EUPHONIX, INC.

                               220 PORTAGE AVENUE

                           PALO ALTO, CALIFORNIA 94306



                          REGISTRATION RIGHTS AGREEMENT



                                FEBRUARY 22, 2000

















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                               TABLE OF CONTENTS

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SECTION 1      Restrictions on Transferability of Securities;  Compliance with Securities

               Act; Registration Rights..........................................................1



        1.1    Restrictions on Transferability...................................................1

        1.2    Certain Definitions...............................................................1

        1.3    Restrictive Legend................................................................3

        1.4    Restrictions on Transfer; Notice of Proposed Transfers............................3

        1.5    Requested Registration............................................................4

        1.6    Company Registration..............................................................6

        1.7    Expenses of Registration..........................................................7

        1.8    Registration Procedures...........................................................8

        1.9    Indemnification...................................................................8

        1.10   Information by Holder............................................................10

        1.11   Rule 144 Reporting...............................................................10

        1.12   Transfer of Registration Rights..................................................10

        1.13   Standoff Agreement...............................................................11

        1.14   Termination of Registration Rights...............................................11

        1.15   [Intentionally Deleted]..........................................................11

        1.16   Standstill Agreement.............................................................11



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



        2.1    Governing Law....................................................................11

        2.2    Survival.........................................................................11

        2.3    Successors and Assigns...........................................................11

        2.4    Entire Agreement; Amendment......................................................11

        2.5    Notices, etc.....................................................................12

        2.6    Delays or Omissions..............................................................12

        2.7    Counterparts.....................................................................12

        2.8    Severability.....................................................................12

        2.9    Titles and Subtitles.............................................................13

        2.10   Attorney's Fees..................................................................13

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                                 EUPHONIX, INC.



                          REGISTRATION RIGHTS AGREEMENT





        This Registration Rights Agreement (the "Agreement") is made as of

February 22, 2000 between Euphonix, Inc., a California corporation (the

"Company") and the Investors (the "Investors") pursuant to the Secured

Promissory Note dated February 22, 2000 (the "Note") between the Company and the

Investors.



        The Investors agree to be bound by all of the terms and conditions of

this Agreement.



        NOW, THEREFORE, the parties agree as follows:





                                    SECTION 1



                 RESTRICTIONS ON TRANSFERABILITY OF SECURITIES;

               COMPLIANCE WITH SECURITIES ACT; REGISTRATION RIGHTS



        1.1     RESTRICTIONS ON TRANSFERABILITY. The Common Stock issued upon

conversion of the Note shall not be sold, assigned, transferred or pledged

except upon the conditions specified in this Section 1, which conditions are

intended to ensure compliance with the provisions of the Securities Act (as

defined below). The Investors will cause any proposed purchaser, assignee,

transferee, or pledgee of any such shares held by the Investors to agree to take

and hold such securities subject to the provisions and upon the conditions

specified in this Section 1.



        1.2     CERTAIN DEFINITIONS. As used in this Agreement, the following

terms shall have the following respective meanings:



               "Closing Date" shall mean the date of the first conversion of the

Note into Common Stock pursuant to the Note.



               "Commission" shall mean the Securities and Exchange Commission or

any other federal agency at the time administering the Securities Act.



               "Common Stock" shall mean the Common Stock of the Company, par

value $0.001 per share.



               "Holder" shall mean (i) any Investor holding Registrable

Securities and (ii) any person holding Registrable Securities to whom the rights

under this Section 1 have been transferred in accordance with Section 1.12

hereof.

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               "Initiating Holders" shall mean Holders or transferees of any

Holders under Section 1.12 hereof who in the aggregate are Holders of greater

than 50% of the Registrable Securities.



               "Registrable Securities" means (i) the Common Stock issued

pursuant to the Note and (ii) any Common Stock of the Company issued or issuable

in respect of such Common Stock upon any stock split, stock dividend,

recapitalization, or similar event, or any Common Stock otherwise issuable with

respect to such Common Stock; provided, however, that shares of Common Stock, or

other securities shall only be treated as Registrable Securities if and so long

as they have not been (A) sold to or through a broker or dealer or underwriter

in a public distribution or a public securities transaction, whether in a

registered offering, Rule 144 or otherwise, or (B) sold or are, in the opinion

of counsel for the Company, available for sale in a single transaction exempt

from the registration and prospectus delivery requirements of the Securities Act

so that all transfer restrictions and restrictive legends with respect thereto

are removed upon the consummation of such sale.



               The terms "register," "registered" and "registration" refer to a

registration effected by preparing and filing a registration statement in

compliance with the Securities Act, and the declaration or ordering of the

effectiveness of such registration statement.



               "Registration Expenses" shall mean all expenses, except as

otherwise stated below, incurred by the Company in complying with Sections 1.5

and 1.6 hereof, including, without limitation, all registration, qualification

and filing fees, printing expenses, escrow fees, fees and disbursements of

counsel for the Company, blue sky fees and expenses, the expense of any special

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