Document:

<PAGE>   1
                                                                    EXHIBIT 10.7

                      NON-QUALIFIED STOCK OPTION AGREEMENT
                                    under the
                          ACCREDO HEALTH, INCORPORATED
                          1999 LONG-TERM INCENTIVE PLAN

             Optionee:         Kevin L. Roberg
                               -----------------------------------
             Number Shares Subject to Option:        10,000
                                             ---------------------
             Exercise Price per Share:          $29.375
                                      ----------------------------
             Date of Grant:            November 18, 1999
                           ---------------------------------------

         1. Grant of Option. Accredo Health, Incorporated (the "Company") hereby
grants to the Optionee named above (the "Optionee"), under the Accredo Health,
Incorporated 1999 Long-Term Incentive Plan (the "Plan"), a Non-Qualified Stock
Option to purchase, on the terms and conditions set forth in this agreement
(this "Option Agreement"), the number of shares indicated above of the Company's
$0.01 par value common stock (the "Stock"), at the exercise price per share set
forth above (the "Option"). Capitalized terms used herein and not otherwise
defined shall have the meanings assigned such terms in the Plan.

         2. Vesting of Option. Unless the exercisability of the Option is
accelerated in accordance with Article 14 of the Plan, the Option shall vest
(become exercisable) in accordance with the following schedule provided Optionee
continues to serve as a director of the Company at the end of that year of
service.

<TABLE>
<CAPTION>
             Years of Service                     Percent of Option Shares
           After Date of Grant                            Vested
           -------------------                    ------------------------
           <S>                                    <C>
               Less than 1                                       0%
                    1                                           25%
                    2                                           50%
                    3                                           75%
                    4                                          100%
</TABLE>

<PAGE>   2

Notwithstanding the above, the Option shall totally vest (become exercisable)
upon a change in control.

         3. Period of Option and Limitations on Right to Exercise. The Option
will, to the extent not previously exercised, lapse under the earliest of the
following circumstances; provided, however, that the Committee may, prior to the
lapse of the Option under the circumstances described in paragraph below,
provide in writing that the Option will extend until a later date:

         (a) The Option shall lapse as of 5:00 p.m., Eastern Time, on the tenth
anniversary of the date of grant (the "Expiration Date").

         (b) The Option shall lapse three months after the Optionee's
termination of service as a director for any reason.

         If the Optionee or his beneficiary exercises an Option after
termination of service as a director, the Option may be exercised only with
respect to the shares that were otherwise vested on the Optionee's termination
of service (including vesting by acceleration in accordance with Article 13 of
the Plan).

         4. Exercise of Option. The Option shall be exercised by written notice
directed to the Secretary of the Company at the principal executive offices of
the Company, in substantially the form attached hereto as Exhibit A, or such
other form as the Committee may approve. Unless the exercise is a
broker-assisted "cashless exercise" as described below, such written notice
shall be accompanied by full payment in cash, shares of Stock previously
acquired by the Optionee, or any combination thereof, for the number of shares
specified in such written notice; provided, however, that if shares of Stock are
used to pay the exercise price, such shares must have been held by the Optionee
for at least six months. The Fair Market Value of the surrendered Stock as of
the last trading day immediately prior to the exercise date shall be used in
valuing Stock used in payment of the exercise price. To the extent permitted
under Regulation T of the Federal Reserve Board, and subject to applicable
securities laws, the Option may be exercised through a broker in a so-called
"cashless exercise" whereby the broker sells the Option shares and delivers cash
sales proceeds to the Company in payment of the exercise price. In such case,
the date of exercise shall be deemed to be the date on which notice of exercise
is received by the Company and the exercise price shall be delivered to the
Company on the settlement date.

         Subject to the terms of this Option Agreement, the Option may be
exercised at any time and without regard to any other option held by the
Optionee to purchase stock of the Company. Upon the Optionee's death, the Option
may be exercised by the Optionee's beneficiary.

                                      -2-
<PAGE>   3

         5. Beneficiary Designation. The Optionee, by written notice to the
Commmittee, may designate one or more persons (and from time to time change such
designation) including the Optionee's legal representative, who, by reason of
the Optionee's death, shall acquire the right to exercise all or a portion of
the Option. If no beneficiary has been designated or survives the Optionee, the
Option may be exercised by the personal representative of the Optionee's estate.
If the person with exercise rights desires to exercise any portion of the
Option, such person must do so in accordance with the terms and conditions of
this Agreement and the Plan.

         6. Withholding. The Company has the authority and the right to deduct
or withhold, or require the Optionee to remit to the Company, an amount
sufficient to satisfy federal, state, and local taxes (including the Optionee's
FICA obligation) required by law to be withheld with respect to any taxable
event arising as a result of the exercise of the Option. Such withholding
requirement may be satisfied, in whole or in part, at the election of the
Company, by withholding from the Option shares of Stock having a Fair Market
Value on the date of withholding equal to the minimum amount (and not any
greater amount) required to be withheld for tax purposes, all in accordance with
such procedures as the Committee establishes.

         7. Limitation of Rights. The Option does not confer to the Optionee or
the Optionee's personal representative any rights of a shareholder of the
Company unless and until shares of Stock are in fact issued to such person in
connection with the exercise of the Option. Nothing in this Option Agreement
shall confer upon the Optionee any right to continue as a director of the
Company or any Parent or Subsidiary.

         8. Stock Reserve. The Company shall at all times during the term of
this Option Agreement reserve and keep available such number of shares of Stock
as will be sufficient to satisfy the requirements of this Option Agreement.

         9. Restrictions on Transfer and Pledge. The Option may not be pledged,
encumbered, or hypothecated to or in favor of any party other than the Company
or a Parent or Subsidiary, or be subject to any lien, obligation, or liability
of the Optionee to any other party other than the Company or a Parent or
Subsidiary. The Option is not assignable or transferable by the Optionee other
than by will or the laws of descent and distribution or pursuant to a domestic
relations order that would satisfy Section 414(p)(1)(A) of the Code; provided,
however, that the Committee may (but need not) permit other transfers where the
Committee concludes that such transferability (i) does not result in accelerated
taxation and (ii) is otherwise appropriate and desirable, taking into account
any factors deemed relevant, including without limitation, state or federal tax
or securities laws applicable to transferable options. The Option may be
exercised during the lifetime of the Optionee only by the Optionee or any
permitted transferee.

         10. Restrictions on Issuance of Shares. If at any time the Board shall
determine in its discretion, that listing, registration or qualification of the
shares of Stock covered by the Option upon any securities exchange or under any
state or federal law, or the consent or approval of any governmental regulatory
body, is necessary or desirable as

                                      -3-

<PAGE>   4

a condition to the exercise of the Option, the Option may not be exercised in
whole or in part unless and until such listing, registration, qualification,
consent or approval shall have been effected or obtained free of any conditions
not acceptable to the Board.

         11. Plan Controls. The terms contained in the Plan are incorporated
into and made a part of this Option Agreement and this Option Agreement shall be
governed by and construed in accordance with the Plan. In the event of any
actual or alleged conflict between the provisions of the Plan and the provisions
of this Option Agreement, the provisions of the Plan shall be controlling and
determinative.

         12. Successors. This Option Agreement shall be binding upon any
successor of the Company, in accordance with the terms of this Option Agreement
and the Plan.

         13. Severability. If any one or more of the provisions contained in
this Option Agreement are invalid, illegal or unenforceable, the other
provisions of this Option Agreement will be construed and enforced as if the
invalid, illegal or unenforceable provision had never been included.

         14. Notice. Notices and communications under this Option Agreement must
be in writing and either personally delivered or sent by registered or certified
United States mail, return receipt requested, postage prepaid. Notices to the
Company must be addressed to:

                  Accredo Health, Incorporated
                  1640 Century Center Parkway
                  Suite 101
                  Memphis, Tennessee  38134
                  Attn:  Secretary

or any other address designated by the Company in a written notice to the
Optionee. Notices to the Optionee will be directed to the address of the
Optionee then currently on file with the Company, or at any other address given
by the Optionee in a written notice to the Company.

         IN WITNESS WHEREOF, Accredo Health, Incorporated, acting by and through
its duly authorized officers, has caused this Option Agreement to be executed,
all as of the day and year first above written.

                                       ACCREDO HEALTH, INCORPORATED

                                       By:     /s/ David D. Stevens
                                         ---------------------------

                                       Name:   David D. Stevens

                                       Title:   CEO

                                      -4-

<PAGE>   5

                                    EXHIBIT A

                    NOTICE OF EXERCISE OF OPTION TO PURCHASE
                                 COMMON STOCK OF
                          ACCREDO HEALTH, INCORPORATED

Name
     ------------------------------------

Address:
        ---------------------------------

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

Date
     ------------------------------------

Accredo Health, Incorporated
1640 Century Center Parkway
Suite 101
Memphis, Tennessee 38134
Attn: Secretary

Re:      Exercise of Non-Qualified Stock Option

         I elect to purchase ______________ shares of Common Stock of Accredo
Health, Incorporated (the "Company") pursuant to the Accredo Health,
Incorporated Non-Qualified Stock Option Agreement dated ______________ and the
Accredo Health, Incorporated 1999 Long-Term Incentive Plan. The purchase will
take place on the Exercise Date, which will be (i) as soon as practicable
following the date this notice and all other necessary forms and payments are
received by the Company, unless I specify a later date (not to exceed 30 days
following the date of this notice), or (ii) in the case of a Broker-assisted
cashless exercise (as indicated below), the date of this notice.

         On or before the Exercise Date (or, in the case of a Broker-assisted
cashless exercise, on the settlement date following the Exercise Date), I will
pay the full exercise price in the form specified below (check one):

[ ]      Cash Only: by delivering a check to the Company for $___________.

[ ]      Cash and Shares: by delivering a check to the Company for $_________
         for the part of the exercise price. I will pay the balance of the
         exercise price by delivering to the Company a stock certificate with my
         endorsement for shares of Company Stock that I have owned for at least
         six months. If the number of shares of Company Stock represented by
         such stock certificate exceeds the number needed to pay the exercise
         price, the Company will issue me a new stock certificate for the
         excess.

[ ]      Shares Only: by delivering to the Company a stock certificate with my
         endorsement for shares of Company Stock that I have owned for at least
         six

<PAGE>   6

         months. If the number of shares of Company Stock represented by such
         stock certificate exceeds the number needed to pay the exercise price,
         the Company will issue me a new stock certificate for the excess.

[ ]      Cash From Broker: by delivering the purchase price from
         _______________________, a broker, dealer or other "creditor" as
         defined by Regulation T issued by the Board of Governors of the Federal
         Reserve System (the "Broker"). I authorize the Company to issue a stock
         certificate in the number of shares indicated above in the name of the
         Broker in accordance with instructions received by the Company from the
         Broker and to deliver such stock certificate directly to the Broker (or
         to any other party specified in the instructions from the Broker) upon
         receiving the exercise price from the Broker.

         On or before the Exercise Date, I will pay satisfy any applicable tax
withholding obligations in the form specified below (check one):

[ ]      Cash Only: by delivering a check to the Company for the full tax
         withholding amount.

[ ]      Cash and Shares: by delivering a check to the Company for $_________
         for part of the tax withholding amount. I will pay the balance of the
         tax withholding amount by delivering to the Company a stock certificate
         with my endorsement for shares of Company Stock that I have owned for
         at least six months. If the number of shares of Company Stock
         represented by such stock certificate exceeds the number needed to pay
         the tax withholding amount, the Company will issue me a new stock
         certificate for the excess.

[ ]      Shares Only: by delivering to the Company a stock certificate with my
         endorsement for shares of Company Stock that I have owned for at least
         six months. If the number of shares of Company Stock represented by
         such stock certificate exceeds the number needed to pay the tax
         withholding amount, the Company will issue me a new stock certificate
         for the excess.

[ ]      Withholding of Shares to Cover Minimum Obligation: by having the
         Company withhold shares of Stock from the Option having a Fair Market
         Value on the date of withholding equal to the minimum amount (and not
         any greater amount) required to be withheld for tax purposes. Only
         whole shares may be withheld.

                                      -2-

<PAGE>   7

         Please deliver the stock certificate to me (unless I have chosen to pay
the purchase price through a Broker).

                                            Very truly yours,

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

AGREED TO AND ACCEPTED:

ACCREDO HEALTH, INCORPORATED

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

Title:
      ------------------------

Number of Option Shares
Exercised:
          --------------------

Number of Option Shares
Remaining:
           -------------------

Date:
     -------------------------

                                      -3-<PAGE>   1
                                                                     EXHIBIT 4.2

                                 FLIGHTSERV.COM

                          REGISTRATION RIGHTS AGREEMENT

         This Registration Rights Agreement (the "Agreement") is entered into as
of December 31, 1999 by and among Flightserv.com, a Delaware corporation (the
"Company"), and holders of the Company's common stock listed on Exhibit A hereto
as the "Holders". The Company and the Holders are sometimes referred to herein
collectively as the "Parties" or individually as a "Party."

                                     RECITAL

         WHEREAS, in connection with settlement of certain claims between the
Company and the Holders, the parties hereto desire to enter into this Agreement
to extend registration rights to the Holders.

                                    AGREEMENT

         In consideration of the foregoing and of the mutual promises and
covenants contained herein, the Parties agree as follows:

1.       Registration Rights.

         1.1      Certain Definitions. As used in this Agreement, the following
                  terms shall have the following respective meanings.

                  (a)      "Commission" shall mean the Securities and Exchange
                           Commission or any other federal agency at the time
                           administering the Securities Act.

                  (b)      "Holder" means any person or persons to whom
                           Registrable Securities were originally issued or
                           qualifying transferees under Section 1.9 hereof who
                           hold Registrable Securities.

                  (c)      "Initiating Holders" shall mean any Holder or Holders
                           of at least fifty percent (50%) of the Registrable
                           Securities.

                  (d)      "Registrable Securities" means (i) the common stock
                           of the Company held by the Holders on the date of
                           this Agreement; and (ii) stock issued in respect of
                           the stock referred to in (i) as a result of a stock
                           split, stock dividend, recapitalization or the like,
                           which have not been sold to the public.
<PAGE>   2

                  (e)      The terms "register," "registered" and "registration"
                           refer to a registration effected by preparing and
                           filing a registration statement in compliance with
                           the Securities Act, and the declaration or ordering
                           of the effectiveness of such registration statement.

                  (f)      "Registration Expenses" shall mean all expenses,
                           except "Selling Expenses" defined below, incurred by
                           the Company in complying with Sections 1.2, 1.3 and
                           1.4 hereof, including, without limitation, all
                           registration, qualification and filing fees, printing
                           expenses, escrow fees, fees, fees and disbursements
                           of counsel for the Company, blue sky fees and
                           expenses, the expense of any special audits incident
                           to or required by any such registration.

                  (g)      "Securities Act" shall mean the Securities Act of
                           1933, as amended, or any similar federal statute and
                           the rules and regulations of the Commission
                           thereunder, all as the same shall be in effect at the
                           time.

                  (h)      "Selling Expenses" shall mean all underwriting
                           discounts, selling commissions and stock transfer
                           taxes applicable to the securities registered by the
                           Holders and all reasonable fees and disbursements of
                           counsel for the selling Holders.

         1.2      Requested Registration.

         (a)      Request for Registration. If the Company receives from
                  Initiating Holders a written request that the Company effect a
                  registration covering not less than thirty percent (30%) of
                  the Registrable Securities, the Company will:

                  (i)      promptly give written notice of the proposed
                           registration, qualification or compliance to all
                           other Holders; and

                  (ii)     as soon as practicable, use its best efforts to
                           effect such registration, qualification or compliance
                           (including, without limitation, appropriate
                           compliance with applicable regulations issued under
                           applicable blue sky or other state securities laws
                           and appropriate compliance with applicable
                           regulations issued under the Securities Act and any
                           other governmental requirements or regulations) as
                           may be so requested and as would permit or facilitate
                           the sale and distribution of all or such portion of
                           such Registrable Securities as are specified in such
                           request, together with all or such portion of the
                           Registrable Securities as are specified in such
                           request, together with all or such portion of the

                                       2
<PAGE>   3

                           Registrable Securities of any Holder or Holders
                           joining in such request as are specified in a written
                           request received by the Company within twenty days
                           after receipt of such written notice from the
                           Company; provided, however, that the Company shall
                           not be obligated to take any action to effect any
                           such registrations, qualification or compliance
                           pursuant to this Section 1.2:

                                    (A)      Before the effective date of the
                                             registration statement to be filed
                                             in connection with the common stock
                                             financing currently being arranged
                                             on behalf of the Company by Four
                                             Corners Capitol, LLC (the "Four
                                             Corners Registration Statement");

                                    (B)      In any particular jurisdiction in
                                             which the Company would be required
                                             to execute a general consent to
                                             service of process in effecting
                                             such registration, qualification or
                                             compliance unless the Company is
                                             already subject to service in such
                                             jurisdiction and except as may be
                                             required by the Securities Act;

                                    (C)      After the Company has effected one
                                             such registration pursuant to this
                                             Section 1.2(a), and such
                                             registrations has been declared or
                                             ordered effective; and has remained
                                             effective for at least 120 days or
                                             such shorter period during which
                                             the distribution described in the
                                             registration statement has been
                                             completed; and

                                    (D)      If the Company shall furnish to
                                             such Holders a certificate signed
                                             by the President of the Company
                                             stating that in the good faith
                                             judgment of the Board of Directors
                                             it would be seriously detrimental
                                             to the Company or its shareholders
                                             for a registration statement to be
                                             filed in the near future on the
                                             grounds that such a registration
                                             statement would force premature
                                             disclosure of a material pending
                                             transaction or event of the
                                             Company, then the Company's
                                             obligation to use its best efforts
                                             to register, qualify or comply
                                             under this Section 1.2 shall be
                                             deferred for a period not to exceed
                                             ninety

                                       3
<PAGE>   4

                                             days from the date of receipt of
                                             written request from the Initiating
                                             Holders, provided that the Company
                                             may not use this right more than
                                             once in any twelve month period.

         Subject to the foregoing clauses (A) through (D), the Company shall
file a registration statement covering the Registrable Securities so requested
to be registered as soon as practicable after receipt of the request or requests
of the Initiating Holders. The Company agrees that the Holders, by signing this
Agreement, shall be deemed to have made a written request pursuant to Section
1.2(a) that the Company effect a registration covering 400,000 shares of the
Registrable Securities, and the Company agrees to use it best efforts to file a
registration statement covering such 400,000 shares within 20 business days
after the effective date of the Four Corners Registration Statement.

         The Company will use its best efforts to consummate the initial
financing being arranged by Four Corners and to promptly file the Four Corners
Registration Statement thereafter and will make commercially reasonable efforts
to prosecute the Four Corners Registration Statement to effectiveness.

                  (b)      Underwriting. In the event that a registration
                           pursuant to Section 1.2 is for a registered public
                           offering involving an underwriting, the Company shall
                           so advise the Holders as part of the notice given
                           pursuant to Section 1.2(a)(i). In such event, the
                           right of any Holder to participate in such
                           registration shall be conditioned upon such Holder's
                           participation in the underwriting arrangements
                           required by this Section 1.2, and the inclusion of
                           such Holder's Registrable Securities in the
                           underwriting to the extent requested shall be limited
                           to the extent provided herein.

         The Company shall (together with all Holders proposing to distribute
their securities through such underwriting) enter into an underwriting agreement
in customary form with the managing underwriter selected for such underwriting
by the Company, but subject to the reasonable approval of a majority in interest
of the Initiating Holders. Notwithstanding any other provision of this Section
1.2, if the managing underwriter advises the Initiating Holders in writing that
marketing factors require a limitation of the number of shares to be
underwritten, then the Company shall so advise all participating Holders and the
number of shares of Registrable Securities that may be included in the
registration and underwriting shall be allocable among all Holders thereof in
proportion, as nearly as practicable, to the respective amounts of Registrable
Securities held by such Holders at the time of filing the registration
statement. No Registrable Securities excluded from the underwriting by reason of
the underwriter's marketing limitation shall be included in such registration.
If the underwriter has not limited the number of Registrable Securities to be
underwritten, the Company may include securities for its own account (or for the
account of other shareholders) in such

                                       4
<PAGE>   5
registration if the underwriter so agrees and if the number of Registrable
Securities that would otherwise have been included in such registration and
underwriting will not thereby be limited.

         If any Holder of Registrable Securities disapproves of the terms of the
underwriting, such person may elect to withdraw therefrom by written notice to
the Company, the managing underwriter and the Initiating Holders.

         1.3      Company Registration.

                  (a)      Notice of Registration. If, at any time prior to the
                           second anniversary of the effective date of the Four
                           Corners Registration Statement, the Company shall
                           determine to register any of its securities, either
                           for its own account or the account of a security
                           holder or holders, other than (i) a registration
                           relating solely to employee benefit plans, (ii) a
                           registration relating solely to a transaction under
                           Rule 145 under the Securities Act, (iii) a
                           registration effected pursuant to Sections 1.2 or 1.4
                           hereof, or (iv) the Four Corners Registration
                           Statement or any subsequent registration statement
                           filed with respect to shares owned by the selling
                           shareholders in the Four Corners Registration
                           Statement, the Company will:

                           (i)      Promptly give to each Holder written notice
                                    thereof; and

                           (ii)     Include in such registration (and any
                                    related qualification under blue sky laws or
                                    other compliance), and in any underwriting
                                    involved therein, all the Registrable
                                    Securities specified in a written request or
                                    requests, made within twenty days after
                                    receipt of such written notice from the
                                    Company, by any Holder.

                  (b)      Underwriting. If the registration of which the
                           Company gives notice is for a registered public
                           offering involving an underwriting, the Company shall
                           so advise the Holders as a part of the written notice
                           given pursuant to Section 1.3(a)(i). In such event
                           the right of any Holder to registration pursuant to
                           Section 1.3 shall be conditioned upon such Holder's
                           participation in such underwriting to the extent
                           provided herein. All Holders proposing to distribute
                           their securities through such underwriting shall
                           (together with the Company and the other Holders
                           distributing their securities through such
                           underwriting) enter into an underwriting agreement in
                           customary form with the managing underwriter selected
                           for such underwriting by the Company, but subject to
                           the reasonable approval of Holders holding a majority
                           of the Registrable Securities to be included in such
                           registration. Notwithstanding any other provision of
                           this Section 1.3, if the managing underwriter
                           determines that marketing factors require limitation
                           of the number of shares to be underwritten, the

                                       5
<PAGE>   6

                           managing underwriter may limit the Registrable
                           Securities to be included in such registration. The
                           Company shall so advise all Holders and the number of
                           shares of securities that may be included in the
                           registration and underwriting (other than on behalf
                           of the Company) shall first be allocated on a pro
                           rata basis among all other Holders in proportion, as
                           nearly as practicable, to the respective amounts of
                           Registrable Securities held by such Holders. No
                           securities of the Company held by the Holders shall
                           be included in any registration and underwriting to
                           which this section applies if the number of shares
                           held by parties who have exercised a right to demand
                           the registration of such shares that would otherwise
                           have been included in such registration and
                           underwriting will thereby be limited. If any Holder
                           disapproves of the terms of any such underwriting, he
                           may elect to withdraw therefrom by written notice to
                           the Company and the managing underwriter.

         1.4      Selling Expenses. All Selling Expenses relating to securities
                  registered on behalf of the Holders shall be borne by the
                  Holders of such securities pro rata on the basis of the number
                  of shares so registered.

         1.5      Registration Procedures. In the case of each registration,
                  qualification or compliance effected by the Company pursuant
                  to this Section 1, the Company will keep each Holder advised
                  in writing as to the initiation of each registration and as to
                  the completion thereof. At its expense the Company will:

                  (a)      Prepare and file with the Commission a registration
                           statement with respect to such securities and use its
                           best efforts to cause such registration statement to
                           become and remain effective for at least one hundred
                           twenty days or such shorter period during which the
                           distribution described in the Registration Statement
                           has been completed.

                  (b)      Furnish to the Holders participating in such
                           registration and to the underwriters of the
                           securities being registered such reasonable number of
                           copies of the registration statement, preliminary
                           prospectus, final prospectus and such other documents
                           as such underwriters may reasonably request in order
                           to facilitate the public offering of such securities.

                  (c)      Prepare and file with the Commission such amendments
                           and supplements to such registration statement and
                           the prospectus used in connection with such
                           registration statement as may be necessary to comply
                           with the provisions of the Securities Act with
                           respect to the disposition of all securities covered
                           by such registration statement.

                                       6
<PAGE>   7

                  (d)      Use its best efforts to register and qualify the
                           securities covered by such registration statement
                           under such other securities or blue sky laws of such
                           jurisdictions as shall be reasonably requested by the
                           Holders, provided that the Company shall not be
                           required in connection therewith or as a condition
                           thereto to qualify to do business or to file a
                           general consent to service of process in any such
                           states or jurisdictions.

                  (e)      In the event of any underwritten public offering,
                           enter into and perform its obligations under an
                           underwriting agreement, in usual and customary form,
                           with the managing underwriter of such offering. (Each
                           Holder participating in such underwriting shall also
                           enter into and perform its obligations under such an
                           agreement.)

                  (f)      Notify each Holder of Registrable Securities covered
                           by such registration statement at any time when a
                           prospectus relating thereto is required to be
                           delivered under the Securities Act of the happening
                           of any event as a result of which the prospectus
                           included in such registration statement, 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.

                  (g)      Use its best efforts to furnish, at the request of
                           any Holder requesting registration of Registrable
                           Securities pursuant to this Section 1, on the date
                           that such Registrable Securities are delivered to the
                           underwriters for sale in connection with a
                           registration pursuant to this Section 1, if such
                           securities are being sold through underwriters, or,
                           if such securities are not being sold through
                           underwriters, on the date that the registration
                           statement with respect to such securities becomes
                           effective, (i) an opinion, dated such date, of the
                           counsel representing the Company for the purposes of
                           such registration, in form and substance as is
                           customarily given to underwriters in an underwritten
                           public offering, addressed to the underwriters, if
                           any, and to the Holders requesting registration of
                           Registrable Securities and (ii) a letter dated such
                           date, from the independent certified public
                           accountants of the Company, in form and substance as
                           is customarily given by independent certified public
                           accountants to underwriters in an underwritten public
                           offering, addressed to the underwriters, if any, and
                           to the Holders requesting registration of Registrable
                           Securities.

                                       7

<PAGE>   8

         1.6      Indemnification.

                  (a)      The Company will indemnify each Holder, each of its
                           officers and directors and partners, and each person
                           controlling such person within the meaning of Section
                           15 of the Securities Act, with respect to which
                           registration, qualification or compliance has been
                           effected pursuant to this Section 1, and each
                           underwriter, if any, and each person who controls any
                           underwriter within the meaning of Section 15 of the
                           Securities Act, against all expenses, claims, losses,
                           damages and liabilities (or actions in respect
                           thereof), including any of the foregoing incurred in
                           settlement of any litigation, commenced or
                           threatened, arising out of or based on any untrue
                           statement (or alleged untrue statement) of a material
                           fact contained in any registration statement,
                           prospectus, offering circular or other document, or
                           any amendment or supplement thereto, incident to any
                           such registration, qualification or compliance, or
                           based on 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, or any violation by the Company of the
                           Securities Act or any rule or regulation promulgated
                           under the Securities Act applicable to the Company in
                           connection with any such registration, qualification
                           or compliance, and the Company will reimburse each
                           such Holder, each of its officers and directors, and
                           each person controlling such Holder, each such
                           underwriter and each person who controls any such
                           underwriter, for any legal or any other expenses
                           reasonably incurred in connection with investigating,
                           preparing or defending any such claim, loss, damage,
                           liability or action, provided that the Company will
                           not be liable to any such person in any such case to
                           the extent that any such claim, loss, damage,
                           liability or expense arises out of or is based on any
                           untrue statements or omission (or alleged untrue
                           statement or omission), made in reliance upon and in
                           conformity with written information furnished to the
                           Company by an instrument duly executed by such
                           Holder, controlling person or underwriter and stated
                           to be specifically for use therein or the preparation
                           thereby.

                  (b)      Each Holder will, if Registrable Securities held by
                           such Holder are included in the securities as to
                           which such registration, qualification or compliance
                           is being effected, indemnify the Company, each of its
                           directors and officers, each underwriter, if any, of
                           the Company's securities covered by such a
                           registration statement, each person who controls the
                           Company or such underwriter within the meaning of
                           Section 15 of the Securities Act, and each other such
                           Holder, each of its

                                       8
<PAGE>   9

                           officers and directors and each person controlling
                           such Holder within the meaning of Section 15 of the
                           Securities Act, against all expenses, claims, losses,
                           damages and liabilities (or actions in respect
                           thereof) arising out of any untrue statement (or
                           alleged untrue statement) of a material fact
                           contained in any such registration statement,
                           prospectus, offering circular or other document, or
                           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, and will reimburse the Company, such
                           Holders, such directors, officers, persons,
                           underwriters or control persons for any legal or any
                           other expenses reasonably incurred in connection with
                           investigating, preparing or defending any such claim,
                           loss, damage, liability or action, in each case to
                           the extent, but only to the extent, that such untrue
                           statement (or alleged untrue statement) or omission
                           (or alleged omission) is made in such registration
                           statement, prospectus, offering circular or other
                           document in reliance upon and in conformity with
                           written information furnished to the Company by an
                           instrument duly executed by such Holder and stated to
                           be specifically for use therein or the preparation
                           thereby. Notwithstanding the foregoing, the liability
                           of each Holder under this subsection (b) shall be
                           limited to an amount equal to the aggregate proceeds
                           received by such Holder from the sale of Registrable
                           Securities in such registration.

                  (c)      Each party entitled to indemnification under this
                           Section 1.7 (the "Indemnified Party") shall give
                           notice to the party required to provide
                           indemnification (the "Indemnifying Party") promptly
                           after such Indemnified Party has actual knowledge of
                           any claim as to which indemnity may be sought, and
                           shall permit the Indemnifying Party to assume the
                           defense of any such claim or any litigation resulting
                           therefrom, provided that counsel for the Indemnifying
                           Party, who shall conduct the defense of such claim or
                           litigation, shall be approved by the Indemnified
                           Party (whose approval shall not unreasonably be
                           withheld), and the Indemnified Party may participate
                           in such defense at such party's expense, and provided
                           further that the failure of any Indemnified Party to
                           give notice as provided herein shall not relieve the
                           Indemnifying Party of its obligations under this
                           Section 1 unless the failure to give such notice is
                           materially prejudicial to an Indemnifying Party's
                           ability to defend such action and provided further,
                           that the Indemnifying Party shall not assume the
                           defense for matters as to which there is a conflict
                           of interest or separate and different defenses. No
                           Indemnifying Party, in the defense of any such claim
                           or litigation, shall, except with the consent of each
                           Indemnified Party, consent to entry of any judgment
                           or enter into any

                                       9
<PAGE>   10

                           settlement which does not include as an unconditional
                           term thereof the giving by claimant or plaintiff to
                           such Indemnified Party of a release from all
                           liability in respect to such claim or litigation.

         1.7      Information by Holder. The Holders of securities included in
                  any registration shall furnish to the Company such information
                  regarding such Holders, the Registrable Securities held by
                  them and the distribution proposed by such Holders as the
                  Company may request in writing and as shall be required in
                  connection with any registration, qualification or compliance
                  referred to in this Section 1.

         1.8      Rule 144 Reporting. With a view to making available the
                  benefits of certain rules and regulations of the Commission
                  which may at any time permit the sale of the Registrable
                  Securities to the public without registration, the Company
                  agrees to use its best efforts to:

                  (a)      Make and keep public information available, as those
                           terms are understood and defined in Rule 144 under
                           the Securities Act, at all times.

                  (b)      Use its best efforts to file with the Commission in a
                           timely manner all reports and other documents
                           required of Company under the Securities Act and the
                           Securities Exchange Act of 1934 (the "Exchange Act").

                  (c)      So long as a Holder owns any Registrable Securities
                           to furnish to Holder forthwith upon request a written
                           statement by the Company as to its compliance with
                           the reporting requirements of said Rule 144 and of
                           the Securities Act and the Exchange Act, a copy of
                           the most recent annual or quarterly report of the
                           Company, and such other reports and documents of the
                           Company and other information in the possession of or
                           reasonably obtainable by the Company as a Holder may
                           reasonably request in availing itself of any rule or
                           regulation of the Commission allowing a Holder to
                           sell any such securities without registration.

         1.9      Transfer of Registration Rights. The rights to cause the
                  Company to register securities granted to the Holders under
                  this Agreement may be assigned to a transferee or assignee in
                  connection with any transfer or assignment of Registrable
                  Securities by a Holder provided that: (i) such assignment or
                  transfer may otherwise be effected in accordance with
                  applicable securities laws, (ii) such assignee or transferee
                  agrees to be bound by the terms and conditions of this
                  Agreement, (iii) either (A) such assignee or transferee
                  acquires at least 100,000 shares of Registrable Securities
                  (appropriately adjusted for stock splits, combinations,
                  dividends, distributions and recapitalizations) not sold to
                  the

                                       10
<PAGE>   11

                  public, or (B) such assignee or transferee is a partner,
                  shareholder, subsidiary, affiliate, family member, family
                  trust or the estate of the Holder, and (iv) such assignment
                  does not increase the number of registration statements the
                  Company must file.

         2.       Miscellaneous.

                  2.1      Governing Law. This Agreement shall be governed in
                           all respects by the laws of the State of Georgia.

                  2.2      Survival. The covenants and agreements made herein
                           shall survive any investigation made by any Holder
                           and the closing of the settlement contemplated
                           hereby.

                  2.3      Successors and Assigns. Except as otherwise provided
                           herein, the provisions hereof shall inure to the
                           benefit of, and be binding upon, the successors,
                           assigns, heirs, executors and administrators of the
                           parties hereto.

                  2.4      Entire Agreement. This Agreement constitutes the full
                           and entire understanding and agreement between the
                           parties with regard to the subjects hereof, and no
                           party shall be liable or bound to any other party in
                           any manner by any covenants or agreements except as
                           specifically set forth herein.

                  2.5      Notices, etc. All notices and other communications
                           required or permitted hereunder shall be in writing
                           and shall be mailed by first class mail, postage
                           prepaid, certified or registered mail, return receipt
                           requested, addressed (a) if to any Holder, at such
                           Holder's address as set forth in the Company's
                           records, or at such other address as such Holder
                           shall have furnished to the Company in writing, or
                           (b) if to the Company, at the Company's address at
                           3343 Peachtree Road, Suite 530, Atlanta, Georgia
                           30326, or at such other address as the Company shall
                           have furnished to such Holders in writing.

                  2.6      Delays or Omissions. Except as expressly provided
                           herein, no delay or omission to exercise any right,
                           power or remedy accruing to any Holder, upon any
                           breach or default of the Company under this
                           Agreement, shall impair any such right, power or
                           remedy of such Holder nor shall it be construed to be
                           a waiver of any such breach or default, or an
                           acquiescence therein, or of or in any similar breach
                           or default under this Agreement thereafter occurring;
                           nor shall any waiver of any single breach or default
                           be deemed a waiver of any other

                                       11
<PAGE>   12

                           breach or default theretofore or thereafter
                           occurring. Any waiver, permit, consent or approval of
                           any kind or character on the part of any Holder of
                           any breach or default under this Agreement, or any
                           waiver on the part of any Holder of any provisions or
                           conditions of this Agreement, must be in writing and
                           shall be effective only to the extent specially set
                           forth in such writing. All remedies either under this
                           Agreement or by law or otherwise afforded to any
                           Holder shall be cumulative and not alternative.

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

                  2.8      Severability. If any provision of this Agreement, or
                           the application thereof, shall for any reason and to
                           any extent be invalid or unenforceable, the remainder
                           of this Agreement and application of such provision
                           to persons or circumstances shall be interpreted so
                           as best to reasonably effect the intent of the
                           parties hereto. The parties further agree to replace
                           such void or unenforceable provision of this
                           Agreement with a valid and enforceable provision
                           which will achieve, to the extent possible, the
                           economic, business and other purposes of the void or
                           unenforceable provision.

         This Agreement is hereby executed as of the date first above written.

                                   FLIGHTSERV.COM, a Delaware corporation

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

                                   Name:
                                        ---------------------------------------

                                   Title:
                                        ---------------------------------------

                                   THE HOLDERS

                                   --------------------------------------------
                                   Langdon S. Flowers, Jr.

                                   --------------------------------------------
                                   Langdon S. Flowers, Sr.

                                   --------------------------------------------
                                   George McIntosh

                                       12
<PAGE>   13

                                Exhibit A to
                          Registration Rights Agreement

        Name of Holder                              Number of Shares Owned
        --------------                              ----------------------

        1.     Langdon Flowers, Jr.                 196,520 PLUS 781,776*

        2.     Langdon Flowers, Sr.                  56,640 PLUS 344,792

        3.     George McIntosh                      146,840 PLUS   95,215

* Simultaneously with the execution hereof, 127,100 shares have been transferred
to The Community Foundation of Southwest Georgia, Inc. and 69,420 shares have
been transferred to The Community Foundation of Southwest Georgia, Inc. as
Trustee for the Langdon S. Flowers, Jr. and Amanda T. Flowers Charitable
Remainder Unitrust. Upon receipt by the Company of an undertaking that such
transferees agree to be bound by the terms and conditions of this Agreement,
such transferees shall become Holders hereunder.

                                       13

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