Document:

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                                                                     Exhibit 4.3

                          REGISTRATION RIGHTS AGREEMENT

         REGISTRATION RIGHTS AGREEMENT (this "Agreement"), dated as of September
14, 1999, by and among Cyber Dialogue Inc., a Delaware corporation (the
"Company"), the parties listed on Annex A, and such other persons as may from
time to time become a party to this Agreement in accordance with Section 2.

         The Stockholders (as defined below) have requested, and the Company
has agreed to provide, registration rights with respect to the Registrable
Securities (as hereinafter defined), as set forth in this Agreement.

         In consideration of the mutual agreements contained herein and for
other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto, intending to be legally bound hereby,
agree as follows:

    Section 1. DEFINITIONS. As used in this Agreement, the following terms shall
have the following meanings:

         "Additional Demand Registration" shall have the meaning set forth in
Section 3 hereof.

         "Affiliate" of a specified person shall mean any other person directly
or indirectly controlling or controlled by or under direct or indirect common
control with such specified person. For purposes of this definition, "control,"
when used with respect to any person, means the power to direct the management
and policies of such person, directly or indirectly, whether through the
ownership of voting securities, by contract or otherwise; and the terms
"controlling" and "controlled" have meanings correlative to the foregoing.

         "Common Stock" shall mean shares of the Company's Common Stock, $.01
par value per share.

         "Demand Notice" shall have the meaning set forth in Section 3 hereof.

         "Demand Registration" shall have the meaning set forth in Section 3
hereof.

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         "Designated Investors" shall mean eCom, NIG and MV Partners, and such
other parties to this Agreement as may from time to time be designated by the
Company as a Designated Investor with the consent of Wand and the Designated
Investors.

         "eCom" shall mean eCom Partners Fund I LLC.

         "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the SEC promulgated thereunder.

         "Initial Demand Registration" shall have the meaning set forth in
Section 3 hereto.

         "Initial Public Offering" shall mean an offering to the public of
shares of Common Stock of the Company pursuant to the initial registration
thereof under the Securities Act.

         "Initial Registration Rights Agreement" shall mean the Registration
Rights Agreement dated as of July 31, 1999 among the Company and the other
parties identified therein.

         "Losses" shall have the meaning set forth in Section 8 hereof.

         "MV Partners" shall mean MV Partners L.P. III, L.P.

         "NIG" shall mean NIG-Cyber Dialogue, Ltd.

         "Person" shall mean an individual, trustee, corporation, partnership,
limited liability company, joint stock company, trust, unincorporated
association, union, business association, firm or other entity.

         "Piggyback Notice" shall have the meaning set forth in Section 4
hereof.

         "Piggyback Registration" shall have the meaning as set forth in Section
4 hereof.

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         "Proceeding" shall mean an action, claim, suit or proceeding
(including without limitation, an investigation or partial proceeding, such
as a deposition), whether commenced or threatened.

         "Prospectus" shall mean the prospectus included in any Registration
Statement (including, without limitation, a prospectus that discloses
information previously omitted from a prospectus filed as part of an effective
Registration Statement in reliance upon Rule 430A promulgated under the
Securities Act), 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 such Registration Statement, and all other amendments and
supplements to the Prospectus, including post-effective amendments, and all
material incorporated by reference or deemed to be incorporated by reference in
such Prospectus.

         "Registrable Securities" shall mean the shares of Common Stock held by
the Stockholders (including any shares of Common Stock issued or distributed by
way of dividend, stock split or other distribution in respect of such shares).
As to any particular Registrable Securities, once issued such securities shall
cease to be Registrable Securities when (x) a Registration Statement with
respect to the sale of such securities shall have become effective under the
Securities Act and such securities shall have been disposed of in accordance
with such Registration Statement, (y) they are sold pursuant to Rule 144 (or
any similar provision then in force under the Securities Act), or (z) they shall
have ceased to be outstanding.

         "Registration Statement" shall mean any registration statement of the
Company that covers any of the Registrable Securities pursuant to the provisions
of this Agreement, including the Prospectus, amendments and supplements to such
registration statement, including post-effective amendments, all exhibits and
all material incorporated by reference or deemed to be incorporated by reference
in such registration statement.

         "Rule 144" shall mean Rule 144 under the Securities Act, as such Rule
may be amended from time to time, or any similar rule or regulation hereafter
adopted by the SEC.

         "SEC" shall mean the Securities and Exchange Commission.

         "Securities Act" shall mean the Securities Act of 1933, as amended, and
the rules and regulations promulgated by the SEC thereunder.

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         "Stockholders" refers collectively to Wand, eCom, NIG, MV Partners,
each of the other parties listed on Annex A and such other persons as may
hereafter become a party to this Agreement.

         "underwritten registration or underwritten offering" shall mean a
registration in which securities of the Company are sold to an underwriter for
reoffering to the public.

         "Wand" refers collectively to Wand Equity Portfolio II, L.P., Wand
Affiliates Fund, L.P., Wand/Yankelovich Investments L.P., Wand Partners L.P. and
Wand Partners (S.C.) Inc.

    Section 2. HOLDERS OF REGISTRABLE SECURITIES. A Person is deemed to be a
holder of Registrable Securities whenever such Person owns Registrable
Securities or has a right to acquire such Registrable Securities. The Company
and the Stockholders agree that each other Person who shall hereafter become a
holder of Registrable Securities shall become a signatory to this Agreement upon
execution of an instrument in the form attached hereto as Annex B. Each
Stockholder (other than Wand) party to the Initial Registration Rights Agreement
hereby acknowledges and agrees with the Company that, immediately upon becoming
a party to this Agreement and with no further action on its part, such
Stockholder shall be deemed to be relieved of any and all obligations under, and
to have relinquished any and all rights under, the Initial Registration Rights
Agreement, and shall instead by bound solely by the terms and provisions of this
Agreement. Wand hereby acknowledges and agrees with the Company that, once all
of the other Stockholders party to the Initial Registration Rights Agreement
become a party to this Agreement, Wand shall, with no further action on its
part, be deemed to be relieved of any and all obligations under, and to have
relinquished any and all rights under, the Initial Registration Rights
Agreement, and shall instead by bound solely by the terms and provisions of this
Agreement, and the Initial Registration Rights Agreement shall thereupon become
null and void.

    Section 3. DEMAND REGISTRATION.

              (a) REQUESTS FOR REGISTRATION. At any time after the Company shall
have effected an Initial Public Offering, the holders of not less than (x)
twenty-five (25) percent of the outstanding Registrable Securities together as a
group, or (y) a majority of the Registrable Securities held by the Designated
Investors as a group, which Registrable Securities were acquired on or after the
date hereof,

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shall have the right by written notice delivered to the Company (the "Demand
Notice"), to require the Company to register (a "Demand Registration") under and
in accordance with the provisions of the Securities Act the number of
Registrable Securities requested to be so registered pursuant to the terms of
this Agreement.

         Until such time as the Company shall become eligible to use Form S-3
for the registration under the Securities Act of any of its securities, the
number of Demand Registrations pursuant to this Section 3(a) shall not exceed
two (2) for all of the holders of the Registrable Securities (the "Initial
Demand Registration"). Thereafter, one (1) Demand Registration shall become
available each year in addition to the Initial Demand Registrations provided for
in the preceding sentence (the "Additional Demand Registration") either of which
must be approved by the holders of the Registrable Securities in the same manner
specified in clause (x) or (y) in the preceding paragraph, provided, HOWEVER,
that no Demand Notice may be given with respect to such Additional Demand
Registrations prior to six months after the effective date of the immediately
preceding Demand Registration; and PROVIDED FURTHER, that no Demand Registration
shall be deemed to have occurred for purposes of this Section 3(a) if a
requested Demand Registration does not become effective or is not maintained
effective for the period required pursuant to this Section 3(a), or the amount
of Registrable Securities to be registered on behalf of the holders requesting
such Demand Registration is reduced by more than 50% pursuant to Section 3(b)
hereof, in which case the holders of Registrable Securities shall be entitled to
an additional Demand Registration in lieu thereof until such Demand Registration
is declared and maintained effective for such period.

         Within ten (10) days after receipt by the Company of a Demand Notice,
the Company shall give written notice (the "Notice") of such Demand Notice to
all other holders of Registrable Securities and shall, subject to the provisions
of Section 3(b) hereof, include in such registration all Registrable Securities
with respect to which the Company received written requests for inclusion
therein within ten (10) days after such notice is given by the Company to such
holders.

         All requests made pursuant to this Section 3 will specify the amount of
Registrable Securities to be registered and the intended methods of disposition
thereof.

         The Company shall be required to maintain the effectiveness of the
Registration Statement with respect to any Demand Registration for the lesser of

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(i) 90 days after the effective date thereof and (ii) consummation of the
distribution by the holders of the Registrable Securities included in such
Registration Statement.

         Notwithstanding the foregoing paragraph, if holders of a majority of
the then outstanding Registrable Securities requested to be included in such
registration pursuant to Section 3(a) request that such Demand Registration be
a "shelf" registration pursuant to Rule 415 under the Securities Act, and the
Company is then eligible to make such a filing, the Company shall file such
Demand Registration under Rule 415 and shall keep the Registration Statement
filed in respect thereof effective for a period which shall terminate on the
earlier of (i) 180 days from the date on which the SEC declares such
Registration Statement effective and (ii) the date on which all Registrable
Securities covered by such Registration Statement have been sold pursuant to
such Registration Statement.

              (b) PRIORITY ON DEMAND REGISTRATION. If any of the Registrable
Securities registered pursuant to a Demand Registration are to be sold in a firm
commitment underwritten offering, and the managing underwriter or underwriters
advise the holders of such securities in writing that in its opinion the total
number or dollar amount of Registrable Securities proposed to be sold in such
offering is such as to materially and adversely affect the success of such
offering, then there shall be included in such firm commitment underwritten
offering the number or dollar amount of Registrable Securities that in the
opinion of such managing underwriter can be sold, and such Registrable
Securities shall be allocated PRO RATA among the holders of Registrable
Securities on the basis of the number or dollar amount of securities owned by
each such holder participating in such offering.

              (c) POSTPONEMENT OF DEMAND REGISTRATION. The Company shall be
entitled to postpone, for a reasonable period of time not in excess of ninety
(90) days, the filing of a Registration Statement if the Company determines, in
the good faith exercise of its reasonable business judgment, that such
registration and offering could adversely affect or interfere with BONA FIDE
financing plans of the Company or would require disclosure of information, the
premature disclosure of which could adversely affect the Company or any
transaction under consideration by the Company.

    Section 4. PIGGYBACK REGISTRATION.

              (a) RIGHT TO PIGGYBACK. If the Company proposes to file a
registration statement under the Securities Act with respect to an offering of

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Common Stock (other than a registration statement (i) on Form S-4, Form S-8 or
any successor forms thereto or (ii) filed solely in connection with an exchange
offer or any employee benefit or dividend reinvestment plan), whether or not for
its own account, then the Company shall give written notice of such proposed
filing to the holders of Registrable Securities at least fifteen (15) days
before the anticipated filing date (the "Piggyback Notice"). The Piggyback
Notice shall offer such holders the opportunity to register in such registration
statement such amount of Registrable Securities as each such holder may request
(a "Piggyback Registration"). Subject to Section 5(b) hereof, the Company shall
include in each such Piggyback Registration all Registrable Securities with
respect to which the Company has received written requests for inclusion therein
within ten (10) days after notice has been given to the applicable holder. The
holders of Registrable Securities shall be permitted to withdraw all or part of
the Registrable Securities from a Piggyback Registration at any time prior to
the effective date of such Piggyback Registration. The Company shall not be
required to maintain the effectiveness of the Registration Statement beyond the
earlier to occur of (i) 180 days after the effective date thereof and (ii)
consummation of the distribution by the holders of the Registrable Securities
included in such Registration Statement.

              (b) PRIORITY ON PIGGYBACK REGISTRATIONS. The Company shall cause
the managing underwriter or underwriters of a proposed underwritten offering to
permit holders of Registrable Securities requested to be included in the
registration for such offering to include all such Registrable Securities on the
same terms and conditions as any other shares of Common Stock, if any, of the
Company included therein. Notwithstanding the foregoing, if the managing
underwriter or underwriters of such underwritten offering have informed the
Company in writing that it is their opinion that the total amount of securities
that such holders, the Company and any other Persons having rights to
participate in such registration, intend to include in such offering is such as
to materially and adversely affect the success of such offering, then the amount
of securities to be offered (i) for the account of holders of Registrable
Securities and (ii) for the account of all such other Persons (other than the
Company) shall be reduced or limited PRO RATA in proportion to the respective
dollar amounts of securities to be registered to the extent necessary to reduce
the total amount of securities to be included in such offering to the amount
recommended by such managing underwriter or underwriters.

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    Section 5. HOLD-BACK AGREEMENTS.

              (a) RESTRICTIONS ON PUBLIC SALE BY HOLDERS OF REGISTRABLE
SECURITIES. Each holder of Registrable Securities agrees, in connection with the
Initial Public Offering and in connection with any underwritten registration of
Registrable Securities filed pursuant to Section 3 or Section 4 hereof, if
requested (pursuant to a timely written notice) by the Company or the managing
underwriter or underwriters in an underwritten offering, not to effect any
public sale or distribution of any of the Company's securities (except as part
of such underwritten offering), including a sale pursuant to Rule 144, during
the 90-day period after the closing date of each underwritten offering made by
the Company or pursuant to such Registration Statement.

         The foregoing provisions shall not apply to any holder of Registrable
Securities if such holder is prevented by applicable statute or regulation from
entering into any such agreement; PROVIDED, HOWEVER, that any such holder shall
undertake in its request to participate in any such underwritten offering, not
to effect any public sale or distribution of the class of securities covered by
such Registration Statement (except as part of such underwritten offering)
during such period unless it has provided forty-five (45) days' prior written
notice of such sale or distribution to the managing underwriter or underwriters.

              (b) RESTRICTIONS ON PUBLIC SALE BY THE COMPANY. The Company agrees
that without the written consent of the managing underwriter or underwriters in
an underwritten offering of Registrable Securities covered by a Registration
Statement filed pursuant to Section 3 or Section 4 hereof, it will not effect
any public or private sale or distribution of its equity securities, including a
sale pursuant to Regulation D under the Securities Act, during the 90-day period
beginning on the closing date of each underwritten offering made pursuant to
such Registration Statement (except (w) as part of such underwritten
registration, (x) pursuant to registrations on Form S-4 or Form S-8 or any
successor form to such forms or pursuant to any unregistered offering to the
Company's employees or directors, or to employees of its subsidiaries, pursuant
to any employee benefit plan (as defined in Rule 405 under the Securities Act),
(y) in connection with an exchange offer or (z) in connection with the
acquisition of assets by the Company or its subsidiaries).

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    Section 6. REGISTRATION PROCEDURES.

         In connection with the Company's registration obligations pursuant to
Section 3 or Section 4 hereof, the Company shall effect such registration to
permit the sale of such Registrable Securities in accordance with the intended
method or methods of disposition thereof, and pursuant thereto the Company shall
as expeditiously as possible:

              (a) Prepare and file with the SEC, as soon as practicable, a
Registration Statement or Registration Statements on such form which shall be
available for the sale of the Registrable Securities by the holders thereof in
accordance with the intended method or methods of distribution thereof, and use
its best efforts to cause such Registration Statement to become effective and to
remain effective as provided herein; PROVIDED, HOWEVER, that before filing a
Registration Statement or Prospectus or any amendments or supplements thereto
(including documents that would be incorporated or deemed to be incorporated
therein by reference), the Company shall furnish or otherwise make available to
the holders of the Registrable Securities covered by such Registration
Statement, their counsel and the managing underwriters, if any, copies of all
such documents proposed to be filed, which documents will be subject to the
review of such holders, their counsel and such underwriters, if any, PROVIDED,
HOWEVER, that the Company shall not be required to deliver to such holders a
copy of any such document that has not been materially changed from a copy of
such document that was previously delivered to such holders. The Company shall
not file any such Registration Statement or Prospectus or any amendments or
supplements thereto (including such documents that, upon filing, would be
incorporated or deemed to be incorporated by reference therein) to which the
holders of a majority of the Registrable Securities covered by such Registration
Statement, their counsel, or the managing underwriters, if any, shall reasonably
object, in writing, on a timely basis, unless, in the opinion of the Company,
such filing is necessary to comply with applicable law.

              (b) Prepare and file with the SEC such amendments and
post-effective amendments to each Registration Statement as may be necessary to
keep such Registration Statement continuously effective during the period
provided herein with respect to the disposition of all securities covered by
such Registration Statement; and cause the related Prospectus to be supplemented
by any required Prospectus supplement, and as so supplemented to be filed
pursuant to Rule 424 (or any similar provisions then in force) under the
Securities Act.

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              (c) Notify the selling holders of Registrable Securities, their
counsel and the managing underwriters, if any, promptly, and (if requested by
any such Person), confirm such notice in writing, (i) when a Prospectus or any
Prospectus supplement or post-effective amendment has been filed, and, with
respect to a Registration Statement or any post-effective amendment, when the
same has become effective, (ii) of any request by the SEC or any other Federal
or state governmental authority for amendments or supplements to a Registration
Statement or related Prospectus or for additional information (provided, that
the Company shall not be required to notify the holders or their counsel of all
"comment" letters received by the Company from the SEC or to deliver copies of
such comment letters or the Company's responses thereto to the holders or their
counsel unless such letters request information from or about the holders),
(iii) of the issuance by the SEC of any stop order suspending the effectiveness
of a Registration Statement or the initiation of any proceedings for that
purpose, (iv) if at any time the representations and warranties of the Company
contained in any agreement (including any underwriting agreement) contemplated
by Section 6(n) below cease to be true and correct, (v) of the receipt by the
Company of any notification with respect to the suspension of the qualification
or exemption from qualification of any of the Registrable Securities for sale in
any jurisdiction, or the initiation or threatening of any proceeding for such
purpose, and (vi) of the happening of any event that makes any statement made
in such Registration Statement or related Prospectus or any document
incorporated or deemed to be incorporated therein by reference untrue in any
material respect or that requires the making of any changes in such Registration
Statement, Prospectus or documents so that, in the case of the Registration
Statement, it will not contain any untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary to make
the statements therein, not misleading, and that in the case of the Prospectus,
it will not contain any untrue statement of a material fact or omit to state any
material fact necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading.

              (d) Use its best efforts to obtain the withdrawal of any order
suspending the effectiveness of a Registration Statement, or the lifting of any
suspension of the qualification (or exemption from qualification) of any of the
Registrable Securities for sale in any jurisdiction.

              (e) If requested by the managing underwriters, if any, or the
holders of a majority of the holders of the then outstanding Registrable
Securities being sold in connection with an underwritten offering, promptly
include in a

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Prospectus supplement or post-effective amendment such information as the
managing underwriters, if any, and such holders may reasonably request in
order to permit the intended method of distribution of such securities and
make all required filings of such Prospectus supplement or such
post-effective amendment as soon as practicable after the Company has
received such request; PROVIDED, HOWEVER, that the Company shall not be
required to take any actions under this Section 6(e) that are not, in the
opinion of counsel for the Company, in compliance with applicable law.

              (f) Furnish to each selling holder of Registrable Securities, its
counsel and each managing underwriter, if any, without charge, at least one
conformed copy of the Registration Statement and each post-effective amendment
thereto, including financial statements (but excluding schedules, all documents
incorporated or deemed to be incorporated therein by reference, and all
exhibits, unless requested in writing by such holder, counsel or underwriter).

              (g) Deliver to each selling holder of Registrable Securities,
its counsel, and the underwriters, if any, without charge, as many copies of the
Prospectus or Prospectuses (including each form of prospectus) and each
amendment or supplement thereto as such Persons may reasonably request in
connection with the distribution of the Registrable Securities; and the Company,
subject to the last paragraph of this Section 6, hereby consents to the use of
such Prospectus and each amendment or supplement thereto by each of the selling
holders of Registrable Securities and the underwriters, if any, in connection
with the offering and sale of the Registrable Securities covered by such
Prospectus and any such amendment or supplement thereto.

              (h) Prior to any public offering of Registrable Securities, to use
its best efforts to register or qualify or cooperate with the selling holders of
Registrable Securities, the underwriters, if any, and their respective counsel
in connection with the registration or qualification (or exemption from such
registration or qualification) of such Registrable Securities for offer and sale
under the securities or "Blue Sky" laws of such jurisdictions within the United
States as any seller or underwriter reasonably requests in writing and to keep
each such registration or qualification (or exemption therefrom) effective
during the period such Registration Statement is required to be kept effective;
PROVIDED, HOWEVER, that the Company will not be required to (A) qualify
generally to do business in any jurisdiction where it is not then so qualified
or (B) take any action that would subject it to general service of process or to
taxation in any such jurisdiction where it is not then so subject.

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              (i) Cooperate with the selling holders of Registrable Securities
and the managing underwriters, if any, to facilitate the timely preparation and
delivery of certificates representing Registrable Securities to be sold, which
certificates shall be in a form eligible for deposit with The Depository Trust
Company, and enable such Registrable Securities to be in such denominations and
registered in such names as the managing underwriters, if any, or holders may
request at least two (2) business days prior to any sale of Registrable
Securities in a firm commitment public offering, but in any other such sale,
within ten (10) business days prior to having to issue the securities.

              (j) Cause the Registrable Securities covered by the Registration
Statement to be registered with or approved by such other governmental agencies
or authorities within the United States, except as may be required solely as a
consequence of the nature of such selling holder's business, in which case the
Company will cooperate in all best respects with the filing of such Registration
Statement and the granting of such approvals, as may be necessary to enable the
seller or sellers thereof or the underwriters, if any, to consummate the
disposition of such Registrable Securities.

              (k) Upon the occurrence of any event contemplated by Section
6(c)(vi) above, prepare a supplement or post-effective amendment to the
Registration Statement or a supplement to the related Prospectus or any document
incorporated or deemed to be incorporated therein by reference, or file any
other required document so that, as thereafter delivered to the purchasers of
the Registrable Securities being sold thereunder, such Prospectus will not
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, in
light of the circumstances under which they were made, not misleading.

              (l) Prior to the effective date of the Registration Statement
relating to the Registrable Securities, provide a CUSIP number for the
Registrable Securities.

              (m) Use its best efforts to cause all shares of Registrable
Securities covered by such Registration Statement to be authorized to be quoted
on the Nasdaq National Market or listed on a national securities exchange if
shares of the particular class of Registrable Securities are at that time quoted
on the Nasdaq National Market or listed on such exchange, as the case may be.

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              (n) Enter into such agreements (including an underwriting
agreement in form, scope and substance as is customary in underwritten
offerings) and take all such other actions reasonably requested by the holders
of a majority of the Registrable Securities being sold in connection therewith
(including those reasonably requested by the managing underwriters, if any) to
expedite or facilitate the disposition of such Registrable Securities, and in
such connection, whether or not an underwriting agreement is entered into and
whether or not the registration is an underwritten registration, (i) make such
representations and warranties to the holders of such Registrable Securities and
the underwriters, if any, with respect to the business of the Company and its
subsidiaries, and the Registration Statement, Prospectus and documents, if any,
incorporated or deemed to be incorporated by reference therein, in each case, in
form, substance and scope as are customarily made by issuers to underwriters in
underwritten offerings, and, if true, confirm the same if and when requested,
(ii) use its reasonable efforts to obtain opinions of counsel to the Company and
updates thereof (which counsel and opinions (in form, scope and substance) shall
be reasonably satisfactory to the managing underwriters, if any, and counsels to
the selling holders of the Registrable Securities), addressed to each selling
holder of Registrable Securities and each of the underwriters, if any, covering
the matters customarily covered in opinions requested in underwritten offerings
and such other matters as may be reasonably requested by such counsel and
underwriters, (iii) use its reasonable efforts to obtain "cold comfort" letters
and updates thereof from the independent certified public accountants of the
Company (and, if necessary, any other independent certified public accountants
of any subsidiary of the Company or of any business acquired by the Company for
which financial statements and financial data are, or are required to be,
included in the Registration Statement), addressed to each selling holder of
Registrable Securities (unless such accountants shall be prohibited from so
addressing such letters by applicable standards of the accounting profession)
and each of the underwriters, if any, such letters to be in customary form and
covering matters of the type customarily covered in "cold comfort" letters in
connection with underwritten offerings, (iv) if an underwriting agreement is
entered into, the same shall contain indemnification provisions and procedures
substantially to the effect set forth in Section 8 hereof with respect to all
parties to be indemnified pursuant to said Section and (v) deliver such
documents and certificates as may be reasonably requested by the holders of a
majority of the Registrable Securities being sold, their counsel and the
managing underwriters, if any, to evidence the continued validity of the
representations and warranties made pursuant to Section 6(n)(i) above and to
evidence compliance with any customary conditions contained in the underwriting
agreement or other agreement entered into

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by the Company. The above shall be done at each closing under such underwriting
or similar agreement, or as and to the extent required thereunder.

              (o) Make available for inspection by a representative of the
selling holders of Registrable Securities, any underwriter participating in any
such disposition of Registrable Securities, if any, and any attorneys or
accountants retained by such selling holders or underwriter, at the offices
where normally kept, during reasonable business hours, all financial and other
records, pertinent corporate documents and properties of the Company and its
subsidiaries, and cause the officers, directors and employees of the Company and
its subsidiaries to supply all information in each case reasonably requested by
any such representative, underwriter, attorney or accountant in connection with
such Registration Statement; PROVIDED, HOWEVER, that any information that is
designated by the Company in writing as confidential at the time of delivery of
such information shall be kept confidential by such Persons unless (i)
disclosure of such information is required by court or administrative order,
(ii) disclosure of such information, in the opinion of counsel to such Person,
is required by law, or (iii) such information becomes generally available to the
public other than as a result of a disclosure or failure to safeguard by such
Person. Without limiting the foregoing, no such information shall be used by
such Person as the basis for any market transactions in securities of the
Company or its subsidiaries in violation of law.

              (p) Comply with all applicable rules and regulations of the SEC
and make generally available to its securityholders earning statements
satisfying the provisions of Section 11(a) of the Securities Act and Rule 158
thereunder, or any similar rule promulgated under the Securities Act, no later
than forty-five (45) days after the end of any twelve (12) month period (or
ninety (90) days after the end of any twelve (12) month period if such period is
a fiscal year) (i) commencing at the end of any fiscal quarter in which
Registrable Securities are sold to underwriters in a firm commitment or best
efforts underwritten offering and (ii) if not sold to underwriters in such an
offering, commencing on the first day of the first fiscal quarter of the Company
after the effective date of a Registration Statement, which statements shall
cover one of said twelve (12) month periods.

         The Company may require each seller of Registrable Securities as to
which any registration is being effected to furnish to the Company such
information regarding such seller and the distribution of such Registrable
Securities as the Company may, from time to time, reasonably request in writing
and the Company may exclude from such registration the Registrable Securities of
any seller who

                                       14
<PAGE>

unreasonably fails to furnish such information within a reasonable time after
receiving such request.

         Each holder of Registrable Securities agrees by acquisition of such
Registrable Securities that, upon receipt of any notice from the Company of the
happening of any event of the kind described in Section 6(c)(ii), 6(c)(iii),
6(c)(v) or 6(c)(vi) hereof, such holder will forthwith discontinue disposition
of such Registrable Securities covered by such Registration Statement or
Prospectus until such holder's receipt of the copies of the supplemented or
amended Prospectus contemplated by Section 6(k) hereof, or until it is advised
in writing by the Company that the use of the applicable Prospectus may be
resumed, and has received copies of any additional or supplemental filings that
are incorporated or deemed to be incorporated by reference in such Prospectus.

    Section 7. REGISTRATION EXPENSES.

         All reasonable fees and expenses incident to the performance of or
compliance with this Agreement by the Company (including, without limitation,
(i) all registration and filing fees (including, without limitation, fees and
expenses (A) with respect to filings required to be made with the National
Association of Securities Dealers, Inc. and (B) of compliance with securities
or Blue Sky laws, including, without limitation, fees and disbursements of
counsel for the underwriters or selling holders in connection with Blue Sky
qualifications of the Registrable Securities pursuant to Section 6(h)), (ii)
printing expenses (including, without limitation, expenses of printing
certificates for Registrable Securities in a form eligible for deposit with The
Depository Trust Company and of printing prospectuses if the printing of
prospectuses is requested by the managing underwriters, if any, or by the
holders of a majority of the Registrable Securities included in any Registration
Statement), (iii) messenger, telephone and delivery expenses, (iv) fees and
disbursements of counsel for the Company, (v) fees and disbursements of all
independent certified public accountants referred to in Section 6(n)(iii) hereof
(including, without limitation, the expenses of any "cold comfort" letters
required by this Agreement) and (vi) the reasonable fees and disbursements of
one (1) counsel for the holders of Registrable Securities, as a group, which
counsel shall be reasonably acceptable to the Company shall be borne by the
Company whether or not any of the Registration Statements is filed or becomes
effective. In addition, the Company shall pay its internal expenses (including,
without limitation, all salaries and expenses of its officers and employees
performing legal or accounting duties), the expense of any annual audit, the
fees and expenses incurred in connection with

                                       15
<PAGE>

the listing of the securities to be registered on any securities exchange on
which similar securities issued by the Company are then listed and rating agency
fees and the fees and expenses of any Person, including special experts,
retained by the Company.

         The Company shall not be required to pay (i) fees and disbursements of
any counsel retained by any holder of Registrable Securities or by any
underwriter (except as set forth in clauses (i)(B) and (vi), above), (ii) any
underwriter's fees and expenses (including discounts, commissions or fees of
underwriters, selling brokers, dealer managers or similar securities industry
professionals relating to the distribution of the Registrable Securities), or
(iii) the fees and expenses of any "qualified independent underwriter" or other
independent appraiser participating in an offering pursuant to Section 3 of
Schedule E to the By-laws of the National Association of Securities Dealers,
Inc.

    Section 8. INDEMNIFICATION.

              (a) INDEMNIFICATION BY THE COMPANY. The Company shall, without
limitation as to time, indemnify and hold harmless, to the fullest extent
permitted by law, each holder of Registrable Securities whose Registrable
Securities are covered by a Registration Statement or Prospectus, the officers,
directors and agents and employees of each of them, each Person who controls
each such holder (within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act) and the officers, directors, agents and
employees of each such controlling person, to the fullest extent lawful, from
and against any and all losses, claims, damages, liabilities, costs (including,
without limitation, costs of preparation and reasonable attorneys' fees) and
expenses (collectively, "Losses"), as incurred, arising out of or based upon any
untrue or alleged untrue statement of a material fact contained in such
Registration Statement or Prospectus or in any amendment or supplement thereto
or in any preliminary prospectus, or arising out of or based upon any omission
or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein not misleading, except insofar as the
same are based upon information furnished in writing to the Company by such
holder expressly for use therein.

              (b) INDEMNIFICATION BY HOLDER OF REGISTRABLE SECURITIES. In
connection with any Registration Statement in which a holder of Registrable
Securities is participating, such holder of Registrable Securities shall furnish
to the Company in writing such information as the Company reasonably requests
for use in

                                       16
<PAGE>

connection with any Registration Statement or Prospectus and agrees to
indemnify, to the fullest extent permitted by law, the Company, its
directors, officers, agents and employees, each Person who controls the
Company (within the meaning of Section 15 of the Securities Act and Section
20 of the Exchange Act), and the directors, officers, agents or employees of
such controlling persons, from and against all Losses arising out of or based
upon any untrue or alleged untrue statement of a material fact contained in
any Registration Statement or Prospectus or any amendment or supplement
thereto, or any preliminary prospectus, or arising out of or based upon any
omission or alleged omission of a material fact required to be stated therein
or necessary to make the statements therein not misleading, to the extent,
but only to the extent, that such untrue or alleged untrue statement or
omission or alleged omission is contained in any information so furnished in
writing by such holder to the Company expressly for use in such Registration
Statement or Prospectus and that such information was relied upon by the
Company in preparation of such Registration Statement or Prospectus or
amendment, supplement or preliminary prospectus; PROVIDED, HOWEVER, that the
liability of each selling holder of Registrable Securities hereunder shall be
limited to the proportion of any such loss, claim, damage, liability or
expense which is equal to the proportion that the public offering price of
the shares sold by such selling holder under such Registration Statement
bears to the total public offering price of all securities sold thereunder,
but not in any event to exceed the net proceeds received by such selling
holder from the sale of Registrable Securities covered by such Registration
Statement.

              (c) CONDUCT OF INDEMNIFICATION PROCEEDINGS. If any Person shall be
entitled to indemnity hereunder (an "indemnified party"), such indemnified party
shall give prompt notice to the party from which such indemnity is sought (the
"indemnifying party") of any claim or of the commencement of any Proceeding with
respect to which such indemnified party seeks indemnification or contribution
pursuant hereto; PROVIDED, HOWEVER, that the delay or failure to so notify the
indemnifying party shall not relieve the indemnifying party from any obligation
or liability except to the extent that the indemnifying party has been
prejudiced materially by such delay or failure. The indemnifying party shall
have the right, exercisable by giving written notice to an indemnified party
promptly after the receipt of written notice from such indemnified party of such
claim or Proceeding, to assume, at the indemnifying party's expense, the defense
of any such claim or Proceeding, with counsel reasonably satisfactory to such
indemnified party; PROVIDED, HOWEVER, that an indemnified party shall have the
right to employ separate counsel in any such claim or Proceeding and to
participate in the defense thereof, but the fees and expenses of such counsel
shall be at the expense of such indemnified

                                       17
<PAGE>

party unless: (l) the indemnifying party agrees to pay such fees and expenses;
or (2) the indemnifying party fails promptly to assume the defense of such claim
or Proceeding or fails to employ counsel reasonably satisfactory to such
indemnified party; in which case the indemnified party shall have the right to
employ counsel and to assume the defense of such claim or proceeding; PROVIDED,
HOWEVER, that the indemnifying party shall not, in connection with any one such
claim or Proceeding or separate but substantially similar or related claims or
Proceedings in the same jurisdiction, arising out of the same general
allegations or circumstances, be liable for the fees and expenses of more than
one firm of attorneys (together with appropriate local counsel) at any time for
all of the indemnified parties, or for fees and expenses that are not
reasonable. Whether or not such defense is assumed by the indemnifying party,
such indemnified party will not be subject to any liability for any settlement
made without its consent (but such consent will not be unreasonably withheld).
The indemnifying party shall not consent to entry of any judgment or enter into
any settlement that does not include as an unconditional term thereof the giving
by the claimant or plaintiff to such indemnified party of a release, in form and
substance reasonably satisfactory to the indemnified party, from all liability
in respect of such claim or litigation for which such indemnified party would be
entitled to indemnification hereunder.

              (d) CONTRIBUTION. If the indemnification provided for in this
Section 8 is unavailable to an indemnified party in respect of any Losses (other
than in accordance with its terms) or is insufficient to hold such indemnified
party harmless, then each applicable indemnifying party, in lieu of indemnifying
such indemnified party, shall contribute to the amount paid or payable by such
indemnified party as a result of such Losses, in such proportion as is
appropriate to reflect the relative fault of the indemnifying party, on the one
hand, and such indemnified party, on the other hand, in connection with the
actions, statements or omissions that resulted in such Losses as well as any
other relevant equitable considerations. The relative fault of such indemnifying
party, on the one hand, and indemnified party, on the other hand, shall be
determined by reference to, among other things, whether any action in question,
including any untrue or alleged untrue statement of a material fact or omission
or alleged omission to state a material fact, has been taken by, or relates to
information supplied by, such indemnifying party or indemnified party, and the
parties' relative intent, knowledge, access to information and opportunity to
correct or prevent any such action, statement or omission. The amount paid or
payable by a party as a result of any Losses shall be deemed to include any
legal or other fees or expenses incurred by such party in connection with any
investigation or Proceeding.

                                       18
<PAGE>

         The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 8(d) were determined by PRO RATA
allocation or by any other method of allocation that does not take account of
the equitable considerations referred to in the immediately preceding
paragraph. Notwithstanding the provision of this Section 8(d), an indemnifying
party that is a selling holder of Registrable Securities shall not be required
to contribute any amount in excess of the amount by which the total price at
which the Registrable Securities sold by such indemnifying party exceeds the
amount of any damages that such indemnifying party has otherwise been required
to pay by reason of such untrue or alleged untrue statement or omission or
alleged omission. 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.

    Section 9. RULE 144.

         The Company shall file the reports required to be filed by it under the
Securities Act and the Exchange Act, and will take such further action as any
holder of Registrable Securities may reasonably request, all to the extent
required from time to time to enable such holder to sell Registrable Securities
without registration under the Securities Act within the limitations of the
exemption provided by Rule 144. Upon the request of any holder of Registrable
Securities, the Company shall deliver to such holder a written statement as to
whether it has complied with such requirements.

    Section 10. UNDERWRITTEN REGISTRATIONS.

         If any Demand Registration is an underwritten offering, the holders of
a majority of the Registrable Securities covered by such Demand Registration
shall have the right to select the investment banker or investment bankers and
managers to administer the offering, subject to approval by the Company, not to
be unreasonably withheld. The Company shall have the right to select the
investment banker or investment bankers and managers to administer any Piggyback
Registration.

         No Person may participate in any underwritten registration hereunder
unless such Person (a) agrees to sell such Person's Registrable Securities on
the basis provided in any underwriting arrangements approved by the Company and
(b) completes and executes all questionnaires, powers of attorney, indemnities,

                                       19
<PAGE>

underwriting agreements and other documents required under the terms of such
underwriting arrangements.

    Section 11. MISCELLANEOUS.

              (a) AMENDMENTS AND WAIVERS. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof
may not be given, unless the Company has obtained the written consent of holders
of at least a majority of the then outstanding Registrable Securities; PROVIDED
that, for so long as Wand owns at least a majority of the then outstanding
Registrable Securities, the Company must obtain the written consent of holders
of at least 67% of the then outstanding Registrable Securities. Notwithstanding
the foregoing, a waiver or consent to depart from the provisions hereof with
respect to a matter that relates exclusively to the rights of holders of
Registrable Securities whose securities are being sold pursuant to a
Registration Statement and that does not directly or indirectly affect the
rights of other holders of Registrable Securities may be given by holders of at
least a majority of the Registrable Securities being sold by such holders
pursuant to such Registration Statement; PROVIDED, that in the event Wand then
owns at least a majority of (x) the then outstanding Registrable Securities and
(y) the Registrable Securities being sold by such holders pursuant to such
Registration Statement, then such waiver or consent may be given by the holders
of at least 67% of the Registrable Securities being sold by such holders, and
PROVIDED, FURTHER, that the provisions of this sentence may not be amended,
modified, or supplemented except in accordance with the provisions of the
immediately preceding sentence.

              (b) NOTICES. All notices and other communications provided for
hereunder shall be in writing and delivered by hand or sent by overnight courier
service or sent by telecopy (which is confirmed), sent as follows:

              If to Wand, to:

                     Wand Equity Portfolio II, L.P.
                     Wand Affiliates Fund, L.P.
                     Wand/Yankelovich Investments L.P.
                     Wand Partners L.P.
                     Wand Partners (S.C.) Inc.
                     630 Fifth Avenue, Suite 2435
                     New York, New York  10111

                                       20
<PAGE>

                     Attention:  John S. Struck
                     Telecopy No.: (212) 307-5599

                     with a copy to:

                     Michael P. Rogan, Esq.
                     Skadden, Arps, Slate, Meagher & Flom LLP
                     1440 New York Avenue, N.W.
                     Washington, D.C. 20005
                     Telecopy No.: (202) 393-5760

              If to the Company, to:

                     Cyber Dialogue Inc.
                     304 Hudson Street
                     New York, NY  10013
                     Attention: Andrew Watt
                     Telecopy No.:  (212) 255-6622

              If to a Stockholder other than Wand, to the address of such
              Stockholder set forth in the stock records of the Company
              maintained for such purpose;

or to such other address or addresses or telecopy number or numbers as any of
the parties hereto may most recently have designated in writing to the other
parties hereto by such notice. All such communications shall be deemed to have
been given or made when so delivered by hand or overnight courier or sent by
telecopy.

              (c) SUCCESSORS AND ASSIGNS. This Agreement shall inure to the
benefit of and be binding upon the successors and assigns of each of the
parties, including without limitation and without the need for an express
assignment, subsequent holders of Registrable Securities.

              (d) COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

                                       21
<PAGE>

              (e) HEADINGS. The section and paragraph headings contained in this
Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement.

              (f) GOVERNING LAW. This agreement shall be governed by and
construed in accordance with the laws of the State of Delaware (without giving
effect to the choice of law principles thereof).

              (g) SEVERABILITY. 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.

              (h) ENTIRE AGREEMENT. This Agreement is intended by the parties as
a final expression of their agreement, and is intended to be a complete and
exclusive statement of the agreement and understanding of the parties hereto in
respect of the subject matter contained herein. There are no restrictions,
promises, warranties or undertakings, other than those set forth or referred to
herein, with respect to the registration rights granted by the Company with
respect to Registrable Securities. This Agreement supersedes all prior
agreements and understandings between the parties with respect to such subject
matter.

              (i) SECURITIES HELD BY THE COMPANY OR ITS AFFILIATES. Whenever the
consent or approval of holders of a specified percentage of Registrable
Securities is required hereunder, Registrable Securities held by the Company or
its affiliates (as such term is defined in Rule 405 under the Securities Act)
(other than the Stockholders or subsequent holders of Registrable Securities if
such subsequent holders are deemed to be such affiliates solely by reason of
their holdings of such Registrable Securities) shall not be counted in
determining whether such consent or approval was given by the holders of such
required percentage.

                                       22
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Registration
Rights Agreement to be duly executed as of the date first above written.

                               CYBER DIALOGUE INC.

                               By:   /s/ Mark Esiri
                                   ---------------------------------------------
                                   Name: Mark Esiri
                                   Title: CEO

                               WAND EQUITY PORTFOLIO II, L.P.

                               By: WAND PARTNERS LLC
                                     General Partner

                               By:   /s/ J.S. Struck
                                   ---------------------------------------------
                                   Name:
                                   Title:

                               WAND AFFILIATES FUND, L.P.

                               By: WAND AF LLC
                                     General Partner

                               By:   /s/ J.S. Struck
                                   ---------------------------------------------
                                   Name:
                                   Title:

                               WAND/YANKELOVICH INVESTMENTS L.P.

                               By:  WAND PARTNERS (S.C.) INC.
                                      General Partner

                               By:   /s/ J.S. Struck
                                   ---------------------------------------------
                                   Name:
                                   Title:

<PAGE>

                               WAND PARTNERS L.P.

                               By:  WAND PARTNERS (S.C.) INC.
                                      General Partner

                               By:   /s/ J.S. Struck
                                   ---------------------------------------------
                                   Name:
                                   Title:

                               WAND PARTNERS (S.C.) INC.

                               By:   /s/ J.S. Struck
                                   ---------------------------------------------
                                   Name:
                                   Title:

                               eCOM PARTNERS FUND I LLC

                               By: /s/ Christopher P. Forester
                                   ---------------------------------------------
                                   Name:
                                   Title:

                               NIG-CYBER DIALOGUE, LTD.

                               By: /s/ George Nasra
                                   ---------------------------------------------
                                   Name:
                                   Title:

                               MV PARTNERS L.P. III, L.P.

                               By: /s/ C. Richard Vermillion, Jr.
                                   ---------------------------------------------
                                   Name: C. Richard Vermillion, Jr.
                                   Title: G.P.

<PAGE>

                                                                         ANNEX A

                                  STOCKHOLDERS

Wand Equity Portfolio II, L.P.
Wand Affiliates Fund, L.P.
Wand/Yankelovich Investments L.P.
Wand Partners L.P.
Wand Partners (S.C.) Inc.
eCom Partners Fund I LLC
NIG-Cyber Dialogue, Ltd.
MV Partners L.P. III, L.P.

<PAGE>

                                                                         ANNEX B

                                   INSTRUMENT

         The undersigned hereby acknowledges and agrees that:

         1. The undersigned has acquired shares of common stock, $.01 par value
per share, of Cyber Dialogue Inc. or options, warrants or rights to subscribe
for or purchase shares of Common Stock.

         2. The undersigned has received and reviewed a copy of the Registration
Rights Agreement dated as of September 14, 1999 by and among Cyber Dialogue Inc.
and the other parties thereto (as amended, supplemented or otherwise modified
from time to time, the "Registration Rights Agreement"). The undersigned hereby
agrees to become a party to the Registration Right Agreement and to be bound by
the terms thereof as if the undersigned were an original signatory thereto.

Date:____________                                    ________________________
                                                     [name]<PAGE>

                                                                    Exhibit 10.3

                               CYBER DIALOGUE INC.

                   AMENDED AND RESTATED 1997 STOCK OPTION PLAN

                   As Amended and Restated as of June 25, 1998

1.    Purpose; Types of Awards; Construction

      The purpose of the Cyber Dialogue Inc. Amended and Restated 1997 Stock
      Option Plan (the "Plan") is to afford an incentive to directors, officers
      and employees of Cyber Dialogue Inc. (the "Company") or any subsidiary of
      the Company which now exists or hereafter is organized or acquired by the
      Company, to acquire a proprietary interest in the Company, to increase
      their efforts on behalf of the Company and to promote the success of the
      Company's business. The Plan is intended to permit the Committee (as
      defined in Section 3 hereof) to issue options totaling up to twenty
      percent (20%) of the total equity of the Company on a fully diluted basis.
      The Committee may grant options which shall constitute either
      "nonqualified stock options" ("Nonqualified Stock Options") or "incentive
      stock options" ("Incentive Stock Options") within the meaning of Section
      422 of the Internal Revenue Code of 1986, as amended (the "Code").

2.    Definitions

      As used in this Plan, the following words and phrases shall have the
      meanings indicated:

      a)    "Board" shall mean the Board of Directors of the Company.

      b)    "Common Stock" shall mean shares of common stock, par value $.01 per
            share, of the Company.

      c)    "Disability" shall mean the Optionee's incapacity due to physical or
            mental illness, as a result of which the Optionee shall have been
            absent from his duties of employment with the Company on a full-time
            basis for the entire period of three (3) consecutive months, and
            within thirty (30) days after written notice of termination is given
            by the Company (which notice may be given within thirty (30) days
            before or at any time after the end of such three month period)
            shall not have returned to the performance of such duties on a
            fulltime basis.

      d)    "Fair Market Value" per share as of a particular date shall mean (i)
            the closing sales price per share of Common Stock on the national
            securities exchange on which the Common Stock is principally traded,
            for the last preceding date on which there was a sale of such Common
            Stock on such exchange, or (ii) if the shares of Common Stock are
            then traded in an over-the-counter market, the average of the
            closing bid and asked prices for the shares of Common Stock in such
            over-the-counter market for the last preceding date on which there
            was a sale of such Common Stock in such market, or (iii) if the
            shares of Common Stock are not then listed on a national securities
            exchange or traded in an over-the-counter market, such value as the
            Committee, in its sole discretion, shall determine.

      e)    "Option" or "Options" shall mean a grant to an Optionee of an option
            or options to purchase shares of Common Stock. Options granted by
            the Committee pursuant to the Plan shall constitute either
            Nonqualified Stock Options or Incentive Stock Options, as determined
            by the Committee.

      f)    "Parent Corporation" shall mean any corporation (other than the
            Company) in an unbroken chain of corporations ending with the
            employer corporation if, at the time of granting an Option, each of
            the corporations other than the employer corporation owns stock
            possessing fifty percent (50%) or more of the total combined voting
            power of all classes of stock in one of the other corporations in
            such chain.

      g)    "Subsidiary Corporation" shall mean any corporation (other than the
            Company) in an unbroken chain of corporations beginning with the
            employer corporation if, at the time of granting an Option, each of
            the corporations other than the last corporation in the unbroken
            chain owns stock possessing fifty percent (50%) or more of the total
            combined voting power of all classes of stock in one of the other
            corporations in such chain.

      h)    "Ten Percent Stockholder" shall mean an Optionee who, at the time an
            Incentive Stock Option is granted,

                                       1
<PAGE>

            owns stock possessing more than ten percent (10%) of the total
            combined voting power of all classes of stock of the Company or of
            its Parent or Subsidiary Corporations.

3.    Administration

      The Plan shall be administered by a committee (the "Committee")
      established by the Board, the composition of which shall at all times
      consist of three individuals who are each members of the Board. If no
      Committee is appointed by the Board, the functions of the Committee shall
      be carried out by the Board, provided, however, that if at any time the
      Corporation has outstanding a class of equity securities required to be
      registered under Section 12 of the Securities Exchange Act of 1934, as
      amended (the "1934 Act"), the Corporation shall not grant, designate or
      amend any Options hereunder except through a committee consisting solely
      of two or more persons, each of whom shall qualify as (i) a "Non-Employee
      Director", as that term is defined in subparagraph (b)(3)(i) of Rule 16b-3
      ("Rule 16b-3") promulgated under the 1934 Act, and (ii) an "outside
      director", within the meaning of Section 162(m) of the Code.

      The Committee shall have the authority in its discretion, subject to and
      not inconsistent with the express provisions of the Plan, to administer
      the Plan and to exercise all the powers and authorities either
      specifically granted to it under the Plan or necessary or advisable in the
      administration of the Plan, including, without limitation, the authority
      to grant Options; to determine the purchase price of the shares of Common
      Stock covered by each Option (the "Option Price"); to determine the
      persons to whom, and the time or times at which awards shall be granted,
      (such persons are referred to herein as "Optionees"); to determine the
      number of shares to be covered by each award; to interpret the Plan; to
      prescribe, amend and rescind rules and regulations relating to the Plan;
      to determine the terms and provisions of the agreements (which need not be
      identical) entered into in connection with awards granted under the Plan;
      to cancel or suspend awards, as necessary; and to make all other
      determinations deemed necessary or advisable for the administration of the
      Plan. The Committee may delegate to one or more of its members or to one
      or more agents such administrative duties as it may deem advisable,
      provided, however, that if at any time the Corporation has outstanding a
      class of equity securities required to be registered under Section 12 of
      the 1934 Act, the Committee may not delegate any of its responsibilities
      hereunder to any person who is not both a "Non-Employee Director", as that
      term is defined in subparagraph (b)(3)(i) of Rule 16b-3, and an "outside
      director", within the meaning of Section 162(m) of the Code. The Committee
      or any person to whom it has delegated duties as aforesaid may employ one
      or more persons to render advice with respect to any responsibility the
      Committee or such person may have under the Plan. All decisions,
      determinations and interpretations of the Committee shall be final and
      binding on all Optionees.

      The Board shall fill all vacancies, however caused.

      No member of the Board or Committee shall be liable for any action taken
      or determination made in good faith with respect to the Plan or any award
      granted hereunder.

4.    Eligibility

      Awards may be granted to directors, officers and employees of the Company.
      In determining the persons to whom awards shall be granted and the number
      of shares to be covered by each award, the Committee shall take into
      account the duties of the respective persons, their present and potential
      contributions to the success of the Company and such other factors as the
      Committee shall deem relevant in connection with accomplishing the
      purposes of the Plan.

5.    Common Stock Subject to the Plan

      The maximum number of shares of Common Stock reserved for the grant of
      Options shall be 4,971,000 subject to adjustment as provided in Section 9
      hereof. Such shares may, in whole or in part, be authorized but unissued
      shares or shares that shall have been or may be reacquired by the Company.

      If any outstanding award under the Plan should, for any reason expire, be
      canceled or be terminated, without having been exercised in full, the
      shares of Common Stock allocable to the unexercised, canceled or
      terminated portion of such award shall (unless the Plan shall have been
      terminated) become available for subsequent grants of awards under the
      Plan.

                                       2
<PAGE>

6.    Incentive Stock Options

      Options granted pursuant to this Section 6 are intended to constitute
      Incentive Stock Options and shall be subject to the following special
      terms and conditions, in addition to the general terms and conditions
      specified in Section 8 hereof.

      a)    Value of Shares. The aggregate Fair Market Value (determined as of
            the date that Incentive Stock Options are granted) of the shares of
            Common Stock with respect to which Options granted under this Plan
            and all other option plans of the Company and any Parent or
            Subsidiary Corporation become exercisable for the first time by an
            Optionee during any calendar year shall not exceed $100,000.

      b)    Ten Percent Stockholders. In the case of an Incentive Stock Option
            granted to a Ten Percent Stockholder, (i) the Option Price shall not
            be less than one hundred ten percent (110%) of the Fair Market Value
            of the shares of Common Stock on the date of grant of such Incentive
            Stock Option, and (ii) the exercise period shall not exceed five (5)
            years from the date of grant of such Incentive Stock Option.

7.    Nonqualified Stock Options

      Options granted pursuant to this Section 7 are intended to constitute
      Nonqualified Stock Options and shall be subject only to the general terms
      and conditions specified in Section 8 hereof.

8.    Terms and Conditions of Options

      Each Option granted pursuant to the Plan shall be evidenced by a written
      agreement between the Company and the Optionee in such form as the
      Committee shall from time to time approve (the "Option Agreement"), which
      Option Agreement shall be subject to and set forth the following terms and
      conditions:

      a)    Number of Shares. Each Option Agreement shall state the number of
            shares of Common Stock to which the option relates.

      b)    Type of Option. Each Option Agreement shall specifically state
            whether the Option constitutes a Nonqualified Stock Option or an
            Incentive Stock Option.

      c)    Option Price. Each Option Agreement shall state the Option Price
            which shall not be less than the Fair Market Value of the shares of
            Common Stock covered by the Option on the date of grant. The Option
            Price shall be subject to adjustment as provided in Section 10
            hereof. The date on which the Committee adopts a resolution
            expressly granting an Option shall be considered the day on which
            such Option is granted, except to the extent any such resolution
            provides otherwise.

      d)    Method and Time of Payment. Each Option Agreement shall require that
            the Option Price be paid in full, at the time of exercise of an
            Option, in cash, by certified or cashier's check.

      e)    Term and Exercisability of Options. Except as otherwise provided in
            this Section 8 or Section 9 hereof or unless otherwise determined by
            the Committee and set forth in the Option Agreement, each
            outstanding Option shall become exercisable in cumulative
            installments of twenty-five percent (25%) per year beginning on the
            first anniversary of the date of grant of the Option or such other
            date as the Committee may determine, as reflected in the Option
            Agreement; provided, however, that, the Committee shall have the
            authority to accelerate the exercisability of any outstanding Option
            at such time and under such circumstances as it, in its sole
            discretion, deems appropriate. Except as specifically provided in
            Sections 8(f) and 8(g) hereof, all Options shall expire ten (10)
            years from the date of grant of such Option (five (5) years in the
            case of an Incentive Stock Option granted to a Ten Percent
            Stockholder) or on such earlier date as may be prescribed by the
            Committee and set forth in the Option Agreement. An Option may be
            exercised, as to any or all full shares of Common Stock as to which
            the Option has become exercisable, by giving written notice of such
            exercise to the Committee or its designated agent; provided,
            however, that an Option may not be exercised at any one time as to
            fewer than 100 shares (or such number of shares as to which the
            Option is then exercisable if such number of shares is less than
            100).

                                       3
<PAGE>

      f)    Termination of Employment. Except as provided in this Section 8(f)
            and in Sections 8(e) and (g) hereof, each Option granted hereunder
            shall expire, to the extent not theretofore exercised, immediately
            upon the date that the Optionee ceases to be employed by the Company
            or any of its Parent or Subsidiary Corporations (or on such other
            date as may be prescribed by the Committee and set forth in any
            Option Agreement). In addition, if an Optionee ceases to be an
            employee of the Company or any of its Parent or Subsidiary
            Corporations, but becomes or remains an employee of another entity
            affiliated with Wand Partners Inc. or an entity in which Wand
            Partners Inc. invests ("Related Employment"), the Committee may, in
            its sole discretion, continue to treat such Optionee as an employee
            of the Company for purposes of the Plan and any outstanding Options
            granted thereunder for the duration of such Related Employment.

      g)    Death or Disability of Optionee. If an Optionee shall die while
            employed by the Company or a Parent or Subsidiary Corporation (or
            within such longer period as the Committee may have provided
            pursuant to Section 8(f) hereof), or if the Optionee's employment
            shall terminate by reason of Disability, all Options theretofore
            granted to such Optionee (to the extent otherwise exercisable) may,
            unless earlier terminated in accordance with their terms, be
            exercised by the Optionee or by the Optionee's estate or by a person
            who acquired the right to exercise such Options by bequest or
            inheritance or otherwise by reason of the death or Disability of the
            Optionee, at any time within six (6) months after the date of death
            or Disability of the Optionee; provided, however, that the Committee
            may, in any Option Agreement, extend such period of exercisability.
            In the event that an Option granted hereunder shall be exercised by
            the legal representatives of a deceased or former Optionee, written
            notice of such exercise shall be accompanied by a certified copy of
            letters testamentary or equivalent proof of the right of such legal
            representative to exercise such option.

      h)    Other Provisions. The Option Agreements evidencing Options under the
            Plan shall contain such other terms and conditions, not inconsistent
            with the Plan, as the Committee may determine.

9.    Effect of Certain Changes

      a)    If there is any change in the shares of Common Stock through the
            declaration of extraordinary dividends, stock dividends,
            re-capitalization, stock splits, or combinations or exchanges of
            such shares, or in the event of a sale of all or substantially all
            of the assets of the Company (an "Asset Sale"), or the merger or
            consolidation of the Company with or into another corporation (a
            "Merger"), or in the event of other similar transactions, the
            Committee shall promptly make an appropriate adjustment to the
            number and class of shares of Common Stock available for awards, to
            the number of shares covered by outstanding awards after the
            effective date of such transaction, and, if applicable, to the price
            thereof; provided, however, that any fractional shares resulting
            from such adjustment shall be eliminated.

      b)    In the event of the dissolution or liquidation of the Company, in
            the event of any corporate separation or division, including, but
            not limited to, split-up, split-off or spin-off or in the event of
            other similar transactions, the Committee may provide that:

            i)    the Optionee of any Option shall have the right to exercise
                  such Option; and/or

            ii)   each Option granted under the Plan shall terminate as of a
                  date to be fixed by the Committee, and that not be less than
                  thirty (30) days notice of the date so fixed shall be given to
                  each Optionee, who shall have the right, during the period of
                  thirty (30) days preceding such termination, to exercise (to
                  the extent exercisable) with respect to such Option all or any
                  part of the shares of Common Stock covered thereby.

      c)    In the event of an Asset Sale or a Merger, any award then
            outstanding may be assumed or an equivalent award may be substituted
            by such successor corporation or a parent or subsidiary of such
            successor corporation. If such successor corporation does not agree
            to assume the award or to substitute an equivalent award, the Board
            may, in lieu of such assumption or substitution, provide for the
            realization of such outstanding award in the manner set forth in
            subsections 9(b)(i) or 9(b)(ii) above.

      d)    In the event of a change in the Common Stock of the Company as
            presently constituted that is limited to a change of all of its
            authorized shares of Common Stock into the same number of shares
            with a different par value or without par value, the shares
            resulting from any such change shall be deemed to be the Common
            Stock within the meaning of the Plan.

                                       4
<PAGE>

      e)    Except as hereinbefore expressly provided in this Section 9, the
            Optionee of an award hereunder shall have no rights by reason of any
            subdivision or consolidation of shares of stock of any class or the
            payment of any stock dividend or any other increase or decrease in
            the number of shares of stock of any class or by reason of any
            dissolution, liquidation, Merger or spin-off of assets or stock of
            another company; and any issuance by the Company of shares of stock
            of any class, or securities convertible into shares of stock of any
            class, shall not affect, and no adjustment by reason thereof shall
            be made with respect to, the number or price of shares of Common
            Stock subject to an award. The grant of an award pursuant to the
            Plan shall not affect in any way the right or power of the Company
            to make adjustments, reclassifications, reorganizations or changes
            of its capital or business structures or to merge or to consolidate
            or to dissolve, liquidate or sell, or transfer all or part of its
            business or assets or engage in any similar transactions.

10.   Period During Which Options May Be Granted

      Awards may be granted pursuant to the Plan from time to time within a
      period of ten (10) years from the date the Plan is adopted by the Board,
      or the date the Plan is approved by the stockholders of the Company,
      whichever is earlier.

11.   Nontransferability of Awards

      Awards granted under the Plan shall not be transferable otherwise than by
      will or by the laws of descent and distribution, and awards may be
      exercised or otherwise realized, during the lifetime of the Optionee, only
      by the Optionee or by his guardian or legal representative.

12.   Beneficiary

      An Optionee may file with the Committee a written designation of a
      beneficiary on such form as may be prescribed by the Committee and may,
      from time to time, amend or revoke such designation. If no designated
      beneficiary survives the Optionee, the executor or administrator of the
      Optionee's estate shall be deemed to be the Optionee's beneficiary.

13.   Agreement by Optionee Regarding Withholding Taxes

      If the Committee shall so require, as a condition of exercise of an Option
      granted hereunder, each Optionee shall agree that no later than the date
      of exercise, the Optionee will pay to the Company or make arrangements
      satisfactory to the Committee regarding payment of any federal, state or
      local taxes of any kind required by law to be withheld upon the exercise
      of an Option. To the extent provided in the applicable Option Agreement,
      such payment may be made by the Optionee with shares of Common Stock
      (whether previously owned by, or issuable upon the exercise of an Option
      awarded to, such Optionee) having a Fair Market Value equal to the amount
      of such taxes. Alternatively, the Committee may provide that an Optionee
      may elect, to the extent permitted or required by law, to have the Company
      deduct federal, state and local taxes of any kind required by law to be
      withheld upon the exercise of an Option from any payment of any kind due
      to the Optionee.

14.   Rights as a Stockholder

      An Optionee or a transferee of an award shall have no rights as a
      stockholder with respect to any shares of Common Stock covered by the
      Option until the date of the issuance of a stock certificate to him for
      such shares. No adjustment shall be made for dividends (ordinary or
      extraordinary, whether in cash, securities or other property) or
      distributions of other rights for which the record date is prior to the
      date such stock certificate is issued, except as provided in Section 9
      hereof. Upon the issuance of a stock certificate, all shares of Common
      Stock covered by such certificate shall be subject to the terms of the
      Stockholder Agreement attached as Exhibit A hereto and made a part hereof.

15.   No Rights to Employment

      Nothing in the Plan or in any Option granted hereunder or Option Agreement
      entered into pursuant hereto shall confer upon any Optionee the right to
      continue in the employ of the Company or to be entitled to any

                                       5
<PAGE>

      remuneration or benefits not set forth in the Plan or such Option
      Agreement or to interfere with or limit in any way the right of the
      Company to terminate such Optionee's employment.

16.   Approval of Stockholders

      The Plan, and any grants of Options thereunder, shall be subject to
      approval by the holder(s) of a majority of the issued and outstanding
      shares of the Company's capital stock which are entitled to vote on the
      subject matter thereof and are present in person or represented by proxy
      at a duly-called meeting of the stockholders of the Company which approval
      must occur within one year after the date that the Plan is adopted by the
      Board. In the event that the stockholders of the Company do not approve
      the Plan at a meeting of the stockholders at which such issue is
      considered and voted upon, then, upon such event, this Plan and all rights
      hereunder or under any Option Agreement entered into in connection
      herewith shall immediately terminate and no Optionee (or any permitted
      transferee thereof) shall have any remaining rights under the Plan.

17.   Amendment and Termination of the Plan

      The Board at any time and from time to time may suspend, terminate, modify
      or amend the Plan; provided, however, that any amendment that would
      materially increase the aggregate number of shares of Common Stock as to
      which awards may be granted under the Plan or materially increase the
      benefits accruing to Optionees under the Plan or materially modify the
      requirements as to eligibility for participation in the Plan shall be
      subject to the approval of the holders of a majority of the Common Stock
      issued and outstanding, except that any such increase or modification that
      may result from adjustments authorized by Section 9 hereof shall not
      require such approval. Except as provided in Section 9 hereof, no
      suspension, termination, modification or amendment of the Plan may
      adversely affect any award previously granted, without the express written
      consent of the Optionee.

18.   Compliance with Section 16(b)

      In the case of Optionees who are or may be subject to Section 16 of the
      1934 Act, it is the intent of the Company that the Plan and any award
      granted hereunder satisfy and be interpreted in a manner that satisfies
      the applicable requirements of Rule 16b-3 so that such persons will be
      entitled to the benefits of Rule 16b-3 or other exemptive rules under
      Section 16 of the 1934 Act and will not be subjected to liability
      thereunder. If any provision of the Plan or any award would otherwise
      conflict with the intent expressed herein, that provision, to the extent
      possible, shall be interpreted and deemed amended so as to avoid such
      conflict. To the extent of any remaining irreconcilable conflict with such
      intent, such provision shall be deemed void as applicable to Optionees who
      are or may be subject to Section 16 of the 1934

19.   Governing Law

      The Plan and all determinations made and actions taken pursuant hereto
      shall be governed by the laws of the State of Delaware without giving
      effect to the conflict of laws principles thereof.

20.   Effective Date and Duration of the Plan

      This Plan shall, subject to Section 16 hereof, be effective as of December
      1, 1996, the date of its adoption by the Board of Directors, and shall
      terminate on the later of (a) the tenth anniversary of the date so
      determined or (b) the last expiration of awards granted hereunder.

                                       6

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