Document:

<PAGE>   1
                                                                   EXHIBIT 10.31

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                                 EUPHONIX, INC.

                               220 PORTAGE AVENUE
                           PALO ALTO, CALIFORNIA 94306

                         COMMON STOCK PURCHASE AGREEMENT

                                  JUNE 1, 2000

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<PAGE>   2

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>

                                                                                             PAGE
<S>            <C>                                                                           <C>
SECTION 1      Authorization and Sale of Common Stock..........................................1

        1.1    Authorization...................................................................1
        1.2    Purchase and Sale of Shares.....................................................1

SECTION 2      Closing Date; Delivery..........................................................1

        2.1    Closing.........................................................................1
        2.2    Delivery........................................................................1

SECTION 3      Representations and Warranties of the Company...................................2

        3.1    Organization and Standing.......................................................2
        3.2    Corporate Power.................................................................2
        3.3    Capitalization..................................................................2
        3.4    Authorization...................................................................3
        3.5    Financial Statements............................................................3
        3.6    No Material Adverse Change......................................................3
        3.7    No Undisclosed Liabilities......................................................3
        3.8    Title to Assets.................................................................4
        3.9    Actions Pending.................................................................4
        3.10   Compliance with Law.............................................................4
        3.11   Certain Fees....................................................................4
        3.12   Disclosure......................................................................4
        3.13   Material Agreements.............................................................4
        3.14   Employees.......................................................................5
        3.15   Intellectual Property, Trademarks, etc..........................................5

SECTION 4      Representations and Warranties of the Purchasers................................5

        4.1    Experience; Speculative Nature of Investment....................................5
        4.2    Investment......................................................................5
        4.3    Rule 144........................................................................5
        4.4    Access to Data..................................................................6
        4.5    Authorization...................................................................6
        4.6    Brokers or Finders..............................................................6
        4.7    Tax Liability...................................................................6
        4.8    Recent Transfers................................................................6

SECTION 5      Conditions to Purchasers' Obligations to Close..................................6

        5.1    Representations and Warranties Correct..........................................7
        5.2    Covenants.......................................................................7
        5.3    Blue Sky........................................................................7
        5.4    Rights Agreement................................................................7
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<TABLE>
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<S>     <C>                                                                                   <C>
        5.5    Compliance with Law.............................................................7

SECTION 6      Conditions to Company's Obligations to Close....................................7

        6.1    Representations.................................................................7
        6.2    Covenants.......................................................................7
        6.3    Blue Sky........................................................................7
        6.4    Rights Agreement................................................................7
        6.5    Compliance with Law.............................................................7

SECTION 7      Miscellaneous...................................................................8

        7.1    Governing Law...................................................................8
        7.2    Survival........................................................................8
        7.3    Successors and Assigns..........................................................8
        7.4    Entire Agreement; Amendment.....................................................8
        7.5    Notices, etc....................................................................8
        7.6    Delays or Omissions.............................................................8
        7.7    California Corporate Securities Law.............................................9
        7.8    Counterparts....................................................................9
        7.9    Severability....................................................................9
        7.10   Titles and Subtitles............................................................9
        7.11   Expenses........................................................................9
        7.12   Limitation on Liability.........................................................9
        7.13   Attorney's Fees.................................................................9
</TABLE>

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<PAGE>   4

                                 EUPHONIX, INC.

                         COMMON STOCK PURCHASE AGREEMENT

        THIS COMMON STOCK PURCHASE AGREEMENT (the "AGREEMENT") is made as of
June 1, 2000 by and among Euphonix, Inc., a California corporation (the
"COMPANY"), and the individuals on the Schedule of Purchasers attached as
Exhibit A hereto (the "PURCHASERS").

                                    SECTION 1

                     AUTHORIZATION AND SALE OF COMMON STOCK

        1.1 AUTHORIZATION. The Company has authorized the sale of up to a number
of shares of Common Stock of the Company (the "Shares"), which shall have an
aggregate market value equal to $3.38, based upon a cash price per share equal
to ninety percent (90%) of the average closing bid price per share for the ten
(10) days immediately preceding the Closing Date (as defined below), subject to
the satisfaction or waiver of the conditions set forth in Sections 5 and 6
below.

        1.2 PURCHASE AND SALE OF SHARES. Subject to the terms and conditions of
this Agreement, each Purchaser agrees to purchase and the Company agrees to sell
and issue to each Purchaser the number of Shares set forth opposite its name on
Exhibit A. The Company's agreement with each Purchaser is a separate agreement,
and the sale of the Shares to each Purchaser is a separate sale.

                                    SECTION 2

                             CLOSING DATE; DELIVERY

        2.1 CLOSING. The purchase and sale of the Shares hereunder shall take
place at one closing (the "Closing") on June 1, 2000, (the "Closing Date"). The
Closing shall be held at the offices of the Company, at 9:00 a.m. local time ,
on the Closing Date, or at such other time and place upon which the Company and
the Purchaser shall agree.

        2.2 DELIVERY. At the Closing, the Company will deliver to each Purchaser
a certificate registered in each Purchaser's name representing the number of
Shares that each Purchaser is purchasing for payment of the purchase price
therefor as set forth in Section 1.2 above, by check payable to the Company or
by wire transfer per the Company's instructions.

<PAGE>   5

                                    SECTION 3

                  REPRESENTATIONS AND WARRANTIES OF THE COMPANY

        Except as set forth in writing in the disclosure letter supplied by the
Company to the Purchaser (the "DISCLOSURE LETTER") the Company represents and
warrants to the Purchasers as of the date of this Agreement as follows:

        3.1 ORGANIZATION AND STANDING. The Company is a corporation duly
organized and existing under, and by virtue of, the laws of the State of
California and is in good standing under such laws. The Company has requisite
corporate power and authority to own and operate its properties and assets, and
to carry on its business. The Company is presently qualified to do business as a
foreign corporation in each jurisdiction where the failure to be so qualified
would have a material adverse effect on the Company's business.

        3.2 CORPORATE POWER. The Company has all requisite legal and corporate
power and authority to execute and deliver this Agreement and that certain
Registration Rights Agreement substantially in the form attached hereto as
Exhibit B (the "Rights Agreement"), to sell and issue the Shares hereunder, and
to carry out and perform its obligations under the terms of this Agreement and
the Rights Agreement (together the "Agreements").

        3.3 CAPITALIZATION. The authorized capital stock of the Company and the
shares thereof issued and outstanding as of the date hereof are set forth in the
Disclosure Letter. All of the outstanding shares of the Company's Common Stock
have been duly and validly authorized. Except as set forth in this Agreement and
the Rights Agreement and as set forth in the Company's most recent Form 10-K,
including the accompanying financial statements, or in the Company's most recent
Form 10-Q, filed with the Securities and Exchange Commission (the "Commission")
pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act")
in other public filings made by the Company with the Commission pursuant to the
Exchange Act (collectively, the "Commission Filings"), or the Disclosure Letter,
no shares of Common Stock are entitled to preemptive rights or registration
rights and there are no outstanding options, warrants, scrip, rights to
subscribe to, call or commitments of any character whatsoever relating to, or
securities or rights convertible into, any shares of capital stock of the
Company. Furthermore, except as set forth in this Agreement and the Rights
Agreement and as set forth in the Commission Filings, or the Disclosure Letter,
there are no contracts, commitments, understandings, or arrangements by which
the Company is or may become bound to issue additional shares of the capital
stock of the Company or options, securities or rights convertible into shares of
capital stock of the Company. Except for registration rights contained in
agreements entered into by the Company in order to sell restricted securities as
provided in the Commission Filings or the Disclosure Letter, the Company is not
a party to any agreement granting registration rights to any person with respect
to any of its equity or debt securities. The Company is not a party to, and it
has no knowledge of, any agreement restricting the voting or transfer of any
shares of the capital stock of the Company. Except as set forth in the
Commission Filings or in the Disclosure Letter, the offer and sale of all
capital stock, convertible securities, rights, warrants, or options of the
Company issued prior to the Closing complied with all

                                      -2-
<PAGE>   6
applicable federal and state securities laws, and no stockholder has a right of
rescission or damages with respect thereto which would have a material adverse
effect on the Company's financial condition or operating results.

        3.4 AUTHORIZATION. All corporate action on the part of the Company and
its directors necessary for the authorization, execution, delivery and
performance of the Agreements by the Company, the authorization, sale, issuance
and delivery of the Shares, and the performance of all of the Company's
obligations under the Agreements has been taken or will be taken prior to the
Closing. The Agreements, when executed and delivered by the Company, shall
constitute valid and binding obligations of the Company, enforceable in
accordance with their terms, subject to laws of general application relating to
bankruptcy, insolvency and the relief of debtors and rules of law governing
specific performance, injunctive relief or other equitable remedies, except that
the indemnification provisions of Section 1.9 of the Rights Agreement may
further be limited by principles of public policy. The Shares, when issued in
compliance with the provisions of this Agreement, will be validly issued, will
be fully paid and nonassessable, and will be free of any liens or encumbrances,
other than any liens or encumbrances created by the Purchaser; provided,
however, that the Shares are subject to restrictions on transfer under state
and/or federal securities laws as set forth herein and in the Rights Agreement.

        3.5 FINANCIAL STATEMENTS. The financial statements of the Company
included in the Commission Filings comply as to form in all material respects
with applicable accounting requirements and the published rules and regulations
of the Commission or other applicable rules and regulations with respect
thereto. Such financial statements have been prepared in accordance with
generally accepted accounting principles ("GAAP") applied on a consistent basis
during the periods involved (except (i) as may be otherwise indicated in such
financial statements or the notes thereto or (ii) in the case of unaudited
interim statements, to the extent they may not include footnotes or may be
condensed or summary statements), and fairly present in all material respects
the financial position of the Company and its subsidiaries as of the dates
thereof and the results of operations and cash flows for the periods then ended
(subject, in the case of unaudited statements, to normal year-end audit
adjustments).

        3.6 NO MATERIAL ADVERSE CHANGE. Since March 31, 2000, the date through
which the most recent quarterly report of the Company on Form 10-Q has been
prepared and filed with the Commission, the Company has not experienced or
suffered any event or condition which has materially affected the business
operations, assets or financial condition of the Company.

        3.7 NO UNDISCLOSED LIABILITIES. Except as disclosed in the Commission
Filings or the Disclosure Letter, the Company has no liabilities, obligations,
claims or losses that would be required to be disclosed on a balance sheet of
the Company (including the notes thereto), other than those incurred in the
ordinary course of the Company's business since March 31, 2000 and which,
individually or in the aggregate, do not or would not have a material adverse
effect on the Company's financial condition or operating results.

                                      -3-
<PAGE>   7

        3.8 TITLE TO ASSETS. The Company has good and marketable title to all of
its property and assets, free of any mortgages, pledges, charges, liens,
security interests or other encumbrances, except for those indicated in the
Commission Filings or the Disclosure Letter or such that could not reasonably be
expected to cause a material adverse effect on the Company's financial condition
or operating results.

        3.9 ACTIONS PENDING. There is no action, suit, claim, investigation or
proceeding pending or, to the knowledge of the Company, threatened against the
Company, which questions the validity of this Agreement or the transactions
contemplated hereby or any action taken or to be taken pursuant hereto or
thereto. Except as set forth in the Commission Filings or the Disclosure Letter,
there is no action, suit, claim, investigation or proceeding pending or, to the
knowledge of the Company, threatened, against or involving the Company, any
subsidiary or any of their respective properties or assets and which, if
adversely determined, is reasonably likely to result in a material adverse
effect on the Company's financial condition or operating results.

        3.10 COMPLIANCE WITH LAW. To the knowledge of the Company, the business
of the Company has been and is presently being conducted in accordance with all
applicable federal, state and local governmental laws, rules, regulations and
ordinances, except as set forth in the Commission Filings or the Disclosure
Letter, or such that do not cause a material adverse effect. The Company has all
franchises, permits, licenses, consents and other governmental or regulatory
authorizations and approvals necessary for the conduct of its business as now
being conducted by it unless the failure to possess such franchises, permits,
licenses, consents and other governmental or regulatory authorizations and
approvals, individual or in the aggregate, could not reasonably be expected to
have a material adverse effect on the Company's financial condition or operating
results.

        3.11 CERTAIN FEES. No brokers, finders or financial advisory fees or
commissions will be payable by the Company with respect to the transactions
contemplated by this Agreement.

        3.12 DISCLOSURE. To the best of the Company's knowledge, neither this
Agreement nor any other documents furnished to the Purchaser by or on behalf of
the Company in connection with the transactions contemplated by this Agreement
contain any untrue statement of a material fact or omits to state a material
fact necessary in order to make the statements made herein or therein, in the
light of the circumstances under which they were made herein or therein, not
misleading.

        3.13 MATERIAL AGREEMENTS. Except as set forth in the Commission Filings
or the Disclosure Letter, the Company is not a party to any written or oral
contract, instrument, agreement, commitment, obligation, plan or arrangement, a
copy of which would be required to be filed with the Commission as an exhibit to
a registration statement or applicable form (collectively, "Material
Agreements") if the Company were registering securities under the Securities Act
of 1933, as amended (the "Securities Act"). The Company has in all material
respects performed all the obligations required to be performed by it under the
foregoing agreements, has received no notice of default and, to the best of the
Company's knowledge, is not in default under any Material Agreement now in
effect, the result of which could reasonably be expected to cause a material
adverse effect on the Company's financial condition or operating results.

                                      -4-
<PAGE>   8

        3.14 EMPLOYEES. Except as set forth in the Commission Filings or the
Disclosure Letter or as otherwise disclosed by the Company to the Purchaser, the
Company has no collective bargaining arrangements or agreements covering any of
its employees.

        3.15 INTELLECTUAL PROPERTY, TRADEMARKS, ETC. The Company has the right
to use, free and clear of all liens, charges, claims and restrictions, all
intellectual property, patents, trademarks, service marks, trade names,
copyrights, licenses and rights necessary to the business of the Company as
presently conducted. To the best of the Company's knowledge, the Company is not
infringing upon or otherwise acting adversely to the right or claimed right of
any other person under or with respect to the foregoing.

                                    SECTION 4

                REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS

        Each Purchaser hereby represents and warrants to the Company, as to
himself only and not with respect to any other Purchaser, with respect to the
purchase of Shares as follows:

        4.1 EXPERIENCE; SPECULATIVE NATURE OF INVESTMENT. Each Purchaser (or its
principals or advisors) has substantial experience in evaluating and investing
in private placement transactions of securities in companies similar to the
Company so that it is capable of evaluating the merits and risks of its
investment in the Company and has the capacity to protect its own interests.
Each Purchaser acknowledges that its investment in the Company is highly
speculative and entails a substantial degree of risk and each Purchaser is in a
position to lose the entire amount of such investment.

        4.2 INVESTMENT. Each Purchaser is acquiring the Shares for investment
for its own account, not as a nominee or agent, and not with the view to, or for
resale in connection with, any distribution thereof. Each Purchaser understands
that the Shares to be purchased hereby have not been, and will not be,
registered under the Securities Act (except as provided in Section 3 of the
Rights Agreement) by reason of a specific exemption from the registration
provisions of the Securities Act, the availability of which depends upon, among
other things, the bona fide nature of the investment intent and the accuracy of
the Purchasers' representations as expressed herein. Each Purchaser is an
"accredited investor" within the meaning of Regulation D, Rule 501(a),
promulgated by the Securities and Exchange Commission.

        4.3 RULE 144. Each Purchaser acknowledges that the Shares must be held
indefinitely unless subsequently registered under the Securities Act or unless
an exemption from such registration is available. Each Purchaser is aware of the
provisions of Rule 144 promulgated under the Securities Act which permit limited
resale of shares purchased in a private placement subject to the satisfaction of
certain conditions, including, among other things, the existence of a public
market for the shares, the availability of certain current public information
about the Company, the resale occurring not less than one year after a party has
purchased and paid for the security to be sold, the sale being effected through
a "broker's transaction" or in transactions directly with a "market maker" and
the number of shares being sold during any three-month period not exceeding
specified

                                      -5-
<PAGE>   9

limitations. Each Purchaser understands that the certificates
evidencing the Shares will be imprinted with a legend that prohibits the
transfer of such securities unless they are registered or such registration is
not required.

        4.4 ACCESS TO DATA. Each Purchaser has had an opportunity to discuss the
Company's business, management and financial affairs with its management. Each
Purchaser has also had an opportunity to ask questions of officers of the
Company, which questions were answered to its satisfaction. Each Purchaser
understands that such discussions, as well as any written information issued by
the Company, were intended to describe certain aspects of the Company's business
and prospects but were not a thorough or exhaustive description.

        4.5 AUTHORIZATION. The Agreements, when executed and delivered by the
Purchasers, will constitute valid and legally binding obligations of each
Purchaser, enforceable in accordance with their terms, except as the
indemnification provisions of Section 1.9 of the Rights Agreement may be limited
by principles of public policy, and subject to laws of general application
relating to bankruptcy, insolvency and the relief of debtors and rules of law
governing specific performance, injunctive relief or other equitable remedies.

        4.6 BROKERS OR FINDERS. The Purchasers have not engaged any brokers,
finders or agents, and the Company has not, and will not, incur, directly or
indirectly, as a result of any action taken by Purchasers, any liability for
brokerage or finders' fees or agents' commissions or any similar charges in
connection with the Agreements. In the event that the preceding sentence is in
any way inaccurate, each Purchaser agrees to indemnify and hold harmless the
Company and each other Purchaser from any liability for any commission or
compensation in the nature of a finder's fee (and the costs and expenses of
defending against such liability) for which the Company, any other Purchaser, or
any of their officers, directors, employees or representatives, is responsible.

        4.7 TAX LIABILITY. Each Purchaser has reviewed with its own tax advisors
the federal, state, local and foreign tax consequences of this investment and
the transactions contemplated by the Agreements. With respect to such matters,
each Purchaser relies solely on such advisors and not on any statements or
representations of the Company or any of its agents other than the
representations and warranties set forth herein. Each Purchaser understands that
it (and not the Company) shall be responsible for its own tax liability that may
arise as a result of this investment or the transactions contemplated by the
Agreements.

        4.8 RECENT TRANSFERS. The Purchasers have not purchased, sold or
transferred any security of the Company within the sixty days immediately
preceding the date of this Agreement.

                                    SECTION 5

                 CONDITIONS TO PURCHASERS' OBLIGATIONS TO CLOSE

        The Purchasers' obligations to purchase the Shares are, unless waived by
the Purchasers, subject to the fulfillment of the following conditions:

                                      -6-
<PAGE>   10

        5.1 REPRESENTATIONS AND WARRANTIES CORRECT. The representations and
warranties made by the Company in Section 3 hereof shall be true and correct in
all material respects as of the Closing Date.

        5.2 COVENANTS. All covenants, agreements and conditions contained in the
Agreements to be performed by the Company on or prior to the Closing shall have
been performed or complied with in all material respects.

        5.3 BLUE SKY. The Company shall have obtained all necessary Blue Sky law
permits and qualifications, or have the availability of exemptions therefrom,
required by any state for the offer and sale of the Shares.

        5.4 RIGHTS AGREEMENT. The Company and the Purchasers shall have executed
and delivered the Rights Agreement.

        5.5 COMPLIANCE WITH LAW. No provision of any applicable law or
regulation and no judgment, injunction, order or decree shall prohibit the sale
and issuance of the Shares and the consummation of the transactions contemplated
hereby.

                                    SECTION 6

                  CONDITIONS TO COMPANY'S OBLIGATIONS TO CLOSE

        The Company's obligation to sell and issue the Shares is, unless waived
by the Company, subject to the fulfillment of the following conditions:

        6.1 REPRESENTATIONS. The representations and warranties made by the
Purchasers in Section 4 hereof shall be true and correct as of the Closing Date.

        6.2 COVENANTS. All covenants, agreements and conditions contained in the
Agreements to be performed by Purchasers on or prior to the Closing Date shall
have been performed or complied with in all material respects.

        6.3 BLUE SKY. The Company shall have obtained all necessary Blue Sky law
permits and qualifications, or have the availability of exemptions therefrom,
required by any state for the offer and sale of the Shares.

        6.4 RIGHTS AGREEMENT. The Company and the Purchasers shall have executed
and delivered the Rights Agreement.

        6.5 COMPLIANCE WITH LAW. No provision of any applicable law or
regulation and no judgment, injunction, order or decree shall prohibit the sale
and issuance of the Shares and the consummation of the transactions contemplated
hereby.

                                      -7-
<PAGE>   11

                                    SECTION 7

                                  MISCELLANEOUS

        7.1 GOVERNING LAW. This Agreement shall be governed in all respects by
the internal laws of the State of California, without regard to its choice of
law rules.

        7.2 SURVIVAL. The representations, warranties, covenants and agreements
made herein shall survive any investigation made by the Purchasers and the
closing of the transactions contemplated hereby.

        7.3 SUCCESSORS AND ASSIGNS. Except as otherwise provided herein, the
provisions hereof shall inure to the benefit of, and be binding upon, the
successors, assigns, heirs, executors and administrators of the parties hereto;
provided, however, that the rights of the Purchasers to purchase the Shares
shall not be assignable without the prior written consent of the Company.

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

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

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

        7.6 DELAYS OR OMISSIONS. Except as expressly provided herein, no delay
or omission to exercise any right, power or remedy accruing to any party to this
Agreement upon any breach or default of any other party under this Agreement,
shall impair any such right, power or remedy of such non-defaulting party nor
shall it be construed to be a waiver of any such breach or default, or an
acquiescence therein, or of or in any similar breach or default thereafter
occurring; nor shall any

                                      -8-
<PAGE>   12

waiver of any single breach or default be deemed a waiver of any other breach or
default theretofore or thereafter occurring. Any waiver, permit, consent or
approval of any kind or character on the part of any party of any breach or
default under this Agreement, or any waiver on the part of any party of any
provisions or conditions of this agreement, must be in writing and shall be
effective only to the extent specifically set forth in such writing. All
remedies, either under this Agreement or by law or otherwise afforded to any
party to this Agreement, shall be cumulative and not alternative.

        7.7 CALIFORNIA CORPORATE SECURITIES LAW. THE SALE OF THE SECURITIES
WHICH ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE
COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF SUCH
SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR
PRIOR TO SUCH QUALIFICATION IS UNLAWFUL UNLESS THE SALE OF SECURITIES IS EXEMPT
FROM THE QUALIFICATION BY SECTION 25100, 25102, OR 25105 OF THE CALIFORNIA
CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY
CONDITIONED UPON SUCH QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO
EXEMPT.

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

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

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

        7.11 EXPENSES. The Company and the Purchaser shall each bear their own
fees, costs and expenses incurred on their behalf with respect to the Agreements
and the transactions contemplated hereby and any amendments or waiver thereto;
provided, however, the Company shall pay the attorney's fee of one (1) counsel
to the Purchasers not to exceed $5000 in the aggregate.

        7.12 LIMITATION ON LIABILITY. Notwithstanding anything in this Agreement
to the contrary, no Purchaser shall have any liability for any
misrepresentation, breaches of representations or warranties or breaches of
covenants made by any other Purchaser under or in connection with this
Agreement.

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

                            [Signature Page Follows]

                                      -9-
<PAGE>   13

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

                                EUPHONIX, INC.
                                a California corporation

                                -----------------------------------------------
                                By:    James Dobbie
                                Title: Chief Executive Officer and President

                                COMMON PURCHASERS

                                -----------------------------------------------
                                By: Dieter Meier

                                -----------------------------------------------
                                By: Walter Bosch

           [SIGNATURE PAGE TO 6/1/00 COMMON STOCK PURCHASE AGREEMENT]

<PAGE>   14

    EXHIBITS

        A      Schedule of Purchasers
        B      Registration Rights Agreement

                                      iii
<PAGE>   15

                                    EXHIBIT A

                             SCHEDULE OF PURCHASERS

<TABLE>
<CAPTION>
               NAME                        NUMBER OF SHARES                  PURCHASE PRICE
               ----                        ----------------                  --------------
<S>                                        <C>                               <C>
Dieter Meier                                      59,171                          $200,000

Walter Bosch                                      88,757                          $300,000
</TABLE><PAGE>   1
                                                                   EXHIBIT 10.32

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

                                 EUPHONIX, INC.

                               220 PORTAGE AVENUE
                           PALO ALTO, CALIFORNIA 94306

                          REGISTRATION RIGHTS AGREEMENT

                                  JUNE 1, 2000

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

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

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

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

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

                                       i

<PAGE>   3

                                 EUPHONIX, INC.

                          REGISTRATION RIGHTS AGREEMENT

        This Registration Rights Agreement (the "AGREEMENT") is made as of June
1, 2000 between Euphonix, Inc., a California corporation (the "COMPANY") and the
Purchasers of the Company's Common Stock (the "COMMON PURCHASERS") pursuant to
the Company's Common Stock Purchase Agreement dated June 1, 2000 (the "COMMON
STOCK AGREEMENT").

        The Common Purchasers agree to be bound by all of the terms and
conditions of this Agreement.

        NOW, THEREFORE, the parties agree as follows:

                                    SECTION 1

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

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

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

               "Closing Date" shall mean the date of the first purchase and sale
of Common Stock pursuant to the Common Stock Agreement.

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

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

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

<PAGE>   4

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

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

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

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

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

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

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

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

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

                                      -2-

<PAGE>   5

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

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

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

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

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

                                       -3-
<PAGE>   6

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

        1.5 REQUESTED REGISTRATION.

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

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

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

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

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

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

                                (C)     During the period starting with the date
sixty (60) days prior to the Company's estimated date of filing of, and ending
on the date six (6) months immediately

                                      -4-
<PAGE>   7
following the effective date of, any registration statement pertaining to
securities of the Company (other than a registration of securities in a Rule 145
transaction or with respect to an employee benefit plan), provided that the
Company is actively employing in good faith all reasonable efforts to cause such
registration statement to become effective;

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

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

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

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

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

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

                                      -5-

<PAGE>   8

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

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

        1.6 COMPANY REGISTRATION.

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

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

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

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

                                      -6-
<PAGE>   9

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

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

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

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

                                      -7-
<PAGE>   10

above if the registration request is subsequently withdrawn at the request of
the Holders of a majority of the Registrable Securities to be registered (which
Holders shall bear such expenses).

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

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

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

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

                (d)     Use its best efforts to register and qualify the
securities covered by such registration statement under such other securities or
blue sky laws of such jurisdictions as shall be reasonably requested by the
Holders, provided that the Company shall not be required in connection therewith
or as a condition thereto to qualify to do business or to file a general consent
to service of process in any such states or jurisdictions; and

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

        1.9     INDEMNIFICATION.

                (a)     The Company will indemnify each Holder, each of its
officers and directors and partners, and each person controlling such Holder
within the meaning of Section 15 of the Securities Act, with respect to which
registration, qualification or compliance has been effected pursuant to this
Section 1, and each underwriter, if any, and each person who controls any
underwriter within the meaning of Section 15 of the Securities Act, against all
expenses, claims, losses, damages or liabilities (or actions in respect
thereof), including any of the foregoing incurred in settlement of any
litigation, commenced or threatened, arising out of or based on any untrue
statement (or alleged untrue statement) of a material fact contained in any
registration statement, prospectus, offering circular or other document, or any
amendment or supplement thereto, incident to

                                      -8-
<PAGE>   11

any such registration, qualification or compliance, or based on any omission (or
alleged omission) to state therein a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances in
which they were made, not misleading, or any violation by the Company of the
Securities Act, the Exchange Act, state securities law or any rule or regulation
promulgated under such laws applicable to the Company in connection with any
such registration, qualification or compliance, and within a reasonable period
the Company will reimburse each such Holder, each of its officers and directors,
and each person controlling such Holder, each such underwriter and each person
who controls any such underwriter, for any legal and any other expenses
reasonably incurred in connection with investigating, preparing or defending any
such claim, loss, damage, liability or action; provided that the Company will
not be liable in any such case to the extent that any such claim, loss, damage,
liability or expense arises out of or is based on any untrue statement or
omission or alleged untrue statement or omission, made in reliance upon and in
conformity with written information furnished to the Company by an instrument
duly executed by such Holder, controlling person or underwriter and stated to be
specifically for use therein.

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

                (c) Each party entitled to indemnification under this Section
1.9 (the "INDEMNIFIED Party") shall give notice to the party required to provide
indemnification (the "INDEMNIFYING PARTY") promptly after such Indemnified Party
has actual knowledge of any claim as to which indemnity may be sought, and shall
permit the Indemnifying Party to assume the defense of any such claim or any
litigation resulting therefrom, provided that counsel for the Indemnifying
Party, who shall conduct the defense of such claim or litigation, shall be
approved by the Indemnified Party (whose approval shall not unreasonably be
withheld), and the Indemnified Party

                                      -9-
<PAGE>   12

may participate in such defense at such party's expense, and provided further
that the failure of any Indemnified Party to give notice as provided herein
shall not relieve the Indemnifying Party of its obligations under this Section 1
unless the failure to give such notice is materially prejudicial to an
Indemnifying Party's ability to defend such action and provided further, that
the Indemnifying Party shall not assume the defense for matters as to which
there is a conflict of interest or separate and different defenses. No
Indemnifying Party, in the defense of any such claim or litigation, shall,
except with the consent of each Indemnified Party, consent to entry of any
judgment or enter into any settlement which does not include as an unconditional
term thereof the giving by the claimant or plaintiff to such Indemnified Party
of a release from all liability in respect to such claim or litigation. No
Indemnifying Party shall be liable for indemnification hereunder with respect to
any settlement or consent to judgment, in connection with any claim or
litigation to which these indemnification provisions apply, that has been
entered into without the prior consent of the Indemnifying Party (which consent
will not be unreasonably withheld).

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

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

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

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

               (c) So long as a Holder owns any Restricted Securities, to
furnish to the Holder forthwith upon request a written statement by the Company
as to its compliance with the reporting requirements of said Rule 144, and of
the Securities Act and the Exchange Act, a copy of the most recent annual or
quarterly report of the Company, and such other reports and documents of the
Company and other information in the possession of or reasonably obtainable by
the Company as the Holder may reasonably request in availing itself of any rule
or regulation of the Commission allowing the Holder to sell any such securities
without registration.

        1.12 TRANSFER OF REGISTRATION RIGHTS. The rights to cause the Company to
register securities granted Holders under Sections 1.5 and 1.6 may be assigned
to a transferee or assignee reasonably acceptable to the Company (which consent
shall not be unreasonably withheld) in connection with any transfer or
assignment of Registrable Securities by a Holder, provided that (i) such
transfer may otherwise be effected in accordance with applicable securities
laws, and (ii) such

                                      -10-
<PAGE>   13

assignee or transferee acquires at least 50,000 shares of Registrable Securities
(adjusted for stock splits, stock dividends, stock recombinations and the like
after the date of this Agreement). Notwithstanding the above, the rights to
cause the Company to register securities may be assigned to any partner,
shareholder, equity holder or officer of a Holder without compliance with item
(ii) above, provided written notice thereof is promptly given to the Company.

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

                                    SECTION 2

                                  MISCELLANEOUS

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

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

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

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

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

                                      -11-
<PAGE>   14

addressed to the attention of the President and Chief Executive Officer, or at
such other address as the Company shall have furnished to the Common Purchasers.

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

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

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

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

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

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

                            [Signature Page Follows]

                                      -12-
<PAGE>   15

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

                              EUPHONIX, INC.
                              a California corporation

                              ------------------------------------------
                              By:    James Dobbie
                              Title: Chief Executive Officer and President

                              COMMON PURCHASERS

                              ------------------------------------------
                              By:  Dieter Meier

                              ------------------------------------------
                              By:  Walter Bosch

            [SIGNATURE PAGE TO 6/1/00 REGISTRATION RIGHTS AGREEMENT]

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