Document:

STOCK PLEDGE AGREEMENT

      This STOCK PLEDGE AGREEMENT (the "Pledge Agreement"), dated as of May __,
2004, is made and entered into by and between SAVON TEAM SPORTS, INC., a Utah
corporation ("Pledgor"), and EDDY GOLDWASSER ("Pledgeholder"), with reference to
the following facts:

      A. Concurrently herewith, pursuant to the terms of a Stock Purchase
Agreement, dated as of May 20, 2004 (the "Stock Purchase Agreement"), by and
among Pledgor, Pledgeholder, Debra Fine, Gail S. Goldwasser, Trustee of the Gail
S. Goldwasser and Mark Chatinsky Family Trust and Small World Toys, a California
corporation (the "Company"), Pledgor is acquiring all of the issued and
outstanding common stock of the Company. In connection therewith and in partial
payment for such shares, Pledgor is issuing to Pledgeholder a promissory note in
the principal amount of $500,000 (the "Six Month Note"), a promissory note in
the principal amount of $1,000,000 (the "Seven Month Note") and a promissory
note in the principal amount of $700,000.

      C. As a condition to closing under the Stock Purchase Agreement, Pledgor
has agreed to pledge to Pledgeholder, as security for repayment of the Six Month
Note and the Seven Month Note (collectively, "the Notes"), an aggregate of 1,667
shares of the common stock of the Company on the terms and conditions set forth
herein.

      NOW, THEREFORE, in consideration of the foregoing, and for other good and
valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties, intending to be legally bound, hereby agree as
follows:

      1. SECURITY INTEREST; STOCK PLEDGE.

      (a) As security for the full and timely payment by Pledgor of the Notes
and Pledgor's performance of its obligations under the Notes (the
"Obligations"), Pledgor hereby pledges and grants to Pledgeholder a lien on and
a continuing security interest in (i) 1,667 shares of the Common Stock of the
Company owned beneficially or of record by Pledgor (the "Pledged Stock") and
(ii) all proceeds of the foregoing, including any and all dividends, cash,
instruments, and other property from time to time received, receivable or
otherwise distributed in respect of or in exchange for any of the foregoing and
any and all replacements thereof or substitutions therefor (the "Proceeds")(all
of the items described in clauses (i) and (ii) of this clause (a), are
collectively referred to as the "Collateral"). Concurrently herewith, Pledgor
has delivered to Pledgeholder a stock certificate representing the Pledged Stock
together with an assignment separate from the certificate, executed in blank by
Pledgor with signature guaranteed by a bank or broker.

      (b) In the event that, during the term of this Agreement, there is any
reclassification, readjustment, or other change in the capital structure of the
Company or the issuance to Pledgor of any additional shares of the capital stock
of the Company or there is any stock split or stock dividend effected, declared
or paid on any of the Collateral, then all new, substitute and/or additional
shares, issued or issuable to Pledgor with respect to the Collateral shall be

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deemed to be Collateral hereunder and shall be delivered to and held by
Pledgeholders under the terms of this Agreement in the same manner as the
Collateral originally pledged hereunder.

      (c) Until the occurrence of an Event of Default as defined in Section 5
below, Pledgor shall be entitled to exercise all voting and consensual rights
pertaining to the Pledged Stock and to give consents, waivers, approvals, and
ratifications in respect of the Pledged Stock, and to exercise and enjoy all
other incidents of ownership of the Pledged Stock to the extent permitted under
applicable law, provided, however, that Pledgor shall not exercise or refrain
from exercising such rights if such action would (i) conflict with any provision
of this Agreement or the Notes or (ii) impair the value of any of the Collateral
or the rights or interests of Pledgeholder.

      2. DUTIES OF PLEDGEHOLDER. Pledgeholder, as a secured party, shall take
such reasonable care with the Collateral. The powers of Pledgeholder hereunder
are solely to protect his interest in the Collateral and shall not impose any
duty upon Pledgeholder to exercise any of such powers.

      3. DUTIES OF PLEDGOR. Pledgor's duty to perform and observe the agreements
and covenants on its part contained herein shall be absolute and unconditional,
except as expressly provided herein.

      4. REPRESENTATIONS, WARRANTIES AND COVENANTS OF PLEDGOR.

      (a) Pledgor hereby represents and warrants to Pledgeholder as follows:

            (i) Except for restrictions created hereby and restrictions under
applicable state, federal or other securities laws, there are no restrictions
upon the transfer of any of the items of Collateral which Pledgor beneficially
owns or in which Pledgor has any right or interest and Pledgor has the right and
authority to pledge and grant a lien in each and all of items of the Collateral.
All of the Pledged Stock is free from all liens, claims, encumbrances, options,
purchase money or other security interests or other charge or rights of any
person or entity of any kind whatsoever ("Liens").

            (ii) No consent of any other person or party, no consent, license,
permit, approval or authorization of, exemption by notice or report to, or
registration, filing, declaration with any governmental authority or regulatory
body, foreign or domestic, is required either (A) for the grant of the security
interests by Pledgor or for the execution, delivery or performance of this
Agreement by Pledgor, (B) for the perfection or exercise by Pledgeholder of his
rights and remedies hereunder or (C) in an Event of Default(as defined
hereunder) for the exercise by Pledgeholder of the voting or other rights
provided for in this Agreement or the remedies provided hereunder in respect of
the Collateral.

            (iii) The Pledgor is the legal and beneficial owner of the Pledged
Stock and has full power, authority and legal right to execute, deliver and
perform its obligations under this Agreement and to pledge all of its rights,
title and interest in and to the shares of the Pledged Stock.

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            (iv) This Agreement creates a valid security interest in the
Collateral in favor of Pledgeholder securing the Obligations, which security
interest has been perfected and is prior to any and all Liens. None of the
Collateral constitutes "margin stock" as that term is used in Regulations G, T,
U or X of the Board of Governors of the Federal Reserve System. This Agreement
constitutes a legal, valid and binding obligation, enforceable against Pledgor
in accordance with its terms, except as limited by applicable bankruptcy,
insolvency, moratorium, reorganization or other laws affecting creditors' rights
and remedies general or public policy.

      (b) The Pledged Stock has been duly and validly issued and is fully paid
and non-assessable and no options, warrants or other rights to acquire any
securities of the Company have been issued or granted.

      (c) Without the prior written consent of Pledgeholder, which consent may
be withheld in the sole discretion of Pledgeholder, (i) Pledgor will not allow
the Company to issue additional shares of its equity securities, any securities
convertible into or exchangeable for any equity securities of the Company or any
options, warrants or other similar rights to acquire any of the equity
securities of the Company; and (ii) Pledgor will not sell, transfer, assign or
otherwise dispose of any or all of the Collateral or any interest therein
(voluntarily or involuntarily, by operation of law or otherwise).

      (d) If Pledgor receives any payment or property which it is not entitled
to retain pursuant to the terms of this Agreement, such payment or property
shall be received in trust for Pledgeholder, shall be segregated from other
funds and property of Pledgor and shall immediately be delivered over to
Pledgeholder.

      (e) Pledgor hereby irrevocably appoints Pledgeholder, with full power of
substitution, as Pledgor's attorney-in-fact, with full authority in the place
and stead of Pledgor and in the name of Pledgor or otherwise, from time to time
in the Pledgeholder's discretion, to take any action and to execute any
instruments with Pledgeholder deems necessary or advisable to accomplish the
purposes of this Agreement.

      5. REMEDIES UPON DEFAULT.

      (a) The occurrence of any one or more of the following events shall
constitute an "Event of Default" under this Agreement:

            (i) The breach by Pledgor of any representation, warranty or any
material covenant contained in this Agreement.

            (ii) There occurs any "Event of Default" as defined in the Notes.

      (b) During the continuance of an Event of Default hereunder, Pledgeholder
shall have the right to do any one or more of the following:

            (i) Declare all Obligations secured hereby immediately due and
payable; and

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            (ii) Utilize any and all such other rights and remedies to which a
secured creditor may be entitled at law or in equity.

      (c) In addition to the foregoing, upon an Event of Default, Pledgeholder
shall have the right to vote the Pledged Stock, whether at any meetings of
holders of securities of the Company or by written consent, which right shall be
exercised, if at all, by giving written notice thereof to the Company, and the
Company shall be entitled to rely on such notice without further notice or
investigation. Once such notice is provided to the Company, Pledgeholder shall
be treated in all respects as the holder of such Pledged Stock and shall be
entitled to all rights of a holder thereof, including without limitation receipt
of all notices or other information provided to holders of common stock or other
securities of the Company, all inspection rights to which holders of common
stock or other securities of the Company are entitled and the right to receive
dividends and other distributions.

      (d) The rights and remedies available to Pledgeholder shall be cumulative
and not exclusive of any other right or remedy available hereunder, at law or in
equity. The exercise (partial or otherwise) of one or more of such rights or
remedies shall not impair Pledgeholder's right to exercise any other or further
right or remedy hereunder or at law or in equity. No failure or delay by Pledgor
in exercising any right or remedy hereunder shall operate as a waiver thereof.

      6. TERMINATION OF PLEDGE. This Agreement creates a continuing security
interest in the Collateral and this Agreement and the security interest granted
hereby shall continue in full force and effect until all of the Obligations have
been satisfied and paid in full (subject to reinstatement if at any time payment
of any of the Obligations is voided, rescinded or otherwise must be returned by
Pledgeholder for any reason), at which time the security interest granted
hereunder shall terminate (subject to such reinstatement). Promptly following
the receipt of written notice that the Obligations have been satisfied and paid
in full, then, at Pledgor's expense, Pledgeholder shall return any certificates
in his possession or under his control, representing the Pledged Stock (and any
other items of Collateral in Pledgeholder's possession or control) and take such
further action (at Pledgor's expense) as Pledgor may reasonably request to
reflect the termination of this Agreement and the security interests created
hereby. 7. ASSIGNMENT. The rights and obligations of Pledgor hereunder are not
assignable by Pledgor. Subject to the preceding sentence, this Agreement shall
inure to the benefit of and be binding upon the parties hereto and their
respective heirs, successors and assigns.

      8. NO CONTINUING WAIVER. The waiver of any Event of Default hereunder
shall not constitute a continuing waiver or a waiver of any subsequent Event of
Default.

      9. NOTICE. All notices and other communications under this Agreement shall
be in writing and shall be deemed to have been duly given only if done in one or
more of the following ways: (i) on the day of delivery if delivered personally,
(ii) two days after the date of mailing if mailed by registered or certified
first class mail, postage prepaid, (iii) the next business day following deposit
with an overnight air courier service which guarantees next day delivery, or

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(iv) when sent by facsimile (with a copy simultaneously sent by registered or
certified mail return receipt requested), to the other party at the following
address (or to such person or persons or such other address or addresses as a
party may specify by notice pursuant to this provision):

            If to Pledgeholder:

                  Eddy Goldwasser
                  555  14th Street
                  Santa Monica, California 90402

            With a copy to:

                  Reed Smith LLP
                  1901 Avenue of the Stars, Suite 700
                  Los Angeles, California 90067
                  Attention: Irwin G. Barnet, Esq.
                  Facsimile: (310) 734-5299

            If to Pledgor:

                  Savon Team Sports, Inc.
                  c/o Small World Toys
                  5711 Buckingham Parkway
                  Culver City, California 90230-6515
                  Facsimile: (310) 258-1177

            With a copy to:

                  Loeb & Loeb LLP
                  10100 Santa Monica Boulevard
                  Suite 2200
                  Los Angeles, CA 90006
                  Attention: David L. Ficksman, Esq.
                  Facsimile: (310) 282-2200

      10. SEVERABILITY. If any provision of this Agreement or the application
thereof to any person or circumstance shall be held invalid or unenforceable to
any extent, the remainder of this Agreement and the application of any such
provision to other persons or circumstances shall not be affected thereby and
shall be enforced to the greatest extent permitted by law.

      11. INTERPRETATION OF DOCUMENT. The parties hereto acknowledge and agree
that this Agreement has been negotiated at arms' length and between parties
equally sophisticated and knowledgeable in the matters dealt with in this
Agreement. Each party has had access to counsel of their selection. Accordingly,
any rule of law, court decision or other legal precedent that would require
interpretation of any ambiguities in this Agreement against the party that has
drafted it is not applicable and is waived.

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      12. GOVERNING LAW; VENUE. This Agreement shall be governed by the
procedural and substantive laws of the State of California without regard to
conflict of law principles. The parties agree that any legal action or
proceeding with respect to this Agreement may be brought exclusively in courts
located in Los Angeles County in the State of California.

      13. ARBITRATION AND ATTORNEYS' FEES AND COSTS. Any and all disputes,
claims or controversies arising out of or relating to this Agreement that are
not resolved by mutual agreement of the parties hereto will be submitted to
final and binding arbitration before JAMS/ENDISPUTE, or its successor. Either
party may commence the arbitration process called for in this Agreement by
filing a written demand for arbitration with JAMS/ENDISPUTE, with a copy to the
other party. The arbitration will be conducted in accordance with the provisions
of this Agreement and JAMS/ENDISPUTE's Comprehensive Arbitration Rules and
Procedures ("Arbitration Rules") in effect at the time of filing of the demand
for arbitration, and California Code of Civil Procedure Section 1282, et. seq.
(the "Code of Civil Procedure"), as amended, and all other California procedural
and substantive law. Specifically, Section 1283.05 of the Code of Civil
Procedure shall govern the rights of discovery. To the extent there exists an
inconsistency between this Agreement, the Arbitration Rules and/or the Code of
Civil Procedure, then this Agreement, the Code of Civil Procedure and thereafter
the Arbitration Rules will apply in such order. The parties will cooperate with
JAMS/ENDISPUTE and with one another in selecting an arbitrator from
JAMS/ENDISPUTE's panel of neutrals, and in scheduling the arbitration
proceedings. In the event that the parties cannot agree on a neutral arbitrator
or do not cooperate with one another in the selection thereof, the parties
hereby authorize and direct JAMS/ENDISPUTE to appoint a neutral from its Los
Angeles panel of neutrals. The parties shall participate in the arbitration in
good faith, and they shall initially share equally in its costs, unless
otherwise required by law; provided, however, the prevailing party is entitled
to reimbursement of all attorneys' fees, expenses, and costs of arbitration as
described below. Notwithstanding anything to the contrary provided in the
Arbitration Rules, the arbitrator shall issue a reasoned award with supporting
facts and law. The reasoned award shall will be final and non-appealable, except
as provided by California law. The provisions of this Section may be enforced by
any court of competent jurisdiction, as limited by this Agreement, and the
prevailing party in such arbitration and court action shall be awarded all
costs, fees, expenses, expert witness fees and attorneys' fees, all of the
foregoing to be paid by the non-prevailing party. Notwithstanding the foregoing,
a party may seek injunctive relief in a court of competent jurisdiction in
connection with any arbitration. Any arbitration hereunder shall take place in
the County of Los Angeles, California.

      14. AMENDMENTS. This Agreement, and any provision hereof, may be amended
or waived only by an instrument in writing executed by each of Pledgor and
Pledgeholder. No electronic record or electronic signature (other than
telephonic facsimile) shall be deemed to be a writing so as to satisfy any
requirement under this Agreement Note that any amendment, waiver, notice or
other instrument under or pursuant hereto be in writing.

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      IN WITNESS WHEREOF, the parties hereto have executed this Stock Pledge
Agreement as of the date first written above.

                                    SAVON TEAM SPORTS, INC.

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

                                    --------------------------------------------
                                    Eddy Goldwasser

                                       7Exhibit 4.3

                        REGISTRATION RIGHTS AGREEMENT

      Registration  Rights Agreement dated as of May 20, 2004 (this "Agreement")
by and between Savon Team Sports, Inc., a Utah corporation (the "Company"),  and
Russell Fine and Debra Fine, as trustees of the Fine Family Trust  ("Trustees"),
SWT Investments,  LLC, a California  limited liability company ("SWT"),  Phoenix
Capital Opportunity Fund, LP, a Florida limited partnership  ("Phoenix"),  David
L. Ficksman and Maxine B. Ficksman, as trustees of the Ficksman Family Trust and
David Marshall,  Inc., a California  corporation  ("Marshall")  (Trustees,  SBI,
Phoenix  and  Marshall,   collectively,  the  "Sellers"),   (collectively,   the
"Investors"), with reference to the following:

      A. The Company has issued to the Investors 45,313,750 shares of its common
stock,  par value $0.001 per share (the "Common Stock") pursuant to that certain
Exchange Agreement  ("Exchange  Agreement") dated as of May 20, 2004 between the
Company and Investors and the Investors acquired 5,530,000 share of Common Stock
pursuant to the terms of a Stock Purchase Agreement,  dated May 20, 2004, by and
among the Investors and Mitchell Ruben (the "Stock Purchase  Agreement" together
with the Exchange Agreement, "Investor Agreements").

      B. The  Company  has agreed to provide  certain  Registration  Rights with
respect to the Common Stock issuable to Investors.

      NOW, THEREFORE,  in consideration of the premises and the mutual covenants
contained  herein,  the parties  hereto,  intending to be legally bound,  hereby
agree as follows:

      1. DEFINITIONS.

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

                  (1) "Affiliate" of any specified Person means any other Person
who directly,  or indirectly through one or more  intermediaries,  is in control
of, is controlled  by, or is under common control with,  such specified  Person.
For purposes of this definition,  control of a Person means the power,  directly
or  indirectly,  to direct or cause the direction of the management and policies
of such Person whether by contract, securities,  ownership or otherwise; and the
terms "controlling" and "controlled" have the respective meanings correlative to
the foregoing.

                  (2) "Commission" means the Securities and Exchange Commission.

                  (3) "Exchange Act" means the Securities  Exchange Act of 1934,
as amended, and the rules and regulations of the Commission  thereunder,  or any
similar successor statute.

                  (4) "Holders" means Investor and any transferee or assignee of
Registrable Securities which agrees to become bound

<PAGE>

                  (5) "Person" means any individual,  partnership,  corporation,
limited   liability   company,   joint  stock   company,   association,   trust,
unincorporated organization,  or a government or agency or political subdivision
thereof.

                  (6)  "Prospectus"  means the  prospectus  (including,  without
limitation,  any preliminary  prospectus and any final prospectus filed pursuant
to Rule 424(b) under the Securities Act, including any prospectus that discloses
information  previously  omitted from a prospectus filed as part of an effective
registration  statement  in  reliance  on Rule 430A  under the  Securities  Act)
included  in the  Registration  Statement,  as  amended or  supplemented  by any
prospectus  supplement  with respect to the terms of the offering of any portion
of the Registrable  Securities covered by the Registration  Statement and by all
other  amendments  and  supplements to such  prospectus,  including all material
incorporated  by reference in such  prospectus and all documents filed after the
date of such  prospectus by the Company under the Exchange Act and  incorporated
by reference therein.

                  (7)  "Public  Offering"  means  an offer  registered  with the
Commission and the appropriate  state  securities  commissions by the Company of
its Common Stock and made pursuant to the Securities Act.

                  (8) "Registrable  Securities" means the shares of Common Stock
issuable to Investor upon conversion of the Common Stock;  provided,  however, a
share of Common Stock shall cease to be a  Registrable  Security for purposes of
this Agreement when it no longer is a Restricted Security.

                  (9) "Registration Statement" means a registration statement of
the Company filed on an appropriate  form under the Securities Act providing for
the  registration  of,  and the sale on a  continuous  or  delayed  basis by the
holders  of, all of the  Registrable  Securities  pursuant to Rule 415 under the
Securities Act,  including the Prospectus  contained  therein and forming a part
thereof,  any amendments to such registration  statement and supplements to such
Prospectus,  and all exhibits to and other material incorporated by reference in
such registration statement and Prospectus.

                  (10)  "Restricted  Security"  means any share of Common  Stock
except any such  share that (i) has been  registered  pursuant  to an  effective
registration   statement   under  the  Securities  Act  and  sold  in  a  manner
contemplated by the prospectus included in such registration statement, (ii) has
been transferred in compliance with the resale  provisions of Rule 144 under the
Securities Act (or any successor provision thereto) or is transferable  pursuant
to  paragraph  (k) of Rule  144  under  the  Securities  Act  (or any  successor
provision  thereto) or (iii)  otherwise has been  transferred and a new share of
Common Stock not subject to transfer  restrictions  under the Securities Act has
been delivered by or on behalf of the Company.

                  (11)  "Securities  Act" means the  Securities  Act of 1933, as
amended,  and the rules and  regulations  of the Commission  thereunder,  or any
similar successor statute.

      2. REGISTRATION RIGHTS.

                        (i) If  the  Company  proposes  to  register  any of its
warrants,  Common Stock or any other shares of common stock of the Company under
the  Securities  Act (other  than a  registration  (A) on Form S-8 or S-4 or any

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successor or similar forms,  (B) relating to Common Stock or any other shares of
common stock of the Company  issuable upon exercise of employee share options or
in connection with any employee benefit or similar plan of the Company or (C) in
connection  with a direct or  indirect  acquisition  by the  Company  of another
Person or any  transaction  with  respect  to which  Rule 145 (or any  successor
provision)  under the Securities  Act applies),  whether or not for sale for its
own account, it will each such time, give prompt written notice at least 20 days
prior to the anticipated  filing date of the registration  statement relating to
such  registration  to each Holder,  which notice shall set forth such  Holder's
rights under this Section  2(A) and shall offer such Holder the  opportunity  to
include in such registration  statement such number of Registrable Securities as
such Holder may request.  Upon the written  request of any Holder made within 10
days after the receipt of notice from the Company  (which  request shall specify
the number of Registrable Securities intended to be disposed of by such Holder),
the  Company  will use its best  efforts  to effect the  registration  under the
Securities  Act of all  Registrable  Securities  that  the  Company  has been so
requested  to register by each  Holder,  to the extent  requisite  to permit the
disposition  of  the  Registrable  Securities  so  to be  registered;  provided,
however, that (A) if such registration  involves a Public Offering,  each Holder
must sell its Registrable Securities to any underwriters selected by the Company
with the consent of such Holder on the same terms and conditions as apply to the
Company and (B) if, at any time after giving  written notice of its intention to
register any Registrable  Securities pursuant to this Section 2 and prior to the
effective  date of the  registration  statement  filed in  connection  with such
registration,  the Company  shall  determine for any reason not to register such
Registrable  Securities,  the Company  shall give written  notice to each Holder
and, thereupon,  shall be relieved of its obligation to register any Registrable
Securities in connection with such registration.

                        (ii) If a  registration  pursuant to this  Section  2(A)
involves a Public  Offering and the  managing  underwriter  thereof  advises the
Company that, in its view, the number of shares of Common Stock that the Company
and the  Holders  intend to include in such  registration  exceeds  the  largest
number of shares of Common  Stock  that can be sold  without  having an  adverse
effect on such Public Offering (the "Maximum  Offering Size"),  the Company will
include in such  registration only such number of shares of Common Stock as does
not exceed the Maximum  Offering  Size,  and the number of shares in the Maximum
Offering  Size shall be allocated  among the Company,  the Holders and any other
sellers of Common Stock in such Public Offering ("Third-Party Sellers"),  first,
to the Company  until all the shares of Common Stock  originally  proposed to be
offered for sale by the Company have been  allocated,  second,  if the filing of
the  Registration  Statement was made upon the demand of any Third Party Seller,
then pro rata among  such Third  Party  Sellers,  and third,  pro rata among the
Holders  and any  other  Third-Party  Sellers,  in each case on the basis of the
relative number of shares of Common Stock originally  proposed to be offered for
sale under such registration by each of the Holders and the Third-Party Sellers,
as the case may be. If as a result of the  proration  provisions of this Section
2(A)(ii),  any Holder is not entitled to include all such Registrable Securities
in such  registration,  such Holder may elect to withdraw its request to include
any Registrable  Securities in such registration.  With respect to registrations
pursuant to this Section 2(A), the number of securities  required to satisfy any
underwriters'  over-allotment  option shall be allocated among the Company,  the
Holders and any Third Party Seller pro rata on the basis of the relative  number
of securities  offered for sale under such  registration by each of the Holders,
the  Company  and any such  Third  Party  Sellers  before the  exercise  of such
over-allotment option.

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<PAGE>

      3. OBLIGATIONS OF THE COMPANY.

      In connection with the  registration of the  Registrable  Securities,  the
Company  shall:

            (A)  Promptly  (i)  prepare  and  file  with  the  Commission   such
amendments (including  post-effective  amendments) to the Registration Statement
and  supplements to the Prospectus as may be necessary to keep the  Registration
Statement  continuously  effective and in compliance  with the provisions of the
Securities  Act applicable  thereto so as to permit the Prospectus  forming part
thereof to be current  and  useable by Holders  for  resales of the  Registrable
Securities for a period of one (1) year from the date on which the  Registration
Statement is first declared  effective by the Commission (the "Effective  Time")
or such shorter period that will terminate when all the  Registrable  Securities
covered  by the  Registration  Statement  have been  sold  pursuant  thereto  in
accordance with the plan of distribution provided in the Prospectus, transferred
pursuant to Rule 144 under the  Securities  Act or  otherwise  transferred  in a
manner that  results in the delivery of new  securities  not subject to transfer
restrictions under the Securities Act (the "Registration  Period") and (ii) take
all  lawful  action  such that each of (A) the  Registration  Statement  and any
amendment  thereto  does  not,  when it  becomes  effective,  contain  an untrue
statement  of a material  fact or omit to state a material  fact  required to be
stated therein or necessary to make the statements  therein,  not misleading and
(B) the Prospectus forming part of the Registration Statement, and any amendment
or  supplement  thereto,  does not at any time  during the  Registration  Period
include an untrue  statement of a material fact or omit to state a material fact
required to be stated  therein or necessary to make the statements  therein,  in
light of the circumstances under which they were made, not misleading;

            (B) During the  Registration  Period,  comply with the provisions of
the  Securities  Act with respect to the  Registrable  Securities of the Company
covered by the Registration Statement until such time as all of such Registrable
Securities  have been  disposed of in  accordance  with the intended  methods of
disposition  by the Holders as set forth in the  Prospectus  forming part of the
Registration Statement;

            (C) (i) Prior to the filing with the Commission of any  Registration
Statement (including any amendments thereto) and the distribution or delivery of
any Prospectus  (including any  supplements  thereto),  provide (A) draft copies
thereof to the Holders and reflect in such  documents  all such  comments as the
Holders (and their counsel) reasonably may propose and (B) to the Holders a copy
of the accountant's consent letter to be included in the filing and (ii) furnish
to each Holder whose  Registrable  Securities  are included in the  Registration
Statement and its legal counsel  identified to the Company,  (A) promptly  after
the same is prepared and publicly  distributed,  filed with the  Commission,  or
received  by  the  Company,  one  copy  of  the  Registration  Statement,   each
Prospectus,  and each  amendment  or  supplement  thereto and (B) such number of
copies of the Prospectus and all  amendments  and  supplements  thereto and such
other  documents,  as such Holder may reasonably  request in order to facilitate
the disposition of the Registrable Securities owned by such Holder;

            (D) (i) Register or qualify the  Registrable  Securities  covered by
the  Registration  Statement  under such  securities  or "blue sky" laws of such
jurisdictions as the Holders who hold a majority-in-interest  of the Registrable
Securities  being  offered  reasonably  request,  (ii)  prepare and file in such
jurisdictions  such  amendments   (including   post-effective   amendments)  and

                                       4
<PAGE>

supplements  to such  registrations  and  qualifications  as may be necessary to
maintain the effectiveness  thereof at all times during the Registration Period,
(iii) take all such other lawful  actions as may be  necessary to maintain  such
registrations and  qualifications in effect at all times during the Registration
Period and (iv) take all such  other  lawful  actions  reasonably  necessary  or
advisable to qualify the Registrable  Securities for sale in such jurisdictions;
provided,  however,  that  the  Company  shall  not be  required  in  connection
therewith  or as a  condition  thereto  to (A)  qualify  to do  business  in any
jurisdiction  where it would not  otherwise  be required to qualify but for this
Section 3(D), (B) subject itself to general taxation in any such jurisdiction or
(C) file a general consent to service of process in any such jurisdiction;

            (E) As promptly as  practicable  after becoming aware of such event,
notify  each  Holder of the  occurrence  of any event,  as a result of which the
Prospectus included in the 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,  in
light of the  circumstances  under  which they were made,  not  misleading,  and
promptly  prepare an amendment to the  Registration  Statement and supplement to
the  Prospectus  to correct such untrue  statement  or  omission,  and deliver a
number of copies of such  supplement and amendment to each Holder as such Holder
may reasonably request;

            (F) As promptly as  practicable  after becoming aware of such event,
notify each Holder who holds Registrable Securities being sold (or, in the event
of an underwritten  offering,  the managing underwriters) of the issuance by the
Commission  of any stop order or other  suspension of the  effectiveness  of the
Registration  Statement at the earliest possible time and take all lawful action
to effect  the  withdrawal,  recession  or  removal  of such stop order or other
suspension;

            (G) Cause all the Registrable Securities covered by the Registration
Statement  to be listed  on the  principal  national  securities  exchange,  and
included in an inter-dealer quotation system of a registered national securities
association, on or in which securities of the same class or series issued by the
Company are then listed or included;

            (H) Maintain a transfer agent and  registrar,  which may be a single
entity, for the Registrable  Securities not later than the effective date of the
Registration Statement;

            (I) Cooperate with the Holders who hold Registrable Securities being
offered to facilitate the timely  preparation and delivery of  certificates  for
the Registrable  Securities to be offered pursuant to the registration statement
and  enable  such  certificates  for the  Registrable  Securities  to be in such
denominations  or  amounts,  as the case may be, as the Holders  reasonably  may
request and  registered  in such names as the Holder may  request;  and,  within
three  (3)  business  days  after  a  registration   statement   which  includes
Registrable  Securities  is declared  effective by the  Commission,  deliver and
cause legal counsel selected by the Company to deliver to the transfer agent for
the  Registrable  Securities  (with  copies  to the  Holders  whose  Registrable
Securities  are  included  in  such   registration   statement)  an  appropriate
instruction and, to the extent necessary, an opinion of such counsel;

            (J) Take all such  other  lawful  actions  reasonably  necessary  to
expedite and  facilitate  the  disposition  by the Holders of their  Registrable
Securities  in accordance  with the intended  methods  therefor  provided in the
Prospectus which are customary under the circumstances;

                                       5
<PAGE>

            (K) Make  generally  available  to its  security  holders as soon as
practicable,  but in any event not later  than  three (3)  months  after (i) the
effective  date (as  defined in Rule  158(c)  under the  Securities  Act) of the
Registration  Statement  and  (ii)  the  effective  date of each  post-effective
amendment  to the  Registration  Statement,  as the  case  may be,  an  earnings
statement of the Company and its  subsidiaries  complying with Section 11 (a) of
the  Securities Act and the rules and  regulations of the Commission  thereunder
(including, at the option of the Company, Rule 158);

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

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

            (N)  In  connection  with  any  underwritten  offering,   make  such
representations and warranties to the Holders participating in such underwritten
offering and to the managers,  in form,  substance and scope as are  customarily
made by the Company to underwriters in secondary underwritten offerings;

                                       6
<PAGE>

            (O) In connection with any underwritten offering, obtain opinions of
counsel  to the  Company  (which  counsel  and  opinions  (in  form,  scope  and
substance)  shall be reasonably  satisfactory to the managers)  addressed to the
underwriters,  covering  such  matters as are  customarily  covered in  opinions
requested in secondary  underwritten offerings (it being agreed that the matters
to be covered by such opinions shall include, without limitation, as of the date
of the opinion and as of the  Effective  Time of the  Registration  Statement or
most recent  post-effective  amendment thereto,  as the case may be, the absence
from the  Registration  Statement  and the  Prospectus,  including any documents
incorporated by reference therein,  of an untrue statement of a material fact or
the omission of a material  fact  required to be stated  therein or necessary to
make the  statements  therein  (in the case of the  Prospectus,  in light of the
circumstances  under which they were made) not misleading,  subject to customary
limitations);

            (P) In  connection  with any  underwritten  offering,  obtain  "cold
comfort" letters and updates thereof from the independent  public accountants of
the Company (and, if necessary,  from the independent  public accountants of any
subsidiary  of the Company or of any business  acquired by the Company,  in each
case for which  financial  statements and financial data are, or are required to
be,  included in the  Registration  Statement),  addressed  to each  underwriter
participating  in such  underwritten  offering (if such underwriter has provided
such letter,  representations  or documentation,  if any, required for such cold
comfort  letter to be so addressed),  in customary form and covering  matters of
the type  customarily  covered  in "cold  comfort"  letters in  connection  with
secondary underwritten offerings;

            (Q) In  connection  with any  underwritten  offering,  deliver  such
documents and  certificates  as may be reasonably  required by the managers,  if
any, and

            (R) In  the  event  that  any  broker-dealer  registered  under  the
Exchange Act shall be an "Affiliate" (as defined in Rule 2729(b)(1) of the rules
and  regulations of the National  Association of Securities  Dealers,  Inc. (the
"NASD  Rules") (or any  successor  provision  thereto))  of the Company or has a
"conflict of interest" (as defined in Rule  2720(b)(7) of the NASD Rules (or any
successor   provision   thereto))  and  such  broker-dealer   shall  underwrite,
participate as a member of an underwriting  syndicate or selling group or assist
in the  distribution of any Registrable  Securities  covered by the Registration
Statement,  whether  as a  holder  of  such  Registrable  Securities  or  as  an
underwriter,  a  placement  or sales  agent or a broker  or  dealer  in  respect
thereof, or otherwise,  the Company shall assist such broker-dealer in complying
with the requirements of the NASD Rules, including,  without limitation,  by (A)
engaging a "qualified  independent  underwriter" (as defined in Rule 2720(b)(15)
of the NASD Rules (or any successor  provision  thereto)) to  participate in the
preparation  of  the  Registration   Statement   relating  to  such  Registrable
Securities,  to exercise usual standards of due diligence in respect thereof and
to recommend  the public  offering  price of such  Registrable  Securities,  (B)
indemnifying  such  qualified  independent  underwriter  to  the  extent  of the
indemnification  of underwriters  provided in Section 6 hereof and (C) providing
such  information  to such  broker-dealer  as may be  required in order for such
broker-dealer to comply with the requirements of the NASD Rules.

      4. OBLIGATIONS OF THE HOLDERS.

      In connection with the  registration of the  Registrable  Securities,  the
Holders shall have the following obligations:

                                       7
<PAGE>

            (A) It shall be a  condition  precedent  to the  obligations  of the
Company to complete the registration  pursuant to this Agreement with respect to
the Registrable Securities of a particular Holder that such Holder shall furnish
to the Company such information  regarding  itself,  the Registrable  Securities
held by it and the intended method of disposition of the Registrable  Securities
held by it as shall be reasonably  required to effect the  registration  of such
Registrable  Securities and shall execute such documents in connection with such
registration as the Company may reasonably request;

            (B) Each  Holder by its  acceptance  of the  Registrable  Securities
agrees to cooperate  with the Company in  connection  with the  preparation  and
filing of the Registration Statement hereunder,  unless such Holder has notified
the  Company in  writing  of its  election  to  exclude  all of its  Registrable
Securities from the Registration Statement; and

            (C) Each Holder  agrees  that,  upon  receipt of any notice from the
Company of the  occurrence of any event of the kind described in Section 3(E) or
3(F), it shall immediately discontinue its disposition of Registrable Securities
pursuant to the  Registration  Statement  covering such  Registrable  Securities
until  such  Holder's  receipt  of the  copies of the  supplemented  or  amended
Prospectus contemplated by Section 3(E) and, if so directed by the Company, such
Holder  shall  deliver to the Company (at the expense of the Company) or destroy
(and deliver to the Company a  certificate  of  destruction)  all copies in such
Holder's  possession,  of the Prospectus  covering such  Registrable  Securities
current at the time of receipt of such notice.

            (D) In the case of an underwritten  public offering of the Company's
securities,  at the  request of the  underwriter,  each Holder will agree not to
publicly  sell that  amount  of  Registrable  Securities  as  designated  by the
underwriter  for such period (not to exceed 180 days) as also designated by such
underwriter.

      5. EXPENSES OF REGISTRATION.

      All expenses, other than underwriting discounts and commissions,  incurred
in connection with registrations,  filings or qualifications pursuant to Section
3,  but  including,   without  limitation,   all  registration,   listing,   and
qualifications fees, printing and engraving fees,  accounting fees, and the fees
and  disbursements of counsel for the Company and Holder,  shall be borne by the
Company.

      6. INDEMNIFICATION AND CONTRIBUTION.

            (A) The Company  shall  indemnify  and hold harmless each Holder and
each  underwriter,  if any,  which  facilitates  the  disposition of Registrable
Securities,  and each of their respective officers and directors and each person
who controls such Holder or underwriter  within the meaning of Section 15 of the
Securities  Act or  Section  20 of the  Exchange  Act (each  such  person  being
sometimes  hereinafter referred to as an "Indemnified  Person") from and against
any losses,  claims,  damages or  liabilities,  joint or several,  to which such
Indemnified  Person may become  subject under the  Securities  Act or otherwise,
insofar as such losses,  claims,  damages or liabilities  (or actions in respect
thereof)  arise out of or are based upon an untrue  statement or alleged  untrue
statement  of a material  fact  contained  in any  Registration  Statement or an

                                       8
<PAGE>

omission or alleged  omission to state  therein a material  fact  required to be
stated therein or necessary to make the statements therein,  not misleading,  or
arise out of or are based upon an untrue  statement or alleged untrue  statement
of a  material  fact  contained  in any  Prospectus  or an  omission  or alleged
omission  to state  therein a material  fact  required  to be stated  therein or
necessary  to make the  statements  therein,  in the light of the  circumstances
under which they were made,  not  misleading;  and the Company  hereby agrees to
reimburse such  Indemnified  Person for all reasonable  legal and other expenses
incurred by them in connection with  investigating  or defending any such action
or claim as and when such expenses are  incurred;  provided,  however,  that the
Company shall not be liable to any such  Indemnified  Person in any such case to
the extent that any such loss,  claim,  damage or liability  arises out of or is
based upon (i) an untrue  statement or alleged  untrue  statement made in, or an
omission or alleged omission from, such Registration  Statement or Prospectus in
reliance  upon and in  conformity  with  written  information  furnished  to the
Company by such Indemnified Person expressly for use therein or (ii) in the case
of the  occurrence of an event of the type specified in Section 3(E), the use by
the Indemnified Person of an outdated or defective  Prospectus after the Company
has provided to such  Indemnified  Person an updated  Prospectus  correcting the
untrue  statement or alleged  untrue  statement or omission or alleged  omission
giving rise to such loss, claim, damage or liability.

            (B) Each Holder agrees,  as a consequence of the inclusion of any of
its Registrable Securities in a Registration Statement, and each underwriter, if
any, which facilitates the disposition of Registrable Securities shall agree, as
a consequence  of  facilitating  such  disposition  of  Registrable  Securities,
severally and not jointly,  to (i) indemnify and hold harmless the Company,  its
directors  (including  any person who, with his or her consent,  is named in the
Registration  Statement as a director nominee of the Company),  its officers who
sign any  Registration  Statement  and each  person,  if any,  who  controls the
Company within the meaning of either Section 15 of the Securities Act or Section
20 of the Exchange Act,  against any losses,  claims,  damages or liabilities to
which the Company or such other persons may become subject, under the Securities
Act or otherwise,  insofar as such losses,  claims,  damages or liabilities  (or
actions in respect  thereof) arise out of or are based upon an untrue  statement
or alleged untrue  statement of a material fact  contained in such  Registration
Statement  or  Prospectus  or arise out of or are  based  upon the  omission  or
alleged  omission to state therein a material fact required to be stated therein
or necessary to make the statements therein (in light of the circumstances under
which they were made, in the case of the  Prospectus),  not misleading,  in each
case to the  extent,  but only to the  extent,  that such  untrue  statement  or
alleged  untrue  statement or omission or alleged  omission was made in reliance
upon and in conformity with written information furnished to the Company by such
holder or  underwriter  expressly for use therein;  provided,  however,  that no
Holder or underwriter  shall be liable under this Section 6(B) for any amount in
excess of the net  proceeds  paid to such  Holder or  underwriter  in respect of
shares sold by it and (ii) reimburse the Company for any legal or other expenses
incurred by the Company in connection with  investigating  or defending any such
action or claim as such expenses are incurred.  The obligations pursuant to this
subsection shall survive the transfer of the Registrable Securities.

            (C)  Promptly  after  receipt  by a  party  seeking  indemnification
pursuant to this  Section 6 (an  "Indemnified  Party") of written  notice of any
investigation,   claim,   proceeding   or  other  action  in  respect  of  which
indemnification  is being  sought  (each,  a  "Claim"),  the  Indemnified  Party
promptly  shall notify the party against whom  indemnification  pursuant to this

                                       9
<PAGE>

Section  6 is  being  sought  (the  "Indemnifying  Party")  of the  commencement
thereof;  but the omission to so notify the Indemnifying Party shall not relieve
it from any  liability  that it  otherwise  may have to the  Indemnified  Party,
except to the extent that the  Indemnifying  Party is materially  prejudiced and
forfeits  substantive  rights  and  defenses  by  reason  of  such  failure.  In
connection  with any  Claim as to which  both  the  Indemnifying  Party  and the
Indemnified  Party are  parties,  the  Indemnifying  Party  shall be entitled to
assume the defense thereof. Notwithstanding the assumption of the defense of any
Claim by the Indemnifying  Party, the Indemnified  Party shall have the right to
employ  separate  legal counsel and to participate in the defense of such Claim,
and the Indemnifying Party shall bear the reasonable fees,  out-of-pocket  costs
and expenses of such  separate  legal counsel to the  Indemnified  Party if (and
only if): (x) the  Indemnifying  Party shall have agreed to pay such fees, costs
and  expenses,  (y) the  Indemnified  Party  and the  Indemnifying  Party  shall
reasonably have concluded that  representation  of the Indemnified  Party by the
Indemnifying  Party by the same legal  counsel would not be  appropriate  due to
actual or, as reasonably  determined by legal counsel to the Indemnified  Party,
potentially  differing  interests  between  such  parties in the  conduct of the
defense  of such  Claim,  or if there  may be legal  defenses  available  to the
Indemnified  Party that are in addition to or disparate from those  available to
the Indemnifying Party or (z) the Indemnifying Party shall have failed to employ
legal  counsel  reasonably  satisfactory  to  the  Indemnified  Party  within  a
reasonable period of time after notice of the commencement of such Claim. If the
Indemnified Party employs separate legal counsel in circumstances  other than as
described in clauses (x), (y) or (z) above, the fees, costs and expenses of such
legal counsel shall be born  exclusively  by the  Indemnified  Party.  Except as
provided above, the  Indemnifying  Party shall not, in connection with any Claim
in the same  jurisdiction,  be liable for the fees and expenses of more than one
firm of counsel for the  Indemnified  Party  (together  with  appropriate  local
counsel).  The Indemnified Party shall not, without the prior written consent of
the  Indemnifying  Party (which  consent  shall not  unreasonably  be withheld),
settle or compromise any Claim or consent to the entry of any judgment that does
not  include  an  unconditional  release  of the  Indemnifying  Party  from  all
liabilities with respect to such Claim or judgment.

            (D)  If  the  indemnification  provided  for in  this  Section  6 is
unavailable  to or  insufficient  to hold harmless an  Indemnified  Person under
subsection  (A) or (B)  above in  respect  of any  losses,  claims,  damages  or
liabilities  (or actions in respect  thereof)  referred  to  therein,  then each
Indemnifying  Party  shall  contribute  to the  amount  paid or  payable by such
Indemnified Party as a result of such losses, claims, damages or liabilities (or
actions in respect  thereof) in such proportion as is appropriate to reflect the
relative fault of the Indemnifying Party and the Indemnified Party in connection
with the statements or omissions which resulted in such losses,  claims, damages
or liabilities  (or actions in respect  thereof),  as well as any other relevant
equitable  considerations.  The relative  fault of such  Indemnifying  Party and
Indemnified  Party shall be  determined  by reference  to,  among other  things,
whether the untrue or alleged untrue statement of a material fact or omission or
alleged  omission to state a material  fact relates to  information  supplied by
such Indemnifying  Party or by such Indemnified Party, and the parties' relative
intent,  knowledge,  access to information and opportunity to correct or prevent
such  statement or omission.  The parties hereto agree that it would not be just
and equitable if  contribution  pursuant to this Section 6(D) were determined by
pro rata allocation (even if the Holders or any underwriters were treated as one
entity for such  purpose) or by any other  method of  allocation  which does not
take account of the equitable  considerations  referred to in this Section 6(D).
The amount  paid or payable by an  Indemnified  Party as a result of the losses,

                                       10
<PAGE>

claims, damages or liabilities (or actions in respect thereof) referred to above
shall be  deemed  to  include  any legal or other  fees or  expenses  reasonably
incurred by such Indemnified Party in connection with investigating or defending
any such  action or  claim.  No person  guilty of  fraudulent  misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution   from  any  person   who  was  not   guilty  of  such   fraudulent
misrepresentation.  The obligations of the Holders and any  underwriters in this
Section 6(D) to contribute  shall be several in proportion to the  percentage of
Registrable  Securities registered or underwritten,  as the case may be, by them
and not joint.

            (E)  Notwithstanding  any other  provision  of this Section 6, in no
event  shall any (i) Holder be  required to  undertake  liability  to any person
under  this  Section 6 for any  amounts  in excess of the  dollar  amount of the
proceeds  to be  received  by  such  Holder  from  the  sale  of  such  Holder's
Registrable  Securities  (after  deducting any fees,  discounts and  commissions
applicable  thereto)  pursuant to any  Registration  Statement  under which such
Registrable  Securities  are to be registered  under the Securities Act and (ii)
underwriter be required to undertake  liability to any Person  hereunder for any
amounts in excess of the aggregate  discount,  commission or other  compensation
payable  to  such  underwriter  with  respect  to  the  Registrable   Securities
underwritten by it and distributed pursuant to the Registration Statement.

            (F) The  obligations of the Company under this Section 6 shall be in
addition  to  any  liability  which  the  Company  may  otherwise  have  to  any
Indemnified  Person and the  obligations  of any  Indemnified  Person under this
Section 6 shall be in addition to any liability  which such  Indemnified  Person
may otherwise have to the Company.  The remedies  provided in this Section 6 are
not exclusive and shall not limit any rights or remedies  which may otherwise be
available to an indemnified party at law or in equity.

      7. RULE 144.

      With a view to making  available  to the Holders the  benefits of Rule 144
under  the  Securities  Act or any  other  similar  rule  or  regulation  of the
Commission  that may at any time  permit the Holders to sell  securities  of the
Company to the public without  registration  ("Rule 144"), the Company agrees to
use its best efforts to:

                  (1) Comply with the  provisions  of paragraph  (c) (1) of Rule
144 and

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

      8. ASSIGNMENT.

      The rights to have the Company register Registrable Securities pursuant to
this Agreement shall be  automatically  assigned by the Holders to any permitted
transferee of all or any portion of such Registrable  Securities only if (a) the
Holder agrees in writing with the  transferee or assignee to assign such rights,

                                       11
<PAGE>

and a copy of such  agreement is  furnished  to the Company  within a reasonable
time after such  assignment,  (b) the Company is, within a reasonable time after
such transfer or  assignment,  furnished with written notice of (i) the name and
address of such  transferee or assignee and (ii) the securities  with respect to
which  such  registration   rights  are  being  transferred  or  assigned,   (c)
immediately following such transfer or assignment, the securities so transferred
or assigned to the transferee or assignee constitute  Restricted  Securities and
(d) at or before the time the Company  received the written notice  contemplated
by clause (b) of this sentence the transferee or assignee agrees in writing with
the Company to be bound by all of the provisions contained herein.

      9. AMENDMENT AND WAIVER.

      Any provision of this Agreement may be amended and the observance  thereof
may  be  waived  (either  generally  or  in a  particular  instance  and  either
retroactively  or  prospectively),  only with the written consent of the Company
and Holders who hold a majority-in-interest of the Registrable  Securities.  Any
amendment or waiver  effected in accordance with this Section 9 shall be binding
upon each Holder and the Company.

      10. CHANGES IN COMMON STOCK.

      If, and as often as,  there are any changes in the Common  Stock by way of
stock split, stock dividend, reverse split, combination or reclassification,  or
through merger,  consolidation,  reorganization or  recapitalization,  or by any
other means,  appropriate  adjustment shall be made in the provisions hereof, as
may be required, so that the rights and privileges granted hereby shall continue
with respect to the Common Stock as so changed.

      11. MISCELLANEOUS.

            (A) A person or entity shall be deemed to be a holder of Registrable
Securities  whenever  such  person or entity  owns of  record  such  Registrable
Securities.  If  the  Company  receives  conflicting  instructions,  notices  or
elections  from  two or more  persons  or  entities  with  respect  to the  same
Registrable  Securities,  the Company shall act upon the basis of  instructions,
notice  or  election  received  from the  registered  owner of such  Registrable
Securities.

            (B) Except as may be otherwise  provided herein, any notice or other
communication  or delivery  required or permitted  hereunder shall be in writing
and  shall  be  delivered  personally,  or sent by  telecopier  machine  or by a
nationally  recognized overnight courier service, and shall be deemed given when
so delivered  personally,  or by telecopier machine or overnight courier service
as follows:

                  (1) if to the Company, to:

                        Savon Team Sports, Inc.
                        5039 South, 1075 East
                        Ogden, Utah 84403
                        Attention:  Debra Fine

                                       12
<PAGE>

                  (2) if to any Holder,  at such  address as such  Holder  shall
have provided in writing to the Company or as set forth on the signature page.

      The  Company,  or any Holder may  change the  foregoing  address by notice
given pursuant to this Section 11(C).

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

            (D)  This  Agreement   shall  be  governed  by  and  interpreted  in
accordance  with  the  laws of the  State  of  California.  Each of the  parties
consents to the  jurisdiction  of the federal  courts or the state courts of the
State of California sitting in the City of Los Angeles, California in connection
with any dispute arising under this Agreement 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.

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

            (F) This  Agreement,  constitutes  the  entire  agreement  among the
parties  hereto  with  respect  to  the  subject  matter  hereof.  There  are no
restrictions,  promises, warranties or undertakings,  other than those set forth
or  referred  to herein.  This  Agreement  supersede  all prior  agreements  and
undertakings among the parties hereto with respect to the subject matter hereof.

            (G) Subject to the requirements of Section 8 hereof,  this Agreement
shall inure to the benefit of and be binding upon the  successors and assigns of
each of the parties hereto.

            (H) All pronouns and any variations  thereof refer to the masculine,
feminine or neuter, singular or plural, as the context may require.

            (I) The headings in this Agreement are for  convenience of reference
only and shall not limit or otherwise affect the meaning thereof.

            (J) This Agreement may be executed in two (2) counterparts,  each of
which shall be deemed an original but both of which shall constitute one and the
same agreement. A facsimile transmission of this signed Agreement shall be legal
and binding on the parties hereto.

            (K) The  Company may grant to any other  party  registration  rights
which  are  superior  to or on  parity  with  the  registration  rights  granted
hereunder.

                                       13
<PAGE>

      IN WITNESS WHEREOF,  the parties hereto have duly caused this Agreement to
be executed and delivered on the date first above written.

                                    SAVON TEAM SPORTS, INC.,
                                    a Utah corporation

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

                                    SELLERS:

                                    --------------------------------------------
                                    Russell Fine, as Co-Trustee of the Fine
                                    Family Trust

                                    --------------------------------------------
                                    Debra Fine, as Co-Trustee of the Fine
                                    Family Trust

                                    SWT Investments,  LLC, a California  limited
                                    liability company:

                                    By:
                                       -----------------------------------------
                                        Name: Shelly Singhal
                                        Title: Member

                                    DAVID MARSHALL, INC.

                                    By:
                                       -----------------------------------------
                                        Name: David Marshall
                                        Title: President

                                       14
<PAGE>

                                    PHOENIX  CAPITAL  OPPORTUNITY  FUND,  LP,  a
                                    Florida limited partnership by PCOF Partners
                                    LLC, its General Partner

                                    By:
                                       -----------------------------------------
                                       Name:  Lee R.  Meier
                                       Title: Managing Director

                                    --------------------------------------------
                                    David L. Ficksman, as Co-Trustee of the
                                    Ficksman Family Trust

                                    --------------------------------------------
                                    Maxine B. Ficksman, as Co-Trustee of the
                                    Ficksman Family Trust

                                       15

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