Document:

EXHIBIT 10.1

                              EMPLOYMENT AGREEMENT

      This Employment Agreement (this "Agreement") is made by and between
Telescan, Inc., a Delaware corporation (the "Company"), and David M. Berray
("Employee") effective as of March 14, 2000 (the "Effective Date").

      WHEREAS, the Company is desirous of employing Employee in an executive
capacity on the terms and conditions, and for the consideration, hereinafter set
forth for the period provided herein commencing upon the Effective Date, and
Employee is desirous of employment with the Company on such terms and conditions
and for such consideration;

      NOW, THEREFORE, for and in consideration of the mutual promises, covenants
and obligations contained herein, the Company and Employee agree as follows:

                                   ARTICLE I
                              EMPLOYMENT AND DUTIES

      Section 1.1 The Company agrees to employ Employee and Employee agrees to
be employed by the Company, subject to the terms and conditions of this
Agreement, beginning as of the Effective Date and continuing for the term
hereof.

      Section 1.2 From and after the Effective Date, the Company shall employ
Employee in the position of Senior Vice President, or in such other positions as
the parties mutually may agree.

      Section 1.3 Employee agrees to serve in the position referred to in
Section 1.2 hereof and to perform diligently and to the best of his abilities
the duties and services pertaining to such office as set forth in the Bylaws of
the Company in effect on the Effective Date, as well as such additional duties
and services appropriate to such office as the Board of Directors of the Company
(the "Board of Directors") may reasonably assign to Employee from time to time.

      Section 1.4 Employee shall maintain a full-time office at the Company's
Houston, Texas location.

      Section 1.5 Employee agrees, during the period of his employment by the
Company, to devote his full business time, energy and best efforts to the
business and affairs of the Company and its affiliates and not to engage,
directly or indirectly, in any other business or businesses, whether or not
similar to that of the Company, except with the prior written consent of the
Board of Directors. The foregoing notwithstanding, the parties recognize and
agree that Employee may engage in passive personal investments and charitable or
public service activities and serve on the board of directors of corporations to
the extent that such activities do not conflict with the business and affairs of
the Company or interfere with Employee's performance of his duties and
obligations hereunder.
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                                   ARTICLE II
                       TERM AND TERMINATION OF EMPLOYMENT

      Section 2.1 Unless sooner terminated pursuant to other provisions hereof,
the Company agrees to employ Employee for a one-year period beginning on the
Effective Date, and thereafter automatically extend the term of this Agreement
for successive one-year periods unless and until such time as either party shall
give written notice to the other at least 15 days prior to the expiration of the
then current term that no such automatic extension shall occur, in which event
Employee's employment shall terminate on the expiration of the then current
term.

      Section 2.2 Notwithstanding the provisions of Section 2.1 hereof, the
Company shall have the right to terminate Employee's employment under this
Agreement at any time in accordance with the following provisions:

            (a) upon Employee's death;

            (b) upon Employee's becoming incapacitated or disabled by accident,
      sickness or other circumstance which impairment (despite reasonable
      accommodation) renders him mentally or physically incapable of performing
      the duties and services required of him hereunder for a period of at least
      120 consecutive days or for a period of 180 business days during any
      12-month period;

            (c) for cause, which for purposes of this Agreement shall mean each
      of the following:

                  (i) a material act or material acts of dishonesty or
            disloyalty by Employee adversely affecting the Company;

                  (ii) Employee's breach of any of his obligations of this
            Agreement;

                  (iii) Employee's gross negligence or willful misconduct in
            performance of the duties and services required of him pursuant to
            this Agreement; or

                  (iv) Employee's conviction of a felony, or Employee's
            conviction of a misdemeanor involving moral turpitude.

            (d) by "Constructive Termination," which for purposes of this
      Agreement shall mean each of the following:

                  (i) a material diminution of Employee's responsibilities,
            including, without limitation, title and reporting relationship; or

                  (ii) a material reduction in Employee's compensation and
            benefits received hereunder.

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            (e) in the sole discretion of the Board of Directors without cause;
      PROVIDED, HOWEVER, in such case the Company shall give 15 days prior
      written notice to Employee of its intention to terminate Employee's
      employment with the Company and shall continue to provide compensation to
      Employee in accordance with the terms set forth in Section 4.1(e) hereof.

      Section 2.3 Employee shall have the right to terminate his employment
under this Agreement at any time in accordance with the following provisions:

            (a) a breach by the Company of any of its obligations under this
      Agreement which, if correctable, remains uncorrected for 30 days following
      written notice specifying such breach given by Employee to the Company; or

            (b) in the sole discretion of Employee; PROVIDED, HOWEVER, in such
      case Employee shall give 15 days prior written notice to the Company of
      his intention to terminate his employment with the Company.

      Section 2.4 If the Company desires to terminate Employee's employment
hereunder as provided in Section 2.2 hereof or Employee desires to terminate
Employee's employment hereunder as provided in Section 2.3 hereof, it or he
shall do so by giving written notice to the other party that it or he has
elected to terminate Employee's employment hereunder and stating the effective
date and reason, if any, for such termination. In the event of such termination,
the provisions of Articles IV through IX hereof shall continue to apply in
accordance with their terms. Any question as to whether and when there has been
a termination of Employee's employment, and the cause of such termination, shall
be determined by the Board of Directors in its sole discretion.

                                  ARTICLE III
                            COMPENSATION AND BENEFITS

      Section 3.1 COMPENSATION. During the term of this Agreement, the Company
shall provide compensation to Employee in the following forms:

            (a) BASE SALARY. For the period beginning on the Effective Date and
      ending on May 15, 2000, Employee shall receive an annual base salary of
      $112,500 and, notwithstanding Section 1.5 hereof, will devote
      approximately one-half of his business time to the business and affairs of
      the Company and its affiliates. For the period beginning on May 16, 2000
      and extending through the termination of this Agreement, Employee shall
      receive an annual base salary of $225,000, which amount shall be subject
      to annual review by the Board of Directors and/or the Compensation
      Committee of the Company for possible increases.

            (b) BONUS. Employee shall participate in, and receive an annual
      bonus pursuant to, the Company's Officer Bonus Plan.

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            (c) STOCK OPTIONS.

            (i) Upon approval of the Company's Board of Directors, Employee will
      be granted options to purchase an aggregate of 125,000 shares of the
      Company's common stock at an exercise price equal to the per share Fair
      Market Value (as hereinafter defined) on the date of grant. The options to
      be granted to Employee shall be granted as nonqualified options. All
      options granted to Employee hereunder shall vest immediately upon a Change
      of Control (as hereinafter defined). The options will be granted pursuant
      to a stock option agreement to be executed by Employee and the Company as
      of the date hereof. The options will vest as follows:

                  (A) 25,000 of the option shares will vest at the end of
                  Employee's first six months of employment;

                  (B) 25,000 of the option shares will vest 20% annually
                  beginning one year from the date of this Agreement; PROVIDED,
                  HOWEVER, that the vesting schedule of the option shares under
                  this subsection (B) shall be reduced to four years if the Fair
                  Market Value of the Company's common stock is equal to or
                  greater than $36.00 per share for any ten consecutive trading
                  days during the term of this Agreement;

                  (C) 50,000 of the option shares will vest at the end of
                  Employee's fifth year of employment; PROVIDED, HOWEVER, if the
                  Fair Market Value of the Company's common stock is equal to or
                  greater than $36.00 for any ten consecutive trading days
                  during the term of this Agreement, then the 50,000 option
                  shares under this subsection (C) will vest annually in equal
                  amounts such that 100% of the option shares under this
                  subsection (C) will be vested upon the fourth anniversary of
                  the date of this Agreement.

                  (D) 12,500 of the option shares will vest on December 31, 2000
                  if certain to-be-determined, mutually agreed upon performance
                  criteria are achieved by December 31, 2000; PROVIDED, HOWEVER,
                  that it shall be in the sole discretion of the Company's Chief
                  Executive Officer to determine whether the criteria set forth
                  in this subsection (D) have been satisfied.

                  (E) 12,500 of the option shares will vest on December 31, 2000
                  if certain additional to-be-determined, mutually agreed upon
                  performance criteria are achieved by December 31, 2000;
                  PROVIDED, HOWEVER, that it shall be in the sole discretion of
                  the Company's Chief Executive Officer to determine whether the
                  criteria set forth in this subsection (E) have been satisfied.

            "Fair Market Value" means (i) if the Company's common stock is not
      listed or admitted to trade on a national securities exchange and if bid
      and ask prices for the

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      common stock are not furnished through NASDAQ or a similar organization,
      the value established by the Compensation Committee of the Board of
      Directors (the "Compensation Committee"), in its sole discretion; (ii) if
      the Company's common stock is listed or admitted to trade on a national
      securities exchange or a national market system, the closing price of the
      common stock, as published in the WALL STREET Journal, so listed or
      admitted to trade on such day or, if there is no trading of the common
      stock on such date, then the closing price of the common stock on the next
      preceding date on which there was trading in such shares; or (iii) if the
      common stock is not listed or admitted to trade on a national securities
      exchange or a national market system, the mean between the bid and asked
      price for the common stock on such date, as furnished by the National
      Association of Securities Dealers, Inc. through NASDAQ or a similar
      organization if NASDAQ is no longer reporting such information.

                  (ii) In addition, Employee shall be eligible to receive future
            stock option grants, as determined by the Compensation Committee.

      Section 3.2 BENEFITS. During the term of this Agreement, Employee shall be
afforded the following benefits as incidences of his employment:

            (a) BUSINESS AND ENTERTAINMENT EXPENSES. Subject to the Company's
      standard policies and procedures with respect to expense reimbursement as
      applied to its executive employees generally, the Company will reimburse
      Employee for, or pay on behalf of Employee, reasonable and appropriate
      expenses incurred by Employee for business related purposes, including
      dues and fees to approved industry and professional organizations, and
      reasonable costs of entertainment incurred in connection with business
      development.

            (b) RELOCATION EXPENSES. Employee shall be reimbursed (on an
      after-tax basis) for all reasonable customary expenses he incurs related
      to the costs of packing, loading, transportation, unloading and unpacking
      of household and personal belongings ("Relocation Expenses"); PROVIDED,
      HOWEVER, that Employee must get an estimate of such expenses, submit such
      estimate to the Company for pre-approval and secure the Company's
      pre-approval of such expenses in advance of incurring any such expenses.
      Such expenses subject to reimbursement shall include any locating or other
      fees reasonably incurred by Employee with respect to the rental of a new
      residence.

            (c) OTHER. Employee and, to the extent applicable, Employee's
      family, dependents and beneficiaries, shall be allowed to participate in
      all benefits, plans and programs, including improvements or modifications
      of the same, which are now, or may hereafter be, available to executive
      employees of the Company generally. Such benefits, plans and programs may
      include, without limitation, a profit sharing plan, a thrift plan, a
      health insurance or health care plan, life insurance, disability insurance
      or a pension plan. The Company shall not, however, by reason of this
      paragraph be obligated to institute, maintain, or refrain from changing,
      amending or discontinuing, any such benefit plan or program, so long as
      such changes are similarly applicable to executive employees of the
      Company generally.

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      Section 3.3 PAYROLL. Employee shall receive all compensation pursuant to
this Agreement in accordance with the Company's Houston, Texas customary payroll
practices with respect to time and manner of payment.

                                   ARTICLE IV
                      EFFECT OF TERMINATION ON COMPENSATION

      Section 4.1 BY THE COMPANY.

            (a) TERMINATION UPON DEATH. In the event of Employee's death during
      the term of this Agreement, this Agreement will terminate upon the first
      day of the month following the Employee's date of death, and all of
      Employee's rights and benefits provided for in this Agreement will
      terminate as of such date; PROVIDED, HOWEVER, that Employee's estate will
      be paid Employee's annual salary and pro rata bonus through the date of
      death for a period of six months after such death occurs and, PROVIDED,
      FURTHER, all stock options referenced in Section 3.1(c) shall vest on
      Employee's death, and Employee's estate may exercise such options for a
      period of one year from the date of termination.

            (b) TERMINATION UPON DISABILITY. If Employee's employment hereunder
      is terminated by the Company pursuant to Section 2.2(b) hereof prior to
      the expiration of the then current term, all of Employee's rights and
      benefits provided for in this Agreement will terminate as of such date;
      PROVIDED, HOWEVER, that Employee will be paid Employee's annual salary and
      pro rata bonus through the date of termination for a period of six months
      after such termination occurs and, PROVIDED, FURTHER, that Employee all
      stock options referenced in Section 3.1(c) shall vest effective as of the
      termination date, and Employee may exercise such options for a period of
      one year from the date of termination.

            (c) TERMINATION FOR CAUSE. Employer shall be entitled to terminate
      Employee's employment at any time for cause, as defined by Section 2.2(c).
      In the event of termination for cause, all of Employee's rights and
      benefits provided for in this Agreement shall terminate, except as to any
      accrued and unpaid base salary provided for in Section 3.1(a).

            (d) TERMINATION AFTER CHANGE OF CONTROL. If, within 24 months
      following a Change of Control (as hereinafter defined), the Company or its
      successor terminates Employee's employment without cause or by
      Constructive Termination, Employee will be paid, in a lump sum payment, an
      amount equal to two times the sum of (i) his annual salary for the year in
      which such termination occurs and (ii) the greater of (A) the target
      bonuses for each of the four quarters in the year in which such
      termination occurs and (B) the actual bonus earned by Employee for the
      four fiscal quarters immediately preceding such termination. All unvested
      stock options referenced in Section 3.1(c)(ii) shall vest effective as of
      the date of termination and Employee may exercise such options for a
      period of 90 days from the date of termination. Employee shall receive his
      accrued and

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      unpaid salary and any accrued and unpaid pro rata bonus through the date
      of termination, and Employee will continue to participate in any benefits
      referenced in Section 3.2(c) for a period of two years from the date of
      termination; PROVIDED, HOWEVER, to the extent that any benefit under
      Section 3.2(c) cannot be continued during a period when Employee is not an
      employee of the Company, the Company shall pay Employee an amount in cash
      equal to the economic value of such benefit, such value to be determined
      as of the time of termination.

            In the event that Employee is deemed to have received an excess
      parachute payment (as such term is defined in Section 280G(b) of the
      Internal Revenue Code of 1986, as amended (the "Code")) which is subject
      to excise taxes ("Excise Taxes") imposed by Section 4999 of the Code with
      respect to compensation paid to Employee pursuant to this Agreement, the
      Company shall make a Bonus Payment (as defined below) to Employee when
      Employee receives any excess parachute payments. "Bonus Payment" means a
      cash payment equal to the sum of (i) all Excise Taxes payable by Employee
      plus (ii) any additional Excise Tax or federal or state income taxes
      imposed with respect to the Bonus Payment.

      "Change of Control" means the happening of any of the following events:

            (i) The acquisition by any individual, entity or group (within the
      meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of
      1934, as amended (the "Exchange Act")) (a "Person"), of beneficial
      ownership (within the meaning of Rule 13d-3 promulgated under the Exchange
      Act) of 50% or more of either (A) the then outstanding shares of common
      stock of the Company or (B) the combined voting power of the then
      outstanding voting securities of the Company entitled to vote generally in
      the election of directors; provided, however, that the following
      acquisitions shall not constitute a Change of Control under this
      subsection (i): (x) any acquisition directly from the Company (excluding
      an acquisition by virtue of the exercise of a conversion privilege), (y)
      any acquisition by the Company, or (z) any acquisition by any employee
      benefit plan (or related trust) sponsored or maintained by the Company or
      any corporation controlled by the Company; or

            (ii) Individuals who, as of the effective date hereof, constitute
      the Board of Directors (the "Incumbent Board") cease for any reason to
      constitute at least a majority of the Board; provided, however, that any
      individual becoming a director subsequent to the effective date hereof
      whose election, or nomination for election by the Company's stockholders,
      was approved by a vote of at least a majority of the directors then
      comprising the Incumbent Board shall be considered as though such
      individual were a member of the Incumbent Board, but excluding, for this
      purpose, any such individual whose initial assumption of office occurs as
      a result of either an actual or threatened election contest (as such terms
      are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange
      Act) or other actual or threatened solicitation of proxies or consents by
      or on behalf of a Person other than the Board; or

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            (iii) Approval by the stockholders of the Company of a complete
      liquidation or dissolution of the Company or the sale or other disposition
      of all or substantially all of the assets of the Company.

            (e) OTHER EVENTS UPON TERMINATION. If Employee's employment
      hereunder shall be terminated by the Company without cause or by
      Constructive Termination other than within 24 months following a Change of
      Control, Employee shall receive in accordance with the Company's then
      current payroll practices an amount equal to the sum of (i) Employee's
      annual base salary for the year in which such termination occurs and (ii)
      the greater of (A) the target bonuses for each of the four quarters in the
      year in which such termination occurs and (B) the actual bonus earned by
      Employee for the four fiscal quarters immediately preceding such
      termination, payable for a period of time equal to the longer of (i) two
      years and (ii) the period of time remaining under the then current term of
      this Agreement (such longer period, the "Severance Period"). Employee
      shall receive his accrued and unpaid salary and any accrued and unpaid pro
      rata bonus through the date of termination, and Employee will continue to
      participate in any benefits referenced in Section 3.2(c) for the Severance
      Period; PROVIDED, HOWEVER, to the extent that any benefit under Section
      3.2(c) cannot be continued during a period when Employee is not an
      employee of the Company, the Company shall pay Employee an amount in cash
      equal to the economic value of such benefit, such value to be determined
      as of the time of termination. In addition, all stock options referenced
      in Section 3.1(c) shall vest effective as of the date of termination, and
      Employee may exercise such options for a period of three months from the
      date of termination.

      Section 4.2 BY EMPLOYEE.

            (a) BREACH OF AGREEMENT BY COMPANY. If Employee's employment
      hereunder shall be terminated by Employee pursuant to the provisions set
      forth in Section 2.3(a) hereof prior to the expiration of the then current
      term of this Agreement, Employee shall receive in accordance with the
      Company's then current payroll practices an amount equal to the sum of (i)
      Employee's annual base salary for the year in which such termination
      occurs and (ii) the greater of (A) the target bonuses for each of the four
      quarters in the year in which such termination occurs and (B) the actual
      bonus earned by Employee for the four fiscal quarters immediately
      preceding such termination, payable for a period of time equal to the
      longer of (i) two years and (ii) the period of time remaining under the
      then current term of this Agreement. Employee shall receive his accrued
      and unpaid salary and any accrued and unpaid pro rata bonus through the
      date of termination, and Employee will continue to participate in any
      benefits referenced in Section 3.2(c) for the Severance Period; PROVIDED,
      HOWEVER, to the extent that any benefit under Section 3.2(c) cannot be
      continued during a period when Employee is not an employee of the Company,
      the Company shall pay Employee an amount in cash equal to the economic
      value of such benefit, such value to be determined as of the time of
      termination. In addition, all stock options referenced in Section 3.1(c)
      shall vest effective as of the date of termination, and Employee may
      exercise such options for a period of three months from the date of
      termination.

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            (b) VOLUNTARY RESIGNATION. If Employee's employment hereunder shall
      be terminated by Employee pursuant to the provisions set forth in Section
      2.3(b) hereof prior to the expiration of the then current term, then, upon
      such termination, subject to COBRA, all compensation and all benefits to
      Employee hereunder shall terminate contemporaneously with the termination
      of such employment; PROVIDED, HOWEVER, Employee shall not receive a bonus
      for the year during which Employee's employment terminated or any
      subsequent year.

                                   ARTICLE V
                            CONFIDENTIAL INFORMATION

      Section 5.1 COMPANY INFORMATION. Employee acknowledges that the Company's
business is highly competitive and that the Company's books, records and
documents, technical information concerning its products, equipment, services
and processes, procurement procedures and pricing techniques and the names of
and other information (e.g., credit and financial data) concerning the Company's
customers and business associates all comprise confidential business information
and trade secrets of the Company (collectively, "Confidential Information")
which are valuable, special, and unique assets of the Company which the Company
uses in its business to obtain a competitive advantage over the Company's
competitors which do not know or use this information. Employee further
acknowledges that protection of the Confidential Information against
unauthorized disclosure and use is of critical importance to the Company in
maintaining its competitive position. Accordingly, Employee hereby agrees that
he will not, at any time during or after his employment by the Company, make any
unauthorized disclosure of any Confidential Information or make any use thereof,
except for the benefit of, and on behalf of, the Company. For the purposes of
this Article 5, the term "Company" shall also include affiliates of the Company.

      Section 5.2 THIRD PARTY INFORMATION. Employee acknowledges that, as a
result of his employment by the Company, he may from time to time have access
to, or knowledge of, confidential business information or trade secrets of third
parties, such as customers, suppliers, partners, joint venturers, and the like,
of the Company. Employee agrees to preserve and protect the confidentiality of
such third-party confidential information and trade secrets to the same extent,
and on the same basis, as the Confidential Information.

      Section 5.3 RETURN OF DOCUMENTS. All written materials, records and other
documents made by, or coming into the possession of, Employee during the period
of his employment by the Company which contain or disclose the Confidential
Information shall be and remain the property of the Company. Upon request, and
in any event upon termination of Employee's employment by the Company, for any
reason, he promptly shall deliver the same, and all copies, derivatives and
extracts thereof, to the Company.

                                   ARTICLE VI
                     INVENTIONS, DISCOVERIES AND COPYRIGHTS

      Section 6.1 INVENTIONS AND DISCOVERIES. Employee agrees promptly and
freely to disclose to the Company, in writing, any and all ideas, conceptions,
inventions, improvements,

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and discoveries, whether patentable or not, which are conceived or made by
Employee, solely or jointly with another, during the period of his employment by
the Company and which are related to the business or activities of the Company.
Employee agrees to assign and hereby does assign to the Company all his interest
in such ideas, conceptions, inventions, improvements, and discoveries. Employee
agrees that, whenever requested to do so by the Company, he shall assist in the
preparation of any document that the Company shall deem necessary and shall
execute any and all applications, assignments or other instruments that the
Company shall deem necessary, in its sole discretion, to apply for and obtain
protection, including patent protection, for such ideas, conceptions,
inventions, improvements and discoveries in all countries of the world. The
obligations in the preceding sentence shall continue beyond the termination of
Employee's employment regardless of the reason for such termination.

      Section 6.2 COPYRIGHTS. If during Employee's employment by the Company,
Employee creates any original work of authorship (each, a "Work") fixed in any
tangible medium of expression which is the subject matter of copyright (e.g.,
written presentations, computer programs, videotapes, drawings, maps, models,
manuals or brochures) relating to the Company's business, products, or services,
whether a Work is created solely by Employee or jointly with others, the Company
shall be deemed the author of a Work if the Work is prepared by Employee in the
scope of his employment; or, if the Work is not prepared by Employee within the
scope of his employment but is specially ordered by the Company as a
contribution to a collective work, as a part of a motion picture or other
audiovisual work, as a translation, as a supplementary work, as a compilation or
as an instructional text, then the Work shall be considered to be a work made
for hire and the Company shall be the author of the Work. In the event a Work is
not prepared by Employee within the scope of his employment or is not a Work
specially ordered and deemed to be a work made for hire, then Employee hereby
agrees to assign, and by these presents, does assign, to the Company all of
Employee's worldwide right, title and interest in and to such Work and all
rights of copyright therein. Both during the period of Employee's employment by
the Company and thereafter, Employee agrees to assist the Company and its
nominee, at any time, in the protection of the Company's worldwide right, title
and interest in and to the work and all rights of copyright therein, including
but not limited to, the execution of all formal assignment documents requested
by the Company or its nominee and the execution of all lawful oaths and
applications for registration of copyright in the United States and foreign
countries.

      Section 6.3 Employee represents that he has not heretofore made any
invention or discovery or prepared any work which is the subject matter of
copyright related to the Company's business which he wishes to exclude from the
provisions of Section 6.1 and Section 6.2 hereof. As used in this Article VI,
the "Company" shall include affiliates of the Company.

                                  ARTICLE VII
                                 NON-COMPETITION

      Section 7.1 The restrictive covenants contained in this Article VII and in
Article VIII hereof are supported by consideration to Employee hereunder. As a
material incentive for the Company to enter into this Agreement, Employee hereby
agrees that he will not at any time during his employment by the Company and for
a period commencing on the date of termination

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of his employment and continuing until the expiration of 24 months (the
"Non-Competition Period"), directly or indirectly, for himself or for others, in
any state of the United States, or in any foreign country where the Company or
any of its affiliates is then conducting any business:

            (a) engage in any business that is directly competitive with
      activities conducted by the Company (or any of the Company's subsidiaries
      or divisions), which activities conducted by the Company (or any of the
      Company's subsidiaries or divisions) represent in the aggregate greater
      than 25% of the Company's consolidated revenues in 1999;

            (b) render advice or services to, or otherwise assist, any other
      person or entity who is engaged, directly or indirectly, in any business
      that is directly competitive with activities conducted by the Company (or
      any of the Company's subsidiaries or divisions), which activities
      conducted by the Company (or any of the Company's subsidiaries or
      divisions) represent in the aggregate greater than 25% of the Company's
      consolidated revenues in 1999; or

            (c) transact any business in any manner pertaining to suppliers or
      customers of the Company or any affiliate which, in any manner, would
      have, or is likely to have, an adverse effect upon the Company or any
      affiliate.

      The foregoing shall not prohibit Employee's continued participation in
those activities in which he is engaged on the date hereof and which have been
disclosed to the Company.

      Notwithstanding the foregoing, in the event of termination of this
Agreement pursuant to Section 4.1(d), 4.1(e) or 4.2(a), the prohibitions of this
Article VII shall no longer apply at such time as Employee waives his right to
receive any further payments under Section 4.1(d), 4.1(e) or 4.2(a), as the case
may be.

      Section 7.2 Employee understands that the foregoing restrictions may limit
his ability to engage in a business similar to the Company's business in
specific areas of the world for the Non-Competition Period, but acknowledges
that he will receive sufficiently high remuneration and other benefits from the
Company hereunder to justify such restriction. In addition to any remedies
provided under applicable law, the Company and Employee agree that during the
period the Company is paying compensation and benefits to Employee pursuant to
Articles III or IV hereof, the Company's remedy for breach of the provisions of
this Article VII shall include, but shall not be limited to, the termination of
all compensation and all benefits to Employee otherwise provided under this
Agreement.

      Section 7.3 It is expressly understood and agreed that the Company and
Employee consider the restrictions contained in Section 7.1 hereof to be
reasonable and necessary for the purposes of preserving and protecting the good
will and proprietary information of the Company, nevertheless, if any of the
aforesaid restrictions is found by a court having jurisdiction to be
unreasonable, over broad as to geographic area or time or otherwise
unenforceable, the parties intend for the restrictions therein set forth to be
modified by such court so as to be reasonable and enforceable and, as so
modified by the court, to be fully enforced.

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                                  ARTICLE VIII
                            SOLICITATION OF EMPLOYEES

      During the term of his employment by the Company and thereafter for the
Non-Competition Period, Employee shall not, on his own behalf or on behalf of
any other person, partnership, entity, association, or corporation, hire or seek
to hire any non-clerical or non-secretarial employee of the Company or in any
other manner attempt directly or indirectly to influence, induce, or encourage
any non-clerical or non-secretarial employee of the Company to leave the
employment of the Company, nor shall he use or disclose to any person,
partnership, entity, association, or corporation any information concerning the
names, addresses or personal telephone numbers of any employees of the Company.

                                   ARTICLE IX
                                  MISCELLANEOUS

Section 9.1 Notices. For purposes of this Agreement, notices and all other
communications provided for herein shall be in writing and shall be deemed to
have been duly given when personally delivered or when mailed by United States
registered or certified mail, return receipt requested, postage prepaid,
addressed as follows:

      If to the Company to:   Telescan Inc.
                              5959 Corporate Drive, Suite 2000
                              Houston, Texas 77036-2305
                              Attention: Chairman of the Compensation Committee

      If to Employee to:      David M. Berray
                              15 Gibson Street
                              Cambridge, Massachusetts 02138

or to such other address as either party may furnish to the other in writing in
accordance herewith, except that notices of changes of address shall be
effective only upon receipt.

      Section 9.2 APPLICABLE LAW, JURISDICTION AND VENUE. This Agreement is
entered into under, and shall be governed for all purposes by, the laws of the
State of Texas. Any suit by the Company to enforce any right hereunder or to
obtain a declaration of any right or obligation hereunder may, at the sole
option of the Company, be brought (i) in any court of competent jurisdiction in
the State of Texas or (ii) in any court of competent jurisdiction where
jurisdiction may be had over Employee. Employee hereby expressly consents to the
jurisdiction of the foregoing courts for such purposes and to the appointment of
the Secretary of State for the State of Texas as his agent for service of
process.

      Section 9.3 NO WAIVER. No failure by either party hereto at any time to
give notice of any breach by the other party of, or to require compliance with,
any condition or provision of this Agreement shall (i) be deemed a waiver of
similar or dissimilar provisions or conditions at the

                                       12
<PAGE>
same or at any prior or subsequent time or (ii) preclude insistence upon strict
compliance in the future.

      Section 9.4 SEVERABILITY. If a court of competent jurisdiction determines
that any provision of this Agreement is invalid or unenforceable, then the
invalidity or unenforceability of that provision shall not affect the validity
or enforceability of any other provision of this Agreement, and all other
provisions shall remain in full force and effect.

      Section 9.5 COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original, but all of which
together will constitute one and the same Agreement.

      Section 9.6 WITHHOLDING OF TAXES. The Company may withhold from any
benefits payable under this Agreement all federal, state, city or other taxes as
may be required pursuant to any law or governmental regulation or ruling.

      Section 9.7 HEADINGS. The paragraph headings have been inserted for
purposes of convenience and shall not be used for interpretive purposes.

      Section 9.8 AFFILIATE. As used in this Agreement, "affiliate" shall mean
any person or entity which directly or indirectly through one or more
intermediaries owns or controls, is owned or controlled by, or is under common
ownership or control with, the Company.

      Section 9.9 ASSIGNMENT. This Agreement, and the rights and obligations of
the parties hereunder, are personal and neither this Agreement, nor any right,
benefit or obligation of either party hereto, shall be subject to voluntary or
involuntary assignment, alienation or transfer, whether by operation of law or
otherwise, without the prior written consent of the other party except that
vested rights to payment shall be subject to devise, and shall descend in
accordance with applicable laws of inheritance.

      Section 9.10 LEGAL FEES. If, prior to a Change of Control, either party
institutes any legal action to enforce his or its rights under, or to recover
damages for breach of this Agreement, the Company shall pay up to an aggregate
of $10,000 of Employee's actual expenses incurred in pursuit or defense of such
legal action.

      If, following a Change of Control, either party institutes any legal
action to enforce his or its rights under, or to recover damages for breach of
this Agreement, the "prevailing party" in such action shall be entitled to
recover from the other party any actual expenses for attorney's fees and
disbursements incurred by him or it. For these purposes, a party shall be
considered a "prevailing party" if and only if the parties agree to such
characterization of a party as a "prevailing party" or a final order of a court
specifically recites that such party is a "prevailing party."

      Section 9.11 TERM. This Agreement has a term co-extensive with the term of
employment as defined in Section 2.1 hereof. Termination of this Agreement
pursuant to the provisions of Section 2.1 hereof shall not affect any right or
obligation of either party hereto

                                       13
<PAGE>
which is accrued or vested prior to or upon such termination or the rights and
set forth in Articles IV, V, VI and VII hereof.

      Section 9.12 ENTIRE AGREEMENT. This Agreement constitutes the entire
agreement of the parties with regard to the subject matter hereof, and contains
all the covenants, promises, representations, warranties and agreements between
the parties with respect to employment of Employee by the Company. Each party to
this Agreement acknowledges that no representation, inducement, promise or
agreement, oral or written, has been made by either party, or by anyone acting
on behalf of either party, which is not embodied herein, and that no agreement,
statement, or promise relating to the employment of Employee by the Company,
which is not contained in this Agreement, shall be valid or binding. Any
modification of this Agreement will be effective only if it is in writing and
signed by the party to be charged.

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement
effective as of the Effective Date.

                                    TELESCAN, INC.

                                    By:_____________________________________
                                    Name:___________________________________
                                    Title:__________________________________

                                    ________________________________________
                                    David M. Berray

                                       14EXHIBIT 10.2

                              EMPLOYMENT AGREEMENT

      This Employment Agreement (this "Agreement") is made by and between
Telescan, Inc., a Delaware corporation (the "Company"), and Dennis Santiago
("Employee") effective as of May 4, 2000 (the "Effective Date").

      WHEREAS, the Company is desirous of employing Employee in an executive
capacity on the terms and conditions, and for the consideration, hereinafter set
forth for the period provided herein commencing upon the Effective Date, and
Employee is desirous of employment with the Company on such terms and conditions
and for such consideration;

      NOW, THEREFORE, for and in consideration of the mutual promises, covenants
and obligations contained herein, the Company and Employee agree as follows:

                                   ARTICLE I
                              EMPLOYMENT AND DUTIES

      Section 1.1 The Company agrees to employ Employee and Employee agrees to
be employed by the Company, subject to the terms and conditions of this
Agreement, beginning as of the Effective Date and continuing for the term
hereof.

      Section 1.2 From and after the Effective Date, the Company shall employ
Employee in the position of Acting Chief Technology Officer, or in such other
positions as the parties mutually may agree.

      Section 1.3 Employee agrees to serve in the position referred to in
Section 1.2 hereof and to perform diligently and to the best of his abilities
the duties and services pertaining to such office as set forth in the Bylaws of
the Company in effect on the Effective Date, as well as such additional duties
and services appropriate to such office as the Board of Directors of the Company
(the "Board of Directors") may reasonably assign to Employee from time to time.

      Section 1.4 Employee shall maintain a full-time office at the Company's
Houston, Texas location.

      Section 1.5 Employee agrees, during the period of his employment by the
Company, to devote his full business time, energy and best efforts to the
business and affairs of the Company and its affiliates and not to engage,
directly or indirectly, in any other business or businesses, whether or not
similar to that of the Company, except with the prior written consent of the
Board of Directors. The foregoing notwithstanding, the parties recognize and
agree that Employee may engage in passive personal investments and charitable or
public service activities and serve on the board of directors of corporations to
the extent that such activities do not conflict with the business and affairs of
the Company or interfere with Employee's performance of his duties and
obligations hereunder.
<PAGE>
                                   ARTICLE II
                       TERM AND TERMINATION OF EMPLOYMENT

      Section 2.1 Unless sooner terminated pursuant to other provisions hereof,
the Company agrees to employ Employee for a two-year period beginning on the
Effective Date, and thereafter automatically extend the term of this Agreement
for successive one-year periods unless and until such time as either party shall
give written notice to the other at least 15 days prior to the expiration of the
then current term that no such automatic extension shall occur, in which event
Employee's employment shall terminate on the expiration of the then current
term.

      Section 2.2 Notwithstanding the provisions of Section 2.1 hereof, the
Company shall have the right to terminate Employee's employment under this
Agreement at any time in accordance with the following provisions:

            (a) upon Employee's death;

            (b) upon Employee's becoming incapacitated or disabled by accident,
      sickness or other circumstance which impairment (despite reasonable
      accommodation) renders him mentally or physically incapable of performing
      the duties and services required of him hereunder for a period of at least
      120 consecutive days or for a period of 180 business days during any
      12-month period;

            (c) for cause, which for purposes of this Agreement shall mean each
      of the following:

                  (i) a material act or material acts of dishonesty or
            disloyalty by Employee adversely affecting the Company;

                  (ii) Employee's breach of any of his obligations of this
            Agreement;

                  (iii) Employee's gross negligence or willful misconduct in
            performance of the duties and services required of him pursuant to
            this Agreement; or

                  (iv) Employee's conviction of a felony, or Employee's
            conviction of a misdemeanor involving moral turpitude.

            (d) by "Constructive Termination," which for purposes of this
      Agreement shall mean each of the following:

                  (i) a material diminution of Employee's responsibilities,
            including, without limitation, title and reporting relationship; or

                  (ii) a material reduction in Employee's compensation and
            benefits received hereunder.

            (e) in the sole discretion of the Board of Directors without cause;
      PROVIDED, HOWEVER, in such case the Company shall give 15 days prior
      written notice to Employee of its intention to terminate Employee's
      employment with the Company and shall

                                       2
<PAGE>
      continue to provide compensation to Employee in accordance with the terms
      set forth in Section 4.1(e) hereof.

      Section 2.3 Employee shall have the right to terminate his employment
under this Agreement at any time in accordance with the following provisions:

            (a) a breach by the Company of any of its obligations under this
      Agreement which, if correctable, remains uncorrected for 30 days following
      written notice specifying such breach given by Employee to the Company; or

            (b) in the sole discretion of Employee; PROVIDED, HOWEVER, in such
      case Employee shall give 15 days prior written notice to the Company of
      his intention to terminate his employment with the Company.

      Section 2.4 If the Company desires to terminate Employee's employment
hereunder as provided in Section 2.2 hereof or Employee desires to terminate
Employee's employment hereunder as provided in Section 2.3 hereof, it or he
shall do so by giving written notice to the other party that it or he has
elected to terminate Employee's employment hereunder and stating the effective
date and reason, if any, for such termination. In the event of such termination,
the provisions of Articles IV through IX hereof shall continue to apply in
accordance with their terms. Any question as to whether and when there has been
a termination of Employee's employment, and the cause of such termination, shall
be determined by the Board of Directors in its sole discretion.

                                  ARTICLE III
                            COMPENSATION AND BENEFITS

      Section 3.1 COMPENSATION. During the term of this Agreement, the Company
shall provide compensation to Employee in the following forms:

            (a) BASE SALARY. Employee shall receive an annual base salary of
      $180,000, which amount shall be subject to annual review by the Board of
      Directors and/or the Compensation Committee of the Company for possible
      increases.

            (b) BONUS. Employee shall participate in, and receive an annual
      bonus pursuant to, the Company's Officer Bonus Plan.

            (c) STOCK OPTIONS.

                  (i) Upon approval of the Company's Board of Directors,
            Employee will be granted options to purchase an aggregate of 60,000
            shares of the Company's common stock at an exercise price equal to
            the per share Fair Market Value (as hereinafter defined) on the date
            of grant. The options to be granted to Employee shall be granted as
            nonqualified options. All options granted to Employee hereunder
            shall vest immediately upon a Change of Control (as hereinafter
            defined). The options will be granted pursuant to a stock option
            agreement to be executed by Employee and the Company as of the date
            hereof. The options will vest as follows:

                                       3
<PAGE>
                  (A)   15,000 of the  option  shares  will vest at the end of
                  Employee's first six months of employment;

                  (B) 15,000 of the option shares will vest 20% annually
                  beginning one year from the date of this Agreement; PROVIDED,
                  HOWEVER, that the vesting schedule of the option shares under
                  this subsection (B) shall be reduced to four years if the Fair
                  Market Value of the Company's common stock is equal to or
                  greater than $18.95 per share for any ten consecutive trading
                  days during the term of this Agreement; and

                  (C) 30,000 of the option shares will vest at the end of
                  Employee's fifth year of employment; PROVIDED, HOWEVER, if the
                  Fair Market Value of the Company's common stock is equal to or
                  greater than $18.95 for any ten consecutive trading days
                  during the term of this Agreement, then the 30,000 option
                  shares under this subsection (C) will vest annually in equal
                  amounts such that 100% of the option shares under this
                  subsection (C) will be vested upon the fourth anniversary of
                  date of this Agreement.

             "Fair Market Value" means (i) if the Company's common stock is not
      listed or admitted to trade on a national securities exchange and if bid
      and ask prices for the common stock are not furnished through NASDAQ or a
      similar organization, the value established by the Compensation Committee
      of the Board of Directors (the "Compensation Committee"), in its sole
      discretion; (ii) if the Company's common stock is listed or admitted to
      trade on a national securities exchange or a national market system, the
      closing price of the common stock, as published in the WALL STREET
      JOURNAL, so listed or admitted to trade on such day or, if there is no
      trading of the common stock on such date, then the closing price of the
      common stock on the next preceding date on which there was trading in such
      shares; or (iii) if the common stock is not listed or admitted to trade on
      a national securities exchange or a national market system, the mean
      between the bid and asked price for the common stock on such date, as
      furnished by the National Association of Securities Dealers, Inc. through
      NASDAQ or a similar organization if NASDAQ is no longer reporting such
      information.

                  (ii) In addition, Employee shall be eligible to receive future
            stock option grants, as determined by the Compensation Committee.

      Section 3.2 BENEFITS. During the term of this Agreement, Employee shall be
afforded the following benefits as incidences of his employment:

            (a) BUSINESS AND ENTERTAINMENT EXPENSES. Subject to the Company's
      standard policies and procedures with respect to expense reimbursement as
      applied to its executive employees generally, the Company will reimburse
      Employee for, or pay on behalf of Employee, reasonable and appropriate
      expenses incurred by Employee for business related purposes, including
      dues and fees to approved industry and professional organizations, and
      reasonable costs of entertainment incurred in connection with business
      development.

                                       4
<PAGE>
            (b) OTHER. Employee and, to the extent applicable, Employee's
      family, dependents and beneficiaries, shall be allowed to participate in
      all benefits, plans and programs, including improvements or modifications
      of the same, which are now, or may hereafter be, available to executive
      employees of the Company generally. Such benefits, plans and programs may
      include, without limitation, a profit sharing plan, a thrift plan, a
      health insurance or health care plan, life insurance, disability insurance
      or a pension plan. The Company shall not, however, by reason of this
      paragraph be obligated to institute, maintain, or refrain from changing,
      amending or discontinuing, any such benefit plan or program, so long as
      such changes are similarly applicable to executive employees of the
      Company generally.

      Section 3.3 PAYROLL. Employee shall receive all compensation pursuant to
this Agreement in accordance with the Company's Houston, Texas customary payroll
practices with respect to time and manner of payment.

                                   ARTICLE IV
                      EFFECT OF TERMINATION ON COMPENSATION

      Section 4.1 BY THE COMPANY.

            (a) TERMINATION UPON DEATH. In the event of Employee's death during
      the term of this Agreement, this Agreement will terminate upon the first
      day of the month following the Employee's date of death, and all of
      Employee's rights and benefits provided for in this Agreement will
      terminate as of such date; PROVIDED, HOWEVER, that Employee's estate will
      be paid Employee's annual salary and pro rata bonus through the date of
      death for a period of six months after such death occurs and, PROVIDED,
      FURTHER, all stock options referenced in Section 3.1(c) shall vest on
      Employee's death, and Employee's estate may exercise such options for a
      period of one year from the date of termination.

            (b) TERMINATION UPON DISABILITY. If Employee's employment hereunder
      is terminated by the Company pursuant to Section 2.2(b) hereof prior to
      the expiration of the then current term, all of Employee's rights and
      benefits provided for in this Agreement will terminate as of such date;
      PROVIDED, HOWEVER, that Employee will be paid Employee's annual salary and
      pro rata bonus through the date of termination for a period of six months
      after such termination occurs and, PROVIDED, FURTHER, that Employee all
      stock options referenced in Section 3.1(c) shall vest effective as of the
      termination date, and Employee may exercise such options for a period of
      one year from the date of termination.

            (c) TERMINATION FOR CAUSE. Employer shall be entitled to terminate
      Employee's employment at any time for cause, as defined by Section 2.2(c).
      In the event of termination for cause, all of Employee's rights and
      benefits provided for in this Agreement shall terminate, except as to any
      accrued and unpaid base salary provided for in Section 3.1(a).

            (d) TERMINATION AFTER CHANGE OF CONTROL. If, within 24 months
      following a Change of Control (as hereinafter defined), the Company or its
      successor terminates

                                       5
<PAGE>
      Employee's employment without cause or by Constructive Termination,
      Employee will be paid, in a lump sum payment, an amount equal to two times
      the sum of (i) his annual salary for the year in which such termination
      occurs and (ii) the greater of (A) the target bonuses for each of the four
      quarters in the year in which such termination occurs and (B) the actual
      bonus earned by Employee for the four fiscal quarters immediately
      preceding such termination. All unvested stock options referenced in
      Section 3.1(c)(ii) shall vest effective as of the date of termination and
      Employee may exercise such options for a period of 90 days from the date
      of termination. Employee shall receive his accrued and unpaid salary and
      any accrued and unpaid pro rata bonus through the date of termination, and
      Employee will continue to participate in any benefits referenced in
      Section 3.2(c) for a period of two years from the date of termination;
      PROVIDED, HOWEVER, to the extent that any benefit under Section 3.2(c)
      cannot be continued during a period when Employee is not an employee of
      the Company, the Company shall pay Employee an amount in cash equal to the
      economic value of such benefit, such value to be determined as of the time
      of termination.

            In the event that Employee is deemed to have received an excess
      parachute payment (as such term is defined in Section 280G(b) of the
      Internal Revenue Code of 1986, as amended (the "Code")) which is subject
      to excise taxes ("Excise Taxes") imposed by Section 4999 of the Code with
      respect to compensation paid to Employee pursuant to this Agreement, the
      Company shall make a Bonus Payment (as defined below) to Employee when
      Employee receives any excess parachute payments. "Bonus Payment" means a
      cash payment equal to the sum of (i) all Excise Taxes payable by Employee
      plus (ii) any additional Excise Tax or federal or state income taxes
      imposed with respect to the Bonus Payment.

      "Change of Control" means the happening of any of the following events:

            (i) The acquisition by any individual, entity or group (within the
      meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of
      1934, as amended (the "Exchange Act")) (a "Person"), of beneficial
      ownership (within the meaning of Rule 13d-3 promulgated under the Exchange
      Act) of 50% or more of either (A) the then outstanding shares of common
      stock of the Company or (B) the combined voting power of the then
      outstanding voting securities of the Company entitled to vote generally in
      the election of directors; provided, however, that the following
      acquisitions shall not constitute a Change of Control under this
      subsection (i): (x) any acquisition directly from the Company (excluding
      an acquisition by virtue of the exercise of a conversion privilege), (y)
      any acquisition by the Company, or (z) any acquisition by any employee
      benefit plan (or related trust) sponsored or maintained by the Company or
      any corporation controlled by the Company; or

            (ii) Individuals who, as of the effective date hereof, constitute
      the Board of Directors (the "Incumbent Board") cease for any reason to
      constitute at least a majority of the Board; provided, however, that any
      individual becoming a director subsequent to the effective date hereof
      whose election, or nomination for election by the Company's stockholders,
      was approved by a vote of at least a majority of the directors then
      comprising the Incumbent Board shall be considered as though such
      individual were a member of the Incumbent Board, but excluding, for this
      purpose, any such individual

                                       6
<PAGE>
      whose initial assumption of office occurs as a result of either an actual
      or threatened election contest (as such terms are used in Rule 14a-11 of
      Regulation 14A promulgated under the Exchange Act) or other actual or
      threatened solicitation of proxies or consents by or on behalf of a Person
      other than the Board; or

            (iii) Approval by the stockholders of the Company of a complete
      liquidation or dissolution of the Company or the sale or other disposition
      of all or substantially all of the assets of the Company.

            (e) OTHER EVENTS UPON TERMINATION. If Employee's employment
      hereunder shall be terminated by the Company without cause or by
      Constructive Termination other than within 24 months following a Change of
      Control, Employee shall receive in accordance with the Company's then
      current payroll practices an amount equal to the sum of (i) Employee's
      annual base salary for the year in which such termination occurs and (ii)
      the greater of (A) the target bonuses for each of the four quarters in the
      year in which such termination occurs and (B) the actual bonus earned by
      Employee for the four fiscal quarters immediately preceding such
      termination, payable for a period of time equal to the longer of (i) two
      years and (ii) the period of time remaining under the then current term of
      this Agreement (such longer period, the "Severance Period"). Employee
      shall receive his accrued and unpaid salary and any accrued and unpaid pro
      rata bonus through the date of termination, and Employee will continue to
      participate in any benefits referenced in Section 3.2(c) for the Severance
      Period; PROVIDED, HOWEVER, to the extent that any benefit under Section
      3.2(c) cannot be continued during a period when Employee is not an
      employee of the Company, the Company shall pay Employee an amount in cash
      equal to the economic value of such benefit, such value to be determined
      as of the time of termination. In addition, all stock options referenced
      in Section 3.1(c) shall vest effective as of the date of termination, and
      Employee may exercise such options for a period of three months from the
      date of termination.

      Section 4.2 BY EMPLOYEE.

            (a) BREACH OF AGREEMENT BY COMPANY. If Employee's employment
      hereunder shall be terminated by Employee pursuant to the provisions set
      forth in Section 2.3(a) hereof prior to the expiration of the then current
      term of this Agreement, Employee shall receive in accordance with the
      Company's then current payroll practices an amount equal to the sum of (i)
      Employee's annual base salary for the year in which such termination
      occurs and (ii) the greater of (A) the target bonuses for each of the four
      quarters in the year in which such termination occurs and (B) the actual
      bonus earned by Employee for the four fiscal quarters immediately
      preceding such termination, payable for a period of time equal to the
      longer of (i) two years and (ii) the period of time remaining under the
      then current term of this Agreement. Employee shall receive his accrued
      and unpaid salary and any accrued and unpaid pro rata bonus through the
      date of termination, and Employee will continue to participate in any
      benefits referenced in Section 3.2(c) for the Severance Period; PROVIDED,
      HOWEVER, to the extent that any benefit under Section 3.2(c) cannot be
      continued during a period when Employee is not an employee of the Company,
      the Company shall pay Employee an amount in cash equal to the economic
      value of such benefit, such value to be determined as of the time of
      termination. In addition, all stock options referenced in Section 3.1(c)
      shall vest effective as of the date of termination, and

                                       7
<PAGE>
      Employee may exercise such options for a period of three months from the
      date of termination.

            (b) VOLUNTARY RESIGNATION. If Employee's employment hereunder shall
      be terminated by Employee pursuant to the provisions set forth in Section
      2.3(b) hereof prior to the expiration of the then current term, then, upon
      such termination, subject to COBRA, all compensation and all benefits to
      Employee hereunder shall terminate contemporaneously with the termination
      of such employment; PROVIDED, HOWEVER, Employee shall not receive a bonus
      for the year during which Employee's employment terminated or any
      subsequent year.

                                   ARTICLE V
                            CONFIDENTIAL INFORMATION

      Section 5.1 COMPANY INFORMATION. Employee acknowledges that the Company's
business is highly competitive and that the Company's books, records and
documents, technical information concerning its products, equipment, services
and processes, procurement procedures and pricing techniques and the names of
and other information (e.g., credit and financial data) concerning the Company's
customers and business associates all comprise confidential business information
and trade secrets of the Company (collectively, "Confidential Information")
which are valuable, special, and unique assets of the Company which the Company
uses in its business to obtain a competitive advantage over the Company's
competitors which do not know or use this information. Employee further
acknowledges that protection of the Confidential Information against
unauthorized disclosure and use is of critical importance to the Company in
maintaining its competitive position. Accordingly, Employee hereby agrees that
he will not, at any time during or after his employment by the Company, make any
unauthorized disclosure of any Confidential Information or make any use thereof,
except for the benefit of, and on behalf of, the Company. For the purposes of
this Article 5, the term "Company" shall also include affiliates of the Company.

      Section 5.2 THIRD PARTY INFORMATION. Employee acknowledges that, as a
result of his employment by the Company, he may from time to time have access
to, or knowledge of, confidential business information or trade secrets of third
parties, such as customers, suppliers, partners, joint venturers, and the like,
of the Company. Employee agrees to preserve and protect the confidentiality of
such third-party confidential information and trade secrets to the same extent,
and on the same basis, as the Confidential Information.

      Section 5.3 RETURN OF DOCUMENTS. All written materials, records and other
documents made by, or coming into the possession of, Employee during the period
of his employment by the Company which contain or disclose the Confidential
Information shall be and remain the property of the Company. Upon request, and
in any event upon termination of Employee's employment by the Company, for any
reason, he promptly shall deliver the same, and all copies, derivatives and
extracts thereof, to the Company.

                                      8
<PAGE>
                                   ARTICLE VI
                     INVENTIONS, DISCOVERIES AND COPYRIGHTS

      Section 6.1 INVENTIONS AND DISCOVERIES. Employee agrees promptly and
freely to disclose to the Company, in writing, any and all ideas, conceptions,
inventions, improvements, and discoveries, whether patentable or not, which are
conceived or made by Employee, solely or jointly with another, during the period
of his employment by the Company and which are related to the business or
activities of the Company. Employee agrees to assign and hereby does assign to
the Company all his interest in such ideas, conceptions, inventions,
improvements, and discoveries. Employee agrees that, whenever requested to do so
by the Company, he shall assist in the preparation of any document that the
Company shall deem necessary and shall execute any and all applications,
assignments or other instruments that the Company shall deem necessary, in its
sole discretion, to apply for and obtain protection, including patent
protection, for such ideas, conceptions, inventions, improvements and
discoveries in all countries of the world. The obligations in the preceding
sentence shall continue beyond the termination of Employee's employment
regardless of the reason for such termination.

      Section 6.2 COPYRIGHTS. If during Employee's employment by the Company,
Employee creates any original work of authorship (each, a "Work") fixed in any
tangible medium of expression which is the subject matter of copyright (e.g.,
written presentations, computer programs, videotapes, drawings, maps, models,
manuals or brochures) relating to the Company's business, products, or services,
whether a Work is created solely by Employee or jointly with others, the Company
shall be deemed the author of a Work if the Work is prepared by Employee in the
scope of his employment; or, if the Work is not prepared by Employee within the
scope of his employment but is specially ordered by the Company as a
contribution to a collective work, as a part of a motion picture or other
audiovisual work, as a translation, as a supplementary work, as a compilation or
as an instructional text, then the Work shall be considered to be a work made
for hire and the Company shall be the author of the Work. In the event a Work is
not prepared by Employee within the scope of his employment or is not a Work
specially ordered and deemed to be a work made for hire, then Employee hereby
agrees to assign, and by these presents, does assign, to the Company all of
Employee's worldwide right, title and interest in and to such Work and all
rights of copyright therein. Both during the period of Employee's employment by
the Company and thereafter, Employee agrees to assist the Company and its
nominee, at any time, in the protection of the Company's worldwide right, title
and interest in and to the work and all rights of copyright therein, including
but not limited to, the execution of all formal assignment documents requested
by the Company or its nominee and the execution of all lawful oaths and
applications for registration of copyright in the United States and foreign
countries.

      Section 6.3 Employee represents that he has not heretofore made any
invention or discovery or prepared any work which is the subject matter of
copyright related to the Company's business which he wishes to exclude from the
provisions of Section 6.1 and Section 6.2 hereof. As used in this Article VI,
the "Company" shall include affiliates of the Company.

                                       9
<PAGE>
                                   ARTICLE VII
                                 NON-COMPETITION

      Section 7.1 The restrictive covenants contained in this Article VII and in
Article VIII hereof are supported by consideration to Employee hereunder. As a
material incentive for the Company to enter into this Agreement, Employee hereby
agrees that he will not at any time during his employment by the Company and for
a period commencing on the date of termination of his employment and continuing
until the expiration of 24 months (the "Non-Competition Period"), directly or
indirectly, for himself or for others, in any state of the United States, or in
any foreign country where the Company or any of its affiliates is then
conducting any business:

            (a) engage in any business that is directly competitive with
      activities conducted by the Company (or any of the Company's subsidiaries
      or divisions), which activities conducted by the Company (or any of the
      Company's subsidiaries or divisions) represent in the aggregate greater
      than 25% of the Company's consolidated revenues in 1999;

            (b) render advice or services to, or otherwise assist, any other
      person or entity who is engaged, directly or indirectly, in any business
      that is directly competitive with activities conducted by the Company (or
      any of the Company's subsidiaries or divisions), which activities
      conducted by the Company (or any of the Company's subsidiaries or
      divisions) represent in the aggregate greater than 25% of the Company's
      consolidated revenues in 1999; or

            (c) transact any business in any manner pertaining to suppliers or
      customers of the Company or any affiliate which, in any manner, would
      have, or is likely to have, an adverse effect upon the Company or any
      affiliate.

      The foregoing shall not prohibit Employee's continued participation in
those activities in which he is engaged on the date hereof and which have been
disclosed to the Company.

      Notwithstanding the foregoing, in the event of termination of this
Agreement pursuant to Section 4.1(d), 4.1(e) or 4.2(a), the prohibitions of this
Article VII shall no longer apply at such time as Employee waives his right to
receive any further payments under Section 4.1(d), 4.1(e) or 4.2(a), as the case
may be.

      Section 7.2 Employee understands that the foregoing restrictions may limit
his ability to engage in a business similar to the Company's business in
specific areas of the world for the Non-Competition Period, but acknowledges
that he will receive sufficiently high remuneration and other benefits from the
Company hereunder to justify such restriction. In addition to any remedies
provided under applicable law, the Company and Employee agree that during the
period the Company is paying compensation and benefits to Employee pursuant to
Articles III or IV hereof, the Company's remedy for breach of the provisions of
this Article VII shall include, but shall not be limited to, the termination of
all compensation and all benefits to Employee otherwise provided under this
Agreement.

      Section 7.3 It is expressly understood and agreed that the Company and
Employee consider the restrictions contained in Section 7.1 hereof to be
reasonable and necessary for the

                                       10
<PAGE>
purposes of preserving and protecting the good will and proprietary information
of the Company, nevertheless, if any of the aforesaid restrictions is found by a
court having jurisdiction to be unreasonable, over broad as to geographic area
or time or otherwise unenforceable, the parties intend for the restrictions
therein set forth to be modified by such court so as to be reasonable and
enforceable and, as so modified by the court, to be fully enforced.

                                  ARTICLE VIII
                            SOLICITATION OF EMPLOYEES

      During the term of his employment by the Company and thereafter for the
Non-Competition Period, Employee shall not, on his own behalf or on behalf of
any other person, partnership, entity, association, or corporation, hire or seek
to hire any non-clerical or non-secretarial employee of the Company or in any
other manner attempt directly or indirectly to influence, induce, or encourage
any non-clerical or non-secretarial employee of the Company to leave the
employment of the Company, nor shall he use or disclose to any person,
partnership, entity, association, or corporation any information concerning the
names, addresses or personal telephone numbers of any employees of the Company.

                                   ARTICLE IX
                                  MISCELLANEOUS

      Section 9.1 Notices. For purposes of this Agreement, notices and all other
communications provided for herein shall be in writing and shall be deemed to
have been duly given when personally delivered or when mailed by United States
registered or certified mail, return receipt requested, postage prepaid,
addressed as follows:

      If to the Company to:   Telescan Inc.
                              5959 Corporate Drive, Suite 2000
                              Houston, Texas 77036-2305
                              Attention: Chairman of the Compensation Committee

      If to Employee to:      Dennis Santiago
                              14352 Yukon Ave.
                              Hawthorne, CA 90250

or to such other address as either party may furnish to the other in writing in
accordance herewith, except that notices of changes of address shall be
effective only upon receipt.

      Section 9.2 APPLICABLE LAW, JURISDICTION AND VENUE. This Agreement is
entered into under, and shall be governed for all purposes by, the laws of the
State of Texas. Any suit by the Company to enforce any right hereunder or to
obtain a declaration of any right or obligation hereunder may, at the sole
option of the Company, be brought (i) in any court of competent jurisdiction in
the State of Texas or (ii) in any court of competent jurisdiction where
jurisdiction may be had over Employee. Employee hereby expressly consents to the
jurisdiction of the foregoing courts for such purposes and to the appointment of
the Secretary of State for the State of Texas as his agent for service of
process.

                                       11
<PAGE>
      Section 9.3 NO WAIVER. No failure by either party hereto at any time to
give notice of any breach by the other party of, or to require compliance with,
any condition or provision of this Agreement shall (i) be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time or (ii) preclude insistence upon strict compliance in the
future.

      Section 9.4 SEVERABILITY. If a court of competent jurisdiction determines
that any provision of this Agreement is invalid or unenforceable, then the
invalidity or unenforceability of that provision shall not affect the validity
or enforceability of any other provision of this Agreement, and all other
provisions shall remain in full force and effect.

      Section 9.5 COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original, but all of which
together will constitute one and the same Agreement.

      Section 9.6 WITHHOLDING OF TAXES. The Company may withhold from any
benefits payable under this Agreement all federal, state, city or other taxes as
may be required pursuant to any law or governmental regulation or ruling.

      Section 9.7 HEADINGS. The paragraph headings have been inserted for
purposes of convenience and shall not be used for interpretive purposes.

      Section 9.8 AFFILIATE. As used in this Agreement, "affiliate" shall mean
any person or entity which directly or indirectly through one or more
intermediaries owns or controls, is owned or controlled by, or is under common
ownership or control with, the Company.

      Section 9.9 ASSIGNMENT. This Agreement, and the rights and obligations of
the parties hereunder, are personal and neither this Agreement, nor any right,
benefit or obligation of either party hereto, shall be subject to voluntary or
involuntary assignment, alienation or transfer, whether by operation of law or
otherwise, without the prior written consent of the other party except that
vested rights to payment shall be subject to devise, and shall descend in
accordance with applicable laws of inheritance.

      Section 9.10 LEGAL FEES. If, prior to a Change of Control, either party
institutes any legal action to enforce his or its rights under, or to recover
damages for breach of this Agreement, the Company shall pay up to an aggregate
of $10,000 of Employee's actual expenses incurred in pursuit or defense of such
legal action.

      If, following a Change of Control, either party institutes any legal
action to enforce his or its rights under, or to recover damages for breach of
this Agreement, the "prevailing party" in such action shall be entitled to
recover from the other party any actual expenses for attorney's fees and
disbursements incurred by him or it. For these purposes, a party shall be
considered a "prevailing party" if and only if the parties agree to such
characterization of a party as a "prevailing party" or a final order of a court
specifically recites that such party is a "prevailing party."

      Section 9.11 TERM. This Agreement has a term co-extensive with the term of
employment as defined in Section 2.1 hereof. Termination of this Agreement
pursuant to the

                                       12
<PAGE>
provisions of Section 2.1 hereof shall not affect any right or obligation of
either party hereto which is accrued or vested prior to or upon such termination
or the rights and set forth in Articles IV, V, VI and VII hereof.

      Section 9.12 ENTIRE AGREEMENT. This Agreement constitutes the entire
agreement of the parties with regard to the subject matter hereof, and contains
all the covenants, promises, representations, warranties and agreements between
the parties with respect to employment of Employee by the Company. Each party to
this Agreement acknowledges that no representation, inducement, promise or
agreement, oral or written, has been made by either party, or by anyone acting
on behalf of either party, which is not embodied herein, and that no agreement,
statement, or promise relating to the employment of Employee by the Company,
which is not contained in this Agreement, shall be valid or binding. Any
modification of this Agreement will be effective only if it is in writing and
signed by the party to be charged.

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement
effective as of the Effective Date.

                                    TELESCAN, INC.

                                    By:_________________________________
                                    Name:_______________________________
                                    Title:______________________________

                                    ____________________________________
                                    Dennis Santiago

                                       13

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