Document:

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                                                                 EXHIBIT 10.11

                               SECURITY AGREEMENT

         This Security Agreement ("AGREEMENT") is dated as of the 22nd day of
December 1999, and is executed by CRAGAR INDUSTRIES, INC., a Delaware
corporation ("Debtor"), in favor of xxxxxxxxx, ("SECURED PARTY"). Capitalized
terms used herein but not otherwise defined herein are used with the meanings
set forth in that certain Loan and Security Agreement (as it may be amended
and modified from time to time) ("LOAN AGREEMENT") dated as of April 21,
1998, between Debtor and NATIONSCREDIT COMMERCIAL CORPORATION, THROUGH ITS
NATIONSCREDIT COMMERCIAL FUNDING DIVISION ("Lender").

         1. For valuable consideration, and to secure the performance of the
obligations hereinafter described, Debtor hereby assigns to Secured Party,
and grants to Secured Party, pursuant to Article 9 of the Uniform Commercial
Code as adopted in Arizona, a security interest in and to the goods and
property described in EXHIBIT A attached hereto and incorporated herein by
this reference (all of which shall be collectively referred to herein as
"COLLATERAL").

         2. This Agreement and the security interest created hereby are given
for the purpose of securing: (a) any and all rights of subrogation of Secured
Party against Debtor arising as a result of the exercise by Secured Party of
its rights and remedies under that certain Promissory Note (as it may be
amended and modified from time to time) dated as of December 22, 1999,
between Secured Party and Debtor; (b) performance of each agreement of Debtor
herein contained; (c) payment and performance of any additional existing or
future obligations of Debtor to Secured Party when evidenced by a writing or
writings reciting that they are so secured; and (d) any and all amendments,
modifications, increases, renewals and/or extensions of any of the foregoing.

         3. Debtor represents, warrants and agrees that: (a) Debtor has and
will continue to have full title to the Collateral free from any liens,
leases, encumbrances, defenses or other claims except for those provided
under previously executed and duly filed Security Agreements and to Pledgors
under the Pledge Agreements made a part of the Loan Agreement; (b) Debtor
will execute all documents (including financing statements and motor vehicle
title applications) and take such other action as Secured Party deems
necessary to create and perfect a security interest in the Collateral; (c)
Debtor will, at its sole cost and expense, defend any claims that may be made
against the Collateral, except for those made by Secured Party pursuant to
the Promissory Note, other secured creditors pursuant to their respective
lending agreements and Pledgors under the Pledge Agreements; (d) the
Collateral shall be kept at, upon or about Debtor's address set forth herein,
and Debtor will not, without Lender's, Pledgors' other secured parties'and
Secured Party's prior written consent, part with possession of; transfer,
sell, lease, encumber, conceal or otherwise dispose of the Collateral or any
interest therein, except in the normal course of business; (e) the Collateral
will be maintained in good condition and repair, and will not be knowingly
used in violation of any applicable laws, rules or regulations; (f) Debtor
will pay and discharge all taxes and liens on the Collateral prior to
delinquency; (g) Debtor will maintain insurance on the Collateral covering
such risks and in such form and amount as may be required by Secured Party
from time to time, with insurers satisfactory to Secured Party and with loss
payable to Secured Party as its interest may appear, and upon request Debtor
will deliver the original of such policy or policies to Secured Party; (h)
Debtor will permit Secured Party to inspect the Collateral and Debtor's books
and records pertaining thereto at any time; and (i) the Collateral will at
all times remain personal property.

         4. With respect to any of the Collateral consisting of accounts,
rights to payment, accounts receivable, and the like (collectively, the
"RECEIVABLES"), Debtor further represents, warrants and agrees that to the
best of Debtor's knowledge and belief: (i) the Receivables are genuine, valid
and enforceable in accordance with

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their terms, and are not subject to any defenses, offsets or other claims;
(ii) Debtor has full title to the Receivables, and has not heretofore
transferred, conveyed, encumbered, assigned or released any interest therein,
except as provided in the Loan Agreements and the Pledge Agreements; and
(iii) Debtor will take all steps necessary to preserve and maintain the
Receivables and Debtor's interest therein.

         5. Secured Party may, from time to time, request from obligors
indebted on the Collateral, if any, information concerning the same.

         6. In the event that Debtor shall fail to perform any obligation
hereunder, Secured Party may, but shall not be obligated to, perform the
same, and the cost thereof shall be payable by Debtor to Secured Party
immediately and without demand, and shall bear interest at the rate of 12%
per annum.

         7. Secured Party may, in the event of default by Debtor in so doing,
pay taxes, assessments, liens, fees, charges or encumbrances, or order and
pay for repairs or spend any amounts necessary to maintain the Collateral in
Debtor's exclusive possession and in good condition and repair, and all
amounts expended by Secured Party shall, with interest thereon at the rate of
12% per annum, constitute an indebtedness of Debtor to Secured Party secured
by the Collateral and by the terms of this Agreement and shall be immediately
due and payable, but no such act or expenditure by Secured Party shall
relieve Debtor from the consequences of such default.

         8. There shall be a "DEFAULT" or "EVENT OF DEFAULT" hereunder upon
the occurrence of any of the following events: (a) any "EVENT OF DEFAULT", as
such term is defined in the Promissory Note; or (b) any "EVENT of DEFAULT",
as such term is defined in the Loan Agreement; or (c) any "EVENT OF DEFAULT",
as such term is defined in the Pledge Agreement; or (d) the breach of any
representation and warranty contained herein; or (e) the breach of any of the
terms, conditions or covenants contained herein.

          9. Upon the occurrence of any default or event of default
hereunder, all obligations secured hereby shall, at Secured Party's option,
immediately become due and payable without notice or demand, and Secured
Party shall have in any jurisdiction where enforcement hereof is sought, in
addition to all other rights and remedies which Secured Party may have under
law, all rights and remedies of a secured party under the Uniform Commercial
Code and in addition the following rights and remedies, all of which may be
exercised with or without further notice to Debtor: (a) to settle, compromise
or release on terms acceptable to Secured Party, in whole or in part, any
amounts owing on the Collateral; b) to enforce payment and prosecute any
action or proceeding with respect to any and all of the Collateral; (c) to
extend the time of payment, make allowances and adjustments and issue credits
in Secured Party's name or in the name of Debtor; (d) to foreclose the liens
and security interests created under this Agreement or under any other
agreement relating to the Collateral by any available judicial procedure or
without judicial process; (e) to enter any premises where any Collateral may
be located for the purpose of taking possession of or removing any
Collateral; (f) to remove from any premises where any Collateral may be
located, the Collateral and any and all documents, instruments, files and
records relating to the Collateral, and Secured Party may, at Debtor's cost
and expense, use the supplies and space of Debtor at any or all of its places
of business as may be necessary or appropriate to properly administer and
control the Collateral or the handling of collections and realizations
thereon; and (g) to sell, assign, lease, or otherwise dispose of the
Collateral or any part thereof, either at public or private sale, in lots or
in bulk, for cash, on credit or otherwise, with or without representations or
warranties, and upon such terms as shall be acceptable to Secured Party, all
at Secured Party's sole option and as Secured Party in its sole discretion
may deem advisable. Debtor irrevocably appoints Secured Party its true and
lawful attorney in fact, which appointment is coupled with an interest, for
purposes of accomplishing any of the foregoing. The net cash proceeds
resulting from the collection, liquidation, sale, lease or other disposition
of the Collateral shall be applied, first, to the expenses (including

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reasonable attorneys fees) of retaking, holding, storing, processing and
preparing for sale, selling, collecting, liquidating and the like, and then
to the satisfaction of all obligations and indebtedness secured hereby. Such
proceeds shall be applied to particular obligations and indebtedness, or
against principal or interest, in Secured Party's absolute discretion. Debtor
will, at Secured Party's request, assemble all Collateral and make it
available to Secured Party at such place or places as Secured Party may
designate which are reasonably convenient to both parties, whether at the
premises of Debtor or elsewhere, and will make available to Secured Party all
premises and facilities of Debtor for the purpose of Secured Party's taking
possession of the Collateral or removing or putting the Collateral in
saleable form. Debtor agrees to pay all costs and expenses incurred by
Secured Party in the enforcement of this Agreement, including without
limitation reasonable attorneys' fees, whether or not suit is filed hereon.

          10. Upon the occurrence of any default or event of default
hereunder, Secured Party shall also have the following additional rights and
remedies with respect to the Receivables, all of which may be exercised with
or without further notice to Debtor: to notify any and all parties to any of
the Receivables that the same have been assigned to Secured Party and that
all performance thereunder shall thereafter be rendered to Secured Party; to
renew, extend, modify, amend, accelerate, accept partial performance on,
release, settle, compromise, compound, collect or otherwise liquidate or deal
with, on terms acceptable to Secured party, in whole or in part, the
Receivables and all of Debtors rights or interest therein; to enter into any
other agreement relating to or affecting the Receivables; to enforce
performance and prosecute any action or proceeding with respect to any and
all of the Receivables, and take or bring, in Secured Party's name or in the
name of Debtor, all steps, actions, suits or proceedings deemed by Secured
Party necessary or desirable with respect to the Receivables; and to exercise
all other rights, powers and remedies of Debtor with respect to the
Receivables; provided, however, that Secured Party shall be under no
obligation whatsoever to take any of the foregoing actions, and Secured Party
shall have no liability or responsibility for any act or omission taken with
respect thereto. Debtor hereby nominates and appoints Secured Party as
attorney-in-fact to perform all acts and execute all documents deemed
necessary by Secured Party in furtherance of the terms hereof.

         11. If this Security Agreement is given to secure obligations of any
person or entity other than that of Debtor (such person or entity being
hereinafter referred to as "Principal"), Debtor waives notice of default,
presentment, demand for payment, protest, notice of protest, notice of
nonpayment or dishonor, and all other notices and demands of any kind
whatsoever; and Debtor consents and agrees that Secured Party may, from time
to time, without notice or demand and without affecting the enforceability or
security hereof: (a) take, alter, enforce or release any additional security
for the obligations secured hereby; (b) renew, extend, modify, amend,
accelerate, accept partial payments on, release, settle, compromise,
compound, collect or otherwise liquidate the obligations secured hereby or
any security therefor, and bid and purchase at any sale; (c) release or
substitute Principal or any guarantors of the obligations secured hereby; or
(d) amend, modify, waive, supplement or terminate the Loan Agreement or any
of the Loan Documents. Upon the occurrence of a default or an event of
default hereunder, Secured Party may enforce this Agreement independently of
any other remedy or security Secured Party may at any time hold in connection
with the obligations secured hereby, and it shall not be necessary for
Secured Party to proceed upon or against, and/or exhaust, any other remedy or
security before proceeding to enforce this Agreement. Until all obligations
secured hereby are paid in full, Debtor waives all right of subrogation and
all rights and remedies that Debtor may have or be able to assert by reason
of the laws of the State of Arizona pertaining to the rights and remedies of
sureties including, without limitation, A.R.S. Sections 12-1641 through
12-1646, and Arizona Rules of Civil Procedure 17(f).

         12. Debtor further represents and warrants:

               (a)  The Collateral will be kept at Debtor's principal places of
                    business:

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                    4636 North 43rd Avenue Phoenix, Arizona 85031

               (b)  Debtor shall promptly notify Secured Party in writing of
          any change in location of the Collateral, Debtor's place or places of
          business.

               (c)  Debtor hereby acknowledges express intent to hereby waive
          and abandon all personal property exemptions granted by law upon the
          goods which are the subject of this Agreement. NOTICE: By signing
          this Agreement, Debtor waives all rights provided by law to claim
          such goods exempt from process.

          13. This Agreement may not be altered or amended except with the
written consent of each of the parties. This Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective heirs,
executors, administrators, assigns and successors. The term "SECURED PARTY"
shall mean the holder and owner, including any pledgee or assignee, of the
obligations secured hereby whether or not named as the Secured Party herein.

          14. All of Secured Party's rights and remedies hereunder are
cumulative and not exclusive, and are in addition to all rights and remedies
provided by law or under any other agreement between Debtor and Secured
Party, or otherwise. Where the context permits, the plural term shall include
the singular, and vice versa. Where more than one person, partnership,
corporation or other entity executes this Agreement as Debtor, their
liability hereunder shall be joint and several. This Agreement shall be
governed by, and construed and enforced in accordance with, the laws of the
State of Arizona. Notice of acceptance hereof by Secured Party is hereby
waived by Debtor.

         CRAGAR INDUSTRIES, INC., a Delaware corporation,
         "DEBTOR"

         By:
             -------------------------------

         Title:
               -----------------------------

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                                    EXHIBIT A

                             COLLATERAL DESCRIPTION

          This Security Agreement covers the following property (the
"COLLATERAL"):

          (a)       All shares of stock, common or preferred, of Wrenchhead.com,
Inc. now owned or hereafter acquired by Debtor.

          (b)       All of Debtor's accounts receivable, rights to payment,
accounts, notes, drafts, acceptances, instruments, documents of title, policies
and certificates of insurance, insurance claims, general intangibles and chattel
paper now existing or hereafter arising, herein called "Accounts". The terms
"accounts receivable", "rights to payment", "accounts", "notes", "drafts",
"acceptances", "instruments", "documents of title", "policies and certificates
of insurance", "insurance claims", "general intangibles", and "chattel paper"
shall include not only such thereof as arise out of the sale or other
disposition at any time and from time to time of inventory, goods, or equipment,
but also such thereof as arise out of or for furnishing services, or the
furnishing of, or the furnishing of the use of or lease of; any goods.

          (c)       All of the inventory of Debtor including without limitation
all goods, merchandise and other personal property and all parts, accessories,
additions or accessions thereto, now owned or hereafter acquired by Debtor,
which are held for sale or lease or are to be furnished under contract of
service, hereinafter called Inventory. The term "Inventory" as used herein means
goods, merchandise, raw materials, work in process, materials used or consumed
in Debtor's business, finished goods and other personal property and all parts,
accessories, additions or accessions thereto, and products thereof and all
documents of title evidencing any part thereof; now owned or hereafter acquired
by Debtor, which are held for sale or lease or are to be furnished under
contracts of service, and shall also include any of the foregoing items used by
Debtor for demonstration, executive, or similar purposes to the end that no
goods of the type which are "Inventory" under the foregoing definition shall be
deemed to be excluded therefrom because they are for a long or short period not
actually held or offered for sale, lease or otherwise.

          (d)       All interest of Debtor now existing or hereafter arising in
goods or merchandise as to which an account receivable for goods sold or
delivered has arisen.

          (e)       All present and future furniture, fixtures, goods and
equipment, as those terms are defined in the Uniform Commercial Code, of every
type now owned or hereafter acquired by Debtor, complete with accessories,
attachments, accessions, repairs, replacements, parts and equipment now or
hereafter owned, attached or appertaining thereto or commingled or used in
connection therewith, or substituted therefor.

          (f)       All of Debtor's rights under all insurance policies covering
the Collateral and any and all proceeds, loss payments, and premium refunds
payable regarding the same.

          (g)       All causes of action claims, compensation, and recoveries
for any damage to, or destruction of the Collateral, or any part thereof;
whether direct or consequential, or for any damage or injury to the Collateral,
or for any loss or diminution in value of the Collateral.

          (h)       All proceeds from the sale or disposition of any of the
aforesaid Collateral. "Proceeds" as herein used includes not only case proceeds
but also all accounts, accounts receivables, notes, drafts, acceptances, chattel
paper and other forms of obligations and receivables which at any time
constitute all or part or are included in the

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proceeds of the Collateral.

          (i)       All books and records now owned or hereafter acquired by
Debtor pertaining to any of the above-described Collateral, including but not
limited to any computer-readable memory and any computer hardware or software
necessary to process such memory.LIMITED LIABILITY COMPANY OPERATING AGREEMENT

                                       OF

                            NYFIX MILLENNIUM, L.L.C.

                     (a Delaware limited liability company)

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                  LIMITED LIABILITY COMPANY OPERATING AGREEMENT

                                       OF

                            NYFIX MILLENNIUM, L.L.C.

                    This Limited Liability  Company  Operating  Agreement of the
above, a limited liability company organized pursuant to the Act (as hereinafter
defined),  shall be effective as of the Effective Date (as hereinafter defined),
by and among the  Company  and the  persons  executing  this  Agreement  (each a
"Member").

                                    ARTICLE I
                                   DEFINITIONS

                    For purposes of this  Agreement,  unless the context clearly
indicates  otherwise,  terms used herein shall have the meaning set forth in the
Act and the following terms shall have the following meanings:

         1.1 Act. The Delaware Limited  Liability Company Act and all amendments
         thereto.

         1.2 Affiliate.  Affiliate shall have the meaning  ascribed to such term
         in Rule 12b-2 of the Securities Exchange Act of 1934, as amended.

         1.3  Agreement.  This Limited  Liability  Company  Operating  Agreement
         including all amendments  adopted in accordance with this Agreement and
         the Act.

         1.4 Articles.  The Articles of Organization of the Company,  as amended
         from time to time,  and filed with the  Secretary of State of the State
         of Delaware.

         1.5 Assignee.  A transferee of any Unit of Membership  Interest who has
         not been admitted as a Substitute Member.

         1.6 BHCA. The Bank Holding Company Act of 1956, as amended.

         1.7 BHCA  Member.  A BHCA Member  shall be any Member who is subject to
         Section 4 of the BHCA (and shall include the BHCA Special Member).

         1.8 BHCA Special  Member.  The BHCA Special  Member shall be the Member
         designated as such on the signature pages hereto.

<PAGE>

         1.9 Board of Director or Board.  Board of Directors or Board shall mean
         the Board of Directors of the Company.

         1.10 By-Laws. By-Laws shall mean the By-Laws of the Company.

         1.11 Capital Accounts.  Capital Accounts shall mean the capital account
         of a Member as described herein.

         1.12 Capital  Contribution.  Any  contribution  of Property or services
         made by or on behalf of a Member, Substitute Member or Assignee.

         1.13 Commitment. The Capital Contribution that a Member is obligated to
         make pursuant to this Agreement.

         1.14 Company.  The company named at the beginning of this Agreement,  a
         limited  liability  company  formed  under  the  laws of the  State  of
         Delaware, and any successor limited liability company.

         1.15 Disability.  The inability to perform a substantial portion of the
         Member's  services to the Company as the result of a mental or physical
         illness which has  continued or can  reasonably be expected to continue
         for a  period  of not less  than six  months  or has  continued  or can
         reasonably  be expected to continue  for an  aggregate of not less than
         180 days in any 365-day period.

         1.16  Effective  Date. The date of filing of the Articles or such other
         date as set forth in the Articles.

         1.17 Fiscal Period. Each fiscal quarter.

         1.18  Initial  Member.  Trinitech  and each  other  Member who became a
         Member on or prior to October 31,  1999.  There shall not be  permitted
         more than seven Initial Members, in addition to Trinitech.

         1.19  Membership  Interest.  The  rights of a Member  to  distributions
         (liquidating  or otherwise)  and  allocations  of the Profits,  Losses,
         gains,  deductions  and  credits  of the  Company  and,  to the  extent
         permitted by this Agreement, to possess and exercise voting rights.

         1.20 Property. Any property,  real or personal,  tangible or intangible
         including,  without  limitation,  money,  and any  legal  or  equitable
         interest in such  property,  but  excluding  services  and  promises to
         perform services in the future.

                                       -2-

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         1.21 Substitute Member. An Assignee who has been admitted to all of the
         rights of membership pursuant to Section 10.3 of the Agreement.

         1.22 Special Dividend.  A dividend of cash in an amount equal to 20% of
         the  Company's  Profits  in the  fiscal  quarter  immediately  prior to
         payment of such dividend.

         1.23 Tax Characterization and Additional Tax Terms. It is intended that
         the Company be  characterized  and treated as a  partnership  for,  and
         solely for,  federal,  state and local  income tax  purposes.  For such
         purpose,  (i) the Company shall be subject to all of the  provisions of
         Subchapter  K of  Chapter  1  of  Subtitle  A of  the  Code,  (ii)  all
         references to a "Partner," to "Partners"  and to the  "Partnership"  in
         this  Agreement  (including  the provisions of Article VIII) and in the
         provisions  of the Code  and Tax  Regulations  cited in this  Agreement
         shall be deemed  to refer to a Member,  the  Members  and the  Company,
         respectively. In addition, the following terms shall have the following
         meanings:

                    (a) Code shall mean the Internal  Revenue  Code of 1986,  as
         amended.

                    (b)  Adjusted  Capital  Account  Deficit  shall  mean,  with
         respect to any Member,  the deficit  balance,  if any, in such Member's
         Capital  Account as of the end of the  relevant  Fiscal  Period,  after
         giving effect to the following adjustments:

                           (i) Credit to such  Capital  Account the minimum gain
                    chargeback  that such  Member is deemed to be  obligated  to
                    restore  pursuant to the  penultimate  sentences of Sections
                    1.704-2(g)(1) and 1.704-2(i)(5) of the Tax Regulations; and

                           (ii)  Debit  to  such   Capital   Account  the  items
                    described      in     Sections      1.704-1(b)(2)(ii)(d)(4),
                    1.704-1(b)(2)(ii)(d)(5),  and 1.704-1(b)(2)(ii)(d)(6) of the
                    Tax Regulations.

         The  foregoing  definition  of  Adjusted  Capital  Account  Deficit  is
         intended to comply with the provisions of Section  1.704-1(b)(2)(ii)(d)
         of the Tax Regulations and shall be interpreted consistently therewith.

                    (c)  Nonrecourse  Deductions  has the  meaning  set forth in
         Section 1.704-2(b)(1) of the Tax Regulations.

                    (d)  Nonrecourse  Liability  has the  meaning  set  forth in
         Section 1.704-2(b)(3) of the Tax Regulations.

                    (e)  Partner  Nonrecourse  Debt has the meaning set forth in
         Section 1.704-2(b)(4) of the Tax Regulations.

                                       -3-

<PAGE>

                    (f) Partner  Nonrecourse  Debt Minimum Gain means an amount,
         with respect to each Partner Nonrecourse Debt, equal to the Partnership
         Minimum Gain that would result if such  Partner  Nonrecourse  Debt were
         treated as a  Nonrecourse  Liability,  determined  in  accordance  with
         Section 1.704-2(i)(3) of the Tax Regulations.

                    (g) Partner Nonrecourse Deductions has the meaning set forth
         in Sections 1.704-2(i)(1) and 1.704-2(i)(2) of the Tax Regulations.

                    (h)  Partnership  Minimum  Gain has the meaning set forth in
         Sections 1.704- 2(b)(2) and 1.704-2(d) of the Tax Regulations.

                    (i) Profits and Losses shall mean,  for each Fiscal  Period,
         an amount equal to the Company's taxable income or loss for such Fiscal
         Period,  determined in accordance  with Section 703(a) of the Code (for
         this purpose, all items of income, gain, loss, or deduction required to
         be stated separately pursuant to Section 703(a)(1) of the Code shall be
         included in taxable income or loss), with the following adjustments:

                           (i) Any  income of the  Company  that is exempt  from
                    federal  income tax and not otherwise  taken into account in
                    computing  Profits or Losses  pursuant to this  Section 1.22
                    shall be added to such taxable income or loss;

                           (ii) Any  expenditures  of the Company  described  in
                    Section  705(a)(2)(B)  of the  Code or  treated  as  Section
                    705(a)(2)(B)  of the Code  expenditures  pursuant to Section
                    1.704-1(b)(2)(iv)(i)   of  the  Tax  Regulations,   and  not
                    otherwise taken into account in computing  Profits or Losses
                    pursuant to this Section 1.18, shall be subtracted from such
                    taxable income or loss;

                    (j) Tax  Regulations  shall  mean  the  federal  income  tax
         regulations  promulgated by the United States Treasury Department under
         the Code as such Tax  Regulations may be amended from time to time. All
         references herein to a specific section of the Tax Regulations shall be
         deemed also to refer to any  corresponding  provision of succeeding Tax
         Regulations.

         1.24  Trinitech.  Trinitech shall mean Trinitech  Systems,  Inc., a New
         York corporation.

         1.25 Unit. One of the units of Membership  Interest that are authorized
         to be issued under this  Agreement.  Each Unit  represents a Membership
         Interest  with an initial  ratio of one divided by the total  number of
         Units issued  hereunder,  subject to adjustment as provided  herein.  A
         Unit is divisible  into  fractional  parts.  References to Units herein
         shall  be  solely  for the  purpose  of  certificating  the  Membership
         Interests authorized hereunder.  Voting, the granting or withholding of
         consents  or  approvals,  and  allocation  of  Profits  and  Losses and
         distributions  shall be made pursuant to the  applicable  provisions of
         this  Agreement  without  reference  to the  number  of  Units  held by
         Members.

                                       -4-

<PAGE>

                                   ARTICLE II
                                    FORMATION

         2.1 Organization. The Members hereby organize the Company as a Delaware
limited liability company pursuant to the provisions of the Act.

         2.2 Agreement.  For and in consideration of the mutual covenants herein
contained  and for  other  good and  valuable  consideration,  the  receipt  and
sufficiency  of  which  is  hereby  acknowledged,  the  Members  executing  this
Agreement  hereby agree to the terms and conditions of the Agreement,  as it may
from time to time be amended.  Except as otherwise  provided  herein,  it is the
express  intention of the Members that the Agreement shall be the sole source of
agreement of the parties and,  except to the extent a provision of the Agreement
expressly  incorporates federal income tax rules by reference to sections of the
Code or Tax Regulations or is expressly prohibited or ineffective under the Act,
the Agreement shall govern,  even when inconsistent with, or different than, the
provisions  of the Act or any other law or rule.  To the extent any provision of
the Agreement is prohibited or ineffective under the Act, the Agreement shall be
deemed  to be  amended  to the  least  extent  necessary  in  order  to make the
Agreement effective under the Act. In the event the Act is subsequently  amended
or  interpreted  in such a way to make any provision of the  Agreement  that was
formerly invalid valid,  such provision shall be considered to be valid from the
effective date of such interpretation or amendment.

         2.3  Name.  The  name of the  Company  is the  name  set  forth  at the
beginning of this  Agreement  and all business of the Company shall be conducted
under that name.

         2.4 Term.  The Company  shall be dissolved  and its affairs wound up in
accordance  with the Act and the  Agreement on December 31, 2049 unless the term
shall be extended by amendment to the Agreement and the Articles,  or unless the
Company shall be sooner  dissolved  and its affairs wound up in accordance  with
the Act or the Agreement.

         2.5 Executive and  Administrative  Offices.  The executive  office (the
"Executive  Office") of the  Company  shall be located at 100 Wall  Street,  New
York,  New  York,  10005  and the  administrative  office  (the  "Administrative
Office")  of the  Company  shall be  located  at 333  Ludlow  Street,  Stamford,
Connecticut  06902.  The Board of Directors  may, from time to time,  change the
location of the Executive Office or the Administrative Office.

         2.6 Registered Agent and Office. The name and address of the registered
agent for the service of process shall be National Corporate  Research,  Ltd., 9
East Loockerman Street, Dover, Delaware 19901. The Board of Directors, may, from
time to time, change the registered agent or office through  appropriate filings
with the  Department  of  State  of the  State of  Delaware.  In the  event  the
registered  agent ceases to act as such for any reason or the registered  office
shall  change,  the Board of Directors  shall  promptly  designate a replacement
registered agent or file a notice of change of address, as the case may be.

                                       -5-

<PAGE>
                                   ARTICLE III
                           PURPOSE; NATURE OF BUSINESS

                    The business purpose of the Company is to create and operate
an  Alternative  Trading  System  ("ATS") to be registered as a Broker Dealer in
compliance with Regulation ATS. The authority  granted to the Board of Directors
hereunder  to bind  the  Company  shall  be  limited  to  actions  necessary  or
convenient to this business.

                                   ARTICLE IV
                             ACCOUNTING AND RECORDS

                    The Board of  Directors,  at the  Company's  expense,  shall
prepare and timely  file income tax returns of the Company in all  jurisdictions
where such filings are  required,  and the Company  shall prepare and deliver to
each Member,  as soon as  practicable  following  the  expiration of each Fiscal
Period,  and at the  Company's  expense,  all  information  returns  and reports
required  by the Code and Tax  Regulations  and  information  in  respect of the
Company  necessary  for the  preparation  of the  Members'  federal  income  tax
returns.

                                    ARTICLE V
                         NAMES AND ADDRESSES OF MEMBERS

                    The names and  addresses  of the Members are as set forth on
each Member's signature page hereto.

                                   ARTICLE VI
                               BOARD OF DIRECTORS

         6.1 Powers of the Board.  (a) The business affairs of the Company shall
be managed by the Board of Directors in accordance  with this  Agreement and the
By-Laws.  The Board may  exercise all such powers of the Company and do all such
lawful  acts and things as are not by  statute,  this  Agreement  or the By-Laws
directed or required to be exercised or done by the Members.

         (b) Except as otherwise provided in this Agreement or the By-Laws,  the
Board of Directors  may delegate any or all of its powers to  committees  of the
Board established pursuant to the By-Laws, and to officers and agents elected or
designated by the Board or a duly constituted committee thereof.

         6.2  Board  Members.  The  Board  of  Directors  of the  Company  shall
initially consist of (i) three (3) voting directors  (collectively,  the "Voting
Directors")  to be designated by Trinitech,  and (ii) a number of advisory board
members (collectively, the "Advisory Directors") equal to the

                                       -6-

<PAGE>

number of Members other than Trinitech (the "Non-Trinitech  Members"), such that
one Advisory  Director  shall be designated by each  Non-Trinitech  Member.  The
Voting  Directors shall initially be Peter Kilbinger  Hansen,  Dean Stamos and a
representative  of the Company's  legal counsel,  as may be changed by Trinitech
from time to time.  Each Advisory  Director  appointed to the Board of Directors
shall  have the right to attend all board  meetings  and to  participate  in all
discussions  regarding the management of the Company and make recommendations to
the Voting Directors. All decisions relating to the management and operations of
the  Company  shall  be made  solely  through  a  majority  vote  of the  Voting
Directors,  subject  to the  provisions  of  Section  II(4) of the  Subscription
Agreements between the Company, Trinitech and each of the other Initial Members.

         6.3 Records to be  Maintained.  The Board of  Directors  of the Company
shall  maintain,  or  cause  to be  maintained,  the  following  records  at the
Administrative Office:

         (a) A  current  list of the  full  name  and  last  known  business  or
residence  address of each Member and former  Member and the Capital  Account of
each Member  associated  with their  respective  Membership  Interests,  as of a
recent practicable date;

         (b) A copy of the Certificate and all amendments thereto, together with
executed copies of any powers of attorney  pursuant to which the Certificate has
been executed;

         (c) Copies of the Company's  federal,  foreign,  state and local income
tax returns and reports, if any, for the seven most recent years;

         (d)  Copies of this  Agreement,  including  all  subsequent  amendments
thereto; and

         (e) Copies of all  financial  statements  of the  Company for the seven
most recent years.

         6.4 Reports to Members.  The Board of Directors shall provide (or cause
the  Company to provide)  reports at least  annually to the Members at such time
(but not later than 90 days after the end of each  fiscal  year of the  Company,
unless good cause is shown) and in such manner as it shall reasonably determine,
which  reports  shall include (i) a balance sheet of the Company as of the close
of the last completed  fiscal year, a statement of income showing the results of
operation of the Company during such year, and a cash flow statement showing the
cash receipts and  disbursements  of the Company during such year, each prepared
in accordance with GAAP, (ii) a statement  showing each Member's share of Profit
or Loss of the Company for such year,  and (iii) such other  information  as the
Board  deems  appropriate.  The Board  shall  provide  (or cause the  Company to
provide) all Members with the information  returns  required by the Code and the
laws of any applicable state in a timely manner.

                                       -7-

<PAGE>

                                   ARTICLE VII
                     CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS

         7.1 Capital  Contributions.  Each Member shall,  no later than upon his
execution  and delivery of this  Agreement,  make the Capital  Contribution  set
forth on his respective  signature page hereto,  in  consideration of which each
Member  shall  receive  the  Membership  Interest  set  forth on its  respective
signature page; provided, however, Trinitech shall receive a Membership Interest
equal to the aggregate  Membership  Interest of all other Initial Members, to be
adjusted as  appropriate  such that Trinitech  shall have a Membership  Interest
equal to 50% of the Units granted to all Initial Members,  including  Trinitech.
No Member shall have the right to withdraw or be repaid any Capital Contribution
except as provided in this Agreement.

         7.2 Capital Account. A separate Capital Account shall be maintained for
each Member  throughout the term of the Company in accordance  with the rules of
Section  1.704-1(b)(2)(iv) of the Tax Regulations as in effect from time to time
and, to the extent not inconsistent therewith, to which the following provisions
apply:

                    (a) To each Member's Capital Account there shall be credited
         (i) the  amount of money  contributed  by such  Member  to the  Company
         (including  liabilities  of the  Company  assumed  by  such  Member  as
         provided in Section 1.704-1(b)(2)(iv)(c) of the Tax Regulations);  (ii)
         the fair market  value of any  Property  contributed  to the Company by
         such Member (net of liabilities  secured by such  contributed  Property
         that the  Company  is  considered  to assume or take  subject  to under
         Section 752 of the Code);  and (iii) such Member's share of Profits and
         items of income and gain.

                    (b) To each Member's Capital Account there shall be debited:
         (i) the  amount of money  distributed  to such  Member  by the  Company
         (including  liabilities  of  such  Member  assumed  by the  Company  as
         provided in Section  1.704-1(b)(2)(iv)(c) of the Tax Regulations) other
         than amounts which are in repayment of debt  obligations of the Company
         to such Member;  (ii) the fair market value of Property  distributed to
         such Member (net of liabilities  secured by such  distributed  Property
         that such  Member is  considered  to  assume or take  subject  to under
         Section 752 of the Code);  and (iii) such  Member's  share of Losses or
         items of loss or deduction that are specially allocated.

The foregoing  provisions and the other provisions of this Agreement relating to
the  maintenance  of  Capital  Accounts  are  intended  to comply  with  Section
1.704-1(b) of the Tax  Regulations  and Section  704(c) of the Code and shall be
interpreted and applied in a manner consistent with such Tax Regulations. In the
event the  Members  shall  determine  that it is prudent to modify the manner in
which the Capital Accounts, or any debits or credits thereto (including, without
limitation,  debits or  credits  relating  to  liabilities  that are  secured by
contributed  or  distributed  Property or that are assumed by the Company or any
Member), are computed in order to comply with such Tax Regulations,  the Members
may make such modification, provided that it is not likely to have a

                                       -8-

<PAGE>

material effect on the amounts  distributable  to any Member pursuant to Article
XI hereof upon the dissolution of the Company.

         7.3 Withdrawal.  A Member shall not be entitled to withdraw any part of
its Capital Account or to receive any distribution  from the Company,  except as
specifically provided in the Agreement,  and no Member shall be entitled to make
any Capital  Contribution to the Company other than in respect of his respective
Commitment.

         7.4 Interest.  No Member shall be entitled to interest on such Member's
Capital Contribution or on any Profits retained by the Company.

         7.5 Additional  Members.  At any time up to October 31, 1999, the Board
of  Directors  may,  in its sole  discretion,  from  time to time,  admit to the
Company one or more persons as additional  Initial Members;  provided,  however,
that the  number of Initial  Members,  other  than  Trinitech,  shall not exceed
seven.  Each  additional  Initial  Member shall  execute a  counterpart  of this
Agreement  and such other  instruments  as the Board of Directors may require to
confirm  the  undertaking  of such  person  to be  bound  by all the  terms  and
provisions of this  Agreement.  At any time  subsequent to October 31, 1999, the
Company  may from  time to time,  with the  prior  written  consent  of both (i)
two-thirds of the Members,  such two-thirds calculated on the basis of the total
number  of  Members  without  regard  to  the  Members'  respective   Membership
Interests,  and (ii)  Trinitech,  admit to the  Company  one or more  persons as
additional  Members.  Each such additional Member shall execute a counterpart of
this Agreement and such other  instruments as the Board of Directors may require
to  confirm  the  undertaking  of such  person  to be bound by all the terms and
provisions  of this  Agreement.  With  respect  to any  such  additional  Member
admitted to the Company on or after  October 31, 1999,  the Capital  Accounts of
Members other than such additional Member shall be adjusted, i.e. "booked up" or
"booked   down"   as   the   case   may   be,   in   accordance   with   Section
1.704-1(b)(2)(iv)(f)  of the Tax  Regulations  to reflect the  Commitment of the
additional Member,  except as otherwise determined by consent of the Members and
Trinitech as provided above.

                                  ARTICLE VIII
                          ALLOCATIONS AND DISTRIBUTIONS

         8.1 Profits and  Losses.  Profits and Losses,  and each item of Company
income, gain, loss,  deduction,  credit and tax preference with respect thereto,
for each Fiscal Period (or shorter  period in respect of which such items are to
be allocated)  shall be allocated  among the Members as provided in this Article
VIII.

                    (a) Profits.  After giving effect to the special allocations
set forth in Sections  8.3, 8.4 and 8.6,  Profits for any Fiscal Period shall be
allocated:  80% to Trinitech and 20% to the Non- Trinitech Members in accordance
with Section 8.5.

                                       -9-

<PAGE>

                    (b) Losses.  After giving effect to the special  allocations
set forth in Sections 8.4 and 8.5,  Losses  shall be allocated in the  following
order of priority:

                           (i) first,  as to the first  Losses up to the product
                    of (x)  $2,000,000  multiplied  by (y) the number of Initial
                    Members  (other  than  Trinitech),  to  the  Non-  Trinitech
                    Members,  in  proportion  to  their  respective   Membership
                    Interests,  but  only  to the  extent  of  their  respective
                    Capital Account balances;

                           (ii)  second,  to  Trinitech  to  the  extent  of its
                    Capital Account balance; and

                           (iii) then, the balance, if any, among the Members in
                    proportion to their respective Membership Interests.

         8.2        Distributions.

                    (a)  Dividends.  Distributions  shall  be  made  (i)  to the
Non-Trinitech  Members in an amount  equal to 20% of the  Profits for any Fiscal
Period,  which  distribution  shall be the Special  Dividend  allocated and paid
pursuant  to the  provisions  set  forth in  Section  8.2(b)  below  and (ii) to
Trinitech  in an amount equal to 80% of the Profits for any Fiscal  Period.  The
distributions  to Trinitech  shall be made at such time or times as the Board of
Directors shall determine consistent with the provisions of this Agreement.

                    (b)  Non-Trinitech   Member  Dividends.   Dividends  to  the
Non-Trinitech  Members as  provided in Section  8.2(a)  above shall be paid as a
Special  Dividend no later than 45 days  following the end of any fiscal quarter
in which the Company shows a Profit.  Such Special Dividend shall be distributed
amongst the Non-Trinitech  Members  according to the fraction,  the numerator of
which is the aggregate order flow volume measured in Company  eligible shares of
each Non- Trinitech  Member during such fiscal  quarter,  and the denominator of
which is aggregate order flow volume measure in Company  eligible shares for all
Non-Trinitech  Members during such fiscal quarter.  For example,  if the Profits
for a fiscal quarter are $25 million, and a Non-Trinitech Member puts through 50
million  aggregate order flow volume measured in Company  eligible shares during
such fiscal  quarter,  while all  Non-Trinitech  Members put through 100 million
aggregate  order flow volume  measured in Company  eligible  shares  during such
fiscal quarter, then such Member shall receive one-half of the available Special
Dividend,  or $2.5 million.  No such Special Dividend shall be payable following
any fiscal  quarter in which the Company has not shown a Profit,  nor shall such
Special Dividend be payable to the Non-Trinitech  Member(s), if any, who fail to
effectuate  any trades  with the Company  during the fiscal  quarter for which a
Special Dividend relates.

         8.3 Special  Allocations.  The following  special  allocations shall be
made in the following order:

                    (a) Minimum Gain Chargeback. Except as otherwise provided in
Section 1.704- 2(f) of the Tax Regulations,  notwithstanding any other provision
of this Article  VIII,  if there is a net decrease in  Partnership  Minimum Gain
during any Fiscal Period, each Member shall be specially

                                      -10-

<PAGE>
allocated  items of Company  income and gain for such  Fiscal  Period  (and,  if
necessary,  subsequent Fiscal Periods) in an amount equal to such Member's share
of the net decrease in Partnership  Minimum Gain,  determined in accordance with
Section 1.704-2(g) of the Tax Regulations.  Allocations pursuant to the previous
sentence  shall be made in proportion to the respective  amounts  required to be
allocated to each Member pursuant thereto. The items to be so allocated shall be
determined in accordance with Sections  1.704-2(f)(6)  and  1.704-2(j)(2) of the
Tax Regulations. This Section 8.3(a) is intended to comply with the minimum gain
chargeback requirement in Section 1.704-2(f) of the Tax Regulations and shall be
interpreted consistently therewith.

                    (b) Partner  Minimum  Gain  Chargeback.  Except as otherwise
provided in Section  1.704-2(i)(4) of the Tax Regulations,  notwithstanding  any
other  provision  of this  Article  VIII,  if there is a net decrease in Partner
Nonrecourse Debt Minimum Gain attributable to a Partner  Nonrecourse Debt during
any Fiscal Period,  each Member who has a share of the Partner  Nonrecourse Debt
Minimum  Gain  attributable  to such Partner  Nonrecourse  Debt,  determined  in
accordance with Section 1.704-2(i)(5) of the Tax Regulations, shall be specially
allocated  items of Company  income and gain for such  Fiscal  Period  (and,  if
necessary,  subsequent Fiscal Periods) in an amount equal to such Member's share
of the net decrease in Partner  Nonrecourse  Debt Minimum Gain  attributable  to
such Partner  Nonrecourse  Debt,  determined in accordance  with Section  1.704-
2(i)(4) of the Tax Regulations.  Allocations  pursuant to the previous  sentence
shall be made in proportion to the respective  amounts  required to be allocated
to  each  Member  pursuant  thereto.  The  items  to be so  allocated  shall  be
determined in accordance with Sections  1.704-2(i)(4)  and 1.704- 2(j)(2) of the
Tax Regulations. This Section 8.3(b) is intended to comply with the minimum gain
chargeback requirement in Section 1.704-2(i)(4) of the Tax Regulations and shall
be interpreted consistently therewith.

                    (c)  Qualified  Income  Offset.  In  the  event  any  Member
unexpectedly receives any adjustments,  allocations,  or distributions described
in Section 1.704-1(b)(2)(ii)(d)(4), Section 1.704- 1(b)(2)(ii)(d)(5), or Section
1.704-1(b)(2)(ii)(d)(6) of the Tax Regulations, items of Company income and gain
shall be specially allocated to the Member in an amount and manner sufficient to
eliminate,  to the extent required by the Tax Regulations,  the Adjusted Capital
Account  Deficit  of the  Member  as  quickly  as  possible,  provided  that  an
allocation  pursuant  to this  Section  8.3(c)  shall be made only if and to the
extent that the Member would have an Adjusted  Capital Account Deficit after all
other  allocations  provided for in this Article VIII have been tentatively made
as if this Section 8.3(c) were not in this Agreement.

                    (d) Gross Income  Allocation.  In the event any Member has a
deficit  Capital  Account at the end of any Fiscal  Period which is in excess of
the sum of the amounts such Member is deemed to be obligated to restore pursuant
to the penultimate sentences of Sections  1.704-2(g)(1) and 1.704-2(i)(5) of the
Tax Regulations,  each such Member shall be specially allocated items of Company
income and gain in the amount of such  excess as quickly as  possible,  provided
that an allocation  pursuant to this Section 8.3(d) shall be made only if and to
the extent that such Member  would have a deficit  Capital  Account in excess of
such sum after all other allocations provided for in this Article VIII have been
made as if Section 8.3(c) and this Section 8.3(d) were not in this Agreement.

                                      -11-

<PAGE>

                    (e) Nonrecourse  Deductions.  Nonrecourse Deductions for any
Fiscal  Period shall be specially  allocated  among the Members in proportion to
their Membership Interests.

                    (f) Partner Nonrecourse Deductions.  Any Partner Nonrecourse
Deductions for any Fiscal Period shall be specially  allocated to the Member who
bears the economic risk of loss with respect to the Partner  Nonrecourse Debt to
which such Partner  Nonrecourse  Deductions are  attributable in accordance with
Section 1.704-2(i)(1) of the Tax Regulations.

                    (g) Mandatory  Allocations Under Section 704(c) of the Code.
Notwithstanding  the  foregoing  provisions  of this  Section  8.3, in the event
Section 704(c) of the Code or Section 704(c) of the Code  principles  applicable
under Section  1.704-1(b)(2)(iv)  of the Tax Regulations  require allocations of
Profits  or  Losses  in a manner  different  than  that  set  forth  above,  the
provisions  of  Section  704(c) of the Code and the Tax  Regulations  thereunder
shall control such  allocations  among the Members.  Any item of Company income,
gain, loss and deduction with respect to any property (other than cash) that has
been  contributed  by a Member to the  capital of the  Company or which has been
revalued for Capital Account purposes pursuant to Section  1.704-l(b)(2)(iv)  of
the Tax  Regulations) and which is required or permitted to be allocated to such
Member for income tax purposes  under  Section  704(c) of the Code so as to take
into account the  variation  between the tax basis of such property and its fair
market  value at the time of its  contribution  shall be  allocated  solely  for
income tax purposes in the manner so required or permitted  under Section 704(c)
of the Code using the "traditional  method"  described in Section  1.704-3(b) of
the Tax Regulations;  provided, however, that curative allocations consisting of
the special allocation of gain or loss upon the sale or other disposition of the
contributed  property shall be made in accordance with Section 1.704-3(c) of the
Tax  Regulations  to the extent  necessary to eliminate  any  disparity,  to the
extent possible, between the Members' book and tax Capital Accounts attributable
to such property;  further  provided,  however,  that any other method allowable
under applicable Tax Regulations may be used for any contribution of property as
to which  there is  agreement  between  the  contributing  Member  and the other
Members.

         8.4 Curative Allocations. The allocations set forth in Sections 8.3 (a)
through (g) (the "Regulatory  Allocations")  are intended to comply with certain
requirements  of the Tax  Regulations.  It is the intent of the Members that, to
the extent  possible,  all  Regulatory  Allocations  shall be offset either with
other  Regulatory  Allocations  or with  special  allocations  of other items of
Company  income,  gain,  loss,  or  deduction  pursuant  to  this  Section  8.4.
Therefore,  notwithstanding any other provision of this Article VIII (other than
the  Regulatory  Allocations),  the Members shall make such  offsetting  special
allocations of Company  income,  gain,  loss, or deduction in whatever manner it
determines appropriate so that, after such offsetting allocations are made, each
Member's  Capital  Account  balance  is, to the  extent  possible,  equal to the
Capital Account balance such Member would have had if the Regulatory Allocations
were not part of this Agreement and all Company items were allocated pursuant to
Sections 8.2 and 8.3. The Members (i) shall take into account future  Regulatory
Allocations  under Sections  8.3(a) and 8.3(b) that,  although not yet made, are
likely to offset other  Regulatory  Allocations  previously  made under Sections
8.3(e)  and  8.3(f) and (ii) may  reallocate  Profits  and Losses for prior open
years (or items of gross  income and  deduction  of the  Company for such years)
among the Members to the extent it is not possible to achieve such result

                                      -12-

<PAGE>

with  allocations of items of income  (including gross income) and deduction for
the  current   year  and  future   years.   This   Section  8.4  shall   control
notwithstanding any reallocation or adjustment of taxable income,  taxable loss,
or items thereof by the Internal Revenue Service or any other taxing authority.

         8.5        Allocations Relating to Non-Trinitech Member Dividends.

                    (a) Any  Non-Trinitech  Member  allocated a Special Dividend
pursuant to Section 8.2 shall also be allocated  that  percentage of the Profits
for the fiscal  quarter that  relates to such Non-  Trinitech  Member's  Special
Dividend.

                    (b) The  amount of any  Special  Dividend  shall be  charged
against and shall reduce the Capital  Accounts of the  Non-Trinitech  Members in
accordance with the distributions to each such Non-Trinitech  Member pursuant to
Section 8.2(b).

         8.6        Other Allocation Rules.

                    (a) For purposes of determining the Profits,  Losses, or any
other item allocable to any period  (including  allocations to take into account
any changes in any Member's  Membership  Interest during a Fiscal Period and any
transfer of any interest in the Company),  Profits,  Losses,  and any such other
item shall be determined on a daily,  monthly,  or other basis, as determined by
the Members using any  permissible  method under Section 706 of the Code and the
Tax Regulations thereunder.

                    (b) The Members are aware of the income tax  consequences of
the  allocations  made by this  Article VIII and hereby agree to be bound by the
provisions of this Article VIII in reporting  their shares of Company income and
loss for income tax purposes.

                                   ARTICLE IX
                                      TAXES

         9.1 Tax Matters Partner.  Trinitech shall be the Tax Matters Partner of
the Company  pursuant to Section  6231(a)(7) of the Code.  Such Member shall not
resign  as the  Tax  Matters  Partner  unless,  on the  effective  date  of such
resignation,  the Company has designated  another Member as Tax Matters  Partner
and such  Member has given its  consent in  writing  to its  appointment  as Tax
Matters   Partner.   The  Tax  Matters   Partner  shall  receive  no  additional
compensation  from  the  Company  for its  services  in that  capacity,  but all
expenses  incurred by the Tax Matters Partner in such capacity shall be borne by
the Company.  The Tax Matters Partner is authorized to employ such  accountants,
attorneys and agents as he, in his sole  discretion,  determines is necessary to
or useful in the performance of its duties. In addition, such Member shall serve
in a similar  capacity with respect to any similar tax related or other election
provided by state or local laws.

                                      -13-

<PAGE>

         9.2 Section 754 Election.  The Board of Directors may agree to have the
Company make the  election  permitted by Section 754 of the Code with respect to
adjustments to the basis of Property of the Company.  The cost of preparing such
election,  and any additional  accounting  expenses of the Company occasioned by
such election, shall be borne by the transferees or distributees of the interest
in the Company.

                                    ARTICLE X
                         TRANSFER OF MEMBERSHIP INTEREST

         10.1 Compliance with  Securities  Laws. No Unit of Membership  Interest
has  been  registered  under  the  Securities  Act  of  1933,  as  amended  (the
"Securities  Act"), or under any applicable  state securities laws. A Member may
not transfer (a transfer,  for  purposes of this  Agreement,  shall be deemed to
include, but not be limited to, any sale, transfer, assignment, pledge, creation
of a security  interest or other  disposition)  all or any part of such Member's
Units of Membership Interest, except upon compliance with the applicable federal
and state  securities laws. The Members shall have no obligation to register any
Member's  Units of Membership  Interest  under the  Securities  Act or under any
applicable state securities laws, or to make any exemption  therefrom  available
to any Member.

         10.2 Transfer of Economic Interest. The right to receive allocations of
Profits and Losses and to receive distributions may not be transferred, in whole
or in part, unless the following terms and conditions have been satisfied:

                    (a) Members  (including the transferring  Member) holding at
         least 51% of the Membership  Interests  shall have consented in writing
         to the transfer,  which consent may be arbitrarily withheld by any such
         Member;

                    (b) The transferor  shall have assumed all costs incurred by
         the Company in connection with the transfer;

                    (c) The  transferor  shall have furnished the Company with a
         written  opinion of  counsel,  satisfactory  in form and  substance  to
         counsel for the Company,  that such transfer  complies with  applicable
         federal  and  state  securities  laws and the  Agreement  and that such
         transfer,  for  federal  income  tax  purposes,   will  not  cause  the
         termination of the Company under Section 708(b) of the Code,  cause the
         Company to be treated as an  association  taxable as a corporation  for
         income tax  purposes or otherwise  adversely  affect the Company or the
         Members; and

                    (d) The  transferor  shall  have  complied  with such  other
         conditions as the Board may reasonably require from time to time.

Transfers  will be recognized by the Company as effective only upon the close of
business on the last day of the calendar  month  following  satisfaction  of the
above  conditions.  Any  transfer  in

                                      -14-

<PAGE>

contravention  of this  Article X and any  transfer  which if made would cause a
termination  of the Company for federal income tax purposes under Section 708(b)
of the Code shall be void ab initio and  without  force and effect and shall not
bind the Company or the other Members.  Transfers by Members to Affiliates shall
not be subject to the provisions of Section 10.2(a) hereof.

         10.3  Transfer of  Membership  Interest  and  Admission  of  Substitute
Member. Except for the right to receive allocations of Profits and Losses and to
receive  distributions,   a  Membership  Interest  of  any  Member  may  not  be
transferred,  in whole or in part,  and a  transferee  shall not have a right to
become a Member  unless,  in addition to satisfying  the terms and conditions of
Sections 10.2 (b), (c) and (d), the  following  terms and  conditions  have been
satisfied:

                    (a) Members  (including the transferring  Member) holding at
         least 51% of the Membership  Interests  shall have consented in writing
         to the  transfer and  substitution,  which  consent may be  arbitrarily
         withheld by any such Member;

                    (b) The transferee  shall have assumed the  obligations,  if
         any, of the  transferor  to the Company,  including  the  obligation to
         fulfill  the pro rata  portion of the  transferor's  then  existing  or
         subsequently  arising  Commitment  allocable to the transferred Unit of
         Membership Interest or portion thereof; and

                    (c) The transferor  and the  transferee  shall have complied
         with  such  other  requirements  as the  Board  may  reasonably  impose
         including, without limitation, the conditions that the transferee:

                           (i) adopt and  approve in  writing  all the terms and
                    provisions of the Agreement then in effect; and

                           (ii) pay such  fees as may be  reasonable  to pay the
                    costs of the Company in effecting such substitution.

                    Transfers by Members to  Affiliates  shall not be subject to
the provisions of Section 10.3(a) hereof.

         10.4 Status of  Transferee.  Except as  otherwise  provided  herein,  a
transferee of a Unit of Membership Interest who is not a Substitute Member shall
be entitled only to receive that share of Profits, Losses and distributions, and
the return of Capital Contributions,  to which the transferor would otherwise be
entitled with respect to the interest transferred, and shall not have the rights
of a Member of the Company under the Act or this  Agreement  including,  without
limitation,  the right to obtain any  information  on  account of the  Company's
transactions,  to inspect the Company's books or to vote with the Members on, or
to grant or withhold  consents or approvals of, any matter.  The Company  shall,
however, if a transferee and transferor jointly advise the Company in writing of
a transfer  of the Unit of  Membership  Interest,  furnish the  transferee  with
pertinent tax information at the end of each Fiscal Period.

                                      -15-

<PAGE>

         10.5 Transfer of Membership Interest of a BHCA Special Member and other
BHCA Related Provisions.

                    (a) A BHCA Special  Member's  Membership  Interest  shall be
held  by any  assignee  or  other  transferee  of  such  BHCA  Special  Member's
Membership  Interest in the same  capacity,  provided  that any such assignee or
transferee  shall  have  full  voting  rights  with  regard  to such  Membership
Interest,  without  regard to the  limitation set forth in Section 13.1, if they
are transferred (i) to the public in an offering registered under the Securities
Act of 1933, as amended (the "Securities  Act"), (ii) in a transaction  pursuant
to Rules 144 or 144A under the Securities  Act in which no person  acquires more
than 2% of the Company's  outstanding  Membership Interests or (iii) in a single
transaction  to  a  third  party  who  acquires  a  majority  of  the  Company's
outstanding  Membership  Interests  without  regard to the transfer of such BHCA
Special  Member's  Membership  Interests.  In the  event of a change  in the law
governing a BHCA  Special  Member the effect of which is to permit any such BHCA
Special Member to transfer such  Membership  Interests in any other manner,  the
foregoing  shall be deemed  modified  to permit a  transfer  of such  Membership
Interests in such other manner.

                    (b) No transfer of a Unit of  Membership  Interest by a BHCA
Special  Member shall confer on such  transferee a greater  Membership  Interest
than such BHCA Special Member had after giving effect to the limitations imposed
pursuant to the BHCA unless such transferor  certifies to the Board of Directors
that the  transfer,  taking into  account the  increase in  Membership  Interest
resulting  therefrom,  is consistent with applicable  banking law, including the
BHCA.

                    (c) If at any time the percentage  Membership Interest owned
by a BHCA  Member or its  Affiliates  exceeds  24.99% of the  total  issued  and
outstanding  Membership  Interests of the Company (the  "Ownership  Threshold"),
such BHCA Member,  or its  Affiliate,  as the case may be, shall be permitted to
transfer that portion of its  Membership  Interest as is necessary to reduce its
percentage  ownership to the Ownership  Threshold,  notwithstanding any contrary
provision  limiting  transfer herein or in any agreement among the Members,  and
the Company shall cooperate to the extent reasonably  request by the BHCA Member
at the BHCA Member's expense in the discovery of a purchaser for such portion of
such BHCA Member's Membership  Interests;  provided,  however, that if such BHCA
Member,  or its  Affiliate,  as the case may be,  is  unable  within  60 days to
transfer such portion of its  Membership  Interests,  the Company will take such
action as such BHCA Member may  reasonably  request to reduce such BHCA Member's
percentage ownership to the Ownership Threshold, at the BHCA Member's expense.

         10.6 Legend on Certificates.  The  certificates  representing the Units
shall bear the following legend:

                    "THE  UNITS  OF  MEMBERSHIP  INTEREST  REPRESENTED  BY  THIS
                    CERTIFICATE ARE SUBJECT TO AN OPERATING AGREEMENT, A COPY OF
                    WHICH  IS ON  FILE  AT  THE  ADMINISTRATIVE  OFFICE  OF  THE
                    COMPANY.  THE UNITS OF MEMBERSHIP  INTEREST MAY NOT BE SOLD,
                    TRANSFERRED,  ASSIGNED, PLEDGED,

                                      -16-

<PAGE>

                    HYPOTHECATED,  OR OTHERWISE  DISPOSED OF EXCEPT AS EXPRESSLY
                    PROVIDED BY THE TERMS OF THE OPERATING AGREEMENT."

         10.7  Dispositions  Not in  Compliance  with  this  Article  Void.  Any
attempted disposition of a Unit of Membership Interest, or any part thereof, not
in compliance  with this Article X shall be void ab initio and without force and
effect and shall not bind the Company or the other Members.

                                   ARTICLE XI
                           DISSOLUTION AND WINDING UP

         11.1 Dissolution.  The Company shall be dissolved and its affairs wound
up, upon the first to occur of any of the following  events (each of which shall
constitute a Dissolution Event):

                    (a) the expiration of the term of the Agreement,  unless the
         Company is  continued  with the  consent of Members  holding at least a
         majority of the Membership Interests; or

                    (b) the  unanimous  written  consent of all of the  Members,
         without regard to whether or not a Member is a BHCA Member.

         11.2 Effect of Dissolution.  Upon dissolution, the Company shall not be
terminated and shall continue until the winding up of the affairs of the Company
is completed and a certificate of cancellation has been filed with the Office of
the Secretary of State of the State of Delaware.

         11.3 Distribution of Assets on Dissolution.  Upon the winding up of the
Company,  the Members  acting  together  (or such  Person(s)  designated  by the
Members representing at least a majority of the Membership Interests) shall take
full account of the assets and  liabilities of the Company,  shall liquidate the
assets (unless the Members determine that a distribution of any Company Property
in-kind  would be more  advantageous  to the Members  than the sale  thereof) as
promptly as is consistent with obtaining the fair value thereof, and shall apply
and distribute the proceeds therefrom in the following order:

                    (a) first,  to the payment of the debts and  liabilities  of
         the Company to creditors,  including Members who are creditors,  to the
         extent permitted by law, in satisfaction of such debts and liabilities,
         and to the payment of necessary expenses of liquidation;

                    (b)  second,  to the  setting up of any  reserves  which the
         Members  may  deem  necessary  or  appropriate   for  any   anticipated
         obligations  or  contingencies  of  the  Company  arising  out of or in
         connection with the operation or business of the Company. Such reserves
         may be paid over by the Members to an escrow agent or trustee  selected
         by the  Members  to be  disbursed  by such  escrow  agent or trustee in
         payment of any of the aforementioned  obligations or contingencies and,
         if any balance  remains at the expiration of such period as

                                      -17-

<PAGE>

         the Members shall deem  advisable,  shall be distributed by such escrow
         agent or trustee in the manner hereinafter provided;

                    (c) third, to the Members pro rata in accordance with and to
         the extent of their positive Capital Account balances, if any;

                    (d) then, to the Members in accordance with their Membership
         Interests.

         Liquidation  proceeds  shall be paid  within  60 days of the end of the
Company's taxable year in which the liquidation occurs. Such distributions shall
be in cash or Property (which need not be distributed proportionately) or partly
in both, as determined by the Board.

         If at the time of  liquidation  the  Members  shall  determine  that an
immediate  sale of some or all  Company  Property  would cause undue loss to the
Members, the Members may, in order to avoid such loss, defer liquidation.

         11.4  Winding  Up and  Filing  Certificate  of  Cancellation.  Upon the
commencement  of the winding up of the Company,  a certificate  of  cancellation
shall be  delivered  by the  Company to the  Secretary  of State of the State of
Delaware  for  filing.  The  certificate  of  cancellation  shall  set forth the
information  required  by the  Act.  The  winding  up of the  Company  shall  be
completed when all debts,  liabilities  and obligations of the Company have been
paid and discharged or reasonably adequate provision therefor has been made, and
all of the  remaining  Property  of the  Company  has  been  distributed  to the
Members.

                                   ARTICLE XII
                  TRINITECH STOCK ISSUANCE AND PURCHASE OPTION

         12.1 Trinitech  Stock  Issuance.  As  consideration  for the Option (as
defined in Section 12.2 below) Trinitech shall, no later than upon its execution
and delivery of this Agreement,  deliver to each Non-Trinitech Member the number
of shares of common stock of  Trinitech  set forth on such  Member's  respective
signature  page hereto.  Such shares will not initially be registered  under the
Securities  Act, and shall bear a legend to such effect,  in the form determined
by Trinitech.

         12.2 Trinitech  Purchase  Option.  Trinitech shall have the option (the
"Option"),  at any  time  and  from  time to  time,  to  purchase  the  Units of
Membership  Interest  of the  Non-Trinitech  Members,  such that  Trinitech  may
increase  its  Membership  Interest to no more than 80% of the total  Membership
Interest. Trinitech may exercise the Option through the exchange of one share of
Trinitech for each Unit to be  purchased,  subject to adjustment in the event of
any split,  combination,  reclassification  or other  adjustment  to the capital
structure  of  Trinitech.  Any Units  purchased  pursuant to the Option shall be
considered purchased pro rata from the Non-Trinitech  Members according to their
Membership Interests.

                                      -18-

<PAGE>

                                  ARTICLE XIII
                                  MISCELLANEOUS

         13.1 BHCA Membership Interest. Except as otherwise provided herein, for
the purposes of  calculating  the percentage  Membership  Interest in connection
with any vote  required  herein,  each  BHCA  Member  shall be  deemed to have a
Membership  Interest  which  shall  be the  lesser  of (i)  such  BHCA  Member's
Membership  Interest or (ii) 4.99% of the total Membership  Interest.  Neither a
BHCA Member nor its  Affiliates  may request that such BHCA Member's  Membership
Interest be increased unless such increase is permissible under the BHCA and the
Company  may rely on a  representation  made by a BHCA  Member to the Company to
such effect.  Notwithstanding the foregoing, a BHCA Member's Membership Interest
shall never exceed such Member's Membership Interest.

         13.2   Notices.   Notices  to  the   Company   shall  be  sent  to  the
Administrative  Office of the Company.  Notices to the Members  shall be sent to
the  addresses  set forth on their  respective  signature  page.  Any Member may
require notices to be sent to a different  address by giving notice to the other
Members in accordance with this Section 13.2. Any notice or other  communication
required or permitted hereunder shall be in writing, and shall be deemed to have
been given with receipt  confirmed if and when  delivered  personally,  given by
prepaid telegram or mailed first class,  postage prepaid,  delivered by courier,
or sent by facsimile, to such Members at such address.

         13.3 Entire Agreement.  This Agreement constitutes the entire agreement
between the parties and supersedes any prior agreement or understanding  between
them respecting the subject matter of this Agreement.

         13.4  Saving  Clause.  If  any  provision  of  this  Agreement,  or the
application  of such  provision  to any  person or  circumstance,  shall be held
invalid,  the remainder of this Agreement,  or the application of such provision
to persons  or  circumstances  other than those as to which it is held  invalid,
shall not be affected thereby.

         13.5   Counterparts.   This  Agreement  may  be  executed  in  multiple
counterparts,  each of  which  shall be  deemed  an  original,  but all of which
together shall constitute one and the same instrument.

         13.6 Governing Law. The Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware.

         13.7 No Rights of Creditors  and Third  Parties  under  Agreement.  The
Agreement  is entered  into among the Company and the Members for the  exclusive
benefit of the Company,  its Members and their  successors  and  assignees.  The
Agreement  is  expressly  not  intended  for the benefit of any  creditor of the
Company  or any  other  person.  Except  and  only  to the  extent  provided  by
applicable  statute,  no such  creditor or any third party shall have any rights
under the  Agreement  or any  agreement  between the Company and any Member with
respect to any Capital Contribution or otherwise.

                                      -19-

<PAGE>

         13.8 General Interpretive  Principles.  For purposes of this Agreement,
except as otherwise expressly provided or unless the context otherwise requires:

                    (a) the terms defined in this  Agreement  include the plural
as well as the  singular,  and the use of any gender  herein  shall be deemed to
include the other gender;

                    (b) accounting  terms not otherwise  defined herein have the
meanings given to them in the United States in accordance with GAAP consistently
applied;

                    (c) references herein to "Sections,"  "paragraphs" and other
subdivisions  without  reference  to a  document  are  to  designated  Sections,
paragraphs and other subdivisions of this Agreement;

                    (d) a reference to a paragraph  without further reference to
a Section is a reference  to such  paragraph as contained in the same Section in
which  the  reference  appears,   and  this  rule  shall  also  apply  to  other
subdivisions;

                    (e) the  words  "herein,"  "hereof,"  "hereunder"  and other
words of  similar  import  refer  to this  Agreement  as a whole  and not to any
particular provision; and

                    (f) the term  "include"  or  "including"  shall mean without
limitation by reason of enumeration.

                                      -20-

<PAGE>

                    IN WITNESS  WHEREOF,  the parties  hereto have  hereunto set
their hands as of the Effective Date.

INVESTOR*

UBS (USA) Inc.

/s/ R.H. Mills, Managing Director
---------------------------------

/s/ Per Dyrvik
--------------

         Address:    677 Washington Boulevard
                     Stamford, CT 06912
                     USA

         Membership Interest:                               25,000 Units
         Capital Contribution:                              $2,000,000
         Number of Shares of Trinitech Systems, Inc.
                    issued in exchange for the Option       125,000 Shares
                                                            -------

         *BHCA SPECIAL MEMBER

NYFIX MILLENNIUM, L.L.C.

By: /s/ Peter K. Hansen
    -----------------------
        Peter K. Hansen
        Chairman

                                      -21-

<PAGE>

                    IN WITNESS  WHEREOF,  the parties  hereto have  hereunto set
their hands as of the Effective Date.

INVESTOR

/s/ Illegible
-----------------------------

         Address:  ING Barings LLC
                   55 East 52nd Street
                   New York, New York 10055

         Membership Interest:                                25,000 Units
         Capital Contribution:                               $2,000,000
         Number of Shares of Trinitech Systems, Inc.
                    issued in exchange for the Option        125,000 Shares
                                                             -------

NYFIX MILLENNIUM, L.L.C.

By: /s/ Peter K. Hansen
    ----------------------------
        Peter K. Hansen
        Chairman

                                      -22-

<PAGE>

                    IN WITNESS  WHEREOF,  the parties  hereto have  hereunto set
their hands as of the Effective Date.

INVESTOR*

SOCIETE GENERAL INVESTMENT CORPORATION

/s/ Illegible
--------------------------------

         Address: 1221 Avenue of the Americas
                  New York, New York 10020

         Membership Interest:                                    25,000 Units
         Capital Contribution:                                   $2,000,000
         Number of Shares of Trinitech Systems, Inc.
                    issued in exchange for the Option            125,000 Shares
                                                                 -------

     *BHCA SPECIAL MEMBER

NYFIX MILLENNIUM, L.L.C.

By: /s/ Peter K. Hansen
    ----------------------------
        Peter K. Hansen
        Chairman

                                      -23-

<PAGE>

                    IN WITNESS  WHEREOF,  the parties  hereto have  hereunto set
their hands as of the Effective Date.

INVESTOR

LEHMAN BROTHERS INC.

By: /s/ Robert Shafir
    -------------------------------
    Name:  Robert Shafir
    Title: Managing Director

         Address: 3 World Financial Center
                  200 Vesey Street
                  New York, New York 10285

         Membership Interest:                                25,000 Units
         Capital Contribution:                               $2,000,000
         Number of Shares of Trinitech Systems, Inc.
                    issued in exchange for the Option        125,000 Shares
                                                             -------

NYFIX MILLENNIUM, L.L.C.

By: /s/ Peter K. Hansen
    -----------------------------
    Peter K. Hansen
    Chairman

                                      -24-

<PAGE>

                    IN WITNESS  WHEREOF,  the parties  hereto have  hereunto set
their hands as of the Effective Date.

INVESTOR

MSDW Equity Investments Ltd.

By: /s/ Daniel H. Hallahan
    -------------------------------
    Daniel H. Hallahan

         Address: MSDW Equity Investments Ltd.
                  Maples Calder
                  Ugland House
                  P.O. Box 309
                  Cayman Island

         Membership Interest:                                25,000 Units
         Capital Contribution:                               $2,000,000
         Number of Shares of Trinitech Systems, Inc.
                    issued in exchange for the Option        125,000 Shares
                                                             -------

NYFIX MILLENNIUM, L.L.C.

By: /s/ Peter K. Hansen
    -----------------------------
    Peter K. Hansen
    Chairman

                                      -25-

<PAGE>

                    IN WITNESS  WHEREOF,  the parties  hereto have  hereunto set
their hands as of the Effective Date.

INVESTOR

DB U.S. FINANCIAL MARKETS HOLDING CORPORATION

By: /s/ Gary T. Handel                      By: /s/ James O. Wilhelm
    --------------------------------            ----------------------------
    Gary T. Handel                              James O. Wilhelm
    Vice President and Treasurer                Assistant Secretary

         Address: 31 West 52nd Street
                  New York, New York 10019
                  Attn:  Tom Curtis, Legal Dept.

         Membership Interest:                              25,000 Units
         Capital Contribution:                             $2,000,000
         Number of Shares of Trinitech Systems, Inc.
                    issued in exchange for the Option      125,000 Shares
                                                           -------

NYFIX MILLENNIUM, L.L.C.

By: /s/ Peter K. Hansen
    --------------------------------
    Peter K. Hansen
    Chairman

                                      -26-

<PAGE>

                    IN WITNESS  WHEREOF,  the parties  hereto have  hereunto set
their hands as of the Effective Date.

INVESTOR

SANDFORD C. BERNSTEIN & CO., INC.

By: /s/ Lewis A. Sanders
    -------------------------------
    Lewis A. Sanders
    Chairman

         Address: 767 Fifth Avenue
                  New York, New York 10153

         Membership Interest:                                25,000 Units
         Capital Contribution:                               $2,000,000
         Number of Shares of Trinitech Systems, Inc.
                    issued in exchange for the Option        125,000 Shares
                                                             -------

NYFIX MILLENNIUM, L.L.C.

By: /s/ Peter K. Hansen
    -----------------------------
    Peter K. Hansen
    Chairman

                                      -27-

<PAGE>

                    IN WITNESS  WHEREOF,  the parties  hereto have  hereunto set
their hands as of the Effective Date.

NYFIX, INC. (formerly Trinitech Systems, Inc.)

By:             /s/ Peter Kilbinger Hansen
                ---------------------------------------
         Name:      Peter Kilbinger Hansen
         Title:     Chairman of the Board and President

         Address:          333 Ludlow Street
                           Stamford, CT 06902

         Membership Interest:                            175,000
         Capital Contribution:                        $2,000,000

NYFIX MILLENNIUM, L.L.C.

By: /s/ Peter Kilbinger Hansen
    ----------------------------------------
    Name:  Peter Kilbinger Hansen
    Title: Chairman

                                      -28-

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