Document:

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                                                                    EXHIBIT 10.3

                                                                  EXECUTION COPY

                                                                       EXHIBIT C
                                                                   TO SECURITIES
                                                                        PURCHASE
                                                                       AGREEMENT

                                     SECOND
                          REGISTRATION RIGHTS AGREEMENT

        REGISTRATION RIGHTS AGREEMENT (this "AGREEMENT"), dated as of June 29,
2001, by and among ViroLogic, Inc., a corporation organized under the laws of
the State of Delaware (the "COMPANY"), and the undersigned (together with its
affiliates, the "INITIAL INVESTORS").

                                    WHEREAS:

        A. In connection with the Securities Purchase Agreement, dated as of
June 29, 2001, by and among the Company and the Initial Investors (the
"SECURITIES PURCHASE AGREEMENT"), the Company has agreed, upon the terms and
subject to the conditions contained therein, to issue and sell to the Initial
Investors (i) shares of its Series A Convertible Preferred Stock (the "PREFERRED
STOCK") that are convertible into shares of the Company's common stock, par
value $.001 per share (the "COMMON STOCK"), upon the terms and subject to the
limitations and conditions set forth in the Certificate of Designations, Rights
and Preferences with respect to such Preferred Stock (the "CERTIFICATE OF
DESIGNATION") and (ii) warrants (the "WARRANTS") to acquire shares of Common
Stock. The shares of Common Stock issuable upon conversion of or otherwise
pursuant to the Preferred Stock are referred to herein as the "CONVERSION
SHARES" and the shares of Common Stock issuable upon exercise of or otherwise
pursuant to the Warrants are referred to herein as the "WARRANT SHARES."

        B. To induce the Initial Investors 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
"SECURITIES 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
Initial Investors hereby agree as follows:

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        1. DEFINITIONS.

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

               (i) "INVESTORS" means the Initial Investors and any transferees
or assignees who agree to become bound by the provisions of this Agreement in
accordance with Section 9 hereof.

               (ii) "REGISTER," "REGISTERED," and "REGISTRATION" refer to a
registration effected by preparing and filing a Registration Statement or
Statements in compliance with the Securities Act and pursuant to Rule 415 under
the Securities 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 by the United States Securities and Exchange
Commission (the "SEC").

               (iii) "REGISTRABLE SECURITIES" means (a) the Conversion Shares,
(b) the Warrant Shares and (c) any shares of capital stock issued or issuable,
from time to time (with any adjustments), as a distribution on or in exchange
for or otherwise with respect to any of the foregoing, whether as default
payments or otherwise.

               (iv) "REGISTRATION STATEMENT" means a registration statement of
the Company under the Securities Act.

           (b) 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 use its best efforts to
prepare promptly and file with the SEC as soon as practicable, but in no event
later than the thirtieth (30th) day following the Second Closing Date (the
"FILING DATE"), a Registration Statement on Form S-3 (or, if Form S-3 is not
then available, on such form of Registration Statement as is then available to
effect a registration of all of the Registrable Securities, subject to the
consent of the Initial Investors) covering the resale of at least 9,491,666. The
Registration Statement filed hereunder, to the extent allowable under the
Securities Act and the Rules promulgated thereunder (including Rule 416), shall
state that such Registration Statement also covers such indeterminate number of
additional shares of Common Stock as may become issuable upon conversion of the
Preferred Stock and exercise of the Warrants to prevent dilution resulting from
stock splits, stock dividends or similar transactions. The Registrable
Securities included in the Registration Statement shall be allocated to the
Investors as set forth in Section 12(k) hereof. The Registration Statement (and
each amendment or supplement

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thereto, and each request for acceleration of effectiveness thereof) shall be
provided to (and subject to the approval of, which shall not be unreasonably
withheld) the Initial Investors and its counsel prior to its filing or other
submission.

           (b) Payments by the Company. The Company shall use its best efforts
to cause the Registration Statement required to be filed pursuant to Section
2(a) hereof to become effective as soon as practicable, but in no event later
than the sixtieth (60th) day following the Filing Date. At the time of
effectiveness, the Company shall ensure that such Registration Statement covers
all of the Registrable Securities issuable at such time pursuant to the
Preferred Stock and the Warrants (including, if necessary, by filing an
amendment prior to the effective date of the Registration Statement to increase
the number of shares covered thereby). If (i) (A) the Registration Statement
required to be filed by the Company pursuant to Section 2(a) hereof is not filed
with the SEC prior to the Filing Date or declared effective by the SEC on or
before the ninetieth (90th) day after the Filing Date (the "REGISTRATION
DEADLINE") or (B) any Registration Statement required to be filed by the Company
pursuant to Section 4(b) hereof is not declared effective by the SEC within
sixty (60) days after the applicable Registration Trigger Date (as defined in
Section 4(b) hereof), or (ii) if, after any such Registration Statement has been
declared effective by the SEC, sales of any of the Registrable Securities
required to be covered by such Registration Statement (including any Registrable
Securities required to be registered pursuant to Section 4(b) hereof) cannot be
made pursuant to such Registration Statement (by reason of a stop order or the
Company's failure to update the Registration Statement or any other reason
outside the control of the Investors), except as otherwise provided herein or
(iii) the Common Stock is not listed or included for quotation on the Nasdaq
National Market ("NNM"), the Nasdaq SmallCap Market ("SMALLCAP"), the New York
Stock Exchange (the "NYSE") or the American Stock Exchange (the "AMEX") at any
time after the Registration Deadline hereunder, then the Company will make
payments to the Investors in such amounts and at such times as shall be
determined pursuant to this Section 2(b) as partial relief for the damages to
the Investors by reason of any such delay in or reduction of their ability to
sell the Registrable Securities (which remedy shall not be exclusive of any
other remedies available at law or in equity). The Company shall pay to each
Investor an amount equal to the product of (i) the aggregate Purchase Price of
the Preferred Stock and Warrants purchased at the Second Closing held by such
Investor (including, without limitation, Preferred Stock that has been converted
into Conversion Shares and Warrants that have been exercised for Warrant Shares
then held by such Investor) (the "AGGREGATE SHARE PRICE"), multiplied by (ii)
two hundredths (.02), for each thirty (30) day period (or portion thereof) (A)
after the Filing Date and prior to the date the Registration Statement is filed
with the SEC pursuant to Section 2(a), (B) after the Registration Deadline and
prior to the date the Registration Statement filed pursuant to Section 2(a) is
declared effective by the SEC, (C) after the sixtieth (60th) day following a
Registration Trigger Date (as defined in Section 4(b)) and prior to the date the
Registration Statement filed pursuant to Section 4(b) hereof is declared
effective by the SEC, and (D) during which sales of any Registrable Securities
cannot be made pursuant to any such Registration Statement after the
Registration Statement has been declared

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effective or the Common Stock is not listed or included for quotation on the
NNM, SmallCap, NYSE or AMEX; provided, however, that there shall be excluded
from each such period any delays which are solely attributable to changes (other
than corrections of Company mistakes with respect to information previously
provided by the Investors) required by the Investors in the Registration
Statement with respect to information relating to the Investors, including,
without limitation, changes to the plan of distribution. Notwithstanding the
foregoing, in no event shall the Company be required to pay amounts with respect
to (x) both (A) and (B), and (y) both (C) and (D) above for the same period of
time. (For example, if the Registration Statement is not effective by the
Registration Deadline, the Company would pay $20,000 for each thirty (30) day
period thereafter with respect to each $1,000,000 of Aggregate Share Price until
the Registration Statement becomes effective.) Such amounts shall be paid in
cash or, at each Investor's option (subject to such Investor confirming in
status as an "accredited investor" as that term is defined in Rule 501(a) of
Regulation D of the Securities Act), may be convertible into Common Stock at
Market Price (as defined in the Warrants) then in effect, subject to the
limitation set forth in Article IV.D(i) of the Certificate of Designation. Any
shares of Common Stock issued upon conversion of such amounts shall be
Registrable Securities. If the Investor desires to convert the amounts due
hereunder into Registrable Securities it shall so notify the Company in writing
within two (2) business days after the date on which such amounts are first
payable in cash and such amounts shall be so convertible (pursuant to the
mechanics set forth under Article IV of the Certificate of Designation),
beginning on the last day upon which the cash amount would otherwise be due in
accordance with the following sentence. Payments of cash pursuant hereto shall
be made within five (5) days after the end of each period that gives rise to
such obligation, provided that, if any such period extends for more than thirty
(30) days, interim payments shall be made for each such thirty (30) day period.
The requirement to make payments pursuant to this section can be waived as to
all Investors by the written consent of Investors holding a majority of the
Registrable Securities

           (c) Piggy-Back Registrations. If at any time prior to the expiration
of the Registration Period (as hereinafter defined) the Company shall file with
the SEC a Registration Statement relating to an offering for its own account or
the account of others under the Securities Act of any of its equity securities
(other than on Form S-4 or Form S-8 or their then equivalents relating to equity
securities to be issued solely in connection with any acquisition of any entity
or business or equity securities issuable in connection with stock option or
other employee benefit plans), the Company shall send to each Investor written
notice of such determination and, if within fifteen (15) days after the date of
such notice, such Investor shall so request in writing, the Company shall
include in such Registration Statement all or any part of the Registrable
Securities such Investor requests to be registered, except that if, in
connection with any underwritten public offering, the managing underwriter(s)
thereof shall impose a limitation on the number of shares of Common Stock which
may be included in the Registration Statement because, in such underwriter(s)'
judgment, marketing or other factors dictate such limitation is necessary to
facilitate public distribution, then the Company shall be obligated to include
in such Registration Statement only such limited portion of the Registrable
Securities with respect to which such Investor has requested inclusion hereunder

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as the underwriter shall permit. Any exclusion of Registrable Securities shall
be made pro rata among the Investors seeking to include Registrable Securities,
in proportion to the number of Registrable Securities sought to be included by
such Investors; provided, however, that the Company shall not exclude any
Registrable Securities unless the Company has first excluded all outstanding
securities, the holders of which are not contractually entitled to inclusion of
such securities in such Registration Statement or are not contractually entitled
to pro rata inclusion with the Registrable Securities; and provided, further,
however, that, after giving effect to the immediately preceding proviso, any
exclusion of Registrable Securities shall be made pro rata with holders of other
securities having the contractual right to include such securities in the
Registration Statement other than holders of securities contractually entitled
to inclusion of their securities in such Registration Statement by reason of
demand registration rights. Notwithstanding the foregoing, no such reduction
shall reduce the amount of Registrable Securities included in the registration
below twenty-five (25%) of the total amount of securities included in such
registration. No right to registration of Registrable Securities under this
Section 2(c) shall be construed to limit any registration required under Section
2(a) hereof. If an offering in connection with which an Investor is entitled to
registration under this Section 2(c) is an underwritten offering, then each
Investor whose Registrable Securities are included in such Registration
Statement shall, unless otherwise agreed by the Company, offer and sell such
Registrable Securities in an underwritten offering using the same underwriter or
underwriters and, subject to the provisions of this Agreement, on the same terms
and conditions as other shares of Common Stock included in such underwritten
offering.

           (d) Eligibility for Form S-3. The Company represents and warrants
that it meets the requirements for the use of Form S-3 for registration of the
sale by the Initial Investors and any other Investor of the Registrable
Securities and the Company shall file all reports required to be filed by the
Company with the SEC in a timely manner so as to maintain such eligibility for
the use of Form S-3.

        3. DELAY PERIODS; SUSPENSION OF SALES.

           (a) Delay Period. If, at any time prior to the expiration of the
Registration Period (as defined below), in the good faith reasonable judgment of
the Company's Board of Directors, the disposition of Registrable Securities
would require the premature disclosure of material non-public information which
may reasonably be expected to have an adverse effect on the Company, then the
Company shall not be required to maintain the effectiveness of or amend or
supplement the Registration Statement for a period (a "DISCLOSURE DELAY PERIOD")
expiring upon the earlier to occur of (i) the date on which such material
information is disclosed to the public or ceases to be material or (ii) subject
to Section 3(b) hereof, up to ten (10) trading days after the date on which the
Company provides a notice to the Investors under Section 4(f) hereof stating
that the failure to disclose such non-public information causes the prospectus
included in the Registration Statement, as then in effect, to include an untrue
statement of a material fact or to omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading (each,
a "DISCLOSURE

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DELAY PERIOD NOTICE"). For the avoidance of doubt, in no event shall a
Disclosure Delay Period exceed ten (10) trading days.

           (b) The Company will give prompt written notice, in the manner
prescribed by Section 12 hereof, to the Investors of each Disclosure Delay
Period. If practicable, such notice shall estimate the duration of such
Disclosure Delay Period. Each Investor, agrees that, upon receipt of a
Disclosure Delay Period Notice prior to the Investor's disposition of all such
Registrable Securities, Investor will forthwith discontinue the disposition of
such Registrable Securities pursuant to the Registration Statement, and will not
deliver any prospectus forming a part thereof in connection with any sale of
such Registrable Securities until the expiration of such Disclosure Delay
Period. In addition, the provisions of Section 2(b) hereof shall not apply to
the Disclosure Delay Periods. Notwithstanding anything in this Section 3 to the
contrary, the Company shall not deliver more than two (2) Disclosure Delay
Period Notices in any one (1) year period and there shall not be more than an
aggregate of sixty (60) calendar days in any twelve (12) month period during
which the Company is in a Disclosure Delay Period nor more than an aggregate of
thirty (30) calendar days in any ninety (90) calendar day period during which
the Company is in a Disclosure Delay Period.

        4. OBLIGATIONS OF THE COMPANY.

        In connection with the registration of the Registrable Securities, the
Company shall have the following obligations:

           (a) The Company shall respond promptly to any and all comments made
by the staff of the SEC to the Registration Statement required by Section 2(a),
and shall submit to the SEC before the close of business on or before the second
business day immediately following the business day on which the Company learns
(either by telephone or in writing) that no review of such Registration
Statement will be made by the SEC or that the staff of the SEC has no further
comments on such Registration Statement, as the case may be, a request for
acceleration of the effectiveness of such Registration Statement to a time and
date as soon as practicable. The Company shall keep such Registration Statement
effective pursuant to Rule 415 at all times until such date as is the earlier of
(i) the date on which all of the Registrable Securities have been sold and (ii)
the date on which all of the Registrable Securities may be immediately sold to
the public without registration or restriction pursuant to Rule 144(k) under the
Securities Act or any successor provision (the "REGISTRATION PERIOD"), which
Registration Statement (including any amendments or supplements thereto and
prospectuses contained therein and all documents incorporated by reference
therein) (i) shall comply in all material respects with the requirements of the
Securities Act and the rules and regulations of the SEC promulgated thereunder
and (ii) 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 not misleading. The financial statements of the Company
included in the Registration Statement or incorporated by reference therein will
comply as to form in all material respects with the applicable accounting
requirements and the published rules and regulations of the

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SEC applicable with respect thereto. Such financial statements will be prepared
in accordance with U.S. generally accepted accounting principles, consistently
applied, during 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 not include footnotes or
may be condensed on summary statements and fairly present in all material
respects the consolidated financial position of the Company and its consolidated
subsidiaries as of the dates thereof and the consolidated results of their
operations and cash flows for the periods then ended (subject, in the case of
unaudited statements, to immaterial year-end adjustments).

           (b) The Company shall use its best efforts, to prepare and file with
the SEC such amendments (including post-effective amendments) and supplements to
the Registration Statement and the prospectus used in connection with the
Registration Statement as may be necessary to keep the Registration Statement
effective at all times during the Registration Period, and, during such period,
comply with the provisions of the Securities Act with respect to the disposition
of all Registrable Securities of the Company covered by the Registration
Statement until such time as all of such Registrable Securities have been
disposed of in accordance with the intended methods of disposition by the seller
or sellers thereof as set forth in the Registration Statement. In the event the
number of shares available under a Registration Statement filed pursuant to this
Agreement is, for any three (3) consecutive trading days (the last of such three
(3) trading days being the "REGISTRATION TRIGGER DATE"), insufficient to cover
one hundred thirty-five percent (135%) of the Registrable Securities issued or
issuable upon conversion (without giving effect to any limitations on conversion
contained in Article IV.C of the Certificate of Designation) of the Preferred
Stock and exercise of the Warrants (without giving effect to any limitations on
exercise contained in Section 7(g) of the Warrants), the Company shall amend the
Registration Statement, or file a new Registration Statement (on the short form
available therefor, if applicable), or both, so as to cover one hundred thirty
five percent (135%) of the Registrable Securities issued or issuable (without
giving effect to any limitations on conversion or exercise contained in the
Certificate of Designation or the Warrants) as of the Registration Trigger Date,
in each case, as soon as practicable, but in any event within fifteen (15) days
after the Registration Trigger Date (based on the market price then in effect of
the Common Stock and other relevant factors on which the Company reasonably
elects to rely). The Company shall use its best efforts to cause such
amendment(s) and/or new Registration Statement to become effective as soon as
practicable following the filing thereof. In the event the Company fails to
obtain the effectiveness of any such Registration Statement within sixty (60)
days after a Registration Trigger Date, each Investor shall thereafter have the
option, exercisable in whole or in part at any time and from time to time by
delivery of a written notice to the Company (a "MANDATORY REDEMPTION NOTICE"),
to require the Company to purchase for cash, at an amount per share equal to the
Redemption Amount (as defined in Article VIII.B of the Certificate of
Designation), a portion of the Investor's Preferred Stock such that the total
number of Registrable Securities included on the Registration Statements for
resale by such Investor exceeds 135% of the Registrable Securities issued or
issuable upon conversion (without giving effect to any limitations

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on conversion contained in Article IV.C of the Certificate of Designation) of
such Investor's Preferred Stock and exercise of such Investor's Warrants. If the
Corporation fails to redeem any of such shares within five (5) business days
after its receipt of a Mandatory Redemption Notice, then such Investor shall be
entitled to the remedies provided in Article VIII.C of the Certificate of
Designation.

           (c) The Company shall furnish to each Investor whose Registrable
Securities are included in the Registration Statement and its legal counsel (i)
promptly after the same is prepared and publicly distributed, filed with the
SEC, or received by the Company, one copy of the Registration Statement and any
amendment thereto, each preliminary prospectus and prospectus and each amendment
or supplement thereto, and, in the case of the Registration Statement referred
to in Section 2(a), each letter written by or on behalf of the Company to the
SEC or the staff of the SEC (including, without limitation, any request to
accelerate the effectiveness of the Registration Statement or amendment
thereto), and each item of correspondence from the SEC or the staff of the SEC,
in each case relating to the Registration Statement (other than any portion, if
any, thereof which contains information for which the Company has sought
confidential treatment), (ii) by the next business day after the date of
effectiveness of the Registration Statement or any amendment thereto, a notice
stating that the Registration Statement or amendment has been declared
effective, and (iii) such number of copies of a prospectus, including a
preliminary prospectus, and all amendments and supplements thereto and such
other documents as such Investor may reasonably request in order to facilitate
the disposition of the Registrable Securities owned by such Investor.

           (d) The Company shall use its best efforts to (i) register and
qualify the Registrable Securities covered by the Registration Statement under
such other securities or "blue sky" laws of such jurisdictions in the United
States as each Investor who holds Registrable Securities being offered
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 (a) qualify to do
business in any jurisdiction where it would not otherwise be required to qualify
but for this Section 4(d), (b) subject itself to general taxation in any such
jurisdiction, (c) file a general consent to service of process in any such
jurisdiction, (d) provide any undertakings that cause the Company undue expense
or burden, or (e) make any change in its charter or bylaws, which in each case
the Board of Directors of the Company determines to be contrary to the best
interests of the Company and its stockholders.

           (e) As promptly as practicable after becoming aware of such event,
the Company shall notify each Investor by telephone and facsimile of the
happening of any event, of which the

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Company has knowledge, as a result of which the prospectus included in the
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 statements therein not misleading, and, use its best
efforts promptly to prepare a supplement or amendment to the Registration
Statement to correct such untrue statement or omission, and deliver such number
of copies of such supplement or amendment to each Investor as such Investor may
reasonably request.

           (f) The Company shall use its best efforts (i) to prevent the
issuance of any stop order or other suspension of effectiveness of a
Registration Statement (other than as permitted herein), and, if such an order
is issued, to obtain the withdrawal of such order at the earliest practicable
moment (including in each case by amending or supplementing such Registration
Statement) and (ii) to notify each Investor who holds Registrable Securities
being sold (or, in the event of an underwritten offering, the managing
underwriters) of the issuance of such order and the resolution thereof (and if
such Registration Statement is supplemented or amended, deliver such number of
copies of such supplement or amendment to each Investor as such Investor may
reasonably request).

           (g) The Company shall permit a single firm of counsel designated by
the Initial Investors to review the Registration Statement and all amendments
and supplements thereto a reasonable period of time prior to its filing with the
SEC, and not file any document in a form to which such counsel reasonably
objects.

           (h) The Company shall make generally available to its security
holders as soon as practical, but not later than ninety (90) days after the
close of the period covered thereby, an earnings statement (in form complying
with the provisions of Rule 158 under the Securities Act) covering a
twelve-month period beginning not later than the first day of the Company's
fiscal quarter next following the effective date of the Registration Statement
which compliance will be met through the Company's filing, on an appropriate
form, the appropriate report of the Company as required by the Securities
Exchange Act of 1934, as amended.

           (i) 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 order
from a court or governmental body of competent jurisdiction, (iv) such
information has been made generally available to the public other than by
disclosure in violation of this or any other agreement, or (v) such Investor
consents to the form and content of any such disclosure. 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 notice to such Investor prior
to making such disclosure, and allow the Investor, at its expense, to

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undertake appropriate action to prevent disclosure of, or to obtain a protective
order for, such information.

           (j) The Company shall use its best efforts to promptly either (i)
cause all of the Registrable Securities covered by the Registration Statement to
be listed on the NYSE or the AMEX or another national securities exchange and on
each additional national 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 the designation and quotation of all of the Registrable
Securities covered by the Registration Statement on the NNM or SmallCap and,
without limiting the generality of the foregoing, to arrange for or maintain at
least two market makers to register with the National Association of Securities
Dealers, Inc. ("NASD") as such with respect to such Registrable Securities.

           (k) The Company shall provide a transfer agent and registrar, which
may be a single entity, for the Registrable Securities not later than the
effective date of the Registration Statement.

           (l) The Company shall cooperate with the Investors who hold
Registrable Securities being offered to facilitate the timely preparation and
delivery of certificates (not bearing any restrictive legends to the extent
permitted by the Securities Purchase Agreement) representing Registrable
Securities to be offered pursuant to the Registration Statement and enable such
certificates to be in such denominations or amounts, as the case may be, as the
Investors may reasonably request and registered in such names as the Investors
may request.

           (m) At the request of any Investor, the Company shall prepare and
file with the SEC such amendments (including post-effective amendments) and
supplements to a Registration Statement and the prospectus used in connection
with such Registration Statement as may be necessary in order to change the plan
of distribution set forth in such Registration Statement.

           (n) The Company shall comply with all applicable laws related to a
Registration Statement and offering and sale of securities and all applicable
rules and regulations of governmental authorities in connection therewith
(including, without limitation, the Securities Act and the Securities Exchange
Act of 1934, as amended, and the rules and regulations promulgated by the SEC.)

           (o) From and after the date of this Agreement, the Company shall not,
and shall not agree to, allow the holders of any securities of the Company to
include any of their securities which are not Registrable Securities in the
Registration Statement under Section 2(a) hereof or any amendment or supplement
thereto under Section 4(b) hereof without the consent of the holders of a
majority in interest of the Registrable Securities.

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        5. OBLIGATIONS OF THE INVESTORS. In connection with the registration of
the Registrable Securities, the Investors shall have the following obligations:

           (a) 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, the Registrable
Securities held by it and the intended method of disposition of 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. At least five
trading days prior to the first anticipated filing date of the Registration
Statement, the Company shall notify each Investor of the information the Company
requires from each such Investor.

           (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 the 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.

           (c) Each Investor agrees that, upon receipt of any notice from the
Company of the happening of any event of the kind described in Sections 4(e) or
3(f), such Investor will immediately discontinue disposition of Registrable
Securities pursuant to the Registration Statement covering such Registrable
Securities until such Investor's receipt of the copies of the supplemented or
amended prospectus contemplated by Sections 4(e) or 3(f) and, if so directed by
the Company, such Investor shall deliver to the Company (at the expense of the
Company) or destroy (and deliver to the Company a certificate of destruction)
all copies in such Investor's possession, of the prospectus covering such
Registrable Securities current at the time of receipt of such notice.
Notwithstanding anything to the contrary, subject to compliance with applicable
laws, the Company shall cause the transfer agent for the Registrable Securities
to deliver unlegended shares of Common Stock to a transferee of an Investor in
accordance with the terms of the Certificate of Designation and Warrants in
connection with any sale of Registrable Securities with respect to which such
Investor has entered into a contract for sale prior to receipt of such notice
and for which such Investor has not yet settled.

        6. EXPENSES OF REGISTRATION. All reasonable expenses incurred by the
Company or the Investors (but only for reasonable attorney's fees of one counsel
for the Investors) in connection with registrations, filings or qualifications
pursuant to Sections 2 and 4 above, including, without limitation, all
registration, listing and qualifications fees, printers and accounting fees, the
fees and disbursements of counsel for the Company, the fees and disbursements of
one counsel selected by the Investors, and the underwriting discounts and
commissions shall be borne by the Company. In addition, the Company shall pay
all of the Investors' reasonable costs and

                                       11
<PAGE>   12

expenses (including legal fees) incurred in connection with the enforcement of
the rights of the Investors hereunder.

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

           (a) To the extent permitted by law, the Company will indemnify, hold
harmless and defend (i) each Investor who holds such Registrable Securities, and
(ii) the directors, officers, partners, members, employees and agents of such
Investor and each person who controls any Investor within the meaning of Section
15 of the Securities Act or Section 20 of the Securities Exchange Act of 1934,
as amended (the "EXCHANGE ACT"), if any, (each, an "INDEMNIFIED PERSON"),
against any joint or several losses, claims, damages, liabilities or expenses
(collectively, together with actions, proceedings or inquiries by any regulatory
or self-regulatory organization, whether commenced or threatened, in respect
thereof, "CLAIMS") to which any of them may become subject insofar as such
Claims arise out of or are based upon: (i) any untrue statement or alleged
untrue statement of a material fact in a Registration Statement or the omission
or alleged omission to state therein a material fact required to be stated 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 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, or (iii) any violation or alleged
violation by the Company of the Securities Act, the Exchange 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 (the matters in the foregoing clauses (i) through (iii) being,
collectively, "VIOLATIONS"). Subject to the restrictions set forth in Section
7(c) with respect to the number of legal counsel, the Company shall reimburse
the Investors and each other Indemnified Person, promptly as such expenses are
incurred and are due and payable, for any reasonable 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 7(a): (i) shall
not apply to a Claim 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 expressly for use in the Registration
Statement or any such amendment thereof or supplement thereto; (ii) 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; and (iii) with respect to any preliminary prospectus,
shall not inure to the benefit of any Indemnified Person 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,
if such corrected prospectus was timely made available by the Company pursuant
to Section 4(c) hereof, and the Indemnified Person was promptly advised in
writing not to use the

                                       12
<PAGE>   13

incorrect prospectus prior to the use giving rise to a Violation and such
Indemnified Person, notwithstanding such advice, used it. 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 hereof.

           (b) In connection with any Registration Statement in which an
Investor is participating, each such Investor agrees severally and not jointly
to indemnify, hold harmless and defend, to the same extent and in the same
manner set forth in Section 7(a), the Company, each of its directors, each of
its officers who signs the Registration Statement, its employees, agents and
each person, if any, who controls the Company within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act, and any other
stockholder selling securities pursuant to the Registration Statement or any of
its directors or officers or any person who controls such stockholder within the
meaning of the Securities Act or the Exchange Act (collectively and together
with an Indemnified Person, an "INDEMNIFIED PARTY"), against any Claim to which
any of them may become subject, under the Securities Act, the Exchange Act or
otherwise, insofar as such Claim arises out of or is 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; and subject to Section 7(c) such Investor will reimburse any legal or
other expenses (promptly as such expenses are incurred and are due and payable)
reasonably incurred by them in connection with investigating or defending any
such Claim; provided, however, that the indemnity agreement contained in this
Section 7(b) 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 Agreement (including this Section 7(b) and
Section 8) for only that amount as does not exceed the net proceeds actually
received by 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 hereof. Notwithstanding anything to the
contrary contained herein, the indemnification agreement contained in this
Section 7(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) Promptly after receipt by an Indemnified Person or Indemnified
Party under this Section 7 of notice of the commencement of any action
(including any governmental action), such Indemnified Person or Indemnified
Party shall, if a Claim in respect thereof is to made against any indemnifying
party under this Section 7, 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 any other indemnifying party similarly noticed, to assume control of the
defense thereof with counsel mutually satisfactory to the indemnifying party

                                       13
<PAGE>   14

and the Indemnified Person or the Indemnified Party, as the case may be;
provided, however, that such indemnifying party shall not be entitled to assume
such defense and 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 conflicts of interest between such Indemnified Person or
Indemnified Party and any other party represented by such counsel in such
proceeding or the actual or potential defendants in, or targets of, any such
action include both the Indemnified Person or the Indemnified Party and the
indemnifying party and any such Indemnified Person or Indemnified Party
reasonably determines that there may be legal defenses available to such
Indemnified Person or Indemnified Party which are in conflict with those
available to such indemnifying party. The indemnifying party shall pay for only
one separate legal counsel for the Indemnified Persons or the Indemnified
Parties, as applicable, and such legal counsel shall be selected by Investors
holding a majority-in-interest of the Registrable Securities included in the
Registration Statement to which the Claim relates (with the approval of the
Initial Investors if it holds Registrable Securities included in such
Registration Statement), if the Investors are entitled to indemnification
hereunder, or by the Company, if the Company is entitled to indemnification
hereunder, as applicable. 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 7, except to the
extent that the indemnifying party is actually prejudiced in its ability to
defend such action. The indemnification required by this Section 7 shall be made
by periodic payments of the amount thereof during the course of the
investigation or defense, as such expense, loss, damage or liability is incurred
and is due and payable.

        8. 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 7 to the fullest extent permitted by law as is appropriate
to reflect the relative fault of the indemnifying party, on the one hand, and
the Indemnified Person or Indemnified Party, as the case may be, on the other
hand, with respect to the Violation giving rise to the applicable Claim;
provided, however, that (i) no contribution shall be made under circumstances
where the maker would not have been liable for indemnification under the fault
standards set forth in Section 7, (ii) no person guilty of fraudulent
misrepresentation (within the meaning of Section 12(f) of the Securities Act)
shall be entitled to contribution from any seller of Registrable Securities who
was not guilty of such fraudulent misrepresentation, and (iii) contribution
(together with any indemnification or other obligations under this Agreement) 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.

        9. REPORTS UNDER THE EXCHANGE ACT. With a view to making available to
the Investors the benefits of Rule 144 promulgated under the Securities Act or
any other similar rule

                                       14
<PAGE>   15

or regulation of the SEC that may at any time permit the Investors to sell
securities of the Company to the public without registration ("RULE 144"), the
Company agrees to:

               (i) file with the SEC in a timely manner and make and keep
available all reports and other documents required of the Company under the
Securities Act and the Exchange Act so long as the Company remains subject to
such requirements (it being understood that nothing herein shall limit the
Company's obligations under Section 4(c) of the Securities Purchase Agreement)
and the filing and availability of such reports and other documents is required
for the applicable provisions of Rule 144; and

               (ii) furnish to each Investor so long as such Investor owns
shares of Preferred Stock, Warrants or Registrable Securities, promptly upon
request, (i) a written statement by the Company that it has complied with the
reporting requirements of Rule 144, the Securities Act and the Exchange Act,
(ii) a copy of the most recent annual or quarterly report of the Company and
such other reports and documents so filed by the Company, and (iii) such other
information as may be reasonably requested to permit the Investors to sell such
securities under Rule 144 without registration.

        10. ASSIGNMENT OF REGISTRATION RIGHTS. The rights of the Investors
hereunder, including the right to have the Company register Registrable
Securities pursuant to this Agreement, shall be automatically assignable by each
Investor to any transferee of all or any portion of the shares of Preferred
Stock, the Warrants or the 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 after such assignment, (ii) the
Company is 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) following such
transfer or assignment, the further disposition of such securities by the
transferee or assignee is restricted under the Securities Act and applicable
state securities laws, (iv) the transferee or assignee agrees in writing for the
benefit of 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, the Certificate of
Designation for the Preferred Stock and the Warrants, as applicable. In
addition, and notwithstanding anything to the contrary contained in this
Agreement, the Securities Purchase Agreement, the Certificate of Designation or
the Warrants, the Securities (as defined in the Securities Purchase Agreement)
may be pledged, and all rights of the Investors under this Agreement or any
other agreement or document related to the transactions contemplated hereby may
be assigned, without further consent of the Company, to a bona fide pledgee in
connection with an Investor's margin or brokerage account.

        11. AMENDMENT OF REGISTRATION RIGHTS. Provisions of this Agreement may
be amended and the observance thereof may be waived (either generally or in a
particular instance and either retroactively or prospectively), only with
written consent of the Company, and Investors

                                       15
<PAGE>   16

who hold a majority in interest of the Registrable Securities or, in the case of
a waiver, with the written consent of the party charged with the enforcement of
any such provision; provided, however, that no consideration shall be paid to an
Investor by the Company in connection with an amendment hereto unless each
Investor similarly affected by such amendment receives a pro-rata amount of
consideration from the Company. Any amendment or waiver effected in accordance
with this Section 11 shall be binding upon each Investor and the Company.

        12. MISCELLANEOUS.

           (a) A person or entity is deemed to be a holder of Registrable
Securities whenever such person or entity owns of record such Registrable
Securities. If the Company receives conflicting instructions, notices or
elections from two or more persons or entities 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 required or permitted to be given under the terms of
this Agreement shall be sent by certified or registered mail (return receipt
requested), or by a nationally recognized overnight delivery service, or
delivered personally or by courier or by confirmed telecopy, and shall be
effective five (5) days after being placed in the mail, if mailed certified or
registered mailed, or one (1) day after being delivered to the nationally
recognized overnight delivery service, if delivered in such manner, or upon
receipt or refusal of receipt, if delivered personally or by courier or
confirmed telecopy, in each case addressed to a party. The addresses for such
communications shall be:

               If to the Company:

               ViroLogic, Inc.
               270 East Grand Avenue
               South San Francisco, California 94080
               Telephone:  (650) 635-1100
               Attn:  Chief Executive Officer

               with a copy simultaneously transmitted by like means to:

               Cooley Godward LLP
               4365 Executive Drive, Suite 1100
               San Diego, California 92121
               Telephone:  (858) 550-6000
               Attn:  Christopher J. Kearns, Esq.

                                       16
<PAGE>   17

and if to any Investor, at such address as such Investor shall have provided in
writing to the Company, or at such other address as each such party furnishes by
notice given in accordance with this Section 12(b).

           (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) This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware applicable to contracts made and to be
performed in the State of Delaware. The Company irrevocably consents to the
jurisdiction of the United States federal courts and the state courts located in
the State of Delaware in any suit or proceeding based on or arising under this
Agreement and irrevocably agrees that all claims in respect of such suit or
proceeding may be determined in such courts. The Company irrevocably waives the
defense of an inconvenient forum to the maintenance of such suit or proceeding.
The Company further agrees that service of process upon the Company, mailed by
first class mail shall be deemed in every respect effective service of process
upon the Company in any such suit or proceeding. Nothing herein shall affect the
Investors' right to serve process in any other manner permitted by law. The
Company agrees that a final non-appealable judgment in any such suit or
proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on such judgment or in any other lawful manner.

           (e) This Agreement, the Securities Purchase Agreement (including all
schedules and exhibits thereto), the Second Registration Rights Agreement and
the Warrants 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, the Securities Purchase Agreement and the
Warrants 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 hereof, this Agreement
shall inure to the benefit of and be binding upon the 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.

           (h) This Agreement may be executed in two or more 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.

                                       17
<PAGE>   18

           (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, approvals and other determinations to be made by
the Investors pursuant to this Agreement shall be made by the Investors holding
a majority in interest of the Registrable Securities (determined as if all
shares of Preferred Stock and Warrants then outstanding had been converted into
or exercised for Registrable Securities) held by all Investors.

           (k) The initial number of Registrable Securities included on any
Registration Statement and each increase to the number of Registrable Securities
included thereon shall be allocated pro rata among the Investors based on the
number of Registrable Securities held by each Investor at the time of such
establishment or increase, as the case may be. In the event an Investor shall
sell or otherwise transfer any of such holder's Registrable Securities, each
transferee shall be allocated a pro rata portion of the number of Registrable
Securities included on a Registration Statement for such transferor. Any shares
of Common Stock included on a Registration Statement and which remain allocated
to any person or entity which does not hold any Registrable Securities shall be
allocated to the remaining Investors, pro rata based on the number of shares of
Registrable Securities then held by such Investors. For the avoidance of doubt,
the number of Registrable Securities held by any Investor shall be determined as
if all shares of Preferred Stock and Warrants then outstanding were converted
into or exercised for Registrable Securities.

           (l) Each party to this Agreement has participated in the negotiation
and drafting of this Agreement. As such, the language used herein shall be
deemed to be the language chosen by the parties hereto to express their mutual
intent, and no rule of strict construction will be applied against any party to
this Agreement.

           (m) For purposes of this Agreement, the term "business day" means any
day other than a Saturday or Sunday or a day on which banking institutions in
the State of New York are authorized or obligated by law, regulation or
executive order to close, and the term "trading day" means any day on which NNM,
or if the Common Stock is not then traded on NNM the principal securities
exchange or trading market where the Common Stock is then listed or traded, is
open for trading.

                                       18
<PAGE>   19

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

VIROLOGIC, INC.

By: /s/ WILLIAM D. YOUNG
   -------------------------------
Name: William D. Young
     -----------------------------
Its:  Chief Executive Officer
    ------------------------------

INITIAL INVESTORS:

S.A.C. CAPITAL ASSOCIATES, LLC

By: S.A.C. Capital Advisors

By: /s/ PETER NUSSBAUM
   -------------------------------
      Name:  Peter Nussbaum
      Title: General Counsel

SDS MERCHANT FUND, L.P.

By: /s/ STEVE DERBY
   -------------------------------
      Name:  Steve Derby
      Title: Managing Member

NARRAGANSETT I, L.P.

By: /s/ J. L. DOWLING III
   ------------------------------
      Name: Joseph L. Dowling III
      Title: Managing Member

NARRAGANSETT OFFSHORE, LTD.

By: /s/ J. L. DOWLING III
   ------------------------------
      Name: Joseph L. Dowling III
      Title: Managing Member

<PAGE>   20

CASTLE CREEK HEALTHCARE PARTNERS, L.P.

By:   /s/ THOMAS A. FREI
   -------------------------------
      Name: Thomas A. Frei
      Title: Managing Director

CCL FUND LLC

By:   /s/ FRED GOLDMAN
   -------------------------------
      Name: Fred Goldman
      Title: Member of the Manager

CRESTWOOD CAPITAL PARTNERS, L.P.

By:     ING FURMAN SELZ ASSET MANAGEMENT, LLC

        By:   /s/ MICHAEL WEISBERG
           ------------------------------------
              Name: Michael Weisberg
              Title:

CRESTWOOD CAPITAL INTERNATIONAL, L.P.

By:     ING FURMAN SELZ ASSET MANAGEMENT, LLC

        By:   /s/ ROBERT J. MILLER
           ------------------------------------
              Name: Robert J. Miller
              Title:

CRESTWOOD CAPITAL PARTNERS II, L.P.

By:     ING FURMAN SELZ ASSET MANAGEMENT, LLC

        By:   /s/ MICHAEL WEISBERG
           ------------------------------------
              Name: Michael Weisberg
              Title:

<PAGE>   21

BRIDGEWOOD CAPITAL PARTNERS, L.P.

By:     ING FURMAN SELZ ASSET MANAGEMENT, LLC

        By:   /s/ MICHAEL WEISBERG
           ------------------------------------
              Name: Michael Weisberg
              Title:

ANVERS HEALTHCARE INVESTORS, L.P.

By:     ING FURMAN SELZ ASSET MANAGEMENT, LLC

        By:   /s/ LESLIE HENSHAW
           ------------------------------------
              Name: Leslie Henshaw
              Title:

ANVERS II, L.P.

By:     ING FURMAN SELZ ASSET MANAGEMENT, LLC

        By:   /s/ LESLIE HENSHAW
           ------------------------------------
              Name: Leslie Henshaw
              Title:

ANVERS, L.P.

By:     ING FURMAN SELZ ASSET MANAGEMENT, LLC

        By:   /s/ LESLIE HENSHAW
           -----------------------------------
              Name: Leslie Henshaw
              Title:<PAGE>   1
                                                                     Exhibit 4.3

                          REGISTRATION RIGHTS AGREEMENT

                          DATED AS OF JANUARY 11, 2001

                                     BETWEEN

                            LIBERTY MEDIA CORPORATION

                                       AND

                              LEHMAN BROTHERS INC.
<PAGE>   2
                          REGISTRATION RIGHTS AGREEMENT

         This Registration Rights Agreement (the "Agreement") is made and
entered into this 11th day of January, 2001, between Liberty Media Corporation,
a Delaware corporation (the "Company"), and Lehman Brothers Inc. (the "Initial
Purchaser").

         This Agreement is made pursuant to the Purchase Agreement, dated
January 4, 2001, between the Company and the Initial Purchaser (the "Purchase
Agreement"), which provides for the sale by the Company to the Initial Purchaser
of an aggregate of $550,000,000 original principal amount of the Company's
3-1/2% Senior Exchangeable Debentures due 2031 (the "Debentures") (or
$600,000,000 aggregate original principal amount of such Debentures if the
Initial Purchaser's overallotment option is exercised in full). In order to
induce the Initial Purchaser to enter into the Purchase Agreement, the Company
has agreed to provide to the Initial Purchaser and its direct and indirect
transferees the registration rights set forth in this Agreement. The execution
of this Agreement is a condition to the closing under the Purchase Agreement.

         In consideration of the foregoing, the parties hereto agree as follows:

         1. Definitions.

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

         "1933 Act" shall mean the Securities Act of 1933, as amended from time
to time.

         "1934 Act" shall mean the Securities Exchange Act of l934, as amended
from time to time.

         "Agreement" shall have the meaning set forth in the preamble.

         "beneficial owner" shall mean (i), in the case of a Debenture held in
certificated form, the Holder of such Debenture and (ii), in the case of a
Debenture held through the Depositary, the Person identified in the records of
the Depositary's direct or indirect participants as the owner of such Debenture;
provided, however, that in the case of a beneficial owner described in clause
(ii), such beneficial owner is identified to the Company.

         "Business Day" shall mean a day that is not a Saturday, a Sunday, or a
day on which banking institutions in New York, New York are authorized or
required to be closed.

         "Closing Date" shall mean the Closing Time as defined in the Purchase
Agreement.

         "Company" shall have the meaning set forth in the preamble and shall
also include the Company's successors.

         "Debentures" shall have the meaning set forth in the second paragraph
of this Agreement.

                                       1
<PAGE>   3
         "Depositary" shall mean The Depository Trust Company, or any other
depositary appointed by the Company; provided, however, that such depositary
must have an address in the Borough of Manhattan, in The City of New York.

         "Holder" shall mean the Initial Purchaser, for so long as it owns any
Debentures, and each of its successors, assigns and direct and indirect
transferees who become beneficial owners of Debentures under the Indenture.

         "Indenture" shall mean the Indenture relating to the Debentures, dated
as of July 7, 1999, between the Company and The Bank of New York, as trustee, as
supplemented by the Fifth Supplemental Indenture, dated as of January 11, 2001,
between the Company and The Bank of New York, as trustee, as the same may be
amended, supplemented, waived or otherwise modified from time to time in
accordance with the terms thereof.

         "Initial Purchaser" shall have the meaning set forth in the preamble.

         "Majority Holders" shall mean the Holders of a majority of the
aggregate principal amount of Outstanding (as defined in the Indenture)
Debentures; provided that whenever the consent or approval of Holders of a
specified percentage of Debentures is required hereunder, Debentures held by the
Company and other obligors on the Debentures or any Affiliate (as defined in the
Indenture) of the Company shall be disregarded in determining whether such
consent or approval was given by the Holders of such required percentage amount.

         "Person" shall mean an individual, partnership (general or limited),
corporation, limited liability company, trust or unincorporated organization, or
a government or agency or political subdivision thereof.

         "Prospectus" shall mean the prospectus included in the Shelf
Registration Statement, including any preliminary prospectus, and any such
prospectus as amended or supplemented by any prospectus supplement, including
any such prospectus supplement with respect to the terms of the offering of any
portion of the Debentures covered by the Shelf Registration Statement, and by
all other amendments and supplements to a prospectus, including post-effective
amendments, and in each case including all material incorporated by reference
therein.

         "Purchase Agreement" shall have the meaning set forth in the second
paragraph of this Agreement.

         "Registration Expenses" shall mean any and all expenses incident to
performance of or compliance by the Company with this Agreement, including
without limitation: (i) all SEC, stock exchange or National Association of
Securities Dealers, Inc. (the "NASD") registration and filing fees, including,
if applicable, the fees and expenses of any "qualified independent underwriter"
(and its counsel) that is required to be retained by any holder of Debentures in
accordance with the rules and regulations of the NASD, (ii) all fees and
expenses incurred in connection with compliance with state securities or blue
sky laws and compliance with the rules of the NASD (including reasonable fees
and disbursements of counsel for any underwriters or

                                       2
<PAGE>   4
Holders in connection with blue sky qualification of any of the Debentures and
any filings with the NASD), (iii) all expenses of any Persons in preparing or
assisting in preparing, word processing, printing and distributing any Shelf
Registration Statement, any Prospectus, any amendments or supplements thereto,
any underwriting agreements, securities sales agreements and other documents
relating to the performance of and compliance with this Agreement, (iv) all fees
and expenses incurred in connection with the listing, if any, of any of the
Debentures on any securities exchange or exchanges, (v) all rating agency fees,
(vi) the fees and disbursements of counsel for the Company and of the
independent public accountants of the Company, including the expenses of any
special audits or "cold comfort" letters required by or incident to such
performance and compliance, (vii) the fees and expenses of the Trustee, and any
escrow agent or custodian, (viii) the reasonable fees and disbursements of Brown
& Wood LLP, counsel representing the Holders of Debentures in connection with
preparing and filing the initial Shelf Registration Statement or any amendments
or supplements thereto, but not in connection with any underwritten offering
under the Shelf Registration Statement, and (ix) the reasonable fees and
disbursements of the underwriters customarily required to be paid by issuers of
securities in connection with secondary offerings of securities and the fees and
expenses of any special experts retained by the Company in connection with any
Shelf Registration Statement, but excluding underwriting discounts and
commissions and transfer taxes, if any, relating to the sale or disposition of
Debentures by a Holder.

         "SEC" shall mean the Securities and Exchange Commission or any
successor agency or government body performing the functions currently performed
by the United States Securities and Exchange Commission.

         "Shelf Registration" shall mean a registration effected pursuant to
Section 2.1 hereof.

         "Shelf Registration Statement" shall mean a "shelf" registration
statement of the Company pursuant to the provisions of Section 2.1 hereof, which
covers the resale of all of the Debentures, and all amendments to such
registration statement, including post-effective amendments, in each case
including the Prospectus contained therein, all exhibits thereto and all
material incorporated by reference therein.

         "Special Counsel" shall have the meaning set forth in Section 3(f).

         "Trustee" shall mean the trustee with respect to the Debentures under
the Indenture.

         2. Registration Under the 1933 Act.

         2.1 Shelf Registration. The Company shall, for the benefit of the
beneficial owners, at the Company's cost, (A) prepare and, as soon as
practicable but not later than 180 days following the Closing Date, file with
the SEC a Shelf Registration Statement on an appropriate form under the 1933 Act
covering resales of the Debentures, (B) use its reasonable best efforts to cause
the Shelf Registration Statement to be declared effective under the 1933 Act
within 270 days of the Closing Date, (C) use its reasonable best efforts to keep
the Shelf Registration Statement continuously effective in order to permit the
Prospectus forming part thereof to be

                                       3
<PAGE>   5
usable by the beneficial owners for a period of two years from the original
issue of the Debentures, or for such shorter period that will terminate when all
Debentures covered by the Shelf Registration Statement have been sold pursuant
to the Shelf Registration Statement, exchanged or redeemed in accordance with
their terms or otherwise cease to be outstanding or become saleable pursuant to
Rule 144(k) under the 1933 Act (the "Effectiveness Period"); provided, however,
that the Effectiveness Period in respect of the Shelf Registration Statement
shall be extended up to a maximum of 90 days if necessary to permit dealers to
comply with the applicable prospectus delivery requirements of Rule 174 under
the 1933 Act and as otherwise provided herein, and (D) notwithstanding any other
provisions hereof, use its reasonable best efforts to ensure that (i) the Shelf
Registration Statement and any amendment thereto and any Prospectus forming part
thereof and any supplement thereto complies in all material respects with the
1933 Act and the rules and regulations thereunder, (ii) the Shelf Registration
Statement and any amendment thereto does not, when it becomes effective, contain
an 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 not misleading
and (iii) any Prospectus forming part of the Shelf Registration Statement, and
any supplement to such Prospectus (as amended or supplemented from time to
time), does not include an untrue statement of a material fact or omit to state
a material fact necessary in order to make the statements, in light of the
circumstances under which they were made, not misleading.

         The Company shall not permit any securities other than Debentures to be
included in the Shelf Registration Statement. The Company further agrees, if
necessary, to supplement or amend the Shelf Registration Statement and the
Prospectus, as required by Section 3(b) below, and to furnish to the Holders of
Debentures copies of any such supplement or amendment as promptly as reasonably
practicable after filing with the SEC.

         2.2 Expenses. The Company shall pay all Registration Expenses in
connection with the registration pursuant to Section 2.1 hereof. Each beneficial
owner shall pay all underwriting expenses, discounts and commissions and
transfer taxes, if any, relating to the sale or disposition of such beneficial
owner's Debentures pursuant to the Shelf Registration Statement.

         2.3 Effectiveness. (a) The Company will be deemed not to have used its
reasonable best efforts to cause the Shelf Registration Statement to become, or
to remain, effective during the requisite period if the Company voluntarily
takes any action that would, or omits to take any action which omission would,
result in any Shelf Registration Statement not being declared effective or in
the beneficial owners of Debentures covered thereby not being able to offer and
sell such Debentures during that period as and to the extent contemplated
hereby, unless (i) such action is required by applicable law, or (ii) such
action is taken by the Company in good faith and for valid business reasons (not
including avoidance of the Company's obligations hereunder), including the
acquisition or divestiture of assets, so long as the Company promptly thereafter
complies with the requirements of Section 3(j) hereof, if applicable.

         (b) A Shelf Registration Statement will not be deemed to have become
effective unless it has been declared effective by the SEC; provided, however,
that if, after it has been

                                       4
<PAGE>   6
declared effective, the offering of Debentures pursuant to a Shelf Registration
Statement is interfered with by any stop order, injunction or other order or
requirement of the SEC or any other governmental agency or court, the Shelf
Registration Statement will be deemed not to have become effective during the
period of such interference, until the offering of Debentures pursuant to the
Shelf Registration Statement may legally resume.

         2.4 Interest. The Indenture executed in connection with the Debentures
provides that in the event that either (a) the Shelf Registration Statement is
not filed with the Commission on or prior to the 180th calendar day following
the date of original issue of the Debentures or (b) the Shelf Registration
Statement has not been declared effective on or prior to the 270th calendar day
following the date of original issue of the Debentures (each such event referred
to in clauses (a) and (b) above, a "Registration Default"), the interest rate
borne by the Debentures shall be increased ("Additional Interest") by one
quarter of one percent (0.25%) per annum upon the occurrence of each
Registration Default, which rate will increase by one quarter of one percent at
the beginning of each 90-day period (or portion thereof) that such Additional
Interest continues to accrue under any such circumstance, provided that the
maximum aggregate increase in the interest rate will in no event exceed one
percent (1%) per annum. Immediately following the cure of a Registration
Default, the accrual of Additional Interest with respect to that particular
Registration Default will cease. Immediately following the cure of all
Registration Defaults or the date on which the Debentures are saleable pursuant
to Rule 144(k) under the 1933 Act or any successor provision, the accrual of
Additional Interest will cease and the interest rate will revert to the original
rate.

         If the Shelf Registration Statement is declared effective but becomes
unusable by the Holders of Debentures covered by the Shelf Registration
Statement ("Debentures") for any reason, and the aggregate number of days in any
consecutive twelve-month period for which the Shelf Registration Statement shall
not be usable exceeds 30 days in the aggregate, then the interest rate borne by
the Debentures will be increased by 0.25% per annum of the principal amount of
the Debentures for the first 90-day period (or portion thereof) beginning on the
31st such day that the Shelf Registration Statement ceases to be usable, which
rate shall be increased by an additional 0.25% per annum of the principal amount
of the Debentures at the beginning of each subsequent 90-day period, provided
that the maximum aggregate increase in the interest rate as a result of a Shelf
Registration Statement being unusable (inclusive of any interest that accrues on
such Debentures pursuant to the first paragraph of this Section 2.4) will in no
event exceed one percent (1%) per annum. Upon the Shelf Registration Statement
once again becoming usable, the interest rate borne by the Debentures will be
reduced to the original interest rate. Additional Interest shall be computed
based on the actual number of days elapsed in each 90-day period in which the
Shelf Registration Statement is unusable.

         The Company shall notify the Trustee within three business days after
each and every date on which an event occurs in respect of which Additional
Interest is required to be paid (an "Event Date"). Additional Interest shall be
paid by the Company by depositing with the Trustee, in trust, for the benefit of
the Holders of Debentures, on or before the applicable semiannual interest
payment date, immediately available funds in an amount sufficient to pay the
Additional

                                       5
<PAGE>   7
Interest then due. The Additional Interest due shall be payable on each interest
payment date to the Holder of Debentures entitled to receive the interest
payment to be paid on such date as set forth in the Indenture. Each obligation
to pay Additional Interest shall be deemed to accrue from and including the day
following the applicable Event Date.

         3. Registration Procedures.

         In connection with the obligations of the Company with respect to the
Shelf Registration Statement, the Company shall:

                  (a) prepare and file with the SEC a Shelf Registration
Statement, within the relevant time period specified in Section 2 hereof, on the
appropriate form under the 1933 Act, which form (i) shall be selected by the
Company, (ii) shall be available for the sale of the Debentures by the selling
beneficial owners thereof, (iii) shall comply as to form in all material
respects with the requirements of the applicable form and include or incorporate
by reference all financial statements required by the SEC to be filed therewith
or incorporated by reference therein, and (iv) shall comply in all respects with
the requirements of Regulation S-T under the 1933 Act;

                  (b) prepare and file with the SEC such amendments and
post-effective amendments to the Shelf Registration Statement as may be
necessary under applicable law to keep the Shelf Registration Statement
effective for the Effectiveness Period; and cause each Prospectus to be
supplemented by any required prospectus supplement, and as so supplemented to be
filed pursuant to Rule 424 (or any similar provision then in force) under the
1933 Act and comply with the provisions of the 1933 Act, the 1934 Act and the
rules and regulations thereunder applicable to them with respect to the
disposition of all Debentures covered by the Shelf Registration Statement during
the Effectiveness Period in accordance with the plan of distribution included in
the Prospectus;

                  (c) (i) notify each beneficial owner (or, in the case of
Debentures held through the Depositary, the participant in the Depositary
through whom such beneficial owner holds) of Debentures, at least five Business
Days prior to filing, that a Shelf Registration Statement with respect to the
Debentures is being filed and advising such beneficial owners that the
distribution of Debentures will be made in accordance with the method selected
by the Majority Holders participating in the Shelf Registration; (ii) furnish to
each beneficial owner of Debentures and to each underwriter of an underwritten
offering of Debentures, if any, without charge, as many copies of each
Prospectus, including each preliminary Prospectus, and any amendment or
supplement thereto and such other documents as such beneficial owner or
underwriter may reasonably request, including financial statements and schedules
and, if the beneficial owner so requests, all exhibits in order to facilitate
the public sale or other disposition of the Debentures; and (iii) hereby consent
to the use of the Prospectus or any amendment or supplement thereto by each of
the selling beneficial owner of Debentures in connection with the offering and
sale of the Debentures covered by the Prospectus or any amendment or supplement
thereto;

                                       6
<PAGE>   8
                  (d) use its reasonable best efforts to register or qualify the
Debentures under all applicable state securities or "blue sky" laws of such
jurisdictions as any beneficial owner of Debentures covered by any Shelf
Registration Statement and each underwriter of an underwritten offering of
Debentures shall reasonably request by the time the Shelf Registration Statement
is declared effective by the SEC, and do any and all other acts and things which
may be reasonably necessary or advisable to enable each such beneficial owner
and underwriter to consummate the disposition in each such jurisdiction of such
Debentures owned by such beneficial owner; provided, however, that the Company
shall not be required to (i) qualify as a foreign corporation or as a dealer in
securities in any jurisdiction where it would not otherwise be required to
qualify but for this Section 3(d), (ii) take any action which would subject it
to general service of process or taxation in any such jurisdiction where it is
not then so subject, or (iii) conform its capitalization or the composition of
its assets at the time to the securities or blue sky laws of such jurisdiction;

                  (e) notify promptly each beneficial owner of Debentures (i)
when the Shelf Registration Statement has become effective and when any
post-effective amendments and supplements thereto become effective, (ii) of any
request by the SEC or any state securities authority for post-effective
amendments and supplements to the Shelf Registration Statement and Prospectus or
for additional information after the Registration Statement has become
effective, (iii) of the issuance by the SEC or any state securities authority of
any stop order suspending the effectiveness of the Shelf Registration Statement
or the initiation of any proceedings for that purpose, (iv) if, between the
effective date of the Shelf Registration Statement and the closing of any sale
of Debentures covered thereby, the representations and warranties of the Company
contained in any underwriting agreement, securities sales agreement or other
similar agreement, if any, relating to the offering cease to be true and correct
in all material respects, (v) of the happening of any event or the discovery of
any facts during the period the Shelf Registration Statement is effective which
makes any statement made in the Shelf Registration Statement or the related
Prospectus untrue in any material respect or which requires the making of any
changes in the Shelf Registration Statement or Prospectus in order to make the
statements therein not misleading, (vi) of the receipt by the Company of any
notification with respect to the suspension of the qualification of the
Debentures for sale in any jurisdiction or the initiation or threatening of any
proceeding for such purpose and (vii) of any determination by the Company that a
post-effective amendment to the Shelf Registration Statement would be
appropriate;

                  (f) furnish Brown & Wood LLP, as special counsel for the
Holders of Debentures (or, if Brown & Wood LLP is unable or unwilling to serve),
such other special counsel (but not more than one) as may be selected by the
Majority Holders ("Special Counsel"), copies of any comment letters received
from the SEC or any other request by the SEC or any state securities authority
for amendments or supplements to a Shelf Registration Statement and Prospectus
or for additional information;

                  (g) make every reasonable effort to obtain the withdrawal of
any order suspending the effectiveness of the Shelf Registration Statement at
the earliest possible moment;

                                       7
<PAGE>   9
                  (h) furnish to each beneficial owner of Debentures, and each
underwriter, if any, without charge, at least one conformed copy of the Shelf
Registration Statement and any post-effective amendment thereto, including
financial statements and schedules (without documents incorporated therein by
reference and all exhibits thereto, unless requested);

                  (i) facilitate the timely preparation and delivery of a new
global certificate representing Debentures which have been sold through the
Registration Statement that does not bear any restrictive legends;

                  (j) upon the occurrence of any event or the discovery of any
facts, such as contemplated by Sections 3(e)(v) and 3(e)(vii) hereof, as
promptly as practicable after the occurrence of such an event, use its
reasonable best efforts to prepare a supplement or post-effective amendment to
the Shelf Registration Statement or the related Prospectus or any document
incorporated therein by reference or file any other required document so that,
as thereafter delivered to the purchasers of the Debentures, such Prospectus
will not contain at the time of such delivery any untrue statement of a material
fact or omit to state a material fact necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading. At
such time as such public disclosure is otherwise made or the Company determines
that such disclosure is not necessary, in each case to correct any misstatement
of a material fact or to include any omitted material fact, the Company agrees
promptly to notify each beneficial owner of such determination and to furnish
each beneficial owner such number of copies of the Prospectus as amended or
supplemented, as such Holder may reasonably request;

                  (k) obtain a CUSIP number for the new global certificate
referred to in Section 3(i) above, not later than the effective date of the
Shelf Registration Statement;

                  (l) (i) cause the Indenture to be qualified under the Trust
Indenture Act of 1939, as amended, (the "TIA") in connection with the
registration of the Debentures, (ii) cooperate with the Trustee and the Holders
to effect such changes to the Indenture as may be required for the Indenture to
be so qualified in accordance with the terms of the TIA, and (iii) execute, and
use its reasonable best efforts to cause the Trustee to execute, all documents
as may be required to effect such changes, and all other forms and documents
required to be filed with the SEC to enable the Indenture to be so qualified in
a timely manner;

                  (m) enter into agreements (including underwriting agreements
containing usual and customary terms) and take all other customary and
appropriate actions in order to expedite or facilitate the disposition of such
Debentures and in such connection whether or not an underwriting agreement is
entered into and whether or not the registration is an underwritten
registration:

                  (i) make such representations and warranties to the beneficial
         owners of Debentures named as selling security holders in the
         Prospectus and the underwriters, if any, in form, substance and scope
         as are customarily made by issuers to underwriters in similar
         underwritten offerings as may be reasonably requested by them;

                                       8
<PAGE>   10
                  (ii) obtain opinions of counsel to the Company (which counsel
         and opinions (in form, scope and substance) shall be reasonably
         satisfactory to the managing underwriters, if any, and the beneficial
         owners of a majority in principal amount of the Debentures being sold)
         addressed to beneficial owners of Debentures named as selling security
         holders in the Prospectus and the underwriters, if any, covering the
         matters customarily covered in opinions requested in sales of
         securities or underwritten offerings and such other matters as may be
         reasonably requested by such Holders and underwriters;

                  (iii) obtain "cold comfort" letters and updates thereof from
         the Company's independent certified public accountants (and, if
         necessary, any other independent certified public accountants of any
         subsidiary of the Company or of any business acquired by the Company
         for which financial statements are, or are required to be, included in
         the Shelf Registration Statement) addressed to the underwriters, if
         any, and use reasonable efforts to have such letter addressed to the
         beneficial owners of Debentures named as selling security holders in
         the Prospectus (to the extent consistent with SAS 72), such letters to
         be in customary form and covering matters of the type customarily
         covered in "cold comfort" letters to underwriters in connection with
         similar underwritten offerings;

                  (iv) enter into a securities sales agreement with the
         beneficial owners and an agent of the beneficial owners providing for,
         among other things, the appointment of such agent for the selling
         beneficial owners for the purpose of soliciting purchases of
         Debentures, which agreement shall be in form, substance and scope
         customary for similar offerings;

                  (v) if an underwriting agreement is entered into, cause the
         same to set forth indemnification provisions and procedures
         substantially equivalent to the indemnification provisions and
         procedures set forth in Section 4 hereof with respect to the
         underwriters and all other parties to be indemnified pursuant to said
         Section or, at the request of any underwriters, in the form customarily
         provided to such underwriters in similar types of transactions; and

                  (vi) deliver such documents and certificates as may be
         reasonably requested and as are customarily delivered in similar
         offerings to the beneficial owners of a majority in principal amount of
         the Debentures being sold and the managing underwriters, if any.

The above shall be done at (i) the effectiveness of the Shelf Registration
Statement (and each post-effective amendment thereto) and (ii) each closing
under any underwriting or similar agreement as and to the extent required
thereunder;

                  (n) make available for inspection by representatives of the
beneficial owners of the Debentures, any underwriters participating in any
disposition pursuant to the Shelf Registration Statement, any Special Counsel or
any accountant retained by any of the foregoing, all financial and other
records, pertinent corporate documents and properties of the Company

                                       9
<PAGE>   11
reasonably requested by any such persons, and cause the respective officers,
directors, employees, and any other agents of the Company to supply all
information reasonably requested by any such representative, underwriter,
Special Counsel or accountant in connection with the Shelf Registration
Statement, and make such representatives of the Company available for discussion
of such documents as shall be reasonably requested by the Initial Purchaser;
provided, however, that the Company shall be entitled to first obtain a
customary confidentiality agreement from any such Person;

                  (o) at least five Business Days prior to filing the Shelf
Registration Statement or any amendment to the Shelf Registration Statement,
provide copies of such document to each beneficial owner (or, in the case of
Debentures held through the Depositary, the participant in the Depositary
through whom such beneficial owner holds) of Debentures, to the Initial
Purchaser, to Special Counsel and to the underwriter or underwriters of an
underwritten offering of Debentures, if any, make such changes in any such
document prior to the filing thereof as the Initial Purchaser, Special Counsel
or the underwriter or underwriters reasonably request and not file any such
document in a form to which the Majority Holders of Debentures, the Initial
Purchaser on behalf of the beneficial owners of Debentures, Special Counsel or
any underwriter shall not have previously been advised and furnished a copy of
or to which such Majority Holders, the Initial Purchaser of behalf of the
beneficial owners of Debentures, Special Counsel or any underwriter shall
reasonably object, and make the representatives of the Company available for
discussion of such document as shall be reasonably requested by the beneficial
owners of Debentures, the Initial Purchaser on behalf of such beneficial owners,
Special Counsel or any underwriter;

                  (p) otherwise comply with all applicable rules and regulations
of the SEC and make available to its security holders, as soon as reasonably
practicable, an earnings statement covering at least 12 months which shall
satisfy the provisions of Section 11(a) of the 1933 Act and Rule 158 thereunder;
and

                  (q) cooperate and assist in any filings required to be made
with the NASD and in the performance of any due diligence investigation by any
underwriter and its counsel (including any "qualified independent underwriter"
that is required to be retained in accordance with the rules and regulations of
the NASD); and

         The Company may (as a condition to any beneficial owner's participation
in the Shelf Registration) require each beneficial owner of Debentures to
furnish to the Company such information regarding the beneficial owner and the
proposed distribution by such beneficial owner of its Debentures as the Company
may from time to time reasonably request in writing for use in connection with
the Shelf Registration Statement or Prospectus included therein, including
without limitation, information specified in Item 507 of Regulation S-K under
the 1933 Act.

         Each beneficial owner agrees that, upon receipt of any notice from the
Company of the happening of any event or the discovery of any facts, each of the
kind described in Section 3(e)(v) hereof, such beneficial owner will forthwith
discontinue disposition of Debentures pursuant to the Shelf Registration
Statement until such beneficial owner's receipt of the copies of

                                       10
<PAGE>   12
the supplemented or amended Prospectus contemplated by Section 3(j) hereof, and,
if so directed by the Company, such beneficial owner will deliver to the Company
(at its expense) all copies in such beneficial owner's possession, other than
permanent file copies then in such Holder's possession, of the Prospectus
covering such Debentures current at the time of receipt of such notice.

         If any of the Debentures covered by any Shelf Registration Statement
are to be sold in an underwritten offering, the underwriter or underwriters and
manager or managers that will manage such offering will be selected by the
Majority Holders of such Debentures included in such offering, provided such
selection is acceptable to the Company. No beneficial owner of Debentures may
participate in any underwritten registration hereunder unless such beneficial
owner (a) agrees to sell such beneficial owner's Debentures on the basis
provided in any underwriting arrangements approved by the persons entitled
hereunder to approve such arrangements and (b) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements and
other documents required under the terms of such underwriting arrangements.

         4. Indemnification; Contribution.

                  (a) The Company agrees to indemnify and hold harmless the
Initial Purchaser, each beneficial owner named as a selling security holder in
the Prospectus, each Person who participates as an underwriter (any such Person
being an "Underwriter") and each Person, if any, who controls any beneficial
owner named as a selling security holder in the Prospectus or Underwriter within
the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act as
follows:

                  (i) against any and all loss, liability, claim, damage and
         expense, as incurred, arising out of any untrue statement or alleged
         untrue statement of a material fact contained in the Shelf Registration
         Statement (or any amendment or supplement thereto) pursuant to which
         Debentures were registered under the 1933 Act, including all documents
         incorporated therein by reference, or the omission or alleged omission
         therefrom of a material fact required to be stated therein or necessary
         to make the statements therein not misleading, or arising out of any
         untrue statement or alleged untrue statement of a material fact
         contained in any Prospectus (or any amendment or supplement thereto) or
         the omission or alleged omission therefrom of a material fact necessary
         in order to make the statements therein, in the light of the
         circumstances under which they were made, not misleading;

                  (ii) against any and all loss, liability, claim, damage and
         expense, as incurred, to the extent of the aggregate amount paid in
         settlement of any litigation, or any investigation or proceeding by any
         governmental agency or body, commenced or threatened, or of any claim
         based upon any such untrue statement or omission, or any such alleged
         untrue statement or omission; provided that (subject to Section 4(d)
         below) any such settlement is effected with the written consent of the
         Company; and

                                       11
<PAGE>   13
                  (iii) against any and all expense, as incurred (including the
         fees and disbursements of counsel chosen by any indemnified party as
         provided therein), reasonably incurred in investigating or defending
         against any litigation, or any investigation or proceeding by any
         governmental agency or body, commenced or threatened, or any claim
         based upon any such untrue statement or omission, or any such alleged
         untrue statement or omission, to the extent that any such expense is
         not paid under subparagraph (i) or (ii) above;

provided, however, that this indemnity agreement shall not apply to any loss,
liability, claim, damage or expense to the extent arising out of any untrue
statement or omission or alleged untrue statement or omission made in reliance
upon and in conformity with written information furnished to the Company by the
beneficial owner or Underwriter expressly for use in the Shelf Registration
Statement (or any amendment thereto) or any Prospectus (or any amendment or
supplement thereto), and provided further, that the Company shall not indemnify
any Underwriter or any person who controls such Underwriter from any loss,
liability, claim or damage (or expense incurred in connection therewith) alleged
by any person who purchased Debentures from such Underwriter if the untrue
statement, omission or allegation thereof upon which such loss, liability, claim
or damage is based was made in (i) any preliminary prospectus, if a copy of the
Prospectus (as then amended or supplemented if the Company shall have furnished
any amendments or supplements thereto) was not sent or given by or on behalf of
such Underwriter to such person at or prior to the written confirmation of the
sale of Debentures to such person, and if the Prospectus (as so amended or
supplemented) corrected the untrue statement or omission giving rise to such
loss, claim, damage or liability; (ii) any Prospectus used by such Underwriter
or any Person who controls such Underwriter, after such time as the Company
advised the Underwriters that the filing of a post-effective amendment or
supplement thereto was required, except the Prospectus as so amended or
supplemented, if the Prospectus as amended or supplemented by such
post-effective amendment or supplement would not have given rise to such loss,
liability, claim or damage; or (iii) any Prospectus used after such time as the
obligation of the Company to keep the same current and effective has expired.

                  (b) Each beneficial owner severally, but not jointly, agrees
to indemnify and hold harmless the Company, the Initial Purchaser, each
Underwriter and the other selling beneficial owners, and each of their
respective directors and officers, and each Person, if any, who controls the
Company, the Initial Purchaser, any Underwriter or any other selling beneficial
owner within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934
Act, against any and all loss, liability, claim, damage and expense described in
the indemnity contained in Section 4(a) hereof, as incurred, but only with
respect to untrue statements or omissions, or alleged untrue statements or
omissions, made in the Shelf Registration Statement (or any amendment thereto)
or any Prospectus included therein (or any amendment or supplement thereto) in
reliance upon and in conformity with written information with respect to such
beneficial owner furnished to the Company by such beneficial owner expressly for
use in the Shelf Registration Statement (or any amendment thereto) or such
Prospectus (or any amendment or supplement thereto); provided, however, that no
such beneficial owner shall be liable for any

                                       12
<PAGE>   14
claims hereunder in excess of the amount of net proceeds received by such
beneficial owner from the sale of Debentures pursuant to the Shelf Registration
Statement.

                  (c) Each indemnified party shall give written notice as
promptly as reasonably practicable to each indemnifying party of any action or
proceeding commenced against it in respect of which indemnity may be sought
hereunder, and the indemnifying party shall assume the defense thereof,
including the employment of counsel satisfactory to the indemnified party, and
the payment of all expenses. Any omission to so notify an indemnifying party
shall not relieve such indemnifying party from any liability hereunder to the
extent it is not materially prejudiced as a result thereof and in any event
shall not relieve it from any liability which it may have otherwise than on
account of this indemnity agreement. Any such indemnified party shall have the
right to employ separate counsel in any such action or proceeding and to
participate in the defense thereof, but the fees and expenses of such separate
counsel shall be paid by such indemnified party unless (a) the indemnifying
party has agreed to pay such fees and expenses or (b) the indemnifying party
shall have failed to assume the defense of such action or proceeding and employ
counsel reasonably satisfactory to the indemnified party in any such action or
proceeding or (c) the named parties to any such action or proceeding (including
any impleaded parties) include both such indemnified party and indemnifying
party, and the indemnified party shall have been advised by its counsel that
there may be a conflict of interest between such indemnified party and
indemnifying party in the conduct of the defense of such action (in which case,
if such indemnified party notifies the indemnifying party in writing that it
elects to employ separate counsel at the expense of the indemnifying party, the
indemnifying party shall not have the right to assume the defense of such action
or proceeding on behalf of such indemnified party), it being understood,
however, that the indemnifying party shall not, in connection with any one such
action or proceeding or separate but substantially similar or related actions or
proceedings arising out of the same general allegations or circumstances, be
liable for the reasonable fees and expenses of more than one separate firm of
attorneys (unless the members of such firm are not admitted to practice in a
jurisdiction where an action is pending, in which case the indemnifying party
shall pay the reasonable fees and expenses of one additional firm of attorneys
to act as local counsel in such jurisdiction, provided the services of such
counsel are substantially limited to that of appearing as attorneys of record)
at any time for all indemnified parties, which firm shall be designated in
writing by the indemnified party. No indemnifying party shall, without the prior
written consent of the indemnified parties, settle or compromise or consent to
the entry of any judgment with respect to any litigation, or any investigation
or proceeding by any governmental agency or body, commenced or threatened, or
any claim whatsoever in respect of which indemnification or contribution could
be sought under this Section 4 (whether or not the indemnified parties are
actual or potential parties thereto), unless such settlement, compromise or
consent (i) includes an unconditional release of each indemnified party from all
liability arising out of such litigation, investigation, proceeding or claim and
(ii) does not include a statement as to or an admission of fault, culpability or
a failure to act by or on behalf of any indemnified party.

                  (d) If at any time an indemnified party shall have requested
an indemnifying party to reimburse the indemnified party for fees and expenses
of counsel, such indemnifying

                                       13
<PAGE>   15
party agrees that it shall be liable for any settlement of the nature
contemplated by Section 4(a)(ii) hereof effected without its written consent if
(i) such settlement is entered into more than 45 days after receipt by such
indemnifying party of the aforesaid request, (ii) such indemnifying party shall
have received notice of the terms of such settlement at least 30 days prior to
such settlement being entered into, and (iii) such indemnifying party shall not
have reimbursed such indemnified party in accordance with such request prior to
the date of such settlement.

                  (e) If the indemnification provided for in this Section 4 is
for any reason unavailable to hold harmless an indemnified party (other than by
reason of the first sentence of Section 4(c) hereof) in respect of any losses,
liabilities, claims, damages or expenses referred to therein, then each
indemnifying party shall contribute to the aggregate amount of such losses,
liabilities, claims, damages and expenses incurred by such indemnified party, as
incurred, (i) in such proportion as is appropriate to reflect the relative
benefits received by the Company on the one hand and the beneficial owners and
the Initial Purchaser on the other hand from the offering of the Debentures
included in such offering or (ii) if the allocation provided by clause (i) is
not permitted by applicable law, in such proportion as is appropriate to reflect
not only the relative benefits referred to in clause (i) above but also the
relative fault of the Company on the one hand and the beneficial owners and the
Initial Purchaser on the other hand in connection with the statements or
omissions which resulted in such losses, liabilities, claims, damages or
expenses, as well as any other relevant equitable considerations.

         The relative benefits received by the Company on the one hand and the
beneficial owners and the Initial Purchaser on the other hand in connection with
the offering of the Debentures included in such offering shall be deemed to be
in the same respective proportions as the total net proceeds from the offering
of the Debentures pursuant to the Purchase Agreement (before deducting expenses)
received by the Company and the total underwriting discount received by the
Initial Purchaser, bear to the aggregate initial offering price of the
Debentures.

         The relative fault of the Company on the one hand and the beneficial
owners and the Initial Purchaser on the other hand shall be determined by
reference to, among other things, whether any such untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material
fact relates to information supplied by the Company, the beneficial owners or
the Initial Purchaser and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission.

         The Company, the beneficial owners and the Initial Purchaser agree that
it would not be just and equitable if contribution pursuant to this Section 4
were determined by pro rata allocation (even if the Holders and the Initial
Purchaser were treated as one entity for such purpose) or by any other method of
allocation which does not take account of the equitable considerations referred
to above in this Section 4. The aggregate amount of losses, liabilities, claims,
damages and expenses incurred by an indemnified party and referred to above in
this Section 4 shall be deemed to include any legal or other expenses reasonably
incurred by such indemnified party in investigating, preparing or defending
against any litigation, or any investigation or proceeding by any governmental
agency or body, commenced or threatened, or

                                       14
<PAGE>   16
any claim whatsoever based upon any such untrue or alleged untrue statement or
omission or alleged omission.

         Notwithstanding the provisions of this Section 4, the Initial Purchaser
shall not be required to contribute any amount in excess of the amount by which
the total price at which the Debentures purchased and sold by it were offered
exceeds the amount of any damages which the Initial Purchaser has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission
or alleged omission.

         No Person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the 1933 Act) shall be entitled to contribution from any Person
who was not guilty of such fraudulent misrepresentation.

         For purposes of this Section 4, each Person, if any, who controls an
Initial Purchaser or beneficial owner within the meaning of Section 15 of the
1933 Act or Section 20 of the 1934 Act shall have the same rights to
contribution as such Initial Purchaser or beneficial owner, and each Person, if
any, who controls the Company within the meaning of Section 15 of the 1933 Act
or Section 20 of the 1934 Act shall have the same rights to contribution as the
Company.

         5. Miscellaneous.

         5.1 Rule 144 and Rule 144A. For so long as the Company is subject to
the reporting requirements of Section 13 or 15 of the 1934 Act, the Company
covenants that it will file the reports required to be filed by it under the
1933 Act and Section 13(a) or 15(d) of the 1934 Act and the rules and
regulations adopted by the SEC thereunder. If the Company ceases to be so
required to file such reports, the Company covenants that it will upon the
request of any beneficial owner of Debentures (a) deliver to a prospective
purchaser such information as is necessary to permit sales pursuant to Rule 144A
under the 1933 Act and it will take such further action as any beneficial owner
of Debentures may reasonably request, and (b) take such further action that is
reasonable in the circumstances, in each case, to the extent required from time
to time to enable such beneficial owner to sell its Debentures without
registration under the 1933 Act within the limitation of the exemptions provided
by (i) Rule 144 under the 1933 Act, as such Rule may be amended from time to
time, (ii) Rule 144A under the 1933 Act, as such Rule may be amended from time
to time, or (iii) any similar rules or regulations hereafter adopted by the SEC.
Upon the request of any beneficial owner of Debentures, the Company will deliver
to such beneficial owner a written statement as to whether it has complied with
such requirements. The Company's obligations under this Section 5.1 shall
terminate upon the consummation of the Effectiveness Period.

         5.2 No Inconsistent Agreements. The Company has not entered into and
the Company will not after the date of this Agreement enter into any agreement
which is inconsistent with the rights granted to the beneficial owners of
Debentures in this Agreement or otherwise conflicts with the provisions hereof.
The rights granted to the beneficial owners hereunder do not and will not for
the term of this Agreement in any way conflict with the rights granted to the
holders of the Company's other issued and outstanding securities under any such
agreements.

                                       15
<PAGE>   17
         5.3 Amendments and Waivers. The provisions of this Agreement, including
the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be
given unless the Company has obtained the written consent of beneficial owners
of at least a majority in aggregate principal amount of the outstanding
Debentures affected by such amendment, modification, supplement, waiver or
departure.

         5.4 Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand delivery, registered
first-class mail, telecopier, or any courier guaranteeing overnight delivery (a)
if to a beneficial owner, at the most current address given by such beneficial
owner to the Company by means of a notice given in accordance with the
provisions of this Section 5.4, which address initially is the address set forth
in the Purchase Agreement with respect to the Initial Purchaser; and (b) if to
the Company, initially at the Company's address set forth in the Purchase
Agreement, and thereafter at such other address of which notice is given in
accordance with the provisions of this Section 5.4.

         All such notices and communications shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; two Business Days
after being deposited in the mail, postage prepaid, if mailed; when receipt is
acknowledged, if telecopied; and on the next Business Day if timely delivered to
an air courier guaranteeing overnight delivery.

         Copies of all such notices, demands, or other communications shall be
concurrently delivered by the person giving the same to the Trustee under the
Indenture, at the address specified in such Indenture.

         5.5 Successor and Assigns. This Agreement shall inure to the benefit of
and be binding upon the successors, assigns and transferees of each of the
parties, including, without limitation and without the need for an express
assignment, beneficial owners of the Debentures; provided that nothing herein
shall be deemed to permit any assignment, transfer or other disposition of
Debentures in violation of the terms of the Purchase Agreement or the Indenture.
If any transferee of the Initial Purchaser or any other beneficial owner shall
acquire Debentures, in any manner, whether by operation of law or otherwise,
such Debentures shall be held subject to all of the terms of this Agreement, and
by taking and holding such Debentures such Person shall be conclusively deemed
to have agreed to be bound by and to perform all of the terms and provisions of
this Agreement, including the restrictions on resale set forth in this Agreement
and, if applicable, the Purchase Agreement, and such Person shall be entitled to
receive the benefits hereof.

         5.6 Third Party Beneficiaries. The beneficial owners of the Debentures
shall be third party beneficiaries to the agreements made hereunder between the
Company, on the one hand, and the Initial Purchaser, on the other hand, and
shall have the right to enforce such agreements directly to the extent they deem
such enforcement necessary or advisable to protect their rights.

         5.7 Specific Enforcement. Without limiting the remedies available to
the Initial Purchaser and the beneficial owners, the Company acknowledges that
any failure by the

                                       16
<PAGE>   18
Company to comply with its obligations under Sections 2.1 through 2.3 hereof may
result in material irreparable injury to the Initial Purchaser or the beneficial
owners for which there is no adequate remedy at law, that it would not be
possible to measure damages for such injuries precisely and that, in the event
of any such failure, the Initial Purchaser or any beneficial owner may obtain
such relief as may be required to specifically enforce the Company's obligations
under Sections 2.1 through 2.3 hereof.

         5.8 Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

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

         5.10 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO THE
PRINCIPLES OF CONFLICT OF LAWS THEREOF.

         5.11 Severability. In the event that any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable, the validity, legality and enforceability of
any such provision in every other respect and of the remaining provisions
contained herein shall not be affected or impaired thereby.

                                       17
<PAGE>   19
         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first written above.

                                       LIBERTY MEDIA CORPORATION

                                       By:
                                          --------------------------------------
                                             Name:  David Flowers
                                             Title: Vice President and Treasurer

Confirmed and accepted as
of the date first above
written:

LEHMAN BROTHERS INC.

By:
    ------------------------------------
     Name:
     Title:  Authorized Signatory

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