<PAGE>

                                                                   EXHIBIT 10.15


                  TERMINATION OF EXECUTIVE SERVICES AGREEMENT
                  -------------------------------------------

This Termination of Executive Services Agreement ("Agreement") made as of the
31st day of October, 2000, by and between Telemonde, Inc., a Delaware
Corporation having its principal place of business at 44 Portman Square, 4th
Floor, London W1H 9FH England ("Telemonde") and Paul E. Donofrio, an individual
residing at 12 Castle Court, Nesconset, New York 11767 ("Donofrio").

Whereas, the parties entered into that certain Executive Services Agreement
dated the 22nd day of February 2000, by and between Telemonde and Donofrio ("The
Executive Services Agreement").

WHEREAS, Donofrio terminated his employment with Telemonde effective October 31,
2000 ("Termination Date"); and

Whereas, the parties desire to settle and compromise all issues of compensation,
benefits, stock options due or becoming due under the Executive Services
Agreement, and provide for the continuation of Donofrio as a member of the Board
of Directors of Telemonde, all upon the terms and conditions, all as hereinafter
described;

NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which
is acknowledged, and in consideration of the mutual covenants contained herein
and of the mutual benefits herein provided, the parties hereto agree as follows:

     1.  Effective October 31, 2000, Donofrio will voluntarily, permanently and
         irrevocably relinquish all duties as Executive Vice President and Chief
         Financial Officer of Telemonde, or otherwise as an employee of
         Telemonde, but will remain a member of Telemonde's Board of Directors
         for a period that begins with the execution of this Agreement and
         continues until the Annual Meeting of Telemonde Stockholders in
         calendar year 2003 (unless Donofrio resigns therefrom or is terminated
         for cause pursuant to Telemonde's by-laws, charter or by operation of
         law), upon the terms as covered by a Board Member Services Agreement
         attached hereto as Exhibit A.

     2.  Telemonde shall continue to pay Donofrio his base salary at a rate of
         $250,000 per annum through November 15, 2000 (to account for unused
         vacation and unused unavoidable absence time), on the same basis as
         paid prior to termination (irrespective of whether Donofrio is
         reemployed), and Donofrio acknowledges and agrees that except as
         otherwise provided in this Agreement and associated Exhibit, he shall
         not be entitled to any further payments, compensation or benefits from
         Telemonde arising from the Executive Services Agreement after November
         15, 2000.

     3.  Telemonde has provided prepaid Medical coverage for Donofrio and his
         family and Telemonde agrees to keep this prepaid Medical coverage in
         effect for Donofrio and his family through March 31, 2001.

     4.  Telemonde has provided prepaid Life Insurance coverage for Donofrio and
         Telemonde agrees to keep this prepaid Life Insurance coverage in effect
         for Donofrio through March 21, 2001.
<PAGE>

     5.  Telemonde shall continue to pay Donofrio an automobile and gasoline
         allowance of $700 per month through November 15, 2000.

     6.  Under the terms of the Executive Services Agreement, Telemonde
         acknowledges that it would have owed Donofrio a $150,000 guaranteed
         bonus, and a $50,000 discretionary bonus (totaling $200,000 in
         bonuses), on January 1, 2001. Since the above referenced Executive
         Services Agreement was executed between the parties on the 22nd day of
         February 2000, Donofrio has a significant interest in the two bonuses
         described above within this paragraph "6" and Telemonde agrees that
         said bonuses are deemed vested, due and owing as of the date hereof.
         Also, under the Executive Services Agreement, Donofrio vested in
         nonqualified stock options of 1,400,000 on June 1, 2000 and 400,000 on
         September 1, 2000. Telemonde acknowledges that these vested
         nonqualified stock options (totaling 1,800,000) are fully exercisable
         and carry an exercise price of $0.50 per share. Therefore, in
         consideration of the $200,000 in bonuses and 1,800,000 nonqualified
         stock options as well as for valuable consideration towards complete
         and full settlement and resolution of all issues between Telemonde and
         Donofrio, Telemonde agrees to provide Donofrio with 675,000 Telemonde
         shares of Rule 144 Restricted Stock by November 15, 2000. Upon the
         granting of these shares, Donofrio will waive his vested interest in
         the bonuses and nonqualified stock options described above within this
         paragraph "6".

     7.  By November 15, 2000, Telemonde agrees to reimburse Donofrio for any
         legal and/or professional fees incurred by him in connection with this
         agreement, and any associated employment agreement made by Donofrio, up
         to a maximum of $6,000.

     8.  Donofrio further agrees that the payments provided and rights afforded
         to him in paragraphs "2" through "7": (a) equal or exceed any payment,
         benefit, or other thing of value to which he might otherwise be
         entitled under any policy, plan or procedure of Telemonde and (b) are
         in full discharge of any and all of Telemonde's liabilities and
         obligations to him, whether written or oral, arising out of The
         Executive Services Agreement.

     9.  The existence and terms of this Agreement are and shall be deemed
         confidential and shall not be disclosed by Donofrio or by any party
         acting on behalf of Donofrio to any person or entity, except: (a) in
         any proceeding arising out of an alleged breach of this Agreement; (b)
         as may be required by law; and (c) to Donofrio's attorneys, spouse,
         accountants, financial advisors, and/or prospective employers or
         partners, provided that the person to whom disclosure is made aware of
         the confidentiality provisions of this Agreement and such person(s)
         agrees to keep the terms of this Agreement confidential. Except
         pursuant to an order of a government body or court of competent
         jurisdiction, and then only provided that Donofrio has complied with
         the next sentence of this paragraph "9" of this Agreement, neither
         Donofrio nor any party acting on his behalf shall disclose to or
         discuss with representatives of the media or any other person or
         entity, or make or cause to be made or publish or cause to be published
         any statement of any kind disclosing or discussing, any information
         concerning: (a) any matters relating directly or indirectly to this
         Agreement or the terms thereof; (b) Donofrio's termination from
         employment with Telemonde except that Donofrio may state that he
         resigned to pursue
<PAGE>

         other interests pursuant to an agreement with Telemonde; or (c) the
         merits of any claim or proceeding against Telemonde or the Telemonde
         Entities. Donofrio agrees to give Telemonde notice of any and all
         attempts to compel disclosure of any information he is prohibited from
         disclosing by this paragraph "9", by written or telephonic notice of
         such an attempt to Kevin Maxwell, Chairman, Telemonde, Inc., 40 Portman
         Square, 4th Floor, London W1H 9FH, England, +44 20 7486 4900. Donofrio
         shall provide such written notice at least five (5) days before
         compliance with any subpoena or order is required, but if the subpoena
         or order requires compliance within less than five days, Donofrio shall
         provide such telephonic notice, within one (1) business day after
         receiving notice that an attempt will be or has been made to compel
         such disclosure.

     10. Telemonde agrees not to publicly disparage (or induce or encourage
         others to publicly disparage) Donofrio or to disclose the facts or
         circumstances surrounding his separation from employment with Telemonde
         unless required by law. For purposes of this paragraph, the term
         "publicly disparage" means any statements made to the press by
         Telemonde's senior officers in their official capacity, or any
         statements made officially by Telemonde that adversely affect
         Donofrio's personal or professional reputation.

     11. Any non-disclosure provision in this Agreement does not prohibit or
         restrict Telemonde or Donofrio from responding to any inquiry about
         this Agreement or its underlying facts and circumstances from the
         Securities and Exchange Commission (SEC), the NASD, any other
         securities related self-regulatory organization or to any prospective
         employer or partner.

     12. Telemonde will continue to provide Donofrio with any rights of
         indemnification he may currently have as an Officer of Telemonde under
         Telemonde's Certificate of Incorporation, by-laws and/or General
         Corporation Law of the State of Delaware, with respect to any claim
         brought against Donofrio by a third-party concerning his conduct while
         acting in his capacity as an Officer of Telemonde. Donofrio agrees to
         make himself available, at reasonable times and upon reasonable notice
         from Telemonde and its counsel, for purposes of providing factual
         information and/or testimony in connection with any investigation or
         any action, suit, complaint, claim, grievance, charge or proceeding of
         any kind relating to Telemonde or any of the Telemonde Entities.
         Donofrio agrees that if he is served with a subpoena by Telemonde
         compelling his testimony, he will comply with, and will not contest the
         validity or enforceability of, the subpoena, and will meet with counsel
         representing Telemonde in advance of such testimony. Donofrio agrees
         that no subpoena will be necessary for any other meetings, interviews,
         conversations or requests for written statements requested by Telemonde
         in accordance with this paragraph "12", if, as and when reasonably
         required by Telemonde. Donofrio agrees to cooperate with Telemonde
         during any such interviews or testimony by truthfully answering each
         question posed to him to the best of his knowledge and, if requested by
         Telemonde, by signing a statement or statements reflecting such
         information. Telemonde agrees to reimburse Donofrio for the reasonable
         cost of his travel and subsistence incurred at such interview,
         deposition, trial, hearing or proceeding, and, where the assistance of
         counsel for Donofrio is reasonably required, Telemonde will reimburse
<PAGE>

         Donofrio for reasonable attorney's fees actually incurred by Donofrio
         in connection with that interview or testimony.

     13. This agreement is binding upon, and shall inure to the benefit of, the
         parties and their respective heirs, distributees, executors,
         administrators, personal representatives, successors and assigns.

     14. In the event Donofrio is deceased or legally incompetent, the word
         "Donofrio" means his estate (including his heirs, distributees,
         executors, administrators, personal representatives, successors and
         assigns) or legal representative, as the case may be.

     15. This Agreement and the Exhibit hereto constitute the complete
         understanding between the parties, and may not be changed orally and
         supersede any and all prior proposals, agreements, understandings,
         written or oral, or course of conduct, between the parties. Donofrio
         acknowledges that neither Telemonde nor any representative of Telemonde
         has made any representations or promise to him other than as set forth
         in this Agreement.

     16. This Agreement and the Exhibit hereto may be executed simultaneously in
         several parts, each of which shall be deemed an original, but all of
         which together shall constitute one and the same instrument.

     17. This Agreement shall be governed by, and construed and enforced in
         accordance with, the laws of the State of New York. Should any
         provision of this Agreement require interpretation or construction, it
         is agreed by the parties that the court (or other entity) interpreting
         or construing this Agreement (or the Exhibit hereto) shall not apply a
         presumption that the provisions hereof shall be more strictly construed
         against one party by reason of the rule of construction that a document
         is to be construed more strictly against the party who prepared the
         Agreement (or the Exhibit hereto), it being agreed that all parties
         have participated in the preparation of all provisions of this
         Agreement (and the Exhibit hereto).

     18. If, at any time after the date of the execution of this Agreement, any
         provision of this Agreement (or the Exhibit hereto) shall be held by
         any court or agency of competent jurisdiction, in an action brought by
         Donofrio or on his behalf, to be illegal, void or unenforceable, such
         provision shall be of no force and effect. However, the illegality or
         unenforceability of such provision shall have no effect upon, and shall
         not impair the unenforceability of, any other provision of this
         Agreement (or the Exhibit hereto).

     19. In the event any party brings an action for enforcement of this
         Agreement or damages, the prevailing party in such action shall be
         entitled to his/its reasonable costs and expenses, including attorneys'
         fees, incurred in connection therein.

     20. Any notice required hereunder shall be deemed sufficiently given if in
         writing and addressed as follows (or at such other address as each
         party may subsequently designate):
<PAGE>

         To Telemonde, Inc.:
              Telemonde, Inc.
              40 Portman Square, 4th Floor
              London W1H 9FH England
              +44 20 7486 4900
              Attention: Kevin Maxwell
              Chairman

         To Paul E. Donofrio:
              12 Castle Court
              Nesconset, New York 11767
              (631) 366-3795

         With a copy to:
              Thomas L. Costa, Esq.
              Law Offices of Thomas L. Costa, LLP
              South Wing, Suite 3S03
              One Huntington Quadrangle
              Melville, New York 11747
              (631) 752-0303

     21. Except as expressly stated herein, the parties agree that The Executive
         Services Agreement shall be deemed terminated and of no further force
         and effect, upon the execution of this Agreement, and that this
         Agreement supercedes the provisions of The Executive Services Agreement
         in all respects, and further that except as expressly set forth herein
         the parties have no rights, duties or obligations arising from The
         Executive Services Agreement. Provided, however, that the provisions of
         paragraph "4" of The Executive Services Agreement ("Competition:
         Confidential Information") shall survive the termination of The
         Executive Services Agreement.

     22. The parties agree that the United States District Court of the Eastern
         District of New York, or the Supreme Court of the State of New York,
         County of Suffolk, shall have jurisdiction over all controversy that
         may arise under or in relation to this Agreement and the parties hereto
         waive any other venue to which they might be entitled by virtue of
         domicile, habitual residence, or otherwise.

     23. Telemonde and the party executing this Agreement on behalf of Telemonde
         represent that Telemonde has the right, power, legal capacity, and
         authority to enter into and perform their obligations under this
         Agreement; no approvals or consents of any third parties are necessary
         in order to consummate the transactions contemplated thereby, and the
         Board of Directors of Telemonde has expressly approved this Agreement.
         Further, that this Agreement constitutes a valid and binding
         obligation, enforceable against Telemonde in accordance with its terms.

     24. Donofrio represents that he has the right, power, legal capacity, and
         authority to enter into and perform his obligations under this
         Agreement; no approvals or consents of any third parties are necessary
         in order to consummate the transactions contemplated hereby; and that
         this Agreement constitutes a valid and binding obligation, enforceable
         against Donofrio in accordance with its terms.
<PAGE>

     25. The parties agree to execute such other documents and perform such
         other acts as may be necessary for the implementation and consummation
         of this Agreement.


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

TELEMONDE, INC.



By: /s/ Kevin Maxwell              By: /s/ Paul E. Donofrio
   --------------------------         -------------------------
     Kevin Maxwell                      Paul E. Donofrio
     Chairman
<PAGE>

                                   EXHIBIT A

                        BOARD MEMBER SERVICES AGREEMENT
                        -------------------------------

BOARD MEMBER SERVICES AGREEMENT made as of the 31st day of October, 2000 by and
between Telemonde, Inc. ("Telemonde") and Paul E. Donofrio ("Donofrio").

Reference is made to that certain Termination of Executive Services Agreement
dated the 31st day of October 2000, by and between Telemonde and Donofrio.

WHEREAS, Donofrio terminated his employment with Telemonde effective October 31,
2000 ("Termination Date");

NOW, THEREFORE, the parties hereto agree as follows:

1.  Effective November 1, 2000, Donofrio will remain a member of Telemonde's
    Board of Directors until the Annual Meeting of Telemonde Stockholders in
    Calendar Year 2003, unless Donofrio resigns or is removed from the Board for
    cause, in accordance with Telemonde's by-laws, charter, or by operation of
    law.

2.  Effective November 16, 2000, so long as Donofrio remains a member of the
    Board, Donofrio will receive: (a) a non-executive director fee of $100,000
    per year (which is in accordance with Telemonde's non-executive director pay
    package) to be disbursed in monthly allotments of $8,333.33 and is to be
    paid by each calendar month end beginning in November 2000; (b) $250,000 of
    Rule 144 Restricted Shares of Telemonde common stock, $.001 par value per
    share, to be issued on November 16, 2001 and $250,000 of Rule 144 restricted
    shares of Telemonde common stock, $.001 par value per share, to be issued on
    November 16, 2002 (valued as of November 16, 2001, and November 16, 2002,
    respectively); and (c) reimbursement of reasonable expenses incurred by
    Donofrio in the performance of his duties as a Director.

3.  Effective November 1, 2000, Donofrio will continue to assist Telemonde's
    representatives on an occasional "as needed" basis in: (a) the preparation
    of Telemonde's third quarter 2000 10-Q; and (b) the preparation of proxy
    documentation regarding a proposed increase in Telemonde's share capital.
    Telemonde will make every effort to recruit and hire a new Chief Financial
    Officer as soon as possible. If required, Donofrio will assist the new Chief
    Financial Officer in the preparation of Telemonde's fiscal year 2000 10-K.
    Other than the above, no other services by Donofrio shall be required under
    this Board Member Services Agreement, other than those advisory services
    incidental to his function as a member of the Board of Directors of
    Telemonde.

TELEMONDE, INC.



By: /s/ Kevin Maxwell                   By: /s/ Paul E. Donofrio
   --------------------------              --------------------------
     Kevin Maxwell                           Paul E. Donofrio
     Chairman