Document:

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                                                                  EXHIBIT 10.19

                               SERVICES AGREEMENT

            SERVICES AGREEMENT (this "Agreement") dated as of June___, 2000,
between Webhelp.com Inc., a Delaware corporation ("Webhelp"), and Webhelp S.A.,
a French societe anonyme (the "Company").

                              W I T N E S S E T H :

            WHEREAS, Webhelp has developed an integrated solution for the
provision of certain real-time human assistance network services and is ready,
willing and able to provide access to such network services and license certain
related know-how relating to the provided services to Company.

            WHEREAS Webhelp has verified that such solution can be
technologically customized and adapted to work in French speaking markets;

            WHEREAS, the Company desires to establish a Web site and to
provide similar services in the French language;

            WHEREAS, simultaneously herewith, Webhelp and the Company are
entering into a Technology and Trademark Agreement (the "Technology and
Trademark Agreement") whereby Webhelp is licensing certain technology and access
to certain of Webhelp's computer systems in connection with such services; and

            WHEREAS, Webhelp and the Company desire to enter into an agreement
whereby Webhelp shall provide the Company with certain services in connection
with the Company's business;

            NOW, THEREFORE, in consideration of the premises and the mutual
agreements hereinafter set forth and set forth in the Technology and Trademark
Agreement, the parties hereto hereby agree as follows:

      1.    SERVICES. Webhelp shall provide to the Company the services
described on Schedule I hereto.

      2.    WEBHELP SERVICE FEES. As consideration for the services rendered
pursuant to this Services Agreement, the following amounts shall be payable by
the Company:

            (a)   Nineteen and nine-tenths percent (19.9%) of the total issued
                  and outstanding common shares of the Licensee pursuant to the
                  Subscription Agreement dated as of the date hereof (the
                  "Subscription Agreement") among the Licensee, Webhelp and
                  Europe@web and in accordance with the Shareholders Agreement
                  dated as of the date hereof (the "Shareholders Agreement"; and
                  together with this Agreement, the Services Agreement and the
                  Subscription Agreement, the

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                                                                               2

                  "Documents") among the Licensee, Frederic Jousset, Olivier
                  Duha, EUROPE@WEB B.V. and Webhelp, which shall be fully earned
                  on the date hereof;

            (b)   during first 12-months of the Initial Term, the Licensee shall
                  pay to Webhelp US $3,500,000 in cash, US $ 1,000,000 of which
                  has been paid on behalf of the Licensee by EUROPE@WEB B.V., US
                  $2,000,000 of which is payable on September 30, 2000 by wire
                  transfer to an account designated by Webhelp, and US $500,000
                  of which is payable on December 31, 2000 by wire transfer to
                  an account designated by Webhelp. Notwithstanding the
                  foregoing, in the event that Company is unable to arrange
                  further financing by September 30, 2000, the September 30th
                  payment stipulated above shall be postponed until the date of
                  such further financing but in no event, shall the payment be
                  postponed beyond December 31, 2000 regardless of available
                  financing.

            (c)   A monthly service fee shall be payable by Company as
                  consideration for the continuing services provided by Webhelp
                  under this Services Agreement (the "Service Fees") which shall
                  be calculated in the following manner:

            (i)   For the initial 12 month period: 0% of Gross Revenue;
            (ii)  For the following 12 month period (year 2 of the Agreement),
                  5% of Gross Revenue;
            (iii) For the following 12 month period (year 3) 4% of Gross
                  Revenue;
            (iv)  For the following 12 month period (year 4) 4% of Gross
                  Revenue;

Gross Revenue shall be defined as the total consideration actually received by
Company or accruing to the benefit of the Company in accordance with French GAAP
and in accordance with the annual financial statements prepared by Company for
its shareholders. Without limiting the generality of the foregoing,
consideration can include non-monetary consideration provided such non-monetary
consideration can be valued monetarily. Company shall have the obligation to
account and remit to Webhelp the Service Fees set out above, 15 days following
each month end.

During the Term of this Agreement and for two (2) years thereafter, Company
agrees to keep all usual and proper records and books of account and all usual
and proper entries relating to Company's revenue and Webhelp shall have the
right to cause an audit and/or inspection to be made of the applicable records
and books in order to verify statements issued by Company and Company's
compliance with the terms of this Agreement. Any such audit shall be conducted
by an independent certified public accountant selected by Webhelp (other than on
a contingent fee basis). Any audit and/or inspection shall be conducted during
regular business hours at Company's facilities with reasonable notice. Such
audits shall be made no more often than once every twelve (12) months

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                                                                               3

      3.    DIRECT COSTS. Each of the parties shall be solely responsible for
payment of its expenses occurring as a result of the operation of this
Agreement. Notwithstanding the foregoing, any direct costs (e.g. travel,
accommodation, etc.) incurred by Webhelp in fulfillment of their obligations
under this Agreement shall be the responsibility of Webhelp until the first 12
months of this Agreement has expired after which time any reasonable direct
costs shall be borne by Company.

      4.    TERM. This Agreement shall commence effective as of the date hereof
and shall continue thereafter until the term of the Technology and Trademark
Agreement terminates, unless mutually extended in writing by the parties hereto.
It is expressly understood by the parties that there is a process for
re-negotation set out under the Technology and Trademark Agreement and that
provisions related to the process of re-negotiation thereunder shall be deemed
to apply to this Services Agreement insofar as such provisions may reasonably
apply.

      5.    INDEMNIFICATION BY THE COMPANY. Notwithstanding any insurance
carried by the Company, the Company shall defend, indemnify and hold harmless
Webhelp, its subsidiaries and their respective agents, officers, directors and
employees (each an "Webhelp Person") against and from any and all losses,
liabilities, obligations, damages, penalties, claims, costs, charges and
expenses, including, without limitation, reasonable attorneys' fees, which may
be imposed upon or incurred by or asserted against any Webhelp Person by a
third-party and arising out of the performance by Webhelp of its services
hereunder (unless with respect to any such indemnified party claiming
indemnification hereunder due to the gross negligence or willful misconduct of
such indemnified party). In the event that any action or proceeding is commenced
against any Webhelp Person with respect to any matter for which any such person
or entity may be entitled to indemnification pursuant to this Section 4, Webhelp
shall give written notice thereof to the Company and the Company shall have the
right to defend such action or proceeding with counsel selected by the Company
and approved in writing by Webhelp, provided that (i) Webhelp's failure to give
any such notice shall not impair or limit any Webhelp Person's rights hereunder
except to the extent that the Company is materially prejudiced thereby and (ii)
no settlement shall be made by the Company without the prior written consent of
Webhelp (which consent shall not be unreasonably withheld, unless such
settlement does not contain a general release of the Webhelp Persons by all
claimants in form and substance reasonably acceptable to Webhelp, in which case
Webhelp may withhold its consent in its sole and absolute discretion). This
indemnification obligation of the Company shall survive any termination of this
Agreement or any provision herein to the contrary.

      6.    INDEPENDENT CONTRACTOR. At all times, Webhelp shall render and
perform its services hereunder as an independent contractor in accordance with
its own standards, subject to Webhelp's compliance with the provisions of this
Agreement and with all applicable laws, ordinances and regulations. The Company
shall not have or exercise any control or direction over Webhelp in the
performance of its services under this Agreement. Under no circumstances shall
either party hereto, any of its officers, directors or employees or any other
person employed by or associated with such party be deemed to be an employee of
the other party. Neither party nor any director, officer, employee, agent or
representative of such party shall be entitled to any of the employment-related
benefits (including, without limitation, fringe benefits and worker's
compensation benefits) afforded by the other party to its employees by virtue of
this Agreement.

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                                                                               4

      7.    PAYMENT OF APPLICABLE TAXES. Webhelp shall be solely responsible for
the payment of all applicable federal, state and local income taxes, gross
receipt taxes, FICA, unemployment and disability benefits and worker's
compensation obligations arising out of or relating to the performance by
Webhelp of services pursuant to this Agreement. Webhelp shall further be solely
responsible for the payment of all applicable state and local sales, use and
service taxes levied upon it in connection with the services rendered by it
pursuant to this Agreement. It is expressly acknowledged and agreed by the
parties hereto that neither party hereto shall withhold or in any way be
responsible for the payment of any federal, state, provincial or local income or
occupational taxes, gross receipt taxes, FICA taxes, unemployment compensation,
disability benefits, or worker's compensation contribution, or any other similar
payments for or on behalf of the other party hereto or its employees, agents or
representatives.

      8.    RELINQUISHMENT OF RECORDS. Upon the termination of this Agreement,
each party hereto shall promptly return to the other party upon request any and
all files, data and materials owned by the requesting party and made available
to the other party pursuant to this Agreement.

      9.    AMENDMENT OR MODIFICATION, WAIVER. No provision of this Agreement
may be amended or modified unless such amendment or modification is agreed to in
writing and signed by each party hereto. Except as otherwise specifically
provided in this Agreement, no waiver by any party hereto of any breach by the
other party hereto of any condition or provision of this Agreement to be
performed by such other party shall be deemed a waiver of a similar or
dissimilar provision or condition at the same or any prior or subsequent time.

      10.   NOTICES. All notices, requests, demands and other communications
under this Agreement shall be in writing and shall be deemed to have been duly
given (i) on the date of service if served personally on the party to whom
notice is given, (ii) on the day of transmission if sent via facsimile
transmission to the facsimile number given below, provided telephonic
confirmation of receipt is obtained promptly after completion of transmission,
(iii) on the business day after delivery to an overnight courier service or the
Express mail service maintained by the United States Postal Service, provided
receipt of delivery has been confirmed, or (iv) on the fifth day after mailing,
if mailed by registered or certified mail, postage prepaid, properly addressed
and return-receipt requested, in all cases to the parties as follows:

      If to the Company:

      If to Webhelp:

      One Dundas Street West
      Suite 2500
      Toronto, Ontario  M5G 1Z3
      Canada
      Attention: Kerry Adler
      Telecopier: (416) 204-1939

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                                                                               5

      With a copy to:

      John D. Burton
      Webhelp.com Inc.
      237 Park Avenue
      20th Floor
      New York, New York  10017
      U.S.A.
      Telecopier:  (646) 349-2065

Any party may change its address by giving the other party written notice of its
new address in the manner set forth above.

      11.   ENTIRE AGREEMENT. This Agreement and the Technology and Trademark
Agreement contain the entire agreement between the parties hereto with respect
to the subject matter hereof and thereof. This Agreement and the Technology and
Trademark Agreement supersede all prior understandings, negotiations and
agreements between the parties with respect to the subject matter hereof.

      12.   SEVERABILITY. If any provision herein contained shall be held to be
illegal or unenforceable, such holding shall not affect the validity or
enforceability of the other provisions of this Agreement.

      13.   GOVERNING LAW. This Agreement shall be construed in accordance with
the laws of the State of New York applicable to contracts entered into and to be
performed entirely within that State, without reference to any conflict of laws
principles that would apply the laws of any other jurisdiction.

      14.   ASSIGNMENT. This Agreement may not be assigned in whole or in part
by either party hereto without the prior written consent of the other, and any
attempted assignment in violation of this Section 13 shall be null and void.

      15.   BINDING EFFECT. This Agreement shall be binding upon, and inure to
the benefit of, the parties hereto, and their respective successors and
permitted assigns.

      16.   COUNTERPARTS. This Agreement may be executed in counterparts and
each of such counterparts shall for all purposes be deemed to be an original,
but all such counterparts shall together constitute one and the same instrument.

      17.   INTEREST IN OTHER BUSINESSES. Nothing contained herein shall create
any right or entitlement in the Company or Webhelp to participate in any other
related or unrelated activity conducted by the other party and each party
further acknowledges that nothing contained herein shall create any interest,
right or entitlement of such party in any present or future operations,
activities or facilities owned, managed or otherwise related to the other party
hereto or its subsidiaries or affiliates, other than the rights of the parties
hereto as expressly provided herein and in the other agreements entered into as
of the date hereof between the parties.

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                                                                               6

      18.   INTENTIONS OF THE PARTIES. The parties hereto intend, in good faith,
that this Agreement and the transactions contemplated hereby be conducted in
such a manner so as to comply with all applicable laws, rules and regulations
governing the services contemplated hereby.

                                      * * *
            IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be executed by their duly authorized representatives as of the date first above
written.

                                          WEBHELP.COM INC.

                                          By  __________________________
                                              Name:
                                              Title:

                                          WEBHELP S.A.

                                          By  __________________________
                                              Name:
                                              Title:<PAGE>

                                                                  EXHIBIT 10.20

06/06/00

                             SHAREHOLDERS' AGREEMENT

                                    [WEBHELP]

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2

                             SHAREHOLDERS' AGREEMENT

BETWEEN

(1)    Monsieur OLIVIER DUHA, of French nationality, MARRIED, of legal age,
       residing at 40 rue Marjolin, 92300 Levallois-Perret; and

       Monsieur FREDERIC JOUSSET, of French nationality, SINGLE, of legal age,
       residing at 14 rue Vignon, Paris 75009

                                 Hereinafter referred to as the "A SHAREHOLDERS"
                                                              OF THE FIRST PART,

(2)    EUROP@WEB B.V. a company duly organized and validly existing according to
       the laws of Netherlands, having a share capital of 500,065,300 Euros,
       registered at the Chamber of Commerce and Industry for Amsterdam under
       number 33235092, having its registered office at Locatellikade 1,
       Parnassustoren - 1076 AZ Amsterdam - Netherlands, and represented by Mrs.
       Maria van der Sluijs-Plantz, duly authorized for the purposes hereof,

                                  Hereinafter referred to as the "B SHAREHOLDER"
                                                             OF THE SECOND PART,

(3)    WEBHELP.COM INC., a company duly organized and validly existing
       according to the laws of Delaware, having an paid-in share capital of
       US$ 42,341,601 registered in the State of Delaware , having its
       registered office at 1220 North Market Street, Suite 606, Wilmington,
       Delaware, DE 19801, and represented by Mr Kerry ADLER, duly authorized
       for the purposes hereof,

                                 Hereinafter referred to as the "C SHAREHOLDER",
                                                              OF THE THIRD PART,

(4)    THE PERSONS AND COMPANIES LISTED AT SCHEDULE 1

                                Hereinafter referred to as the "D SHAREHOLDERS",
                                                             OF THE FOURTH PART,

                 Collectively referred to as the "Shareholders" or the "Parties"

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WHEREAS

A.     Webhelp.fr (hereafter referred to as the "COMPANY") is a French SOCIETE
       ANONYME, in the course of incorporation which is to carry out the
       activity of a human assisted internet search engine to be operated
       through a software currently used in the Webhelp.com site and owned by
       the C Shareholder.

B.     Upon incorporation, the Company will have a share capital of EURO 40,000
       divided into 4,000,000 shares of EURO 0.01 each. Its object will be the
       provision of internet services to companies and individuals and in
       particular the provisions of human assistance services , its statutory
       auditors will be Michel Caderas de Kerleau and the deputy statutory
       auditors will be the company Caderas Martin SA and its accounting year
       will end on December 31 of each year.

C      Upon incorporation the Company will ratify the Relevant Contracts entered
       into by the Shareholders or some of them on behalf of the Company,
       pursuant to the undertaking referred to at article 4.3 hereof.

D.     The C Shareholder and the Company have entered into a Technology and
       Trademark Agreement and Services Agreement providing for (i) the license
       by the C Shareholder of the software and other proprietary rights used in
       the Webhelp.com site to the Company, but solely for use in the French
       language (the "LICENSE"), (ii) the co-ownership of the Webhelp trademark
       on the French territory, (iii) the provision of services by the C
       Shareholder to the Company and (iv) the issue of 19.88 % of the Company's
       issued share capital to the C Shareholder, as partial consideration for
       the provision of services under the Services Agreement .

E.     The B Shareholder have agreed to participate in the organization and
       development of the Company by subscribing to an increase of the share
       capital of the Company entitling them to a 30% percentage holding in the
       Company.

F.     The Parties have agreed to enter into a shareholders' agreement
       (hereafter referred to as the "Agreement"), in order to regulate their
       respective rights and obligations with respect to the Shares and with
       respect to the Company's organisation and management.

1.     DEFINITIONS

       For the purpose of this Agreement, each of the following terms will have
       the meaning described below:

       "A DIRECTORS" means the directors appointed by the A Shareholders
       pursuant to Article 4.1 (b) and (c).

       "ACTIVITY OF THE COMPANY" means the development, promotion, operation and
       management of a real-time online human assisted search engine on the
       internet, in the French language, as such activity may vary from time to
       time in order to reflect and be consistent with the development of

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4

       the activity of the C Shareholder insofar as (i) such activity relates to
       the Webhelp service and (ii) the Company follows such development of
       activity.

       "AGREEMENT" means this shareholder's agreement and any Schedule thereto.

       "B DIRECTORS" means the directors appointed by the B Shareholders
       pursuant to Article 4.1 (b) and (c).

       "B SHAREHOLDER'S GROUP" means any entity:

              (i)    that the B Shareholder controls, directly or indirectly,

              (ii)   which, directly or indirectly, controls the B Shareholder,

              (iii)  which is under the same direct or indirect control as the B
                     Shareholder,

              "CONTROL" being understood for the purposes of this definition
              within the meaning of Article 355-1 of the French law of July 24
              1966.

              (iv)   and/or any investment funds for which an entity of the B
                     Shareholder's Group (as defined here above) provides the
                     management.

              "C DIRECTORS" means the directors appointed by the C Shareholders
              pursuant to Article 4.1 (b) and (c).

              "CLOSING DATE" means the date at which the share capital increase
              entitling the B Shareholder to 30 % of the Company's share capital
              (pursuant to article II.2 of the Subscription Agreement) shall
              take effect.

              "COMPETING ACTIVITY" is defined at Article 8.3.

              "COMPETITIVE BUSINESS" means engaging in any outsourced customer
              relations services, Internet Search, general interest Internet
              portal (such as Yahoo!, MSN, AOL or Excite).

              "DRAG ALONG RIGHT" is defined at Article 6.12.

              "EXCLUSIVITY PERIOD" is defined at Article 8.1.

              "EXPERT" means the expert referred to in the definition of
              Valuation Procedure below.

              "FAIR MARKET VALUE" of the Shares shall mean the fair market value
              either agreed between the Shareholders or, in the absence of
              agreement, as determined in accordance with the Valuation
              Procedure below, it being provided that in the determination of
              the Fair Market Value, regard shall be had to the following
              principles : the Fair Market Value shall be determined as if the
              Technology and Trademark Agreement and the Services

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5

              Agreement are, at the time of such determination, in full force
              and effect without regard to any possible termination of such
              agreements.

              "MARKET VALUE PER SHARE" is defined at Article 5.3(A).

              "NON-TRANSFERRING SHAREHOLDER is defined at Article 6.3.

              PREEMPTION EXERCISE NOTICE is defined at Article 6.4 (i).

              PREEMPTION RIGHT is defined at Article 6.2.

              "PROPOSED SHARE CAPITAL INCREASE " means the amount by which it is
              proposed that the share capital will be increased in each share
              capital increase pursuant to article 5.

              REPLY is defined at Article 6.4.

              "PERMITTED TRANSFERS" SHALL REFER TO PERMITTED TRANSFERS AS
              DESCRIBED AT ARTICLE 8.1.

              "PRE-MONEY VALUE" is defined at Article 5.3(A).

              "RELEVANT CONTRACTS" means the agreements entered into by the
              Shareholders or any of them on behalf of the Company prior to
              incorporation of the Company set forth at Schedule 4.

              "SERVICES AGREEMENT" means the services agreement set forth at
              Schedule 3.

              "SHARES" means (i) any share that has been issued or is to be
              issued, representing a portion of the capital of the Company, (ii)
              any rights attached thereto, including preferential subscription
              rights, and / or (iii) any securities, warrants, bonds or other
              rights giving right, either immediately or in the future, via
              conversion, exchange, reimbursement, presentation of a warrant, or
              in any way whatsoever, to the subscription to, or allocation of, a
              share representing a portion of the capital of the Company, as
              defined here above.

              "SHAREHOLDER" means any person holding SHARES of the Company and
              having adhered to this Agreement in accordance with the provisions
              of Article 12.7 hereafter.

              "SUBSCRIPTION AGREEMENT" means the subscription agreement
              ("Protocole d'Accord") entered into between the parties on the
              date hereof, a copy of which is set forth at Schedule 5.

              "TAG ALONG RIGHT" is defined at Article 6.11.

              "TAG ALONG EXERCISE NOTICE" is defined at Article 6.4 (ii).

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6

              "TAG ALONG SHAREHOLDER" is defined at Article 6.4 (ii).

              "TECHNOLOGY AND TRADEMARK AGREEMENT" means the technology license
              and trademark coownership agreement set forth at Schedule 2.

              "TERMINATION DATE is defined at Article 8.3.

              "TRANSFER" means all operations, whether in return for
              consideration or free of charge, leading to the immediately or
              future transfer (whether by sale, pledge, granting of interest in
              or otherwise) of full ownership, bare title or beneficial
              ownership of the Shares or any interest therein.

              "TRANSFER NOTICE " is defined at Article 6.3.

              "VALUATION PROCEDURE" means the following procedure:

              In the event of disagreement concerning the Fair Market Value of
              the Shares in the instances set out below, any of the Parties
              involved may request, within the time limits provided for in this
              Agreement, the designation of a leading investment bank having an
              international reputation and active on the French Internet market
              to act as expert (hereafter, the "EXPERT") responsible for
              determining the Fair Market Value of the Shares in accordance with
              the provisions of Article 1843-4 of the French Civil Code.

              In the event of disagreement among the relevant Parties with
              respect to the name of the Expert, at the end of a period of eight
              (8) days following the notification of the request for an expert
              appraisal, each such relevant Party shall appoint an Expert within
              ten (10) days, the valuation of the Company which is adopted then
              being equal to the average of the valuation of the Experts. In the
              event that one of the relevant Parties does not designate an
              Expert within the above time limit, the Party shall be deemed not
              to intend to designate an Expert and the other Expert(s)
              designated by the other Parties shall be deemed to be acting on
              behalf of all the Parties in question.

              The Expert(s) appointed pursuant to the above paragraph will
              submit their conclusions to all Parties concerned at the same time
              within thirty (30) days of being appointed.

              Except as otherwise provided for herein, (i) in the event that a
              sole Expert is appointed, his fees and expenses shall be borne
              equally by the relevant Parties, it being specified that, for the
              purposes of this Agreement, the A Shareholders shall be deemed to
              form a single Party and shall decide between themselves how their
              share of the Expert's expenses and fees shall be divided and (ii)
              in the event of there being more than one Expert, each Party shall
              bear the fees and expenses of the Expert that the Party has
              designated.

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7

2.     OBJECT OF THIS AGREEMENT

       The purpose of this Agreement is to define the relations between the
       Shareholders of the Company. This Agreement shall enter into effect on
       the date hereof .

       It is expressly provided that :

              (i)    Article 5 of this Agreement shall not apply to the share
                     capital increases described at articles II.1 and II.2 of
                     the Subscription Agreement, nor to the exercise by the A
                     Shareholders of their share warrants (BSA) pusuant to
                     article II.1.1 of the Subscription Agreement ;

              (ii)   Article 6 of this Agreement shall not apply to the share
                     transfers described at article I.8 of the Subscription
                     Agreement.

3.     SHAREHOLDING

       3.1    On the Closing Date, there shall be four separate categories of
              shareholders : the A Shareholders, the B Shareholder, the C
              Shareholder and the D Shareholders who shall respectively hold the
              numbers of Shares set forth below (following the exercise by the A
              Shareholders of their share warrants (BSA)).

<TABLE>
<CAPTION>

              -----------------------------------------------------------------------------------------
                                                Number of shares               Share Capital and Voting
                                                                                   Rights (%)*
              -----------------------------------------------------------------------------------------
<S>                                                 <C>                            <C>
              "A Shareholders"                      2,884,000                      46.78 %
              -----------------------------------------------------------------------------------------
              "B Shareholder"                       1,850,000                       30 %
              -----------------------------------------------------------------------------------------
              "C Shareholder"                       1,226,000                      19.88 %
              -----------------------------------------------------------------------------------------
              "D Shareholders"                        206,000                       3.34 %
              -----------------------------------------------------------------------------------------
</TABLE>

              (* : percentage of the non diluted share capital of the Company)

4.     ORGANIZATION AND MANAGEMENT OF THE COMPANY

       4.1    MANAGEMENT OF THE COMPANY

              a)     Subject to the terms set forth herein, the Company shall be
                     managed by a Board of Directors composed of not less than 5
                     and not more than 7 members.

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8

              b)     Upon incorporation of the Company, the Board of Directors
                     shall be composed as follows:

<TABLE>
<CAPTION>

                     -------------------------------------------------------------------------
                     CATEGORY                                 Name of Director
                     -------------------------------------------------------------------------
<S>                                                 <C>

                     A Director                                  Olivier Duha
                     -------------------------------------------------------------------------
                     A Director                                Frederic Jousset
                     -------------------------------------------------------------------------
                     A Director                                  Jerome Maton
                     -------------------------------------------------------------------------
                     B Director                        Europ@web (who shall initially be
                                                       represented by Pierre Louette)
                     -------------------------------------------------------------------------
                     B Director                               Ghislain Lescuyer
                     -------------------------------------------------------------------------
                     C Director                     Webhelp.com Inc. (who shall initially be
                                                       represented by M. Kerry Adler)
                     -------------------------------------------------------------------------
</TABLE>

              c)     Subsequently, the composition of the Board shall insofar as
                     possible reflect the shareholdings of the Company subject
                     always to the following principles :

                     (i)    for such time as the A Shareholders shall hold at
                            least 25% of the share capital of the Company, the A
                            Shareholders shall be entitled to appoint three (3)
                            directors (the "A DIRECTORS") it being specified
                            that (1) the appointment of the third A Director
                            shall require the consent of the B and C
                            Shareholders, (such consent not being unreasonably
                            withheld) and (2) such third A Director shall be
                            chosen from a list of proposed directors which shall
                            be submitted by the A Shareholders; if and for such
                            time as the percentage holding of the A Shareholders
                            in the Company falls below 25% but as long as it is
                            at least equal to 15 % , the number of A Directors
                            shall be reduced to two (2); if and for such time as
                            the percentage holding of the A Shareholders in the
                            Company falls below 15% but as long as it is at
                            least equal to 5 % , the number of A Directors shall
                            be reduced to one (1) ;

                     (ii)   for such time as the B Shareholders shall hold at
                            least 25% of the share capital of the Company, the B
                            Shareholders shall be entitled to appoint two (2)
                            directors (the "B DIRECTORS"); if and for such time
                            as the percentage holding of the B Shareholders in
                            the Company falls below 25% but as long as it is at
                            least equal to 10 % , the number of B Directors
                            shall be reduced to one (1) ;

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9

                     (iii)  for such time as the C Shareholders shall hold at
                            least 25% of the share capital of the Company, the C
                            Shareholders shall be entitled to appoint two (2)
                            directors (the "C DIRECTORS"); if and for such time
                            as the percentage holding of the C Shareholders in
                            the Company falls below 25% but as long as it is at
                            least equal to 10 % , the number of C Directors
                            shall be reduced to one (1), it being specified that
                            so long as the Technology and Trademark Agreement
                            remains in force, the C Shareholders shall be
                            entitled to at least one director regardless of the
                            percentage of the C Shareholder's shareholding.

                     (iv)   Should the allotment of the registered capital
                            between the Shareholders be significantly modified,
                            the Parties shall negotiate in good faith a new
                            composition of the Board of Directors in order to
                            reflect this new allotment.

              d)     The Company's first President shall be Olivier Duha (it
                     being specified that this appointment shall not be subject
                     to the right of veto provided for at (e) below).
                     Resolutions shall be adopted at simple majority subject to
                     the rights of veto set forth below. The President shall
                     have a casting vote. The first Company's Managing Director
                     (Directeur General) shall be Frederic Jousset. Upon expiry
                     of 18 months following the Closing Date, and upon
                     proposition by Olivier Duha and Frederic Jousset to this
                     effect, the Board shall consider the possibility of
                     appointing Frederick Jousset as President of the Company ,
                     and Olivier Duha as the Managing Director of the Company.

              e)     RIGHTS OF VETO

                     (i)    The following decisions may not be made without the
                            prior approval, in any written form, of at least one
                            of the B Directors (and, for decisions submitted to
                            the Shareholders, the B Shareholder):

                            -      the approval of, or changes to, the annual /
                                   quarterly budget and/or annual business plan;

                            -      the approval of the decision to undertake any
                                   investment not provided for in the annual /
                                   quarterly budget for an amount over
                                   EURO 50,000;

                            -      entering into, amending or terminating any
                                   agreement representing commitments for the
                                   Company in excess of an aggregate amount of
                                   EURO 50,000, or of more than a 6-month term,
                                   except when specifically provided for in the
                                   annual / quarterly budget;

                            -      entering into, amending or terminating any
                                   strategic partnership or joint venture

<PAGE>

10

                                   agreement;

                            -      entering into, amending or terminating any
                                   agreement between the Company and one of its
                                   Shareholders or Directors;

                            -      creating any subsidiaries or branches, or
                                   acquiring, through a purchase, a subscription
                                   or otherwise, any participation or other
                                   interest in a company or other entity, or
                                   transferring or disposing of, through a sale
                                   or otherwise, any shares or other interests
                                   held by the Company in another entity unless
                                   such matters are within the normal and
                                   ordinary course of business, such as the
                                   purchase of unit trusts (SICAV) or other
                                   financial investments provided that they do
                                   not exceed EURO 30,000 for each such
                                   financial investment or EURO 70,000 for each
                                   unit trust (SICAV);

                            -      any transfer, through a sale, a lease, a
                                   license or otherwise, of assets, including
                                   intangible assets, which are significant or
                                   necessary for the Company to conduct its
                                   business activities;

                            -      the granting of any guarantee by the Company
                                   for an amount exceeding EURO 30,000, or the
                                   granting of any pledge or other encumbrance
                                   on the assets of the Company where the value
                                   of such assets exceeds EURO 30,000 or for
                                   assets which are necessary for the Company to
                                   conduct its business activities;

                            -      entering into, amending or terminating any
                                   employment agreement involving a fixed gross
                                   annual remuneration of more than EURO 70,000,
                                   except when specifically provided for in the
                                   annual / quarterly budget;

                            -      granting of any increases in remuneration in
                                   excess of twenty (20) percent (%) of annual
                                   gross remuneration of more than EURO 70,000
                                   or other benefits to employees of the Company
                                   not provided for in the annual / quarterly
                                   budget, and other than those which are
                                   mandatory due to labour legislation or
                                   collective bargaining agreements;

                            -      the approval of the terms, or of any change,
                                   in employee profit-sharing programs
                                   (including stock option schemes or other
                                   similar schemes);

                            -      entering into, changing or terminating any
                                   lease, purchase, exchange or sale of a
                                   building, unless specifically provided for in
                                   the annual / quarterly budget;

                            -      any change in bank signature authorizations;

<PAGE>

11

                            -      any issue or granting of Shares except as
                                   provided in the Subscription Agreement and
                                   except (i) for the next share capital
                                   increases of the Company effected pursuant to
                                   the provisions of Article 5 hereof ; and (ii)
                                   in respect of the next share capital
                                   increase, provided that at least US $ 6
                                   million shall be raised in nominal and
                                   premium (irrespective of the pre-money
                                   valuation of the Company ) it being provided
                                   that this amount shall be raised to US $ 8
                                   million if the US $ 6 million amount does not
                                   allow the B Shareholder to raise its
                                   shareholding to 40 % pursuant to article 5
                                   hereof;

                            -      any distribution of dividends by the Company;

                            -      any modifications of the by-laws (STATUTS) of
                                   the Company unless relating to a share
                                   capital increase;

                            -      any decision relating to an initial public
                                   offering of the Company;

                            -      any new loan or borrowing for an overall
                                   amount in excess of EURO 50,000, unless
                                   specifically provided for in the annual /
                                   quarterly budget;

                            -      the decision to change any of the financial
                                   threshholds provided for in this article 4
                                   (e) (i) which shall be decided by the Board
                                   of Directors.

                            It being expressly provided that the B Shareholder
                            shall have the sole discretion to increase the
                            financial threshholds provided for in this article 4
                            (e) (i) by written notice to the other Shareholders
                            and to the Company, and any such notice shall
                            operate as an amendment to this Agreement.

                            (ii)   The following decisions may not be made
                                   without the prior approval, in any written
                                   form, of one of the B and (as long as both
                                   the Technology and Trademark Agreement and
                                   the Service Agreement remain in full force
                                   and effect), one of the C Directors (and, for
                                   decisions submitted to the Shareholders, the
                                   B Shareholder and (as long as both the
                                   Technology and Trademark Agreement and the
                                   Service Agreement remain in full force and
                                   effect), the C Shareholder):

                            -      the merger or consolidation of the Company
                                   with any other entity, or the liquidation or
                                   dissolution of the Company;

                            -      any transfer or granting of Shares to any
                                   entity involved in a Competitive Business;

<PAGE>

12

                            -      the transfer or pledging of rights under the
                                   Technology and Trademark Agreement and the
                                   Services Agreement;

                            -      a change of the Activity of the Company
                                   except where the change of the Activity of
                                   the Company reflects a change of activity of
                                   the C Shareholder;

                            together with the following matters but only if and
                            to the extent that each of these may have a direct
                            negative impact on the C Shareholder's activities :

                            -      entering into, amending or terminating any
                                   strategic partnership or joint venture
                                   agreement;

                            -      creating any subsidiaries or branches, or
                                   acquiring, through a purchase, a subscription
                                   or otherwise, any participation or other
                                   interest in a company or other entity, or
                                   transferring or disposing of, through a sale
                                   or otherwise, any shares or other interests
                                   held by the Company in another entity unless
                                   such matters are within the normal and
                                   ordinary course of business, such as the
                                   purchase of unit trusts (SICAV) or other
                                   financial investments provided that they do
                                   not exceed EURO 30,000 for each such
                                   financial investment or EURO 70,000 for each
                                   unit trust (SICAV);

                            -      any transfer, through a sale, a lease, a
                                   license or otherwise, of assets, including
                                   intangible assets, which are significant or
                                   necessary for the Company to conduct its
                                   business activities;

                            -      the granting of any guarantee by the Company
                                   for an amount exceeding EURO 30,000, or the
                                   granting of any pledge or other encumbrance
                                   on the assets of the Company where the value
                                   of such assets exceeds EURO 30,000 or for
                                   assets which are necessary for the Company to
                                   conduct its business activities;

                            -      entering into, amending or terminating any
                                   agreement between the Company and one of its
                                   Shareholders or Directors;

                     It being specified that the C Director's or C Shareholder's
                     (as the case may be) rights hereabove shall be consistent
                     with the rights granted to the C Shareholder pursuant to
                     the Technology and Trademark Agreement.

              f)     Exercise of Rights of Veto

<PAGE>

13

                     The rights of veto shall be exercised in the following
                     manner :

                     (i) the Company (and notably the President or the general
                     manager (directeur general)) shall notify in writing the B
                     and/or C Director or Shareholder (as the case may be) of
                     any proposed transaction or other matter which involve the
                     above rights of veto giving sufficient details as to the
                     nature of the transaction or other matter so as to allow
                     the B and/or C Director or Shareholder (as the case may be)
                     to exercise its right of veto with a proper understanding
                     of the issues involved.

                     (ii) The B and/or C Director or Shareholder (as the case
                     may be) shall reply to the said notification as soon as
                     possible and in any event not later than 15 days from the
                     date of notification.

                     (iii) In the absence of reply by the relevant B and/or C
                     Director or Shareholder (as the case may be) within the
                     time limit provided at (ii) above, the B and/or C Director
                     or Shareholder (as the case may be), shall be deemed to
                     have approved such matter or transaction, it being
                     specified that the 15 day time limit shall only run as from
                     the date on which the B and/or C Director or Shareholder
                     (as the case may be) shall have received sufficient details
                     as to the nature of the transaction or other matter so as
                     to allow such B and/or C Director or Shareholder (as the
                     case may be) to exercise its right of veto with a proper
                     understanding of the issues involved.

              g)     Board Meetings and Strategic Committee Meetings

                     (i) Board meetings shall be held at least quarterly in
                     Paris and shall be convened with reasonable notice
                     specifying the nature of business to be discussed. At the C
                     Shareholder's request, minutes may be held in English
                     provided that the minutes are established in French.

                     (ii) There shall also be held monthly strategic committee
                     meetings (which may also be convened at any time at one
                     member's reasonable request). The strategic committee
                     meetings shall include at least a representative of the B
                     Shareholder . The other members of the stategic committee
                     shall be chosen by the Board. it being specified that all
                     members who are not members of the Board shall enter into a
                     confidentiality undertaking in relation to matters to be
                     discussed. It is further noted that on expiry of two years
                     following the Closing Date, the Board shall reconsider the
                     frequency of strategic committee meetings.

<PAGE>

14

       4.2    SHAREHOLDERS' RIGHT TO INFORMATION

              Each of the A, B and C Shareholders shall be entitled to the
              following :

                     (a) the audited, financial statements (comprising the
                     balance sheet, income statement and notes to financial
                     statements) within 90 days of the close of the Company's
                     accounting year;

                     (b) the monthly and quarterly financial statements
                     (comprising the balance sheet (it being specified that if
                     it is not practicable to provide monthly balance sheets,
                     these shall be provided quarterly), income statement, notes
                     to financial statements and cash flow statement within
                     thirty days of the close of any such period;

                     (c) a monthly information letter stating the Company's
                     progress in terms of the business plan (including, in
                     particular, performance milestones for the period) within
                     10 days following each such month;

                     (d) any such information regarding the state of affairs of
                     the Company as such Shareholders may reasonably request;

                     (e) at least 30 days prior to the beginning of the year to
                     which they relate, the annual marketing expenses to be
                     submitted to the C Shareholder for approval pursuant to
                     article 3.6 of the Transfer and Technology Agreement

                     The D Shareholders shall be entitled to such information as
                     is legally available to all shareholders.

              The provisions of (b) and (c) above will be applicable as soon as
              the said statements and information letters can be prepared.

       4.3    SHAREHOLDERS' UNDERTAKING TO RATIFY RELEVANT CONTRACTS

              The Shareholders undertake to procure that the Company shall, upon
              incorporation, ratify the Relevant Contracts which shall have been
              entered into by the Shareholders or any of them. To this end, each
              of the Shareholders agrees to vote and agrees to procure that its
              representative director (s) if any shall vote in favour of such
              resolution for the ratification by the Company of Relevant
              Contracts. To the extent that the Technology and Trademark
              Agreement and the Services Agreement require ratification by the
              Company, this article 4.3 shall apply likewise to such agreements.

<PAGE>

15

       4.4    CONFIDENTIALITY UNDERTAKING

              Each of the Shareholders undertakes and undertakes to procure that
              its representative directors, shareholders, employees or any
              person having access to such Shareholder's information shall keep
              any information whatsoever relating to the Company disclosed
              pursuant to this Agreement (including without limitation,
              information disclosed pursuant to article 4.2 above) or otherwise
              together with any information relating to this Agreement, or the
              negotiations leading up to this Agreement strictly confidential
              until such time as the information falls in the public domain and
              ceases to be confidential.

5.     SHARE CAPITAL INCREASES

       5.1    RIGHTS OF THE SHAREHOLDERS

              The Shareholders acknowledge that the Company may need to raise
              additional funds by way of capital increases.

              Subject to Articles 5.3 and 5.4 below, any capital increase to be
              made by the Company will be first offered for subscription by its
              Shareholders, on a pro-rata basis. If the whole amount of the
              capital increase is not subscribed by the Shareholders, the
              remaining Shares to be subscribed shall be allocated among the
              Shareholders which are willing to subscribe more Shares, up to the
              number of Shares requested by each of them and on a pro-rata
              basis.

              Except as provided below, the Shareholders undertake that there
              shall be no waiver or disapplication of preferential subscription
              rights without the express consent of the Shareholder whose rights
              are being waived or disapplied.

       5.2    B SHAREHOLDER CONDITIONAL CALL OPTION EXERCISABLE ON SUBSEQUENT
              SHARE CAPITAL INCREASES

              It is noted that the A Shareholders grant the B Shareholders a
              conditional call option to purchase a certain number of shares (as
              specified at article 9.3.2 below) exercisable on the next capital
              increase to be made by the Company after the Closing Date
              conditional upon the pre-money valuation (on a fully diluted
              basis) of the Company, being less than twelve (12) million US
              dollars. The conditions of exercise of this conditional call
              option are further specified at article 9.3.1 below.

       5.3    B SHAREHOLDER - SPECIFIC RIGHTS ON SHARE CAPITAL INCREASES

              The B Shareholder shall be granted an opportunity to participate
              in any future capital increases carried out by the Company in
              order to raise additional funds (until the date of an initial
              public offering) in the manner described below.

<PAGE>

16

              If the Company decides to raise additional funds through a share
              capital increase of the Company, and upon any such fund raising,
              the amount of the proposed share capital increase (the "PROPOSED
              SHARE CAPITAL INCREASE") and the Market Value Per Share will be
              determined either by agreement between the Shareholders or
              pursuant to article 5.3 (B) below.

                     (A) If the Shareholders agree on a proper valuation of the
                     Company, the Parties agree that the share capital increase
                     shall be reserved to the B Shareholder who shall be offered
                     the opportunity to subscribe to such number of new issued
                     Shares as will enable the B Shareholder to increase or
                     maintain its total percentage holding in the Company to 40%
                     (after taking into account the dilution resulting from the
                     share capital increase in favour of the C Shareholder
                     referred to at Article 5.4 below) of the fully diluted
                     share capital of the Company, for a price per Share equal
                     to:

                            (a) 70 % of the Market Value Per Share, where the
                            Pre-Money Value is greater than or equal to 22.8
                            million US dollars;

                            (b) 16 million US dollars divided by the total
                            number of Shares on issue immediately prior to the
                            proposed capital increase (on a fully diluted
                            basis), where the Pre-Money Value is less than 22.8
                            million US dollars, and at least equal to 16million
                            US dollars;

                            (c) The Market Value Per Share, where the Pre-Money
                            Value is less than 16 million US dollars (it being
                            understood that this provision shall only apply to
                            the residual share capital increase required in
                            order for the B Shareholder to achieve a 40 %
                            shareholding in the Company following exercise by
                            the B Shareholder of its conditional call option
                            pursuant to article 9.3.2 below;

                                                     Where :

                            -      "MARKET VALUE PER SHARE" shall mean the price
                                   per Share (which shall include the aggregate
                                   of amounts allocated both to nominal and
                                   premium share capital accounts) agreed
                                   between the Shareholders or agreed to be paid
                                   by the third party investor (s) upon a
                                   proposed share capital increase.

                            -      "PRE-MONEY VALUE" shall mean the Market Value
                                   Per Share multiplied by the number of Shares
                                   composing the share capital of the Company,
                                   on a fully diluted basis, as in effect
                                   immediately before the proposed capital
                                   increase.

<PAGE>

17

                            Additionally, immediately following the above share
                            capital increase, a subsequent share capital
                            increase shall be effected in order to allow the C
                            Shareholder to maintain its percentage of
                            shareholding in the Company on the terms set forth
                            at article 5.4 below ;

                            If the Proposed Share Capital Increase is not
                            entirely subscribed by the B and C Shareholders
                            pursuant to this article 5.3 (A), the difference
                            shall be offered for subscription to all of the
                            Shareholders PRO RATA to their shareholdings in
                            accordance with article 5.1;

                            It being understood that the Shareholders shall
                            waive their preferential subscription rights in
                            order to give effect to the above reserved share
                            capital increases.

                     (B)    If however the Shareholders cannot agree to the
                            Market Value per Share, and one or several third
                            party investors are interested in subscribing for
                            Shares through a share capital increase, such
                            capital increase of the Company shall be made in
                            accordance with the following principles:

                     a)     The third party investor(s) shall be entitled to
                            participate in the proposed share capital increase
                            of the Company, only if it/they meet(s) the
                            following criteria:

                            (i) Each third party investor must submit a BONA
                            FIDE binding offer to the Company.

                            (ii) Each third party investor must have a
                            recognized reputation of expertise with respect to
                            the Internet or as an investment firm.

                            (iii) If there are more than one third party
                            investors at least two of the binding offers
                            presented by them must cover 50 % or more of the
                            total proposed share capital increase of the
                            Company, and the total of these binding offers must
                            cover at least 100% of the total proposed share
                            capital increase of the Company.

                            (iv) If there is only one third party investor
                            willing to invest in the Company, the offer must
                            cover at least 100% of the total proposed capital
                            increase of the Company.

                     b)     If the third party investor(s) interested in the
                            fund raising meet(s) the above criteria, the share
                            capital increase shall be authorised by the
                            Shareholders and shall be reserved :

                            (i)    in part to the said third party investor (s)
                                   for the amount of the proposed share capital
                                   increase on the terms approved by the
                                   Shareholders in accordance with the terms set
                                   forth herein, and

<PAGE>

18

                            (ii)   in part to the B Shareholder who shall be
                                   offered the opportunity to subscribe to such
                                   number of new issued Shares as will enable
                                   the B Shareholder to increase or maintain its
                                   total percentage holding in the Company to
                                   40% (after taking into account the dilution
                                   resulting from the share capital increase in
                                   favour of the third party investor pursuant
                                   to (b) (i) above and in favour of the C
                                   Shareholder referred to at article 5.4 below)
                                   of the fully diluted share capital of the
                                   Company, for a price per Share calculated in
                                   the same manner as the price per Share
                                   provided at Article 5.3 (A) above.

                            (iii)  in part to the C Shareholder (who,
                                   alternatively may exercise its preferential
                                   subscription rights, the other shareholders
                                   renouncing to their own preferential
                                   subscription rights) such that immediately
                                   following the above share capital increases
                                   in favour of the third party and the B
                                   Shareholder, a subsequent share capital
                                   increase shall be effected in order to allow
                                   the C Shareholder to maintain its percentage
                                   of shareholding in the Company on the terms
                                   set forth at article 5.4 below.

                            It being understood that the Shareholders shall
                            waive their preferential subscription rights in
                            order to give effect to the above reserved share
                            capital increases.

                            It being further understood that the share capital
                            increases in favour of the B and C Shareholders
                            above shall be taken into account in the Proposed
                            Share Capital Increase such that the share capital
                            increase in favour of the third party (ies) shall be
                            equal to the Proposed Share Capital Increase less
                            the share capital increase reserved to the B
                            Shareholder pursuant to (ii) above, less the share
                            capital increase reserved to the C Shareholder
                            pursuant to (iii) above.

                     c)     If due to the exercise of the B Shareholder's
                            subscription right above, any one third party
                            investor decides not to participate in the capital
                            increase of the Company and that, within two (2)
                            months from such decision (which period shall be
                            reduced to two (2) weeks if the Company is faced
                            with immediate cash needs at the time of the capital
                            increase), no other third party agrees to replace
                            the initial third party investor, each of the A, B,
                            C and D Shareholders shall have the right to
                            subscribe PRO RATA to their respective shareholdings
                            and if the capital increase is not entirely
                            subscribed, the subscribing Shareholders shall have
                            the right to subscribe for additional shares
                            pro-rata to their respective Shareholdings until no
                            share capital is remaining on terms identical to the
                            third party subscribers as approved by the
                            Shareholders.

                     d)     If however, the share capital increase is not
                            entirely subscribed by the Shareholders pursuant

<PAGE>

19

                            to 5.3 (B) (c) above within the 2 month period
                            referred to above (which can be reduced to 2 weeks
                            if the Company is faced with immediate cash needs at
                            the time of the capital increase), then within 15
                            days of the end of such 2 month period (which can be
                            reduced to 2 weeks if the Company is faced with
                            immediate cash needs at the time of the capital
                            increase), the B Shareholder shall be obliged to
                            subscribe to the remaining number of Shares on
                            financial conditions identical to those set forth in
                            clause 5.3 (B) (b) (ii) above such that the capital
                            increase (as submitted to the third party investors)
                            is entirely subscribed, it being provided that the B
                            Shareholder shall not be obliged to subscribe to
                            such remaining number of Shares once the Company
                            shall have raised US $ 20 million in share capital
                            (nominal and premium included) .

                            For the purposes of this clause, "immediate cash
                            needs" shall refer to cash requirements of the
                            Company to be disbursed within 15 days in accordance
                            with the approved annual and quarterly budgets.

                     e)     if the third party investor(s) does/do not meet the
                            criteria set forth under Article 5.3 (B) (a) above,
                            the capital increase shall be conducted by the
                            Company in accordance with Articles 5.3 (A) or 5.1
                            above.

              5.4    C SHAREHOLDER

                     In the event of a share capital increase of the Company :

                     a)     Until such time as the Company has raised
                            $ 5,000,000 in share capital (which shall include
                            the aggregate of amounts allocated both to nominal
                            and premium share capital accounts), part of the
                            share capital increase shall be reserved in favour
                            of the C Shareholder who shall be offered the
                            opportunity to subscribe to such number of new
                            issued Shares (at the nominal value thereof),
                            as will enable the C Shareholder to maintain its
                            percentage of shareholding at 19.88 % as specified
                            pursuant to article 3 above.

                     b)     Once the Company shall have raised $ 5,000,000 in
                            share capital (which shall include the aggregate of
                            amounts allocated both to nominal and premium share
                            capital accounts) , the C Shareholder shall have a
                            preferential subscription right to subscribe to such
                            number of new issued Shares (on terms identical to
                            the third party investor's terms of subscription) as
                            will enable the C Shareholder to maintain its
                            percentage shareholding interest in the Company at
                            the level it was immediately prior to such share
                            capital increase. Such preferential subscription
                            right will not be waived without the express prior
                            written consent of the C Shareholder.

                     It being provided that the Shareholders shall waive and/or
                     assign their preferential subscription rights

<PAGE>

20

                     in favour of the C Shareholder in order to give effect to
                     the above, and that neither the B Shareholder nor the C
                     Shareholder shall be diluted as a result of the exercise of
                     the above rights by the other B Shareholder or C
                     Shareholder as the case may be.

       6.     TRANSFERS OF SHARES

              6.1    Transfers for Shares shall be prohibited save for transfers
                     made pursuant to this Article 6.

              6.2    PRE-EMPTION RIGHTS

                     Subject to articles 6.13 and 6.14, if a Shareholder
                     receives a BONA FIDE binding offer for its shares from a
                     third party or another Shareholder and wishes to make a
                     Transfer of all or part of its Shares under such offer
                     (such transferring Shareholder hereafter referred to as the
                     "TRANSFEROR"), such Shareholder undertakes to grant the
                     other Shareholders a pre-emption right in accordance with
                     Articles 6.3 through 6.10 below (the "PRE-EMPTION RIGHT")
                     or a tag-along right in accordance with Articles 6.3, 6.4
                     and 6.11 below (the "TAG ALONG RIGHT") in respect of all of
                     the Company's Shares that it wishes to Transfer in the
                     terms set forth below.

              6.3    NOTIFICATION OF A PLANNED TRANSFER

                     The Transferor must give prior notice (hereafter the
                     "TRANSFER NOTICE") to the other Shareholders (hereafter the
                     "NON-TRANSFERRING SHAREHOLDERS") regarding the terms and
                     conditions for the proposed Transfer in order to enable
                     them to exercise their pre-emption rights or tag-along
                     rights as stipulated in this Article 6.

                     The Transfer Notice shall include the number of Shares
                     offered for Sale, the price offered by the proposed
                     transferee for these Shares, the main terms and conditions
                     of the proposed Transfer, and any relevant information
                     allowing to identify the proposed transferee.

              6.4    RESPONSE TO TRANSFER NOTICE

                     The Non-Transferring Shareholders shall have a period of
                     twenty one (21) days as from the receipt of the Transfer
                     Notice to reply to the Transferor with a copy to the other
                     Shareholders (hereafter the "REPLY"). The Reply shall state
                     either that:

                     (i)    the Non-Transferring Shareholder intends to exercise
                            its Pre-emption Rights stating the number of Shares
                            of the Company in relation to which it wishes to
                            exercise its Pre-emption Right (hereafter the
                            "PRE-EMPTION EXERCISE NOTICE"), or

                     (ii)   the Non-Transferring Shareholder waives its
                            Pre-emption Right and announces its wish to

<PAGE>

21

                            exercise its Tag-Along Right provided for in Article
                            6.11 below (hereafter the "TAG-ALONG EXERCISE
                            NOTICE"),

                     (iii)  the Non-Transferring Shareholder intends to exercise
                            its Pre-emption Rights in accordance with its
                            Pre-emption Exercise Notice, but failing a
                            pre-emption by the Shareholders of all the Shares
                            which are the subject of the Transfer, it wishes to
                            exercise its Tag-Along Right provided for in Article
                            6.11 below;

                     (iv)   the Non-Transferring Shareholder does not wish to
                            exercise either its Pre-emption Right or its
                            Tag-Along Right.

                     In the absence of Reply within the said period of twenty
                     one (21) days from receipt of the Transfer Notice, the
                     Non-Transferring Shareholder shall be deemed to have waived
                     his Pre-emption or Tag-Along Rights.

              6.5    PRICE OF TRANSFER

                     If the proposed Transfer consists purely and simply of a
                     sale of Shares for cash to one or more specified
                     transferees, the price of exercise of the Pre-emption Right
                     shall be equal to the price of the sale, as provided for in
                     the Transfer Notice.

                     In the event that the planned transaction is other than a
                     pure and simple sale of Shares, without the sale price
                     being stipulated in cash, the Preemption Right shall be
                     exercised in consideration for a price equal to the
                     valuation of the Shares proposed by the Transferor in his
                     Transfer Notice.

              6.6    EXPERT VALUATION

                     In the event of disagreement on the valuation provided for
                     in the Transfer Notice, any Shareholder may request within
                     five (5) days of receipt of the Transfer Notice, that the
                     Company's Shares be valued in accordance with the Valuation
                     Procedure. The price applicable for the exercise by the
                     Shareholders of their Pre-emption Right shall be the lower
                     price between that offered by the Transferor and that fixed
                     by the Valuation Procedure.

              6.7    DISCONTINUANCE OF THE TRANSFER

                     Following valuation by Valuation Procedure :

                     (i)    the Transferor shall be entitled to discontinue the
                            Transfer provided that he notifies the
                            Non-Transferring Shareholders of this within seven
                            (7) days of receipt of the valuation report from the
                            Expert(s), in which case a Pre-emption Right cannot
                            be exercised on the Shares in

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22

                            question. In the event that the Transferor exercises
                            its right to discontinue the Transfer of its Shares,
                            he shall be liable for all of the fees and expenses
                            incurred by the Expert(s).

                     (ii)   equally, the Non-Transferring Shareholders who have
                            indicated their intention to exercise their
                            Pre-emption Right shall be entitled to discontinue
                            the exercise of their Pre-emption Right provided
                            that they each notify the Transferor within seven
                            (7) days of receipt of the conclusions of the Expert
                            or Experts. In the event that a Non-transferring
                            Shareholder exercises its right to discontinue the
                            pre-emption, such Shareholder who requested the
                            implementation of the Valuation Procedure shall be
                            liable for all of the fees and expenses incurred by
                            the Valuation Procedure.

              6.8    EXERCISE OF PRE-EMPTION RIGHT

                     Subject to Article 6.14 below, the Shareholders shall have
                     a Pre-emption Right on the Shares of the Transferor which
                     are subject to the Transfer Notice, on a pro-rata basis. In
                     the event that the beneficiaries of a Pre-emption Right
                     wish to exercise their right on a number of Shares greater
                     than or equal to the number of Shares which are the subject
                     of the proposed Transfer, the Shares shall be allocated
                     among them up to their respective request and pro rata to
                     their respective equity interests in the Company.

                     The Pre-emption Right may only be exercised collectively or
                     individually if, upon completion of the above procedure,
                     all the Shares which are the subject of this proposed
                     Transfer have been the subject of the pre-emption.

                     It is expressly provided that if the proposed transferee is
                     a Shareholder, the latter will be deemed to have exercised
                     his pre-emption rights by virtue of the offer, it being
                     provided that to the extent that the said transferee
                     Shareholder wishes to purchase all but not part only of the
                     Shares, he shall not be under an obligation to purchase
                     part only of the Shares provided that he shall have
                     specified this in his offer for the purchase of the Shares.

              6.9    IMPLEMENTATION OF PRE-EMPTION RIGHT

                     In the event of the exercise of the Pre-emption Right on
                     all of the Shares offered, the Transfer and all of its
                     terms and conditions (including payment of the price,
                     except when provision for a longer time limit for payment
                     was made in the Transfer Notice) must be implemented no
                     later than fifteen (15) days after the expiration of the
                     twenty one (21) day time period referred to at Article 6.4
                     above. However, in the event of an Valuation Procedure, the
                     Transfer shall take place within fifteen (15) days of the
                     receipt of the conclusions of the Expert(s), except if the
                     right is discontinued as provided for above.

              6.10   ABSENCE OF EXERCISE OF PRE-EMPTION RIGHT

<PAGE>

23

                     Failing the exercise of the above Pre-emption Right on all
                     the Shares offered within the time limits provided for
                     above, subject to Article 6.12 below and subject to the
                     exercise of the Tag-Along Right or Drag-Along Rights below,
                     the Transfer to the transferee may take place freely and
                     according to the conditions described in the Transfer
                     Notice, on condition that such a Transfer takes place
                     within fifteen (15) days after the expiration of the twenty
                     one (21) day time period referred to at Article 6.4 above,
                     or, as the case may be, within fifteen (15) days from the
                     expiration of the seven (7) day time period referred to at
                     Article 6.7(ii) above. Beyond this time limit, the
                     pre-emption and tag-along procedures must be re-initiated.

              6.11   TAG-ALONG RIGHT

                     Subject to Article 6.14, if a Shareholder receives a BONA
                     FIDE binding offer for its shares from a third party or
                     another Shareholder and wishes to make a Transfer of all or
                     part of its Shares under such offer, such Transferor
                     undertakes to grant the other Shareholders a Tag Along
                     Right in accordance with the principles set forth below.

                     In the event that a Non-Transferring Shareholder serves a
                     Tag-Along Exercise Notice pursuant to Article 6.2 (the
                     "TAG-ALONG SHAREHOLDER") and failing pre-emption by the
                     Non-Transferring Shareholders of all the Shares offered
                     under the Transfer Notice, such Tag Along Shareholder shall
                     have the right to require the proposed third party
                     transferee to acquire all or part of its Shares, at the
                     same price and under the same payment terms as specified in
                     the Transfer Notice, on the following terms:

                     (i)    If the Shares to be transferred by one or more
                            Transferor, as provided in the Transfer Notice,
                            represent less than 50% of the share capital of the
                            Company, the Tag Along Shareholder(s) shall be
                            offered to Transfer to the third party transferee a
                            number of Shares equal to :

                            Tag Along Shares = Offered Shares x [A / B]

                            WHERE :

                            -      "TAG ALONG SHARES" means the number of Shares
                                   which the Tag Along Shareholder is entitled
                                   to Transfer to the third party transferee;

                            -      "OFFERED SHARES" means the Shares to be
                                   Transferred by the transferor, as provided in
                                   the Transfer Notice;

                            -      "A" means the total number of Shares held by
                                   the Tag Along Shareholder in the Company;

<PAGE>

24

                            -      "B" means the aggregate number of Shares held
                                   by all the Tag Along Shareholders and the
                                   Transferor in the Company.

                     (ii)   If the Shares to be transferred by one or more
                            Transferors (in one or more successive related
                            Transfers), as provided in the Transfer Notice(s),
                            represent 50% or more of the share capital of the
                            Company, the Tag Along Shareholder(s) shall be
                            entitled to Transfer all their Shares to the third
                            party transferee.

                     (iii)  In both cases above, the Tag along right must be
                            exercised in accordance with the following
                            conditions:

                            a)     The Tag Along Right must be exercised within
                                   the period of twenty one (21) days from
                                   receipt of the Transfer Notice referred to at
                                   Article 6.2 above, failing which the
                                   Tag-Along Shareholder shall be deemed to have
                                   renounced its Tag Along Right.

                            b)     Any transfer of Shares pursuant to the
                                   exercise of the Tag Along Right shall take
                                   place within fifteen (15) days from the
                                   expiry of the above twenty one (21) day time
                                   period during which the Tag Along Right may
                                   be exercised pursuant to Article 6.2 above,
                                   or, as the case may be, within fifteen (15)
                                   days from the expiration of the seven (7) day
                                   time period referred to at Article 6.7(ii)
                                   above.

                            c)     Should the Tag Along Right be exercised, no
                                   Transfer of Shares can be executed by the
                                   Transferor unless the Tag-Along Shareholder
                                   has been able to Transfer to the proposed
                                   transferee its Shares, as provided above.

              6.12   DRAG ALONG RIGHTS

                     In the event that a Shareholder or Shareholders (the
                     "CALLING SHAREHOLDER(S)") who hold(s) at least 70% of the
                     Company's share capital receive(s) a BONA FIDE binding
                     offer from an independent third party for the acquisition
                     for cash of all of its (their) Shares, the following
                     provisions shall apply :

                     (a)    In the event that the third party offeror is willing
                            to maintain the C Shareholder in the Company, the
                            Calling Shareholder(s) shall have the right to call
                            all, but not less than all, of the Shares held by
                            the other Shareholders with the exception of the C
                            Shareholders at a price per Share and on terms
                            identical to the price and terms offered by the
                            independent third party (the "DRAG ALONG RIGHT"),
                            provided the other Shareholders have not exercised
                            their Pre-emption Right in accordance with Articles
                            6.3 through 6.10 above.

<PAGE>

25

                     (b)    In the event that the third party offeror is not
                            willing to maintain the C Shareholder in the
                            Company, the Calling Shareholder (s) shall have the
                            right to call all, but not less than all, of the
                            Shares held by the other Shareholders at a price per
                            Share and on terms identical to the price and terms
                            offered by the independent third party (the "DRAG
                            ALONG RIGHT"), provided the other Shareholders have
                            not exercised their Pre-emption Right in accordance
                            with Articles 6.3 through 6.10 above. In this event,
                            the C Shareholder shall be entitled to terminate the
                            Technology and Trademark Agreement within 90 days of
                            the transfer of their Shares pursuant to the terms
                            set forth at article 7.10 of the Technology and
                            Trademark Agreement.

                     (c)    The Drag Along Right shall be exercised on the
                            following terms.

                            (i) The Calling Shareholder(s) must notify the other
                            Shareholders of its intention to exercise the
                            Drag-Along Right within seven (7) days of the expiry
                            of the period during which the Non-Transferring
                            shareholders may exercise their Pre-emption or
                            Tag-Along Rights referred to at Articles 6.3 through
                            6.10 (Pre-emption Right) and 6.3, 6.4 and 6.11 (Tag
                            Along Rights) above.

                            (ii) Upon notification by the Calling Shareholder(s)
                            pursuant to this Article 6.12, the other
                            Shareholders (with the exception of the C
                            Shareholder in the case of 6.12 (a) above) will be
                            under an obligation to sell their Shares on the same
                            terms at which the Calling Shareholder(s) shall sell
                            their Shares to the third party transferee.

              6.13   CONSENT OF C SHAREHOLDER FOR TRANSFERS TO COMPETITIVE
                     BUSINESSES

                     Notwithstanding the foregoing and notwithstanding the
                     exceptions provided at article 6.14 below, in accordance
                     with Article 4.1(e) (ii) above, there shall be no Transfer
                     of Shares to an entity carrying out a Competitive Business
                     without the prior consent of the C Shareholder.

                     In the event of Transfer of Shares in breach of the this
                     article 6.13, the other Shareholders shall have a call
                     option (PRO RATA to their then current respective
                     shareholdings, it being specifed that if some Shareholders
                     do not exercise the call option, the remaining Shareholders
                     may call PRO RATA to respective shareholdings over uncalled
                     shares ) over the remaining shares held by the Shareholder
                     in breach ("Breaching Shareholder") which shall be
                     exercisable as follows :

                     (i)    within 21 days of the other Shareholders becoming
                            aware of the breach, they shall serve written notice
                            on the Breaching Shareholder of their intention to
                            exercise the call option;

                     (ii)   The relevant parties shall negotiate in good faith
                            the price of exercising the promise provided for
                            above which shall reflect the Fair Market Value of
                            the Shares concerned which in the

<PAGE>

26

                            event of a disagreement between the relevant Parties
                            shall be determined in accordance with the Valuation
                            Procedure.

                     (iii)  The Transfer to the other Shareholder (s) shall take
                            place within fifteen (15) days of the notice given
                            by each such other Shareholder of his intention to
                            exercise the call option, or of the determination of
                            the price of the Shares, whichever the later.

              6.14   EXCEPTIONS

                     The rules set forth in this Article 6 above shall not be
                     applicable to the following Transfers of shares:

                     (i)    Transfers of Shares to an individual or legal entity
                            designated as a member of the Board of Directors of
                            the Company, up to the number of shares required by
                            the Company's by-laws (STATUTS) and on condition
                            that the transferee undertakes to retransfer these
                            Shares to the original Transferor upon leaving his
                            position as Company Director;

                     (ii)   Sales of Shares between the B Shareholder and a
                            member of the B Shareholder's Group provided the
                            transferee is not a Competitive Business, and
                            provided further that the transferee must first have
                            subscribed to this Agreement in accordance with the
                            provisions of Article 12.7 below.

                     (iii)  The Transfer by any of the A Shareholders of his
                            Shares to the remaining Shareholders or some of
                            them, following the occurrence of a Triggering
                            Event, in accordance with Article 9.1 below ;

                     (iv)   The Transfer by any one of the A Shareholders of his
                            Shares to another A Shareholder;

                     (v)    The Transfer of Shares to the C Shareholder as a
                            result of the exercise of the Call Option granted to
                            the C Shareholder pursuant to article 9.2 below;

                     (vi)   The Transfer of Shares to the B Shareholder as a
                            result of the exercise of the Call Options granted
                            to the B Shareholder pursuant to 9.3.1 and 9.3.2
                            below;

                     (vii)  The Transfer of Shares to non -Breaching
                            Shareholders as a result of the exercise of the Call
                            Option granted pursuant to article 6.13 above;

                     (viii) The Transfer of Shares from the D Shareholders to
                            family-held companies in which the transferring D
                            Shareholder holds a controlling interest (it being
                            specified that "controlling interest" shall be
                            understood as the right to exercise at least 51 % of
                            voting rights of the company), and provided always
                            that :

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