ______________________________________
APPLICABLE CONVERSION PRICE:              ______________________________________
SIGNATURE:                                ______________________________________
NAME:                                     ______________________________________
ADDRESS:                                  ______________________________________
AMOUNT TO BE CONVERTED:                  $______________________________________
AMOUNT OF DEBENTURE UNCONVERTED:         $______________________________________
CONVERSION PRICE PER SHARE:              $______________________________________
NUMBER OF SHARES OF COMMON STOCK TO BE
ISSUED:                                   ______________________________________
PLEASE ISSUE THE SHARES OF COMMON STOCK   ______________________________________
IN THE FOLLOWING NAME AND TO THE
FOLLOWING ADDRESS:                        ______________________________________
ISSUE TO:                                 ______________________________________
AUTHORIZED SIGNATURE:                     ______________________________________
NAME:                                     ______________________________________
TITLE:                                    ______________________________________
PHONE NUMBER:                             ______________________________________
BROKER DTC PARTICIPANT CODE:              ______________________________________
ACCOUNT NUMBER:                           ______________________________________

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