Document:

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                                                                   EXHIBIT 10.12

                                                                 Execution Copy

                             VERIDIAN CORPORATION

                        MASTER EQUITYHOLDERS AGREEMENT

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                                                                 Execution Copy

                              TABLE OF CONTENTS

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1.    EFFECTIVENESS; ENTIRE AGREEMENT; DEFINITIONS................................................................2

   1.1      Effectiveness.........................................................................................2
   1.2      Entire Agreement......................................................................................2
   1.3      Definitions...........................................................................................3

2.    RIGHTS OF FIRST OFFER.......................................................................................3

   2.1      First Offer...........................................................................................3
   2.2      Miscellaneous.........................................................................................6
   2.3      Period................................................................................................8

3.    "TAG ALONG" AND "DRAG ALONG" RIGHTS.........................................................................8

   3.1      Tag Along.............................................................................................8
   3.2      Drag Along...........................................................................................10
   3.3      Miscellaneous........................................................................................11
   3.4      Period...............................................................................................14

4.    INITIAL INVESTOR TRANSFER RIGHTS...........................................................................14

   4.1      Certain Permitted Transfers..........................................................................14
   4.2      Period...............................................................................................15

5.    MANAGEMENT EQUITYHOLDER TRANSFER RIGHTS....................................................................15

   5.1      Transfers to Immediate Family and Certain Shareholders of Equity Interests...........................15
   5.2      Transfer Upon Death..................................................................................15
   5.3      Other Permitted Transfers............................................................................15
   5.4      Period...............................................................................................15

6.    CONSULTANT TRANSFER RIGHTS.................................................................................16

   6.1      Permitted Transfers..................................................................................16
   6.2      Period...............................................................................................16

7.    WARRANT INVESTOR TRANSFER RIGHTS...........................................................................16

   7.1      Certain Permitted Transfers..........................................................................16
   7.2      Period...............................................................................................17

8.    CERTAIN OTHER COVENANTS....................................................................................17

   8.1      MCP Investor Standstill..............................................................................17
   8.2      Transfer of Shares or Powers to Foreign Persons......................................................17

9.    CERTAIN ISSUANCES AND TRANSFERS, ETC.......................................................................17

   9.1      Transfers to Permitted Transferees...................................................................17
   9.2      Other Transfers and Issuances........................................................................17
   9.3      Subsequent Issuances.................................................................................18

10.      REGISTRATION RIGHTS.....................................................................................18

   10.1     Demand Registration Rights...........................................................................18
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   10.2     Piggyback Registration...............................................................................22
   10.3     Registration Procedures..............................................................................22
   10.4     Additional Procedures in Connection with Underwritten Offerings......................................25
   10.5     Shareholder Lockup Agreements in Connection with Public Offerings....................................27
   10.6     Indemnification and Contribution.....................................................................27
   10.7     Reports Under Securities Exchange Act................................................................30
   10.8     Assignment of Registration Rights....................................................................31
   10.9     Future Changes in Registration Requirements..........................................................31

11.      REMEDIES................................................................................................31

12.      LEGENDS.................................................................................................31

   12.1     Restrictive Legends..................................................................................31
   12.2     Securities Act Legends...............................................................................33
   12.3     Stop Transfer Instruction............................................................................33
   12.4     Termination of Certain Restrictions..................................................................33

13.      AMENDMENT, TERMINATION, ETC.............................................................................33

   13.1     Oral Modifications...................................................................................33
   13.2     Written Modifications................................................................................33
   13.3     Termination..........................................................................................34

14.      DEFINITIONS.............................................................................................34

   14.1     Certain Matters of Construction......................................................................34
   14.2     Definitions..........................................................................................34

15.      MISCELLANEOUS...........................................................................................43

   15.1     Authority; Effect....................................................................................43
   15.2     Notices..............................................................................................43
   15.3     Binding Effect, etc..................................................................................44
   15.4     Exercise of Rights and Remedies......................................................................44
   15.5     Descriptive Headings.................................................................................44
   15.6     Counterparts.........................................................................................44
   15.7     Severability.........................................................................................45
   15.8     Register.............................................................................................45
   15.9     Certain Shareholders.................................................................................45

16.      GOVERNING LAW, ETC......................................................................................45

   16.1     Governing Law........................................................................................45
   16.2     Consent to Jurisdiction..............................................................................45
   16.3     WAIVER OF JURY TRIAL.................................................................................46
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                                                                 Execution Copy

                             VERIDIAN CORPORATION

                        MASTER EQUITYHOLDERS AGREEMENT

         This Master Equityholders Agreement (the "Agreement") is made
effective as of September 9, 2000 by and among:

                  (a)      Veridian Corporation, a Delaware corporation (the
                           "Company");

                  (b)      each of Monitor Clipper Equity Partners, L.P., a
                           Delaware limited partnership ("MCEP"), and Monitor
                           Clipper Equity Partners (Foreign), L.P., a Delaware
                           limited partnership ("MCEP(F)"; collectively with
                           MCEP, the "MCP Investors");

                  (c)      each of CIBC WG Argosy Merchant Fund 2, L.L.C.
                           ("CIBC"), Co-Investment Merchant Fund 3, LLC
                           ("Merchant") and the Texas Growth Fund II - 1998
                           Trust ("TGF"; collectively with the MCP Investors,
                           CIBC and Merchant, the "Initial Investors");

                  (d)      each of the Persons (as hereinafter defined)
                           executing this Agreement and identified as a
                           "Management Equityholder" on such Person's
                           signature page hereto, including, but not limited
                           to, Argotyche, L.P., a Delaware limited
                           partnership, Santaeus, L.P., a Delaware limited
                           partnership, and David H. Langstaff (collectively,
                           the "Management Equityholders");

                  (e)      each of Monitor Company Group Limited Partnership,
                           a Delaware limited partnership which is the
                           successor-in-interest to Monitor Company, Inc.
                           ("TMC"), and Monitor Consulting, L.P., a Delaware
                           limited partnership ("MCLP"; collectively with TMC,
                           the "Consultants");

                  (f)      each of First Union Investors, Inc. ("First
                           Union"), with respect to its 1999 Warrants, The
                           Northwestern Mutual Life Insurance Company
                           ("Northwestern"), with respect to its 1999
                           Warrants, A.G. Investment Advisory Services, Inc.
                           ("AG Investment"), with respect to its 1999
                           Warrants, Merit Life Insurance Co. ("Merit"), and
                           Lincoln National Life Insurance Company
                           ("Lincoln"); collectively with First Union,
                           Northwestern, AG Investment and Merit, the "1999
                           Warrant Investors"); and

                  (g)      each of Northwestern, with respect to its 2000
                           Warrants, J.H. Whitney Mezzanine Fund, L.P. ("JHW
                           Mezzanine"), J.H. Whitney Market Value Fund, L.P.
                           ("JHW Market"), First Union, with respect to its
                           2000 Warrants,  A.G. Investment, with respect to
                           its 2000 Warrants, American General Life and
                           Accident Insurance Company ("AG Life"), and
                           Magnetite Asset Investors L.L.C. ("Magnetite";
                           collectively with Northwestern, JHW Mezzanine, JHW
                           Market, First Union, AG Investment, and AG Life,
                           the "2000 Warrant Investors"; the 1999 Warrant
                           Investors and the 2000 Warrant Investors,
                           collectively, the "Warrant

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                           Investors"; and the Initial Investors, the
                           Management Equityholders, the Consultants and the
                           Warrant Investors, collectively, the
                           "Shareholders").

                                   RECITALS

         1.       In connection with the issuance to the Initial Investors and
the Consultants of an aggregate of 5,502,500 shares of the Company's Class A
Common Stock, par value $.0001 per share (the "Class A Common Stock"), the
Company, the Initial Investors, the Consultants and certain of the Management
Equityholders entered into a Shareholders Agreement dated as of September 7,
1999 (the "Shareholders Agreement"), and the Company, the Initial Investors
and the Consultants entered into the Registration Rights Agreement dated as of
September 7, 1999 (the "Investor Rights Agreement") among the Company, the
Initial Investors and the Consultants.

         2.       In connection with the purchase by certain of the 1999
Warrant Investors of 40,000 shares of the Company's Senior Redeemable
Exchangeable Preferred Stock, $1,000 liquidation preference per share (the
"Preferred Stock") and warrants (the "1999 Warrants") to acquire an aggregate
of 589,414 shares of the Company's Class B Common Stock, par value $.0001 per
share (the "Class B Common Stock"; collectively with the Class A Common Stock,
the "Common Stock"), the Company, the 1999 Warrant Investors and the Initial
Investors entered into the Common Stock Registration Rights and Stockholders
Agreement dated as of September 7, 1999 (the "1999 Warrant Rights Agreement").

         3.       On September 14, 2000, the 2000 Warrant Investors purchased
warrants (the "2000 Warrants") to acquire an aggregate of 613,451 shares of
Class B Common Stock from the Company and, in connection therewith, (i) the
Company and the 2000 Warrant Investors entered into the Common Stock
Registration Rights and Stockholders Agreement dated as of September 14, 2000
(the "2000 Warrant Rights Agreement" and, together with the 1999 Warrant
Rights Agreement, the "Warrant Rights Agreements"), and (ii) the Company
agreed to enter into this Agreement.

         4.       The parties believe that it is in the best interests of the
Company and the Shareholders to supersede the Shareholders Agreement, the
Investor Rights Agreement, and the Warrant Rights Agreements with a single
agreement setting forth the respective rights of the Company and the
Shareholders as set forth in this Agreement.

                                  AGREEMENT

         Therefore, the parties hereto hereby agree as follows:

1.       EFFECTIVENESS; ENTIRE AGREEMENT; DEFINITIONS

         1.1      Effectiveness. This Agreement shall become effective upon
execution hereof by the Company, each MCP Investor, the Majority Initial
Investors, the Majority Management Equityholders, the Majority 1999 Warrant
Investors and each of the 2000 Warrant Investors.

         1.2      Entire Agreement. This Agreement constitutes the entire
understanding of the parties with respect to the subject matter hereof and
supersedes any and all prior understandings

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and agreements, whether written or oral, with respect to such subject matter,
including without limitation:

                  (a)      the Shareholders Agreement, which is hereby
                           terminated and replaced with the terms hereof by
                           agreement of the Company, the Majority Investors
                           (as defined in the Shareholders Agreement) and the
                           Majority Existing Equityholders (as defined in the
                           Shareholders Agreement), each being party hereto,
                           pursuant to Section 11.2 of the Shareholders
                           Agreement;

                  (b)      the Investor Rights Agreement, which is hereby
                           terminated and replaced with the terms hereof by
                           agreement of the holders of a majority of the
                           Registrable Securities (as defined in the Investor
                           Rights Agreement), which majority is party hereto,
                           pursuant to Section 13 of the Investor Rights
                           Agreement;

                  (c)      the 1999 Warrant Rights Agreement, which is hereby
                           terminated and replaced with the terms hereof by
                           agreement of the holders of a majority of the
                           outstanding Registrable Securities (as defined in
                           the 1999 Warrant Rights Agreement), which majority
                           is party hereto, and of the holders of a majority
                           of the shares of Common Stock (as defined in the
                           1999 Warrant Rights Agreement), which majority is
                           party hereto, pursuant to Section 6.2 of the 1999
                           Warrant Rights Agreement; and

                  (d)      the 2000 Warrant Rights Agreement, which is hereby
                           terminated and replaced with the terms hereof by
                           agreement of the holders of a majority of the
                           outstanding Registrable Securities (as defined in
                           the 2000 Warrant Rights Agreement), which majority
                           is party hereto, pursuant to Section 6.2 of the
                           2000 Warrant Rights Agreement.

         1.3      Definitions.  Certain terms are used in this Agreement as
specifically defined herein.  These definitions are set forth or referred to
in Section 14.

2.       RIGHTS OF FIRST OFFER

         2.1      First Offer. No holder of Shares (each such holder, a
"Prospective Selling Shareholder") shall Transfer any such Shares to any
Prospective Buyer except in the manner and on the terms set forth in this
Section 2.1 and in Sections 3 through 7 (as applicable). Any attempted
Transfer of Shares prohibited by this Section 2.1 or by Sections 3.1, 4, 5, 6,
or 7 shall be null and void, and the Company shall not in any way give effect
to any such impermissible Transfer.

                  2.1.1    Notice. A written notice (the "First Offer Notice")
shall be furnished by the Prospective Selling Shareholders to the Company and
to each other holder of Shares (the "First Offer Shareholders") at least 30
days prior to such Transfer; provided, however, that the First Offer Notice
may be furnished concurrently with the Tag Along Notice relating to the
proposed Transfer, and holders of Shares may, in accordance with Section 3.1,
elect to exercise

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the tag along rights granted therein with respect to the Transfer which is the
subject of such First Offer Notice. The First Offer Notice shall include:

                  (a)      The principal terms of the proposed Transfer
                           insofar as it relates to the Common Stock,
                           including the number of Shares to be Transferred by
                           the Prospective Selling Shareholders, the expected
                           per Share purchase price, the name and address of
                           the Prospective Buyer, and the material
                           representations and warranties, covenants and
                           indemnities to be contained in the definitive
                           documentation relating to such Transfer; provided,
                           however, that in the event that the consideration
                           to be paid in exchange for such Shares contains
                           non-cash consideration, then such notice shall
                           specify the Fair Market Value of such non-cash
                           consideration; and

                   (b)     An offer by the Prospective Selling Shareholders to
                           the Company and to the First Offer Shareholders to
                           sell to the Company and to the First Offer
                           Shareholders all (but not less than all) of the
                           number of Shares specified in the First Offer
                           Notice, on the same terms and conditions with
                           respect to each Share proposed to be Transferred
                           (subject to this Section 2.1.1 and Section 2.2.2)
                           as the Prospective Selling Shareholders shall
                           propose to Transfer to the Prospective Buyer;
                           provided, however, that in the event that the
                           consideration to be paid in exchange for such
                           Shares contains non-cash consideration, such offer
                           shall give the Company and the First Offer
                           Shareholders the option to pay, in lieu of
                           delivering such non-cash consideration, cash in the
                           amount of the Fair Market Value of such non-cash
                           consideration.

                  2.1.2    Exercise. Within 30 days after the effectiveness of
the First Offer Notice, the Company and each First Offer Shareholder (or their
respective assigns) desiring to accept the offer to purchase Shares proposed
to be Transferred in the proposed Transfer (each a "Participating First Offer
Buyer") shall send a written irrevocable acceptance (the "First Offer
Acceptance") to the Prospective Selling Shareholders specifying the number of
Shares which such Participating First Offer Buyer desires to purchase pursuant
to the First Offer Notice. If the Company does not so accept the Prospective
Selling Shareholders' offer to so purchase Shares, the Company shall be deemed
to have waived all of the Company's rights under this Section 2.1 with respect
to such Transfer, and each First Offer Shareholder who does not so accept the
Prospective Selling Shareholders' offer to so purchase Shares shall be deemed
to have waived all of such First Offer Shareholder's rights under this Section
2.1 with respect to such Transfer.

                  2.1.3    Undersubscribed Sale. Subject to compliance by the
Prospective Selling Shareholders with the provisions of Section 3.1, if the
aggregate number of Shares specified to be purchased in all First Offer
Acceptances shall be less than the aggregate number of Shares specified to be
Transferred in the First Offer Notice, the Prospective Selling Shareholders
shall thereafter be free to Transfer to the Prospective Buyer, at a per share
price no less than 95% of the per share price set forth in the First Offer
Notice and on other terms which are not more favorable, in any material
respect, to the Prospective Buyer than those set forth in the First Offer
Notice, without any further obligation to the Company or the First Offer
Shareholders, except as provided in Section 3.1. If, prior to consummation,
the terms of the proposed Transfer shall

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change with the result that the per share price to be paid in such proposed
Transfer shall be less than 95% of the per share price set forth in the First
Offer Notice or the other terms of such proposed Transfer shall be more
favorable, in any material respect, to the Prospective Buyer than those set
forth in the First Offer Notice, or if the identity of the Prospective Buyer
shall change, or if at the end of the 180th day following the date of the
effectiveness of the First Offer Notice, the Prospective Selling Shareholders
have not completed the proposed Transfer, the First Offer Notice shall be null
and void, and it shall be necessary for a separate First Offer Notice to be
furnished, and the terms and provisions of this Section 2.1 separately
complied with, in order to consummate such proposed Transfer pursuant to this
Section 2.1; provided, however, that in the case of such a separate First
Offer Notice, each applicable period to which reference is made in Sections
2.1.1 and 2.1.2 shall be the longer of (a) the remaining portion of the 30 day
period applicable to the original First Offer Notice distributed in connection
with such proposed Transfer or (b) ten business days.

                  2.1.4    Fully-Subscribed Sale.

                  (a)      If the aggregate number of Shares specified to be
                           purchased in all First Offer Acceptances shall
                           equal the aggregate number of Shares specified to
                           be Transferred in the First Offer Notice, such
                           Shares shall be allocated to each Participating
                           First Offer Buyer in accordance with the amount
                           specified by such Participating First Offer Buyer
                           in such Participating First Offer Buyer's First
                           Offer Acceptance.

                  (b)      If the aggregate number of Shares specified to be
                           purchased in all First Offer Acceptances shall
                           exceed the aggregate number of Shares specified to
                           be Transferred in the First Offer Notice, such
                           Shares shall be allocated (a) if the Company is a
                           Participating First Offer Buyer, then first to the
                           Company, up to the amount specified by the Company
                           in its First Offer Acceptance, (b) then to each
                           Participating First Offer Buyer, pro rata based on
                           the aggregate number of Shares held by each such
                           Participating First Offer Buyer concurrently
                           receiving an allocation of Shares; provided,
                           however, that if, in the case of any such
                           Participating First Offer Buyer, such Participating
                           First Offer Buyer shall have been so allocated a
                           number of Shares equal to the number specified by
                           such Participating First Offer Buyer in such
                           Participating First Offer Buyer's First Offer
                           Acceptance, then such Participating First Offer
                           Buyer shall not be allocated any Shares in excess
                           of such number so specified, and any Shares
                           remaining unallocated shall be allocated among the
                           remaining Participating First Offer Buyers pro rata
                           based on the aggregate number of Shares held by
                           each such remaining Participating First Offer
                           Buyers, until all Shares specified to be sold in
                           the First Offer Notice have been so allocated.

                  2.1.5    Tag Along Rights in First Offer. In the event that
a Tag Along Offeror provides a Tag Along Offer to the Prospective Selling
Shareholders in accordance with Section 3.1.2 hereof, the Prospective Selling
Shareholders shall send a revised First Offer Notice to the Company and each
First Offer Shareholder which shall state the aggregate number of shares
desired to be transferred by the Prospective Selling Shareholders and the Tag
Along Offerors.

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Prior to the later to occur of (i) ten business days after receipt of such
revised First Offer Notice or (ii) 30 days after effectiveness of the original
First Offer Notice, the Company and each First Offer Shareholder desiring to
purchase such Shares may elect to do so by sending the notices required by,
and complying with Section 2.1.2; provided, however, that, for purposes of
Sections 2.1.1, 2.1.3 and 2.1.4, the Participating First Offer Buyers shall be
deemed to have accepted the offer to purchase all of the Shares specified in
the revised First Offer Notice if such offer has been so accepted with respect
to a number of Shares equal to not less than the number specified in the
original First Offer Notice without giving effect to the exercise of any tag
along rights by the Tag Along Offerors.

                  2.1.6    Excluded Transactions. Notwithstanding the
foregoing, no holder of Shares shall have any right of participation pursuant
to the provisions of this Section 2.1 or otherwise with respect to any
Transfer of Shares permitted by Sections 4.1.1, 4.1.3, 5.1, 5.2, 5.3.2, 5.3.3,
6.1.1, 6.1.3, 6.1.4, 7.1.1 or 7.1.3 or with respect to any Transfer pursuant
to Section 3.2.

         2.2      Miscellaneous.  The following provisions shall be applied to
any Sale to which Section 2.1 applies:

                  2.2.1    Further Assurances. Each Prospective Selling
Shareholder and each Participating First Offer Buyer, whether in his capacity
as a Prospective Selling Shareholder or Participating First Offer Buyer (as
applicable), Shareholder, officer or director of the Company, or otherwise,
shall take or cause to be taken all such actions as may be necessary or
reasonably desirable in order expeditiously to consummate each Transfer
pursuant to Section 2.1 (on the terms and conditions specified in the First
Offer Notice) and any related transactions, including, without limitation,
executing, acknowledging and delivering consents, assignments, waivers and
other documents or instruments; furnishing information and copies of
documents; filing applications, reports, returns, filings and other documents
or instruments with governmental authorities; and otherwise cooperating with
the Prospective Selling Shareholders and the Participating First Offer Buyers;
provided, however, that no Prospective Selling Shareholder shall be required
to make any representations, warranties, covenants or indemnities other than
with respect to such Prospective Selling Shareholder's authority to Transfer
its Shares, such Prospective Selling Shareholder's ownership of Shares, the
absence of contravention of agreements relating to such Shareholder and other
matters relating to such Shareholder; provided, further, that such Prospective
Selling Shareholder shall agree with each Participating First Offer Buyer and
any other Prospective Selling Shareholders, as a post-closing adjustment of
the purchase price paid to such Prospective Selling Shareholder, to return an
amount of the proceeds received by such Prospective Selling Shareholder equal
to the amount that such Prospective Selling Shareholder would have otherwise
paid in respect of such other representations, warranties, covenants and
indemnities as are made by other Prospective Selling Shareholders but are not
made by such Prospective Selling Shareholder. Except with respect to
individual representations, warranties, covenants, indemnities and other
agreements of Prospective Selling Shareholders of the type described above,
the aggregate amount of any liability hereunder shall not exceed the lesser of
(i) such Prospective Selling Shareholder's pro rata portion of any liability,
to be determined in accordance with such Prospective Selling Shareholder's
portion of the total number of Shares included in such sale or (ii) the
proceeds to such Prospective Selling Shareholder in connection with such sale.
Subject to the foregoing,

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each Prospective Selling Shareholder agrees to execute and deliver such
agreements as may be reasonably specified by the Participating First Offer
Buyer to which the other Prospective Selling Shareholders will also be a party
to the extent necessary to reflect the foregoing.

                  2.2.2    Treatment of Different Classes of Common Stock and
of Options.

                  (a)      The relative amounts of consideration to be
                           received in respect of Shares in a Sale pursuant to
                           Section 2.1 shall be determined by the Board based
                           on the aggregate consideration to be paid in
                           respect of all such Shares being Transferred in
                           such Sale, the aggregate value of all of the equity
                           of the Company derived from such aggregate
                           consideration, and the relative amounts which would
                           be paid in respect of the Shares were such
                           aggregate value of all such equity to be paid out
                           in liquidation of the Company in accordance with
                           the terms of the Company's certificate of
                           incorporation as in effect from time to time (or,
                           if greater with respect to any Share, the amount
                           which would be received upon any conversion,
                           exercise or exchange of such Share for Shares of
                           Class B Common Stock in accordance with the terms
                           of such Share), all after giving effect to any
                           applicable changes in rates of conversion, exercise
                           or exchange, but shall not take into account any
                           differences in voting rights, rights to elect
                           directors or any other rights other than such
                           rights upon a liquidation of the Company or a
                           conversion, exercise or exchange of such Shares.

                  (b)      If any Prospective Selling Shareholder shall
                           Transfer Options in any Transfer pursuant to
                           Section 2.1, such Prospective Selling Shareholder
                           shall receive in exchange for such Options
                           consideration equal to the amount (if greater than
                           zero) determined by multiplying (i) the purchase
                           price per share of Common Stock received by the
                           Prospective Selling Shareholders in such Transfer
                           less the exercise price per share of such Option by
                           (ii) the number of shares of Common Stock issuable
                           upon exercise of such Option (to the extent
                           exercisable at the time of such Transfer).

                  (c)      Notwithstanding the fact that the only Shares to be
                           sold by Prospective Selling Shareholders may be
                           shares of one or more classes of Common Stock, each
                           holder of Shares of each class of Common Stock
                           shall be entitled to the benefits, and subject to
                           the obligations, of Sections 2.1 hereof with
                           respect to all Shares held by such holder as if all
                           Shares were of the same class of Common Stock,
                           subject only to possible differences in the
                           per-Share consideration to be paid in accordance
                           with Sections 2.2.2(a) and 2.2.2(b).

                  2.2.3    Expenses. All reasonable costs and expenses
incurred by any Participating First Offer Buyer or the Company in connection
with any proposed Transfer pursuant to this Section 2 (whether or not
consummated), including, without limitation, all attorneys fees and charges,
all accounting fees and charges and all finders, brokerage or investment
banking fees, charges or commissions, shall be paid by the Company.

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Notwithstanding the foregoing, the Company shall not be required to pay in
connection with any such proposed Transfer in excess of an aggregate of
$100,000 in respect of the fees and expenses of separate legal counsel or
other advisors retained by or on behalf of any and all of the Participating
First Offer Buyers in connection with any such proposed Sale. Such limit shall
be apportioned amongst all Participating First Offer Buyers pro rata in
accordance with the Shares proposed to be Transferred by each Participating
First Offer Buyer. Any such fees and expenses in excess of such limits shall
be borne by such Participating First Offer Buyers.

                  2.2.4    Closing. Unless the Prospective Selling
Shareholders and the Participating First Offer Buyers agree otherwise, any
closing of any purchase and sale of Shares pursuant to the exercise of rights
under this Section 2 shall take place at the offices of the Company at 11:00
a.m. local time on the date specified by the Participating First Offer Buyers,
which date shall be no later than 45 days after the date of the First Offer
Acceptance. At any such closing, each Participating First Offer Buyer shall
make payment to the Prospective Selling Shareholders of the purchase price
determined in accordance with the First Offer Notice for the number of Shares
being purchased by such Participating First Offer Buyer, and the Prospective
Selling Shareholders will deliver to the Participating First Offer Buyers the
certificates evidencing the Shares to be Transferred by the Prospective
Selling Shareholders, duly endorsed, or with stock (or equivalent) powers duly
endorsed, for transfer with signatures guaranteed with a "medallion"
guarantee, free and clear of any liens or encumbrances, with any stock (or
equivalent) transfer tax stamps affixed, against delivery of the applicable
consideration.

         2.3      Period. The foregoing provisions of this Section 2 shall
expire upon the first closing of a Qualified Public Offering.

3.       "TAG ALONG" AND "DRAG ALONG" RIGHTS

         3.1      Tag Along. No holder of Shares (each such holder, a
"Prospective Selling Shareholder") shall Transfer any such Shares to any
Prospective Buyer, including a Participating First Offer Buyer pursuant to
Section 2 (any such Transfer is described herein as a "Sale" and the act of
engaging in such a Sale is referred to as to "Sell"), except in the manner and
on the terms set forth in Section 2 and this Section 3.1. Any attempted
Transfer of Shares not permitted by Section 2 or this Section 3.1 shall be
null and void, and the Company shall not in any way give effect to any such
impermissible Transfer.

                  3.1.1    Notice. A written notice (the "Tag Along Notice")
shall be furnished by the Prospective Selling Shareholders to each other
holder of Shares which is not an Affiliate of a Prospective Selling
Shareholder (the "Tag Along Offerors") at least 30 days prior to such
Transfer; provided, however, that the Tag Along Notice may be furnished
concurrently with the First Offer Notice relating to the proposed Transfer,
and holders of Shares may, in accordance with Section 2.1, exercise the rights
of first offer granted therein with respect to the Sale which is the subject
of such Tag Along Notice. The Tag Along Notice shall include:

                  (a)      The principal terms of the proposed Sale insofar as
                           it relates to the Common Stock, including the
                           number of Shares to be purchased from the
                           Prospective Selling Shareholders, the percentage of
                           the total number of Shares held by such holder and
                           all Affiliates of such holder which such

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                           number of Shares constitutes (the "Tag Along Sale
                           Percentage"), the expected per Share purchase
                           price, the name and address of the Prospective
                           Buyer and the material representations and
                           warranties, covenants and indemnities to be
                           contained in the definitive documentation relating
                           to such Sale; and

                  (b)      An invitation to each Tag Along Offeror to make an
                           offer to include in the proposed Sale to the
                           Prospective Buyer an additional number of Shares
                           (not in any event to exceed the Tag Along Sale
                           Percentage of the total number of Shares held by
                           such Tag Along Offeror) owned by such Tag Along
                           Offeror, on the same terms and conditions with
                           respect to each Share Sold (subject to Section
                           3.3.3), as the Prospective Selling Shareholders
                           shall Sell each of their Shares, provided that
                           neither any MCP Investor nor any Consultant shall
                           be entitled to be a Tag Along Offeror or a Tag
                           Along Seller with respect to any Warrants included
                           in the Sale to which a Tag Along Notice relates,
                           but shall be entitled to participate in such Sale
                           only to the extent it relates to Shares which are
                           not Warrants.

                  3.1.2    Exercise. Within 30 days after the effectiveness of
the Tag Along Notice, each Tag Along Offeror desiring to make an offer to
include Shares in the proposed Sale (each a "Participating Seller" and,
together with the Prospective Selling Shareholders, collectively, the "Tag
Along Sellers") shall send a written offer (the "Tag Along Offer") to the
Prospective Selling Shareholders specifying the number of Shares (not in any
event to exceed the Tag Along Sale Percentage of the total number of Shares
held by such Participating Seller) which such Participating Seller desires to
have included in the proposed Sale. Each Tag Along Offeror who does not so
accept the Prospective Selling Shareholders' invitation to make an offer to
include Shares in the proposed Sale shall be deemed to have waived all of such
Tag Along Offeror's rights with respect to such Sale, and the Tag Along
Sellers shall thereafter be free to Sell to the Prospective Buyer, at a per
share price no greater than 105% nor less than 95% of the per share price set
forth in the Tag Along Notice and on other terms which are not more favorable,
in any material respect, to the Tag Along Sellers than those set forth in the
Tag Along Notice, without any further obligation to such non-accepting Tag
Along Offerors.

                  3.1.3    Reduction of Shares Sold. The Prospective Selling
Shareholders shall attempt to obtain the inclusion in the proposed Sale of the
entire number of Shares which the Tag Along Sellers desire to have included in
the Sale (as evidenced in the case of the Prospective Selling Shareholders by
the Tag Along Notice and in the case of each Participating Seller by such
Participating Seller's Tag Along Offer). In the event the Prospective Selling
Shareholders shall be unable to obtain the inclusion of such entire number of
Shares in the proposed Sale (including without limitation by virtue of the
proviso to Section 2.1.5), the number of Shares to be sold in the proposed
Sale by each such Tag Along Seller shall be allocated to each Tag Along
Seller, pro rata based on the aggregate number of Shares held by each such Tag
Along Seller concurrently receiving an allocation of Shares; provided,
however, that if, in the case of any such Tag Along Seller, such Tag Along
Seller shall have been so allocated a number of Shares equal to the number
specified by such Tag Along Seller in such Tag Along Notice or Tag Along
Offer, as applicable, then such Tag Along Seller shall not be allocated any
Shares in excess of such

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number so specified, and any Shares remaining unallocated shall be allocated
among the remaining Tag Along Sellers pro rata based on the aggregate number
of Shares held by each such remaining Tag Along Seller, until all Shares
specified to be sold in the Tag Along Notice have been so allocated.

                  3.1.4    Irrevocable Offer. The offer of each Participating
Seller contained in his Tag Along Offer shall be irrevocable, and, to the
extent such offer is accepted, such Participating Seller shall be bound and
obligated to Sell in the proposed Sale on the same terms and conditions, with
respect to each Share Sold (subject to Section 3.3.3), as the Prospective
Selling Shareholders, up to such number of Shares as such Participating Seller
shall have specified in such Participating Seller's Tag Along Offer; provided,
however, that (a) if the principal terms of the proposed Sale change with the
result that the per share price shall be less than 95% of the per share price
set forth in the Tag Along Notice or the other terms shall be less favorable,
in any material respect, to the Tag Along Sellers than those set forth in the
Tag Along Notice, each Participating Seller shall be permitted to withdraw the
offer contained in his Tag Along Offer and shall be released from such
Participating Seller's obligations thereunder, and the Prospective Selling
Shareholders shall comply with the provisions of Section 2, and (b) if, at the
end of the 180th day following the date of the effectiveness of the Tag Along
Notice, the Prospective Selling Shareholders have not completed the proposed
Sale, each Participating Seller shall be released from such Participating
Seller's obligations under his Tag Along Offer, the Tag Along Notice shall be
null and void, and it shall be necessary for a separate Tag Along Notice to be
furnished, and the terms and provisions of this Section 3 separately complied
with, in order to consummate such proposed Sale pursuant to this Section 3,
unless the failure to complete such Sale resulted from any failure by any
Participating Seller to comply with the terms of this Section 3.

                  3.1.5    Additional Compliance. If, prior to consummation,
the terms of the proposed Sale shall change with the result that the per share
price to be paid in such proposed Sale shall be greater than 105% or less than
95% of the per share price set forth in the Tag Along Notice or the other
terms of such proposed Sale shall be more favorable, in any material respect,
to the Tag Along Sellers than those set forth in the Tag Along Notice, the Tag
Along Notice shall be null and void, and it shall be necessary for a separate
Tag Along Notice to be furnished, and the terms and provisions of this Section
3 separately complied with, in order to consummate such proposed Sale pursuant
to this Section 3, provided, however, that in the case of such a separate Tag
Along Notice, each applicable period to which reference is made in Sections
3.1.1 and 3.1.2 shall be the longer of (a) the remaining portion of the 30 day
period applicable to the first Tag Along Notice distributed in connection with
such proposed Sale or (b) ten business days, so long as the closing will occur
by the 180th day following the date of effectiveness of the Tag Along Notice.

                  3.1.6    Excluded Transactions. Notwithstanding the
foregoing, no holder of Shares shall have any right of participation pursuant
to the provisions of this Section 3.1. or otherwise with respect to any
Transfer of Shares permitted by Sections 3.2, 4.1.1, 4.1.3, 5.1, 5.2, 5.3.2,
5.3.3, 6.1.1, 6.1.3, 6.1.4, 7.1.1 or 7.1.3.

         3.2      Drag Along. If the Board or the holders of more than 50% of
the Shares at any time outstanding (each a "Prospective Selling Shareholder")
approve an arm's length sale to an

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Independent Third Party (a "Drag Along Buyer") of (a) at least 80% (after
giving effect to the provisions of this Section 3.2) of the Shares at such
time outstanding (such percentage the "Drag Along Sale Percentage") or (b) at
least 80% of the assets of the Company, then each holder of Shares agrees, if
requested by the Company or the Prospective Selling Shareholders, as
appropriate, to sell the Drag Along Sale Percentage of such holder's Shares,
or otherwise vote such holder's Shares and take all other actions as may be
reasonably requested by the Company or the Prospective Selling Shareholders,
all in the manner and on the terms set forth in this Section 3.2 and in
Section 3.3.

                  3.2.1    Exercise. If the Company or one or more Prospective
Selling Shareholders elect to exercise its or their rights under this Section
3.2, a written notice (the "Drag Along Notice") shall be furnished by the
Company or the Prospective Selling Shareholders to each holder of Shares not
less than 10 days prior to the Sale. The Drag Along Notice shall set forth the
principal terms of the proposed Sale or asset sale, including, as applicable,
the manner in which such Shares or assets are to be Sold, the number of Shares
proposed to be acquired from the holders of Shares or to be acquired from the
Prospective Selling Shareholders (and in each such case, the Drag Along Sale
Percentage), the per share consideration to be received in the proposed Sale,
and the name and address of the Drag Along Buyer.

                  3.2.2    Sale. If the Company or the Prospective Selling
Shareholders consummate the proposed Sale to which reference is made in the
Drag Along Notice, each other holder of Shares (each a "Participating Seller",
and, together with the Prospective Selling Shareholders, collectively, the
"Drag Along Sellers") shall be bound and obligated to Sell the Drag Along Sale
Percentage of such holder's Shares in the proposed Sale on the same terms and
conditions, with respect to each Share Sold (subject to Section 3.3.3), as the
Prospective Selling Shareholders shall Sell each Share in the Sale. If at the
end of the 180th day following the date of the effectiveness of the Drag Along
Notice the Company or the Prospective Selling Shareholders have not completed
the proposed Sale, each Participating Seller shall be released from its
obligation under the Drag Along Notice, the Drag Along Notice shall be null
and void, and it shall be necessary for a separate Drag Along Notice to be
furnished and the terms and provisions of this Section 3.2 separately complied
with, in order to consummate such proposed Sale pursuant to this Section 3.2.

         3.3      Miscellaneous.  The following provisions shall be applied to
any Sale to which Section 3 applies:

                  3.3.1    Certain Legal Requirements. In the event the
consideration to be paid in exchange for Shares in a proposed Sale pursuant to
Section 3 includes any securities, and the receipt thereof by a Participating
Seller would require under applicable law (i) the registration or
qualification of such securities or of any person as a broker or dealer or
agent with respect to such securities or (ii) the provision to any Tag Along
Seller or Drag Along Seller of any information other than such information as
would be required under Regulation D in an offering made pursuant to
Regulation D solely to "accredited investors" as defined in Regulation D, the
Prospective Selling Shareholders shall be obligated only to use their
reasonable efforts to cause the requirements under Regulation D to be complied
with to the extent necessary to permit such Participating Seller to receive
such securities, it being understood and agreed that the Prospective Selling
Shareholders shall not be under any obligation to effect a registration of
such securities

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under the Securities Act or similar statutes. Notwithstanding any provisions
of this Section 3, if use of reasonable efforts does not result in the
requirements under Regulation D being complied with to the extent necessary to
permit such Participating Seller to receive such securities, the Prospective
Selling Shareholders shall cause to be paid to such Participating Seller in
lieu thereof, against surrender of the Shares (in accordance with Section
3.3.5) which would have otherwise been Sold by such Participating Seller to
the Prospective Buyer in the Sale, an amount in cash equal to the Fair Market
Value of such Shares as of the date of the issuance of securities in exchange
for Shares. The obligation of the Prospective Selling Shareholders to use
reasonable efforts to cause such requirements to have been complied with to
the extent necessary to permit a Participating Seller to receive such
securities shall be conditioned on such Participating Seller executing such
documents and instruments, and taking such other actions (including, without
limitation, if required by the Prospective Selling Shareholders, agreeing to
be represented during the course of such transaction by a "purchaser
representative" (as defined in Regulation D) in connection with evaluating the
merits and risks of the prospective investment and acknowledging that he was
so represented), as the Prospective Selling Shareholders shall reasonably
request in order to permit such requirements to be complied with. Unless the
Participating Seller in question shall have taken all actions reasonably
requested by the Prospective Selling Shareholders in order to comply with the
requirements under Regulation D, such Participating Seller shall not have the
right to require the payment of cash in lieu of securities under this Section
3.3.1.

                  3.3.2    Further Assurances. Each Participating Seller,
whether in his capacity as a Participating Seller, Shareholder, officer or
director of the Company, or otherwise, shall take or cause to be taken all
such actions as may be necessary or reasonably desirable in order
expeditiously to consummate each Sale pursuant to Section 3.1 or Section 3.2
and any related transactions, including, without limitation, executing,
acknowledging and delivering consents, assignments, waivers and other
documents or instruments; furnishing information and copies of documents;
filing applications, reports, returns, filings and other documents or
instruments with governmental authorities; and otherwise cooperating with the
Prospective Selling Shareholders and the Prospective Buyer; provided, however,
that no Participating Seller shall be required to make any representations,
warranties, covenants or indemnities other than with respect to such
Participating Seller's authority to Transfer such Shares, such Participating
Seller's ownership of Shares, the absence of contravention of agreements
relating to such Participating Seller and other matters relating to such
Participating Seller; provided, further, that such Participating Seller shall
agree with the Prospective Buyer, the Prospective Selling Shareholder and any
other Participating Sellers, as a post-closing adjustment of the purchase
price paid to such Participating Seller, to return an amount of the proceeds
received by such Participating Seller equal to the amount that such
Participating Seller would have otherwise paid in respect of such other
representations, warranties, covenants and indemnities as are made by a
Prospective Selling Shareholder but are not made by such Participating Seller.
Except with respect to individual representations, warranties, covenants,
indemnities and other agreements of Participating Sellers of the type
described above, the aggregate amount of any liability hereunder shall not
exceed the lesser of (i) such Participating Seller's pro rata portion of any
such liability, to be determined in accordance with such Participating
Seller's portion of the total number of Shares included in such Sale or (ii)
the proceeds to such Participating Seller in connection with such Sale.
Subject to the foregoing, each Participating Seller agrees to execute and
deliver such agreements as may

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be reasonably specified by the Prospective Selling Shareholder to which such
Prospective Selling Shareholder will also be a party to the extent necessary
to reflect the foregoing.

                  3.3.3    Treatment of Different Classes of Common Stock and of
Options.

                  (a)      The relative amounts of consideration to be
                           received in respect of Shares in a Sale pursuant to
                           Section 3.1 or 3.2 shall be determined by the Board
                           based on the aggregate consideration to be paid in
                           respect of all such Shares being Transferred in
                           such Sale, the aggregate value of all of the equity
                           of the Company derived from such aggregate
                           consideration, and the relative amounts which would
                           be paid in respect of the Shares were such
                           aggregate value of all such equity to be paid out
                           in liquidation of the Company in accordance with
                           the terms of the Company's certificate of
                           incorporation as in effect from time to time (or,
                           if greater with respect to any Shares, the amount
                           which would be received upon any conversion,
                           exercise or exchange of such Share for Shares of
                           Class B Common Stock in accordance with the terms
                           of such Share), all after giving effect to any
                           applicable changes in rates of conversion, exercise
                           or exchange, but shall not take into account any
                           differences in voting rights, rights to elect
                           directors or any other rights other than such
                           rights upon a liquidation of the Company or a
                           conversion, exercise or exchange of such Share.

                  (b)      If any Participating Seller shall Sell Options in
                           any Sale pursuant to Section 3.1, such
                           Participating Seller shall receive in exchange for
                           such Options consideration equal to the amount (if
                           greater than zero) determined by multiplying (i)
                           the purchase price per share of Common Stock
                           received by the holders of the Prospective Selling
                           Shareholders in such Sale less the exercise price
                           per share of such Option by (ii) the number of
                           shares of Common Stock issuable upon exercise of
                           such Option (to the extent exercisable at the time
                           of such Sale).

                  (c)      Notwithstanding the fact that the only Shares to be
                           sold by Prospective Selling Shareholders may be
                           shares of one or more classes of Common Stock, each
                           holder of Shares of each class of Common Stock
                           shall be entitled to the benefits, and subject to
                           the obligations, of Sections 3.1 and 3.2 hereof
                           with respect to all Shares held by such holder as
                           if all Shares were of the same class of Common
                           Stock, subject only to possible differences in the
                           per-Share consideration to be paid in accordance
                           with Sections 3.3.3(a) and 3.3.3(b).

                  3.3.4    Expenses. All reasonable costs and expenses
incurred by any Tag Along Seller, Drag Along Seller or the Company in
connection with any proposed Sale pursuant to this Section 3 (whether or not
consummated), including, without limitation, all attorneys fees and charges,
all accounting fees and charges and all finders, brokerage or investment
banking fees, charges or commissions, shall be paid by the Company.
Notwithstanding the foregoing, the Company shall not be required to pay in
connection with any such proposed Sale in excess of an aggregate of $100,000
in respect of the fees and expenses of separate legal counsel or other

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advisors retained by or on behalf of any and all of the Participating Sellers
in connection with any such proposed Sale. Such limit shall be apportioned
amongst all Participating Sellers pro rata in accordance with the Shares
proposed to be Sold by each Participating Seller. Any such fees and expenses
in excess of such limits shall be borne by such Participating Sellers.

                  3.3.5    Closing. The closing of a Sale pursuant to Section
3.1 shall take place at such time and place as the Prospective Selling
Shareholders shall specify. At the closing of any Sale under this Section 3
(other than an asset sale pursuant to Section 3.2), each Participating Seller
shall deliver the certificates evidencing the Shares to be Sold by such
Participating Seller, duly endorsed, or with stock (or equivalent) powers duly
endorsed, for transfer with signature guaranteed with "medallion" guarantee,
free and clear of any liens or encumbrances, with any stock (or equivalent)
transfer tax stamps affixed, against delivery of the applicable consideration.
It is understood and agreed that no holder of Shares shall have any liability
to any other holder of Shares arising from, relating to or in connection with
any proposed Sale which has been the subject of a Tag Along Notice or Drag
Along Notice whether or not such proposed Sale is consummated.

         3.4      Period. The foregoing provisions of this Section 3 shall
expire upon the first closing of a Qualified Public Offering.

4.       INITIAL INVESTOR TRANSFER RIGHTS. No holder of Initial Investor
Shares shall Transfer any of such Shares to any other Person except as
permitted by this Section 4. Any attempted Transfer of Initial Investor Shares
not permitted by this Section 4 shall be null and void, and the Company shall
not in any way give effect to any such impermissible Transfer.

         4.1      Certain Permitted Transfers.  Notwithstanding the foregoing,
any holder of Initial Investor Shares may Transfer any or all Initial Investor
Shares held by such holder as set forth below:

                  4.1.1    Initial Investors. Subject to the provisions of
Section 9.1, any holder of Initial Investor Shares may Transfer any or all of
such Initial Investor Shares: (i) to an Affiliated Fund; or (ii) in a pro rata
Transfer to its members or partners. Any holder of Initial Investor Shares
that is a limited liability company or limited partnership whose members or
partners are comprised primarily of (i) Persons that are organized in
jurisdictions outside the United States and (ii) Persons formed for investment
purposes by entities organized in jurisdictions outside the United States may
Transfer to any Initial Investor or an Affiliated Fund who was Transferred
Initial Investor Shares under clause (i) of this Section 4.1.1 whose members
or partners are comprised primarily of Persons organized within the United
States.

                  4.1.2    First Offers, Tag Alongs and Drag Alongs. Any
holder of Initial Investor Shares may Transfer any or all of such Initial
Investor Shares in accordance with the provisions, terms and conditions of
Sections 2 and 3; provided, however, that no holder of Initial Investor Shares
may initiate a Transfer or Sale as a Prospective Selling Shareholder under
Sections 2 or 3 without the approval of the Board before the
Lock-Up/Standstill Termination Date.

                  4.1.3    Sales to Public. Any holder of Initial Investor
Shares may Transfer any or all of such Initial Investor Shares in a Public
Offering or, after the closing of the Initial Public

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Offering, pursuant to Rule 144. If the Company shall receive from any Initial
Investor actual notice of any Transfer of Initial Investor Shares pursuant to
Rule 144, the Company shall notify each other Shareholder of the receipt of
such notice.

         4.2      Period.  The foregoing provisions of this Section 4 shall
expire upon the first closing of  a Qualified Public Offering.

5.       MANAGEMENT EQUITYHOLDER TRANSFER RIGHTS. No holder of Management
Equityholder Shares shall Transfer any of such Shares to any other Person
except as permitted by this Section 5. Any attempted Transfer of Management
Equityholder Shares not permitted by this Section 5 shall be null and void,
and the Company shall not in any way give effect to any such impermissible
Transfer.

         5.1      Transfers to Immediate Family and Certain Shareholders of
Equity Interests. Subject to the provisions of Section 8.2 and Section 9.1,
any holder of Management Equityholder Shares which is a natural person may
Transfer any or all of his Management Equityholder Shares to a Member of the
Immediate Family of such holder, and any holder of Management Equityholder
Shares which is not a natural person may Transfer any or all of such holder's
Management Equityholder Shares to a stockholder, member, partner or other
holder of any equity interest in such holder.

         5.2      Transfer Upon Death. Subject to the provisions of Section
9.1, upon the death of any holder of Management Equityholder Shares, the
Management Equityholder Shares held by such holder may be distributed by will
or other instrument taking effect at death or by applicable laws of descent
and distribution to such holder's estate, executors, administrators and
personal representatives, and then to such holder's heirs, legatees or
distributees, whether or not such recipients are Members of the Immediate
Family of such holder.

         5.3      Other Permitted Transfers.  Notwithstanding the foregoing,
any holder of Management Equityholder Shares may Transfer any or all
Management Equityholder Shares held by such holder as set forth below:

                  5.3.1    First Offers, Tag Alongs and Drag Alongs. Any
holder of Management Equityholder Shares may Transfer any or all of such
Management Equityholder Shares in accordance with the provisions, terms and
conditions of Sections 2 and 3.

                  5.3.2    Sales to Public. Any holder of Management
Equityholder Shares may Transfer any or all of such Management Equityholder
Shares in a Public Offering or, after the closing of the Initial Public
Offering, pursuant to Rule 144.

                  5.3.3    Plan Transactions and Employee Stock Repurchases.
Any holder of Management Equityholder Shares may Transfer any or all of his or
her Management Equityholder Shares to the Company in accordance with the terms
of the Company's employee benefit plans or other agreements relating to the
Company's right to repurchase the shares of employees as in effect on the date
of this Agreement.

         5.4      Period.  The foregoing provisions of this Section 5 shall
expire upon the closing of a Qualified Public Offering.

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6.       CONSULTANT TRANSFER RIGHTS. No holder of Consultant Shares shall
Transfer any such Shares to any Person except in the manner and on the terms
set forth in this Section 6. Any attempted Transfer of Consultant Shares not
permitted by this Section 6 shall be null and void, and the Company shall not
in any way give effect to any such impermissible Transfer.

         6.1      Permitted Transfers.  Notwithstanding the foregoing, any
holder of Consultant Shares may Transfer any or all Consultant Shares held by
such holder as set forth below:

                  6.1.1    Investors. Any holder of Consultant Shares may
Transfer any or all of such Consultant Shares to any (i) Affiliate (other than
the Company); or (ii) in a pro rata Transfer to its equity holders.

                  6.1.2    First Offers, Tag Alongs and Drag Alongs. Any
holder of Consultant Shares may Transfer any or all of such Consultant Shares
in accordance with the provisions, terms and conditions of Sections 2 and 3;
provided, however, that no holder of Consultant Shares may initiate a Transfer
or Sale as a Prospective Selling Shareholder under Sections 2 or 3 without the
approval of the Board before the Lock-Up/Standstill Termination Date.

                  6.1.3    Sales to Public. Any holder of Consultant Shares
may Transfer any or all of such Consultant Shares in a Public Offering or,
after the closing of the Initial Public Offering, pursuant to Rule 144.

                  6.1.4    Consultants. Subject to the provisions of Section
9.1, any holder of Consultant Shares may Transfer any or all of such
Consultant Shares to TMC or MCLP.

         6.2      Period.  The foregoing provisions of this Section 6 shall
expire on the closing of a Qualified Public Offering.

7.       WARRANT INVESTOR TRANSFER RIGHTS. No holder of Warrant Shares shall
Transfer any of such Shares to any other Person except as permitted by this
Section 7. Any attempted Transfer of Warrant Shares not permitted by this
Section 7 shall be null and void, and the Company shall not in any way give
effect to any such impermissible Transfer.

         7.1      Certain Permitted Transfers.  Notwithstanding the foregoing,
any holder of Warrant Shares may Transfer any or all Warrant Shares held by
such holder as set forth below:

                  7.1.1    Certain Affiliates. Subject to the provisions of
Section 9.1, any holder of Warrant Shares may Transfer any or all of such
Warrant Shares: (i) to an Affiliated Fund; (ii) in a pro rata Transfer to its
members or partners or (iii) to an Affiliate. Any holder of Warrant Shares
that is a limited liability company or limited partnership whose members or
partners are comprised primarily of (i) Persons that are organized in
jurisdictions outside the United States and (ii) Persons formed for investment
purposes by entities organized in jurisdictions outside the United States may
Transfer to any Warrant Investor or an Affiliated Fund who was Transferred
Warrant Shares under clause (i) of this Section 7.1.1 whose members or
partners are comprised primarily of Persons organized within the United
States.

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                  7.1.2    First Offers, Tag Alongs and Drag Alongs. Any
holder of Warrant Shares may Transfer any or all of such Warrant Shares in
accordance with the provisions, terms and conditions of Sections 2 and 3.

                  7.1.3    Sales to Public. Any holder of Warrant Shares may
Transfer any or all of such Warrant Shares in a Public Offering or, after the
closing of the Initial Public Offering, pursuant to Rule 144.

         7.2      Period. The foregoing provisions of this Section 7 shall
expire upon the first closing of a Qualified Public Offering.

8.       CERTAIN OTHER COVENANTS.

         8.1      MCP Investor Standstill. Until the Lock-Up/Standstill
Termination Date, no MCP Investor, and no Affiliate of a MCP Investor, shall,
without the prior consent of the Board, purchase any Common Stock if and to
the extent that, immediately after giving effect to such purchase, the
aggregate number of shares of Common Stock collectively owned by the MCP
Investors and their Affiliates would exceed 45% of the aggregate number of
shares of Common Stock then outstanding; provided, however, that the foregoing
shall not preclude the MCP Investors from exercising their rights to acquire
Shares under Section 2 or Section 3 hereof or pursuant to the exercise of any
preemptive rights.

         8.2      Transfer of Shares or Powers to Foreign Persons. Until the
Initial Public Offering, no Transfer of Shares, or proxies or powers of
attorney granting the authority to vote the Shares, shall be made or granted
by any Shareholder to a Person, other than an immediate Affiliate of such
Shareholder, that is not a "U.S. Person" as defined in Appendix C of the
National Industrial Security Program Operating Manual; provided, however, that
the foregoing shall not apply to any indirect interest in a Share which is
held directly by an Initial Investor or a Warrant Investor.

9.       CERTAIN ISSUANCES AND TRANSFERS, ETC.

         9.1      Transfers to Permitted Transferees. Each holder of Shares
agrees that no Transfer of any such Shares to any Permitted Transferee shall
be effective unless such Permitted Transferee has delivered to the Company a
written acknowledgment and agreement in form and substance reasonably
satisfactory to the Company that such Shares to be received by such Permitted
Transferee shall remain MCP Shares, Initial Investor Shares, Consultant
Shares, Management Equityholder Shares or Warrant Shares hereunder, as the
case may be, and shall continue to be subject to all of the provisions of this
Agreement and that such Permitted Transferee shall be bound by and a party to
this Agreement as the holder of Initial Investor Shares, Consultant Shares,
Management Equityholder Shares or Warrant Shares, as the case may be,
hereunder; provided, however, that no Transfer by any party to a Permitted
Transferee shall relieve such party of any of its obligations hereunder.

         9.2      Other Transfers and Issuances. Notwithstanding any other
provision of this Agreement, Shares transferred pursuant to Section 2.1, 3.1
or 3.2 (other than Shares transferred by a Shareholder to another Shareholder
which is also its Affiliate) or in a Public Offering or to the public under
Rule 144 shall be conclusively deemed thereafter not to be Shares under this

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                                                                 Execution Copy

Agreement and not to be subject to any of the provisions hereof or entitled to
the benefit of any of the provisions hereof, unless such Shares are
subsequently acquired by a Shareholder, in which case the Shares shall
continue to be subject to the provisions hereof.

         9.3      Subsequent Issuances. The Company shall require, with the
written consent of the Majority MCP Investors, that all Persons to which
shares of Common Stock are issued by the Company after the date hereof to
become parties hereto having rights and obligations substantially similar to
those of the Initial Investors.

10.      REGISTRATION RIGHTS.

         10.1     Demand Registration Rights. The Initial Investors, the
Consultants and the Warrant Investors (each a "Demand Registrant") may
request, by written notice to the Company, that the Company effect the
registration under the Securities Act of Registrable Securities on the terms
and conditions set forth in this Section 10.1 (each a "Demand Registration").
If the Company receives a request for a Demand Registration pursuant to this
Section 10.1, the Company may either (A) proceed with such Demand Registration
pursuant to the provisions of this Section 10.1 or (B) proceed with a
registered primary Public Offering, in which case the Demand Registrants will
have the rights set forth in Section 10.2 and such Public Offering will not
constitute a Demand Registration pursuant to this Section 10.1.

                  10.1.1   By Initial Investors and Consultants. At any time
after the date (the "First Demand Date") which is the earlier of (a) September
7, 2004, or (b) six months after a Qualified Public Offering, the Majority MCP
Investors may request a Demand Registration of such of the then outstanding
Registrable Securities held by the MCP Investors and Consultants as a group as
the Majority MCP Investors may specify in such request. Any such request will
also specify the intended method of disposition thereof. In no event shall the
Company be required to register Registrable Securities pursuant to this
Section 10.1.1 more than a maximum of two separate occasions.

                  10.1.2   By 1999 Warrant Investors. At any time after the
First Demand Date, 1999 Warrant Investors owning, individually or in the
aggregate, at least 37.5% of the 1999 Warrant Shares may request a Demand
Registration of such of their 1999 Warrant Shares that are Registrable
Securities as such 1999 Warrant Investors may specify in such request. Any
such request will also specify the intended method of disposition thereof. In
no event shall the Company be required to register Registrable Securities
pursuant to this Section 10.1.2 on more than one separate occasion.

                  10.1.3   By 2000 Warrant Investors. At any time after the
First Demand Date, the Majority 2000 Warrant Investors may request a Demand
Registration of such of their 2000 Warrant Shares that are Registrable
Securities as such 2000 Warrant Investors may specify in such request. Any
such request will also specify the intended method of disposition thereof. In
no event shall the Company be required to register Registrable Securities
pursuant to this Section 10.1.3 on more than one separate occasion.

                  10.1.4   Participation by Other Demand Registrants. Within
10 days after receipt of a notice of a Demand Registration pursuant to Section
10.1.1, 10.1.2 or 10.1.3, the Company

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will give written notice of such requested registration to all other holders
of Registrable Securities. The Company will then use its best efforts
expeditiously to effect the registration under the Securities Act of the
Registrable Securities which the Company has been requested to register by the
Demand Registrants, and all other Registrable Securities which the Company has
been requested to register by other holders by notice delivered to the Company
within 20 days after the giving of such notice by the Company. Subject to
Sections 10.1.7 and 10.4.1, such participation by other Demand Registrants
shall constitute a Demand Registration pursuant to Section 10.1.1, 10.1.2 or
10.1.3, as applicable.

                  10.1.5   Registration on Form S-3. At any time within five
years after the Company becomes eligible to file a Registration Statement on
Form S-3, any holder of Registrable Securities may request the Company to
effect the registration on Form S-3 pursuant to Rule 415 of such number of
Registrable Securities held by such holder having a market value of not less
than $1,000,000 as shall be specified in the request. Any such request will
also specify the intended method of disposition thereof. Promptly after
receipt of such notice, the Company will give written notice of such requested
registration to all other holders of Registrable Securities. The Company will
then use its best efforts expeditiously to effect the registration under the
Securities Act of the Registrable Securities which the Company has been
requested to register by such Demand Registrants, and all other Registrable
Securities which the Company has been requested to register by other holders
by notice delivered to the Company within 20 days after the giving of such
notice by the Company.

                  10.1.6   Postponement. The Company may postpone for a period
of up to 60 days the filing or the effectiveness of any registration requested
pursuant to this Section 10.1 if the Board of Directors of the Company in good
faith determines that such registration is likely to have a material adverse
effect on any plan, proposal or agreement by the Company with respect to any
financing, acquisition, recapitalization, reorganization or other material
transaction; provided, however, that the Company may not exercise such right
of postponement more frequently than one time in any 12-month period; and
provided, further, that the Company shall promptly provide written notice of
any such postponement to each holder of Registrable Securities.

                  10.1.7   Payment of Expenses. The Company shall pay all
Registration Expenses in connection with all registrations effected pursuant
to this Section 10.1. However, the Company shall not be required to pay for
any expenses of such registration proceeding if the registration request is
withdrawn at any time at the request of the Majority Participating
Shareholders (in which case all participating Shareholders shall bear such
expenses). Notwithstanding the foregoing, if the participating Shareholders
have learned of a change in the condition, business, or prospects of the
Company or in the condition of the financial markets from that known to the
initiating Demand Registrants at the time of their request and such change
could be expected to have an adverse effect on the proposed offering in the
good faith judgment of the Majority Participating Shareholders, then the
Shareholders shall not be required to pay any of such expenses in the case of
a registration requested pursuant to this Section 10.1 and any Demand
Registration right that was exercised pursuant to Section 10.1.1, 10.1.2, or
10.1.3 in connection therewith shall not be forfeited.

                  10.1.8   Repurchase Election.

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                                                                 Execution Copy

                  (a)      Notwithstanding the foregoing provisions of
                           Sections 10.1.2 and 10.1.3, the Company shall not
                           be obligated to effect a Demand Registration
                           pursuant to such Sections if the Company elects to
                           make an offer to repurchase (a "Purchase Offer")
                           all of the Registrable Securities requested to be
                           registered by Demand Registrants making the initial
                           request pursuant to such Sections and all other
                           holders of Warrant Shares joining in such request
                           (a "Purchase Election") by mailing notice of such
                           Purchase Offer to all such holders on a date (the
                           "Purchase Election Date") not more than 45 days
                           after the receipt of any request for a Demand
                           Registration under Sections 10.1.2 or 10.1.3 and
                           indicating in such Purchase Offer that the
                           Registrable Securities will be purchased at a price
                           in cash per Share equal to the Fair Market Value of
                           each share of Class B Common Stock (in the case of
                           a Warrant, at the Fair Market Value of each share
                           of Class B Common Stock issuable upon exercise of
                           such Warrant less that portion of the exercise
                           price allocable to such share of Class B Common
                           Stock).

                  (b)      Notice of a Purchase Offer shall be mailed by the
                           Company (or caused to be mailed by the Company),
                           not less than 30 days nor more than 60 days before
                           the Purchase Offer Payment Date, to each holder of
                           Warrant Shares at its last registered address. The
                           Purchase Offer shall remain open from the time of
                           mailing for at least 20 Business Days and until
                           5:00 p.m. New York City time on the Business Day
                           next preceding the Purchase Offer Payment Date. The
                           notice, which shall govern the terms of the
                           Purchase Offer, shall include such disclosures as
                           are required by law and shall state:

                           (i)      that the Purchase Offer is being made
                                    pursuant to this Section 10.1.8 and that
                                    all Warrant Shares constituting
                                    Registrable Securities tendered for
                                    repurchase will be accepted for payment;

                           (ii)     the purchase price calculated as set forth
                                    above and the payment date which shall be
                                    not less than 30 days nor more than 60
                                    days after the notice of the Purchase
                                    Election is mailed to the participating
                                    holders of Warrant Shares (the "Purchase
                                    Offer Payment Date");

                           (iii)    that any Warrant Shares constituting
                                    Registrable Securities accepted for
                                    payment pursuant to the Purchase Offer
                                    shall cease to be outstanding after the
                                    Purchase Offer Payment Date unless the
                                    Company defaults in making payment
                                    therefor of the purchase price;

                           (iv)     that holders electing to have Warrant
                                    Shares constituting Registrable Securities
                                    purchased pursuant to a Purchase Offer
                                    will be required to surrender such Warrant
                                    Shares constituting Registrable
                                    Securities, together with a completed
                                    letter of transmittal, to the Company (or
                                    its agent as designated by the

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                                                                 Execution Copy

                                    Company in such notice) at the address
                                    specified in the notice no later than 5:00
                                    p.m. New York City time on the business
                                    day prior to the Purchase Offer Payment
                                    Date;

                           (v)      that participating holders will be
                                    entitled to withdraw their election if the
                                    Company (or such designated agent)
                                    receives, not later than 5:00 p.m. New
                                    York City time on the business day prior
                                    to the Purchase Offer Payment Date, a
                                    telegram, telex, facsimile transmission or
                                    letter setting forth the name of the
                                    holder, the number and type of Warrant
                                    Shares constituting Registrable Securities
                                    delivered for purchase and a statement
                                    that such holder is withdrawing its
                                    election to have such Registrable
                                    Securities purchased and promptly
                                    thereafter the Company (or such designated
                                    agent) shall redeliver the withdrawn
                                    Warrant Shares constituting Registrable
                                    Securities to the holder;

                           (vi)     that a holder electing not to tender such
                                    holder's Warrant Shares constituting
                                    Registrable Securities for purchase
                                    pursuant to such Purchase Offer by 5:00
                                    p.m. New York City time on the business
                                    day prior to the Purchase Offer Payment
                                    Date will have no continuing right to
                                    require the Company to repurchase such
                                    holder's Warrant Shares constituting
                                    Registrable Securities; and

                           (vii)    that holders whose Warrant Shares
                                    constituting Registrable Securities are
                                    tendered for purchase in part only will be
                                    issued new certificates representing the
                                    number of the unpurchased Warrant Shares
                                    constituting Registrable Securities
                                    surrendered.

                           On the Purchase Offer Payment Date, the Company
                           shall (i) accept for payment Warrant Shares
                           constituting Registrable Securities or portions
                           thereof tendered pursuant to the Purchase Offer,
                           (ii) promptly deliver to the holders so accepted
                           payment of the purchase price therefor and (iii)
                           issue and mail or deliver to such Shareholders new
                           certificates representing the number and type of
                           Warrant Shares constituting Registrable Securities
                           equal to the unpurchased portion of the Warrant
                           Shares constituting Registrable Securities
                           surrendered. Upon payment to the holders for all
                           Warrant Shares constituting Registrable Securities
                           tendered pursuant to a Purchase Offer, or if
                           holders did not tender Warrant Shares constituting
                           Registrable Securities, the Company shall be deemed
                           to have effected the Demand Registration. The
                           Company shall comply, to the extent applicable,
                           with the requirements of Sections 13 and 14 of the
                           Exchange Act, and any other securities laws or
                           regulations in connection with the repurchase of
                           Warrant Shares constituting Registrable Securities
                           pursuant to a Purchase Offer. To the extent that
                           the provisions of any securities laws or
                           regulations conflict with the provisions of this
                           Section 10.1.8, the Company shall comply with the
                           applicable securities laws and regulations and
                           shall not be deemed to have breached its
                           obligations under

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                                                                 Execution Copy

                           this Section 10.1.8 by virtue thereof. The Company
                           may assign its rights under this Section 10.1.8 to
                           the holders of the Class A Common Stock; provided
                           that the offer to repurchase all Registrable
                           Securities complies substantially with this Section
                           10.1.8.

                  10.1.9   No Inconsistent Agreements. The Company has not
entered into nor will the Company on or after the date of this Agreement enter
into any agreement which is inconsistent with the rights granted to the
holders of Registrable Securities pursuant to Section 10 or otherwise
conflicts with the provisions of Section 10.

         10.2     Piggyback Registration.

                  10.2.1   Piggyback Rights. If the Company at any time
proposes to register any of its equity securities under the Securities Act,
for its own account or for the account of any holder of its securities, on a
form which would permit registration of Registrable Securities for sale to the
public under the Securities Act, or proposes to register any equity securities
in a so-called "unallocated" or "universal" shelf registration statement, the
Company will each such time give notice to all holders of Registrable
Securities of its intention to do so. Such notice shall describe such
securities and specify the form, manner and other relevant aspects of such
proposed registration. Any such holder may by written response delivered to
the Company within 20 days after the giving of any such notice request that
all or a specified part of the Registrable Securities held by such holder be
included in such registration. Such response shall also specify the intended
method of disposition of such Registrable Securities. The Company thereupon
will use its best efforts as a part of its filing of such form to effect the
registration under the Securities Act of all Registrable Securities which the
Company has been so requested to register by the holders of Registrable
Securities, to the extent required to permit the disposition (in accordance
with the intended methods thereof as aforesaid) of the Registrable Securities
so to be registered. The Company shall be under no obligation to complete any
offering of its securities it proposes to make and shall incur no liability to
any holder for its failure to do so. No registration of Registrable Securities
effected under this Section 10.2 shall relieve the Company of any of its
obligations to effect registrations of Registrable Securities pursuant to
Section 10.1 hereof.

                  10.2.2   Excluded Transactions. The Company shall not be
obligated to effect any registration of Registrable Securities under this
Section 10.2 incidental to the registration of any of its securities in
connection with mergers, acquisitions, exchange offers, dividend reinvestment
plans or stock option or other employee benefit plan, if such registration is
on Form S-4, Form S-8 or any similar form.

                  10.2.3   Payment of Expenses. The Company hereby agrees to
pay all Registration Expenses in connection with each registration of
Registrable Securities requested pursuant to this Section 10.2.

         10.3     Registration Procedures. If and whenever the Company is
required to use its best efforts to effect the registration of any Registrable
Securities under the Securities Act as provided in Sections 10.1 or 10.2, the
Company will as expeditiously as reasonably possible:

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                                                                 Execution Copy

                  10.3.1   Registration Statement. Prepare and (in the case of
a registration pursuant to Section 10.1 hereof, promptly and in any event
within 60 days after the end of the period within which requests for
registration may be delivered to the Company) file with the Commission a
registration statement with respect to such Registrable Securities and use its
best efforts to cause such registration statement to become effective. Each
such registration made under Section 10.1.1, 10.1.2 or 10.1.3 shall be made on
Form S-1, or such other Form as may be consented to by the Majority
Participating Shareholders. Such registration statement shall be for an
offering to be made on a continuous or delayed basis (a so-called "shelf
registration statement") if the Company is eligible for the use thereof and
the Majority Participating Shareholders have requested a shelf registration
statement.

                  10.3.2   Amendments and Supplements to Registration
Statement. Prepare and file with the Commission such amendments and
supplements to such registration statement and the prospectus used in
connection therewith as may be necessary to keep such registration statement
effective and to comply with the provisions of the Securities Act with respect
to the disposition of all Registrable Securities and other securities, if any,
covered by such registration statement until the later of (i) 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 set forth in
such registration statement (but in no event for a period of more than 180
days after such registration statement becomes effective) or (ii) the
expiration of the time when a prospectus relating to such registration is
required to be delivered under the Securities Act.

                  10.3.3   Cooperation. Use its best efforts to cooperate with
the seller(s) in the disposition of the Common Stock covered by such
registration statement, including without limitation in the case of an
underwritten offering pursuant to Section 10.1 causing key executives of the
Company and its subsidiaries to participate under the direction of the
managing underwriter in a "road show" scheduled by such managing underwriter
in such locations and of such duration as in the judgment of such managing
underwriter are appropriate for such underwritten offering.

                  10.3.4   Furnishing of Copies of Registration Statements and
Other Documents. Furnish to each seller of such Registrable Securities such
number of conformed copies of such registration statement and of each such
amendment and supplement thereto (in each case including all exhibits, except
that the Company shall not be obligated to furnish any such seller with more
than two copies of such exhibits other than incorporated documents), such
number of copies of the prospectus included in such registration statement
(including each preliminary prospectus and any summary prospectus), each in
conformity with the requirements of the Securities Act, such documents
incorporated by reference in such registration statement or prospectus and
such other documents as such seller may reasonably request in order to
facilitate the disposition of its Registrable Securities covered by such
registration statement.

                  10.3.5   State Securities Laws. Use its best efforts to
register or qualify such Registrable Securities under such securities or blue
sky laws of such jurisdictions as the sellers shall reasonably request, and do
any and all other acts and things which may be necessary or advisable to
enable each seller to consummate the disposition in such jurisdictions of its
Registrable Securities covered by such registration statement; provided,
however, that the Company shall not be obligated to file any general consent
to service of process or to qualify as a

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                                                                 Execution Copy

foreign corporation or subject the Company to taxation in any jurisdiction in
which it is not so qualified.

                  10.3.6   Opinion of Counsel; Comfort Letter. Use its best
efforts to obtain all legal opinions, auditors' consents and comfort letters
and experts cooperation as may be required, including furnishing to each
seller of such Registrable Securities a signed counterpart, addressed or
confirmed to such seller, of (i) an opinion of counsel for the Company and
(ii) a "cold comfort" letter signed by the independent public accountants who
have certified the Company's financial statements included in such
registration statement, covering substantially the same matters as are
customarily covered in opinions of issuer's counsel and in accountants'
letters delivered to underwriters in underwritten public offerings of
securities.

                  10.3.7   Notice of Prospectus Defects. Immediately notify
each seller of Registrable Securities covered by such registration statement,
at any time when a prospectus relating thereto is required to be delivered
under the Securities Act, of the happening of any event as a result of which
the prospectus included in such registration statement, as then in effect,
includes an untrue statement of a material fact or omits to state any material
fact required to be stated therein or necessary to make the statements therein
not misleading in the light of the circumstances then existing, and at the
request of any such seller prepare and furnish to such seller a reasonable
number of copies of a supplement to or an amendment of such prospectus as may
be necessary so that, as thereafter delivered to the purchasers of such
Registrable Securities, such prospectus shall not include 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 in the
light of the circumstances then existing.

                  10.3.8   General Compliance with Federal Securities Laws;
Section 11(a) Earnings Statement. Otherwise use its best efforts to comply
with the Securities Act, the Exchange Act and any other applicable rules and
regulations of the Commission, and make available to its securities holders,
as soon as reasonably practicable, an earnings statement covering the period
of at least 12 months after the effective date of such registration statement,
which earnings statement shall satisfy Section 11(a) of the Securities Act and
any applicable regulations thereunder, including Rule 158.

                  10.3.9   Exchange Listing. Use its best efforts to list such
Registrable Securities on each securities exchange on which any equity
security of the Company is then listed, if such securities are not already so
listed or, if the Company does not have a class of equity securities listed on
a national securities exchange, apply for qualification and use its best
efforts to qualify the Registrable Securities being registered for inclusion
on the Nasdaq National Market System.

                  10.3.10  Transfer Agent.  Provide a transfer agent and
registrar for all such Registrable Securities not later than the effective
date of such registration statement.

                  10.3.11  Company Lockup. In the case of an underwritten
offering under Section 10.1 hereof, refrain, without the consent of the
managing underwriter, for a period from 7 days before the effective date of
the registration statement until 180 days after such effective date, from
directly or indirectly selling, offering to sell, granting any option for the
sale of, or

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                                                                 Execution Copy

otherwise disposing of any common equity or securities convertible into common
equity other than pursuant to Company employee equity plans.

                  10.3.12  Participation by Selling Shareholders. In
connection with the preparation and filing of each registration statement
registering Registrable Securities under the Securities Act, and before filing
any such registration statement or any other document in connection therewith,
give the participating Shareholders and their underwriters, if any, and their
respective counsel and accountants, the opportunity to participate in the
preparation of such registration statement, each prospectus included therein
or filed with the Commission, each amendment thereof or supplement thereto and
any related underwriting agreement or other document to be filed, and give
each of the aforementioned Persons such access to its books and records and
such opportunities to discuss the business of the Company with its officers
and the independent public accountants who have certified its financial
statements as shall be necessary, in the opinion of such Shareholders,
underwriters, counsel or accountants, to conduct a reasonable investigation
within the meaning of the Securities Act. The Company may require each seller
of Registrable Securities as to which any registration is being effected to
furnish the Company such information regarding such seller and the
distribution of such securities as the Company may from time to time
reasonably request in writing and which shall be required by the Securities
Act (or similar state laws) or by the Commission in connection therewith.

                  10.3.13  Information Regarding Shareholders. If any such
registration or comparable statement refers to any Shareholder by name or
otherwise as the holder of any securities of the Company then such Shareholder
shall have the right to require (i) the insertion therein of language, in form
and substance satisfactory to such Shareholder, to the effect that the holding
by such Shareholder of such securities is not to be construed as a
recommendation by such holder of the investment quality of the Company's
securities covered thereby and that such holding does not imply that such
Shareholder will assist in meeting any future financial requirements of the
Company, or (ii) in the event that such reference to such Shareholder by name
or otherwise is not required by the Securities Act or any similar federal
statute then in force, the deletion of the reference to such Shareholder.

                  10.3.14  Conversion only Upon Consummation of Offering. No
Shareholder shall be required by this Agreement to convert, exercise or
exchange any Registrable Security into or for Common Stock except at the
applicable closing or closings of an underwritten registered offering and
except upon the sale of such Registrable Security in the case of other
registered offerings or pursuant to Rule 144.

         10.4     Additional Procedures in Connection with Underwritten
Offerings.

                  10.4.1   Demand Registrations. In the case of a registration
pursuant to Section 10.1 hereof, whenever the Majority Participating
Shareholders shall request that such registration shall be effected pursuant
to an underwritten offering, such registration shall be so effected, and only
securities which are to be distributed by the underwriters designated by such
Majority Participating Shareholders may be included in such registration. If
requested by such underwriters, the Company and each participating seller will
enter into an underwriting agreement with such underwriters for such offering
containing such representations and warranties by the Company and such other
terms and provisions as are customarily contained in

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                                                                 Execution Copy

underwriting agreements with respect to secondary distributions, including,
without limitation, indemnity and contribution. In each such registration
pursuant to Section 10.1, each Shareholder agrees that without the consent of
the managing underwriter, for a period from 7 days prior to the effective date
of the registration statement until 180 days after such effective date, such
Shareholder will not directly or indirectly sell, offer to sell, grant any
option for the sale of, or otherwise dispose of any common equity or
securities convertible into common equity except (i) for Registrable
Securities sold in such registered offering and (ii) transfers to Affiliates
and partners and stockholders of such Shareholder, each of whom shall have
furnished to the Company and the managing underwriter their written consent to
be bound by this Agreement including this Section 10.4.1; provided, however,
that the prohibitions hereunder shall not apply to shares of Common Stock or
other securities convertible into Common Stock (other than shares that are
restricted securities within the meaning of the Securities Act) purchased by
such Shareholder in the open market following the consummation of a Public
Offering. If the managing underwriter advises the Demand Registrants that the
number of shares to be included in a registration pursuant to Section 10.1
hereof should be limited due to market conditions or otherwise, (i) all shares
that are not Registrable Securities (other than those sought to be registered
by the Company) shall be excluded first, (ii) thereafter, if additional shares
must be excluded from such registration, shares sought to be registered by the
Company shall be excluded from such registration and; (iii) thereafter, if
additional shares must be excluded from such registration, all holders of
Registrable Securities held by Shareholders shall share pro rata in the number
of shares of Registrable Securities to be excluded from such registration
pursuant to this clause (iii), such sharing to be based on the respective
numbers of shares requested to be registered by such holders. In the event
that the Demand Registrants are unable to include all of the Registrable
Securities such Demand Registrants originally requested be included in a
registration statement pursuant to Section 10.1 hereof, the right to a demand
registration pursuant to Section 10.1 shall not be forfeited.

                  10.4.2   Piggyback Registrations Pursuant to Section 10.2;
Cutbacks. In connection with the exercise of any registration rights granted
to holders of Registrable Securities pursuant to Section 10.2 hereof, if the
registration is to be effected by means of an underwritten offering of Common
Stock on a firm commitment basis, the Company may condition participation in
such registration by such holders upon inclusion of the Registrable Securities
being so registered in such underwriting. In addition, such holders may
request that such Registrable Securities be included in any underwritten
offering of Common Stock (whether or not on a firm commitment basis). If the
managing underwriter for the offering shall advise the Company in writing that
the total amount of securities, including Registrable Securities, requested by
shareholders to be included in such offering exceeds the amount of securities
to be sold other than by the Company that can be successfully offered, then
the Company shall be required to include in the offering only that number of
such securities, including Registrable Securities, which the managing
underwriter believes will not jeopardize the success of the offering. In such
case, the securities so included shall be reduced as follows: (a) all shares
that are not Registrable Securities (other than those sought to be registered
by the Company or the Persons, if any, who triggered the registration by
exercising a right to demand such registration), shall be excluded from the
offering to the extent limitation on the number of shares included in the
underwriting is required, (b) if further limitation on the number of shares to
be included in the underwriting is required, the number of Registrable
Securities held by the Shareholders that may be included in the underwriting
shall be reduced pro rata among such selling Shareholders

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in accordance with the number of Registrable Securities requested by such
Shareholders to be registered, (c) if further limitation on the number of
shares to be included in the underwriting is required, shares sought by the
Company to be included in the offering shall be excluded from the offering to
the extent limitation on the number of shares included in the offering is
required, and (d) if further limitation on the number of shares to be included
in the underwriting is required, the shares held by the Persons who triggered
the registration by exercising a right to demand such registration shall be
excluded from the offering pro rata in accordance with the number of shares
requested by such Persons to be registered (or in such other proportions as
such Persons may have agreed).

                  10.4.3   Sellers Party to Underwriting Agreement. The
holders of Registrable Securities to be distributed in any underwritten
offering shall be parties to the underwriting agreement entered into by the
Company in connection therewith, and the representations and warranties by,
and the other agreements on the part of, the Company to and for the benefit of
the underwriters shall also be made to and for the benefit of such holders of
Registrable Securities.

         10.5     Shareholder Lockup Agreements in Connection with Public
Offerings. Each Shareholder agrees that without the consent of the managing
underwriter it will not, for a period of 180 days following the effective date
of the registration statement for an Initial Public Offering directly or
indirectly sell, offer to sell, grant any option for the sale of, or otherwise
dispose of any common equity or securities convertible into common equity,
except (i) for the Registrable Securities sold pursuant to such registration
statement, and (ii) transfers to Affiliates, partners and stockholders of such
Shareholder (each of whom shall have furnished to the Company and the managing
underwriter their written consent to be bound by this Agreement, including
this Section 10.5), provided that the officers, directors and all holders of
more than 1% of the shares of Common Stock (calculated for the purpose as if
all securities convertible into or exercisable for Common Stock, directly or
indirectly, are so converted or exercised) of the Company enter such lockup
agreements for the same period and on the same terms. Each Shareholder
additionally agrees that for a period beginning seven days immediately
preceding the effective date of any registration statement filed by the
Company under the Securities Act and relating to a Public Offering which is
not the Initial Public Offering and ending on the earlier of (i) 180 days
after the effective date of such registration statement and (ii) the end of
the shortest period applicable to any affiliate of the Company who is a
selling shareholder pursuant to such registration statement or who is
otherwise subject to a lockup obligation with respect to such Public Offering,
such Shareholder shall refrain from directly or indirectly selling any Common
Stock except pursuant to such registration statement. Notwithstanding the
foregoing, the prohibitions hereunder shall not apply to shares of Common
Stock or other securities convertible into Common Stock (other than shares
that are restricted securities within the meaning of the Securities Act)
purchased by such Shareholder in the open market following the consummation of
a Public Offering.

         10.6     Indemnification and Contribution.

                  10.6.1   Indemnities of the Company. The Company will, and
hereby does, indemnify and hold harmless each Shareholder and each seller of
Registrable Securities, their respective partners, members, stockholders,
directors, officers, employees and agents, and each other Person, if any, who
controls any such holder or seller or their respective partners, members,

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stockholders, directors, officers, employees and agents within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act (each such
Person being referred to herein as a "Covered Person"), against any losses,
claims, damages or liabilities, joint or several, to which such Covered Person
may be or become subject under the Securities Act, the Exchange Act, any other
securities or other law of any jurisdiction, common law or otherwise, insofar
as such losses, claims, damages or liabilities (or actions or proceedings in
respect thereof) arise out of or are based upon (i) any untrue statement or
alleged untrue statement of any material fact contained or incorporated by
reference in any registration statement under the Securities Act, any
preliminary prospectus or final prospectus included therein, or any related
summary prospectus, or any amendment or supplement thereto, or any document
incorporated by reference therein, or (ii) any omission or alleged omission to
state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, and will reimburse such Covered
Person for any legal or any other expenses incurred by it in connection with
investigating or defending any such loss, claim, damage, liability, action or
proceeding; provided, however, that the Company shall not be liable to any
Covered Person in any such case for any such loss, claim, damage, liability,
action or proceeding (i) to the extent that it arises out of or is based upon
an untrue statement or alleged untrue statement or omission or alleged
omission made in such registration statement, any such preliminary prospectus,
final prospectus, summary prospectus, amendment or supplement or incorporated
document, in reliance upon and in conformity with written information
furnished to the Company by or on behalf of such Covered Person expressly for
inclusion therein or (ii) in the case of a sale directly by a Shareholder of
Registrable Securities (including a sale of such Registrable Securities
through any underwriter retained by such Shareholder engaging in a
distribution solely on behalf of such Shareholder), such untrue statement or
alleged untrue statement or omission or alleged omission was contained in a
preliminary prospectus and corrected in a final or amended prospectus, and
such Shareholder failed to deliver a copy of the final or amended prospectus
at or prior to the confirmation of the sale of the Registrable Securities to
the person asserting any such loss, claim, damage or liability in any case in
which such delivery is required by the Securities Act. The indemnities of the
Company contained in this Section 10.6 shall remain in full force and effect
regardless of any investigation made by or on behalf of such Covered Person
and shall survive any transfer of Registrable Securities.

                  10.6.2   Indemnities to the Company. In the event of any
registration of Registrable Securities pursuant to Section 10.1 or 10.2, each
selling Shareholder will, and hereby does, indemnify and hold harmless (in the
same manner and to the same extent as set forth in Section 10.6.1 hereof) the
Company, each director of the Company, each officer of the Company who shall
sign such registration statement and each other Person (other than such
seller), if any, who controls the Company within the meaning of Section 15 of
the Securities Act or Section 20 of the Exchange Act, with respect to any
statement in or omission from such registration statement, any preliminary
prospectus or final prospectus included therein, or any amendment or
supplement thereto, or any document incorporated therein, if such statement or
omission was made in reliance upon and in conformity with written information
furnished to the Company by or on behalf of such seller expressly for
inclusion therein, provided that the Shareholder shall not be liable to the
Company in any case in which such untrue statement or alleged untrue statement
or omission or alleged omission was contained in a preliminary prospectus and
corrected in a final or amended prospectus, and the Company failed to deliver
a copy of the final or amended prospectus at or prior to the confirmation of
the sale of the securities to the person asserting any

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such loss, claim, damage or liability in any case in which such delivery is
required by the Securities Act. Such indemnity shall remain in full force and
effect regardless of any investigation made by or on behalf of the Company or
any such director, officer or controlling Person and shall survive any
transfer of Registrable Securities.

                  10.6.3   Indemnification Procedures. Promptly after receipt
by an indemnified party of notice of the commencement of any action or
proceeding involving a claim of the type referred to in the foregoing
provisions of this Section 10.6, such indemnified party will, if a claim in
respect thereof is to be made against any indemnifying party, give written
notice to each such indemnifying party of the commencement of such action;
provided, however, that the failure of any indemnified party to give notice to
such indemnifying party as provided herein shall not relieve such indemnifying
party of its obligations under the foregoing provisions of this Section 10.6,
except and solely to the extent that such indemnifying party is actually
prejudiced by such failure to give notice. In case any such action is brought
against an indemnified party, each indemnifying party will be entitled to
participate in and to assume the defense thereof, jointly with any other
indemnifying party similarly notified, to the extent that it may wish, with
counsel reasonably satisfactory to such indemnified party (who shall not,
except with the consent of the indemnified party, be counsel to such an
indemnifying party), and after notice from an indemnifying party to such
indemnified party of its election so to assume the defense thereof, such
indemnifying party will not be liable to such indemnified party for any legal
or other expenses subsequently incurred by the latter in connection with the
defense thereof; provided, however, that (i) if the indemnified party
reasonably determines that there may be a conflict between the positions of
such indemnifying party and the indemnified party in conducting the defense of
such action or that there may be defenses available to such indemnified party
different from or in addition to those available to such indemnifying party,
then counsel for the indemnified party shall conduct the defense to the extent
reasonably determined by such counsel to be necessary to protect the interests
of the indemnified party and such indemnifying party shall employ separate
counsel for its own defense, (ii) in any event, the indemnified party shall be
entitled to have counsel chosen by such indemnified party participate in, but
not conduct, the defense and (iii) the indemnifying party shall bear the legal
expenses incurred in connection with the conduct of, and the participation in,
the defense as referred to in clauses (i) and (ii) above. If, within a
reasonable time after receipt of the notice, such indemnifying party shall not
have elected to assume the defense of the action, such indemnifying party
shall be responsible for any legal or other expenses incurred by such
indemnified party in connection with the defense of the action, suit,
investigation, inquiry or proceeding. No indemnifying party will consent to
entry of any judgment or enter into any settlement which does not include as
an unconditional term thereof the giving by the claimant or plaintiff to such
indemnified party of a release from all liability in respect to such claim or
litigation.

                  10.6.4   Contribution. If the indemnification provided for
in Sections 10.6.1 or 10.6.2 hereof is unavailable to a party that would have
been an indemnified party under any such Section in respect of any losses,
claims, damages or liabilities (or actions or proceedings in respect thereof)
referred to therein, then each party that would have been an indemnifying
party thereunder shall, in lieu of indemnifying such indemnified party,
contribute to the amount paid or payable by such indemnified party as a result
of such losses, claims, damages or liabilities (or actions or proceedings in
respect thereof) in such proportion as is appropriate to reflect the relative
fault of such indemnifying party on the one hand and such indemnified party on
the other

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                                                                 Execution Copy

in connection with the statements or omissions which resulted in such losses,
claims, damages or liabilities (or actions or proceedings in respect thereof).
The relative fault shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information
supplied by such indemnifying party or such indemnified party and the parties'
relative intent, knowledge, access to information and opportunity to correct
or prevent such statement or omission. The parties agree that it would not be
just and equitable if contribution pursuant to this Section 10.6 were
determined by pro rata allocation or by any other method of allocation which
does not take account of the equitable considerations referred to in the
preceding sentence. The amount paid or payable by a contributing party as a
result of the losses, claims, damages or liabilities (or actions or
proceedings in respect thereof) referred to above in this Section 10.6 shall
include any legal or other expenses reasonably incurred by such indemnified
party in connection with investigating or defending any such action or claim.
No Person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from
any Person who was not guilty of such fraudulent misrepresentation.

                  10.6.5   Limitation on Liability of Shareholders of
Registrable Securities. The liability of each Shareholder in respect of any
indemnification or contribution obligation of such holder arising under this
Section 10.6 shall not in any event exceed an amount equal to the net proceeds
to such Shareholder (after deduction of all underwriters' discounts and
commissions and all other expenses paid by such Shareholder in connection with
the registration in question) from the disposition of the Registrable
Securities disposed of by such Shareholder pursuant to such registration.

         10.7     Reports Under Securities Exchange Act. With a view to making
available to the Shareholders the benefits of Rule 144 and any other rule or
regulation of the Commission that may at any time permit a Shareholder to sell
securities of the Company to the public without registration, and with a view
to making it possible for Shareholders to register the Registrable Securities
or pursuant to a registration on Form S-3, the Company agrees to:

                  (a)      use its best efforts to make and keep public
                           information available, as those terms are
                           understood and defined in Rule 144, at all times
                           commencing 91 days after the effective date of the
                           registration statement for its Initial Public
                           Offering;

                  (b)      take such action, including the voluntary
                           registration of its Common Stock under Section 12
                           of the Exchange Act, as any Shareholder may
                           reasonably request such action to be taken as soon
                           as practicable (but not later than 120 days) after
                           the end of the fiscal year in which the
                           registration statement for the Initial Public
                           Offering is declared effective;

                  (c)      use its best efforts to file with the Commission in
                           a timely manner all reports and other documents
                           required of the Company under the Securities Act
                           and the Exchange Act; and

                  (d)      furnish to any Shareholder forthwith upon request
                           (1) a written statement by the Company as to its
                           compliance with the reporting requirements of

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                                                                 Execution Copy

                           Rule 144 (at any time more than 90 days after the
                           effective date of the registration statement for
                           the Initial Public Offering), the Securities Act
                           and the Exchange Act (at any time after it has
                           become subject to such reporting requirements), or
                           as to its qualification as a registrant whose
                           securities may be resold pursuant to Form S-3 (at
                           any time after it so qualifies), (2) 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 (3) such other
                           information as may be reasonably requested in
                           availing any Shareholder of any rule or regulation
                           of the Commission which permits the selling of any
                           such securities without registration or pursuant to
                           such form.

         10.8     Assignment of Registration Rights. The rights to cause the
Company to register Registrable Securities pursuant to Sections 10.1 and 10.2
may be assigned by any Shareholder to a transferee of such Registrable
Securities. Any transferee to whom rights under this Agreement are transferred
shall (i) as a condition to such transfer, deliver to the Company a written
instrument by which such transferee agrees to be bound by the obligations
imposed upon Shareholders under this Agreement to the same extent as if such
transferee were a Shareholder under this Agreement and (ii) be deemed to be a
Shareholder hereunder.

         10.9     Future Changes in Registration Requirements. In the event
that the registration requirements under the Securities Act are amended or
eliminated to accommodate a "Company registration" or similar approach, this
Agreement shall be deemed amended to the extent necessary to reflect such
changes and the intent of the parties hereto with respect to the benefits and
obligations of the parties, and in such connection, the Company shall use
reasonable efforts to provide Shareholders of Registrable Securities
equivalent benefits to those provided under this Agreement.

11.      REMEDIES. The Company and each holder of Shares shall have all
remedies available at law, in equity or otherwise in the event of any breach
or violation of this Agreement or any default hereunder by the Company or any
holder of Shares. The parties acknowledge and agree that in the event of any
breach of this Agreement, in addition to any other remedies which may be
available, each of the parties hereto shall be entitled to specific
performance of the obligations of the other parties hereto and, in addition,
to such other equitable remedies (including, without limitation, preliminary
or temporary relief) as may be appropriate in the circumstances.

12.      LEGENDS

         12.1     Restrictive Legends.  Each certificate representing Shares
shall have the following legend endorsed conspicuously thereupon:

         The sale, encumbrance or other disposition of the shares of stock
         evidenced by this certificate, are subject to the provisions of a
         Master Equityholders Agreement to which the issuer and certain of its
         shareholders are party, a copy of which may be inspected at the
         principal office of the issuer or obtained from the issuer without
         charge.

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         Each certificate representing MCP Shares shall also have the
following legend endorsed conspicuously thereupon:

         The shares of stock represented by this certificate were originally
         issued to, or issued with respect to shares originally issued to, an
         MCP Investor (as such term is used in such Master Equityholders
         Agreement).

         Each certificate representing Initial Investor Shares shall also have
the following legend endorsed conspicuously thereupon:

         The shares of stock represented by this certificate were originally
         issued to, or issued with respect to shares originally issued to, an
         Initial Investor (as such term is used in such Master Equityholders
         Agreement).

         Each certificate representing Management Equityholder Shares shall
also have the following legend endorsed conspicuously thereupon:

         The shares of stock represented by this certificate were originally
         issued to, or issued with respect to shares originally issued to, an
         Management Equityholder (as such term is used in such Master
         Equityholders Agreement).

         Each certificate representing Consultant Shares shall also have the
following legend endorsed conspicuously thereupon:

         The shares of stock represented by this certificate were originally
         issued to, or issued with respect to shares originally issued to, a
         Consultant (as such term is used in such Master Equityholders
         Agreement).

         Each certificate representing 1999 Warrant Shares shall also have the
following legend endorsed conspicuously thereupon:

         The shares of stock represented by this certificate were originally
         issued to, or issued with respect to shares originally issued to, a
         1999 Warrant Investor (as such term is used in such Master
         Equityholders Agreement).

         Each certificate representing 2000 Warrant Shares shall also have the
following legend endorsed conspicuously thereupon:

         The shares of stock represented by this certificate were originally
         issued to, or issued with respect to shares originally issued to, a
         2000 Warrant Investor (as such term is used in such Master
         Equityholders Agreement).

Any person who acquires Shares which are not subject to all or part of the
terms of this Agreement shall have the right to have such legend (or the
applicable portion thereof) removed from certificates representing such
Shares. References in a legend on an existing certificate to the Shareholders
Agreement or to the 1999 Warrant Rights Agreement shall be deemed to be
references to this Agreement. References in a legend to an Investor shall be
deemed to be references to an Initial Investor.

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         12.2     Securities Act Legends.  Each certificate representing
Shares shall have a legend in substantially the following form endorsed
conspicuously thereupon:

         The securities represented by this certificate were issued in a
         private placement, without registration under the Securities Act of
         1933, as amended (the "Act"), and may not be sold, assigned, pledged
         or otherwise transferred in the absence of an effective registration
         under the Act covering the transfer or an exemption therefrom under
         said Act.

         12.3     Stop Transfer Instruction.  The Company will instruct any
transfer agent not to register the Transfer of any Shares until the conditions
specified in the foregoing legends are satisfied.

         12.4     Termination of Certain Restrictions. The restrictions
imposed by this Section 12.4 upon the transferability of Shares shall cease
and terminate as to any particular Shares (i) when, in the opinion of Andrews
& Kurth L.L.P., Ropes & Gray, or other counsel reasonably acceptable to the
Company (which, in the case of any Warrant Shares, may include Chapman and
Cutler and internal counsel to the holder of such Warrant Shares), such
restrictions are no longer required in order to assure compliance with the
Securities Act or (ii) when such Shares have been effectively registered under
the Securities Act or transferred pursuant to Rule 144. Wherever (i) such
restrictions shall cease and terminate as to any Shares or (ii) such Shares
shall be transferable under paragraph (k) of Rule 144, the holder thereof
shall be entitled to receive from the Company, without expense, new
certificates not bearing the appropriate legends set forth in Section 12.2.

13.      AMENDMENT, TERMINATION, ETC.

         13.1     Oral Modifications.  This Agreement may not be orally
amended, modified, extended or terminated, nor shall any oral waiver of any of
its terms be effective.

         13.2     Written Modifications. This Agreement may be amended,
modified, extended or terminated, and the provisions may be waived, only by an
agreement in writing signed by the Company, the Majority MCP Investors and the
Majority Non-MCP Holders; provided, however, that:

                  (a)      the consent of the Majority Consultants shall be
                           required for any amendment, modification,
                           extension, termination or waiver which has a
                           material adverse effect on the rights of the
                           holders of Consultant Shares that is
                           disproportionate to the effect of such amendment,
                           modification, extension, termination or waiver on
                           any other holder of Shares,

                  (b)      the consent of the Majority 1999 Warrant Investors
                           shall be required for any amendment, modification,
                           extension, termination or waiver which has a
                           material adverse effect on the rights of the
                           holders of 1999 Warrant Shares, and

                  (c)      the consent of the Majority 2000 Warrant Investors
                           shall be required for any amendment, modification,
                           extension, termination or waiver which has

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                           a material adverse effect on the rights of the
                           holders of 2000 Warrant Shares.

                  (d)      the consent of CIBC, Merchant and TGF shall be
                           required for any amendment, modification, extension,
                           termination or waiver which has a material adverse
                           effect on the rights of such holders that is
                           disproportionate to the effect of such amendment,
                           modification, extension, termination or waiver on any
                           other holder of Shares.

         Each such amendment, modification, extension, termination and waiver
         shall be binding upon each party hereto and each holder of Shares
         subject hereto. In addition, each party hereto and each holder of
         Shares subject hereto may waive any right hereunder by an instrument
         in writing signed by such party or holder.

         13.3     Termination.  No termination under this Agreement shall
relieve any Person of liability for breach prior to termination.

14.      DEFINITIONS.  For purposes of this Agreement:

14.1     Certain Matters of Construction.  In addition to the definitions
referred to or set forth below in this Section 14:

                  (a)      The words "hereof", "herein", "hereunder" and words
                           of similar import shall refer to this Agreement as
                           a whole and not to any particular Section or
                           provision of this Agreement, references to a
                           Section are, unless otherwise specified, to a
                           Section of this Agreement, and reference to a
                           particular Section of this Agreement shall include
                           all subsections thereof;

                  (b)      Definitions shall be equally applicable to both the
                           singular and plural forms of the terms defined;

                  (c)      The masculine, feminine and neuter genders shall
                           each include the other; and

                  (d)      Whenever an allocation is to be made "pro rata"
                           based on the number of Shares, it shall mean that
                           such allocation shall be made pro rata based on the
                           number of Equivalent Shares of Class B Common Stock
                           represented by the Shares in question.

         14.2     Definitions.  The following terms shall have the following
meanings:

                  14.2.1.  "10% Owner" shall have the meaning set forth in the
         definition of Independent Third Party.

                  14.2.2.  "1999 Warrant Investors" shall have the meaning set
         forth in the Preamble.

                  14.2.3.  "1999 Warrant Rights Agreement" shall have the
         meaning set forth in the Recitals.

                  14.2.4.  "1999 Warrant Shares" shall mean (i) all shares of
         Common Stock originally issued to or issued with respect to shares
         originally issued to a 1999 Warrant Investor, whenever issued,
         including, without limitation, all shares of Common Stock issued
         pursuant to the exercise of any Options or Convertible

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         Securities originally issued to or issued with respect to shares
         originally issued to a 1999 Warrant Investor, whenever issued, and
         (ii) all Options and Convertible Securities originally issued to or
         issued with respect to shares originally issued to a 1999 Warrant
         Investor, whenever issued (treating such Options and Convertible
         Securities as a number of Shares equal to the number of Equivalent
         Shares represented by such Options and Convertible Securities).

                  14.2.5.  "1999 Warrants" shall have the meaning set forth in
         the Recitals.

                  14.2.6.  "2000 Warrant Investors" shall have the meaning set
         forth in the Preamble.

                  14.2.7.  "2000 Warrant Rights Agreement" shall have the
         meaning set forth in the Recitals.

                  14.2.8.  "2000 Warrant Shares" shall mean (i) all shares of
         Common Stock originally issued to, or issued with respect to shares
         originally issued to a 2000 Warrant Investor, whenever issued,
         including, without limitation, all shares of Common Stock issued
         pursuant to the exercise of any Options or Convertible Securities
         originally issued to or issued with respect to shares originally
         issued to a 2000 Warrant Investor, whenever issued, and (ii) all
         Options and Convertible Securities originally issued to or issued
         with respect to shares originally issued to a 2000 Warrant Investor,
         whenever issued (treating such Options and Convertible Securities as
         a number of Shares equal to the number of Equivalent Shares
         represented by such Options and Convertible Securities).

                  14.2.9.  "2000 Warrants" shall have the meaning set forth in
         the Recitals.

                  14.2.10. "Affiliate" shall mean, with respect to any
         specified Person, any other Person which directly or indirectly
         through one or more intermediaries controls, or is controlled by, or
         is under common control with, such specified Person (for the purposes
         of this definition, "control" (including, with correlative meanings,
         the terms "controlling," "controlled by" and "under common control
         with"), as used with respect to any Person, means the possession,
         directly or indirectly, of the power to direct or cause the direction
         of the management or policies of such Person, whether through the
         ownership of voting securities, by agreement or otherwise).

                  14.2.11. "Affiliated Fund" shall mean each Person under
         common control with any Shareholder which is a private investment
         fund.

                  14.2.12. "AG Investment" shall have the meaning set forth in
         the Preamble.

                  14.2.13. "AG Life" shall have the meaning set forth in the
         Preamble.

                  14.2.14. "Agreement" shall have the meaning set forth in the
         Preamble.

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                  14.2.15. "Board" shall mean the board of directors of the
         Company.

                  14.2.16. "CIBC" shall have the meaning set forth in the
         Preamble.

                  14.2.17. "Class A Common Stock" shall have the meaning set
         forth in the Recitals.

                  14.2.18. "Class B Common Stock" shall have the meaning set
         forth in the Recitals.

                  14.2.19. "Commission" shall mean the Securities and Exchange
         Commission.

                  14.2.20. "Common Stock" shall have the meaning set forth in
         the Recitals.

                  14.2.21. "Company" shall have the meaning set forth in the
         Preamble.

                  14.2.22. "Consultant" shall have the meaning set forth in
         the Preamble.

                  14.2.23. "Consultant Shares" shall mean (i) all shares of
         Common Stock originally issued to, or issued with respect to shares
         originally issued to a Consultant, whenever issued, including,
         without limitation, all shares of Common Stock issued pursuant to the
         exercise of any Options or Convertible Securities originally issued
         to, or issued with respect to shares originally issued to a
         Consultant, whenever issued, and (ii) all Options and Convertible
         Securities originally issued to, or issued with respect to shares
         originally issued to a Consultant, whenever issued (treating such
         Options and Convertible Securities as a number of Shares equal to the
         number of Equivalent Shares represented by such Options and
         Convertible Securities).

                  14.2.24. "Convertible Securities" shall mean any evidence of
         indebtedness, shares of stock (other than Common Stock) or other
         securities directly or indirectly convertible into or exchangeable or
         exercisable for shares of Common Stock and, with respect to the Class
         B Common Stock, shall include without limitation the Class A Common
         Stock.

                  14.2.25. "Demand Registrant" shall have the meaning set
         forth in Section 10.1.

                  14.2.26. "Demand Registration" shall have the meaning set
         forth in Section 10.1.

                  14.2.27. "Drag Along Buyer" shall have the meaning set forth
         in Section 3.2.

                  14.2.28. "Drag Along Notice" shall have the meaning set
         forth in Section 3.2.1.

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                  14.2.29. "Drag Along Sale Percentage" shall have the meaning
         set forth in Section 3.2.

                  14.2.30. "Drag Along Seller" shall have the meaning set
         forth in Section 3.2.2.

                  14.2.31. "Equivalent Shares" shall mean as to any
         outstanding shares of Common Stock, such number of shares of Common
         Stock, and as to any outstanding Options or Convertible Securities,
         the maximum number of shares of Common Stock for which or into which
         such Options or Convertible Securities may at the time be exercised
         or converted.

                  14.2.32. "Exchange Act" shall mean the Securities Exchange
         Act of 1934, as in effect from time to time.

                  14.2.33. "Fair Market Value" shall mean, as of any date, (a)
         if the non-cash consideration consists of securities that are either
         listed on the New York Stock Exchange or quoted on the Nasdaq
         National Market System, then the fair market value of each such
         security shall be the average of the last reported sales prices of
         such class of security for the ten consecutive trading days ending on
         the most recent trading day prior to the date of the First Offer
         Notice (or, if such sales prices are not readily available, the
         average closing "bid" prices for the ten consecutive trading days
         ending on the trading day prior to the date of the First Offer
         Notice); or, (b) in all other cases (including for purposes of
         Section 10.1.8, the fair market value shall mean the value of any
         securities determined (without any discount for lack of liquidity,
         restriction on transfer, the amount of Common Stock proposed to be
         sold or the fact that the shares of Common Stock held by any
         Shareholder of such security may represent a minority interest in a
         private company) by a nationally recognized investment banking firm
         selected by the Company for the determination of such value and which
         firm is reasonably acceptable to, (i) in the case of Section 10.1.8,
         the Demand Registrants to which Section 10.1.8 applies that hold a
         majority of the applicable Warrant Shares constituting Registrable
         Securities and (ii) in all cases, the Majority Initial Investors.

                  14.2.34. "First Demand Date" shall have the meaning set
         forth in Section 3.1.1.

                  14.2.35. "First Offer Acceptance" shall have the meaning set
         forth in Section 2.1.2.

                  14.2.36. "First Offer Notice" shall have the meaning set
         forth in Section 2.1.1.

                  14.2.37. "First Offer Shareholders" shall have the meaning
         set forth in Section 2.1.1.

                  14.2.38. "First Union" shall have the meaning set forth in
         the Preamble.

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                                                                 Execution Copy

                  14.2.39. "Independent Third Party" shall mean any Person
         who, immediately prior to the contemplated transaction, (i) does not
         own in excess of 10% of the Company's Shares on a fully-diluted basis
         (a "10% Owner"), (ii) is not controlling, controlled by or under
         common control with any such 10% Owner, (iii) is not the spouse or
         descendent (by birth or adoption) of any such 10% Owner or a trust
         for the benefit of such 10% Owner and/or such other Persons and (iv)
         is neither a portfolio company of any such 10% Owner nor a subsidiary
         of any portfolio company of any such 10% Owner.

                  14.2.40. "Initial Investor Shares" shall mean (i) all shares
         of Common Stock originally issued to, or issued with respect to
         shares originally issued to an Initial Investor, whenever issued,
         including, without limitation, all shares of Common Stock issued
         pursuant to the exercise of any Options or Convertible Securities
         originally issued to, or issued with respect to shares originally
         issued to an Initial Investor, whenever issued, and (ii) all Options
         and Convertible Securities originally issued to, or issued with
         respect to shares originally issued to an Initial Investor, whenever
         issued (treating such Options and Convertible Securities as a number
         of Shares equal to the number of Equivalent Shares represented by
         such Options and Convertible Securities).

                  14.2.41. "Initial Investors" shall have the meaning set
         forth in the Preamble.

                  14.2.42. "Initial Public Offering" means the first Public
         Offering.

                  14.2.43. "Investor Rights Agreement" shall have the meaning
         set forth in the Recitals.

                  14.2.44. "JHW Market" shall have the meaning set forth in
         the Preamble.

                  14.2.45. "JHW Mezzanine" shall have the meaning set forth in
         the Preamble.

                  14.2.46. "Lincoln" shall have the meaning set forth in the
         Preamble.

                  14.2.47. "Lock-Up/Standstill Termination Date" shall mean
         the date which is the earliest of (i) the date of the first Liquidity
         Event (as such term is defined in the Certificate of Incorporation of
         the Company, as in effect on the date hereof), (y) the date of the
         closing of the Initial Public Offering or (z) September 7, 2001.

                  14.2.48. "Magnetite" shall have the meaning set forth in the
         Preamble.

                  14.2.49. "Majority Consultants" shall mean, as of any date,
         the holders of a majority of the Consultant Shares outstanding on
         such date.

                  14.2.50. "Majority Initial Investors" shall mean, as of any
         date, the holders of a majority of the Initial Investor Shares
         outstanding on such date.

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                  14.2.51. "Majority Management Equityholders" shall mean, as of
         any date, the holders of a majority of the Management Equityholder
         Shares outstanding on such date.

                  14.2.52. "Majority MCP Investors" shall mean, as of any
         date, the holders of a majority of the MCP Shares outstanding on such
         date.

                  14.2.53. "Majority Non-MCP Holders" shall mean, as of any
         date, the holders of a majority of the Shares which are not MCP
         Shares outstanding on such date.

                  14.2.54. "Majority Non-MCP Investors" shall mean, as of any
         date, the holders of a majority of the Initial Investor Shares which
         are not MCP Shares outstanding on such date.

                  14.2.55. "Majority Participating Shareholders" shall mean,
         the holders of a majority of the Shares being registered pursuant to
         a particular Demand Registration.

                  14.2.56. "Majority 1999 Warrant Investors" shall mean, as of
         any date, the holders of a majority of the 1999 Warrant Shares
         outstanding on such date.

                  14.2.57. "Majority 2000 Warrant Investors" shall mean, as of
         any date, the holders of a majority of the 2000 Warrant Shares
         outstanding on such date.

                  14.2.58. "Management Equityholder Shares" shall mean (i) all
         shares of Common Stock originally issued to, or issued with respect
         to shares originally issued to a Management Equityholder, whenever
         issued, including, without limitation, all shares of Common Stock
         issued pursuant to the exercise of any Options or Convertible
         Securities originally issued to, or issued with respect to shares
         originally issued to a Management Equityholder, whenever issued, and
         (ii) all Options and Convertible Securities originally issued to, or
         issued with respect to shares originally issued to a Management
         Equityholder, whenever issued (treating such Options and Convertible
         Securities as a number of Shares equal to the number of Equivalent
         Shares represented by such Options and Convertible Securities).

                  14.2.59. "Management Equityholders" shall have the meaning
         set forth in the Preamble.

                  14.2.60. "MCEP" shall have the meaning set forth in the
         Preamble.

                  14.2.61. "MCEP(F)" shall have the meaning set forth in the
         Preamble.

                  14.2.62. "MCLP" shall have the meaning set forth in the
         Preamble.

                  14.2.63. "MCP Investors" shall have the meaning set forth in
         the Preamble.

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                  14.2.64. "MCP Shares" shall mean (i) all shares of Common
         Stock originally issued to, or issued with respect to shares
         originally issued to an MCP Investor, whenever issued, including,
         without limitation, all shares of Common Stock issued pursuant to the
         exercise of any Options or Convertible Securities originally issued
         to, or issued with respect to shares originally issued to an MCP
         Investor, whenever issued, and (ii) all Options and Convertible
         Securities originally issued to, or issued with respect to shares
         originally issued to an MCP Investor, whenever issued (treating such
         Options and Convertible Securities as a number of Shares equal to the
         number of Equivalent Shares represented by such Options and
         Convertible Securities).

                  14.2.65. "Members of the Immediate Family" shall mean, with
         respect to any individual, each spouse or child of such individual,
         each trust created solely for the benefit of one or more of the
         aforementioned Persons and each custodian or guardian of any property
         of one or more of the aforementioned Persons in his capacity as such
         custodian or guardian.

                  14.2.66. "Merchant" shall have the meaning set forth in the
         Preamble.

                  14.2.67. "Merit" shall have the meaning set forth in the
         Preamble.

                  14.2.68. "Northwestern" shall have the meaning set forth in
         the Preamble.

                  14.2.69. "Options" shall mean any options or warrants to
         subscribe for, purchase or otherwise acquire either Common Stock or
         Convertible Securities and shall include without limitation the 1999
         Warrants and the 2000 Warrants.

                  14.2.70. "Participating First Offer Buyer" shall have the
         meaning set forth in Section 2.1.2.

                  14.2.71. "Participating Seller" shall have the meaning set
         forth in Sections 3.1.2 and 3.2.2.

                  14.2.72. "Permitted Transferee" shall mean (i) as to each
         Initial Investor Share, a Transferee of such Initial Investor Share
         resulting from a Transfer described in Section 4.1.1, (ii) as to each
         Management Equityholder Share, a Transferee of such Management
         Equityholder Share in compliance with Section 5.1 or 5.2, (iii) as to
         each Consultant Share, a Transferee of such Consultant Share in
         compliance with Section 6.1.4. and (iv) as to each Warrant Share, a
         Transferee of such Warrant Share in compliance with Section 7.1.1.

                  14.2.73. "Person" shall mean any individual, partnership,
         corporation, limited liability company, company, association, trust,
         joint venture, unincorporated organization, entity or division, or
         any government, governmental department or agency or political
         subdivision thereof.

                  14.2.74. "Preferred Stock" shall have the meaning set forth
         in the Recitals.

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                                                                 Execution Copy

                  14.2.75. "Prospective Buyer" shall mean any Person.

                  14.2.76. "Prospective Selling Shareholder" shall have the
         meaning set forth in Sections 2.1 and 3.1.

                  14.2.77. "Public Offering" shall mean a public offering and
         sale of Common Stock for cash pursuant to an effective registration
         statement under the Securities Act.

                  14.2.78. "Purchase Election" shall have the meaning set
         forth in Section 10.1.8.

                  14.2.79. "Purchase Election Date" shall have the meaning set
         forth in Section 10.1.8.

                  14.2.80. "Purchase Offer" shall have the meaning set forth
         in Section 10.1.8.

                  14.2.81. "Purchase Offer Payment Date" shall have the
         meaning set forth in Section 10.1.8.

                  14.2.82. "Qualified Public Offering" shall mean a Public
         Offering, other than any Public Offering or sale pursuant to a
         registration statement on Form S-8 or comparable form, in which the
         aggregate price to the public of all such Common Stock sold in such
         offering shall exceed $100,000,000.

                  14.2.83. "Registrable Securities" shall mean (i) all shares
         of Common Stock issued or issuable to any Shareholder, (ii) all
         shares of Common Stock issuable, directly or indirectly, upon
         exercise of any Option or conversion of any Convertible Security
         issued or issuable to any Shareholder, and (iii) all shares of Common
         Stock directly or indirectly issued or issuable with respect to the
         securities referred to in clauses (i) or (ii) above by way of stock
         dividend or stock split or in connection with a combination of
         shares, recapitalization, merger, consolidation or other
         reorganization. As to any particular Registrable Securities, such
         shares shall cease to be Registrable Securities when (a) a
         registration statement with respect to the sale of such securities
         shall have become effective under the Securities Act and such
         securities shall have been disposed of in accordance with such
         registration statement, (b) such securities shall have been
         distributed to the public pursuant to Rule 144 (or any successor
         provision) under the Securities Act, (c) subject to the provisions of
         Section 12, such securities shall have been otherwise transferred,
         new certificates for them not bearing a legend restricting further
         transfer shall have been delivered by the Company and subsequent
         disposition of them shall not require registration of their offer and
         sale under the Securities Act and such securities may be distributed
         without volume limitation or other restrictions on transfer under
         Rule 144 (including without application of paragraphs (c), (e) (f)
         and (h) of Rule 144), or (d) such securities shall have ceased to be
         outstanding.

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                  14.2.84. "Registration Expenses" shall mean all expenses
         incident to performance of or compliance with Sections 10.1, 10.2 and
         10.3 hereof by the Company, including without limitation all
         registration and filing fees, all listing fees, all fees and expenses
         of complying with securities or blue sky laws, all printing and
         document preparation expenses, all messenger and delivery expenses,
         the fees and disbursements of counsel for the Company and of its
         independent public accountants, including the expenses of any special
         audits required by or incident to such performance and compliance,
         and the fees and disbursements (up to $100,000 with respect to each
         registration) of one counsel (such counsel to be acceptable to the
         holders of a majority of the Registrable Securities being registered)
         for the Shareholders on whose behalf Registrable Securities are being
         registered, but excluding underwriting discounts and commissions and
         applicable transfer taxes, if any, which shall be borne by the
         sellers of the Registrable Securities in all cases.

                  14.2.85. "Regulation D" shall mean Regulation D under the
         Securities Act.

                  14.2.86. "Rule 144" shall mean Rule 144 under the Securities
         Act.

                  14.2.87. "Sale" shall have the meaning set forth in Section
         3.1.

                  14.2.88. "Securities Act" shall mean the Securities Act of
         1933, as in effect from time to time.

                  14.2.89. "Shares" shall mean all Initial Investor Shares,
         Consultant Shares, Management Equityholder Shares and Warrant Shares,
         provided, however, that the Preferred Stock and all other securities
         of the Company which are not directly or indirectly convertible into,
         or exercisable or exchangeable for, shares of Class B Common Stock or
         other common equity securities, shall not constitute Shares for
         purposes of this Agreement.

                  14.2.90. "Shareholders" shall have the meaning set forth in
         the Preamble.

                  14.2.91. "Shareholders Agreement" shall have the meaning set
         forth in the Recitals.

                  14.2.92. "Tag Along Notice" shall have the meaning set forth
         in Section 3.1.1.

                  14.2.93. "Tag Along Offer" shall have the meaning set forth
         in Section 3.1.2.

                  14.2.94. "Tag Along Offerors" shall have the meaning set
         forth in Section 3.1.1.

                  14.2.95. "Tag Along Sale Percentage" shall have the meaning
         set forth in Section 3.1.1.

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                                                                 Execution Copy

                  14.2.96.  "Tag Along Sellers" shall have the meaning set
         forth in Section 3.1.2.

                  14.2.97.  "TGF" shall have the meaning set forth in the
         Preamble.

                  14.2.98.  "TMC" shall have the meaning set forth in the
         Preamble.

                  14.2.99.  "Transfer" shall mean any sale, pledge,
         hypothecation, assignment, encumbrance or other transfer or
         disposition of any Shares to any other Person, whether directly,
         indirectly, voluntarily, involuntarily, by operation of law, pursuant
         to judicial process or otherwise.

                  14.2.100. "Warrant Investors" shall have the meaning set
         forth in the Preamble.

                  14.2.101. "Warrant Shares" shall mean all 1999 Warrant
         Shares and all 2000 Warrant Shares.

15.      MISCELLANEOUS.

         15.1     Authority; Effect. Each party hereto represents and warrants
to and agrees with each other party that the execution and delivery of this
Agreement and the consummation of the transactions contemplated hereby have
been duly authorized on behalf of such party and do not violate any agreement
or other instrument applicable to such party or by which its assets are bound.
This Agreement does not, and shall not be construed to, give rise to the
creation of a partnership among any of the parties hereto, or to constitute
any of such parties members of a joint venture or other association.

         15.2     Notices. Any notices and other communications required or
permitted in this Agreement shall be effective if in writing and (a) delivered
personally or (b) sent (i) by Federal Express, DHL or UPS or (ii) by
registered or certified mail, postage prepaid, in each case, addressed as
follows:

                  If to the Company, to it at:

                           1200 S. Hayes St.
                           Suite 1100
                           Arlington, Virginia  22202
                           Attention: Chief Executive Officer

                  with a copy to:

                           Andrews & Kurth L.L.P.
                           Chase Tower
                           600 Travis, Suite 4200
                           Houston, Texas 77002
                           Attention:  James V. Baird, Esq.

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                                                                 Execution Copy

                  If to MCEP, MCEP(F) or the Consultants, to them at:

                           c/o Monitor Clipper Partners, Inc.
                           Two Canal Park
                           Cambridge, Massachusetts 02141

                  with a copy to:

                           Ropes & Gray
                           One International Place
                           Boston, Massachusetts 02110
                           Attention: Winthrop G. Minot, Esq.

         If to any other Shareholder, to such Shareholder at the address set
forth in the stock record book of the Company.

         Notice to the holder of record of any shares of capital stock shall
be deemed to be notice to the holder of such shares for all purposes hereof.

         Unless otherwise specified herein, such notices or other
communications shall be deemed effective (a) on the date received, if
personally delivered, (b) two business days after being sent by Federal
Express, DHL or UPS and (c) three business days, if sent by registered or
certified mail. Each of the parties hereto shall be entitled to specify a
different address by giving notice as aforesaid to each of the other parties
hereto.

         15.3     Binding Effect, etc. This Agreement constitutes the entire
agreement of the parties with respect to its subject matter, supersedes all
prior or contemporaneous oral or written agreements or discussions with
respect to such subject matter (except for any written employment agreement
and any written agreement relating to any Acquisition, with respect to which
the terms of this Agreement shall be in addition to, and not in substitution
or replacement of, such other agreement), and shall be binding upon and inure
to the benefit of the parties hereto and their respective heirs,
representatives, successors and assigns.

         15.4     Exercise of Rights and Remedies. No delay of or omission in
the exercise of any right, power or remedy accruing to any party as a result
of any breach or default by any other party under this Agreement shall impair
any such right, power or remedy, nor shall it be construed as a waiver of or
acquiescence in any such breach or default, or of any similar breach or
default occurring later; nor shall any such delay, omission nor waiver of any
single breach or default be deemed a waiver of any other breach or default
occurring before or after that waiver.

         15.5     Descriptive Headings.  The descriptive headings of this
Agreement are for convenience of reference only, are not to be considered a
part hereof and shall not be construed to define or limit any of the terms or
provisions hereof.

         15.6     Counterparts. This Agreement may be executed in multiple
counterparts, each of which shall be deemed an original, but all of which
taken together shall constitute one instrument.

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                                                                 Execution Copy

         15.7     Severability. In the event that any provision hereof would,
under applicable law, be invalid or unenforceable in any respect, such
provision shall be construed by modifying or limiting it so as to be valid and
enforceable to the maximum extent compatible with, and possible under,
applicable law. The provisions hereof are severable, and in the event any
provision hereof should be held invalid or unenforceable in any respect, it
shall not invalidate, render unenforceable or otherwise affect any other
provision hereof.

         15.8     Register. The Company shall maintain a register listing each
holder of Shares and shall promptly make available such register to any holder
of Shares upon request.

         15.9     Certain Shareholders. David H. Langstaff and Santaeus, L.P.,
each a limited partner in Argotyche, L.P., each agrees that its partnership
interest therein shall be deemed to be Management Equityholder Shares
hereunder and that, in all cases where it is necessary to calculate the number
of shares held by a Shareholder, such Shareholder shall be deemed to hold that
number of shares of Class B Common Stock equal to the percentage interest of
such Shareholder in Argotyche, L.P. multiplied by the number of shares of
Class B Common Stock held by Argotyche L.P., provided that neither such
Shareholder shall have rights under Section 3.1 hereof to sell his or its
partnership interests as a Tag Along Offeror.

16.      GOVERNING LAW, ETC.

         16.1     Governing Law. This Agreement shall be governed by and
construed in accordance with the domestic substantive laws of the State of
Delaware without giving effect to any choice or conflict of laws provision or
rule that would cause the application of the domestic substantive laws of any
other jurisdiction.

         16.2     Consent to Jurisdiction. Each party to this Agreement, by
its execution hereof, (a) hereby irrevocably submits to the jurisdiction of
the state courts of the State of Delaware or the United States District Court
for the District of Delaware for the purpose of any action, claim, cause of
action or suit (in contract, tort or otherwise), inquiry, proceeding or
investigation arising out of or based upon this Agreement or relating to the
subject matter hereof, (b) hereby waives to the extent not prohibited by
applicable law, and agrees not to assert, and agrees not to allow any of its
subsidiaries to assert, by way of motion, as a defense or otherwise, in any
such action, any claim that it is not subject personally to the jurisdiction
of the above-named courts, that its property is exempt or immune from
attachment or execution, that any such proceeding brought in one of the
above-named courts is improper, or that this Agreement or the subject matter
hereof or thereof may not be enforced in or by such court and (c) hereby
agrees not to commence or maintain any action, claim, cause of action or suit
(in contract, tort or otherwise), inquiry, proceeding or investigation arising
out of or based upon this Agreement or relating to the subject matter hereof
or thereof other than before one of the above-named courts nor to make any
motion or take any other action seeking or intending to cause the transfer or
removal of any such action, claim, cause of action or suit (in contract, tort
or otherwise), inquiry, proceeding or investigation to any court other than
one of the above-named courts whether on the grounds of inconvenient forum or
otherwise. Notwithstanding the foregoing, to the extent that any party hereto
is or becomes a party in any litigation in connection with which it may assert
indemnification rights set forth in this agreement, the court in which such
litigation is being heard shall be deemed to be included in clause (a) above.
Each party hereto hereby consents to service of process in any such

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                                                                 Execution Copy

proceeding in any manner permitted by Delaware law, and agrees that service of
process by registered or certified mail, return receipt requested, at its
address specified pursuant to Section 15.2 hereof is reasonably calculated to
give actual notice.

         16.3     WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY
APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND
COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR
OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR
ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE),
INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS
AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED
OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER
NOW EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS
BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 16.3 CONSTITUTES A
MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO
THIS AGREEMENT. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF
THIS SECTION 16.3 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH
SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

                          SIGNATURE PAGES TO FOLLOW

                                    - 46 -

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                                                                   EXHIBIT 10.12

                                                                 Execution Copy

         IN WITNESS WHEREOF, each of the undersigned has duly executed this
Agreement (or caused this Agreement to be executed on its behalf by its
officer or representative thereunto duly authorized) under seal as of the date
first above written.

THE COMPANY:                   VERIDIAN CORPORATION

                               By:      /s/  JAMES P. ALLEN
                                        ---------------------------------------
                               Name:     James P. Allen
                                        ---------------------------------------
                               Title:   Senior Vice President & CEO
                                        ---------------------------------------

MONITOR:                       MONITOR CLIPPER EQUITY PARTNERS, L.P.
                               MONITOR CLIPPER EQUITY PARTNERS (FOREIGN), L.P.
                               Each By:          MONITOR CLIPPER PARTNERS, L.P.,
                                                 its general partner
                                                 By MCP GP, INC.,
                                                     its general partner

                                                 By: /s/ KEVIN A. MACDONALD
                                                     __________________________
                                                     Kevin A. Macdonald
                                                     Authorized Signatory

                                    - 47 -

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                                                                 Execution Copy

INITIAL INVESTORS:
                               CIBC WG ARGOSY MERCHANT FUND 2, L.L.C.

                               By:      /s/ STEVEN A. FLYER
                                        ---------------------------------------
                               Name:    Steven A. Flyer
                                        ---------------------------------------
                               Title:   Executive Director
                                        ---------------------------------------

                               THE BOARD OF TRUSTEES OF THE TEXAS GROWTH FUND
                               II, as Trustee for the Texas Growth Fund II -
                               1998 Trust

                               By: TGF II MANAGEMENT, L.P., as
                                    Executive Director

                                   By:  TGF MANAGEMENT CORP.,
                                          as general partner

                               By: /s/ STEPHEN M. SOILEAU
                                   ________________________________
                                   Stephen M. Soileau
                                   Executive Vice President

                               CO-INVESTMENT MERCHANT FUND 3, LLC

                               By:      /s/ STEVEN A. FLYER
                                        ---------------------------------------
                               Name:    Steven A. Flyer
                                        ---------------------------------------
                               Title:   Attorney-in-Fact
                                        ---------------------------------------

                                    - 48 -

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                                                                 Execution Copy

MANAGEMENT EQUITYHOLDERS:               ARGOTYCHE, L.P.

                                        By:    Santaeus, L.P.
                                               Its General Partner

                                        By:    The Antaeusian Group, Inc.,
                                               Its General Partner

                                        By:    /s/ DAVID H. LANGSTAFF
                                               ________________________________
                                               David H. Langstaff
                                               President

                                        SANTAEUS, L.P.

                                        By:    The Antaeusian Group, Inc.,
                                               Its General Partner

                                        By:    /s/ DAVID H. LANGSTAFF
                                               ________________________________
                                               David H. Langstaff
                                               President
                                         /s/ DAVID H. LANGSTAFF
                                        -----------------------------------
                                        David H. Langstaff

                                    - 49 -
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                                                                 Execution Copy

CONSULTANTS:                   MONITOR CONSULTING, L.P.
                               By:      MONITOR G.P., INC.,
                                        its general partner

                               By:      /s/ MARK THOMAS
                                        ---------------------------------------
                               Name:    Mark Thomas
                                        ---------------------------------------
                               Title:   Managing Director
                                        ---------------------------------------

                               MONITOR COMPANY GROUP LIMITED PARTNERSHIP
                               successor-in-interest to Monitor Company, Inc.
                               By:      Monitor Company Group, G.P., L.L.C.,
                                        its General Partner

                               By:      /s/ MARK THOMAS
                                        ---------------------------------------
                               Name:     Mark Thomas
                                        ---------------------------------------
                               Title:    Vice Chairman
                                        ---------------------------------------

                                    - 50 -

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                                                                 Execution Copy

WARRANT INVESTORS:             FIRST UNION INVESTORS, INC.

                               By:      /s/ DAVID B. CARSON
                                        ---------------------------------------
                               Name:    David B. Carson
                                        ---------------------------------------
                               Title:   Senior Vice President
                                        ---------------------------------------

                             THE NORTHWESTERN MUTUAL
                             LIFE INSURANCE COMPANY

                               By:      /s/ JEFFREY J. LUEKEN
                                        ---------------------------------------
                               Name:    Jeffrey J. Lueken
                                        ---------------------------------------
                               Title:   Its Authorized Representative
                                        ---------------------------------------

                               THE LINCOLN NATIONAL LIFE INSURANCE COMPANY

                               By:      Delaware Lincoln Investment Advisors,
                                        a series of Delaware Management Business
                                        Trust, Attorney-in-Fact
                               By:      /s/ R. GORDON MARSH
                                        ---------------------------------------
                               Name:    R. Gordon Marsh
                                        ---------------------------------------
                               Title:    Vice President
                                        ---------------------------------------

                               J.H. WHITNEY MEZZANINE FUND, L.P.

                               By:      Whitney G.P., LLC,
                                        General Partner

                                        By:      /s/  JOSEPH D. CARRABINO
                                                 ------------------------------
                                        Name:    Joseph D. Carrabino
                                                 ------------------------------
                                        Title:   Managing Director
                                                 ------------------------------

                               J.H. WHITNEY MARKET VALUE FUND, L.P.

                               By:      Whitney Market Value GP, LLC,
                                        General Partner

                                        By:      /s/  MICHAEL B. DEFLORIO
                                                 ------------------------------
                                        Name:    Michael B. Deflorio
                                                 ------------------------------
                                        Title:   Managing Director
                                                 ------------------------------

                               A. G. INVESTMENT ADVISORY SERVICES, INC.

                               By:      /s/ RICHARD L. CONWAY
                                        ---------------------------------------
                               Name:    Richard L. Conway
                                        ---------------------------------------
                               Title:   Vice President
                                        ---------------------------------------

                                    - 51 -

<PAGE>

                                                                 Execution Copy

                               AMERICAN GENERAL LIFE AND ACCIDENT
                               INSURANCE COMPANY

                               By:      /s/ RICHARD L. CONWAY
                                        ---------------------------------------
                               Name:    Richard L. Conway
                                        ---------------------------------------
                               Title:   Vice President
                                        ---------------------------------------

                               MAGNETITE ASSET INVESTORS L.L.C.

                               By:      Blackrock Financial Management, Inc.
                                        As Managing Member

                                        By:      /s/ DENNIS M. SCHANEY
                                                 ------------------------------
                                        Name:    Dennis M. Schaney
                                                 ------------------------------
                                        Title:   Managing Director
                                                 ------------------------------

                            MERIT LIFE INSURANCE CO.

                               By:      /s/ RICHARD L. CONWAY
                                        ---------------------------------------
                               Name:    Richard L. Conway
                                        ---------------------------------------
                               Title:   Vice President
                                        ---------------------------------------

                                    - 52 -<PAGE>
                                                                   EXHIBIT 10.18

                     AMENDED AND RESTATED WARRANT AGREEMENT

                                      AMONG

                              VERIDIAN CORPORATION

                                       AND

                           FIRST UNION INVESTORS, INC.
                    A. G. INVESTMENT ADVISORY SERVICES, INC.
                 THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY
                     LINCOLN NATIONAL LIFE INSURANCE COMPANY
                            MERIT LIFE INSURANCE CO.

                    DATED EFFECTIVE AS OF SEPTEMBER 14, 2000

<PAGE>
                                TABLE OF CONTENTS

<TABLE>
<S>          <C>                                                                                             <C>
Section 1.   Exchange of Original Warrant Certificates for New Warrant Certificates                            2
Section 2.   Execution of The New Warrant Certificates                                                         2
Section 3.   Registration                                                                                      3
Section 4.   Transfer and Exchange of Warrants                                                                 3
Section 5.   Terms of Warrants; Exercise of Warrants                                                           3
Section 6.   Payment of Taxes                                                                                  5
Section 7.   Mutilated or Missing Warrant Certificates                                                         5
Section 8.   Reservation of Warrant Shares                                                                     6
Section 9.   Public Equity Offering of Class B Common Stock; Obtaining Stock Exchange Listings                 6
Section 10.  Adjustment of Exercise Price and Number of Warrant Shares Issuable                                7
Section 11.  No Dilution Or Impairment; Capital And Ownership Structure                                       14
Section 12.  Fractional Interests                                                                             15
Section 13.  Notices to Holders                                                                               15
Section 14.  Notices to the Company and the Holders                                                           16
Section 15.  Supplements and Amendments                                                                       17
Section 16.  Identity of Transfer Agent                                                                       17
Section 17.  Registration Rights                                                                              17
Section 18.  Successors                                                                                       17
Section 19.  Termination                                                                                      18
Section 20.  Governing Law                                                                                    18
Section 21.  Benefits of this Agreement                                                                       18
Section 22.  Counterparts                                                                                     18
Section 23.  Headings                                                                                         18
Section 24.  Certain Agreements                                                                               18

Schedule I   List of Purchasers                                                                              I-1

Exhibit A    Form of Warrant Certificate                                                                     A-1

</TABLE>
<PAGE>

                     AMENDED AND RESTATED WARRANT AGREEMENT

     Amended and Restated Warrant Agreement (the "Agreement"), dated effective
as of September 14, 2000, between Veridian Corporation, a Delaware corporation
(together with any successors and assigns, the "Company"), and First Union
Investors, Inc., A. G. Investment Advisory Services, Inc., The Northwestern
Mutual Life Insurance Company, Lincoln National Life Insurance Company and Merit
Life Insurance Co. (collectively, the "Purchasers").

     Whereas, pursuant to the Warrant Agreement (the "Original Agreement") dated
as of September 7, 1999 between the Company and United States Trust Company of
New York, a banking and trust company organized and existing under the laws of
the State of New York, as Warrant Agent (the "Warrant Agent") the Company issued
and sold pursuant to (i) the Purchase Agreement, dated as of September 7, 1999,
among the Company and CIBC World Markets Corp. and First Union Investors, Inc.,
as purchasers (the "Preferred Purchase Agreement"), 40,000 shares of the
Company's Senior Redeemable Exchangeable Preferred Stock, $1,000 liquidation
preference per share (the "Senior Preferred Stock"), along with Warrants (each a
"Warrant," and collectively, the "Warrants") to purchase 589,414 shares of its
Class B Common Stock, par value $.0001 per share (the "Class B Common Stock,"
and the shares of Class B Common Stock issuable upon exercise of the Warrants
being referred to herein as the "Warrant Shares") and (ii) the Note Purchase
Agreement, dated as of September 7, 1999, among the Company, the guarantors
named therein and CIBC World Markets Corp. and First Union Investors, Inc., as
purchasers relating to (x) the sale by the Company to such purchasers of
$175,000,000 aggregate principal amount of the Company's Senior Subordinated
Increasing Rate Notes (the "Notes") and (y) the delivery of warrants (the
"Escrow Warrants") to the Warrant Agent as escrow agent;

     Whereas, pursuant to the terms of the Note Agreement dated September 14,
2000 among the Company and the purchasers named therein relating to the sale by
the Company to such purchasers of $95,000,000 Senior Subordinated Notes and the
related pay-off letters, the Notes were paid in full and the Escrow Warrants
were released to the Company by the Warrant Agent as escrow agent;

     Whereas, the Purchasers now hold all of the Warrants originally purchased
under the Original Agreement;

     Whereas, the Company had issued to each Purchaser warrant certificates for
the incorrect number of Warrants due to each Purchaser (the "Original Warrant
Certificates");

     Whereas, the Company and the Purchasers wish to amend and restate the
Original Agreement as set forth in this Agreement in order to remove the Warrant
Agent as a party to the Agreement and to provide for the exchange of the
Original Warrant Certificates for new warrant certificates for the correct
number of Warrant Shares to each Purchaser (the "New Warrant Certificates");

     Whereas, by executing this Agreement, the Purchasers hereby provide their
consent to such Agreement as required under Section 16 of the Original
Agreement; and

     Whereas, the holders of Warrants and Warrant Shares shall, from time to
time, have certain rights and obligations with respect thereto as set forth in
the Master Equityholders
<PAGE>
Agreement, dated effective as of September 14, 2000 among the Company, the
Purchasers and the other common stockholders of the Company party thereto (the
"Master Equityholders Agreement");

     Now, Therefore, in consideration of the premises and mutual agreements
herein, the Company and the Purchasers hereby agree as follows:

SECTION 1. EXCHANGE OF ORIGINAL WARRANT CERTIFICATES FOR NEW WARRANT
CERTIFICATES.

     Within 30 days of the date hereof, each Purchaser shall surrender for
exchange its Original Warrant Certificates, duly endorsed, to the Company at the
office of the Company in Arlington, Virginia. Upon such surrender of the
Original Warrant Certificates to be exchanged, the Company shall issue and cause
to be delivered to such Purchaser within 30 days of the surrender of such
Original Warrant Certificates in the name of such Purchaser, a New Warrant
Certificate dated the date of the Original Warrant Certificate for the number of
Warrant Shares referred to in Schedule 1 hereto next to the name of such
Purchaser. The New Warrant Certificates to be delivered pursuant to this
Agreement shall be substantially in the form set forth in Exhibit A hereto. Such
New Warrant Certificates shall represent such of the outstanding Warrants as
shall be specified therein.

SECTION 2. EXECUTION OF THE NEW WARRANT CERTIFICATES.

     The New Warrant Certificates shall be signed on behalf of the Company by
its Chairman of the Board, its President, or any Vice President and by its
Secretary or an Assistant Secretary under its corporate seal. Each such
signature upon the New Warrant Certificates may (but need not) be in the form of
a facsimile signature of the present or any future Chairman of the Board,
President, any Vice President, the Secretary or an Assistant Secretary and may
be imprinted or otherwise reproduced on the New Warrant Certificates and for
that purpose the Company may adopt and use the facsimile signature of any person
who shall have been Chairman of the Board, President, any Vice President, the
Secretary or an Assistant Secretary, notwithstanding the fact that at the time
the New Warrant Certificates shall be delivered or disposed of such person shall
have ceased to hold such office. The seal of the Company may be in the form of a
facsimile thereof and may be impressed, affixed, imprinted or otherwise
reproduced on the New Warrant Certificates.

     In case any officer of the Company who shall have signed any of the New
Warrant Certificates shall cease to be such officer before the New Warrant
Certificates so signed shall have been disposed of by the Company, such New
Warrant Certificates nevertheless may be delivered or disposed of as though such
person had not ceased to be such officer of the Company; and any New Warrant
Certificate may be signed on behalf of the Company by any person who, at the
actual date of the execution of such New Warrant Certificate, shall be a proper
officer of the Company to sign such New Warrant Certificate, although at the
date of the execution of this Warrant Agreement any such person was not such
officer.

                                       -2-
<PAGE>
SECTION 3. REGISTRATION.

     The Warrants shall be numbered and shall be registered on the books of the
Company maintained at the principal office of the Company in Arlington, Virginia
(the "Warrant Register") as they are issued.

     The Company, shall initially deliver Warrants entitling the holders thereof
to purchase the number of Warrant Shares referred to in Schedule 1 hereto next
to the name of each Purchaser and shall thereafter deliver Warrants as otherwise
provided in this Agreement.

     The Company may deem and treat the registered holders (the "Holders") of
the New Warrant Certificates as the absolute owners thereof (notwithstanding any
notation of ownership or other writing thereon made by anyone) for all purposes,
and neither the Company nor any agent of the Company shall be affected by any
notice to the contrary.

SECTION 4. TRANSFER AND EXCHANGE OF WARRANTS.

     The Company shall, from time to time, register the transfer of any
outstanding Warrants upon the records to be maintained by it for that purpose,
upon surrender thereof duly endorsed or accompanied (if so required by it) by a
written instrument or instruments of transfer in form satisfactory to the
Company, duly executed by the registered Holder or Holders thereof or by the
duly appointed legal representative thereof or by a duly authorized attorney.
Subject to the terms of this Agreement, each New Warrant Certificate may be
exchanged for another certificate or certificates entitling the Holder thereof
to purchase a like aggregate number of Warrant Shares as the certificate or
certificates surrendered then entitle each Holder to purchase. Any Holder
desiring to exchange a New Warrant Certificate or Certificates shall make such
request in writing delivered to the Company, and shall surrender, duly endorsed
or accompanied (if so required by the Company) by a written instrument or
instruments of transfer in form satisfactory to the Company, the New Warrant
Certificate or Certificates to be so exchanged.

     Upon registration of transfer, the Company shall deliver by certified
or first-class mail a new warrant certificate or certificates to the persons
entitled thereto. The New Warrant Certificates may be exchanged at the option of
the Holder thereof, when surrendered at the office of the Company maintained for
such purpose, which initially will be the office of the Company in Arlington,
Virginia for another warrant certificate, or other warrant certificates of
different denominations, of like tenor and representing in the aggregate the
right to purchase a like number of Warrant Shares.

     No service charge shall be made to any Holder for any exchange or
registration of transfer of New Warrant Certificates, but the Company may
require payment of a sum sufficient to cover any stamp or other tax or other
governmental charge that is imposed in connection with any such exchange or
registration of transfer.

SECTION 5. TERMS OF WARRANTS; EXERCISE OF WARRANTS.

     Subject to the terms of this Agreement, each Holder shall have the right,
which may be exercised commencing on or after the date of original issuance
thereof and until 5:00 p.m., New York City time, on September 7, 2010 (the
"Expiration Date"), to receive from the Company the

                                       -3-
<PAGE>

number of fully-paid and nonassessable Warrant Shares which the Holder may at
the time be entitled to receive on exercise of such Warrants and payment of the
Exercise Price (as defined below) then in effect for such Warrant Shares.
Subject to the next paragraph of this Section, each Warrant not exercised prior
to the Expiration Date shall become void and all rights thereunder and all
rights in respect thereof under this Agreement shall cease as of such time. No
adjustments as to dividends will be made upon exercise of the Warrants.

     The initial price per share at which Warrant Shares shall be purchasable
upon exercise of Warrants (the "Exercise Price") shall be $.0001, subject to
adjustment. A Warrant may be exercised upon surrender at the office of the
Company maintained for such purpose, which initially will be the office of the
Company in Arlington, Virginia, of the certificate or certificates evidencing
the Warrants to be exercised with the form of election to purchase on the
reverse thereof duly filled in and signed, which signature shall be guaranteed
by a participant in a recognized Signature Guarantee Medallion Program, and upon
payment to the Company of the Exercise Price, as adjusted as herein provided,
for the number of Warrant Shares in respect of which such Warrants are then
exercised. Payment of the aggregate Exercise Price shall be made (i) in cash or
by certified or official bank check payable to the order of the Company, (ii) by
tendering Warrants in compliance with Sections 2, 3 and 4 hereof having a fair
market value equal to the Exercise Price or (iii) with any combination of (i) or
(ii). For purpose of clause (ii) above, the fair market value of the Warrants
shall be determined as follows: (A) to the extent the Class B Common Stock is
publicly traded and listed on the Nasdaq National Market or a national
securities exchange, the fair market value shall be equal to the difference
between (1) the Closing Bid Price (as defined below) of the Class B Common Stock
on the date of exercise and (2) the Exercise Price; or (B) to the extent the
Class B Common Stock is not publicly traded, or otherwise is not listed on a
national securities exchange, the fair market value shall be equal to the
difference between (1) the Current Market Value (as defined in Section 10(d)) of
the Warrant Shares issuable upon exercise of such Warrant and (2) the Exercise
Price therefor.

     Upon such surrender of Warrants and payment of the Exercise Price, the
Company shall issue and cause to be delivered with all reasonable dispatch to or
upon the written order of the Holder and in such name or names as the Holder may
designate a certificate or certificates for the number of full Warrant Shares
issuable upon the exercise of such Warrants together with cash as provided in
Section 12; provided, however, that if any consolidation, merger or lease or
sale of assets is proposed to be effected by the Company as described in
subsection (k) of Section 10 hereof, or a tender offer or an exchange offer for
shares of Common Stock of the Company shall be made, upon such surrender of
Warrants and payment of the Exercise Price as aforesaid, the Company shall, as
soon as possible, but in any event not later than three days, other than a
Saturday or Sunday or a day on which banking institutions in the State of New
York or the Commonwealth of Virginia are not open for business ("Business Day")
thereafter, issue and cause to be delivered the full number of Warrant Shares
issuable upon the exercise of such Warrants in the manner described in this
sentence together with cash as provided in Section 12. Such certificate or
certificates shall be deemed to have been issued and any person so named therein
shall be deemed to have become a holder of record of such Warrant Shares as of
the date of the surrender of such Warrants and payment of the Exercise Price.

                                      -4-
<PAGE>

     The Warrants shall be exercisable, at the election of the Holders thereof,
either in full or from time to time in part and, in the event that a certificate
evidencing Warrants is exercised in respect of fewer than all of the Warrant
Shares issuable on such exercise at any time prior to the date of expiration of
the Warrants, a new certificate evidencing the remaining Warrant or Warrants
will be issued, and delivered to the exercising Holder. Similarly, in the event
that a certificate evidencing Warrants is delivered in payment of the Exercise
Price of the Warrants at any time prior to the date of the expiration of the
Warrants, and the fair market value of the Warrants evidenced by said
certificate is greater than the amount of said Exercise Price, a new certificate
evidencing the remaining Warrant or Warrants not applied to such Exercise Price
will be issued, executed and delivered to the exercising Holder.

     All New Warrant Certificates surrendered upon exercise of Warrants shall be
cancelled by the Company.

     The Company shall keep copies of this Agreement available for inspection by
the Holders during normal business hours at its office.

     The "Closing Bid Price" for a share of Class B Common Stock on each
Business Day means: (A) if the Class B Common Stock is listed or admitted to
trading on any securities exchange, the closing price, regular way, on such day
on the principal exchange on which such security is traded, or if no sale takes
place on such day, the average of the closing bid and asked prices on such day,
(B) if the Class B Common Stock is not then listed or admitted to trading on any
securities exchange, the last reported sale price on such day, or if there is no
such last reported sale price on such day, the average of the closing bid and
the asked prices on such day, as reported by a reputable quotation source
designated by the Company or (C) if neither clause (A) nor (B) is applicable,
the average of the reported high bid and low asked prices on such day, as
reported by a reputable quotation service, or a newspaper of general circulation
in the Borough of Manhattan, City of New York, customarily published on each
Business Day, designated by the Company. If there are no such prices on a
Business Day, then the market price shall not be determinable for such Business
Day.

SECTION 6. PAYMENT OF TAXES.

     The Company will pay all documentary stamp taxes attributable to the
initial issuance of Warrant Shares upon the exercise of Warrants; provided,
however, that the Company shall not be required to pay any tax or taxes which
may be payable in respect of any transfer involved in the issue of any warrant
certificates or any certificates for Warrant Shares in a name other than that of
the registered Holder of a New Warrant Certificate surrendered upon the exercise
of a Warrant, and the Company shall not be required to issue or deliver such
warrant certificates unless or until the person or persons requesting the
issuance thereof shall have paid to the Company the amount of such tax or shall
have established to the satisfaction of the Company that such tax has been paid.

SECTION 7. MUTILATED OR MISSING WARRANT CERTIFICATES.

     In case any of the New Warrant Certificates shall be mutilated, lost,
stolen or destroyed, the Company may in its discretion issue in exchange and
substitution for and upon cancellation

                                      -5-
<PAGE>
of the mutilated New Warrant Certificate, or in lieu of and substitution for the
New Warrant Certificate lost, stolen or destroyed, a new warrant certificate of
like tenor and representing an equivalent number of Warrants, but only upon
receipt of evidence satisfactory to the Company of such loss, theft or
destruction of such New Warrant Certificate and indemnity, if requested, also
satisfactory to it. Applicants for such substitute New Warrant Certificates
shall also comply with such other reasonable regulations and pay such other
reasonable charges as the Company may prescribe.

SECTION 8. RESERVATION OF WARRANT SHARES.

     The Company covenants that it will at all times reserve and keep available,
free from preemptive rights, out of the aggregate of its authorized but unissued
Class B Common Stock or its authorized and issued Class B Common Stock held in
its treasury, solely for the purpose of enabling it to satisfy any obligation to
issue Warrant Shares upon exercise of Warrants, the maximum number of shares of
Class B Common Stock which may then be deliverable upon the exercise of all
outstanding Warrants.

     The Company or, if appointed, the transfer agent for the Class B Common
Stock (the "Transfer Agent") and every subsequent transfer agent for any shares
of the Company's capital stock issuable upon the exercise of any of the rights
of purchase aforesaid will be irrevocably authorized and directed at all times
to reserve such number of authorized shares as shall be required for such
purpose. The Company will keep a copy of this Agreement on file with the
Transfer Agent and with every subsequent transfer agent for any shares of the
Company's capital stock issuable upon the exercise of the rights of purchase
represented by the Warrants. The Company will supply such Transfer Agent with
duly executed certificates for such purposes and will provide or otherwise make
available any cash which may be payable as provided in Section 12. The Company
will furnish such Transfer Agent a copy of all notices of adjustments and
certificates related thereto transmitted to each Holder pursuant to Section 13
hereof.

     The Company covenants that all Warrant Shares which may be issued upon
exercise of Warrants will, upon payment of the Exercise Price therefor and
issuance, be validly authorized and issued, fully-paid, nonassessable, free of
preemptive rights and free from all taxes, liens, charges and security interests
with respect to the issuance thereof. The Company will take no action to
increase the par value of the Class B Common Stock to an amount in excess of the
Exercise Price, and the Company will not enter into any agreements inconsistent
in any material respect with the rights of Holders hereunder. The Company will
use its reasonable best efforts to obtain all such authorizations, exemptions or
consents from any public regulatory body having jurisdiction thereof as may be
necessary to enable the Company to perform its obligations under this Agreement.

SECTION 9. PUBLIC EQUITY OFFERING OF CLASS B COMMON STOCK; OBTAINING STOCK
EXCHANGE LISTINGS.

     The Company covenants and agrees, for the benefit of each Holder, that at
any time while the Warrants are outstanding, the Company will not make a Public
Equity Offering of any class of its common stock other than the Class B Common
Stock and/or rights, warrants or options to purchase Class B Common Stock. In
the event that, at any time during the period in which the

                                      -6-
<PAGE>
Warrants are exercisable, the Class B Common Stock is not listed on any
principal securities exchanges or markets within the United States of America,
the Company will use its best efforts to permit the Warrant Shares to be
designated portal securities in accordance with the rules and regulations
adopted by the National Association of Securities Dealers, Inc. relating to
trading in the Private Offerings, Resales and Trading through Automated Linkages
Market.

     "Public Equity Offering" means a public offering of the Company of shares
of its Common Stock (however designated and whether voting or non-voting) and
any and all rights, warrants or options to acquire such Common Stock.

SECTION 10. ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES ISSUABLE.

     The Exercise Price and the number of shares of Class B Common Stock
issuable upon the exercise of each Warrant (the "Exercise Rate") is subject to
adjustment from time to time upon the occurrence of the events enumerated in
this Section 10.

     (a)  Adjustment for Change in Capital Stock. If the Company:

          (1) pays a dividend or makes a distribution on its Common Stock in
     shares of its Common Stock or other capital stock of the Company;

          (2) subdivides, combines or reclassifies its outstanding shares of
     Common Stock; or

          (3) makes distributions to any holder of its Common Stock or any
     Affiliate of such holder of any rights, warrants or options to purchase
     Common Stock or other capital stock of the Company;

then the Exercise Rate in effect immediately prior to such action shall be
proportionately adjusted so that the Holder of any Warrant thereafter exercised
may receive the aggregate number and kind of shares of capital stock of the
Company which such Holder would have owned immediately following such action if
such Warrant had been exercised immediately prior to such action and the
Exercise Price in effect immediately prior to such action shall be adjusted to a
price determined by multiplying the Exercise Price in effect immediately prior
to such action by a fraction, the numerator of which shall be the number of
shares of Common Stock outstanding before giving effect to such action and the
denominator of which shall be the number of shares of Common Stock and/or such
other capital stock outstanding referred to in the foregoing clause (a)(1) after
giving effect to such action.

     The adjustment shall become effective immediately after the record date in
the case of a dividend or distribution (the "Time of Determination") and
immediately after the effective date in the case of a subdivision, combination
or reclassification.

     If after an adjustment a Holder of a Warrant upon exercise of it may
receive shares of two or more classes of capital stock of the Company, the board
of directors of the Company shall determine the allocation of the adjusted
Exercise Price between the classes of capital stock. After such allocation, the
exercise privilege and the Exercise Price of each class of capital stock

                                      -7-
<PAGE>
shall thereafter be subject to adjustment on terms comparable to those
applicable to Common Stock in this Section 10.

     Such adjustment shall be made successively whenever any event listed above
shall occur.

     (b) Adjustment for Certain Issuances of Common Stock. If (i) the Company
issues or sells shares of its Common Stock or distributes any rights, options or
warrants to any Person entitling them to purchase shares of Common Stock, or
securities convertible into or exchangeable for Common Stock, at a price per
share less than the Current Market Value, (ii) upon the earlier of the exercise
of any given Warrant or the conversion of the Class A Common Stock, the Class A
Common Stock is then convertible into shares of Class B Common Stock at a rate
which is greater than one share of Class B Common Stock for each share of Class
A Common Stock surrendered or (iii) the Company redeems or otherwise acquires
any shares of Class A Common Stock, then at the Time of Determination, the
Exercise Rate shall be adjusted in accordance with the formula:

                                 E' = E x O + N
                                          -----
                                          O + (N x P)
                                               -----
                                                 M

and the Exercise Price shall be adjusted in accordance with the following
formula:

                                  EP' = EP x E
                                             --
                                             E'

where:

     E'  =  the adjusted Exercise Rate.

     E   =  the Exercise Rate immediately prior to the Time of Determination
            for any such issuance, sale or distribution.

     EP' =  the adjusted Exercise Price.

     EP  =  the Exercise Price immediately prior to the Time of Determination
            for any such issuance, sale or distribution.

     O   =  the number of Fully Diluted Shares (as defined below) outstanding
            immediately prior to the Time of Determination for any such
            issuance, sale or distribution.

     N   =  the number of additional shares of Common Stock issued, issued
            and sold upon exercise of such rights, options or warrants. For
            purposes of determining the adjustment upon a conversion from
            Class A Common Stock to Class B Common Stock, N equals the number
            of shares of Class B Common Stock then issuable upon conversion
            of shares of
                                     -8-
<PAGE>

          Class A Common Stock (the "Class A Conversion Ratio") that exceed
          the underlying number of shares of Class A Common Stock. For
          purposes of the redemption or other acquisition of Class A Common
          Stock, the Class A Common Stock shall be deemed to have been
          converted into shares of Class B Common Stock at the Class A
          Conversion Ratio in effect at the time of redemption or
          acquisition, as the case may be.

     P  = the price received and receivable in the case of any issuance or
          sale of Common Stock or rights, options or warrants inclusive of
          the exercise price per share of Common Stock payable upon
          exercise of such rights, options or warrants. For purposes of a
          conversion from Class A Common Stock to Class B Common Stock or
          the redemption or other acquisition of Class A Common Stock, P
          equals zero for the number of shares of Class B Common Stock then
          issuable upon conversion of shares of Class A Common Stock that
          exceed the underlying number of shares of Class A Common Stock.

     M  = the Current Market Value per share of Common Stock on the Time of
          Determination for any such issuance, sale or distribution. For
          purposes of this calculation, the Current Market Value of one
          share of Class A Common Stock shall be deemed to equal the
          Current Market Value of one share of Class B Common Stock.

     The adjustments shall be made successively whenever any such rights,
options or warrants are issued and shall become effective immediately after the
record date for the determination of stockholders entitled to receive the
rights, options or warrants. In the case of the Class A Conversion Ratio, the
adjustments shall be made on the basis provided above in accordance with the
conversion ratio then in effect pursuant to the Company's Certificate of
Incorporation whether or not any conversion shall have occurred. Notwithstanding
the foregoing, the Exercise Rate and the Exercise Price shall not be subject to
adjustment in connection with (i) the issuance of any shares of Common Stock
upon exercise of any rights, options, warrants or convertible securities for
which the required adjustment, if any, has been made, (ii) the exercise of the
Warrants, any options, warrants or rights to acquire Common Stock currently
outstanding and all such shares of Common Stock issued upon exercise of such
options, warrants or rights, (iii) the conversion of Class A Common Stock into
Class B Common Stock to the extent the Exercise Rate has been adjusted as
provided above (if any such adjustment was so required) and (iv) the issuance of
rights, options or warrants to officers, employees, non-employee directors of
the Company and to consultants as compensation in accordance with the terms of
the Company's 2000 Stock Incentive Plan as in effect on the date hereof;
provided, that on the date of grant thereof the exercise price of such rights,
options or Warrants, as the case may be, equals or is greater than the Current
Market Value of the underlying security on the date of grant of such right,
option or warrant, as the case may be. If at the end of the period during which
any such rights, options or warrants are exercisable, not all rights, options or
warrants shall have been exercised, the Exercise Rate shall be immediately
readjusted to what it would have been if "N" in the above formulas had been the
number of shares actually issued.

                                      -9-
<PAGE>

     (c) Adjustment for Other Distribution. If the Company distributes to any
holder of its Common Stock or any Affiliate of such holder (other than shares of
Common Stock issued for The Monitor Company as compensation for consulting
services rendered to the Company) in respect of its Common Stock (i) any
evidences of indebtedness of the Company or any of its subsidiaries, (ii) any
cash, property or other assets of the Company or any of its subsidiaries,
including, without limitation, Veritect Inc., a Delaware corporation
("Veritect"), (iii) any rights, options or warrants to acquire any of the
foregoing or to acquire any other securities of the Company or any of its
subsidiaries, including, without limitation, Veritect, or (iv) the Company makes
a Distribution (as defined in the Company's Amended and Restated Certificate of
Incorporation effective as of September 9, 1999 (the "Certificate")) upon the
occurrence of an Event of Liquidation (as defined in the Certificate), the
Exercise Rate shall be adjusted in accordance with the formula:

                                 E' = E x  ( M )
                                          -------
                                          (M - F)

and the Exercise Price shall be decreased (but not increased) in accordance with
the following formula:

                                  EP' = EP x E
                                             --
                                             E'

where:

     E'  =  the adjusted Exercise Rate.

     E   =  the current Exercise Rate on the record date mentioned below.

     EP' =  the adjusted Exercise Price.

     EP  =  the current Exercise Price on the record date referred to in this
            Paragraph (c) below.

     M   =  the Current Market Value per share of Common Stock on the record
            date mentioned below.

     F   =  the fair market value (as determined in good faith by the
            disinterested members of the Company's Board of Directors) on the
            record date mentioned below of the indebtedness, assets, rights,
            options or warrants distributable in respect of one share of
            Common Stock.

     The adjustments shall be made successively whenever any such distribution
is made and shall become effective immediately after the record date for the
determination of stockholders entitled to receive the distribution. If any
adjustment is made pursuant to clause (iii) above of this subsection (c) as a
result of the issuance of rights, options or warrants and at the end of the
period during which any such rights, options or warrants are exercisable, not
all such rights, options or warrants shall have been exercised, the Warrant
shall be immediately readjusted as if "F" in the above formula was the fair
market value on the record date of the indebtedness or assets actually
distributed upon exercise of such rights, options or warrants divided by the

                                      -10-
<PAGE>
number of shares of Common Stock outstanding on the record date. Notwithstanding
anything to the contrary contained in this subsection (c), if "M - F" in the
above formula is less than $1.00 (or is a negative number) then in lieu of the
adjustment otherwise required by this subsection (c), the Company may elect to
distribute to the Holders of the Warrants, upon exercise thereof, the evidences
of indebtedness, assets, rights, options or warrants which would have been
distributed to such Holders had such warrants been exercised immediately prior
to the record date for such distribution.

     This subsection (c) does not apply to rights, options or warrants referred
to in subsection (a) or (b) of this Section 10.

     (d) Current Market Value. "Current Market Value" per share of Common Stock
or of any other security (herein collectively referred to as a "Security") at
any date shall be (i) the value of the Security determined in good faith by the
disinterested members of the board of directors of the Company and certified in
a board resolution, based on the most recently completed or concurrently
completed arm's length transaction between the Company and a person other than
an Affiliate of the Company and the closing of which occurs on such date or
shall have occurred within the six months preceding such date or (ii) if no such
transaction shall have occurred on such date or within such six-month period,
the value of the Security most recently determined as of a date within the six
months preceding such date by the disinterested members of the board of
directors of the Company and certified in a board resolution adopted by the
disinterested members of the Company's board of directors delivered to the
Holders unless the Holders of at least 33 1/3 percent of the outstanding
Warrants shall object to such determination in which case the value shall be
determined by an Independent Financial Expert.

     "Affiliate" of any specified person means any other person which directly
or indirectly through one or more intermediaries controls or is controlled by,
or is under common control with, such specified person. For the purposes of this
definition, "control" (including with correlative meanings, the terms
"controlling," "controlled by" and "under common control with") as used with
respect to any person, means the possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of such
person, whether through the ownership of voting securities, by agreement or
otherwise; provided, however, that beneficial ownership of at least 10% of the
voting securities of a person shall be deemed to be control.

     "Independent Financial Expert" shall mean any nationally recognized
investment banking firm reasonably acceptable to the Holders of at least 33-1/3%
of the outstanding Warrants (i) that does not (and whose directors, officers,
employees and Affiliates do not) have a direct or indirect material financial
interest in the Company or the Warrants, (ii) that has not been, and, at the
time it is called upon to serve as an Independent Financial Expert under this
Agreement is not (and none of whose directors, officers, employees or Affiliates
is), a promoter, director or officer of the Company, (iii) that has not been
retained by the Company for any purpose, other than to perform an equity
valuation, within the preceding twelve months and (iv) that, in the reasonable
judgment of the board of directors of the Company (certified by a board
resolution), is otherwise qualified to serve as an independent financial
advisor. Any such person may receive customary compensation and indemnification
by the Company for opinions or services it provides as an Independent Financial
Expert.

                                      -11-
<PAGE>
     (e) When De Minimis Adjustment May Be Deferred. No adjustment in the
Exercise Rate or Exercise Price need be made unless the adjustment would require
an increase or decrease of at least 1% in the Exercise Rate. Notwithstanding the
foregoing, any adjustments that are not made shall be carried forward and taken
into account in any subsequent adjustment, provided that no such adjustment
shall be deferred beyond the date on which a Warrant is exercised.

     All calculations under this Section 10 shall be made to the nearest cent or
to the nearest 1/100th of a share, as the case may be.

     (f) When No Adjustment Required. If an adjustment is made upon the
establishment of a record date for a distribution subject to subsections (a),
(b) or (c) hereof and such distribution is subsequently cancelled, the Exercise
Rate and Exercise Price then in effect shall be readjusted, effective as of the
date when the board of directors determines to cancel such distribution, to that
which would have been in effect if such record date had not been fixed. If an
adjustment would be required under two or more of paragraphs (a), (b) and (c),
such adjustments will be determined without duplication.

     To the extent the Warrants become convertible into cash, no adjustment need
be made thereafter as to the amount of cash into which such Warrants are
exercisable. Interest will not accrue on the cash.

     (g) Notice of Adjustment. Whenever the Exercise Rate or Exercise Price is
adjusted, the Company shall provide the notices required by Section 13 hereof.

     (h) Voluntary Reduction. The Company from time to time may increase the
Exercise Rate or reduce the Exercise Price by any amount for any period of time
(including, without limitation, permanently) if the period is at least 20
Business Days, provided that such period shall commence no earlier than notice
of such increase or reduction is received by the Holders.

     An increase of the Exercise Rate or reduction of the Exercise Price under
this Subsection (h) (other than a permanent increase or reduction) does not
change or adjust the Exercise Rate or Exercise Price otherwise in effect for
purposes of subsections (a), (b) or (c) of this Section 10.

     (i) Minimum Exercise Price. Notwithstanding anything to the contrary
contained in this Agreement, if the Exercise Price, as adjusted pursuant to this
Agreement (other than this Section 10(i)), shall be less than the aggregate par
values of the related Warrant Shares, then such Exercise Price, as so adjusted,
for all purposes of this Agreement, shall be an amount equal to the aggregate
par value of such related Warrant Shares.

     (j) When Issuance or Payment May Be Deferred. In any case in which this
Section 10 shall require that an adjustment in the Exercise Rate or Exercise
Price be made effective as of a record date for a specified event, the Company
may elect to defer until the occurrence of such event (i) issuing to the Holder
of any Warrant exercised after such record date the Warrant Shares and other
capital stock of the Company, if any, issuable upon such exercise over and above
the Warrant Shares and other capital stock of the Company, if any, issuable upon
such exercise on the basis of the Exercise Rate prior to such adjustment, and
(ii) paying to such Holder any amount in cash in lieu of a fractional share
pursuant to Section 12; provided,

                                      -12-
<PAGE>
however, that the Company shall deliver to such Holder a due bill or other
appropriate instrument evidencing such Holder's right to receive such additional
Warrant Shares, other capital stock and cash upon the occurrence of the event
requiring such adjustment.

     (k) Reorganizations. In case of any capital reorganization, other than in
the cases referred to in Sections 10(a), (b) or (c) hereof, or the consolidation
or merger of the Company with or into another corporation (other than a merger
or consolidation in which the Company is the continuing corporation and which
does not result in any reclassification of the outstanding shares of Common
Stock into shares of other stock or other securities or property), or the sale
of the property of the Company as an entirety or substantially as an entirety
(collectively such actions being hereinafter referred to as "Reorganizations"),
there shall thereafter be deliverable upon exercise of any Warrant (in lieu of
the number of shares of Common Stock theretofore deliverable) the number of
shares of stock or other securities or property to which a holder of the number
of shares of Common Stock that would otherwise have been deliverable upon the
exercise of such Warrant would have been entitled upon such Reorganization if
such Warrant had been exercised in full immediately prior to such
Reorganization. In case of any Reorganization, appropriate adjustment, as
determined in good faith by the board of directors of the Company, whose
determination shall be described in a duly adopted resolution certified by the
Company's Secretary or Assistant Secretary, shall be made in the application of
the provisions herein set forth with respect to the rights and interests of
Holders so that the provisions set forth herein shall thereafter be applicable,
as nearly as possible, in relation to any such shares or other securities or
property thereafter deliverable upon exercise of Warrants.

     The Company shall not effect any such Reorganization unless prior to or
simultaneously with the consummation thereof the successor corporation (if other
than the Company) resulting from such Reorganization or the corporation
purchasing or leasing such assets or other appropriate corporation or entity
shall (i) expressly assume, by a supplemental warrant agreement or other
acknowledgment executed and delivered to each such Holder such shares of stock,
securities or assets as, in accordance with the foregoing provisions, such
Holder may be entitled to purchase, and the due and punctual performance and
observance of each and every covenant, condition, obligation and liability under
this Agreement to be performed and observed by the Company in the manner
prescribed herein and (ii) enter into an agreement providing to the Holders
rights and benefits substantially similar to those enjoyed by the Holders under
the Common Stock Registration Rights and Stockholders Agreement of even date
herewith.

     The foregoing provisions of this Section 10(k) shall apply to successive
Reorganization transactions.

     (l) Form of Warrants. Irrespective of any adjustments in the number or kind
of shares purchasable upon the exercise of the Warrants, Warrants theretofore or
thereafter issued may continue to express the same price and number and kind of
shares as are stated in the Warrants initially issuable pursuant to this
Agreement.

     (m) Company Determination Not Final. Any determination that the Company or
its board of directors must make pursuant to this Agreement shall be made in
good faith and shall be binding on the Holders, except as set forth herein. It
is the express intent of the Company and the Holders that any adjustments or
calculations pursuant to Section 10 of this Agreement are

                                      -13-
<PAGE>
designed to put the Holder of any Warrant in the same economic position after
any such adjustment or calculation as such Holder was in prior to such
adjustment or calculation. The Company shall give each Holder written notice of
any such determination by the Company or its board of directors. In addition to
any other provisions set forth herein, if a majority of the Holders do not agree
with any such determination by the Company or its board of directors (other than
a determination of Current Market Value as provided in this Agreement), such
Holders may request, in a notice delivered to the Company and the Holders not
later than 30 days after the date on which the Holders received notice of such
determination from the Company, that such determination be made by an
Independent Financial Expert, which determination shall be final and binding on
the Company and the Holders, absent manifest error.

     (n) Miscellaneous. For purpose of this Section 10 the term "shares of
Common Stock" shall mean (i) shares of the classes of stock designated as the
Class B Common Stock and Class A Common Stock, par value $.0001 per share, of
the Company as of the date of this Agreement, and (ii) shares of any other class
of stock resulting from successive changes or reclassification of such shares
consisting solely of changes in par value, or from par value to no par value, or
from no par value to par value. In the event that at any time, as a result of an
adjustment made pursuant to this Section 10 the Holders of Warrants shall become
entitled to purchase any securities of the Company other than, or in addition
to, shares of Common Stock, thereafter the number or amount of such other
securities so purchasable upon exercise of each Warrant shall be subject to
adjustment from time to time in a manner and on terms as nearly equivalent as
practicable to the provisions with respect to the Warrant Shares contained in
subsections (a) through (m) of this Section 10, inclusive, and the provisions of
Sections 5, 6, 8, 11 and 12 with respect to the Warrant Shares or the Common
Stock shall apply on like terms to any such other securities.

SECTION 11. NO DILUTION OR IMPAIRMENT; CAPITAL AND OWNERSHIP STRUCTURE.

     If any event shall occur as to which the provisions of Section 10 are not
strictly applicable but the failure to make any adjustment would adversely
affect the purchase rights represented by the Warrants in accordance with the
essential intent and principles of such Section, then, in each such case, the
Company shall appoint an investment banking firm of recognized national standing
that does not have a direct or material indirect financial interest in the
Company or any of its subsidiaries, which has not been, and, at the time it is
called upon to give independent financial advice to the Company, is not (and
none of its directors, officers, managers, members, employees, affiliates or
stockholders are) a promoter, director member, manager or officer of the Company
or any of its subsidiaries, which shall give their opinion upon the adjustment,
if any, on a basis consistent with the essential intent and principles
established in Section 10, necessary to preserve, without dilution, the purchase
rights represented by the Warrants. Upon receipt of such opinion, the Company
will promptly mail a copy thereof to the Holders of the Warrants and shall make
the adjustment described therein.

     The Company will not, by amendment of its certificate of incorporation or
through any consolidation, merger, reorganization, transfer of assets,
dissolution, issue or sale of securities or any other voluntary action, avoid or
seek to avoid the observance or performance of any of the terms of the Warrants,
but will at all times in good faith assist in the carrying out of all such

                                      -14-
<PAGE>
terms and in the taking of all such action as may be necessary or appropriate in
order to protect the rights of the Holder of the Warrants against dilution or
other impairment. Without limiting the generality of the foregoing, the Company
(a) will take all such actions as may be necessary or appropriate in order that
the Company may validly and legally issue fully paid and nonassessable shares of
Series B Common Stock on the exercise of the Warrants from time to time
outstanding and (b) will not take any action which results in any adjustment of
the Exercise Price if after the action the total number of Warrant Shares
issuable upon the exercise of all the Warrants would exceed the total number of
shares of Common Stock then authorized by the Company's certificate of
incorporation and available for the purposes of issue upon such exercise. A
consolidation, merger, reorganization or transfer of assets involving the
Company covered by Section 10(k) shall not be prohibited by or require any
adjustment under this Section 11.

SECTION 12. FRACTIONAL INTERESTS.

     The Company shall not be required to issue fractional Warrant Shares on the
exercise of Warrants. If more than one Warrant shall be presented for exercise
in full at the same time by the same Holder, the number of full Warrant Shares
which shall be issuable upon the exercise thereof shall be computed on the basis
of the aggregate number of Warrant Shares purchasable on exercise of the
Warrants so presented. If any fraction of a Warrant Share would, except for the
provisions of this Section 12, be issuable on the exercise of any Warrants (or
specified portion thereof), the Company shall pay an amount in cash equal to the
excess of the value (as determined by the Board of Directors in good faith) of a
Warrant Share over the Exercise Price on the day immediately preceding the date
the Warrant is presented for exercise, multiplied by such fraction.

SECTION 13. NOTICES TO HOLDERS.

     Upon any adjustment pursuant to Section 10 hereof, the Company shall give
prompt written notice of such adjustment by first class mail, postage prepaid,
to each Holder and shall deliver to each Holder a certificate of the Chief
Financial Officer of the Company, setting forth in reasonable detail (i) the
number of Warrant Shares purchasable upon the exercise of each Warrant and the
Exercise Price of such Warrant after such adjustment(s), (ii) a brief statement
of the facts requiring such adjustment(s) and (iii) the computation by which
such adjustment(s) was made. Where appropriate, such notice may be given in
advance and included as a part of the notice required under the other provisions
of this Section 13.

In case:

     (a) the Company shall authorize the issuance to all holders of shares of
Common Stock of rights, options or warrants to subscribe for or purchase shares
of Common Stock or of any other subscription rights or warrants; or

     (b) the Company shall authorize the distribution to all holders of shares
of Common Stock of evidences of its indebtedness or assets; or

     (c) of any consolidation or merger to which the Company is a party and for
which approval of any shareholders of the Company is required, or of the
conveyance or transfer of the

                                      -15-
<PAGE>
properties and assets of the Company substantially as an entirety, or of any
reclassification or change of Common Stock issuable upon exercise of the
Warrants (other than a change in par value, or from par value to no par value,
or from no par value to par value, or as a result of a subdivision or
combination), or a tender offer or exchange offer for shares of Common Stock; or

     (d) of the voluntary or involuntary dissolution, liquidation or winding up
of the Company; or

     (e) the Company proposes to take any action that would require an
adjustment to the Exercise Rate pursuant to Section 10;

then the Company shall give to each Holder at its address appearing on the
Warrant Register, at least 30 days (or 20 days in any case specified in clauses
(a) or (b) above) prior to the applicable record date hereinafter specified, or
the date of the event in the case of events for which there is no record date,
by first-class mail, postage prepaid, a written notice stating (i) the date as
of which the holders of record of shares of Common Stock to be entitled to
receive any such rights, options, warrants or distribution are to be determined,
or (ii) the initial expiration date set forth in any tender offer or exchange
offer for shares of Common Stock, or (iii) the date on which any such
consolidation, merger, conveyance, transfer, dissolution, liquidation or winding
up is expected to become effective or consummated, and the date as of which it
is expected that holders of record of shares of Common Stock shall be entitled
to exchange such shares for securities or other property, if any, deliverable
upon such reclassification, consolidation, merger, conveyance, transfer,
dissolution, liquidation or winding up. The failure by the Company to give such
notice or any defect therein shall not affect the legality or validity of any
distribution, right, option, warrant, consolidation, merger, conveyance,
transfer, dissolution, liquidation or winding up, or the vote upon any action.

     The Company shall give to each Holder written notice of any determination
to make a distribution or dividend to the holders of any class of its Common
Stock of any assets (including cash), debt securities, preferred stock, or any
rights or warrants to purchase debt securities, preferred stock, assets or other
securities (other than Common Stock, or rights, options, or warrants to purchase
Common Stock) of the Company, which notice shall state the nature and amount of
such planned dividend or distribution and the record date therefor, and shall be
received by the Holders at least 30 days prior to such record date therefor.

     Nothing contained in this Agreement or in any warrant certificate shall be
construed as conferring upon the Holders the right to vote or to consent or to
receive notice as shareholders in respect of the meetings of shareholders or the
election of directors of the Company or any other matter, or any rights
whatsoever as shareholders of the Company.

SECTION 14. NOTICES TO THE COMPANY AND THE HOLDERS.

     Any notice or demand authorized by this Agreement to be given or made by
any Holder to or on the Company shall be sufficiently given or made when
received at the office of the Company expressly designated by the Company as its
office for purposes of this Agreement (until the Holders are otherwise notified
in accordance with this Section 14 by the Company), as follows:

                                      -16-
<PAGE>

                      Veridian Corporation
                      1200 S. Hayes St., Suite 1100
                      Arlington, VA  22202
                      Attention: Jerald S. Howe, Jr., Esq.

                      with a copy to:

                      Andrews & Kurth L.L.P.
                      JP Morgan Chase Tower
                      600 Travis, Suite 4200
                      Houston, Texas  77002
                      Attention:  James V. Baird, Esq.

     Any notice pursuant to this Agreement to be given by the Company to any
Holder(s) shall be sufficiently given when received by the Holders at the
address appearing in Schedule I hereto (until the Company is otherwise notified
in accordance with this Section by a Holder).

SECTION 15. SUPPLEMENTS AND AMENDMENTS.

     Any amendment or supplement to this Agreement shall require the written
consent of registered Holders of a majority of the then outstanding Warrants.
The consent of each Holder of a Warrant shall be required for any amendment
pursuant to which the Exercise Price would be increased or the Exercise Rate
would be decreased (not including adjustments contemplated hereunder). In
determining whether the Holders of the required number of Warrants have
concurred in any direction, waiver or consent, Warrants owned by the Company or
by any person directly or indirectly controlling or controlled by or under
direct or indirect common control with the Company shall be disregarded and
deemed not to be outstanding. In addition, also, subject to the foregoing, only
Warrants outstanding at the time shall be considered in any such determination.

SECTION 16. IDENTITY OF TRANSFER AGENT.

     Forthwith upon the appointment of any Transfer Agent for the Common
Stock, or any other shares of the Company's capital stock issuable upon the
exercise of the Warrants, the Company shall promptly file with the Holders a
statement setting forth the name and address of such Transfer Agent.

SECTION 17. REGISTRATION RIGHTS.

     The Holders shall be entitled to all of the benefits of the Master
Equityholders Agreement.

SECTION 18. SUCCESSORS.

     All the covenants and provisions of this Agreement by or for the benefit of
the Company and any Holder shall bind and inure to the benefit of their
respective successors and assigns hereunder.

                                      -17-
<PAGE>

SECTION 19. TERMINATION.

     This Agreement shall terminate at 5:00 p.m. New York City time on September
7, 2010. Notwithstanding the foregoing, this Agreement will terminate on any
earlier date if all Warrants have been exercised or redeemed pursuant to this
Agreement.

SECTION 20. GOVERNING LAW.

     This Agreement and each warrant certificate issued hereunder shall be
deemed to be a contract made under the laws of the State of New York and shall
be governed by and construed in accordance with the laws of said state, without
regard to the conflict of law rules thereof.

SECTION 21. BENEFITS OF THIS AGREEMENT.

     Nothing in this Agreement shall be construed to give to any person or
corporation other than the Company, and the registered Holders of the New
Warrant Certificates any legal or equitable right, remedy or claim under this
Agreement; but this Agreement shall be for the sole and exclusive benefit of the
Company, and the registered Holders of the New Warrant Certificates.

SECTION 22. COUNTERPARTS.

     This Agreement may be executed in any number of counterparts and each of
such counterparts shall for all purposes be deemed to be an original, and all
such counterparts shall together constitute but one and the same instrument.

SECTION 23. HEADINGS.

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

SECTION 24. CERTAIN AGREEMENTS.

     (a) The Company covenants and agrees that Sections (l)(vii)(A)(1), (2) and
(3) of the Company's Second Amended Certificate of Designation of Powers,
Preferences and Relative, Participating, Optional and Other Special Rights of
Senior Redeemable Exchangeable Preferred Stock, Series A are incorporated herein
by reference mutatis mutandis with the same force and effect as if such
covenants were set forth in full herein with the effect and result that the
Company will deliver each and all of the financial statements referred to in
said Sections (l)(vii)(A)(1), (2), and (3) as and to the extent therein
provided.

     (b) The Company will not, without the written consent of the Holders of at
least a majority of the then outstanding Warrants and Warrant Shares (determined
on a Common Stock equivalent basis) amend or change its certificate of
incorporation or bylaws (each as amended and/or restated as of the date of this
Agreement) if such amendment or change would, directly or indirectly, limit or
prohibit the Company from complying with the terms of this Warrant Agreement and
the Master Equityholders Agreement or otherwise would materially and

                                      -18-
<PAGE>
adversely affect this Agreement, the Warrants, the Warrant Shares or the rights
of the Holders thereof.

             [The remainder of this page intentionally left blank.]

                                      -19-
<PAGE>

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

                                              VERIDIAN CORPORATION

                                              By: /s/ DAVID H. LANGSTAFF
                                                 -------------------------------
                                                 Name:  David H. Langstaff
                                                 Title: President and CEO

                                      -20-
<PAGE>

                                              FIRST UNION INVESTORS, INC.

                                              By: /s/ DAVID B. CARSON
                                                 -------------------------------
                                                 Name:  David B. Carson
                                                 Title: Senior Vice President

                                      -21-
<PAGE>

                                        A. G. INVESTMENT ADVISORY SERVICES, INC.

                                        By: /s/ RICHARD L. CONWAY
                                           -------------------------------------
                                           Name:  Richard L. Conway
                                           Title: Vice President

                                      -22-
<PAGE>

                                        THE NORTHWESTERN MUTUAL LIFE
                                        INSURANCE COMPANY

                                        By: /s/ A. KIPP KOESTER
                                           -------------------------------------
                                           Name:  A. Kipp Koester
                                           Title: Its Authorized Representative

                                      -23-
<PAGE>

                                       LINCOLN NATIONAL LIFE
                                       INSURANCE COMPANY

                                       By: Delaware Lincoln Investment Advisers,
                                           a series of Delaware
                                           Management Business Trust,
                                           Its attorney-in-fact

                                       By: /s/ R. GORDON MARSH
                                          --------------------------------------
                                          Name:  R. Gordon Marsh
                                          Title: Vice President

                                      -24-
<PAGE>

                                                   MERIT LIFE INSURANCE CO.

                                                   By: /s/ RICHARD L. CONWAY
                                                      --------------------------
                                                      Name:  Richard L. Conway
                                                      Title: Vice President

                                      -25-

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