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                                                                   EXHIBIT 10.33

THE SECURITY EVIDENCED BY THIS NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION
OF THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED UNLESS THERE IS AN
EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES, THE
SALE, TRANSFER OR ASSIGNMENT IS MADE IN ACCORDANCE WITH RULE 144 UNDER THE ACT,
OR THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF THESE SECURITIES
REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE, TRANSFER OR
ASSIGNMENT IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS
OF SUCH ACT.

                             SECURED PROMISSORY NOTE

Four Hundred Thousand Dollars
($400,000.00)                                                  September 7, 2000

A.      Principal and Interest. For value received, the undersigned, Euphonix,
Inc., a California corporation ("Borrower"), hereby promises to pay to Walter
Bosch ("Lender"), or his registered assigns, the principal sum of Four Hundred
Thousand Dollars ($400,000). Interest shall accrue with respect to the
outstanding principal hereunder at the per annum rate of eight percent (8.00%),
net of any deductions or withholding taxes. Interest payable hereunder shall be
calculated on the basis of a three hundred sixty (360) day year for actual days
elapsed. Interest shall be due and payable (or converted as set forth in Section
B below) upon payment or conversion of the principal sum of this Note pursuant
to Section B below. Notwithstanding the foregoing to the contrary, during any
period for which an Event of Default shall have occurred and be continuing,
interest shall accrue with respect to the outstanding principal amount hereunder
at the per annum rate of fourteen percent (14.00%), net of any deductions or
withholding taxes.

B.      Payment or Conversion.

        1.      Scheduled Payment. Subject to other provisions of this Note, the
outstanding principal sum of this Note, together with the accrued interest
thereon, shall be due and payable on July 31, 2001.

        2.      No Prepayment. Borrower shall not have the right at any time to
time to prepay, in whole or in part, the outstanding principal sum of this Note
and/or any accrued interest thereon.

        3.      Form of Payment. Unless converted pursuant to the terms set
forth below, the outstanding principal sum and accrued interest thereon are to
be paid in lawful money of the United States of America in federal or other
immediately available funds.

        4.      Immediate Payment. Notwithstanding anything herein to the
contrary, in the event that all necessary shareholder, regulatory and other
approvals or consents for the convertibility of this Note as set forth below are
not obtained by July 31, 2001, the outstanding principal amount and

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accrued interest thereon, shall be repaid in full upon demand by the Lender;
provided, however, that the Lender must provide at least one (1) month prior
written notice to the Borrower prior to such demand. In addition, such demand
may not be made (x) if shareholder approval for the convertibility of this Note
is not obtained as a result of the Lender failing to vote or consent for such
convertibility, or (y) if shareholder approval for the convertibility of this
Note would not be required so long as the Borrower obtain shareholder approval
with respect to such other security issuances by the Borrower, but shareholder
approval with respect to such other issuances not be obtained as a result of the
investors failing to vote or consent with respect to such other issuances.

        5.     Conversion.

               (a) Subject to obtaining all necessary shareholders, regulatory
and other approvals or consents and further subject to Section B.5(c) hereof,
all or part of the principal sum of this Note, together with the accrued
interest thereon, shall be convertible at the option of the Lender into shares
of common stock of the Borrower (the "Common Stock"). The number of shares of
Common Stock to be issued upon such conversion(s) shall be equal to the quotient
obtained by dividing (i) such part (or all) of the principal sum of this Note
plus accrued interest thereon by (ii) the average closing bid price for the
Common Stock for the ten trading days immediately preceding the day of execution
of this Note, which is $2.3562 per share (the "Purchase Price").

               (b) No fractional share of Common Stock will be issued upon such
conversion(s) of this Note. In lieu of any fractional share to which the Lender
would otherwise be entitled, the Borrower will pay to the Lender in cash the
amount of the unconverted principal and interest balance of this Note that would
otherwise be converted into such fractional share. At its expense, the Borrower,
will as soon as practicable thereafter, issue and deliver to the Lender, at its
principal office, or other address notified by the Lender to the Borrower from
time to time, a certificate or certificates for the number of shares
(representing its pro rata portion) to which the Lender is entitled upon such
conversion(s). Upon such conversion(s) of this Note, the Borrower will be
forever released from all of its obligations and liabilities under this Note, to
the extent of the conversion. Such conversions may be exercised individually by
the Lender but notwithstanding anything herein to the contrary, each such
conversion must be for the full amount of the outstanding principal and accrued
interest thereon payable to the Lender exercising its rights under Section B.5
hereunder at the time of such exercise.

               (c) Notwithstanding anything herein to the contrary, Section
B.5(a) of this Note shall not apply and this Note shall not be convertible into
shares of Common Stock as contemplated herein (i) until such time as the
Borrower has obtained shareholder approval of the conversion feature of this
Note as and to the extent required by the rules of the National Association of
Securities Dealers; and (ii) upon the occurrence of the following: the
consummation of any transaction or series of transactions (collectively, the
"Transaction"), including without limitation, the sale, transfer or disposition
of all or substantially all of the Borrower's assets or the merger of the
Borrower with or into, or consolidation with, any other corporate entity,
whereby the holders of the Borrower's voting securities prior to the Transaction
do not hold more than 50% of the voting securities of the surviving entity
following the consummation of the Transaction. Notice of any such Transaction
shall be provided to the Lender fourteen (14) calendar days prior to the
consummation

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of any such Transaction and, notwithstanding anything to the contrary contained
elsewhere in this Note, Lender may exercise his rights of conversion during such
14-day period.

C.      Security Interest.

        1.      Grant of Security Interest. Borrower grants to Lender a security
interest in the Collateral, as defined herein, to secure the payment of all of
the outstanding indebtedness hereunder (the "Secured Obligations") including,
without limitation, principal and accrued interest and any attorneys' fees to
which Lender is entitled under this Note.

        2.      Representations and Warranties Regarding Collateral. On the date
of this Note, Borrower does and shall represent and warrant to Lender, that as
of such date:

                (a) Borrower is the true and lawful owner of the Collateral,
having good and marketable title thereto, free and clear of any and all Liens
other than the Lien and security interest granted to Lender hereunder and
Permitted Liens.

                (b) The lien against the Collateral granted hereunder is and
shall be a first-priority lien against the collateral and each portion thereof,
subject to Permitted Liens.

                (c) Borrower shall not create or assume or permit to exist any
such Lien on or against any of the Collateral except as created or permitted by
this Note and Permitted Liens, and Borrower shall promptly notify Lender of any
such other Lien against the Collateral and shall defend the Collateral against,
and take all such action as may be reasonably necessary to remove or discharge,
any such Lien.

                (d) Borrower shall take all commercially reasonable actions
necessary to protect and preserve the Collateral which is used in its business
in good condition and repair, subject to ordinary wear and tear, and to preserve
its value and usefulness.

                (e) No part of the Intellectual Property Collateral has been
judged invalid or unenforceable, in whole or in part.

                (f) No claim has been made that any part of the Intellectual
Property Collateral violates the rights of any third party.

                (g) The Collateral consists of all assets which are required for
the conduct and operation of the business of Borrower as of the date of this
Note.

                (h) The Intellectual Property Collateral includes all of the
technology, know-how and proprietary information which are required for the
conduct and operation of the business of borrower as of the date of this Note.

        3.      General Representations and Warranties. On the date of this
Note, Borrower does and shall represent and warrant to Lender, that as of such
date:

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                (a) ORGANIZATION AND QUALIFICATION. Borrower is a corporation
duly organized, validly existing and in good standing under the laws of the
State of California. Borrower has the requisite corporate power and authority to
own, operate or lease its properties and to carry on its business as it is now
being conducted and is duly qualified or licensed to do business, and is in good
standing, in each jurisdiction in which the nature of its business or the
properties owned, operated or leased by it makes such qualification, licensing
or good standing necessary, except where the failure to have such power or
authority, or the failure to be so qualified, licensed or good standing
necessary, except where the failure to have such power or authority, or the
failure to be so qualified, licensed or in good standing, would not have a
Material Adverse Effect.

                The term "Material Adverse Effect," as used in this Note, means
any change in or effect (or any development that is reasonably likely to result
in any change or effect) on the business, business prospects, properties,
assets, operations, financial condition or results of operations of Borrower
that is materially adverse to Borrower taken as a whole.

                (b) AUTHORITY RELATIVE TO THIS NOTE. This Note has been duly and
validly authorized, executed and delivered by Borrower and constitutes a valid
and binding obligation of Borrower enforceable against Borrower in accordance
with its terms, except that such enforceability (i) may be limited by
bankruptcy, insolvency, moratorium or other similar laws affecting or relating
to the enforcement of creditors' rights generally and (ii) is subject to general
principles of equity.

                (c) NO CONFLICT; REQUIRED FILINGS AND CONSENTS. Except for the
approval of Shareholders contemplated under Section B, none of the execution and
delivery of this Note by Borrower, the consummation by Borrower of the
transactions contemplated hereby or compliance by Borrower with any of the
provisions hereof will (i) conflict with or violate the certificate of
incorporation or by-laws of Borrower, (ii) conflict with or violate any material
statute, ordinance, rule, regulation, order, judgment or decree applicable to
Borrower, or by which Borrower or its properties or assets may be bound, or
(iii) result in a violation or breach of or constitute a default (or an event
which with notice or lapse of time or both would become a default) under, or
give to others any rights of termination, amendment, acceleration or
cancellation of, or result in any loss of any material benefit, or the creation
of any lien on any of the property or assets of Borrower pursuant to any
material agreement, a copy of which would be required to be filed as an exhibit
to the Company's Form 10-K or Form 10-Q filed with the Securities and Exchange
Commission (the "Commission") pursuant to the Securities Exchange Act of 1934,
as amended (the "Exchange Act").

                (d) CONSENTS. None of the execution and delivery of this Note by
Borrower, the consummation by Borrower of the transactions contemplated hereby
or compliance by Borrower with any of the provisions hereof will require any
consent, waiver, approval, authorization or permit of, or registration or filing
with or notification to (any of the foregoing being a "Consent"), any government
or subdivision thereof, or any administrative, governmental or regulatory
authority, agency, commission, tribunal or body, domestic, foreign or
supranational (a "Governmental Entity"), except for Consents the failure of
which to obtain or make would not have a Material Adverse Effect or adversely
affect the ability of Borrower to consummate the transactions contemplated
hereby; provided, that the convertibility feature of this Note as set forth in
Section B, which requires shareholder approval pursuant to the Nasdaq Stock
Market's shareholder approval provisions, is obtained.

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                (e) MATERIAL ADVERSE CHANGE. Since the date of the latest
financial statements filed by Borrower with the Commission prior to the date of
this Note, there has not been any event, occurrence or development that has
resulted or, to the Company's knowledge, is reasonably likely to result in a
Material Adverse Effect.

        4.      Perfection of Security Interest. Borrower agrees to take all
actions required or requested by Lender and reasonably necessary to perfect, to
continue the perfection of, and to otherwise give notice of, the Lien granted
hereunder, including, but not limited to, execution and filing of financing
statements and the filing of notices of security interests with the United
States Patent and Trademark Office.

D.      Events of Default.

        1.      Definition of Event of Default. The occurrence of any one or
more of the following events shall constitute an "Event of Default" hereunder:

                (a) Borrower's failure to perform, keep or observe any
obligation under this Note or any of the covenants contained in this Note which
failure is not cured within 30 days from the notice of the occurrence thereof
delivered by Lender to Borrower.

                (b) The lapse of 60 days following the institution of
proceedings against Borrower, or Borrower's filing of a petition or answer or
consent seeking reorganization or release, under the federal Bankruptcy Code, or
any other applicable federal or state law relating to creditor rights and
remedies, or Borrower's consent to the filing of any such petition or the
appointment of a receiver, liquidator, assignee, trustee or other similar
official of Borrower or of any substantial part of its property, or Borrower's
making of an assignment for the benefit of creditors, or the taking of corporate
action in furtherance of such action.

                (c) Any representation or warranty of the Borrower made in this
Note proves untrue in any material respect as of the date of the issuance or
making thereof.

        2.      Rights and Remedies on Event of Default.

                (a) During the continuance of an Event of Default, Lender shall
have the right, itself or through any of its agents, with notice to Borrower (as
provided below), as to any or all of the Collateral, by any available judicial
procedure, or without judicial process (provided, however, that it is in
compliance with the UCC), declare all obligations evidenced by this Note
immediately due and payable, cease advancing money or extending credit to or for
the benefit of Borrower under this Note, and to exercise any and all rights
afforded to a secured party under the UCC or other applicable law. Without
limiting the generality of the foregoing, Lender shall have the right to sell or
otherwise dispose of all or any part of the Collateral, either at public or
private sale, in lots or in bulk, for cash or for credit, with or without
warranties or representations, and upon such terms and conditions, all as
Lender, in its reasonable discretion, may deem advisable, and it shall have the
right to purchase at any such sale. Borrower agrees that a notice sent at least
fifteen (15) days before the time of any intended public sale or of the time
after which any private sale or other disposition of the Collateral is to be
made shall be reasonable notice of such sale or other disposition. The proceeds
of

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any such sale, or other Collateral disposition shall be applied, first to the
expenses of retaking, holding, storing, processing and preparing for sale,
selling, and the like, and to Lender's reasonable attorneys' fees and legal
expenses, and then to the Secured Obligations and to the payment of any other
amounts required by applicable law, after which Lender shall account to Borrower
for any surplus proceeds. If, upon the sale or other disposition of the
Collateral, the proceeds thereof are insufficient to pay all amounts to which
Lender is legally entitled, Borrower shall be liable for the deficiency,
together with interest thereon, and the reasonable fees of any attorneys Lender
employs to collect such deficiency; provided, however that the foregoing shall
not be deemed to require Lender to resort to or initiate proceedings against the
Collateral prior to the collection of any such deficiency or other amount
directly from Borrower.

                (b) Borrower appoints Lender, and any officer, employee or agent
of Lender, with full power of substitution, as Borrower's true and lawful
attorney-in-fact, effective as of the date hereof, with power, in its own name
or in the name of Borrower, during the continuance of an Event of Default, to
endorse any notes, checks, drafts, money orders, or other instruments of payment
in respect of the Collateral that may come into Lender's possession, to sign and
endorse any drafts against debtors, assignments, verifications and notices in
connection with accounts, and other documents relating to Collateral; to pay or
discharge taxes or Liens at any time levied or placed on or threatened against
the Collateral; to demand, collect, issue receipt for, compromise, settle and
sue for monies due in respect of the Collateral; to notify persons and entities
obligated with respect to the Collateral to make payments directly to Lender;
and, generally, to do, at Lender's option and at Borrower's expense, at any
time, or from time to time, all acts and things which Lender deems necessary to
protect, preserve and realize upon the Collateral and Lender's security interest
therein to effect the intent of this Note, all as fully and effectually as
Borrower might or could do; and Borrower hereby ratifies all that said attorney
shall lawfully do or cause to be done by virtue hereof. This power of attorney
shall be irrevocable as long as any of the Secured Obligations are outstanding.

                (c) All of Lender's rights and remedies with respect to the
Collateral, whether established hereby or by any other agreements, instruments
or documents or by law shall be cumulative and may be exercised singly or
concurrently.

                (d) Upon the occurrence of an Event of Default, the Lender may
bring suit against Borrower to collect amounts due the Lender under this Note.

E.      Restrictions on Transfer and Compliance with Securities Act.

        1.      Certificates. Certificates representing any of the shares of
Common Stock acquired pursuant to the provisions of this Note shall have
endorsed thereon the following legends, as appropriate.

                (a) Such shares of Common Stock will not be registered under the
Securities Act of 1933, as amended (the "Securities Act"), nor qualified (if
necessary) under applicable state securities laws and consequently will have the
following legend:

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        "THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
        UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD,
        TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE
        REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES, THE SALE
        IS MADE IN ACCORDANCE WITH RULE 144 UNDER THE ACT, OR THE COMPANY
        RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF THESE SECURITIES
        REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE,
        TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION
        AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT."

                (b) Any legend required to be placed thereon by any applicable
state securities laws.

        2.      The Lender, by acceptance hereof, agrees that this Note and the
shares of Common Stock to be issued upon conversion pursuant to the terms hereof
are being acquired solely for its own account and not as a nominee for any other
party and not with a view toward the resale or distribution thereof and that it
will not offer, sell or otherwise dispose of this Note or any shares of Common
Stock to be issued upon conversion pursuant to the terms hereof except under
circumstances which will not result in a violation of the Securities Act or of
applicable state securities laws.

        3.      The Lender, by acceptance hereof, represents that the Lender is
(i) an accredited investor within the meaning of Rule 501 under the Securities
Act and has such knowledge and experience in financial and business matters that
it is capable of evaluating the merits and risks of the purchase of the Note;
(ii) aware of the Company's business affairs and financial condition; and (iii)
aware that the Note has not been registered under the Securities Act of 1933, as
amended, in reliance upon a specific exemption therefrom.

        4.      Subject to the preceding, this Note may be transferred only upon
surrender of the original Note for registration of transfer, duly endorsed, or
accompanied by a duly executed written instrument of transfer in form
satisfactory to Borrower. Thereupon, a new Note for like principal amount and
interest will be issued to, and registered in the name of, the transferee.
Interest and principal are payable only to the registered holder of the Note.

F.      Covenants.

        1.      Registration Rights. Upon receipt of the necessary approvals for
the convertibility feature of this Note set forth in Section B.5 above, the
Borrower hereby covenants to enter into a registration rights agreement with the
Lender to provide for the registration of the shares of Common Stock into which
the Note is then convertible, in the form set forth on Exhibit B hereto.

        2.      Warrants. In the event the Lender shall elect to convert all or
a portion of its Pro Rata Share of this Note into Common Stock in accordance
with Section C.5 above, the Borrower shall

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issue to the Lender warrants to purchase shares of common stock, in the form set
forth on Exhibit C hereto.

G.      Other Provisions.

        1.      Definitions. As used herein, the following terms shall have the
following meanings:

                "Collateral" means the property described on Exhibit A attached
hereto.

                "Copyrights" means any and all copyright rights, copyright
applications, copyright registrations and like protections in each work or
authorship and derivative work thereof, whether published or unpublished and
whether or not the same also constitutes a trade secret, now or hereafter
existing, created, acquired or held.

                "Intellectual Property Collateral" means:

                (a) Copyrights, Trademarks and Patents;

                (b) Any and all trade secrets, and any and all intellectual
property rights in computer software and computer software products now or
hereafter existing, created, acquired or held;

                (c) Any and all design rights which may be available to Borrower
now or hereafter existing, created, acquired or held;

                (d) Any and all claims for damages by way of past, present and
future infringement of any of the rights included above, with the right, but not
the obligation, to sue for and collect such damages for said use or infringement
of the intellectual property rights identified above;

                (e) All licenses or other rights to use any of the Copyrights,
Patents or Trademarks, and all license fees and royalties arising from such use
to the extent permitted by such license or rights;

                (f) All amendments, renewals and extensions of any of the
Copyrights, Trademarks or Patents; and

                (g) All proceeds and products of the foregoing, including
without limitation all payments under insurance or any indemnity or warranty
payable in respect of any of the foregoing.

                "Lien" means any lien (statutory or other), mortgage, pledge,
hypothecation, assignment, deposit arrangement, security interest, charge, claim
or other encumbrance of any kind (including any conditional sale or other title
retention agreement, any lease in the nature thereof, and any agreement to give
any security interest) and any agreement to give or refrain from giving a lien,
mortgage, pledge, hypothecation, assignment, deposit arrangement, security
interest, charge, claim or other encumbrance of any kind.

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                "Patents" means all patents, patent applications and like
protections including without limitation improvements, divisions, continuations,
renewals, reissues, extensions and continuations in part of the same.

                "Permitted Liens" means: (i) Liens imposed by law, such as
carriers', warehousemen's, materialmen's and mechanics' liens, or Liens arising
out of judgments or awards against Borrower with respect to which Borrower at
the time shall currently be prosecuting an appeal or proceedings for review;
(ii) Liens for taxes not yet subject to penalties for nonpayment and Liens for
taxes the payment of which is being contested in good faith and by appropriate
proceedings and for which, to the extent required by generally accepted
accounting principles then in effect, proper and adequate book reserves relating
thereto are established by Borrower; (iii) purchase money security interests and
liens in connection with capital leases incurred in the ordinary course of
business (to the extent such liens are only on the leased property) or existing
on after acquired property at the time of its acquisition by the Borrower; (iv)
Liens existing on property as of the date of this Note; (v) Liens securing the
performance of bids, trade contracts, leases, surety bonds and the like; (vi)
leases and sublicenses granted to others in the ordinary course of business;
(vii) Liens consisting of rights of set-off or bankers liens of a customary
nature; (viii) Liens in connection with the establishment of receivable lines of
credit with commercial banks or other institutional lenders; (ix) Liens
consisting of agreements to refrain from giving or creating Liens (other than
the Lien and security interest granted to Lender hereunder) in connection with
joint venture agreements, strategic alliances and the like; (x) Liens granted in
all of the Company's assets pursuant to the secured Promissory Note dated July
30, 1999; (xi) Liens granted in all of the Company's assets pursuant to the
secured Promissory Note dated February 22, 2000; (xii) Liens granted in all of
the Company's assets pursuant to the secured Promissory Note dated April 14,
2000, as amended; and (xiii) Liens granted in all of the Company's assets
pursuant to the Secured Promissory Note dated December 29, 2000.

                "Trademarks" means any trademark and servicemark rights, whether
registered or not, applications to register and registrations of the same and
like protections, and the entire goodwill of the business of Borrower connected
with and symbolized by such trademarks.

                "UCC" means the Uniform Commercial Code in effect from time to
time in the relevant jurisdiction.

        2.      Governing Law; Venue. This Note shall be governed by the laws of
the State of California, without giving effect to conflicts of law principles.
Borrower and Lender agree that all actions or proceedings arising in connection
with this Note shall be tried and litigated only in the state courts located in
the County of Santa Clara, State of California, in the United States District
Court for the Northern District of California, or at Lender's option, any court
in which Lender determines it is necessary or appropriate to initiate legal or
equitable proceedings in order to exercise, preserve, protect or defend any of
its rights and remedies under this Note or otherwise or to exercise, preserve,
protect or defend its Lien, and the priority thereof, against the Collateral,
and which has subject matter jurisdiction over the matter in controversy.

        3.      Notices. Any notice or communication required or desired to be
served, given or delivered hereunder shall be in the form and manner specified
below, and shall be addressed to the party to be notified as follows:

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               If to the Lender: Walter Bosch
                                 Fraumunsterstr. 9
                                 8001 Zurich
                                 Switzerland

               If to Borrower:   Euphonix, Inc.
                                 220 Portage Avenue
                                 Palo Alto, California 94306
                                 Attention: Steve Vining
                                 Fax: (650) 846-1131

               With a copy to:   Wilson Sonsini Goodrich & Rosati,
                                 Professional Corporation
                                 650 Page Mill Road
                                 Palo Alto, California  94304-1050
                                 Attn: John Roos, Esq.
                                 Fax: (650) 493-6811

or to such other address as each party designates to the other by notice in the
manner herein prescribed. Notice shall be deemed given hereunder if (i)
delivered personally or otherwise actually received, (ii) sent by overnight
delivery service, (iii) mailed by first-class United States mail, postage
prepaid, registered or certified, with return receipt requested, or (iv) sent
via telecopy machine with a duplicate signed copy sent on the same day as
provided in clause (ii) above. Notice mailed as provided in clause (iii) above
shall be effective upon the expiration of three (3) business days after its
deposit in the United States mail, and notice telecopied as provided in clause
(iv) above shall be effective upon receipt of such telecopy if the duplicate
signed copy is sent under clause (iv) above. Notice given in any other manner
described in this section shall be effective upon receipt by the addressee
thereof; provided, however, that if any notice is tendered to an addressee and
delivery thereof is refused by such addressee, such notice shall be effective
upon such tender unless expressly set forth in such notice.

        4.      Lender's Rights; Borrower Waivers. Lender's acceptance of
partial or delinquent payment from Borrower hereunder, or Lender's failure to
exercise any right hereunder, shall not constitute a waiver of any obligation of
Borrower hereunder, or any right of Lender hereunder, and shall not affect in
any way the right to require full performance at any time thereafter. Except as
otherwise expressly provided herein, Borrower waives presentment, diligence,
demand of payment, notice, protest and all other demands and notices in
connection with the delivery, acceptance, performance, default or enforcement of
this Note. In any action on this Note, Lender need not produce or file the
original of this Note, but need only file a photocopy of this Note certified by
Lender be a true and correct copy of this Note in all material respects.

        5.      Severability. Whenever possible each provision of this Note
shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision is prohibited by or invalid under
applicable law, it shall be ineffective to the extent of such prohibition or
invalidity, without invalidating the remainder of the provision or the remaining
provisions of this Note.

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        6.      Amendment. This Note may not be amended or modified, nor may any
of its terms be waived, except by written instruments signed by Borrower and the
Lender.

        7.      Binding Effect. This Note shall be binding upon, and shall inure
to the benefit of, Borrower and the Lender hereof and their respective
successors and assigns; provided, however, that Borrower's rights and
obligations shall not be assigned or delegated without Lender's prior written
consent, given in its sole discretion, and any purported assignment or
delegation without such consent shall be void ab initio.

        8.      Headings. Section headings used in this Note have been set forth
herein for convenience of reference only. Unless the contrary is compelled by
the context, everything contained in each section hereof applies equally to this
entire Note.

        9.      No Usury. This Note is subject to the express condition that at
no time shall the Borrower be obligated or required to pay interest hereunder at
a rate which could subject Lender to either civil or criminal liability as a
result of being in excess of the maximum rate which the Borrower is permitted by
law to contract or agree to pay. If, by the terms of this Note, the Borrower is
at any time required or obligated to pay interest at a rate in excess of such
maximum rate, the rate of interest under this Note shall be deemed to be
immediately reduced to such maximum rate and interest payable hereunder shall be
computed at such maximum rate and the portion of all prior interest payments in
excess of such maximum rate shall be applied and shall be deemed to have been
payments in reduction of the principal balance of this Note.

        10.     Attorneys' Fees. Should any litigation, enforcement or
collection action be commenced between any of the parties to this Note under or
in connection with this Note, the prevailing party in such litigation,
enforcement or collection action shall be entitled, in addition to such other
relief as may be granted, to a reasonable sum as and for its attorneys' fees in
such litigation, enforcement or collection action which shall be determined by
the court in such litigation, enforcement or collection action or in a separate
action brought for that purpose. The provisions of this section shall survive
the entry of any judgment or award and shall continue to apply with respect to
any action to collect or recover any such judgment or award.

        11.     Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be an original, but all of which together
shall constitute one instrument.

                [remainder of the page intentionally left blank]

                                      -11-
<PAGE>   12

        IN WITNESS WHEREOF, the Borrower and the Lender have caused this Note to
be duly executed on the date first written above.

                                    EUPHONIX, INC.

                                    By:
                                       ------------------------------------
                                    Name:   Steve Vining
                                    Title:  Chief Executive Officer

                                    LENDER

                                    ---------------------------------------
                                    Walter Bosch

                   [SIGNATURE PAGE TO SECURED PROMISSORY NOTE]

<PAGE>   13

                                    EXHIBIT A

                        COLLATERAL DESCRIPTION ATTACHMENT
                           TO SECURED PROMISSORY NOTE

        All personal property of Borrower (herein referred to as "Borrower" or
"Debtor") whether presently existing or hereafter created, written, produced or
acquired, including, but not limited to:

        (1) all accounts receivable, accounts, chattel paper, contract rights
(including, without limitation, royalty agreements, license agreements and
distribution agreements), documents, instruments, money, deposit accounts and
general intangibles, including, without limitation, returns, repossessions,
books and records relating thereto, and equipment containing said books and
records, all investment property, including securities and securities
entitlements;

        (2) all software, computer source codes and other computer programs
(collectively, the "Software Products"), and all common law and statutory
copyrights and copyright registrations, applications for registration, now
existing or hereafter arising, United States of America and foreign, obtained or
to be obtained on or in connection with the Software Products, or any parts
thereof or any underlying or component elements of the Software Products
together with the right to copyright and all rights to renew or extend such
copyrights and the right (but not the obligation) of Lender (herein referred to
as "Lender" or "Secured Party") to sue in its own name and/or the name of the
Debtor for past, present and future infringements of copyright;

        (3) all goods, including, without limitation, equipment and inventory
(including, without limitation, all export inventory);

        (4) all guarantees and other security therefor;

        (5) all trademarks, service marks, trade names and service names and the
goodwill associated therewith including, without limitation, the following:

                      Reel Feel(TM)
                      Clear Displays(TM)
                      Track Panner(TM)
                      SnapShot Recall(TM)
                      DSC(TM) (Digital Studio Controller)
                      Hyper-Surround(TM)
                      Total Automation(TM)
                      Mixview(TM)

        (6) (a) all patents and patent applications filed in the United States
Patent and Trademark Office or any similar office of any foreign jurisdiction,
and interests under patent license agreements, including, without limitation,
the inventions and improvements described and claimed therein, (including,
without limitation, United States Patents Nos. 5524060, 5402501, 5399820,
5677959 and 6,057,829 and applications for United States patents for (i)
Multiple Driver Rotary Control for Audio Processors or Other Uses, (ii)
Functional Panel for Audio Mixer, and (iii) Plug-in Modules for

<PAGE>   14

Digital Signal Processor Functionalities), (b) licenses pertaining to any patent
whether Debtor is licensor or licensee, (c) all income, royalties, damages,
payments, accounts and accounts receivable now or hereafter due and/or payable
under and with respect thereto, including, without limitation, damages and
payments for past, present or future infringements thereof, (d) the right (but
not the obligation) to sue for past, present and future infringements thereof,
(e) all rights corresponding thereto throughout the world in all jurisdictions
in which such patents have been issued or applied for, and (f) the reissues,
divisions, continuations, renewals, extensions and continuations-in-part with
any of the foregoing (all of the foregoing patents and applications and
interests under patent license agreements, together with the items described in
clauses (a) through (f) in this paragraph are sometimes herein individually and
collectively referred to as the "Patents");

        (7) all rights in and to (i) the on-air mixing consoles of the Series
CS3000B, (ii) mixer hardware software designs, (iii) Real Time(TM) software
design, and (iv) analog and digital audio hardware design expertise; and

        (8) all products and proceeds, including, without limitation, insurance
proceeds, of any of the foregoing.

Notwithstanding the foregoing, the grant of a security interest as provided
herein shall not extend to, and the term "Collateral" shall not include, any
contractual, license or lease rights or interests in which Borrower is the
grantee, licensee or lessee thereunder to the extent that Borrower, whether by
law or by the terms of such contract, license or lease, is not permitted to
assign or grant a security in interest in its rights thereunder without the
consent of the other party thereto.

                                      -2-
<PAGE>   15

                                    EXHIBIT B

                          REGISTRATION RIGHTS AGREEMENT

<PAGE>   16

                                    EXHIBIT C

                              COMMON STOCK WARRANT<PAGE>   1
                                                                   EXHIBIT 10.34

===============================================================================

                                 EUPHONIX, INC.
                               220 PORTAGE AVENUE
                           PALO ALTO, CALIFORNIA 94306

                          REGISTRATION RIGHTS AGREEMENT

                              ------------ --, ---

================================================================================

<PAGE>   2

                               TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                                              PAGE
                                                                                              ----
<S>            <C>                                                                            <C>
SECTION 1      Restrictions on Transferability of Securities;  Compliance with Securities
               Act; Registration Rights..........................................................1

        1.1    Restrictions on Transferability...................................................1
        1.2    Certain Definitions...............................................................1
        1.3    Restrictive Legend................................................................3
        1.4    Restrictions on Transfer; Notice of Proposed Transfers............................3
        1.5    Requested Registration............................................................4
        1.6    Company Registration..............................................................6
        1.7    Expenses of Registration..........................................................7
        1.8    Registration Procedures...........................................................8
        1.9    Indemnification...................................................................8
        1.10   Information by Holder............................................................10
        1.11   Rule 144 Reporting...............................................................10
        1.12   Transfer of Registration Rights..................................................10
        1.13   Termination of Registration Rights...............................................11

SECTION 2      Miscellaneous....................................................................11

        2.1    Governing Law....................................................................11
        2.2    Survival.........................................................................11
        2.3    Successors and Assigns...........................................................11
        2.4    Entire Agreement; Amendment......................................................11
        2.5    Notices, etc. ...................................................................11
        2.6    Delays or Omissions..............................................................12
        2.7    Counterparts.....................................................................12
        2.8    Severability.....................................................................12
        2.9    Titles and Subtitles.............................................................12
        2.10   Attorney's Fees..................................................................12
</TABLE>

                                      -i-

<PAGE>   3

                                 EUPHONIX, INC.

                          REGISTRATION RIGHTS AGREEMENT

        This Registration Rights Agreement (the "Agreement") is made as of
________ __, ____ between Euphonix, Inc., a California corporation (the
"Company") and the Lender (the "Lender") pursuant to the Secured Promissory Note
dated September 7, 2000 (the "Note") between the Company and the Lender.

        The Lender agrees to be bound by all of the terms and conditions of this
Agreement.

        NOW, THEREFORE, the parties agree as follows:

                                    SECTION 1

                 RESTRICTIONS ON TRANSFERABILITY OF SECURITIES;
               COMPLIANCE WITH SECURITIES ACT; REGISTRATION RIGHTS

        1.1    RESTRICTIONS ON TRANSFERABILITY The Common Stock issued upon
conversion of the Note shall not be sold, assigned, transferred or pledged
except upon the conditions specified in this Section 1, which conditions are
intended to ensure compliance with the provisions of the Securities Act (as
defined below). The Lender will cause any proposed purchaser, assignee,
transferee, or pledgee of any such shares held by the Lender to agree to take
and hold such securities subject to the provisions and upon the conditions
specified in this Section 1.

        1.2    CERTAIN DEFINITIONS. As used in this Agreement, the following
terms shall have the following respective meanings:

               "Closing Date" shall mean the date of the first conversion of the
Note into Common Stock pursuant to the Note.

               "Commission" shall mean the Securities and Exchange Commission or
any other federal agency at the time administering the Securities Act.

               "Common Stock" shall mean the Common Stock of the Company, par
value $0.001 per share.

               "Holder" shall mean (i) any Lender holding Registrable Securities
and (ii) any person holding Registrable Securities to whom the rights under this
Section 1 have been transferred in accordance with Section 1.12 hereof.

<PAGE>   4

               "Initiating Holders" shall mean Holders or transferees of any
Holders under Section 1.12 hereof who in the aggregate are Holders of greater
than 50% of the Registrable Securities.

               "Registrable Securities" means (i) the Common Stock issued
pursuant to the Note and Warrants and (ii) any Common Stock of the Company
issued or issuable in respect of such Common Stock upon any stock split, stock
dividend, recapitalization, or similar event, or any Common Stock otherwise
issuable with respect to such Common Stock; provided, however, that shares of
Common Stock, or other securities shall only be treated as Registrable
Securities if and so long as they have not been (A) sold to or through a broker
or dealer or underwriter in a public distribution or a public securities
transaction, whether in a registered offering, Rule 144 or otherwise, or (B)
sold or are, in the opinion of counsel for the Company, available for sale in a
single transaction exempt from the registration and prospectus delivery
requirements of the Securities Act so that all transfer restrictions and
restrictive legends with respect thereto are removed upon the consummation of
such sale.

               The terms "register," "registered" and "registration" refer to a
registration effected by preparing and filing a registration statement in
compliance with the Securities Act, and the declaration or ordering of the
effectiveness of such registration statement.

               "Registration Expenses" shall mean all expenses, except as
otherwise stated below, incurred by the Company in complying with Section 1.5
and Section 1.6 hereof, including, without limitation, all registration,
qualification and filing fees, printing expenses, escrow fees, fees and
disbursements of counsel for the Company, blue sky fees and expenses, the
expense of any special audits incident to or required by any such registration
(but excluding the compensation of regular employees of the Company which shall
be paid in any event by the Company), and the reasonable fees and disbursements
if one counsel for all Holders not to exceed $20,000.

               "Restricted Securities" shall mean the securities of the Company
required to bear the legend set forth in Section 1.3 hereof.

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

               "Selling Expenses" shall mean all underwriting discounts, selling
commissions and stock transfer taxes applicable to the securities registered by
the Holders and all reasonable fees and disbursements of counsel for any Holder.

               "Total Voting Power" of the Company shall mean the total number
of the votes which may be cast in the election of directors of the Company at
any meeting of stockholders if all securities entitled to vote in this election
of directors were present and voted at such meeting.

               "Voting Securities" shall mean all securities of the Company
entitled to vote in the election of directors of the Company and all securities
of the Company convertible into, exchangeable or exercisable for shares of
Common Stock.

                                      -2-
<PAGE>   5

               "Warrants" shall mean the Common Stock Warrants issued to the
Purchasers pursuant to Section F.2 of the Note.

        1.3    RESTRICTIVE LEGEND. Each certificate representing (i) the Common
Stock issued pursuant to the Note and (ii) any other securities issued in
respect of such Common Stock upon any stock split, stock dividend,
recapitalization, merger, consolidation or similar event, shall (unless
otherwise permitted by the provisions of Section 1.4 below) be stamped or
otherwise imprinted with a legend in the following form (in addition to any
legend required under applicable state securities laws):

               THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR
               INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
               OF 1933. SUCH SHARES MAY NOT BE SOLD OR TRANSFERRED IN THE
               ABSENCE OF SUCH REGISTRATION UNLESS THE COMPANY RECEIVES AN
               OPINION OF COUNSEL REASONABLY ACCEPTABLE TO IT STATING THAT SUCH
               SALE OR TRANSFER IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS
               DELIVERY REQUIREMENTS OF SAID ACT.

               THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN
               RESTRICTIONS ON TRANSFER AS SET FORTH IN THE REGISTRATION RIGHTS
               AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE
               SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE
               OF THE ISSUER. SUCH TRANSFER RESTRICTIONS ARE BINDING ON
               TRANSFEREES OF THESE SHARES.

               Each Holder consents to the Company making a notation on its
records and giving instructions to any transfer agent of the Common Stock in
order to implement the restrictions on transfer established in this Section 1.

        1.4    RESTRICTIONS ON TRANSFER; NOTICE OF PROPOSED TRANSFERS. The
holder of each certificate representing Restricted Securities by acceptance
thereof agrees to comply in all respects with the provisions of this Section
1.4. Prior to any proposed sale, assignment, transfer or pledge of any
Restricted Securities (other than (i) a transfer not involving a change in
beneficial ownership, (ii) in transactions involving the distribution without
consideration of Restricted Securities by the Holder to any of its partners, or
retired partners, or to the estate of any of its partners or retired partners,
(iii) any transfer by any Holder to (A) any individual or entity controlled by,
controlling, or under common control with, such Holder or (B) any individual or
entity with respect to which such Holder (or any person controlled by,
controlling, or under common control with, such Holder) has the power to direct
investment decisions, (iv) to the spouse of a holder of Restricted Securities,
or (v) in transactions in compliance with Rule 144, provided, in each case, that
the transferee agrees in writing to be subject to the terms hereof), and unless
there is in effect a registration statement under the Securities Act covering
the proposed transfer, the holder thereof shall give written notice to the
Company of such holder's intention to effect such transfer, sale, assignment or
pledge. Each such notice shall describe the manner and circumstances of the
proposed transfer, sale, assignment or

                                      -3-

<PAGE>   6

pledge in sufficient detail, and, if requested by the Company, shall be
accompanied, at such holder's expense, by an unqualified written opinion of
legal counsel who shall be, and whose legal opinion shall be, reasonably
satisfactory to the Company addressed to the Company, to the effect that the
proposed transfer of the Restricted Securities may be effected without
registration under the Securities Act, whereupon the holder of such Restricted
Securities shall be entitled to transfer such Restricted Securities in
accordance with the terms of the notice delivered by the holder to the Company.
It is agreed that the Company will not request an opinion of counsel for the
Holder for transactions made in reliance on Rule 144 under the Securities Act
except in unusual circumstances, the existence of which shall be determined in
good faith by the Board of Directors of the Company. Each certificate evidencing
the Restricted Securities transferred as above provided shall bear, except if
such transfer is made pursuant to Rule 144, the appropriate restrictive legend
set forth in Section 1.3 above, except that such certificate shall not bear such
restrictive legend if in the opinion of counsel for such holder and the Company
such legend is not required in order to establish compliance with any provision
of the Securities Act.

        1.5    REQUESTED REGISTRATION.

               (a)    Request for Registration. In case the Company shall
receive from Initiating Holders a written request that the Company effect any
registration, qualification or compliance with respect to the Registrable
Securities, the Company will:

                      (i)     promptly give written notice of the proposed
registration, qualification or compliance to all other Holders; and

                      (ii)    as soon as practicable, use its best efforts to
effect such registration, qualification or compliance (including, without
limitation, appropriate qualification under applicable blue sky or other state
securities laws and appropriate compliance with applicable regulations issued
under the Securities Act and any other governmental requirements or regulations)
as may be so requested and as would permit or facilitate the sale and
distribution of all or such portion of such Registrable Securities as are
specified in such request, together with all or such portion of the Registrable
Securities of any Holder or Holders joining in such request as are specified in
a written request received by the Company within twenty (20) days after receipt
of such written notice from the Company;

                       Provided, however, that the Company shall not be
obligated to take any action to effect any such registration, qualification or
compliance pursuant to this Section 1.5:

                              (A)    In any particular jurisdiction in which the
Company would be required to execute a general consent to service of process in
effecting such registration, qualification or compliance unless the Company is
already subject to service in such jurisdiction and except as may be required by
the Securities Act;

                              (B)    Prior to six (6) months after the Closing
Date;

                                      -4-
<PAGE>   7

                              (C)    During the period starting with the date
sixty (60) days prior to the Company's estimated date of filing of, and ending
on the date six (6) months immediately following the effective date of, any
registration statement pertaining to securities of the Company (other than a
registration of securities in a Rule 145 transaction or with respect to an
employee benefit plan), provided that the Company is actively employing in good
faith all reasonable efforts to cause such registration statement to become
effective;

                              (D)     Unless the aggregate number of shares of
Registrable Securities sought to be registered by all Initiating Holders and
other Holders pursuant to this Section 1.5 is greater than one (1) million
shares;

                              (E)     After the Company has effected one (1)
such registration pursuant to this Section 1.5(a), and such registration has
been declared or ordered effective; or

                              (F)     If the Company shall furnish to such
Holders a certificate signed by the President of the Company stating that in the
good faith judgment of the Board of Directors it would be seriously detrimental
to the Company or its shareholders for a registration statement to be filed in
the near future, then the Company's obligation to use its best efforts to
register, qualify or comply under this Section 1.5 shall be deferred for a
period not to exceed 120 days from the date of receipt of written request from
the Initiating Holders; provided that the Company may not exercise this deferral
right more than once per twelve (12) month period.

                      Subject to the foregoing clauses (A) through (F), the
Company shall file a registration statement covering the Registrable Securities
so requested to be registered as soon as practicable, after receipt of the
request or requests of the Initiating Holders, but in any event within 120 days
of such request.

               (b)    Underwriting. In the event that a registration pursuant to
Section 1.5 is for a registered public offering involving an underwriting, the
Company shall so advise the Holders as part of the notice given pursuant to
Section 1.5(a)(i). In such event, the right of any Holder to registration
pursuant to Section 1.5 shall be conditioned upon such Holder's participation in
the underwriting arrangements required by this Section 1.5, and the inclusion of
such Holder's Registrable Securities in the underwriting to the extent requested
shall be limited to the extent provided herein.

                      The Company shall (together with all Holders proposing
to distribute their securities through such underwriting) enter into an
underwriting agreement in customary form with the managing underwriter selected
for such underwriting by a majority in interest of the Initiating Holders, but
subject to the Company's reasonable approval. Notwithstanding any other
provision of this Section 1.5, if the managing underwriter advises the
Initiating Holders in writing that marketing factors require a limitation of the
number of shares to be underwritten, then (i) any securities requested to be
registered by persons other than Holders (as defined herein) or the Holders of
Registrable Securities (as such terms are defined in that certain Modification
Agreement, dated November 6, 1991 (the "Modification Agreement"), by and between
the Company, the First Series A Purchasers, the Second Series A Purchasers, the
Series B Purchasers, the Series C Purchasers and

                                      -5-
<PAGE>   8

the Affiliates (each as defined in the Modification Agreement)) shall be limited
(or excluded entirely) on a pro rata basis from such registration, and (ii) if
the managing underwriter determines that a further limitation is required, the
Company shall so advise all Holders of Registrable Securities under this
Agreement and the Holders of Registrable Securities under the Modification
Agreement and the number of shares of Registrable Securities (including those
under the Modification Agreement) that may be included in the registration and
underwriting shall be allocated among all Holders under this Agreement and
Holders under the Modification Agreement in proportion, as nearly as
practicable, to the respective amounts of Registrable Securities held by such
Holders at the time of filing the registration statement. No Registrable
Securities (including those under the Modification Agreement) excluded from the
underwriting by reason of the underwriter's marketing limitation shall be
included in such registration. To facilitate the allocation of shares in
accordance with the above provisions, the Company or the underwriters may round
the number of shares allocated to any Holder (both under this Agreement and the
Modification Agreement) to the nearest 100 shares.

                      If any Holder of Registrable Securities disapproves of the
terms of the underwriting, such person may elect to withdraw therefrom by
written notice to the Company, the managing underwriter and the Initiating
Holders. The Registrable Securities and/or other securities so withdrawn shall
also be withdrawn from registration, and such Registrable Securities shall not
be transferred in a public distribution prior to 120 days after the effective
date of such registration, or such other shorter period of time as the
underwriters may require.

        1.6    COMPANY REGISTRATION.

               (a)    Notice of Registration. If at any time or from time to
time the Company shall determine to register any of its securities, either for
its own account or the account of a security holder or holders, other than (i) a
registration relating solely to employee benefit plans, or (ii) a registration
relating solely to a Commission Rule 145 transaction, the Company will:

                      (i)     promptly give to each Holder written notice
thereof; and

                      (ii)    include in such registration (and any related
qualification under blue sky laws or other compliance), and in any underwriting
involved therein, all the Registrable Securities specified in a written request
or requests, made within twenty (20) days after receipt of such written notice
from the Company, by any Holder.

               (b)    Underwriting. If the registration of which the Company
gives notice is for a registered public offering involving an underwriting, the
Company shall so advise the Holders as a part of the written notice given
pursuant to Section 1.6(a)(i). In such event, the right of any Holder to
registration pursuant to Section 1.6 shall be conditioned upon such Holder's
participation in such underwriting and the inclusion of Registrable Securities
in the underwriting to the extent provided herein. All Holders proposing to
distribute their securities through such underwriting shall (together with the
Company and the other holders distributing their securities through such
underwriting) enter into an underwriting agreement in customary form with the
managing underwriter selected for such underwriting by the Company.

                                      -6-
<PAGE>   9

        Notwithstanding any other provision of this Section 1.6, if the managing
underwriter determines that marketing factors require a limitation of the number
of shares to be underwritten, the managing underwriter may limit (or exclude
entirely) on a pro rata basis the Registrable Securities of the Affiliates (as
each term is defined in the Modification Agreement) to be included in such
registration. If all Registrable Securities of the Affiliates (as each term is
defined in the Modification Agreement) have been excluded from such registration
and the managing underwriter determines that a further limitation is required,
the managing underwriter may limit the remaining Registrable Securities
(including those under the Modification Agreement) to be included in such
registration; provided, however, that the managing underwriter may not reduce
the amount of Registrable Securities of the Holders under the Modification
Agreement to be included in the registration to less than 25% of the total
shares so included; provided further, however, that such percentage may be
reduced or waived by the Holders of a majority of the Registrable Securities
under the Modification Agreement, excluding Registrable Securities held by the
Affiliates (each as defined under the Modification Agreement). The Company shall
so advise all Holders under this Agreement and under the Modification Agreement
and other holders distributing their securities through such underwriting and
the number of shares of Registrable Securities (including those under the
Modification Agreement) and other securities that may be included in the
registration and underwriting shall be allocated among all the Holders under
this Agreement and under the Modification Agreement and such other holders
exercising their registration rights in proportion, as nearly as practicable, to
the respective amounts of securities entitled to inclusion in such registration
held by such Holders and such other holders exercising their registration rights
at the time of filing the registration statement. To facilitate the allocation
of shares in accordance with the above provisions, the Company may round the
number of shares allocated to any Holder (both under this Agreement and the
Modification Agreement) or holder to the nearest 100 shares.

        If any Holder or holder disapproves of the terms of any such
underwriting, he may elect to withdraw therefrom by written notice to the
Company and the managing underwriter. Any securities excluded or withdrawn from
such underwriting shall be withdrawn from such registration, and shall not be
transferred in a public distribution prior to 120 days after the effective date
of the registration statement relating thereto, or such other shorter period of
time as the underwriters may require.

               (c)    Right to Terminate Registration. The Company shall have
the right to terminate or withdraw any registration initiated by it under this
Section 1.6 prior to the effectiveness of such registration whether or not any
Holder has elected to include securities in such registration.

        1.7    EXPENSES OF REGISTRATION. All Registration Expenses incurred in
connection with (i) one (1) registration pursuant to Section 1.5 and (ii) all
registrations pursuant to Section 1.6 shall be borne by the Company. Unless
otherwise stated, all Selling Expenses relating to securities registered on
behalf of the Holders and all other Registration Expenses shall be borne by the
Holders of such securities, and by the Company, in the event the Company
participates in the registration, pro rata on the basis of the number of shares
so registered. Notwithstanding the above, the Company shall not be required to
pay for any expenses of any registration proceeding begun pursuant to Section
1.5 above if the registration request is subsequently withdrawn at the request
of the Holders of a majority of the Registrable Securities to be registered
(which Holders shall bear such expenses).

                                      -7-
<PAGE>   10

        1.8    REGISTRATION PROCEDURES. In the case of each registration,
qualification or compliance effected by the Company pursuant to this Section 1,
the Company will keep each Holder advised in writing as to the initiation of
each registration, qualification and compliance and as to the completion
thereof. At its expense the Company will:

               (a)    Prepare and file with the Commission a registration
statement with respect to such securities and use its best efforts to cause such
registration statement to become and remain effective for at least one hundred
eighty (180) days or until the distribution described in the registration
statement has been completed;

               (b)    Furnish to the Holders participating in such registration
and to the underwriters of the securities being registered such reasonable
number of copies of the registration statement, preliminary prospectus, final
prospectus and such other documents as such underwriters may reasonably request
in order to facilitate the public offering of such securities;

               (c)    Prepare and file with the Commission such amendments and
supplements to such registration statement and the prospectus used in connection
with such registration statements as may be necessary to comply with the
provisions of the Securities Act with respect to the disposition of all
securities covered by such registration statement;

               (d)    Use its best efforts to register and qualify the
securities covered by such registration statement under such other securities or
blue sky laws of such jurisdictions as shall be reasonably requested by the
Holders, 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; and

               (e)    In the event of any underwritten public offering, enter
into and perform its obligations under an underwriting agreement, in usual and
customary form, with the managing underwriter of such offering. Each Holder
participating in such underwriting shall also enter into and perform its
obligations under such an agreement.

        1.9    INDEMNIFICATION.

               (a)    The Company will indemnify each Holder, each of its
officers and directors and partners, and each person controlling such Holder
within the meaning of Section 15 of the Securities Act, with respect to which
registration, qualification or compliance has been effected pursuant to this
Section 1, and each underwriter, if any, and each person who controls any
underwriter within the meaning of Section 15 of the Securities Act, against all
expenses, claims, losses, damages or liabilities (or actions in respect
thereof), including any of the foregoing incurred in settlement of any
litigation, commenced or threatened, arising out of or based on any untrue
statement (or alleged untrue statement) of a material fact contained in any
registration statement, prospectus, offering circular or other document, or any
amendment or supplement thereto, 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, in light of the circumstances in which they were made,
not misleading, or any violation by

                                      -8-
<PAGE>   11

the Company of the Securities Act, the Exchange Act, state securities law or any
rule or regulation promulgated under such laws applicable to the Company in
connection with any such registration, qualification or compliance, and within a
reasonable period the Company will reimburse each such Holder, each of its
officers and directors, and each person controlling such Holder, each such
underwriter and each person who controls any such underwriter, for any legal and
any other expenses reasonably incurred in connection with investigating,
preparing or defending any such claim, loss, damage, liability or action;
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 based on
any untrue statement or omission or alleged untrue statement or omission, made
in reliance upon and in conformity with written information furnished to the
Company by an instrument duly executed by such Holder, controlling person or
underwriter and stated to be specifically for use therein.

               (b)    Each Holder will, if Registrable Securities held by such
Holder are included in the securities as to which such registration,
qualification or compliance is being effected, indemnify the Company, each of
its directors and officers, each underwriter, if any, of the Company's
securities covered by such a registration statement, each person who controls
the Company or such underwriter within the meaning of Section 15 of the
Securities Act, and each other such Holder, each of its officers and directors
and each person controlling such Holder within the meaning of Section 15 of the
Securities 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 such registration
statement, prospectus, offering circular or other document, or 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, and within a
reasonable period will reimburse the Company, such Holders, such directors,
officers, persons, underwriters or control persons for any legal or any other
expenses reasonably incurred in connection with investigating or defending any
such claim, loss, damage, liability or action, in each case to the extent, but
only to the extent, that such untrue statement (or alleged untrue statement) or
omission (or alleged omission) is made in such registration statement,
prospectus, offering circular or other document in reliance upon and in
conformity with written information furnished to the Company by an instrument
duly executed by such Holder and stated to be specifically for use therein.
Notwithstanding the above, the liability of each Holder under this Section
1.9(b) shall not exceed such Holder's net proceeds from the sale of securities
pursuant to such registration statement, unless such liability arises out of or
is based on willful misconduct by such Holder.

               (c)    Each party entitled to indemnification under this
Section 1.9 (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, and shall permit the Indemnifying Party to assume the defense of any
such claim or any litigation resulting therefrom, provided that counsel for the
Indemnifying Party, who shall conduct the defense of such claim or litigation,
shall be approved by the Indemnified Party (whose approval shall not
unreasonably be withheld), and the Indemnified Party may participate in such
defense at such party's expense, and provided further that the failure of any
Indemnified Party to give notice as provided herein shall not relieve the
Indemnifying Party of its obligations under this Section 1 unless the failure to
give such notice is materially prejudicial to an

                                      -9-
<PAGE>   12

Indemnifying Party's ability to defend such action and provided further, that
the Indemnifying Party shall not assume the defense for matters as to which
there is a conflict of interest or separate and different defenses. 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. No
Indemnifying Party shall be liable for indemnification hereunder with respect to
any settlement or consent to judgment, in connection with any claim or
litigation to which these indemnification provisions apply, that has been
entered into without the prior consent of the Indemnifying Party (which consent
will not be unreasonably withheld).

        1.10   INFORMATION BY HOLDER. The Holder or Holders of Registrable
Securities included in any registration shall furnish to the Company such
information regarding such Holder or Holders, the Registrable Securities held by
them and the distribution proposed by such Holder or Holders as the Company may
request in writing and as shall be required in connection with any registration,
qualification or compliance referred to in this Section 1.

        1.11   RULE 144 REPORTING. With a view to making available the benefits
of certain rules and regulations of the Commission which may at any time permit
the sale of the Restricted Securities to the public without registration, after
such time as a public market exists for the Common Stock of the Company, the
Company agrees to use its best efforts to:

               (a)    Make and keep public information available, as those terms
are understood and defined in Rule 144 under the Securities Act, at all times
during which the Company is subject to the reporting requirements of the
Securities Act or the Exchange Act;

               (b)    File with the Commission in a timely manner all reports
and other documents required of the Company under the Securities Act and the
Exchange Act; and

               (c)    So long as a Holder owns any Restricted Securities, to
furnish to the Holder forthwith upon request a written statement by the Company
as to its compliance with the reporting requirements of said Rule 144, and of
the Securities Act and the Exchange Act, a copy of the most recent annual or
quarterly report of the Company, and such other reports and documents of the
Company and other information in the possession of or reasonably obtainable 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.

        1.12   TRANSFER OF REGISTRATION RIGHTS. The rights to cause the Company
to register securities granted Holders under Section 1.5 and Section 1.6 may be
assigned to a transferee or assignee reasonably acceptable to the Company (which
consent shall not be unreasonably withheld) in connection with any transfer or
assignment of Registrable Securities by a Holder, provided that (i) such
transfer may otherwise be effected in accordance with applicable securities
laws, and (ii) such assignee or transferee acquires at least 50,000 shares of
Registrable Securities (adjusted for stock splits, stock dividends, stock
recombinations and the like after the date of this Agreement). Notwithstanding
the above, the rights to cause the Company to register securities may be
assigned to

                                      -10-
<PAGE>   13

any partner, shareholder, equity holder or officer of a Holder without
compliance with item (ii) above, provided written notice thereof is promptly
given to the Company.

        1.13   TERMINATION OF REGISTRATION RIGHTS. The registration rights
granted pursuant to Section 1 shall terminate as to each Holder at such time as
a public market for the Company's Common Stock exists and all Registrable
Securities held by such Holder may, in the opinion of counsel to the Company
(which opinion shall be addressed and rendered to Holder), be sold within a
given three month period pursuant to Rule 144 or any other applicable exemption
that allows for resale free of registration.

                                    SECTION 2

                                  MISCELLANEOUS

        2.1    GOVERNING LAW. This Agreement shall be governed in all respects
by the internal laws of the State of California.

        2.2    SURVIVAL. The covenants and agreements made herein shall survive
any investigation made by the Lender and the closing of the transactions
contemplated hereby.

        2.3    SUCCESSORS AND ASSIGNS. Except as otherwise provided herein, the
provisions hereof shall inure to the benefit of, and be binding upon, the
successors, assigns, heirs, executors and administrators of the parties hereto.

        2.4    ENTIRE AGREEMENT; AMENDMENT. This Agreement, the Note and the
other documents delivered pursuant hereto constitute the full and entire
understanding and agreement between the parties with regard to the subjects
hereof and thereof, and no party shall be liable or bound to any other party in
any manner by any warranties, representations or covenants except as
specifically set forth herein or therein. Except as expressly provided herein,
neither this Agreement nor any term hereof may be amended, waived, discharged or
terminated other than by a written instrument signed by the Company and the
holders of a majority of the Registrable Securities, except that any new Lender
that becomes party to the Note may be added to this Agreement by joinder signed
only by the Company and such Lender.

        2.5    NOTICES, ETC. All notices and other communications required or
permitted hereunder shall be in writing and shall be mailed by registered or
certified mail, postage prepaid, or otherwise delivered by hand or by messenger,
addressed (a) if to a Lender, at such Lender's address, as shown on the stock
records of the Company, or at such other address as such Lender shall have
furnished to the Company in writing, or (b) if to any other holder of the Common
Stock, at such address as such holder shall have furnished the Company in
writing, or, until any such holder so furnishes an address to the Company, then
to and at the address of the last holder of such Common Stock who has so
furnished an address to the Company, or (c) if to the Company, one copy should
be sent to its address set forth on the cover page of this Agreement and
addressed to the attention of the President

                                      -11-
<PAGE>   14

and Chief Executive Officer, or at such other address as the Company shall have
furnished to the Lender.

               Each such notice or other communication shall for all purposes of
this Agreement be treated as effective or having been given when delivered if
delivered personally, or, if sent by mail, at the earlier of its receipt or 72
hours after the same has been deposited in a regularly maintained receptacle for
the deposit of the United States mail, addressed and mailed as aforesaid.

        2.6    DELAYS OR OMISSIONS. Except as expressly provided herein, no
delay or omission to exercise any right, power or remedy accruing to any party
to this Agreement upon any breach or default of any other party under this
Agreement, shall impair any such right, power or remedy of such nondefaulting
party nor shall it be construed to be a waiver of any such breach or default, or
an acquiescence therein, or of or in any similar breach or default thereafter
occurring; nor shall any waiver of any single breach or default be deemed a
waiver of any other breach or default theretofore or thereafter occurring. Any
waiver, permit, consent or approval of any kind or character on the part of any
party of any breach or default under this Agreement, or any waiver on the part
of any holder of any provisions or conditions of this Agreement, must be in
writing and shall be effective only to the extent specifically set forth in such
writing. All remedies, either under this Agreement or by law or otherwise
afforded to any party to this Agreement, shall be cumulative and not
alternative.

        2.7    COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which shall be enforceable against the parties actually
executing such counterparts, and all of which together shall constitute one
instrument.

        2.8    SEVERABILITY. In the event that any provision of this Agreement
becomes or is declared by a court of competent jurisdiction to be illegal,
unenforceable or void, this Agreement shall continue in full force and effect
without said provision; provided that no such severability shall be effective if
it materially changes the economic benefit of this Agreement to any party.

        2.9    TITLES AND SUBTITLES. The titles and subtitles used in this
Agreement are used for convenience only and are not considered in construing or
interpreting this Agreement.

        2.10   ATTORNEY'S FEES. In any action brought or maintained by either
party asserting a cause of action arising under or relating in any way to this
Agreement, the prevailing party shall be entitled to recover its reasonable
costs and attorney's fees.

                [remainder of the page intentionally left blank]

                                      -12-
<PAGE>   15

The foregoing agreement is hereby executed as of the date first above written.

                                EUPHONIX, INC.

                                -----------------------------------------
                                By:   Steve Vining
                                Title:Chief Executive Officer

                                LENDER

                                -----------------------------------------
                                Walter Bosch

                [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT]

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