Document:

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                                                                    Exhibit 10.5

                                 FORM OF WARRANT

NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE
NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE
SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED
OR ASSIGNED IN THE ABSENCE OF (I) AN EFFECTIVE REGISTRATION STATEMENT FOR THE
SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE
SECURITIES LAWS OR (II) AN OPINION OF COUNSEL ADDRESSED TO THE COMPANY, IN A
GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR
APPLICABLE STATE SECURITIES LAWS. NOTWITHSTANDING THE FOREGOING, THE SECURITIES
MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR
FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

                              VIEWPOINT CORPORATION

                        WARRANT TO PURCHASE COMMON STOCK

Warrant No.:__________________
Number of Shares:_____________
Date of Issuance: __________, 2003 ("ISSUANCE DATE")

Viewpoint Corporation, a Delaware corporation (the "COMPANY"), hereby certifies
that, for Ten United States Dollars ($10.00) and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
____________________, the registered holder hereof or its permitted assigns, is
entitled, subject to the terms set forth below, to purchase from the Company, at
the Exercise Price (as defined below) then in effect, upon surrender of this
Warrant to Purchase Common Stock (including all Warrants to Purchase Common
Stock issued in exchange, transfer or replacement hereof, the "WARRANT"), at any
time or times on or after the date hereof, but not after 11:59 P.M., New York
Time, on the Expiration Date (as defined below), ______________
(_____________)(1) fully paid nonassessable shares of Common Stock (as defined
below) (the "WARRANT SHARES"). Except as otherwise defined herein, capitalized
terms in this Warrant shall have the meanings set forth in Section 15. This
Warrant is one of the Warrants to Purchase Common Stock (the "SPA WARRANTS")
issued pursuant to Section 1 of that certain Securities Purchase Agreement,
dated as of December 31, 2002 (the "INITIAL ISSUANCE DATE"), among the Company
and the purchasers (the "PURCHASERS") referred to therein (the

________________________
(1)Number of shares of Common Stock for each $1,000 of principal amount of SPA
Securities purchased on the applicable Closing Date equal to the quotient of (a)
$200 divided by (b) $1.9275 (as appropriately adjusted for any stock splits,
stock dividends, stock combinations and other similar transactions of the Common
Stock which occur after the Initial Issuance Date and, on the terms of Section 2
hereof in proportion to adjustments that would have been made to the initial
Exercise Price hereunder had this Warrant been issued on the Initial Issuance
Date for any issuances or deemed issuances of securities by the Company which
occur after the Initial Issuance Date).
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"SECURITIES PURCHASE AGREEMENT").

         1.       EXERCISE OF WARRANT.

                  (a) Mechanics of Exercise. Subject to the terms and conditions
hereof (including, without limitation, the limitations set forth in Section
1(f)), this Warrant may be exercised by the holder hereof on any day, in whole
or in part, by (i) delivery of a written notice, in the form attached hereto as
Exhibit A (the "EXERCISE NOTICE"), of such holder's election to exercise this
Warrant, (ii) (A) payment to the Company of an amount equal to the applicable
Exercise Price multiplied by the number of Warrant Shares as to which this
Warrant is being exercised (the "AGGREGATE EXERCISE PRICE") in cash or by wire
transfer of immediately available funds or (B) by notifying the Company that
this Warrant is being exercised pursuant to a Cashless Exercise (as defined in
Section 1(d)) and (iii) the surrender to the Company, on or as soon as
practicable following the date the holder of this Warrant delivers the Exercise
Notice to the Company, of this Warrant (or an indemnification undertaking with
respect to this Warrant in the case of its loss, theft or destruction). On or
before the third Business Day following the date on which the Company has
received each of the Exercise Notice, the Aggregate Exercise Price (or notice of
a Cashless Exercise) and this Warrant (or an indemnification undertaking with
respect to this Warrant in the case of its loss, theft or destruction) (the
"EXERCISE DELIVERY DOCUMENTS"), the Company shall (X) issue and deliver to the
address specified in the Exercise Notice, a certificate, registered in the name
of the holder of this Warrant or its designee, for the number of shares of
Common Stock to which the holder of this Warrant is entitled pursuant to such
exercise, or (Y) provided that the Company's transfer agent (the "TRANSFER
AGENT") is participating in The Depository Trust Company ("DTC") Fast Automated
Securities Transfer Program, upon the request of the holder, credit such
aggregate number of shares of Common Stock to which the holder of this Warrant
is entitled pursuant to such exercise to the holder's or its designee's balance
account with DTC through its Deposit Withdrawal Agent Commission system. Upon
delivery of the Exercise Notice, this Warrant and the Aggregate Exercise Price
referred to in clause (ii)(A) above or notification to the Company of a Cashless
Exercise referred to in Section 1(d), the holder of this Warrant shall be deemed
for all corporate purposes to have become the holder of record of the Warrant
Shares with respect to which this Warrant has been exercised as of the date of
the Exercise Notice, irrespective of the date of delivery of this Warrant as
required by clause (iii) above or the certificates evidencing such Warrant
Shares. If the number of Warrant Shares represented by this Warrant submitted
for exercise pursuant to this Section 1(a) is greater than the number of Warrant
Shares being acquired upon an exercise, then the Company shall as soon as
practicable and in no event later than three Business Days after any exercise
and at its own expense, issue a new Warrant (in accordance with Section 7(d))
representing the right to purchase the number of Warrant Shares purchasable
immediately prior to such exercise under this Warrant, less the number of
Warrant Shares with respect to which this Warrant is exercised. No fractional
shares of Common Stock are to be issued upon the exercise of this Warrant, but
rather the number of shares of Common Stock to be issued shall be rounded up to
the nearest whole number. The Company shall pay any and all documentary stamp,
transfer or similar taxes that may be payable with respect to the issuance and
delivery of Warrant Shares upon exercise of this Warrant.

                  (b) Exercise Price. For purposes of this Warrant, "EXERCISE
PRICE" means

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$__________(2), subject to adjustment as provided herein.

                  (c)      Company's Failure to Timely Deliver Securities.

         (i) Failure to Deliver Shares. Subject to Section 1(f), if the Company
         shall fail for any reason or for no reason to issue to the holder
         within three Business Days of receipt of the Exercise Delivery
         Documents, a certificate for the number of shares of Common Stock to
         which the holder is entitled or to credit the holder's balance account
         with DTC for such number of shares of Common Stock to which the holder
         is entitled upon the holder's exercise of this Warrant, the Company
         shall pay as additional damages in cash to such holder on each day
         after such third Business Day that the issuance of such Common Stock
         certificate is not timely effected an amount equal to 1.0% of the
         product of (A) the sum of the number of shares of Common Stock not
         issued to the holder on a timely basis and to which the holder is
         entitled and (B) the Closing Sale Price of the Common Stock on the
         trading day immediately preceding the last possible date which the
         Company could have issued such Common Stock to the holder without
         violating Section 1(a).

         (ii) Failure to Deliver New Warrant. If within ten Business Days after
         the Company's receipt of the Exercise Delivery Documents, the Company
         fails to deliver a new Warrant to the holder for the number of shares
         of Common Stock to which such holder is entitled, the Company shall pay
         as additional damages in cash to such holder on each day after such
         tenth Business Day that such delivery of such new Warrant is not timely
         effected an amount equal to 1.0% of the product of (A) the number of
         shares of Common Stock represented by the portion of this Warrant which
         is not being exercised and (B) the Closing Sale Price of the Common
         Stock on the trading day immediately preceding the last possible date
         which the Company could have issued such Warrant to the holder without
         violating Section 1(a).

(2)Insert $2.71 (as appropriately adjusted for any stock splits, stock
dividends, stock combinations and other similar transactions of the Common Stock
which occur after the Initial Issuance Date and other deemed adjustments
pursuant to Section 2(a)(vi) hereof).

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                  (d) Cashless Exercise. Notwithstanding anything contained
herein to the contrary, if at any time during the period commencing ten (10)
Business Days prior to the holder's delivery of an Exercise Notice and ending on
the day of delivery of the Exercise Notice, a Registration Statement (as defined
in the Registration Rights Agreement) covering the Warrant Shares that are the
subject of the Exercise Notice (the "UNAVAILABLE WARRANT SHARES") is not
available for the resale of such Unavailable Warrant Shares, the holder of this
Warrant may, in its sole discretion, exercise this Warrant in whole or in part
and, in lieu of making the cash payment otherwise contemplated to be made to the
Company upon such exercise in payment of the Aggregate Exercise Price, elect
instead to receive upon such exercise the "Net Number" of shares of Common Stock
determined according to the following formula (a "CASHLESS EXERCISE"):

         Net Number = (A x B) - (A x C)
                      -----------------
                                B
                  For purposes of the foregoing formula:

                           A= the total number of shares with respect to which
                           this Warrant is then being exercised.

                           B= the Closing Sale Price of the Common Stock (as
                           reported by Bloomberg) on the date immediately
                           preceding the date of the Exercise Notice.

                           C= the Exercise Price then in effect for the
                           applicable Warrant Shares at the time of such
                           exercise.

                  (e) Disputes. In the case of a dispute as to the determination
of the Exercise Price or the arithmetic calculation of the Warrant Shares, the
Company shall promptly issue to the holder the number of Warrant Shares that are
not disputed and resolve such dispute in accordance with Section 12.

                  (f)      Limitations on Exercises.

         (i) Beneficial Ownership. The Company shall not effect the exercise of
         this Warrant, and no Person (as defined below) who is a holder of this
         Warrant shall have the right to exercise this Warrant, to the extent
         that after giving effect to such exercise, such Person (together with
         such Person's affiliates) would beneficially own in excess of 4.99% of
         the shares of the Common Stock outstanding immediately after giving
         effect to such exercise. For purposes of the foregoing sentence, the
         aggregate number of shares of Common Stock beneficially owned by such
         Person and its affiliates shall include the number of shares of Common
         Stock issuable upon exercise of this Warrant with respect to which the
         determination of such sentence is being made, but shall exclude shares
         of Common Stock which would be issuable upon (i) exercise of the
         remaining, unexercised portion of this Warrant beneficially owned by
         such Person and its affiliates and (ii) exercise or conversion of the
         unexercised or unconverted portion of any other securities of the
         Company beneficially owned by such Person and its affiliates
         (including, without

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         limitation, any convertible notes or convertible preferred stock or
         warrants) subject to a limitation on conversion or exercise analogous
         to the limitation contained herein. Except as set forth in the
         preceding sentence, for purposes of this paragraph, beneficial
         ownership shall be calculated in accordance with Section 13(d) of the
         Securities Exchange Act of 1934, as amended. For purposes of this
         Warrant, in determining the number of outstanding shares of Common
         Stock a holder may rely on the number of outstanding shares of Common
         Stock as reflected in (1) the Company's most recent Form 10-Q, Form
         10-K or other public filing with the Securities and Exchange
         Commission, as the case may be, (2) a more recent public announcement
         by the Company or (3) any other notice by the Company or its Transfer
         Agent setting forth the number of shares of Common Stock outstanding.
         For any reason at any time, upon the written or oral request of the
         holder of this Warrant, the Company shall within two Business Days
         confirm in writing to the holder of this Warrant the number of shares
         of Common Stock then outstanding. In any case, the number of
         outstanding shares of Common Stock shall be determined after giving
         effect to the conversion or exercise of securities of the Company,
         including the SPA Securities and the SPA Warrants, by the holder of
         this Warrant and its affiliates since the date as of which such number
         of outstanding shares of Common Stock was reported.

         (ii) Principal Market Regulation. The Company shall not be obligated to
         issue any shares of Common Stock upon exercise of this Warrant if the
         issuance of such shares of Common Stock would exceed that number of
         shares of Common Stock which the Company may issue upon exercise of
         this Warrant (including, as applicable, any shares of Common Stock
         issued upon conversion of or as payment of any interest under the SPA
         Securities) without breaching the Company's obligations under the rules
         or regulations of the Principal Market (the "EXCHANGE CAP"), except
         that such limitation shall not apply in the event that the Company
         obtains the approval of its shareholders as required by the applicable
         rules of the Principal Market for issuances of Common Stock in excess
         of such amount. Until such approval is obtained, no Purchaser shall be
         issued, upon exercise of any SPA Warrants, shares of Common Stock in an
         amount greater than the product of the Exchange Cap multiplied by a
         fraction, the numerator of which is the total number of shares of
         Common Stock underlying the SPA Warrants issued to such Purchaser
         pursuant to the Securities Purchase Agreement on the Initial Issuance
         Date and the denominator of which is the aggregate number of shares of
         Common Stock underlying all the Warrants issued to the Purchasers
         pursuant to the Securities Purchase Agreement on the Initial Issuance
         Date (with respect to each Purchaser, the "EXCHANGE CAP ALLOCATION").
         In the event that any Purchaser shall sell or otherwise transfer any of
         such Purchaser's SPA Warrants, the transferee shall be allocated a pro
         rata portion of such Purchaser's Exchange Cap Allocation, and the
         restrictions of the prior sentence shall apply to such transferee with
         respect to the portion of the Exchange Cap Allocation allocated to such
         transferee. In the event that any holder of SPA Warrants shall exercise
         all of such holder's SPA Warrants into a number of shares of Common
         Stock which, in the aggregate, is less than such holder's Exchange Cap
         Allocation, then the difference between such holder's Exchange Cap
         Allocation and the number of shares of Common Stock actually issued to
         such holder shall be allocated to the respective Exchange Cap
         Allocations of the remaining holders of SPA Warrants on a pro rata
         basis in proportion to the shares of Common Stock underlying the SPA
         Warrants then held by each such

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         holder. In the event that the Company is prohibited from issuing any
         Warrant Shares for which an Exercise Notice has been received as a
         result of the rules and regulations of the Principal Market, the
         Company shall pay cash in exchange for cancellation of such Warrant
         Shares, at a price per Warrant Share equal to the difference between
         the Closing Sale Price and the Exercise Price as of the date of the
         attempted exercise.

         2. ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The
Exercise Price and the number of Warrant Shares shall be adjusted from time to
time as follows:

                  (a) Adjustment upon Issuance of Common Stock. If and whenever
on or after the date of issuance of this Warrant the Company issues or sells, or
in accordance with this Section 2 is deemed to have issued or sold, any shares
of Common Stock (including the issuance or sale of shares of Common Stock owned
or held by or for the account of the Company, but excluding shares of Common
Stock deemed to have been issued by the Company (I) in connection with any
employee benefit plan which has been approved by the Board of Directors of the
Company, pursuant to which the Company's securities may be issued to any
employee, officer or director for services provided to the Company (an "APPROVED
STOCK PLAN"), (II) upon conversion of any SPA Securities or upon exercise of any
SPA Warrants, (III) in connection with the payment of any interest in shares of
Common Stock on any SPA Securities or (IV) in connection with any Excluded
Security) for a consideration per share less than a price (the "APPLICABLE
PRICE") equal to the Exercise Price in effect immediately prior to such issue or
sale or deemed issuance or sale (the foregoing a "DILUTIVE ISSUANCE"), then
immediately after such issue or sale or deemed issuance or sale the Exercise
Price then in effect shall be reduced to an amount equal to the product of (x)
the Exercise Price in effect immediately prior to such issue or sale or deemed
issuance or sale and (y) the quotient determined by dividing (1) the sum of the
product of the Applicable Price and the number of shares of Common Stock Deemed
Outstanding immediately prior to such issue or sale or deemed issuance or sale
and the consideration, if any, received by the Company upon such issue or sale
or deemed issuance or sale, by (2) the product of the Applicable Price
multiplied by the number of shares of Common Stock Deemed Outstanding
immediately after such issue or sale or deemed issuance or sale. Upon each such
adjustment of the Exercise Price hereunder, the number of Warrant Shares shall
be adjusted to the number of shares of Common Stock determined by multiplying
the Exercise Price in effect immediately prior to such adjustment by the number
of Warrant Shares acquirable upon exercise of this Warrant immediately prior to
such adjustment and dividing the product thereof by the Exercise Price resulting
from such adjustment. For purposes of determining the adjusted Exercise Price
under this Section 2(a), the following shall be applicable:

         (i) Issuance of Options. If the Company in any manner grants any
         Options and the lowest price per share for which one share of Common
         Stock is issuable upon the exercise of any such Option or upon
         conversion, exercise or exchange of any Convertible Securities issuable
         upon exercise of any such Option is less than the Applicable Price,
         then such share of Common Stock shall be deemed to be outstanding and
         to have been issued and sold by the Company at the time of the granting
         or sale of such Option for such price per share. For purposes of this
         Section 2(a)(i), the "lowest price per share for which one share of
         Common Stock is issuable upon exercise of such Options or upon
         conversion, exercise or exchange of such Convertible Securities" shall
         be equal to the

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         sum of the lowest amounts of consideration (if any) received or
         receivable by the Company with respect to any one share of Common Stock
         upon the granting or sale of the Option, upon exercise of the Option
         and upon conversion, exercise or exchange of any Convertible Security
         issuable upon exercise of such Option. No further adjustment of the
         Exercise Price or number of Warrant Shares shall be made upon the
         actual issuance of such Common Stock or of such Convertible Securities
         upon the exercise of such Options or upon the actual issuance of such
         Common Stock upon conversion, exercise or exchange of such Convertible
         Securities.

         (ii) Issuance of Convertible Securities. If the Company in any manner
         issues or sells any Convertible Securities and the lowest price per
         share for which one share of Common Stock is issuable upon the
         conversion, exercise or exchange thereof is less than the Applicable
         Price, then such share of Common Stock shall be deemed to be
         outstanding and to have been issued and sold by the Company at the time
         of the issuance or sale of such Convertible Securities for such price
         per share. For the purposes of this Section 2(a)(ii), the "lowest price
         per share for which one share of Common Stock is issuable upon the
         conversion, exercise or exchange" shall be equal to the sum of the
         lowest amounts of consideration (if any) received or receivable by the
         Company with respect to one share of Common Stock upon the issuance or
         sale of the Convertible Security and upon conversion, exercise or
         exchange of such Convertible Security. No further adjustment of the
         Exercise Price or number of Warrant Shares shall be made upon the
         actual issuance of such Common Stock upon conversion, exercise or
         exchange of such Convertible Securities, and if any such issue or sale
         of such Convertible Securities is made upon exercise of any Options for
         which adjustment of this Warrant has been or is to be made pursuant to
         other provisions of this Section 2(a), no further adjustment of the
         Exercise Price or number of Warrant Shares shall be made by reason of
         such issue or sale.

         (iii) Change in Option Price or Rate of Conversion. If the purchase
         price provided for in any Options, the additional consideration, if
         any, payable upon the issue, conversion, exercise or exchange of any
         Convertible Securities, or the rate at which any Convertible Securities
         are convertible into or exercisable or exchangeable for Common Stock
         increases or decreases at any time, the Exercise Price and the number
         of Warrant Shares in effect at the time of such increase or decrease
         shall be adjusted to the Exercise Price and the number of Warrant
         Shares which would have been in effect at such time had such Options or
         Convertible Securities provided for such increased or decreased
         purchase price, additional consideration or increased or decreased
         conversion rate, as the case may be, at the time initially granted,
         issued or sold. For purposes of this Section 2(a)(iii), if the terms of
         any Option or Convertible Security that was outstanding as of the date
         of issuance of this Warrant are increased or decreased in the manner
         described in the immediately preceding sentence, then such Option or
         Convertible Security and the Common Stock deemed issuable upon
         exercise, conversion or exchange thereof shall be deemed to have been
         issued as of the date of such increase or decrease. No adjustment
         pursuant to this Section 2(a) shall be made if such adjustment would
         result in an increase of the Exercise Price then in effect or a
         decrease in the number of Warrant Shares.

         (iv) Calculation of Consideration Received. If case any Option is
         issued in connection

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         with the issue or sale of other securities of the Company, together
         comprising one integrated transaction in which no specific
         consideration is allocated to such Options by the parties thereto, the
         Options will be deemed to have been issued for a consideration of
         $0.01. If any Common Stock, Options or Convertible Securities are
         issued or sold or deemed to have been issued or sold for cash, the
         consideration received therefor will be deemed to be the net amount
         received by the Company therefor. If any Common Stock, Options or
         Convertible Securities are issued or sold for a consideration other
         than cash, the amount of such consideration received by the Company
         will be the fair value of such consideration, except where such
         consideration consists of securities, in which case the amount of
         consideration received by the Company will be the Closing Sale Price of
         such security on the date of receipt. If any Common Stock, Options or
         Convertible Securities are issued to the owners of the non-surviving
         entity in connection with any merger in which the Company is the
         surviving entity, the amount of consideration therefor will be deemed
         to be the fair value of such portion of the net assets and business of
         the non-surviving entity as is attributable to such Common Stock,
         Options or Convertible Securities, as the case may be. The fair value
         of any consideration other than cash or securities will be determined
         in good faith by the Board of Directors of the Company. The holders of
         SPA Warrants representing at least two-thirds of the shares of Common
         Stock obtainable upon exercise of the SPA Warrants then outstanding
         shall be entitled to dispute the determination of the Board of
         Directors of the Company. If such holders and the Company are unable to
         reach agreement within 10 days after the occurrence of an event
         requiring valuation (the "VALUATION EVENT"), the fair value of such
         consideration will be determined within fifteen Business Days after the
         tenth day following the Valuation Event by an independent, reputable
         appraiser jointly selected by the Company and the holders of SPA
         Warrants representing at least two-thirds of the shares of Common Stock
         obtainable upon exercise of the SPA Warrants then outstanding. The
         determination of such appraiser shall be final and binding upon all
         parties absent manifest error and the fees and expenses of such
         appraiser shall be borne by the Company.

         (v) Record Date. If the Company takes a record of the holders of Common
         Stock for the purpose of entitling them (A) to receive a dividend or
         other distribution payable in Common Stock, Options or in Convertible
         Securities or (B) to subscribe for or purchase Common Stock, Options or
         Convertible Securities, then such record date will be deemed to be the
         date of the issue or sale of the shares of Common Stock deemed to have
         been issued or sold upon the declaration of such dividend or the making
         of such other distribution or the date of the granting of such right of
         subscription or purchase, as the case may be.

         (vi) This Warrant Deemed Outstanding. If during the period beginning on
         and including the Initial Issuance Date and ending on the date
         immediately preceding the date of issuance of this Warrant, the Company
         entered into, or in accordance with Section 2(a) would have been deemed
         to have entered into (had this Warrant been outstanding at such time),
         any Dilutive Issuance, then solely for purposes of determining any
         adjustment under this Section 2(a) as a result of such Dilutive
         Issuance or deemed Dilutive Issuance, this Warrant shall be deemed to
         have been outstanding at the time of each such Dilutive Issuance or
         deemed Dilutive Issuance.

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                  (b) Adjustment upon Subdivision or Combination of Common
Stock. If the Company at any time after the date of issuance of this Warrant
subdivides (by any stock split, stock dividend, recapitalization or otherwise)
one or more classes of its outstanding shares of Common Stock into a greater
number of shares, the Exercise Price in effect immediately prior to such
subdivision will be proportionately reduced and the number of Warrant Shares
will be proportionately increased. If the Company at any time after the date of
issuance of this Warrant combines (by combination, reverse stock split or
otherwise) one or more classes of its outstanding shares of Common Stock into a
smaller number of shares, the Exercise Price in effect immediately prior to such
combination will be proportionately increased and the number of Warrant Shares
will be proportionately decreased. Any adjustment under this Section 2(b) shall
become effective at the close of business on the date the subdivision or
combination becomes effective.

                  (c) Other Events. If any event occurs of the type contemplated
by the provisions of this Section 2 but not expressly provided for by such
provisions (including, without limitation, the granting of stock appreciation
rights, phantom stock rights or other rights with equity features), then the
Company's Board of Directors will make an appropriate adjustment in the Exercise
Price and the number of Warrant Shares so as to protect the rights of the holder
of this Warrant; provided that no such adjustment pursuant to this Section 2(c)
will increase the Exercise Price or decrease the number of Warrant Shares as
otherwise determined pursuant to this Section 2.

         3. RIGHTS UPON DISTRIBUTION OF ASSETS. If the Company shall declare or
make any dividend or other distribution of its assets (or rights to acquire its
assets) to holders of Common Stock, by way of return of capital or otherwise
(including, without limitation, any distribution of cash, stock or other
securities, property or options by way of a dividend, spin off,
reclassification, corporate rearrangement or other similar transaction) (a
"DISTRIBUTION"), at any time after the issuance of this Warrant, then, in each
such case:

                  (a) any Exercise Price in effect immediately prior to the
close of business on the record date fixed for the determination of holders of
Common Stock entitled to receive the Distribution shall be reduced, effective as
of the close of business on such record date, to a price determined by
multiplying such Exercise Price by a fraction of which (i) the numerator shall
be the Closing Sale Price of the Common Stock on the trading day immediately
preceding such record date minus the value of the Distribution (as determined in
good faith by the Company's Board of Directors) applicable to one share of
Common Stock, and (ii) the denominator shall be the Closing Sale Price of the
Common Stock on the trading day immediately preceding such record date; and

                  (b) the number of Warrant Shares shall be increased to a
number of shares equal to the number of shares of Common Stock obtainable
immediately prior to the close of business on the record date fixed for the
determination of holders of Common Stock entitled to receive the Distribution
multiplied by the reciprocal of the fraction set forth in the immediately
preceding paragraph (a); provided that in the event that the Distribution is of
common stock ("OTHER COMMON STOCK") of a company whose common stock is traded on
a national securities exchange or a national automated quotation system, then
the holder of this Warrant may elect to receive a warrant to purchase Other
Common Stock in lieu of an increase in the number of

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Warrant Shares, the terms of which shall be identical to those of this Warrant,
except that such warrant shall be exercisable into the number of shares of Other
Common Stock that would have been payable to the holder of this Warrant pursuant
to the Distribution had the holder exercised this Warrant immediately prior to
such record date and with an aggregate exercise price equal to the product of
the amount by which the exercise price of this Warrant was decreased with
respect to the Distribution pursuant to the terms of the immediately preceding
paragraph (a) and the number of Warrant Shares calculated in accordance with the
first part of this paragraph (b).

         4.       PURCHASE RIGHTS; ORGANIC CHANGE.

                  (a) Purchase Rights. In addition to any adjustments pursuant
to Section 2 above, if at any time the Company grants, issues or sells any
Options, Convertible Securities or rights to purchase stock, warrants,
securities or other property pro rata to the record holders of any class of
Common Stock (the "PURCHASE RIGHTS"), then the holder of this Warrant will be
entitled to acquire, upon the terms applicable to such Purchase Rights, the
aggregate Purchase Rights which such holder could have acquired if such holder
had held the number of shares of Common Stock acquirable upon complete exercise
of this Warrant (without regard to any limitations on the exercise of this
Warrant) immediately before the date on which a record is taken for the grant,
issuance or sale of such Purchase Rights, or, if no such record is taken, the
date as of which the record holders of Common Stock are to be determined for the
grant, issue or sale of such Purchase Rights.

                  (b) Organic Change. Any recapitalization, reorganization,
reclassification, consolidation, merger, sale of all or substantially all of the
Company's assets to another Person or other transaction, in each case which is
effected in such a way that holders of Common Stock are entitled to receive
securities or assets with respect to or in exchange for Common Stock is referred
to herein as an "ORGANIC Change." Subject to Section 4(k) of the Securities
Purchase Agreement, prior to the consummation of any (i) sale of all or
substantially all of the Company's assets to an acquiring Person or (ii) other
Organic Change following which the Company is not a surviving entity, the
Company will secure from the Person purchasing such assets or the Person issuing
the securities or providing the assets in such Organic Change (in each case, the
"ACQUIRING ENTITY") a written agreement (in form and substance reasonably
satisfactory to the holders of SPA Warrants representing at least two-thirds of
the shares of Common Stock obtainable upon exercise of the SPA Warrants then
outstanding) to deliver to the holder of this Warrant in exchange for this
Warrant, a security of the Acquiring Entity evidenced by a written instrument
substantially similar in form and substance to this Warrant and reasonably
satisfactory to the holder of this Warrant (including, an adjusted exercise
price equal to the value for the Common Stock reflected by the terms of such
consolidation, merger or sale, and exercisable for a corresponding number of
shares of Common Stock acquirable and receivable upon exercise of this Warrant
(without regard to any limitations on the exercise of this Warrant), if the
value so reflected is less than the Exercise Price in effect immediately prior
to such consolidation, merger or sale). In the event that an Acquiring Entity is
directly or indirectly controlled by a company or entity whose common stock or
similar equity interest is listed, designated or quoted on a securities exchange
or trading market, the holder of this Warrant may elect to treat such Person as
the Acquiring Entity for purposes of this Section 4(b). Prior to the
consummation of any other Organic Change, the Company shall be required to make
appropriate provision to insure that the holder of this Warrant thereafter will
have the right to acquire and

                                      -10-
<PAGE>
receive in lieu of or in addition to (as the case may be) the shares of Common
Stock immediately theretofore acquirable and receivable upon the exercise of
this Warrant (without regard to any limitations on the exercise of this Warrant
including those set forth in Sections 1(f)(i) and 1(f)(ii) of this Warrant),
such shares of stock, securities or assets that would have been issued or
payable in such Organic Change with respect to or in exchange for the number of
shares of Common Stock which would have been acquirable and receivable upon the
exercise of this Warrant as of the date of such Organic Change (without regard
to any limitations on the exercise of this Warrant including those set forth in
Sections 1(f)(i) and 1(f)(ii) of this Warrant).

         5. NONCIRCUMVENTION. The Company hereby covenants and agrees that the
Company will not, by amendment of its Certificate of Incorporation or through
any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities, or any other voluntary action, avoid or seek to
avoid the observance or performance of any of the terms of this Warrant, and
will at all times in good faith carry out all the provisions of this Warrant.
Without limiting the generality of the foregoing, the Company (i) will not
increase the par value of any shares of Common Stock receivable upon the
exercise of this Warrant above the Exercise Price then in effect, (ii) will take
all such actions as may be necessary or appropriate in order that the Company
may validly and legally issue fully paid and nonassessable shares of Common
Stock upon the exercise of this Warrant, and (iii) will, so long as any of the
SPA Warrants are outstanding, take all action necessary to reserve and keep
available out of its authorized and unissued Common Stock, solely for the
purpose of effecting the exercise of the SPA Warrants, 100% of the number of
shares of Common Stock as shall from time to time be necessary to effect the
exercise of the SPA Warrants then outstanding (without regard to any limitations
on exercise).

         6. WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise
specifically provided herein, no holder, solely in such Person's capacity as a
holder, of this Warrant shall be entitled to vote or receive dividends or be
deemed the holder of shares of the Company for any purpose, nor shall anything
contained in this Warrant be construed to confer upon the holder hereof, solely
in such Person's capacity as a holder of this Warrant, any of the rights of a
shareholder of the Company or any right to vote, give or withhold consent to any
corporate action (whether any reorganization, issue of stock, reclassification
of stock, consolidation, merger, conveyance or otherwise), receive notice of
meetings, receive dividends or subscription rights, or otherwise, prior to the
issuance to the holder of this Warrant of the Warrant Shares which such Person
is then entitled to receive upon the due exercise of this Warrant. In addition,
nothing contained in this Warrant shall be construed as imposing any liabilities
on such holder to purchase any securities (upon exercise of this Warrant or
otherwise) or as a stockholder of the Company, whether such liabilities are
asserted by the Company or by creditors of the Company. Notwithstanding this
Section 6, the Company will provide the holder of this Warrant with copies of
the same notices and other information given to the stockholders of the Company
generally, contemporaneously with the giving thereof to the stockholders.

         7.       REISSUANCE OF WARRANTS.

                  (a) Transfer of Warrant. If this Warrant is to be transferred,
the holder shall surrender this Warrant to the Company, whereupon the Company
will forthwith issue and deliver upon the order of the holder of this Warrant a
new Warrant (in accordance with Section 7(d)),

                                      -11-
<PAGE>
registered as the holder of this Warrant may request, representing the right to
purchase the number of Warrant Shares being transferred by the Holder and, if
less then the total number of Warrant Shares then underlying this Warrant is
being transferred, a new Warrant (in accordance with Section 7(d)) to the holder
of this Warrant representing the right to purchase the number of Warrant Shares
not being transferred.

                  (b) Lost, Stolen or Mutilated Warrant. Upon receipt by the
Company of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant, and, in the case of loss, theft or
destruction, of any indemnification undertaking by the holder of this Warrant to
the Company in customary form and reasonably acceptable to the Company (based,
in part, on the net worth of, or security provided by, the Holder) and, in the
case of mutilation, upon surrender and cancellation of this Warrant, the Company
shall execute and deliver to the Holder a new Warrant (in accordance with
Section 7(d)) representing the right to purchase the Warrant Shares then
underlying this Warrant.

                  (c) Warrant Exchangeable for Multiple Warrants. This Warrant
is exchangeable, upon the surrender hereof by the Holder at the principal office
of the Company, for a new Warrant or Warrants (in accordance with Section 7(d))
representing in the aggregate the right to purchase the number of Warrant Shares
then underlying this Warrant, and each such new Warrant will represent the right
to purchase such portion of such Warrant Shares as is designated by the holder
of this Warrant at the time of such surrender; provided, however, that no
Warrants for fractional shares of Common Stock shall be given.

                  (d) Issuance of New Warrants. Whenever the Company is required
to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant
(i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated
on the face of such new Warrant, the right to purchase the Warrant Shares then
underlying this Warrant (or in the case of a new Warrant being issued pursuant
to Section 7(a) or Section 7(c), the Warrant Shares designated by the holder of
this Warrant which, when added to the number of shares of Common Stock
underlying the other new Warrants issued in connection with such issuance, does
not exceed the number of Warrant Shares then underlying this Warrant), (iii)
shall have an issuance date, as indicated on the face of such new Warrant which
is the same as the Issuance Date, and (iv) shall have the same rights and
conditions as this Warrant.

         8. NOTICES. Whenever notice is required to be given under this Warrant,
unless otherwise provided herein, such notice shall be given in accordance with
Section 9(f) of the Securities Purchase Agreement. The Company shall provide the
holder of this Warrant with prompt written notice of all actions taken pursuant
to this Warrant, including in reasonable detail a description of such action and
the reason therefore. Without limiting the generality of the foregoing, the
Company will give written notice to the holder of this Warrant (i) immediately
upon any adjustment of the Exercise Price, setting forth in reasonable detail,
and certifying, the calculation of such adjustment and (ii) at least fifteen
days prior to the date on which the Company closes its books or takes a record
(A) with respect to any dividend or distribution upon the Common Stock, (B) with
respect to any grants, issues or sales of any Options, Convertible Securities or
rights to purchase stock, warrants, securities or other property to holders of
Common Stock or (C) for determining rights to vote with respect to any Change of
Control (as defined in the SPA Securities), dissolution or liquidation, provided
in each case that such

                                      -12-
<PAGE>
information shall be made known to the public prior to or in conjunction with
such notice being provided to such holder. Notwithstanding the foregoing,
Section 4(j) of the Securities Purchase Agreement shall apply to all notices
given pursuant to this Warrant.

         9. AMENDMENT AND WAIVER. Except as otherwise provided herein, the
provisions of this Warrant may be amended and the Company may take any action
herein prohibited, or omit to perform any act herein required to be performed by
it, only if the Company has obtained the written consent of the holders of SPA
Warrants representing at least two-thirds of the shares of Common Stock
obtainable upon exercise of the SPA Warrants then outstanding; provided that no
such action may increase the exercise price of any SPA Warrant or decrease the
number of shares or class of stock obtainable upon exercise of any SPA Warrant
without the written consent of the holder of this Warrant. No such amendment
shall be effective to the extent that it applies to less than all of the holders
of the SPA Warrants then outstanding.

         10. GOVERNING LAW. This Warrant shall be construed and enforced in
accordance with, and all questions concerning the construction, validity,
interpretation and performance of this Warrant shall be governed by, the
internal laws of the State of New York, without giving effect to any choice of
law or conflict of law provision or rule (whether of the State of New York or
any other jurisdictions) that would cause the application of the laws of any
jurisdictions other than the State of New York.

         11. CONSTRUCTION; HEADINGS. This Warrant shall be deemed to be jointly
drafted by the Company and all the Purchasers and shall not be construed against
any person as the drafter hereof. The headings of this Warrant are for
convenience of reference and shall not form part of, or affect the
interpretation of, this Warrant.

         12. DISPUTE RESOLUTION. In the case of a dispute as to the
determination of the Exercise Price or the arithmetic calculation of the Warrant
Shares, the Company shall submit the disputed determinations or arithmetic
calculations via facsimile within two Business Days of receipt of the Exercise
Notice giving rise to such dispute, as the case may be, to the holder of this
Warrant. If the holder of this Warrant and the Company are unable to agree upon
such determination or calculation of the Exercise Price or the Warrant Shares
within three Business Days of such disputed determination or arithmetic
calculation being submitted to the Holder, then the Company shall, within two
Business Days submit via facsimile (a) the disputed determination of the
Exercise Price to an independent, reputable investment bank selected by the
Company and reasonably approved by the holder of this Warrant or (b) the
disputed arithmetic calculation of the Warrant Shares to the Company's
independent, outside accountant. The Company shall cause the investment bank or
the accountant, as the case may be, to perform the determinations or
calculations and notify the Company and the Holder of the results no later than
ten Business Days from the time it receives the disputed determinations or
calculations. Such investment bank's or accountant's determination or
calculation, as the case may be, shall be binding upon all parties absent
demonstrable error.

         13. REMEDIES, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The
remedies provided in this Warrant shall be cumulative and in addition to all
other remedies available under this Warrant, the Securities Purchase Agreement,
the Pledge Agreement (as defined in the Securities Purchase Agreement), the
Control Agreement (as

                                      -13-
<PAGE>
defined in the Pledge Agreement), the SPA Securities and the Registration Rights
Agreement, at law or in equity (including a decree of specific performance
and/or other injunctive relief), and nothing herein shall limit the right of the
holder of this Warrant right to pursue actual damages for any failure by the
Company to comply with the terms of this Warrant. The Company acknowledges that
a breach by it of its obligations hereunder will cause irreparable harm to the
holder of this Warrant and that the remedy at law for any such breach may be
inadequate. The Company therefore agrees that, in the event of any such breach
or threatened breach, the holder of this Warrant shall be entitled, in addition
to all other available remedies, to an injunction restraining any breach,
without the necessity of showing economic loss and without any bond or other
security being required.

         14. TRANSFER. This Warrant may be offered for sale, sold, transferred
or assigned without the consent of the Company, except as may otherwise be
required by Section 2(f) of the Securities Purchase Agreement.

         15. CERTAIN DEFINITIONS. For purposes of this Warrant, the following
terms shall have the following meanings:

                  (a)      "BLOOMBERG" means Bloomberg Financial Markets.

                  (b) "BUSINESS DAY" means any day other than Saturday, Sunday
or other day on which commercial banks in The City of New York are authorized or
required by law to remain closed.

                  (c) "CLOSING BID PRICE" and "CLOSING SALE PRICE" means, for
any security as of any date, the last closing bid price and last closing trade
price, respectively, for such security on the Principal Market, as reported by
Bloomberg, or, if the Principal Market begins to operate on an extended hours
basis and does not designate the closing bid price or the closing trade price,
as the case may be, then the last bid price or last trade price, respectively,
of such security prior to 4:00:00 p.m., New York Time, as reported by Bloomberg,
or, if the Principal Market is not the principal securities exchange or trading
market for such security, the last closing bid price or last trade price,
respectively, of such security on the principal securities exchange or trading
market where such security is listed or traded as reported by Bloomberg, or if
the foregoing do not apply, the last closing bid price or last trade price,
respectively, of such security in the over-the-counter market on the electronic
bulletin board for such security as reported by Bloomberg, or, if no closing bid
price or last trade price, respectively, is reported for such security by
Bloomberg, the average of the bid prices, or the ask prices, respectively, of
any market makers for such security as reported in the "pink sheets" by Pink
Sheets LLC (formerly the National Quotation Bureau, Inc.). If the Closing Bid
Price or the Closing Sale Price cannot be calculated for a security on a
particular date on any of the foregoing bases, the Closing Bid Price or the
Closing Sale Price, as the case may be, of such security on such date shall be
the fair market value as mutually determined by the Company and the Holder. If
the Company and the Holder are unable to agree upon the fair market value of
such security, then such dispute shall be resolved pursuant to Section 12. All
such determinations to be appropriately adjusted for any stock dividend, stock
split, stock combination or other similar transaction during the applicable
calculation period.

                  (d) "COMMON STOCK" means (i) the Company's common stock, par
value

                                      -14-
<PAGE>
$0.001 per share, and (ii) any capital stock into which such Common Stock shall
have been changed or any capital stock resulting from a reclassification of such
Common Stock.

                  (e) "COMMON STOCK DEEMED OUTSTANDING" means, at any given
time, the number of shares of Common Stock actually outstanding at such time,
plus the number of shares of Common Stock deemed to be outstanding pursuant to
Sections 2(a)(i) and 2(a)(ii) hereof regardless of whether the Options or
Convertible Securities are actually exercisable or convertible at such time, but
excluding any shares of Common Stock owned or held by or for the account of the
Company or issuable upon conversion of the SPA Securities or exercise of the SPA
Warrants.

                  (f) "CONVERTIBLE SECURITIES" means any stock or securities
(other than Options) directly or indirectly convertible into or exercisable or
exchangeable for Common Stock.

                  (g) "EXCLUDED SECURITIES" means any shares of Common Stock
issued or issuable (i) in connection with one or more strategic partnerships or
joint ventures in which there is a significant commercial relationship with the
Company, in an amount not to exceed, in the aggregate, gross proceeds to the
Company of $10,000,000 or an aggregate of 5,000,000 shares of Common Stock, (ii)
in connection with any acquisition by the Company, whether through an
acquisition for stock or a merger, of any business, assets or technologies the
primary purpose of which is not to raise equity capital, in an amount not to
exceed, in the aggregate, 19.99% of the total outstanding shares of Common Stock
in any calendar year, (iii) pursuant to a bona fide firm commitment underwritten
public offering with a nationally recognized underwriter which generates gross
proceeds to the Company in excess of $22,500,000 (other than an "at-the-market
offering" as defined in Rule 415(a)(4) under the 1933 Act and "equity lines")
and (iv) upon conversion of any Options or Convertible Securities which are
outstanding under any stock option plan of the Company on the day immediately
preceding the Initial Issuance Date, provided that the terms of such Options or
Convertible Securities are not amended, modified or changed on or after the
Initial Issuance Date.

                  (h) "EXPIRATION DATE" means the date four years after the
Initial Closing Date (as defined in the Securities Purchase Agreement) or, if
such date falls on a day other than a Business Day or on which trading does not
take place on the Principal Market (a "HOLIDAY"), the next date that is not a
Holiday.

                  (i) "OPTIONS" means any rights, warrants or options to
subscribe for or purchase Common Stock or Convertible Securities.

                  (j) "PERSON" means an individual, a limited liability company,
a partnership, a joint venture, a corporation, a trust, an unincorporated
organization, any other entity and a government or any department or agency
thereof.

                  (k) "PRINCIPAL MARKET" means the Nasdaq National Market or in
the event that the Company is no longer listed with the Nasdaq National Market,
the market or exchange on which the Common Stock is then listed and traded,
which only may be either The New York Stock Exchange, Inc. or the American Stock
Exchange.

                                      -15-
<PAGE>
                  (l) "REGISTRATION RIGHTS AGREEMENT" means that certain
registration rights agreement between the Company and the Purchasers.

                  (m) "SPA SECURITIES" means the convertible notes issued
pursuant to the Securities Purchase Agreement.

                            [SIGNATURE PAGE FOLLOWS]

                                      -16-

<PAGE>
         IN WITNESS WHEREOF, the Company has caused this Warrant to Purchase
Common Stock to be duly executed as of the Issuance Date set out above.

                                        VIEWPOINT CORPORATION

                                        By:
                                           -------------------------------------
                                              Name:
                                              Title:
<PAGE>
                                                                       EXHIBIT A

                                 EXERCISE NOTICE

            TO BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS
                        WARRANT TO PURCHASE COMMON STOCK

                              VIEWPOINT CORPORATION

         The undersigned holder hereby exercises the right to purchase
_________________ of the shares of Common Stock ("WARRANT SHARES") of Viewpoint
Corporation, a Delaware corporation (the "COMPANY"), evidenced by the attached
Warrant to Purchase Common Stock (the "WARRANT"). Capitalized terms used herein
and not otherwise defined shall have the respective meanings set forth in the
Warrant.

         1. Form of Exercise Price. The Holder intends that payment of the
Exercise Price shall be made as:

 ____________ a "Cash Exercise" with respect to _________________ Warrant
              Shares; and/or

 ____________ a "Cashless Exercise" with respect to _______________ Warrant
              Shares.

         [INSERT THIS PARAGRAPH (2) IN THE EVENT THAT THE HOLDER HAS NOT ELECTED
A CASHLESS EXERCISE IN ACCORDANCE WITH THE TERMS OF THE WARRANT AS TO ALL OF THE
WARRANT SHARES TO BE ISSUED PURSUANT HERETO] 2. Payment of Exercise Price. The
holder is hereby delivering to the Company payment in the amount of $_________
representing the Aggregate Exercise Price for such Warrant Shares not subject to
a Cashless Exercise in accordance with the terms of the Warrant.

         3. Delivery of Warrant Shares. The Company shall deliver to the holder
__________ Warrant Shares in accordance with the terms of the Warrant.

Date: _______________ __, ______

________________________________________
   Name of Registered Holder

By:
   _____________________________________
   Name:
   Title:
<PAGE>
                                 ACKNOWLEDGMENT

         The Company hereby acknowledges this Exercise Notice and hereby directs
Equiserve Trust Company to issue the above indicated number of shares of Common
Stock in accordance with the Transfer Agent Instructions dated December 31, 2002
from the Company and acknowledged and agreed to by Equiserve Trust Company.

                                        VIEWPOINT CORPORATION

                                        By:
                                           -------------------------------------
                                              Name:
                                              Title:<PAGE>
                                                                    Exhibit 10.6

                          REGISTRATION RIGHTS AGREEMENT

      REGISTRATION RIGHTS AGREEMENT (this "AGREEMENT"), dated as of December 31,
2002, by and among Viewpoint Corporation, a Delaware corporation, with
headquarters located at 498 Seventh Avenue, Suite 1810, New York, NY 10018 (the
"COMPANY"), and the undersigned buyers (each, a "BUYER" and collectively, the
"BUYERS").

      WHEREAS:

      A. In connection with the Securities Purchase Agreement by and among the
parties hereto of even date herewith (the "SECURITIES PURCHASE AGREEMENT"), the
Company has agreed, upon the terms and subject to the conditions of the
Securities Purchase Agreement, to issue and sell to each Buyer (i) convertible
notes of the Company (the "INITIAL NOTES") which will be convertible into shares
of the Company's common stock, par value $0.001 per share (the "COMMON STOCK")
(as converted, the "INITIAL CONVERSION SHARES") in accordance with the terms of
the Initial Notes, and (ii) warrants (the "INITIAL WARRANTS") which will be
exercisable to purchase shares of Common Stock (as exercised collectively, the
"INITIAL WARRANT SHARES");

      B. In connection with the Securities Purchase Agreement, the Company has
the right to require each Buyer, upon the terms and subject to the conditions of
the Securities Purchase Agreement, to purchase from the Company (i) additional
convertible notes (the "SUBSEQUENT NOTES"), which will be convertible into
shares of Common Stock (as converted, the "SUBSEQUENT CONVERSION Shares") in
accordance with the terms of the Subsequent Notes, and (ii) additional warrants
(the "SUBSEQUENT WARRANTS"), which will be exercisable to purchase shares of
Common Stock (as exercised collectively, the "SUBSEQUENT WARRANT SHARES");

      C. In connection with the Securities Purchase Agreement, each Buyer has
the right, upon the terms and subject to the conditions of the Securities
Purchase Agreement, to require the Company to issue and sell to such Buyer (i)
additional convertible notes (the "ADDITIONAL NOTES" and collectively with the
Initial Notes and the Subsequent Notes, the "NOTES"), which will be convertible
into shares of Common Stock (as converted, the "ADDITIONAL CONVERSION SHARES"
and collectively with the Subsequent Conversion Shares and the Initial
Conversion Shares, the "CONVERSION SHARES") in accordance with the terms of the
Additional Notes and (ii) additional warrants (the "ADDITIONAL WARRANTS" and
collectively with the Initial Warrants and the Subsequent Warrants, the
"WARRANTS"), which will be exercisable to purchase shares of Common Stock (as
exercised collectively, the "ADDITIONAL WARRANT SHARES" and collectively with
the Initial Warrant Shares and the Subsequent Warrant Shares, the "WARRANT
SHARES"); and

      D. To induce the Buyers to execute and deliver the Securities Purchase
Agreement, the Company has agreed to provide certain registration rights under
the Securities Act of 1933, as amended, and the rules and regulations
thereunder, or any similar successor statute (collectively, the "1933 ACT"), and
applicable state securities laws.
<PAGE>
      NOW, THEREFORE, in consideration of the premises and the mutual covenants
contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Company and each of the Buyers
hereby agree as follows:

      1. Definitions.

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

            a. "ADDITIONAL REGISTRABLE SECURITIES" means (i) the Additional
Conversion Shares issued or issuable upon conversion of all of the Additional
Notes actually purchased, (ii) the Interest Shares issued or issuable under the
Additional Notes, (iii) the Additional Warrant Shares issued or issuable upon
exercise of the Additional Warrants and (iv) any shares of capital stock issued
or issuable with respect to the Additional Conversion Shares, the Interest
Shares, the Additional Notes, the Additional Warrant Shares or the Additional
Warrants as a result of any stock split, stock dividend, recapitalization,
exchange or similar event or otherwise, without regard to any limitations on
conversions of Additional Notes or exercise of the Additional Warrants.

            b. "ADDITIONAL REGISTRATION STATEMENT" means a registration
statement or registration statements of the Company filed under the 1933 Act
covering any Subsequent Registrable Securities or Additional Registrable
Securities.

            c. "BUSINESS DAY" means any day other than Saturday, Sunday or any
other day on which commercial banks in The City of New York are authorized or
required by law to remain closed.

            d. "EFFECTIVENESS DEADLINE" means the Initial Effectiveness Deadline
(as defined below) and the Additional Effectiveness Deadline (as defined below),
as applicable.

            e. "FILING DEADLINE" means the Initial Filing Deadline (as defined
below) and the Additional Filing Deadline (as defined below), as applicable.

            f. "INITIAL REGISTRABLE SECURITIES" means (i) the Initial Conversion
Shares issued or issuable upon conversion of the Initial Notes, (ii) the Initial
Warrant Shares issued or issuable upon exercise of the Initial Warrants, (iii)
the Interest Shares (as defined in the Notes) issued or issuable under the
Initial Notes and (iv) any shares of capital stock issued or issuable with
respect to the Initial Conversion Shares, the Initial Notes, the Interest
Shares, the Initial Warrant Shares or the Initial Warrants as a result of any
stock split, stock dividend, recapitalization, exchange or similar event or
otherwise, without regard to any limitations on conversions of the Initial Notes
or exercises of the Initial Warrants.

            g. "INITIAL REGISTRATION STATEMENT" means a registration statement
or registration statements of the Company filed under the 1933 Act covering the
Initial Registrable Securities.

                                       2
<PAGE>
            h. "INVESTOR" means a Buyer, any transferee or assignee thereof to
whom a Buyer assigns its rights under this Agreement and who agrees to become
bound by the provisions of this Agreement in accordance with Section 9 and any
transferee or assignee thereof to whom a transferee or assignee assigns its
rights under this Agreement and who agrees to become bound by the provisions of
this Agreement in accordance with Section 9.

            i. "PERSON" means an individual, a limited liability company, a
partnership, a joint venture, a corporation, a trust, an unincorporated
organization and governmental or any department or agency thereof.

            j. "REGISTER," "REGISTERED," and "REGISTRATION" refer to a
registration effected by preparing and filing one or more Registration
Statements (as defined below) in compliance with the 1933 Act and pursuant to
Rule 415 under the 1933 Act or any successor rule providing for offering
securities on a continuous or delayed basis ("RULE 415"), and the declaration or
ordering of effectiveness of such Registration Statement(s) by the United States
Securities and Exchange Commission (the "SEC").

            k. "REGISTRABLE SECURITIES" means the Initial Registrable
Securities, the Subsequent Registrable Securities and the Additional Registrable
Securities.

            l. "REGISTRATION STATEMENT" means the Initial Registration Statement
and the Additional Registration Statement(s).

            m. "SUBSEQUENT REGISTRABLE SECURITIES" means (i) the Subsequent
Conversion Shares issued or issuable upon conversion of all of the Subsequent
Notes actually purchased, (ii) the Interest Shares issued or issuable under the
Subsequent Notes, (iii) the Subsequent Warrant Shares issued or issuable upon
exercise of the Subsequent Warrants and (iv) any shares of capital stock issued
or issuable with respect to the Subsequent Notes, the Subsequent Conversion
Shares, the Interest Shares, the Subsequent Warrants or the Subsequent Warrant
Shares as a result of any stock split, stock dividend, recapitalization,
exchange or similar event or otherwise, without regard to any limitations on
conversions of Subsequent Notes or exercise of the Subsequent Warrants.

      Capitalized terms used herein and not otherwise defined herein shall have
the respective meanings set forth in the Securities Purchase Agreement.

      2. Registration.

            a. Initial Mandatory Registration. The Company shall prepare, and,
as soon as practicable but in no event later than 30 days after the Initial
Closing Date (as defined in the Securities Purchase Agreement) (the "INITIAL
FILING DEADLINE"), file with the SEC the Initial Registration Statement on Form
S-3 covering the resale of all of the Initial Registrable Securities. In the
event that Form S-3 is unavailable for such a registration, the Company shall
use such other form as is available for such a registration, subject to the
provisions of Section 2(e). The Initial Registration Statement prepared pursuant
hereto shall register for resale at least that number of shares of Common Stock
equal to the product of (x) 1.3 and (y) the number of Initial Registrable
Securities as of the trading day immediately preceding the date the Initial

                                       3
<PAGE>
Registration Statement is initially filed with the SEC, subject to adjustment as
provided in Section 2(e). The Company shall use its reasonable best efforts to
have the Initial Registration Statement declared effective by the SEC as soon as
practicable, but in no event later than the date which is 90 days after the
Initial Closing Date (the "INITIAL EFFECTIVENESS DEADLINE").

            b. Additional Mandatory Registration. The Company shall prepare,
and, as soon as practicable but in no event later than 30 days after each of (i)
the Subsequent Closing Date (as defined in the Securities Purchase Agreement)
and (ii) the earlier of (x) each Additional Closing Date at which an aggregate
of at least $750,000 in principal amount of Additional Notes are purchased by
one or more Buyers or their successors or assigns or after which there is an
aggregate of at least $750,000 in principal amount of Additional Notes that have
purchased by one or more Buyers or their successors or assigns that have not had
their related Additional Registrable Securities previously registered hereunder
or (y) such time after any Additional Notes are purchased that no additional
Additional Notes are available or are permitted to be purchased pursuant to the
Securities Purchase Agreement (each, an "ADDITIONAL FILING DEADLINE"), file with
the SEC an Additional Registration Statement on Form S-3 covering the resale of
all of the Subsequent Registrable Securities or Additional Registrable
Securities not previously registered on an Additional Registration Statement
hereunder, as the case may be. In the event that Form S-3 is unavailable for
such a registration, the Company shall use such other form as is available for
such a registration, subject to the provisions of Section 2(e). Each Additional
Registration Statement prepared pursuant hereto shall register for resale at
least that number of shares of Common Stock equal to the product of (x) 1.3 and
(y) the number of Additional Registrable Securities as of the trading day
immediately preceding the date the Additional Registration Statement is
initially filed with the SEC, subject to adjustment as provided in Section 2(e).
The Company shall use its reasonable best efforts to have each Additional
Registration Statement declared effective by the SEC as soon as practicable, but
in no event later than the date which is 90 days after the applicable Additional
Closing Date or Subsequent Closing Date, as the case may be (each, an
"ADDITIONAL EFFECTIVENESS DEADLINE").

            c. Allocation of Registrable Securities. The initial number of
Registrable Securities included in any Registration Statement and each increase
in the number of Registrable Securities included therein pursuant to Section
2(e) shall be allocated pro rata among the Investors based on the number of
Registrable Securities held by each Investor at the time the Registration
Statement covering such initial number of Registrable Securities or increase
thereof is declared effective by the SEC. In the event that an Investor sells or
otherwise transfers any of such Investor's Registrable Securities, each
transferee shall be allocated a pro rata portion of the then remaining number of
Registrable Securities included in such Registration Statement for such
transferor. Any shares of Common Stock included in a Registration Statement and
which remain allocated to any Person which ceases to hold any Registrable
Securities covered by such Registration Statement shall be allocated to the
remaining Investors, pro rata based on the number of Registrable Securities then
held by such Investors which are covered by such Registration Statement. In no
event shall the Company include any securities other than Registrable Securities
on any Registration Statement without the prior written consent of Buyers
holding at least two-thirds of the Registrable Securities.

                                       4
<PAGE>
            d. Ineligibility for Form S-3. In the event that Form S-3 is not
available for the registration of the resale of Registrable Securities
hereunder, the Company shall (i) register the resale of the Registrable
Securities on another appropriate form reasonably acceptable to the holders of
at least two-thirds of the Registrable Securities and (ii) undertake to register
the Registrable Securities on Form S-3 as soon as such form is available,
provided that the Company shall maintain the effectiveness of the Registration
Statement then in effect until such time as a Registration Statement on Form S-3
covering the Registrable Securities has been declared effective by the SEC.

            e. Sufficient Number of Shares Registered. In the event the number
of shares available under a Registration Statement filed pursuant to Section
2(a) or 2(b) is insufficient to cover all of the Registrable Securities required
to be covered by such Registration Statement or an Investor's allocated portion
of the Registrable Securities pursuant to Section 2(c), the Company shall amend
the applicable Registration Statement, or file a new Registration Statement (on
the short form available therefor, if applicable), or both, so as to cover at
least 130% of the number of such Registrable Securities as of the trading day
immediately preceding the date of the filing of such amendment or new
Registration Statement, in each case, as soon as practicable, but in any event
not later than fifteen (15) days after the necessity therefor arises. The
Company shall use its reasonable best efforts to cause such amendment and/or new
Registration Statement to become effective as soon as practicable following the
filing thereof. For purposes of the foregoing provision, the number of shares
available under a Registration Statement shall be deemed "insufficient to cover
all of the Registrable Securities" if at any time the number of shares of Common
Stock available for resale under the Registration Statement is less than the
product determined by multiplying (i) the number of Registrable Securities
covered by such Registration Statement, by (ii) 1.1. The calculation set forth
in the foregoing sentence shall be made without regard to any limitations on the
conversion of the Notes or the exercise of the Warrants and such calculation
shall assume that the Notes and the Warrants are then convertible into shares of
Common Stock and the maximum number of Interest Shares under the Notes, assuming
the initial outstanding principal amount of the Notes remains outstanding
through the scheduled maturity date and assuming no conversions or redemptions
of the Notes prior to the scheduled maturity date, are issuable at the then
prevailing Interest Conversion Price (as defined in the Notes), Conversion Rate
(as defined in the Notes) or Warrant Exercise Price (as defined in the
Warrants), as applicable.

            f. Effect of Failure to File and Obtain and Maintain Effectiveness
of Registration Statement. If (i) a Registration Statement covering all the
Registrable Securities required to be covered thereby and required to be filed
by the Company pursuant to this Agreement is (A) not filed with the SEC on or
before the respective Filing Deadline or (B) not declared effective by the SEC
on or before 30 days after the respective Effectiveness Deadline or (ii) on any
day after such Registration Statement has been declared effective by the SEC
sales of all the Registrable Securities required to be included on such
Registration Statement cannot be made (other than during an Allowable Grace
Period (as defined in Section 3(r)) pursuant to such Registration Statement
(including, without limitation, because of a failure to keep such Registration
Statement effective, to disclose such information as is necessary for sales to
be made pursuant to such Registration Statement or to register sufficient shares
of Common Stock), then, as partial relief for the damages to any holder by
reason of any such delay in or reduction of

                                       5
<PAGE>
its ability to sell the underlying shares of Common Stock (which remedy shall
not be exclusive of any other remedies available at law or in equity), the
Company shall pay to each holder of Notes relating to such Registration
Statement an amount in cash equal to the product of (i) the aggregate Principal
(as such term is defined in the Notes) convertible into Conversion Shares
included in such Registration Statement of such Investor's Notes multiplied by
(ii) the sum of (A) 0.015, if such Registration Statement is not filed by the
applicable Filing Deadline, plus (B) 0.015, if such Registration Statement is
not declared effective by 30 days after the applicable Effectiveness Deadline,
plus (C) the product of (I) 0.0005 multiplied by (II) the sum of (x) the number
of days after the applicable Filing Deadline that the Registration Statement is
not filed with the SEC, plus (y) the number of days after the 30th day after
applicable Effectiveness Deadline that the Registration Statement is not
declared effective by the SEC, plus (z) the number of days, in each instance,
after the Registration Statement has been declared effective by the SEC that
such Registration Statement is not available (other than during an Allowable
Grace Period) for the sale of all the Registrable Securities required to be
included on such Registration Statement. The payments to which a holder shall be
entitled pursuant to this Section 2(f) are referred to herein as "REGISTRATION
DELAY PAYMENTS." Registration Delay Payments shall be paid on the earlier of (I)
the last day of the calendar month during which such Registration Delay Payments
are incurred and (II) the third Business Day after the event or failure giving
rise to the Registration Delay Payments is cured. In the event the Company fails
to make Registration Delay Payments in a timely manner, such Registration Delay
Payments shall bear interest at the rate of 1.5% per month (prorated for partial
months) until paid in full.

      3. Related Obligations.

      At such time as the Company is obligated to file a Registration Statement
with the SEC pursuant to Section 2(a), 2(b), 2(d) or 2(e), the Company will use
its reasonable best efforts to effect the registration of the Registrable
Securities in accordance with the intended method of disposition thereof
(provided that such intended method of distribution shall not include an
underwritten offering) and, pursuant thereto, the Company shall have the
following obligations:

            a. The Company shall submit to the SEC, within two (2) Business Days
after the Company learns that no review of a particular Registration Statement
will be made by the staff of the SEC or that the staff has no further comments
on a particular Registration Statement, as the case may be, a request for
acceleration of effectiveness of such Registration Statement to a time and date
not later than 48 hours after the submission of such request. The Company shall
keep each Registration Statement effective pursuant to Rule 415 at all times
until the earlier of (i) the date as of which the Investors may sell all of the
Registrable Securities covered by such Registration Statement without
restriction pursuant to Rule 144(k) (or successor thereto) promulgated under the
1933 Act or (ii) the date on which the Investors shall have sold all the
Registrable Securities covered by such Registration Statement (the "REGISTRATION
PERIOD"). The Company shall ensure that each Registration Statement (including
any amendments or supplements thereto and prospectuses contained therein) shall
not contain any 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 the case of prospectuses, in the light of the circumstances in which they
were made) not misleading.

                                       6
<PAGE>
            b. The Company shall prepare and file with the SEC such amendments
(including post-effective amendments) and supplements to a Registration
Statement and the prospectus used in connection with such Registration
Statement, which prospectus is to be filed pursuant to Rule 424 promulgated
under the 1933 Act, as may be necessary to keep such Registration Statement
effective at all times during the Registration Period, and, during such period,
comply with the provisions of the 1933 Act with respect to the disposition of
all Registrable Securities of the Company covered by such Registration Statement
until such time as all of such Registrable Securities shall have been disposed
of in accordance with the intended methods of disposition by the seller or
sellers thereof as set forth in such Registration Statement. In the case of
amendments and supplements to a Registration Statement which are required to be
filed pursuant to this Agreement (including pursuant to this Section 3(b)) by
reason of the Company filing a report on Form 10-K, Form 10-Q or Form 8-K or any
analogous report under the Securities Exchange Act of 1934, as amended (the
"1934 ACT"), the Company shall have incorporated such report by reference into
such Registration Statement, if applicable, or shall file such amendments or
supplements with the SEC on the same day on which the 1934 Act report is filed
which created the requirement for the Company to amend or supplement such
Registration Statement.

            c. The Company shall (A) permit one legal counsel ("LEGAL COUNSEL"),
which shall be Schulte Roth & Zabel LLP or such other counsel as thereafter
designated by the holders of at least two-thirds of the Registrable Securities
to review and comment upon (i) a Registration Statement at least five (5)
Business Days prior to its filing with the SEC and (ii) all amendments and
supplements to all Registration Statements (except for Annual Reports on Form
10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K and any
similar or successor reports) within a reasonable number of days prior to their
filing with the SEC, and (B) not file any Registration Statement or amendment or
supplement thereto in a form to which Legal Counsel reasonably objects. The
Company shall not submit a request for acceleration of the effectiveness of a
Registration Statement or any amendment or supplement thereto without the prior
approval of Legal Counsel, which consent shall not be unreasonably withheld or
delayed. The Company shall furnish to Legal Counsel, without charge, (i) copies
of any correspondence from the SEC or the staff of the SEC to the Company or its
representatives relating to any Registration Statement, (ii) promptly after the
same is prepared and filed with the SEC, one copy of any Registration Statement
and any amendment(s) thereto, including financial statements and schedules, all
documents incorporated therein by reference, if requested by an Investor, and
all exhibits and (iii) upon the effectiveness of any Registration Statement, one
copy of the prospectus included in such Registration Statement and all
amendments and supplements thereto. The Company shall reasonably cooperate with
Legal Counsel in performing the Company's obligations pursuant to this Section
3.

            d. The Company shall furnish to each Investor whose Registrable
Securities are included in any Registration Statement, without charge, (i)
promptly after the same is prepared and filed with the SEC, at least one copy of
such Registration Statement and any amendment(s) thereto, including financial
statements and schedules, all documents incorporated therein by reference, if
requested by an Investor, all exhibits and each preliminary prospectus, (ii)
upon the effectiveness of any Registration Statement, ten (10) copies of the
prospectus included in such Registration Statement and all amendments and
supplements thereto

                                       7
<PAGE>
(or such other number of copies as such Investor may reasonably request) and
(iii) such other documents, including copies of any preliminary or final
prospectus, as such Investor may reasonably request from time to time in order
to facilitate the disposition of the Registrable Securities owned by such
Investor.

            e. The Company shall use its reasonable best efforts to (i) register
and qualify, unless an exemption from registration and qualification applies,
the resale by Investors of the Registrable Securities covered by a Registration
Statement under such other securities or "blue sky" laws of all applicable
jurisdictions in the United States, (ii) prepare and file in those
jurisdictions, such amendments (including post-effective amendments) and
supplements to such registrations and qualifications as may be necessary to
maintain the effectiveness thereof during the Registration Period, (iii) take
such other actions as may be necessary to maintain such registrations and
qualifications in effect at all times during the Registration Period, and (iv)
take all other actions reasonably necessary or advisable to qualify the
Registrable Securities for sale in such jurisdictions; provided, however, that
the Company shall not be required in connection therewith or as a condition
thereto to (x) qualify to do business in any jurisdiction where it would not
otherwise be required to qualify but for this Section 3(e), (y) subject itself
to general taxation in any such jurisdiction, or (z) file a general consent to
service of process in any such jurisdiction. The Company shall promptly notify
Legal Counsel and each Investor who holds Registrable Securities of the receipt
by the Company of any notification with respect to the suspension of the
registration or qualification of any of the Registrable Securities for sale
under the securities or "blue sky" laws of any jurisdiction in the United States
or its receipt of actual notice of the initiation or threatening of any
proceeding for such purpose.

            f. The Company shall notify Legal Counsel and each Investor in
writing of the happening of any event, as promptly as practicable after becoming
aware of such event, as a result of which the prospectus included in a
Registration Statement, as then in effect, includes an untrue statement of a
material fact or omission 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 (provided that in no event shall such
notice contain any material, nonpublic information), and, subject to Section
3(r), promptly prepare a supplement or amendment to such Registration Statement
to correct such untrue statement or omission, and deliver ten (10) copies of
such supplement or amendment to Legal Counsel and each Investor (or such other
number of copies as Legal Counsel or such Investor may reasonably request). The
Company shall also promptly notify Legal Counsel and each Investor in writing
(i) when a prospectus or any prospectus supplement or post-effective amendment
has been filed, and when a Registration Statement or any post-effective
amendment has become effective (notification of such effectiveness shall be
delivered to Legal Counsel and each Investor by facsimile on the same day of
such effectiveness and by overnight mail), (ii) of any request by the SEC for
amendments or supplements to a Registration Statement or related prospectus or
related information, and (iii) of the Company's reasonable determination that a
post-effective amendment to a Registration Statement would be appropriate.

            g. The Company shall use its reasonable best efforts to prevent the
issuance of any stop order or other suspension of effectiveness of a
Registration Statement, or the

                                       8
<PAGE>
suspension of the qualification of any of the Registrable Securities for sale in
any jurisdiction and, if such an order or suspension is issued, to obtain the
withdrawal of such order or suspension at the earliest possible moment and to
notify Legal Counsel and each Investor who holds Registrable Securities being
sold of the issuance of such order and the resolution thereof or its receipt of
actual notice of the initiation or threat of any proceeding for such purpose.

            h. At the reasonable request of any Investor, the Company shall
furnish to such Investor, within five (5) Business Days following the date of
the effectiveness of the Registration Statement (i) a letter, dated such date,
from the Company's independent certified public accountants in form and
substance as is customarily given by independent certified public accountants to
underwriters in an underwritten public offering, addressed to the Investors, and
(ii) opinions, dated as of such date, of counsel representing the Company for
purposes of such Registration Statement and the Company's General Counsel as to
internal matters, in form, scope and substance as is customarily given in an
underwritten public offering, addressed to the Investors.

            i. The Company shall make available for inspection by (i) one
Investor (as may be designated by the holders of at least two-thirds of the
Registrable Securities), (ii) Legal Counsel and (iii) one firm of accountants or
other agents retained by the Investors (collectively, the "INSPECTORS"), all
pertinent financial and other records, and pertinent corporate documents and
properties of the Company (collectively, the "RECORDS"), as shall be reasonably
deemed necessary by each Inspector, and cause the Company's officers, directors
and employees to supply all information which any Inspector may reasonably
request; provided, however, that each Inspector shall agree to hold in strict
confidence and shall not make any disclosure (except to an Investor) or use of
any Record or other information which the Company determines in good faith to be
confidential, and of which determination the Inspectors are so notified, unless
(a) the disclosure of such Records is necessary to avoid or correct a
misstatement or omission in any Registration Statement or is otherwise required
under the 1933 Act, (b) the release of such Records is ordered pursuant to a
final, non-appealable subpoena or order from a court or government body of
competent jurisdiction, or (c) the information in such Records has been made
generally available to the public other than by disclosure in violation of this
or any other agreement of which the Inspector has knowledge. Each Investor
agrees that it shall, upon learning that disclosure of such Records is sought in
or by a court or governmental body of competent jurisdiction or through other
means, give prompt notice to the Company and allow the Company, at its expense,
to undertake appropriate action to prevent disclosure of, or to obtain a
protective order for, the Records deemed confidential. Nothing herein (or in any
other confidentiality agreement between the Company and any Investor) shall be
deemed to limit the Investors' ability to sell Registrable Securities in a
manner which is otherwise consistent with applicable laws and regulations.

            j. The Company shall hold in confidence and not make any disclosure
of information concerning an Investor provided to the Company unless (i)
disclosure of such information is necessary to comply with federal or state
securities laws, (ii) the disclosure of such information is necessary to avoid
or correct a misstatement or omission in any Registration Statement, (iii) the
release of such information is ordered pursuant to a subpoena or other final,
non-appealable order from a court or governmental body of competent
jurisdiction,

                                       9
<PAGE>
or (iv) such information has been made generally available to the public other
than by disclosure in violation of this Agreement or any other agreement. The
Company agrees that it shall, upon learning that disclosure of such information
concerning an Investor is sought in or by a court or governmental body of
competent jurisdiction or through other means, give prompt written notice to
such Investor and allow such Investor, at the Investor's expense, to undertake
appropriate action to prevent disclosure of, or to obtain a protective order
for, such information.

            k. The Company shall use its reasonable best efforts either to (i)
cause all the Registrable Securities covered by a Registration Statement to be
listed on each securities exchange on which securities of the same class or
series issued by the Company are then listed, if any, if the listing of such
Registrable Securities is then permitted under the rules of such exchange, or
(ii) secure designation and quotation of all the Registrable Securities covered
by a Registration Statement on the Nasdaq National Market, or (iii) if, despite
the Company's reasonable best efforts to satisfy the preceding clause (i) or
(ii), the Company is unsuccessful in satisfying the preceding clause (i) or
(ii), to secure the inclusion for quotation on The Nasdaq SmallCap Market for
such Registrable Securities and, without limiting the generality of the
foregoing, to use its reasonable best efforts to arrange for at least two market
makers to register with the National Association of Securities Dealers, Inc.
("NASD") as such with respect to such Registrable Securities. The Company shall
pay all fees and expenses in connection with satisfying its obligation under
this Section 3(k).

            l. The Company shall cooperate with the Investors who hold
Registrable Securities being offered and, to the extent applicable, facilitate
the timely preparation and delivery of certificates (not bearing any restrictive
legend) representing the Registrable Securities to be offered pursuant to a
Registration Statement and enable such certificates to be in such denominations
or amounts, as the case may be, as the Investors may reasonably request and
registered in such names as the Investors may request.

            m. If requested by an Investor, the Company shall (i) as soon as
practicable incorporate in a prospectus supplement or post-effective amendment
such information as an Investor reasonably requests to be included therein
relating to the sale and distribution of Registrable Securities, including,
without limitation, information with respect to the number of Registrable
Securities being offered or sold, the purchase price being paid therefor and any
other terms of the offering of the Registrable Securities to be sold in such
offering; (ii) as soon as practicable make all required filings of such
prospectus supplement or post-effective amendment after being notified of the
matters to be incorporated in such prospectus supplement or post-effective
amendment; and (iii) as soon as practicable, supplement or make amendments to
any Registration Statement if reasonably requested by an Investor holding any
Registrable Securities.

            n. The Company shall use its reasonable best efforts to cause the
Registrable Securities covered by a Registration Statement to be registered with
or approved by such other governmental agencies or authorities as may be
necessary to consummate the disposition of such Registrable Securities.

            o. The Company shall make generally available to its security
holders as soon as practical, but not later than ninety (90) days after the
close of the period covered

                                       10
<PAGE>
thereby, an earnings statement (in form complying with, and in the manner
provided by, the provisions of Rule 158 under the 1933 Act) covering a
twelve-month period beginning not later than the first day of the Company's
fiscal quarter next following the effective date of a Registration Statement.

            p. The Company shall otherwise use its reasonable best efforts to
comply with all applicable rules and regulations of the SEC in connection with
any registration hereunder.

            q. Within two (2) Business Days after a Registration Statement which
covers Registrable Securities is ordered effective by the SEC, the Company shall
deliver, and shall cause legal counsel for the Company to deliver, to the
transfer agent for such Registrable Securities (with copies to the Investors
whose Registrable Securities are included in such Registration Statement)
confirmation that such Registration Statement has been declared effective by the
SEC in the form attached hereto as Exhibit A.

            r. Notwithstanding anything to the contrary herein, at any time
after the Registration Statement has been declared effective by the SEC, the
Company may delay the disclosure of material non-public information concerning
the Company the disclosure of which at the time is not, in the good faith
opinion of the Board of Directors of the Company and its counsel, in the best
interest of the Company and, based upon the advice of counsel to the Company,
otherwise required (a "GRACE PERIOD"); provided, that the Company shall promptly
(i) notify the Investors in writing of the existence of material non-public
information giving rise to a Grace Period (provided that in each notice the
Company will not disclose the content of such material non-public information to
the Investors) and the date on which the Grace Period will begin, and (ii)
notify the Investors in writing of the date on which the Grace Period ends; and,
provided further, that no Grace Period shall exceed fifteen (15) consecutive
days and during any three hundred sixty five (365) day period such Grace Periods
shall not exceed an aggregate of forty-five (45) days and the first day of any
Grace Period must be at least two (2) trading days after the last day of any
prior Grace Period (each, an "ALLOWABLE GRACE PERIOD"). For purposes of
determining the length of a Grace Period above, the Grace Period shall begin on
and include the date the Investors receive the notice referred to in clause (i)
and shall end on and include the later of the date the Investors receive the
notice referred to in clause (ii) and the date referred to in such notice. The
provisions of Section 3(f) hereof shall not be applicable during the period of
any Allowable Grace Period. Upon expiration of the Grace Period, the Company
shall again be bound by the first sentence of Section 3(f) with respect to the
information giving rise thereto unless such material non-public information is
no longer applicable. Notwithstanding anything to the contrary, the Company
shall cause its transfer agent to deliver unlegended shares of Common Stock to a
transferee of an Investor in accordance with the terms of the Securities
Purchase Agreement in connection with any sale of Registrable Securities with
respect to which an Investor has entered into a contract for sale, and delivered
a copy of the prospectus included as part of the applicable Registration
Statement, prior to the Investor's receipt of the notice of a Grace Period and
for which the Investor has not yet settled.

                                       11
<PAGE>
      4. Obligations Of The Investors.

            a. At least seven (7) Business Days prior to the first anticipated
filing date of a Registration Statement, the Company shall notify each Investor
in writing of the information the Company requires from each such Investor if
such Investor elects to have any of such Investor's Registrable Securities
included in such Registration Statement. It shall be a condition precedent to
the obligations of the Company to complete the registration pursuant to this
Agreement with respect to the Registrable Securities of a particular Investor
that such Investor shall furnish to the Company such information regarding
itself, the Registrable Securities held by it and the intended method of
disposition of the Registrable Securities held by it as shall be reasonably
required to effect the effectiveness of the registration of such Registrable
Securities and shall execute such documents in connection with such registration
as the Company may reasonably request.

            b. Each Investor, by such Investor's acceptance of the Registrable
Securities, agrees to cooperate with the Company as reasonably requested by the
Company in connection with the preparation and filing of any Registration
Statement hereunder, unless such Investor has notified the Company in writing of
such Investor's election to exclude all of such Investor's Registrable
Securities from such Registration Statement.

            c. Each Investor agrees that, upon receipt of any notice from the
Company of the happening of any event of the kind described in Section 3(g) or
the first sentence of 3(f), such Investor will immediately discontinue
disposition of Registrable Securities pursuant to any Registration Statement(s)
covering such Registrable Securities until such Investor's receipt of the copies
of the supplemented or amended prospectus contemplated by Section 3(g) or the
first sentence of 3(f) or receipt of notice that no supplement or amendment is
required. Notwithstanding anything to the contrary, the Company shall cause its
transfer agent to deliver unlegended shares of Common Stock to a transferee of
an Investor in accordance with the terms of the Securities Purchase Agreement in
connection with any sale of Registrable Securities with respect to which an
Investor has entered into a contract for sale prior to the Investor's receipt of
a notice from the Company of the happening of any event of the kind described in
Section 3(g) or the first sentence of 3(f) and for which the Investor has not
yet settled.

      5. Expenses Of Registration.

      The Company shall pay all reasonable expenses, other than underwriting
discounts and commissions, incurred in connection with the performance of its
obligations hereunder and under the transactions contemplated hereby, including
the registrations, filings or qualifications pursuant to Sections 2 and 3, and
including, without limitation, all registration, listing and qualifications
fees, printers and accounting fees, and fees and disbursements of counsel for
the Company. The Company shall also reimburse the Investors for the fees and
disbursements of Legal Counsel in connection with registration, filing or
qualification pursuant to Sections 2 and 3 of this Agreement which amount shall
be limited to $5,000 for each Registration Statement.

                                       12
<PAGE>
      6. Indemnification.

      In the event any Registrable Securities are included in a Registration
Statement under this Agreement:

            a. To the fullest extent permitted by law, the Company will, and
hereby does, indemnify, hold harmless and defend each Investor, the directors,
officers, partners, employees, agents, representatives of, and each Person, if
any, who controls any Investor within the meaning of the 1933 Act or the 1934
Act (each, an "INDEMNIFIED PERSON"), against any losses, claims, damages,
liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys'
fees, amounts paid in settlement or reasonable expenses, joint or several,
(collectively, "CLAIMS") incurred in investigating, preparing or defending any
action, claim, suit, inquiry, proceeding, investigation or appeal taken from the
foregoing by or before any court or governmental, administrative or other
regulatory agency, body or the SEC, whether pending or threatened, whether or
not an indemnified party is or may be a party thereto ("INDEMNIFIED DAMAGES"),
to which any of them may become subject insofar as such Claims (or actions or
proceedings, whether commenced or threatened, in respect thereof) arise out of
or are based upon: (i) any untrue statement or alleged untrue statement of a
material fact in a Registration Statement or any post-effective amendment
thereto or in any filing made in connection with the qualification of the
offering under the securities or other "blue sky" laws of any jurisdiction in
which Registrable Securities are offered ("BLUE SKY FILING"), or the omission or
alleged omission to state a material fact required to be stated therein or
necessary to make the statements therein not misleading, (ii) any untrue
statement or alleged untrue statement of a material fact contained in any
preliminary prospectus if used prior to the effective date of such Registration
Statement, or contained in the final prospectus (as amended or supplemented, if
the Company files any amendment thereof or supplement thereto with the SEC) or
the omission or alleged omission to state therein any material fact necessary to
make the statements made therein, in light of the circumstances under which the
statements therein were made, not misleading, (iii) any violation or alleged
violation by the Company of the 1933 Act, the 1934 Act, any other law,
including, without limitation, any state securities law, or any rule or
regulation thereunder relating to the offer or sale of the Registrable
Securities pursuant to a Registration Statement or (iv) any material violation
of this Agreement (the matters in the foregoing clauses (i) through (iv) being,
collectively, "VIOLATIONS"). Subject to Section 6(c), the Company shall
reimburse the Indemnified Persons, promptly as such expenses are incurred and
are due and payable, for any legal fees or other reasonable expenses incurred by
them in connection with investigating or defending any such Claim.
Notwithstanding anything to the contrary contained herein, the indemnification
agreement contained in this Section 6(a): (i) shall not apply to a Claim by an
Indemnified Person arising out of or based upon a Violation which occurs in
reliance upon and in conformity with information furnished in writing to the
Company by such Indemnified Person for such Indemnified Person expressly for use
in connection with the preparation of the Registration Statement or any such
amendment thereof or supplement thereto, if such prospectus was timely made
available by the Company pursuant to Section 3(d); (ii) with respect to any
preliminary prospectus, shall not inure to the benefit of any such person from
whom the person asserting any such Claim purchased the Registrable Securities
that are the subject thereof (or to the benefit of any person controlling such
person) if the untrue statement or omission of material fact contained in the
preliminary prospectus was corrected in the prospectus, as then amended or

                                       13
<PAGE>
supplemented, if such prospectus was timely made available by the Company
pursuant to Section 3(d), and the Indemnified Person was promptly advised in
writing not to use the incorrect prospectus prior to the use giving rise to a
violation and such Indemnified Person, notwithstanding such advice, used it or
failed to deliver the correct prospectus as required by the 1933 Act and such
correct prospectus was timely made available pursuant to Section 3(d); (iii)
shall not be available to the extent such Claim is based on a failure of the
Investor to deliver or to cause to be delivered the prospectus made available by
the Company, including a corrected prospectus, if such prospectus or corrected
prospectus was timely made available by the Company pursuant to Section 3(d);
and (iv) shall not apply to amounts paid in settlement of any Claim if such
settlement is effected without the prior written consent of the Company, which
consent shall not be unreasonably withheld or delayed. Such indemnity shall
remain in full force and effect regardless of any investigation made by or on
behalf of the Indemnified Person and shall survive the transfer of the
Registrable Securities by the Investors pursuant to Section 9.

            b. In connection with any Registration Statement in which an
Investor is participating, each such Investor agrees to severally and not
jointly indemnify, hold harmless and defend, to the same extent and in the same
manner as is set forth in Section 6(a), the Company, each of its directors, each
of its officers who signs the Registration Statement and each Person, if any,
who controls the Company within the meaning of the 1933 Act or the 1934 Act
(each, an "INDEMNIFIED PARTY"), against any Claim or Indemnified Damages to
which any of them may become subject, under the 1933 Act, the 1934 Act or
otherwise, insofar as such Claim or Indemnified Damages arise out of or are
based upon any Violation, in each case to the extent, and only to the extent,
that such Violation occurs in reliance upon and in conformity with written
information furnished to the Company by such Investor expressly for use in
connection with such Registration Statement; and, subject to Section 6(c), such
Investor will reimburse any legal or other expenses reasonably incurred by an
Indemnified Party in connection with investigating or defending any such Claim;
provided, however, that the indemnity agreement contained in this Section 6(b)
and the agreement with respect to contribution contained in Section 7 shall not
apply to amounts paid in settlement of any Claim if such settlement is effected
without the prior written consent of such Investor, which consent shall not be
unreasonably withheld or delayed; provided, further, however, that the Investor
shall be liable under this Section 6(b) for only that amount of a Claim or
Indemnified Damages as does not exceed the net proceeds to such Investor as a
result of the sale of Registrable Securities pursuant to such Registration
Statement. Such indemnity shall remain in full force and effect regardless of
any investigation made by or on behalf of such Indemnified Party and shall
survive the transfer of the Registrable Securities by the Investors pursuant to
Section 9. Notwithstanding anything to the contrary contained herein, the
indemnification agreement contained in this Section 6(b) with respect to any
preliminary prospectus shall not inure to the benefit of any Indemnified Party
if the untrue statement or omission of material fact contained in the
preliminary prospectus was corrected on a timely basis in the prospectus, as
then amended or supplemented.

            c. Promptly after receipt by an Indemnified Person or Indemnified
Party under this Section 6 of notice of the commencement of any action or
proceeding (including any governmental action or proceeding) involving a Claim,
such Indemnified Person or Indemnified Party shall, if a Claim in respect
thereof is to be made against any indemnifying party under this Section 6,
deliver to the indemnifying party a written notice of the

                                       14
<PAGE>
commencement thereof, and the indemnifying party shall have the right to
participate in, and, to the extent the indemnifying party so desires, jointly
with any other indemnifying party similarly noticed, to assume control of the
defense thereof with counsel reasonably satisfactory to the Indemnified Person
or the Indemnified Party, as the case may be; provided, however, that an
Indemnified Person or Indemnified Party shall have the right to retain its own
counsel with the fees and expenses of not more than one counsel for such
Indemnified Person or Indemnified Party to be paid by the indemnifying party,
if, in the reasonable conclusion of the Indemnified Person or Indemnified Party,
the representation by such counsel of the Indemnified Person or Indemnified
Party and the indemnifying party would be inappropriate due to actual or
potential differing interests between such Indemnified Person or Indemnified
Party and any other party represented by such counsel in such proceeding. In the
case of an Indemnified Person, legal counsel referred to in the immediately
preceding sentence shall be selected by the Investors holding at least
two-thirds in interest of the Registrable Securities included in the
Registration Statement to which the Claim relates. The Indemnified Party or
Indemnified Person shall cooperate fully with the indemnifying party in
connection with any negotiation or defense of any such action or Claim by the
indemnifying party and shall furnish to the indemnifying party all information
reasonably available to the Indemnified Party or Indemnified Person which
relates to such action or Claim. The indemnifying party shall keep the
Indemnified Party or Indemnified Person reasonably apprised at all times as to
the status of the defense or any settlement negotiations with respect thereto.
No indemnifying party shall be liable for any settlement of any action, claim or
proceeding effected without its prior written consent, provided, however, that
the indemnifying party shall not unreasonably withhold, delay or condition its
consent. No indemnifying party shall, without the prior written consent of the
Indemnified Party or Indemnified Person, consent to entry of any judgment or
enter into any settlement or other compromise which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party or Indemnified Person of a release from all liability in
respect to such Claim or litigation. Following indemnification as provided for
hereunder, the indemnifying party shall be subrogated to all rights of the
Indemnified Party or Indemnified Person with respect to all third parties, firms
or corporations relating to the matter for which indemnification has been made.
The failure to deliver written notice to the indemnifying party within a
reasonable time of the commencement of any such action shall not relieve such
indemnifying party of any liability to the Indemnified Person or Indemnified
Party under this Section 6, except to the extent that the indemnifying party is
prejudiced in its ability to defend such action.

            d. The indemnification required by this Section 6 shall be made by
periodic payments of the amount thereof during the course of the investigation
or defense, as and when bills are received or Indemnified Damages are incurred.

            e. The indemnity agreements contained herein shall be in addition to
(i) any cause of action or similar right of the Indemnified Party or Indemnified
Person against the indemnifying party or others, and (ii) any liabilities the
indemnifying party may be subject to pursuant to the law.

                                       15
<PAGE>
      7. Contribution.

      To the extent any indemnification by an indemnifying party is prohibited
or limited by law, the indemnifying party agrees to make the maximum
contribution with respect to any amounts for which it would otherwise be liable
under Section 6 to the fullest extent permitted by law; provided, however, that:
(i) no person involved in the sale of Registrable Securities which person is
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the 1933 Act) in connection with such sale shall be entitled to contribution
from any person involved in such sale of Registrable Securities who was not
guilty of fraudulent misrepresentation; and (ii) contribution by any seller of
Registrable Securities shall be limited in amount to the net amount of proceeds
received by such seller from the sale of such Registrable Securities pursuant to
such Registration Statement.

      8. Reports Under The 1934 Act.

      With a view to making available to the Investors the benefits of Rule 144
promulgated under the 1933 Act or any other similar rule or regulation of the
SEC that may at any time permit the Investors to sell securities of the Company
to the public without registration ("RULE 144"), the Company agrees to:

            a. make and keep public information available, as those terms are
understood and defined in Rule 144;

            b. file with the SEC in a timely manner all reports and other
documents required of the Company under the 1933 Act and the 1934 Act so long as
the Company remains subject to such requirements (it being understood that
nothing herein shall limit the Company's obligations under Section 4(c) of the
Securities Purchase Agreement) and the filing of such reports and other
documents is required for the applicable provisions of Rule 144; and

            c. furnish to each Investor so long as such Investor owns
Registrable Securities, promptly upon request, (i) a written statement by the
Company, if true, that it has complied with the reporting requirements of Rule
144, the 1933 Act and the 1934 Act, (ii) a copy of the most recent annual or
quarterly report of the Company and such other reports and documents so filed by
the Company, and (iii) such other information as may be reasonably requested to
permit the Investors to sell such securities pursuant to Rule 144 without
registration.

      9. Assignment of Registration Rights.

      The rights under this Agreement shall be automatically assignable by the
Investors to any transferee of all or any portion of such Investor's Registrable
Securities if: (i) the Investor agrees in writing with the transferee or
assignee to assign such rights, and a copy of such agreement is furnished to the
Company within a reasonable time after such assignment; (ii) the Company is,
within a reasonable time after such transfer or assignment, furnished with
written notice of (a) the name and address of such transferee or assignee, and
(b) the securities with respect to which such registration rights are being
transferred or assigned; (iii) immediately following such transfer or assignment
the further disposition of such securities by the transferee

                                       16
<PAGE>
or assignee is restricted under the 1933 Act and applicable state securities
laws; (iv) at or before the time the Company receives the written notice
contemplated by clause (ii) of this sentence the transferee or assignee agrees
in writing with the Company to be bound by all of the provisions contained
herein; and (v) such transfer shall have been made in accordance with the
applicable requirements of the Securities Purchase Agreement.

      10. Amendment of Registration Rights.

      Provisions of this Agreement may be amended and the observance thereof may
be waived (either generally or in a particular instance and either retroactively
or prospectively), only with the written consent of the Company and Investors
who then hold at least two-thirds of the Registrable Securities. Any amendment
or waiver effected in accordance with this Section 10 shall be binding upon each
Investor and the Company. No such amendment shall be effective to the extent
that it applies to less than all of the holders of the Registrable Securities.
No consideration shall be offered or paid to any Person to amend or consent to a
waiver or modification of any provision of any of this Agreement unless the same
consideration also is offered to all of the parties to this Agreement.

      11. Miscellaneous.

            a. A Person is deemed to be a holder of Registrable Securities
whenever such Person owns or is deemed to own of record such Registrable
Securities. If the Company receives conflicting instructions, notices or
elections from two or more Persons with respect to the same Registrable
Securities, the Company shall act upon the basis of instructions, notice or
election received from the such record owner of such Registrable Securities.

            b. Any notices, consents, waivers or other communications required
or permitted to be given under the terms of this Agreement must be in writing
and will be deemed to have been delivered: (i) upon receipt, when delivered
personally; (ii) upon receipt, when sent by facsimile (provided confirmation of
transmission is mechanically or electronically generated and kept on file by the
sending party); or (iii) one Business Day after deposit with a nationally
recognized overnight delivery service, in each case properly addressed to the
party to receive the same. The addresses and facsimile numbers for such
communications shall be:

            If to the Company:

             Viewpoint Corporation
             498 Seventh Avenue, Suite 1810
             New York, New York 10018
             Telephone:     (212) 201-0800
             Facsimile:     (212) 201-0801
             Attention:     General Counsel

                                       17
<PAGE>
            With a copy to:

             Milbank, Tweed, Hadley & McCloy LLP
             1 Chase Manhattan Plaza
             New York, NY 10005
             Telephone:     (212) 530-5171
             Facsimile:     (212) 822-5171
             Attention:     Alexander M. Kaye, Esq.

            If to Legal Counsel:

             Schulte Roth & Zabel LLP
             919 Third Avenue
             New York, New York 10022
             Telephone:  (212) 756-2000
             Facsimile:  (212) 593-5955
             Attention:  Eleazer Klein, Esq.

If to a Buyer, to its address and facsimile number set forth on the Schedule of
Buyers attached hereto, with copies to such Buyer's representatives as set forth
on the Schedule of Buyers, or to such other address and/or facsimile number
and/or to the attention of such other person as the recipient party has
specified by written notice given to each other party five (5) days prior to the
effectiveness of such change. Written confirmation of receipt (A) given by the
recipient of such notice, consent, waiver or other communication, (B)
mechanically or electronically generated by the sender's facsimile machine
containing the time, date, recipient facsimile number and an image of the first
page of such transmission or (C) provided by a courier or overnight courier
service shall be rebuttable evidence of personal service, receipt by facsimile
or receipt from a nationally recognized overnight delivery service in accordance
with clause (i), (ii) or (iii) above, respectively.

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

            d. All questions concerning the construction, validity, enforcement
and interpretation of this Agreement shall be governed by the internal laws of
the State of New York, without giving effect to any choice of law or conflict of
law provision or rule (whether of the State of New York or any other
jurisdictions) that would cause the application of the laws of any jurisdictions
other than the State of New York. Each party hereby irrevocably submits to the
non-exclusive jurisdiction of the state and federal courts sitting The City of
New York, Borough of Manhattan, for the adjudication of any dispute hereunder or
in connection herewith or with any transaction contemplated hereby or discussed
herein, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the
jurisdiction of any such court, that such suit, action or proceeding is brought
in an inconvenient forum or that the venue of such suit, action or proceeding is
improper. Each party hereby irrevocably waives personal service of process and
consents to process being served in any such suit, action or proceeding by
mailing a copy thereof to such party at the address for

                                       18
<PAGE>
such notices to it under this Agreement and agrees that such service shall
constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process
in any manner permitted by law. If any provision of this Agreement shall be
invalid or unenforceable in any jurisdiction, such invalidity or
unenforceability shall not affect the validity or enforceability of the
remainder of this Agreement in that jurisdiction or the validity or
enforceability of any provision of this Agreement in any other jurisdiction.
EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN
CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION
CONTEMPLATED HEREBY.

            e. This Agreement, the Securities Purchase Agreement, the Warrants,
the Pledge Agreement, the Notes and the instruments referenced herein and
therein constitute the entire agreement among the parties hereto with respect to
the subject matter hereof and thereof. There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein and
therein. This Agreement, the Securities Purchase Agreement, the Warrant, the
Pledge Agreement, the Notes and the instruments referenced herein and therein
supersede all prior agreements and understandings among the parties hereto with
respect to the subject matter hereof and thereof.

            f. Subject to the requirements of Section 9, this Agreement shall
inure to the benefit of and be binding upon the permitted successors and assigns
of each of the parties hereto.

            g. The headings in this Agreement are for convenience of reference
only and shall not limit or otherwise affect the meaning hereof.

            h. This Agreement may be executed in identical counterparts, each of
which shall be deemed an original but all of which shall constitute one and the
same agreement. This Agreement, once executed by a party, may be delivered to
the other party hereto by facsimile transmission of a copy of this Agreement
bearing the signature of the party so delivering this Agreement.

            i. Each party shall do and perform, or cause to be done and
performed, all such further acts and things, and shall execute and deliver all
such other agreements, certificates, instruments and documents, as the other
party may reasonably request in order to carry out the intent and accomplish the
purposes of this Agreement and the consummation of the transactions contemplated
hereby.

            j. All consents and other determinations required to be made by the
Investors pursuant to this Agreement shall be made, unless otherwise specified
in this Agreement, by Investors holding at least two-thirds of the Registrable
Securities, determined as if all of the Notes held by Investors then outstanding
have been converted into Registrable Securities and all Warrants then
outstanding have been exercised for Registrable Securities without regard to any
limitations on conversion of the Notes or on exercises of the Warrants.

                                       19
<PAGE>
            k. The language used in this Agreement will be deemed to be the
language chosen by the parties to express their mutual intent and no rules of
strict construction will be applied against any party.

            l. This Agreement is intended for the benefit of the parties hereto
and their respective permitted successors and assigns, and is not for the
benefit of, nor may any provision hereof be enforced by, any other Person.

                                   * * * * * *

                                       20
<PAGE>
         IN WITNESS WHEREOF, the parties have caused this Registration Rights
Agreement to be duly executed as of day and year first above written.

COMPANY:                                   BUYERS:

VIEWPOINT CORPORATION                      SMITHFIELD FIDUCIARY LLC

                                           By: /s/ Adam J. Chill
                                              ----------------------------------
                                                Name:  Adam J. Chill
By:    /s/ Brian O'Donoghue                     Title: Authorized Signatory
   -----------------------------------
     Name:   Brian O'Donoghue
     Title:  Executive Vice President

                                           PORTSIDE GROWTH & OPPORTUNITY FUND

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

                                           RIVERVIEW GROUP, LLC

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

                                       21
<PAGE>
                               SCHEDULE OF BUYERS

<TABLE>
<CAPTION>
                                               INVESTOR ADDRESS                   INVESTOR'S REPRESENTATIVE'S ADDRESS
             INVESTOR                        AND FACSIMILE NUMBER                         AND FACSIMILE NUMBER
             --------                        --------------------                         --------------------
<S>                                  <C>                                          <C>
Smithfield Fiduciary LLC             c/o Highbridge Capital Management, LLC       Schulte Roth & Zabel LLP
                                     9 West 57th Street, 27th Floor               919 Third Avenue
                                     New York, New York  10019                    New York, NY 10022
                                     Attention:  Ari J. Storch                    Attn:  Eleazer Klein, Esq.
                                                 Adam J. Chill                    Facsimile:  (212) 593-5955
                                     Facsimile:  (212) 751-0755                   Telephone:  (212) 756-2000
                                     Telephone:  (212) 287-4720
                                     Residence:  Cayman Islands

Portside Growth & Opportunity Fund   c/o Ramius Capital Group, L.L.C.             Schulte Roth & Zabel LLP
                                     666 Third Avenue, 26th Floor                 919 Third Avenue
                                     New York, New York  10017                    New York, New York 10022
                                     Attention:  Jeffrey Solomon                  Attention:  Eleazer Klein, Esq.
                                                 Jeffrey Smith                    Facsimile:  (212) 593-5955
                                     Facsimile:  (212) 845-7999                   Telephone:  (212) 756-2376
                                     Telephone:  (212) 845-7917
                                     Residence:  Cayman Islands

Riverview Group, LLC                 c/o Millennium Partners                      Schulte Roth & Zabel LLP
                                     666 Fifth Avenue, 8th Floor                  919 Third Avenue
                                     New York, New York  10103                    New York, New York 10022
                                     Attention:  Manager                          Attention:  Eleazer Klein, Esq.
                                     Facsimile:  (212) 841-6302                   Facsimile:  (212) 593-5955
                                     Residence:  New York                         Telephone:  (212) 756-2376
</TABLE>
<PAGE>
                                                                       EXHIBIT A

                         FORM OF NOTICE OF EFFECTIVENESS
                            OF REGISTRATION STATEMENT

[Transfer Agent]
Attn:

      Re:   Viewpoint Corporation

Ladies and Gentlemen:

            [We are counsel to][I am the General Counsel of] Viewpoint
Corporation, a Delaware corporation (the "Company"), and have represented the
Company in connection with that certain Securities Purchase Agreement, dated as
of December 31, 2002 (the "Purchase Agreement"), entered into by and among the
Company and the buyers named therein (collectively, the "Holders") pursuant to
which the Company issued to the Holders its convertible notes (the "Notes"),
convertible into shares of the Company's Common Stock, par value $0.001 per
share (the "Common Stock") and warrants exercisable for shares of its Common
Stock (the "Warrants"). Pursuant to the Purchase Agreement, the Company also has
entered into a Registration Rights Agreement with the Holders (the "Registration
Rights Agreement") pursuant to which the Company agreed, among other things, to
register the Registrable Securities (as defined in the Registration Rights
Agreement), including the shares of Common Stock issuable upon conversion of the
Notes and exercise of the Warrants under the Securities Act of 1933, as amended
(the "1933 Act"). In connection with the Company's obligations under the
Registration Rights Agreement, on ____________ ___, 200_, the Company filed a
Registration Statement on Form S-3 (File No. 333-_____________) (the
"Registration Statement") with the Securities and Exchange Commission (the
"SEC") relating to the Registrable Securities which names each of the Holders as
a selling stockholder thereunder.

            In connection with the foregoing, [we][I] advise you that a member
of the SEC's staff has advised [us][me] by telephone that the SEC has entered an
order declaring the Registration Statement effective under the 1933 Act at
[ENTER TIME OF EFFECTIVENESS] on [ENTER DATE OF EFFECTIVENESS] and [we][I] have
no knowledge, after telephonic inquiry of a member of the SEC's staff, that any
stop order suspending its effectiveness has been issued or that any proceedings
for that purpose are pending before, or threatened by, the SEC and the
Registrable Securities are available for resale under the 1933 Act pursuant to
the Registration Statement.

                                             Very truly yours,

                                             [ISSUER'S COUNSEL][GENERAL COUNSEL]

                                             By:_______________________

CC:      [LIST NAMES OF HOLDERS]

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