Document:

<PAGE>   1
                                                                     EXHIBIT 4.8

                                 AMENDMENT No. 2
                                       TO
                              SHAREHOLDER AGREEMENT

               THIS AMENDMENT No. 2 TO SHAREHOLDER AGREEMENT (the "Amendment")
dated as of April 10, 2001 is entered into by and among The viaLink Company, a
Delaware corporation (the "Company"), and Hewlett-Packard Company, a Delaware
corporation ("Hewlett-Packard"). Capitalized terms used but not defined herein
shall have the respective meanings assigned to them in that certain Shareholder
Agreement by and between the Company and Hewlett-Packard dated February 4, 1999
(as amended, the "Shareholder Agreement").

                                  INTRODUCTION

               WHEREAS, the Company and Hewlett-Packard are parties to the
Shareholder Agreement and desire to amend such agreement to provide that any
shares of the capital stock of the Company acquired by Hewlett-Packard
subsequent to the execution date of the Shareholder Agreement shall become
subject to the Shareholder Agreement.

                                    AGREEMENT

               NOW, THEREFORE, in consideration of the foregoing premises and
for certain other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties agree as follows:

               1. The Shareholder Agreement shall be amended by replacing in its
entirety Paragraph 9 (iii) with the following:

               "Registrable Securities" means, with respect to Holder, (i) the
       Company's Common Stock issued to Holder pursuant to any Securities
       Purchase Agreement, including, but not limited to, those shares of the
       Company's Common Stock issued pursuant to that certain Securities
       Purchase Agreement, dated March 22, 2000 (the "Securities Purchase
       Agreement"), and those shares of the Company's Common Stock issuable upon
       the exercise of the Warrants purchased by Holder pursuant to the
       Securities Purchase Agreement, (ii) the Company's Common Stock issued to
       Holder upon conversion of the Convertible Note; (iii) the Company's
       Common Stock issued to Holder upon conversion of that certain Secured
       Convertible $3,807,812.59 Promissory Note dated April , 2001 issued by
       the Company and payable to Holder, (iv) the Company's Common Stock issued
       to Holder upon exercise of that certain Series A Common Stock Purchase
       Warrant issued by the Company for the benefit of Holder dated April ,
       2001 and (v) any Common Stock or other equity securities issued or
       issuable with respect to the securities referred to in clause (ii) and
       (iii) by way of a stock dividend or stock split or in connection with a
       combination of shares, recapitalization, merger, consolidation or other
       reorganization. As to any particular Registrable Securities, such
       securities will cease to be Registrable Securities (A) when they have
       been distributed to the public pursuant to an offering registered under
       the Securities Act or (B) after the

                                      -1-

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       Registrable Securities held by Holder may be sold in 90-day periods
       pursuant to Rule 144 under the Securities Act (or any similar rule then
       in effect)."

               2. This Amendment may be executed in multiple counterparts, each
of which when so executed and delivered shall be an original, but all of such
counterparts together shall constitute one and the same instrument. Except as
expressly provided herein, the Shareholder Agreement shall remain in full force
and effect, without modification or amendment. This Amendment shall be governed
in accordance with the laws of the state of California, without giving effect to
that state's conflicts of laws provisions. If any provision of this Amendment is
held to be prohibited by or invalid under applicable law, such provision will be
ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of this Amendment.

               IN WITNESS WHEREOF, this Amendment No. 2 to Shareholder Agreement
has been executed by the parties hereof as of the date first above written.

                                     THE VIALINK COMPANY

                                     By: /s/ WILLIAM P. CREASMAN
                                        ----------------------------------------
                                        William P. Creasman
                                        Vice President, Chief Financial Officer
                                        and General Counsel

                                     HEWLETT-PACKARD COMPANY

                                     By: /s/ HANIF JAMAL
                                        ----------------------------------------
                                     Name:   Hanif Jamal
                                          --------------------------------------
                                     Title:  Vice President and General Manager
                                             of Business Development
                                           -------------------------------------

                                      -2-<PAGE>   1
                                                                    EXHIBIT 10.3

                                                          CONFIDENTIAL

                               SECURED CONVERTIBLE
                       U.S. $3,807,812.59 PROMISSORY NOTE

                             DATED: APRIL 10, 2001

<PAGE>   2

                                                                    CONFIDENTIAL

                              TABLE OF CONTENTS

<TABLE>

<S>                                                                           <C>
1.         Definitions.........................................................1

2.         Loans; Payments; Fee; Prepayment....................................4

3.         Conversion of Original Note; Acknowledgment of Prior
           Obligations.........................................................6

4.         Grant of Security Interest..........................................6

5.         Events of Default...................................................7

6.         Rights and Remedies of HP upon Default..............................8

7.         Conversion..........................................................9

8.         Conversion Adjustments..............................................9

9.         Representations and Warranties.....................................11

10.        Affirmative Covenants..............................................13

11.        Negative Covenants.................................................14

12.        Conditions to Effectiveness........................................15

13.        Successors and Assigns.............................................16

14.        Notices............................................................16
</TABLE>

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                                                                    CONFIDENTIAL

<TABLE>

<S>                                                                          <C>
15.        Usury..............................................................16

16         Governing Law......................................................16

17.        Waiver of Jury Trial...............................................16

18.        Waivers............................................................16

19.        Waivers and Amendments.............................................17

20.        Remedies Cumulative................................................17

21.        Expenses...........................................................17

22.        No Offset..........................................................17

23.        No Change..........................................................17
</TABLE>

                                       ii
<PAGE>   4

     THIS NOTE AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT
     BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT
     BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED EXCEPT PURSUANT TO AN
     EFFECTIVE REGISTRATION STATEMENT OR AN OPINION OF COUNSEL THAT SUCH
     REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT TO RULE 144 UNDER THE
     SECURITIES ACT.

     SECURED CONVERTIBLE $3,807,812.59 PROMISSORY NOTE

     This Secured Convertible $3,807,812.59 Promissory Note amends and restates
that certain Subordinated Secured Convertible Promissory Note dated February 4,
1999 (the "Original Note") issued by viaLink Company, a Delaware corporation
(the "Company") in favor of Hewlett-Packard Company, a Delaware corporation
("HP") in the original principal amount of $6,000,000.

     FOR VALUE RECEIVED, the Company promises to pay to HP and its successors
and assigns, in lawful money of the United States of America and in immediately
available funds, the aggregate unpaid principal amount of all advances (each
such advance being a "Loan") made hereunder, together with accrued and unpaid
interest thereon, each due and payable on the dates and in the manner set forth
in this Note. Subject to the provisions of Sections 2, 6 and 7 below, all
outstanding principal and unpaid interest shall be due and payable on the
Maturity Date (as defined below). This Note has been issued pursuant to the
terms of a Note Purchase Agreement (as defined below).

     The following is a statement of the rights of HP and the conditions to
which this Note is subject, and to which HP agrees:

     1.   Definitions. As used in this Note, the following capitalized terms
          have the following meanings:

     "Capital Stock" shall mean the capital stock of the Company.

     "Capital Stock Equivalents" shall have the meaning given to that term in
Section 7(a).

     "Change of Control" shall mean, with respect to the Company on or after the
date hereof, (i) that any change in the composition of the shareholders of the
Company as of the date hereof shall occur which would result in any person or
entity (or group of persons or

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entities acting in concert), acquiring in excess of fifty percent (50 %) of the
votes attaching in the aggregate to all classes of Capital Stock of the Company
which carry voting rights in all circumstances, or (ii) that any person or
entity (or group of persons or entities acting in concert) shall otherwise
acquire the power to direct the management or affairs of the Company by
obtaining proxies, entering into voting agreements or trusts, acquiring
securities or otherwise.

     "Collateral" shall have the meaning given to that term in Section 4.

     "Common Stock" shall mean the Common Stock of the Company.

     "Company" shall have the meaning given to that term in the introductory
paragraph.

     "Conversion Price" shall have the meaning given to that term in Section
7(a).

     "Closing Fee" shall have the meaning given to that term in Section 2(c).

     "Effective Date" shall mean April   , 2001.

     "Event of Default" shall have the meaning given to that term in Section
5.

     "HP" shall have the meaning set forth in the introductory paragraph.

     "Loan" shall have the meaning set forth in the second paragraph.

     "Maturity Date" shall mean February 1, 2003.

     "Note" shall mean this Secured Convertible $3,807,812.59 Promissory Note,
issued by the Company in favor of HP, as the same may be amended, restated,
supplemented or otherwise modified from time to time in accordance with the
terms hereof.
 All references to the Original Note in whatever manner contained in the
Transaction Documents shall be deemed to be a reference to this Note.

     "Note Purchase Agreement" shall mean the Note Purchase Agreement, dated
as of February 4, 1999 between the Company and HP, as the same may be amended,
restated, supplemented or otherwise modified from time to time in accordance
with the terms thereof.

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     "Obligations" shall mean and include all loans, advances, debts,
liabilities and obligations, howsoever arising, owed by the Company to HP of
every kind and description (whether or not evidenced by any note or instrument
and whether or not for the payment of money), now existing or hereafter arising
under or pursuant to the Transaction Documents (and until duly amended and
restated hereby, the Original Note), including, all Loans, interest, fees,
charges, expenses, attorneys' fees and costs chargeable to and payable by the
Company hereunder and thereunder, in each case, whether direct or indirect,
absolute or contingent, due or to become due, and whether or not arising after
the commencement of a proceeding under Title 11 of the United States Code (11
U.S.C., Section 101 et seq.), as amended from time to time (including
post-petition interest) and whether or not allowed or allowable as a claim in
any such proceeding.

     "Other Transaction Documents" shall mean all Transaction Documents other
than this Note.

     "Original Note" shall have the meaning set forth in the first paragraph.

     "Permitted Liens" shall mean the following:

          (a) any liens for taxes, fees, assessments, or other governmental
          charges or levies, either not delinquent or being contested in good
          faith by appropriate proceedings;

          (b) liens (i) upon or in any equipment acquired or held by the Company
          to secure the purchase price of such equipment or indebtedness
          incurred solely for the purpose of financing the acquisition of such
          equipment, or (ii) existing on such equipment at the time of its
          acquisition, provided that the lien is confined solely to the property
          so acquired and improvements thereon, accessions thereto and the
          proceeds thereof;

          (c) liens on equipment leased by the Company pursuant to a capital
          lease in the ordinary course of business (including proceeds thereof
          and accessions thereto) incurred solely for the purpose of financing
          the lease of such equipment;

          (d) liens granted to secure any indebtedness senior to that of HP; and

          (e) liens existing as of the date hereof disclosed in writing to, and
          approved by, HP.

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<PAGE>   7

     "Public Offering" shall mean a firmly underwritten public offering of
common stock pursuant to an effective registration statement under the
Securities Act of 1933, as amended.

     "Representative" shall have the meaning set forth in Section 10(c).

     "Security Agreement" shall mean, collectively, that certain Security
Agreement dated February 4, 1999 by and between HP and the Company, as amended
from time to time, and that certain financing statement filed in the office of
the Oklahoma County Clerk, State of Oklahoma, as document number N0001453 dated
02/09/1999, as amended by that certain financing statement amendment filed in
the office of the Oklahoma County Clerk, State of Oklahoma, as document number
0032718 dated 06/25/1999, as further amended or modified from time to time.

     "Transaction Documents" shall mean the Note Purchase Agreement, this
Note, that certain Shareholder Agreement entered into by and between the Company
and HP and dated February 4, 1999, as amended or modified from time to time, the
Security Agreement and the UCC-1 financing statements executed in connection
therewith and in connection with the Original Note, and any other documents
executed in connection with this Note or the Original Note, in each case as the
same may be amended, restated, supplemented, or otherwise modified from time to
time in accordance with the terms thereof.

     "UCC" shall mean the Uniform Commercial Code as the same may, from time
to time, be enacted and in effect in the State of California. Unless otherwise
defined herein, all terms defined in the UCC shall have the respective meanings
given to those terms in the UCC.

       2. Loans; Payments; Fee; Prepayment.

          (a)  Loans. This Note shall evidence the Company's obligations to
               repay the Loans and all other Obligations.

          (b)  Principal and Interest Payments. Interest shall accrue on the
               Loans from the date of this Note at a rate per annum equal to six
               percent (6%). Upon the occurrence and during the continuance of
               an Event of Default interest shall accrue on the unpaid balance
               at a rate per annum equal to eleven and one-half percent (11.5%).
               Principal and interest shall be payable monthly in advance on the
               last business day of the month immediately preceding the month
               with respect to which such payment is made, in twelve (12) equal
               monthly installments of $326,094.00 each beginning January 1,
               2002, and shall accrue on all outstanding interest that has not
               yet been paid when due. Unpaid accrued interest shall be added to
               the principal balance hereunder on a quarterly basis. Interest
               shall

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<PAGE>   8

               be computed on the basis of the actual number of days elapsed and
               a year of 360 days. Notwithstanding the foregoing, all
               outstanding principal, unpaid interest and other amounts due
               shall be due and payable in full in cash (in immediately
               available funds) on the Maturity Date, if not sooner paid in
               full. Any amounts that are paid by the Company on account of this
               Note may not be reborrowed.

          (c)  Closing Fee. No later than the Effective Date, the Company shall
               pay to HP a fee (the "Closing Fee") in the amount of $275,104.00
               in readily available funds.

          (d)  Payments. The Company will make all payments due under this Note
               by check on the date such payments are due to the following
               address:

                                Hewlett-Packard Company
                                P.O. Box 23010
                                Columbus, GA 31902

          or in any other manner that HP may from time to time direct.

          (e)  Issuance of Stock. At any time the Company plans to issue Capital
               Stock, the Company shall provide written notice to HP sixty (60)
               days prior to the closing of such issuance.

          (f)  Right to Convert. HP shall have the right at any time to convert
               the outstanding principal and unpaid accrued interest under this
               Note into shares of the Company's Capital Stock pursuant to
               Section 7(a) below.

          (g)  Prepayment at the Option of HP. In the event that the Company
               enters into an agreement, or becomes the subject of an agreement,
               whether or not approved by its Board of Directors, for:

               (i)  the sale of all or substantially all of its assets or
                    intellectual property; or

               (ii) a Change of Control shall occur;

          then the Company shall give HP at least thirty (30) days' prior
          written notice of such event, and at HP's option, HP may either (A)
          convert into shares of the Capital Stock pursuant to Section 7(a)
          below, or (B) declare all amounts due and owing under this Note due
          and payable in cash effective upon the closing of said sale or
          acquisition. The Company may not prepay this Note, in whole or in
          part, without the prior written consent of HP.

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<PAGE>   9

     3.   Conversion of Original Note; Acknowledgment of Prior Obligations.

          (a)  Conversion of Original Note. The Company and HP intend to enter
               into a contemporaneous transaction pursuant to which HP will
               convert 50% of the outstanding balance under the Original Note
               into Common Stock at the adjusted conversion price provided for
               therein equal to $1.75 per share (the "Conversion"). In
               connection with the Conversion, the Company shall deliver to HP a
               stock certificate or certificates representing said shares of
               Common Stock as required pursuant to the Original Note.
               Notwithstanding anything in the Transaction Documents to the
               contrary , the Company shall, no later than 180 days from the
               Effective Date (i) ensure that said shares of Common Stock are
               subject to an effective registration statement, and in connection
               therewith, comply with the provisions of the Securities Act of
               1933, as amended, (ii) register or qualify such shares of Common
               Stock under the securities or blue sky laws of California and
               such other states and the District of Columbia as HP reasonably
               requests and (iii) do any and all other acts and things which may
               be reasonably or advisable to enable HP to consummate the
               disposition of said shares of Common Stock. Without limiting the
               generality of Section 5 hereof, the failure by the Company to
               comply with any of the requirement established in the preceding
               sentence shall be an Event of Default hereunder.

          (b)  Prior Obligations. The Company acknowledges that (a) prior to
               completion of the Conversion, it is indebted to HP under the
               Original Note in the amount of $7,615,625.18 plus accrued, unpaid
               interest, if any, and (b) upon completion of the Conversion, the
               Company remains indebted to HP in the amount of $3,807,812.59,
               plus accrued, unpaid interest thereon and fees owed in connection
               herewith. All of the Obligations are unconditionally owing by the
               Company to HP, and the Company waives any and all rights of
               offset, defense or counterclaim of any kind, nature or
               description whatsoever, that it may now or hereafter hold with
               respect to the Original Note, the Transaction Documents, the
               transactions contemplated thereby or any amounts owed thereunder.

     4.   Grant of Security Interest. The Company acknowledges that HP has a
          valid and enforceable security interest under the Original Note and
          the Security Agreement to secure the unpaid or unperformed
          Obligations, and

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          the Company hereby reaffirms such security interest and pledges and
          assigns to HP and grants to HP a security interest in all right,
          title, and interests of the Company in and to the property described
          in the Security Agreement (collectively and severally, the
          "Collateral") to secure the Obligations.

     5.   Events of Default. The occurrence of any of the following shall
          constitute an "Event of Default" under this Note:

          (a)  Failure to Pay. The Company fails to pay any principal, interest
               or any fees or expenses when due under this Note or the Other
               Transaction Documents, or the Company shall fail to pay when due
               any fee, expense or other sum owed to any affiliate of HP; or

          (b)  Covenant Default. The Company shall default in the performance of
               any of its material obligations hereunder or under any of the
               Other Transactions Documents; or

          (c)  Representations and Warranties. Any representation, warranty or
               certification made herein or in the Other Transaction Documents
               shall prove to have been false or misleading in any material
               respect when made or deemed made; or

          (d)  Voluntary Bankruptcy or Insolvency Proceedings. The Company shall
               (i) apply for or consent to the appointment of a receiver,
               trustee, liquidator or custodian of itself or of a substantial
               part of its property, (ii) be unable, or admit in writing its
               inability, to pay its debts generally as they mature, (iii) make
               a general assignment for the benefit of its or any of its
               creditors, (iv) be dissolved or liquidated in full or in part,
               (v) commence a voluntary case or other proceeding seeking
               liquidation, reorganization or other relief with respect to
               itself or its debts under any bankruptcy, insolvency or other
               similar law now or hereafter in effect or consent to any relief
               or to the appointment of or taking possession of its property by
               any official in an involuntary case or other proceeding commenced
               against it, or (vi) take any action for the purpose of effecting
               any of the foregoing; or

          (e)  Involuntary Bankruptcy or Insolvency Proceedings. Proceedings for
               the appointment of a receiver, trustee, liquidator or custodian
               of the Company or of all or a substantial part of its property,
               or an involuntary case or other proceedings seeking liquidation,
               reorganization or other relief with respect to the Company or its
               debts under any bankruptcy, insolvency or other similar law now
               or hereafter in effect shall be commenced and an order for relief

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               entered or such proceeding shall not be dismissed or discharged
               within sixty (60) days of commencement; or

          (f)  Cross-Default. The Company shall default under any other material
               agreement, note, indenture, instrument or other contract pursuant
               to which the Company has borrowed money and such default shall
               result in the holder having accelerated the maturity of the
               outstanding indebtedness under such other agreements, or the
               Company shall default under any material equipment lease
               agreement, which shall result in the lessor having terminated the
               lease arrangement; or

          (g)  Collateral. A material portion of the Collateral is lost, stolen,
               substantially damaged, destroyed, sold or encumbered, or any
               levy, seizure, or attachment is made upon the Collateral.

     6.   Rights and Remedies of HP Upon Default.

          (a)  Rights and Remedies Upon Default. Upon the occurrence and during
               the continuance of any Event of Default under Sections 5 (a),
               (b), (c), (f) or (g) above, HP, by written notice to the Company,
               may cease making Loans hereunder, and may declare all principal,
               accrued and unpaid interest, and any other amounts payable under
               the Transaction Documents, to be immediately due and payable
               without presentment, demand, protest or any other notice of any
               kind, all of which are waived by the Company. Upon the occurrence
               and during the continuance of any Event of Default described in
               Sections 5 (d) or (e), immediately and without notice, cease
               making Loans hereunder and all outstanding amounts payable by the
               Company under the Transaction Documents shall automatically
               become immediately due and payable, without presentment, demand,
               protest or any other notice of any kind, all of which are waived
               by the Company.

          (b)  Additional Rights and Remedies. In addition to any rights set
               forth in this Note, upon the occurrence and during the
               continuance of any Event of Default, HP shall have the rights of
               a secured creditor under the UCC and applicable federal law.
               Without limiting the generality of the foregoing, HP may sell,
               resell, lease, use, assign, license, sublicense, transfer or
               otherwise dispose of any or all of the Collateral in its then
               condition or following any commercially reasonable preparation or
               processing at public or private sale, by one or more contracts,
               in one or more parcels, at the same or

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<PAGE>   12

               different times, or for cash or credit, all as HP deems
               reasonably advisable; provided, however, that the Company shall
               be credited with the net proceeds of sale only when such proceeds
               are collected by HP. HP shall have the right upon any such public
               sale, and, to the extent permitted by law, upon any such private
               sale, to purchase the whole or any part of the Collateral so
               sold. The Company hereby agrees that the sending of notice by
               ordinary mail, postage prepaid, to the address of the Company set
               forth herein, of the place and time of any public sale or of the
               time after which any private sale or other intended disposition
               is to be made, shall be deemed reasonable notice thereof if such
               notice is sent ten (10) days prior to the date of such sale or
               other disposition or the date on or after which such sale or
               other disposition may occur.

     7.   Conversion.

          (a)  Optional Conversion by HP. HP shall have the right, prior to the
               Maturity Date, by providing written notice to the Company, to
               convert some or all of the outstanding Obligations into shares of
               Common Stock at a conversion price equal to $1.75 per share,
               subject to adjustment as provided in Section 8 below (the
               "Conversion Price").

          (b)  Mechanics and Effect of Conversion. Promptly after the conversion
               of this Note, HP shall surrender this Note, endorsed, at the
               principal office of the Company. As soon as possible (or as
               otherwise noted in the provisions above) and after HP has
               executed documentation necessary to satisfy all applicable
               federal and state securities laws exemptions, the Company shall
               issue and deliver to HP at its principal office a certificate or,
               if HP so requests, certificates, for the number of shares of
               Capital Stock into which this Note is convertible to which HP
               shall be entitled upon conversion (bearing such legends as are
               required by applicable federal and state securities laws in the
               opinion of counsel to the Company). All such shares shall be
               issued and fully paid and non-assessable, and free and clear of
               all liens. If HP converts less than all of the amounts payable
               under this Note, the Company shall issue a replacement note or
               notes for the remaining balance containing terms substantially
               identical to this Note.

     8.   Conversion Adjustments.

          (a)  Adjustments for Stock Splits and Subdivisions. In the event the
               Company, at any time from time to time after the date of issuance
               hereof, while this Note is outstanding, (i) fixes a record date
               to

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<PAGE>   13

               effect a split or subdivision of the Capital Stock into which
               this Note is convertible, or (ii) determines that the holders of
               such class or series of shares is entitled to receive a dividend
               or other distribution payable in additional shares of such class
               or series or other securities or rights convertible into, or
               entitling the holder to receive directly or indirectly,
               additional shares of such class or series other than options to
               purchase the Capital Stock ("Capital Stock Equivalents") without
               payment of any consideration by such holder for the additional
               shares of such class or series or the Capital Stock Equivalents
               (including, if convertible preferred stock or other convertible
               securities have been issued, the additional shares of the Capital
               Stock issuable upon conversion thereof), then, as of such record
               date (or the date of such dividend distribution, split or
               subdivision if no record date is fixed), the Conversion Price
               shall be appropriately decreased and the number of shares of the
               Capital Stock issuable upon conversion of this Note shall be
               increased in proportion to such increase of outstanding shares.

          (b)  Adjustments for Reverse Stock Splits. If the number of shares of
               the Capital Stock into which this Note is convertible which are
               outstanding at any time after the Effective Date is decreased by
               a combination of the outstanding shares of such class or series,
               then, following the record date of such combination, the
               Conversion Price shall be appropriately increased and the number
               of shares of the Capital Stock issuable on conversion shall be
               appropriately decreased in proportion to such decrease in
               outstanding shares.

          (c)  Notices of Record Date, etc. In the event of:

               (i)  Any taking by the Company of a record of the holders of any
                    class of securities of the Company for the purpose of
                    determining the holders who are entitled to receive any
                    dividend (other than a cash dividend payable out of earned
                    surplus at the same rate as that of the last such cash
                    dividend paid) or other distribution, or any right to
                    subscribe for, purchase or otherwise acquire any shares of
                    stock of any class or any other securities or property, or
                    to receive any other right; or

               (ii) Any capital reorganization of the Company, any
                    reclassification or recapitalization of the Capital Stock of
                    the Company or any transfer of all or substantially all of
                    the assets of the Company to any other person or entity, or
                    any consolidation or merger in which the Company is not

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<PAGE>   14

                     the surviving entity (except for any transaction done
                     solely for the purpose of changing the Company's state of
                     incorporation); or

               (iii) Any voluntary or involuntary dissolution, liquidation or
                     winding-up of the Company,

               then the Company shall mail to HP at least thirty (30) days prior
               to the earliest date specified therein, a notice with (A) the
               date on which any such record is to be taken for the purpose of
               such dividend, distribution or right, and the amount and
               character of such dividend, distribution or right; and (B) the
               date on which any such reorganization, reclassification,
               recapitalization, transfer, consolidation, merger, dissolution,
               liquidation or winding-up is expected to become effective and the
               record date for determining shareholders entitled to vote
               thereon.

          (d)  Reservation of Stock Issuable Upon Conversion. The Company shall
               at all times reserve and keep available, free from preemptive
               rights, out of its authorized shares of Common Stock, for the
               purpose of effectuating the conversion the this Note, the full
               number of shares of Common Stock then issuable upon the
               conversion of this Note, and shall take all action necessary so
               that the shares of Common Stock so issued will be validly issued,
               fully paid and nonassessable.

     9.   Representations and Warranties. The Company represents and warrants to
          HP that, as of the date hereof:

          (a)  Due Incorporation, Qualification, etc. The Company is (i) a
               corporation duly organized, validly existing and in good standing
               under the laws of its jurisdiction of incorporation; and (ii) is
               duly qualified, licensed to do business and in good standing as a
               foreign corporation in each jurisdiction where the failure to be
               so qualified or licensed could reasonably be expected to have a
               material adverse effect on the Company and its subsidiaries taken
               as a whole.

          (b)  Authority; Enforceability. The execution, delivery and
               performance by the Company of this Note and the consummation by
               the Company of the transaction contemplated hereby (i) are within
               the power of the Company, and (ii) have been duly authorized by
               all necessary actions on the part of the Company. This Note is a
               legal, valid and binding obligation of the Company, enforceable
               against the Company in accordance with its terms, except as

                                       11

<PAGE>   15

               limited by bankruptcy, insolvency or other laws of general
               application relating to or affecting the enforcement of
               creditors' rights generally and general principles of equity. The
               shares of the Company's capital stock, issuable upon conversion
               hereof, when issued (the "Underlying Stock") will be validly
               issued, fully paid and nonassessable and will be free of any
               liens or encumbrances, other than any liens or encumbrances
               created by or imposed upon HP through no action of the Company;
               provided, however, that the Underlying Stock will be subject to
               restrictions on transfer under federal or state securities laws,
               and that certain Lock-Up Agreement between the parties hereto and
               dated as of the date hereof subject to the terms thereof.

          (c)  Non-Contravention. The execution and delivery by the Company of
               this Note and the performance and consummation of the
               transactions contemplated hereby and by the Other Transaction
               Documents do not and will not (i) violate the Certificate of
               Incorporation or Bylaws of the Company or any judgment, order,
               writ, decree, statute, rule or regulation applicable to the
               Company; (ii) violate any provision of, or result in the breach
               or the acceleration of, or entitle any other person to accelerate
               (whether after the giving of notice or lapse of time or both),
               any mortgage, indenture, agreement, instrument or contract to
               which the Company is a party or by which it is bound; or (iii)
               result in the creation or imposition of any lien upon any
               property, asset or revenue of the Company (other than any lien in
               favor of HP) or the suspension, revocation, impairment,
               forfeiture, or nonrenewal of any material permit, license,
               authorization or approval applicable to the Company, its business
               or operations, or any of its assets or properties.

          (d)  Approvals. No consent, approval, order or authorization of, or
               registration, declaration or filing with any governmental
               authority or other person or entity (including without limitation
               the shareholders of any person or entity) is required in
               connection with the execution and delivery of the this Note by
               the Company and the performance and consummation of the
               transactions contemplated hereby and by the Transaction
               Documents.

          (e)  Securities Law Compliance. The offer, sale and issuance of this
               Note and the issuance of the Underlying Stock upon conversion
               hereof constitute transactions exempt from the registration
               requirements of Section 5 of the Securities Act and all
               applicable state securities laws.

                                       12

<PAGE>   16

          (f)  Litigation. Except with respect to the Webcasts Litigation
               identified below, there are no actions, suits, proceedings or
               investigations pending or, to the Company's knowledge, threatened
               against the Company or its properties before any court or
               governmental agency. Webcasts.com v. viaLink (the "Webcast
               Litigation") is pending before the American Arbitration
               Association. Webcasts claims that viaLink owes it $140,499.62 for
               services rendered. viaLink denies that it owes Webcasts anything
               and has itself claimed in the same proceeding that it has been
               damaged and/or is entitled to offsets as a result of the acts or
               omissions of Webcasts in an amount in excess of the amount sought
               by Webcasts. Both viaLink and Webcasts also seek recovery of
               costs, including without limitation, attorney fees. The hearing
               date for the arbitration has been postponed indefinitely.

          (g)  Conversion of the Note. The principal and interest under this
               Note is convertible into the capital stock of the Company as
               provided herein.

          (h)  Financial Statements. Any financial statements of the Company
               required to be delivered to HP pursuant to the Transaction
               Documents have been delivered to HP and are true and correct in
               all material respects.

     10.  Affirmative Covenants. For so long as any amounts are outstanding
          under this Note:

          (a)  Taxes. The Company shall file all tax returns when due and pay or
               cause to be paid before the same shall become delinquent and
               before penalties have accrued thereon, all taxes, assessments and
               governmental charges or levies imposed on the income, profits,
               franchises, property or business of the Company except to the
               extent and so long as (i) the same are being contested in good
               faith by appropriate proceedings, and (ii) as to which adequate
               reserves in conformity with generally accepted accounting
               principles with respect thereto have been provided on the books
               of the Company.

          (b)  Notice of Events of Default. The Company shall notify HP
               immediately upon the Company becoming aware of the occurrence of
               any Event of Default. The Company shall use its best efforts to
               become aware of the occurrence of any Event of Default as soon as
               possible upon or following such occurrence.

          (c)  Board Observer Seat. The Company shall (i) allow one
               representative (the "Representative") designated from time to
               time

                                       13

<PAGE>   17

               by HP to attend all meetings of the Board of Directors (and all
               committees thereof) in a non-voting observer capacity; and (ii)
               provide to the Representative copies of all notices, minutes,
               consents and other materials that the Company provides to its
               directors in connection with meetings of the Board of Directors
               (or any committee thereof, as the case may be) at the same time
               such is given to its directors.

          (d)  Maintenance of Collateral. The Company hereby agrees to perform
               all acts that may be reasonably necessary to maintain, preserve,
               protect and perfect the Collateral and the lien granted to HP
               herein, including:

          (i)  not to change the Company's name or place of business or chief
               executive office or the location of any of its other Collateral
               without giving HP thirty (30) days' prior written notice;

          (ii) to appear in and defend any action or proceeding which may affect
               its title to or HP's interest in the Collateral other than with
               respect to Permitted Liens; and

          (iii) to comply with all material requirements of law relating to the
               production, possession, operation, maintenance and control of the
               Collateral, except to the extent that the failure to do so could
               not reasonably be expected to have a material adverse effect upon
               the financial or business condition of the Company.

     11.  Negative Covenants. For so long as any amounts are outstanding under
          this Note:

          (a)  Dividends. The Company shall not declare or pay any dividends on
               any class or classes of Capital Stock (other than stock dividends
               to effectuate a "stock split").

          (b)  Liens. The Company shall not grant or suffer to exist a lien,
               encumbrance or security interest in any assets of the Company,
               other than Permitted Liens.

          (c)  Debt. The Company shall not create or incur any debt in excess of
               (i) 80% of the Company's then-outstanding accounts receivable
               plus (ii) amounts used by the Company to finance the purchase of
               any equipment acquired by the Company (including without
               limitation through capitalized leases).

                                       14

<PAGE>   18

          (d)  Acquisition of Assets; Investments; Loans. The Company shall not
               without the prior written consent of HP, acquire all or
               substantially all of the capital stock or assets of, or make any
               investment in or loan to, any other entity or person for an
               aggregate amount in excess of 15% of the Company's assets at the
               end of the quarter immediately prior to such consolidation,
               merger, acquisition, investment or loan (excluding from such
               calculation expense advances to employees in the ordinary course
               of business).

     12.  Conditions to Effectiveness. This Note shall be effective upon:

          (a)  due execution by the Company of this Note, and delivery hereof to
               HP, together with the due execution and delivery of such UCC
               financing statements and documents for filing in the U.S. Patent
               and Trademark Office and documents in connection therewith which
               HP reasonably requires in order to perfect and maintain its first
               priority security interest in the Collateral.

          (b)  receipt by HP of the Closing Fee in full,

          (c)  receipt by HP of a certificate of an authorized officer of the
               Company stating that (i) all of the representations under this
               Note are true and correct as of the Effective Date, (ii) attached
               thereto is a true and correct copy of resolutions duly adopted by
               the Board of Directors of the Company authorizing the execution,
               delivery, and performance by the Company of this Note and the
               consummation of the transactions contemplated hereby and (iii)
               there are no proceedings for the dissolution or liquidation of
               the Company that have commenced or, to the knowledge of the
               Company, been threatened,

          (d)  completion of the transaction between HP and the Company pursuant
               to which 50% of the outstanding balance under the Original Note
               is converted into Common Stock at a conversion price equal to
               $1.75 per share, including, without limiting the generality of
               the foregoing, the execution of documents in form and substance
               satisfactory to HP and the Company, and the delivery by the
               Company to HP of a stock certificate or certificates representing
               all of the shares of Common Stock required to be issued upon such
               conversion, which shares shall be validly issued, fully paid and
               non-assessable, and which shares shall be subject to an effective
               registration statement no later than 180 days from the Effective
               Date, and

          (e)  receipt by HP of the Notice of Conversion executed by HP in
               connection with the conversion referred to in paragraph (d)
               above, duly countersigned by the Company.

                                       15

<PAGE>   19

     13.  Successors and Assigns. The obligations of the Company and the rights
          of HP under this Note shall be binding upon and benefit the
          successors, assigns, heirs, administrators and transferees of the
          parties. The Company shall not be entitled to assign, transfer or
          delegate any of its rights, obligations or liabilities hereunder
          without the prior written consent of HP.

     14.  Notices. Any notice, request, or other communication required or
          permitted hereunder shall be in writing and shall be deemed to have
          been duly given on the date of delivery if personally delivered, on
          the date of being faxed if sent by confirmed fax, on the first
          business day after being sent if sent by recognized overnight courier,
          and on the third business day after being mailed if sent by registered
          or certified mail, postage prepaid, addressed (i) if to HP to:
          Hewlett-Packard Company, 333 Logue Avenue, MS32, Mountain View, CA
          94043, Attention: General Manager, fax number, (650) 919-8013; with a
          copy to Hewlett-Packard Company, 3000 Hanover Street, MS20BQ, Palo
          Alto, CA 94304, Attention General Counsel, fax number (650) 857-4392,
          or (ii) if to the Company to: The viaLink Company, 13155 Noel Road,
          Suite 800, Dallas, TX 75240, Fax (972) 934-5583; with a copy to
          Brobeck, Phleger & Harrison LLP, 4801 Plaza on the Lake, Austin, TX
          78746, Attention: Matthew Lyons, P.C., Fax: (512) 330-4001.

     15.  Usury. In the event any interest is paid on this Note which is deemed
          to be in excess of the then legal maximum rate, then that portion of
          the interest payment representing an amount in excess of the then
          legal maximum rate shall be deemed a payment of principal and applied
          against the principal of this Note.

     16.  Governing Law.. This Note and all actions arising out of or in
          connection with this Note shall be governed by and construed in
          accordance with the laws of the State of California, without regard to
          the conflicts of law provisions of the State of California or of any
          other state.

     17.  Waiver of Jury Trial. The Company hereby irrevocably waives any and
          all right to trial by jury in any legal proceeding arising out of or
          relating to this Note.

     18.  Waivers. The Company hereby waives presentment, demand, protest,
          notice of dishonor, diligence and all other notices, any release or
          discharge arising from any extension of time, discharge of a prior
          party, release of any or all of any security given from time to time
          for this Note, or other cause of release or discharge other than
          actual payment in full hereof.

                                       16

<PAGE>   20

     19.  Waivers and Amendments. No provision of this Note may be amended or
          modified without the written consent of the Company and HP. HP shall
          not be deemed, by any act or omission, to have waived any of its
          rights or remedies unless such waiver is in writing and signed by HP
          and then only to the extent specifically set forth in such writing. A
          waiver with reference to one event shall not be construed as
          continuing or as a bar to or waiver of any right or remedy as to a
          subsequent event. No delay or omission of HP in exercising any right,
          whether before or after a default, shall impair any such right or
          shall be construed to be a waiver of any right or default, and the
          acceptance at any time by HP of any past-due amount shall not be
          deemed to be a waiver of the right to require prompt payment of any
          other amounts due and payable.

     20.  Remedies Cumulative. The remedies of HP as provided herein, or in any
          one or more of the Other Transaction Documents, or in law or equity,
          shall be cumulative and concurrent, and may be pursued singularly,
          successively or together in HP's sole discretion, and may be exercised
          as often as occasion therefor shall occur.

     21.  Expenses. The Company shall pay on demand all fees and expenses,
          including reasonable attorneys' fees and expenses, incurred by HP in
          connection with custody, preservation or sale of, or other realization
          on, any of the Collateral or the enforcement or attempt to enforce any
          of the Obligations which are not performed as and when required by the
          Transaction Documents.

     22.  No Offset. Notwithstanding any rights of offset, recoupment or other
          similar rights that the Company may have in connection with any
          Transaction Document or the Original Note or under applicable law, the
          Company agrees and hereby waives any right to offset, deduct, recoup,
          credit or otherwise reduce any amounts owing by the Company to HP
          under the terms of this Note.

     23.  No Change. Except as expressly modified herein, the Transaction
          Documents remain in full force and effect. The Company ratifies and
          confirms each of the Transaction Documents and the Original Note as
          amended and restated hereby, and represents and warrants that each of
          the Transaction Documents, and the Original Note until it's amendment
          and restatement hereby and the satisfaction of the conditions
          established herein, represents the legal, valid and binding
          obligations of the Company to HP, enforceable against the Company in
          accordance with their respective terms. Each reference to the Original
          Note in the Transaction Documents shall be deemed to be a reference to
          this Note.

                                       17

<PAGE>   21

               IN WITNESS WHEREOF, the Company has caused this Note to be duly
executed and delivered by its duly authorized representative as of the date
first written above.

THE VIALINK COMPANY

By: /s/ WILLIAM P. CREASMAN
   -----------------------------------
Name: William P. Creasman
     ---------------------------------
Title: Vice President, Chief Financial
      --------------------------------
       Officer and General Counsel
      --------------------------------

                                       18

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