Document:

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                                                                    EXHIBIT 10.1

                          SECURITIES PURCHASE AGREEMENT

         This SECURITIES PURCHASE AGREEMENT (the "AGREEMENT"), dated as of
August 17, 2001 (the "CLOSING DATE"), is entered into by and among Visual Data
Corporation, a Florida corporation, with headquarters located at 1291 S.W. 29th
Avenue, Pompano Beach, Florida 33069 (the "COMPANY"), and the investor listed on
SCHEDULE 1 attached hereto (the "BUYER").

         WHEREAS:

         A. The Company and the Buyer are executing and delivering this
Agreement in reliance upon the exemption from securities registration afforded
by Regulation S ("REGULATION S") as promulgated by the United States Securities
and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended
(the "1933 ACT");

         B. The Buyer wishes to purchase, upon the terms and conditions stated
in this Agreement, an aggregate of 446,429 shares of the Company's Common Stock,
par value $.0001 per share (the "COMMON SHARES") and a warrant (the "WARRANT"),
substantially in the form of EXHIBIT D hereto, to purchase 125,000 shares of the
Company's Common Stock, par value $.0001 per share (the "WARRANT SHARES") in the
respective amounts set forth opposite the Buyer's name on SCHEDULE 1; and

         C. Contemporaneously with the execution and delivery of this Agreement,
the parties hereto are executing and delivering a Registration Rights Agreement
substantially in the form attached hereto as EXHIBIT A (the "REGISTRATION RIGHTS
AGREEMENT") pursuant to which the Company has agreed to provide certain
registration rights under the 1933 Act and the rules and regulations promulgated
thereunder, and applicable state securities laws.

         NOW THEREFORE, the Company and the Buyer hereby agree as follows:

         1. PURCHASE AND SALE OF COMMON SHARES AND WARRANTS.

                  a. PURCHASE OF COMMON SHARES AND WARRANTS. In connection with
the offering (the "OFFERING") by the Company of its common stock and warrants to
the Buyer, and subject to the satisfaction (or waiver) of the conditions set
forth in Sections 6 and 7 below, the Company shall issue and sell to the Buyer
and the Buyer severally agrees to purchase from the Company the respective
number of shares of Common Shares set forth opposite the Buyer's name on
SCHEDULE 1 (the "CLOSING"). The

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purchase price (the "PURCHASE PRICE") of the Common Shares and the Warrant at
the Closing shall be $500,000.00.

                  b. FORM OF PAYMENT. On the Closing Date, (i) the Buyer shall
pay the Purchase Price to a trust account with Atlas Pearlman, P.A., located at
350 E. Las Olas Blvd., Suite 1700, Ft. Lauderdale, Florida 33301, as escrow
agent (the "ESCROW AGENT"), for the Common Shares to be issued and sold to the
Buyer at the Closing, by wire transfer of immediately available funds in
accordance with the Company's written wire instructions, and (ii) the Company
shall deliver to the Escrow Agent, on behalf of the Buyer, the Warrant and the
stock certificates (in the denominations as the Buyer shall request) (the
"COMMON SHARE CERTIFICATES") representing such number of the Common Shares which
the Buyer is then purchasing (as indicated opposite the Buyer's name on SCHEDULE
1) hereunder, duly executed on behalf of the Company and registered in the name
of the Buyer or its designee. Upon the completion of the conditions contained in
Sections 6 and 7 of this Agreement, the Escrow Agent shall deliver the
certificates representing the Common Shares and the Warrant to the Buyer via
overnight courier and the Escrow Agent shall then wire the Purchase Price to the
Company.

         2. BUYER'S REPRESENTATIONS AND WARRANTIES.

                  Each Buyer represents and warrants with respect to only itself
that:

                  a. INVESTMENT PURPOSE. Such Buyer is acquiring the Common
Shares and Warrant (the Common Shares, Warrant and Warrant Shares may also be
referred to herein as the "SECURITIES"), for its own account for investment only
and not with a view towards, or for resale in connection with, the public sale
or distribution thereof, except pursuant to sales registered or exempted under
the 1933 Act; provided, however, that by making the representations herein, the
Buyer does not agree to hold any of the Securities for any minimum or other
specific term and reserves the right to dispose of the Securities at any time in
accordance with or pursuant to a registration statement or an exemption under
the 1933 Act.

                  b. ACCREDITED INVESTOR STATUS. Such Buyer is an "accredited
investor" as that term is defined in Rule 501 of Regulation D as promulgated by
the SEC under the 1933 Act ("REGULATION D").

                  c. RELIANCE ON EXEMPTIONS. Such Buyer understands that the
Securities are being offered and sold to it in reliance on specific exemptions
from the registration requirements of United States federal and state securities
laws and that the Company is relying in part upon the truth and accuracy of, and
the Buyer's compliance with, the representations, warranties, agreements,
acknowledgments and

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understandings of the Buyer set forth herein in order to determine the
availability of such exemptions and the eligibility of the Buyer to acquire such
Securities.

                  d. INFORMATION. Such Buyer and its advisors, if any, have been
furnished with all materials relating to the business, finances and operations
of the Company and materials relating to the offer and sale of the Securities
which have been requested by the Buyer. Such Buyer and its advisors, if any,
have been afforded the opportunity to ask questions of the Company. Neither such
inquiries nor any other due diligence investigations conducted by the Buyer or
its advisors, if any, or its representatives shall modify, amend or affect the
Buyer's right to rely on the Company's representations and warranties contained
in Section 3 below. Such Buyer understands that its investment in the Securities
involves a high degree of risk. Such Buyer has sought such accounting, legal and
tax advice as it has considered necessary to make an informed investment
decision with respect to its acquisition of the Securities.

                  e. NO GOVERNMENTAL REVIEW. Such Buyer understands that no
United States federal or state agency or any other government or governmental
agency has passed on or made any recommendation or endorsement of the Securities
or the fairness or suitability of the investment in the Securities nor have such
authorities passed upon or endorsed the merits of the offering of the
Securities.

                  f. TRANSFER OR RESALE. Such Buyer understands that all offers
and sales of the Securities prior to the expiration of the Restricted Period
(defined below) shall only be made in compliance with Regulation S, pursuant to
an effective registration statement in accordance with the 1933 Act covering the
Securities for resale or pursuant to an exemption from registration under the
1933 Act, and all offers and sales of the Securities after the Restricted Period
shall be made only pursuant to such an effective registration statement or
pursuant to such exemption from registration.

                  g. LEGENDS. Such Buyer understands that the certificates or
other instruments representing the Securities, until such time as the sale of
the Securities has been registered under the 1933 Act as contemplated by the
Registration Rights Agreement, except as set forth below, shall bear a
restrictive legend in substantially the following form (and a stop-transfer
order may be placed against transfer of such stock certificates):

         THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
         UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), OR
         APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE
         UNITED STATES OF AMERICA OR TO OR FOR THE ACCOUNT OR BENEFIT

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         OF A U.S. PERSON,AS DEFINED IN REGULATION S ("REGULATION S") AS
         PROMULGATED UNDER THE 1933 ACT (OTHER THAN DISTRIBUTORS AS DEFINED IN
         REGULATION S) DURING THE RESTRICTED PERIOD (AS DEFINED IN REGULATION S)
         UNLESS (1) THE SECURITIES ARE REGISTERED PURSUANT TO AN EFFECTIVE
         REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE 1933 ACT OR (2) THE
         SECURITIES ARE OFFERED AND SOLD PURSUANT TO AN EXEMPTION FROM
         REGISTRATION UNDER THE 1933 ACT.

The legend set forth above shall be removed and the Company shall issue a
certificate without such legend to the holder of the Securities upon which it is
stamped, if, unless otherwise required by state securities laws, (i) such
Securities are registered for sale under the 1933 Act and the Securities are
being sold pursuant to a Registration Statement, (ii) in connection with a sale
transaction, such holder provides the Company (and its counsel) with an opinion
of counsel, in a generally acceptable form, to the effect that a public sale,
assignment or transfer of the Securities may be made without registration under
the 1933 Act or (iii) such holder provides the Company (and its counsel) with
reasonable assurances that the Securities can be sold pursuant to Rule 144
without any restriction as to the number of securities acquired as of a
particular date that can then be immediately sold.

                  h. VALIDITY; ENFORCEMENT. This Agreement has been duly and
validly authorized, executed and delivered on behalf of the Buyer and is a valid
and binding agreement of the Buyer enforceable against the Buyer in accordance
with its terms, subject as to enforceability to general principles of equity and
to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation
and other similar laws relating to, or affecting generally, the enforcement of
applicable creditors' rights and remedies.

                  i. RESIDENCY. Such Buyer is a resident of that country
specified in its address on SCHEDULE 1.

                  j. BROKER-DEALER. Buyer does not control, is not controlled by
and is not under common control with, a broker-dealer registered pursuant to the
1934 Act.

                  k. REGULATION S REPRESENTATIONS.

                           i. The Buyer is not a "U.S. person," as that term is
defined in Regulation S (a "U.S. PERSON");

                           ii. As of the Closing Date, the Buyer is located
outside the United States of America;

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                           iii. The Buyer is acquiring the Common Shares and
Warrant for its own account and not on behalf of any U.S. Person, and the Buyer
has not entered into any pre-arranged sale or distribution of the Securities
with a purchaser in the United States of America;

                           iv. The Buyer acknowledges that all offers and sales
of the Securities prior to the expiration of a period commencing on the Closing
Date and ending one (1) year thereafter (the "RESTRICTED PERIOD") shall only be
made in compliance with Regulation S, pursuant to an effective registration
statement in accordance with the 1933 Act covering the Securities for resale or
pursuant to an exemption from registration under the 1933 Act;

                           v. The Buyer acknowledges that, in the view of the
SEC, the statutory exemption claimed for this transaction would not be present
if the offering of the Common Shares and Warrant, although in technical
compliance with Regulation S, is part of a plan or scheme to evade the
registration provisions of the 1933 Act; and

                           vi. The Buyer is not acting as an underwriter of, or
dealer in, the Securities; the Buyer is not participating, pursuant to a
contractual agreement, in the distribution of the Securities.

         3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

                  The Company represents and warrants to the Buyer that:

                  a. ORGANIZATION AND QUALIFICATION. The Company and its
"SUBSIDIARIES" (which for purposes of this Agreement means any entity in which
the Company, directly or indirectly, owns a controlling position of capital
stock or holds a controlling position of an equity or similar interest) are
corporations duly organized and validly existing in good standing under the laws
of the jurisdiction in which they are incorporated, and have the requisite
corporate power and authorization to own their properties and to carry on their
business as now being conducted. Each of the Company and its Subsidiaries is
duly qualified as a foreign corporation to do business and is in good standing
in every jurisdiction in which its ownership of property or the nature of the
business conducted by it makes such qualification necessary, except to the
extent that the failure to be so qualified or be in good standing would not have
a Material Adverse Effect. As used in this Agreement, "MATERIAL ADVERSE EFFECT"
means any material adverse effect on the business, properties, assets,
operations, results or operations or financial condition of the Company and its
Subsidiaries, if any, taken as a whole, or on the transactions contemplated
hereby or by the agreements and instruments to be entered into in connection
herewith, or on the authority or ability of

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the Company to perform its obligations under the Transaction Documents (as
defined below).

                  b. AUTHORIZATION; ENFORCEMENT; VALIDITY. (i) The Company has
the requisite corporate power and authority to enter into and perform this
Agreement, the Registration Rights Agreement, the Transfer Agent Instructions
(as defined in Section 5), the Warrant and each of the other agreements entered
into by the parties hereto in connection with the transactions contemplated by
this Agreement (collectively, the "TRANSACTION DOCUMENTS"), and to issue the
Securities in accordance with the terms hereof and thereof, (ii) the execution
and delivery of the Transaction Documents by the Company and the consummation by
it of the transactions contemplated hereby and thereby, including without
limitation the issuance of the Common Shares and Warrant and the reservation for
issuance and the issuance of the Warrant Shares issuable upon exercise thereof,
have been duly authorized by the Company's Board of Directors and no further
consent or authorization is required by the Company, its Board of Directors or
its stockholders, (iii) the Transaction Documents have been duly executed and
delivered by the Company, and (iv) the Transaction Documents constitute the
valid and binding obligations of the Company enforceable against the Company in
accordance with their terms, except as such enforceability may be limited by
general principles of equity or applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation or similar laws relating to, or
affecting generally, the enforcement of creditors' rights and remedies.

                  c. ISSUANCE OF SECURITIES. The Securities are duly authorized
and, upon issuance in accordance with the terms hereof, shall be (i) validly
issued, fully paid and non-assessable and (ii) free from all taxes, liens and
charges with respect to the issue thereof. Assuming the accuracy of the
representations, warranties and agreements of the Company and the Buyer
contained in this Agreement, the issuance by the Company of the Securities is
exempt from registration under the 1933 Act.

                  d. NO CONFLICTS. The execution, delivery and performance of
the Transaction Documents by the Company and the consummation by the Company of
the transactions contemplated hereby and thereby (including, without limitation,
the Company's issuance of the Common Shares and Warrant and the reservation for
issuance and issuance of the Warrant Shares) will not (i) result in a violation
of the Company's Articles of Incorporation, as amended and as in effect on the
date hereof (the "ARTICLES OF INCORPORATION") or the Company's By-laws, as
amended and as in effect on the date hereof (the "BY-LAWS") or (ii) conflict
with, 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, any material agreement, indenture or
instrument to which the Company or any of its Subsidiaries is a party, or result
in a violation of any law, rule, regulation, order,

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judgment or decree (including federal and state securities laws and regulations
and the rules and regulations of the Principal Market (as defined below))
applicable to the Company or any of its Subsidiaries or by which any property or
asset of the Company or any of its Subsidiaries is bound or affected, except
where such default, termination, amendment, acceleration, cancellation,
violation or conflict would not have a Material Adverse Effect. Neither the
Company nor its Subsidiaries is in violation of any term of or in default under
its Articles of Incorporation, or By-laws or their organizational charter or
by-laws, respectively. Neither the Company or any of its Subsidiaries is in
violation or any term of or in default under any material contract, agreement,
mortgage, indebtedness, indenture, instrument, judgment, decree or order or any
statute, rule or regulation applicable to the Company or its Subsidiaries,
except for possible conflicts, defaults, terminations, amendments which would
not have a Material Adverse Effect. The business of the Company and its
Subsidiaries is not being conducted, and shall not be conducted, in violation of
any law, ordinance, regulation of any governmental entity, except for possible
violations the sanctions for which either individually or in the aggregate would
not have a Material Adverse Effect. Except as specifically contemplated by this
Agreement and as required under the 1933 Act, any applicable state "Blue Sky"
laws or the Principal Market (as defined below), the Company is not required to
obtain any consent, authorization or order of, or make any filing or
registration with, any court or governmental agency or any regulatory or
self-regulatory agency in order for it to execute, deliver or perform any of its
obligations under or contemplated by the Transaction Documents in accordance
with the terms hereof or thereof. All consents, authorizations, orders, filings
and registrations which the Company is required to obtain pursuant to the
preceding sentence have been obtained or effected on or prior to the date
hereof. The Company is in compliance with the listing requirements of the
Principal Market (as defined below).

                  e. SEC DOCUMENTS; FINANCIAL STATEMENTS. As of the Closing, the
Company has filed all reports, schedules, forms, statements and other documents
required to be filed by it with the SEC pursuant to the reporting requirements
of the Securities Exchange Act of 1934, as amended (the "1934 ACT") (all of the
foregoing filed prior to the date hereof and all exhibits included therein and
financial statements and schedules thereto and documents incorporated by
reference therein being hereinafter referred to as the "SEC DOCUMENTS"). As of
their respective dates, the SEC Documents complied in all material respects with
the requirements of the 1934 Act and the rules and regulations of the SEC
promulgated thereunder applicable to the SEC Documents, and none of the SEC
Documents, at the time they were filed with the SEC, knowingly contained any
untrue statement of a material fact or omitted to state a material fact required
to be stated therein or necessary in order to make the statements therein, in
light of the circumstances under which they were made, not misleading. The
financial statements included in the SEC Documents have been prepared in
accordance with generally accepted accounting principles, consistently applied,
during

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the periods involved (except (i) as may be otherwise indicated in such financial
statements or the notes thereto, or (ii) in the case of unaudited interim
statements, to the extent they may exclude footnotes or may be condensed or
summary statements) and fairly present in all material respects the financial
position of the Company as of the dates thereof and the results of its
operations and cash flows for the periods then ended (subject, in the case of
unaudited statements, to normal year-end audit adjustments). Neither the Company
nor any of its Subsidiaries or any of their officers, directors, employees or
agents have provided the Buyer with any material, nonpublic information.

                  f. ABSENCE OF CERTAIN CHANGES. Since the most recent filing by
the Company with the SEC, there has been no material adverse change in the
business, properties, operations, financial condition, results of operations of
the Company or its Subsidiaries. The Company has not taken any steps, and does
not currently expect to take any steps, to seek protection pursuant to any
bankruptcy law.

                  g. ABSENCE OF LITIGATION. Except as set forth in the SEC
Documents, there is no action, suit, proceeding, inquiry or investigation before
or by any court, public board, government agency, self-regulatory organization
or body pending or, to the knowledge of the Company or any of its Subsidiaries,
threatened against or affecting the Company, the Company's common stock, the
Common Shares or any of the Company's Subsidiaries or any of the Company's or
the Company's Subsidiaries' officers or directors in their capacities as such
which would have a Material Adverse Effect.

                  h. [Reserved].

                  i. NO UNDISCLOSED EVENTS, LIABILITIES, DEVELOPMENTS OR
CIRCUMSTANCES. To the Company's knowledge, no event, liability, development or
circumstance has occurred or exists, with respect to the Company or its
Subsidiaries or their respective business, properties, operations or financial
condition, that would be required to be disclosed by the Company under
applicable securities laws on a registration statement filed with the SEC
relating to an issuance and sale by the Company of its common stock and which
has not been publicly announced.

                  j. NO GENERAL SOLICITATION; NO DIRECTED SELLING EFFORTS.
Neither the Company, nor any of its affiliates, nor any person acting on its or
their behalf, has engaged in any form of general solicitation or general
advertising (within the meaning of Regulation D as promulgated by the SEC under
the 1933 Act) in connection with the offer or sale of the Securities. In regard
to the Offering, the Company has not conducted any "directed selling efforts"
(as defined in Regulation S).

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                  k. REGULATION S REPRESENTATIONS. The Company is a reporting
issuer as defined by Regulation S. The Company has not offered the Securities to
any person in the United States of America or to any U.S. Person or for the
account or benefit of any U.S. Person.

                  l. EMPLOYEE RELATIONS. Neither the Company nor any of its
Subsidiaries is involved in any union labor dispute nor, to the knowledge of the
Company or any of its Subsidiaries, is any such dispute threatened.

                  m. INTELLECTUAL PROPERTY RIGHTS. The Company and its
Subsidiaries own or possess adequate rights or licenses to use all trademarks,
trade names, service marks, service mark registrations, service names, patents,
patent rights, copyrights, inventions, licenses, approvals, governmental
authorizations, trade secrets and rights necessary to conduct their respective
businesses as now conducted. None of the Company's trademarks, trade names,
service marks, service mark registrations, service names, patents, patent
rights, copyrights, inventions, licenses, approvals, government authorizations,
trade secrets or other intellectual property rights have expired or terminated,
or are expected to expire or terminate within one year from the date of this
Agreement. The Company and its Subsidiaries do not have any knowledge of any
infringement by the Company or its Subsidiaries of trademark, trade name rights,
patents, patent rights, copyrights, inventions, licenses, service names, service
marks, service mark registrations, trade secret or other similar rights of
others.

                  n. ENVIRONMENTAL LAWS. Except in such an event which would not
result in a Material Adverse Effect, the Company and its Subsidiaries (i) are in
compliance with any and all applicable foreign, federal, state and local laws
and regulations relating to the protection of human health and safety, the
environment or hazardous or toxic substances or wastes, pollutants or
contaminants ("ENVIRONMENTAL LAWS"), (ii) have received all permits, licenses or
other approvals required of them under applicable Environmental Laws to conduct
their respective businesses and (iii) are in compliance with all terms and
conditions of any such permit, license or approval.

                  o. TITLE. The Company and its Subsidiaries have good and
marketable title in fee simple to all real property and good and marketable
title to all personal property owned by them which is material to the business
of the Company and its Subsidiaries, in each case free and clear of all liens,
encumbrances and defects except such as are described in the SEC Documents or
such as do not materially affect the value of such property and do not interfere
with the use made and proposed to be made of such property by the Company and
any of its Subsidiaries or would not result in a Material Adverse Effect. Any
real property and facilities held under lease by the Company and any of its
Subsidiaries are held by them under valid, subsisting and

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enforceable leases with such exceptions as are not material and do not interfere
with the use made and proposed to be made of such property and buildings by the
Company and its Subsidiaries.

                  p. [Reserved].

                  q. REGULATORY PERMITS. Except in such an event which would not
result in a Material Adverse Effect, the Company and its Subsidiaries possess
all certificates, authorizations and permits issued by the appropriate federal,
state or foreign regulatory authorities necessary to conduct their respective
businesses, and neither the Company nor any such Subsidiary has received any
notice of proceedings relating to the revocation or modification of any such
certificate, authorization or permit.

                  r. TAX STATUS. Except in such an event which would not result
in a Material Adverse Effect, the Company and each of its Subsidiaries has made
or filed all federal and state income and all other tax returns, reports and
declarations required by any jurisdiction to which it is subject (unless and
only to the extent that the Company and each of its Subsidiaries has set aside
on its books provisions reasonably adequate for the payment of all unpaid and
unreported taxes) and has paid all taxes and other governmental assessments and
charges that are material in amount, shown or determined to be due on such
returns, reports and declarations, except those being contested in good faith
and has set aside on its books provision reasonably adequate for the payment of
all taxes for periods subsequent to the periods to which such returns, reports
or declarations apply. There are no current unpaid taxes in any material amount
claimed to be due by the taxing authority of any jurisdiction.

                  s. TRANSACTIONS WITH AFFILIATES. Except as set forth in the
SEC Documents filed at least ten days prior to the date hereof, none of the
officers, directors, or controlling shareholders of the Company is presently a
party to any transaction with the Company or any of its Subsidiaries (other than
for services as employees, officers and directors), including any contract,
agreement or other arrangement providing for the furnishing of services to or
by, providing for rental of real or personal property to or from, or otherwise
requiring payments to or from any officer, director or such employee or, to the
knowledge of the Company, any corporation, partnership, trust or other entity in
which any officer, director, or any such employee has a substantial interest or
is an officer, director, trustee or partner.

                  t. CURRENT PUBLIC INFORMATION. The Company is currently
eligible to register the resale of the Common Shares and Warrant Shares on a
registration statement on Form S-3 under the 1933 Act.

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         4. COVENANTS.

                  a. BEST EFFORTS. Each party shall use its reasonable best
efforts timely to satisfy each of the conditions to be satisfied by it as
provided in Sections 6 and 7 of this Agreement.

                  b. [Omitted].

                  c. REPORTING STATUS. Until the earlier of (i) the date which
is one year after the date as of which the Investors (as that term is defined in
the Registration Rights Agreement) may sell all of the Securities without
restriction pursuant to Rule 144(k) promulgated under the 1933 Act (or successor
thereto), or (ii) the date on which the Investors shall have sold all the
Securities (the "REGISTRATION PERIOD"), the Company shall use its best efforts
to file all reports required to be filed with the SEC pursuant to the 1934 Act.

                  d. BUYER'S SALE OF COMMON SHARES. From the Closing Date,
through and including the date which is the later of (i) the ninetieth (90th)
calendar day following the Closing Date or (ii) the thirtieth (30th) calendar
day following the date (the "REGISTRATION EFFECTIVENESS DATE") on which the
Registration Statement (as defined in the Registration Rights Agreement)
covering for resale the Common Shares and Warrant Shares is declared effective,
the Buyer shall not sell, transfer or dispose the Common Shares or Warrant
Shares, nor shall the Buyer enter into any hedging transactions, short sales or
options or other transactions with broker-dealers or any other third party which
requires the delivery to the broker-dealer or third party of the shares to be
registered under the Registration Statement which the broker may resell pursuant
to the effective Registration Statement. From the date which is the later of (i)
the ninety-first (91st) calendar day following the Closing Date or (ii) the
thirty-first (31st) calendar day following the Registration Effectiveness Date,
through and including the date which is the later of (i) the one hundred
twentieth (120th) calendar day following the Closing Date or (ii) the sixtieth
(60th) calendar day following the Registration Effectiveness Date, the Buyer
shall have the right to transfer, sell or dispose, in any manner whatsoever,
pursuant to a Registration Statement or pursuant to an exemption from
registration under the 1933 Act, fifty percent (50%) of the Common Shares
purchased by the Buyer and fifty percent (50%) of the Warrant Shares underlying
the Warrant purchased by the Buyer. From the date which is the later of (i) the
one hundred twenty-first (121st) calendar day following the Closing Date or (ii)
the sixty-first (61st) calendar day following the Registration Effectiveness
Date, the Buyer shall have the right to transfer, sell or dispose, in any manner
whatsoever, pursuant to a Registration Statement or pursuant to an exemption
from registration under the 1933 Act, one hundred percent (100%) of the Common
Shares then held by the Buyer and the Warrant Shares underlying the Warrant.
Notwithstanding anything to the contrary

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contained herein, the restrictions set forth in this Section 4(d) shall not
apply from the date which is the one hundred eightieth (180th) calendar day
following the Closing Date (the "FINAL LOCK-UP DATE"), and after such Final
Lock-Up Date, Buyer shall have the right to transfer, sell or dispose, in any
manner whatsoever, pursuant to a Registration Statement or pursuant to an
exemption from registration under the 1933 Act, one hundred percent (100%) of
the Common Shares then held by the Buyer and the Warrant Shares underlying the
Warrant.

                  e. RIGHT OF FIRST REFUSAL. Subject to the exceptions described
below and the right of first refusal of Halifax Fund, L.P. ("HALIFAX"), Palladin
Opportunity Fund, LLC ("PALLADIN") and Protius Overseas Limited ("PROTIUS")
outstanding as of the Closing Date, the Company and its Subsidiaries shall not
negotiate or contract with any party for any equity financing (including any
debt financing with an equity component) or issue any equity securities of the
Company or any Subsidiary or securities convertible or exchangeable into or for
equity securities of the Company or any Subsidiary (including debt securities
with an equity component) in any form ("FUTURE OFFERINGS") during the period
beginning on the date hereof and ending on, and including, the date which is 90
days after the Closing Date, unless (i) each of Halifax and Palladin shall have
waived any and all rights of first refusal they have pursuant to the terms and
conditions of that certain Purchase Agreement dated as of December 8, 2000, as
amended, by and between the Company, Halifax and Palladin (the "HALIFAX/PALLADIN
PURCHASE AGREEMENT") and Protius shall have waived any and all rights of first
refusal it has pursuant to the terms and conditions of that certain Securities
Purchase Agreement dated as of May 21, 2001, as amended, by and between the
Company and Protius (the "PROTIUS PURCHASE AGREEMENT") and (ii) it shall have
first delivered to the Buyer or a designee appointed by the Buyer written notice
(the "FUTURE OFFERING NOTICE") describing the proposed Future Offering,
including the terms and conditions thereof, and providing the Buyer an option to
purchase its Aggregate Percentage (as defined below) of the securities to be
issued in such Future Offering, as of the date of delivery of the Future
Offering Notice, in the Future Offering (the limitations referred to in this
sentence is referred to as the "CAPITAL RAISING LIMITATIONS"). For purposes of
this Section 4(e), "AGGREGATE PERCENTAGE" at any time with respect to the Buyer
shall mean the percentage obtained by dividing (i) the aggregate number of the
Common Shares initially issued to the Buyer by (ii) the aggregate number of the
Company's restricted common stock sold to certain purchasers by the Company in
connection with the Offering and the offering of Company restricted common stock
to certain other investors pursuant to that other securities purchase agreement
of even date herewith. A Buyer can exercise its option to participate in a
Future Offering by delivering written notice thereof to participate to the
Company within five (5) business days after receipt of a Future Offering Notice,
which notice shall state the quantity of securities being offered in the Future
Offering that the Buyer will purchase (such amount equaling the Buyer's
Aggregate

                                       12

<PAGE>   13

Percentage), and that number of securities it is willing to purchase in excess
of its Aggregate Percentage. In the event that one or more investors
participating in this Offering, including without limitation, the other
investors identified in that other securities purchase agreement of even date
herewith, fail to elect to purchase such investor's Aggregate Percentage (each
such investor, a "Rejecting Investor"), then the remaining investor(s) willing
to purchase a number of securities in such Future Offering must either (A)
additionally purchase the Rejecting Investor's Aggregate Percentage of such
Future Offering or (B) forfeit such investor's right of first refusal with
respect to such Future Offering (and such forfeit shall not affect the Buyer's
ability or rights to exercise their right of first refusal with respect to later
Future Offerings). In the event the Buyer fails to participate in the Future
Offering within the periods described in this Section 4(e), the Company shall
have 60 days thereafter to sell the securities of the Future Offering, upon
terms and conditions, no more favorable to the purchasers thereof than specified
in the Future Offering Notice. In the event the Company has not sold such
securities of the Future Offering within such 60 day period, the Company shall
not thereafter issue or sell such securities without first offering such
securities to the Buyer in the manner provided in this Section 4(e). The Capital
Raising Limitations shall not apply to (i) a loan from a commercial bank which
does not have any equity feature, (ii) any transaction involving the Company's
issuances of securities (A) as consideration in a merger or consolidation or any
financing in connection therewith, or (B) as consideration for the acquisition
of a business, product, license or other assets by the Company, (iii) the
issuance of common stock in a firm commitment, underwritten public offering,
(iv) the issuance of securities upon exercise or conversion of the Company's
options, warrants or other convertible securities outstanding as of the date
hereof, (v) the grant of additional options or warrants, or the issuance of
additional securities, under any Company stock option plan, restricted stock
plan or stock purchase plan for the benefit of the Company's employees or
directors, (vi) the issuance of common stock to the Placement Agent (as defined
in Section 11(m) below) in connection with the Placements Agent's role as
placement agent in the Offering or (vii) the Company's issuance of securities
pursuant to any investment or financing as a result of which the Company
receives in excess of $8,000,000.00 in cash or cash equivalents. The Buyer shall
not be required to participate or exercise their right of first refusal with
respect to a particular Future Offering in order to exercise their right of
first refusal with respect to later Future Offerings.

                  f. LISTING. The Company shall promptly secure the listing of
all of the Registrable Securities (as that term is defined in the Registration
Rights Agreement) upon each national securities exchange and automated quotation
system, if any, upon which shares of the Company's common stock are then listed
(subject to official notice of issuance) and shall maintain, so long as any
other shares of common stock shall be so listed, such listing of all Registrable
Securities from time to time issuable under the terms of the Transaction
Documents. The Company shall maintain the Common

                                       13

<PAGE>   14

Stock's authorization for quotation on the Nasdaq National Stock Market, Nasdaq
Small-Cap Market, The New York Stock Exchange, Inc. or The American Stock
Exchange, Inc., as applicable (the "PRINCIPAL MARKET"). Neither the Company nor
any of its Subsidiaries shall take any action which would be, in their good
faith business judgment, reasonably expected to result in the delisting or
suspension of Company common stock on the Principal Market. The Company shall
promptly, and in no event later than the following business day, provide to the
Buyer copies of any notices it receives from the Principal Market regarding the
continued eligibility of Company common stock for listing on such automated
quotation system or securities exchange. The Company shall pay all fees and
expenses in connection with satisfying its obligations under this Section 4(f).

                  g. RESERVATION OF SHARES; ISSUANCE OF WARRANT SHARES. The
Company shall take all action necessary to at all times have authorized, and
reserved for the purpose of issuance, no less than 100% of the number of shares
of Company common stock needed to provide for the issuance of the shares of
Company common stock upon exercise of all outstanding Warrants. The issuance of
the Warrant Shares shall be duly authorized, and when issued in accordance with
the Warrants, the Warrant Shares will be validly issued, fully paid and
non-assessable and free of all taxes, liens, charges and preemptive rights with
respect to the issue thereof

                  h. BUSINESS COMBINATION; TRANSFER AGENT. Unless and until the
Common Shares have been registered pursuant to an effective Registration
Statement (as defined in the Registration Rights Agreement) or the Buyer has
provided their prior written consent, the Company shall not (i) enter into any
merger, sale of all or substantially all of the Company's assets or other
business combination or other corporate reorganization in which the Company is
not the surviving entity after such transaction(s) or (ii) select, appoint or
enter into any arrangement or agreement with a party other than Interwest
Transfer Company, Inc. (the "TRANSFER AGENT") to serve as transfer agent for the
Company.

                  i. LIMITATION ON FILING REGISTRATION STATEMENTS. The Company
shall not file a registration statement (other than (a) the Registration
Statement (as defined in the Registration Rights Agreement) or (b) a
registration statement on Form S-8 or (c) a registration statement registering
Company common stock issued to a person or entity directly in connection with a
strategic joint venture or acquisition transaction or (d) a registration
statement registering currently outstanding stock options, rights, warrant or
shares issued to officers, directors, employees or consultants or (e) a
registration statement filed pursuant to the Halifax/Palladin Purchase Agreement
or the Protius Purchase Agreement, or (f) a registration statement filed
pursuant to the exercise by Halifax, Palladin or Protius of the rights of first
refusal granted them pursuant to the Halifax/Palladin Purchase Agreement or
Protius Purchase Agreement, respectively, or

                                       14

<PAGE>   15

(g) a registration statement covering shares set forth on Schedule 3(v) of the
Registration Rights Agreement, or (h) a registration statement registering
shares issued or issuable pursuant to an Exempt Issuance ) covering the sale or
resale of shares of Company common stock with the SEC during the period
beginning on the date hereof and ending on the date which is 30 days after the
Registration Statement has been declared effective by the SEC.

                  j. FILING OF FORM 8-K AND PRESS RELEASE. On or before the
fifth (5th) business day following the Closing Date, the Company shall file a
Form 8-K with the SEC describing the terms of the transactions contemplated by
the Transaction Documents in the form required by the 1934 Act. On or before the
second (2nd) business day following the Closing Date, the Company shall issue a
press release (previously approved by the Buyer) describing the terms of the
transactions contemplated by the Transaction Documents.

                  k. CORPORATE EXISTENCE AND TAXES. Until all of the Common
Shares and Warrant Shares have been registered pursuant to an effective
Registration Statement, the Company shall maintain its corporate existence in
good standing (provided, however, that the foregoing covenant shall not prevent
the Company from entering into any merger or corporate reorganization as long as
the surviving entity in such transaction, if not the Company, has common stock
listed for trading on the Principal Market and shall pay all its taxes when due
except for taxes which the Company disputes).

         5. TRANSFER AGENT INSTRUCTIONS.

                  The Company shall issue irrevocable instructions to the
Transfer Agent substantially in the form of EXHIBIT B hereto (the "TRANSFER
AGENT INSTRUCTIONS"). Prior to registration of the Common Shares and Warrant
Shares under the 1933 Act, all such certificates shall bear the restrictive
legend specified in Section 2(g) of this Agreement. The Company warrants that no
instruction other than the Transfer Agent Instructions referred to in this
Section 5, and stop transfer instructions to give effect to Section 2(f) hereof
will be given by the Company to its Transfer Agent and that the Securities shall
otherwise be freely transferable on the books and records of the Company as and
to the extent provided in this Agreement and the Registration Rights Agreement.
Nothing in this Section 5 shall affect in any way the Buyer's obligations and
agreements set forth in Section 2(g) to comply with all applicable prospectus
delivery requirements, if any, upon resale of the Securities. If a Buyer
provides the Company (and its counsel) with an opinion of counsel, in a
generally acceptable form, to the effect that a public sale, assignment or
transfer of the Securities may be made without registration under the 1933 Act
or the Buyer provides the Company (and its counsel) with reasonable assurances
that the Securities can be sold pursuant to Rule 144 promulgated under the

                                       15

<PAGE>   16

1933 Act ("RULE 144")without any restriction as to the number of securities
acquired as of a particular date that can then be immediately sold, the Company
shall permit the transfer, and, promptly instruct its Transfer Agent to issue
one or more certificates in such name and in such denominations as specified by
the Buyer and without any restrictive legend. The Company acknowledges that a
breach by it of its obligations hereunder will cause irreparable harm to the
Buyer by vitiating the intent and purpose of the transaction contemplated
hereby. Accordingly, the Company acknowledges that the remedy at law for a
breach of its obligations under this Section 5 will be inadequate and agrees, in
the event of a breach or threatened breach by the Company of the provisions of
this Section 5, that the Buyer shall be entitled, in addition to all other
available remedies, to an order and/or injunction restraining any breach and
requiring immediate issuance and transfer, without the necessity of showing
economic loss and without any bond or other security being required.

         6. CONDITIONS TO THE COMPANY'S OBLIGATION TO SELL.

                  The obligation of the Company hereunder to issue and sell the
Common Shares and Warrant to the Buyer at the Closing is subject to the
satisfaction, at or before the Closing Date, of each of the following
conditions, provided that these conditions are for the Company's sole benefit
and may be waived by the Company at any time in its sole discretion by providing
the Buyer with prior written notice thereof:

                  a. Such Buyer shall have executed each of the Transaction
Documents to which it is a party and delivered the same to the Company for the
transactions contemplated by this Agreement;

                  b. Such Buyer shall have delivered to the Escrow Agent the
Purchase Price for the Common Shares and Warrant being purchased by the Buyer at
the Closing by wire transfer of immediately available funds pursuant to the wire
instructions provided by the Company or the Escrow Agent;

                  c. The representations and warranties of the Buyer shall be
true and correct in all material respects as of the date when made and as of the
Closing Date as though made at that time (except for representations and
warranties that speak as of a specific date), and the Buyer shall have
performed, satisfied and complied in all material respects with the covenants,
agreements and conditions required by this Agreement to be performed, satisfied
or complied with by the Buyer at or prior to the Closing Date;

                  d. Such Buyer shall have delivered to the Company such other
documents relating to the transactions contemplated by this Agreement as the
Escrow Agent or its counsel may reasonably request; and

                                       16

<PAGE>   17

                  e. [Omitted].

                  f. The Company and the Placement Agent shall have entered into
the placement agent agreement.

         7. CONDITIONS TO EACH BUYER'S OBLIGATION TO PURCHASE.

                  The obligation of the Buyer hereunder to purchase the Common
Shares and Warrant at the Closing is subject to the satisfaction, at or before
the Closing Date, of each of the following conditions, provided that these
conditions are for the Buyer's sole benefit and may be waived by the Buyer at
any time in its sole discretion by providing the Company with prior written
notice thereof:

                  a. The Company shall have executed each of the Transaction
Documents and delivered the same to the Buyer;

                  b. The Company's common stock shall be authorized for
quotation on the Principal Market and trading in Company common stock shall not
have been suspended by the SEC or the Principal Market;

                  c. The representations and warranties of the Company shall be
true and correct, in all material respects, as of the date when made and as of
the Closing Date as though made at that time (except for representations and
warranties that speak as of a specific date) and the Company shall have
performed, satisfied and complied, in all material respects, with the covenants,
agreements and conditions required by the Transaction Documents to be performed,
satisfied or complied with by the Company at or prior to the Closing Date;

                  d. The Company shall have delivered to the Buyer the opinion
of the Company's counsel dated as of the Closing Date, substantially in the form
of EXHIBIT C attached hereto;

                  e. The Company shall have executed and delivered to the Buyer
the Warrant and the certificates representing Common Shares (in such
denominations as the Buyer shall request) for the Common Shares being purchased
by the Buyer at the Closing;

                  f. The Transfer Agent Instructions, in the form of EXHIBIT B
attached hereto, shall have been delivered to and acknowledged in writing by the
Company's transfer agent and a copy of the executed Transfer Agent Instructions
shall have been delivered to the Escrow Agent;

                                       17

<PAGE>   18

                  g. The Company shall have made all filings, other than those
(i) contemplated by the Registration Rights Agreement, (ii) the filings with the
Principal Market to secure listing of the Common Shares and Warrant Shares and
(iii) the filings required by Section 4(j) above, under all applicable federal
and state securities laws necessary to consummate the issuance of the Securities
pursuant to this Agreement in compliance with such laws;

                  h. The Company shall have delivered to the Escrow Agent such
other documents relating to the transactions contemplated by this Agreement as
the Escrow Agent or its counsel may reasonably request;

                  i. [Omitted].

                  j. Subject to Section 11(l) below, at the Closing, the Company
shall reimburse the Buyer for the Buyer's attorneys' fees and expenses (in an
amount not to exceed $5,000.00), by allowing the Buyer to deduct such fees and
expenses from the Purchase Price, incurred by the Buyer concerning the due
diligence review of the contemplated transactions and the Company, and the
negotiation and preparation of the Transaction Documents and the consummation of
the transactions contemplated thereby;

                  k. The Company and the Placement Agent shall have entered into
the placement agent agreement; and

                  l. As of the Closing Date, the Company shall have reserved out
of its authorized and unissued common stock, solely for the purpose of effecting
the exercise of the Warrants, no less than 100% of the number of shares of
Company common stock needed to provide for the issuance of the shares of Company
common stock upon exercise of all outstanding Warrants.

         8. INDEMNIFICATION.

                  a. INDEMNIFICATION BY COMPANY. In consideration of the Buyer's
execution and delivery of the Transaction Documents and acquiring the Securities
thereunder and in addition to all of the Company's other obligations under the
Transaction Documents, the Company shall defend, protect, indemnify and hold
harmless the Buyer and all of their stockholders, partners, officers, directors,
employees and any of the foregoing person's agents or other representatives
(including, without limitation, those retained in connection with the
transactions contemplated by this Agreement) (collectively, the "BUYER
INDEMNITEES") from and against any and all actions, causes of action, suits,
claims, losses, costs, penalties, fees, liabilities and damages, and expenses in
connection therewith and including reasonable attorneys' fees and disbursements
(the "BUYER INDEMNIFIED LIABILITIES"), incurred by the Buyer

                                       18

<PAGE>   19

Indemnitee as a result of, or arising out of, or relating to (a) any material
misrepresentation or breach of any representation or warranty made by the
Company in the Transaction Documents or any other certificate, instrument or
document contemplated hereby or thereby, (b) any material breach of any
covenant, agreement or obligation of the Company contained in the Transaction
Documents or any other certificate, instrument or document contemplated hereby
or thereby, (c) any cause of action, suit or claim brought or made against the
Buyer Indemnitee and arising out of or resulting from the execution, delivery,
performance or enforcement of the Transaction Documents or any other
certificate, instrument or document contemplated hereby or thereby, or (d) any
transaction financed or to be financed in whole or in part, directly or
indirectly, with the proceeds of the issuance of the Securities. To the extent
that the foregoing undertaking by the Company may be unenforceable for any
reason, the Company shall make the maximum contribution to the payment and
satisfaction of each of the Buyer Indemnified Liabilities which is permissible
under applicable law.

                  b. INDEMNIFICATION BY BUYER. In consideration of the Company's
execution and delivery of the Transaction Documents and the Company's
performance of the transactions contemplated thereunder, the Buyer shall
severally and not jointly defend, protect, indemnify and hold harmless the
Company, its officers and directors (collectively, the "COMPANY INDEMNITEES")
from and against any and all actions, causes of action, suits, claims, losses,
costs, penalties, fees, liabilities and damages, and expenses in connection
therewith and including reasonable attorneys' fees and disbursements (the
"COMPANY INDEMNIFIED LIABILITIES"), incurred by any Company Indemnitee as a
result of, or arising out of, or relating to (a) any material representation or
breach of any representation or warranty made by the Buyer in the Transaction
Documents or any other certificate, instrument or document contemplated hereby
or thereby, or (b) any material breach of any covenant, agreement or obligation
of the Buyer contained in the Transaction Documents or any other certificate,
instrument or document contemplated hereby or thereby; provided, however, that
the Buyer shall not be jointly liable for the indemnification obligations of any
other Buyer or investor and the Buyer subject to an indemnification obligation
shall be liable under this Section 8(b) for only that amount of Company
Indemnified Liabilities as does not exceed the net proceeds to the Buyer as a
result of the sale of Common Shares held by the Buyer. To the extent that the
foregoing undertaking by a Buyer may be unenforceable for any reason, the Buyer
shall make the maximum contribution to the payment and satisfaction of each of
the Company Indemnified Liabilities which is permissible under applicable law;
provided, however, that the Buyer shall not be jointly liable for the
indemnification obligations of any other Buyer or investor and the Buyer subject
to an indemnification obligation shall be liable under this Section 8(b) for
only that amount of Company Indemnified Liabilities as does not exceed the net
proceeds to the Buyer as a result of the sale of Common Shares held by the
Buyer.

                                       19

<PAGE>   20

         9. [Omitted].

         10. [Omitted].

         11. GOVERNING LAW; MISCELLANEOUS.

                  a. GOVERNING LAW; JURISDICTION; JURY TRIAL. The corporate laws
of the State of Florida shall govern all issues concerning the relative rights
of the Company and its stockholders. All other questions concerning the
construction, validity, enforcement and interpretation of this Agreement shall
be governed by the internal laws of the State of Florida, without giving effect
to any choice of law or conflict of law provision or rule (whether of the State
of Florida or any other jurisdictions) that would cause the application of the
laws of any jurisdictions other than the State of Florida.

                  b. COUNTERPARTS. This Agreement may be executed in two or more
identical counterparts, all of which shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each
party and delivered to the other party; provided that a facsimile signature
shall be considered due execution and shall be binding upon the signatory
thereto with the same force and effect as if the signature were an original, not
a facsimile signature.

                  c. HEADINGS. The headings of this Agreement are for
convenience of reference and shall not form part of, or affect the
interpretation of, this Agreement.

                  d. SEVERABILITY. If any provision of this Agreement shall be
invalid or unenforceable in any jurisdiction, such invalidity or
unenforceability shall not affect the validity or enforceability of the
remainder of this Agreement in that jurisdiction or the validity or
enforceability of any provision of this Agreement in any other jurisdiction.

                  e. ENTIRE AGREEMENT; AMENDMENTS. This Agreement supersedes all
other prior oral or written agreements between the Buyer, the Company, their
affiliates and persons acting on their behalf with respect to the matters
discussed herein, and this Agreement and the instruments referenced herein
contain the entire understanding of the parties with respect to the matters
covered herein and therein and, except as specifically set forth herein or
therein, neither the Company nor the Buyer makes any representation, warranty,
covenant or undertaking with respect to such matters. No provision of this
Agreement may be amended other than by an instrument in writing signed by the
Company and the Buyer, and no provision hereof may be waived other than by an
instrument in writing signed by the party against whom enforcement is sought.

                                       20

<PAGE>   21

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

         If to the Company:

                  Visual Data Corporation
                  1291 S.W. 29th Avenue
                  Pompano Beach, Florida 33069
                  Telephone: 954/917-6655
                  Facsimile: 954/917-6660
                  Attention: Randy S. Selman

         With a copy to:

                  Atlas, Pearlman P.A.
                  350 E. Las Olas Blvd., Suite 1700
                  Ft. Lauderdale, Florida 33301
                  Telephone: (954) 766-7816
                  Facsimile: (954) 766-7800
                  Attention: Joel D. Mayersohn, Esq.

         If to the Transfer Agent:

                  Interwest Transfer Company, Inc.
                  1981 E. Murray Holladay Road, Ste. 100
                  Salt Lake City, Utah 84112
                  Telephone: 801/272-9294
                  Facsimile: 801-277-3147
                  Attention: Melinda Orth

If to a Buyer, to it at the address and facsimile number set forth on SCHEDULE 1
with copies to the Buyer's representatives as set forth on SCHEDULE 1, or at
such other address and/or facsimile number and/or to the attention of such other
person as the recipient party has specified by written notice given to each
other party five days prior to the effectiveness of such change.

                                       21

<PAGE>   22

                  g. SUCCESSORS AND ASSIGNS. This Agreement shall be binding
upon and inure to the benefit of the parties and their respective successors and
assigns, including any purchasers of the Common Shares. The Company shall not
assign this Agreement or any rights or obligations hereunder without the prior
written consent of the Buyer. A Buyer may assign some or all of its rights
hereunder without the consent of the Company, provided, however, that any such
assignment shall not release the Buyer from its obligations hereunder unless
such obligations are assumed by such assignee and the Company has consented to
such assignment and assumption.

                  h. NO THIRD PARTY BENEFICIARIES. This Agreement is intended
for the benefit of the parties hereto and their respective permitted successors
and assigns, and is not for the benefit of, nor may any provision hereof be
enforced by, any other person.

                  i. SURVIVAL. Unless this Agreement is terminated under Section
11(l), the agreements and covenants set forth in Sections 4, 5 and 11 and the
indemnification provisions set forth in Section 8 shall survive the Closing.
Each Buyer shall be responsible only for its own representations, warranties,
agreements and covenants hereunder.

                  j. [Reserved].

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

                  l. TERMINATION. In the event that the Closing shall not have
occurred with respect to the Buyer on or before three (3) business days from the
date hereof due to the Company's or the Buyer's failure to satisfy the
conditions set forth in Sections 6 and 7 above (and the nonbreaching party's
failure to waive such unsatisfied condition(s)), the nonbreaching party shall
have the option to terminate this Agreement with respect to such breaching party
at the close of business on such date without liability of any party to any
other party; provided, however, that if this Agreement is terminated pursuant to
this Section 11(l), the Company shall remain obligated to reimburse the
nonbreaching Buyer for the expenses described in Section 4(g) above.

                  m. PLACEMENT AGENT. The Company acknowledges that it has
engaged Montauk Financial, Inc. as placement agent (the "PLACEMENT AGENT") in
connection with the sale of the Common Shares and Warrant, which placement agent
may have formally or informally engaged other agents on its behalf. The Company
shall be responsible for the payment of any placement agent's fees or broker's

                                       22

<PAGE>   23

commissions relating to or arising out of the transactions contemplated hereby.
The Company shall pay, and hold the Buyer harmless against, any liability, loss
or expense (including, without limitation, attorneys' fees and out of pocket
expenses) arising in connection with any such claim.

                  n. NO STRICT CONSTRUCTION. The language used in this Agreement
will be deemed to be the language chosen by the parties to express their mutual
intent, and no rules of strict construction will be applied against any party.

                  o. REMEDIES. Each Buyer and each holder of the Securities
shall have all rights and remedies set forth in the Transaction Documents and
all rights and remedies which such holders have been granted at any time under
any other agreement or contract and all of the rights which such holders have
under any law. Any Person having any rights under any provision of this
Agreement shall be entitled to enforce such rights specifically (without posting
a bond or other security), to recover damages by reason of any breach of any
provision of this Agreement and to exercise all other rights granted by law.

         IN WITNESS WHEREOF, the Buyer and the Company have caused this
Securities Purchase Agreement to be duly executed as of the date first written
above.

COMPANY:                                   BUYER:

VISUAL DATA CORPORATION                    ICN CAPITAL LTD.

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

                                       23<PAGE>   1

                                                                    EXHIBIT 10.2

                          REGISTRATION RIGHTS AGREEMENT

         This REGISTRATION RIGHTS AGREEMENT (this "Agreement"), dated as of
August 17, 2001, is entered into by and among Visual Data Corporation, a Florida
corporation, with headquarters located at 1291 S.W. 29th Avenue, Pompano Beach,
Florida 33069 (the "Company"), and the undersigned buyer (the "Buyer").

         WHEREAS:

         A. In connection with the Securities Purchase Agreement by and among
the parties dated as of August 17, 2001 (the "Securities Purchase Agreement"),
the Company has agreed, upon the terms and subject to the conditions of the
Securities Purchase Agreement, to issue and sell to the Buyer 446,429 shares of
the Company's Common Stock, par value $.0001 per share (the "Common Shares") and
a warrant (the "Warrant") to purchase 125,000 shares of the Company's Common
Stock, par value $.0001 per share (the "Warrant Shares"); and

         B. To induce the Buyer to execute and deliver the Securities Purchase
Agreement, the Company has agreed to provide certain registration rights under
the Securities Act of 1933, as amended, and the rules and regulations
thereunder, or any similar successor statute (collectively, the "1933 Act"), and
applicable state securities laws.

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

         1. DEFINITIONS.

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

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

                  b. "Person" means a corporation, a limited liability company,
an association, a partnership, an organization, a business, an individual, a
governmental or political subdivision thereof or a governmental agency.

                                       1

<PAGE>   2

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

                  d. "Registrable Securities" means the Common Shares purchased
pursuant to the Securities Purchase Agreement and the Warrant Shares underlying
the Warrant purchased pursuant to the Securities Purchase Agreement, and any
shares of capital stock issued or issuable with respect to the Common Shares and
Warrant Shares as a result of any stock split, stock dividend, recapitalization,
exchange, anti-dilution rights or similar event or otherwise.

                  e. "Registration Statement" means a registration statement of
the Company filed under the 1933 Act and pursuant to Rule 415.

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

         2. REGISTRATION.

                  a. MANDATORY REGISTRATION. The Company shall prepare, and, as
soon as practicable but in no event later than forty-five (45) days after the
date hereof, file with the SEC a Registration Statement or Registration
Statements (as is necessary) on Form S-3 covering the resale of all of the
Registrable Securities. In the event that Form S-3 is unavailable for such a
registration, the Company shall use such other form as is available for such a
registration, subject to the provisions of Section 2(e). The initial
Registration Statement prepared pursuant hereto shall register for resale that
number of Company common stock shares equal to the number of Registrable
Securities as of the date immediately preceding the date the Registration
Statement is initially filed with the SEC, subject to adjustment as provided in
Section 3(b). The Company shall use its reasonable best efforts to have the
Registration Statement declared effective by the SEC as soon as practicable, but
in no event later than ninety (90) days after the date hereof.

                  b. [Reserved.]

                  c. ALLOCATION OF REGISTRABLE SECURITIES. The initial number of
Registrable Securities included in any Registration Statement and each increase
in the number of Registrable Securities included therein shall be allocated pro
rata among the Investors based on the number of Registrable Securities held by
each Investor at the time the Registration Statement covering such initial
number of Registrable Securities or increase thereof is declared effective by
the SEC. In the event that an Investor sells or otherwise transfers any of such
Person's Registrable Securities, each transferee shall be allocated a pro rata
portion of the then

                                       2

<PAGE>   3

remaining number of Registrable Securities included in such Registration
Statement for such transferor. Any Common Shares included in a Registration
Statement and which remain allocated to any Person which ceases to hold any
Registrable Securities shall be allocated to the remaining Investors, pro rata
based on the number of Registrable Securities then held by such Investors.

                  d. LEGAL COUNSEL. Subject to Section 5 hereof, the Buyer shall
have the right to select one legal counsel to review and oversee any offering
pursuant to this Section 2 ("Legal Counsel"), which shall be Strategic
Investment Counsel, LLC or such other counsel as thereafter designated by the
holders of a majority of Registrable Securities. The Company shall reasonably
cooperate with Legal Counsel in performing the Company's obligations under this
Agreement.

                  e. INELIGIBILITY FOR FORM S-3. In the event that Form S-3 is
not available for any registration of Registrable Securities hereunder, the
Company shall (i) register the sale of the Registrable Securities on another
appropriate form and (ii) undertake to register the Registrable Securities on
Form S-3 as soon as such form is available, provided that the Company shall
maintain the effectiveness of the Registration Statement then in effect until
such time as a Registration Statement on Form S-3 covering the Registrable
Securities has been declared effective by the SEC.

                  f. RULE 416. The Company and the Investors each acknowledge
that each Registration Statement prepared in accordance hereunder shall include
an indeterminate number of Registrable Securities pursuant to Rule 416 under the
1933 Act so as to cover any and all Registrable Securities which may become
issuable (i) to prevent dilution resulting from stock splits, stock dividends or
similar transactions and (ii) i permitted by law, by reason of the anti-dilution
provisions contained in Section 9 of the Securities Purchase Agreement and
Warrant in accordance with the terms thereof (collectively, the "Rule 416
Securities"). In this regard, the Company agrees to use all reasonable efforts
to ensure that the maximum number of Registrable Securities which may be
registered pursuant to Rule 416 under the 1933 Act are covered by each
Registration Statement and, absent guidance from the SEC or other definitive
authority to the contrary, the Company shall use all reasonable efforts to
affirmatively support and to not take any position adverse to the position that
each Registration Statement filed hereunder covers all of the Rule 416
Securities. If the Company determines that the Registration Statement filed
hereunder does not cover all of the Rule 416 Securities, the Company shall
immediately (i) provide to each Investor written evidence setting forth the
basis for the Company's position and the authority therefor and (ii) prepare and
file an amendment to such Registration Statement or a new Registration Statement
i accordance with Section 2(g).

                  g. SUFFICIENT NUMBER OF SHARES REGISTERED In the event the
number of shares available under a Registration Statement filed pursuant t
Section 2(a) is insufficient to cover all of the Registrable Securities or an
Investor's allocated portion of the Registrable Securities pursuant to Section
2(c), the Company shall amend the Registration Statement, or

                                       3

<PAGE>   4

file a new Registration Statement (on the short form available therefor, if
applicable), or both, so as to cover at least one hundred percent (100%) of such
Registrable Securities in each case, as soon as practicable, but in any event
not later than fifteen (15) days after the necessity therefor arises. The
Company shall use it best efforts to cause such amendment and/or new
Registration Statement to become effective as soon as practicable following the
filing thereof. For purposes of the foregoing provision, the number of shares
available under a Registration Statement shall be deemed "insufficient to cover
all of the Registrable Securities" if at any time the number of Registrable
Securities is greater than the number of shares of Company common stock
available for resale under such Registration Statement.

         3. RELATED OBLIGATIONS.

         Whenever the Company is obligated to file a Registration Statement with
the SEC pursuant to Section 2(a) or 2(g), the Company will use its best efforts
to effect the registration of the Registrable Securities in accordance with the
intended method of disposition thereof and, pursuant thereto, the Company shall
have the following obligations:

                  a. The Company shall promptly prepare and file with the SEC a
Registration Statement with respect to the Registrable Securities (on or prior
to the forty-fifth (45th) day after the date hereof for the registration of
Registrable Securities pursuant to Section 2(a)) and use its best efforts to
cause such Registration Statement relating to the Registrable Securities to
become effective as soon as possible after such filing (but in no event later
than ninety (90) days after the date hereof for the registration of Registrable
Securities pursuant to Section 2(a)), and keep such Registration Statement
effective pursuant to Rule 415 at all times until the earlier of (i) the date
as of which the Investors may sell all of the Registrable Securities without
restriction pursuant to Rule 144(k) promulgated under the 1933 Act (or
successor thereto) or (ii) the date on which the Investors shall have sold all
the Registrable Securities (the "Registration Period"), which Registration
Statement (including any amendments or supplements thereto and prospectuses
contained therein) shall not contain any untrue statement of a material fact or
omit to state a material fact required to be stated therein, or necessary to
make the statements therein, in light of the circumstances in which they were
made, not misleading.

                  b. The Company shall prepare and file wit the SEC such
amendments (including post-effective amendments) and supplements to a
Registration Statement and the prospectus used in connection with such
Registration Statement, which prospectus is to be filed pursuant to Rule 424
promulgated under the 1933 Act, as may be necessary to keep such Registration
Statement effective at all times during the Registration Period, and, during
such period, comply with the provisions of the 1933 Act with respect to the
disposition of all Registrable Securities of the Company covered by such
Registration Statement until such time as all of such Registrable Securities
shall have been disposed of in accordance with the intended methods of
disposition by the seller or sellers thereof as set forth in such Registration
Statement.

                                       4

<PAGE>   5

                  c. The Company shall permit Legal Counsel to review and
comment upon a Registration Statement and all amendments and supplements thereto
at least three (3) days prior to their filing with the SEC, and not file any
document in a form to which Legal Counsel reasonably objects. The Company shall
not submit a request for acceleration of the effectiveness of a Registration
Statement or any amendment or supplement thereto without the prior approval of
Legal Counsel, which consent shall not be unreasonably withheld. The Company
shall furnish to Legal Counsel, without charge, (i) any correspondence from the
SEC or the staff of the SEC to the Company or its representative relating to any
Registration Statement, (ii) promptly after the same is prepared and filed with
the SEC, one copy of any Registration Statement and any amendment(s) thereto,
including financial statements and schedules, all documents incorporated therein
by reference and all exhibits and (iii) upon the effectiveness of any
Registration Statement, one copy of the prospectus included in such Registration
Statement and all amendments and supplements thereto.

                  d. The Company shall furnish to each Investor whose
Registrable Securities are included in any Registration Statement, without
charge, (i) promptly after the same is prepared and filed with the SEC, at least
one copy of such Registration Statement and any amendment(s) thereto, including
financial statements and schedules, all documents incorporated therein by
reference and all exhibits, (ii) upon th effectiveness of any Registration
Statement, ten (10) copies of the prospectus included in such Registration
Statement and all amendments and supplements thereto (or such other number of
copies as such Investor may reasonably request) and (iii) such other documents,
including copies of any preliminary or final prospectus, as such Investor may
reasonably request from time to time in order to facilitate the disposition of
the Registrable Securities owned by such Investor.

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

                                       5

<PAGE>   6

                  f. [Omitted].

                  g. As promptly as practicable after becoming aware of such
event, the Company shall notify Legal Counsel and each Investor in writing of
the happening of any event as a result of which the prospectus included in a
Registration Statement, as then in effect, includes an untrue statement of a
material fact or omission to state a material fact required to be stated therein
or necessary to make the statement therein, in light of the circumstances under
which they were made, not misleading, and promptly prepare a supplement or
amendment to such Registration Statement to correct such untrue statement or
omission, and deliver ten (10) copies of such supplement or amendment to Legal
Counsel and each Investor (or such other number of copies as Legal Counsel o
such Investor may reasonably request). The Company shall also promptly notify
Legal Counsel and each Investor in writing (i) when a prospectus or any
prospectus supplement or post-effective amendment has been filed, and when a
Registration Statement or any post-effective amendment has become effective
(notification of such effectiveness shall b delivered to Legal Counsel and each
Investor by facsimile on the same day of such effectiveness and by overnight
mail), (ii) of any request by the SEC for amendments or supplements to a
Registration Statement or related prospectus or related information, and (iii)
of the Company's reasonable determination that a post-effective amendment to a
Registration Statement would be appropriate.

                  h. The Company shall use its best efforts to prevent the
issuance of any stop order or other suspension of effectiveness of a
Registration Statement, or the suspension of the qualification of any of the
Registrable Securities for sale in any jurisdiction and, if such an order or
suspension is issued, to obtain the withdrawal of such order or suspension at
the earliest possible moment and to notify Legal Counsel and each Investor who
holds Registrable Securities being sold (and, in the event of an underwritten
offering, the managing underwriters) of the issuance of such order and the
resolution thereof or its receipt of actual notice of the initiation or threat
of any proceeding for such purpose.

                  i. [Omitted].

                  j. The Company shall make available for inspection by (i) any
Investor, (ii) Legal Counsel and (iii) one firm of accountants or other agents
retained by the Investors (collectively, the "Inspectors") all pertinent
financial and other records, and pertinent corporate documents and properties of
the Company (collectively, the "Records"), as shall be reasonably deemed
necessary by each Inspector, and cause the Company's officers, directors and
employees to supply all information which any Inspector may reasonably request;
provided, however, that each Inspector shall hold in strict confidence and shall
not make any disclosure (except to an Investor) or use of any Record or other
information which the Company determines in good faith to be confidential, and
of which determination the Inspectors are so notified, unless (a) the disclosure
of such Records is necessary to avoid or correct a misstatement or omission in
any Registration Statement or is otherwise required under the 1933 Act, (b) the
release of such Records is ordered pursuant to a final, non-appealable subpoena
or order from a court or government body of competent jurisdiction, or

                                       6

<PAGE>   7

(c) the information in such Records has been made generally available to the
public other than by disclosure in violation of this or any other agreement of
which the Inspector has knowledge. Each Investor agrees that it shall, upon
learning that disclosure of such Records is sought in or by a court or
governmental body of competent jurisdiction or through other means, give prompt
notice to the Company and allow the Company, at its expense, to undertake
appropriate action to prevent disclosure of, or to obtain a protective order
for, the Records deemed confidential.

                  k. The Company shall hold in confidence and not make any
disclosure of information concerning an Investor provided to the Company unless
(i) disclosure of such information is necessary to comply with federal or state
securities laws, (ii) the disclosure of such information is necessary to avoid
or correct a misstatement or omission in any Registration Statement, (iii) the
release of such information is ordered pursuant to a subpoena or other final,
non-appealable order from a court or governmental body of competent
jurisdiction, or (iv) such information has been made generally available to the
public other than by disclosure in violation of this Agreement or any other
agreement. The Company agrees that it shall, upon learning that disclosure of
such information concerning an Investor is sought in or by a court or
governmental body of competent jurisdiction or through other means, give prompt
written notice to such Investor and allow such Investor, at the Investor's
expense, to undertake appropriate action to prevent disclosure of, or to obtain
a protective order for, such information.

                  l. The Company shall use its best efforts either to (i) cause
all the Registrable Securities covered by a Registration Statement to be listed
on each securities exchange on which securities of the same class or series
issued by the Company are then listed, if any, if the listing of such
Registrable Securities is then permitted under the rules of such exchange, or
(ii) secure designation and quotation of all the Registrable Securities covered
by the Registration Statement on the Principal Market. The Company shall pay all
fees and expenses in connection with satisfying its obligation under this
Section 3(l).

                  m. [Reserved]

                  n. The Company shall provide a transfer agent and registrar of
all such Registrable Securities not later than the effective date of such
Registration Statement.

                  o. If requested by an Investor, the Company shall (i)
immediately incorporate in a prospectus supplement or post-effective amendment
such information as the Investors agree should be included therein relating to
the sale and distribution of Registrable Securities; (ii) make all required
filings of such prospectus supplement or post-effective amendment as soon as
notified of the matters to be incorporated in such prospectus supplement or
post-effective amendment; and (iii) supplement or make amendments to any
Registration Statement if requested by a shareholder of such Registrable
Securities.

                                       7

<PAGE>   8

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

                  q. [Reserved.]

                  r. The Company shall otherwise use its best efforts to comply
with all applicable rules and regulations of the SEC in connection with any
registration hereunder and the Company shall use its best efforts to file with
the SEC in a timely manner all reports and documents required of the Company
under the 1933 Act and the 193 Act (as defined in Section 6(a)).

                  s. Within three (3) business days after the Registration
Statement which includes the Registrable Securities is ordered effective by the
SEC, the Company shall deliver, and shall cause legal counsel for the Company to
deliver, to the transfer agent for such Registrable Securities (with copies to
the Investors whose Registrable Securities are included in such Registration
Statement) confirmation that the Registration Statement has been declared
effective by the SEC in the form attached hereto as EXHIBIT A.

                  t. [Reserved.]

                  u. The Company shall take all other reasonable actions
necessary to expedite and facilitate disposition by the Investors of Registrable
Securities pursuant to a Registration Statement.

                  v. Notwithstanding anything to the contrary contained in this
Agreement, the Registration Statement shall register only the Registrable
Securities and shares of Company common stock, as set forth on SCHEDULE 3(V),
issued to persons o entities directly in connection with a strategic joint
venture or acquisition transaction.

         4. OBLIGATIONS OF THE INVESTORS.

                  a. At least three (3) days prior to the anticipated filing
date of the Registration Statement under Sections 2(a) and 2(g), the Company
shall notify each Investor in writing of the information the Company requires
from each such Investor if such Investor elects to have any of such Investor's
Registrable Securities included in such Registration Statement. It shall be a
condition precedent to the obligations of the Company to complete the
registration pursuant to this Agreement with respect to the Registrable
Securities of a particular Investor that such Investor shall furnish to the
Company such information regarding itself and the Registrable Securities held by
it as shall be reasonably required to effect the registration of such
Registrable Securities and shall execute such documents in connection with such
registration as the Company may reasonably request.

                                       8

<PAGE>   9

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

         5. EXPENSES OF REGISTRATION.

                  All reasonable expenses, other than underwriting discounts and
commissions, incurred in connection with registrations, filings or
qualifications pursuant to Sections 2 and 3, including, without limitation, all
registration, listing and qualifications fees, printers and accounting fees, and
fees and disbursements of counsel for the Company and fees and disbursements of
Legal Counsel, shall be paid by the Company.

         6. INDEMNIFICATION.

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

                  a. To the fullest extent permitted by law the Company will,
and hereby does, indemnify, hold harmless and defend each Investor who hold such
Registrable Securities, the directors, officers, partners, employees, agents
representatives of, and each Person, if any, who controls any Investor within
the meaning of the 1933 Act or the Securities Exchange Act of 1934, as amended
(the "1934 Act"), and any underwriter (as defined in the 1933 Act) for the
Investors, and the directors and officers of, and each Person, if any, who
controls, any such underwriter within the meaning of the 1933 Ac or the 1934 Act
(each, an "Indemnified Person"), against any losses, claims, damages,
liabilities, judgments, fines, penalties, charges, costs, attorneys' fees,
amounts paid in settlement or expenses, joint or several, (collectively,
"Claims") incurred in investigating, preparing or defending any action, claim,
suit, inquiry, proceeding, investigation or appeal taken from the foregoing by
or before any court or governmental, administrative or other regulatory agency,
body or the SEC, whether pending or threatened, whether or not an indemnified
party is or may be a party thereto ("Indemnified Damages"), to which any of them
may become subject insofar as such Claims (or actions or proceedings, whether
commenced or threatened, in respect thereof) arise out of or are based upon: (i)
any untrue statement or alleged untrue statement of a material fact in a
Registration Statement or any post-effective amendment thereto or in any filing
made in connection with the qualification of the offering under the securities
or other "blue sky" laws of any jurisdiction in which Registrable Securities are
offered ("Blue Sky Filing"), or the omission or alleged omission to state a
material fact required t be stated therein or necessary to make the statements
therein not misleading, (ii) any untrue statement or alleged untrue statement of
a material fact contained in any preliminary prospectus if used prior to the

                                       9

<PAGE>   10

effective date of such Registration Statement, or contained in the final
prospectus (as amended or supplemented, if the Company files any amendment
thereof or supplement thereto with the SEC) or the omission or alleged omission
to state therein any material fact necessary to make the statements made
therein, in light of the circumstances under which the statements therein were
made, not misleading, (iii) any violation or alleged violation by the Company of
the 1933 Act, the 1934 Act, any other law, including, without limitation, any
state securities law, or any rule or regulation thereunder relating to the offer
or sale of the Registrable Securities pursuant to a Registration Statement or
(iv) any material violation of this Agreement (the matters in the foregoing
clauses (i) through (iv) being, collectively, "Violations"). The Company shall
reimburse the Investors and each such underwriter or controlling person,
promptly as such expenses are incurred and are due and payable, for any legal
fees or other reasonable expenses incurred by them in connection with
investigating or defending any such Claim. Notwithstanding anything to the
contrary contained herein, the indemnification agreement contained in this
Section 6(a): (i) shall not apply to a Claim by an Indemnified Person arising
out of or based upon a Violation which occurs in reliance upon and in conformity
with information furnished in writing to the Company by such Indemnified Person
or underwriter for such Indemnified Person expressly for use in connection with
the preparation of the Registration Statement or any such amendment thereof or
supplement thereto, if such prospectus was timely made available by the Company
pursuant to Section 3(d); (ii) with respect to any preliminary prospectus, shall
not inure to the benefit of any such person from whom the person asserting any
such Claim purchased the Registrable Securities that are the subject thereof (or
to the benefit of any person controlling such person) if the untrue statement or
omission of material fact contained in the preliminary prospectus was timely
corrected in the prospectus, as then amended or supplemented, and if such
prospectus was timely made available by the Company to the Indemnified Person
pursuant to Section 3(d); (iii) shall not be available to the extent such Claim
is based on a failure of the Investor to deliver or to cause to be delivered the
then current prospectus made available by the Company; and (iv) shall not apply
to amounts paid in settlement of any Claim if such settlement is effected
without the prior written consent of the Company, which consent shall not be
unreasonably withheld. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of the Indemnified Person
and shall survive the transfer of the Registrable Securities by the Investors
pursuant to Section 9.

                  b. In connection with any Registration Statement in which an
Investor is participating, each such Investor agrees to severally and not
jointly indemnify, hold harmless and defend, to the same extent and in the same
manner as is set forth in Section 6(a), the Company, each of its directors, each
of its officers who signs the Registration Statement, each Person, if any, who
controls the Company within the meaning of the 1933 Act or the 1934 Act
(collectively and together with an Indemnified Person, an "Indemnified Party"),
against any Claim or Indemnified Damages to which any Indemnified Party may
become subject, under the 1933 Act, the 1934 Act or otherwise, insofar as such
Claim or Indemnified Damages arise out of or are based upon any Violation, in
each case to the extent, and only to the extent, that such Violation occurs in
reliance upon and in conformity with written information furnished to the
Company by such Investor expressly for use in connection with such Registration
Statement;

                                       10

<PAGE>   11

and, subject to Section 6(d), such Investor will reimburse any legal or other
expenses reasonably incurred by them in connection with investigating or
defending any such Claim; provided, however, that the indemnity agreement
contained in this Section 6(b) and the agreement with respect to contribution
contained in Section 7 shall not apply to amounts paid in settlement of any
Claim if such settlement is effected without the prior written consent of such
Investor, which consent shall not be unreasonably withheld; provided, further,
however, that the Investor shall be liable under this Section 6(b) for only that
amount of a Claim or Indemnified Damages as does not exceed the net proceeds to
such Investor as a result of the sale of Registrable Securities pursuant to such
Registration Statement. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of such Indemnified Party
and shall survive the transfer of the Registrable Securities by the Investors
pursuant to Section 9. Notwithstanding anything to the contrary contained
herein, the indemnification agreement contained in this Section 6(b) with
respect to any preliminary prospectus shall not inure to the benefit of any
Indemnified Party if the untrue statement or omission of material fact contained
in the preliminary prospectus was corrected on a timely basis in the prospectus,
as then amended or supplemented.

                  c. The Company shall be entitled to receive indemnities from
underwriters, selling brokers, dealer managers and similar securities industry
professionals participating in any distribution, to the same extent as provided
above, with respect to information such persons so furnished in writing
expressly for inclusion in the Registration Statement.

                  d. Promptly after receipt by an Indemnified Person or
Indemnified Party under this Section 6 of notice of the commencement of any
action or proceeding (including any governmental action or proceeding) involving
a Claim, such Indemnified Person or Indemnified Party shall, if a Claim in
respect thereof is to be made against any indemnifying party under this Section
6, deliver to the indemnifying party a written notice of the commencement
thereof, and the indemnifying party shall have the right to participate in, and,
to the extent the indemnifying party so desires, jointly with an other
indemnifying party similarly noticed, to assume control of the defense thereof
with counsel mutually satisfactory to the indemnifying party and the Indemnified
Person or the Indemnified Party, as the case may be; provided, however, that an
Indemnified Person or Indemnified Party shall have the right to retain its own
counsel with the fees and expenses to be paid by the indemnifying party, if, in
the reasonable opinion of counsel retained by the indemnifying party, the
representation by such counsel of the Indemnified Person or Indemnified Party
and the indemnifying party would be inappropriate due to actual or potential
differing interests between such Indemnified Person or Indemnified Party and any
other party represented by such counsel in such proceeding. The Company shall
pay reasonable fees for only one separate legal counsel for the Investors, and
such legal counsel shall be selected by the Investors holding a majority in
interest of the Registrable Securities included in the Registration Statement to
which the Claim relates. The Indemnified Party or Indemnified Person shall
cooperate fully with the indemnifying party in connection with any negotiation
or defense of any such action or claim by the indemnifying party and shall
furnish to the indemnifying party all information reasonably available to the
Indemnified Party or Indemnified Person which relates to such

                                       11

<PAGE>   12

action or claim. The indemnifying party shall keep the Indemnified Party or
Indemnified Person fully apprised at all times as to the status of the defense
or any settlement negotiations with respect thereto. No indemnifying party shall
be liable for any settlement of any action, claim or proceeding effected without
its written consent, provided, however, that the indemnifying party shall not
unreasonably withhold, delay or condition its consent. No indemnifying party
shall, without the consent of the Indemnified Party or Indemnified Person,
consent to entry of any judgment or enter into any settlement or other
compromise which does not include as an unconditional term thereof the giving by
the claimant or plaintiff to such Indemnified Party or Indemnified Person of a
release from all liability in respect to such claim or litigation. Following
indemnification as provided for hereunder, the indemnifying party shall be
subrogated to all rights of the Indemnified Party or Indemnified Person with
respect to all third parties, firms or corporations relating to the matter for
which indemnification has been made. The failure to deliver written notice to
the indemnifying party within a reasonable time of the commencement of any such
action shall not relieve such indemnifying party of any liability to the
Indemnified Person or Indemnified Party under this Section 6, except to the
extent that the indemnifying party is prejudiced in its ability to defend such
action.

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

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

         7. CONTRIBUTION.

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

         8. LIQUIDATED DAMAGES.

                  The company agrees that the Buyer will suffer damages i the
Company fails to fulfill its obligations pursuant to Sections 2(a), 2(g), 3(a),
3(b), 3(e), 3(h), 3(l), 3(u) and 3(v) of this Agreement (a "Registration
Default") and that it would not be possible to ascertain the extent of such
damages. Accordingly, in the event of such failure by the Company to fulfill
such

                                       12

<PAGE>   13

obligations (except as a direct result of the actions or inactions of the Buyer
or Investors), the Company hereby agrees to pay liquidated damages ("Liquidated
Damages") to each Buyer (x) for every 30-day period following the occurrence of
such Registration Default in an amount determined by multiplying (i) $0.023 per
Common Share then held by the Buyer by (ii) the percentage derived by dividing
(A) the actual number of days elapsed from the later of such Registration
Default or the last day of the prior 30-day period, as applicable, to the day
such Registration Default has been completely cured by (B) 30, in cash, or at
the Buyer's option, in the number of shares of Company common stock, if such
issuance will not violate the rules of the Nasdaq Market, equal to the quotient
of (v) the dollar amount of the Liquidated Damages on the Payment Date (as
defined below) by (w) the closing bid price of the Company's common stock as of
the date of the Registration Default (as quoted in the Principal Market (as
defined in the Securities Purchase Agreement) or the market or exchange where
the Company's common stock is then traded); provided, however, that Registration
Default under Sections 3(b), 3(e) and 3(h) shall not be deemed to occur unless
(i) the effective registration statement(s) covering the resale of the
Registrable Securities is not available for use by the Investors for fifteen
(15) consecutive trading days o (ii) the effective registration statement(s)
covering the resale of the Registrable Securities i not available for use by the
Investors for thirty-five (35) or more trading days in such calendar year. The
Liquidated Damages payable pursuant hereto shall be payable within five (5)
business days from the end of the calendar month commencing on the first
calendar month in which the Registration Default occurs (each, a "Payment
Date"). In the event the Buyer elects to receive the Liquidated Damages amount
in shares of Company common stock, such shares shall also be considered Common
Shares and shall have the registration rights set forth in the Registration
Rights Agreement.

         9. ASSIGNMENT OF REGISTRATION RIGHTS.

                  The rights under this Agreement shall be automatically
assignable by the Investors to any transferee of all or any portion of
Registrable Securities if: (i) the Investor agrees in writing with the
transferee or assignee to assign such rights, and a copy of such agreement is
furnished to the Company within a reasonable time after such assignment; (ii)
the Company is, within a reasonable time after such transfer or assignment,
furnished with written notice of (a) the name and address of such transferee or
assignee, and (b) the securities with respect to which such registration rights
are being transferred or assigned; (iii) immediately following such transfer or
assignment the further disposition of such securities by the transferee or
assignee is restricted under the 1933 Act and applicable state securities laws;
provided, however, that the transferee or assignee may subsequently transfer or
assign all or any portion of the Registrable Securities if an exemption from
registration under the 1933 Act is applicable to such transfer or assignment;
(iv) at or before the time the Company receives the written notice contemplated
by clause (ii) of this sentence the transferee or assignee agrees in writing
with the Company to be bound by all of the provisions contained herein; and (v)
such transfer shall have been made in accordance with the applicable
requirements of the Securities Purchase Agreement.

                                       13

<PAGE>   14
         10. AMENDMENT OF REGISTRATION RIGHTS.

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

         11. MISCELLANEOUS.

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

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

                   If to the Company:

                         Visual Data Corporation
                         1291 S.W. 29th Avenue
                         Pompano Beach, Florida 33069
                         Telephone: (954) 917-6666
                         Facsimile: (954) 917-6660
                         Attention: Randy S. Selman

                    With a copy to:

                         Atlas, Pearlman P.A.
                         350 E. Las Olas Blvd., Ste. 1700
                         Ft. Lauderdale, Florida 33301
                         Telephone: (954) 766-7816
                         Facsimile: (954) 766-7800
                         Attention: Joel D. Mayersohn, Esq.

                                       14

<PAGE>   15

                    If to Legal Counsel:
                         Strategic Investment Counsel, LLC
                         666 Dundee Road, Suite 1901
                         Northbrook, Illinois 60062
                         Telephone: (847) 564-9293
                         Facsimile: (847) 564-5497
                         Attention: Anthony J. Ribaudo

If to a Buyer, to it at the address and facsimile number set forth on the
Schedule of Buyer attached hereto, with copies to the Buyer's representatives as
set forth on the Schedule of Buyer, or at such other address and/or facsimile
number and/or t the attention of such other person as the recipient party has
specified by written notice given to each other party five days prior to the
effectiveness of such change.

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

                  d. The corporate laws of the State of Florida shall govern all
issues concerning the relative rights of the Company and its stockholders. All
other questions concerning the construction, validity, enforcement and
interpretation of this Agreement shall be governed by the internal laws of the
State of Florida, without giving effect to any choice of law or conflict of law
provision or rule (whether of the State o Florida or any other jurisdictions)
that would cause the application of the laws of any jurisdictions other than the
State of Florida.

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

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

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

                                       15

<PAGE>   16

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

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

                  j. All consents and other determinations to be made by the
Investors pursuant to this Agreement shall be made, unless otherwise specified
in this Agreement, by Investors holding a majority of the Registrable
Securities.

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

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

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

COMPANY:                                   BUYER:

VISUAL DATA CORPORATION                    ICN CAPITAL

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

Title:                                     Title:
      -----------------------------               ------------------------------

                                       16

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