Document:

SECURITIES EXCHANGE AGREEMENT

SECURITIES EXCHANGE AGREEMENT (the "Agreement"), dated as of June 28, 2002 by
and among Cambex Corporation, a Massachusetts corporation, with headquarters
located at 360 Second Avenue, Waltham, Massachusetts 02451 (the "Company"),
and the investor listed on the Schedule of Purchasers attached hereto (the
"Purchaser").

WHEREAS:

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

B. The Company has authorized the following new series of its preferred
stock, par value $1.00 per share:  the Company's Series A Convertible
Preferred Stock ("Preferred Stock") which shall be convertible into shares of
the Company's Common Stock, $.10 par value per share (the "Common Stock") (as
converted, the "Conversion Shares"), in accordance with the terms of the
Company's Certificate of Designations: Rights, Preferences, Privileges and
Restrictions of the Preferred Stock in the form attached hereto as Exhibit A
(the "Certificate of Designations").

C. The Purchaser wishes to exchange a note evidenced by a Loan and Security
Agreements dated November 5, 1999, November 9, 1999, March 30, 2001,
September 4, 2001 with a total principal amount of $275,000, along with all
accrued but unpaid interest (collectively the "Notes") upon the terms and
conditions stated in this Agreement for an aggregate of 27,020 (twenty seven
thousand and twenty) shares of convertible Preferred Stock (the "Preferred
Shares").

D. The location of defined terms in this Agreement is set forth on the Index
of Terms attached hereto.

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

1.	EXCHANGE OF NOTES INTO SHARES.

a. Exchange of Notes.  Subject to the satisfaction (or waiver) of the
conditions set forth in Sections 6 and 7 below, the Company shall issue to
the Purchaser the respective number of Preferred Shares set forth opposite
the Purchaser's name on the Schedule of Purchasers (the "Closing").  The
Purchase Price (the "Purchase Price") of Preferred Shares shall be $12.50.
On the Closing Date (as defined below), the Company shall deliver to each
Purchaser a stock certificate(s) representing such number of Preferred Shares
which such Purchaser is then receiving (as indicated opposite such
Purchaser's name on the Schedule of Purchasers), duly executed on behalf of
the Company and registered in the name of such Purchaser or its designee (the
"Stock Certificates").

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b. Closing Date.  The date and time of the Closing (the "Closing Date") shall
be 10:00 a.m. Eastern Standard Time on June 28, 2002, subject to the
satisfaction (or waiver) of the conditions to the Closing set forth in
Sections 6 and 7 below (or such later date as is mutually agreed to by the
Company and the Purchaser).

c. Form of Payment.  On the Closing Date, each Purchaser shall deliver to the
Company the Notes in exchange for the Preferred Shares to be issued to such
Purchaser at the Closing.

2.	PURCHASER'S REPRESENTATIONS AND WARRANTIES.
Each Purchaser represents and warrants with respect to only itself that:

a. Investment Purpose.  Such Purchaser (i) is acquiring the Preferred Shares
and (ii) upon conversion of the Preferred Shares, will acquire the Conversion
Shares then issuable (the Preferred Shares and the Conversion Shares,
collectively, are referred to herein as the "Securities") for its own account
for investment only and not with a present view towards, or for resale in
connection with, the public sale or distribution thereof, except pursuant to
sales registered or exempted under the 1933 Act; provided, however, that by
making the representations herein, such Purchaser does not agree to hold any
Securities for any minimum or other specific term and reserves the right to
dispose of the Securities at any time in accordance with or pursuant to a
registration statement or an exemption under the 1933 Act.

b. Accredited Investor Status.  Such Purchaser is an "accredited investor" as
that term is defined in Rule 501(a)(3) of Regulation D under the 1933 Act.

c. Reliance on Exemptions.  Such Purchaser understands that the Securities
are being offered and sold to it in reliance on specific exemptions from the
registration requirements of the United States federal and state securities
laws and that the Company is relying upon the truth and accuracy of, and such
Purchaser's compliance with, the representations, warranties, agreements,
acknowledgments and understandings of such Purchaser set forth herein in
order to determine the availability of such exemptions and the eligibility of
such Purchaser to acquire the Securities.

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

e. No Governmental Review.  Such Purchaser understands that no United States
federal or state agency or any other government or governmental agency has

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passed on or made any recommendation or endorsement of the Securities or the
fairness or suitability of the investment in the Securities nor have such
authorities passed upon or endorsed the merits of the offering of the
Securities.

f. Transfer or Resale.  Such Purchaser understands that: (i) the Securities
have not been and are not being registered under the 1933 Act or any state
securities laws, and may not be offered for sale, sold, assigned or
transferred unless (A) they are offered, sold, assigned or transferred
pursuant to an effective registration statement under the 1933 Act, (B) such
Purchaser shall have delivered to the Company an opinion of counsel, in a
form and from counsel reasonably acceptable to the Company, to the effect
that such Securities to be sold, assigned or transferred may be sold,
assigned or transferred pursuant to an exemption from such registration, or
(C) such Purchaser provides the Company with reasonable assurance that such
Securities can be sold, assigned or transferred pursuant to Rule 144
promulgated under the 1933 Act (or a successor rule thereto) ("Rule 144");
(ii) any sale of the Securities made in reliance on Rule 144 may be made only
in accordance with the terms of Rule 144 and further, if Rule 144 is not
applicable, any resale of the Securities under circumstances in which the
seller (or the person through whom the sale is made) may be deemed to be an
underwriter (as that term is defined in the 1933 Act) may require compliance
with some other exemption under the 1933 Act or the rules and regulations of
the SEC thereunder; and (iii) neither the Company nor any other person is
under any obligation to register the Securities under the 1933 Act or any
state securities laws or to comply with the terms and conditions of any
exemption thereunder.

g. Legends.  Purchaser understands that the certificates or other instruments
representing the Preferred Shares and, until such time as the sale of the
Conversion Shares have been registered under the 1933 Act, the stock
certificates representing the Conversion Shares shall bear a restrictive
legend in substantially the following form (and a stop transfer order may be
placed against transfer of such stock certificates):

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS.
THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR
SALE, SOLD, TRANSFERRED, OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL, IN
A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT
OR APPLICABLE STATE SECURITIES LAWS OR UNLESS SOLD PURSUANT TO RULE 144 UNDER
SAID ACT.

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

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h. Authorization; Enforcement; Validity.  Such Purchaser has full power and
authority to enter into and perform in accordance with its and their terms,
this Agreement and each other Transaction Agreement (as defined below).  This
Agreement and each of the other Transaction Agreements have been duly and
validly authorized, executed and delivered on behalf of such Purchaser and is
a valid and binding agreement of such Purchaser enforceable against such
Purchaser in accordance with its terms, subject as to enforceability to
general principles of equity and to applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation and other similar laws relating to,
or affecting generally, the enforcement of applicable creditors' rights and
remedies.

i. Residency.  Such Purchaser is a resident of that country or state
specified in its address on the Schedule of Purchasers.

j. Scheme to Evade Registration.
Purchaser represents and warrants to the Company, as to Itself only, that the
acquisition of the Securities is not a transaction (or any element of a
series of transactions) that is part of a plan or scheme by the Purchaser to
evade the registration provisions of the 1933 Act and that

i. such Purchaser is an "accredited investor" within the meaning of Rule 501
under the Securities Act;
ii. such Purchaser has sufficient knowledge and experience to evaluate the
risks and merits of its investment in the Company and it is able financially
to bear the risks thereof;
iii. such Purchaser has had an opportunity to ask questions of and receive
answers from and to discuss the Company's business, management, and financial
affairs with the Company's management;
iv. the Securities are being acquired for its own account for the purpose of
investment and not with a view to or for sale in connection with any
distribution thereof;
v. such Purchaser was not offered nor made aware of the Company's interest in
issuing the Preferred Shares by any means of public advertisement or
solicitation;
vi. in connection with such Purchaser's purchase of the Securities, it has
been solely responsible for its own (x) due diligence investigation of the
Company and (y) investment decision, and has not engaged or relied upon any
agent or "purchaser representative" to review or analyze the Company's
business and affairs or advise Purchaser with respect to the merits of the
investment;
vii. such Purchaser has full power and authority to execute, deliver, and
perform this Agreement; and this Agreement constitutes the legal, valid, and
binding obligation of such Purchaser, enforceable against it in accordance
with their respective terms; and
viii. if such Purchaser proposes to sell the Securities pursuant to Rule 144A
under the Securities Act, it will (x) take reasonable steps to obtain the
information required by such Rule to establish a reasonable belief that the
prospective purchaser is a "qualified institutional buyer" as such term is
defined in Rule 144A and (y) advise the prospective purchaser that the
Purchaser is relying on the exemption from the registration provisions of the
Securities Act available pursuant to Rule 144A.

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3.	REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

	The Company represents and warrants to each Purchaser, except as
referenced on Schedule 1 hereto (the "Disclosure Schedule"), which reference
shall set forth the specific section to which the qualification relates and
the statement which constitutes the qualification, that:

a. Organization and Qualification.

The Company and its subsidiaries are corporations duly organized, validly
existing, and in good standing under the laws of the jurisdiction in which
they are incorporated, and have the requisite corporate power to own their
properties and to carry on their business as now being conducted.  Each of
the Company and each subsidiary is duly qualified as a foreign corporation to
do business and is in good standing in each jurisdiction in which the nature
of the business conducted by it makes such qualification necessary, except to
the extent that the failure to be so qualified or be in good standing would
not have a material adverse effect on the Company and its subsidiaries taken
as a whole.

b. Authorization, Enforcement, Compliance with Other Instruments.

i. The Company has the requisite corporate power and authority to enter into
and perform each of this Agreement, any and all amendments thereto, and any
related agreements (collectively, the "Transaction Agreements" and
individually a "Transaction Agreement"), and to issue the Securities thereof;

ii. the execution and delivery by the Company of each of the Transaction
Agreements and the consummation by it of the transactions contemplated
thereby, including without limitation the issuance of the Preferred Shares
and the reservation for issuance and the issuance of the Conversion Shares
issuable upon conversion of the Preferred Shares have been duly authorized by
the Company's Board of Directors and no further consent or authorization is
required by the Company, its Board of Directors, or its stockholders;

iii. each of the Transaction Agreements have been duly and validly executed
and delivered by the Company; and

iv. each of the Transaction Agreements constitutes the valid and binding
obligation of the Company enforceable against the Company in accordance with
its terms, except as such enforceability may be limited by general principles
of equity or applicable bankruptcy, insolvency, reorganization, moratorium,
liquidation, or similar laws relating to, or affecting generally, the
enforcement of creditors' rights and remedies.

c. Capitalization.  Immediately prior to Closing, the authorized capital
stock of the Company consisted of 28,000,000 shares of capital stock, of
which 25,000,000 shares are common Stock, par value $.10, of which 18,040,351
shares were issued and outstanding as of the date of this Agreement, and
3,000,000 shares of Preferred Stock, par value $1.00, none of which are
issued and outstanding.  All of such outstanding shares have been validly
issued and are fully paid and nonassessable.  Except as described in Section
3(c) of the Disclosure Schedule, no shares

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of Common Stock or Preferred Stock are subject to preemptive rights or any
other similar rights or any liens or encumbrances suffered or permitted by
the Company.  Except as disclosed in Section 3(c) of the Disclosure Schedule,
as of the effective date of this Agreement, (i) there are no outstanding
options, warrants, scrip, rights to subscribe to, calls, or commitments of
any character whatsoever relating to, or securities or rights convertible
into, any shares of capital stock of the Company or any of its subsidiaries,
or contracts, commitments, understandings, or arrangements by which the
Company or any of its subsidiaries is or may become bound to issue additional
shares of capital stock of the Company or any of its subsidiaries, or
options, warrants, scrip, rights to subscribe to, calls or commitments of any
character whatsoever relating to, or securities or rights convertible into,
any shares of capital stock of the Company or any of its subsidiaries, (ii)
there are no outstanding debt securities, and (iii) there are no agreements
or arrangements under which the Company or any of its subsidiaries is
obligated to register the sale of any of their securities under the 1933 Act.
There are no securities or instruments containing anti-dilution or similar
provisions that will be triggered by the issuance of the Securities in the
manner contemplated by this Agreement.  The Company has furnished to the
Purchaser true and correct copies of the Company's Articles of Organization,
as amended (the "Charter") and the Company's Bylaws, as in effect on the date
hereof (the "Bylaws"), and the terms of all securities convertible into or
exercisable for Common Stock and the material rights of the holders thereof
in respect thereto.

d. Issuance of Securities.  The Preferred Shares have been duly authorized
and are free from all taxes, liens, and charges with respect to the issue
thereof.  The Conversion Shares issuable upon conversion of the Preferred
Shares have been duly authorized and reserved for issuance and will, be duly
and validly issued, fully paid, and nonassessable, and free from all taxes,
liens, and charges, with respect to the issuance thereof, with the holders
being entitled to all rights accorded to a holder of Common Stock.

e. No Conflicts.  Except as disclosed in Section 3(e) of the Disclosure
Schedule, the execution, delivery, and performance of the Transaction
Agreements by the Company, and the consummation by the Company of the
transactions contemplated thereby, will not (i) result in a violation of the
Charter or the Bylaws of the Company or (ii) conflict with, constitute a
default (or an event which with notice or lapse of time or both would become
a default) under, or give to others any rights of termination, amendment,
acceleration, or cancellation of, any agreement, indenture, or instrument to
which the Company or any of its subsidiaries is a party, or result in a
violation of any law, rule, regulation, order, judgment, or decree (including
federal and state securities laws and regulations and the rules and
regulations of the principal market or exchange on which the Common Stock is
traded or listed) applicable to the Company or any of its subsidiaries or by
which any property or asset of the Company or any of its subsidiaries is
bound or affected.  Except as described in Section 3(e) of the Disclosure
Schedule, neither the Company nor any subsidiary is in violation of any term
of, or in default under, its Charter or the Bylaws or their organizational
charter or Bylaws, respectively, or any material contract, agreement,
mortgage, indebtedness, indenture, instrument, judgment, decree, or order or
any statute, rule, or regulation applicable to the Company or its
subsidiaries.  The business of the Company and its subsidiaries is not being
conducted in violation of any law, ordinance, or regulation of any
governmental entity.  Except as specifically contemplated by this Agreement
and as required

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under the 1933 Act and any applicable state securities laws, the Company is
not required to obtain any consent, authorization, or order of, or make any
filing or registration with, any court or governmental agency in order for it
to execute, deliver, and perform any of its obligations under or contemplated
by the Transaction Agreements in accordance with the terms thereof.  Except
as disclosed in Section 3(e) of the Disclosure Schedule, all consents,
authorizations, orders, filings, and registrations which the Company is
required to obtain pursuant to the preceding sentence have been obtained or
effected on or prior to the date hereof.  The Company and its subsidiaries
are unaware of any facts or circumstances which might give rise to any of the
foregoing.

f. SEC Documents;  Financial Statements.  Since January 1, 2000, the Company
has filed all reports, schedules, forms, statements, and other documents
required to be filed by it with the SEC pursuant to the reporting
requirements of the Securities Exchange Act of 1934, as amended (the "1934
Act") (all of the foregoing filed prior to the date hereof and all exhibits
included therein and financial statements and schedules thereto and documents
incorporated by reference therein, being hereinafter referred to as the "SEC
Documents").  The Company has made available to each Purchaser or its
representative true and complete copies of the SEC Documents.  The Company
(i) is a "reporting issuer" as defined in Rule 902(1) of Regulation S and
(ii) has a class of securities registered under Section 12(b) or 12(g) of the
1934 Act or is required to file reports pursuant to Section 15(d) of the 1934
Act, and has filed all the materials required to be filed as reports pursuant
to the Exchange Act for the period the Company was required by law to file
such material.  As of their respective dates, the financial statements of the
Company included in the SEC Documents (the "Financial Statements") complied
as to form in all material respects with applicable accounting requirements
and the published rules and regulations of the SEC with respect thereto.
Such financial statements have been prepared in accordance with generally
accepted accounting principles, consistently applied, during the periods
involved (except (a) as may be otherwise indicated in such financial
statements or the notes thereto, or (b) in the case of unaudited interim
statements, to the extent they may exclude footnotes or may be condensed or
summary statements) and present fairly, in all material respects, the
financial position of the Company as of the dates thereof, and the results of
its operations and cash flows for the periods then ended (subject, in the
case of unaudited statements, to normal year-end audit adjustments).  No
other information provided by or on behalf of the Company to the Purchaser
which is not included in the SEC Documents, including, without limitation,
information referred to in Section 3(f) of this Agreement, contains any
untrue statement of a material fact or omits to state any material fact
necessary in order to make the statements therein, in the light of the
circumstance under which they are or were made, not misleading.

g. Absence of Certain Changes.  Except as described in Section 3(g) of the
Disclosure Schedule, since the date of the most recent audited balance sheet
included in the SEC Documents, there has been no material adverse change and
no material adverse development in the business, properties, operations,
financial condition, results of operations, or prospects of the Company or
its subsidiaries.  The Company has not taken any steps, and does not
currently expect to take any steps, to seek protection pursuant to any
bankruptcy law nor does the Company or its subsidiaries have any knowledge
that its creditors intend to initiate involuntary bankruptcy proceedings.

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h. Absence of Litigation.  There is no action, suit, proceeding, inquiry, or
investigation before or by any court, public board, government agency, self-
regulatory organization, or body pending or, to the knowledge of the Company
or any of its subsidiaries, threatened against or affecting the Company, the
Common Stock, or any of the Company's subsidiaries, wherein an unfavorable
decision, ruling or finding would (i) have a material adverse effect on the
transactions contemplated hereby, (ii) adversely affect the validity or
enforceability of, or the authority or ability of the Company to perform its
obligations under the Transaction Agreements, or (iii) except as expressly
set forth in Schedule 3(h) of the Disclosure Schedule, have a material
adverse effect on the business, operations, properties, financial condition,
or results of operation of the Company and its subsidiaries taken as a whole.

i. Purchase of Securities.  The Company acknowledges and agrees that the
Purchaser is acting solely in the capacity of an arm's length purchaser with
respect to this Agreement and the transactions contemplated hereby.  The
Company further acknowledges that the Purchaser is not acting as a financial
advisor or fiduciary of the Company (or in any similar capacity) with respect
to this Agreement and the transactions contemplated hereby and any advice
given by the Purchaser or any of its respective representatives or agents in
connection with this Agreement and the transactions contemplated hereby is
merely incidental to such Purchaser's purchase of the Securities.  The
Company further represents to the Purchaser that the Company's decision to
enter into this Agreement has been based solely on the independent evaluation
by the Company and its representatives.

j. No Undisclosed Events, Liabilities, Developments, or Circumstances.  No
event, liability, development, or circumstance has occurred or exists, or to
the knowledge of the Company is contemplated to occur, with respect to the
Company or its subsidiaries or their respective business, properties,
prospects, operations, or financial condition, which could be material but
which has not been publicly announced or disclosed in writing to the
Purchaser.

k. No General Solicitation.  Neither the Company, nor any of its affiliates,
nor any person acting on its or their behalf, has engaged in any form of
general solicitation or general advertising (within the meaning of Regulation
D under the 1933 Act) in connection with the offer or sale of the Securities.

l. No Integrated Offering.  Neither the Company, nor any of its affiliates,
nor any person acting on its or their behalf has, directly or indirectly,
made any offers or sales of any security or solicited any offers to buy any
security, under circumstances that would require registration of any of the
Securities under the 1933 Act or cause this offering to be integrated with
prior offerings by the Company for purposes of the 1933 Act or any applicable
stockholder approval provisions.

m. Employee Relations.  Neither the Company nor any of its subsidiaries is
involved in any labor dispute nor, to the knowledge of the Company or any of
its subsidiaries, is any such dispute threatened.  None of the Company's or
its subsidiaries' employees is a member of a union and the Company and its
subsidiaries believe that their relations with their employees are good.

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n. Intellectual Property Rights.  The Company and its subsidiaries own or
possess adequate rights or licenses to use all trademarks, trade names,
service marks, service mark registrations, service names, patents, patent
rights, copyrights, inventions, licenses, approvals, governmental
authorizations, trade secrets, and rights necessary to conduct their
respective businesses as now conducted.  Except as set forth on Section 3(n)
of the Disclosure Schedule, none of the Company's trademarks, trade names,
service marks, service mark registrations, service names, patents, patent
rights, copyrights, inventions, licenses, approvals, government
authorizations, trade secrets, or other intellectual property rights have
expired or terminated, or are expected to expire or terminate in the near
future, other than those that would not have a material adverse effect on the
Company.  The Company and its subsidiaries do not have any knowledge of any
infringement by the Company or its subsidiaries of the trademark, trade name
rights, patents, patent rights, copyrights, inventions, licenses, service
names, service marks, service mark registrations, trade secret, or other
similar rights of others. Except as set forth on Section 3(n) of the
Disclosure Schedule, there is no claim, action, or proceeding being made or
brought against, or to the Company's knowledge, being threatened against, the
Company or its subsidiaries regarding trademark, trade name, patents, patent
rights, invention, copyright, license, service names, service marks, service
mark registrations, trade secret, or other infringement, and the Company and
its subsidiaries are unaware of any facts or circumstances which might give
rise to any of the foregoing.  The Company and its subsidiaries have taken
reasonable security measures to protect the secrecy, confidentiality, and
value of all of their intellectual properties.

o. Environmental Laws.  The Company and its subsidiaries are (i) in
compliance with any and all applicable foreign, federal, state, and local
laws and regulations relating to the protection of human health and safety,
the environment, or hazardous, toxic substances, wastes, pollutants, or
contaminants ("Environmental Laws"), (ii) have received all permits,
licenses, or other approvals required of them under applicable Environmental
Laws to conduct their respective businesses, and (iii) are in compliance with
all terms and conditions of any such permit, license, or approval.

p. Title.  The Company and its subsidiaries have good and marketable title in
fee simple to all real property and good and marketable title to all personal
property owned by them which is material to the business of the Company and
its subsidiaries, in each case free and clear of all liens, encumbrances, and
defects except as described in Section 3(p) of the Disclosure Schedule or as
do not materially affect the value of such property and do not interfere with
the use made and proposed to be made of such property by the Company and its
subsidiaries.  Any real property and facilities held under lease by the
Company and its subsidiaries are held by them under valid, subsisting, and
enforceable leases with such exceptions as are not material, and do not
interfere with the use made and proposed to be made of such property and
buildings by the Company and its subsidiaries.

q. Insurance.  The Company and each of its subsidiaries are insured by
insurers of recognized financial responsibility against such losses and
risks, and in such amounts, as management of the Company believes to be
prudent and customary in the businesses in which the Company and its
subsidiaries are engaged.  Neither the Company nor any such subsidiary has
been refused any insurance coverage sought or applied for, and neither the
Company nor any such

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subsidiary has any reason to believe that it will not be able to renew its
existing insurance coverage as and when such coverage expires or to obtain
similar coverage from similar insurers as may be necessary to continue its
business at a cost that would not materially and adversely affect the
condition, financial, or otherwise, or the earnings, business, or operations
of the Company and its subsidiaries, taken as a whole.

r. Regulatory Permits.  The Company and its subsidiaries possess all
certificates, authorizations, and permits issued by the appropriate federal,
state, or foreign regulatory authorities necessary to conduct their
respective businesses, except to the extent that the failure to possess any
such certificate, authorization, and permit would not have a material adverse
effect on the Company and its subsidiaries taken as a whole, and neither the
Company nor any such subsidiary has received any notice of proceedings
relating to the revocation or modification of any such certificate,
authorization, or permits.

s. Internal Accounting Controls.  The Company and each of its subsidiaries
maintain a system of internal accounting controls sufficient to provide
reasonable assurance that (i) transactions are executed in accordance with
management's general or specific authorizations, (ii) transactions are
recorded as necessary to permit preparation of financial statements in
conformity with generally accepted accounting principles and to maintain
asset accountability, (iii) access to assets is permitted only in accordance
with management's general or specific authorization, and (iv) the recorded
accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences.

t. No Materially Adverse Contracts, Etc.  Neither the Company nor any of its
subsidiaries is subject to any charter, corporate, or other legal
restriction, or any judgment, decree, order, rule, or regulation which in the
judgment of the Company's officers has, or to the knowledge of the Company is
expected in the future to have, a material adverse effect on the business,
properties, operations, financial condition, results of operations, or
prospects of the Company or its subsidiaries.  Neither the Company nor any of
its subsidiaries is a party to any contract or agreement which in the
judgment of the Company's officers has, or to the knowledge of the Company is
expected to have, a material adverse effect on the business, properties,
operations, financial condition, results of operations, or prospects of the
Company or its subsidiaries.

u. Tax Status.  The Company and each of its subsidiaries has made or filed
all federal and state income and all other tax returns, reports, and
declarations required by any jurisdiction to which it is subject (unless and
only to the extent that the Company and each of its subsidiaries has set
aside on its books provisions reasonably adequate for the payment of all
unpaid and unreported taxes), and has paid all taxes and other governmental
assessments and charges that are material in amount, shown or determined to
be due on such returns, reports, and declarations, except those being
contested in good faith, and has set aside on its books amounts deemed
reasonably adequate for the payment of all taxes for periods subsequent to
the periods to which such returns, reports, or declarations apply.  There are
no unpaid taxes in any material amount claimed to be due by the taxing
authority of any jurisdiction, and the officers of the Company know of no
basis for any such claim, and there are no open years, examinations in
progress or

10
<PAGE>

claims against it for federal, state or other taxes (including penalties and
interest) for any period or periods prior to the date hereof.

v. Certain Transactions.  Except as set forth on Section 3(v) of the
Disclosure Schedule and in the SEC Documents, and except for arm's length
transactions pursuant to which the Company makes payments in the ordinary
course of business upon terms no less favorable than the Company could obtain
from third parties and other than the grant of stock options disclosed on
Section 3(c) of the Disclosure Schedule, none of the officers, directors, or
employees of the Company is presently a party to any transaction with the
Company (other than for services as employees, officers, and directors),
including any contract, agreement, or other arrangement providing for the
furnishing of services to or by, providing for rental of real or personal
property to or from, or otherwise requiring payments to or from any officer,
director, or such employee or, to the knowledge of the Company, any
corporation, partnership, trust, or other entity in which any officer,
director, or any such employee has a substantial interest or is an officer,
director, trustee, or partner.

w. Dilutive Effect.  The Company understands and acknowledges that the number
of Conversion Shares issuable upon conversion of the Preferred Shares will
increase in certain circumstances.  The Company further acknowledges that its
obligation to issue Conversion Shares upon conversion of the Preferred Shares
in accordance with this Agreement is absolute and unconditional regardless of
the dilutive effect that such issuance may have on the ownership interests of
other stockholders of the Company.

x. Foreign Corrupt Practices Act.  The Company has not made, offered, or
agreed to offer anything of value to any government official, political
party, or candidate for government office nor has it taken any action which
would cause the Company to be in violation of the Foreign Corrupt Practices
Act of 1977.

y. Disclosure.  Neither this Agreement nor any Schedule or Exhibit hereto,
contains an untrue statement of a material fact or omits a material fact
necessary to make the statements contained herein or therein not misleading.
None of the statements, documents, certificates or other items prepared or
supplied by the Company with respect to the transactions contemplated hereby
contains an untrue statement of a material fact or omits a material fact
necessary to make the statements contained therein not misleading.

4.	COVENANTS AND AGREEMENTS

a. Best Efforts.  Each party shall use its best efforts to timely satisfy
each of the conditions to be satisfied by it as provided in Sections 7 and 8
of this Agreement.

b. Reporting Status.  Until the later of after (i) the date as of which the
Purchaser may sell all of the Conversion Shares without restriction pursuant
to Rule 144(k) promulgated under the 1933 Act (or successor thereto) and (ii)
the date on which (A) the Purchaser shall have sold all the Conversion Shares
and (B) none of the Preferred Shares is outstanding (the "Reporting Period"),
the Company shall timely file all reports required to be filed with the SEC
pursuant to the 1934 Act, and the Company shall not terminate its status as
an issuer required to file reports

11
<PAGE>

under the 1934 Act even if the 1934 Act or the rules and regulations
thereunder would otherwise permit such termination.

c. Reservation of Shares.  The Company shall take all action necessary to at
all times have authorized, and reserved for the purpose of issuance, no less
than 110% of the number of shares of Common Stock needed to provide for the
issuance of the shares of Common Stock upon conversion of all outstanding
Initial Preferred Shares (without regard to any limitations on conversions).

d. Corporate Existence.  So long as a Purchaser beneficially owns any
Preferred Stock, the Company shall maintain its corporate existence and shall
not sell all or substantially all of the Company's assets, except in the
event of a merger or consolidation or sale of all or substantially all of the
Company's assets, (x) where the consideration tendered by the surviving or
successor entity in such transaction consists entirely of cash or (y) where
the surviving or successor entity in such transaction (i) assumes the
Company's obligations hereunder and under the agreements and instruments
entered into in connection herewith and (ii) such surviving or successor
entity or its parent into whose stock the Preferred Shares will be
convertible or exercisable is a publicly traded corporation.

e. Expenses.  Each of the Company and the Purchaser shall pay its respective
costs and expenses incurred by such party in connection with the negotiation,
investigation, preparation, execution, delivery and performance of this
Agreement.

f. Disclosure.  From and after the date hereof, the Company will not provide
to any Purchaser any material non-public information which, according to
applicable law, rule or regulation should be disclosed publicly by the
Company but which has not been so disclosed.

g. Compliance with Law.  The Company will conduct its business in compliance
with all applicable laws, rules, ordinances and regulations of the
jurisdictions in which it is conducting business, including, without
limitation, all applicable local, state and federal environmental laws and
regulations the failure to comply with which would have a Material Adverse
Effect.

h. Consent of Purchaser.  The Company will obtain the prior written consent
of the Purchaser before undertaking the actions specified below.  The Company
may undertake any such requested action only after receiving the advance
written consent of Purchasers representing not less than two-thirds (2/3) of
the outstanding shares of the Series A Preferred Stock.

i. Definition of Debt.  For purposes of this Agreement, the capitalized term
"Debt" of any Person shall mean:

(a)	all indebtedness of such Person for borrowed money, including without
limitation obligations evidenced by bonds, debentures, bridge notes, or other
similar instruments;

12
<PAGE>

(b)	all indebtedness of others for borrowed money guaranteed in any manner
by such Person, or in effect guaranteed by such Person through an agreement
to purchase, contingent or otherwise;

(c)	all accounts payable which, to the knowledge of such Person, have
remained unpaid for a period of 90 days after the same become due and payable
in accordance with their respective terms taking into account any grace
period relating to the due date expressly set forth in the applicable invoice
with respect to the payment of such accounts payable, except for the trade
payables previously disclosed by the Company that have remained unpaid for
more than ninety days as of the date of this Agreement that have been
disclosed in the Company's SEC Documents;

(d)	all indebtedness secured by any mortgage, lien, pledge, charge,
security interest or other encumbrance upon or in property owned by such
Person, even though such Person has not assumed or become liable for the
payment of such indebtedness;

(e)	all indebtedness created or arising under any conditional sale
agreement or lease in the nature thereof (including obligations as lessee
under leases which shall have been or should be, in accordance with generally
accepted accounting principles, recorded as capitalized leases) (but
excluding operating leases) or other title retention agreement with respect
to property acquired by such Person, even though the rights and remedies of
the seller or lender under such agreement in the event of default are limited
to repossession of such property;

(f)	all bankers' acceptances and letters of credit; and

(g)	liabilities in respect of unfunded vested benefits under Plans covered
by Title IV of ERISA.

ii. Creation of New Debt.  The Company will not create, assume, or incur or
become or at any time be liable in respect of, any Debt without the consent
of the Purchaser, except:

(a)	Debt outstanding on the date hereof to the extent reflected on the most
recent balance sheet of the Company or incurred in the ordinary course of
business thereafter;

(b)	Debt incurred pursuant to the Company's existing line of credit
facility with BA Associates originated November 9, 1998, under which the
Company may borrow from time to time up a maximum of $1,100,000, as
referenced in Section 3(v) of the Disclosure Schedule;

(c) Debt incurred in permitted real estate investments; and

13
<PAGE>

(d) purchase money security interests not to exceed $250,000 per year.

Notwithstanding the foregoing provisions of this Section 4.h.ii the Company
will not, without the consent of the Purchaser, create, assume, or incur, or
become or at any time be liable in respect of, any Debt for money borrowed,
advances made, or goods purchased, if the Purchaser, the Person making such
advances, or the vendor of such goods (or any Person who guarantees or
becomes surety for all or any part of such Debt or acquires any right or
incurs any obligation to become, either immediately or upon the occurrence of
some future contingency, the owner of all or any part thereof) shall have any
right, by reason of any statute or otherwise, to have any claim in respect of
such Debt first satisfied out of the general assets of the Company in
priority to the claims of its general creditors.

iii. Dividends.

The Company will not, without the consent of the Purchaser,  (a) pay any
dividends, in cash or otherwise, on, (b) make any distributions to holders
of, or (c) purchase, redeem, or otherwise acquire any of its outstanding
Common Stock or set apart assets for a sinking or other analogous fund for
the purchase, redemption, retirement, or other acquisition of, any shares of
its Common Stock; provided however, that the Company may:  (i) pay dividends
on its outstanding Preferred Stock in accordance with the Charter; (ii) with
prior written approval of each Purchaser, repurchase shares of its Common
Stock issued or to be issued by the Company upon exercise of stock options
granted to employees and directors of the Company pursuant to the terms of
plans adopted by the Board of Directors of the Company; and (iii) pay cash in
lieu of fractional shares of its Common Stock on the exercise of outstanding
warrants to purchase its Common Stock, pursuant to the terms of such
warrants.

iv. Transactions with Affiliates.  The Company will not, without the consent
of the Purchaser, make any loans or advances to any of its officers,
directors, shareholders, or Affiliates, other than expense advances made by
the Company to its officers and employees in the ordinary course of business.
The Company may increase the salaries of an executive officer or the
remuneration of any director up to an aggregate maximum in all such instances
of $100,000, and otherwise will not increase the salary of any executive
officer or the remuneration of any director without the prior consent of the
Purchaser.

v. Investments. Other than as permitted by this Agreement, the Company will
not, without the consent of the Purchaser, purchase or acquire or invest in,
or agree to purchase or acquire or invest in the business, property, or
assets of, or any securities of, any other company or business, provided
however, that the Company may invest in:

14
<PAGE>

(a)	securities issued or directly and fully guaranteed or insured by the
United States government or any agency thereof having maturities of not more
than one year from the date of acquisition;

(b)	certificates of deposit or eurodollar certificates of deposit, having
maturities of not more than one hundred eighty days from the date of
acquisition, or one year from the date of acquisition in the case of
certificates of deposit or eurodollar certificates of deposit being used to
secure the Company's reimbursement obligations under letters of credit
(provided that nothing contained herein shall be construed to permit letters
of credit not otherwise permitted under this Agreement);

(c)	commercial paper of any Person that is not a subsidiary or an Affiliate
of the Company, maturing within one hundred eighty days after the date of
acquisition;

(d)	bank loan participations; and

(e)	money market instruments having maturities of not more than one hundred
eighty days from the date of acquisition, or one year from the date of
acquisition in the case of money market instruments being used to secure the
Company's reimbursement obligations under letters of credit (provided that
nothing contained herein shall be construed to permit letters of credit not
otherwise permitted under this Agreement);

in all cases of such credit quality as a prudent business person would invest
in.

vi. Sale and Lease-Back Transactions.  The Company will not, without the
consent of the Purchaser, sell or transfer any of its properties to anyone
with the intention of taking back a lease of the same property or leasing
other property for substantially the same use as the property being sold or
transferred; provided however, that (a) the Company may continue and extend
its existing leasing arrangements and may lease, under operating leases, any
fixtures, equipment, and real estate that do not constitute Pledged Assets in
the ordinary course of business of the Company, and (b) the Company may
otherwise make real estate investments but only with the consent of the
Purchaser as provided for herein.

vii. Sales of Assets.  The Company will not, without the consent of the
Purchaser, sell, transfer, or dispose of any property except for sales of
obsolete equipment having a book value at the time of sale of not more than
$100,000 in the aggregate in any fiscal year.

viii. Subsidiaries. The Company will not, without the consent of the
Purchaser,  organize, or transfer any assets to, any Subsidiaries, provided
that, if consent of the Purchaser is obtained and any Subsidiaries are
organized, or assets transferred, in compliance with this Section 4.h.viii
the Company will not permit such

15
<PAGE>

Subsidiaries to enter into any transaction or agreement which would violate
any of the provisions of this Section 4.h if such provisions were applicable
to such Subsidiary.

ix. Change in Business; Operations. The Company will not, without the consent
of the Purchaser, cause or effect any change in or addition to the primary
business of the Company that has not been approved by Purchaser, such that
more than 10% of the gross revenues of the Company are derived from a
business other than the business in which the Company was engaged on the date
hereof as reflected in the applicable last SEC Document filed prior to the
Closing ("Change in Business"), except any such changes approved in advance
in writing by the Purchaser. The business of the Company and its subsidiaries
shall not be conducted in violation of any law, ordinance, or regulation of
any governmental entity.

5.  PIGGYBACK REGISTRATION RIGHTS

a. If at any time the Company proposes to file with the SEC a Registration
Statement relating to an offering for its own account or the account of
others under the 1933 Act of any of its securities (other than on Form S-4 or
Form S-8 or their then equivalents relating to securities to be issued solely
in connection with any acquisition of any entity or business or equity
securities issuable in connection with stock option or other employee benefit
plans) the Company shall promptly send to the Purchaser written notice of the
Company's intention to file a registration statement and of such Purchaser's
rights under this Section 5(a) and, if within twenty (20) days after receipt
of such notice, such Purchaser shall so request in writing, the Company shall
include in such registration statement all or any part of the Conversion
Shares such Purchaser requests to be registered.  If an offering in
connection with which the Purchaser is entitled to registration under this
Section 5(a) is an underwritten offering, then such Purchaser whose
Conversion Shares are included in such registration statement shall, unless
otherwise agreed by the Company, offer and sell such Conversion Shares in an
underwritten offering using the same underwriter or underwriters and, subject
to the provisions of this Agreement, on the same terms and conditions as
other shares of Common Stock included in such underwritten offering.

b. If the registration referred to in Section 5(a) is to be an underwritten
public offering for the account of the Company and the managing
underwriter(s) advise the Company in writing, that in their reasonable good
faith opinion, marketing or other factors dictate that a limitation on the
number of shares of Common Stock which may be included in the registration
statement is necessary to facilitate and not adversely affect the proposed
offering, then the Company shall include in such registration: (i) first, all
securities the Company proposes to sell for its own account, (ii) second, up
to the full number of securities proposed to be registered for the account of
the holders of securities entitled to inclusion of their securities in the
registration statement by reason of demand registration rights, and (iii)
third, the securities requested to be registered by the Purchaser and other
holders of securities entitled to participate in the registration, drawn from
them pro rata based on the number each has requested to be included in such
registration.

6.	TRANSFER AGENT INSTRUCTIONS

16
<PAGE>

The Company shall issue Purchaser, and cause any subsequent transfer agent to
issue certificates in the name of each Purchaser or its respective
nominee(s), for the Conversion Shares in such amounts as specified from time
to time by each Purchaser to the Company upon conversion of the Preferred
Shares.  Prior to sale of the Conversion Shares and pursuant to an effective
registration statement under the 1933 Act, all such certificates shall bear
the restrictive legend specified in Section 2(g) of this Agreement.  The
Company warrants that no instruction other than the Irrevocable Transfer
Agent Instructions referred to in this Section 6 and stop transfer
instructions to give effect to Section 2(g) hereof (in the case of the
Conversion Shares, prior to the sale of the Conversion Shares pursuant to an
effective registration statement under the 1933 Act) will be given by the
Company to its transfer agent and that the Securities shall otherwise be
freely transferable on the books and records of the Company as and to the
extent provided in this Agreement.  If an Purchaser provides the Company with
an opinion of counsel, in form reasonably acceptable to the Company, to the
effect that a public sale, assignment or transfer of Securities may be made
without registration under the 1933 Act or the Purchaser provides the Company
with reasonable assurances that the Securities can be sold pursuant to Rule
144 without any restriction as to the number of securities acquired as of a
particular date that can then be immediately sold, the Company shall permit
the transfer, and, in the case of the Conversion Shares, promptly instruct
its transfer agent to issue one or more certificates, in such name and in
such denominations as specified by such Purchaser and without any restrictive
legend.  The Company acknowledges that a breach by it of its obligations
hereunder will cause irreparable harm to the Purchaser by violating the
intent and purpose of the transaction contemplated hereby.  Accordingly, the
Company acknowledges that the remedy at law for a breach of its obligations
under this Section 6 will be inadequate and agrees, in the event of a breach
or threatened breach by the Company of the provisions of this Section 6, that
the Purchaser shall be entitled, in addition to all other available remedies,
to an order and/or injunction restraining any breach and requiring immediate
issuance and transfer, without the necessity of showing economic loss and
without any bond or other security being required.

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

The obligation of the Company hereunder to issue the Preferred Shares to each
Purchaser at the Closing is subject to the satisfaction, with respect to each
Purchaser at or before the Closing Date, of each of the following conditions,
provided that these conditions are for the Company's sole benefit and may be
waived by the Company at any time in its sole discretion:

a. Such Purchaser shall have executed each of the Transaction Agreements to
which it is a party and delivered the same to the Company.

b. The Certificate of Designations shall have been filed with the Secretary
of the Commonwealth of Massachusetts.

c. Such Purchaser shall have delivered to the Company the Notes in exchange
for the Preferred Shares at the Closing in accordance with Section 1(c)
hereof.

d. The representations and warranties of such Purchaser shall be true and
correct as of the date when made and as of the Closing Date as though made at
that time (except for

17
<PAGE>

representations and warranties that speak as of a specific date), and such
Purchaser shall have performed, satisfied and complied with the covenants,
agreements and conditions required by the Transaction Agreements to be
performed, satisfied or complied with by such Purchaser at or prior to the
Closing Date.

8.	CONDITIONS TO EACH PURCHASER'S OBLIGATION TO EXCHANGE.

The obligation of each Purchaser hereunder to exchange the Notes for the
Preferred Shares at the Closing is subject to the satisfaction, at or before
the Closing Date, of each of the following conditions, provided that these
conditions are for each Purchaser's sole benefit and may be waived by such
Purchaser at any time in its sole discretion:

a. The Company shall have executed each of the Transaction Agreements and
delivered the same to such Purchaser.

b. The Certificate of Designations shall have been filed with the Secretary
of the Commonwealth of Massachusetts, and a copy thereof certified by the
Secretary of the Commonwealth of Massachusetts shall have been delivered to
such Purchaser.

c. The representations and warranties of the Company shall be true and
correct as of the date when made and as of the Closing Date as though made at
that time (except for representations and warranties that speak as of a
specific date) and the Company shall have performed, satisfied and complied
with the covenants, agreements and conditions required by the Transaction
Agreements to be performed, satisfied or complied with by the Company at or
prior to the Closing Date.  Such Purchaser shall have received a certificate,
executed by the Chief Executive Officer of the Company, dated as of the
Closing Date, to the foregoing effect and as to such other matters as may be
reasonably requested by such Purchaser, including, without limitation, an
update as of the Closing Date regarding the representation contained in
Section 3(c) above.

d. The Company shall have executed and delivered to such Purchaser the
Preferred Stock Certificates (in such denominations as such Purchaser shall
request) for the Initial Preferred Shares being purchased by such Purchaser
at the Closing.

e. The Board of Directors of the Company shall have adopted resolutions
consistent with Section 3(b) above and in a form reasonably acceptable to
such Purchaser (the "Resolutions").

f. As of the Closing Date, the Company shall have reserved out of its
authorized and unissued Common Stock, solely for the purpose of effecting the
conversion of the Preferred Shares, 1,200,000 shares of Common Stock.

g. The Company shall have made all filings under all applicable federal and
state securities laws necessary to consummate the issuance of the Securities
pursuant to this Agreement in compliance with such laws.

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<PAGE>

h. The Company shall have delivered to the Purchaser such other documents
relating to the transactions contemplated by the Transaction Agreements as
the Purchaser or their counsel may reasonably request.

9.	MISCELLANEOUS

a. Governing Law; Jurisdiction; Jury Trial.  This Agreement shall be governed
by and construed in accordance with the laws of the Commonwealth of
Massachusetts, irrespective of the choice of law provisions thereof.  The
parties agree that any action brought by one party against the other shall be
in any appropriate state court or any federal Court located in the County
where the party against whom the action is brought is principally located,
and both parties agree that such courts shall have exclusive jurisdiction of
such case or controversy arising under or in connection with this Agreement
and shall be a proper forum in which to adjudicate such case or controversy.
The parties consent to the jurisdiction of such courts.  EACH PARTY HEREBY
IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY
TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH
OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

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

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

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

e. Entire Agreement; Amendments.  This Agreement supersedes all other prior
oral or written agreements between each Purchaser, the Company, their
affiliates and persons acting on their behalf with respect to the matters
discussed herein, and this Agreement and the instruments referenced herein
contain the entire understanding of the parties with respect to the matters
covered herein and therein and, except as specifically set forth herein or
therein, neither the Company nor any Purchaser makes any representation,
warranty, covenant or undertaking with respect to such matters.  No provision
of this Agreement may be amended or waived other than by an instrument in
writing signed by the Company and the holders of at least 66 2/3% of the
Preferred Shares then outstanding.  No such amendment shall be effective to
the extent that it applies to less than all of the holders of the Preferred
Shares then outstanding.  No consideration shall be offered or paid to any
person to amend or consent to a waiver or modification of any provision of
any of the Transaction Agreements or the Certificate of Designations unless
the same

19
<PAGE>

consideration also is offered to all of the parties to the Transaction
Agreements or holders of Preferred Shares, as the case may be.

f. Notices.  Any notices, consents, waivers or other communications required
or permitted to be given under the terms of this Agreement must be in writing
and will be deemed to have been delivered:  (i) upon receipt, when delivered
personally; (ii) upon receipt, when sent by facsimile (provided confirmation
of transmission is mechanically or electronically generated and kept on file
by the sending party); or (iii) one (1) Business Day after deposit with a
nationally recognized overnight delivery service, in each case properly
addressed to the party to receive the same.  The addresses and facsimile
numbers for such communications shall be:

If to the Company:
Cambex Corporation
360 Second Avenue
Waltham, Massachusetts 02451
Telephone:(781) 890-6000
Facsimile:	(781) 890-2899
Attention:	President

With a copy to:
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
One Financial Center
Boston, Massachusetts 02111
Telephone:(617) 542-6000
Facsimile:	(617) 542-2241
Attention:	Neil H. Aronson, Esq.

If to the Transfer Agent:
American Stock Transfer & Trust Company
59 Maiden Lane
Plaza Level
New York, NY 10038
Telephone:  (718) 921-8200

If to a Purchaser, to it at the address and facsimile number set forth on the
Schedule of Purchasers, with copies to such Purchaser's representatives as
set forth on the Schedule of Purchasers, or at such other address and/or
facsimile number and/or to the attention of such other person as the
recipient party has specified by written notice given to each other party
five days prior to the effectiveness of such change.  Written confirmation of
receipt (A) given by the recipient of such notice, consent, waiver or other
communication, (B) mechanically or electronically generated by the sender's
facsimile machine containing the time, date, recipient facsimile number and
an image of the first page of such transmission or (C) provided by a
nationally recognized overnight delivery service shall be rebuttable evidence
of personal service,

20
<PAGE>

receipt by facsimile or receipt from a nationally recognized overnight
delivery service in accordance with clause (i), (ii) or (iii) above,
respectively.

g. Successors and Assigns.  This Agreement shall be binding upon and inure to
the benefit of the parties and their respective successors and assigns,
including any purchasers of the Preferred Shares.  The Company shall not
assign this Agreement or any rights or obligations hereunder without the
prior written consent of the holders of at least 66 2/3% of the Preferred
Shares then outstanding, including by merger or consolidation, except
pursuant to a Change of Control (as defined in Section 3.3 of the Certificate
of Designations) with respect to which the Company is in compliance with
Section 5 of the Certificate of Designations and Section 4(d) of this
Agreement.  A Purchaser may assign some or all of its rights hereunder
without the consent of the Company; provided, however, that such transferee
will not be deemed a Purchaser hereunder unless such transferee has acquired
at least 50 shares of Preferred Stock (as adjusted to reflect any stock
splits, reverse stock splits and similar capital events) and such transferee
has agreed in writing in form and substance reasonably satisfactory to the
Company to be bound by the applicable provisions of this Agreement.
Notwithstanding anything to the contrary contained in the Transaction
Agreements, the Purchaser shall be entitled to pledge the Securities in
connection with a bona fide margin account or other loan secured by the
Securities.

h. No Third Party Beneficiaries.  This Agreement is intended for the benefit
of the parties hereto and their respective permitted successors and assigns,
and is not for the benefit of, nor may any provision hereof be enforced by,
any other person.

i. Survival.  Unless this Agreement is terminated under Section 9(l), the
representations and warranties of the Company and the Purchaser contained in
Sections 2 and 3, and the agreements and covenants set forth in Sections 4,
5, 6 and 9, shall survive the Closing.  Each Purchaser shall be responsible
only for its own representations, warranties, agreements and covenants
hereunder.

j. Publicity.  The Company and each Purchaser shall have the right to approve
before issuance any press releases or any other public statements with
respect to the transactions contemplated hereby; provided, however, that the
Company shall be entitled, without the prior approval of any Purchaser, to
make any press release or other public disclosure with respect to such
transactions as the Company reasonably believes upon consultation with its
outside counsel is required by applicable law and regulations (although each
Purchaser shall be consulted by the Company in connection with any such press
release or other public disclosure prior to its release and shall be provided
with a copy thereof).

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

l. Termination.  In the event that the Closing shall not have occurred with
respect to an Purchaser on or before five (5) Business Days from the date
hereof due to the Company's or such

21
<PAGE>

Purchaser's failure to satisfy the conditions set forth in Sections 7 and 8
above (and the nonbreaching party's failure to waive such unsatisfied
condition(s)), the nonbreaching party shall have the option to terminate this
Agreement with respect to such breaching party at the close of business on
such date without liability of any party to any other party.

m. No Strict Construction.  The language used in this Agreement will be
deemed to be the language chosen by the parties to express their mutual
intent, and no rules of strict construction will be applied against any
party.

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

 [signature page follows]

22
<PAGE>

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

COMPANY:

CAMBEX CORPORATION
By:/s/ Joseph F. Kruy
Name:  Joseph F. Kruy
Title:   President

PURCHASER:

JOSEPH KRUY

By: /s/ Joseph Kruy
Name:  Joseph Kruy

21 Driftwood Lane
Weston, MA
(781) 237-3269

<PAGE>

SCHEDULE OF PURCHASERS

Purchaser Name

Joseph F. Kruy

Purchaser Address,
Telephone Number

21 Driftwood Lane
Weston, MA 02493
(781) 237-3269

Principal Amount
and Number of
Shares of Series A
Preferred Shares

$337,754.77

(27,020 shares)

Purchaser's Advisor and
Legal Counsel Address

<PAGE>

List of Exhibits

Exhibit A	Form of Certificate of Designations

Schedule 1		Disclosure ScheduleEXHIBIT A
                   CERTIFICATE OF DESIGNATIONS
                        CAMBEX CORPORATION
                   RESTATED ARTICLES OF ORGANIZATION
                            ARTICLE 4

Rights, Preferences, Privileges and Restrictions of Series A Preferred Stock:
The rights, preferences, privileges and restrictions granted to and imposed
on the Series A Preferred Stock and the Common Stock are as follows:

1.	Definitions.  For purposes of this Article 4, the following definitions
apply:
1.1	"Board" shall mean the Board of Directors of the Corporation.
1.2	"Corporation" shall mean this corporation.
1.3	"Common Stock" shall mean the Common Stock, $.10 par value per share,
of the Corporation.
1.4	"Common Stock Dividend" shall mean a stock dividend declared and paid
on the Common Stock that is payable in shares of Common Stock.
1.5	"Distribution" shall mean the transfer of cash or property by the
Corporation to one or more of its stockholders without consideration, whether
by dividend or otherwise (except a dividend in shares of Corporation's
stock).  A Permitted Repurchase (defined below) is not a Distribution.
1.6	"Original Issue Date" shall mean the date on which the first share of
Series A Preferred Stock is issued by the Corporation.
1.7	"Original Issue Price" shall mean $12.50 per share for the Series A
Preferred Stock (as adjusted for any stock splits, stock dividends,
recapitalizations or the like, with respect to the Series A Preferred Stock).
1.8	"Permitted Repurchases" shall mean the repurchase by the Corporation of
shares of Common Stock held by employees, officers, directors, consultants,
independent contractors, advisors, or other persons performing services for
the Corporation or a subsidiary that are subject to restricted stock purchase
agreements or stock option exercise agreements under which the Corporation
has the option to repurchase such shares: (i) at cost, upon the occurrence of
certain events, such as the termination of employment or services; or (ii) at
any price pursuant to the Corporation's exercise of a right of first refusal
to repurchase such shares.
1.9	"Series A Preferred Stock" shall mean the Series A Preferred Stock,
$1.00 par value per share, of the Corporation.

1
<PAGE>

1.10	"Other Preferred Stock" shall mean any series of preferred stock other
than the Series A Preferred Stock.
1.11	"Subsidiary" shall mean any corporation of which at least fifty percent
(50%) of the outstanding voting stock is at the time owned directly or
indirectly by the Corporation or by one or more of such subsidiary
corporations.

2.	Dividend Rights.

2.1	Series A Preferred Stock.  In each calendar year, the holders of the
then outstanding shares of Series A Preferred Stock shall be entitled to
receive, cumulative, non-compounding cash dividends, out of funds legally
available therefor, at the annual simple rate of twelve percent (12%) on the
Original Issue Price for each share of Series A Preferred Stock from the
Original Issue Date for such share, which dividends shall accrue whether or
not declared by the Board of Directors of the Corporation, but which shall be
payable only (i) when, as and if declared by the Board of Directors of the
Corporation, (ii) upon an Optional Conversion (as defined in Section 5
below), (iii) upon a Liquidation Event (as defined in Section 3 below) or
(iv) upon Redemption of the Series A Preferred Stock (as described in Section
6 below).  Notwithstanding this Section 2.1, upon the occurrence of an
Optional Conversion, the Corporation may pay any accrued or declared but
unpaid dividends on the converted Series A Preferred Stock, in shares of
Common Stock rather than cash.  The number of shares of Common Stock that may
be issued by the Corporation upon an Optional Conversion, shall be equal to
the sum of all declared or accrued but unpaid dividends of the Series A
Preferred Stock then converted, divided by the then applicable Conversion
Price (as defined in Section 5 below).  No dividends (other than a Common
Stock Dividend) shall be paid, and no Distribution shall be made, with
respect to the Common Stock during any calendar year unless dividends for the
Series A Preferred Stock shall have first been paid or declared and set apart
for payment to the holders of the Series A Preferred Stock during that
calendar year; provided, however, that this restriction shall not apply to
Permitted Repurchases.

2.2	No Participation Rights.  If, after dividends in the full preferential
amounts specified in this Section 2 for the Series A Preferred Stock have
been paid or declared and set apart in any calendar year of the Corporation,
the Board shall declare additional dividends out of funds legally available
therefor in that calendar year, then such additional dividends shall be
declared solely on the Common Stock.

3.	Liquidation Rights.  In the event of any liquidation, dissolution or
winding up of the Corporation, whether voluntary or involuntary (a
"Liquidation Event"), the funds and assets that may be legally distributed to
the Corporation's stockholders (the "Available Funds and Assets") shall be
distributed to stockholders in the following manner:

3.1	Series A Preferred Stock.  The holders of each share of Series A
Preferred Stock then outstanding shall be entitled to be paid, out of the
Available Funds and Assets, and prior and in preference to any payment or
distribution (or any setting apart of any payment or distribution) of any
Available Funds and Assets on any Other Preferred Stock or on any shares of
Common Stock, an amount per share equal to the Original Issue Price of the
Series A Preferred Stock plus any dividends accrued or declared but unpaid
thereon.  If upon a Liquidation Event

2
<PAGE>

the Available Funds and Assets shall be
insufficient to permit the payment to holders of the Series A Preferred Stock
of their full preferential amount described in this subsection, then the
entire Available Funds and Assets shall be distributed among the holders of
the then outstanding Series A Preferred Stock pro rata, according to the
number of outstanding shares of Series A Preferred Stock held by each holder
thereof.

3.2	Remaining Assets.  If there are any Available Funds and Assets
remaining after the payment or distribution (or the setting aside for payment
or distribution) to the holders of the Series A Preferred Stock of their full
preferential amounts described above in this Section 3, then all such
remaining Available Funds and Assets shall be distributed among the holders
of the then outstanding Other Preferred Stock.  If there are any Available
Funds and Assets remaining after the payment or distribution (or the setting
aside for payment or distribution) to the holders of the Other Preferred
Stock of their full preferential amounts described above in this Section 3,
then all such remaining Available Funds and Assets shall be distributed among
the holders of the then outstanding Common Stock pro rata according to the
number of shares of Common Stock held by each holder thereof.

3.3	Merger or Sale of Assets.  Any (i) reorganization, consolidation or
merger (or similar transaction or series of transactions) of the Corporation
with or into any other corporation or corporations in which the holders of
the Corporation's outstanding shares immediately before such transaction or
series of related transactions do not, immediately after such transaction or
series of related transactions, retain stock representing a majority of the
voting power of the surviving corporation (or its parent corporation if the
surviving corporation is wholly owned by the parent corporation) of such
transaction or series of related transactions; or (ii) a sale of all or
substantially all of the assets of the Corporation, shall each be deemed to
be a liquidation, dissolution or winding up of the Corporation as those terms
are used in this Section 3.

3.4	Non-Cash Consideration.  If any assets of the Corporation distributed
to shareholders in connection with a Liquidation Event are other than cash,
then the value of such assets shall be their fair market value as determined
by the Board of Directors in good faith, except that any securities to be
distributed to stockholders in a liquidation, dissolution, or winding up of
the Corporation shall be valued as follows:
(a)	The method of valuation of securities not subject to investment letter
or other similar restrictions on free marketability shall be deemed to be the
average of the closing bid prices over the 30 calendar day period ending
three (3) trading days prior to the distribution; and,
(b)	The method of valuation of securities subject to investment letter or
other restrictions on free marketability shall be to make an appropriate
discount from the market value determined above of this subsection to reflect
the approximate fair market value thereof, as determined in good faith by the
Board of Directors.

3
<PAGE>

4.	Voting Rights.

4.1	Common Stock.  Each holder of shares of Common Stock shall be entitled
to one (1) vote for each share thereof held.

4.2	Series A Preferred Stock.  Each holder of shares of Series A Preferred
Stock shall not be entitled to any voting rights for any shares of Series A
Preferred Stock thereof held.

5.	Conversion Rights.  The outstanding shares of Series A Preferred Stock
shall be convertible into Common Stock as follows:

5.1	Optional Conversion.

(a)	At the option of the holder thereof, each share of Series A Preferred
Stock shall be convertible, at any time or from time to time prior to the
close of business on the business day before any date fixed for redemption of
such share, into fully paid and nonassessable shares of Common Stock as
provided herein (an "Optional Conversion").

(b)	Each holder of Series A Preferred Stock who elects to convert the same
into shares of Common Stock shall surrender the certificate or certificates
therefor, duly endorsed, at the office of the Corporation or any transfer
agent for the Series A Preferred Stock or Common Stock, and shall give
written notice to the Corporation at such office that such holder elects to
convert the same and shall state therein the number of shares of Series A
Preferred Stock being converted.  Thereupon the Corporation shall promptly
issue and deliver at such office to such holder a certificate or certificates
for the number of shares of Common Stock to which such holder is entitled
upon such conversion.  Such conversion shall be deemed to have been made
immediately prior to the close of business on the date of such surrender of
the certificate or certificates representing the shares of Series A Preferred
Stock to be converted, and the person entitled to receive the shares of
Common Stock issuable upon such conversion shall be treated for all purposes
as the record holder of such shares of Common Stock on such date.

(c) 	If the Corporation shall fail to issue to holder within ten (10)
business days following the date of receipt by the Company of the Series A
Preferred Stock and written notice to convert the same, a certificate for the
number of shares of Common Stock to which each holder is entitled upon
holder's conversion of the Series A Preferred Stock, in addition to all other
available remedies which such holder may pursue hereunder and under the
Securities Exchange Agreement between the Corporation and the holder of the
Series A Preferred Stock, the Corporation shall pay additional damages to
holder on each day after the tenth (10th) business day following the date of
receipt by the Corporation an amount equal to 1.0% of the product of (A) the
number of shares of Common Stock not issued to holder and to which holder is
entitled multiplied by (B) the closing bid price of the Common Stock on the
business day following the date of receipt by the Corporation of the written
notice to convert.  The foregoing notwithstanding, holder at its option may
withdraw a notice

4
<PAGE>

of conversion, and remain a holder of the Series A
Preferred Stock, if holder has otherwise complied with this Section 5.1(c).

5.2	Conversion Price.  Each share of Series A Preferred Stock shall be
convertible in accordance with subsection 5.1 above into the number of shares
of Common Stock which results from dividing the Original Issue Price and if
the Company so elects, plus any accrued or declared, but unpaid dividends
outstanding at such time of Conversion, by the conversion price for such
series of Series A Preferred Stock that is in effect at the time of
conversion (the "Conversion Price").  The initial Conversion Price for the
Series A Preferred Stock shall be $1.25.  The Conversion Price of the Series
A Preferred Stock shall be subject to adjustment from time to time as
provided below.  Following each adjustment of the Conversion Price, such
adjusted Conversion Price shall remain in effect until a further adjustment
of such Conversion Price hereunder.

5.3	Adjustment Upon Common Stock Event.  Upon the happening of a Common
Stock Event (as hereinafter defined), the Conversion Price of the Series A
Preferred Stock shall, simultaneously with the happening of such Common Stock
Event, be adjusted by multiplying the Conversion Price of the Series A
Preferred Stock in effect immediately prior to such Common Stock Event by a
fraction, (i) the numerator of which shall be the number of shares of Common
Stock issued and outstanding immediately prior to such Common Stock Event,
and (ii) the denominator of which shall be the number of shares of Common
Stock issued and outstanding immediately after such Common Stock Event, and
the product so obtained shall thereafter be the Conversion Price for the
Series A Preferred Stock.  The Conversion Price for the Series A Preferred
Stock shall be readjusted in the same manner upon the happening of each
subsequent Common Stock Event.  As used herein, the term the "Common Stock
Event" shall mean at any time or from time to time after the Original Issue
Date, (i) the issue by the Corporation of additional shares of Common Stock
as a dividend or other distribution on outstanding Common Stock, (ii) a
subdivision of the outstanding shares of Common Stock into a greater number
of shares of Common Stock, or (iii) a combination of the outstanding shares
of Common Stock into a smaller number of shares of Common Stock; provided
that there is no corresponding dividend, distribution, subdivision or
combination of the Series A Preferred Stock.

5.4	Adjustments to Respective Conversion Prices for Certain Diluting
Issues.

1. Special Definitions.  For purposes of this paragraph 5.4,  the following
definitions apply:

a. 	"Options" shall mean rights, options or warrants to subscribe for,
purchase or otherwise acquire either Common Stock or Convertible Securities
(defined below).

b. 	"Original Issue Date" shall mean the date on which a share of Series A
Preferred Stock is first issued.

c. 	"Convertible Securities" shall mean any evidences of indebtedness,
shares (other than Common Stock or Series A or Series B Preferred Stock) or
other securities convertible into or exchangeable for Common Stock.

5
<PAGE>

d. 	"Additional Shares of Common Stock" shall mean all shares of Common
Stock issued (or, pursuant to clause (3) of this paragraph 5.4 deemed to be
issued) by the Corporation after the Original Issue Date, other than shares
of Common Stock issued or issuable:

i. upon conversion of shares of Series A or Series B Preferred Stock;
ii. in exchange for, or on exercise or conversion of rights to acquire Common
Stock issued to officers, directors or employees of, or consultants to, the
Corporation or a subsidiary pursuant to stock option or stock purchase plans
or agreements on terms approved by the Board of Directors;
iii. as a dividend or distribution on the Series A or Series B Preferred
Stock; or

iv. for which adjustment of the Conversion Price is made pursuant to
paragraphs 5.7 or 5.12 of this Section 5 or resulting from the adjustment in
the Conversion Price of the Series B preferred Stock.

2. No Adjustment of Conversion Price.  Any provision herein to the contrary
notwithstanding, no adjustment in the Conversion Price shall be made in
respect of the issuance of Additional Shares of Common Stock unless (i) the
consideration per share (determined pursuant to clause (5) of this paragraph
5.4) for any such Additional Share of Common Stock is less than the
Conversion Price in effect on the date of, and immediately prior to, such
issuance and (ii) the number of Additional Shares of Common Stock issued is
more than twenty percent (20%) of the number of shares of Common Stock
outstanding as of the Original Issue Date calculated on a fully diluted basis
(as fully diluted is defined in clause (4) of this paragraph 5.4).

3. Deemed Issue of Additional Shares of Common Stock.  In the event that the
Corporation, at any time or from time to time after the Original Issue Date,
shall issue any Options or Convertible Securities or shall fix a record date
for the determination of holders of any class of securities then entitled to
receive any such Options or Convertible Securities, then the maximum number
of shares (as set forth in the instrument relating thereto without regard to
any provisions contained therein designed to protect against dilution) of
Common Stock issuable upon the exercise of such Options or, in the case of
Convertible Securities and Options therefor, the conversion or exchange of
such Convertible Securities shall be deemed to be Additional Shares of Common
Stock issued as of the time of such issuance or, in case such a record date
shall have been fixed, as of the close of business on such record date,
provided further that in any such case in which Additional Shares of Common
Stock are deemed have been issued:

a. no further adjustments in the Conversion Price shall be made upon the
subsequent issuance of Convertible Securities or shares of Common Stock upon
the exercise of such Options or conversion or exchange of such Convertible
Securities;

6
<PAGE>

b. if such Options or Convertible Securities by their terms provide, with the
passage of time or otherwise, for any increase in the consideration payable
to the Corporation, or decrease in the number of shares of Common Stock
issuable, upon the exercise, conversion or exchange thereof, the Conversion
Price computed upon the original issuance thereof (or upon the occurrence of
a record date with respect thereto), and any subsequent adjustments based
thereon, shall, upon any such increase or decrease becoming effective, be
recomputed to reflect such increase or decrease insofar as it affects such
Options or the rights of conversion or exchange under such Convertible
Securities;

c. upon the expiration of any such options or rights, the termination of any
such rights to convert or exchange or the expiration of any options or rights
related to such convertible or exchangeable securities, the Conversion Price,
to the extent in any way affected by or computed using such options, rights
or securities, or options or rights related to such securities, shall be
recomputed to reflect the issuance of only the number of shares of Common
Stock (and convertible or exchangeable securities which remain in effect)
actually issued upon the exercise of such options or rights, upon the
conversion or exchange of such securities, or upon the exercise of the
options or rights related to such securities; and

d. no readjustment pursuant to the immediately preceding clauses (2) and (3)
shall have the effect of increasing the Conversion Price to an amount which
exceeds the lower of (a) the Conversion Price on the original adjustment
date, or (b) the Conversion Price that would have resulted from any issuance
of Additional Shares of Common Stock between the original adjustment date and
such readjustment date.

4. Adjustment of Conversion Price Upon Issuance of Additional Shares of
Common Stock.
In the event that the Corporation shall issue any Additional Shares of Common
Stock (including Additional Shares of Common Stock deemed to be issued
pursuant to clause (3) of this paragraph 5.4) without consideration or for a
consideration per share less than the Conversion Price in effect on the date
of and immediately prior to such issuance, then and in such event, the
Conversion Price shall be reduced, concurrently with such issuance, to a
price (calculated to the nearest cent) determined by multiplying the
Conversion Price in effect immediately prior thereto, by a fraction, the
numerator of which shall be the number of shares of Common Stock outstanding
immediately prior to such issuance plus the number of shares of Common Stock
which the aggregate consideration received by the Corporation for the total
number of Additional Shares of Common Stock so issued would purchase at the
Conversion Price in effect immediately prior to such issuance, and the
denominator of which shall be the number of shares of Common Stock
outstanding immediately prior to such issuance plus the number of such
Additional Shares of Common Stock so issued.  For the purpose of the above
calculation, the number of shares of Common Stock outstanding immediately
prior to such issuance shall be calculated on a fully diluted basis, as if
all shares of Series A and Series B

7
<PAGE>

Preferred Stock and all Convertible
Securities had been fully converted into shares of Common Stock and any
outstanding warrants, options or other rights for the purchase of Common
Stock or convertible securities had been fully exercised (and the resulting
securities fully converted into shares of Common Stock, if so convertible) as
of such date.

5. Determination of Consideration.  For purposes of this paragraph 5.4, the
consideration received by the Corporation for the issuance of any Additional
Shares of Common Stock shall be computed as follows:

a. Cash and Property: Such consideration shall:

1. insofar as it consists of cash, be deemed to be the aggregate gross amount
of cash received by the Corporation, net only of amounts paid or payable for
then accrued interest or accrued dividends with respect to such Additional
Shares of Common Stock;

2. insofar as it consists of property other than cash, be deemed to have the
same value as is recorded on the books of the Corporation at the time of such
issuance, so long as such recorded value was determined reasonably and in
good faith or shall otherwise be deemed to have a value equal to its fair
market value;

3. in the event that Additional Shares of Common Stock are issued together
with other shares or securities or other assets of the Corporation for
consideration which covers both, be the proportion of such consideration so
received, computed as provided in the immediately preceding clauses (1) and
(2).

b. Options and Convertible Securities.  The consideration per share received
by the Corporation for Additional Shares of Common Stock deemed to have been
issued pursuant to clause (3) of this paragraph 5.4, relating to Options and
Convertible Securities shall be determined by dividing

1. the total amount, if any, received or receivable by the Corporation as
consideration for the issuance of such Options or Convertible Securities,
plus the minimum aggregate amount of additional consideration (as set forth
in the instruments relating thereto, without regard to any provision
contained therein designed to protect against dilution) payable to the
Corporation upon the exercise of such Options or the conversion or exchange
of such Convertible Securities, or in the case of Options for Convertible
Securities, the exercise of such Options for Convertible Securities and the
conversion or exchange of such Convertible Securities by

2. the maximum number of shares of Common Stock (as set forth in the
instruments relating thereto, without regard to any provision contained
therein designed to protect against the dilution) issuable upon the exercise
of such Options or conversion or exchange of such Convertible Securities.

8
<PAGE>

5.5	Adjustments for Other Dividends and Distributions.  If at any time or
from time to time after the Original Issue Date the Corporation pays a
dividend or makes another distribution to the holders of the Common Stock
payable in securities of the Corporation, other than an event constituting a
Common Stock Event, then in each such event provision shall be made so that
the holders of the Series A Preferred Stock shall receive upon conversion
thereof, in addition to the number of shares of Common Stock receivable upon
conversion thereof, the amount of securities of the Corporation which they
would have received had their Series A Preferred Stock been converted into
Common Stock on the date of such event (or such record date, as applicable)
and had they thereafter, during the period from the date of such event (or
such record date, as applicable) to and including the conversion date,
retained such securities receivable by them as aforesaid during such period,
subject to all other adjustments called for during such period under this
Section 5 with respect to the rights of the holders of the Series A Preferred
Stock or with respect to such other securities by their terms.

5.6	Adjustment for Reclassification, Exchange and Substitution.  If at any
time or from time to time after the Original Issue Date the Common Stock
issuable upon the conversion of the Series A Preferred Stock is changed into
the same or a different number of shares of any class or classes of stock,
whether by recapitalization, reclassification or otherwise (other than by a
Common Stock Event or a stock dividend, reorganization, merger, or
consolidation provided for elsewhere in this Section 5), then in any such
event each holder of Series A Preferred Stock shall have the right thereafter
to convert such stock into the kind and amount of stock [and other securities
and property receivable] upon such recapitalization, reclassification or
other change by holders of the number of shares of Common Stock into which
such shares of Series A Preferred Stock could have been converted immediately
prior to such recapitalization, reclassification or change, all subject to
further adjustment as provided herein or with respect to such other
securities or property by the terms thereof.

5.7	Reorganizations, Mergers and Consolidations.  If at any time or from
time to time after the Original Issue Date there is a reorganization of the
Corporation (other than a recapitalization, subdivision, combination,
reclassification or exchange of shares provided for elsewhere in this Section
5) or a merger or consolidation of the Corporation with or into another
corporation (except an event which is governed under subsection 3.3), then,
as a part of such reorganization, merger or consolidation, provision shall be
made so that the holders of the Series A Preferred Stock thereafter shall be
entitled to receive, upon conversion of the Series A Preferred Stock, the
number of shares of stock or other securities or property of the Corporation,
or of such successor corporation resulting from such reorganization, merger
or consolidation, to which a holder of Common Stock deliverable upon
conversion would have been entitled on such reorganization, merger or
consolidation.  In any such case, appropriate adjustment shall be made in the
application of the provisions of this Section 5 with respect to the rights of
the holders of the Series A Preferred Stock after the reorganization, merger
or consolidation to the end that the provisions of this Section 5 (including
adjustment of the Conversion Price then in effect and number of shares
issuable upon conversion of the Series A Preferred Stock) shall be applicable
after that event and be as nearly equivalent to the provisions hereof as may
be practicable.  This subsection 5.7 shall similarly apply to successive
reorganizations, mergers and consolidations.  Notwithstanding anything to the
contrary contained in this Section 5, if any reorganization, merger or
consolidation is approved by the vote of stockholders as described in the
Articles of Organization, then such transaction and the rights of the holders
of Series A Preferred Stock and

9
<PAGE>

Common Stock pursuant to such reorganization,
merger or consolidation will be governed by the documents entered into in
connection with such transaction and not by the provisions of this Section
5.7.

5.8	Certificate of Adjustment.  In each case of an adjustment or
readjustment of the Conversion Price for the Series A Preferred Stock, the
Corporation, at its expense, shall cause its Chief Financial Officer to
compute such adjustment or readjustment in accordance with the provisions
hereof and prepare a certificate showing such adjustment or readjustment, and
shall mail such certificate, by first class mail, postage prepaid, to each
registered holder of the Series A Preferred Stock at the holder's address as
shown in the Corporation's books.

5.9	Fractional Shares.  No fractional shares of Common Stock shall be
issued upon any conversion of Series A Preferred Stock.  In lieu of any
fractional share to which the holder would otherwise be entitled, the
Corporation shall pay the holder cash equal to the product of such fraction
multiplied by the Common Stock's fair market value as determined in good
faith by the Board as of the date of conversion.

5.10	Reservation of Stock Issuable Upon Conversion.  The Corporation shall
at all times reserve and keep available out of its authorized but unissued
shares of Common Stock, solely for the purpose of effecting the conversion of
the shares of the Series A Preferred Stock, such number of its shares of
Common Stock as shall from time to time be sufficient to effect the
conversion of all outstanding shares of the Series A Preferred Stock; and if
at any time the number of authorized but unissued shares of Common Stock
shall not be sufficient to effect the conversion of all then outstanding
shares of the Series A Preferred Stock, the Corporation will take such
corporate action as may, in the opinion of its counsel, be necessary to
increase its authorized but unissued shares of Common Stock to such number of
shares as shall be sufficient for such purpose.

5.11	Notices.  Any notice required by the provisions of these Articles of
Organization to be given to the holders of shares of the Series A Preferred
Stock shall be deemed given upon the earlier of actual receipt or deposit in
the United States mail, by certified or registered mail, return receipt
requested, postage prepaid, or delivery by a recognized express courier, fees
prepaid, addressed to each holder of record at the address of such holder
appearing on the books of the Corporation.

5.12	No Impairment.  The Corporation shall not avoid or seek to avoid the
observance or performance of any of the terms to be observed or performed
hereunder by the Corporation, but shall at all times in good faith assist in
carrying out all such action as may be reasonably necessary or appropriate in
order to protect the conversion rights of the holders of the Series A
Preferred Stock against impairment.

5.13	Preemptive Rights.  No stockholder of the Corporation shall have a
right to purchase shares of capital stock of the Corporation sold or issued
by the Corporation except to the extent that such a right may from time to
time be set forth in a written agreement between the Corporation and a
stockholder.

10
<PAGE>

5.14	No Retroactive Adjustment of the Conversion Price.  Any
provision in Section 5 to the contrary notwithstanding, no adjustment of the
Conversion Price shall affect Common Stock which may have been previously
issued upon conversion of the Series A Preferred Stock.

6.	Redemption Rights

6.1	Redemption Rights.  The Corporation may redeem any or all of the Series
A Preferred Stock from any holder at any time for an amount per share equal
to the Original Issue Price of the Series A Preferred Stock plus all accrued
or declared but unpaid dividends on the Series A Preferred Stock (the
"Redemption Price").

6.2	Redemption Notice.  At least ten (10) days before a redemption by the
Corporation, the Corporation shall mail a notice of redemption to the holder,
stating (A) the redemption date, which shall be a business day in New York,
New York (the "Redemption Date"), (B) the aggregate number of shares of the
Series A Preferred Stock to be redeemed, (C) the Redemption Price, and (D)
the name and address of the Person to whom the Series A Preferred Stock must
be presented.  On or before the third (3rd) day prior to the Redemption Date,
the Company shall deposit into a bank trust account for the benefit of the
holder of the Series A Preferred Stock money sufficient to pay the Redemption
Price.

6.3	Reacquired Shares.  Any shares of Series A Preferred Stock converted,
redeemed, purchased or otherwise acquired by the Corporation in any manner
whatsoever shall, automatically and without further action, be retired and
canceled promptly after the acquisition thereof, and shall not be reissued
and the Corporation (without the need for stockholder action) from time to
time shall take such action as may be necessary to reduce the number of
authorized shares of the Series A Preferred Stock accordingly.

	7.	Protective Provisions.  So long as any shares of Series A
Preferred Stock remain outstanding, the Corporation shall not, without the
vote or written consent by the holders of a majority of the then outstanding
shares of Series A Preferred Stock:

a. amend or repeal a provisions of, or add any provision to its charter or
bylaws if such action would alter or change the rights, preferences or
privileges of the Series A Preferred Stock so as to affect such series
adversely;

b. increase the authorized number of shares of such Series A Preferred Stock;

c. authorize or consummate a change of control ("Change of Control
Transaction"), including, without limitation, a sale of all or substantially
all of the Corporation's assets, a transaction (or series of transactions)
which results in the holders of the Corporation's capital stock prior to the
transaction owning less than 50% of the voting power of the Corporation's
capital stock after the transaction;

d. effect a liquidation, dissolution, recapitalization or reorganization;

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<PAGE>

e. authorize or issue any securities or reclassify any outstanding securities
into securities having a preference over or on parity with the Series A
Preferred Stock;

f. increase the number of directors of the Corporation to a number greater
than seven;

g. approve or consummate any business acquisition in excess of $500,000 in
one or a series or related transactions or any debt financings (other than
equipment leases or similar financings) in excess of $500,000;

h. increase the number of shares of Common Stock reserved under the
Corporation's stock incentive plans above 4,000,000 shares (net of
repurchases and cancellations);

i. pay or declare any dividends or make any distributions on the
Corporation's common stock.

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