Document:

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                          SEcurities purchase AGREEMENT

                                     between

                              hollywood media corp.

                                       and

                                societe generale

                                       and

                        VELOCITY investment partners ltd.

                                   dated as of

                                 April 25, 2001

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                          SECURITIES PURCHASE AGREEMENT

         SECURITIES PURCHASE AGREEMENT (this "Agreement"), dated as of April 25
2001, among HOLLYWOOD MEDIA CORP., a Florida corporation (the "Company"),
SOCIETE GENERALE, a bank organized under the laws of France ("SG"), and VELOCITY
INVESTMENT PARTNERS LTD., a company organized under the laws of the Cayman
Islands ("Velocity") (SG and Velocity together, the "Purchasers").

                              W I T N E S S E T H:

         WHEREAS, the Company proposes to issue and sell in the aggregate (a)
942,362 shares (the "Common Shares") of the Company's Common Stock (the "Common
Stock"), (b) warrants to purchase up to 451,086 shares of Common Stock pursuant
to the terms set forth in the "A" Warrants, the form of which is annexed hereto
as Exhibit A, and (c) warrants to acquire up to 1,098,129 shares of Common Stock
pursuant to the terms set forth in the "B" Warrants, the form of which is
annexed hereto as Exhibit B (the "A" Warrants and the "B" Warrants,
collectively, the "Warrants") on a private placement basis pursuant to an
exemption from registration under Section 4(2) of the Securities Act of 1933, as
amended, and the Purchasers desire to purchase the Common Shares and the
Warrants, on the terms and subject to the conditions set forth herein; and

         WHEREAS, the registered holders of the Common Shares and the Warrants
will have registration rights with respect to such Common Shares and shares of
Common Stock and/or, if applicable, other securities issuable upon exercise of
the Warrants (such shares of Common Stock and/or, if applicable, other
securities, the "Warrant Shares") pursuant to the terms of the Registration
Rights Agreement between the Company and the Purchasers (the "Registration
Rights Agreement").

         NOW THEREFORE, in consideration of the premises, representations,
warranties, covenants and agreements contained herein, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, intending to be legally bound hereby, the parties hereto agree as
follows:

                                    ARTICLE I

                                   DEFINITIONS

         Section 1.01. Certain Definitions. The following terms shall have the
following respective meanings:

         "Affiliate" of a Person means another Person that directly or
indirectly, through one or more intermediaries, controls, is controlled by, or
is under common control with, such first- mentioned Person. The term "control"
(including the terms "controlling," "controlled by" and "under common control
with") means the possession, direct or indirect, of the power to direct or cause
the direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract or otherwise.

         "Call Period" has the meaning set forth in Section 2.03.

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         "Capital Stock" means, with respect to any Person, any and all shares,
interests, participations or other equivalents (however designated) of corporate
stock, including each class of common stock and preferred stock, of such Person.

         "Closing" has the meaning set forth in Section 2.02.

         "Commission" means the United States Securities and Exchange
Commission.

         "Exchange Act" means the Securities Exchange Act of 1934, as amended.

         "Governmental Authority" means any federal or state government or
political subdivision thereof and any agency or other entity exercising
executive, legislative, judicial, regulatory or administrative functions of or
pertaining to government.

         "Material Adverse Effect" has the meaning set forth in Section 3.01.

         "Person" means an individual or a corporation, partnership, trust,
incorporated or unincorporated association, joint venture, joint stock company,
Governmental Authority or other entity of any kind.

         "Redemption Date" has the meaning set forth in Section 2.03.

         "Redemption Price" has the meaning ascribed to such term in Section
2.03.

         "Redemption Right" has the meaning set forth in Section 2.03.

         "Reset Period" means the 20 Trading Day intervals beginning on each of
October 30, 2001, January 30, 2002, April 30, 2002 and July 30, 2002, or in the
event that a registration statement has not been declared effective with respect
to the resale of the shares of Common Stock underlying the Warrants by October
30, 2001, then the 20 Trading Day intervals beginning on the one month, four
month, seven month and ten month anniversaries of such date that a registration
statement with respect to the resale of the shares of the Common Stock
underlying the Warrants has been declared effective.

         "SEC Reports" means, collectively, the Company's Annual Report on Form
10-K for the year ended December 31, 2000.

         "Securities Act" means the Securities Act of 1933, as amended.

         'Trading Days" means any day on which the principal market on which the
Common Stock trades is open.

         "Transaction Documents" means, collectively, this Agreement, the
Registration Rights Agreement and the Warrants.

         "United States" has the meaning ascribed to such term in Rule 902(p) of
Regulation S under the Securities Act.

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         "U.S. Person" has the meaning ascribed to such term in Rule 902(o) of
Regulation S under the Securities Act.

                                   ARTICLE II

                                SALE AND PURCHASE

         Section 2.01. Agreement to Sell and to Purchase; Purchase Price. On the
terms and subject to the conditions set forth in this Agreement, the Company
hereby agrees to issue and sell to the Purchasers, and each Purchaser, severally
and not jointly, hereby agrees to purchase from the Company, the number of
Common Shares set forth opposite such Purchaser's name on Annex A at the
purchase price set forth opposite such Purchaser's name on Annex A, payable in
immediately available funds to the Company (such purchase price with respect to
any Purchaser, the "Purchase Price").

         Section 2.02. Closing. The closing of the sale and purchase of the
Common Shares and the Warrants (the "Closing") shall be deemed to take place as
of May 1, 2001; provided however that (A) SG shall pay $500,000 of its allocable
portion of the Purchase Price on May 15, 2001 (the "Deferred Purchase Price
Payment Date") against delivery of 110,866 shares of Common Stock as of such
date and (B) Velocity shall pay $250,000 of its allocable portion of the
Purchase Price on the Deferred Purchase Price Payment Date against delivery of
55,433 shares of Common Stock as of such date. At the Closing, the following
closing transactions shall take place, each of which shall be deemed to occur
simultaneously with the Closing: (i) the Company shall execute, issue and
deliver to each Purchaser certificates evidencing the Common Shares deliverable
to such Purchaser as set forth on Annex A (other than Common Shares deliverable
in respect of the Deferred Purchase Price Payment date which shall be
deliverable as of such date) in such denominations as such Purchaser shall
reasonably request; (ii) the Company shall execute, issue and deliver to each
Purchaser the number of "A" Warrants and "B" Warrants to purchase shares of
Common Stock deliverable to such Purchaser as set forth on Annex A; (iii) each
Purchaser shall pay the Purchase Price (other than amounts payable in respect of
the Deferred Purchase Price Payment Date which shall be delivered as of such
date) by wire transfer as set forth on Annex A to the account designated by the
Company in writing prior to the Closing; (iv) the Company shall pay the expenses
of the Purchasers set forth in Section 7.02 hereof by wire transfer to the
account designated by each Purchaser, in writing prior to the Closing; provided
that, if a Purchaser so elects, such expenses may be netted against payment of
its Purchase Price payable to the Company pursuant to clause (iii) above; (v)
the Company and the Purchasers shall execute and deliver the Registration Rights
Agreement; (vi) the Company shall deliver to the Purchasers a certificate
executed by the Secretary of the Company, signing in such capacity, dated the
date of the Closing (A) certifying that attached thereto are true and complete
copies of the resolutions duly adopted by the Board of Directors of the Company
authorizing the execution and delivery of the Transaction Documents and the
consummation of the transactions contemplated thereby (including, without
limitation, the issuance and sale of the Common Shares and the Warrants and the
reservation and issuance of the Warrant Shares upon exercise of the Warrants),
which authorization shall be in full force and effect on and as of the date of
such certificate, (B) certifying and attesting to the office, incumbency, due
authority and specimen signatures of each Person who executed any Transaction
Document for or on behalf of the Company and (C) certifying as to the accuracy
of the representations and warranties of the Company contained in the
Transaction Documents; (vii) W. Robert Shearer, Senior Vice President and
General Counsel to the Company, shall deliver to the Purchasers an opinion,
dated the date of the Closing and addressed to the Purchasers, covering
customary matters; and (viii) the Purchasers shall have received evidence
satisfactory to them indicating that availability under the Company's $6.0
million line of credit shall be reduced as a result of this transaction only to
the extent of the portion of the Purchase Price paid on the Deferred Purchase
Price Payment Date.

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         Section 2.03. Redemption (a) The Company shall have the right (the
"Redemption Right") from the first Trading Day of each Reset Period until the
fifth Trading Day of each such Reset Period (the "Call Period") to repurchase,
all, or less than all, of the Common Shares owned by any Purchaser (pro rata
between the Purchasers based upon their relative ownership at the time of
Closing) at $5.637 (the "Redemption Price"). The Company may exercise its
Redemption Right only if shares of Common Stock are issuable pursuant to the "B"
Warrants in respect of such Reset Period as of the date of delivery of the
notice of redemption.

                  (b) In order to exercise its Redemption Right, the Company
shall deliver to each Purchaser a notice of redemption setting forth the date of
redemption, which shall be five (5) Trading Days from the date of the notice
(the "Redemption Date") and shall be within the period specified in Section
2.03(a) above that the Redemption Right may be effected. Any such notice of
redemption shall be irrevocable. The Company shall pay the Redemption Price to
each Purchaser, in cash, on the Redemption Date. Notwithstanding the receipt of
such notice of redemption, each Purchaser shall be entitled to sell shares of
Common Stock at any time prior to the Redemption Date.

                  (c) In addition to the foregoing, if (i) the Company fails to
have a registration statement declared effective with respect to the resale of
the shares of Common Stock underlying the Warrants within eight (8) months of
the date of Closing; (ii) the Company has failed to timely deliver any Warrant
Shares to a Purchaser pursuant to an effective exercise of the Warrants, and
upon receipt of notice of the failure to deliver the Warrant Shares, has not
delivered such shares within five (5) days of receiving such notice; or (iii)
the Company has failed to remove a restrictive legend from any security within
15 days of when such legend may be removed pursuant to Section 5.02 hereof, then
each Purchaser may demand that the Company repurchase all, or less than all, of
the Common Shares owned by such Purchaser at $5.637 per share, which amount
shall be paid within five (5) Trading Days from when a Purchaser demands such
redemption.

                                   ARTICLE III

                  REPRESENTATIONS AND WARRANTIES OF THE COMPANY

         As a material inducement to the Purchasers to purchase the Common
Shares and the Warrants, the Company hereby represents and warrants to the
Purchasers that on and as of the date hereof and on and as of the Deferred
Purchase Price Payment Date (such reaffirmation to be evidenced by acceptance of
the payments made by SG and Velocity as of such date):

         Section 3.01. Organization and Standing. The Company and each of its
subsidiaries is a corporation duly organized, validly existing and in good
standing under the laws of the jurisdiction of its incorporation and has all
requisite corporate power and authority, and all authorizations, licenses,
permits and certifications necessary for it to own its properties and assets and
to carry on its business as it is now being conducted (and, to the extent
described therein, as described in the SEC Reports) and proposed to be
conducted. The Company and each of its subsidiaries is duly qualified to
transact business and is in good standing in each jurisdiction in which the
character of the properties owned or leased by it or the nature of its
businesses makes such qualification necessary, except where the failure to so
qualify or be in good standing would not have a material adverse effect on the
business, assets, operations, properties, condition (financial or otherwise) or

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prospects of the Company and its subsidiaries, taken as a whole, or any adverse
effect on the Company's ability to consummate the transactions contemplated by,
or to execute, deliver and perform its obligations under, each of the
Transaction Documents (a "Material Adverse Effect").

         Section 3.02. Securities of the Company. The authorized Capital Stock
of the Company consists of one hundred million shares of Common Stock and one
million shares of preferred stock; as of March 31, 2001, 25,161,532 shares of
common stock and no shares of preferred stock were outstanding and 1,450,000
shares of Common Stock were reserved for issuance upon exercise of outstanding
warrants. Except as set forth in the SEC Reports, the Company has no other
authorized, issued or outstanding equity securities or securities containing any
equity features, or any other securities convertible into, exchangeable for or
entitling any person to otherwise acquire any other securities of the Company
containing any equity features. The Company has no stock option, incentive or
similar plan other than the (1) 1993 Stock Option Plan under which 3,150,000
shares of Common Stock may be issued, (2) the Directors Plan, under which
100,000 shares of Common Stock may be issued, and (3) the 2000 Stock Incentive
Plan under which 1,250,000 shares of Common Stock may be issued. All of the
outstanding shares of Capital Stock of the Company have been duly and validly
authorized and issued, and are fully paid and nonassessable. The Common Shares
and the Warrants and all of the Warrant Shares have been duly and validly
authorized. When issued against payment therefor as provided in this Agreement,
the Common Shares and the Warrants will be validly issued and will constitute
valid and enforceable obligations of the Company, enforceable against the
Company in accordance with their respective terms (subject to the effects of
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enforcement of creditors' rights generally and general principles
of equity). When issued upon exercise of the Warrants (assuming payment of the
exercise price therefor), the Warrant Shares will be validly issued, fully paid
and nonassessable, free and clear of all preemptive rights, claims, liens,
charges, encumbrances and security interests of any nature whatsoever. A
sufficient number of shares of Common Stock has been duly reserved and will
remain available for issuance upon exercise of the Warrants. Except as set forth
in Schedule 3.02, this Section 3.02 and the SEC Reports, there are no
outstanding options, warrants, conversion rights, subscription rights,
preemptive rights, rights of first refusal or other rights or agreements of any
nature outstanding to subscribe for or to purchase any shares of Capital Stock
of the Company or any other securities of the Company of any kind binding on the
Company. Except as set forth in Schedule 3.02, neither the issuance of the
Common Shares or the Warrants nor the issuance of the Warrant Shares is subject
to any preemptive rights, rights of first refusal or other similar limitation.
Except as otherwise required by law, there are no restrictions upon the voting
or transfer of any shares of the Company's Capital Stock pursuant to the
Company's Certificate of Incorporation, bylaws or other documents. Except as
provided herein or in the other Transaction Documents, there are no agreements
or other obligations (contingent or otherwise) that may require the Company to
repurchase or otherwise acquire any shares of its Capital Stock.

         Section 3.03. Authorization; Enforceability. The Company has the
corporate power and authority to execute, deliver and perform the terms and
provisions of each of the Transaction Documents to be executed, delivered or
performed by it and has taken all necessary corporate action to authorize the
execution, delivery and performance by it of, and the consummation of the
transactions contemplated by, the Transaction Documents and such corporate
action remains in full force and effect. No other corporate proceeding on the
part of the Company is necessary, and no consent of any

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shareholder of the Company is required, for the valid execution and delivery by
the Company of the Transaction Documents, and the performance and consummation
by the Company of the transactions contemplated by the Transaction Documents to
be performed by the Company. The Company has duly executed and delivered, or
concurrently herewith is executing and delivering, each of the Transaction
Documents. Assuming the due execution of this Agreement and the Registration
Rights Agreement by the Purchasers, this Agreement, the Registration Rights
Agreement, the Common Stock and the Warrants constitute the valid and binding
obligations of the Company, enforceable against the Company in accordance with
each of their respective terms, except as enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enforcement of creditors' rights generally and by general
principles of equity (regardless of whether enforcement is sought in a
proceeding in equity or at law).

         Section 3.04. No Violation; Consents.

                  (a) The execution, delivery and performance by the Company of
the Transaction Documents and the consummation of the transactions contemplated
thereby to be performed by the Company do not and will not (i) contravene the
applicable provisions of any law, statute, rule, regulation, order, writ,
injunction, judgment or decree of any court or Governmental Authority to or by
which the Company or any of its subsidiaries or any of its respective property
or assets is bound, (ii) violate, result in a breach of or constitute (with due
notice or lapse of time or both) a default or give rise to an event of
acceleration under any contract, lease, loan or credit agreement, mortgage,
security agreement, trust indenture or other agreement or instrument to which
the Company is a party or by which it or any of its subsidiaries is bound or to
which any of its respective properties or assets is subject, nor result in the
creation or imposition of any lien, security interest, charge or encumbrance of
any kind upon any of the properties, assets or Capital Stock of the Company or
any of its subsidiaries, or (iii) violate any provision of the organizational
and other governing documents of the Company or any of its subsidiaries.

                  (b) No consent, approval, authorization or order of, or filing
or registration with, any court or Governmental Authority or other Person is
required to be obtained or made by the Company for the execution, delivery and
performance of the Transaction Documents or the consummation of any of the
transactions contemplated thereby (other than the registration of the resale of
the Common Shares and the Warrant Shares with the Commission and pursuant to any
state "blue sky" laws as contemplated by the Registration Rights Agreement),
except for those consents or authorizations previously obtained and those
filings previously made.

         Section 3.05. Securities Act Representations. The Company has not
offered or sold and will not offer or sell any shares of its Capital Stock
(including any shares of Common Stock or any warrants) in this offering other
than the Common Shares and the Warrants. Assuming the accuracy of the
Purchasers' representations pursuant to Section 4.02 hereof, the sale of the
Common Shares and the Warrants hereunder is, and the issuance of the Warrant
Shares upon exercise of the Warrants will be, exempt from the registration
requirements of the Securities Act. Neither the Company, nor any of its
Affiliates, or, to its knowledge, any Person acting on its or their behalf has
engaged in any form of general solicitation or general advertising (within the
meaning of Regulation D under the Securities Act) in connection with the offer
or sale of the Common Shares, Warrants or Warrant Shares. Neither the Company,

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nor any of its Affiliates, nor to its knowledge, any Person acting on its or
their behalf has, directly or indirectly, made any offers or sales of any
security or solicited any offers to buy any security other than pursuant to this
Agreement under circumstances that would require registration under the
Securities Act of the Common Shares or Warrants to be issued under this
Agreement. The Company is eligible to use Form S-3 under the Securities Act to
file the Registration Statement (as defined in the Registration Rights
Agreement). The Company has not provided the Purchasers with any material
non-public information that, according to applicable law, rule or regulation,
should have been disclosed publicly by the Company.

         Section 3.06. Solvency; No Default. (a) (a) The Company is, and upon
giving effect to the transactions contemplated hereby to be performed by it as
of the Closing will be, Solvent. "Solvent" means that, as of the date of
determination, (i) the then fair saleable value of the assets of the Company (on
a consolidated basis) exceeds the then total amount (on a consolidated basis) of
its debts and other liabilities, (including any guarantees and other contingent,
subordinated, unmatured or unliquidated liabilities whether or not reduced to
judgment, disputed or undisputed, secured or unsecured), (ii) the Company has
sufficient funds and cash flow to pay its liability on its existing debts as
they become absolute and matured, (iii) final judgments against the Company in
pending or, to the Company's knowledge, threatened actions for money damages
will not be rendered at a time when, or in an amount such that, the Company will
be unable to satisfy any such judgments promptly in accordance with their terms
(taking into account (a) the maximum reasonable amount of such judgments in any
such actions (other than amounts that would be remote), (b) the earliest
reasonable time at which such judgments would be rendered and (c) any reasonably
expected insurance recovery with respect thereto), and (iv) the Company does not
have unreasonably small capital with which to engage in its present business.

                  (b) The Company is not, and immediately after the consummation
of the transactions contemplated hereby to be performed by the Company will not
be, in default of (whether upon the passage of time, the giving of notice or
both) its organizational and other governing documents, or any provision of any
security issued by the Company, or of any agreement, instrument or other
undertaking to which the Company is a party or by which it or any of its
property or assets is bound, or the applicable provisions of any law, statute,
rule, regulation, order, writ, injunction, judgment or decree of any court or
Governmental Authority to or by which the Company or any of its property or
assets is bound, which default or violation, either individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect.

         Section 3.07. No Brokers. Other than amounts payable by the Company to
Cardinal Capital Management, Inc., no broker, finder, agent or similar
intermediary is entitled to any broker's, finder's, placement or similar fee or
other commission in connection with the transactions contemplated hereby based
on any agreement, arrangement or understanding with the Company.

         Section 3.08. SEC Reports; Financial Condition; No Adverse Changes. (a)
(a) The audited consolidated financial statements of the Company and the related
notes thereto as of December 31, 2000 reported on by Arthur Andersen LLP,
independent accountants, copies of which have heretofore been furnished to the
Purchasers and are publicly available, present fairly the financial condition,

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results of operations and cash flows of the Company (on a consolidated basis) at
such date and for the periods set forth therein (such audited consolidated
financial statements, collectively, the "Financial Statements"), copies of which
have heretofore been furnished to the Purchasers and are publicly available,
present fairly the financial condition, results of operations and cash flows of
the Company (on a consolidated basis) at such date and for the periods set forth
therein, subject to normal year end adjustments with respect to December 31,
2001 Financial Statements). The Financial Statements, including the related
schedules and notes thereto (if any), have been prepared in accordance with
generally accepted accounting principles as set forth in the opinions and
pronouncements of the Accounting Principles Board of American Institute of
Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board as in effect on the date of filing of such documents
with the Commission, applied on a consistent basis (except for changes concurred
in by the Company's independent public accountants) unless otherwise expressly
stated therein. Except as disclosed in the SEC Reports, during the period from
January 1, 2001 to and including the date hereof, there has been no sale,
transfer or other disposition by the Company of any material part of the
business, property or securities of the Company and no purchase or other
acquisition of any business, property or securities by the Company material in
relation to the financial condition of the Company.

                  (b) Except as are fully reflected or reserved against in the
Financial Statements and the notes thereto, there are no liabilities or
obligations with respect to the Company or any of its subsidiaries of any nature
whatsoever (whether absolute, accrued, contingent or otherwise and whether or
not due) that, either individually or in the aggregate, after taking into
account (a) the maximum reasonable amount of any liability that may arise on
account of any litigation or any other contingent liability or obligation (other
than amounts that would be remote), (b) the earliest reasonable time at which
any such liability or obligation may become due and (c) any reasonably expected
insurance recovery with respect thereto, could reasonably be expected to have a
Material Adverse Effect.

                  (c) Since December 31, 2000, except as set forth in the SEC
Reports, there has been no development or event, nor any prospective development
or event known to the Company or any of its subsidiaries, or any litigation,
proceeding or other action seeking an injunction or other restraining order,
damages or other relief from a court or administrative agency of competent
jurisdiction pending, threatened or, to the knowledge of the Company,
contemplated, or any action of any Governmental Authority, that has had or could
reasonably be expected to have a Material Adverse Effect.

         Section 3.09. Use of Proceeds; Federal Regulations. No part of the net
proceeds from the sale of the Common Shares and the Warrants will be used in a
manner that would violate the provisions of Regulation T, U or X of the Board of
Governors of the Federal Reserve System. The Company will not use such proceeds
other than for or in connection with general working capital.

         Section 3.10. Subsidiaries. As of the date hereof, the Company has no
subsidiaries other than those listed on Schedule 3.10 hereto.

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         Section 3.11. No Integrated Offering. Neither the Company nor any of
its Affiliates, nor to its knowledge any Person acting on its behalf has,
directly or indirectly, made any offers or sales of any security or solicited
any offers to buy any security under circumstances that would require
registration under the Securities Act of the offer and sale of the Common Shares
and Warrants.

         Section 3.12. No Litigation. Except as set forth on Schedule 3.12, no
litigation or claim (including those for unpaid taxes), or environmental
proceeding against the Company or any of its subsidiaries is pending, threatened
or, to the Company's best knowledge, contemplated that, if determined adversely,
would (after taking into consideration any reasonably expected insurance
recovery with respect thereto) have a Material Adverse Effect on the Company.
There is no action, suit or proceeding pending against the Company or any of its
subsidiaries seeking to restrain or enjoin the performance of, prevent the
consummation of, or otherwise challenge the Transaction Documents or the
transactions contemplated thereby.

         Section 3.13. Environmental Matters. The Company and each of its
subsidiaries is in compliance in all material respects with all applicable state
and federal environmental laws, and no event or condition has occurred that may
interfere in any material respect with the compliance by the Company or any of
its subsidiaries with any environmental law or that may give rise to any
liability under any environmental law that, individually or in the aggregate,
would have a Material Adverse Effect.

         Section 3.14. Intellectual Property. The Company (and/or its
subsidiaries) owns or has licenses to use certain patents, copyrights and
trademarks ("intellectual property") associated with its business. The Company
and its subsidiaries have all intellectual property rights that are needed to
conduct the business of the Company and its subsidiaries as it is now being
conducted as disclosed in the SEC Reports. The intellectual property rights that
the Company (and/or its subsidiaries) owns are valid and enforceable. The use of
such intellectual property by the Company (and/or its subsidiaries') does not
infringe upon or conflict with any right of any third party in any material
respect, and neither the Company nor any of its subsidiaries has received
notice, written or otherwise, of any such infringement or conflict. Except as
set forth in the SEC Reports, the Company has no knowledge of any infringement
of its (and/or its subsidiaries) intellectual property by any third party in any
material respect.

         Section 3.15. Insurance. The Company and each of its subsidiaries are
insured by insurers of recognized financial responsibility against such losses
and risks and in such amounts as management of the Company believes to be
prudent and customary in the businesses in which the Company and its
subsidiaries are engaged. The Company has no reason to believe that it and its
subsidiaries will not be able to renew its existing insurance coverage as and
when such coverage expires or to obtain similar coverage from similar insurers
as may be necessary to continue its business without a significant increase in
cost.

         Section 3.16. Related Party Transactions. Except as set forth in the
SEC Reports, none of the officers, directors, employees or 5% or greater
shareholders of the Company is presently a party to any transaction with the
Company or any of its subsidiaries (other than for services as employees,
officers and directors), including any contract, agreement or other arrangement
providing for the furnishing of services to or by, providing for rental of real
or personal property to or from, or the advances of money or otherwise requiring
payments to or from any such officer, director, employee or shareholder or, to
the knowledge of the Company, any corporation, partnership, trust or other

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entity in which any such officer, director, employee or shareholder has a
substantial interest or is an officer, director, trustee or partner.

         Section 3.17. Permits. The Company and each of its subsidiaries is in
possession of all franchises, grants, authorizations, licenses, permits,
easements, variances, exemptions, consents, certificates, approvals and orders
necessary to own, lease and operate its properties and to carry on its business
as it is now being conducted (collectively, the "Company Permits"), and there is
no action pending or, to the knowledge of the Company, threatened regarding
suspension or cancellation of any of the Company Permits except for such Company
Permits the failure of which to possess, or the cancellation or suspension of
which, would not, individually or in the aggregate, have a Material Adverse
Effect. To the best of its knowledge neither the Company nor any of its
subsidiaries is in material conflict with, or in material default or material
violation of, any of the Company Permits.

         Section 3.18. Internal Accounting Controls. The Company and each of its
subsidiaries maintain a system of internal accounting controls sufficient, in
the judgment of the Company's board of directors, to provide reasonable
assurance that (i) transactions are executed in accordance with management's
general or specific authorizations, (ii) transactions are recorded as necessary
to permit preparation of financial statements in conformity with generally
accepted accounting principles and to maintain asset accountability, (iii)
access to assets is permitted only in accordance with management's general or
specific authorization and (iv) the recorded accountability for assets is
compared with the existing assets at reasonable intervals and appropriate action
is taken with respect to any differences.

         Section 3.19. Tax Returns. The Company has filed or caused to be filed
all Federal tax returns and all material state and local tax returns required to
have been filed by it and has paid or caused to be paid all taxes shown to be
due and payable by it on such returns or on any assessments received by it,
except any such tax, the validity or amount of which is being contested in good
faith by appropriate proceedings and as to which the Company has set aside on
its books adequate reserves with respect thereto in accordance with generally
accepted accounting principles. Neither the Company nor its subsidiaries has
received any tax assessment, notice of audit, notice of proposed adjustment or
deficiency notice from any taxing authority.

         Section 3.20. Disclosure. The statements contained in the SEC Reports
and the schedules, certificates and exhibits furnished to the Purchasers by or
on behalf of the Company in connection herewith do not contain any untrue
statement of a material fact and do not omit to state any material fact
necessary to make the statements herein or therein not misleading in light of
the circumstances under which they were made. The SEC Reports contain all
material information concerning the Company required to be set forth therein,
and no event or circumstance has occurred or exists since December 31, 2000,
that would require the Company to disclose such event or circumstance in order
to make the statements in the SEC Reports not misleading as of the date of the
Closing but that has not been so disclosed. The Company hereby acknowledges that
the Purchasers are and will be relying on the SEC Reports and the Company's
representations, warranties and covenants contained herein in making an
investment decision with respect to the Common Shares and the Warrants and will
be relying thereon (together with future reports filed with the Commission) in

                                       10
<PAGE>

connection with any transfer of Common Shares, Warrants and Warrant Shares or
any acquisition of Warrant Shares upon exercise of the Warrants.

                                   ARTICLE IV

           REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PURCHASERS

         Each Purchaser hereby acknowledges, represents, warrants and covenants,
severally and not jointly, to the Company that on and of the date hereof and on
and as of the Deferred Purchase Price Payment Date (such reaffirmation to be
evidenced by the payments made by SG and Velocity as of such date):

         Section 4.01. Authorization; Enforceability; No Violations.

                  (a) Such Purchaser is duly organized, validly existing and in
good standing under the laws of its jurisdiction, has all requisite power and
authority to execute, deliver and perform the terms and provisions of this
Agreement and the Registration Rights Agreement and has taken all necessary
action to authorize the execution, delivery and performance by it of this
Agreement and the Registration Rights Agreement and to consummate the
transactions contemplated hereby and thereby to be performed by it.

                  (b) The execution, delivery and performance by such Purchaser
of this Agreement and the Registration Rights Agreement and the consummation by
such Purchaser of the transactions contemplated hereby and thereby to be
performed by it do not and will not violate any provision of (i) such
Purchaser's organizational documents or (ii) any law, statute, rule, regulation,
order, writ, injunction, judgment or decree to which such Purchaser is subject.
Such Purchaser has duly executed and delivered this Agreement and has executed
and delivered, or concurrently herewith is executing and delivering, the
Registration Rights Agreement. Assuming the due execution hereof and thereof by
the Company, each of this Agreement and the Registration Rights Agreement
constitutes the legal, valid and binding obligation of such Purchaser,
enforceable against such Purchaser in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of
creditors' rights generally and by general principles of equity (regardless of
whether enforcement is sought in a proceeding in equity or at law).

         Section 4.02. Securities Act Representations; Legends.

                  (a) Such Purchaser understands that: (i) the offering and sale
of the Common Shares and the Warrants to be issued and sold hereunder is
intended to be exempt from the registration requirements of the Securities Act;
(ii) neither the Common Shares or the Warrants nor the Warrant Shares have been
registered under the Securities Act or any other applicable securities laws and
such securities may be resold only if registered under the Securities Act and
any other applicable securities laws or if an exemption from such registration
requirements is available; and (iii) the Company is required to register any
resale of the Common Shares, the Warrants or the Warrant Shares under the
Securities Act and any other applicable securities laws only to the extent
provided in the Registration Rights Agreement.

                  (b) The Common Shares and the Warrants to be acquired by such
Purchaser pursuant to this Agreement and the Warrant Shares issuable upon
exercise of the Warrants are being acquired for its own account, for investment
purposes, and not with a view to, or for sale in connection with, any

                                       11
<PAGE>

distribution thereof (other than the resale of Common Shares and Warrant Shares
pursuant to an effective registration statement as contemplated by the
Registration Rights Agreement) in violation of the Securities Act or any other
securities laws that may be applicable.

                  (c) Such Purchaser is not an affiliate (as such term is
defined in the Securities Act) of the Company.

                  (d) Such Purchaser (i) has sufficient knowledge and experience
in financial and business matters so as to be capable of evaluating the merits
and risks of its investment in the Common Shares and the Warrants and is capable
of bearing the economic risks of such investment, including a complete loss of
its investment in the Common Shares and the Warrants; (ii) believes that its
investment in the Common Shares and the Warrants are suitable for it based upon
its objectives and financial needs, and such Purchaser has adequate means for
providing for its current financial needs and business contingencies and has no
present need for liquidity of investment with respect to the Common Shares and
the Warrants; (iii) has no present plan, intention or understanding and has made
no arrangement to sell the Common Shares, the Warrants or the Warrant Shares at
any predetermined time or for any predetermined price; (iv) has not purchased,
sold or entered into any put option, short position or similar arrangement with
respect to the Common Stock, and will not, for so long as it owns any Common
Shares, Warrants or Warrant Shares, purchase, sell or enter into any such put
option, short position or similar arrangement in any manner that violates the
provisions of the Securities Act or the Exchange Act.

                  (e) No oral or written statements or representations have been
made to such Purchaser by or on behalf of the Company in connection with the
offering and sale of the Common Shares and the Warrants hereunder other than
those set forth in the SEC Reports, or as set forth herein or in the other
Transaction Documents, and such Purchaser is not subscribing for the Common
Shares and the Warrants as a result of, or in response to, any advertisement,
article, notice or other communication published in any newspaper, magazine or
similar media or broadcast over television or radio, or presented at any seminar
or meeting.

                  (f) Such Purchaser acknowledges that the Securities Act
restricts the transferability of securities, such as the Common Shares, Warrants
and Warrant Shares, issued in reliance upon the exemption from the registration
requirements of the Securities Act provided by Section 4(2) thereunder, and
that, subject to Section 5.02 hereof, the certificates representing the Common
Shares, the Warrants and the Warrant Shares will bear a legend in substantially
the following form, by which such Purchaser and each subsequent holder of such
securities will be bound:

         THE SECURITIES REPRESENTED BY THIS CERTIFICATE (AND AS OF THE DATE OF
ORIGINAL ISSUANCE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE, ANY
UNDERLYING SECURITIES) HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF
1933 (THE "SECURITIES ACT"), OR ANY OTHER APPLICABLE SECURITIES LAWS AND HAVE
BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT AND SUCH SECURITIES LAWS. THE SECURITIES REPRESENTED BY THIS
CERTIFICATE OR ANY SECURITIES ISSUABLE UPON THE CONVERSION HEREOF MAY NOT BE

                                       12
<PAGE>

OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED OTHER THAN (A) TO HOLLYWOOD
MEDIA CORP. (THE "COMPANY") OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO RULE 144
UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN OFFSHORE
TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT, (D) PURSUANT
TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT OR (E) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT. THE HOLDER OF THIS CERTIFICATE AGREES THAT IT WILL GIVE TO EACH
PERSON TO WHOM THIS SECURITY OR ANY SECURITY ISSUED UPON CONVERSION HEREOF IS
TRANSFERRED (UNLESS SUCH SECURITY IS TRANSFERRED PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT) A NOTICE SUBSTANTIALLY TO THE
EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY PROPOSED TRANSFER PURSUANT TO
CLAUSES (B), (C) OR (D) ABOVE, THE COMPANY MAY REQUIRE THAT THE TRANSFEROR
FURNISH IT WITH AN OPINION OF COUNSEL CONFIRMING THAT SUCH TRANSFER IS BEING
MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. AS USED HEREIN, THE TERMS
"OFFSHORE TRANSACTION" AND "UNITED STATES" HAVE THE RESPECTIVE MEANINGS ASSIGNED
TO THEM IN REGULATION S UNDER THE SECURITIES ACT.

         Section 4.03. No Brokers. No broker, finder, agent or similar
intermediary is entitled to any broker's, finder's, placement or similar fee or
other commission in connection with the transactions contemplated hereby based
on any agreement, arrangement or understanding with such Purchaser.

         Section 4.04. No Influence on Business. Each Purchaser covenants and
agrees, severally and not jointly, with the Company that it does not presently
intend to: (a) in any manner exercise or attempt to exercise a controlling
influence over the management or policies of the Company or attempt to influence
the business activities or decisions or the Company; (b) propose a director or
slate of directors to serve on the board of directors of the Company; (c) have
or seek to have a representative of such Purchaser be appointed to serve as a
director of the Company or participate as an observer at meetings of the board
of directors (or committees thereof) or have or seek to have any employee or
representative of such Purchaser serve as an officer, agent or employee of the
Company; (d) attempt to influence the dividend policies or practices of the
Company; (e) solicit or participate in soliciting proxies with respect to any
matter presented to the shareholders of the Company; (f) dispose or threaten to
dispose of the Common Shares, Warrants or Warrant Shares to any third party in
any manner as a condition to specific action or non-action by the Company; or
(g) enter into any joint venture, enterprise or undertaking of any kind with the
Company.

         Section 4.05. Limitations on Resales.

                  (a) SG covenants and agrees, that it (together with its
Affiliates) will not transfer the Common Shares or the Warrants to any Person
(together with such Person's Affiliates), other than the Company or Affiliates
of SG, in a transaction or series of transactions, in an aggregate principal
amount in excess of such principal amount as would be convertible or exercisable

                                       13
<PAGE>

at the date of transfer into in excess of 2% of the issued and outstanding
shares of Common Stock of the Company. SG further covenants and agrees,
severally and not jointly, that it will not knowingly transfer to any Person
(together with such Person's Affiliates), other than the Company or Affiliates
of SG, in a transaction or series of transactions, Warrant Shares in an
aggregate amount in excess of 2% of the issued and outstanding shares of Common
Stock of the Company (based upon the number of shares of Common Stock of the
Company issued and outstanding on the applicable date of transfer); in
furtherance thereof, SG covenants and agrees that it shall not during any five
(5) consecutive trading days transfer Warrant Shares in secondary market
transactions in which the identity of the acquiror is not known to SG in an
amount in excess of 2% of the issued and outstanding shares of Common Stock of
the Company (based upon the number of shares of Common Stock of the Company
issued and outstanding on the applicable date of transfer). SG covenants and
agrees that the foregoing transfers to third parties shall be made in bona fide,
arms-length transactions and that upon any such transfer, it will not retain the
power to control the disposition of the securities transferred or, in the case
of Warrant Shares, to direct the voting with respect thereto.

                  (b) SG covenants and agrees that it (together with its
Affiliates) will not, on any day during the twenty (20) Trading Days prior to,
or any day of ,any Reset Period, sell or otherwise transfer shares of Common
Stock in an aggregate amount equal to more than fifteen percent (15%) of the
average daily trading volume of the Common Stock during the fifteen (15) Trading
Days preceding such forty (40) Trading Day period.

                  (c) Velocity covenants and agrees that it (together with its
Affiliates) will not, on any day during the twenty (20) Trading Days prior to,
or any day of, any Reset Period, sell or otherwise transfer shares of Common
Stock in an aggregate amount equal to more than ten percent (10%) of the average
daily trading volume of the Common Stock during the fifteen (15) Trading Days
preceding such forty (40) Trading Day period.

                                    ARTICLE V

                                    COVENANTS

         Section 5.01. Limitation on Issuance of Securities.

                  (a) The Company will not make any offer to sell, solicit any
offer to buy, agree to sell or sell any security or right to acquire any
security, except at such time and in such manner so as not to cause the loss of
any of the exemptions for the offer and sale of the Common Shares or the
Warrants hereunder and for the issuance of the Warrant Shares upon exercise of
the Warrants from the registration requirements under the Securities Act or
under the securities or "blue sky" laws of any jurisdiction in which such offer,
sale or issuance is made.

                  (b) In addition to the foregoing limitation on the issue of
securities, for a period commencing on the date of the Closing and ending four
(4) months after a registration statement relating to the resale of the Common
Shares and Warrant Shares is declared effective, without obtaining the prior
written consent of the Purchasers, the Company will not (1) issue a floating
convertible or similar security that provides for a minimum conversion price
less than $4.5099 or (2) issue common stock or securities convertible into
common stock in a capital raising transaction at a price that is less than 90%

                                       14
<PAGE>

of the then existing Market Price at the time of issuance. For purposes of the
foregoing "Market Price" means the lesser of (i) the ten (10) day average
closing price preceding the closing or (ii) the closing price on the closing
date of such transaction. Notwithstanding the foregoing, the Company shall be
able to issue any such securities in connection with strategic transactions to a
strategic investor and in connection with any exercise by Viacom, Inc. of its
participation rights related to this transaction or any other such strategic
transaction.

                  (c) Each Purchaser, until 12 months following the
effectiveness of the Registration Statement, shall have the right to
participate, up to the amount such Purchaser invested at the Closing (the
"Participation Interest"), in issuances by the Company for capital raising
purposes of equity securities (or securities convertible into or exercisable
for, equity securities) other than bona fide underwritten offerings registered
under the Securities Act or issuances of securities in connection with strategic
transactions to a strategic investor. In the event the Company proposes to issue
a security to which the Purchasers would be entitled to participate pursuant to
the foregoing, the Company shall notify each Purchaser in writing at least 15
days prior to the issuance date of the proposed issuance date, the terms of such
offering and such Purchaser's Participation Interest up to which it is entitled
to participate. In order to participate in such offering, a Purchaser must
notify the Company in writing at least ten (10) days prior to the designated
issuance date and specify the amount of securities, up to its pro rata amount,
that it wishes to purchase. If a Purchaser does not so notify the Company, the
Company may issue such securities on the terms set forth in the notice to such
Purchaser. In the event the terms of the offer are subsequently varied by the
Company, the Company must then again notify such Purchaser as set forth above.

         Section 5.02. Transfer Restrictions; Delivery of Warrant Shares.

                  (a) Each Purchaser acknowledges that any proposed offer, sale,
pledge or other transfer of Common Shares, Warrants or Warrant Shares prior to
the date that is two (2) years from the Closing (or such other date as may be
required pursuant to Rule 144 under the Securities Act (or similar successor
provision) as in effect from time to time), in the absence of registration under
the Securities Act, is limited. Accordingly, prior to such passage of time or
such registration, the Common Shares, the Warrants or the Warrant Shares may be
offered, sold, pledged or otherwise transferred only (i) to the Company, (ii) in
an offshore transaction in accordance with Rule 904 under the Securities Act,
(iii) pursuant to any other exemption from registration provided by the
Securities Act, (iv) pursuant to Rule 144 under the Securities Act or (v)
pursuant to an effective registration statement under the Securities Act; in the
case of any transfer pursuant to clause (ii), (iii) or (iv), the Company shall
be entitled to receive an opinion of the selling Purchaser's counsel, in form
and substance reasonably satisfactory to the Company, to the effect that
registration is not required in connection with such disposition. Any Common
Shares or Warrants sold to the Company may not be reissued or resold.

                  (b) The Company agrees to issue certificates representing the
Common Shares, Warrants or Warrant Shares without the legend referenced in
Section 4.02(a) above at such time as (i) the holder thereof is permitted to
dispose of such Common Shares, Warrants or Warrant Shares pursuant to Rule 144
(k) under the Securities Act (to the extent applicable), (ii) such Common
Shares, Warrants or Warrant Shares are sold to a purchaser or purchasers who (in

                                       15
<PAGE>

the opinion of counsel to the seller or such purchaser(s), in form and substance
reasonably satisfactory to the Company) are able to dispose of such securities
publicly without registration under the Act and such legend is no longer
required to be included on the certificates representing the Common Shares,
Warrants or Warrant Shares or (iii) such Common Shares, Warrants or Warrant
Shares are sold or are available for resale pursuant to an effective
registration statement under the Securities Act.

                  (c) In the alternative to physical delivery of certificates
for Warrant Shares, if delivery of the Warrant Shares pursuant to any conversion
thereunder may be effectuated by electronic book-entry through The Depositary
Trust Company ("DTC"), delivery of Warrant Shares pursuant to such conversion
shall, if requested by the relevant Purchaser (or holder of Warrant Shares),
settle by book-entry transfer through DTC by the third trading day following the
date of exercise of the Warrants pursuant to the terms thereof, as appropriate.
The parties agree to coordinate with DTC to accomplish this objective.

         Section 5.03. Rules 144; Current Information. For so long as any Common
Shares, Warrants or Warrant Shares are outstanding, the Company will (i) cause
its Common Stock to continue to be registered under Section 12 of the Exchange
Act, file all reports required to be filed by it under the Securities Act and
the Exchange Act and will take such further actions as any Purchaser may
reasonably request, all to the extent required from time to time to enable a
Purchaser to sell Common Shares, Warrants and Warrant Shares without
registration under the Securities Act pursuant to the safe harbors and
exemptions provided by Rule 144 under the Securities Act (to the extent
applicable), as such Rule may be amended from time to time, or any similar rule
or regulation hereafter adopted by the Commission, and (ii) furnish each
Purchaser with all reports, proxy statements and registration statements that
the Company files with the Commission or distributes to its securityholders
pursuant to the Securities Act and the Exchange Act at the times of such filings
and distributions (unless such documents are available electronically from the
Commission or elsewhere without charge and within a period reasonably
contemporaneous with the filing thereof with the Commission, in which case such
documents need not be provided to any Purchaser). Upon the request of a
Purchaser, the Company will deliver to such Purchaser a written statement as to
whether it has complied with the foregoing requirements.

         Section 5.04. Reservation of Warrant Shares. The Company shall at all
times reserve and keep available, free from preemptive rights, out of its
authorized but unissued shares of Common Stock or its issued shares of Common
Stock held in its treasury, or both, sufficient shares of Common Stock to
provide for the issuance of the Warrant Shares in an amount equal to the balance
of the Warrant Shares not then yet issued.

         Section 5.05. Publicity. The Company shall, no later than 10 business
days after the Closing, (i) file a Form 8-K or Form 10-Q with the Commission
disclosing the transactions contemplated by this Agreement (attaching the
Transaction Documents as exhibits thereto), (ii) publicly announce the Company's
financial results for the three months ended March 31, 2001, and (iii) at its
option, at any time issue a press release with respect to the Transaction
Documents, in a form which has been reviewed and is reasonably acceptable to the
Purchasers.

                                       16
<PAGE>

                                   ARTICLE VI

                                 INDEMNIFICATION

         Section 6.01. Indemnification. In consideration of the Purchasers'
execution and delivery of this Agreement, the Registration Rights Agreement and
in addition to all of the Company's other obligations under the Transaction
Documents, the Company shall defend, protect, indemnify and hold harmless the
Purchasers and all of their partners, officers, directors, employees, members
and any of the foregoing persons' agents or other representatives (including,
without limitation, those retained in connection with the transactions
contemplated by this Agreement) (collectively, the "Indemnitees") from and
against any and all losses, costs, penalties, fees, liabilities and damages, and
expenses in connection therewith (irrespective of whether any such Indemnitee is
a party to the action or which indemnification hereunder is sought), and
including reasonable attorneys' fees and disbursements (the "Indemnified
Liabilities"), incurred by any Indemnitee as a result of, or arising out of any
cause of action, suit or claim brought or made against such Indemnitee by a
third party and arising out of or resulting from the breach by the Company of
any representation, warranty or covenant in the Transaction Documents or any
other certificate, instrument or document contemplated hereby or thereby.
Notwithstanding the foregoing, Indemnified Liabilities shall not include any
liability of any Indemnitee to the extent arising out of such Indemnitee's
breach of the Transaction Documents, willful misconduct or fraudulent action(s).
To the extent that the foregoing undertaking by the Company may be unenforceable
for any reason, the Company shall make the maximum contribution to the payment
and satisfaction of each of the Indemnified Liabilities which is permissible
under applicable law. Except as otherwise set forth herein, the mechanics and
procedures with respect to the rights and obligations under this Article VII
shall be the same as those set forth in Section 4 of the Registration Rights
Agreement, including, without limitation, those procedures with respect to the
settlement of claims and Company's right to assume the defense of claims.

                                   ARTICLE VII

                                  MISCELLANEOUS

         Section 7.01. Press Releases and Disclosure. No party hereto shall
issue any press release or make any other public disclosure related to this
Agreement or any of the transactions contemplated hereby without the prior
written approval of the other party hereto, except as may be necessary or
appropriate in the opinion of the party seeking to make disclosure to comply
with the requirements of applicable law or stock exchange rules. If any such
press release or public disclosure is so required, the party making such
disclosure shall consult with the other party prior to making such disclosure,
and the parties shall use all reasonable efforts, acting in good faith, to agree
upon a text for such disclosure that is satisfactory to all parties.

         Section 7.02. Expenses. Except as otherwise expressly provided for
herein, the Company will pay all of SG's and Velocity's attorneys' fees and
expenses incurred in connection with the negotiation of the Transaction
Documents, subject to a maximum of $32,000 ($5,000 of which was previously paid
by the Company) and $10,000, respectively. The expenses of SG and Velocity shall
be payable at the Closing (and on the Deferred Purchase Price Payment Date, as
applicable) and may be netted, to the extent payable pursuant to

                                       17
<PAGE>

the preceding sentence, against the Purchase Price otherwise payable to the
Company by SG and Velocity.

         Section 7.03. Notices. All notices, demands, requests, consents,
approvals or other communications required or permitted to be given hereunder or
that are given with respect to this Agreement shall be in writing and shall be
personally served or deposited in the mail, registered or certified, return
receipt requested, postage prepaid or delivered by reputable air courier service
with charges prepaid, or transmitted by hand delivery, telegram, telex or
facsimile, addressed as set forth below, or to such other address as such party
shall have specified most recently by written notice: (i) if to the Company, to:
Hollywood Media Corp., 2255 Glades Rd., Ste. 237W, Boca Raton, Florida,
Attention: Mitchell Rubenstein, Chairman and CEO, Facsimile No.: (561) 998-2974,
with copies (which shall not constitute notice) to: Hollywood Media Corp., 2255
Glades Rd., Ste. 237W, Boca Raton, Florida, Attention: W. Robert Shearer, Senior
Vice President and General Counsel, Facsimile No.: (561) 998-2974; and (ii) if
to any Purchaser at the address of such Purchaser set forth on Annex A. Notice
shall be deemed given on the date of service or transmission if personally
served or transmitted by telegram, telex or facsimile. Notice otherwise sent as
provided herein shall be deemed given on the third business day following the
date mailed or on the next business day following delivery of such notice to a
reputable air courier service.

         Section 7.04. Entire Agreement. This Agreement (together with the other
Transaction Documents and all other documents delivered pursuant hereto and
thereto) constitutes the entire agreement of the parties with respect to the
subject matter hereof and supersedes all prior and contemporaneous agreements,
representations, understandings, negotiations and discussions between the
parties, whether oral or written, with respect to the subject matter hereof.

         Section 7.05. Amendment and Waiver. This Agreement may not be amended,
modified, supplemented, restated or waived except by a writing executed by the
party against which such amendment, modification or waiver is sought to been
enforced. Waivers may be made in advance or after the right waived has arisen or
the breach or default waived has occurred. Any waiver may be conditional. No
waiver of any breach of any agreement or provision herein contained shall be
deemed a waiver of any preceding or succeeding breach thereof nor of any other
agreement or provision herein contained. No waiver or extension of time for
performance of any obligations or acts shall be deemed a waiver or extension of
the time for performance of any other obligations or acts.

         Section 7.06. Assignment; No Third Party Beneficiaries. This Agreement
and the rights, duties and obligations hereunder may not be assigned or
delegated by the Company or any Purchaser without the prior written consent of
the other parties hereto; provided that each Purchaser may assign or delegate
its rights, duties and obligations hereunder to any Affiliate of such Purchaser.
Except as provided in the preceding sentence, any purported assignment or
delegation of rights, duties or obligations hereunder made without the prior
written consent of the other party hereto shall be void and of no effect. This
Agreement and the provisions hereof shall be binding upon and shall inure to the
benefit of each of the parties and their respective successors and permitted
assigns. This Agreement is not intended to confer any rights or benefits on any
Persons other than as set forth above.

                                       18
<PAGE>

         Section 7.07. Severability. This Agreement shall be deemed severable,
and the invalidity or unenforceability of any term or provision hereof shall not
affect the validity or enforceability of this Agreement or of any other term or
provision hereof. Furthermore, in lieu of any such invalid or unenforceable term
or provision, the parties hereto intend that there shall be added as a part of
this Agreement a provision as similar in terms to such invalid or unenforceable
provision as may be possible and be valid and enforceable.

         Section 7.08. Further Assurances. Each party hereto, upon the request
of any other party hereto, shall do all such further acts and execute,
acknowledge and deliver all such further instruments and documents as may be
necessary or desirable to carry out the transactions contemplated by this
Agreement.

         Section 7.09. Titles and Headings. Titles, captions and headings of the
sections of this Agreement are for convenience of reference only and shall not
affect the construction of any provision of this Agreement.

         Section 7.10. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY,
INTERPRETED UNDER, AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE
STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED WITHIN THE
STATE OF NEW YORK WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAWS
THEREOF.

         Section 7.11. Counterparts. This Agreement may be executed in
counterparts, each of which shall be deemed an original, all of which taken
together shall constitute one and the same instrument.

                                       19
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by the undersigned, thereunto duly authorized, as of the date first set
forth above.

                                  HOLLYWOOD MEDIA CORP.

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

                                  SOCIETE GENERALE

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

                                  VELOCITY INVESTMENT PARTNERS LTD.

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

                                       20
<PAGE>

                                                                         Annex A
                                                                         -------

                                   Purchasers
                                   ----------
<TABLE>
<CAPTION>
----------------------------------------------------- ------------------------------------------------ ---------------------------
                                                      Shares of Common Stock/Warrants Purchased from   Aggregate
Purchaser Name                                        the Company                                      Purchase Price
and Notice Address                                                                                     Paid at Closing
----------------------------------------------------- ------------------------------------------------ ---------------------------
<S>                                                   <C>                                              <C>
                                                      576,504 Common Shares                            $2,600,000
Societe Generale                                      273,562 "A" Warrant Shares
c/o SG Cowen Securities Corporation                   658,878 "B" Warrant Shares
1221 Avenue of the Americas
New York, NY 10020
Attn:  Guillaume Pollet
Facsimile No.:  (212) 278-5467
Telephone No.:  (212) 278-5260

with a copy to:
--------------

Jones, Day, Reavis & Pogue
599 Lexington Avenue
New York, New York 10022
Attn:  J. Eric Maki
Facsimile No.:  (212) 755-7306
Telephone No.:  (212) 326-3780
----------------------------------------------------- ------------------------------------------------ ---------------------------
Velocity Investment Partners Ltd.                     365,858 Common Shares                            $1,650,000
333 West Wacker Drive                                 177,524 "A" Warrant Shares
Suite 1410                                            439,251"B" Warrant Shares
Chicago, IL 60606
Attn: Richard Marks or John Ziegelman
Facsimile No.: 312-236-3030
Telephone No.: 312-236-4411

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

</TABLE>REGISTRATION RIGHTS AGREEMENT

         This REGISTRATION RIGHTS AGREEMENT (this "Agreement"), dated as of May
1, 2001, is entered into among HOLLYWOOD MEDIA CORP., a Florida corporation (the
"Company"), SOCIETE GENERALE, a bank organized under the laws of France ("SG"),
and VELOCITY INVESTMENT PARTNERS, a company organized under the laws of the
Cayman Islands ("Velocity") (SG and Velocity, together, the "Purchasers").

         WHEREAS, the Company and the Purchasers have entered into that certain
Securities Purchase Agreement (the "Securities Purchase Agreement"), dated as of
April 25, 2001, pursuant to which the Company has agreed to issue and sell to
the Purchasers an aggregate of (i) 942,362 shares of its Common Stock (the
"Common Shares"), (ii) "A" warrants to purchase up to 451,086 shares of its
Common Stock and (iii) "B" warrants to acquire up to 1,098,129 shares of its
Common Stock (the "A" and "B" warrants together, the "Warrants"); and

         WHEREAS, pursuant to the terms of, and in partial consideration for,
the Purchasers' agreement to enter into the Securities Purchase Agreement, the
Company has agreed to provide each Purchaser with certain registration rights
with respect to the Common Stock. "Common Stock" means the Company's Common
Stock, par value $0.01 per share;

         NOW, THEREFORE, in consideration of the foregoing premises, the
representations, warranties, covenants and agreements contained herein and in
the Securities Purchase Agreement and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, intending to be
legally bound hereby, the parties hereto agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

         Section 1.1 Definitions. Capitalized terms used herein and defined in
the Securities Purchase Agreement shall have the same respective meanings herein
as are ascribed to them therein. In addition, the following terms shall have the
meanings ascribed to them below:

         "Purchasers" shall mean the Purchasers referenced in the preamble, and,
unless the context otherwise requires, shall include each such Purchaser for so
long as it owns any Registrable Securities and any assignee or transferee of the
Common Shares, the Warrants, the Warrant Shares or the Registrable Securities to
which the registration rights conferred by this Agreement have been transferred
in compliance with this Agreement and that is the registered holder of the
Common Shares, the Warrants, the Warrant Shares or the Registrable Securities,
as the case may be.

         "Registrable Securities" means all of the Common Shares, the Warrant
Shares and any other securities of the Company that are issued or issuable upon
the exercise of the Warrants (the "Common Securities") until (i) a registration
statement under the Securities Act covering the offer and sale of the Common
Securities has been declared effective by the Commission and the Common
Securities have been disposed of pursuant to such effective registration
statement, (ii) the Common Securities are sold under circumstances in which all

<PAGE>

of the applicable conditions of Rule 144 (or any similar provision then in
force) under the Securities Act ("Rule 144") are met, (iii) such Common
Securities have been otherwise transferred and the Company has delivered a new
certificate or other evidence of ownership for the Common Securities not bearing
a restrictive legend or (iv) such time as, in the opinion of counsel to the
Company, which counsel shall be reasonably acceptable to each Purchaser, such
Common Securities may be sold without any time, volume or manner limitation
pursuant to Rule 144(k) (or any similar provision then in effect) under the
Securities Act.

         "Registration Statement" means the registration statement filed by the
Company pursuant to Section 2.1(a) and any additional registration statement
filed by the Company pursuant to Section 2.1(b).

         "Underwriter" means a securities dealer that purchases any Registrable
Securities as principal in an underwritten offering and not as part of such
dealer's market-making activities.

         "Warrant Shares" means the shares of Common Stock issuable upon
exercise of the Warrants.

                                   ARTICLE II
                               REGISTRATION RIGHTS

         Section 2.1 Registration Requirements. The Company shall use its
commercially reasonable efforts to effect the registration of the Registrable
Securities (including, without limitation, the execution of an undertaking to
file post-effective amendments, appropriate qualification under applicable blue
sky or other state securities laws and appropriate compliance with applicable
regulations issued under the Securities Act) as would permit or facilitate the
sale or distribution of all the Registrable Securities in the manner (including
manner of sale) and in all states reasonably requested by any Purchaser. Such
commercially reasonable efforts by the Company shall include the following:

                  (a) The Company will as expeditiously as possible, and in no
event later than June 29, 2001 (the "Filing Deadline"), prepare and file with
the Commission a registration statement (the "Registration Statement") on Form
S-3 (if use of such form is then available to the Company pursuant to the rules
of the Commission and, if not, on such other form promulgated by the Commission
for which the Company then qualifies and that counsel for the Company shall deem
appropriate and which form shall be available for the resale of the Registrable
Securities to be registered thereunder in accordance with the provisions of this
Agreement and in accordance with the intended method of distribution of such
Registrable Securities), and use its commercially reasonable efforts to cause
such filed Registration Statement to become effective by the Effectiveness
Deadline. The "Effectiveness Deadline" shall mean, as applicable, (i) in the
event such Registration Statement is not subject to review by the Commission,
five (5) business days after the date that the Company is first advised by the
Commission, whether orally or in writing, that such Registration Statement will
not be subject to review by the Commission and (ii) in the event such
Registration Statement shall be subject to review by the Commission, the earlier
of one hundred and twenty (120) days from the date of this Agreement or five (5)
business days after the date that the Company is first advised by the

                                                                               2
<PAGE>

Commission, whether orally or in writing, that it has no further comments in
connection with its review of the Registration Statement. The Company will as
expeditiously as possible prepare and file with the Commission such amendments
and supplements to the Registration Statement and the prospectus used in
connection therewith as may be necessary to keep the Registration Statement
effective for a period of not less than: (i) in the case of a non-underwritten
offering of Registrable Securities, until there shall no longer be any
Registrable Securities or (ii) with respect to an underwritten offering of
Registrable Securities, ninety (90) days after the commencement of the
distribution of Registrable Securities covered by the Registration Statement
(but not before the expiration of the period referred to in Section 4(3) of the
Securities Act and Rule 174 thereunder, if applicable), and the Company will
comply with the provisions of the Securities Act with respect to the disposition
of all securities covered by such Registration Statement during such period in
accordance with the intended methods of disposition by a Purchaser as set forth
in the Registration Statement.

                  (b) The number of Registrable Securities covered by the
initial Registration Statement shall equal 2,491,577 shares of Common Stock of
the Company. If at any time the initial Registration Statement is not sufficient
to cover all Registrable Securities the Company shall as expeditiously as
possible (and in no event more than forty-five (45) days from the date of the
event that results in such change) file a post-effective amendment to the
Registration Statement (or, if necessary file or cause to be filed a new or
additional Registration Statement) to reflect the registration of the offer and
resale of such additional or other securities and use its commercially
reasonable efforts to cause such post-effective amendment or new or additional
Registration Statement to become effective within one hundred and twenty (120)
days (or in the event such Registration Statement is not subject to review by
the Commission or, if subject to review by the Commission, five (5) business
days after the date that the Company is first advised by the Commission, whether
orally or in writing, that such Registration Statement will not be subject to
review by the Commission or that it has no further comments in connection with
its review of the Registration Statement) from the date of the event that
results in such change. In the event the filing of a new or additional
Registration Statement is required, references herein to the Registration
Statement shall also refer to such new or additional registration statement
(except that for purposes of Section 2.1(a) above, the Filing Deadline shall
refer to the end of the forty-five (45) day period referenced above and the
Effectiveness Deadline shall refer to the end of the one hundred and twenty
(120) day or shorter period (based upon completion of the Commission's review of
such Registration Statement) referenced above).

                  (c) The Company will, prior to filing the Registration
Statement or prospectus or any amendment or supplement thereto, furnish to each
Purchaser, its counsel, and each Underwriter, if any, of the Registrable
Securities covered by such Registration Statement copies of such Registration
Statement and prospectus or any amendment or supplement thereto as proposed to
be filed, together with exhibits thereto, as well as any comment letters
received from the Commission, which documents will be subject to review and
approval by the foregoing persons (such approval not to be unreasonably withheld
or delayed), and thereafter furnish to each Purchaser, its counsel and each
Underwriter, if any, such number of copies of such Registration Statement, each
amendment and supplement thereto (in each case including all exhibits thereto
and documents incorporated by reference therein), the prospectus included in
such Registration Statement (including each preliminary prospectus) and such
other documents or information, as any Purchaser, its counsel or each

                                                                               3
<PAGE>

Underwriter may reasonably request in order to facilitate the disposition of the
Registrable Securities.

                  (d) The Company will use its commercially reasonable efforts
to (i) register or qualify such Registrable Securities under such other
securities or blue sky laws of such jurisdictions in the United States as any
Purchaser may reasonably (in light of its intended plan of distribution) request
and (ii) if applicable, cause such Registrable Securities to be registered with
or approved by such other governmental agencies or authorities in the United
States as may be necessary by virtue of the business and operations of the
Company and do any and all other acts and things that may be reasonably
necessary or advisable to enable such Purchaser to consummate the disposition of
the Registrable Securities; provided that the Company will not be required to
(A) qualify generally to do business in any jurisdiction where it would not
otherwise be required to qualify but for the fulfillment of its obligation under
this paragraph (d), (B) subject itself to taxation in any such jurisdiction or
(C) consent or subject itself to general service of process in any such
jurisdiction.

                  (e) The Company will promptly notify the Purchasers upon the
occurrence of any of the following events in respect of the Registration
Statement or related prospectus in respect of an offering of Registrable
Securities: (i) receipt of any request for additional information by the
Commission or any other federal or state governmental authority during the
period of effectiveness of the Registration Statement for amendments or
supplements to the Registration Statement or related prospectus; (ii) the
issuance by the Commission or any other federal or state governmental authority
of any stop order suspending the effectiveness of the Registration Statement or
the initiation of any proceedings for that purpose; (iii) receipt of any
notification with respect to the suspension of the qualification or exemption
from qualification of any of the Registrable Securities for sale in any
jurisdiction or the initiation or threatening of any proceeding for such
purpose; (iv) the happening of any event that makes any statement made in the
Registration Statement or related prospectus or any document incorporated or
deemed to be incorporated therein by reference untrue in any material respect or
that requires the making of any changes in the Registration Statement, related
prospectus or documents so that (or the Company otherwise becomes aware of any
statement included in the Registration Statement, related prospectus or
documents that is untrue in any material respect or that requires the making of
any changes in the Registration Statement, related prospectus or documents so
that), in the case of the Registration Statement, it will not contain any untrue
statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein not misleading, and
that in the case of the related prospectus, it will not contain any untrue
statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; and (v) the Company's
reasonable determination that a post-effective amendment to the Registration
Statement would be appropriate (in which event the Company will promptly make
available to the Purchasers any such supplement or amendment to the Registration
Statement and, as applicable, the related prospectus).

                  (f) The Company will enter into customary agreements
(including, if applicable, an underwriting agreement in customary form and that
is reasonably satisfactory to the Company) and take such other actions as are
reasonably required in order to expedite or facilitate the disposition of the
Registrable Securities (each Purchaser may, at its option, require that any or

                                                                               4
<PAGE>

all of the representations, warranties and covenants of the Company to or for
the benefit of any applicable Underwriter also be made to and for the benefit of
such Purchaser).

                  (g) The Company will make available to such Purchaser (and
will deliver to its counsel) and each Underwriter, if any, subject to
restrictions imposed by the United States federal government or any agency or
instrumentality thereof, copies of all correspondence between the Commission and
the Company, its counsel or auditors and will also make available, subject to
restrictions imposed by the United States federal government or any agency or
instrumentality thereof, for inspection by each Purchaser, its counsel, any
Underwriter participating in any disposition pursuant to a Registration
Statement and any attorney, accountant or other professional retained by each
Purchaser or such Underwriter (collectively, the "Inspectors"), all financial
and other records, pertinent corporate documents and properties of the Company
(collectively, the "Records") as shall be reasonably necessary to enable them to
exercise their due diligence responsibility, and cause the Company's officers
and employees to supply all information reasonably requested by any Inspectors
in connection with the Registration Statement. Records that the Company
determines, in good faith, to be confidential and that it notifies the
Inspectors are confidential shall not be disclosed by the Inspectors unless (i)
the disclosure of such Records is necessary in the reasonable opinion of the
Inspectors to avoid or correct a misstatement or omission in the Registration
Statement or (ii) the disclosure or release of such Records is requested or
required pursuant to oral questions, interrogatories, requests for information
or documents or a subpoena or other order from a court of competent jurisdiction
or other process; provided that prior to any disclosure or release pursuant to
clause (ii), the Inspectors shall provide the Company with prompt notice of any
such request or requirement so that the Company may seek an appropriate
protective order or waive such Inspectors' obligation not to disclose such
Records; and, provided further, that if failing the entry of a protective order
or the waiver by the Company permitting the disclosure or release of such
Records, the Inspectors, upon written advice of counsel, are compelled to
disclose such Records, the Inspectors may disclose that portion of the Records
that counsel has advised the Inspectors that the Inspectors are compelled to
disclose. The Company may require, as a condition to the disclosure to any
Inspector of any confidential information, that such Inspector execute and
deliver to the Company a written agreement, in form and substance reasonably
satisfactory to the Company, pursuant to which such Inspector agrees to the
confidential treatment of such information as contemplated above. Each Purchaser
agrees that information obtained by it as a result of such inspections (not
including any information obtained from a third party who is not prohibited from
providing such information by a contractual, legal or fiduciary obligation to
the Company) shall be deemed confidential and shall not be used by it as the
basis for any market transactions in the securities of the Company or its
Affiliates unless and until such information is made generally available to the
public. Each Purchaser further agrees that it will, upon learning that
disclosure of such Records is sought in a court of competent jurisdiction, give
notice to the Company and allow the Company, at its expense, to undertake
appropriate action to prevent disclosure of the Records deemed confidential.

                  (h) The Company will furnish to each Purchaser and to each
Underwriter, if any, a signed counterpart, addressed to each Purchaser and such
Underwriter, of (1) an opinion or opinions of counsel to the Company and (2) a
comfort letter or comfort letters from the Company's independent public
accountants, each in customary form and covering such matters of the type
customarily covered by opinions or comfort letters, as the case may be, as any

                                                                               5
<PAGE>

Purchaser or the managing Underwriter therefor reasonably requests. The Company
agrees that, (x) upon effectiveness of the Registration Statement and (y) if
requested by Purchasers holding in the aggregate a majority of Registrable
Securities, upon the effectiveness of each amendment thereto subsequent to
effectiveness of the Registration Statement, whether by the filing of a
post-effective amendment thereto or the incorporation by reference of reports
subsequently filed with the Commission, it will cause to be delivered to the
Purchasers (i) if applicable and only to the extent permitted by the rules of
the AICPA, a comfort letter in customary form from its independent public
accountants and (ii) if applicable, an opinion of counsel to the Company,
covering customary matters, including a statement providing negative assurances
as to the absence of any untrue statement of a material fact or omission to
state any material fact required to be stated therein or necessary to make the
statements contained in the Registration Statement and in the case of the
related prospectus (as so amended), in light of circumstance in which they were
made, not misleading.

                  (i) The Company will comply with all applicable rules and
regulations of the Commission, including, without limitation, compliance with
applicable reporting requirements under the Exchange Act, and will make
available to its security holders, as soon as reasonably practicable, an earning
statement covering a period of twelve (12) months, beginning within three (3)
months after the effective date of the Registration Statement, which earning
statement shall satisfy the provisions of Section 11(a) of the Securities Act.

                  (j) The Company will appoint the then existing transfer agent
and registrar for the Common Stock as its transfer agent and registrar for all
the Registrable Securities covered by the Registration Statement not later than
the effective date of the Registration Statement.

                  (k) The Company shall take all steps necessary to enable each
Purchaser to avail itself of the prospectus delivery mechanism set forth in Rule
153 (or successor thereto) under the Securities Act, if available.

                  (l) In connection with an underwritten offering, the Company
will cooperate, to the extent reasonably requested by the managing Underwriter
for the offering or a Purchaser, in customary efforts to sell the securities
under the offering, including, without limitation, participating in "road shows"
on a schedule as shall be reasonably satisfactory to, and not unduly burdensome
on, the Company; provided that the Company shall not be obligated to participate
in more than one such offering in any twelve (12) -month period and any such
participation by the Company shall be at the expense of the managing Underwriter
or the requesting Purchaser unless the Company shall also be offering securities
in such underwritten offering.

                  (m) The Company may require each Purchaser promptly to furnish
in writing to the Company such information regarding the intended methods of
distribution of the Registrable Securities as the Company may from time to time
reasonably request and such other information as may be legally required in
connection with such registration, including, without limitation, all such
information as may be requested by the Commission or the NASD or any state
securities commission or similar authority. If a Purchaser fails to provide such
information requested in connection with such registration within ten (10)
business days after receiving such written request, then the Company may cease

                                                                               6
<PAGE>

pursuit of such registration in respect of a Purchaser's Registrable Securities
until such information is provided.

                  (n) Each Purchaser agrees that, upon receipt of any notice
from the Company of the happening of any event of the kind described in Section
2.1(e) hereof, such Purchaser will forthwith discontinue disposition of
Registrable Securities pursuant to the Registration Statement until such
Purchaser's receipt of the copies of the supplemented or amended prospectus
contemplated by Section 2.1(e)(iv) hereof, and, if so directed by the Company,
such Purchaser will deliver to the Company all copies, other than permanent file
copies then in such Purchaser's possession, of the most recent prospectus
covering the Registrable Securities at the time of receipt of such notice.

                  (o) Notwithstanding any other provision set forth in this
Agreement, no Purchaser may undertake to sell Registrable Securities by means of
an underwriten offering without the prior written consent of the Company, which
may be withheld by the Company in its sole discretion.

         Section 2.2 Registration Expenses. In connection with registration
hereunder, the Company shall pay the following registration expenses incurred in
connection therewith (the "Registration Expenses"): (i) all registration and
filing fees, (ii) fees and expenses of compliance with securities or blue sky
laws (including reasonable fees and disbursements of a single firm of counsel
retained by Company in connection with blue sky qualifications of the
Registrable Securities), (iii) printing expenses, (iv) the Company's internal
expenses (including, without limitation, all salaries and expenses of its
officers and employees performing legal or accounting duties), (v) the fees and
expenses incurred in connection with the listing or quotation of the Registrable
Securities, (vi) fees and disbursements of counsel for the Company and customary
fees and expenses for independent certified public accountants retained by the
Company (including the expenses of any (A) opinion letters or costs associated
with delivery by counsel to the Company of an opinion letter or opinion letters
or (B) comfort letters or costs associated with the delivery by independent
certified public accountants of a comfort letter or comfort letters, in each
case required by or requested pursuant to Section 2.1(h) hereof), and (vii) the
fees and expenses of any special experts retained by the Company in connection
with such registration. The Company shall have no obligation to pay any
underwriting fees, discounts or commissions, or any transfer taxes attributable
to the sale of Registrable Securities, or the cost of any special audit required
by the Purchasers, such costs to be borne by the Purchasers.

                                   ARTICLE III
                             PAYMENTS BY THE COMPANY

         Section 3.1 Payments by the Company. In the event the Registration
Statement is not filed by the Filing Deadline or declared effective by the
Effectiveness Deadline (or after the Registration Statement has been declared
effective by the Commission, sales of all the Registrable Securities (including
any Registrable Securities required to be registered pursuant to Section 2.1(b)
hereof) cannot be made pursuant to the Registration Statement (by reason of a
stop order, the Company's failure to update the Registration Statement, the need
to file and have declared effective a post-effective amendment or any other
reason outside the control of the Purchasers), then the Company will make
payments to the Purchasers in such amounts and at such times as shall be

                                                                               7
<PAGE>

determined pursuant to this Section 3.1 as partial relief for the damages to the
Purchasers by reason of any such delay in or reduction of its ability to resell
the Registrable Securities (which remedy shall not be exclusive of any other
remedies available at law or in equity). The Company shall pay to each Purchaser
pro rata based on their relative ownership of Registrable Securities an amount
equal to (i) $63,750 times (ii) the sum of: (A) the number of months (prorated
per day for partial months) following the Filing Deadline that the Registration
Statement is not filed pursuant to Section 2.1(a) or following the Effectiveness
Deadline that the Registration Statement is not declared effective by the
Commission, as the case may be, plus (B) the number of months (prorated per day
for partial months) following the Effectiveness Deadline that sales cannot be
made pursuant to the Registration Statement after the Registration Statement has
been declared effective for more than 10 days in any 365-day period. Such
amounts shall be paid in cash.

                                   ARTICLE IV
                        INDEMNIFICATION AND CONTRIBUTION

         Section 4.1 Indemnification by the Company. The Company agrees to
indemnify and hold harmless each Purchaser, its partners, Affiliates, officers,
directors, employees and duly authorized agents, and each Person or entity, if
any, who controls a Purchaser within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act, together with the partners, Affiliates,
officers, directors, employees and duly authorized agents of such controlling
Person or entity (collectively, the "Controlling Persons"), from and against any
loss, claim, damage, liability, reasonable attorneys' fees, costs or expenses
and costs and expenses of investigating and defending any such claim
(collectively, "Damages"), joint or several, and any action in respect thereof
to which each Purchaser, its partners, Affiliates, officers, directors,
employees and duly authorized agents, and any such Controlling Person may become
subject under the Securities Act or otherwise, insofar as such Damages (or
proceedings in respect thereof) arise out of, or are based upon, any untrue
statement or alleged untrue statement of a material fact contained in any
Registration Statement or prospectus relating to the Registrable Securities or
any preliminary prospectus, or arises out of, or are based upon, any omission or
alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein (in the case of any prospectus or
preliminary prospectus, in light of the circumstances in which they were made)
not misleading, except insofar as the same are based upon information furnished
in writing to the Company by each Purchaser or an Underwriter expressly for use
therein, and shall reimburse each Purchaser, its partners, Affiliates, officers,
directors, employees and duly authorized agents, and each such Controlling
Person for any reasonable legal and other expenses reasonably incurred by such
Purchaser, its partners, Affiliates, officers, directors, employees and duly
authorized agents, or any such Controlling Person in investigating or defending
or preparing to defend against any such Damages or proceedings as such expenses
are incurred; provided, however, that the Company shall not be liable to such
Purchaser to the extent that any such Damages arise out of or are based upon an
untrue statement or omission made in any preliminary prospectus if (i) such
Purchaser failed to send or deliver a copy of the final prospectus with or prior
to the delivery of written confirmation of the sale by such Purchaser to the
Person asserting the claim from which such Damages arise and (ii) the final
prospectus would have corrected such untrue statement or alleged untrue
statement or such omission or alleged omission; provided further, however, that
the Company shall not be liable in any such case to the extent that any such
Damages arise out of or are based upon an untrue statement or alleged untrue

                                                                               8
<PAGE>

statement or omission or alleged omission in any prospectus if (x) such untrue
statement or omission or alleged omission is corrected in an amendment or
supplement to such prospectus and (y) having previously been furnished by or on
behalf of the Company with copies of such prospectus as so amended or
supplemented, a Purchaser thereafter fails to deliver such prospectus as so
amended or supplemented prior to or concurrently with the sale of a Registrable
Security to the Person asserting the claim from which such Damages arise. The
Company also agrees to indemnify any Underwriters of the Registrable Securities,
their officers and directors and each Person or entity who controls such
Underwriters on customary terms.

         Section 4.2 Indemnification by the Purchasers. Each Purchaser,
severally and not jointly, agrees to indemnify and hold harmless the Company,
its partners, Affiliates, officers, directors, employees and duly authorized
agents and each Person or entity, if any, who controls the Company within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act,
together with the partners, Affiliates, officers, directors, employees and duly
authorized agents of such controlling Person, to the same extent as the
foregoing indemnity from the Company to the Purchasers, but only with reference
to information related to each Purchaser or its plan of distribution furnished
in writing by such Purchaser or on its behalf expressly for use in any
registration statement or prospectus relating to the Registrable Securities, or
any amendment or supplement thereto, or any preliminary prospectus; provided
that the maximum amount for which any Purchaser shall be liable under this
indemnity shall not exceed the net proceeds received by such Purchaser from the
sale of the Registrable Securities, pursuant to the registration statement in
question, less any amounts previously paid by such Purchaser to purchase
Registrable Securities. In case any action or proceeding shall be brought
against the Company or its partners, Affiliates, officers, directors, employees
or duly authorized agents or any such controlling Person or its partners,
Affiliates, officers, directors, employees or duly authorized agents, in respect
of which indemnity may be sought against such Purchaser, Purchaser shall have
the rights and duties given to the Company, and the Company or its partners,
Affiliates, officers, directors, employees or duly authorized agents, or such
controlling Person, or its partners, Affiliates, officers, directors, employees
or duly authorized agents, shall have the comparable rights and duties given to
the Purchasers by Section 4.1. The Purchasers also agree, severally and not
jointly, to indemnify and hold harmless any Underwriters of the Registrable
Securities with reference to the same information as to which each Purchaser
agrees to indemnify the Company referenced above, their officers and directors
and each Person who controls such Underwriters on customary terms. The Company
shall be entitled to receive indemnities on customary terms from Underwriters,
selling brokers, dealer managers and similar securities industry professionals
participating in the distribution, to the same extent as provided above, with
respect to information so furnished in writing by such persons specifically for
inclusion in any prospectus or the Registration Statement.

         Section 4.3 Conduct of Indemnification Proceedings. Promptly after
receipt by any person or entity in respect of which indemnity may be sought
pursuant to Section 4.1 or 4.2 (an "Indemnified Party") of notice of any claim
or the commencement of any action, the Indemnified Party shall, if a claim in
respect thereof is to be made against the Person against whom such indemnity may
be sought (an "Indemnifying Party"), notify the Indemnifying Party in writing of
the claim or the commencement of such action; in the event an Indemnified Party
shall fail to give such notice as provided in this Section 4.3 and the
Indemnifying Party to whom notice was not given was unaware of the proceeding to
which such notice would have related and was materially prejudiced by the

                                                                               9
<PAGE>

failure to give such notice, the indemnification provided for in Section 4.1 or
4.2 shall be reduced to the extent of any actual prejudice resulting from such
failure to so notify the Indemnifying Party; provided, that the failure to
notify the Indemnifying Party shall not relieve it from any liability that it
may have to an Indemnified Party otherwise than under Section 4.1 or 4.2. If any
such claim or action shall be brought against an Indemnified Party, the
Indemnifying Party shall be entitled to participate therein, and, to the extent
that it wishes, jointly with any other similarly notified Indemnifying Party, to
assume the defense thereof with counsel reasonably satisfactory to the
Indemnified Party. After notice from the Indemnifying Party to the Indemnified
Party of its election to assume the defense of such claim or action, the
Indemnifying Party shall not be liable to the Indemnified Party for any legal or
other expenses subsequently incurred by the Indemnified Party in connection with
the defense thereof other than reasonable costs of investigation; provided that
the Indemnified Party shall have the right to employ separate counsel to
represent the Indemnified Party and its controlling persons who may be subject
to liability arising out of any claim in respect of which indemnity may be
sought by the Indemnified Party against the Indemnifying Party, but the fees and
expenses of such counsel shall be for the account of such Indemnified Party
unless (i) the Indemnifying Party and the Indemnified Party shall have mutually
agreed to the retention of such counsel or (ii) in the reasonable judgment of
the Company and such Indemnified Party, representation of both parties by the
same counsel would be inappropriate due to actual or potential conflicts of
interest between them, it being understood, however, that the Indemnifying Party
shall not, in connection with any one such claim or action or separate but
substantially similar or related claims or actions in the same jurisdiction
arising out of the same general allegations or circumstances, be liable for the
fees and expenses of more than one separate firm of attorneys (together with
appropriate local counsel) at any time for all Indemnified Parties or for fees
and expenses that are not reasonable. No Indemnifying Party shall, without the
prior written consent of the Indemnified Party, effect any settlement of any
claim or pending or threatened proceeding in respect of which the Indemnified
Party is or could have been a party and indemnity could have been sought
hereunder by such Indemnified Party unless such settlement includes an
unconditional release of such Indemnified Party from all liability arising out
of such claim or proceeding. Whether or not the defense of any claim or action
is assumed by an Indemnifying Party, such Indemnifying Party will not be subject
to any liability for any settlement made without its consent, which consent will
not be unreasonably withheld.

         Section 4.4 Contribution. If the indemnification provided for in this
Article IV is unavailable to the Indemnified Parties in respect of any Damages
referred to herein, then each Indemnifying Party, in lieu of indemnifying such
Indemnified Party, shall contribute to the amount paid or payable by such
Indemnified Party as a result of such Damages (i) as between the Company and the
Purchasers, on the one hand, and the Underwriters, on the other hand, in such
proportion as is appropriate to reflect the relative benefits received by the
Company and the Purchasers, on the one hand, and the Underwriters, on the other
hand, from the offering of the Registrable Securities, or if such allocation is
not permitted by applicable law, in such proportion as is appropriate to reflect
not only the relative benefits but also the relative fault of the Company and
the Purchasers, on the one hand, and of the Underwriters, on the other hand, in
connection with the statements or omissions that resulted in such Damages, as
well as any other relevant equitable considerations, and (ii) as between the
Company, on the one hand, and the Purchasers, on the other hand, in such
proportion as is appropriate to reflect the relative fault of the Company and of
the Purchasers in connection with such statements or omissions, as well as any
other relevant equitable considerations. The relative benefits received by the

                                                                              10
<PAGE>

Company and the Purchasers, on the one hand, and the Underwriters, on the other
hand, shall be deemed to be in the same proportion as the total proceeds from
the offering (net of underwriting discounts and commissions but before deducting
expenses) received by the Company and the Purchasers bear to the total
underwriting discounts and commissions received by the Underwriters, in each
case as set forth in the table on the cover page of the prospectus. The relative
fault of the Company and the Purchasers, on the one hand, and of the
Underwriters, on the other hand, shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to
information supplied by the Company and the Purchasers or by the Underwriters.
The relative fault of the Company, on the one hand, and of the Purchasers, on
the other hand, shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by
such party, and the parties' relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission.

         The Company and the Purchasers agree that it would not be just and
equitable if contribution pursuant to this Section 4.4 were determined by pro
rata allocation (even if the Underwriters were treated as one entity for such
purpose) or by any other method of allocation that does not take account of the
equitable considerations referred to in the immediately preceding paragraph. The
amount paid or payable by an Indemnified Party as a result of the Damages
referred to in the immediately preceding paragraph shall be deemed to include,
subject to the limitations set forth above, any legal or other expenses
reasonably incurred by such Indemnified Party in connection with investigating
or defending any such action or claim. Notwithstanding the provisions of this
Section 4.4, no Underwriter shall be required to contribute any amount in excess
of the amount by which the total price at which the Registrable Securities
underwritten by it and distributed to the public were offered to the public
exceeds the amount of any damages that such Underwriter has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission
or alleged omission, and the Purchasers shall in no event be required to
contribute any amount in excess of the amount by which the total price at which
the Registrable Securities of each Purchaser were offered to the public (less
underwriting discounts and commissions) less the amount paid by the Purchasers
to the Company for the Common Shares and the Warrants exceeds the amount of any
damages that any Purchaser has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission. No Person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any Person who was
not guilty of such fraudulent misrepresentation.

                                    ARTICLE V
                                  MISCELLANEOUS

         Section 5.1 Term. The registration rights provided to the holders of
Registrable Securities hereunder shall terminate on such date as there shall be
no Registrable Securities; provided, however, that the provisions of Article IV
hereof shall survive any termination of this Agreement.

                                                                              11
<PAGE>

         Section 5.2 Rule 144. The Company covenants that it will file all
reports required to be filed by it under the Securities Act and the Exchange Act
and that it will take such further action as registered holders of Registrable
Securities may reasonably request, all to the extent required from time to time
to enable the Purchasers to sell Registrable Securities without registration
under the Securities Act within the limitation of the exemptions provided by (a)
Rule 144, as such Rule may be amended from time to time, or (b) any similar rule
or regulation hereafter adopted by the Commission. If at any time the Company is
not required to file such reports, it will, upon the reasonable request of any
registered holder of Registrable Securities, make publicly available other
information so long as necessary to permit sales pursuant to Rule 144, within
the limitations of the exemption provided thereby. Upon the request of such
Purchaser, the Company will deliver to such Purchaser a written statement as to
whether it has complied with such requirements.

         Section 5.3 Restrictions or Sale by the Company and Others. If, and to
the extent, reasonably requested by the managing Underwriter or Underwriters in
the case of an underwritten public offering, that includes Registrable
Securities as contemplated by Section 2.1, the Company shall use commercially
reasonable efforts to cause its Affiliates to agree not to effect any public
sale or distribution of any securities similar to those being registered in
accordance with Section 2.1 hereof, or any securities convertible into or
exchangeable or exercisable for such securities during the thirty (30) days
prior to, and during the period beginning on the effective date of the
Registation Statement (except as part of the Registration Statement) until all
of the Registrable Securities offered thereunder have been sold pursuant to such
underwritten public offering, provided, however, that such period shall not
exceed one hundred and eighty (180) days following the effective date of the
Registration Statement.

         Section 5.4 Amendment and Modification. Any provision of this Agreement
may be waived, provided that such waiver is set forth in a writing executed by
the party against whom the enforcement of such waiver is sought. The provisions
of this Agreement, including the provisions of this sentence, may not be
amended, modified or supplemented, and waivers or consents to departures from
the provisions hereof may not be given, unless the Company has obtained the
written consent of the registered holders of a majority of the then outstanding
Registrable Securities (for the purposes of determining whether the consent of
such holders have been obtained, the registered holder of Warrants shall be
deemed to hold the underlying Registrable Securities issuable upon exercise
thereof (notwithstanding any limitation on exercise). Notwithstanding the
foregoing, the waiver of any provision hereof with respect to a matter that
relates exclusively to the rights of registered holders of Registrable
Securities whose securities are being resold pursuant to a Registration
Statement and does not directly or indirectly affect the rights of other holders
of Registrable Securities may be given by holders of a majority of the
Registrable Securities being so resold; provided that the provisions of this
sentence may not be amended, modified or supplemented except in accordance with
the provisions of the immediately preceding sentence. No course of dealing
between or among any Persons having any interest in this Agreement will be
deemed effective to modify, amend or discharge any part of this Agreement or any
rights or obligations of any Person under or by reason of this Agreement.

         Section 5.5 Successors and Assigns; Entire Agreement. This Agreement
and all of the provisions hereof shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns; provided,

                                                                              12
<PAGE>

however, that the benefits and right contemplated hereunder to be provided to
any holder of the Common Shares, the Warrants, the Warrant Shares or the
Registrable Securities shall be limited to the registered holder thereof. This
Agreement and the rights, duties and obligations hereunder may not be assigned
or delegated by the Company or any Purchaser without the prior written consent
of the other parties hereto, which shall not be unreasonably withheld.
Notwithstanding the foregoing, no consent shall be required for a Purchaser to
assign its interest to any of its Affiliates. This Agreement, together with the
Securities Purchase Agreement and the Warrants sets forth the entire agreement
and understanding between the parties as to the subject matter hereof and
thereof and merges and supersedes all prior discussions, agreements and
understandings (written or oral) of any and every nature between them with
respect to such subject matter.

         Section 5.6 Separability. In the event that any provision of this
Agreement or the application of any provision hereof is declared to be illegal,
invalid or otherwise unenforceable by a court of competent jurisdiction, the
remainder of this Agreement shall not be affected except to the extent necessary
to delete such illegal, invalid or unenforceable provision unless that provision
held invalid shall substantially impair the benefits of the remaining portions
of this Agreement.

         Section 5.7 Notices. All notices, demands, requests, consents,
approvals or other communications required or permitted to be given hereunder or
that are given with respect to this Agreement shall be in writing and shall be
personally served or deposited in the mail, registered or certified, return
receipt requested, postage prepaid, or delivered by reputable air courier
service with charges prepaid, or transmitted by hand delivery, telegram, telex
or facsimile, addressed as set forth below, or to such other address as such
party shall have specified most recently by written notice: (i) if to the
Company, to: Hollywood Media Corp., 2255 Glades Rd., Ste. 237W, Boca Raton,
Florida 33431, Attention: Mitchell Rubenstein, Chairman and CEO, Facsimile No.:
(561) 998-2974, with copies (which shall not constitute notice) to: Hollywood
Media Corp., 2255 Glades Rd., Ste. 237W, Boca Raton, Florida 33431, Attention:
W. Robert Shearer, Facsimile No.; (561) 998-2974 and (ii) if to the Purchasers
at the addresses for notices set forth in Annex A to the Securities Purchase
Agreement. Notice shall be deemed given on the date of service or transmission
if personally served or transmitted by telegram, telex or facsimile. Notice
otherwise sent as provided herein shall be deemed given on the third business
day following the date mailed or on the next business day following delivery of
such notice by a reputable air courier service.

         Section 5.8 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAW OF THE STATE OF NEW YORK, WITHOUT
GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAWS THEREOF.

         Section 5.9 Headings. The headings in this Agreement are for
convenience of reference only and shall not constitute a part of this Agreement,
nor shall they affect their meaning, construction or effect.

                                                                              13
<PAGE>

         Section 5.10 Counterparts. This Agreement may be executed in
counterparts, each of which shall be deemed to be an original instrument, and
all of which together shall constitute one and the same instrument.

         Section 5.11 Further Assurances. Each party shall cooperate and take
such action as may be reasonably requested by the other party in order to carry
out the provisions and purposes of this Agreement and the transactions
contemplated hereby.

         Section 5.12 Remedies. In the event of a breach or a threatened breach
by any party to this Agreement of its obligations under this Agreement, any
party injured or to be injured by such breach will be entitled to specific
performance of its rights under this Agreement or to injunctive relief, in
addition to being entitled to exercise all rights provided in this Agreement and
granted by law. The parties agree that the provisions of this Agreement shall be
specifically enforceable, it being agreed by the parties that the remedy at law,
including monetary damages, for breach of any such provision will be inadequate
compensation for any loss and that any defense or objection in any action for
specific performance or injunctive relief that a remedy at law would be adequate
is waived.

                                                                              14
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by the undersigned, thereunto duly authorized, as of the date first set
forth above.

                           HOLLYWOOD MEDIA CORP.

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

                           SOCIETE GENERALE

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

                           VELOCITY INVESTMENT PARTNERS LTD.

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

                                       15

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