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                                                                     EXHIBIT 4.1

                                      TERMS
             APPLYING TO THE NON-INTEREST-BEARING CONVERTIBLE BONDS
                                 ISSUED FOR THE
                      SAP AG 2000 LONG TERM INCENTIVE PLAN

                                    PREAMBLE

Subject to the terms and conditions set forth in the resolutions of the General
Meeting and subject to the approval of the Supervisory Board, the General
Meeting of SAP Aktiengesellschaft Systeme, Anwendungen, Produkte in der
Datenverarbeitung, of Walldorf, Germany ("SAP AG") of January 18, 2000,
authorized the Executive Board to issue non-interest-bearing convertible bonds
for the SAP 2000 Long Term Incentive Plan on one or more occasions not later
than December 31, 2004. To the extent such convertible bonds are issued during
2000, the applicable loan terms are set forth below:
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                                    ARTICLE 1
                                     GENERAL

(1)      SAP AG shall issue bearer convertible bonds, each with a par value of
         euro 3 and each ranking equally with the others, for the SAP 2000 Long
         Term Incentive Plan.

(2)      The convertible bonds shall be represented together in one or more
         general certificates. The general certificates shall bear the
         signatures of two members of the SAP AG Executive Board and that of the
         Chairperson of the SAP AG Supervisory Board, and a check signature. The
         general certificates shall be deposited with Deutsche Borse Clearing
         AG. Rights to the provision of individual certificates are excluded.

(3)      The convertible bonds shall not bear interest.

(4)      The time allowed for presentation under the German Civil Code, article
         801 (1)(first sentence), is shortened to ten years.

                                    ARTICLE 2
                                    REPAYMENT

(1)      SAP AG as the borrower is authorized and undertakes to repay each
         convertible bond at par after the expiration of ten years after their
         issue, but only if the conversion right attaching to such convertible
         bond has not been exercised. Irrespective of the time when the
         convertible bonds are secured and posted to the securities account of
         their holders, the day of issue (the "Issue Date") shall

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         be deemed to be the day on which SAP AG or the credit institution
         managing the issue for SAP AG accepts the SAP 2000 Long Term Incentive
         Plan beneficiary's subscription certificate.

(2)      If the conversion right under a convertible bond lapses in accordance
         with article 7, the convertible bond shall be repaid early at par on
         the day of lapse.

(3)      Subject to the provisions in article 9, neither the borrower nor the
         lender shall have a right of cancellation.

                                    ARTICLE 3
                                CONVERSION RIGHTS

(1)      Subject as is set forth below, until the expiration of the ten-year
         term envisioned in article 2 (1) above holders of convertible bonds are
         entitled to exchange their bonds for non-voting bearer SAP AG
         preference shares. These preference shares carry the same rights under
         the Articles of Incorporation as other preference shares previously
         issued. Each convertible bond having a par value of euro 3 entitles its
         holder to convert the bond to one SAP AG preference share.

(2)      The new preference shares are eligible for dividends from the beginning
         of the first fiscal year for which no general meeting resolution for
         the appropriation of retained earnings had been adopted before the time
         at which the conversion right was exercised.

(3)      The conversion rights are secured by the Contingent Capital approved by
         the

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         SAP AG General Meeting of January 18, 2000. SAP AG as borrower is
         entitled, at SAP AG's option, to satisfy the beneficiary's subscription
         right by issuing to the beneficiary own shares owned by SAP AG rather
         than new preference shares pursuant to the Contingent Capital and the
         beneficiary shall accept, at SAP AG's option, own shares owned by SAP
         AG or new preference shares pursuant to the Contingent Capital in
         satisfaction of the beneficiary's subscription right.

                                    ARTICLE 4
                 VESTING PERIODS, EXERCISE TIMES, EXERCISE DAYS

(1)      Beneficiaries may not convert a bond until a vesting period has
         elapsed. The vesting period for 33% of a beneficiary's conversion
         rights ends two years after the Issue Date (as defined in article 2 (1)
         above). The vesting period for the next 33% ends three years after
         issue of the bonds. The vesting period for the balance ends four years
         after issue of the bonds. Each conversion right associated with a
         convertible bond is exercisable only in whole. Exercise of part of a
         conversion right is excluded.

(2)      Conversion rights cannot be exercised during the following periods: (i)
         between the sixteenth day of the last month of a fiscal quarter and the
         day on which SAP AG announces its provisional results for that quarter
         (inclusive) and (ii) between March 16 in any year and the day of the
         SAP AG Annual General Meeting (inclusive). Further, conversion rights
         cannot be exercised between the day SAP AG publishes, in one of the
         journals recognized by the Frankfurt Stock Exchange for that purpose, a
         subscription offer for new shares of capital stock or for bonds with
         conversion or subscription rights for SAP AG shares, until

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         the last day of the subscription term, inclusive, and for the purposes
         of this provision an offer under the SAP 2000 Long Term Incentive Plan
         or successor participation programs that excludes shareholder
         preemptive rights shall not be a subscription offer for new shares or
         bonds with conversion or subscription rights for SAP AG shares.

(3)      Within the permitted periods for the exercise of conversion rights in
         accordance with (1) and (2) of this article 4, conversion rights can
         only be exercised with effect on January 30, February 15, March 10, May
         15, June 10, July 30, August 15, September 10, October 30, November 15,
         and December 10 ("exercise days") in any year. If the exercise day
         falls on a Saturday or Sunday, or on a public holiday at the place of
         business of the conversion office, the exercise day shall be the next
         bank business day at the place of business of the conversion office.

                                    ARTICLE 5
                            DECLARATION OF CONVERSION

(1)      To exercise their conversion right beneficiaries must furnish a
         conversion declaration using the form provided by SAP AG. The
         conversion declaration may be furnished by fax, e-mail, intranet or
         other comparable electronic communications system provided that the
         original signed conversion declaration envisioned in the German Stock
         Corporation Act, article 198, is available at the place of business of
         the conversion office in duplicate not later than 6 P.M. local time on
         the last bank business day before the exercise day.

(2)      Conversion declarations must be furnished to the conversion office not
         later

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         than 6 P.M. local time on the seventh calendar day prior to the
         exercise day. Conversion declarations deposited later shall be ignored
         and shall not take effect as conversion declarations for the next
         available exercise day. After payment of the conversion price (as
         defined below) the preference shares to be issued by reason of
         conversion will, as instructed in the conversion declaration, be
         delivered by way of deposit credit in the Deutsche Borse Clearing AG
         clearing system or realized for the account of the beneficiary. The
         conversion price is payable to SAP AG on the exercise day.

(3)      The conversion office is Citibank Privatkunden AG, Dusseldorf, Germany.

                                    ARTICLE 6
                                CONVERSION PRICE

(1)      The conversion price for an SAP AG preference share shall equal the
         closing price of the SAP AG preference share quoted on the Frankfurt
         Stock Exchange in the XETRA trading system (or successor system) on the
         last day of trading prior to the Issue Date of the convertible bond.
         When beneficiaries exercise their conversion rights, they will make an
         additional payment for each preference share equal to the amount by
         which the conversion price of the preference share exceeds the par
         value of the converted convertible bond. The conversion price is
         subject to adjustment as is provided below. The conversion price will
         not be less than the lowest issue price within the meaning of article 9
         (1) of the German Stock Corporation Act.

(2)      If, during the term of a convertible bond, the capital stock of SAP AG
         is increased by the issue of new shares or sale of own shares owned by
         SAP AG,

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         or bonds are issued carrying conversion rights or options for
         SAP AG shares, and the holders of preference shares are granted
         subscription rights, then the conversion price shall be reduced in
         proportion as the price of the preference shareholders' preemptive
         rights averaged over all the days on which the preemptive rights were
         traded on the Frankfurt Stock Exchange stands in relation to the SAP AG
         preference share closing price in the Frankfurt Stock Exchange XETRA
         trading system (or its successor system) on the last trading day before
         the issue of the shares on exercise of the preemptive right. Such a
         reduction will not be applied if the holders of the convertible bonds
         are afforded subscription rights that are equivalent to the
         subscription rights of the preference shareholders.

(3)      The conversion price and number of shares issuable is also subject to
         adjustment in the event of changes in corporate structure or
         capitalization during the term of the convertible bond as follows:

         The entitlement of the beneficiary of a convertible bond to acquire
         preference shares by exercising the conversion right increases in
         proportion as the SAP AG capital stock is increased from corporate
         funds by issuing new shares, and the conversion price per share is
         reduced in this same proportion. If capital stock is increased from the
         Company's reserves without issuing new shares (German Stock Corporation
         Act, article 207 (2)(sentence 2)), the conversion right under
         convertible bonds and the conversion price shall remain unchanged. If
         the SAP AG capital stock is reduced, the entitlement of the beneficiary
         of a convertible bond to acquire preference shares by exercising the
         conversion right decreases in proportion as the capital stock is
         reduced, and the conversion price per preference share shall be
         increased in this same proportion. The same provisions apply
         analogously in the event of a splitting or amalgamation of

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         shares.

(4)      If an adjustment is made in accordance with the provisions under (2) or
         (3) of this article 6, fractions of shares will not be issued to
         satisfy conversion rights. Fractional amounts will be balanced in money
         proceeding from the best possible consolidation and sale by the
         conversion office of the fractional entitlements for the account of the
         beneficiaries of convertible bonds.

(5)      SAP AG shall notify the  beneficiaries of convertible  bonds as
         provided in article 9 (4) without delay of any adjustment made in
         accordance with the foregoing provisions.

                                    ARTICLE 7
                                NONNEGOTIABILITY

(1)      Except in the case of death, the convertible bonds are not negotiable.
         Holders of the associated conversion rights may only exercise those
         rights while they are employees of SAP AG or an SAP Group Company and
         termination notice has not been given with respect to their employment.
         Notwithstanding the foregoing provision, holders of conversion rights
         which have vested (as set forth in article 4 (1)) at the time when an
         employment termination notice is served or at the time when the
         employment ends if it is not terminated by notice may, if the
         circumstances envisioned in (2) have not arisen, exercise their
         conversion rights within a grace period of three months after
         employment termination notice is served or the employment ends, subject
         to the provisions in article 4 concerning times when conversion rights
         cannot be exercised. If these conversion rights are not exercised
         within the grace period, they shall lapse at the end thereof.
         Conversion rights which have not vested shall lapse at

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         the time when employment termination notice is served or at the time
         when the employment ends if it is not terminated by notice.

(2)      In the event of death, convertible bonds shall pass to the estate of
         the beneficiary of the convertible bond. The provisions of (1)
         notwithstanding, the conversion rights attaching to the convertible
         bond can be exercised by the successors not later than two years after
         the beneficiary's death. At that time, conversion rights shall lapse.
         The same provisions apply analogously in cases of retirement, mutually
         agreed termination, and where the SAP Group Company through which the
         beneficiary is entitled is retired from the SAP Group.

                                    ARTICLE 8
                                   TERMINATION

(1)    Beneficiaries of convertible bonds may terminate their convertible bonds
       and claim immediate repayment of their convertible bonds at par if:

       *       SAP AG ceases making payments

       *       Insolvency proceedings are brought in respect of the assets
               of SAP AG

       *     SAP AG enters liquidation, except where such liquidation is for the
             purpose of merger or some other form of amalgamation with another
             company and that company assumes all obligations under convertible
             bonds.

(2)    SAP AG as borrower under the convertible bonds may terminate and repay
       the convertible bonds at par not later than expiry of the first vesting
       period if before

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       that time proceedings have been brought challenging the
       validity of any resolution of the General Meeting of January 18, 2000 or
       the special meeting of preference shareholders of the same date.

                                    ARTICLE 9
                            MISCELLANEOUS PROVISIONS

(1)      These terms shall be governed by German Law without regard to its
         conflicts of law principles.

(2)      The place of performance is Walldorf, Germany.

(3)      The place of jurisdiction for all disputes arising out of the matters
         set forth in these loan terms is Heidelberg, Germany.

(4)      All notices required to be given by SAP AG may be given, at the option
         of SAP AG, in writing or by e-mail to the bondholders or in the German
         Federal Gazette (the "Bundesanzeiger").

(5)      To the extent permitted by law, all taxes, social security
         contributions, and other imposts arising in connection with the issue
         of the convertible bonds, the exercise of conversion rights, and the
         assignment of subscribed shares shall be borne exclusively by the
         holders of the convertible bonds.

(6)      If any provision in these loan terms be or become ineffective or
         unenforceable in whole or in part the other provisions shall remain
         unaffected. Where there is

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         a lacuna by reason of the ineffectiveness or unenforceability of a
         provision in these loan terms an appropriate additional provision
         reflecting the interests of the parties shall be construed.

                                   ARTICLE 10
                               CONDITION PRECEDENT

It shall be a condition precedent to the conversion rights attaching to
convertible bonds that the Contingent Capital authorized by the SAP AG General
Meeting on January 18, 2000 shall have been entered in the commercial register
of the Heidelberg District Court.

                                      -11-Exhibit 10.1

AMENDMENT NO. 1

TO EMPLOYMENT AGREEMENT

     
THIS AMENDMENT NO. 1 to employment agreement made as of the
12th day of November, 1999, by and between Stockwalk.com
Group, Inc., a Minnesota corporation (“Company”), and
Robert J. Vosburgh (“Vosburgh”).

W I T N E S S E T H

     
WHEREAS, the parties hereto entered into an Employment Agreement
dated as of August 1, 1999 (“Agreement”); and

     
WHEREAS, the parties hereto desire to clarify and amend the
Agreement and provide for the grant of additional stock options
to Vosburgh.

     
NOW THEREFORE, in consideration of the premises and the mutual
covenants and conditions contained herein, the parties hereto
agree that the Agreement be, and hereby is, supplemented and
amended as follows:

		
	 	     
	1.  Paragraph 1 of the Agreement is replaced with the
	following paragraph:

		
	 	
	Employment. Subject to the terms and conditions hereof,
	the Company shall employ Employee and Employee agrees to be so
	employed in the capacity of Executive Vice President, Chief
	Operating Officer until November 15, 2002. This Agreement
	shall automatically renew for successive one-year terms
	thereafter unless the Company shall have provided Employee with
	written notice of the Company’s intent not to renew by
	October 15, 2002 and by each October 15 thereafter.

		
	 	     
	2.  The phrase “On Line accounts” referenced in
	Section 4B of the Agreement shall mean new online brokerage
	accounts of the Company’s online brokerage subsidiary,
	Stockwalk.com, Inc. (“Stockwalk”).
	 
	 	     
	3.  Section 4C of the Agreement is replaced in its
	entirety with the following paragraph:

		
	 	
	Company shall pay Employee a bonus on November 1, 2000, and
	each year ended thereafter during the term hereof, provided
	Employee is employed by the Company on the payment date, based on
	 the number of new, active online accounts of Stockwalk added
	through “private labeling” during the year then ended
	determined by the following formula: $100,000 x [new PL
	 accounts — (10,000 referenced in paragraphs
	4(B)(i) + 4(B)(ii))/ 10,000]. The calculation shall
	cover net new accounts only and no credit shall be given for
	accounts opened in the previous measuring period. An active
	account for purposes of this Agreement shall be defined as a
	Stockwalk private label customer account that has a minimum
	balance of $2,000 in cash/ securities and has completed at least
	five (5) securities transactions on an annualized basis
	during the prior twelve (12) months. (For example, if
	250,000 new, active on-line private label accounts are added by
	November 1, 2000, the bonus shall equal to
	$100,000 x [($250,000 — 10,000)/
	10,000] = $2,400,000.)

		
	 	     
	4.  On the date hereof, the Company shall grant Vosburgh an
	option to purchase fifty thousand (50,000) shares of common stock
	 of the Company. Said option shall expire ten (10) years
	from the date hereof and vest ratably over a three (3) year
	period and contain other normal and customary terms and
	conditions. The exercise price shall be $7.44 or eighty-five
	percent (85%) of $8.75. Upon the granting of said option, the
	Company shall have granted Vosburgh options to purchase an
	aggregate of One Hundred Thousand

37

		
	 	
	(100,000) shares of common stock and the Company shall not be
	obligated to grant any further options to Vosburgh under the
	Agreement, as amended.

		
	 	     
	5.  Except as hereinabove supplemented and amended, all of
	the terms, covenants and conditions of the Agreement are hereby
	ratified and confirmed.

		
	 	
	StockWalk.Com Group Inc.

			
	 	By: 	
	/s/ ELDON C. MILLER

		
	 	
	

	 	
	Its: Chairman and CEO
	 
	 	
	/s/ ROBERT J. VOSBURGH
	 	
	

	 	
	Robert J. Vosburgh

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