Document:

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                                                                   EXHIBIT 10.22

                 SECOND AMENDED AND RESTATED SECURITY AGREEMENT

         This Second Amended and Restated Security Agreement dated as of
December 19, 2002, by and between KOS PHARMACEUTICALS, INC., a Florida
corporation having a principal place of business at 1001 Brickell Bay Drive,
25th Floor, Miami, FL 33131 (hereinafter called the "Borrower") and MICHAEL
JAHARIS, an individual residing in New York, New York (hereinafter called the
"Lender").

                              W I T N E S S E T H:

         WHEREAS, the Lender has agreed to make a loan in the amount of
$30,000,000.00 (the "Additional Standby Facility") as more fully described and
set forth in a loan agreement of even date herewith between the Lender and the
Borrower (the "Additional Standby Facility Loan Agreement") and a promissory
note of even date herewith (the "Additional Standby Facility Note"); and

         WHEREAS, the Lender previously entered into a Revolving Credit and Loan
Agreement dated as of September 1, 1999 with Borrower (the "Supplemental Credit
Facility Loan Agreement") whereby Lender agreed to extend a line of credit to
Borrower in the maximum principal amount of $50,000,000 (the "Supplemental
Credit Facility") pursuant to a promissory note of even date therewith (the
"Supplemental Credit Facility Note"), as amended by that certain Amendment
Agreement dated as of July 21, 2001, between Borrower and Michael Jaharis and
Mary Jaharis, pursuant to which the Supplemental Credit Facility Note was
replaced by two separate notes, one note from Borrower to Michael Jaharis in the
amount of $25,000,000 and one note from Borrower to Mary Jaharis in the amount
of $25,000,000 (the "Mary Jaharis Note"), and as further amended by that certain
Amendment Agreement dated as of December 17, 2001, between Borrower and Wilson
Point Holdings, LP, a Delaware limited partnership ("Wilson Point"), pursuant to
which the Mary Jaharis Note was replaced by a note from Borrower to Wilson Point
in the amount of $25,000,000; and

         WHEREAS, the Lender also previously entered into a Revolving Credit and
Loan Agreement dated as of December 21, 1999 with Borrower (the "Standby
Facility Loan Agreement") (the Additional Standby Facility, Supplemental Credit
Facility and Standby Facility Loan Agreements being hereinafter referred to
collectively as the "Loan Agreements") whereby Lender agreed to extend a line of
credit to Borrower in the maximum principal amount of $50,000,000 (the "Standby
Facility") (the Additional Standby Facility, Supplemental Credit Facility and
Standby Facility Loans being hereinafter referred to collectively as the
"Loans"); and

         WHEREAS, the Standby Facility is evidenced by a promissory note of even
date therewith in the amount of $50,000,000(the "Standby Facility Note") (the

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Additional Standby Facility, Supplemental Credit Facility and Standby Facility
Notes being hereinafter referred to collectively as the "Notes"); and

         WHEREAS, the Additional Standby Facility Loan Agreement provides, in
part, that the Loans shall be secured by a blanket lien upon all personal
property owned by Borrower; and

         WHEREAS, this Second Amended and Restated Security Agreement amends and
restates that Amended and Restated Security Agreement dated as of December 21,
1999 by and between Borrower and Lender (the "Security Agreement") granting a
blanket lien security interest to Lender to secure the Supplemental Credit
Facility and Standby Facility Loans;

         NOW, THEREFORE, in consideration of the mutual promises and covenants
contained herein and in the Additional Standby Facility Loan Agreement, and One
($1.00) Dollar, the receipt and sufficiency of which is hereby acknowledged, the
Lender and the Borrower hereby agree as follows:

         1. DEFINITIONS. Unless otherwise defined herein, all capitalized terms
used herein which are defined in the Additional Standby Facility Loan Agreement
shall have the respective meanings provided therefor in the Additional Standby
Facility Loan Agreement. All terms defined in Article 9 of the Uniform
Commercial Code of the State (as defined below) and used herein shall have the
same definitions herein as specified therein. In addition, the following
definitions shall apply to this Agreement:

                  (a) "Event of Default" means any of the occurrences set forth
in Section 14 below.

                  (b) "Loan Document(s)" means any of the instruments executed
in connection with the Loans, which instruments include, without limitation, the
Loan Agreements, the Notes and such other documentation as has been or may be
executed in connection with the Loans, together with any subsequent amendments
or modifications thereto.

                  (c) "Obligations" means all of the indebtedness, obligations
and liabilities of the Borrower to the Lender, individually or collectively,
whether direct or indirect, joint or several, absolute or contingent, due or to
become due, now existing or hereafter arising under or in respect of the Loan
Agreements, the Notes, and any other Loan Documents executed and delivered
pursuant thereto or in connection therewith or this Agreement.

                  (d) "State" means the State of New York.

                  (e) "Uniform Commercial Code" shall mean the Uniform
Commercial Code as in effect in the State from time to time or, if the context

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requires, as in effect from time to time in any relevant Uniform Commercial Code
jurisdiction.

         2. GRANT OF SECURITY INTEREST. The Borrower hereby grants to the
Lender, and hereby confirms and ratifies its grant to Lender pursuant to the
Security Agreement, to secure the payment and performance in full of all of the
Obligations, a security interest in and pledges and assigns to the Lender the
properties, assets and rights of the Borrower listed on Schedule A attached
hereto and made a part hereof, wherever located, whether now owned or hereafter
acquired or arising, and all proceeds and products thereof (all of the same
being hereinafter called the "Collateral"), to secure the performance of the
following obligations of the Borrower (hereinafter collectively referred to as
the "Indebtedness"):

         (i)      Borrower's liabilities and obligations under the Loan
                  Documents executed in connection with the Additional Standby
                  Facility as hereafter amended and/or restated; and

         (ii)     Borrower's liabilities and obligations under the Loan
                  Documents executed in connection with the Supplemental Credit
                  Facility, as amended and/or restated; and

         (iii)    Borrower's liabilities and obligations under the Loan
                  Documents executed in connection with the Standby Facility, as
                  amended and/or restated; and

         (iv)     Any other obligations of the Borrower in favor of Lender which
                  may now exist or which may hereinafter arise pursuant to any
                  future loan transaction between the Borrower and the Lender.

The Borrower is hereby deemed a "debtor" and the Lender is hereby deemed a
"secured party" as those terms are used in the Uniform Commercial Code.

         3. AUTHORIZATION TO FILE FINANCING STATEMENTS. The Borrower hereby
irrevocably authorizes the Lender at any time and from time to time to file in
any filing office in any Uniform Commercial Code jurisdiction any initial
financing statements and amendments thereto that (a) describe the Collateral (i)
as all assets of the Borrower or words of similar effect, regardless of whether
any particular asset comprised in the Collateral falls within the scope of
Article 9 of the Uniform Commercial Code of the State of such jurisdiction, or
(ii) as being of an equal or lesser scope or with greater detail, and (b)
provide any other information required by part 5 of Article 9 of the Uniform
Commercial Code of the State or such other jurisdictions for the sufficiency or
filing office acceptance of any financing statement or amendment, including

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whether the Borrower is an organization, the type of organization and any
organizational identification number issued to the Borrower. The Borrower agrees
to furnish any such information to the Lender promptly upon the Lender's
request. The Borrower also ratifies its authorization for the Lender to have
filed in any Uniform Commercial Code jurisdiction any like initial financing
statements or amendments thereto if filed prior to the date hereof.

         4. OTHER ACTIONS. Further to insure the attachment, perfection and
first priority of, and the ability of the Lender to enforce, the Lender's
security interest in the Collateral, the Borrower agrees, in each case at the
Borrower's expense, to take the following actions with respect to the following
Collateral and without limitation on the Borrower's other obligations contained
in this Agreement:

                  4.1 PROMISSORY NOTES AND TANGIBLE CHATTEL PAPER. If the
         Borrower shall now or at any time hereafter hold or acquire any
         promissory notes or tangible chattel paper, the Borrower shall
         forthwith endorse, assign and deliver the same to the Lender,
         accompanied by such instruments of transfer or assignment duly executed
         in blank as the Lender may from time to time specify.

                  4.2 DEPOSIT ACCOUNTS. For each deposit account that the
         Borrower now or at any time hereafter opens or maintains, the Borrower
         shall, at the Lender's request and option, pursuant to an agreement in
         form and substance satisfactory to the Lender, either (a) cause the
         depositary bank to agree to comply, without further consent of the
         Borrower, at any time with instructions from the Lender to such
         depositary bank directing the disposition of funds from time to time
         credited to such deposit account, or (b) arrange for the Lender to
         become the customer of the depositary bank with respect to the deposit
         account, with the Borrower being permitted, only with the consent of
         the Lender, to exercise rights to withdraw funds from such deposit
         account. The Lender agrees with the Borrower that the Lender shall not
         give any such instructions or withhold any withdrawal rights from the
         Borrower, unless an Event of Default has occurred and is continuing, or
         would occur if effect were given to any withdrawal not otherwise
         permitted by the Loan Documents. The provisions of this paragraph shall
         not apply to (i) any deposit account for which the Borrower, the
         depositary bank and the Lender have entered into a cash collateral
         agreement specially negotiated among the Borrower, the depositary bank
         and the Lender for the specific purpose set forth therein, (ii) a
         deposit account for which the Lender is the depositary bank and is in
         automatic control, and (iii) any deposit accounts specially and
         exclusively used for payroll, payroll taxes and other employee wage and
         benefit payments to or for the benefit of the Borrower's employees.

                  4.3 INVESTMENT PROPERTY. If the Borrower shall now or at any
         time hereafter hold or acquire any certificated securities, the
         Borrower shall forthwith endorse, assign and deliver the same to the
         Lender, accompanied by such instruments of transfer or assignment duly

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         executed in blank as the Lender may from time to time specify. If any
         securities now or hereafter acquired by the Borrower are uncertificated
         and are issued to the Borrower or its nominee directly by the issuer
         thereof, the Borrower shall immediately notify the Lender thereof and,
         at the Lender's request and option, pursuant to an agreement in form
         and substance satisfactory to the Lender, either (a) cause the issuer
         to agree to comply, without further consent of the Borrower or such
         nominee, at any time with instructions from the Lender as to such
         securities, or (b) arrange for the Lender to become the registered
         owner of the securities. If any securities, whether certificated or
         uncertificated, or other investment property now or hereafter acquired
         by the Borrower are held by the Borrower or its nominee through a
         securities intermediary or commodity intermediary, the Borrower shall
         immediately notify the Lender thereof and, at the Lender's request and
         option, pursuant to an agreement in form and substance satisfactory to
         the Lender, either (i) cause such securities intermediary or (as the
         case may be) commodity intermediary to agree to comply, in each case
         without further consent of the Borrower or such nominee, at any time
         with entitlement orders or other instructions from the Lender to such
         securities intermediary as to such securities or other investment
         property, or (as the case may be) to apply any value distributed on
         account of any commodity contract as directed by the Lender to such
         commodity intermediary, or (ii) in the case of financial assets or
         other investment property held through a securities intermediary,
         arrange for the Lender to become the entitlement holder with respect to
         such investment property, with the Borrower being permitted, only with
         the consent of the Lender, to exercise rights to withdraw or otherwise
         deal with such investment property. The Lender agrees with the Borrower
         that the Lender shall not give any such entitlement orders or
         instructions or directions to any such issuer, securities intermediary
         or commodity intermediary, and shall not withhold its consent to the
         exercise of any withdrawal or dealing rights by the Borrower, unless an
         Event of Default has occurred and is continuing, or would occur after
         giving effect to any such investment and withdrawal rights not
         otherwise permitted by the Loan Documents. The provisions of this
         paragraph shall not apply to any financial assets credited to a
         securities account for which the Lender is the securities intermediary.

                  4.4 COLLATERAL IN THE POSSESSION OF A BAILEE. If any
         Collateral is now or at any time hereafter in the possession of a
         bailee, the Borrower shall promptly notify the Lender thereof and, at
         the Lender's request and option, shall promptly obtain an
         acknowledgment from the bailee, in form and substance satisfactory to
         the Lender, that the bailee holds such Collateral for the benefit of
         the Lender and such bailee's agreement to comply, without further
         consent of the Borrower, at any time with instructions of the Lender as
         to such Collateral.

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                  4.5 ELECTRONIC CHATTEL PAPER AND TRANSFERABLE RECORDS. If the
         Borrower now or at any time hereafter holds or acquires an interest in
         any electronic chattel paper or any "transferable record," as that term
         is defined in Section 201 of the federal Electronic Signatures in
         Global and National Commerce Act, or in ss.16 of the Uniform Electronic
         Transactions Act as in effect in any relevant jurisdiction, the
         Borrower shall promptly notify the Lender thereof and, at the request
         and option of the Lender, shall take such action as the Lender may
         reasonably request to vest in the Lender control, under ss.9-105 of the
         Uniform Commercial Code, of such electronic chattel paper or control
         under Section 201 of the federal Electronic Signatures in Global and
         National Commerce Act or, as the case may be, ss.16 of the Uniform
         Electronic Transactions Act, as in effect in such jurisdiction, of such
         transferable record. The Lender agrees with the Borrower that the
         Lender will arrange, pursuant to procedures satisfactory to the Lender
         and so long as such procedures will not result in the Lender's loss of
         control, for the Borrower to make alterations to the electronic chattel
         paper or transferable record permitted under UCC ss. 9-105 or, as the
         case may be, Section 201 of the federal Electronic Signatures in Global
         and National Commerce Act or ss.16 of the Uniform Electronic
         Transactions Act for a party in control to make without loss of
         control, unless an Event of Default has occurred and is continuing or
         would occur after taking into account any action by the Borrower with
         respect to such electronic chattel paper or transferable record.

                  4.6 LETTER-OF-CREDIT RIGHTS. If the Borrower is now or at any
         time hereafter a beneficiary under a letter of credit now or hereafter
         issued, the Borrower shall promptly notify the Lender thereof and, at
         the request and option of the Lender, the Borrower shall, pursuant to
         an agreement in form and substance satisfactory to the Lender, either
         (i) arrange for the issuer and any confirmer or other nominated person
         of such letter of credit to consent to an assignment to the Lender of
         the proceeds of the letter of credit or (ii) arrange for the Lender to
         become the transferee beneficiary of the letter of credit, with the
         Lender agreeing, in each case, that the proceeds of the letter of
         credit are to be applied as provided in the Additional Standby Facility
         Loan Agreement.

                  4.7 COMMERCIAL TORT CLAIMS. If the Borrower shall now or at
         any time hereafter hold or acquire a commercial tort claim, the
         Borrower shall immediately notify the Lender in a writing signed by the
         Borrower of the particulars thereof and grant to the Lender in such
         writing a security interest therein and in the proceeds thereof, all
         upon the terms of this Agreement, with such writing to be in form and
         substance satisfactory to the Lender.

                  4.8 OTHER ACTIONS AS TO ANY AND ALL COLLATERAL. The Borrower
         further agrees, upon request of the Lender and at the Lender's option,
         to take any and all other actions as the Lender may determine to be
         necessary or useful for the attachment, perfection and first priority
         of, and the ability of the Lender to enforce, the Lender's security

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         interest in any and all of the Collateral, including, without
         limitation, (a) executing, delivering and, where appropriate, filing
         financing statements and amendments relating thereto under the Uniform
         Commercial Code, to the extent, if any, that the Borrower's signature
         thereon is required therefor, (b) causing the Lender's name to be noted
         as secured party on any certificate of title for a titled good if such
         notation is a condition to attachment, perfection or priority of, or
         ability of the Lender to enforce, the Lender's security interest in
         such Collateral, (c) complying with any provision of any statute,
         regulation or treaty of the United States as to any Collateral if
         compliance with such provision is a condition to attachment, perfection
         or priority of, or ability of the Lender to enforce, the Lender's
         security interest in such Collateral, (d) obtaining governmental and
         other third party waivers, consents and approvals in form and substance
         satisfactory to the Lender, including, without limitation, any consent
         of any licensor, lessor or other person obligated on Collateral, (e)
         obtaining waivers from mortgagees and landlords in form and substance
         satisfactory to the Lender and (f) taking all actions under any earlier
         versions of the Uniform Commercial Code or under any other law, as
         reasonably determined by the Lender to be applicable in any relevant
         Uniform Commercial Code or other jurisdiction, including any foreign
         jurisdiction.

                  4.9 At the request of Lender made at any time during the term
         of the Additional Standby Facility, the Supplemental Credit Facility or
         the Standby Facility for any reason, Borrower shall execute a mortgage
         and conveyance of patents, trademarks, licenses and other proprietary
         rights in favor of Lender, in form acceptable for filing with the U.S.
         Patent and Trademark Office in accordance with 35 U.S.C. ss.261. Such
         mortgage and conveyance shall be on substantially the same terms as the
         Second Amended and Restated Patent Security Agreement, except that such
         mortgage and conveyance shall provide for the absolute mortgaging and
         conveyancing of such rights, subject to defeasance by Borrower upon
         payment of the indebtedness and the satisfaction of the obligations
         hereby secured. Lender is hereby authorized to file such mortgage and
         conveyance with the U.S. Patent and Trademark Office.

         5. REPRESENTATIONS AND WARRANTIES CONCERNING BORROWER'S LEGAL STATUS.
The Borrower has previously delivered to the Lender a certificate signed by the
Borrower and entitled "Perfection Certificate" (the "Perfection Certificate"), a
copy of which in final form is attached hereto and made a part hereof. The
Borrower represents and warrants to the Lender as follows:

                  (a) The Borrower's exact legal name is that indicated on the
Perfection Certificate and on the signature page hereof.

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                  (b) The Borrower is an organization of the type, and is
organized in the jurisdiction, set forth in the Perfection Certificate.

                  (c) The Perfection Certificate accurately sets forth the
Borrower's organizational identification number or accurately states that the
Borrower has none.

                  (d) The Perfection Certificate accurately sets forth the
Borrower's place of business or, if more than one, its chief executive office,
as well as the Borrower's mailing address, if different.

                  (e) All other information set forth on the Perfection
Certificate pertaining to the Borrower is accurate and complete.

                  (f) There has been no change in any of such information since
the date on which the Perfection Certificate was signed by the Borrower.

         6. COVENANTS CONCERNING BORROWER'S LEGAL STATUS. The Borrower covenants
with the Lender as follows:

                  (a) Without providing at least 30 days prior written notice to
the Lender, the Borrower will not change its name, its place of business or, if
more than one, chief executive office, or its mailing address.

                  (b) The Borrower will not change its type of organization,
jurisdiction of organization or other legal structure.

         7. REPRESENTATIONS AND WARRANTIES CONCERNING COLLATERAL, ETC. The
Borrower further represents and warrants to the Lender as follows:

                  (a) The Borrower is the owner of or has other rights in or
power to transfer the Collateral, free from any right or claim of any person or
any adverse lien, security interest or other encumbrance, except for the
security interest created or permitted by this Agreement or other liens
permitted by the Additional Standby Facility Loan Agreement or as set forth in
Schedule B attached hereto and made a part hereof.

                  (b) None of the Collateral constitutes, or is the proceeds of,
"farm products" as defined in ss.9-102(a)(34) of the Uniform Commercial Code of
the State.

                  (c) Except as set forth in Schedule B attached hereto, none of
the account debtors or other persons obligated on any of the Collateral is a
governmental authority covered by the Federal Assignment of Claims Act or like
federal, state or local statute or rule in respect of such Collateral.

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                  (d) The Borrower holds no commercial tort claim except as
indicated on the Perfection Certificate.

                  (e) The Borrower has at all times and in all material respects
operated its business in compliance with all applicable provisions of the
federal Fair Labor Standards Act, as amended, and with all applicable provisions
of federal, state and local statutes and ordinances dealing with the control,
shipment, storage or disposal of hazardous materials or substances.

                  (f) All other information set forth on the Perfection
Certificate pertaining to the Collateral is accurate and complete.

                  (g) There has been no change in any of such information since
the date on which the Perfection Certificate was signed by the Borrower.

         8. COVENANTS CONCERNING COLLATERAL, ETC. The Borrower further covenants
with the Lender as follows:

                  (a) The Collateral, to the extent not delivered to the Lender
pursuant to Section 4, will be kept at those locations listed on the Perfection
Certificate, attached hereto as Schedule C, and the Borrower will not remove the
Collateral from such locations, without providing at least 30 days prior written
notice to the Lender.

                  (b) Except for the security interest herein granted and liens
permitted by the Additional Standby Facility Loan Agreement, the Borrower shall
be the owner of or have other rights in the Collateral free from any right or
claim of any other person or any lien, security interest or other encumbrance,
and the Borrower shall defend the same against all claims and demands of all
persons at any time claiming the same or any interests therein adverse to the
Lender.

                  (c) The Borrower shall not pledge, mortgage or create, or
suffer to exist any right of any person in or claim by any person to the
Collateral, or any security interest, lien or other encumbrance in the
Collateral in favor of any person, other than the Lender except for liens
permitted by the Additional Standby Facility Loan Agreement.

                  (d) The Borrower will keep the Collateral in reasonably good
order and repair and will not use the same in violation of law or any material
provision of any policy of insurance thereon.

                  (e) Unless otherwise provided in the Additional Standby
Facility Loan Agreement, the Borrower will permit the Lender, or its designee,
to inspect the Collateral at any reasonable time, wherever located.

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                  (f) The Borrower will pay promptly when due or contest in a
timely manner and in good faith all taxes, assessments, governmental charges and
levies upon the Collateral or incurred in connection with the use or operation
of the Collateral or incurred in connection with this Agreement.

                  (g) The Borrower will continue to operate in all material
respects, its business in compliance with all applicable provisions of the
federal Fair Labor Standards Act, as amended, and with all applicable provisions
of federal, state and local statutes and ordinances dealing with the control,
shipment, storage or disposal of hazardous materials or substances.

                  (h) The Borrower will not sell or otherwise dispose, or offer
to sell or otherwise dispose, of the Collateral or any interest therein except
for (i) sales and leases of inventory and licenses of general intangibles in the
ordinary course of business and (ii) so long as no Event of Default has occurred
and is continuing, sales or other dispositions of obsolescent items of equipment
consistent with past practices or as permitted by the Additional Standby
Facility Loan Agreement.

                  (i) At the time any account receivable becomes subject to a
security interest in favor of the Lender said account shall be a good and valid
account representing to the knowledge of Borrower an undisputed, bona fide
indebtedness incurred by the account debtor named therein (the "Account Debtor")
for merchandise held subject to delivery instructions or theretofore shipped or
delivered pursuant to a contract of sale, or for services theretofore performed
by the Borrower with or for the Account Debtor. No agreement under which any
extraordinary deduction or discount may be claimed shall have been made with the
Account Debtor of any such account except as disclosed in writing to the Lender.
The Borrower shall be the lawful owner of all such accounts and shall have good
right to pledge, sell, assign and transfer the same and to subject the same to a
security interest in favor of the Lender. No such account shall have been or
shall thereafter be sold, assigned or transferred to any person other than the
Lender or in any way encumbered except to the Lender, and the Borrower shall
defend the same against the lawful claims and demands of all persons.

                  (j) The Borrower shall immediately notify the Lender of all
cases involving the return, rejection, repossession, loss or damage of or to
merchandise covered by accounts receivable, except in the ordinary course of the
Borrower's business; of any request for credit or adjustment or replacement
merchandise or other dispute arising with respect to accounts receivable, except
in the ordinary course of the Borrower's business; and generally of all
extraordinary happenings and events affecting accounts receivable or the value
or amount thereof, if, within sixty (60) days after the extraordinary event, the
matter at issue has not been satisfactorily resolved.

         9. INSURANCE.

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                  9.1 MAINTENANCE OF INSURANCE. The Borrower will maintain with
financially sound and reputable insurers insurance with respect to its
properties and business against such casualties and contingencies as shall be in
accordance with general practices of businesses engaged in similar activities in
similar geographic areas. Such insurance shall be in such minimum amounts that
the Borrower will not be deemed a co-insurer under applicable insurance laws,
regulations and policies and otherwise shall be in such amounts, contain such
terms, be in such forms and be for such periods as may be reasonably
satisfactory to the Lender. In addition, all such insurance shall be payable to
the Lender as loss payee under a "standard" loss payee clause. Without limiting
the foregoing, the Borrower will (i) keep all of its physical property insured
with a policy of insurance covering such property on an "all risks" basis,
subject to policy terms, conditions and exclusions, with flood coverage, except
for that certain property located at 1001 Brickell Bay Drive, 25th & 26th
Floors, Miami, FL 33131, and electronic data processing coverage, with a full
replacement cost endorsement in an amount equal to 100% of the full replacement
cost of such property, (ii) maintain all such workers' compensation or similar
insurance as may be required by law and (iii) maintain, in amounts and with
deductibles equal to those generally maintained by businesses engaged in similar
activities in similar geographic areas, general public liability insurance
against claims of bodily injury, death or property damage occurring, on, in or
about the properties of the Borrower; business interruption insurance; and
product liability insurance.

                  9.2 INSURANCE PROCEEDS. The proceeds of any casualty insurance
in respect of any casualty loss of any of the Collateral shall, at Lender's
discretion, be disbursed to the Borrower for direct application by the Borrower
solely to the repair or replacement of the Borrower's property so damaged or
destroyed or be held by the Lender as cash collateral for the Obligations, or
any combination thereof. The Lender may, at its sole option, disburse from time
to time all or any part of such proceeds so held as cash collateral, upon such
terms and conditions as the Lender may reasonably prescribe, for direct
application by the Borrower solely to the repair or replacement of the
Borrower's property so damaged or destroyed, or the Lender may apply all or any
part of such proceeds to the Obligations, with the Obligations (if not then
terminated) being reduced by the amount so applied.

                  9.3 CONTINUATION OF INSURANCE. All policies of insurance shall
provide for at least thirty (30) days prior written cancellation notice to the
Lender. In the event of failure by the Borrower to provide and maintain
insurance as herein provided, the Lender may, at its option, provide such

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insurance and charge the amount thereof to the Borrower. The Borrower shall
furnish the Lender with certificates of insurance and policies evidencing
compliance with the foregoing insurance provision.

         10. COLLATERAL PROTECTION EXPENSES; PRESERVATION OF COLLATERAL.

                  10.1 LENDER'S RIGHTS TO DISCHARGE ENCUMBRANCES, ETC. At its
         option, Lender may discharge taxes, liens or security interests or
         other third party encumbrances at any times levied or placed on the
         Collateral, and may pay for insurance and the maintenance and
         preservation of the Collateral. The Lender shall have no obligation to
         the Borrower to make any such expenditures nor shall the making thereof
         relieve the Borrower of any default provision contained in this Second
         Amended and Restated Security Agreement, the Additional Standby
         Facility Loan Agreement, or any other Loan Document. Any such payments
         made under this Section 10 and not reimbursed by the Borrower within
         ten (10) days of demand therefor shall be added to the outstanding
         principal balance of the Loan. The total amount of additional payments
         so made by the Lender and not otherwise reimbursed by the Borrower
         shall be secured by this Second Amended and Restated Security Agreement
         in the same manner as this Second Amended and Restated Security
         Agreement secures the repayment of the Loans.

                  10.2 LENDER'S OBLIGATIONS AND DUTIES. Anything herein to the
         contrary notwithstanding, the Borrower shall remain obligated and
         liable under each contract or agreement comprised as part of the
         Collateral to be observed or performed by the Borrower thereunder. The
         Lender shall not have any obligation or liability under any such
         contract or agreement by reason of or arising out of this Agreement or
         the receipt by the Lender of any payment relating to any of the
         Collateral, nor shall the Lender be obligated in any manner to perform
         any of the obligations of the Borrower under or pursuant to any such
         contract or agreement, to make inquiry as to the nature or sufficiency
         of any payment received by the Lender in respect of the Collateral or
         as to the sufficiency of any performance by any party under any such
         contract or agreement, to present or file any claim, to take any action
         to enforce any performance or to collect the payment of any amounts
         which may have been assigned to the Lender or to which the Lender may
         be entitled at any time or times. The Lender's sole duty with respect
         to the custody, safe keeping and physical preservation of the
         Collateral in its possession, under ss.9-207 of the Uniform Commercial
         Code of the State or otherwise, shall be to deal with such Collateral
         in the same manner as the Lender deals with similar property for its
         own account.

         11. SECURITIES AND DEPOSITS. The Lender may at any time following and
during the continuance of an Event of Default, at its option, transfer to itself
or any nominee any securities constituting Collateral, receive any income
thereon and hold such income as additional Collateral or apply it to the

                                       12
<PAGE>

Obligations. Whether or not any Obligations are due, the Lender may following
and during the continuance of an Event of Default demand, sue for, collect, or
make any settlement or compromise which it deems desirable with respect to the
Collateral. Regardless of the adequacy of Collateral or any other security for
the Obligations, any deposits or other sums at any time credited by or due from
the Lender to the Borrower may at any time be applied to or set off against any
of the Obligations.

         12. NOTIFICATION TO ACCOUNT DEBTORS AND OTHER PERSONS OBLIGATED ON
COLLATERAL. If an Event of Default shall have occurred and be continuing, the
Borrower shall, at the request and option of the Lender, notify account debtors
and other persons obligated on any of the Collateral of the security interest of
the Lender in any account, chattel paper, general intangible, instrument or
other Collateral and that payment thereof is to be made directly to the Lender
or to any financial institution designated by the Lender as the Lender's agent
therefor, and the Lender may itself, if a Default or an Event of Default shall
have occurred and be continuing, without notice to or demand upon the Borrower,
so notify account debtors and other persons obligated under the Collateral.
After the making of such a request or the giving of any such notification, the
Borrower shall hold any proceeds of collection of accounts, chattel paper,
general intangibles, instruments and other Collateral received by the Borrower
as trustee for the Lender without commingling the same with other funds of the
Borrower and shall turn the same over to the Lender in the identical form
received, together with any necessary endorsements or assignments. The Lender
shall apply the proceeds of collection of accounts, chattel paper, general
intangibles, instruments and other Collateral received by the Lender to the
Obligations, such proceeds to be immediately credited after final payment in
cash or other immediately available funds of the items giving rise to them.

         13. POWER OF ATTORNEY.

                  13.1 APPOINTMENT AND POWERS OF LENDER. The Borrower hereby
         irrevocably constitutes and appoints the Lender and any officer or
         agent thereof for so long as any Obligations remain outstanding, with
         full power of substitution, as its true and lawful attorney-in-fact
         with full irrevocable power and authority in the place and stead of the
         Borrower or in the Lender's own name, for the purpose of carrying out
         the terms of this Agreement, to take any and all appropriate action and
         to execute any and all documents and instruments that may be necessary
         or useful to accomplish the purposes of this Agreement. Without
         limiting the generality of the foregoing, Borrower further hereby gives
         said attorneys the power and right, on behalf of the Borrower, without
         notice to or assent by the Borrower, upon the occurrence and during the
         continuance of an Event of Default, generally to sell, transfer,
         pledge, make any agreement with respect to or otherwise dispose of or
         deal with any of the Collateral in such manner as is consistent with
         the Uniform Commercial Code of the State and as fully and completely as
         though the Lender were the absolute owner thereof for all purposes, and
         to do, at the Borrower's expense, at any time, or from time to time,
         all acts and things which the Lender deems necessary or useful to

                                       13
<PAGE>

         protect, preserve or realize upon the Collateral and the Lender's
         security interest therein, in order to effect the intent of this
         Agreement, all no less fully and effectively as the Borrower might do,
         including, without limitation, (i) the filing and prosecuting of
         registration and transfer applications with the appropriate federal,
         state or local agencies or authorities with respect to trademarks,
         copyrights and patentable inventions and processes, (ii) upon written
         notice to the Borrower, the exercise of voting rights with respect to
         voting securities, which rights may be exercised, if the Lender so
         elects, with a view to causing the liquidation of assets of the issuer
         of any such securities, and (iii) the execution, delivery and
         recording, in connection with any sale or other disposition of any
         Collateral, of the endorsements, assignments or other instruments of
         conveyance or transfer with respect to such Collateral.

                  13.2 RATIFICATION BY BORROWER. To the extent permitted by law,
         the Borrower hereby ratifies all that said attorneys shall lawfully do
         or cause to be done by virtue hereof. This power of attorney is a power
         coupled with an interest and is irrevocable for so long as any
         Obligations remain outstanding.

                  13.3 NO DUTY ON LENDER. The powers conferred on the Lender
         hereunder are solely to protect its interests in the Collateral and
         shall not impose any duty upon it to exercise any such powers. The
         Lender shall be accountable only for the amounts that it actually
         receives as a result of the exercise of such powers, and neither it nor
         any of its officers, directors, employees or agents shall be
         responsible to the Borrower for any act or failure to act, except for
         the Lender's own gross negligence or willful misconduct.

         14. DEFAULT. The Borrower shall be in default under this Second Amended
and Restated Security Agreement upon the occurrence (an "Event of Default") of
any of the following events or conditions:

                  (a) failure to make any payments due, or perform any of the
obligations required, or comply with any covenant, under this Second Amended and
Restated Security Agreement; or

                  (b) any event of default by the Borrower or any guarantor of
the Loan under any Loan Document.

         15. RIGHTS AND REMEDIES.

                  15.1 RIGHTS PRIOR TO DEFAULT. Until an Event of Default has
         occurred, the Borrower may have possession of the Collateral and use it
         in any lawful manner not inconsistent with this Second Amended and
         Restated Security Agreement, the Additional Standby Facility Loan

                                       14
<PAGE>

         Agreement or any other Loan Documents, and not inconsistent with any
         policy of insurance thereon.

                  15.2 RIGHTS OF LENDER UPON DEFAULT. Without limiting the
         rights of the Lender as contained in the Supplemental Credit Facility
         and Standby Facility Loan Agreements and the Second Amended and
         Restated Patent Security Agreement or contained elsewhere in this
         Agreement, which rights shall be cumulative, upon an Event of Default
         and at any time thereafter the Lender shall have the remedies of a
         secured party under the State Uniform Commercial Code, or the law of
         another jurisdiction if it shall be applicable, including, without
         limitation, the right to take possession of the Collateral, and for
         that purpose the Lender may, without legal process, so far as the
         Borrower can give authority therefor, enter upon any premises on which
         the Collateral or any part thereof may be situated and remove the same
         therefrom, provided such entry shall be done lawfully. The Lender may
         require the Borrower to assemble the Collateral and make it available
         to the Lender at a place to be designated by the Lender which is
         reasonably convenient to both parties. Unless the Collateral is
         perishable or threatens to decline rapidly in value or is of a type
         customarily sold on a recognized market, the Lender will give the
         Borrower reasonable notice of the time and place of any public sale
         thereof or of the time after which any private sale or any other
         intended disposition thereof is to be made. The requirements of
         reasonable notice shall be met if such notice is mailed, postage
         prepaid, to the address of the Borrower shown in paragraph 2 (b) hereof
         at least three days before the time of the scheduled sale or
         disposition.

                  15.3 STANDARDS FOR EXERCISING RIGHTS AND REMEDIES. To the
         extent that applicable law imposes duties on the Lender to exercise
         remedies in a commercially reasonable manner, the Borrower acknowledges
         and agrees that it is not commercially unreasonable for the Lender (a)
         to fail to incur expenses reasonably deemed significant by the Lender
         to prepare Collateral for disposition or otherwise to fail to complete
         raw material or work in process into finished goods or other finished
         products for disposition, (b) to fail to obtain third party consents
         for access to Collateral to be disposed of, or to obtain or, if not
         required by other law, to fail to obtain governmental or third party
         consents for the collection or disposition of Collateral to be
         collected or disposed of, (c) to fail to exercise collection remedies
         against account debtors or other persons obligated on Collateral or to
         fail to remove liens or encumbrances on or any adverse claims against
         Collateral, (d) to exercise collection remedies against account debtors
         and other persons obligated on Collateral directly or through the use
         of collection agencies and other collection specialists, (e) to
         advertise dispositions of Collateral publications or media of general
         circulation, whether or not the Collateral is of a specialized nature,
         (f) to contact other persons, whether or not in the same business as
         the Borrower, for expressions of interest in acquiring all or any
         portion of the Collateral, (g) to hire one or more professional
         auctioneers to assist in the disposition of Collateral, whether or not
         the collateral is of a specialized nature, (h) to dispose of Collateral
         by utilizing Internet sites that provide for the auction of assets of
         the types included in the Collateral or that have the reasonable

                                       15
<PAGE>

         capability of doing so, or that match buyers and sellers of assets, (i)
         to dispose of assets in wholesale rather than retail markets, (j) to
         disclaim disposition warranties, (k) to purchase insurance or credit
         enhancements to insure the Lender against risks of loss, collection or
         disposition of Collateral or to provide to the Lender a guaranteed
         return from the collection or disposition of Collateral, or (l) to the
         extent deemed appropriate by the Lender, to obtain the services of
         brokers, investment bankers, consultants and other professionals to
         assist the Lender in the collection or disposition of any of the
         Collateral. The Borrower acknowledges that the purpose of this Section
         15.3 is to provide non-exhaustive indications of what actions or
         omissions by the Lender would fulfill the Lender's duties under the
         Uniform Commercial Code of the State or any other relevant jurisdiction
         in the Lender's exercise of remedies against the Collateral and that
         other actions or omissions by the Lender shall not be deemed to fail to
         fulfill such duties solely on account of not being indicated in this
         Section 15.3. Without limitation upon the foregoing, nothing contained
         in this Section 15.3 shall be construed to grant any rights to the
         Borrower or to impose any duties on the Lender that would not have been
         granted or imposed by this Agreement or by applicable law in the
         absence of this Section 15.3.

                  15.4 NO WAIVER BY LENDER, ETC. The Lender shall not be deemed
         to have waived any of its rights and remedies in respect of the
         Obligations or the Collateral unless such waiver shall be in writing
         and signed by the Lender. No delay or omission on the part of the
         Lender in exercising any right or remedy shall operate as a waiver of
         such right or remedy or any other right or remedy. A waiver on any one
         occasion shall not be construed as a bar to or waiver of any right or
         remedy on any future occasion. All rights and remedies of the Lender
         with respect to the Obligations or the Collateral, whether evidenced
         hereby or by any other instrument or papers, shall be cumulative and
         may be exercised singularly, alternatively, successively or
         concurrently at such time or at such times as the Lender deems
         expedient.

                  15.5 MARSHALLING. The Lender shall not be required to marshal
         any present or future collateral security (including but not limited to
         the Collateral) for, or other assurances of payment of, the Obligations
         or any of them or to resort to such collateral security or other
         assurances of payment in any particular order, and all of its rights
         and remedies hereunder and in respect of such collateral security and
         other assurances of payment shall be cumulative and in addition to all
         other rights and remedies, however existing or arising. To the extent
         that it lawfully may, the Borrower hereby agrees that it will not

                                       16
<PAGE>

         invoke any law relating to the marshalling of collateral which might
         cause delay in or impede the enforcement of the Lender's rights and
         remedies under this Agreement or under any other instrument creating or
         evidencing any of the Obligations or under which any of the Obligations
         is outstanding or by which any of the Obligations is secured or payment
         thereof is otherwise assured, and, to the extent that it lawfully may,
         the Borrower hereby irrevocably waives the benefits of all such laws.

                  15.6 PROCEEDS OF DISPOSITIONS; EXPENSES. The Borrower shall
         pay to the Lender on demand amounts equal to any and all expenses,
         including, without limitation, reasonable attorneys' fees and
         disbursements, incurred or paid by the Lender in protecting, preserving
         or enforcing the Lender's rights and remedies under or in respect of
         any of the Obligations or any of the Collateral. After deducting all of
         said expenses, the residue of any proceeds of collection or sale or
         other disposition of Collateral shall, to the extent actually received
         in cash, be applied to the payment of the Obligations in such order or
         preference as the Lender may determine or in such order or preference
         as is provided in the Additional Standby Facility Loan Agreement,
         proper allowance and provision being made for any Obligations not then
         due. Upon the final payment and satisfaction in full of all of the
         Obligations and after making any payments required by Sections
         9-608(a)(1)(C) or 9-615(a)(3) of the Uniform Commercial Code of the
         State, any excess shall be returned to the Borrower. In the absence of
         final payment and satisfaction in full of all of the Obligations, the
         Borrower shall remain liable for any deficiency.

                  15.7 OVERDUE AMOUNTS. Until paid, all amounts due and payable
         by the Borrower hereunder, whether occurring prior to or after an Event
         of Default, shall be a debt secured by the Collateral and shall bear,
         whether before or after judgment, interest at the rate of interest for
         overdue principal set forth in the Additional Standby Facility Loan
         Agreement.

         16. MODIFICATION. This Second Amended and Restated Security Agreement
may not be modified or amended except by a writing signed by both the Borrower
and the Lender.

         17. NOTICES. All notices provided for by this Second Amended and
Restated Security Agreement shall be made in writing, either by actual delivery
of the notice into the hands of the party thereunto entitled, by facsimile
transmission, by e-mail (if the other party is notified of an e-mail address
below or in accordance with the terms of this Section) or by either overnight
delivery or the mailing of the notice in the United States mails, certified
mail, return receipt requested, to the last known address of the party entitled
thereto. The notice shall be deemed to be delivered on (i) the date of its
actual receipt by the party in the event of hand delivery, (ii) the date of
facsimile transmission or of confirmation of effective transmission of e-mail if

                                       17
<PAGE>

made before 5:00 p.m. or on the following date if made after 5:00 p.m., (iii)
four days after the date of its postmark in the event of mailing (ten days in
the case of international mail), or (iv) the date following timely receipt by
the overnight delivery service in the event of overnight delivery. Any notices
given pursuant to this Agreement shall be delivered to the respective parties at
the following addresses or at any change of address upon written notification
thereof.

         18. SEVERABILITY. A provision of this Second Amended and Restated
Security Agreement deemed invalid or unenforceable under any applicable law
shall not serve to invalidate the remainder of Second Amended and Restated
Security Agreement .

         19. CONSTRUCTION. Second Amended and Restated Security Agreement and
all rights and obligations hereunder, including matters of construction,
validity and performance, shall be governed by the laws of the State of New
York.

         20. BINDING EFFECT. All rights of the Lender hereunder shall inure to
the benefit of its successors and assigns, and all obligations of the Borrower
shall bind its heirs, personal representatives, successors and assigns.

         21. BORROWER WAIVERS. THE BORROWER ACKNOWLEDGES THAT THE TRANSACTION OF
WHICH THIS SECOND AMENDED AND RESTATED SECURITY AGREEMENT IS A PART IS A
COMMERCIAL TRANSACTION AND MAKES THE FOLLOWING WAIVERS:

                  A. THE BORROWER HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY LAW, THE BENEFITS OF ALL VALUATION, APPRAISEMENT, HOMESTEAD, EXEMPTION, STAY,
REDEMPTION AND MORATORIUM LAWS, NOW IN FORCE OR WHICH MAY HEREAFTER BECOME LAWS.

                  B. THE BORROWER HEREBY WAIVES THE RIGHT TO A JURY TRIAL.

                  C. THE BORROWER HEREBY CONSENTS TO THE JURISDICTION OF ANY
LOCAL, STATE, OR FEDERAL COURT LOCATED WITHIN THE STATE OF FLORIDA OR NEW YORK
AND WAIVES ANY OBJECTION WHICH THE BORROWER MAY HAVE BASED ON IMPROPER VENUE OR
FORUM NON CONVENIENS, TO THE CONDUCT OF ANY PROCEEDING IN ANY SUCH COURT AND
WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON BORROWER, AND CONSENTS THAT
ALL SUCH SERVICE OF PROCESS BE MADE BY MAIL OR MESSENGER DIRECTED TO BORROWER AT
THE ADDRESS SET FORTH IN SECTION 8.02 OF THE ADDITIONAL STANDBY FACILITY LOAN
AGREEMENT AND THAT SERVICE SO MADE SHALL BE DEEMED TO BE COMPLETED UPON THE

                                       18
<PAGE>

EARLIER OF ACTUAL RECEIPT OR THREE (3) DAYS AFTER THE SAME SHALL HAVE BEEN
POSTED TO THE BORROWER'S ADDRESS. THE BORROWER WAIVES ANY BOND OR SURETY OR
SECURITY UPON SUCH BOND WHICH, MIGHT, BUT FOR THIS WAIVER, BE REQUIRED OF THE
LENDER. NOTHING CONTAINED IN THIS SECTION AFFECTS THE RIGHT OF THE LENDER TO
SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR AFFECTS THE RIGHT OF
THE LENDER TO BRING ANY ACTION OR PROCEEDING AGAINST THE BORROWER OR BORROWER'S
PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION.

                  D. THE BORROWER HEREBY AGREES NOT TO COMMENCE ANY LEGAL
PROCEEDING AGAINST THE LENDER IN THE JURISDICTION OF ANY LOCAL, STATE, OR
FEDERAL COURT LOCATED WITHIN THE STATE OF FLORIDA UNLESS THE LENDER EXPRESSLY
CONSENTS THERETO IN WRITING.

         22. COUNTERPARTS. This Second Amended and Restated Security Agreement
may be executed simultaneously in two or more counterparts, each of which shall
be deemed an original, but all of which shall constitute one and the same
instrument.

         23. HEADINGS. Headings are for convenience only and shall not be deemed
part of this Second Amended and Restated Security Agreement.

         IN WITNESS WHEREOF, the parties have signed and delivered this
agreement on the day and year first above written.

                                           KOS PHARMACEUTICALS, INC.

                                           By:
                                              ---------------------------------
                                               Name:  Adrian Adams
                                               Title: President

                                           LENDER

                                            -----------------------------------
                                            Michael Jaharis

                                       19
<PAGE>

STATE OF NEW YORK        )
                         )  ss.:
COUNTY OF                )

         On the ______ day of December, 2002, before me came Adrian Adams, to me
known, who, being by me duly sworn, did depose and say that he resides at
_______________________________________________________________; that he is the
President of Kos Pharmaceuticals, Inc., the corporation described in and which
executed, the foregoing instrument; that the foregoing instrument was executed
without corporate seal by order of the Board of Directors of said corporation;
that he signed his name thereto by like order.

                                                -------------------------------
                                                Notary Public
                                                My commission expires:

STATE OF NEW YORK    )
                     )  ss:
COUNTY OF            )

         On the ____ day of December, 2002, before me came Michael Jaharis, to
me known to be the individual described in, and who executed the foregoing
instrument, and acknowledged that he executed the same.

                                                -------------------------------
                                                Notary Public
                                                My commission expires:

                                       20<PAGE>

                                                                    EXHIBIT 4.03

                          REGISTRATION RIGHTS AGREEMENT

      This REGISTRATION RIGHTS AGREEMENT (this "Agreement") is made as of
October 26, 2000, and effective as of the Effective Time as defined in the
Reorganization Agreement, by and between Homestore.com, Inc., a Delaware
corporation (the "Company"), Cendant Corporation, a Delaware corporation
("Stockholder") and the Shelf Stockholders (as hereinafter defined) who are
signatories to this Agreement.

      WHEREAS, pursuant to the terms and conditions of that certain Agreement
and Plan of Reorganization dated as of October 25, 2000 (the "Reorganization
Agreement"), the Company will issue shares of its common stock to Stockholder;
and

      WHEREAS, subject to the terms and conditions set forth herein, the Company
has agreed to grant certain registration rights to Stockholder and certain other
holders of the tracking stock of Stockholder or options to purchase the tracking
stock of Stockholder with respect to such shares.

      NOW, THEREFORE, in consideration of the promises, mutual covenants and
conditions herein contained, and of other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows:

      1.    Definitions. For purposes of this Agreement, the following terms
shall have the following respective meanings:

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

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

      "Affiliate" shall have the meaning ascribed to such term in Rule 12b-2 of
the General Rules and Regulations under the 1934 Act.

      "Closing" shall have the meaning set forth in the Reorganization
Agreement.

      "Eligible Time" means the third anniversary of the Closing.

      "Existing Registration Rights Agreements" means any written agreement
dated as of a date prior to the date of the Reorganization Agreement obligating
the Company to register shares of any of the Company's securities for its
stockholders, including, without limitation, the Second Amended and Restated
Stockholders Agreement, dated January 28, 1999, by and among the Company and
certain of its stockholders, as amended by Amendment No. 1 thereto dated April
9, 1999.

      "Existing Stockholders" shall have the meaning ascribed to the term
"Stockholders" in the Existing Registration Rights Agreements, and any other
stockholder or holder of any security convertible into or exchangeable for any
of the Company's securities.

      "Person" means a corporation, an association, a partnership, a limited
liability company, an organization, a business, an individual, a joint venture,
a trust or a governmental or political subdivision thereof.
<PAGE>
      "Register," "registered," and "registration" refers to a registration
effected by preparing and filing a registration statement or similar document in
compliance with the 1933 Act, and the declaration or ordering of effectiveness
of such registration statement or document.

      "Registrable Securities" shall mean the Shelf Shares and the
Stockholder Shares.

      "Registration Statement" means any registration statement described in
Sections 2.1 or 2.2 of this Agreement.

      "Rule 144" means Rule 144 promulgated under the 1933 Act, or any successor
rule thereto.

      "SEC" means the Securities and Exchange Commission.

      "Shelf Shares" means the shares of common stock of the Company issued or
issuable to the Shelf Stockholders in accordance with the terms and conditions
of the Reorganization Agreement, and any securities of the Company issued as a
dividend on or other distribution with respect to, or in exchange for or
replacement of, such common stock.

      "Shelf Stockholders" shall mean the Persons listed on Exhibit A.

      "Stockholder" shall have the meaning set forth in the preamble hereto.

      "Stockholder Demand" shall have the meaning set forth in Section 2.1
below.

      "Stockholder Shares" means the shares of common stock of the Company
issued or issuable to the Stockholder in accordance with the terms and
conditions of the Reorganization Agreement, and any securities of the Company
issued as a dividend on or other distribution with respect to, or in exchange
for or replacement of, such common stock.

      2.    Registration Rights.

            2.1   Demand Registration.

                  (a)   If at any time after the Eligible Time the Stockholder
requests in writing (the "Stockholder Demand") that the Company file a
registration statement on Form S-3 (or any successor form to Form S-3) for a
public offering of Stockholder Shares, the Company shall, subject to Section
4.1, file such Registration Statement with the SEC within sixty (60) days after
its receipt of such request. The Company shall use commercially reasonable
efforts to cause such Registration Statement to be declared effective as soon
thereafter as practicable and keep such registration statement effective until
the Stockholder notifies the Company in writing that the Company is no longer
required to keep such Registration Statement effective. In no event, however,
shall the Company be required to (i) effect more than three (3) registrations
pursuant to this section, (ii) keep any registration statement filed pursuant to
this section effective for more than an aggregate of one hundred twenty (120)
days, (iii) to register more than 10% of the Stockholder Shares in any single
registration or (iv) effect more than one registration pursuant to this section
in any 12-month period following the Eligible Time. The "Incidental
Registration" rights of the Existing Stockholders, to the extent provided for in
Section 4.2 of the Existing Registration Rights Agreement, shall be applicable
to a registration effected pursuant to this Section 2.1.

                  (b)   Notwithstanding the foregoing, the Company shall not be
obligated to take any action pursuant to subparagraph (a):
<PAGE>
                        (i)   if the Company, within ten (10) days of the
receipt of the Stockholder Demand, gives notice of its bona fide intention to
effect the filing of a registration statement to register on behalf of the
Company any of its common stock under the 1933 Act in connection with a public
offering of such common stock solely for cash with the SEC within sixty (60)
days of receipt of such demand (other than a registration relating primarily to
the sale of securities to participants in a Company stock plan or employee
benefit plan, a transaction covered by Rule 145 under the 1933 Act or the resale
of securities issued in such transaction, a registration in which the only stock
being registered is common stock issuable upon conversion or exchange of debt
securities which are also being registered or any registration on any form which
does not include substantially the same information as would be required to be
included in a registration statement covering the sale of the Stockholder
Shares, any of which may hereafter be referred to as an "Excepted Registration
Statement"): provided, however, that if such registration statement is not filed
by the Company within sixty (60) days of receipt of such Stockholder Demand and
declared effective by the Commission within ninety (90) days after the Company's
receipt of such Stockholder Demand, the Company shall be obligated to cause such
Stockholder Shares to be registered in accordance with the provisions of this
Section 2.1 provided that the Company is actively employing in good faith all
reasonable efforts to cause such registration statement to become effective; or

                        (ii)  during the period starting with the Company's date
of filing of, and ending on the date ninety (90) days immediately following, the
effective date of any registration statement pertaining to securities of the
Company (the "90-Day Postponement Period"), which registration was subject to
Section 2.2 hereof; provided that if the Company, within the 90-Day Postponement
Period, files any other registration statement (other than an Excepted
Registration Statement), the Company will not be exempted from its obligations
pursuant to this Section 2.1; provided further that the Company shall use
commercially reasonable efforts to cause the registration statement relating to
the Stockholder Demand to be filed and become effective within thirty (30) days
after the 90-Day Postponement Period.

                  (c)   Notwithstanding the foregoing, the Company agrees to
cause such Stockholder Shares to be registered in accordance with the provisions
of Section 2.1(a) within one hundred twenty (120) days of the occurrence of the
postponement of a registration pursuant to Sections 2.1(b)(i) or 2.1(b)(ii);
provided further that the Company may not postpone a demand registration more
than once in any twelve (12) month period.

            2.2   Incidental Registration.

                  (a)   Notwithstanding Section 2.1(a) of this Agreement and
Section 1.2(c) of the Stockholder Agreement between stockholder and the Company
dated as of even date herewith, if at any time after the first anniversary of
the Closing, the Company proposes to register (for its own account, on behalf of
its stockholders, or a combination of the foregoing) any of its common stock
under the 1933 Act in connection with a public offering of such common stock
solely for cash (other than pursuant to an Excepted Registration Statement) the
Company shall, at such time, give the Stockholder notice of such registration.
Upon the written request of the Stockholder, given within ten (10) days after
notice has been given by the Company in accordance with Section 9.1, the Company
shall, subject to Section 4, cause to be registered under the 1933 Act all of
the Stockholder Shares that the Stockholder has requested to be registered.
Notwithstanding the foregoing, if, at any time after giving written notice of
its intention to register any securities and prior to the effective time of the
registration statement filed in connection with such registration, the Company
shall determine for any reason not to register or to delay registration of such
securities, the Company may, at its election, give written notice of such
determination to Stockholder and (i) in the case of determination not to
register, shall be relieved of its obligation to
<PAGE>
register any Stockholder Shares in connection with such registration (but not
from any obligation of the Company to pay any Registration Expenses (as defined
in Section 7 below)), without prejudice, however, to the rights of Stockholder
to request that such registration be effected pursuant to Section 2.1 above and
(ii) in the case of a determination to delay registering, shall be relieved of
its obligation to register any Stockholder Shares for the same period as the
delay in registering such other securities. No registration effected under this
Section 2.2 shall relieve the Company of its obligation to effect any
registration upon request under Section 2.1.

            2.3   Shelf Registration. Subject to Section 4 below, no later than
the earlier of (i) ninety (90) days after the Closing or (ii) May 31, 2001, the
Company shall file a registration statement on Form S-3 (or any successor form
to Form S-3) for a public offering of the Shelf Shares. The Company shall use
commercially reasonable efforts to cause such Registration Statement to be
declared effective as soon thereafter as practicable and keep such registration
statement effective, subject to Section 4 below, for a period of one year. The
"Incidental Registration" rights of the Existing Stockholders, to the extent
provided for in the Existing Registration Rights Agreements, shall be applicable
to a registration effected pursuant to this Section 2.3; provided that the Shelf
Stockholders shall not be cut back.

            2.4   Underwriting Requirements.

                  (a)   In connection with any underwritten public offering
pursuant to Section 2.2 hereof, the Company shall not be required to include any
of the Stockholder Shares in such underwriting unless the Stockholder accepts
the terms of the underwriting as agreed upon between the Company and the
underwriters for the offering (which underwriters shall be selected by the
Company).

                  (b)   If the total amount of securities, including Stockholder
Shares, requested to be included in an underwritten public offering pursuant to
Section 2.2 hereof exceeds the amount of securities that the underwriters
determine in their sole discretion is compatible with the success of the
offering, then the Company shall be required to include in the offering only
that number of such securities, including Stockholder Shares, which the
underwriters determine in their sole discretion will not jeopardize the success
of the offering. In such event, the Company may reduce the number of Stockholder
Shares to be included in the offering prior to reducing or excluding the shares
proposed to be offered by the Company and the holders of registration rights
under the Existing Registration Rights Agreement.

      3.    Further Obligations of the Company After Registration.

            3.1   Blue Sky Compliance. The Company shall, in connection with a
Registration Statement covering Registrable Securities, use its commercially
reasonable efforts to register and qualify the Registrable Securities covered by
the Registration Statement under such other securities or "blue sky" laws of
such jurisdictions as shall be reasonably requested by the stockholder or the
Shelf Stockholders, as the case may be, provided that the Company shall not be
required in connection therewith or as a condition thereto to qualify to do
business or to file a general consent to service of process in any such states
or jurisdictions unless the Company is already subject to service in such
jurisdiction and except as may be required by the 1933 Act.

            3.2   Furnishing of Prospectus. With respect to a Registration
Statement filed pursuant to Sections 2.1, 2.2 or 2.3, the Company shall use
commercially reasonable efforts to furnish to the Stockholder or the Shelf
Stockholders, as applicable, copies of any preliminary prospectus and, as
expeditiously as reasonably possible after the effectiveness of the Registration
Statement, furnish to the Stockholder or the Shelf Stockholders, as applicable,
such numbers of copies of a final prospectus in
<PAGE>
conformity with the requirements of the 1933 Act, and such other documents as
the Stockholder or a Shelf Stockholder, as the case may be, may reasonably
request, in order to facilitate the resale or other disposition of Registrable
Securities owned by such Stockholder or Shelf Stockholder, as the case may be.

            3.3   Amendments. With respect to a Registration Statement filed
pursuant to Section 2.1, 2.2 or 2.3 of this Agreement, and, subject to Section
4.1 of this Agreement, the Company shall prepare and file with the SEC such
amendments to the Registration Statement and amendments or supplements to the
prospectus contained therein as may be necessary to keep such Registration
Statement effective and such Registration Statement and prospectus accurate and
complete for the entire period for which the Registration Statement remains
effective.

            3.4   Notices. The Company shall:

                  (a)   Notify the Stockholder or the Shelf Stockholders, as
applicable, promptly after it shall receive notice thereof, of the date and time
when any Registration Statement and each post-effective amendment thereto has
become effective covering Registrable Securities held by such stockholder;

                  (b)   Notify the Stockholder or the Shelf Stockholders, as
applicable, promptly of any request by the SEC for the amending or supplementing
of any Registration Statement or prospectus or for additional information
covering Registrable Securities held by such stockholder;

                  (c)   Notify the Stockholder or the Shelf Stockholders, as
applicable, at any time when a prospectus relating to Registrable Securities is
required to be delivered under the 1933 Act, of any event which would cause any
such prospectus or any other prospectus as then in effect to include an 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 light of the
circumstances under which they were made, not misleading, and, subject to
Section 4.1, promptly prepare and file with the SEC, and promptly notify the
Stockholder or the Shelf Stockholders, as the case may be, of the filing of,
such amendments or supplements to any Registration Statement or prospectus as
may be necessary to correct any such statements or omissions;

                  (d)   Notify Stockholder or the Shelf Stockholders, as
applicable, promptly after it shall receive notice of the issuance of any stop
order by the SEC suspending the effectiveness of any Registration Statement
covering Registrable Securities or the initiation or threatening of any
proceeding for that purpose and, subject to Section 4.1, promptly use
commercially reasonable efforts to prevent the issuance of any stop order or to
obtain its withdrawal if such stop order should be issued.

      4.    Conditions and Limitations on Registration Rights. The registration
rights granted by this Agreement are subject to the following additional
conditions and limitations:

            4.1   Delays and Suspension. The Company may delay the filing of, or
suspend or delay the effectiveness of a Registration Statement for a reasonable
period of time (but not exceeding 180 days), if the Company determines, in its
reasonable judgment, that such registration or offering would interfere with any
financing, acquisition, corporate reorganization or other material transaction
involving the Company or any of its Affiliates or would require premature
disclosure thereof and promptly give Stockholder or the Shelf Stockholders, as
applicable, written notice of such delay, provided, however, that the Company
may postpone a filing in such manner only once in each twelve (12) month period;
provided that if the Company files any other registration statement during this
postponement period (other than an Excepted Registration Statement), the
Company's obligations shall no longer be permitted its rights to
<PAGE>
delay and suspension under this Section 4.1. In such event, the Company's
obligation under this Agreement to file a registration statement, seek
effectiveness of a registration statement or keep such registration statement
effective shall be deferred. If the Company shall postpone the filing of a
registration statement pursuant to request for registration pursuant to Section
2.1 hereof. Stockholder shall have the right to withdraw the request for
registration by giving written notice to the Company within thirty (30) days
after receipt of the notice of postponement and, in the event of such
withdrawal, such request shall not be counted for purposes of the requests for
registration to which such selling Stockholder is entitled pursuant to Section
2.1 hereof. If the Company suspends the effectiveness of a Registration
Statement, the Company will promptly deliver notice to the Stockholder or the
Shelf Stockholders, as applicable, of such suspension and will again deliver
notice to the Stockholder when such suspension is no longer necessary and the
duration for which the Company is required to keep a Registration Statement
effective shall be extended by an additional number of days equal to the length
of any suspension period.

            4.2   Amended or Supplemented Prospectus. The Stockholder and the
Shelf Stockholders agree that, as a condition to the receipt of the registration
rights contained herein, upon receipt of any notice from the Company described
in Section 4.1 hereof that suspends an effective registration statement, such
stockholder shall forthwith discontinue disposition of Registrable Shares until
such stockholder's receipt of copies of a supplemented or amended prospectus
from the Company, or until it is advised in writing by the Company that the use
of the prospectus may be resumed, and has received copies of any additional or
supplemental filings which are incorporated by reference in the prospectus. If
so directed by the Company, such stockholder will deliver to the Company all
copies of the prospectus covering such Registrable Shares current at the time of
receipt of such notice of suspension.

      5.    Indemnification.

            5.1   Indemnification by the Company. The Company will, and hereby
does, indemnify and hold harmless. Stockholder and each of the Shelf
Stockholders, as the case may be, and their respective directors, officers,
partners, agents and Affiliates and each other Person who participates as an
underwriter in the offering or sale of the Stockholder Shares or the Shelf
Shares, as the case may be, and each other Person, if any, who controls
Stockholder or a Shelf Stockholder, as the case may be, or any such underwriter
within the meaning of the 1933 Act, insofar as losses, claims, damages or
liabilities (or actions or proceedings, whether commenced or threatened, in
respect thereof) arise out of or are based upon any untrue statement or alleged
untrue statement of any material fact contained in any registration statement
under which Stockholder Shares held by Stockholder or Shelf Shares held by the
Shelf Stockholders, as the case may be, were registered under the 1933 Act, any
preliminary prospectus, final prospectus or summary prospectus contained
therein, or any amendment or supplement thereto, or any omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein in light of the circumstances in which
they were made not misleading, and the Company will reimburse Stockholder or the
Shelf Stockholders, as the case may be, and each such director, officer,
partner, agent or Affiliate, underwriter and controlling Person for any legal or
any other expenses reasonably incurred by them in connection with investigating
or defending any such loss, claim, liability, action or proceeding; provided,
that the Company shall not be liable in any such case to the extent that any
such loss, claim, damage, liability (or action or proceeding in respect thereof)
or expense arises out of or is based upon an untrue statement or alleged untrue
statement or omission or alleged omission made in such registration statement,
any such preliminary prospectus, final prospectus, summary prospectus, amendment
or supplement in reliance upon and in conformity with written information
furnished to the Company through an instrument executed by or on behalf of
Stockholder or a Shelf Stockholder (as the case may be) or such underwriter, as
the case may be, specifically stating that it is for use in the preparation
thereof; and provided, further, that the Company shall not be liable to any
Person who participates as an underwriter in the offering or sale of Stockholder
Shares or any other Person, if
<PAGE>
any, who controls such underwriter within the meaning of the 1933 Act, in any
such case to the extent that any such loss, claim, damage, liability (or action
or proceeding in respect thereof) or expense arises out of such Person's failure
to send or give a copy of the final prospectus, as the same may be then
supplemented or amended, to the Person asserting an untrue statement or alleged
untrue statement or omission or alleged omission at or prior to the written
confirmation of the sale of Stockholder Shares to such Person if such statement
or omission was corrected in such final prospectus so long as such final
prospectus, and any amendments or supplements thereto, have been furnished to
such underwriter. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of Stockholder or the Shelf
Stockholders, as the case may be, or any such underwriter, director, officer,
partner, agent or Affiliate or controlling Person and shall survive the transfer
of such securities by Stockholder or the Shelf Stockholders, as the case may be.

            5.2   Indemnification by Stockholders. Stockholder and each Shelf
Stockholder will, and hereby does, severally indemnify and hold harmless (in the
same manner and to the same extent as set forth in Section 5.1) the Company, and
each director of the Company, each officer of the Company and each other Person,
if any, who controls the Company within the meaning of the 1933 Act, with
respect to any statement or alleged statement in or omission or alleged omission
from such registration statement, any preliminary prospectus, final prospectus
or summary prospectus contained therein, or any amendment or supplement thereto,
if such statement or alleged statement or omission or alleged omission was made
in reliance upon and in conformity with written information furnished to the
Company through an instrument duly executed by Stockholder or such Shelf
Stockholder, as the case may be, specifically stating that it is for use in the
preparation of such registration statement, preliminary prospectus, final
prospectus, summary prospectus, amendment or supplement; provided, however, that
the liability of any stockholder under this Section 5.2 shall be limited to the
amount of proceeds received by such stockholder in the offering giving rise to
such liability. Such indemnity shall remain in full force and effect, regardless
of any investigation made by or on behalf of the Company or any such director,
officer or controlling Person and shall survive the transfer of such securities
by such stockholder.

            5.3   Notices of Claims, etc. Promptly after receipt by an
indemnified party of notice of the commencement of any action or proceeding
involving a claim referred to in the preceding subdivisions of this Section 5
such indemnified party will, if a claim in respect thereof is to be made against
an indemnifying party, give written notice to the latter of the commencement of
such action; provided, however, that the failure of any indemnified party to
give notice as provided herein shall not relieve the indemnifying party of its
obligations under the preceding subdivisions of this Section 5, except to the
extent that the indemnifying party is actually prejudiced by such failure to
give notice. In case any such action is brought against an indemnified party,
unless in such indemnified party's reasonable judgment a conflict of interest
between such indemnified and indemnifying parties is reasonably likely to exist
in respect of such claim, the indemnifying party shall be entitled to
participate in and, to assume the defense thereof, jointly with any other
indemnifying party similarly notified to the extent that it may wish, with
counsel reasonably satisfactory to such indemnified party, and after notice from
the indemnifying party to such indemnified party of its election so to assume
the defense thereof, the indemnifying party shall not be liable to such
indemnified party for any legal or other expenses subsequently incurred by the
latter in connection with the defense thereof other than reasonable costs of
investigation unless in such indemnified party's reasonable judgment a conflict
of interest between such indemnified and indemnifying parties arises in respect
of such claim after the assumption of the defense thereof and the indemnified
party notifies the indemnifying party of such indemnified party's judgment and
the basis therefor. No indemnifying party shall be liable for any settlement of
any action or proceeding effected without its written consent, which consent
shall not be unreasonably withheld. No indemnifying party shall, without the
written consent of the indemnified party, consent to entry of any judgment or
enter into
<PAGE>
any settlement which does not include as an unconditional term thereof the
giving by the claimant or plaintiff to such indemnified party of a release from
all liability in respect of such claim or litigation.

            5.4   Contribution. If the indemnification provided for in this
Section 5 shall be judicially determined (by the entry of final judgment or
decree by a court of competent jurisdiction and the expiration of time to appeal
or the denial of the last right of appeal) to be unavailable to a party seeking
indemnification under Section 5.1 or 5.2 hereof in respect of any loss, claim,
damage or liability, or any action in respect thereof, then, in lieu of the
amount paid or payable under Section 5.1 or Section 5.2 hereof, the indemnified
party and the indemnifying party under Section 5.1 or Section 5.2 hereof shall
contribute to the aggregate losses, claims, damages and liabilities (including
legal or other expenses reasonably incurred in connection with investigating the
same), (i) in such proportion as is appropriate to reflect the relative fault of
the Company, on the one hand, and Stockholder and each Shelf Stockholder, on the
other hand, with respect to the statements or omissions which resulted in such
loss, claim, damage or liability, or action in respect thereof, as well as any
other relevant equitable considerations or (ii) if the allocation provided by
clause (i) above is not permitted by applicable law, in such proportion as shall
be appropriate to reflect the relative benefits received by the Company, on the
one hand, and Stockholder and each Shelf Stockholder, on the other hand, from
the offering of the securities covered by such registration statement. No Person
guilty of fraudulent misrepresentation (within the meaning of Section ll(f) of
the 1933 Act) shall be entitled to contribution from any Person who was not
guilty of such fraudulent misrepresentation. In addition, no Person shall be
obligated to contribute hereunder any amounts in payment for any settlement of
any action or claim effected without such Person's consent, which consent shall
not be unreasonably withheld.

            5.5   Other Indemnification. Indemnification and contribution
similar to that specified in the preceding subdivisions of this Section 5 (with
appropriate modifications) shall be given by the Company, on the one hand, and
Stockholder and each Shelf Stockholder, on the other hand, with respect to any
required registration or other qualification of securities under any federal or
state law or regulation of any governmental authority other than the 1933 Act.

      6.    Information from Stockholder. In the event that either the
Stockholder or a Shelf Stockholder fails to furnish to the Company such
information regarding itself, the shares of Registrable Securities held by it,
or the intended method of disposition of such securities as may be required to
effect the registration of the Registrable Securities, the Company shall not be
obligated to take any action pursuant to this Agreement with respect to such
Stockholder Shares or Shelf Shares held by such Stockholder or Shelf
Stockholder.

      7.    Expenses of Registration. The Company shall pay all registration,
filing and qualification fees (including SEC filing fees and the listing fees of
the Nasdaq Stock Market or any stock exchange on which the Company securities
are traded) attributable to the Stockholder Shares and Shelf Shares registered
under this Agreement, and any legal, accounting or other professional fees or
expenses incurred by the Company (collectively, "Registration Expenses"). The
Stockholder and each Shelf Stockholder, as the case may be, shall pay all
underwriting discounts, selling commissions and stock transfer taxes, if any,
attributable to the sale of such Stockholder Shares or Shelf Shares, as the case
may be, registered by such stockholder and any legal, accounting or other
professional fees incurred by such stockholder. The Company shall pay all
expenses in connection with any registration initiated pursuant to Section 2
which is withdrawn (pursuant to a written request made with the SEC pursuant to
Rules 477 or 478 of the 1933 Act or any successor rules thereto), delayed or
abandoned, except if such withdrawal, delay or abandonment is a result of: (i) a
request by the Stockholder or the Shelf Stockholders to withdraw, delay or
abandon such registration; (ii) the failure to comply with the requirements of
Section 6 hereof by the Stockholder or Shelf Stockholder, as applicable; or
(iii) any withdrawal, delay or abandonment of the
<PAGE>
registration caused by the fraud, material misstatement or omission of a
material fact by the Stockholder or a Shelf Stockholder, as applicable, to be
included or required to be included in such registration.

      8.    Rule 144. In the event that Stockholder or a Shelf Stockholder may,
under Rule 144, resell or otherwise dispose of all such stockholder's
Stockholder Shares or Shelf Shares, as the case may be, in a ninety (90) day
period without registration under the 1933 Act, the registration rights granted
under this Agreement to such stockholder and the obligations of the Company
hereunder (other than its obligations under Sections 5 and 7 and this Section 8)
to such stockholder, shall be of no further force and effect whatsoever without
any further action on the part of the Company or such stockholder; provided that
the registration rights provided hereunder shall be reinstated as to the
Stockholder or a Shelf Stockholder if at any time the provisions of Rule 144(k)
do not permit the Stockholder or such Shelf Stockholder to dispose of all of the
Stockholder Shares or such Shelf Stockholder's shares, as the case may be, then
held by it in any three-month period; provided, however, that such reinstatement
shall exist for only so long as the Stockholder or such Shelf Stockholder, as
applicable, cannot sell all of the Stockholder Shares or such Shelf
Stockholder's shares as are then held by the Stockholder or such Shelf
Stockholder during any three-month period pursuant to Rule 144(k).

      9.    Miscellaneous.

            9.1   Notices. All notices and other communications required or
permitted hereunder shall be made in the manner and to addresses set forth in
the Reorganization Agreement, in the case of the Stockholder and the Company,
and, in the case of Shelf Stockholders, in the manner set forth in the
Reorganization Agreement to the address of such Shelf Stockholder set forth on
Exhibit A hereto.

            9.2   Interpretation. The words "include," "includes" and
"including" when used herein shall be deemed in each case to be followed by the
words "without limitation." The headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement.

            9.3   Counterparts. This Agreement may be executed in one or more
counterparts, all of which shall be considered one and the same agreement and
shall become effective when one or more counterparts have been signed by each of
the parties and delivered to the other party, it being understood that all
parties need not sign the same counterpart.

            9.4   Entire Agreement. This Agreement and the documents and
instruments and other agreements among the parties hereto referenced herein: (a)
constitute the entire agreement among the parties with respect to the subject
matter hereof and supersede all prior agreements and understandings, both
written and oral, among the parties with respect to the subject matter hereof;
and (b) other than the rights expressly set forth herein with respect to the
Shelf Stockholders, are not intended to confer upon any other person any rights,
remedies, obligations or liabilities hereunder.

            9.5   Assignment. This Agreement, and the rights and obligations
hereunder, shall not be assigned by the Stockholder or any Shelf Stockholder
without the prior written consent of the Company, which consent shall not be
unreasonably withheld; provided that the Stockholder shall be permitted to
assign its rights and obligations under this Agreement, in whole or in part, to
any wholly-owned direct or indirect subsidiary of the Stockholder in connection
with the transfer of at least 1,000,000 Shares to such subsidiary. Any
assignment of rights or delegation of duties under this Agreement by the
Stockholder or a Shelf Stockholder without the prior written consent of the
Company shall be void ab initio. This Agreement shall be binding upon and inure
to the benefit of the Company and its respective successors and assigns.
<PAGE>
            9.6   Severability. In the event that any provision of this
Agreement or the application thereof, becomes or is declared by a court of
competent jurisdiction to be illegal, void or unenforceable, the remainder of
this Agreement will continue in full force and effect and the application of
such provision to other persons or circumstances will be interpreted so as
reasonably to effect the intent of the parties hereto. The parties further agree
to replace such void or unenforceable provision of this Agreement with a valid
and enforceable provision that will achieve, to the extent possible, the
economic, business and other purposes of such void or unenforceable provision.

            9.7   Attorneys' Fees. In any action at law or suit in equity in
relation to this Agreement, the prevailing party in such action or suit shall be
entitled to receive a reasonable sum for its attorneys' fees and all other
reasonable costs and expenses incurred in such action or suit.

            9.8   Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware, regardless of
the laws that might otherwise govern under applicable principles of convicts of
laws thereof. Each of the parties hereto agrees that process may be served upon
them in any manner authorized by the laws of the State of Delaware for such
persons and waives and covenants not to assert or plead any objection which they
might otherwise have to such jurisdiction and such process.

            9.9   Term. Except as expressly provided herein, the rights and
obligations hereunder shall terminate ten (10) years from the date of this
Agreement.

            9.10  Shelf Stockholders. Acceptance of any benefit under this
Agreement by any Shelf Stockholder shall render it a party hereto and shall
obligate it to all provisions with respect to Shelf Stockholders hereunder.

              [THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
      IN WITNESS WHEREOF, the undersigned have executed the Agreement as of the
date first above written.

                                                HOMESTORE.COM, INC.

                                                By:    /s/  David M. Rosenblatt
                                                    ---------------------------

                                                Name:    David M. Rosenblatt
                                                Title:   General Counsel

                                                CENDANT CORPORATION

                                                By:    /s/  Eric Bock
                                                    ---------------------------
                                                Name:  Eric Bock, Esq.

                [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT]
<PAGE>
                                    EXHIBIT A

                     NAMES AND ADDRESS OF SHELF STOCKHOLDERS
<PAGE>
                                    EXHIBIT A

WW
Douglas Patterson
Wendy L. Beerbower
Larry Thomas
Janis Jarosz
Michael Bowyer

TERMINATED COPPER
Charles Bartels
Michael D'alba
Maura Dykstra
Carole Hankin
Robert Kunisch
Jeanne M. Murphy
John D. Snodgrass
Caitlin Williams
Valerie Wilson
Kristen Woodring
Wendy Levine
Andrea Bates
Rebecca Savidge
CENDANT
Myra J. Biblowit
John C. Malone
Cheryl D. Mills
Shell Z. Rosenberg
Michael E. Simon
Jerry D. Anderson
Scott W. Anderson
Robert C Andwood
John B. Arcario
Emily Becher
Steven J. Belmonte
John J. Benoit
Thomas Bemardo
Scott W. Bernstein
Bruce V. Bloom
Elliot Bloom
Eric J. Bock
Scott J. Bojczuk
<PAGE>
John E. Borger
William F Brown
Joel R. Buckberg
James E. Buckman
Peter D. Burgdorff
Charles P. Cardwell
John H. Carley
Donald J Casey
Brenda W. Casserly
John Chidsey
Thomas Christopoul
Duncan H. Cocroft
Bill Cogan
Fred a Coia
Leonard S. Coleman
Terence Conley
J. G. Constantine
Paris Couturiaux
David M. Crook
F Van V. Davis
James C. Dennis
John P. Doyle
Michael A. Doyle
Martin L. Edelman
Terence Edwards
Charles M. Fallen
Anthony A. Falor
Michael K. Field
Robert Foley
Scott E. Forbes
Martin L Foster
Helen C. Galasso
Craig Gangi
Kenneth Gaskell
Marshell Gayden
Gregory a Gentek
Peter Giamalva
Denise L. Gillen
James R. Gillespie
Gregory A. Goolkasian
Guy T. Gray
Kevin Greene
Robert Groody
Craig E. Hamway
William Hanley
<PAGE>
Nelson Hitchcock
Jean V. Hoagland
Thomas Hocker
Stephen Holmes
Kirsten A. Hotchkiss
Tobia Ippolito
Ron E. Jackson
David Johnson
John H. Johnson
Joseph R. Kane
Peter Karpiak
Samuel Katz
William H. Keeble
Kenneth L. Keith
Kevin J. Kelleher
Judith P Kent
Michael Kistner
Richard Leutwyler
Samuel J. Levenson
Frank M. Lindsey
Nathaniel Lipman
Michael D. Lister
John J Lott
Florence Lugli
Mary K. Mahoney
Robert Mason
William J. Maxwell
Mark Maybrey
John T. Me Clain
Peter Mcgonagle
Brien J Mcmahon
Deborah E. Meeks
Richard Meisner
John J. Menzie
Valerie A. Mercurio
David L. Miller
Robert T. Moles
Brian Mulroney
Robert E. Nederlander
Louis Nemtsov
Daniel Neuburger
John P. Nichols
Shelley B. Northrop
Albert J. Novak
Dennis M. O'gara
<PAGE>
Michael J. O'hara
Carlos J. Parraga
Gerald G. Pearce
Jose I. Perez
Alexander E. Perriello
Eric Pfeffer
Birgit S. Philipp
Edward Pictroski
Keith J. Pierce
Robert W. Pittman
Dennis S. Relihan
Kenneth D. Rodgess
Steven L. Savino
Nancy S. Sedensky
Donald F. Smith
Richard Smith
Robert F. Smith
lan A. Sparks
Jacob F. Stepan
Joseph E Suter
Stephen Swordy
Daniel Tarantin
Donald B. Taylor
Regina A. Taylor
Peter Tittler
Terri A. Vaccarino
Donna a Van Osten
Vincent Ventura
W. Brace Wallin
David J. Weaving
Robert N. Weller
Suzanne M Wetherington
Keith Woodcock
Samuel H. Wright
David B. Wyshner

NHC
Bethany Adams
Michael Brander
Theodore Ciricillo
Jean Clarizio
Ethan Cline
John Davis
Jean Marie Hickey
Phil Mattia
Angela McNeice
<PAGE>
David Mittleman
James Napier
Robert Newlin
Brian Robinson
Daniel Roth
Mitchell Roth
Harpreet Singh
Tina Tharpe
Tracey Trueba
Mark Woelfel
Debbie Woon
David B. Bay
Noelle Johnson
Amy Jones
Susan Linder
Julie Millikan
Mark Thomassen

TRACKING STOCK
Liberty Digital, Inc.
Chatham Street Holdings
NRT Incorporated
R.R. Donnely & Sons Co.
Sonia & Richard Henkin
Joseph Preis
John McWeeny

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