Document:

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                                                                    Exhibit 10.1

          AGREEMENT, dated as of September 11, 2002 (the "Agreement"), between
THE ASHTON TECHNOLOGY GROUP, INC., a Delaware corporation (the "Company"), and
ROBERT J. WARSHAW, an individual (the "Executive").

     Whereas the Executive has been serving as the interim Chief Executive
Officer of the Company; and

     Whereas, the Company and the Executive desire to set forth their
understanding concerning the Executive's compensation from the Company.

     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
as follows:

          1. Service and Compensation. The Executive shall continue to serve as
interim Chief Executive Officer of the Company until December 31, 2002, or if
earlier, until the Company employs a permanent Chief Executive Officer. The
Executive shall also continue to serve as a member of the board of directors of
the Company. The Company acknowledges that the Executive will be employed
simultaneously as Chief Executive Officer of Optimark Holdings, Inc. and its
subsidiary, Optimark, Inc., and will serve on the boards of such companies. The
Company hereby consents to such employment and to the Executive's service on the
boards of directors of other companies. During the period he is serving as
interim Chief Executive Officer of the Company, the Executive will receive
salary and bonus payments from Optimark, Inc. and the Company shall reimburse
Optimark, Inc. for a portion of such payments as agreed between the Company and
Optimark, Inc. The Executive shall be compensated for his duties as a member of
the board of directors of the Company (after he ceases to serve as Chief
Executive Officer) at the same rate as the other independent directors serving
on such board of directors. Any Company options previously granted to the
Executive pursuant to Section 2 shall be taken into account in determining the
Executive's compensation as a member of the Company's board of directors.

          2. Options. On or before September 15, 2002, the Company shall grant
to the Executive options to acquire a number of shares of the Company's common
stock ("Shares") equal to 0.5% of the Company's outstanding Shares on the date
of such grant. The exercise price of such options shall be the fair market value
per Share on the date of the grant as determined under the Company's 2002 Stock
Option Plan (the "Plan") and such options shall be fully vested on December 31,
2002, or, if earlier, upon the employment by the Company of a permanent Chief
Executive Officer. Such options shall be exercisable for a period of ten years
if the Executive remains a

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                                                                               2

Service Provider (as defined in the Plan); provided, however, that any options
that are or become vested on the date of the termination of the Executive's
employment with the Company shall remain exercisable for a period of five years
from the date that the Executive shall cease to be a Service Provider. All of
the Company's options shall immediately vest upon a termination of the
Executive's employment with the Company prior to the earlier of (i) December 31,
2002 or (ii) the date the Company employs a permanent Chief Executive Officer,
unless such termination is as a result of a voluntary resignation by the
Executive or the Executive is terminated for Cause (as defined in the Plan), in
which case any unvested options shall thereupon automatically expire. Except as
specifically provided herein, the Executive's options shall be governed by the
terms and conditions of the Plan.

          3. Indemnification. The Company agrees that (i) if the Executive is
made a party, or is threatened to be made a party, to any threatened or actual
action, suit or proceeding, whether civil, criminal, administrative,
investigative, appellate or other (a "Proceeding") by reason of the fact that he
is or was a director, officer, employee, agent, manager, consultant or
representative of the Company or is or was serving at the request of the Company
or any of its Affiliates as a director, officer, member, employee, agent,
manager, consultant or representative of another person or (ii) if any claim,
demand, request, investigation, dispute, controversy, threat, discovery request
or request for testimony or information (a "Claim") is made, or threatened to be
made, that arises out of or relates to the Executive's service in any of the
foregoing capacities, then the Executive shall promptly be indemnified and held
harmless by the Company to the fullest extent legally permitted or authorized by
the Company's certificate of incorporation, bylaws or board resolutions or, if
greater, by the laws of the State of Delaware, against any and all costs,
expenses, liabilities and losses (including, without limitation, attorney's
fees, judgments, interest, expenses of investigation, penalties, fines, ERISA
excise taxes or penalties and amounts paid or to be paid in settlement) incurred
or suffered by the Executive in connection therewith, and such indemnification
shall continue as to the Executive even if he has ceased to be a director,
member, employee, agent, manager, consultant or representative of the Company or
other person and shall inure to the benefit of the Executive's heirs, executors
and administrators. The Company shall advance to the Executive all costs and
expenses incurred by him in connection with any such Proceeding or Claim within
15 days after receiving written notice requesting such an advance; provided,
however, that the Company shall not be required to provide the advance unless
the Company's insurance carrier has indicated that it will not pay for the costs
and expenses associated with such Proceeding or Claim. Such notice shall include
an undertaking by the Executive to repay the amount advanced if he is ultimately
determined to liable under such Proceeding or Claim. Prior to any advance, the
Executive shall post a bond sufficient to secure the amount advanced.

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                                                                               3

          4. Miscellaneous. (a) Entire Agreement. This Agreement contains the
entire understanding and agreement between the Company and the Executive and
supersedes all prior agreements, understandings, discussions, negotiations and
undertakings, whether written or oral, between us with respect thereto.

             (b) Severability. In the event that any provision or portion of
this Agreement shall be determined to be invalid or unenforceable for any
reason, in whole or in part, the remaining provisions of this Agreement shall be
unaffected thereby and shall remain in full force and effect to the fullest
extent permitted by law so as to achieve the purposes of this Agreement.

             (c) Amendment or Waiver. No provision in this Agreement may be
amended unless such amendment is set forth in a writing signed by the parties.
No waiver by either party of any breach of any condition or provision contained
in this Agreement shall be deemed a waiver of any similar or dissimilar
condition or provision at the same or any prior or subsequent time. To be
effective, any waiver must be set forth in a writing signed by the waiving
party.

             (d) Headings. The headings of the Sections contained in this
Agreement are for convenience only and shall not be deemed to control or affect
the meaning or construction of any provision of this Agreement.

             (e) Governing Law/Jurisdiction. This Agreement 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.

             (f) Counterparts. This Agreement may be executed in two
counterparts, each of which shall be deemed an original, but all of which, when
taken together, shall constitute one and the same instrument.

          IN WITNESS WHEREOF, the undersigned have executed this Agreement as of
the date first set forth above.

          THE ASHTON TECHNOLOGY GROUP, INC.

          By:  /s/ William W. Uchimoto
               -----------------------------------
             Name:   William W. Uchimoto
             Title:  Executive Vice President & General Counsel

               /s/ Robert J. Warshaw
               -----------------------------------
               Robert J. Warshaw<PAGE>

                                                                    Exhibit 10.2

                              EMPLOYMENT AGREEMENT

     EMPLOYMENT AGREEMENT, dated as of October 2, 2002 (this "Agreement"),
between THE ASHTON TECHNOLOGY GROUP, INC., a Delaware corporation ("Ashton"),
and James S. Pak, an individual ("You" or the "Executive").

     Ashton desires to employ the Executive and the Executive desires to accept
such employment.

     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, Ashton and the Executive agree as
follows:

1.0  Term

     a.   The term of Your employment under this Agreement shall commence on the
Effective Date (as defined below) and shall end on the first anniversary
thereof, unless terminated earlier or extended as provided herein (the "Term").

     b.   The "Effective Date" shall be May 8, 2002.

2.0  Employment Position and Responsibilities

     You will be employed in the position of Executive Vice President and Chief
Financial Officer of Ashton. You will be responsible for such duties as are
normally associated with such position or as otherwise determined by the Board
of Directors.

3.0  Compensation and Benefits

     a.   Your base salary ("Base Salary") during the Term is guaranteed to be
no less than $160,000.00 per year, which will be payable in accordance with
Ashton's regular payroll practices. Your Base Salary may be reviewed from time
to time by the Board of Directors of Ashton to determine whether there should be
any increase in Base Salary. This determination will be made in view of Your
individual performance and the overall performance of Ashton. No guarantee is
made of any Base Salary increase as a result of any salary review.

     b.   You will receive three (3) weeks vacation per year, which is earned
pro-rata over the year; and receive five (5) paid-time-off days (personal/sick)
per year. You will also receive the same paid holidays as are observed by all of
Ashton's employees.

     c.   In addition to the benefits set forth in paragraphs 3a and 3b, You
shall be entitled to participate in other fringe benefits packages made
available generally to the executive management employees of Ashton, as such
benefits may be determined from time to time by the Board of Directors,
including but not limited to, 401(k), medical, dental, and flexible spending and
dependent care benefits.

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     d.   From time to time, the Board of Directors of Ashton may consider, in
its sole discretion, whether You should receive a cash bonus ("Discretionary
Cash Bonus") based on Your performance during the Term. This determination will
be made in view of Your individual performance and the overall performance of
Ashton. Ashton does not guarantee that You will receive a Discretionary Cash
Bonus acceptable to You or at all.

     e.   At such time as the Board of Directors deems it appropriate, the Board
of Directors may consider whether to implement a cash bonus program for
executive management employees. Ashton does not guarantee that such a cash bonus
program will be implemented on terms acceptable to You or at all.

4.0  Stock Options

     a.   Ashton has created the 2002 Stock Option Plan (the "Stock Option
Plan") for its common stock, par value $0.01 ("Common Stock"). On July 9, 2002,
Ashton has granted to You stock options ("Options") to acquire 14,266,584 shares
of Common Stock. The foregoing number of Options shall be adjusted
proportionately in the event of any stock split, stock dividend, combination, or
reclassification of the Common Stock or any other increase or decrease in the
number of issued shares of the Common Stock without receipt of consideration by
Ashton.

     b.   The grant of Options has been subject to the appropriate approvals,
including approval of Ashton's Board of Directors and, as incentive stock
options have been granted, shareholder approval of the Stock Option Plan. Your
Options will be subject to the same general terms and conditions as other
executive management employees, including but not limited to, the exercise price
of the Options, and the registration rights (if any) in respect of the shares of
Common Stock underlying the Options. Your Options will be governed by a stock
option agreement ("Stock Option Agreement"), which shall provide for an eight
(8) cent exercise price, and the following four year vesting schedule: 1/6/th/
shall vest six months from May 7, 2002 ("Vesting Commencement Date"); 1/6/th/
shall vest one year from the Vesting Commencement Date; and 2/9ths shall vest on
each of the second, third, and fourth anniversary dates from the Vesting
Commencement Date, subject in each case to You continuing to be a Service
Provider (as defined in the Stock Option Plan) on such dates. Additionally, Your
Stock Option Agreement will provide that in the event of a Change of Control (to
be defined in the Stock Option Plan and Stock Option Agreement) of Ashton, fifty
percent (50%) of Your unvested Options shall vest immediately upon the Change of
Control. Ashton will also make commercially reasonable efforts to provide for a
"cashless exercise" method for You to exercise Your Options, if legally
allowable.

5.0  Directors and Officers Liability Insurance

     During the term of this Agreement, Ashton shall have in force and effect
(at its own cost) Directors and Officers Liability Insurance, with coverage in
such amounts as may be deemed appropriate by Ashton's Board of Directors.

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6.0  Termination

     a.   Your employment under this Agreement may be terminated by You or
Ashton at any time, with or without Cause (as defined below).

     b.   In the event of termination by Ashton without Cause, or in the event
of a Constructive Termination (as defined below), Ashton shall pay You an amount
equal to the greater of (1) six (6) months of Your Base Salary or (2) the
remainder of the Base Salary due to You from the date of termination through the
expiration of the Term. In the event of termination by Ashton with Cause, or if
You voluntarily terminate Your employment, then You shall not be entitled to the
payment described in paragraph 6b.

     c.   In the event of termination by Ashton without Cause, or in the event
of a Constructive Termination (as defined below), You shall vest immediately in
one hundred percent (100%) of Your first two installments (100% of 1/6/th/ plus
1/6/th/ = 1/3/rd/) and fifty percent (50%) of Your next unvested anniversary
installment (50% of 2/9ths = 1/9/th/) respecting Your July 9, 2002 Options
grant. You may exercise such vested Options within one (1) year from such date
of Your termination. The effect of any other termination of Your employment on
Options granted to You shall be governed by the Stock Option Plan and Stock
Option Agreement.

     d.   In the event this Agreement lapses without being extended in
accordance with paragraph 6g, and at anytime thereafter You are either
terminated by Ashton without Cause or subject to a Constructive Termination (as
defined below), Ashton shall pay You an amount equal to six (6) months of Your
Base Salary and you shall automatically vest in any unvested portion of Your
July 9, 2002 Options grant up to 1/9/th/ of the total grant, which will be in
addition to Your Options that have previously vested. You may exercise such
vested Options within one (1) year from such date of Your termination. The
effect of any other termination of Your employment on Options granted to You
shall be governed by the Stock Option Plan and Stock Option Agreement, and shall
preclude You from receiving the payment described in paragraph 6d.

     e.   For the purposes of this Agreement, "Cause" shall mean (1) a refusal,
failure, or inability to perform any reasonable assigned duties; (2) a material
breach or violation of this Agreement; (3) conduct by the Executive that
constitutes gross negligence or gross misconduct; (4) material failure to follow
Ashton's policies, directives, or orders applicable to Ashton employees holding
comparable positions; (5) intentional destruction or theft of Ashton property or
falsifications of Ashton documents; (6) conviction of a felony or any crime
involving moral turpitude or a misdemeanor where imprisonment in excess of
fifteen (15) days is imposed; or (7) violation of the written Ashton Code of
Conduct (the "Code").

     f.   For the purposes of this Agreement, "Constructive Termination" shall
mean: (1) the material reduction by Ashton of the scope of Your duties for forty
(40) consecutive Business Days, (2) a material reduction in Your Base Salary, or
(3) the continued assignment to You of any duties materially inconsistent with
the level of Your

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position with Ashton; provided that none of the foregoing events shall be deemed
to result in a Constructive Termination if You consent to such events or if such
events are the result of actions of Ashton or its Board of Directors that are
applicable to all officers of Ashton.

     g.   Ashton may extend this Agreement for successive one year terms so long
as Ashton provides You at least sixty (60) calendar days advance written notice
prior to the expiration of the Term.

     h.   A "Business Day" means any day other than (1) a Saturday, Sunday or
legal holiday, or (2) a day on which commercial banks in New York City are
authorized or required by law or executive order to close.

7.0  Confidential Information

     In the course of the Executive's employment with Ashton, the Executive may
become aware of confidential information including, without limitation, computer
system and software designs, plans for new product and service offerings,
customer lists, market research, strategic plans, domain management consulting
methodologies, and other non-public or similar information that relates to the
business of Ashton, its investors, business partners, customers and/or clients.
The Executive will not use or disclose any such confidential information of
Ashton or its investors, business partners, customers or clients except in the
course of his duties to Ashton or unless ordered to do so by a court of
competent jurisdiction (in which latter case the Executive will promptly inform
Ashton of such order). The Executive will comply with Ashton's policies and
procedures for the protection of confidential information. Further, the
Executive's obligation not to disclose or use such confidential information will
continue after the termination of the Executive's employment for whatever
reason. Confidential information excludes any information known by the Executive
prior to the commencement of the first date of employment with Ashton, which was
not obtained from Ashton (or a director, officer, employee or agent of Ashton)
or which is or becomes known by the public or in Ashton's industry other than by
a breach by the Executive of a confidentiality obligation to Ashton.

8.0  Non-solicitation and Non-compete

     a.   The Executive agrees that until his Termination Date (as defined
below), the Executive shall devote substantially all of his working time to the
business and affairs of Ashton.

     b.   The Executive agrees that for a period of twelve (12) months following
the date of termination of the Executive's employment with Ashton for any reason
(the "Termination Date"), the Executive will not, and will not assist anyone
else to, directly or indirectly solicit or induce any of Ashton's employees to
terminate their employment with Ashton or divert, interfere with or take away
from Ashton any person, company or entity which, within the six month period
immediately preceding the date of termination,

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was an investor, customer, client, supplier, business partner, prime contractor,
subcontractor or independent contractor of Ashton.

     c.   From the Termination Date and for a period of twelve (12) months
thereafter, the Executive agrees that he will not, directly or indirectly, as an
equity owner, director, employee, consultant, lender, agent or in any other
capacity, (1) engage or participate in, or have any interest in any corporation,
entity or other person that engages or participates in any actual, contemplated,
or proposed business or activity engaged or participated in by Ashton or its
subsidiaries on the Termination Date, or (2) engage or participate in, or have
an interest in any corporation, entity or other person that participates in a
merger, acquisition or consolidation with Ashton or any of its subsidiaries. For
purposes of this paragraph 8c, the "business or activity" engaged or
participated in by Ashton or its subsidiaries consists of creating,
establishing, providing or supplying equity products and equity derivatives
thereof that guarantee liquidity based on a benchmark price, and the Executive
will be deemed directly or indirectly to be engaged or participating in the
operation of such a business or activity, or to have an interest in a
corporation, entity or other person, if he is a proprietor, partner, joint
venturer, shareholder, director, officer, lender, manager, employee, consultant,
advisor or agent or if he, directly or indirectly (including as a member of a
group), controls all or any part thereof; provided, that nothing in this
paragraph 8c shall prohibit the Executive from holding less than five percent
(5%) of a class of a corporation's outstanding securities that are listed on a
national securities exchange or traded in the over-the-counter market.

     d.   The noncompetition covenant set forth in paragraph 8c above shall not
apply where the Executive's employment is terminated by Ashton without Cause or
where You have been Constructively Terminated, unless, on or before ten (10)
Business Days following Your Termination Date, the Board of Directors of Ashton
directs Ashton to pay by wire transfer of immediately available funds to an
account that You specify (1) an amount equal to twelve times Your gross monthly
salary for the last complete calendar month immediately preceding Your
Termination Date, plus any cash bonus received by You during such period, and
(2) Ashton agrees in writing to maintain, at Ashton's expense for the twelve
(12) months following Your Termination Date, health and medical insurance
coverage to which You were entitled as of the Termination Date.

     e.   You acknowledge that the business conducted by Ashton is national in
nature and, accordingly, You agree that the competition restriction shall apply
to You in the United States for the period set forth in paragraph 8c. You
acknowledge that the restrictions, prohibitions and other provisions of
paragraph 8c are reasonable, fair and equitable in scope, terms and duration,
are necessary to protect the legitimate business interests of Ashton.

9.0  Intellectual Property

     a.   The Executive will fully and promptly disclose and describe to Ashton,
and hereby agrees to assign to Ashton, all of his full right, title, and
interest in all

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intellectual property, including, without limitation, all inventions,
discoveries, concepts, ideas, systems, methods, processes, works, computer
programs and computer software (whether or not patentable or copyrightable or
constituting trade secrets), which the Executive makes, conceives, reduces to
practice, or creates as an employee of or in connection with his employment by
Ashton. The Executive also will disclose and assign to Ashton all of his
interest, if any, in any such intellectual property conceived of or created by
other employees or by clients of Ashton during the Term. The Executive
understands that he will have no rights to any royalties or other compensation
for the use of any intellectual property covered by this Agreement, unless
expressly agreed to in writing by Ashton.

     b.   The Executive will cooperate with Ashton in doing whatever is
appropriate, including executing assignments, to apply for, obtain and enforce
patent rights (U.S. and/or foreign) for Ashton or its clients on any invention
which is made by the Executive (either alone or jointly with others) during the
Term and to which Ashton is entitled to possession under the terms of this
Agreement, provided that (1) all expenses required to apply for, obtain and
enforce any patent rights will be paid by Ashton, and (2) if the Executive is no
longer employed by Ashton and is required to spend a substantial amount of time
to carry out his obligations under this paragraph 9, the Executive will be
entitled to reasonable compensation from Ashton for that time at levels based on
his total annual compensation in effect at the time the Executive's employment
with Ashton was terminated. The Executive understands that Ashton will have no
obligation to him to apply for or obtain any such patent rights.

     c.   Any written materials or software relating to the business of Ashton
that the Executive prepares, in whole or in part, during the Term, will be the
property of Ashton. The Executive hereby assigns to Ashton all of his full
right, title and interest in any such written materials or software. The
Executive also will do whatever is appropriate to obtain copyright protection of
any such written materials or software relating to his work for Ashton or its
clients, should Ashton so request.

     d.   Upon the termination of the Executive's employment with Ashton, or
during the Executive's employment if so requested by Ashton, the Executive will
deliver to an authorized representative of Ashton (1) all credit cards,
identification cards, badges, keys, and other items which have been provided to
the Executive by Ashton, (2) all tools, equipment, and software provided to the
Executive by Ashton, and (3) all written materials, records, tapes, disks and
other media which relate to the business of Ashton. The Executive will not
retain any copies or duplicates of the items described above, except that the
Executive may retain copies of his own records relating to his compensation and
benefits from Ashton, a copy of this Agreement and any other agreement between
the Executive and Ashton, and his personal copies of any papers which have been
written by the Executive and have been published without restriction.

10.0 Monies Owed to Ashton

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     Upon the separation of Your employment from Ashton, You agree to authorize
Ashton to deduct from Your final wages or other monies due to You any debts or
financial obligations owned to Ashton by You except written loans, which do not
require acceleration upon termination.

11.0 Arbitration

     Any claim, controversy, or dispute arising out of or relating to this
Agreement, the Executive's employment with Ashton or the termination of such
employment shall be resolved by binding confidential arbitration, to be held in
Philadelphia, Pennsylvania, in accordance with the Commercial Arbitration Rules
of the American Arbitration Association. Judgment upon the award rendered by the
arbitrator(s) may be entered in any court having jurisdiction thereof.

12.0 Remedies

     You understand and agree that Ashton will be irreparably damaged in the
event that the provisions of paragraphs 7, 8, or 9 of this Agreement are
violated. You agree that Ashton shall be entitled to (in addition to any other
remedy to which it may be entitled, at law or in equity) to an injunction to
redress breaches of paragraphs 7, 8, or 9 of this Agreement and to specifically
enforce the terms and provisions thereof.

13.0 Separability

     Each provision of this Agreement will be interpreted in such a manner as to
be effective and valid under applicable law, but if any provision of this
Agreement is held to be prohibited by or invalid under applicable law, such
provisions, to the extent of such prohibition or invalidity, shall be deemed not
to be part of this Agreement, and shall not invalidate the remainder of such
provision or the remaining provisions of this Agreement.

14.0 Governing Law

     The Agreement shall be governed by and interpreted under the laws of
Pennsylvania.

15.0 Amendments

     This Agreement may not be modified or amended except by written instrument
executed by You and an authorized corporate officer of Ashton.

16.0 Entire Agreement

     This Agreement constitutes the parties' entire agreement, and supersedes
and prevails over all other prior, or contemporaneous, agreements,
understandings or representations by or between the parties, whether oral or
written, with respect to the subject matters herein.

<PAGE>

17.0 Legal Expenses

     Upon presentation of an itemized invoice, Ashton shall reimburse You for
fees of counsel in connection with the negotiation of this Agreement, such fees
not to exceed two thousand five hundred dollars ($2,500.00).

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date
first set forth above.

          THE ASHTON TECHNOLOGY GROUP, INC.

          By: /s/ Robert J. Warshaw
             --------------------------------
             Name: Robert J. Warshaw
             Title: CEO

          By: /s/ James S. Pak
             --------------------------------
             James S. Pak

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