Document:

<PAGE>   1
                                                                    EXHIBIT 10.1

               AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

         AGREEMENT, made as of the ___ day of January , 2000, by and among
blaxxun interactive, Inc., a Delaware corporation (the "Company"), those persons
listed on the signature page as the Series A Stockholders (the "Series A
Holders"), those persons listed on the signature page as the Series B
Stockholders (the "Series B Holders"), those persons listed on the signature
page as the Series C Stockholders (the "Series C Holders"), those persons listed
on the signature page as the Series D Stockholders (the "Series D Holders"),
those persons listed on the signature page as the Series E Stockholders (the
"Series E Holders"), and those persons listed on the signature page as the
Series F Stockholders (the "Series F Holders, and together with the Series A
Holders, the Series B Holders, the Series C Holders, the Series D Holders, and
the Series E Holders, the "Preferred Holders").

         WHEREAS, the Company, the Series A Holders, the Series B Holders, the
Series C Holders, the Series D Holders and the Series E Holders are parties to
that certain Amended and Restated Registration Rights Agreement, dated as of
March 24 , 1999 (the "Old Agreement");

         WHEREAS, the Series A Holders own 502,500 shares of the Company's
Series A Convertible Preferred Stock, par value $.01 per share (the "Series A
Preferred"), the Series B Holders own 400,000 shares of the Company's Series B
Convertible Preferred Stock, $.01 par value per share (the "Series B
Preferred"), the Series C Holders own 798,910 shares of the Company's Series C
Convertible Preferred Stock, $.01 par value per share (the "Series C
Preferred"), the Series D Holders own 1,976,000 shares of the Company's Series D
Preferred Stock, $.01 par value per share (the "Series D Preferred"), the Series
E Holders own 375,000 shares of the Company's Series E Preferred Stock , $.01
par value per share (the "Series E Preferred") and the Series F Holders are
acquiring up to 3,400,000 shares of Series F Preferred Stock, $.01 par value per
share (the "Series F Preferred, "and together with the Series A Preferred, the
Series B Preferred, the Series C Preferred, the Series D Preferred and the
Series E Preferred, the "Preferred Stock") pursuant to the Series F Preferred
Stock Purchase Agreement, dated as of January __, 2000, by and among the
Company and the Series F Holders (the "Purchase Agreement"),

         WHEREAS, the Preferred Stock is convertible into shares of the
Company's Common Stock, $.01 par value per share (the "Common Stock"), under
certain circumstances as more fully set forth in the Company's Certificate of
Incorporation, as amended to date; and

         WHEREAS, the Company and the Preferred Holders desire to amend and
restate the Old Agreement in connection with the consummation of the
transactions contemplated by the Purchase Agreement;

         NOW, THEREFORE, in consideration of the premises and mutual covenants
contained herein, the parties hereto agree as follows:

<PAGE>   2

         1. Certain Definitions. As used in this Agreement, the following terms
shall have the following respective meanings:

         "Act" means the Securities Act of 1933, as amended, or any successor
federal statute, and the rules and regulations of the Commission thereunder, all
as the same shall be in effect at the time.

         "Commission" means the Securities and Exchange Commission, or any other
Federal agency at the time administering the Act.

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

         "Company" means blaxxun interactive, Inc., a Delaware corporation, and
its successors and assigns, including any successors by merger.

         "Exchange Act" means the Securities Exchange Act of 1934, as amended,
or any successor federal statute, and the rules and regulations of the
Commission thereunder, all as the same shall be in effect at the time.

         "Holder" means any person who is then the record owner of Registrable
Securities which have not been sold to the public.

         "Preferred Stock" shall mean the Company's (i) Series A Preferred Stock
, par value $.01 per share, (ii) Series B Preferred Stock, par value $.01 per
share, (iii) Series C Preferred Stock, par value $.01 per share, (iv) Series D
Preferred Stock, par value $.01 per share, (v) Series E Preferred Stock, par
value $.01 per share and (vi) Series F Preferred Stock, par value $.01 per
share.

         "Registrable Securities" shall mean all shares of Common Stock of the
Company issued or issuable upon conversion of the Preferred Stock owned by the
Preferred Holders; excluding Common Stock which (a) has been registered under
the Securities Act pursuant to an effective registration statement filed
thereunder and disposed of in accordance with the registration statement
covering them, (b) has been publicly sold pursuant to Rule 144 under the
Securities Act or (c) is then immediately available for sale pursuant to Rule
144 under the Securities Act.

         The term "register" means to register under the Act and applicable
state securities laws for the purpose of effecting a public sale of securities.

         2.       Required Registration.

                  (a) At any time after the earlier of the initial public
offering of the Company's Common Stock or three years after the date hereof, the
Holders of Registrable Shares constituting at least 20% of the Registrable
Shares then outstanding may request that the Company register under the
Securities Act all or any portion of the Registrable Shares held by such
requesting Holder or Holders for sale in the manner specified in such notice
provided, however, that the Registrable Shares for which registration has been
requested shall constitute at

                                      -2-
<PAGE>   3

least 20% of the total Registrable Shares outstanding (or any lesser percentage
if the reasonably anticipated aggregate price to the public of such public
offering would exceed $5,000,000). Notwithstanding anything to the contrary
contained herein, no request may be made under this Section 2 within 180 days
after the effective date of a registration statement filed by the Company
covering a firm commitment underwritten public offering in which the Holders of
Registrable Shares shall have been entitled to join pursuant to Sections 3 or 4
hereof and in which there shall have been effectively registered all shares of
Registrable Shares as to which registration shall have been requested.

                  (b) Following receipt of any notice under this Section 2, the
Company shall immediately notify all Holders of Registrable Shares from whom
notice has not been received and shall use its best efforts to register under
the Securities Act, for public sale in accordance with the method of disposition
specified in such notice from requesting Holders, the number of Registrable
Shares specified in such notice (and in all notices received by the Company from
other Holders within 30 days after the giving of such notice by the Company). If
such method of disposition shall be an underwritten public offering, the Holders
of a majority of the Registrable Shares to be sold in such offering may
designate the managing underwriter of such offering, subject to the approval of
the Company, which approval shall not be unreasonably withheld or delayed. The
Company shall be obligated to register Registrable Shares pursuant to this
Section 2 on two occasions only; provided, however, that unless (i) the
registration statement is withdrawn and such withdrawal is not attributable to
adverse information concerning the Company's operations, condition or prospects
or (ii) the number of Registrable Shares covered thereby is reduced, in either
case at the request of Holders of Registrable Shares covered thereby, such
obligation shall be deemed satisfied only when the registration statement
covering all Registrable Shares specified in notices received as aforesaid, for
sale in accordance with the method of disposition specified by the requesting
Holders, shall have become effective and, if such method of disposition is a
firm commitment underwritten public offering, all such Registrable Shares shall
have been sold pursuant thereto. The Company, not more than once in any period
of twelve consecutive months, may defer the effectiveness of such registration
for up to one hundred eighty (180) days from the date of the notice of request
is received, upon determination by the Board of Directors that such registration
would be detrimental to the Company.

                  (c) The Company shall be entitled to include in any
registration statement referred to in this Section 2, for sale in accordance
with the method of disposition specified by the requesting Holders, shares of
Common Stock to be sold by the Company for its own account, except as and to the
extent that, in the opinion of the managing underwriter (if such method of
disposition shall be an underwritten public offering), such inclusion would
adversely affect the marketing of the Registrable Shares to be sold. If Common
Stock is included by the Company for its own account and such Common Stock
constitutes at least 51% of the total shares covered by the registration
statement filed pursuant to this Section 2, such registration will be deemed to
have been completed pursuant to Section 3 hereof and not this Section 2. Except
for registration statements on Form S-4 or Form S-8 or any successor thereto,
the Company will not file with the Commission any other registration statement
with respect to its Common Stock, whether for its own account or that of other
Holders, from the date of receipt of a notice from requesting

                                      -3-
<PAGE>   4

Holders pursuant to this Section 2 until the completion of the period of
distribution of the registration contemplated thereby.

         3.       Incidental Registration. If the Company at any time (other
than pursuant to Section 2 or Section 4) proposes to register any of its
securities under the Securities Act for sale to the public, whether for its own
account or for the account of other security holders or both (except with
respect to registration statements on Form S-4, Form S-8, their respective
successor forms, or another form not available for registering the Registrable
Shares for sale to the public), each such time it will give written notice to
all Holders of outstanding Registrable Shares of its intention so to do. For a
period of five (5) years following such registration, the Company shall, upon
the written request of any such Holder, received by the Company within 20 days
after the giving of any such notice by the Company, to register any of its
Registrable Shares (which request shall state the intended method of disposition
thereof), use its best efforts to cause the Registrable Shares as to which
registration shall have been so requested to be included in the securities to be
covered by the registration statement proposed to be filed by the Company all to
the extent requisite to permit the sale or other disposition by the Holder (in
accordance with its written request) of such Registrable Shares so registered.
In the event that any registration pursuant to this Section 3 shall be, in whole
or in part, an underwritten public offering of Common Stock, the number of
shares of Common Stock to be included in such an underwriting may be reduced
(pro rata among the requesting Holders based upon the number of shares of Common
Stock owned by such Holders) if and to the extent that the managing underwriter
shall be of the opinion that such inclusion would adversely affect the marketing
of the securities to be sold by the Company therein. Notwithstanding the
foregoing provisions, the Company may withdraw any registration statement
referred to in this Section 3 without thereby incurring any liability to the
Holders of Registrable Shares (other than as provided in Section 6).

         4.       Registration on Form S-3.

                  (a) If at any time (i) a Holder or Holders of Registrable
Shares requests that the Company file a registration statement on Form S-3 or
any successor thereto for a public offering of all or any portion of the
Registrable Shares held by such requesting Holder or Holders, the reasonably
anticipated aggregate price to the public of which would exceed $1,000,000, and
(ii) the Company is a registrant entitled to use Form S-3 or any successor
thereto to register such shares, then the Company shall use its reasonable best
efforts to register under the Securities Act on Form S-3 or any successor
thereto, for public sale in accordance with the method of disposition specified
in such notice, the number of Registrable Shares specified in such notice.
Whenever the Company is required by this Section 4 to use its reasonable best
efforts to effect the registration of Registrable Shares, each of the procedures
and requirements of Section 2 (including but not limited to the requirement that
the Company notify all Holders of Registrable Shares from whom notice has not
been received and provide them with the opportunity to participate in the
offering) shall apply to such registration; provided, however, that there shall
be no limitation on the number or registrations on Form S-3 which may be issued
and obtained under this Section 4; and provided, further, however, that the
requirements contained in the first sentence of Section 2(a) shall not apply to
any registration on Form S-3 which may be requested under this Section 4.

                                      -4-
<PAGE>   5

                  (b) The Company shall not be obliged to effect any
registration, qualification or compliance, pursuant to this Section 4 if: (i)
Form S-3 (or any successor form to Form S-3 regardless of its designation) is
not available for such offering by the Holders; (ii) the aggregate net offering
price (after deduction of underwriting discounts and commissions) of the
Registrable Securities specified in such request is not at least $1,000,000;
(iii) the Company has already effected one registration on Form S-3 within the
previous six-month period; or (iv) the Company shall furnish to the Holders a
certificate signed by the president of the Company stating that, in the good
faith judgment of the Board of Directors, it would not be in the best interests
of the Company and its stockholders for such Form S-3 registration to be
effected at such time, in which event the Company shall have the right to defer
the filing of the Form S-3 registration for a period of not more than one
hundred eighty (180) days after receipt of the request of the Holder or Holders
under this Section 4; provided, however, that the Company shall not utilize this
right more than once in any twelve-month period.

         5.       Expenses. The Company shall pay all out-of-pocket costs in
connection with any registration pursuant to this Agreement. The costs and
expenses of any such registration shall include, without limitation, the fees
and expenses of the Company's counsel and its accountants and all other
out-of-pocket costs and expenses of the Company incident to the preparation,
printing and filing under the Securities Act of the registration statement and
all amendments and supplements thereto and the cost of furnishing copies of each
preliminary prospectus, each final prospectus and each amendment or supplement
thereto to underwriters, dealers and other purchasers of the securities so
registered, the costs and expenses incurred in connection with the qualification
of such securities so registered under the "blue sky" laws of various
jurisdictions, the fees and expenses of the Company's transfer agent, the fees
and expenses of one counsel for the Holders, expenses of all marketing and
promotional efforts requested by the managing underwriter and all other costs
and expenses of complying with the foregoing provisions hereof with respect to
such registration. The Holders shall bear underwriting discounts, selling
commissions and transfer taxes with respect to the shares sold by them pursuant
to the registration.

         6.       Registration Procedures. In the case of each registration
effected by the Company pursuant to this Agreement, the Company will keep each
Holder of Registrable Securities included in such registration advised in
writing as to the initiation of each registration and as to the completion
thereof. At its expense, the Company will do the following for the benefit of
such Holders:

                  (a) Keep such registration effective for a period of 90 days
or until the Holder or Holders have completed the distribution described in the
registration statement relating thereto, whichever first occurs, and amend or
supplement such registration statement and the prospectus contained therein from
time to time to the extent necessary to comply with the Act and applicable state
securities laws. If at any time the Commission should institute or threaten to
institute any proceedings for the purpose of issuing, or should issue a stop
order suspending the effectiveness of any such registration statement, the
Company will promptly notify the Holder and will use reasonable efforts to
prevent the issuance of any such stop order or to obtain the withdrawal thereof
as soon as possible;

                                      -5-
<PAGE>   6

                  (b) Use its best efforts to register or qualify the
Registrable Securities covered by such registration under the applicable
securities or "blue sky" laws of such jurisdictions as the selling shareholders
may reasonably request; provided, that the Company shall not be obligated to
qualify to do business in any jurisdiction where it is not then so qualified or
otherwise required to be so qualified or to take any action which would subject
it to the service of process in suits other than those arising out of such
registration;

                  (c) Furnish such number of prospectuses and other documents
incident thereto as a Holder or the underwriter from time to time may reasonably
request;

                  (d) In connection with any underwritten offering pursuant to a
registration statement filed pursuant to Section 2 hereof, the Company will
enter into any underwriting agreement reasonably necessary to effect the offer
and sale of Common Stock, provided such underwriting agreement contains
customary underwriting provisions and is entered into by the Holder and provided
further that, if the underwriter so requests, the underwriting agreement will
contain customary contribution provisions on the part of the Company;

                  (e) To the extent then permitted under applicable professional
guidelines and standards, use its best efforts to obtain a comfort letter from
the Company's independent public accountants in customary form and covering such
matters of the type customarily covered by comfort letters and an opinion from
the Company's counsel in customary form and covering such matters of the type
customarily covered in a public issuance of securities, in each case addressed
to the Holders, and provide copies thereof to the Holders; and

                  (f) Permit the counsel to the selling shareholders whose
expenses are being paid pursuant to Section 4 hereof to inspect and copy such
corporate documents as he may reasonably request.

         7.       Indemnification.

                  (a) The Company will, and hereby does, indemnify and hold
harmless each Holder, each of its officers, directors and partners, and each
person controlling such Holder within the meaning of the Act, with respect to
which registration, qualification or compliance has been effected pursuant to
this Agreement, and each underwriter, if any, and each person who controls such
underwriter within the meaning of the Act, against all claims, losses, damages
and liabilities (or actions in respect thereof) arising out of or based on any
untrue statement (or alleged untrue statement) of a material fact contained in
any prospectus, offering circular or other document (including any related
registration statement, notification or the like) incident to any such
registration, qualification or compliance, or based on any omission (or alleged
omission) to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, or any violation by the
Company of the Act or the Exchange Act or securities act of any state or any
rule or regulation thereunder applicable to the Company and relating to action
or inaction required of the Company in connection with any such registration,
qualification or compliance, and will reimburse each such Holder, each of its
officers, directors and partners, and each person controlling such Holder, each
such underwriter and each person

                                      -6-
<PAGE>   7

who controls any such underwriter, for any legal and any other expenses
reasonably incurred in connection with investigating and defending any such
claim, loss, damage, liability or action, whether or not resulting in any
liability; provided that the Company will not be liable in any such case to the
extent that any such claim, loss, damage, liability or expense arises out of or
is (x) based upon any such untrue statement or omission or alleged untrue
statement or omission made in reliance upon information furnished in writing to
the Company by the Holders or any underwriter or any controlling person of the
Holders or any such underwriter specifically for use therein, or (v) made in any
preliminary prospectus, if the prospectus contained in the registration
statement as declared effective or in the form filed by the Company with the
Commission pursuant to Rule 424 under the Securities Act shall have corrected
such statement or omission, ample copies of such prospectus (together with a
statement that such corrected prospectus must be used in lieu of all prior
prospectuses) shall have been provided by the Company to the Holders or
underwriter, and a copy of such prospectus shall not have been sent or otherwise
delivered to such person by the Holders or underwriter at or prior to the
confirmation of such sale to such person.

                  (b) By requesting registration under this Agreement each
Holder shall agree in the same manner and to the same extent as set forth in the
preceding paragraph, to indemnify and to hold harmless the Company and its
directors and officers and each person, if any, who controls the Company within
the meaning of the Securities Act and any underwriter (as defined in the
Securities Act) of any shares offered by the Holders, against any such claim,
loss, damage, liability or expense, joint or several, to which any of such
persons may be subject under the Securities Act or otherwise, and to reimburse
any of such persons for any legal or other expenses reasonably incurred by them
in connection with investigating or defending against any such claim, loss,
damage, liability or expense, but only to the extent it arises out of or is
based upon an untrue statement or alleged untrue statement or omission or
alleged omission of a material fact in any registration statement under which
the Holders' shares were registered under the Securities Act pursuant to this
Agreement, any prospectus contained therein, or any amendment or supplement
thereto, which was based upon and made in conformity with information furnished
in writing to the Company by the Holders or such underwriter expressly for use
therein; provided however, that the obligations of each Holder hereunder shall
be limited to an amount equal to the net proceeds received by such Holder upon
the sales of the securities.

                  (c) Each party entitled to indemnification under this Section
6 (the "Indemnified Party") shall give notice to the party required to provide
indemnification (the "Indemnifying Party") promptly after such Indemnified Party
has actual knowledge of any claim as to which indemnity may be sought. The
failure of any Indemnified Party to give such notice shall not relieve the
Indemnifying Party of its obligations under this Section 6, except and to the
extent the Indemnifying Party has been prejudiced as a consequence thereof and
in no event shall such failure relieve the underlying party from any other
liability which it may have to such indemnified party. The Indemnifying Party
will be entitled to participate in, and to the extent that it may elect by
written notice delivered to the Indemnified Party promptly after receiving the
aforesaid notice from such Indemnified Party, at its expense to assume, the
defense of any such claim or any litigation resulting therefrom, with counsel
reasonably satisfactory to such Indemnified Party, provided that the Indemnified
Party may participate in such defense at its

                                      -7-
<PAGE>   8

expense, notwithstanding the assumption of such defense by the Indemnifying
Party, and provided, further, that if the defendants in any such action shall
include both the Indemnified Party and the Indemnifying Party and the
Indemnified Party shall have reasonably concluded that there may be legal
defenses available to it and/or other Indemnified Parties which are different
from or additional to those available to the Indemnifying Party, the Indemnified
Party or Parties shall have the right to select separate counsel to assert such
legal defenses and to otherwise participate in the defense of such action on
behalf of such Indemnified Party or Parties and the fees and expenses of such
counsel shall be paid by the Indemnifying Party. No Indemnifying Party, in the
defense of any such claim or litigation, shall, except with the consent of each
Indemnified Party, consent to entry of any judgment or enter into 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 to such claim or litigation. Each Indemnified Party shall (i) furnish
such information regarding itself or the claim in question as an Indemnifying
Party may reasonably request in writing and as shall be reasonably required in
connection with defense of such claim and litigation resulting therefrom and
(ii) shall reasonably assist the Indemnifying Party in any such defense,
provided that the Indemnified Party shall not be required to expend its funds in
connection with such assistance.

                  (d) No Holder shall be required to participate in a
registration pursuant to which it would be required to execute an underwriting
agreement in connection with a registration effected under Section 2 or 3 which
imposes indemnification or contribution obligations on such Holder more onerous
than those imposed hereunder; provided, however, that the Company shall not be
deemed to breach the provisions of Section 2 or 3 if a Holder is not permitted
to participate in a registration on account of his refusal to execute an
underwriting agreement on the basis of this subsection (d).

         8.       Lock-up Agreement. If requested by the underwriter in any
registered public offering by the Company, the Holder agrees not to sell or
otherwise transfer any Registrable Securities for such period of time after the
date of such offering as may be requested by the underwriter, but in no event to
exceed 180 days from the close of the initial registered public offering and 90
days from the close of any subsequent registered public offering, provided that
all executive officers and directors of the Company enter into similar
agreements.

         9.       Information by Holder. Each Holder of Registrable Securities
included in any registration shall furnish to the Company such information
regarding such Holder and the distribution proposed by such Holder as the
Company may reasonably request in writing and as shall be reasonably required in
connection with any registration, qualification or compliance referred to in
this Agreement or otherwise required by applicable state or federal securities
laws.

         10.      Limitations on Registration Rights. From and after the date of
this Agreement, the Company shall not, without the prior written consent by the
holders of at least a majority of the then outstanding shares of Preferred
Stock, enter into any agreement with any holder or prospective holder of any
securities of the Company which would give any such holder or prospective holder
(a) the right to require the Company, upon any registration of any of its
securities, to include, among the securities which the Company is then
registering, securities

                                      -8-
<PAGE>   9

owned by such holder, unless under the terms of such agreement, such holder or
prospective holder may include such securities in any such registration only to
the extent that the inclusion of its securities will not limit the number of
Registrable Securities sought to be included by the Holders of Registrable
Securities or reduce the offering price thereof; or (b) the right to require the
Company to initiate any registration of any securities of the Company.

         11.      Exception to Registration. The Company shall not be required
to effect a registration under this Agreement if (i) in the written opinion of
counsel for the Company, which counsel and the opinion so rendered shall be
reasonably acceptable to the Holders of Registrable Securities, such Holders may
sell without registration under the Act all Registrable Securities for which
they requested registration under the provisions of the Act and in the manner
and in the quantity in which the Registrable Securities were proposed to be
sold, or (ii) the Company shall have obtained from the Commission a "no-action"
letter to that effect; provided that this Section 10 shall not apply to sales
made under Rule 144(k) or any successor rule promulgated by the Commission until
after the effective date of the Company's initial registration of shares under
the Act. Notwithstanding the foregoing, in no event shall the provisions of this
Section 10 be construed to preclude a Holder of Registrable Securities from
exercising rights under Section 3 for a period of three years after the
effective date of the Company's initial registration of shares under the Act.

         12.      Rule 144 Reporting. With a view to making available the
benefits of certain rules and regulations of the Commission which may permit the
sale of restricted securities (as that term is used in Rule 144 under the Act)
to the public without registration, the Company agrees to:

                  (a) make and keep public information available as those terms
are understood and defined in Rule 144 under the Act, at all times from and
after ninety days following the effective date of the first registration under
the Act filed by the Company for an offering of its securities to the general
public;

                  (b) use its best efforts to file with the Commission in a
timely manner all reports and other documents required of the Company under the
Act and the Exchange Act at any time after it has become subject to such
reporting requirements; and

                  (c) so long as a Holder owns any restricted securities,
furnish to the Holder forthwith upon request a written statement by the Company
as to its compliance with the reporting requirements of Rule 144 (at any time
from and after ninety days following the effective date of the first
registration statement filed by the Company for an offering of its securities to
the general public), and of the Act and Exchange Act (at any time after it has
become subject to such reporting requirements), a copy of the most recent annual
or quarterly report of the Company, and such other reports and documents so
filed by the Company as the Holder may reasonably request in availing itself of
any rule or regulation of the Commission allowing the Holder to sell any such
securities without registration.

                                      -9-
<PAGE>   10

         13.      Listing Application. If shares of any class of stock of the
Company shall be listed on a national securities exchange, the Company shall, at
its expense, include in its listing application all of the shares of the listed
class then owned by any Holder.

         14.      Damages. The Company recognizes and agrees that the Holder of
Registrable Securities shall not have an adequate remedy if the Company fails to
comply with the provisions of this Agreement, and that damages will not be
readily ascertainable, and the Company expressly agrees that in the event of
such failure any Holder of Registrable Securities shall be entitled to seek
specific performance of the Company's obligations hereunder and that the Company
will not oppose an application seeking such specific performance.

         15.      Representations and Warranties of the Company. The Company
represents and warrants to the Holder as follows:

                  (a) The execution, delivery and performance of this Agreement
by the Company have been duly authorized by all requisite corporate action and
will not violate any provision of law, any order of any court or other agency of
government by which the Company or any of its properties or assets is bound, the
Certificate of Incorporation or By-laws of the Company or any provision of any
indenture, agreement or other instrument to which the Company or any or its
properties or assets is bound, conflict with, result in a breach of or
constitute (with due notice or lapse of time or both) a default under any such
indenture, agreement or other instrument or result in the creation or imposition
of any lien, charge or encumbrance of any nature whatsoever upon any of the
properties or assets of the Company.

                  (b) This Agreement has been duly executed and delivered by the
Company and constitutes the legal, valid and binding obligation of the Company,
enforceable against the Company in accordance with its terms.

         16.      Miscellaneous.

                  (a) All covenants and agreements contained in this Agreement
by or on behalf of any of the parties hereto shall bind and inure to the benefit
of the respective successors and assigns of the parties hereto (including
without limitation transferees of any Registrable Securities), whether so
expressed or not.

                  (b) All notices, requests, consents and other communications
hereunder shall be in writing and shall be mailed by certified or registered
mail, return receipt requested, postage prepaid, or telecopied or sent by other
facsimile method addressed as follows:

                  If to the Company, or a Holder, at the address of such party
         set forth on Schedule I hereto or the most recent address as is shown
         on the stock records of the Company; and

                  If to any subsequent Holder of Registrable Securities, to it
         at such address as may have been furnished to the Company in writing by
         such Holder; or, in any case, at such other address or addresses as
         shall have been furnished in writing to the Company (in the

                                      -10-
<PAGE>   11

         case of a Holder of Registrable Securities) or to the Holders of
         Registrable Securities (in the case of the Company) in accordance with
         the provisions of this paragraph.

                  (c) This Agreement shall be governed by and construed in
accordance with the laws of the Commonwealth of Massachusetts, without giving
effect to the conflicts of laws principles thereof.

                  (d) This Agreement may not be amended or modified, and no
provision hereof may be waived, without the written consent of the Company and
the holders of at least a majority of the then outstanding Registrable
Securities, except that any amendment or waiver to Section 3 hereof which does
not similarly affect all Holders will require the written consent of all Holders
of at least two-thirds of the outstanding Registrable Securities.

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

                  (f) If any provision of this Agreement shall be held to be
illegal, invalid or unenforceable, such illegality, invalidity or
unenforceability shall attach only to such provision and shall not in any manner
affect or render illegal, invalid or unenforceable any other provision of this
Agreement, and this Agreement shall be carried out as if any such illegal,
invalid or unenforceable provision were not contained herein.

                  (g) This Agreement contains the entire agreement between the
Company and the Preferred Holders with respect to registration rights and
supersedes all prior agreements relating to the same subject matter (in
particular, this Agreement shall supersede and replace (i) Section 8 of the
Second Amended and Restated Founders' Agreement, entered into as of July 31,
1996, as amended from time to time, by and among the Company, CMG Information
Services, Inc., CMG@Ventures, Inc., certain founders of the Company and EBIT
Eigenkapital Beteiligungsgesellschaft fuer Innovative Techologieunterneehmen
Gesellschaft Buergerlichen Rechts, with limitation of liability and (ii) the Old
Agreement).

                [Remainder of the Page Intentionally Left Blank]

                                      -11-
<PAGE>   12

         IN WITNESS WHEREOF, this Agreement has been executed by duly authorized
representation of each of the signatories hereto as of the date and year first
above written.

                                      COMPANY:

                                      BLAXXUN INTERACTIVE, INC.

                                      By: ________________________
                                          Name:
                                          Title:

                                      SERIES A HOLDERS:

                                      CMG@VENTURES, INC.

                                      By: ________________________
                                          Name:
                                          Title:

                                      SERIES B HOLDERS:

                                      EBIT EIGENKAPITAL
                                      BETEILIGUNGSGESELLSCHAFT FUER INNOVATIVE
                                      TECHOLOGIEUNTERNEHMEN GESELLSCHAFT
                                      BUERGERLICHEN RECHTS,
                                      WITH LIMITATION OF LIABILITY

                                      By:________________________________
                                         Name:    Klaus Hufnagel/Heydan von
                                                  Frankenberg
                                         Title:   Directors

                                      -12-
<PAGE>   13

                                      SERIES C HOLDERS:

                                      BLAXXUN BETEILIGUNGSGESELLSCHAFT
                                      BUERGERLICHEN RECHTS MIT
                                      HAFTUNGSBESCHRAENKUNG

                                      By:________________________________
                                         Name:    Stefan Graber
                                         Title:   Chief Executive Officer

                                      BLAXXUN VERMOEGENSVERWALTUNGS-
                                      GESELLSCHAFT BUERGERLICHEN RECHTS
                                      MIT HAFTUNGSBESCHRAENKUNG

                                      By:________________________________
                                         Name:    Heydan von Frankenberg
                                         Title:   Chief Executive Officer

                                      KLINK, JELKO, DR. DEHMEL
                                      WERTPAPIERDIENSTLEISTUNGS AG

                                      By:________________________________
                                         Name:    Dr. Dehmel
                                         Title:   Chief Executive Officer

                                      -----------------------------------
                                      Moni Malek, individually

                                      -----------------------------------
                                      Christian Sprenger, individually

                                      CMG@VENTURES, INC.

                                      By: ________________________
                                          Name:
                                          Title:

                                      KONSORTIUM AG

                                      By:__________________________
                                         Name:
                                         Title:

                                      -13-
<PAGE>   14

                                      SERIES D HOLDERS:

                                      -----------------------------------
                                      Franz W. Buchenberger

                                      -----------------------------------
                                      Bernd-Michael Habermeyer

                                      -----------------------------------
                                      Ingrid Buchenberger

                                      -----------------------------------
                                      Rainer Heigenmoser

                                      -----------------------------------
                                      Kristof Nast-Kolb

                                      -----------------------------------
                                      Robert Schoeller

                                      -----------------------------------
                                      Thilo Schwerdfeger

                                      -----------------------------------
                                      Claudia Rockwell

                                      -14-
<PAGE>   15

                                      SERIES E HOLDERS:

                                      ------------------------------
                                      Otto Dauer

                                      ------------------------------
                                      Thomas Metz

                                      ------------------------------
                                      Siegfried Piel

                                      ------------------------------
                                      PRIME ASSET MANAGEMENT

                                      ------------------------------
                                      Dieter Pfundt

                                      SERIES F HOLDERS:

                                      -15-<PAGE>   1
                                                                    EXHIBIT 10.2

                            BLAXXUN INTERACTIVE, INC.
                             STOCKHOLDERS' AGREEMENT

         This Stockholders' Agreement (hereinafter referred to as the
"Stockholders' Agreement") is entered into as of September __, 1998, by and
among blaxxun interactive, Inc., a Delaware corporation (the "Company"), CMG
Information Services, Inc., a Delaware corporation ("CMGI"), CMG@Ventures, Inc.,
a Delaware corporation and wholly-owned subsidiary of CMGI ("@Ventures"), the
founders of the Company set forth in Schedule I attached hereto (the "Founders")
and EBIT Eigenkapital Beteiligungsgesellschaft fuer Innovative
Technologieunternehmen Gesellschaft Buergerlichen Rechts, with limitation of
liability ("EBIT). This Stockholders' Agreement amends and restates in its
entirety the Second Amended and Restated Founders' Agreement, dated as of May
24, 1996, between the Company, CMGI, @Ventures, the Founders and EBIT, as
amended to date, which agreement and all amendments thereto shall become null
and void upon the execution hereof.

         WHEREAS, CMGI, @Ventures, and the Founders previously entered into a
Founders' Agreement dated as of July 31, 1995 (the "Original Agreement") and a
Series A Convertible Preferred Stock Purchase Agreement dated as of July 31,
1995 (the "Stock Purchase Agreement");

         WHEREAS, CMGI, @Ventures and the Founders entered into an Amended and
Restated Founders' Agreement dated as of July 24, 1996 (the "Restated
Agreement") to amend and restate in its entirety the Original Agreement;

         WHEREAS, EBIT purchased an aggregate of 400,000 shares of Series B
Convertible Preferred Stock, par value $.01 per share, of the Company (the
"Series B Preferred Stock"), pursuant to a Series B Convertible Preferred Stock
Purchase Agreement dated as of May 24, 1996 (the "EBIT Purchase Agreement");

         WHEREAS, concurrently with the EBIT Purchase Agreement, CMGI,
@Ventures, the Founders and EBIT entered into a Second Amended and Restated
Founders' Agreement (the "Second Restated Agreement") to amend and restate in
its entirety the Restated Agreement to include EBIT as a party thereto;

         WHEREAS, CMGI, @Ventures, EBIT and the Founders entered into an
Amendment No. 1, dated as of September __, 1997, to the Second Restated
Agreement ("Amendment No. 1") in order to, among other things, modify the
composition of the Board of Directors of the Company;

         WHEREAS, the Corporation previously entered into a certain Stock
Exchange Agreement, dated as of September 13, 1995 (as amended to date) with the
Founders and blaxxun interactive Aktiengesellschaft (the "AG"), whereby the
Founders have the right at any time to exchange their entire equity interest in
the AG for 1,976,000 shares of Common Stock of the

<PAGE>   2

Corporation, as more fully set forth in the Stock Exchange Agreement (the
"Exchange", and the occurrence of such Exchange is referred to herein as the
"Exchange Event").

         WHEREAS, the Founders with the exception of Peter Graf (the
"Participating Founders") have effected the Exchange in accordance with the
terms of the Stock Exchange Agreement and the Restated Founders' Agreement,
except that the Company and the Participating Founders have agreed to modify the
terms of the Exchange so that each of the Participating Founders shall exchange
his or her equity interest in the AG for that number of shares of the Company's
newly authorized Series D Preferred Stock, $.01 par value per share (the "Series
D Preferred") listed opposite such Participating Founders' name on Schedule I
attached hereto, in lieu of exchanging his or her equity interest in the AG for
shares of the Company's Common Stock, as previously contemplated;

         WHEREAS, the Company, CMGI, @Ventures, EBIT and the Founders desire to
amend and restate the Second Restated Agreement in its entirety in order to (i)
account for the modification of the terms of the Exchange by replacing any
references to the Founders' Common Stock in the Second Restated Founders'
Agreement with references to the Founders' Series D Preferred, which such Series
D Preferred is convertible at any time into Common Stock, so that the rights and
restrictions placed on the Common Stock by the Second Restated Founders'
Agreement shall now be applicable to the Series D Preferred Stock, (ii)
eliminate the provisions of the Second Restated Agreement which are no longer
applicable, (iii) restate the rights, obligations and restrictions with respect
to the sale, transfer, pledge or other disposition of the shares of capital
stock of the Company now or hereafter owned by any of the undersigned, and (iv)
change the name of this Agreement from "Second Restated Founders' Agreement" to
"Stockholders' Agreement";

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree that the
Second Restated Agreement shall be further amended and restated as follows:

         1.       Election of Directors:  Compensation.

                  1.1 Election of Directors. Prior to the completion of a
Qualified IPO or Qualified Sale, at each annual meeting of the stockholders of
the Company, or at each special meeting of the stockholders of the Company
involving the election of directors of the Company, and at any other time at
which stockholders of the Company will have the right to or will vote for or
render consent in writing regarding the election of directors of the Company,
then and in each event, @Ventures, CMGI, EBIT and each of the Founders hereby
covenants and agrees to vote all shares of capital stock ("Capital Stock") of
the Company presently owned or hereafter acquired by them (including such shares
owned of record or over which any one or more of them exercises voting control)
in favor of the following actions:

                  (a) to fix and maintain the number of Directors of the Company
at not more than three Directors;

                                      -2-
<PAGE>   3

                  (b) to cause and maintain the election to the Board of
Directors of the

Company of one designated representative of the Founders nominated by Founders,
who shall

be initially Franz W. Buchenberger (the "Management Director");

                  (c) to cause and maintain the election to the Board of
Directors of the Company of one designated representative of @Ventures nominated
by @Ventures, who shall

be initially Guy A. Bradley (the "@Ventures Director");

                  (d) to cause and maintain the election to the Board of
Directors of the Company of one designated representative of EBIT nominated by
EBIT, who shall initially be Heydan von Frankenberg; and

                  (e) to cause and maintain the election by the Board of
Directors of the Company of a Compensation Committee of the Board comprised of
the three Directors specified above.

         1.2 Vacancies and Removal. The Management Director designated above in
Section 1.1 shall be elected at any annual or special meeting of stockholders
(or by written consent in lieu of a meeting of stockholders) by the holders of a
majority of the outstanding shares of Series D Preferred Stock and shall serve
until his successor is designated by the Founders and elected and qualified or
until his earlier death, resignation or removal. The Management Director may be
removed during his term of office by and only by the affirmative vote or written
consent of the holders of a majority of the outstanding shares of Series D
Preferred Stock and the consent of the Founders. Upon the Management Director's
death, resignation or removal, his successor shall be designated by the Founders
and elected and qualified immediately. The Founders may not assign their rights
under this Section 1.2.

         1.3 Compensation Committee. The Compensation Committee shall determine
the compensation of the members of the management team (including salary,
bonuses and options).

         2.       Right of First Refusal on Dispositions: Co-Sale Rights.

                  2.1      Receipt of Third-Party Offer.   If at any time prior
to the completion of a Qualified IPO or Qualified Sale as hereinafter defined,
any Founder or EBIT (the "Selling Holder") desires to sell for cash, cash
equivalents or any other form of consideration (including a promissory note) all
or any part of its shares of Capital Stock of the Company pursuant to an offer
(or proposed offer) from any third party (the "Proposed Transferee"), the
Selling Holder shall submit a written offer (the "Offer") to sell such shares
(the "Offered Shares") to all the holders of Series A Preferred Stock of the
Company on terms and conditions, including price, not less favorable to such
holders than those on which the Founder or EBIT, as the case may be, proposes to
sell such Offered Shares to the Proposed Transferee. The Offer shall disclose
the identity of the Proposed Transferee, the number of Offered Shares proposed
to be sold, the total

                                      -3-
<PAGE>   4

number of shares owned by the Selling Holder, the terms and conditions,
including price, of the proposed sale, and any other material facts relating to
the proposed sale. The Offer shall further state that the holders of Series A
Preferred Stock may acquire, in accordance with the provisions of this
Agreement, all of the Offered Shares offered by any one Selling Holder and all
or any part of the Offered Shares offered by more than one of the Selling Holder
(if such shares represent in excess of 10% of the voting Common Stock of the
Company) for the price and upon the other terms and conditions, including
deferred payment (if applicable), set forth therein.

                  2.2 Notice of Intent to Purchase. If any one or more of the
holders of Series A Preferred Shares desires to purchase all or any part of the
Offered Shares, such holder or holders shall each have the right to purchase its
pro-rata share of the Offered Shares in proportion to its holdings of such
Preferred Shares (together with a right to purchase all or any part of such
Offered Shares not purchased by other holders of Series A Preferred Shares also
in proportion, in each instance, to the holdings of such Preferred Shares among
those holders desiring to purchase such Offered Shares) and such holder or
holders shall communicate in writing its or their election to purchase to the
Selling Holder, which communication shall state the number of Offered Shares
such holder or holders desire to purchase and shall be delivered in person or
mailed to the Selling Holder within 20 days of the receipt of the Offer by the
holders of Series A Preferred Stock. Such communication shall, when taken in
conjunction with the Offer, be deemed to constitute a valid, legally binding and
enforceable agreement for the sale and purchase of the Offered Shares. Sales of
the Offered Shares to be sold to the holders of Series A Preferred Stock
pursuant to this Section 5 shall be made at the offices of the Company on the
40th day following the date the Offer is received by such holders (or if such
40th day is not a business day, then on the next succeeding business day) or on
such other day and at such time and place as the parties shall mutually agree.
Such sales shall be effected by the Selling Holder's delivery to such holders of
a certificate or certificates evidencing the Offered Shares (or any portion
thereof) to be purchased by it, duly endorsed for transfer to such holders,
against payment to the Selling Holder of the purchase price therefor by such
holders.

                  2.3      Sale to Third Party.  If the holders of Series A
Preferred Stock do not purchase all of the Offered Shares, the Offered Shares
may be sold by the Selling Stockholder, at any time within 90 days after the
date the Offer was made, subject to the provisions of this Section 5. Any such
sale shall be to the Proposed Transferee, at not less than the price and upon
other terms and conditions, if any, not more favorable to the Proposed
Transferee than those specified in the Offer. Any Offered Shares not sold within
the 90 day period shall continue to be subject to the requirements of a prior
offer pursuant to this Section 5. If Offered Shares are sold pursuant to this
Section 5 to any purchaser who is not a party to this Agreement, the Offered
Shares so sold shall no longer be subject to any of the restrictions imposed by
this Agreement.

                  2.4 Limitations on Pledge. Each Founder agrees that he or she
will not mortgage, pledge, hypothecate or otherwise encumber his or her
respective shares of Series D Preferred Stock of the Company without the prior
written consent of the holders of a majority of the Series A Preferred Shares.

                                      -4-
<PAGE>   5

                  2.5 Co-Sale Right. If at any time any holder of Series A
Preferred Stock, any Founder or EBIT desires to sell all or any part of the
shares of Capital Stock of the Company (the "Co-Sale Shares") owned by such
holder (the "Selling Stockholder") to any person or entity (excluding sales to
one or more of the holders of Series A Preferred Stock pursuant to the right of
first refusal set forth in Sections 5.1 and 5.2 above), such Selling Stockholder
shall provide written notice to all the holders of Series A Preferred Stock, the
Founders and EBIT of the terms and conditions of such proposed sale at least 20
days prior to the closing of such sale and each holder of Series A Preferred
Stock, each Founder and EBIT shall have the right to sell to the Purchaser, at
the same price per share and on the same terms and conditions as involved in
such sale by the Selling Stockholder, such number of shares of Capital Stock of
the Company owned by such holder as is equal to the number of Co-Sale Shares
(which term shall include the number of shares of Common Stock into which shares
of Series A Preferred Stock, Series B Preferred Stock and Series D Preferred
Stock being sold by the Selling Stockholder could be converted and the number of
shares of Common Stock issuable upon the exercise of presently exercisable
options) multiplied by a fraction, the numerator of which is the aggregate
number of shares of Common Stock of the Company owned by such holder (including
the aggregate number of shares of Common Stock into which shares of Series A
Preferred Stock, Series B Preferred Stock and Series D Preferred Stock owned by
such holder or Founder could be converted and the aggregate number of shares of
Common Stock issuable upon the exercise of any presently exercisable options
owned by such Founder), and the denominator of which is the sum of all shares of
Capital Stock of the Company owned by the holders of Series A Preferred Stock
and Series B Preferred Stock, by the Founders and by EBIT on an as if converted
basis and upon exercise of options as aforesaid.

                  2.6 Notice of Intent to Participate. If any holder wishes to
so participate in any sale under Section 2.5, it shall notify the Selling
Stockholder in writing of such intention as soon as practicable after receipt of
the Offer made pursuant to Section 2.5, and in any event within 20 days after
the date such Offer was made. Such notification shall be delivered in person or
mailed to the Selling Stockholder.

                  2.7 Sale of Co-Sale Shares. The Selling Stockholder and any
participating holder shall sell to the Purchaser all, or at the option of the
Purchaser, any part of the shares proposed to be sold by them at not less than
the price and upon other terms and conditions, if any, not more favorable to the
Purchaser than those in the Offer provided by the Selling Stockholder under
Section 2.5 above; provided, however, that any purchase of less than all of such
shares by the Purchaser shall be made from the Selling Stockholder and any
participating holder pro rata based upon the relative amounts of the shares that
the Selling Stockholder and any participating holder are otherwise entitled to
sell pursuant to Section 2.5.

                  2.8 Release of Shares. Any shares sold pursuant to Section 2.7
shall no longer be subject to the restrictions imposed by this Agreement and
shall no longer be entitled to the benefits conferred by this Agreement. On and
after August 1, 2000, EBIT shall be released from its obligations under Section
2.5, 2.6 and 2.7 hereof, but shall remain subject to the other terms and
conditions of this Agreement.

                                      -5-
<PAGE>   6

                  2.9 Permitted Transfer. The terms and conditions of this
Section 2 shall not apply to any Permitted Transfer by any holder of Series A or
B Preferred Stock or the Founders. For purposes of this Agreement, "Permitted
Transfer" means (i) any transfer by a Founder to his or her Immediate Family
Member or a trust solely for the benefit of an Immediate Family Member or (ii)
any transfer by any holder of Series A Preferred Stock of any of its shares of
Capital Stock of the Company to or for the benefit of any Affiliate of
@Ventures, or (iii) any transfer by any holder of Series B Preferred Stock or
any of its shares of Capital Stock of the Company to or for the benefit of any
Affiliate or EBIT or (iv) on or after the date of filing by the Company for
bankruptcy or for the initiation of insolvency proceedings, any transfer by EBIT
to a German governmental agency which has provided financing to the Company (the
"German Partner"), but only to the extent that the transfer to the German
Partner is pursuant to the exercise of a purchase right granted by EBIT to the
German Partner as an inducement for the German Partner to provide financing to
the Company; provided that it shall be a condition of each such transfer that
the transferee agrees to be bound by the terms of this Agreement as though no
such transfer had taken place. For purposes of the Agreement the term
"Affiliate" means any person or entity controlling, controlled by or under
common control with, @Ventures or EBIT, as the case may be.

                  2.10 Right of First Refusal in Company Sales.

                  (a) Right of First Refusal on Company Issuances. The Company
shall, prior to any proposed issuance by the Company of any of its securities,
first offer to each of the holders of Series A Preferred Stock, the holders of
the Series B Preferred Stock and to each of the Founders (the "Offerees"), by
written notice the right, for a period of 30 days, to purchase for cash at an
amount equal to the price or other consideration for which such securities are
to be issued, a number of such securities so that, after giving effect to such
issuance (and the conversion, exercise and exchange into or for (whether
directly or indirectly) shares of Common Stock of such securities that are so
convertible, exercisable or exchangeable), each of the Offerees will continue to
maintain in its same proportionate equity ownership (on a fully-diluted basis)
in the Company as of the date of such notice (treating each such party, for the
purpose of such computation, as the holder of the number of shares of Common
Stock which would be issuable to such party upon conversion, exercise and
exchange of all securities held by such party on the date such offer is made,
that are convertible, exercisable or exchangeable into or for (whether directly
or indirectly) shares of Common Stock and assuming the like conversion, exercise
and exchange of all such other securities held by other persons).

                  (b) Exceptions to Right of First Refusal. The participation
rights of each of the Offerees pursuant to this Section 2.10 shall not apply to
securities issued or issuable: (A) upon conversion of any of the Company's
outstanding convertible securities (including without limitation any class or
series of Preferred Stock, including the Series A Preferred Stock, the Series B
Preferred Stock, the Series C Preferred Stock and the Series D Preferred Stock),
(B) as a stock dividend or upon any subdivision of shares of Common Stock,
provided that the securities pursuant to such stock dividend or subdivision are
limited to additional shares of Common Stock, (C) pursuant to subscriptions,
warrants, options, convertible securities, or other rights which are outstanding
on the date of this Agreement, (D) solely in consideration for the

                                      -6-
<PAGE>   7

acquisition (whether by merger or otherwise) by the Company or any of its
subsidiaries of all or substantially all of the stock or assets of any other
entity, (E) pursuant to a public offering, (F) pursuant to the exercise of
options or warrants to purchase Common Stock granted in the future to directors,
officers, employees or consultants of the Company and approved after the date of
this Agreement by the Compensation Committee, and (G) upon the exercise of any
right which was not itself in violation of the terms of this Section 2.10.

                  (c) Mechanics of Right of First Refusal. The Company's written
notice to the Offerees shall describe the securities proposed to be issued by
the Company and specify the number, price and payment terms. Each of the
Offerees may accept the Company's offer as to the full number of securities
offered to it or any lesser number, by written notice thereof given by it to the
Company prior to the expiration of the aforesaid 30 day period, in which event
the Company shall sell and such party shall buy, upon the terms specified, the
number of securities agreed to be purchased by such party at such time and
commensurate with the sale by the Company of all of the remainder of such
securities and as hereinafter provided. The Company shall be free at any time
prior to 180 days after the date of its notice of offer to each of the Offerees,
to offer and sell to any third party or parties the remainder of such securities
proposed to be issued by the Company (including but not limited to the
securities not agreed by the Offerees to be purchased by them), at a price and
on payment terms no less favorable to the Company than those specified in such
notice of offer to the Offerees. However, if such third party sale or sales are
not consummated within such 180 day period, the Company shall not sell such
securities as shall not have been purchased within such period without again
complying with this Section 2.10. The issuance by the Company of any of its
securities to @Ventures or an entity affiliated with @Ventures shall be subject
to appraisal in the manner and to the extent provided in Section 3 below.

         3. Merger or Sale of Company. Any merger or sale of the Company will be
carried out in such a way so that all shareholders benefit equally in proportion
to their share-holdings. Any merger or sale (or partial sale) of the Company to
an entity affiliated with @Ventures will be carried out at arms length and
according to fair market value. If the Founders disagree with the value defined
by @Ventures, the following arbitration process will be followed. @Ventures and
the Founders will each commission an independent appraisal firm to estimate the
fair market value of the Company. If the differences between the two values is
less than or equal to 10% of the upper value, then the average of the two values
will be defined as the fair market value. Otherwise the two appraisal firms will
agree on a third appraisal firm, which will estimate a third value. The fair
market value will then be defined as the average of the third value and the
closest of the other two. Appraisal costs will be paid by the Company. If
@Ventures or an entity affiliated with @Ventures invests an additional sum in
the Company, then if the Founders disagree with the implied valuation of the
Company the appraisal process described in this Section 3 will be used to
determine the valuation to be used.

         4. Interested Transactions Except as expressly contemplated by this
Agreement, the Company shall not buy, sell, lease or license any substantial
assets from, borrow from or lend any money to, or deal with or enter into any
other material transactions or agreements with

                                      -7-
<PAGE>   8

CMGI, @Ventures or an Affiliate of either of them, unless such transaction is
negotiated in good faith in the ordinary course of business and on an
arm's-length basis.

         5. Control. From and after the First Closing, @Ventures shall have all
the rights of a control stockholder under Delaware law commensurate with its
ownership of Capital Stock of the Company so long as @Ventures owns a majority
of the voting securities of the Company.

         6. Miscellaneous.

                  6.1 Termination of Covenants. The covenants set forth in this
Agreement shall terminate and be of no further force or effect upon the first to
occur of (i) the closing of the Company's Qualified Initial Public Offering or
Qualified Sale as defined below (except with respect to Co-Sale Rights), or (ii)
the Company first becoming subject to the periodic reporting requirements of
Sections 12(g) or 15(d) of the 1934 Act, or (iii) the redemption of all the
Company's Series A Preferred Stock and Series B Preferred Stock, or (iv) written
agreement between the Company, @Ventures or its successors or assigns, the
Founders and EBIT. The term "Qualified Initial Public Offering" shall mean an
underwritten public offering pursuant to an effective registration statement
under the Securities Act of 1933, as amended, covering the offer and sale of
shares of Common Stock of the Company but only if (i) the Common Stock of the
Company is sold at a price to the public of not less than ten times the average
price per share paid to the Company for the Series A Preferred Stock (such
amount to be equitably adjusted whenever there shall occur a stock split,
combination, reclassification or other similar event affecting the Common
Stock), (ii) the aggregate proceeds (before deduction of any underwriting
discounts, commissions or expenses) received by the Company from such public
offering, at the public offering price shall equal or exceed $10 million; and
(iii) each of the underwriters participating in such public offering shall be
obligated to buy on a "firm commitment" basis all shares of capital stock of the
Company which such underwriters shall have agreed to distribute. The term
"Qualified Sale" shall mean a sale of substantially all the assets of the
Company or a merger of the Company but only if the Preferred Stock of the
Company, sold on an "as-if" converted basis, is sold at a price per share or for
other consideration valued at not less than ten times the average price per
share paid to the Company for the Series A Preferred Stock (such amount to be
equitably adjusted whenever there shall occur a stock split, combination,
reclassification or other similar event effecting the Common Stock).

                  6.2 Transfer of Stock. Except as otherwise expressly provided
by this Agreement, each party to this Agreement agrees not to transfer any of
its shares of Capital Stock of the Company unless the transferee agrees in
writing to be bound by the terms and conditions of this Agreement and executes a
counterpart of this Agreement, and unless such Investor has compiled with
applicable law in connection with such transfer.

                  6.3 Legend. Each certificate representing shares of Common
Stock, Series A Preferred Stock, Series B Preferred Stock and Series D Preferred
Stock shall bear the following legends, until such time as the shares of Common
Stock, Series A Preferred Stock, Series B Preferred Stock or Series D Preferred
Stock represented thereby are no longer subject to the provisions hereof.

                                      -8-
<PAGE>   9

                  "The sale, transfer or assignment of the securities
                  represented by this certificate are subject to the terms and
                  conditions of a certain Stockholders' Agreement dated as of
                  September ___, 1998, among the Company and certain of its
                  stockholders. Copies of such Agreement may be obtained at no
                  cost by written request made by the holder of record of its
                  certificate to the Secretary of the Company."

                  "The securities represented by this certificate have not been
                  registered under the Securities Act of 1933, as amended, or
                  applicable state securities laws. These securities have been
                  acquired for investment and not with a view to distribution or
                  resale, and may not be sold, offered for sale, mortgaged,
                  pledged, hypothecated or otherwise transferred without a
                  registration statement for such securities being in effect
                  under the Securities Act of 1933 and any applicable state
                  securities laws or an opinion of counsel satisfactory to the
                  Company to the effect that such registrations are not
                  required."

                  6.4 Severability; Governing Law. If any provisions of this
Agreement shall be determined to be illegal or unenforceable by any court of
law, the remaining provisions shall be several and enforceable in accordance
with their terms. This Agreement shall be governed by, and construed in
accordance with, the laws of the Commonwealth of Massachusetts.

                  6.5 Injunctive Relief. It is acknowledged that it will be
impossible to measure the damages that would be suffered by the parties hereto
if any party fails to comply with the provisions of this Agreement and that in
the event of any such failure, the other parties will not have an adequate
remedy at law. The parties hereto shall, therefore, be entitled to obtain
specific performance of all obligations hereunder and to obtain immediate
injunctive relief. No party shall urge, as a defense to any proceeding for such
specific performance or injunctive relief, that any other party has an adequate
remedy at law.

                  6.6 Binding Effect. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective permitted
successors and assigns, legal representatives and heirs.

                  6.7 Modification or Amendment. Neither this Agreement nor any
provision hereof can be modified, amended, changed, discharged, waived or
terminated except by an instrument in writing, signed by all the parties hereto,
except that the Founders can be bound by the decision of a majority vote of the
outstanding shares of Series D Preferred Stock held by the Founders.

                  6.8 Counterparts. This Agreement may be executed in one or
more counterparts, each of which shall be deemed to be an original. but all of
which taken together shall constitute one and the same instrument.

                    6.9 Notices. All notices and other communications which by
any provision of this Shareholder Agreement are required or permitted to be
given shall be given in writing and

                                      -9-
<PAGE>   10

shall be (a) mailed by first-class or express mail, postage prepaid, (b) sent by
telex, telecopy or other form of rapid transmission, confirmed by mailing (by
first class or express mail, postage prepaid) written confirmation at
substantially the same time as such rapid transmission or (c) personally
delivered to the receiving party (which if other than an individual shall be an
officer or other responsible party of the receiving party). All such notices and
communications she be mailed, sent or delivered as follows:

                If to @VENTURES, to:  CMG@Ventures Management Services, Inc.
                                      100 Brickstone Square
                                      Andover, MA 01810
                                      Attn: Guy Bradley
                                      Facsimile: (978) 684-3672

                     with a copy to:  William Williams II, Esq.
                                      Palmer & Dodge
                                      One Beacon Street
                                      Boston, MA 02108
                                      Facsimile: (617) 227-4420

              If to the Founders, to: The Founders at the addresses set
                                      forth on Schedule I

                     with a copy to:  Michael J. Riccio Jr., Esq.
                                      Hutchins, Wheeler & Dittmar
                                      101 Federal Street
                                      Boston, MA 02110
                                      Facsimile: (617) 951-1295

              If to the Company, to:  blaxxun interactive, Inc.
                                      14 Juri Street
                                      San Francisco, CA 94110
                                      Facsimile: (415) 273-7001

                     with a copy to:  Michael J. Riccio, Jr., Esq.
                                      Hutchins, Wheeler & Dittmar
                                      101 Federal Street
                                      Boston, MA 02110
                                      Facsimile: (617) 951-1295

                     If to EBIT, to:  EBIT Eigenkapital Beteiligungsgesellschaft
                                      fuer Innovative Technologieunternehmen
                                      Gesellschaft Buergerlichen Rechts,
                                      with limitation of liability

                                      -10-
<PAGE>   11

                                      c/o Equity Research & Management
                                      Aktiengesellschaft
                                      fuer Beteiligungsberatung
                                      Facsimile:   49 89 29095499

                     with a copy to:  Andreas Rodin, Esq.
                                      Baker & McKenzie
                                      Pollath + Partner
                                      Friedrichstrasse 200
                                      D-10117 Berlin-Mitte
                                      10787 Berlin, Germany
                                      Facsimile: *49-30-2233-2200

or to such other person(s), telex or facsimile number(s) or address(es) as the
party to receive any such communication or notice may have designated by written
notice to the other party.

                6.10 Merger Provision; Termination of Restated Agreement. This
Agreement constitutes the entire agreement by any of the parties hereto
pertaining to the subject matter hereof and supersedes all prior and
contemporaneous agreements and understandings, whether oral or written, of any
of the parties hereto concerning the subject matter hereof. Concurrently with
the execution and delivery of this Agreement by CMGI, @Ventures and the
Founders, the Second Restated Agreement shall be terminated and of no further
force or effect.

                6.11 Mutual Intent. CMGI, @Ventures, EBIT, the Founders and the
Company intend to work towards the goal of maximizing shareholder value through
a long-term partnership culminating in an IPO or a sale of the Company.

                                      * * *

                                      -11-
<PAGE>   12

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

BLAXXUN INTERACTIVE, INC.             CMG@VENTURES, INC.

By:____________________________       By:________________________________
   Name:  Franz Buchenberger             Name:
   Title:   President                    Title:

                                      CMG INFORMATION SERVICES, INC.

                                      By:________________________________
                                         Name:
                                         Title:

                                      -----------------------------------
                                      Franz W. Buchenberger

                                      -----------------------------------
                                      Peter Graf

                                      -----------------------------------
                                      Bernd-Michael Habermeyer

                                      -----------------------------------
                                      Rainer Heigenmoser

                                      -----------------------------------
                                      Kristof Nast-Kolb

                                      -----------------------------------
                                      Claudia Rockwell

                                      -----------------------------------
                                      Robert Schoeller

                                      -12-
<PAGE>   13

                                       -----------------------------------
                                       Thilo Schwerdfeger

                                       EBIT Eigenkapital Beteiligungsgesell
                                       schaft fuer Innovative
                                       Technologieunternehmen Gesellschaft
                                       Buergerlichen Rechts, with
                                       limitation of liability

                                       By:________________________________
                                          Name:     Klaus Hufnagel / Heydan
                                                    von Frankenberg
                                          Title:    Directors

                                      -13-
<PAGE>   14

                            BLAXXUN INTERACTIVE, INC.

                             STOCKHOLDERS' AGREEMENT

                                   SCHEDULE 1

<TABLE>
<CAPTION>
Founders                                              Series D Preferred
                                                                   Stock
                                                                   -----
<S>                                                   <C>
Franz W. Buchenberger                                         402,135.00
Parchetwiesen 33                                              365,925.00
D-82362 weilheim
Bernd-Michael Habermeyer
Herzogstandstrasse 21
D-82362 Weilheim
Ingrid Buchenberger                                           329,726.00
Parchetwiesen 33                                              146,369.00
D-82362 weilheim
Claudia Rockwell *
Milloeckerstrasse 34A
D-81477 Muenchen
Rainer Heigenmoser                                            146,369.00
Ausser Muenchnerstrasse 1
D-83026 Rosenheim
Kristof Nast-Kolb                                             146,369.00
Alte Bahnhofstrasse 13
D-82343 Poecking
Robert Schoeller                                              146,369.00
Brunnenweg 14
D-85757 Karlsfeld
Peter Graf **                                                 146,369.00
14 Juri Street
San Francisco, CA 94110
Thilo Schwerdfeger                                            146,369.00
Karlstrasse 118
D-80335 Muenchen

                         TOTAL                              1,976,000.00
</TABLE>

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

* Includes portion of the AG held in the name of Robert Rockwell.

                                      -14-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00010-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00010-of-00352.parquet"}]]