Document:

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                                                                   EXHIBIT 10.14

                            MOORE CORPORATION LIMITED

                           c/o Moore Executive Offices

                         One Canterbury Green 6th Floor

                               Stamford, CT 06901

                                                               February 14, 2003

Theodore J. Theophilos
510 Eucalyptus Avenue
Hillsborough, California 94010

Dear Ted:

      On behalf of Moore Corporation Limited (the "COMPANY"), we are all
extremely pleased that you have agreed to serve as Executive Vice President -
Business and Legal Affairs of the Company, effective as soon as practicable, but
not later than March 17, 2003, in accordance with the provisions of this letter
agreement (this "AGREEMENT"), which, along with any employment and other
policies applicable to employees of the Company and its subsidiaries from time
to time during the term of your employment, governs the terms of your
employment.

      We and you hereby acknowledge that your employment with the Company
constitutes "at-will" employment and that either party may terminate this
Agreement at any time, upon written notice of termination within a reasonable
period of time before the effective date of the termination. With respect to the
terms of your employment with the Company, you will have the customary duties,
responsibilities and authorities of a executive vice president for business and
legal affairs at a corporation of a similar size and nature, including being
primarily responsible for the global legal matters pertaining to the Company,
the board of directors of the Company (the "BOARD"), all committees of the Board
and all subsidiaries and affiliates of the Company. You will report to the chief
executive officer of the Company.

I. COMPENSATION

      With respect to compensation for your services as Executive Vice President
- Business and Legal Affairs of the Company, you will receive the following
compensation and benefits, from which the Company may withhold any amounts
required by applicable law:

            (i) The Company will pay you a base salary ("BASE SALARY") at the
      rate of U.S. $400,000 per year. This Base Salary will be paid in
      accordance with the normal payroll practices of the Company.
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            (ii) The Company will pay you an annual bonus (the "ANNUAL BONUS")
      of 100% of your Base Salary in respect of each fiscal year of the Company
      in accordance with the Company's annual incentive compensation plan if the
      Company achieves the performance objectives set forth by the Board (the
      "BOARD") (or any designated committee thereof) from time to time. The
      Annual Bonus shall be approved by the Board and shall be paid on an
      all-or-nothing basis.

            (iii) You will be eligible to participate in any additional bonus
      plans or programs established from time to time by the Board (or any
      designated committee thereof) if the Board (or any designated committee
      thereof) so determines, which may be based upon the Company's achievement
      of designated performance objectives or other factors set forth by the
      Board (or any designated committee thereof) from time to time.

            (iv) In addition, you will be immediately eligible to participate in
      any nonqualified pension plans (with no waiting period) and qualified
      plans, if any (subject to applicable waiting periods), in which the senior
      executive officers of the Company customarily participate, and, in any
      event, you will be eligible (a) to participate in the Company's
      Supplemental Executive Retirement Plan and Supplemental Executive Health
      Plan, (b) for medical, hospital, dental, vision, life and accidental death
      and dismemberment insurance in customary amounts, and (c) to receive
      customary financial planning services.

            (v) You will be eligible for four (4) weeks vacation annually.

            (vi) You will be eligible for a car allowance of $1,400 monthly.

II. SEVERANCE; CHANGE IN CONTROL

      If (i) the Company terminates your employment as Executive Vice President
- Business and Legal Affairs without Cause, as defined in Annex A, or (ii) you
terminate your employment for Good Reason, as defined in Annex A, the Company
will pay you an amount equal to one and one-half (1 -1/2) times your Annualized
Total Compensation (as defined below), subject to the execution by you of a
customary release, which amount shall be payable in equal installments over the
eighteen (18) month period following the date your employment with the Company
is terminated (the "TERMINATION DATE"). The Company will also provide to you a
continuation of all benefits, including automobile and other related benefits,
if any, which you were eligible to receive immediately prior to such
termination, for a period of eighteen (18) months following the Termination
Date.

      "ANNUALIZED TOTAL COMPENSATION" means Base Salary plus Annual Bonus (as if
all necessary targets and objectives were met) for one year at the rate in
effect immediately before the Termination Date. For purposes of calculating
Annualized Total Compensation in connection with this Section II, Annual Bonus
shall be computed at a rate no less than the Annual Bonus rate set forth in
Section I(ii) hereof.

                                      -2-
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      If the Company terminates your employment without Cause, or if you
terminate your employment for Good Reason, following a Change in Control, as
defined in Annex A, such amount will be increased to three times rather than one
and one-half times Annualized Total Compensation and, if applicable, you will be
entitled to receive Gross-Up Payments as described in Annex B. Any termination
by the Company without Cause or termination by you for Good Reason, which takes
place within six (6) months prior to a Change in Control, shall be,
presumptively, a termination following a Change in Control. Upon any termination
by the Company without Cause or termination by you for Good Reason, all
outstanding stock options, grants, restricted stock awards or other equity
grants issued to you will vest 100% immediately either as of the Termination
Date (in the case of a termination by the Company without Cause or a termination
by you for Good Reason) or prior to the Change in Control becoming effective
(solely in the event that upon or in connection with such Change in Control your
employment with the Company is terminated without Cause or you terminate your
employment for Good Reason), as applicable. The payments under this paragraph
are in lieu of any notice requirements of any Canadian federal or provincial
law.

      In the event of any termination of your employment, you agree to resign as
an officer and director of the Company and its subsidiaries and affiliates. Your
rights of indemnification under the Company's and its subsidiaries' and
affiliates' organizational documents, any plan or agreement at law or otherwise
and your rights thereunder to director's and officer's liability insurance
coverage for, in both cases, actions as an officer and director of the Company
and its affiliates shall survive any termination of your employment.

      In addition, effective immediately, you will be granted a restricted stock
award of 75,000 common shares, no par value, of the Company ("COMMON SHARES") to
be issued under the Company's stock option plan or long term incentive plan or
in accordance with Canadian law or regulation (the "INITIAL GRANT"). All
restricted Common Shares in the Initial Grant shall vest 25% per year over four
(4) years beginning on the first anniversary of the date the restricted stock
award is granted and then on each succeeding anniversary of the date the
restricted stock award is granted provided you are then employed. Each year, you
will also be considered by the Board or the applicable committee thereof to
receive additional incentive compensation under the Company's incentive plans as
may be in effect from time to time after the date of this Agreement.

III. GENERAL

      You agree (i) that at all times both during and after your employment, you
will respect the confidentiality of Company's and its subsidiaries' and
affiliates' confidential information and will not disparage the Company and its
subsidiaries and affiliates or their officers, directors or employees, and (ii)
during your employment and for eighteen (18) months thereafter, you will not (a)
accept a position with, or provide material services to, an entity that competes
with a portion of the Company's business representing more than $25 million of
the Company's revenues on the date of your departure, (b) solicit or hire,

                                      -3-
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or assist others in the solicitation or hiring of, the Company's employees or
(c) interfere with the Company's business relationships with any material
customers or suppliers.

      All notices or communications under this Agreement must be in writing,
addressed; (i) if to the Company, to the attention of the Chief Executive
Officer at the principal executive offices of the Company from time to time and
(ii) if to you, at your address first written above (or to any other addresses
as either party may designate in a notice duly delivered as described in this
paragraph). Any notice or communication shall be delivered by facsimile (with
proof of transmission), by hand or by courier (with proof of delivery). Notices
and communications may also be sent by certified or registered mail, return
receipt requested, postage prepaid, addressed as above. Notice shall be
effective upon the actual receipt of notice by the recipient thereof.

      Any controversy or claim arising out of or relating to this Agreement or
the breach of this Agreement that cannot be resolved by you and the Company,
including any dispute as to the calculation of any payments hereunder, and the
terms of this Agreement, shall be determined by a single arbitrator in New York,
New York, in accordance with the rules of the American Arbitration Association.
The decision of the arbitrator shall be final and binding and may be entered in
any court of competent jurisdiction. The arbitrator may award the party he
determines has prevailed in the arbitration any legal fees and other fees and
expenses that may be incurred in respect of enforcing its respective rights
under this Agreement. This Agreement shall be governed by and interpreted in
accordance with the laws of the State of New York.

      This Agreement sets forth the entire agreement between us with respect to
the matters set forth herein, and fully supersedes any prior agreements or
understandings between us. This Agreement may be executed in counterparts. This
Agreement may not be modified or terminated orally.

                                      -4-
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      If the foregoing terms and conditions are acceptable and agreed to by you,
please sign on the line provided below to signify such acceptance and agreement
and return the executed copy to the Chief Executive Officer of the Company, One
Canterbury Green, Stamford, Connecticut 06901.

                                                     MOORE CORPORATION LIMITED

                                                     By: /s/ Mark A. Angelson
                                                         -----------------------
                                                         Name:
                                                         Title:

Accepted and Agreed as of this 14th day of February, 2003

/s/ Theodore J. Theophilos
---------------------------
Theodore J. Theophilos

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                                                                         ANNEX A

                                   DEFINITIONS

      a. "CAUSE" means (i) the willful and continued failure of Executive to
perform substantially his duties with the Company (other than any such failure
resulting from Executive's incapacity due to physical or mental illness or any
such failure subsequent to Executive being delivered a notice of termination
without Cause by the Company or delivering a notice of termination for Good
Reason to the Company) after a written demand for substantial performance is
delivered to Executive by the Chief Executive Officer or the Board that
specifically identifies the manner in which the Chief Executive Officer or the
Board believes that Executive has not substantially performed Executive's
duties, (ii) the willful engaging by Executive in conduct which is demonstrably
and materially injurious (monetarily or otherwise) to the business, reputation,
character or community standing of the Company or its subsidiaries and
affiliates, (iii) conviction of or the pleading of nolo contendere with regard
to, a felony or any crime involving fraud, dishonesty or moral turpitude, or
(iv) refusal or failure to attempt in good faith to follow the written direction
of the Chief Executive Officer or the Board (provided that such written
direction is consistent with Executive's duty and station) promptly upon receipt
of such written direction. A termination for Cause after a Change in Control
shall be based only on events occurring after such Change in Control; provided,
however, the foregoing limitation shall not apply to an event constituting Cause
which was not discovered by the Company prior to a Change in Control. For
purpose of this paragraph (a), no act or failure to act by Executive shall be
considered "willful" unless done or omitted to be done by Executive in bad faith
and without reasonable belief that Executive's action or omission was in the
best interests of the Company or its subsidiaries and affiliates. Any act, or
failure to act, based upon authority given pursuant to a resolution duly adopted
by the Board or based upon the advice of the Company's principal outside counsel
shall be conclusively presumed to be done, or omitted to be done, by Executive
in good faith and in the best interests of the Company.

      b. "CHANGE IN CONTROL" means the occurrence of any one of the following
events:

            (i) individuals who, on the date of this Agreement, constitute the
      Board (the "INCUMBENT DIRECTORS") cease for any reason to constitute at
      least a majority of the Board, provided that any person becoming a
      director subsequent to the date of this Agreement, whose election or
      nomination for election was approved by a vote of at least two-thirds of
      the Incumbent Directors then on the Board (either by a specific vote or by
      approval of the proxy statement of the Company in which such person is
      named as a nominee for director, without written objection to such
      nomination) shall be an Incumbent Director; provided, however, that no
      individual initially elected or nominated as a director of the Company as
      a result of an actual or threatened election contest with respect to
      directors or as a result of any other actual or threatened solicitation of
      proxies or consents by or on behalf of any person other than the Board
      shall be deemed to be an Incumbent Director;

                                      -6-
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                                                                         ANNEX A

            (ii) any "person" (as such term is defined in Section 3(a)(9) of the
      Securities Exchange Act of 1934 (the "EXCHANGE ACT") and as used in
      Sections 13(d)(3) and 14(d)(2) of the Exchange Act) is or becomes a
      "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act),
      directly or indirectly, of securities of the Company representing 35% or
      more of the combined voting power of the Company's then outstanding
      securities eligible to vote for the election of the Board (the "COMPANY
      VOTING SECURITIES"); provided, however, that the event described in this
      paragraph (ii) shall not be deemed to be a Change in Control by virtue of
      any of the following acquisitions: (A) by the Company or any subsidiary,
      (B) by any employee benefit plan (or related trust) sponsored or
      maintained by the Company or any subsidiary, (C) by any underwriter
      temporarily holding securities pursuant to an offering of such securities,
      or (D) pursuant to a Non-Qualifying Transaction (as defined in paragraph
      (iii));

            (iii) the consummation of an arrangement, amalgamation, merger,
      consolidation, statutory share exchange or similar form of corporate
      transaction involving the Company or any of its Subsidiaries that requires
      the approval of the Company's stockholders, whether for such transaction
      or the issuance of securities in the transaction (a "BUSINESS
      COMBINATION"), unless immediately following such Business Combination: (A)
      more than 50% of the total voting power of (x) the corporation resulting
      from such Business Combination (the "SURVIVING CORPORATION"), or (y) if
      applicable, the ultimate parent corporation that directly or indirectly
      has beneficial ownership of 100% of the voting securities eligible to
      elect directors of the Surviving Corporation (the "PARENT CORPORATION"),
      is represented by Company Voting Securities that were outstanding
      immediately prior to such Business Combination (or, if applicable, is
      represented by shares into which such Company Voting Securities were
      converted pursuant to such Business Combination), and such voting power
      among the holders thereof is in substantially the same proportion as the
      voting power of such Company Voting Securities among the holders thereof
      immediately prior to the Business Combination, (B) no person (other than
      any employee benefit plan (or related trust) sponsored or maintained by
      the Surviving Corporation or the Parent Corporation), is or becomes the
      beneficial owner, directly or indirectly, of 35% or more of the total
      voting power of the outstanding voting securities eligible to elect
      directors of the Parent Corporation (or, if there is no Parent
      Corporation, the Surviving Corporation) other than persons set forth in
      (A) through (D) of paragraph (ii) and (C) at least a majority of the
      members of the board of directors of the Parent Corporation (or, if there
      is no Parent Corporation, the Surviving Corporation) following the
      consummation of the Business Combination were Incumbent Directors at the
      time of the Board's approval of the execution of the initial agreement
      providing for such Business Combination (any Business Combination which
      satisfies all of the criteria specified in (A), (B) and (C) above shall be
      deemed to be a "NON-QUALIFYING TRANSACTION");

                                      -7-
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                                                                         ANNEX A

            (iv) the closing of a sale of all or substantially all of the
      Company's assets, other than to an entity or in a manner where the voting
      securities immediately prior to such sale represent directly or indirectly
      after such sale at least 50% of the voting securities of the entity
      acquiring such assets in approximately the same proportion as prior to
      such sale; or

            (v) the stockholders of the Company approve a plan of complete
      liquidation or dissolution of the Company.

      Notwithstanding the foregoing, a Change in Control of the Company shall
not be deemed to occur solely because any person acquires beneficial ownership
of more than 35% of the Company Voting Securities as a result of the acquisition
of Company Voting Securities by the Company which reduces the number of Company
Voting Securities outstanding; provided, that if after such acquisition by the
Company such person becomes the beneficial owner of additional Company Voting
Securities that increases the percentage of outstanding Company Voting
Securities beneficially owned by such person, a Change in Control of the Company
shall then occur.

      c. "GOOD REASON" means, without Executive's express written consent, the
occurrence of any of the following events:

            (i) a change in the Executive's duties or responsibilities
      (including reporting responsibilities) that taken as a whole represents a
      material and adverse diminution of the Executive's duties,
      responsibilities or status with the Company (other than a temporary change
      that results from or relates to the incapacitation of the Executive due to
      physical or mental illness);

            (ii) a reduction by the Company in Executive's rate of annual base
      salary or annual target bonus opportunity (including any material and
      adverse change in the formula for such annual bonus target) as the same
      may be increased from time to time;

            (iii) any requirement of the Company that Executive's office be more
      than seventy-five (75) miles from Bannockburn, Illinois; or

            (iv) any material breach of the Agreement by the Company.

      In addition, upon a change in the Company's chief executive officer, the
Executive and the Company's new chief executive officer shall endeavor
reasonably and in good faith to agree mutually upon the Executive's continued
role with the Company. If the Executive and the Company's new chief executive
officer cannot mutually agree upon the Executive's continued role with the
Company and the Company's chief executive officer on the date of this Agreement
no longer has a continuing role with the Company as a senior executive officer
or the Company's non-executive chairman, such occurrence shall constitute "Good
Reason".

                                      -8-
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                                                                         ANNEX A

      Notwithstanding the foregoing, a Good Reason event shall not be deemed to
have occurred if the Company cures such action, failure or breach within ten
(10) days after receipt of notice thereof given by Executive. Executive's right
to terminate employment for Good Reason shall not be affected by Executive's
incapacities due to mental or physical illness and Executive's continued
employment shall not constitute consent to, or a waiver of rights with respect
to, any event or condition constituting Good Reason; provided, however, that
Executive must provide notice of termination of employment within ninety (90)
days following Executive's knowledge of an event constituting Good Reason or
such event shall not constitute Good Reason under this Agreement.

                                      -9-
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                                                                         ANNEX B

                                GROSS-UP PAYMENTS

      (a) Anything in this Agreement to the contrary notwithstanding, in the
event it shall be determined that any payment, award, benefit or distribution
(or any acceleration of any payment, award, benefit or distribution) by the
Company (or any of its affiliated entities) or any entity which effectuates a
Change in Control (or any of its affiliated entities) to or for the benefit of
Executive (whether pursuant to the terms of this Agreement or otherwise, but
determined without regard to any additional payments required under this Annex
B) (the "PAYMENTS") would be subject to the excise tax imposed by Section 4999
of the Internal Revenue Code of 1986, as amended (the "CODE"), or any interest
or penalties are incurred by Executive with respect to such excise tax (such
excise tax, together with any such interest and penalties, are hereinafter
collectively referred to as the "EXCISE TAX"), then the Company shall pay to
Executive an additional payment (a "GROSS-UP PAYMENT") in an amount such that
after payment by Executive of all taxes (including any Excise Tax) imposed upon
the Gross-Up Payment, Executive retains an amount of the Gross-Up Payment equal
to the Excise Tax imposed upon the Payments. For purposes of determining the
amount of the Gross-up Payment, the Executive shall be deemed to (i) pay federal
income taxes at the highest marginal rates of federal income taxation for the
calendar year in which the Gross-up Payment is to be made, and (ii) pay
applicable state and local income taxes at the highest marginal rate of taxation
for the calendar year in which the Gross-up Payment is to be made, net of the
maximum reduction in federal income taxes which could be obtained from deduction
of such state and local taxes. Notwithstanding the foregoing provisions of this
Annex B, if it shall be determined that Executive is entitled to a Gross-Up
Payment, but that the Payments would not be subject to the Excise Tax if the
Payments were reduced by an amount that is less than 10% of the portion of the
Payments that would be treated as "parachute payments" under Section 280G of the
Code, then the amounts payable to Executive under this Agreement shall be
reduced (but not below zero) to the maximum amount that could be paid to
Executive without giving rise to the Excise Tax (the "SAFE HARBOR CAP"), and no
Gross-Up Payment shall be made to Executive. The reduction of the amounts
payable hereunder, if applicable, shall be made by reducing first the payments
under Section I(a)(ii), unless an alternative method of reduction is elected by
Executive. For purposes of reducing the Payments to the Safe Harbor Cap, only
amounts payable under this Agreement (and no other Payments) shall be reduced.
If the reduction of the amounts payable hereunder would not result in a
reduction of the Payments to the Safe Harbor Cap, no amounts payable under this
Agreement shall be reduced pursuant to this provision.

      (b) Subject to the provisions of paragraph (a) of this Annex B, all
determinations required to be made under this Annex B, including whether and
when a Gross-Up Payment is required, the amount of such Gross-Up Payment, the
reduction of the Payments to the Safe Harbor Cap and the assumptions to be
utilized in arriving at such determinations, shall be made by the public
accounting firm that is retained by the Company as of the date immediately prior
to the Change in Control (the "ACCOUNTING FIRM") which shall provide detailed
supporting calculations both to the Company and

                                      -10-
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                                                                         ANNEX B

Executive within fifteen (15) business days of the receipt of notice from the
Company or the Executive that there has been a Payment, or such earlier time as
is requested by the Company (collectively, the "DETERMINATION"). In the event
that the Accounting Firm is serving as accountant or auditor for the individual,
entity or group effecting the Change in Control, Executive may appoint another
nationally recognized public accounting firm to make the determinations required
hereunder (which accounting firm shall then be referred to as the Accounting
Firm hereunder). All fees and expenses of the Accounting Firm shall be borne
solely by the Company and the Company shall enter into any agreement reasonably
requested by the Accounting Firm in connection with the performance of the
services hereunder. The Gross-up Payment under this Annex B with respect to any
Payments shall be made no later than thirty (30) days following such Payment. If
the Accounting Firm determines that no Excise Tax is payable by Executive, it
shall furnish Executive with a written opinion to such effect, and to the effect
that failure to report the Excise Tax, if any, on Executive's applicable federal
income tax return will not result in the imposition of a negligence or similar
penalty. In the event the Accounting Firm determines that the Payments shall be
reduced to the Safe Harbor Cap, it shall furnish Executive with a written
opinion to such effect. The Determination by the Accounting Firm shall be
binding upon the Company and Executive, except as provided below. As a result of
the uncertainty in the application of Section 4999 of the Code at the time of
the Determination, it is possible that Gross-Up Payments which will not have
been made by the Company should have been made ("UNDERPAYMENT") or Gross-up
Payments are made by the Company which should not have been made
("OVERPAYMENT"), consistent with the calculations required to be made hereunder.
In the event that the Executive thereafter is required to make payment of any
Excise Tax or additional Excise Tax, the Accounting Firm shall determine the
amount of the Underpayment that has occurred and any such Underpayment (together
with interest at the rate provided in Section 1274(b)(2)(B) of the Code) shall
be promptly paid by the Company to or for the benefit of Executive. In the event
the amount of the Gross-up Payment exceeds the amount necessary to reimburse the
Executive for his Excise Tax, the Accounting Firm shall determine the amount of
the Overpayment that has been made and any such Overpayment (together with
interest at the rate provided in Section 1274(b)(2) of the Code) shall be
promptly paid by Executive (to the extent he has received a refund if the
applicable Excise Tax has been paid to the Internal Revenue Service) to or for
the benefit of the Company. Executive shall cooperate, to the extent his
expenses are reimbursed by the Company, with any reasonable requests by the
Company in connection with any contests or disputes with the Internal Revenue
Service in connection with the Excise Tax and the Executive shall permit the
Company to control issues related to the Excise Tax (at its expense) to permit a
representative of the Company to accompany the Executive to any conference with
any taxing authority and to promptly deliver to the Company copies of any
written communications and summaries of any verbal communications with any
taxing authority regarding the Excise Tax.

                                      -11-<PAGE>

                                                                   Exhibit 10.18

                     SEVERANCE AGREEMENT AND GENERAL RELEASE

      This Severance Agreement and General Release (this "Agreement") is entered
into by and between Paget Alves (including all successors, assigns and heirs,
"Employee") and Centennial Communications Corp., and any and all of its
affiliates, subsidiaries, predecessors, successors and assigns and any of its
employees, directors, officers and shareholders (collectively "Employer").

                                    RECITALS

      A.    Employee resigned from the employ of Employer effective January 31,
            2003 (the "Resignation Date").

      B.    Employee and Employer wish to permanently resolve any and all claims
            and disputes, whether known or unknown, which exist or may exist on
            Employee's behalf, including but not limited to any claims arising
            out of Employee's employment with Employer and the termination of
            that employment.

      NOW THEREFORE, in exchange for the consideration, covenants and promises
contained herein, the receipt and sufficiency of which is hereby acknowledged,
Employer and Employee agree as follows:

      1.    Employer shall pay Employee the amounts set forth on Exhibit 1
            hereto, subject to applicable tax withholdings. Employee
            acknowledges that Employee has been paid for any and all allowances
            or payments due and owing to Employee at the Resignation Date.
            Except as expressly provided herein, Employee acknowledges that he
            is not entitled to receive any vacation accrual or other payments or
            benefits after the Resignation Date.

      2.    Effective on the Resignation Date, Employee will cease to
            participate in any Employer sponsored plans and benefits, including
            without limitation any employee stock option plan, employee stock
            purchase plan and 401(k) plan. All funds previously contributed to
            any stock purchase plan will be returned to Employee in accordance
            with the terms of such plan. Because none of Employee's stock
            options have vested prior to the Resignation Date, in accordance
            with the terms of Employer's Stock Option Plan and Employee's
            related Stock Option Agreements, all of Employee's stock options
            will terminate and be cancelled effective as of the Resignation
            Date.

      3.    Employee hereby irrevocably fully waives, releases, acquits and
            forever discharges Employer from any and all claims, charges,
            complaints, liabilities, allegations, demands, injuries, debts,
            breaches, violations, acts or omissions and causes of action, known
            or unknown, suspected or unsuspected, past or present, foreseen or
            unforeseen, in law or in equity

                                                                               1
<PAGE>
            which Employee now has, ever had or may hereafter have against
            Employer arising out of, directly or indirectly, or in any way
            relating to, Employee's employment with Employer or the termination
            of such employment, including any claims pursuant to any local,
            state, federal, or other laws, including without limitation, Puerto
            Rico and Dominican Republic laws (collectively, "Claims").

      4.    Employee further covenants not to, directly or indirectly, bring any
            such Claims against Employer. Employee represents to Employer that
            he is the sole owner of any and all Claims that he is relinquishing
            by executing this Agreement and that no other person has any
            interest in any such Claims. Employee acknowledges that he has had
            the benefit of advice of competent legal counsel with respect to the
            decision to enter into this Agreement.

      5.    Employee represents and warrants to Employer that on or prior to the
            date hereof (except as set forth on Schedule 1 hereto), Employee has
            (i) returned to Employer all keys, vehicles, computers, telephones,
            beepers, inventory and/or any other property of Employer including
            any and all confidential and proprietary information that is in
            Employee's possession or control and will make no further use of
            same after the date hereof and (ii) repaid Employer all amounts
            owing to Employer on account of advances and other expenses.

      6.    Employee understands, acknowledges and agrees that he is waiving any
            and all Claims, which include without limitation, claims of wrongful
            discharge, breach of contract, lost wages, emotional distress,
            claims under Title VII of the Civil Rights Act of 1964, the Civil
            Rights Act of 1991, the Age Discrimination in Employment Act, as
            amended, the Americans with Disabilities Act, the Federal
            Rehabilitation Act of 1973, Employee Retirement Income Security of
            1974, as amended, the Equal Pay Act of 1963, claims of unjustified
            dismissal (Law 80 of May 30, 1976); benefits of any kind, damages of
            any kind, any claim on wages under Puerto Rico's Civil Code; all
            claims involving violations of the Employer's rules, policies and
            procedures; wage and salary claims; Act No. 96 of June 26, 1956; Act
            No. 223 of July 23, 1974, Act No. 289 of 1946; Act No. 180 of July
            27, 1998; Act No. 84 of August 1, 1995; Act No. 379 of May 15, 1948
            and Act No. 148 of June 30, 1969; discrimination on account of sex,
            religion, race, age, political ideas, social condition or origin,
            national origin, disability or any other reason prohibited by Puerto
            Rico Act No. 100 of June 30, 1959, Puerto Rico Act No. 69 of 1985,
            Puerto Rico Act No. 17 of April 22, 1988, Puerto Rico Act No. 3 of
            March 13, 1942, the Constitution of the Commonwealth of Puerto Rico,
            and any other Civil Rights laws; Family and Medical Leave Act;
            Federal Rehabilitation Act of 1973; ADEA, the Americans with
            Disabilities Act of 1990, Puerto Rico Act No. 44 of 1985; Puerto
            Rico Act No. 115 of December 20, 1991; the

                                                                               2
<PAGE>
            Workers' Compensation Law of Puerto Rico; Puerto Rico Act No. 45 of
            April 18, 1935; Puerto Rico Act No. 139 of June 26, 1956 (SINOT);
            the Insurance Code of Puerto Rico; the Occupational Safety and
            Health Act (OSHA); Puerto Rico Safety and Health Act of 1975
            (PROSHA); the Consolidated Omnibus Budget Reconciliation Act of 1985
            ("COBRA"); the Health Insurance Portability and Accountability Act
            of 1996; or under any other federal, state or Commonwealth of Puerto
            Rico law, including Article 1802 of the Civil Code of Puerto Rico
            and all statutes on libel and defamation and further including
            without limitation any other federal, state or local laws and
            regulations relating to employment and/or employment discrimination,
            including any Commonwealth of Puerto Rico laws.

      7.    Each party hereto promises and agrees that, unless compelled by
            legal process, it will not disclose to any third party (including,
            without limitation, any present or former employee of Employer) and
            will keep confidential the fact or terms of this Agreement,
            including without limitation the amounts referred to in this
            Agreement. Each party hereto may disclose the terms contained herein
            to attorneys, accountants, immediate family members and other
            professional advisors to whom the disclosure is necessary to
            accomplish the purposes for which such party has contacted such
            advisors. Employer intends to file this Agreement with the
            Securities and Exchange Commission, to the extent required by
            applicable rules and regulations.

      8.    Employee acknowledges that due to the position Employee has occupied
            and the responsibilities Employee has had while employed by
            Employer, Employee has received confidential and proprietary
            information concerning Employer. Employee hereby promises and agrees
            that, unless compelled by legal process, Employee will not disclose
            to any third party and will keep confidential all such confidential
            and proprietary information received, developed or learned by
            Employee while employed by Employer, including without limitation
            information concerning Employer's products, procedures, policies,
            customers, sales, prices, financial information, technical
            information, network information, employee information, marketing
            strategies, and the terms of Employer's contracts with third
            parties. In addition, Employee agrees to delete from his laptop
            computer as soon as practicable following the date hereof, all
            confidential information relating to Employer.

      9.    Employee agrees that for a period of two years from the Resignation
            Date, he will not directly or indirectly induce or attempt to induce
            any employee of the Employer to leave the employ of the Employer.

      10.   Employee agrees that it will not now, or in the future, make any
            disparaging statements (whether oral or written) concerning
            Employer.

                                                                               3
<PAGE>
      11.   In exchange for the consideration to be received by Employee
            hereunder, which Employee expressly acknowledges is sufficient and
            satisfactory, Employee agrees that for a period of one year from the
            Resignation Date, Employee agrees that he will not, directly or
            indirectly, own, manage, control, participate in, consult with,
            render services for or in any manner engage in any business in the
            Service Area (as defined below) which shall compete with any
            business conducted by the Employer on the date hereof. For purposes
            of this covenant, the term Service Area means all geographic areas
            in which Employer operates on the date hereof. Employee acknowledges
            that he fully understands the scope and meaning of this non-compete
            provision and agrees that it is reasonable in light of the
            circumstances.

      12.   Employee hereby acknowledges and agrees that a violation of Section
            8, 9, 10 or 11 will cause irreparable injury to Employer and
            Employer will be entitled, in addition to any other rights and
            remedies Employer may have at law or in equity, to seek an
            injunction enjoining and restraining Employee from doing or
            continuing to do any such violative act.

      13.   This Agreement and any documents referred to herein shall, in all
            respects, be interpreted, enforced, and governed by and under the
            laws of the State of New Jersey.

      14.   Employee acknowledges that nothing herein shall be interpreted to be
            an admission of liability by Employer.

      15.   Employee agrees that all covenants contained in this Agreement shall
            survive its execution.

      16.   If any provision of this Agreement is deemed to be invalid or
            unenforceable, the remainder of the Agreement shall not be affected,
            and a suitable and equitable provision shall be substituted for the
            invalid and unenforceable provision in order to carry out, as far as
            may be valid and enforceable, the intent and purpose of such invalid
            or unenforceable provision.

      17.   Employee acknowledges and agrees that no promises or representations
            were made to Employee by any person which do not appear written
            herein and that Employee has not relied on any such promise or
            representation. This Agreement contains the entire agreement of the
            parties on the subject matter thereof. This Agreement may not be
            modified except by a writing signed by the parties or as provided in
            paragraph 16. This Agreement may be executed in one or more
            counterparts, each of which will be deemed to be an original copy of
            this Agreement with signatures by fax counting for all purposes as
            original signatures.

                                                                               4
<PAGE>
      18.   Employee hereby acknowledges that Employee has read and understands
            this Agreement and that Employee signs this Agreement voluntarily,
            with full knowledge of any and all rights which he may have, and
            without coercion and was given the opportunity to review this
            Agreement with his attorney. Employee further acknowledges that the
            waivers Employee has made in this Agreement are knowing, conscious
            and voluntary and are made with full appreciation that Employee is
            forever foreclosed from pursuing any of the claims so waived. After
            having sufficient time to carefully read all the terms and
            conditions of this Agreement, Employee affirms that he completely
            understands the same, as well as their consequences. Employee
            acknowledges that he has been informed that he can, and must, seek
            legal counsel before signing this Agreement, and that a reasonable
            time of at least twenty-one (21) days has been given to seek such
            legal counsel. The parties agree that Employee has a period of seven
            (7) days from the date this Agreement is signed to revoke the same.
            For such reason, the parties agree that any payments to be made to
            Employee hereunder will be made after the seven (7) day period has
            expired.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
date set forth below.

FEBRUARY 7, 2003

CENTENNIAL COMMUNICATIONS CORP.

By: /s/ Michael J. Small
   ----------------------------
Name:  Michael J. Small
Title: Chief Executive Officer
       and Director

PAGET ALVES

By: /s/ Paget Alves
   ----------------------------
Name: Paget Alves

                                                                               5
<PAGE>
                                    EXHIBIT 1

      1.    Base Salary. Twelve (12) months base salary ($300,000) to be paid to
            Employee in full on or prior to February 28, 2003.

      2.    Bonus. Employee shall receive payment of the pro rata portion of his
            eligible target bonus through the Resignation Date. Such amount is
            equal to $129,323.43 and shall be paid to Employee in full on or
            prior to February 28, 2003.

      3.    Vacation. Earned and unused vacation for 2 weeks will be paid to
            Employee as soon as reasonably practicable after the date hereof.

      4.    Personal Property. Employee shall be permitted to maintain
            possession of his New Jersey wireless telephone and laptop computer.
            Employee will begin paying monthly changes on such wireless phone,
            effective May 1, 2003. Employee will have access to his Centennial
            e-mail account until April 30, 2003.

      5.    Medical Benefits. Employer will continue to cover Employee under its
            medical and dental benefits programs in accordance with prior
            practice and subject to customary Employee contributions until the
            earlier to occur of (i) January 31, 2004 or (ii) the date that
            Employee has obtained similar benefits from a subsequent employer.
            Employee will notify Employer promptly upon the occurrence of clause
            (ii) above.

      6.    Miscellaneous. Employer will reimburse Employee upon presentation of
            invoices or receipts for the following: (i) three months rent at his
            apartment (the "Apartment") in New Jersey (approximately $4,725),
            (ii) the cost of all utilities (water, gas and electric) at the
            Apartment through March 31, 2003, (iii) the cost of furniture rental
            for the Apartment through April 4, 2003 (approximately $1,052), (iv)
            the reasonable cost of shipping Employee's household goods from the
            Apartment to Austin, Texas, (v) one-way airfare from Austin, Texas
            to New Jersey for Employee and his spouse and the travel expenses to
            drive Employee's car from New Jersey to Austin, Texas and (vi)
            bona-fide business expenses incurred by Employee through January 28,
            2003.

                                                                               6

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