EXHIBIT 10.2

| | AMENDMENT NO. 1 dated as of August 16, 2001 (the "Amendment") to the EMPLOYMENT
AGREEMENT (the "Agreement") dated as of August 16, 2001, between OPTIMARK HOLDINGS, INC., a
Delaware corporation (the "Company"), and ROBERT J. WARSHAW, an individual (the "Executive").
Capitalized terms used herein without definition shall have the meanings ascribed to them in the
Agreement.  All references below to "Sections" are to the corresponding Sections of the Agreement.
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| | The
Company and the Executive desire to amend the Agreement in accordance with the
terms hereof.                                                                                                                                                                                                                                                                                                                                                                             
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| | Accordingly,
in consideration of the premises and mutual covenants contained herein and for
other good and valuable consideration, the receipt and adequacy of which are
mutually acknowledged, the Company and the Executive agree to amend the
Agreement as follows:                                                                                                                                                                                                       
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| | SECTION 1.01.  Amendment to Section 4.  Section 4 of the Agreement is hereby amended
and restated in its entirety to read as follows:                                                                                                                                                                                                                                                                                                                                        

| | 4.     Base Salary.  Commencing as of the Start Date, the Executive shall be paid
an annualized Base Salary of $250,000. Such Base Salary shall be payable in
accordance with the regular payroll practices of the Company applicable to
senior executives, but no less frequently than monthly. The Base Salary shall
not be decreased at any time, or for any purpose, during the Term of Employment
(including, without limitation, for the purpose of determining benefits due
under Section 9). The Company shall provide the Executive with written notice of
his base salary and minimum annual incentive bonus award for a subsequent Term
of Employment at least ninety (90) days prior to expiration of the then current
Term of Employment; provided, however, that if such notice
indicates an annual base salary of less than $250,000 for the subsequent Term of
Employment, then any decision by Employee not to renew this Agreement in
accordance with Section 2 shall not be considered a voluntary termination by the
Employee pursuant to Section 9(e) hereof,
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| | but rather will be deemed an expiration of the Term of Employment pursuant to
Section 9(f) hereof.
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| | SECTION  1.02.  Amendment to   Sections    9(a)(ii)   and
9(b)(ii). Each of Sections 9(a)(ii) and 9(b)(ii) of the Agreement are hereby
amended and restated in their entirety to read as follows:
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| | (ii)      accelerated vesting of any option tranche that would otherwise have vested
within one year of the Termination Date and the ability to exercise vested
options until the earlier of (i) three years from the Termination Date; (ii)
ninety days following the date of the Companys underwritten public
offering or a Change in Control in which holders of the Companys Series F
Preferred Stock (including the Executive if he elects to exercise options on
Series F Preferred Stock) will receive consideration, but in no event less than
90 days from the Termination Date; or (iii) the maximum stated term of
option;"
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| | SECTION 1.03.  Amendment to Section 9(e).  Section
9(e) of the Agreement is hereby amended and restated in its entirety to read as follows:
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| | (e)      Voluntary Termination.  In the event that the Executive terminates his
employment with the Company on his own initiative (other than by death, for
Disability or by a Constructive Termination), or in the event the Executive
delivers a notice not to renew this Agreement in accordance with Section 2
(except under the circumstances set forth in the proviso at the end of Section
4), he shall have the same entitlements as provided in Section 9(c)(ii) in the
case of a termination by the Company for Cause. A voluntary termination under
this Section 9(e) shall be effective upon written notice to the Company and
shall not be deemed a breach of this Agreement.
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| | SECTION 1.04.  Amendment to Section 9(f).  The first paragraph of Section 9(e) of the
Agreement is hereby amended and restated in its entirety to read as follows:
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| | (f)     Expiration of the Term of Employment.  In the event that the
Executives employment terminates because the Company has delivered notice
not to renew this Agreement in accordance with Section 2 or because the
Executive has delivered notice not to renew this Agreement under the
circumstances set forth in the proviso at the end of Section 4, then he shall be
entitled to:"
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| | SECTION 1.05.  Amendment to Section 11(a).  The last sentence of Section 11(a) of the
Agreement is hereby amended and restated in its entirety to read as follows:
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| | This Section 11 shall not apply to suits brought directly by the Company against the
Executive (but, for the avoidance of doubt, this Section 11 shall apply to
derivative suits brought by the Companys stockholders in the name of the
Company).
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| | SECTION 1.06.  Addition of Section 11(c).  The following new paragraph (c) is hereby
added to the end of Section 11:
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| | (c)     For as long as the Company keeps directors and officers liability
insurance policy (or policies) for at least one of its other officers or
directors, the Company shall ensure that such liability insurance policy (or
policies) provides the Executive with comprehensive coverage equal to at least
the coverage that the Company provides for the other officers or
directors.
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| | SECTION 1.07.  Addition of Section 22(i).  The following new paragraph (i) is hereby
added to the end of Section 22:
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| | (i)     No Third Party  Beneficiaries.  Neither this Agreement nor any provision hereof
(including  Section  17(f)) is intended to confer upon any Person  other than the Parties  hereto
any rights or remedies hereunder.
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| | SECTION 1.08.  Amendment to Section 5(a).  Section 5(a)
of the Agreement is hereby
amended and restated in its entirety to read as follows:
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| | (a)     The Executive
shall receive an annual incentive bonus award from the Company in
respect of the first Year of this Agreement. The minimum annual incentive bonus
award payable to the Executive in respect of this first Year shall be $200,000
and the Executive shall be eligible for an additional bonus award in this first
Year at the discretion of the Board. The Executive shall receive this $200,000
annual incentive bonus award payment for the first year on a bi-monthly basis on
the 15th and last business day of each month. The Executive shall be
eligible for a minimum annual incentive bonus award in other Years, if any, in
the amount set forth in the notice provided to the Executive pursuant to the
last sentence of Section 4 hereof.
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| | SECTION 1.09.  Amendment to Section 6.  Section 6 of
the Agreement is hereby amended
and restated in its entirety to read as follows:
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| | Long-Term Incentive Awards.  As of the date that
options on shares of the
Companys Series F Preferred Stock (Shares) are granted to
senior executives of the Company, the Company shall grant to the Executive
options to acquire 1,950,000 Shares (the Target Amount). The shares
underlying such grants shall be those shares as are used in the most recently
adopted stock option plan for all employees, or, in the event there is no
employee stock option plan in place, on those shares which are most senior as to
liquidation and sale preferences from time-to-time. Such options shall be
exercisable as specified in the stock option agreement governing such grant at
an exercise price that the
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| | Board
of Directors determines is equal to the fair market value per Share at the time
of such grant. Subject to Sections 9 and 10(a) hereof, such options shall vest
no slower than in four equal annual installments on each of the first four
anniversaries of the date of the grant. The Executive shall also be eligible to
participate in future option and equity awards on the same basis as other senior
level executives of the Company. The Company will make good faith efforts to
provide drag-along and tag-along rights in connection with shares of its Series
Companys Series F Preferred Stock that are subject to options granted
thereon relative to the private sale of the Companys Series E Cumulative
Preferred Stock by a holder thereof.
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| | SECTION 2.01.  Effect of Amendment.  Except as
specifically  amended hereby,
all of the agreements,  terms and provisions of the Agreement  remain  unchanged
and are hereby ratified and confirmed.  All references in any other documents to
the Agreement shall be deemed to refer to the Agreement as amended hereby.
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| | SECTION 2.02.  Governing Law.  This
Amendment shall be governed, construed, performed
and enforced in accordance with the laws of the State
of New York, without reference to principles of
conflicts of laws.                                                                                                           
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| | SECTION 2.03.  Counterparts.  This Amendment may be executed in any number of
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.                                                                                                           

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| | IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date
first set forth above.
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| | OPTIMARK HOLDINGS, INC.
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| | By: | /s/ Neil G. Cohen                          | 
| | --- | ------------------------------------------ | 
| |     |                                            | 
| |     | Name:   Neil G. Cohen
Title:     Secretary | 

| |  | /s/ Robert J. Warshaw | 
| |  | --------------------- | 
| |  |                       | 
| |  | Robert J. Warshaw     |