Document:

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                                                             Exhibit 10.2

                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT (this "AGREEMENT") is entered into as of
the 1st of April 2001, between Carreker Corporation, a Delaware corporation
(the "COMPANY"), and ROBERT HALL.

                                    RECITALS

         ROBERT HALL agrees to commence employment by the Company effective
April 1, 2001.

         This Agreement sets forth in definitive form the terms of ROBERT
HALL's employment by the Company. As such, this Agreement supersedes any
prior employment agreements in entirety.

         NOW, THEREFORE, in consideration of the foregoing and the mutual
agreements of the parties contained herein, the Company and ROBERT HALL
hereby agree as follows:

         1.       EMPLOYMENT. The Company will employ ROBERT HALL And ROBERT
HALL accepts employment with the Company for a period of three (3) years
beginning April 1, 2001 (the "INITIAL PERIOD"). This Agreement shall
automatically renew for successive one (1) year terms ("Renewal Periods")
unless either party notifies the other six (6) months in advance of the
expiration of the Initial or any Renewal Period. ROBERT HALL's employment may
continue after the Initial or any Renewal Period but he will then be deemed
an employee at will under Texas law. The obligations of the Company and
ROBERT HALL set forth in that certain "Noncompetition, Property Rights and
Trade Secrets Agreement" and in that certain "Confidentiality Agreement"
(each as defined in Section 7 and attached as Attachments A and B to this
Agreement) (referring to noncompetition, intellectual property rights and
confidentiality, respectively) and in Section 8 (referring to termination)
will survive termination of ROBERT HALL's employment, regardless of reason,
as provided in such agreements.

         2.       DUTIES. ROBERT HALL Will be employed initially as President
of the Revenue Enhancement division, reporting directly to J.D. Carreker,
Jr., Chairman and Chief Executive Officer. ROBERT HALL shall be responsible
for the Revenue Enhancement division, participating in the leadership and
direction of the Company; and participating as a member of the Policy
Committee and Administration. A Chief of Staff, Chief Operations Officer or
employee of similar position irrespective of title, will report to ROBERT
HALL and will be primarily responsible for managing the day-to-day operations
of the Company's Revenue Enhancement division. ROBERT HALL shall have such
authority as Mr. Carreker determines is reasonably necessary to perform his
duties, provided that at no time shall ROBERT HALL's duties or authority be
reduced below a level equivalent to head of a division of comparable size and
scope or changed to a different division from the Revenue Enhancement
Division without his consent. ROBERT HALL shall not be required to perform
services at any location outside the Dallas, Texas metropolitan area, other
than reasonable business travel.

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         ROBERT HALL agrees that, to the best of his ability and experience,
he will at all times conscientiously perform such duties and obligations as
may be assigned to him in good faith, consistent with his position, by the
Company's Chief Executive Officer.

         3.       FULL-TIME EMPLOYMENT. ROBERT HALL's employment will be on a
full-time basis, in accordance with standard employee policies of the
Company, including the rules of any employee handbook and all other rules and
policies the Company might announce from time to time. In addition to such
restrictions as are set forth in the Noncompetition, Property Rights and
Trade Secrets Agreement referenced herein, ROBERT HALL will not engage in any
other business or render any commercial or professional services, directly or
indirectly, to any other person or organization, whether for compensation or
otherwise, provided that ROBERT HALL may (a) provide incidental assistance to
family members on matters of family business; or (b) engage in charitable
activities on behalf of civic, educational or other nonprofit organizations;
(c) serve with or without compensation on advisory boards of directors; and
(d) serve with or without compensation on non-competitor boards of directors;
provided in each case that such activities do not conflict with or interfere
with ROBERT HALL's normal full-time and first priority obligations to the
Company, and provided further that with respect to service on boards of
directors of any type, ROBERT HALL shall obtain prior written consent of the
Chairman of the Company, which consent shall not be unreasonably withheld or
delayed. ROBERT HALL may make personal investments in non-publicly traded
corporations, partnerships or other entities that, to the knowledge of the
Company, are not at the time of such investment engaged in any business
activities competitive with the Company. Notwithstanding anything to the
contrary contained in this Agreement, ROBERT HALL may make personal
investments in publicly traded corporations regardless of the business they
are engaged in, provided that ROBERT HALL does not at any time own in excess
of two percent (2%) of the issued and outstanding stock of any such
corporation. The Company acknowledges that the foregoing restrictions do not
apply to any stock that ROBERT HALL now or hereafter may own in Exchange
Applications, Inc. (a/k/a "Xchange").

         4.       SALARY; POTENTIAL INCENTIVE COMPENSATION; STOCK OPTIONS.

                  (a) SALARY AND POTENTIAL INCENTIVE COMPENSATION. ROBERT
HALL's annual base salary for the Initial or any Renewal Period will be
$350,000 unless and until increased as set forth below. All base salary will
be payable on the Company's regular payroll dates, less required
withholdings. At least annually, ROBERT HALL's annual base salary shall be
reviewed by the Board of Directors or a committee thereof, and, may, in their
sole discretion, be increased from time to time during the Initial or any
Renewal Period in light of merit, cost of living changes, and base
compensation levels for similar executive positions in the Company's industry.

                  (b) COMPANY BONUS PLAN. The Company bonus plan operates on
a February 1 through January 31 time frame and will provide ROBERT HALL the
opportunity to earn a bonus when the Company meets certain profitability
goals. The target bonus for ROBERT HALL's position for each annual period is
set at 70% of base salary. The Chairman

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and Chief Executive Officer in his sole discretion, will determine the actual
amount received. It is possible to receive more than the target percentage
based on the Company exceeding the Incentive Plan and at the discretion of
the Chairman and Chief Executive Officer. ROBERT HALL acknowledges that the
Company's Board of Directors has complete and sole discretion (exercisable in
good faith) to establish and revise any and all of the Company's bonus plans
and payout levels; provided, however, that no such action may retroactively
alter or limit the amount of any incentive compensation actually and
previously earned by ROBERT HALL.

                  (c) STOCK OPTIONS. A recommendation will be presented to
the Compensation Committee of the Board of Directors for ROBERT HALL to
receive a non-qualified stock option of 110,000 shares of common stock. The
recommended vesting will be a four (4) year schedule, 25% vesting for each
year of continuous service and employment. The per share option price will be
determined as market value (closing price) on the day of grant. Every effort
will be made to coincide the date of grant with ROBERT HALL's first day of
work. If ROBERT HALL should receive stock options on a vesting schedule, all
unvested options shall vest immediately upon the occurrence of any of the
following: a Change of Control (as defined below), the termination by the
Company of ROBERT HALL's employment without Cause, ROBERT HALL's resignation
pursuant to Section 8(b) of this Agreement, ROBERT HALL's permanent
disability, or ROBERT HALL's death. Each such option shall be issued under
and pursuant to the Company's Amended and Restated 1994 Long-Term Incentive
Plan, with terms and conditions as provided therein except as expressly
provided herein. ROBERT HALL will also be eligible to receive such other
options that the Company's Board of Directors shall, in its sole discretion,
hereafter determine to grant to him.

                  For purposes of this Agreement, a Change of Control shall
have occurred if, as the result of a completed tender offer, merger,
consolidation, sale of assets, acquisition of shares or contested election,
or any combination of the foregoing transactions, (a) any person (other than
J.D. Carreker, his heirs, Crow Family Partnership, L.P., or affiliates of any
of them) shall become the owner, beneficially or of record, of more than
fifty percent (50%) of the aggregate voting power of the Company, or (b)
during any period of two (2) consecutive years, individuals who at the
beginning of such period constituted the Board of Directors of the Company
(together with any new directors whose election to such board or whose
nomination for election by the shareholders of the Company was approved by
the directors then still in office who were either directors at the beginning
of such period or whose election or nomination for election was previously so
approved) cease to constitute a majority of the Board of Directors of the
Company, or (c) a merger or consolidation of the Company with any other
corporation, other than a merger or consolidation which would result in the
voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity) more than fifty
percent (50%) of the combined voting power of the voting securities of the
Company or such surviving entity outstanding immediately after such merger or
consolidation; PROVIDED, HOWEVER, that a merger or consolidation in which the
Company is the surviving entity (other than as a wholly owned subsidiary of
another entity) and in which the Board of the Company after giving effect to
the merger or consolidation is comprised of a majority of members who are
either (i) directors of the Company immediately preceding the merger or
consolidation, or (ii) appointed to the Board of

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the Company by the Company (or its Board) as an integral part of such merger
or consolidation, shall not constitute a Change in Control of the Company; or
(d) the stockholders of the Company approve a plan of complete liquidation of
the Company or the sale or disposition by the Company of all or substantially
all of the Company's assets other than (x) the sale or disposition of all or
substantially all of the assets of the Company to a person or persons who
beneficially own, directly or indirectly, at least fifty percent (50%) or
more of the combined voting power of the outstanding voting securities of the
Company at the time of the sale or (y) pursuant to a dividend in kind or
spin-off type transaction, directly or indirectly, of such assets to the
stockholders of the Company.

         5.       BENEFITS. ROBERT HALL will also be entitled to insurance,
vacation and other employee benefits commensurate with his position (and
reasonably consistent with the benefits afforded other executive officers of
the Company) in accordance with the Company's standard employee policies in
effect from time to time. ROBERT HALL acknowledges receipt of a summary of
the Company's standard employee benefits policies in effect as of the date of
this Agreement.

         6.       REIMBURSEMENT OF SPECIAL EXPENSES AND NORMAL BUSINESS
EXPENSES. The Company agrees to reimburse Mr. Hall's out-of-pocket expenses
for monthly dues to a mutually agreed upon country club for entertainment and
networking.

         The Company will, in accordance with the Company's policies in
effect from time to time, reimburse ROBERT HALL for all other out-of-pocket
reasonable business expenses incurred by ROBERT HALL in connection with the
performance of his duties under this Agreement, upon submission of the
required documentation required pursuant to the Company's standard policies
and record-keeping procedures. Reasonable business expenses shall include
business use of a cellular phone and annual Admiral's Club membership. In
addition, from the effective date of this Agreement through the first
anniversary date of this Agreement, upon ROBERT HALL's submission of expense
documentation in accordance with the Company's standard policies and
record-keeping procedures, the Company shall reimburse ROBERT HALL up to the
amount of $2,200 per calendar quarter to cover the cost of life insurance
policy(ies).

         7.       INTELLECTUAL PROPERTY. Simultaneously with the execution of
this Agreement and as a condition of his employment, ROBERT HALL agrees to
execute and deliver (if he has not done so already) that certain Senior Staff
Non-Competition Agreement between him and the Company, a copy of which is
attached to this Agreement as Attachment A ("Noncompetition Agreement"), and
that certain Senior Staff Confidentiality and Intellectual Property Ownership
Agreement between him and the Company, a copy of which is attached to this
Agreement as Attachment B ("Confidentiality Agreement").

         8.       TERMINATION.

                  (a) BY THE COMPANY. Notwithstanding Section 1, the Company
may terminate ROBERT HALL's employment at any time during the Initial or any
Renewal Period

<PAGE>

with or without Cause (as defined below), provided that the Company shall
provide ROBERT HALL six months written notice for termination without Cause.
Unless otherwise expressly provided in this Agreement, the Company shall not
be required to provide notice for a termination with Cause.

                  (b) BY ROBERT HALL. During the Initial or any Renewal
Period, ROBERT HALL may terminate his employment if (i) the Company is in
material breach of this Agreement provided, however, that such material
breach shall permit such termination only if the Company shall have been
provided at least 30 days' prior notice and opportunity to cure such material
breach. or (ii) there occurs a material reduction in Employee's position, any
reporting relationship of Employee other than to the Chairman or CEO of the
Company, or any change in the duties that are materially different from
heading the Revenue Enhancement division ("Reduction in Position"), provided
however, that no Reduction in Position shall be deemed to occur until the
expiration of thirty (30) days following written notice being provided to
Company by Employee specifying the nature of such Reduction in Position and
such Reduction continuing during such thirty (30) day period. In the event of
any termination by Employee pursuant to this Section 8(b)(i), Employee shall
be entitled to receive the severance pay, bonuses and benefits provided in
Section 8(c) as if on the effective date of such termination by Employee, the
Employee had been terminated by Company without Cause pursuant to Section
8(a). In the event of any termination by Employee pursuant to this Section
8(b)(ii) or otherwise without Cause, Employee shall be entitled to receive
the severance pay, prorated bonus for the period worked only and benefits
provided in Section 8(c) as if on the effective date of such termination by
Employee, the Employee had been terminated by Company without Cause pursuant
to Section 8(a).

         Without limitation, a failure by the Company to pay to ROBERT HALL
any undisputed amounts due under this Agreement in accordance with the terms
hereof shall be deemed a material breach.

         (c)      REMEDY.

                  (i)      TERMINATION WITHOUT CAUSE. Upon termination of ROBERT
         HALL's employment during the Initial or any Renewal Period without
         Cause pursuant to Section 8(a) or pursuant to Section 8(b) only (at
         which time he shall cease to be an employee of the Company for all
         purposes), the Company will (i) pay to ROBERT HALL as severance pay on
         the Company's regular payroll dates and less required withholdings, the
         base salary at the rate paid to ROBERT HALL immediately prior to such
         termination, for one (1) year from the effective date of termination;
         (ii) pay to ROBERT HALL annual bonuses for one (1) year from the
         effective date of termination, at such time as the Company pays
         bonuses, equal to the bonus to which he would have been entitled under
         Section 4(b) had (x) he not been terminated and (y) the Company's
         profitability through the fiscal quarter ended immediately prior to the
         effective date of termination continued at the same rate throughout the
         applicable bonus period; and (iii) provide ROBERT HALL with the
         opportunity to purchase major medical health and dental insurance
         reasonably comparable to employee benefits then provided to the

<PAGE>

         Company's senior officers in accordance with Consolidated Omnibus
         Budget Reconciliation Act ("COBRA"). Further, to the extent ROBERT HALL
         would otherwise be entitled to a bonus under Section 4(b), the Company
         will pay ROBERT HALL a prorated bonus, for that portion of the relevant
         fiscal year during which he worked, at such time as the Company pays
         bonuses, or portions thereof, to other senior executives of the
         Company. The Company's obligation to reimburse ROBERT HALL's monthly
         country club dues and related fees and business expenses (to the extent
         incurred following the effective date of his termination) as provided
         in Section 6 shall not survive termination.

                  (ii)     TERMINATION WITH CAUSE. If the Company terminates
         ROBERT HALL's employment with Cause, none of the foregoing
         post-termination payments or benefits, or any other post-termination or
         severance payments or benefits, shall be made or provided to ROBERT
         HALL, and he shall be entitled only to such amounts as have accrued to
         him under this Agreement prior to the effective date of termination.

                           In addition to any other remedies that Employer may
         have at law or in equity, the Employer may immediately terminate
         Employee's employment under this Agreement upon the occurrence of any
         of the following events, any of which shall constitute "Cause":

                           A.       Failure of Employee to perform work and
                  duties as set forth herein for ten (10) or more consecutive
                  business days (except during vacation and periods of illness
                  as set forth herein) without giving prior written notice to
                  the Chairman or CEO or his designee and receiving his or her
                  approval of such absence, which approval shall not be
                  unreasonably withheld;

                           B.       The substantial, material and continuing
                  failure of Employee, after reasonable notice thereof, to
                  render services to the Company or any subsidiary in accordance
                  with the terms or requirements of this Agreement, other than
                  as a result of disability, as determined by the Chairman or
                  CEO in his reasonable discretion, provided, however, that
                  failure to meet financial goals shall not be deemed Cause;

                           C.       Employee's commission of an act of
                  embezzlement, fraud, dishonesty, gross negligence, willful
                  misconduct, unlawful discrimination, breach of fiduciary duty
                  to the Company, disloyalty or material theft (whether within
                  the workplace or elsewhere) as determined by the Company in
                  its reasonable discretion, provided that reasonable
                  disagreements or bona fide errors in expense accounts shall
                  not be deemed Cause;

                           D.       Employee's using for his own benefit or the
                  benefit of any third party in violation of the Noncompetition
                  Agreement or the Confidentiality Agreement any material,
                  non-public information, confidential information or

<PAGE>

                  proprietary information of Employer or its respective
                  successors and assigns, or willfully or through gross
                  negligence divulging any such information to third parties
                  that is or may be, in either case, materially harmful to the
                  Employer without the prior written consent of Mr. Carreker or
                  his designee, or any violation by Employee of any of his
                  obligations under the Noncompetition Agreement or of Section 2
                  of the Confidentiality Agreement which is materially harmful
                  to the Employer; or which the Mr. Carreker or his designee
                  determines in his or her reasonable judgment presents a risk
                  of being materially harmful to Employer provided that such
                  violations by Employee with the intent of furthering the
                  business of CARREKER or in the performance of Employee's
                  duties for CARREKER shall not be deemed Cause.;

                           E.       Employee's habitual drunkenness or use of
                  illegal substances or illegal drugs or the use, possession,
                  distribution or being under the influence of alcohol or
                  illegal substances or illegal drugs in the workplace. The only
                  exception is that Employee may consume alcohol reasonably and
                  responsibly, if he or she so chooses, at events and functions
                  including legitimate business events and/or functions where
                  alcohol is legally available; and

                           F.       Employee's continuous failure or refusal to
                  comply, after notice of and a reasonable opportunity to cure
                  such failure or refusal if capable of cure, with the
                  reasonable, nondiscriminatory policies, standards,
                  regulations, instructions, or directions of Employer as they
                  currently exist or as they may be modified from time to time
                  consistent with the terms and conditions of this Agreement
                  (provided that such instructions are made in good faith, are
                  not arbitrary or capricious and do not require Employee to
                  subject himself to criminal liability or material civil
                  liability against which he is not indemnified under the
                  Company's then-existing Officer and Director insurance policy
                  to the same extent as other officers of the Company).

                  (iii)    LIQUIDATED DAMAGES. The Company's obligation to
make payments (and provide COBRA benefits), if any, pursuant to this Section
8(c) is in lieu of any damages and any other payment or other benefits that
the Company might otherwise be obligated to pay ROBERT HALL as a result of
the termination of ROBERT HALL's employment with the Company (including for
claims of employment discrimination, wrongful termination or breach of this
Section 8). The Company and ROBERT HALL agree that, in view of the nature of
the issues likely to arise in the event of such termination, it would be
impracticable or extremely difficult to fix the actual damages resulting from
such termination and proving actual damages, causation and foreseeability in
the case of such termination would be costly, inconvenient and difficult. In
requiring the Company to make the payments (and provide the COBRA benefits)
as set forth herein, it is the intent of the parties to provide, as of the
date of this Agreement, for a liquidated amount of damages to be paid by the
Company to ROBERT HALL. Such liquidated amount shall be deemed full and
adequate damages for such termination and is not intended by either party to
be a penalty.

<PAGE>

         (d)      UPON DEATH. Except as otherwise provided for in this
Agreement, if ROBERT HALL dies during the term of this Agreement, then the
Company will pay his estate an amount equal to all earned and unpaid salary,
prorated bonuses (if any) for that portion of the year of his death during
which he worked, other bonuses (if any) accrued and payable, and accrued
benefits, all as of the date of his death.

         (e)      SURVIVAL. ROBERT HALL's and the Company's obligations under
Sections 7, 8 and 9(h) of this Agreement and, to the extent that any
allowable expenses have not been reimbursed as of the effective date of such
termination, under Section 6 of this Agreement, will survive the termination
of ROBERT HALL's employment with the Company.

         9.       BOARD OF DIRECTORS. The Company will identify ROBERT HALL
to the Board of Directors as a potential director during the first year of
this Agreement.

         10.      MISCELLANEOUS.

                  (a)      NOTICES. Any and all notices permitted or required
to be given under this Agreement must be in writing. Notices will be deemed
given (i) when personally received or when sent by facsimile transmission (to
the receiving party's facsimile number), (ii) on the first business day after
having been sent by commercial overnight courier with written verification of
receipt, or (iii) on the third business day after having been sent by
registered or certified mail from a location on the United States mainland,
return receipt requested, postage prepaid, whichever occurs first, at the
address set forth below or at any new address, notice of which will have been
given in accordance with this Section 10(a):

                  (i) If to the Company:    Carreker Corporation
                                            4055 Valley View Lane, Suite 1000
                                            Dallas, Texas 75244
                                            Attention:  Chief Executive Officer
                                            Phone: (972) 458-1981
                                            Fax: (972) 661-5158

                  (ii)If to ROBERT HALL:    6615 Clearhaven Circle
                                            Dallas, Texas 75248
                                            Phone: (972) 980-7994
                                            Fax: (972) 715-0698

         (b)      AMENDMENTS. This Agreement, including the Attachments
hereto, contains the entire agreement and supersedes and replaces all prior
agreements between the Company and ROBERT HALL concerning ROBERT HALL's
employment and employment benefits (including, without limitation, the letter
agreement referenced in the recitals to this Agreement). This Agreement may
not be changed or modified in whole or in part except by a writing signed by
the party against whom enforcement of the change or modifications is sought.

<PAGE>

         (c)      SUCCESSORS AND ASSIGNS. This Agreement will not be
assignable by either ROBERT HALL or the Company, except that the rights and
obligations of the Company under this Agreement may be assigned to a
corporation which succeeds the Company as the result of a merger or other
corporate reorganization and which continues the business of the Company, or
a subsidiary of the Company, provided that the Company guarantees the
performance by such assignee of the Company's obligations hereunder.

         (d)      GOVERNING LAW. The laws of the State of Texas (without
regard to its choice of law principles that might apply the law of another
jurisdiction) will govern the validity of this Agreement, the construction of
its terms, the interpretation and enforcement of the rights and duties of the
parties, and any other issues that might arise with respect to hereto.

         (e)      NO WAIVER. The failure of any party to enforce any of the
provisions of this Agreement will not be construed to be a waiver of the
right of such party thereafter to enforce such provisions. The waiver by any
party of the right to enforce any of the provisions of this Agreement on any
occasion will not be construed to be a waiver of the right of such party to
enforce such provisions on any other occasion.

         (f)      SEVERABILITY. ROBERT HALL and the Company recognize that
the limitations contained in this Agreement are reasonably and properly
required for the adequate protection of the interests of the Company. If for
any reason a court of competent jurisdiction or an arbitrator in a binding
arbitration proceeding finds any provision of this Agreement, or the
application thereof, to be unenforceable, then the remaining provisions of
this Agreement will be interpreted so as best to reasonably effect the intent
of the parties. The parties further agree that the court or arbitrator shall
replace any such invalid or unenforceable provisions with valid and
enforceable provisions designed to achieve, to the extent possible, the
business purposes and intent of such unenforceable provisions.

         (g)      COUNTERPARTS. This Agreement may be executed in
counterparts, each of which will be an original as regards any party whose
signature appears thereon and all of which together will constitute one and
the same instrument. This Agreement will become binding when one or more
counterparts hereof, individually or taken together, bear the signatures of
both parties reflected hereon as signatories.

         (h)      DISPUTE RESOLUTION.

                  (i)      ARBITRATION OF DISPUTES. Any dispute under this
Agreement shall be resolved by arbitration in Dallas, Texas and, except as
herein specifically stated, in accordance with the commercial arbitration
rules of the American Arbitration Association ("AAA Rules") then in effect,
except that depositions and documentary discovery shall be freely permitted.
However, in all events, these arbitration provisions shall govern over any
conflicting rules that may now or hereafter be contained in the AAA Rules.
Any judgment upon the award rendered by the arbitrator may be entered in any
court having jurisdiction over the subject matter thereof. The arbitrator
shall have the authority to grant any equitable and legal remedies that would
be

<PAGE>

available in any judicial proceeding instituted to resolve such dispute, and
may, in his or her discretion, award attorneys' fees, expenses and costs.

                  (ii)     COMPENSATION OF ARBITRATOR. Any such arbitration
will be conducted before a single arbitrator who will be compensated for his
or her services at a rate to be determined by the parties or by the American
Arbitration Association, but based upon reasonable hourly or daily consulting
rates for the arbitrator if the parties are not able to agree upon his or her
rate of compensation.

                  (iii)    SELECTION OF ARBITRATOR. The American Arbitration
Association will have the authority to select an arbitrator from a list of
arbitrators who are lawyers familiar with Texas contract law; provided,
however, that such lawyers cannot work for a firm then performing services
for either party, that each party will have the opportunity to make such
reasonable objection to any of the arbitrators listed as such party may wish
and that the American Arbitration Association will select the arbitrator from
the list of arbitrators as to whom neither party makes any such objection. If
the foregoing procedure is not followed, then each party will choose one
person from the list of arbitrators provided by the American Arbitration
Association (provided that such person does not have a conflict of interest),
and the two persons so selected will select from the list provided by the
American Arbitration Association the person who will act as the arbitrator.

                  (iv)     PAYMENT OF COSTS. The Company and ROBERT HALL will
each pay 50% of the initial compensation to be paid to the arbitrator in any
such arbitration and 50% of the costs of transcripts and other normal and
regular expenses of the arbitration proceedings.

                  (v)      BURDEN OF PROOF. For any dispute submitted to
arbitration, the burden of proof will be as it would be if the claim were
litigated in a Texas judicial proceeding.

                  (vi)     AWARD. Upon the conclusion of any arbitration
proceedings hereunder, the arbitrator will render findings of fact and
conclusions of law and a written opinion setting forth the basis and reasons
for any decision reached and will deliver such documents to each party to
this Agreement along with a signed copy of the award.

                  (vii)    TERMS OF ARBITRATION. The arbitrator chosen in
accordance with these provisions will not have the power to alter, amend or
otherwise affect the terms of these arbitration provisions or the provisions
of this Agreement.

                  (viii)   NATURE OF REMEDY. Except as specifically otherwise
provided below, arbitration will be the sole and exclusive remedy of the
parties for any dispute arising out of this Agreement.

                  (ix)     EQUITABLE REMEDY. Notwithstanding the provisions
of this Section 10(h) and the arbitration provided for herein, actions
initiated or maintained by the parties for injunctive or similar equitable
relief are not subject to arbitration, and may be brought by the parties in
any court that has jurisdiction, and, should the party bringing any such
action prevail,

<PAGE>

all costs and expenses (including legal fees) shall be borne by the party
against whom such action was brought.

         (i)      CONSTRUCTION. This Agreement is a result of arms length
negotiation between the parties during which each has been represented by
counsel of its choice. Its terms shall not be construed for or against either
party.

         IN WITNESS WHEREOF, the parties have executed this Agreement to be
effective as of the date first set forth above.

CARREKER CORPORATION                                       EMPLOYEE

By:   /s/ George Noga                                      /s/ Robert Hall
      -----------------------------------                  --------------------
      George Noga                                          ROBERT HALL
      Senior Vice President
      and Managing Director<PAGE>

                                                                    Exhibit 10.3

                                LIMITED RECOURSE PROMISSORY NOTE

<TABLE>

<S>                                   <C>                          <C>
Date: March 31, 2001                  Amount: $500,000.00          Maturity Date: March 31, 2004

================================================================================================
Lender:                                                  Borrower:

Carreker Corporation                                     Robert E. Hall
4055 Valley View Lane, # 1000                            6615 Clearhaven
Dallas, Dallas County, Texas 75244-5069                  Dallas, Dallas County, Texas 75248-4019
Attention:  Terry L. Gage, Chief Financial Officer

================================================================================================

</TABLE>

     FOR VALUE RECEIVED, the undersigned Borrower unconditionally promises to
pay to the order of Carreker Corporation, its successors and assigns, without
setoff, at its offices indicated at the beginning of this Promissory Note
(this "Note"), or at such other place as may be designated by Carreker
Corporation, the principal amount of FIVE HUNDRED THOUSAND AND NO/100 Dollars
($500,000.00), together with interest computed daily on the outstanding
principal balance hereunder, at an annual interest rate, and in accordance
with the payment schedule, indicated below.

1.   INTEREST RATE.  The interest rate (the "Rate") shall  be five (5%)
percent per annum.

Notwithstanding any provision of this Note or any other agreement or
commitment between Borrower and Carreker Corporation, whether written or oral,
express or implied, Carreker Corporation shall never be entitled to charge,
receive, or collect, nor shall amounts received hereunder be credited, so that
Carreker Corporation shall be paid, as interest, a sum greater than interest
at the Maximum Rate. It is the intention of the parties that this Note, and
all instruments securing the payment of this Note or executed or delivered in
connection therewith, shall comply with applicable law.  If Carreker
Corporation ever contracts for, charges, receives or collects anything of
value which is deemed to be interest under applicable law, and if the
occurrence of any circumstance or contingency, whether acceleration of
maturity of this Note, prepayment of this Note, delay in advancing proceeds of
this Note, or any other event, should cause such interest to exceed the
maximum lawful amount, any amount which exceeds interest at the Maximum Rate
shall be applied to the reduction of the unpaid principal balance of this Note
or any other indebtedness owed to Carreker Corporation by Borrower, and if
this Note and such other indebtedness are paid in full, any remaining excess
shall be paid to Borrower.  In determining whether the interest exceeds
interest at the Maximum Rate, the total amount of interest shall be spread,
prorated and amortized throughout the entire term of this Note until its
payment in full.  The term "Maximum Rate" as used in this Note means the
maximum nonusurious rate of interest per annum permitted by whichever of
applicable United States federal law or Texas law permits the higher interest
rate, including to the extent permitted by applicable law, any amendments
thereof hereafter or any new law hereafter coming into effect to the extent a
higher Maximum Rate is permitted thereby.

To the extent, if any, that TEX. REV. CIV. STAT. ANN. art. 5069-1D.001 -
1D.016 (TEX. FIN. CODE SECTIONS 303.001 - 303.308), as amended (the "Act"), is
relevant to Carreker Corporation for purposes of determining the Maximum Rate,
the parties elect to determine the Maximum Rate under the Act pursuant to the
"weekly ceiling" from time to time in effect, as referred to and defined in
Article 5069-1D.003 (Section 303.201) of the Act; subject, however, to any
right Carreker Corporation subsequently may have under applicable law to
change the method of determining the Maximum Rate.

2.   ACCRUAL METHOD.  Interest at the Rate set forth above will be calculated
by the 365/360 day method (i.e., a daily amount of interest is computed for a
hypothetical year of 360 days; that amount is multiplied by the actual number
of days for which any principal is outstanding hereunder).

3.   PAYMENT SCHEDULE.  All payments received hereunder shall be applied first
to the payment of any expense or charges payable hereunder or under any other
loan documents executed in connection with this Note, then to interest due and
payable, with the balance applied to principal, or in such other order as
Carreker Corporation shall determine at its option.

     Borrower shall pay the  principal of this Note in full together with all
accrued but unpaid interest thereon on March 30, 2004.

4.   WAIVERS, CONSENTS AND COVENANTS.  Borrower, any indorser or guarantor
hereof, or any other party hereto (individually an "Obligor" and collectively
"Obligors") and each of them jointly and severally: (a) waive presentment,
demand, protest, notice of demand, notice of intent to accelerate, notice of
acceleration of maturity, notice of protest, notice of nonpayment, notice of
dishonor, and any other notice required to be given under the law to any
Obligor in connection with the delivery, acceptance, performance, default or
enforcement of this Note, any indorsement or guaranty of this Note, or any
other documents executed in connection with this Note, including without

<PAGE>

limitation that certain Pledge Agreement ("Pledge Agreement") of even date
herewith between Borrower and Carreker Corporation, or any other note or other
loan documents now or hereafter executed in connection with any obligation of
Borrower to Carreker Corporation (collectively, the "Loan Documents"); (b)
consent to all delays, extensions, renewals or other modifications of this
Note or the Loan Documents, or waivers of any term hereof or of the Loan
Documents, or release or discharge by Carreker Corporation of any of Obligors,
or release, substitution or exchange of any security for the payment hereof,
or the failure to act on the part of Carreker Corporation, or any indulgence
shown by Carreker Corporation (without notice to or further assent from any of
Obligors), and agree that no such action, failure to act or failure to
exercise any right or remedy by Carreker Corporation shall in any way affect
or impair the obligations of any Obligors or be construed as a waiver by
Carreker Corporation of, or otherwise affect, any of Carreker Corporation's
rights under this Note, under any indorsement or guaranty of this Note or
under any of the Loan Documents; and (c) agree to pay, on demand, all costs
and expenses of collection or defense of this Note or of any indorsement or
guaranty hereof and/or the enforcement or defense of Carreker Corporation's
rights with respect to, or the administration, supervision, preservation, or
protection of, or realization upon, any property securing payment hereof,
including, without limitation, reasonable attorney's fees, including fees
related to any suit, mediation or arbitration proceeding, out of court payment
agreement, trial, appeal, bankruptcy proceedings or other proceeding, in such
amount as may be determined reasonable by any arbitrator or court, whichever
is applicable.

5.   PREPAYMENTS.  Borrower shall have the right to prepay, at any time and
from time to time upon three (3) days' prior written notice to Carreker
Corporation, without fee, premium or penalty, all or any portion of the
outstanding principal balance hereof, provided, however, that such prepayment
shall also include any and all accrued but unpaid interest on the amount of
principal being so prepaid through and including the date of prepayment, plus
any other sums which have become due to Carreker Corporation under the other
Loan Documents on or before the date of prepayment, but which have not been
fully paid.  All prepayments of principal shall be applied in such order as
Carreker Corporation shall determine in its sole discretion.

6.   EVENTS OF DEFAULT.  It shall be an event of default under this Note and
each of the other documents executed in connection herewith if any of the
following shall occur:  (a) Borrower shall fail to make any payment of
principal, interest or other amounts under this Note, or on or under any other
Loan Document, when due and such default shall continue for a period of five
(5) Business Days; (b) a default, breach or failure to timely and properly
pay, observe or perform, shall occur on the part of an Obligor under any other
Loan Document and such default, breach, or other failure, if the same can be
cured, shall continue for a period of five (5) Business Days after notice
thereof by Carreker Corporation to such Obligor (provided, that such five (5)
Business Day notice and cure period shall NOT apply for the benefit of
Borrower to any provision of the Loan Documents that expressly otherwise
provides a period for notice, cure, or both); (c) any voluntary bankruptcy
proceeding or any similar action is commenced with respect to an Obligor or
any of such Obligor's assets or with respect to Exchange Applications, Inc. or
any successor thereto; (d) any involuntary bankruptcy proceeding or similar
action is commenced with respect to an Obligor or any of such Obligor's assets
and such proceeding is not dismissed within sixty (60) days after
commencement; (e) any representation or warranty made by an Obligor in
connection with this Note shall be false or incorrect in any material respect
when made or deemed made and, if the same can be made true or corrected, such
falsity or incorrectness shall continue for a period of five (5) Business Days
after notice thereof by Carreker Corporation to such Obligor; (f) the passage
of sixty (60) days following the appointment of an executor or personal
representative following the death or legal incapacity of Borrower, or the
death of any other Obligor (if an individual); (g) the entry of a judgment
against any Obligor that Carreker Corporation deems to be of a material
nature, in Carreker Corporation's sole but reasonable discretion; (h) the
seizure or forfeiture of, or the issuance of any writ of possession,
garnishment or attachment, or any turnover order for, any material property of
an Obligor; or (i) the failure of Borrower to comply with any material law or
material regulation to which he is subject if such failure has a material
adverse effect upon the value of the collateral ("Collateral") covered by the
Pledge Agreement.

7.   REMEDIES UPON DEFAULT.  Whenever there is a default or event of default
under this Note, (a) the entire balance outstanding hereunder and all other
obligations of any Obligor to Carreker Corporation (however acquired or
evidenced) shall, at the option of Carreker Corporation, become immediately
due and payable and any obligation of Carreker Corporation to permit further
borrowing under this Note shall immediately cease and terminate, and/or (b) to
the extent permitted by law, the rate of interest on the unpaid principal
hereof shall be increased at Carreker Corporation's discretion up to the
lesser of (i) the maximum rate allowed by law or (ii) the rate 4% per annum in
excess of the rate that otherwise would apply (the "Default Rate").  The
provisions herein for a Default Rate shall not be deemed to extend the time
for any payment hereunder or to constitute a "grace period" giving Obligors a
right to cure any default.  At Carreker Corporation's option, any accrued and
unpaid interest, fees or charges may, for purposes of computing and accruing
interest on a daily basis after the due date of this Note or any installment
thereof, be deemed to be a part of the principal balance, and interest shall
accrue on a daily compounded basis after such date at the Default Rate
provided in this Note until the entire outstanding balance of principal and
interest is paid in full.   Additionally, Carreker Corporation shall have all
rights and remedies available under each of the Loan Documents, as well as all
rights and remedies available at law or in equity.

8.   NON-WAIVER.  The failure at any time of Carreker Corporation to exercise
any of its options or any other rights hereunder shall not constitute a waiver
thereof, nor shall it be a bar to the exercise of any of its options or rights
at a later date.  All rights and remedies of Carreker Corporation shall be
cumulative and may be pursued singly, successively or together, at the option
of Carreker Corporation.  The acceptance by Carreker Corporation of any
partial payment shall not constitute a waiver of any default or event of
default or of any of Carreker Corporation's rights under this Note.  No waiver
of any of its rights hereunder, and no modification or amendment of this Note,
shall be deemed to be made by Carreker Corporation unless the same shall be in
writing, duly signed on behalf of Carreker Corporation; each such waiver shall
apply only with respect to the specific instance involved, and shall in no way
impair the rights of Carreker Corporation or the obligations of Obligors to
Carreker Corporation in any other respect at any other time.

                                     -2-

<PAGE>

9.   APPLICABLE LAW, VENUE AND JURISDICTION.  Borrower agrees that this Note
shall be deemed to have been made in the State of Texas at Carreker
Corporation's address indicated at the beginning of this Note and shall be
governed by, and construed in accordance with, the laws of the State of Texas
and is performable in the City and County of Texas indicated at the beginning
of this Note.  In any litigation in connection with or to enforce this Note or
any indorsement or guaranty of this Note or any Loan Documents, Obligors, and
each of them, irrevocably consent to and confer personal jurisdiction on the
courts of the State of Texas or the United States courts located within the
State of Texas.  Nothing contained herein shall, however, prevent Carreker
Corporation from bringing any action or exercising any rights within any other
state or jurisdiction or from obtaining personal jurisdiction by any other
means available under applicable law.

10.  PARTIAL INVALIDITY.  The unenforceability or invalidity of any provision
of this Note shall not affect the enforceability or validity of any other
provision herein and the invalidity or unenforceability of any provision of
this Note or of the Loan Documents to any person or circumstance shall not
affect the enforceability or validity of such provision as it may apply to
other persons or circumstances.

11.  BINDING EFFECT.  This Note shall be binding upon and inure to the benefit
of Borrower, Obligors and Carreker Corporation and their respective
successors, assigns, heirs and personal representatives, provided, however,
that no obligations of Borrower or Obligors hereunder can be assigned without
prior written consent of Carreker Corporation.

12.  CONTROLLING DOCUMENT.  To the extent that this Note conflicts with or is
in any way incompatible with any other document related specifically to the
loan evidenced by this Note, this Note shall control over any other such
document, and if this Note does not address an issue, then each other such
document shall control to the extent that it deals most specifically with an
issue.

13.  LIMITED RECOURSE.  Notwithstanding anything contained in this Note or the
other Loan Documents to the contrary, but subject to the qualifications
provided in this Section 13, Carreker Corporation agrees that (i) Borrower
shall be liable upon the indebtedness evidenced by this Note to the full
extent (but only to the extent) of Borrower's interest in that certain stock
of Exchange Applications, Inc. ("Exchange Applications Stock") and proceeds
therefrom which Borrower has pledged to Carreker Corporation under the Pledge
Agreement, (ii) if a default occurs under this Note or under the other Loan
Documents, any judicial proceedings brought by Carreker Corporation against
Borrower shall be limited to the preservation, enforcement and foreclosure, or
any thereof, of the liens, security titles, estates, assignments, rights,
benefits and security interests now or at any time hereafter securing the
payment of this Note and the satisfaction of the other obligations of Borrower
under this Note or under the other Loan Documents, and confirmation of any
sale under power of sale, and no attachment, execution or other writ of
process shall be sought, issued or levied upon any assets, properties or funds
of Borrower other than the Exchange Applications Stock and proceeds therefrom,
except with respect to the liability described below in this Section 13, and
(iii) in the event of a foreclosure of such liens, security titles, estates,
assignments, rights, benefits or security interests securing the payment of
this Note or the other obligations of Borrower under the Loan Documents,
whether by judicial proceedings or exercise of power of sale, no judgment for
any deficiency upon the indebtedness evidenced by this Note shall be sought or
obtained by Carreker Corporation against Borrower, except with respect to the
liability described below in this Section 13.

Notwithstanding the foregoing provisions of this Section 13, Borrower shall be
fully and personally liable and subject to legal action for the following:

(a) for proceeds from the sale of all or any portion of the Exchange
Applications Stock not paid to Carreker Corporation in accordance with the
terms of this Note or the other Loan Documents;

(b) for Borrower's failure to pay any valid taxes or assessments on any
portion of the Exchange Applications Stock or proceed therefrom;

(c) for any fraud or material misrepresentation by Borrower in connection with
this Note or any other Loan Document;

(d) for Borrower's breach of the representations made by Borrower in Section
3.H. of that certain Loan Agreement of even date herewith between Borrower and
Carreker Corporation; and

(e) for Borrower's failure to comply with any of the covenants or agreements
set forth in this Note or the Pledge Agreement.

Notwithstanding anything to the contrary contained in this Note or any of the
other Loan Documents (x) nothing herein shall be deemed to be a waiver of any
right which Carreker Corporation may have under Section 506(a), 506(b),
1111(b) or any other provision of the U.S. Bankruptcy Code to file a claim for
the full amount of the indebtedness evidenced by this Note and the other
obligations of Borrower under the Loan Documents or to require that all
collateral shall continue to secure all indebtedness evidenced by this Note
and the other obligations owing to Carreker Corporation in accordance with
this Note and the other Loan Documents, and (y) Borrower shall be fully and
personally liable and subject to legal action for the indebtedness evidenced
by this Note and the other obligations of Borrower under the Loan Documents
and the foregoing limitation of liability under this Section 13 shall be null
and void and of no force or effect in the event that (i) Borrower should raise
any defense, counterclaim and/or allegation in any foreclosure action by
Carreker Corporation relative to the Exchange Applications Stock or any part
thereof in which Borrower or such representative does not prevail, or (ii) an
action or proceeding is commenced by or against Borrower under any Debtor
Relief Laws, including, without limitation, the Bankruptcy Reform Act of 1978,
as amended, 11 U.S.C. Sections 101 et seq., and the regulations adopted and
promulgated pursuant thereto. Furthermore, all amounts for which Borrower is
fully and personally liable and subject to legal action hereunder shall
include all liabilities, obligations, losses, damages, costs and expenses
(including, without limitation, attorneys' fees), causes of action, suits,
claims, demands and judgments of any nature or description whatsoever which
may at anytime be imposed upon, incurred by or awarded against Carreker
Corporation in connection with this Section 13.  Nothing contained in this
section shall (1) be deemed to be a release or impairment of the

                                     -3-

<PAGE>

indebtedness evidenced by this Note or the other obligations of Borrower under
this Note or the other Loan Documents or the lien of the Loan Documents upon
the Exchange Applications Stock, or (2) preclude Carreker Corporation from
foreclosing under the Loan Documents in case of any default or from enforcing
any of the other rights or remedies of Carreker Corporation except as stated
in this section, or (3) limit or impair in any way whatsoever any indemnity or
guaranty agreement executed and delivered by Borrower or otherwise in
connection with the indebtedness evidenced by this Note or release, relieve,
reduce, waive or impair in any way whatsoever, any obligation of any party to
any such indemnity or guaranty agreement.

14.  ARBITRATION.  ANY CONTROVERSY OR CLAIM BETWEEN OR AMONG THE PARTIES
HERETO INCLUDING BUT NOT LIMITED TO THOSE ARISING OUT OF OR RELATING TO THIS
INSTRUMENT, AGREEMENT OR DOCUMENT OR ANY RELATED INSTRUMENTS, AGREEMENTS OR
DOCUMENTS, INCLUDING ANY CLAIM BASED ON OR ARISING FROM AN ALLEGED TORT, SHALL
BE DETERMINED BY BINDING ARBITRATION IN ACCORDANCE WITH THE FEDERAL
ARBITRATION ACT (OR IF NOT APPLICABLE, THE APPLICABLE STATE LAW), THE RULES OF
PRACTICE AND PROCEDURE FOR THE ARBITRATION OF COMMERCIAL DISPUTES OF
J.A.M.S./ENDISPUTE OR ANY SUCCESSOR THEREOF ("J.A.M.S."), AND THE "SPECIAL
RULES" SET FORTH BELOW.  IN THE EVENT OF ANY INCONSISTENCY, THE SPECIAL RULES
SHALL CONTROL.  JUDGMENT UPON ANY ARBITRATION AWARD MAY BE ENTERED IN ANY
COURT HAVING JURISDICTION.  ANY PARTY TO THIS INSTRUMENT, AGREEMENT OR
DOCUMENT MAY BRING AN ACTION, INCLUDING A SUMMARY OR EXPEDITED PROCEEDING, TO
COMPEL ARBITRATION OF ANY CONTROVERSY OR CLAIM TO WHICH THIS AGREEMENT APPLIES
IN ANY COURT HAVING JURISDICTION OVER SUCH ACTION.

     A.  SPECIAL RULES.  THE ARBITRATION SHALL BE CONDUCTED IN THE COUNTY OF
BORROWER'S DOMICILE  AT THE TIME OF THE EXECUTION OF THIS INSTRUMENT,
AGREEMENT OR DOCUMENT AND ADMINISTERED BY J.A.M.S., WHICH WILL APPOINT AN
ARBITRATOR; IF J.A.M.S. IS UNABLE OR LEGALLY PRECLUDED FROM ADMINISTERING THE
ARBITRATION, THEN THE AMERICAN ARBITRATION ASSOCIATION WILL SERVE.  ALL
ARBITRATION HEARINGS WILL BE COMMENCED WITHIN 90 DAYS OF THE DEMAND FOR
ARBITRATION; FURTHER, THE ARBITRATOR SHALL ONLY, UPON A SHOWING OF CAUSE, BE
PERMITTED TO EXTEND THE COMMENCEMENT OF SUCH HEARING FOR UP TO AN ADDITIONAL
60 DAYS.

     B.  RESERVATION OF RIGHTS.  NOTHING IN THIS ARBITRATION PROVISION SHALL
BE DEEMED TO LIMIT THE APPLICABILITY OF ANY OTHERWISE APPLICABLE STATUTES OF
LIMITATION OR REPOSE AND ANY WAIVERS CONTAINED IN THIS INSTRUMENT, AGREEMENT
OR DOCUMENT; OR LIMIT THE RIGHT OF CARREKER CORPORATION HERETO (A) TO EXERCISE
SELF HELP REMEDIES SUCH AS (BUT NOT LIMITED TO) SETOFF, (B) TO FORECLOSE
AGAINST ANY REAL OR PERSONAL PROPERTY COLLATERAL, OR (C) TO OBTAIN FROM A
COURT PROVISIONAL OR ANCILLARY REMEDIES SUCH AS (BUT NOT LIMITED TO)
INJUNCTIVE RELIEF, WRIT OF POSSESSION OR THE APPOINTMENT OF A RECEIVER.
CARREKER CORPORATION MAY EXERCISE SUCH SELF HELP RIGHTS, FORECLOSE UPON SUCH
PROPERTY, OR OBTAIN SUCH PROVISIONAL OR ANCILLARY REMEDIES BEFORE, DURING OR
AFTER THE PENDENCY OF ANY ARBITRATION PROCEEDING BROUGHT PURSUANT TO THIS
INSTRUMENT, AGREEMENT OR DOCUMENT.  NEITHER THIS EXERCISE OF SELF HELP
REMEDIES NOR THE INSTITUTION OR MAINTENANCE OF AN ACTION FOR FORECLOSURE OR
PROVISIONAL OR ANCILLARY REMEDIES SHALL CONSTITUTE A WAIVER OF THE RIGHT OF
ANY PARTY, INCLUDING THE CLAIMANT IN ANY SUCH ACTION, TO ARBITRATE THE MERITS
OF THE CONTROVERSY OR CLAIM OCCASIONING RESORT TO SUCH REMEDIES.

BORROWER REPRESENTS TO CARREKER CORPORATION THAT THE PROCEEDS OF THIS LOAN ARE
TO BE USED PRIMARILY FOR BUSINESS OR COMMERCIAL PURPOSES.  BORROWER
ACKNOWLEDGES HAVING READ AND UNDERSTOOD, AND AGREES TO BE BOUND BY, ALL TERMS
AND CONDITIONS OF THIS NOTE.

NOTICE OF FINAL AGREEMENT (PURSUANT TO SECTION 26.02 OF THE TEXAS BUSINESS AND
COMMERCE CODE):

THIS WRITTEN PROMISSORY NOTE REPRESENTS THE FINAL AGREEMENT BETWEEN THE
PARTIES, AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR
SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL
AGREEMENTS BETWEEN THE PARTIES.

                                              BORROWER:

                                              /s/ Robert E. Hall
                                              --------------------------
                                              ROBERT E. HALL

                                     -4-

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