Document:

EMPLOYMENT AGREEMENT

THIS  AGREEMENT  effective  as  of  the  15th day of June, 1999 (the "Effective
Date").

BETWEEN:

VIRTUALSELLERS.COM,  INC.,  a  company duly incorporated pursuant to the federal
laws  of  Canada  having  an  office  at  120  North LaSalle Street, Suite 1000,
Chicago,  Illinois,  USA,  60602

(the  "Company")

                                                               OF THE FIRST PART

AND:

EVERETT  PALMER,  businessman  of  4521 PGA Blvd., Apt. 333, Palm Beach Gardens,
Florida,  USA,  33418

(the  "Employee")
                                                              OF THE SECOND PART

WITNESSES  THAT  WHEREAS:

I.          The  Company  is  a publicly traded company and is engaged in, inter
alia,  the  business  of  e-commerce  and  telecommunications;

II.          The  Employee  has  certain  skills  and  expertise required by the
Company  for  its  operations;

III.          The  Company  wishes  to obtain and the Employee wishes to provide
certain  services  to  the Company on the terms and conditions contained herein;

NOW,  THEREFORE,  in  consideration  of  the  foregoing  recitals and the mutual
covenants  set  forth  below,  the  parties  hereto  agree  as  follows:

1.          DUTIES  AND  DEVOTION  OF  TIME
            -------------------------------

1.1          Duties.  During  the  term  of this Agreement the Employee shall be
             ------
responsible  for  the  duties  contained  in  Schedule  "A"  attached hereto and
incorporated  herein  by  this  reference  (the  "Duties").

1.2          Devotion  of  Time.  The  parties hereto acknowledge and agree that
             ------------------
the work of the Employee is and shall be of such a nature that regular hours may
not be sufficient and occasions may arise whereby the Employee shall be required
to  work  more  than eight (8) hours per day and/or five (5) days per week.  The
Employee  agrees  that  the  consideration  set  forth

<PAGE>

herein  shall  be  in full and complete satisfaction for such work and services,
regardless of when and where such work and services are performed.  The Employee
further  releases  the  Company  from  any claims for overtime pay or other such
compensation  which  may accrue to the Employee.  Notwithstanding the foregoing,
the  Company  agrees that so long as the Employee properly discharges his duties
hereunder,  the  Employee  may devote the remainder of his time and attention to
other  non-competing  business  pursuits.

1.3          Business  Opportunities  the Property of the Company.  The Employee
             ----------------------------------------------------
agrees  to  communicate  immediately  to the Company all business opportunities,
inventions  and  improvements  in  the  nature  of the Company's business which,
during  the term of this Agreement, the Employee may conceive, make or discover,
become  aware of, directly or indirectly, or have presented to him in any manner
which  relates  in  any  way  to  the  Company, either as it is now or as it may
develop,  and  such  business  opportunities,  inventions  or improvements shall
become  the exclusive property of the Company without any obligation on the part
of  the  Company  to  make  any  payments therefor in addition to the salary and
benefits  herein  described  to  the  Employee.

1.4          No  Personal  Use.  The  Employee shall not use any of the work the
             -----------------
Employee  shall  perform for the Company for any personal purposes without first
obtaining  the  prior  written  consent  of  the  Company.

2.          SALARY,  BONUSES  AND  BENEFITS
            -------------------------------

2.1          Salary.  In  consideration  of  the Employee providing the services
             ------
referred to herein, the Company agrees to pay the Employee an annual base salary
(the  "Annual Base Salary") of seventy five thousand U.S. dollars ($75,000) less
applicable  deductions,  payable  bi-weekly  subject to increase as from time to
time  approved  by  the  Board  of  Directors  of  the  Company.

2.2          Benefits.  The  Company  shall  provide,  maintain  and  pay  for:
             --------

(a)     medical  insurance  for  the  Employee  and  his  immediate family as is
provided  by  the  Company's  medical  services  plan;  and

(b)     such  extended  health  and  other  benefits  for  the  Employee and his
immediate  family as are provided to senior management employees of the Company,
subject  to  the  eligibility  of  the  Employee.

2.3          Payment  in Cash or Shares.  All payments payable by the Company to
             --------------------------
the  Employee,  including  the  Annual Base Salary and reimbursement of expenses
under  Section  4.1  hereof, shall be payable in cash or, at the election of the
Employee,  and  subject to the approval of the regulatory authorities, such will
be paid in whole or in part in common shares in the capital stock of the Company
("Remuneration  Shares"), issued at the 10 day average closing price (for the 10
days  prior  to  the  Employee's election) of the Company's common shares on any
stock  exchange  or  quotation system upon which the Company's common shares are
listed  for  trading.

2.4          Compensation  Shares  .  In  consideration of the Employee entering
             --------------------
into  this  Agreement and continuing in such employment for a period of at least
one  year,  the  Company

<PAGE>

also  agrees  to  pay  the  Employee  one million (1,000,000) common shares (the
"Compensation  Shares")  in  the  capital of the Company.  Upon or as soon as is
practical after the issuance of the last tranche of the Compensation Shares, the
Company  will  file  a form S-8 or other appropriate form with the United States
Securities  and  Exchange  Commission  (the  "SEC") to effect registration.  The
Shares  shall vest as to 250,000 shares on each of the following dates ("Vesting
Dates"):

(a)     the  Effective  Date  -  250,000  shares;
     (b)     three  months  after  the  Effective  Date  -  250,000  shares;
     (c)     six  months  after  the  Effective  Date  -  250,000  shares;  and
     (d)     nine  months  after  the  Effective  Date  -  250,000.

The share certificates representing the first 250,000 of the Compensation Shares
will  be  delivered  by  the Company to the Employee within ten (10) days of the
execution  of  this  Agreement by the parties.  The remaining share certificates
shall  be  delivered on or immediately after each of the Vesting Dates.  If this
Agreement  is  terminated  for  any reason, those Shares that have vested in the
Employee  at  the  date  of  notice  of termination shall be deemed to have been
earned by the Employee, no reduction or refund shall take place and no claim for
any  additional shares, compensation, severance or consideration of any kind may
be  made  by  the  Employee.

2.5          Number  of  Shares  The  number  of  shares payable to the Employee
             ------------------
hereunder  is  subject to adjustment from time to time if the Company is subject
to  a  consolidation, merger or transfer of assets which reclassifies or changes
its  outstanding  common  shares,  in  which  case the successor corporation (or
corporation  controlling  the  successor corporation of the Company, as the case
may  be)  shall  by operation of law assume the Company's obligations under this
Agreement.  As a condition to the consummation of such transaction, the Employee
shall  arrange for the person or entity obligated to issue securities or deliver
cash  or  other  assets  to  assume,  concurrently with the consummation of such
transaction,  the Employee's obligations hereunder by executing an instrument so
providing  and  further  providing  for  adjustments  which  shall  be as nearly
equivalent  as  may  be  practical  to  the  adjustments  provided  herein.

3.          VACATION
            --------

3.1          Entitlement  to  Vacation.  The  Company  acknowledges  that  the
             -------------------------
Employee  shall  be  entitled  to  an  annual  vacation of three (3) weeks.  The
Employee  shall  use  his  best efforts to ensure that such vacation is arranged
with  the Company in advance such that his does not unduly affect the operations
of  the  Company.

3.2          Increase  in Vacation.  The period set out in Section 3.1 above may
             ---------------------
be  increased  from  time  to time as mutually agreed to by the Employee and the
Board  of  Directors  of  the  Company.

4.          REIMBURSEMENT  OF  EXPENSES
            ---------------------------

4.1          Reimbursement  of  Expenses.  The  Employee shall be reimbursed for
             ---------------------------
all  reasonable  out-of-pocket expenses incurred by the Employee in or about the
execution of the Duties contained herein.  All payments and reimbursements shall
be made within thirty (30) days of submission by the Employee of vouchers, bills
or  receipts  for  such  expenses.

<PAGE>

5.          CONFIDENTIAL  INFORMATION
            -------------------------

5.1          Confidential  Information.  The  Employee  shall not, either during
             -------------------------
the  term  of  this  Agreement  or  for a term of three years after termination,
without specific consent in writing, disclose or reveal in any manner whatsoever
to  any  other  person,  firm  or  corporation,  nor  will  it  use, directly or
indirectly,  for any purpose other than the purposes of the Company, the private
affairs  of  the  Company  or  any confidential information which he may acquire
during  the  term of this Agreement with relation to the business and affairs of
the directors and shareholders of the Company, unless the Employee is ordered to
do  so  by a court of competent jurisdiction or unless required by any statutory
authority.

5.2          Non-Disclosure  Provisions.  The  foregoing  provision  shall  be
             --------------------------
subject  to  the  further  non-disclosure  provisions  contained in Schedule "B"
attached  hereto  and  incorporated  herein  by  this  reference.

5.3          Provisions  Survive  Termination.  The  provisions  of this section
             --------------------------------
shall  survive  the  termination  of this Agreement for a period of three years.

6.          TERM
            ----

6.1          Term.  This  Agreement  shall  remain in effect until terminated in
             ----
accordance  with  any  of  the  provisions  contained  in  this  Agreement.

7.          TERMINATION
            -----------

7.1          Termination  by  Employee.  Notwithstanding  any  other  provision
             -------------------------
contained  herein, the parties hereto agree that the Employee may terminate this
Agreement,  with  or without cause, by giving thirty (30) days written notice of
such  intention  to  terminate.

7.2          Resignation or Cessation of Duties.  In the event that the Employee
             ----------------------------------
ceases  to  perform  all of the Duties contained herein, other than by reason of
the  Employee's death or disability, or if the Employee resigns unilaterally and
on  his  own initiative from all of his positions this Agreement shall be deemed
to  be  terminated by the Employee as of the date of such cessation of Duties or
such  resignation,  and  the  Company  shall  have  no further obligations under
Section  2  hereof.

7.3          Termination  by  Company.  The Company may terminate this agreement
             ------------------------
at  any  time  for  just  cause.  The  parties  further  agree  that  except for
termination for just cause, the Company may not terminate this Agreement without
payment,  at that time, to the Employee of a termination allowance equivalent to
fourteen  (14) days in value of the Annual Base Salary payable by the Company to
the  Employee,  regardless  of  the  date  of  termination.

7.4          Death.  In  the  event of the death of the Employee during the term
             -----
of  this  Agreement,  this  Agreement shall be terminated as of the date of such
death.

<PAGE>

8.          RIGHTS  AND  OBLIGATIONS  UPON  TERMINATION
            -------------------------------------------

8.1          Rights  and  Obligations.  Upon  termination of this Agreement, the
             ------------------------
Employee shall deliver up to the Company all documents, papers, plans, materials
and  other property of or relating to the affairs of the Company, other than the
Employee's  personal papers in regard to his role in the Company, which may then
be  in  the  Employee's  possession  or  under  his  control.

9.          NOTICES  AND  REQUESTS
            ----------------------

9.1          Notices  and Requests.  All notices and requests in connection with
             ---------------------
this  Agreement  shall be deemed given as of the day they are received either by
messenger,  delivery  service,  or  mailed  by registered or certified mail with
postage  prepaid  and  return  receipt  requested  and  addressed  as  follows:

(a)     if  to  the  Company:

VirtualSellers.com,  Inc.
120  North  LaSalle  Street,  Suite  1000
          Chicago,  Illinois,  USA,  60602

with  a  copy  to:

CLARK,  WILSON
Suite  800-885  West  Georgia  Street
Vancouver,  British  Columbia
V6C  3H1
Attention:  Bernard  Pinsky

(b)     If  to  the  Employee:

          Everett  Palmer
          ,
          ,  Virginia,  USA,

or to such other address as the party to receive notice or request so designates
by  written  notice  to  the  other.

10.          INDEPENDENT  PARTIES
             --------------------

10.1          Independent  Parties.  This  Agreement  is  intended  solely  as a
              --------------------
management  services  agreement  and  no  partnership,  agency,  joint  venture,
distributorship  or  other  form  of  agreement  is  intended.

11.          AGREEMENT  VOLUNTARY  AND  EQUITABLE
             ------------------------------------

11.1          Agreement  Voluntary.  The parties acknowledge and declare that in
              --------------------
executing  this Agreement they are each relying wholly on their own judgment and
knowledge  and  have  not  been  influenced  to  any  extent  whatsoever  by any
representations  or statements made by or on behalf of the other party regarding
any  matters  dealt  with  herein  or  incidental  thereto.

<PAGE>

11.2          Agreement  Equitable.  The parties further acknowledge and declare
              --------------------
that they each have carefully considered and understand the provisions contained
herein,  including,  but  without  limiting the generality of the foregoing, the
Employee's  rights  upon  termination and the restrictions on the Employee after
termination  and agree that the said provisions are mutually fair and equitable,
and  that  they  executed this Agreement voluntarily and of their own free will.

12.          CONTRACT  NON-ASSIGNABLE;  INUREMENT
             ------------------------------------

12.1          Contract  Non-Assignable.  This  Agreement  and  all other rights,
              ------------------------
benefits  and  privileges  contained herein may not be assigned by the Employee.

12.2          Inurement.  The  rights, benefits and privileges contained herein,
              ---------
including  without  limitation  the  benefits  of Sections 2 and 7 hereof, shall
inure to the benefit of and be binding upon the respective parties hereto, their
heirs,  executors,  administrators  and  successors.

13.          ENTIRE  AGREEMENT
             -----------------

13.1          Entire  Agreement.  This Agreement represents the entire Agreement
              -----------------
between  the  parties  and  supersedes  any  and  all  prior  agreements  and
understandings,  whether  written  or  oral,  between the parties.  The Employee
acknowledges  that  it  was  not  included  to  enter into this Agreement by any
representation,  warranty,  promise  or  other  statement,  except  as contained
herein.

13.2          Previous  Agreements  Cancelled.  Save  and except for the express
              -------------------------------
provisions  of this Agreement, any and all previous agreements, written or oral,
between  the  parties  hereto or on their behalf relating to the services of the
Employee  for  the  Company  are hereby terminated and cancelled and each of the
parties  hereby releases and further discharges the other of and from all manner
of  actions, causes of action, claims and demands whatsoever under or in respect
of  any  such  Agreement.

14.          WAIVER
             ------

14.1          Waiver.  No consent or waiver, express or implied, by either party
              ------
to  or  of  any  breach  or default by the other party in the performance by the
other  of its obligations herein shall be deemed or construed to be a consent or
waiver  to  or  of  any breach or default of the same or any other obligation of
such  party.  Failure on the part of any party to complain of any act or failure
to  act,  or  to  declare  either party in default irrespective of how long such
failure  continues,  shall  not  constitute a waiver by such party of its rights
herein  or  of  the  right  to  then  or  subsequently  declare  a  default.

15.          SEVERABILITY
             ------------

15.1          Severability.  If  any provision contained herein is determined to
              ------------
be  void  or  unenforceable  in  whole  or  in part, it is to that extent deemed
omitted.  The  remaining  provisions  shall  not  be  affected  in  any  way.

<PAGE>

16.          AMENDMENT
             ---------

16.1          Amendment.  This  Agreement  shall  not  be  amended  or otherwise
              ---------
modified  except  by a written notice of even date herewith or subsequent hereto
signed  by  both  parties.

17.          HEADINGS
             --------

17.1          Headings.  The headings of the sections and subsections herein are
              --------
for convenience only and shall not control or affect the meaning or construction
of  any  provisions  of  this  Agreement.

18.          GOVERNING  LAW
             --------------

18.1          Governing  Law.  This  Agreement  shall  be  construed  under  and
              --------------
governed  by the laws of the State of Illinois and the laws of the United States
applicable  therein.

19.          EXECUTION
             ---------

19.1          Execution in Several Counterparts.  This Agreement may be executed
              ---------------------------------
by facsimile and in several counterparts, each of which shall be deemed to be an
original and all of which shall together constitute one and the same instrument.

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the
day  of,  1999.

VIRTUALSELLERS.COM,  INC.

per: /s/ Dennis Sinclair
     Authorized  Signatory

                                          )
SIGNED,  SEALED  and  DELIVERED  by       )
                  in the presence of:     )
                                          )
/s/ Kevin Dudley                          )
Signature                                 )
Kevin E. Dudley                           )
Print  Name                               )
35 Thistle Ct.                            )
Address                                   )
Matteson IL 60443                         )
                                          )    /s/ Everett Palmer
Consultant                                )    ------------------
Occupation                                )     EVERETT  PALMER

<PAGE>
                                  SCHEDULE "A"
                                EMPLOYEE'S DUTIES
                                -----------------

1.          The  Employee  shall  be  appointed  by the Company as the full time
accountant  for  the  Company,  and  the Employee shall faithfully, honestly and
diligently  serve the Company and each of the Company's subsidiaries (if any) in
these  capacities.

<PAGE>

                                  SCHEDULE "B"
                            NON-DISCLOSURE PROVISIONS
                            -------------------------

1.          CONFIDENTIAL  INFORMATION  AND  MATERIALS
            -----------------------------------------

     (a)     "Confidential  Information"  shall  mean,  for the purposes of this
Agreement,  non-public  information  which  the  Company  designates  as  being
confidential  or  which,  under  the  circumstances surrounding disclosure ought
reasonably  to  be  treated as confidential.  Confidential Information includes,
without  limitation,  information,  whether written, oral or communicated by any
other  means,  relating  to  released or unreleased Company software or hardware
products,  the  marketing  or  promotion  of  any  product of the Company or the
Company  business  policies  or  practices, and information received from others
which the Company is obliged to treat as confidential.  Confidential Information
disclosed  to  the  Employee  by  any subsidiary and/or agents of the Company is
covered  by  this  Agreement.

     (b)     Confidential Information shall not include that information defined
as  Confidential  Information  hereinabove  which  the  Employee can exclusively
establish:

(i)     is  or  subsequently  becomes  publicly  available without breach of any
obligation  of  confidentiality  owed  by  the  Company;

(ii)     became  known to the Employee prior to disclosure by the Company to the
Employee;

(iii)     became  known  to  the  Employee  from a source other than the Company
other  than  by  the  breach  of  any obligations of confidentiality owed to the
Company;  or

(iv)     is  independently  developed  by  the  Employee.

     (c)     Confidential  Materials  shall  include  all  tangible  materials
containing  Confidential  Information, including, without limitation, written or
printed documents and computer disks or tapes, whether machine or user readable.

2.          RESTRICTIONS
            ------------

     (a)     The  Employee  shall  not  disclose any Confidential Information to
third  parties for a period of three (3) years following the termination of this
Agreement,  except  as  provided  herein.  However,  the  Employee  may disclose
Confidential  Information  during  bona  fide  execution  of  the  Duties  or in
accordance with judicial or other governmental order, provided that the Employee
shall  give  reasonable notice to the Company prior to such disclosure and shall
comply  with  any  applicable  protective  order  or  equivalent.

     (b)     The  Employee  shall take reasonable security precautions, at least
as  great  as  the  precautions  it  takes  to  protect  its  own  confidential
information,  to  keep  confidential  the  Confidential  Information, as defined
hereinabove.

<PAGE>

     -  10  -
D/SAM/48915.1
D/SAM/48915.1
     (c)     Confidential  Information  and  Materials  may  be  disclosed,
reproduced,  summarized  or  distributed  only  in  pursuance  of  the  business
relationship  of  the Employee with the Company, and only as provided hereunder.

3.          RIGHTS  AND  REMEDIES
            ---------------------

     (a)     The Employee shall notify the Company immediately upon discovery of
any  unauthorized use or disclosure of Confidential Information or Materials, or
any  other  breach  of this Agreement by the Employee, and shall co-operate with
the  Company  in every reasonable manner to aid the Company to regain possession
of  said  Confidential  Information  or  Materials  and prevent all such further
unauthorized  use.

     (b)     The  Employee shall return all originals, copies, reproductions and
summaries  of  or relating to the Confidential Information at the request of the
Company  or,  at  the  option  of  the Company, certify destruction of the same.

     (c)     The  parties  hereto recognize that a breach by the Employee of any
of  the  provisions  contained herein would result in damages to the Company and
that  it could not be compensated adequately for such damages by monetary award.
Accordingly,  the  Employee  agrees  that  in  the  event of any such breach, in
addition to all other remedies available to the Company at law or in equity, the
Company  shall be entitled as a matter of right to apply to a court of competent
jurisdiction  for such relief by way of restraining order, injunction, decree or
otherwise,  as  may  be  appropriate to ensure compliance with the provisions of
this  Agreement.

4.          MISCELLANEOUS
            -------------

     (a)     All Confidential Information and Materials are and shall remain the
property  of the Company. By disclosing information to the Employee, the Company
do  not  grant  any express or implied right to the Employee to or under any and
all  patents,  copyrights,  trademarks, or trade secret information belonging to
the  Company.

     (b)     All  obligations created herein shall survive change or termination
of  any and all business relationships between the parties for a period of three
years  after  such  termination.

     (c)     The  Company may from time to time request suggestions, feedback or
other  information  from the Employee on Confidential Information or on released
or  unreleased  software belonging to the Company.  Any suggestions, feedback or
other  disclosures  made  by the Employee are and shall be entirely voluntary on
the  party  of said Employee and shall not create any obligations on the part of
the  Company  or  a confidential agreement between the Employee and the Company.
Instead, the Company shall be free to disclose and use any suggestions, feedback
or other information from the Employee as the Company sees fit, entirely without
obligation  of  any  kind  whatsoever  to  the  Employee.OBJECTIME LIMITED

U.S. STOCK OPTION PLAN
(1997)

1. ESTABLISHMENT AND PURPOSE OF THE PLAN
A Stock Option Plan (hereinafter called the "Plan") for ObjecTime
Limited (the "Corporation") is hereby established to provide the
incentive inherent in share ownership (a) to the officers and other
employees of the Corporation and any present or future subsidiary (as
that term is defined in Section 424 of the United States Internal
Revenue Code (the "Code") hereinafter referred to as a "Subsidiary" or
"Subsidiaries") of the Corporation who reside in the United States, by
providing them with opportunities to purchase Class "7" Special Shares
(the "Shares") of the Corporation pursuant to options granted hereunder
which qualify as "incentive stock options" (hereinafter referred to as
an "ISO" or "ISO's") under Section 422(b) of the Code; and (b) to
directors, officers and employees of the Corporation and Subsidiaries
who reside in the United States, by providing them with opportunities
to purchase Shares of the Corporation pursuant to options granted
hereunder which do not qualify as ISOs ("Non-Qualified Stock
Option(s)" or "NSO(s)").  Both ISOs and NSOs are also referred to
herein individually as an "Option" and collectively as "Options".

2. TERM OF PLAN
The Plan shall commence on September 30, 1997, and shall, subject to
(a) the earlier termination of the Plan by the Corporation pursuant to
the terms hereof, and (b) the approval of the Plan by the shareholders
as required under paragraph 19 hereof, continue and be in effect until
October 1, 2000 (except as to Options outstanding on that date). If the
approval of shareholders is not obtained prior to September 30, 1998
any grants of Options under the Plan made prior to that date will be
rescinded.

3. ADMINISTRATION OF THE PLAN
The board of directors (the "Board of Directors") of  the Corporation,
or any committee thereof specifically designated by the Board of
Directors to be responsible therefor (the "Committee", provided that
all references in this Plan to the Committee shall mean the Board of
Directors if no Committee has been appointed), shall administer the
Plan and shall have the authority to and may from time to time by
resolution determine (a) the number of Shares in respect of which
Options shall be granted under the Plan, (b) the employees of the
Corporation and Subsidiaries (from among the class of employees
eligible under paragraph 4 hereof to receive ISOs) to whom ISOs may be
granted, and to determine the individuals and entities (from among the
class of individuals and entities eligible under paragraph 4 hereof to
receive NSOs) to whom NSOs may be granted; (c) the time or times at
which Options may be granted; (d) the exercise price of Shares subject
to each Option, which price with respect to ISOs shall not be less than
the minimum specified in paragraph 7 hereof; (e) whether each Option
granted shall be an ISO or a NSO; (f) subject to paragraph 8 hereof,
the time or times when each Option shall become exercisable and the
duration of the exercise period; (g) whether restrictions are to be
imposed on Shares subject to Options, and the nature of such
restrictions, if any; and (h) all other matters necessary or advisable
for the administration of the Plan.  If and once appointed, the
Committee shall select one of its members as its Chairman and shall
hold its meetings at such time and place as it shall deem advisable.  A
majority of the members of the Committee shall constitute a quorum and
all actions of the Committee shall be taken by a majority of the
members present at any meeting.  Any action of the Committee may be
taken by an instrument or instruments in writing signed by all the
members of the Committee, and any action so taken shall be as effective
as if it had been passed by a majority of the votes cast by the members
of the Committee present at a meeting of such members duly called and
held.

Nothing contained in the Plan or any Option Agreement shall be
construed in any way so as to prevent the Corporation or any Subsidiary
from taking any corporate action which is deemed by the Corporation or
the Subsidiary to be appropriate or in its best interest, even if such
action would have an adverse effect on the Plan. The interpretation by
the Committee of any provision or provisions of the Plan or of any
Option granted hereunder shall be final, binding and conclusive;
provided, however, that an employee, officer or director shall have the
right not to participate in the Plan and any decision not to
participate herein shall not  affect such employee's employment by, or
such director's engagement with, the Corporation. No member of the
Board of Directors or the Committee shall be liable for any action or
determination made in good faith with respect to the Plan or any Option
granted under the Plan, provided that a director shall not take any
action with respect to any Option granted to such director.

4. ELIGIBLE PARTICIPANTS
ISO's may be granted only to employees of the Corporation or a
Subsidiary. NSOs may be granted to any officer, director (whether or
not the director is a full time employee of the Corporation or a
Subsidiary) or employee of the Corporation or a Subsidiary or any
consultant to the Corporation or a  Subsidiary.

5. NUMBER OF SHARES
The maximum number (the "Maximum Number") of Shares issuable pursuant
to the Plan is 600,000, subject to any amendment to such maximum number
pursuant to paragraph 19 hereof. In the event that any Option granted
hereunder shall expire or terminate for any reason whatsoever without
having been exercised in full, or shall cease to be exercisable for any
reason whatsoever in whole or in part, the unpurchased Shares subject
thereto shall again be available for the granting of Options in respect
thereto under the Plan. The number of Shares subject to option in
favour of any one person, together with any other Shares reserved for
issuance under any other plans to such person, shall not exceed 5% of
the total number of issued and outstanding Shares at the date of grant
of his Option.

6. AMENDMENT OR TERMINATION OF THE PLAN
The Board of Directors or the Committee shall have the unfettered right
to interpret the provisions of this  Plan and to make such regulations
and to formulate such administrative provisions for carrying this Plan
into effect and to make such amendments to the Plan, the regulations or
administrative  provisions as, from time to time, the Board of
Directors or the Committee deems appropriate in the best interests of
the Corporation. The Board of Directors may amend this Plan or adopt
alternative versions of this Plan as the Board of Directors deems
necessary or desirable to comply with the laws of, or to accommodate
the tax policies or customs of, foreign jurisdictions whose citizens or
residents may be granted Options hereunder. The Board of Directors
shall also have the unfettered right from time to time and at any time
to rescind or terminate the Plan as it shall deem advisable; provided,
however, that no such rescission or termination shall impair or change
the rights and Options theretofore granted under the Plan without the
prior written consent of the optionee or optionees affected thereby.

7. EXERCISE PRICE
7.1     The exercise price of the Shares purchased pursuant to the
Options granted hereunder shall be not be less than the fair market
value, as defined in paragraph 7.3 hereof, as of the date on which such
Options are granted. In the case of  an Option granted to an eligible
person owning shares possessing more than 10% of the total combined
voting power of all classes of shares of the Corporation or a
Subsidiary, the exercise price of an Option shall be at least 110% of
fair market value of the Shares determined as of the date on which such
Options are granted. For the purpose of determining the percentage of
share ownership of the Corporation, the rules of section 424(d) of the
Code, or any successor provision thereto, shall be applicable.

7.2     Each eligible employee may be granted Options treated as ISOs
only to the extent that, in the aggregate under this Plan and all
incentive stock option plans of the Corporation and any Subsidiary,
ISOs do not become exercisable for the first time by such employee
during any calendar year with respect to Shares having a fair market
value (determined at the time the ISOs were granted) in excess of
$100,000. The Corporation intends to designate any Options granted in
excess of such limitation (determined in the order in which such
Options were granted) as NSOs.

7.3     "Fair market value" for the purposes of determining the exercise
price of an Option granted hereunder shall be determined as follows:

(a) If at the time that the Option is granted under the Plan
the Shares are listed or posted for trading on the Toronto Stock
Exchange (the "TSE"), fair market value shall mean the closing price
of the Shares on the TSE (or,  if the Shares are not listed on the
TSE, fair market value shall mean the closing price on such exchange
or market in Canada on which the Shares are listed or posted for
trading as may be selected by the Committee) on the trading day
immediately preceding the date on which the Option is granted, and
if no Shares have been traded on such day the exercise price shall
be established on the same basis on the last previous day for which
a trade was reported by such stock exchange or market. In the event
that the Shares are not listed or posted for trading on a stock
exchange or market in Canada at the time of the granting of an
Option hereunder, the fair market value shall mean the last trading
price of the Shares on the National Association of Securities
Dealers Quotations Systems ("NASDAQ"), or such other market or stock
exchange in the United States on which the Shares are listed or
posted for trading as may be selected by the Committee, on the
trading day immediately preceding the date on which the Option is
granted, and if no Shares have been traded on such day the exercise
price shall be established on the same basis on the last previous
day for which a trade was reported by such market or stock exchange.

(b) If the Shares are not publicly traded at the time that the
Option is granted under the Plan, fair market value shall mean the
value determined in good faith by the Board of Directors, in its
sole discretion.

8. TERM OF OPTIONS
8.1     Term.   Subject to the earlier termination of the Option as
provided herein, each Option granted hereunder shall be for a term
specified by the Committee, provided that the term shall not exceed (a)
ten years from the date of grant in the case of Options generally, and
(b) five years from the date of grant in the case of ISOs granted to
any employee owning shares possessing more than 10% of the total
combined voting power of all classes of shares of the Corporation or a
Subsidiary as determined in paragraph 7.1 hereof (in each case the
"Expiry Date").

8.2     Exercise Date.  Unless the Committee determines otherwise, each
Option shall be exercisable in whole or in part, at the following rate:
(a) 50% of the total number of Shares subject to the Option shall be
exercisable on the first anniversary of the date of grant of the
Option, and (b) thereafter at a rate of 1/24th per month of an amount
equal to 50% of the total number of Shares subject to the Option  (each
such date is hereinafter referred to as an "Exercise Date").The Shares
in respect of  which the Option shall have become  exercisable may be
purchased, in whole or in part, at any time, or from time to time,
until  the expiration or termination of the Option. The Committee shall
have the right to accelerate the Exercise Date or Exercise Dates for
some or all of the Shares subject to an Option; provided that the
Committee shall not accelerate the Exercise Date of any instalment of
an ISO (which was not previously converted to an NSO) if such
acceleration would violate the annual vesting limitation contained in
Section 422(c) of the Code.

9. OPTION AGREEMENT
Each optionee shall execute an option agreement (an "Option Agreement")
which has been duly executed and delivered by the Corporation to the
optionee prior to the grant of any Option to an optionee becoming
effective. The terms and conditions of the Option Agreement need not be
the same in each case and may be changed from time to time by the
Committee. The Board of Directors may from time to time confer
authority and responsibility on one or more of its members and/or one
or more officers of the Corporation to execute and deliver Option
Agreements. The proper officers of the Corporation are authorized and
directed to take any and all action necessary or advisable from time to
time to carry out the terms of the Option Agreements.

10. ACCELERATION OF OPTION
Any Options granted hereunder, whether then exercisable or not, shall
become immediately exercisable in respect of any and all Shares to
which such Options relate, upon the approval by the Board of Directors
of: (a) the acquisition by a party from the Corporation's shareholders
of more than 50% of the then issued and outstanding Shares of the
Corporation, (b) any merger or amalgamation with any other party (other
than an affiliate or associate of the Corporation) in which the
shareholders of the Corporation immediately before the transaction do
not retain immediately thereafter direct or indirect beneficial
ownership of more than 50% of the voting stock of the Corporation or
its successor, (c) the sale or lease of all or substantially all its
assets, or (d) the dissolution or liquidation of the Corporation. In
each case the acceleration of the Options shall be conditional upon the
completion of any of the events described in (a) through (d) above. If
the optionee's Option becomes exercisable as provided in this paragraph
10, the Board of Directors shall notify each optionee that such
optionee's Option shall be fully exercisable for a period of 60 days
from the date of such notice. Upon the expiration of such 60 days, and
provided that the transaction, the approval of which by the Board of
Directors resulted in the acceleration of the outstanding Options, is
completed, all rights of the optionees to the Shares or to the exercise
of the Options shall terminate and the Option shall be null and void
and of no further force or effect whatsoever with respect to the Shares
subject to the Option.

11. DEATH OR DISABILITY OF OPTIONEE
Notwithstanding anything contained herein to the contrary, in the event
that prior to the termination or expiration of an Option an optionee
dies or becomes permanently and totally disabled while engaged as an
employee of the Corporation, any Option granted hereunder will not
terminate and will continue to vest until the Expiry Date. Any vested
Options may be exercised by the optionee or the legal personal
representative(s) or heir(s) of the optionee, as the case may be, at
any time and from time to time prior to the Expiry Date, after which
date the Option or Options shall forthwith expire and terminate and be
of  no further force or effect whatsoever, and the Shares in respect of
which the Option is not exercised shall revert to the Plan.

For greater certainty, any optionee who is deemed to be an employee of
the Corporation pursuant to any medical or disability plan of the
Corporation shall be deemed to be an employee for the purposes of this
Plan.

12. TERMINATION OF EMPLOYMENT OF OPTIONEE
12.1    Without Cause.   In the event that an optionee's employment with
the Corporation or a Subsidiary is terminated without Cause (as defined
in paragraph 12.4 hereof) before the exercise in full of the Option
granted to such optionee, such optionee shall be entitled to exercise
the Option to the extent of the Shares in respect of which such Option
is exercisable on the date on which notice of termination is delivered
to the optionee by the Corporation or a Subsidiary at any time
beginning on such date and ending on the earlier of (a) 90 days
following an initial public offering of shares by the Corporation (or
90 days following the expiry of any contractual or other restriction on
the resale of the shares relating to such initial public offering,
whichever is later), (b) two years following the date on which notice
of termination is delivered to the optionee by the Corporation or a
Subsidiary, and (c) the Expiry Date of the Option, and thereafter the
Option granted to such optionee shall expire and all rights to purchase
Shares pursuant to the Option granted to such optionee shall cease and
expire and be of no further force or effect.  Any Shares in respect of
which the Option is not exercised during the period referred to above
shall revert to the Plan. If on the date on which notice of termination
is delivered to the optionee by either the Corporation or a Subsidiary
the Option is not exercisable in respect of all of the Shares, the
number of Shares in respect of which the Option is not exercisable on
such date shall revert to the Plan effective as of such date.

 12.2           Resignation by Optionee. In the event that an optionee
resigns or terminates his or her employment with the Corporation or a
Subsidiary, before the exercise in full of the Option granted to such
optionee, such optionee shall have 90 days from the date on which
notice of termination is delivered to the Corporation or a Subsidiary
by the optionee (or until the Expiry Date of the Option, whichever is
less), to exercise the Option to the extent of the Shares in respect of
which such Option is exercisable on such date, and thereafter the
Option granted to such optionee shall expire and all rights to purchase
Shares pursuant to the Option granted to such optionee shall cease and
expire and be of no further force or effect.  Any Shares in respect of
which the Option is not exercised within the 90 day period referred to
above shall revert to the Plan.  If on the date on which notice of
termination is delivered by the optionee to the Corporation or a
Subsidiary the Option is not exercisable in respect of all of the
Shares, the number of Shares in respect of which the Option is not
exercisable on such date shall revert to the Plan effective as of such
date.

12.3    Committee or Board Discretion.  Notwithstanding paragraphs 12.1
and 12.2 of this Plan, the Committee may, in its sole and unfettered
discretion, extend the post-termination exercise period provided for in
paragraphs 12.1 and 12.2, provided that such period does not extend
beyond the Expiry Date.  Further, an Option Agreement may provide, or
the Committee may, in its sole and unfettered discretion, amend or
modify an Option Agreement (either before or after the delivery of a
notice of termination of employment to or by an optionee) to provide:
(a) that an Option does not terminate upon the delivery of a notice of
termination to an optionee by the Corporation under paragraph 12.1
hereof or to the Corporation or a Subsidiary by an optionee under
paragraph 12.2 hereof, and (b) that the Exercise Date for some or all
of the Shares subject to the Option is accelerated to an earlier date
and that the optionee shall have a specified period of time in which to
exercise the Option to the extent of the Shares in respect of which the
Option is exercisable pursuant to the Option Agreement or the Option
Agreement as amended in accordance with this paragraph.

12.4    For Cause.   If the employment of an optionee is terminated by
the Corporation for Cause, such optionee's Options shall terminate on
the date (the "Termination Date") on which written notice of such
termination is given to the optionee by the Corporation and all rights
to purchase Shares pursuant to the Option granted to such optionee
shall cease and expire and be of no further force or effect. All Shares
in respect of which the Option was granted shall revert to the Plan
effective as of the Termination Date. "Cause" shall include, but shall
not be limited to, conduct involving one or more of the following: (i)
the substantial and continuing failure of an optionee, after notice
thereof, to render services to the Corporation or any Subsidiary in
accordance with the terms or requirements of his or her employment;
(ii) disloyalty, gross negligence, wilful misconduct, dishonesty or
breach of fiduciary duty to the Corporation or any Subsidiary; (iii)
the commission of an act of embezzlement or fraud; (iv) the
unauthorized disclosure of any trade secret or confidential information
of the Corporation or any Subsidiary; (v) the commission of an act
which constitutes unfair competition with the Corporation or any
Subsidiary or which induces any customer or supplier to breach a
contract with the Corporation or any Subsidiary or (vi) any other
conduct recognized by the laws of the Province of Ontario as
constituting just cause for dismissal.

12.5    General.   Nothing in the Plan or in any Option Agreement entered
into between the Corporation and an employee shall be deemed to give
any optionee the right to continued employment by the Corporation or
any Subsidiary for any period of time and nothing contained herein
shall affect the right of the Corporation or any Subsidiary to
terminate, with or without Cause, an optionee's employment with the
Corporation or a Subsidiary at any time.  The  vesting of shares
pursuant to an Option Agreement is only earned by the optionee by
continuing as an employee of the Corporation or a Subsidiary or by
continuing to be a director or officer of one of the foregoing and not
through the act of being hired, being appointed a director, being
granted an Option or purchasing Shares pursuant to the exercise of an
Option. Options shall not be affected  by any change of employment so
long as the optionee continues to be employed by the Corporation or any
Subsidiary or continues to be a director or officer of one of the
foregoing. A leave of absence for which the prior approval of the
Corporation has been obtained shall not be considered an interruption
or termination of employment under the Plan. Nothing in the Plan shall
be construed so as to give any consultant, director, officer or
employee any right to be granted an Option.

13. EXERCISE OF OPTION
13.1    Subject to the provisions of the Plan, the Options granted
hereunder may be exercised from time to time by delivery to the
Corporation at its head office, or such transfer agent as the
Corporation may from time to time designate, of a written notice (the
"Notice of Exercise of Option") in the form attached to the Option
Agreement, specifying the number of Shares with respect to which the
Option is being exercised and accompanied by payment in full of the
purchase price of the Shares then being purchased (a) in cash or
certified cheque in favour of the Corporation, or (b) at the discretion
of the Committee, by the delivery of  Shares having fair market value
equal as of the date of the exercise of the Option to the cash exercise
price of the Option, or (c) by the delivery of such other lawful
consideration as is approved by the Board of Directors. The form of
consideration (for consideration other than cash) shall be subject to
the approval of the Board  of Directors at the time of the exercise of
the Option. The Notice of Exercise of Option shall contain the
optionee's undertaking to comply, to the satisfaction of the
Corporation and its counsel, with all applicable requirements of  any
stock exchange or exchanges upon which any securities of the
Corporation are from time to time listed and any applicable regulatory
authority or authorities.

13.2    Employee Shareholding Agreement.  Unless the Corporation is a
Reporting Issuer (as defined in the Securities Act (Ontario)) or has
become an offering corporation (as defined in the Business Corporations
Act (Ontario)) at the time of exercise of an Option, the issuance of
Shares upon the exercise of an Option shall be conditional upon an
optionee executing an employee shareholding agreement in the form
attached hereto as Schedule "A", as such agreement may be amended from
time to time by the Board of Directors; provided that, in the event of
the exercise of an Option under paragraphs 11, or 12.1 hereof, the
employee shareholding agreement attached hereto as Schedule "A" shall
not include the call right or related provisions set out in Articles 2,
3 or 4 thereof.

14. NON-TRANSFERABILITY OF OPTIONS
Except as specifically provided herein, the rights of any optionee
under the Plan are personal to the optionee and are not transferable or
assignable other than by will or the laws of descent and distribution,
and except as provided herein are only exercisable by the optionee. The
obligations of each optionee pursuant to the Plan and any Option shall
be binding on his or her heirs, executors and administrators.

15. COMPLIANCE WITH SECURITIES LAWS
The grant of Options and the issuance of Shares upon the exercise of
Options shall be subject to compliance with all applicable requirements
of federal, provincial or foreign law with respect to such securities.
Options may not be exercised if the issuance of Shares upon the
exercise of the Option would constitute a violation of any applicable
federal, provincial or foreign securities laws or other law or
regulations or the requirements of any stock exchange or market system
upon which the Shares may then be listed. The inability of the
Corporation to obtain from any regulatory body having jurisdiction the
authority, if any, deemed by the Corporation's legal counsel to be
necessary to the lawful issuance and sale of any Shares hereunder shall
relieve the Corporation of any liability in respect of the failure to
issue or sell such Shares as to which such requisite authority shall
not have been obtained.  As a condition to the exercise of any Option,
the Corporation may require the optionee to satisfy any qualifications
that may be necessary or appropriate, to evidence compliance with any
applicable law or regulation and to make any representation or warranty
with respect thereto as may be requested by the Corporation.

16. CHANGES IN THE CAPITAL OF THE CORPORATION
16.1    In the event of any subdivision or subdivisions of the Shares
into a greater number of Shares at any time while an Option is
outstanding, including the issue of Shares to the holders of its
outstanding Shares by way of a stock dividend or dividends, the
Corporation will thereafter deliver at the time of exercise of the
Option, in lieu of the number of Shares in respect of which the Option
is then being exercised, such greater number of Shares as the optionee
would have been entitled as a result of such  subdivision or
subdivisions of the Shares or such stock dividend had the Option been
exercised  prior to the date of such subdivision or stock dividend,
without the optionee making any additional payment or giving any other
consideration therefor.

16.2    In the event of any consolidation or consolidations of the Shares
into a lesser number of Shares at any time while an Option is
outstanding, the Corporation will thereafter deliver and the optionee
shall accept, at the time of the exercise of the Option, in lieu of the
number of Shares in respect of which the Option is then being
exercised, such lesser number of  Shares as the optionee would have
been entitled as a result of such consolidation or consolidations had
the Option been exercised prior to such consolidation or
consolidations.

16.3    In the event of any change, reclassification or conversion of the
Shares into another class of shares of the Corporation at any time
while an Option is outstanding, the Corporation shall thereafter
deliver and the optionee shall accept, at the time of the exercise of
an Option, in lieu of  the number of Shares in respect of which the
Option is being exercised, the number of shares of the Corporation of
the appropriate class or classes as the optionee would have been
entitled as a result of such change, reclassification or conversion had
the Option been exercised prior to such change, reclassification or
conversion.

16.4    Notwithstanding the foregoing, no fractional shares shall be
issued pursuant to the exercise of any Option.

17. RIGHTS OFFERINGS
If at any time the Corporation grants to the holders of  Shares rights
to subscribe for and purchase pro rata additional securities of the
Corporation or of any other corporation or entity, there shall be no
adjustments made to the number of Shares or other securities subject to
the Option in consequence thereof and the Option of an optionee shall
remain unaffected and an optionee shall not be entitled to participate
in such rights offering in respect of any Shares the Option for which
has not been exercised at the time of the rights offering.

18. PROVISION OF INFORMATION
At least annually, copies of the Corporation's balance sheet and income
statement for the most recently completed fiscal year shall be made
available to each optionee to whom Options have been granted under this
Plan.  The Corporation shall not be required to provide such
information to persons whose duties in connection with the Corporation
assure them access to equivalent information.

19. SHAREHOLDER APPROVAL
The Plan or any increase in the Maximum Number of Shares issuable
thereunder as provided in paragraph 5 of this Plan shall be approved by
the shareholders of the Corporation within 12 months of the date of
adoption thereof by the Board of Directors. Options granted prior to
shareholder approval of the Plan or in excess of the Maximum Number
previously approved by the shareholders shall become exercisable no
earlier than the date of shareholder approval of the Plan or such
increase in the Maximum Number, as the case may be.

20. NO RIGHTS AS A SHAREHOLDER
The optionee shall have no rights whatsoever as a shareholder in
respect of any of the optioned Shares (including any right to receive
dividends or other distributions therefrom or thereon) other than
optioned Shares in respect of which the optionee shall have exercised
such optionee's Option to purchase hereunder and which the optionee
shall have taken up and paid for and for which a share certificate has
been issued to the optionee.

21. NO REPRESENTATION OR WARRANTY
The Corporation makes no representation or warranty as to the future
market value of any Shares issued in accordance with the provisions of
this Plan.

22. GOVERNING LAW
The Plan is established under the laws of the Province of Ontario and
the rights of all parties and the construction and effect of every
provision of the Plan shall be according to the laws of the Province of
Ontario.

IN WITNESS WHEREOF the Board of Directors of OBJECTIME LIMITED has adopted
this Amended and Restated Plan this 7th day of January, 1999.

                        OBJECTIME LIMITED

                        By:                              c/s
                            -------------------------------
                                James McGee, President

OBJECTIME LIMITED

OPTION AGREEMENT

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933 OF THE UNITED STATES OF AMERICA OR UNDER THE SECURITIES LAWS OF
THE STATE OF CALIFORNIA OR OF ANY OTHER STATE. ANY RESALE OF THESE
SECURITIES IS RESTRICTED. THESE SECURITIES MAY NOT BE RESOLD,
TRANSFERRED, PLEDGED OR HYPOTHECATED WITHOUT COMPLIANCE WITH APPLICABLE
PROVINCIAL SECURITIES LAWS IN CANADA, OR IN THE CASE OF TRANSACTIONS
WITH OR BY RESIDENTS OF THE UNITED STATES OF AMERICA, UNLESS THEY ARE
REGISTERED UNDER THE SECURITIES ACT OF 1933 AND UNDER APPLICABLE STATE
SECURITIES LAWS, OR UNLESS AN EXCEPTION FROM SUCH REGISTRATION IS
AVAILABLE. LEGAL ADVICE SHOULD BE OBTAINED BEFORE ANY RESALE OF THESE
SECURITIES.

THIS OPTION AGREEMENT is made as of the 10th day of  November, 1997.

BETWEEN:
OBJECTIME LIMITED,
A corporation incorporated under the laws of Canada having
its head office at 340 March Road, Kanata, Ontario
(hereinafter referred to as the "Corporation")

AND:
'FIRSTNAME' 'LASTNAME',
(hereinafter referred to as the "Employee")

IN CONSIDERATION of the mutual covenants herein and other good and
valuable consideration (the receipt and sufficiency of which is hereby
acknowledged by each of the parties), the parties hereto covenant and
agree as follows:

1. OPTION TO PURCHASE SHARES
1.1 Pursuant to the ObjecTime Limited U.S. Stock Option Plan (1997)
(the "Plan") established by the Corporation effective as of
September 30, 1997, the Corporation hereby grants to the Employee,
subject to the terms and conditions hereinafter set out, an
irrevocable option (the "Option") to purchase up to an aggregate of
'TOTALOPTION' Class 7 Special Shares (the "Optioned Shares") at the
exercise price (the "Exercise Price") specified below under the
heading "Exercise Price", on or after  the date or dates provided
for in paragraph 1.2 hereof, (the "Exercise Date(s)"), up to 5:00
p.m. (Ottawa time) on the dates specified below under the heading
"Expiry Date" (the "Expiry Date"):

OPTIONED SHARES        VESTING          EXERCISE          EXPIRY DATE
                     COMMENCEMENT
                         DATE
-----------------   ---------------  ----------------  ---------------

<<ORIGINALOPTION>>  <<GRANT DATE>>  <<EXERCISE PRICE>>  <<EXPIRY DATE>>
<<FY97OPTION>>      <<FY97GRANT>>   <<FY97PRICE>>       <<FY97EXPIRY>>

1.2 The Employee may exercise and take up and pay for not more
than 20% of the Optioned Shares following the completion of each
consecutive one year period following the Vesting Commencement Date
in respect of such Optioned Shares, provided that (a) the Option
shall be exercisable in respect of the balance of the Optioned
Shares on the third anniversary of  the Vesting Commencement Date of
the Optioned Shares, and (b) if the number of Optioned Shares
purchased by the Employee following any such one year period is less
than 20% of the Optioned Shares, the Employee shall have the right,
at any time prior to the Expiry Date, to exercise the Option and
purchase such number of Optioned Shares in respect of which the
Option was exercisable but which were not purchased by the Employee
following any such preceding one year period.

1.3 At 5:00 p.m. (Ottawa time) on the Expiry Date the Option
hereby granted shall immediately cease and terminate and be of  no
further force or effect whatsoever as to such of the Optioned Shares
in respect of which the Option hereby granted has not then been
exercised.

1.4     The Option is intended to be an incentive stock option
within the meaning of section 422 of the United States Internal
Revenue Code.

2. INCORPORATION OF TERMS OF THE PLAN
The terms and conditions relating to the Option contained in the
Plan are hereby incorporated by reference and shall be deemed to be
contained  herein as if fully recited herein. In the event of any
conflict between the terms and conditions of the Plan and the terms
and conditions of this agreement, the terms and conditions of the
Plan shall prevail. Unless otherwise specified, capitalized terms
used herein and not defined herein shall have the meaning given to
such terms in the Plan.

3. EXERCISE OF OPTION
Subject to the terms and conditions hereof, the Option hereby
granted shall be exercisable after the Exercise Date and prior to
the Expiry Date by the Employee delivering a  notice (the "Notice of
Exercise of Option") in the form attached hereto as Schedule "A" to
the Corporation, or such transfer agent as the Corporation may from
time to time designate. The Notice of Exercise of Option shall
specify therein the number of  Optioned Shares in respect of which
the Option is being exercised.  Upon any such exercise of this
Option, together with payment in full of the Exercise Price, the
Corporation shall forthwith deliver to the Employee within l0
business days following receipt of any such Notice of Exercise of
Option, a certificate or certificates in the name of the Employee
representing in the aggregate such number of Optioned Shares as the
Employee shall have then paid for and as are specified in the Notice
of Exercise of Option. Upon the request of  the Corporation the
Employee shall present this agreement to it for the appropriate
endorsement upon any exercise of the Option.

4.      TAX WITHHOLDING
At the time the Option is exercised, in whole or in part, or at
any time thereafter as requested by the Corporation, the Employee
hereby authorizes the withholding from payroll and any other amounts
payable to the Employee, and otherwise agrees to make adequate
provision for any  amounts required to satisfy the federal, state,
local and foreign tax withholding obligations, if any, of the
Corporation or a Subsidiary which arise in connection with the Option,
including, without limitation, obligations arising upon (i) the
exercise, in whole or in part, of the Option, (ii) the transfer, in
whole or in part, of any Optioned Shares acquired upon exercise of the
Option, (iii) the operation of any law or regulation providing for the
imputation of interest, or (iv) the lapsing of any restriction with
respect to any Optioned  Shares acquired upon exercise of the Option.
The Employee is cautioned that the Option is not exercisable and the
Corporation shall have no obligation to issue a certificate for such
Optioned Shares unless such tax withholding obligations are satisfied.

5. NO OBLIGATION ON EMPLOYEE
Nothing herein contained or done pursuant hereto shall obligate the
Employee to purchase and/or pay for any Optioned Shares except those
Optioned Shares in respect of which the Employee shall have
exercised his or her Option hereunder in accordance with the terms
hereof.

6. LEGENDS
The Corporation may at any time place legends referencing any
applicable federal, state or foreign securities law restrictions on
all certificates representing the Optioned Shares  subject to the
provisions of this Option Agreement.  The Employee shall, at the
request of the Corporation, promptly present to the Corporation any
and all certificates representing shares acquired pursuant to the
Option in the possession of the Employee in order to carry out the
provisions of this Section.  Unless otherwise specified by the
Corporation, legends placed on such certificates may include, but
shall  not be limited to, the following:

"THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE
SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN
EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH
SECURITIES, THE SALE IS MADE IN ACCORDANCE WITH RULE 144 OR RULE 701
UNDER THE ACT, OR THE CORPORATION RECEIVES AN OPINION OF COUNSEL FOR
THE HOLDER OF THESE SECURITIES REASONABLE SATISFACTORY TO THE
CORPORATION, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR
HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY
REQUIREMENTS OF SUCH ACT."

"THE SHARES EVIDENCED BY THIS CERTIFICATE WERE ISSUED BY THE
CORPORATION TO THE REGISTERED HOLDER UPON EXERCISE OF AN INCENTIVE
STOCK OPTION AS DEFINED IN SECTION 422 OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED. THE REGISTERED HOLDER SHALL HOLD ALL SHARES
PURCHASED UNDER THE INCENTIVE STOCK OPTION IN THE REGISTERED
HOLDER'S NAME (AND NOT IN THE NAME OF ANY NOMINEE) PRIOR TO THIS
DATE OR UNTIL TRANSFERRED AS DESCRIBED ABOVE."

7. PUBLIC OFFERING
In the event of any underwritten public offering (including an
initial public offering, of shares) made by the Corporation pursuant to
an effective registration statement filed under the Securities Act of
1933, the Employee shall not offer, sell, contract to sell, pledge,
hypothecate, grant any option to purchase or make any short sale of, or
otherwise dispose of any of the Optioned Shares  or any rights to
acquire  the Optioned Shares for such period of time from and after the
completion of the public offering as may be established by the
underwriter for such public offering; provided, however, that such
period of time shall not exceed 180 days from the date of  the
completion of the public offering.  The Employee shall be subject to
this section only if the officers and directors of the Corporation are
also subject to similar arrangements.

8. NOTICE
8.1 Any notice delivered or to be delivered or given by either party
to the other shall be sufficiently given or delivered if delivered
personally or sent by registered mail prepaid, addressed to the
party at the addresses hereinafter set out and shall be deemed to
have been received on the third business day following the date of
mailing thereof, provided that such notice shall not be deemed to
have been received or sent by registered mail at a time during
postal strikes, slow-downs or other similar delays, and in such
event a party delivering or giving such notice shall give or deliver
the same by hand to the party by whom it is to be received:

TO THE CORPORATION:

OBJECTIME LIMITED
340 March Road
Kanata, Ontario
K2K 2E4
Attention: General Counsel

TO THE EMPLOYEE :

'FIRSTNAME'  'LASTNAME'
'STREET1' 'STREET2'
'CITY', 'STATE'
'ZIP'

8.2 Either party may change the applicable address for service by
delivering written notice of the new address to the other party in
the manner set out above.

9. ACKNOWLEDGEMENT OF RECEIPT OF PLAN
The Employee hereby acknowledges receipt of a copy of the Plan.
The Employee further acknowledges and agrees that all decisions and
interpretations of the Board of Directors or the Committee with respect
to the Plan or the Option shall be conclusive and binding upon the
Employee.

10. GENERAL PROVISIONS
10.1 Time shall be of the essence of this agreement.

10.2 This agreement shall be governed and construed in accordance with
the laws of the Province of Ontario and the laws of Canada
applicable therein.

10.3 The parties hereto shall do all further acts and things and
execute all further documents reasonably required in the
circumstances to effect the provisions and intent of this agreement.

10.4  This agreement shall enure to the benefit of and be binding upon
the Employee and the Corporation and their respective heirs,
executors, administrators, successors and assigns.

10.5 This agreement, including the terms and conditions of the Plan,
constitutes the entire agreement between the Corporation and the
Employee pertaining to the subject matter hereof and supersedes all
prior agreements, understandings, negotiations, and discussions,
whether oral or written, between the Corporation and the Employee
pertaining to the subject matter hereof. No amendment of any
provision of this agreement shall be binding unless in writing and
executed by the Corporation and the Employee.

IN WITNESS WHEREOF this agreement has been executed by the parties
hereto..

SIGNED, SEALED AND DELIVERED

OBJECTIME LIMITED

By:
      --------------------------
        James McGee, President

 -------------------------                      -------------------------
Witness                                         'FIRSTNAME'  'LASTNAME'

SCHEDULE "A"

NOTICE OF EXERCISE OF OPTION

[DATE]

Attention:      President

Dear Sir:

Re:             Stock Option

Please be advised that I,                                  being the holder
of an option to purchase Class 7 Special Shares of ObjecTime Limited
(the "Corporation") at the exercise price of CDN$                per share,
hereby exercise my option to purchase            of such Class 7
Special  Shares (the "Purchased Shares") of the Corporation.  I enclose
my cheque payable to the Corporation for $
representing  the full purchase price for the Purchased Shares.  Please
arrange for delivery to me of a certificate representing the Purchased
Shares registered as follows:

 --------------------------------------------
Name in which certificate is to be registered

 ---------------------------------------------
FULL ADDRESS
 ---------------------------------------------

The undersigned hereby  undertakes to comply, to the satisfaction of
the Corporation and its counsel, with all applicable requirements of
any stock exchange or exchanges upon which any securities of the
Corporation are from time to time listed and any applicable regulatory
authority or authorities.

Yours very truly,

 ---------------------------------------------
Signature

 ---------------------------------------------
Name (Please print)

OBJECTIME LIMITED

        THIS CLASS "8" EMPLOYEE SHAREHOLDING AGREEMENT made the * day of *,
19*.

BETWEEN:
                                *
                                of the City of *,
                                in the Province of Ontario,

                                (hereinafter referred to as the "Employee")

AND:
                                ObjecTime Limited, a corporation
                                incorporated under the laws of
                                Canada

                                (hereinafter referred to as the "Corporation")

WHEREAS Employee has exercised an option granted to the Employee by the
Corporation and has thereby acquired certain Class 8 Shares of the
Corporation;

AND WHEREAS the option agreement entered into between the Employee and
the Corporation provides that the Employee shall, as a condition to the
issuance of the shares to the Employee by the Corporation pursuant to the
option agreement, enter into this agreement;

IN CONSIDERATION of the mutual covenants herein contained and the issue
to the Employee of the Employee's Shares, the parties hereto covenant and
agree as follows:

        ARTICLE 1.00 -- DEFINITIONS AND INTERPRETATION

1.01    Definitions  - As used in this Agreement, the following words and
phrases mean:

        (a)     "Agreement" means this Agreement and any written amendments
thereto executed by both the Corporation and the Employee;

        (b)     "Book Value of the Corporation" means the amount paid up in
respect of all Special Shares of the Corporation at the
relevant date together with the aggregate of the retained
earnings and of all other surplus accounts of the
Corporation, determined in accordance with generally accepted
accounting principles, after deducting therefrom all declared
but unpaid dividends, on any shares ranking in priority to
the Employee's Shares;

        (c)     "Book Value of the Employee's Shares" means the amount
obtained by multiplying the Book Value of the Corporation at
the relevant date by a fraction, the numerator of which is
the total number of the Employee's Shares and the denominator
of which is the total number of issued voting Special Shares
of all classes at the same date;

        (d)     "Call Notice" means the notice referred to in Section 2.01
hereof;

        (e)     "Date of Closing" means thirty (30) days after the delivery
of the Call Notice;

        (f)     "Employee's Shares" means the Class "8" Special Shares
allocated and issued to the Employee under the terms of this
Agreement and all such other shares of the Corporation into
which such Class "8" Special Shares may at any time be
converted, subdivided, consolidated or otherwise transformed;

        (g)     "Fair Market Value" means the amount determined under
Schedule "A" attached hereto;

        (h)     "Fair Market Value of the Employee's Shares" means the amount
determined under Schedule "A" attached hereto;

        (i)     "Founding Shareholders' Agreement" means the agreement among
Ian Engelberg, Garth Gullekson, James McGee, Branislav Selic
and ObjecTime Limited dated the 1st day of January, 1995 to
regulate the rights and obligations of the parties thereto;

        (j)     "Paid Up Amount of the Employee's Shares" means the actual
amount of money paid to the Corporation by the Employee for
the purchase of the Employee's Shares at the time of their
issue.

        (k)     "Place of Closing" means the offices of the solicitors for
the Corporation or such other place as may be agreed to by
the Corporation and the Employee;

        (l)     "Prime Bank Rate" means the commercial lending rate of
interest, expressed as an annual rate, which the
Corporation's principal bankers quote in Ottawa as its prime
lending rate which it charges to its commercial customers for
loans in Canadian funds;

        (m)     "Purchase Price" means in respect of the purchase and sale of
the Employee's Shares under this Agreement:

                (i)     the Paid Up Amount of the Employee's Shares, in respect
of all the Employee's Shares acquired by the Employee
during the two year period immediately prior to the
delivery date of the Call Notice;

                (ii)    the Book Value of the Employee's Shares, in respect of
all the Employee's Shares acquired by the Employee at
any time more than two (2) years and less than four (4)
years immediately prior to the delivery date of the
Call Notice;

                (iii)   the Fair Market Value of the Employee's Shares, in
respect of all the Employee's Shares acquired by the
Employee at any time more than four (4) years
immediately prior to the delivery date of the Call
Notice.

Provided that, if the amount determined under paragraphs (ii)
and (iii) above is less than the Paid Up Amount, the Purchase
Price shall be the Paid Up Amount.

                For purposes of this Agreement and, in particular of the
calculation of the Purchase Price, the Employee's Shares
shall be deemed to have been acquired by the Employee on *.

        (n)     "Special Shares" means, collectively, all those issued Class
"1" Special Shares, Class "2" Special Shares, Class "3"
Special Shares, Class "4" Special Shares, Class "5" Special
Shares, Class "6" Special Shares, Class "7" Special Shares,
Class "8" Special Shares and any other issued Special Shares
created at any time by the Corporation with an attribute of
sharing pari passu with all other Special Shares;

        (o)     "Time of Closing" means 2:00 p.m. or such other time on the
Date of Closing as may be agreed to by the Employee and the
Corporation.

[NOTE: Articles 2,  3 and 4 shall be deleted from this agreement in the
event that Shares are acquired as a result of the exercise of an option
under paragraphs 11 or 12.1 of the ObjecTime Limited 1998 Canadian Stock
Option Plan or paragraphs 11 or 12.1 of the ObjecTime Limited 1998 US
Stock Option Plan.]

        ARTICLE 2.00 -- "CALL" PRIVILEGE

2.01    Call Notice  - At any time after the Employee either resigns from
his or her employment with the Corporation or is terminated for cause (as
defined in the ObjecTime Limited Stock Option Plans) by the Corporation,
the Corporation shall have the right to send a notice in writing to the
Employee requiring the Employee to sell to the Corporation all, but not
less than all, the Employee's Shares and upon receipt of such notice the
Employee shall be required to sell and the Corporation required to
purchase all the said Employee's Shares upon and subject to the terms and
conditions hereinafter set out.

2.02    Purchase Price  - The Purchase Price shall be determined as of the
last day of the month in which the Call Notice shall have been given to
the Employee.

        ARTICLE 3.00 -- GENERAL SALE PROVISIONS

3.01    Transfer Restriction  -  Except as provided in Section 2.01 hereof,
the Employee's Shares in the capital of the Corporation may not be
transferred except with the approval, in writing, of at least 75% of the
Special Shares held directly or indirectly by such of Ian Engelberg,
Garth Gullekson, James McGee and Branislav Selic as shall then be
employees of the Corporation.

3.02    Sale Provisions  -  The provisions of this Article shall apply to
any purchase of the Employee's Shares pursuant to the provisions of
Article 2.00 hereof.

3.03    Method of Payment  -  The Purchase Price shall be paid in five
equal annual instalments, without interest, commencing on the Date of
Closing and thereafter each instalment to be paid on each of the next
four anniversary dates of the Date of Closing, subject to the following
terms and conditions:

        (a)     if the purchase price is an amount less than TWENTY-FIVE
THOUSAND ($25,000.00) DOLLARS, it shall be paid in full,
subject to subparagraphs (b) and (c) immediately below, on
the Date of Closing;

        (b)     all amounts paid in any fiscal year on all purchases of
Special Shares of the Corporation under the Founding
Shareholders' Agreement, this Agreement and under all other
shareholding agreements with other employees or former
employees of the Corporation shall not in any event exceed
20% of the amount of Retained Earnings determined in the
accounts of the Corporation for the immediately preceding
fiscal year of the Corporation, which Retained Earnings shall
be calculated in accordance with generally accepted
accounting principles applied on a basis consistent with the
previous year;

        (c)     if the Retained Earnings for the immediately preceding fiscal
year shall be inadequate to pay all the amounts payable in
any year for the purchase of Special Shares of the
Corporation, the amount to be paid to the Employee in this
Agreement shall abate on a pro rata basis with all other
amounts required to be paid on the purchases of such Special
Shares of the Corporation and all amounts, in arrears,
required to be paid to the Employee under the terms of this
Agreement shall be carried over to and be paid in the next
year and such unpaid arrears shall bear interest at the Prime
Bank Rate until fully paid, provided that, again in each
year, the limit of 20% shall apply, and so on until all
amounts shall be paid to the Employee hereunder and, in
respect thereof, the oldest amounts owed to the Employee
under this Agreement shall be deemed to be paid first; and

        (d)     notwithstanding any other terms of this Agreement, any
balance due to the Employee under this Agreement may be
prepaid in whole or in part at any time or times without
notice or bonus.

3.04    Documents on Closing  -  At the Time of Closing, the Employee
shall:

        (a)     assign and transfer to the Corporation the Employee's Shares
and shall deliver the required share certificate(s) duly
endorsed for transfer into the Corporation's name;

        (b)     do all other things required in order to deliver good and
marketable title to the Employee's Shares to the Corporation
free and clear of any claims, liens and encumbrances
whatsoever, including, without limitation, the delivery of
any governmental releases and declarations of transmission.
Provided that, if at the Time of Closing the Employee's
Shares are not free and clear of all claims, liens and
encumbrances, the Corporation may, without prejudice to any
other rights which it may have, purchase the Employee's
Shares subject to such claims, liens and encumbrances.  In
that event, the Corporation shall, at the Time of Closing,
assume all obligations and liabilities with respect to such
claims, liens and encumbrances and the Purchase Price payable
by the Corporation for the Employee's Shares shall be
satisfied, in whole or in part, as the case may be, by such
assumption.  The amount so assumed shall reduce the Purchase
Price payable at the Time of Closing;

        (c)     deliver to the Corporation a release by the Employee of all
the Employee's claims against the Corporation with respect to
any matter or thing up to and including the Time of Closing
in respect of the Employee's position as a shareholder of the
Corporation, except for any claims which might arise out of
the transaction of purchase and sale herein contemplated;

        (d)     either provide the Corporation with evidence reasonably
satisfactory to the Corporation that the Employee is not then
a "non-resident" of Canada within the meaning of the Income
Tax Act (Canada) or provide the Corporation with a
certificate pursuant to Subsection 116(2) of the Income Tax
Act (Canada) with a certificate limit in an amount not less
than the Purchase Price for the Employee's Shares; provided
that if such evidence or certificate is not forthcoming, the
Corporation shall be entitled to make the payment of tax
required under Article 116 of the Income Tax Act (Canada) and
to deduct such payment from the Purchase Price for the
Employee's Shares.

3.05    Release of Employee  -  At the Time of Closing, the Corporation
shall deliver to the Employee a release by the Corporation of all its
claims against the Employee with respect to any matter or thing arising
as a result of the Employee being a shareholder of the Corporation,
except for any claims which might arise out of the wrongdoing of the
Employee or out of the transaction of purchase and sale herein
contemplated.

3.06    Power of Attorney  -  If, at the Time of Closing, the Employee
fails to complete the subject transaction of purchase and sale, the
Corporation shall have the right, if not in default under this Agreement,
without prejudice to any other rights which it may have, upon payment of
the Purchase Price payable to the Employee at the Time of Closing to the
credit of the Employee in the main branch of the Corporation's bankers in
the City of Ottawa, to execute and deliver, on behalf of and in the name
of the Employee, such deeds, transfers, share certificates, resignations
or other documents that may be necessary to complete the subject
transaction and the Employee hereby irrevocably appoints the Corporation
as the Employee's attorney with full power and authority available under
the Powers of Attorney Act, R.S.O. 1980, c. 386 to transfer the
Employee's Shares, and, in accordance with the said Act, the Employee
declares that this power of attorney may be exercised during any
subsequent legal incapacity on the Employee's part.

        ARTICLE 4.00 -- EMPLOYMENT CONSIDERATION

4.01    Full Consideration  -  The Employee acknowledges that the Purchase
Price of the Employee's Shares as set out in this Agreement will be and
is a full and fair consideration for such Shares and, in the event that
the Corporation delivers to the Employee a Call Notice under Article 2
hereof, the Employee hereby agrees to accept the Purchase Price in full
and complete satisfaction of any and all rights which the Employee has in
respect of such Employee's Shares and shall release and forever discharge
the Corporation in respect of such Employee's Shares without further
demand, claim or complaint in respect thereof.

ARTICLE 5.00 MANDATORY SALE TO THIRD PARTY

5.01    If an independent third party shall make a bona fide offer
(an "Offer") to purchase all of the shares of the Corporation held by
all of the shareholders of the Corporation which the holders of shares
entitled to not less than 75% of the votes attaching to shares of the
Corporation wish to accept (the "Majority") (such offer to be in cash
or marketable securities readily convertible into cash) but which other
shareholders (the "Minority") do not wish to accept, and such Offer is
conditioned upon its acceptance by all the shareholders, the Majority
may, by notice in writing given to the Minority at any time 30 days or
more prior to the expiry of the Offer, require the Minority to elect to
sell their shares pursuant to the Offer or to purchase from the
Majority at the same price specified in the Offer all of the shares
held by the Majority, such election to be notified to the Majority not
less than 10 days prior to the expiry of the Offer.  If the Minority
fail to make the required election within the time so limited they
shall be deemed to have elected to sell their shares pursuant to the
Offer.  If the Minority elect to purchase the shares held by the
Majority, such purchase shall be completed and paid for not later than
30 days following such election.

        ARTICLE 6.00 -- TERMINATION

6.01    Prior Agreements  -  All prior agreements between the Employee and
the Corporation regarding the Employee Shares, whether written or oral,
are hereby terminated.

6.02    Termination  -  Notwithstanding any other provision of this
Agreement to the contrary, this Agreement shall terminate and be of no
effect in the event the Corporation shall cease to be a private company
and, for the purpose thereof, "cease to be a private company" means the
issue under the Business Corporations Act (Ontario) of Articles of
Amendment to delete such of the following clauses as shall be in the
Articles of Incorporation, namely:

        (a)     any limitation on the number of shareholders;
        (b)     any restriction on the transfer of shares; and
        (c)     any prohibition against advertising or issuing shares to the
public.

        ARTICLE 7.00 -- GENERAL CONTRACT PROVISIONS

7.01    Share Notation  -  All certificates for Class "8" Special Shares of
the Corporation representing the Employee's Shares shall have the
following legend endorsed thereon forthwith after the execution of this
Agreement:

                "The shares represented by this certificate are
subject to an agreement dated the * day of *,
19*, made between the holder of this certificate
and ObjecTime Limited."

7.02    Share Deposit  -  The original share certificate for all Employee's
Shares shall be held in escrow safekeeping by the Secretary of the
Corporation and the Employee shall receive a deposit certificate signed
by the Secretary certifying the number of Class "7" Shares so held in
escrow safekeeping by the Secretary on behalf of the Employee.

7.03    Notices  -  All notices, requests, demands or other communications
by the terms hereof required or permitted to be given by one party to
another shall be given in writing by personal delivery or by registered
mail, postage prepaid, addressed to such other party or delivered to such
other party as follow:

or at such other address as may be given by any of them to the others in
writing from time to time and such notices, requests, demands or other
communications shall be deemed to have been received when delivered, or,
if mailed, forty-eight (48) hours after 12:01 a.m. on the day following
the day of the mailing thereof; provided that if any such notice,
request, demand or other communication shall have been mailed and if
regular mail service shall be interrupted by strikes or other
irregularities, such notices, requests, demands or other communications
shall be deemed to have been received forty-eight (48) hours after 12:01
a.m. on the day following the resumption of normal mail service.

7.04    Time  -  Time shall be of the essence of this Agreement and of
every part hereof and no extension or variation of this Agreement shall
operate as a waiver of this provision.

7.05    Entire Agreement  -  This Agreement constitutes the entire
agreement between the parties hereto with respect to the Employee's
Shares and its execution has not been induced by, nor do any of the
parties hereto rely upon or regard as material, any representations or
writings whatsoever not incorporated herein and made a part hereof.

7.06    Binding Nature  -  This Agreement shall enure to the benefit of and
be binding upon the parties hereto and their respective heirs, executors,
administrators, successors, assigns and legal representatives.

IN WITNESS WHEREOF the parties have duly executed this Agreement this *
day of *, 19*.

SIGNED, SEALED AND DELIVERED
in the presence of:

 --------------------------       -----------------------------

                                  ObjecTime Limited

                                  By:
                                  -----------------------------
                                  Name:   James McGee

                                  Office:  President  c/s

                                  By:
                                  -----------------------------
                                  Name: Jim Ablett

                                  Office: Vice President, Finance

                FAIR MARKET VALUE OF THE EMPLOYEE'S SHARES

        The Fair Market Value of the Employee's Shares shall be determined
by the Board of Directors of the Corporation, having regard to the
following rules and procedures:

        (a)     that the fair market value of each of the Employee's Shares
shall be identical to the fair market value of each Special
Share of the Corporation without regard to separate classes
of Special Shares;

        (b)     that the Board of Directors shall carefully review and
examine each of the following sources of information in
determining fair market value, namely:

                (i)     the financial operating results in the current year
since the last fiscal year end;

                (ii)    the financial statements of the Corporation in the
three immediately preceding fiscal years, placing major
weight, in its determination, on the performance
results in the most recent fiscal year end;

                (iii)   the recent determinations, if any, of the fair market
value in Schedule "A" of the Founding Shareholders'
Agreement;

                (iv)    the recent valuations of the Corporation, if any, made
by a business valuator under the terms of the Founding
Shareholders' Agreement; and

                (v)     all other relevant considerations in determining the
fair value of the Corporation's Special Shares applied
in accordance with generally accepted valuation
principles; and

        (c)     that the fair market value of each of the Employee's Shares
as determined by the Board of Directors shall be confirmed as
to its reasonableness by the firm of chartered accountants
retained by the Corporation  to review or to audit the
accounts, as the case may be, of the Corporation; and

        (d)     that the Purchase Price of the Employee's Shares being
purchased and sold under Article 2.00 shall be determined by
dividing the Fair Market Value of all the issued Special
Shares determined in the manner hereinbefore set out by all
the Special Shares then issued and outstanding, of all
classes and multiplying the resulting amount by the number of
the Employee's Shares being purchased and sold as aforesaid
provided that, for the purpose of determining the Fair Market
Value the calculation thereof and the determination of the
number of Special Shares and of the Employee's Shares shall
be made at the end of the month in which the Call Notice
shall have been made.

ObjecTime Limited
Option Agreement Amendment

To:  'FIRST NAME'  'LAST NAME'
     (hereafter referred to as the "Optionee"

From: ObjecTime Limited
A corporation incorporated under the laws of Canada having its Head office at
340 martch Road, Kanata, Ontario (hereafter referred to as the "Corporation".)

Date: January 7, 1999

WHEREAS the Optionee and the Corporation entered into an option agreement dated
the 10th  day of November, 1997 (the "Optionee Agreement")  pursuant to the
ObjecTime Limited U.S. Option Plan (1997);

AND WHEREAS on January 7, 1999, the Corporation amended the ObjecTime Limited
Canadian Stock Option Plan (1997) and ObjecTime Limited U.S. Stock Option Plan
(1997) to, among other things, provide for an acceleration of the vesting
schedule to the options granted under the Option Agreement;

AND WHEREAS the Corporation wishes to provide the Optionee with the revised
vesting schedule for the Options which are subject to the Option Agreement;

AND WHEREAS capitalized terms used herin and not defined herein shall have the
meanings given to such terms in the Option Agreement;

NOW THEREFORE, in consideration of the mutual covenants herein and other good
and valuable consideration (the reciept and sufficiency of which is hereby
acknowledged by each of the parties), the parties hereto covenant and agree as
follows:

1.  AMENDMENTS TO THE OPTION AGREEMENT.  The Option Agreement is hereby amended
by deleting paragraph 1 and replacing it with the following new paragraph 1:

"1. OPTION TO PURCHASE SHARES
1.1 Pursuant to the ObjecTime Limited U.S. Stock Opotion Plan (1997),
established by the Corporation effective as of September 30, 1997, as amended
by the Corporation on January 7, 1999 (the "Plan"), the Corporation hereby
grants to the Optionee, subject to the terms and conditions hereinafter set
out, an irrevocable option (the "Option"), to purchase up to an aggregate of
'total options' Class A Preferred Shares (the "Optioned Shares") at the exercise
price (the "Exercise Price") specified below under the heading "Exercise
Price", commencing on the date set forth below under the heading Vesting
Commencement Date ("the Vesting Commencement Date"), until 5:00 p.m. (Ottawa
time) on the date specified below under the heading "Expiry Date" (the "Expiry
Date"):

OPTIONED SHARES     EXERCISE PRICE       VESTING                EXPIRY DATE
                                         COMMENCEMENT DATE
 --------------    -----------------    ------------------    -------------
'Original Option'  'Exercise Price'     'Start Date'          'Expiry Date'
'FY97Option'       'FY97Price'          'FY97Grant'           'FY97Expiry'

1.2 The Optionee may exercise and take up and pay for not more than 50% of the
Optioned Shares on or after the first anniversary of the Vesting Commencement
Date. After the first anniversary of the Vesting Commencement Date the balance
of the Optioned Shares shall vest in equal installments at the rate of 1/24
per month each month for the 24 months following the first anniversary of the
Vesting Commencement Date. If the number of Optioned Shares purchased by the
Optionee following an Exercise Date is less than the number of Optioned Shares
in respect of which the Option is then exercisable, the Optionee shall have the
right, at any time prior to the Expiry Date, to exercise the Option and
purchase such number of Optioned Shares in respect of which the Option was
exercisable but which were not purchased by the Optionee following any such
preceding Exercise Date.

1.3 At 5:00 p.m. (Ottawa time) on the Expiry Date the Option hereby granted
shall immediatley cease and terminate and be of no further force or effect
whatsoever as to such of the Opitoned Shares in respect of which the Option
hereby granted has not been exercised."

2. CONFIRMATION OF REMAINING PROVISIONS.  Except as amended herein, all other
provisions of the Option Agreement shall continue in full force and effect.

IN WITNESS WHEREOF this amendment to the Option Agreement has been executed by
the parties hereto.

SIGNED, SEALED AND DELIVERED

ObjecTime Limited

By:______________________________
   James McGee, President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00000-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00000-of-00352.parquet"}]]