Document:

Separation Agreement and Release

	

SEPARATION AGREEMENT
AND RELEASE 

        This
Separation Agreement and Release (hereinafter “Agreement”) is made and entered
into by and between D. Lynn Van Borkulo-Nuzzo (hereinafter “Ms. Van
Borkulo-Nuzzo”) and Hudson United Bancorp and Hudson United Bank (hereinafter
collectively referred to as “the Bank”) as of September 23, 2004. 

        WHEREAS,  Ms. Van  Borkulo-Nuzzo  has been employed as Executive Vice  President,  General  Counsel,
Corporate Secretary and Chief Risk Officer of the Bank; and

        WHEREAS,
Ms. Van Borkulo-Nuzzo has voluntarily elected to submit her notice of retirement from the
Bank and from her position as an officer of the Bank and any affiliates and will retire
effective upon the close of business December 31, 2004; and 

        WHEREAS,
Ms. Van Borkulo-Nuzzo and the Bank wish to enter into this Agreement to provide for
certain consideration to Ms. Van Borkulo-Nuzzo and to address certain rights and
obligations before and following the effective date of her retirement; 

        NOW,
THEREFORE, in consideration of the mutual promises and covenants contained herein, it is
agreed as follows: 

             1.       
          Ms. Van Borkulo-Nuzzo will continue to serve as the Executive Vice President,
          General Counsel, Corporate Secretary and Chief Risk Officer of the Bank until
          the effective date of her retirement on December 31, 2004. From the date of this
          Agreement through her retirement, Ms. Van Borkulo-Nuzzo will cooperate and
          assist in the transition of her duties. 

             2.       
          Ms. Van Borkulo-Nuzzo agrees that she will use all unused and accrued vacation
          time, sick time, or other time off on or before December 31, 2004. She
          understands and agrees that she will not receive payment in lieu thereof. The
          Bank will grant her any reasonable additional time off as she may need for her
          transition. 

	

             3.       
          This Agreement supersedes Ms. Van Borkulo-Nuzzo’s Change in Control
          Agreement and any other employment agreements she may have with the Bank upon
          receipt of the $1,000,000 in paragraph 4(a) hereof. 

             4.       
          Upon receipt of a copy of this Agreement signed by Ms. Van Borkulo-Nuzzo, and
          subject to the further execution by the parties of an updated mutual release in
          the form attached hereto as Exhibit A which is to be signed by the
          parties on December 31, 2004, the Bank agrees to provide Ms. Van Borkulo-Nuzzo
          (and, in the event of her death, where applicable to her heirs, successors, or
          assigns) with the following: 

             (a)       
          In consideration for the two-year non-competition provision contained in
          paragraph 9(b) below, the Bank will provide Ms. Van Borkulo-Nuzzo with a payment
          of One Million Dollars ($1,000,000), to be paid no sooner than January 1, 2005
          and no later than January 3, 2005. Such payment shall be made by wire transfer
          (pursuant to wire transfer instructions to be provided by Ms. Van
          Borkulo-Nuzzo). In light of the nature of the payment, the Bank will not
          withhold any amounts from that payment and will issue a form 1099 to Ms. Van
          Borkulo-Nuzzo. Ms. Van Borkulo-Nuzzo acknowledges that it is her responsibility
          to make the necessary tax payments, to the extent they may be required, in
          connection with the payment described above and she agrees to indemnify and hold
          the Bank harmless with respect to any amounts which are assessed against or paid
          by the Bank and which should have been paid by her. It is understood and agreed
          that this payment will not be included in the calculation of any of Ms. Van
          Borkulo-Nuzzo’s benefits including, but not limited to, any pension
          benefits. 

 2

	

             (b)       
          Because Ms. Van Borkulo-Nuzzo is going to continue to perform her duties as
          Executive Vice President, General Counsel, Corporate Secretary and Chief Risk
          Officer of the Bank through the effective date of her retirement, the Bank will
          pay Ms. Van Borkulo-Nuzzo her normal bonus for 2004 equal to forty-five per cent
          (45%) of her annual base salary for the year, which amount shall be $133,650 and
          shall be paid on December 3, 2004. This bonus payment will be subject to all
          applicable withholdings and deductions. 

             (c)       
          Ms. Van Borkulo-Nuzzo will be entitled to purchase medical insurance through the
          Bank’s group medical plan for herself and her spouse commencing January 1,
          2005, and continuing until the end of the month in which she reaches age
          sixty-five (65) or such later date as she becomes eligible for Medicare coverage
          due to a change in law. Ms. Van Borkulo-Nuzzo agrees that the premium for this
          medical coverage may be deducted from her monthly SERP payment. 

             (d)       
          Ms. Van Borkulo-Nuzzo will be treated like all other active employees of the
          Bank with respect to her SERP benefits up to December 31, 2004. If at any time
          after December 31, 2004, a Rabbi Trust is created for SERP benefits in the
          future for participants in the Bank’s SERP, then the Bank will cause Ms.
          Van Borkulo-Nuzzo to be a beneficiary of the Rabbi Trust. 

             (e)       
          All unvested stock options and restricted stock possessed by Ms. Van
          Borkulo-Nuzzo will vest effective upon the expiration of the revocation period
          set forth in paragraph 13 below provided that Ms. Van Borkulo-Nuzzo has not
          exercised her right to revoke her signature. The unvested options and restricted
          stock which vest pursuant to this provision of the Agreement are shown on
          Exhibit B; provided, however, that nothing specified herein is
          intended to increase or decrease the number of options or restricted stock she
          has been awarded. 

3 

	

        (f)                                    Between
December 29, 2004 and January 7, 2005, in exchange for the payment of One Dollar
     ($1.00),  the Bank will transfer to Ms. Van Borkulo-Nuzzo  title to the car
     currently  provided to her by the Bank for  business  use (a 2002  Mercedes
     sport utility vehicle).  Ms. Van Borkulo-Nuzzo  will be responsible for any
     sales taxes,  transfer fees,  registration  fees, or other costs associated
     with the transfer of title. Until transfer of title, the Bank will continue
     to pay all costs  associated  with the  vehicle  (including  insurance)  in
     accordance with current Bank policy. 

        (g)                                    The
Bank will  reimburse Ms. Van  Borkulo-Nuzzo  for legal fees incurred and paid by
     her in connection  with a review of this Agreement by counsel and advice of
     counsel of her choice up to a maximum of Five Thousand Dollars ($5,000.00).
     

        5.                                    In
exchange for the  consideration  set  forth in this  Agreement,  which  Ms.  Van
     Borkulo-Nuzzo acknowledges is in addition to that which she would otherwise
     be  entitled  to  receive,  Ms.  Van  Borkulo-Nuzzo  hereby  knowingly  and
     voluntarily releases and discharges the Bank, its predecessors, successors,
     parent corporations,  subsidiaries, or affiliates, and each of its or their
     employees,  officers, directors,  attorneys, benefit committees,  trustees,
     fiduciaries,  plans,  and trusts,  and their respective  heirs,  executors,
     administrators,  successors and assigns (hereinafter  collectively referred
     to as the  “Releasees”)  from  any and all  claims,  liabilities,
     demands,  and causes of action, which she may have or claim to have against
     the  Bank  and  any of the  Releasees  relating  to her  employment  or the
     termination  of her  employment  with  the  Bank  up to the  date  of  this
     Agreement. Nothing in this paragraph releases the Bank from any obligations
     under this Agreement, or from any claims,  liabilities,  demands, or causes
     of action  which may arise  after the date of this  Agreement.  The  claims
     released include, but are not limited to: 

        (a)                                    all
statutory  claims,  including  claims  arising  under the New Jersey Law Against
     Discrimination,  the New Jersey Conscientious  Employee Protection Act, the
     New Jersey Family Leave Act, Title VII of the Civil Rights Act of 1964, the
     Age  Discrimination in Employment Act, the Americans with Disabilities Act,
     the Sarbanes-Oxley  Act, the Family and Medical Leave Act, and the Employee
     Retirement Income Security Act; 

4 

	

        (b)                                    all
claims arising under the United States or New Jersey Constitutions;  

        (c)                                    all
claims arising under any Executive Order or derived from or based upon any
                    state or federal regulations;  

        (d)                                    all
common law  claims,  including  claims for  wrongful  discharge,  public  policy
     claims,  retaliation  claims,  claims  for  breach of an express or implied
     contract  including  claims  based  upon any  employee  handbooks,  guides,
     manuals,  policies or  procedures  in effect at the Bank at any time before
     the date of this  Agreement,  claims for breach of an implied  covenant  of
     good faith and fair dealing,  intentional infliction of emotional distress,
     defamation,  conspiracy,  loss of consortium,  tortious  interference  with
     contract  or  prospective  economic  advantage,   promissory  estoppel  and
     negligence; 

        (e)                                    all
claims for any compensation, including back wages, front pay, incentive bonuses,
     stock awards, car allowance,  moving expenses,  fringe benefits,  insurance
     benefits,  vacation  time or  pay,  reinstatement,  retroactive  seniority,
     pension  benefits,  401(k)  benefits,   restricted  stock,  stock  options,
     severance pay, or any other form of economic loss; 

        (f)                                     all
claims for personal injury, including physical injury, mental anguish, emotional
     distress, pain and suffering, embarrassment, humiliation, damage to name or
     reputation, liquidated damages, and punitive damages; and 

        (g)                                     all
claims for costs and attorneys’ fees other than under paragraph 4(g).  

5 

	

        It is
expressly  understood  and  agreed  that this  Agreement:  (i) does not waive or
     release  any  rights  with  respect  to her  compensation,  health and life
     insurance benefits,  SERP, pension and 401(k) benefits from the date hereof
     through Ms. Van Borkulo-Nuzzo’s  retirement on December 31, 2004; (ii)
     does not waive or release any rights  after  December 31, 2004 with respect
     to Ms.  Van  Borkulo-Nuzzo’s  rights  to her  pension,  401(k) or SERP
     benefits or health  insurance  rights as provided for in paragraph  4(c) or
     the other  payments and benefits  under  Section 4; (iii) does not waive or
     release  any rights or claims  which may arise  after the date on which the
     Agreement  is signed by Ms. Van  Borkulo-Nuzzo  (although it is intended to
     release any and all claims in connection  with the  termination  of Ms. Van
     Borkulo-Nuzzo’s employment effective December 31, 2004); (iv) does not
     waive or release any vested benefit possessed by Ms. Van Borkulo-Nuzzo as a
     result of her  employment  with the Bank; and (v) does not waive or release
     any rights  which Ms. Van  Borkulo-Nuzzo  may possess  (pursuant  to law or
     pursuant to the  certificate of  incorporation  or by-laws of the Bank) for
     indemnification  for lawful  conduct  undertaken by her within the scope of
     her  employment  as an officer  or  employee  of the Bank;  but (vi) if she
     receives the $1,000,000  provided under  paragraph 4(a),  does,  consistent
     with the  termination  provision  set forth  above,  waive and  release any
     claims  under  her  Change in  Control  agreement  or any other  employment
     agreements.

        6.                        The
Bank hereby releases and discharges Ms. Van Borkulo-Nuzzo and her heirs,
          successors, and assigns from any and all claims, liabilities, demands, and
          causes of action, which the Bank may have or claim to have against her arising
          from any lawful conduct undertaken by her within the scope of her employment as
          an officer or employee of the Bank. Nothing in this paragraph releases Ms. Van
          Borkulo-Nuzzo from any obligations under this Agreement, or from any claims,
          liabilities, demands, or causes of action which may arise after the date of
this           Agreement, or from any loans, notes, or cash advances provided to her
(whether           individually or jointly) by the Bank.  

 6

	

             7.       
          (a) Ms. Van Borkulo-Nuzzo agrees not to make any public statements or in any way
          publicize the terms of this Agreement.  It shall not be considered a
          breach of the obligation of confidentiality for Ms. Van Borkulo-Nuzzo to make
          disclosure of the terms of this Agreement (i) to her immediate family (who shall
          also maintain the terms in confidence); or (ii) in order to obtain private and
          confidential legal, tax or financial advice. Nothing contained in this
          subparagraph shall preclude the Bank from making disclosure of the terms of this
          Agreement for purposes of implementing the Agreement, or for purposes of its
          reporting obligations under the rules of the Securities and Exchange
          Commission or the New York Stock Exchange or otherwise. 

             (b)       
          Ms. Van Borkulo-Nuzzo further agrees to keep confidential and not use or
          disclose to anyone any information which is the confidential and proprietary
          information of the Bank (hereinafter the “Confidential Information”).
          The Confidential Information includes, but is not limited to, customer lists,
          financial information, marketing data, business and operational plans and
          systems and other records, reports, proposals, books, memoranda, data, letters
          or any writing, documents or computerized records which relate to any of the
          Bank’s operations, business, assets, personnel matters, or any other
          information which the Bank has provided to Ms. Van Borkulo-Nuzzo in confidence,
          in her capacity as an attorney for the Bank, or which Ms. Van Borkulo-Nuzzo has
          received in confidence during the term of her employment.  Notwithstanding
          the foregoing, Confidential Information does not include information which
          becomes available in the public domain, including information which becomes
          available in the public domain by virtue of direct or indirect disclosure by the
          Bank (unless it has become public due to Ms. Van Borkulo-Nuzzo’s breach of
          this subparagraph), or which Ms. Van Borkulo-Nuzzo may be required to disclose
          by law or by a court or other governmental agency of competent jurisdiction, or
          which was not provided to or received by Ms. Van Borkulo-Nuzzo during the course
          of her employment. It shall not be considered a breach of this subparagraph for
          Ms. Van Borkulo-Nuzzo, at any time prior to the effective date of her retirement
          with the Bank, to continue to use or disclose Confidential Information as
          permitted in connection with the performance of her duties for the Bank. 

 7

	

             8.       
          In further exchange for the consideration received by Ms. Van Borkulo-Nuzzo
          under this Agreement, she agrees that, for a period of one year following
          December 31, 2004, and upon reasonable notice and at her convenience, to
          cooperate fully with the Bank in any matters as to which the Bank may require
          information from her or require her assistance. Ms. Van Borkulo-Nuzzo further
          agrees, without limitation as to time to: (1) maintain the confidentiality of
          all Bank privileged or confidential information including, without limitation,
          attorney-client privileged communications and attorney work product, unless
          disclosure is expressly authorized by the Bank; and (2) notify the Bank within
          forty-eight (48) hours of any requests to her for information related to any
          pending or potential legal administrative claim or litigation involving the Bank
          and to delay providing any such information for a reasonable period of time to
          allow the Bank to seek an order from a court of competent jurisdiction if the
          Bank intends to object to the production of such information. Nothing in this
          Agreement is intended to prohibit Ms. Van Borkulo-Nuzzo from reporting any
          accounting, internal accounting control, or auditing matter to any federal
          regulatory agency, any federal law enforcement agency, or any Member of Congress
          or any committee or subcommittee of Congress. Nor is this Agreement intended to
          prohibit Ms. Van Borkulo-Nuzzo from engaging in any activity protected by the
          Sarbanes-Oxley Act (18 U.S.C. § 1514A). Ms. Van Borkulo-Nuzzo represents
          that she is not aware of any matter that she believes she would need to
          communicate to a federal regulatory agency, or any federal enforcement agency,
          or any Member of Congress, or any committee or subcommittee of Congress and, if
          she becomes so aware prior to the effective date of her retirement, she shall
          communicate such items to an appropriate officer or director of the Bank. Ms.
          Van Borkulo-Nuzzo understands and agrees that she will not receive any
          additional consideration or compensation from the Bank for her cooperation as
          described in this paragraph, except that the Bank agrees that it will reimburse
          Ms. Van Borkulo-Nuzzo for reasonable out-of-pocket expenses (e.g. travel,
          lodging, parking, meals) incurred as a result of her compliance with this
          paragraph. 

 8

	

             9.       
          (a) Ms. Van Borkulo-Nuzzo agrees that she will not apply for, nor otherwise seek
          or accept, employment or re-employment with the Bank or any of its related
          companies, and she forever releases and discharges the Bank and its related
          companies from any obligation to consider her for employment or re-employment in
          any capacity. This provision shall not prevent Ms. Van Borkulo-Nuzzo from
          seeking employment from any successor-in-interest of the Bank by reason of
          merger or acquisition. 

             (b)       
          Ms. Van-Borkulo-Nuzzo further agrees that she will not, for a period of two (2)
          years after December 31, 2004, whether directly or indirectly, and whether
          acting individually or as an officer, employee, or consultant, render any
          services or assist anyone in rendering any services to any commercial bank that
          has assets in excess of five hundred million dollars, or to any savings bank,
          thrift institution, or credit union with assets in excess of ten billion
          dollars, in the states of New Jersey, New York, Pennsylvania, and Connecticut
          where the Bank currently has branches. Nothing in this subparagraph is intended
          to preclude Ms. Van-Borkulo-Nuzzo from serving as a director of such banks or
          institutions, from providing legal services as an attorney in private practice
          to such banks or institutions, nor from serving as a consultant to any such
          banks or institutions regarding compliance or regulatory issues. 

 9

	

             10.       
          This Agreement shall not be construed as an admission or acknowledgment of any
          wrongdoing or liability by the Bank with respect to any aspect of Ms. Van
          Borkulo-Nuzzo’s employment or the termination of that employment. 

             11.       
          The only consideration Ms. Van Borkulo-Nuzzo has received for executing this
          Agreement is that set forth in paragraph 1 above. No other promise, inducement,
          agreement or understanding of any kind or description has been made with or to
          Ms. Van Borkulo-Nuzzo by the Bank to cause her to sign this Agreement. 

             12.       
          Ms. Van Borkulo-Nuzzo is hereby advised that she should consult with an attorney
          prior to signing this Agreement. She states that she has had the opportunity to
          discuss this Agreement with whomever she wished, including an attorney of her
          own choosing. She also states that she has had the opportunity to read, review
          and consider all of the provisions of this Agreement; that she understands its
          provisions and its final and binding effect upon her; and that she is accepting
          the consideration offered to her and entering into this Agreement freely,
          voluntarily, and without duress or coercion. 

             13.       
          Ms. Van Borkulo-Nuzzo understands that she has twenty-one (21) days within which
          to consider this Agreement before signing it and returning it to the Bank and
          that, after signing the Agreement, she may revoke her signature within seven (7)
          calendar days by providing written notification of her decision to revoke her
          signature to Kenneth T. Neilson, Hudson United Bancorp., 1000 MacArthur Blvd.,
          Mahwah, NJ. 07430. Such revocation must be received on or before the seventh day
          after signing in order to be effective. 

 10

	HUDSON UNITED BANCORP and
HUDSON UNITED BANK

By:  
——————————————

DATED:  September 23, 2004 		D. LYNN VAN BORKULO-NUZZO

By:  
——————————————

DATED:  September 23, 2004

	

THIS AGREEMENT IS NOT BINDING ON
EITHER PARTY UNTIL SIGNED BY SUCH PARTY AND THIS REQUIREMENT MAY NOT BE WAIVED BY EITHER
PARTY. 

 11

	

EXHIBIT A 

MUTUAL RELEASE 

        In
further exchange for the consideration set forth in the Separation Agreement and Release
(hereinafter the “Separation Agreement”) executed on September 23, 2004 by and
between D. Lynn Van Borkulo-Nuzzo (hereinafter “Ms. Van Borkulo-Nuzzo”) and
Hudson United Bancorp and Hudson United Bank (hereinafter collectively referred to as
“the Bank”), which Ms. Van Borkulo-Nuzzo acknowledges is in addition to that
which she would otherwise be entitled to receive, Ms. Van Borkulo-Nuzzo hereby knowingly
and voluntarily releases and discharges the Bank, its predecessors, successors, parent
corporations, subsidiaries, or affiliates, and each of its or their employees, officers,
directors, attorneys, benefit committees, trustees, fiduciaries, plans, and trusts, and
their respective heirs, executors, administrators, successors and assigns (hereinafter
collectively referred to as the “Releasees”) from any and all claims,
liabilities, demands, and causes of action, which she may have or claim to have against
the Bank and any of the Releasees relating to her employment or the termination of her
employment with the Bank up to the date of this Mutual Release. Nothing in this paragraph
releases the Bank from any obligations under this Mutual Release, or from any claims,
liabilities, demands, or causes of action which may arise after the date of this Mutual
Release. The claims released include, but are not limited to: 

        
(a)               
all  statutory claims, including claims arising under the New Jersey Law Against
     Discrimination,  the New Jersey Conscientious  Employee Protection Act, the
     New Jersey Family Leave Act, Title VII of the Civil Rights Act of 1964, the
     Age  Discrimination in Employment Act, the Americans with Disabilities Act,
     the Sarbanes-Oxley  Act, the Family and Medical Leave Act, and the Employee
     Retirement  Income  Security  Act; 

        (b)        all
claims  arising under the United      States  or New  Jersey  Constitutions; 

 12

	

          (c)        all
 claims  arising  under any      Executive Order or derived from or based upon any state
or federal regulations; 

             (d)       
          all common law claims, including claims for wrongful discharge, public policy
          claims, retaliation claims, claims for breach of an express or implied contract
          including claims based upon any employee handbooks, guides, manuals, policies or
          procedures in effect at the Bank at any time before the date of this Mutual
          Release, claims for breach of an implied covenant of good faith and fair
          dealing, intentional infliction of emotional distress, defamation, conspiracy,
          loss of consortium, tortious interference with contract or prospective economic
          advantage, promissory estoppel and negligence; 

             (e)       
          all claims for any compensation, including back wages, front pay, incentive
          bonuses, stock awards, car allowance, moving expenses, fringe benefits,
          insurance benefits, vacation time or pay, reinstatement, retroactive seniority,
          pension benefits, 401(k) benefits, restricted stock, stock options, severance
          pay, or any other form of economic loss; 

             (f)       
          all claims for personal injury, including physical injury, mental anguish,
          emotional distress, pain and suffering, embarrassment, humiliation, damage to
          name or reputation, liquidated damages, and punitive damages; and 

             (g)       
          all claims for costs and attorneys’ fees other than under paragraph 4(g).
          It is expressly understood and agreed that this Mutual Release: (i) does not
          waive or release any rights under the Separation Agreement; (ii) does not waive
          or release any rights after December 31, 2004 with respect to Ms. Van
          Borkulo-Nuzzo’s rights to her pension, 401(k) or SERP benefits or health
          insurance rights as provided for in paragraph 4(c) of the Separation Agreement;
          (iii) does not waive or release any rights or claims which may arise after the
          date on which this Mutual Release is signed by Ms. Van Borkulo-Nuzzo (although
          it is intended to release any and all claims in connection with the termination
          of Ms. Van Borkulo-Nuzzo’s employment effective December 31, 2004); (iv)
          does not waive or release any vested benefit possessed by Ms. Van Borkulo-Nuzzo
          as a result of her employment with the Bank; and (v) does not waive or release
          any rights which Ms. Van Borkulo-Nuzzo may possess (pursuant to law or pursuant
          to the certificate of incorporation or by-laws of the Bank) for indemnification
          for lawful conduct undertaken by her within the scope of her employment as an
          officer or employee of the Bank; but (vi) if she receives the $1,000,000
          provided under paragraph 4(a) of the Separation Agreement, does waive and
          release any claims under her Change in Control agreement or any other employment
          agreements. 

13 

	

        The
Bank hereby releases and discharges Ms. Van Borkulo-Nuzzo and her heirs, successors, and
assigns from any and all claims, liabilities, demands, and causes of action, which the
Bank may have or claim to have against her arising from any lawful conduct undertaken by
her within the scope of her employment as an officer or employee of the Bank. Nothing in
this paragraph releases Ms. Van Borkulo-Nuzzo from any obligations under the Separation
Agreement, or from any claims, liabilities, demands, or causes of action which may arise
after the date of this Mutual Release, or from any loans, notes, or cash advances provided
to her (whether individually or jointly) by the Bank. 

             Ms. Van Borkulo-Nuzzo is hereby advised that she should consult with an attorney
          prior to signing this Mutual Release. She states that she has had the
          opportunity to discuss this Mutual Release with whomever she wished, including
          an attorney of her own choosing. She also states that she has had the
          opportunity to read, review and consider all of the provisions of this Mutual
          Release; that she understands its provisions and its final and binding effect
          upon her; and that she is accepting the consideration offered to her and
          entering into this Mutual Release freely, voluntarily, and without duress or
          coercion. 

 14

	HUDSON UNITED BANCORP and
HUDSON UNITED BANK

By:  
——————————————

DATED:  —————————, 2004 		D. LYNN VAN BORKULO-NUZZO

By:  
——————————————

DATED:  —————————, 2004

	

THIS AGREEMENT IS NOT BINDING ON
EITHER PARTY UNTIL SIGNED BY SUCH PARTY AND THIS REQUIREMENT MAY NOT BE WAIVED BY EITHER
PARTY. 

 15

	

Exhibit B 

LYNN VAN BORKULO-NUZZO

STOCK OPTIONS AND RESTRICTED STOCK

As of September 23, 2004 

	DATE OF GRANT	SHARES	EXERCISE PRICE
	 	 	 	 	 	 
	Restricted Stock Awards		
	 	 	 	 	 	 
	December 6, 2001	 	3,000	 	$0	 
	June 7, 2002	 	3,700	 	$0	 
	June 18, 2003	 	5,500	 	$0	 
	 	 	 	 	 	 
	Stock Option Awards		
	 	 	 	 	 	 
	December 6, 2001	 	9,000	 	$27.46 per share	 
	August 7, 2002	 	11,000	 	$27.39 per share	 

	

 16Exhibit 10.37

FINANCIAL CONTENT
                        400 Oyster Point Blvd., Suite 435
                           So. San Francisco, CA 94080
                            Telephone: (650) 837-9850
                            Facsimile: (650) 745-2677
                          url: www.financialcontent.com
January 1, 2004

Wing Yu
400 Oyster Point Blvd., Suite 435
So. San Francisco, CA 94080

         Re:      Offer of Employment

Dear Wing:

On behalf of FinancialContent Services, Inc., I am delighted to confirm that the
Board of  Directors  has agreed to  increase  the annual  rate of your salary to
$120,000.00, payable monthly in equal payments of $10,000.00, commencing January
1, 2004. Your position with the Company shall remain Chief Executive Officer.

                                                     Sincerely,

                                                    /s/ Dave Neville
                                                    --------------------------
                                                    Dave Neville
                                                    General Counsel

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00072-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00072-of-00352.parquet"}]]