Document:

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                                                                   EXHIBIT 10.22

                  7.34% SECURED NON-RECOURSE PROMISSORY NOTE
                         ("Secured Non-Recourse Note")
                           -------------------------

                             (September __, 1995)

     FOR VALUE RECEIVED, the undersigned, Rory J. Cowan (the "Borrower"), hereby
                                                              --------
promises to pay to Corporate Software Incorporated, a Delaware corporation (the
"Company"), or to the legal holder of this Secured Non-Recourse Note at the time
 -------
of payment, the principal sum of two million dollars ($2,000,000.) in lawful
money of the United States of America, and to pay simple interest (computed on
the basis of a 365 or 366 day year, as the case may be) on the principal amount
hereof from and after the date of this Secured Non-Recourse Note until the
entire principal amount hereof has been paid in full, at the rate of 7.34% per
annum. The entire principal amount of indebtedness evidenced by this note, to
the extent not theretofore prepaid as provided herein, shall be repaid on the
Maturity Date. Each payment of principal shall be accompanied by payment of any
accrued and unpaid interest thereon.

     If the date set for any payment or prepayment of principal or interest
hereunder is a Saturday, Sunday or legal holiday, then such payment or
prepayment shall be made on the next preceding business day.

     This Secured Non-Recourse Note has been delivered to evidence indebtedness
of the Borrower to the Company arising out of a loan made to the Borrower in
connection with his purchase of shares of Class A Common Stock, par value $.01
per Share, of Stream International Inc., a Delaware corporation and the parent
of the Company (the "Parent") in accordance with the terms of the Employment
                     ------
Agreement, dated as of April 21, 1995 (the "Employment Agreement"), between
                                            --------------------
Stream International Inc. and the Borrower, and this Secured Non-Recourse Note
is the "Note" of the Borrower referred to in Section 4 of the Employment
        ----
Agreement. Capitalized terms used herein and not otherwise defined shall have
the meanings ascribed to them in the Employment Agreement. Payment of the
principal of and interest on this Secured Non-Recourse Note is secured pursuant
to the terms of a Stock Pledge Agreement, dated as of April 21, 1995, between
the Borrower and the Company (the "Pledge Agreement"), reference to which is
                                   ----------------
made for a description of the collateral provided thereby and the rights of the
Company and any subsequent holder of this Secured Non-Recourse Note in respect
of such collateral.
<PAGE>

        Recourse of the holder of this Note for payment of the principal of and
interest on this Note or any claim based thereon shall be limited solely to the
collateral held pursuant to the Pledge Agreement, and the holder of this Note
shall have no recourse to any other assets of the Borrower for such payment,
whether before or after an Event of Default.

        As used in this Note:

                (a) the term "Maturity Date" means the earliest of (i) April 21,
                              -------------
2000 or, at the election of the Parent's Board of Directors and as a result of
the completion of any public offering of shares of the Parent registered under
the Securities Act of 1933, as amended, in connection with which the Borrower is
given an opportunity to sell shares having a value equal to or greater than the
amount of borrowings evidenced by this Secured Non-Recourse Note outstanding at
the time of such offering, provided, that, such offering is completed prior to
                           --------  ----
April 21, 2000, and (ii) the first date on which a Liquidity Event (as defined
below) shall occur, and

                (b) the term "Liquidity Event" means any of the following: (i)
                              ---------------
any sale of a majority of the capital stock or assets of the Parent (including
without limitation a sale of a majority of the capital stock resulting from a
Disposition (as defined in the Parent's Restated Certificate of Incorporation)
or Total Disposition (as defined in the Parent's Restated Certificate of
Incorporation) by R.R. Donnelley & Sons which triggers certain Tag Along (as
defined in the Parent's Restated Certificate of Incorporation) and Drag Along
Rights (as defined in the Parent's Restated Certificate of Incorporation), the
exercise by any stockholder of the Put Right (as defined in the Parent's
Restated Certificate of Incorporation) or the exercise by the Parent of its Call
Right (as defined in the Parent's Restated Certificate of Incorporation) all in
accordance with the provisions of Article Fifth of the Parent's Restated
Certificate of Incorporation), (ii) any liquidation or winding-up of the Parent
or distribution of a majority of the Parent's assets, other than to an Affiliate
of the Parent or (iii) any merger, consolidation or similar business combination
with or into any entity other than an entity controlled by Bain Capital Fund IV,
L.P., Bain Capital Fund IV-B, L.P. and Information Partners Capital Fund, L.P.
(collectively, the "Funds") or by R.R. Donnelley & Sons Company.
                    -----

                                      -2-
<PAGE>

     Interest on the principal amount hereof outstanding from time to time shall
be payable quarterly on the last business day of March, June, September and
December of each year commencing June 30, 1995 and on the Maturity Date;
provided, however, that, so long as the Borrower remains an employee of the
--------  -------
Parent and no Event of Default (as hereinafter defined) has occurred, interest
shall continue to accrue but shall not be payable until the Maturity Date.

     This Secured Non-Recourse Note is subject to the following further terms
and conditions:

     1.  Mandatory Prepayments. If at any time the Borrower receives any
         ---------------------
proceeds from the sale by the Borrower of Shares to anyone (including the
Company), the proceeds from such sale of Shares shall be applied to the
prepayment first, of the prepayment of the accrued and unpaid interest on the
Tax Loan Note and then to the unpaid principal thereof and second, to the
prepayment of the accrued and unpaid interest hereon and then to the unpaid
principal hereof. For purposes of this Section 1, the term "sale" in the context
of a sale of Shares shall include, in addition to any direct sale of Shares, any
transaction (including, without limitation, a merger, consolidation or
recapitalization) pursuant to which Shares are converted into a right to
receive, in whole or partial exchange or substitution of Shares, cash or cash
equivalents.

     In addition, until such time as the entire principal amount of this Secured
Non-Recourse Note is paid in full, together with all accrued and unpaid
interest, the Borrower shall pay to the Company, for application against such
principal and interest, 30% of any and all Bonus amounts that become payable to
the Borrower under the Employment Agreement.

     The right of the Borrower to receive proceeds upon the sale of Shares is
subject to the prior right of the Company (or other holder of this Secured Non-
Recourse Note) (i) in the case of a sale of Shares to the Company (or other
holder of this Secured Non-Recourse Note), in lieu of the Company (or such other
holder) paying the proceeds from such sale to the Borrower or his heirs,
successors or permitted assigns to set off against this Secured Non-Recourse
Note an amount equal to the Net Proceeds of such sale, or (ii) in the case of a
sale of Shares to any other person or entity (collectively, the "Transfer
                                                                 --------
Parties"), in lieu of any of such Transfer Parties paying the purchase price
-------
therefor to the Borrower or his heirs, successors or permitted assigns, to
direct such

                                      -3-
<PAGE>

Transfer Parties to pay an amount equal to the Net Proceeds of such sale to the
Company (or other holder of this Secured Non-Recourse Note) which shall set off
such amount against this Secured Non-Recourse Note.

     Concurrently with any prepayment (including by set-off) of any portion of
the principal amount of this Secured Non-Recourse Note pursuant to this Section
1 or Section 2 hereof, the Company (or other holder of this Secured Non-Recourse
Note) shall make a notation of such payment hereon. If full payment of the
principal of and accrued and unpaid interest on this Secured Non-Recourse Note
is made, this Secured Non-Recourse Note shall be cancelled. Any partial
prepayment (including by reason of set-off) shall be applied first to accrued
and unpaid interest hereon and then to the unpaid principal hereof.

     If at any time, or from time to time, after the date hereof and following
the occurrence and during the continuance of an Event of Default (as hereinafter
defined), the Borrower shall receive or shall otherwise become entitled to
receive from the Company (or other holder of this Secured Non-Recourse Note) any
cash payments, cash dividends or other cash distributions in respect of any
Shares, then and in each case, the Borrower or any of his heirs, successors or
permitted assigns to whom such distribution may be made shall, upon the receipt
thereof, return to the Company (or other holder of this Secured Non-Recourse
Note) such payments, dividends and distributions, and the Company (or other
holder of this Secured Non-Recourse Note) shall apply such amount to the
prepayment of the accrued and unpaid interest on and unpaid principal of this
Secured Non-Recourse Note in the manner set forth in the first paragraph of this
Section 1, and the Company (or other holder of this Secured Non-Recourse Note)
shall not be obligated to make any such cash payment, cash dividend or other
cash distribution not theretofore made to which the Borrower or any of his
heirs, successor or permitted assigns are otherwise entitled in respect of their
Shares any may, in lieu of paying such amount to the Borrower, set off the
amount of such cash payment, cash dividend or other cash distribution against
the accrued and unpaid interest on and unpaid principal of this Secured Non-
Recourse Note in the manner set forth in the third paragraph of this Section 1.

     2. Payment and Prepayment. All payments and prepayments of principal of and
        ----------------------
interest on this Secured Non-Recourse Note shall be made to the Company or its
order, or to the legal holder of this Secured Non-Recourse Note or such holder's
order,

                                      -4-
<PAGE>

in lawful money of the United States of America at the principal offices of the
Company (or at such other place as the holder hereof shall notify the Borrower
in writing). The Borrower may, at his option, prepay this Secured Non-Recourse
Note in whole or in part at any time or from time to time without penalty or
premium. Any prepayments of any portion of the principal amount of this Secured
Non-Recourse Note shall be accompanied by payment of all interest accrued but
unpaid hereunder. Upon final payment of principal of the interest on this
Secured Non-Recourse Note it shall be surrendered for cancellation. The Pledge
Agreement requires payment or prepayment of all obligations under this Secured
Promissory Note as a condition precedent to the release of, or transfer of the
Borrower's interests in, the collateral subject to the Pledge Agreement, all as
described more fully in the Pledge Agreement.

     3. Events of Default. Upon the occurrence of any of the following events
        -----------------
("Events of Default"):
  -----------------

          (a) Failure to pay the principal of this Secured Non-Recourse Note,
including any prepayments required hereunder or under the Pledge Agreement which
shall remain unremedied for ten days following the date when such principal
payment was originally due hereunder;

          (b) Failure to pay any interest installment due under this Secured
Non-Recourse Note which shall remain unremedied for ten days following the date
when such installment was originally due hereunder; or

          (c) Failure of the Borrower to perform the Borrower's obligations (i)
under the Employment Agreement which shall remain unremedied for ten days
following notice from the Company or the Parent or (ii) under the Pledge
Agreement;

then, and in any such event, the holder of this Secured Non-Recourse Note may
declare, by notice of default given to the Borrower, the entire principal amount
of this Secured Non-Recourse Note to be forthwith due and payable, whereupon the
entire principal amount of this Secured Non-Recourse Note outstanding and any
accrued and unpaid interest hereunder shall become due and payable without
presentment, demand, protest, notice of dishonor and all other demands and
notices of any kind, all of which are hereby expressly waived. Upon the
occurrence of an Event of Default, the

                                      -5-
<PAGE>

accrued and unpaid interest hereunder shall thereafter bear the same rate of
interest as on the principal hereunder, but in no event shall such interest be
charged which would violate any applicable usury law. If an Event of Default
shall occur hereunder, the Borrower shall pay costs of collection, including
reasonable attorneys' fees, incurred by the holder in the enforcement hereof.

     No delay or failure by the holder of this Secured Non-Recourse Note in the
exercise of any right or remedy shall constitute a waiver thereof, and no single
or partial exercise by the holder hereof of any right or remedy shall preclude
other or future exercise thereof or the exercise of any other right or remedy.

     4.   Miscellaneous.
          -------------

               (a)  The provisions of this Secured Non-Recourse Note shall be
governed by and construed in accordance with the laws of the Commonwealth of
Massachusetts, without regard to the conflicts of law rules thereof.

               (b)  All notices and other communications hereunder shall be in
writing and will be deemed to have been duly given if delivered or mailed in
accordance with the Employment Agreement.

               (c)  The headings contained in this Secured Non-Recourse Note are
for reference purposes only and shall not affect in any way the meaning or
interpretation of the provisions hereof.

                                      -6-
<PAGE>

     IN WITNESS WHEREOF, this Secured Non-Recourse Note has been duly executed
and delivered by the Borrower on the date first above written.

                                             /s/ Rory J. Cowan
                                             ------------------------------
                                             (Signature of Borrower)

Witness

__________________________

                                      -7-
<PAGE>

                            STOCK PLEDGE AGREEMENT

     STOCK PLEDGE AGREEMENT dated as of September __, 1995 (this "Stock Pledge
Agreement"), between Rory J. Cowan (the "Pledgor") both personally and in his
capacity as trustee under a Declaration of Trust dated as of April 21, 1995 and
known as the Cowan Stream Trust (the "Trust") and Corporate Software
Incorporated, a Delaware corporation (the "Company").

                                WITNESSETH
                                ----------

     WHEREAS, Stream International Inc., a Delaware corporation and the parent
of the Company (the "Parent"), has entered into an agreement, dated as of April
21, 1995 (the "Employment Agreement"), between the Parent and the Pledgor
pursuant to which the Parent has agreed to sell shares of Class A Common Stock,
par value $.01 per share, of the Parent (the "Purchased Shares") to the Pledgor
and has further agreed that the Pledgor may assign his right to purchase the
Purchased Shares to the Trust. Capitalized terms used and not otherwise defined
herein shall have the meanings ascribed to them in the Employment Agreement, and
the Pledgor hereunder is the "Executive" as such term is defined in the
Employment Agreement;

     WHEREAS, in connection with the sale of the Purchased Shares to the
Pledgor, the Company has lent to the Pledgor $2,000,000. on a non-recourse basis
and, as evidence of the indebtedness created by such loan, the Pledgor is
delivering to the Company a duly executed 7.34% Secured Promissory Note (the
"Note") of the Pledgor in the principal amount of $2,000,000. dated as of the
date hereof;

     WHEREAS, pursuant to the Employment Agreement, the Company has agreed to
make additional advances to the Pledgor to cover certain future tax obligations
of the Pledgor and the Pledgor has agreed to deliver to the Company a duly
executed 7.34% Secured Promissory Note (the "Tax Loan Note") on the date the
first installment of the Tax Loan is advanced;

     WHEREAS, the Pledgor wishes to grant further security and assurance to the
Company in order to secure the payment of the principal of and interest on the
Note and the Tax Loan Note (hereinafter collectively referred to as the "Note
Obligations") and to pledge to the Company the Purchased Shares to be acquired
by such Pledgor (or at such Pledgor's election, by the Trust)

<PAGE>

pursuant to the Employment Agreement, the New Options to be granted to Pledgor
pursuant to the Employment Agreement, certain additional shares of and/or
options to purchase additional shares of the Parent's capital stock and certain
Publicly Traded Securities described as to issuer, type and number of shares on
Exhibit A hereto, all as more particularly described herein;

     NOW, THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto agree as follows:

     1.   Pledge. As collateral security for the full and timely payment of the
          ------
principal of and interest on the Note Obligations and all other amounts payable
by the Pledgor thereunder or under this Stock Pledge Agreement (including,
without limitation, any and all reasonable fees and expenses, including
reasonable legal fees and expenses, incurred by the Company in connection with
any exercise of its rights under the Note Obligations or hereunder), the Pledgor
hereby delivers, deposits, pledges, transfers and assigns to the Company, in
form transferable for delivery, and creates in the Company a security interest
in:

          (a)  all Purchased Shares and all certificates evidencing the
Purchased Shares and other instruments or documents evidencing the same now
owned by the Pledgor and all dividends, cash, instruments and other property
from time to time received, receivable or otherwise distributed in respect of or
in exchange for any or all of the Purchased Shares;

          (b)  Zero shares of Class B Common Stock of the Parent (collectively,
the "Owned Shares") and all certificates evidencing the Owned Shares and other
instruments or documents evidencing the same and all dividends, cash,
instruments and other property from time to time received, receivable or
otherwise distributed in respect of or in exchange for any or all of the Owned
Shares;

          (c)  options to purchase Zero shares of Class A Common Stock and
options to purchase Zero shares of Class B Common Stock of the Parent
(collectively, the "Options") and all certificates evidencing the Options and
other instruments or documents evidencing the same and all dividends, cash,
instruments and other property from time to time received, receivable or
otherwise distributed in respect of or in exchange for any or all of the Options
including without limitation any shares of Class A Common Stock and Class B
Common Stock received upon the exercise of any Option; and
<PAGE>

          (d)  The Publicly Traded Securities described on Exhibit A hereto (the
"Additional Securities") and all certificates evidencing the Additional
 ---------------------
Securities and other instruments or documents evidencing the same and all
dividends, cash, instruments and other property from time to time received,
receivable or otherwise distributed in respect of or in exchange for any or all
of the Additional Securities.

The Purchased Shares, Owned Shares, Additional Securities and Options (together
with any securities or property delivered to the Pledgor pursuant to Section
2(b) hereof) are hereinafter collectively referred to as the "Pledged
Securities".

     The Pledgor hereby delivers to the Company appropriate undated security
transfer powers duly executed in blank for the Pledged Securities set forth
above and will deliver appropriate undated security transfer powers duly
executed in blank for the Pledged Securities to be pledged hereunder from time
to time hereafter. The Pledgor agrees that all certificates evidencing the
Pledged Securities shall be marked with the following legend:

     THE SHARES/OPTION TO PURCHASE SHARES REPRESENTED BY THIS CERTIFICATE ARE
SUBJECT TO THE PROVISIONS OF A STOCK PLEDGE AGREEMENT DATED AS OF APRIL 21, 1995
BY AND BETWEEN CORPORATE SOFTWARE INCORPORATED, A DELAWARE CORPORATION AND A
WHOLLY-OWNED SUBSIDIARY OF STREAM INTERNATIONAL INC., A DELAWARE CORPORATION
(THE "CORPORATION"), AND THE BORROWER NAMED THEREIN, A COPY OF WHICH IS ON FILE
AT THE OFFICES OF THE CORPORATION.

The Pledgor agrees to deliver to the Company all Pledged Securities currently
held by him in order that such legend may be placed thereon. The Pledgor further
agrees, with respect to the Additional Securities, to deliver written notice to
each issuer of an Additional Security of the pledge of such security to the
Company.

     2.   Administration of Security.  The following provisions shall govern the
          --------------------------
administration of the Pledged Securities:

          (a)  So long as no Event of Default has occurred and is continuing (as
used herein, "Event of Default" shall mean the occurrence of any Event of
Default as defined in the Note Obligations), the Pledgor shall be entitled to
act with respect to the Pledged Securities in any manner not inconsistent with
this Stock Pledge Agreement, the Employment Agreement, the
<PAGE>

Note Obligations or any document or instrument delivered or to be delivered
pursuant to or in connection with the Employment Agreement, including
transferring the Pledged Securities to a nominee for purposes of exercising the
Options, and/or voting the Pledged Securities and receiving all cash
distributions thereon and giving consents, waivers and ratifications in respect
thereof.

          (b)  If while this Stock Pledge Agreement is in effect, the Pledgor
shall become entitled to receive or shall receive any debt or equity security
certificate (including, without limitation, any certificates representing shares
of stock received in connection with the exercise of any Option, any certificate
representing a stock dividend or a distribution in connection with any
reclassification, increase or reduction of capital, or issued in connection with
any reorganization), option or right, whether as a dividend or distribution in
respect of, in substitution of, or in exchange for any Pledged Securities, the
Pledgor agrees to accept the same as the Company agent and to hold the same in
trust on behalf of and for the benefit of the Company and to deliver the same
forthwith to the Company in the exact form received, with the endorsement of the
Pledgor when necessary and/or appropriate undated security transfer powers duly
executed in blank, to be held by the Company, subject to the terms of this Stock
Pledge Agreement, as additional collateral security for the Note Obligations.
Notwithstanding the foregoing, it is agreed that the Pledgor may exercise any
option or right received as contemplated in the preceding sentence, and the
Company will exercise any such option or right upon receipt of written
instructions to that effect and any required payments or documents from the
Pledgor, and the securities received upon such exercise of any such option or
right shall thereafter be held by the Pledgor or the Company as contemplated by
the preceding sentence.

          (c)  The Pledgor shall immediately upon request by the Company and in
confirmation of the security interests hereby created, execute and deliver to
the Company such further instruments, deeds, transfers, assurances and
agreements, in form and substance as the Company shall request, including any
financing statements and amendments thereto, or any other documents, as required
under Massachusetts law and any other applicable law to protect the security
interests created hereunder.

          (d)  Subject to any sale by the Company or other disposition by the
Company of the Pledged Securities or other property pursuant to this Stock
Pledge Agreement and subject to Sections 5 and 6 below, the Pledged Securities
shall be returned to the Pledgor upon payment in full of the principal of and
accrued and unpaid interest on the Note Obligations.
<PAGE>

     3.   Remedies in Case of an Event of Default.
          ---------------------------------------

          (a)   In case an Event of Default shall have occurred and be
continuing, the Company shall have in each case all of the remedies of a secured
party under the Massachusetts Uniform Commercial Code, and, without limiting the
foregoing, shall have the right, in its sole discretion, to sell, resell, assign
and deliver all or, from time to time, any part of the Pledged Securities, or
any interest in or option or right to purchase any part thereof, on any
securities exchange on which the Pledge Securities or any of them may be listed,
at any private sale or at public auction, with or without demand of performance
or other demand, advertisement or notice of the time or place of sale or
adjournment thereof or otherwise (except that the Company shall give ten days'
notice to the Pledgor of the time and place of any sale pursuant to this Section
3), for cash, on credit or for other property, for immediate or future delivery,
and for such price or prices and on such terms as the Company shall, in its sole
discretion, determine, the Pledgor hereby waiving and releasing any and all
right or equity of redemption whether before or after sale hereunder. At any
such sale the Company may bid for and purchase the whole or any part of the
Pledged Securities so sold free from any such right or equity of redemption. The
Company shall apply the proceeds of any such sale first to the payment of
                                                  -----
all costs and expenses, including reasonable attorneys' fees, incurred by the
Company in enforcing its rights under this Stock Pledge Agreement, second to
                                                                   ------
the payment of accrued and unpaid interest on (i) the Tax Loan Note and (ii) the
Note and third to the payment of unpaid principal of the (i) the Tax Loan Note
         -----
and (ii) the Note.

          (b)   The Pledgor recognizes that the Company may be unable to effect
a public sale of all or a part of the Pledged Securities by reason of certain
prohibitions contained in the Securities Act of 1933, as amended (the
"Securities Act"), or in the rules and regulations promulgated thereunder or in
applicable state securities or "blue sky" laws, but may be compelled to resort
to one or more private sales to a restricted group of purchasers who will be
obliged to agree, among other things, to acquire the Pledged Securities for
their own account, for investment and not with a view to the distribution or
resale thereof. The Pledgor understands that private sales so made may be at
prices and on other terms less favorable to the seller than if the Pledged
Securities were sold at public sale, and agrees that the Company has no
obligation to delay the sale of the Pledged Securities for the period of time
necessary to permit the registration of the Pledged Securities for public sale
under the Securities Act and under applicable state securities or "blue sky"
laws. The Pledgor agrees that a private sale or sales made under the foregoing
circumstances shall be deemed to have been made in a commercially reasonable
manner.

<PAGE>

          (c)  If any consent, approval or authorization of any state, municipal
or other governmental department, agency or authority should be necessary to
effectuate any sale or disposition by the Company pursuant to this Section 3 of
the Pledged Securities, the Pledgor will execute all such applications and other
instruments as may be required in connection with securing any such consent,
approval or authorization, and will otherwise use his or her best efforts to
secure the same.

          (d)  Neither failure nor delay on the part of the Company to exercise
any right, remedy, power or privilege provided for herein or by statute or at
law or in equity shall operate as a waiver thereof, nor shall any single or
partial exercise of any such right, remedy, power or privilege preclude any
other or further exercise thereof or the exercise of any other right, remedy,
power or privilege.

     4.   Pledgor's Obligations Not Affected.  The obligations of the Pledgor
          ----------------------------------
under this Stock Pledge Agreement shall remain in full force and effect without
regard to, and shall not be impaired or affected by: (a) any subordination,
amendment or modification of or addition or supplement to the Employment
Agreement or the Note Obligations, or any assignment or transfer of any thereof;
(b) any exercise or non-exercise by the Company of any right, remedy, power or
privilege under or in respect of this Stock Pledge Agreement, the Employment
Agreement or the Note Obligations, or any waiver of any such right, remedy,
power or privilege; (c) any waiver, consent, extension, indulgence or other
action or inaction in respect of this Stock Pledge Agreement, the Employment
Agreement or the Note Obligations, or any assignment or transfer of any thereof;
or (d) any bankruptcy, insolvency, reorganization, arrangement, readjustment,
composition, liquidation or the like, of the Company, whether or not the Pledgor
shall have notice or knowledge of any of the foregoing.

     5.   Transfer by Pledgor.  The Pledgor will not sell, assign, transfer or
          -------------------
otherwise dispose of, grant any option with respect to, or mortgage, pledge or
otherwise encumber (collectively, a "Disposition") the Pledged Securities or any
interest therein except as permitted by the Company's Restated Certificate of
Incorporation (the "Charter"), the Employment Agreement and any Stockholders
                    -------
Agreement to which Pledgor and the Company or its stockholders may be or become
bound. In the event of any Disposition of Pledged Securities pursuant to and in
accordance with the terms and conditions of the Charter, the Employment
Agreement and any such Stockholders Agreement, the Company shall release such
Pledged Securities from the pledge hereunder to permit consummation of such
transaction solely to the extent that, after such release, the sum (the
"Coverage Amount") of (i) the product of the number of shares of Class A Common
<PAGE>

Stock owned by the Pledgor and subject to this Stock Pledge Agreement multiplied
by $30 (the "Class A Calculated Value") plus (ii) the product of the number of
shares of Class B Common Stock owned by the Pledgor and subject to this Stock
Pledge Agreement multiplied by $30 (the "Class B Calculated Value") exceeds 150%
of the aggregate principal amount of the Note Obligations of the Pledgor then
outstanding (the "Note Amount") is greater than zero. Notwithstanding the
foregoing, (i) upon the written request of the Pledgor, the Company shall
release Additional Securities from the pledge hereunder to permit consummation
of a Disposition solely to the extent that, after such release, the Value (as
defined below) of the Additional Securities subject to this Stock Pledge
Agreement exceeds 125% of the difference between the Note Amount and a fraction,
the numerator of which is the Coverage Amount and the denominator of which is
1.5, and (ii) in the case of any Disposition in connection with the occurrence
of a Trigger Event (as such term is defined in the Employment Agreement), the
Company shall release such Pledged Securities regardless of whether the Coverage
Amount is greater than zero, provided, that any proceeds received upon such
Disposition are either pledged to the Company as additional collateral and/or
used to reduce the Note Amount so that the foregoing collateral coverage test
continues to be satisfied after giving effect to such Disposition.

     For purposes of this Section 5, (i) fully vested Options shall be treated
as exercised in determining whether any Pledged Securities shall be released,
provided, however, that the Calculated Value applicable to each share of stock
for which the Option may be exercised shall be reduced by the per share exercise
price of such Option and (ii) the Value of the Additional Securities shall be
the market value of such securities determined by reference to the per share
closing price on the date prior to the requested release of such securities as
reported by the New York Stock Exchange, American Stock Exchange or the National
Association of Securities Dealers Automatic Quotation National Market System, as
the case may be.

     6.   Adjustments to Calculated Value.  In the event of any stock dividend,
          -------------------------------
stock split, stock issuance, reverse stock split, subdivision, combination,
recapitalization, reclassification, merger, consolidation or other change in any
class of common stock of the Company, the dollar value used to determine the
Calculated Value applicable to such class of common stock shall be appropriately
adjusted to reflect such dividend, split, issuance, subdivision, combination,
recapitalization, reclassification, merger, consolidation or other change.

     7.   Attorney-in-Fact.  The Company is hereby appointed the
          ----------------
attorney-in-fact of the Pledgor and the Pledgor's transferees for the purpose of
carrying out the provisions of this Stock Pledge Agreement and taking any action
and executing any instrument which the Company
<PAGE>

reasonably may deem necessary or advisable to accomplish the purposes hereof,
including without limitation, the execution of the applications and other
instruments described in Section 3(c) hereof, which appointment as
attorney-in-fact is irrevocable as one coupled with an interest.

     8.   Termination. Upon payment in full of the principal of and accrued and
          -----------
unpaid interest on the Note Obligations and upon the due performance of and
compliance with all the provisions of the Note Obligations, this Stock Pledge
Agreement shall terminate and the Pledgor shall be entitled to the return of
such of the Pledged Securities as have not theretofore been sold, released
pursuant to Sections 5 and 6 hereof or otherwise applied pursuant to the
provisions of this Stock Pledge Agreement.

     10.  Notices. All notices or other communications required or permitted to
          -------
be given hereunder shall be delivered as provided in the Employment Agreement.

     11.  Binding Effect, Successors and Assigns. This Stock Pledge Agreement
          --------------------------------------
shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns and nothing herein is intended or shall be
construed to give any other person any right, remedy or claim under, to or in
respect of this Stock Pledge Agreement.

     12.  Miscellaneous. The Company and its assigns shall have no obligation in
          -------------
respect of the Pledged Securities, except to hold and dispose of the same in
accordance with the terms of this Stock Pledge Agreement. Neither this Stock
Pledge Agreement nor any provision hereof may be amended, modified, waived,
discharged or terminated orally, but only by an instrument in writing signed by
the party against which enforcement of the amendment, modification, waiver,
discharge or termination is sought. The provisions of this Stock Pledge
Agreement shall be binding upon the heirs, representatives, successors and
permitted assigns of the Pledgor. The captions in this Stock Pledge Agreement
are for convenience of reference only and shall not define or limit the
provisions hereof. This Stock Pledge Agreement shall be governed by and
construed and enforced in accordance with the laws of the Commonwealth of
Massachusetts, without regard to the conflicts of law rules thereof. This Stock
Pledge Agreement may be executed simultaneously in several counterparts, each of
which is an original, but all of which together shall constitute one instrument.
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Stock Pledge
Agreement to be executed and delivered as of the date first above written.

                                          CORPORATE SOFTWARE INCORPORATED

                                          By /s/ Morton Rosenthal
                                             ------------------------------
                                             Morton Rosenthal
                                             Title: Chief Executive Officer

                                          PLEDGOR

                                             /s/ Rory J. Cowan
                                             ------------------------------
                                             Rory J. Cowan<PAGE>

                                                                   EXHIBIT 10.23

                   MODUS MEDIA INTERNATIONAL HOLDINGS, INC.

                      1997 CLASS A REPLACEMENT OPTION PLAN
                      ------------------------------------

1.   PURPOSE
     -------

     The purpose of this 1997 Class A Replacement Option Plan (the "Plan") is to
enable Modus Media International Holdings, Inc., a Delaware corporation (the
"Company"), to grant options to purchase Common Stock of the Company, $.01 par
value per share ("Common Stock") to certain individuals who hold options to
purchase Class A Common Stock, $.01 par value per share, previously granted to
each such individual by Stream International Inc., a Delaware corporation
(formerly known as "Stream International Holdings Inc.") ("Stream") under its
1995 Stock Option Plan and 1995 California Stock Option Plan (collectively, the
"1995 Plans"). Any participant in the Plan is referred to herein as a
"Participant."

     Options granted pursuant to the Plan are not intended to qualify as
incentive options. Options shall be granted in the form of Exhibit A hereto (as
it may be amended or modified from time to time by the Board of Directors).

2.   ADMINISTRATION
     --------------

     The Plan shall be administered by the Company's Board of Directors (the
"Board"). The Board shall have authority, not inconsistent with the express
provisions of the Plan, (a) to grant options to persons who hold options
previously granted by Stream under the 1995 Plans; (b) to determine the terms
and conditions of each option; (c) to prescribe the form or forms of any
instruments evidencing options and any other instruments necessary or advisable
under the Plan and if necessary to change such forms from time to time; (d) to
adopt, amend and rescind rules and regulations for the administration of the
Plan; and (e) to interpret the Plan and to decide any questions and settle all
controversies and disputes that may arise in connection with the Plan. Such
determinations of the Board shall be conclusive and shall bind all parties.
Subject to Section 9, the Board shall also have the authority, both generally
and in particular instances, to waive compliance by a Participant with any
obligation to be performed by him or her under an option, to waive any condition
or provision of an option, and to amend or cancel any option except that the
Board may not take any action with respect to an outstanding option that would
adversely affect the rights of the Participant under such option without such
Participant's consent. Nothing in the preceding sentence shall be construed as
limiting the power of the Board to make adjustments required by Section 4(a) and
Section 4(c) hereof.
<PAGE>

     The Board may, in its discretion, delegate some or all of its powers with
respect to the Plan to a committee (the "Committee"), in which event all
references (as appropriate) to the Board hereunder shall be deemed to refer to
the Committee. The Committee, if one is appointed, shall consist of at least two
members of the Board. A majority of the members on the Committee shall
constitute a quorum, and all determinations of the Committee shall be made by a
majority of the Board. Any determination of the Committee under the Plan may be
made without notice or meeting of the Committee by a writing signed by a
majority of the members of the Board on the Committee.

3.   EFFECTIVE DATE AND TERM OF PLAN
     -------------------------------

     The Plan shall become effective on January 9, 1998.

     No options shall be granted under the Plan other than to holders of Stream
Options as set forth in Section 6(a) below. This Plan shall terminate on January
31, 1998, but options previously granted may extend beyond that date.

4.   SHARES OF COMMON STOCK SUBJECT TO THE PLAN
     ------------------------------------------

     (a) Number of Shares. Subject to adjustment as provided in Section 4(c), an
         ----------------
aggregate of 3,500,000 shares of Common Stock may be delivered upon the exercise
of options granted under the Plan.

     (b) Shares of Common Stock to be Delivered. Common Stock delivered under
         --------------------------------------
the Plan shall be authorized but unissued shares or, if the Board so decides in
its sole discretion, previously issued shares acquired by the Company and held
in its treasury. No fractional shares of Common Stock shall be delivered under
the Plan.

     (c) Changes in Common Stock. In the event of a dividend, split or
         -----------------------
combination of Common Stock, recapitalization or other change in the Company's
capital structure, the number and kind of shares of the Company subject to
options then outstanding, the exercise price of such options, the maximum number
of shares that may be delivered under the Plan, and other relevant provisions
shall be appropriately adjusted by the Board, whose determination shall be
binding on all persons.

     The Board may also adjust the number of shares of Common Stock subject to
outstanding options, the exercise price of outstanding options and the terms of
outstanding options, to take into consideration material changes in accounting
practices or principles, extraordinary dividends, consolidations or mergers,
acquisitions or dispositions of Common Stock or property or any other event if
it is

                                       2
<PAGE>

determined by the Board that such adjustment is appropriate to avoid distortion
in the operation of the Plan.

5.   ELIGIBILITY FOR OPTIONS
     -----------------------

     Persons eligible to receive options under the Plan shall be limited to
holders of options granted by Stream under the 1995 Plans.

6.   TERMS AND CONDITIONS OF OPTIONS
     -------------------------------

     (a) Exercise Price; Number of Shares. The exercise price of each option
         --------------------------------
granted under the Plan (the "Replacement Option") shall be equal to the exercise
price of the option granted by Stream with respect to which the Replacement
Option is granted (the "Stream Option") multiplied by 0.119. The number of
shares of Common Stock covered by each such Replacement Option shall equal the
number of shares of Class A Common Stock of Stream covered by the Stream Option.

     (b) Duration of Replacement Options. Except as otherwise agreed between the
         -------------------------------
Company and a Participant, each Replacement Option granted to such Participant
under the Plan shall be exercisable during the same period or periods during
which the Stream Option was exercisable.

     (c) Exercise of Replacement Options.
         -------------------------------

         (1)  Except as otherwise agreed between the Company and any
              Participant, each Replacement Option granted under the Plan shall
              be exercisable at such time or times and upon such terms and
              conditions as specified in the Replacement Option. In the case of
              a Replacement Option not immediately exercisable in full, the
              Board may at any time accelerate the time at which all or any part
              of the Replacement Option may be exercised.

         (2)  Any exercise of a Replacement Option shall be in writing, signed
              by the proper person and furnished to the Company, accompanied by
              (i) such documents as may be required by the Company and (ii)
              payment in full as specified below in Section 6(d) for the number
              of whole shares of Common Stock for which the Replacement Option
              is exercised.

         (3)  The Company shall have the right to require, prior to the delivery
              of any shares of Common Stock pursuant to the exercise of the
              Replacement Option, that the Participant exercising the
              Replacement Option remit to the Company an amount in cash or by
              personal check, certified check, bank draft or money order

                                       3
<PAGE>

     payable to the order of the Company sufficient to satisfy any federal,
     state or local withholding tax requirements arising in connection with the
     exercise of the Replacement Option (the date such obligation arises being
     referred to as the "Tax Date") (or make other arrangements satisfactory to
     the Company with regard to such taxes). If specified in the instrument
     evidencing a Replacement Option or permitted by the Board, either at the
     time of the grant of the Replacement Option or the time of exercise, the
     Participant may elect, at such time and in such manner as the Board may
     prescribe, to satisfy such withholding obligation by (i) delivery of an
     unconditional and irrevocable undertaking by a broker to deliver promptly
     to the Company sufficient funds to pay such withholding obligation, (ii)
     delivering to the Company whole shares of Common Stock (which the
     Participant has held for at least six months prior to the delivery of such
     shares or acquired on the open market and for which the Participant has
     good title, free and clear of all liens and encumbrances) having a fair
     market value, determined as of the Tax Date, equal to such withholding
     obligation, or (iii) requesting that the Company withhold from the shares
     of Common Stock to be delivered upon exercise of the Replacement Option a
     number of whole shares of Common Stock having a fair market value equal,
     determined as of the Tax Date, to such withholding obligation; provided,
     however, that the Company shall have sole discretion to disapprove of an
     election pursuant to any of clauses (i), (ii) or (iii), and that in the
     case of a Participant who is subject to Section 16 of the Securities
     Exchange Act of 1934, as amended (the "Exchange Act"), the Company may
     require that the method of satisfying such an obligation be in compliance
     with Section 16 of the Exchange Act and the rules and regulations
     promulgated thereunder. Shares of Common Stock may be delivered or withheld
     having an aggregate fair market value in excess of the minimum amount
     required to be withheld, but not in excess of the amount determined by
     applying the Participant's maximum marginal tax rate. Any fractional share
     of a Common Stock which would be required to satisfy such an obligation
     shall be disregarded and the remaining amount due shall be paid in cash by
     the Participant.

(4)  If a Replacement Option is exercised by the executor or administrator of a
     deceased Participant, or by the person or persons to whom the Replacement
     Option has been transferred by the Participant's will or applicable laws of
     descent and distribution or pursuant to any beneficiary designation

                                       4
<PAGE>

               procedures established by the Company, the Company shall be under
               no obligation to deliver shares of Common Stock pursuant to such
               exercise until the Company is satisfied as to the authority of
               the person or persons exercising the Replacement Option.

     (d) Payment for Shares. Shares of Common Stock purchased upon exercise of a
         ------------------
Replacement Option under the Plan shall be paid for as follows: (i) in cash or
by personal check, certified check, bank draft or money order payable to the
order of the Company or (ii) if specified in the instrument evidencing the
Replacement Option or permitted by the Board, (A) through the delivery of whole
shares of Common Stock (which the Participant has held for at least six months
prior to the delivery of such shares or acquired on the open market and for
which the Participant has good title, free and dear of all liens and
encumbrances) having a fair market value on the last business day preceding the
date of exercise equal to the purchase price or (B) by delivery of a full
recourse promissory note of the Participant to the Company, such note to be
payable on such terms as are specified by the Company, or (C) by delivery of an
unconditional and irrevocable undertaking by a broker to deliver promptly to the
Company sufficient funds to pay the exercise price or (D) by any combination of
the permissible forms of payment. The Company shall have sole discretion to
disapprove of an election pursuant of Common Stock to any of clauses (A)-(D),
and in the case of a Participant who is subject to Section 16 of the Exchange
Act, the Company may require that the method of making such payment be in
compliance with Section 16 and the rules and regulations promulgated thereunder.
Any fractional share of Common Stock which would be required to pay such
purchase price shall be disregarded and the remaining amount due shall be paid
in cash by the Participant. No instrument representing shares of Common Stock
shall be delivered until the full purchase price therefor has been paid.

     (e) Delivery of Shares. A Participant shall not have the rights of a holder
         ------------------
of shares of Common Stock of the Company with regard to Replacement Options
under the Plan except as to shares actually received by him or her under the
Plan.

     The Company shall not be obligated to deliver any shares (i) until, in the
opinion of the Company's counsel, all applicable federal and state laws and
regulations have been complied with, and (ii) if the outstanding shares of
Common Stock are at the time listed on any stock exchange, until the shares of
Common Stock to be delivered have been listed or authorized to be listed on such
exchange upon official notice of issuance, and (iii) until all other legal
matters in connection with the issuance and delivery of such shares have been
approved by the Company's counsel. If the sale of shares of Common Stock has not
been registered under the Securities Act of 1933, as amended (the "Securities
Act"), the Company may require, as a condition to exercise of the Replacement
Option, such representations or agreements as counsel for the Company may
consider appropriate to avoid violation of the

                                       5
<PAGE>

Securities Act and may require that the instruments evidencing such shares of
Common Stock bear an appropriate legend restricting transfer.

     (f) Nontransferability of Options. No Replacement Options may be
         -----------------------------
transferred other than by will or by the laws of descent and distribution or
pursuant to beneficiary designation procedures approved by the Company. Except
as permitted by the foregoing sentence, during a Participant's lifetime a
Replacement Option may be exercised only by him or her. Except as permitted by
the second preceding sentence, no Replacement Options may be sold, transferred,
assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by
operation of law or otherwise) or be subject to execution, attachment or similar
process. Upon any attempt to so sell, transfer, assign, pledge, hypothecate,
encumber or otherwise dispose of any Replacement Options, such Replacement
Options and all rights thereunder shall immediately become null and void.

     (g) Death. If a Participant dies, each Replacement Option held by the
         -----
Participant immediately prior to death may be exercised, to the extent it was
exercisable immediately prior to death, by his or her executor or administrator,
or by the person or persons to whom the option is transferred by will or
applicable laws of descent and distribution or pursuant to beneficiary
designation procedures established by the Company, at any time within the period
ending with the first anniversary of the Participant's death but in no event
beyond the "Final Exercise Date" (as specified in the option). All Replacement
Options held by a Participant immediately prior to death that are not then
exercisable shall terminate on the date of death.

     (h) Other Termination of Service. If an employee's employment with the
         ----------------------------
Company and its subsidiaries terminates for any reason, other than death, all
Replacement Options held by the employee that are not then exercisable shall
terminate; provided, that the Board in its sole discretion may provide (either
prior to or following termination) that any or all of such portion of a
Replacement Option which is not exercisable immediately prior to termination
shall be treated as having become exercisable immediately prior to termination.
Replacement Options that are exercisable on the date employment terminates for
any reason other than death shall continue to be exercisable for a period of
three months (or such longer period as the Company may determine, but in no
event beyond the Final Exercise Date) unless the employee was terminated for
cause which in the opinion of the Board casts such discredit on him or her as to
justify termination of his or her Replacement Options. Subject to Section 6(g),
after completion of that three-month period, such Replacement Options shall
terminate to the extent not previously exercised, expired or terminated. For
purposes of this Section 6(h), employment shall not be considered terminated (i)
in the case of sick leave or other bona fide leave of absence approved for
purposes of the Plan by the Company or (ii) in the case of a transfer of
employment between the Company and a subsidiary or between subsidiaries, or to
the employment of a

                                       6
<PAGE>

corporation (or a parent or subsidiary corporation of such corporation) issuing
or assuming a Replacement Option in a transaction to which Section 424(a) of the
Internal Revenue Code of 1986, as amended from time to time (the "Code")
applies.

     In the case of a Participant who is not an employee, all Replacement
Options held by such Participant that are not exercisable immediately prior to
termination of service for any reason other than death shall terminate upon such
termination of service. Replacement Options that are exercisable immediately
prior to termination of service as a consultant, director or adviser for any
reason other than death shall continue to be exercisable for period of three
months (or such longer period as the Company may determine, but in no event
beyond the Final Exercise Date) unless the Participant was terminated for cause
which in the opinion of the Board casts such discredit on him or her as to
justify termination of his or her Replacement Options. Subject to Section 6(g),
after completion of that three-month period such Replacement Options shall
terminate to the extent not previously exercised, expired or terminated.

     If a Participant is employed by Stream or Corporate Software & Technology
Holdings, Inc. ("CST"), including a subsidiary of any of the foregoing, at the
time that Replacement Options are granted hereunder, then, solely for purposes
of Sections 6(h) and 7 hereof, such Participant shall be deemed to be employed
by the Company for so long as such Participant is employed by such either CST or
Stream (or a subsidiary thereof), as applicable. For purposes of this paragraph,
"employment" shall include service for the applicable company as contemplated by
the preceding paragraph.

     (i) Acquisition Events. An "Acquisition Event" shall mean any of the
         ------------------
following events following the effective date hereof: (a) any merger or
consolidation which results in the voting securities of the Company, CST or
Stream outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or by being converted into voting securities of the
surviving or acquiring entity or its parent) less than 50% of the combined
voting power of the voting securities of such company or such surviving or
acquiring entity or its parent outstanding immediately after such merger or
consolidation; (b) any sale of all or substantially all of the assets of the
Company, CST or Stream; or (c) the complete liquidation of the Company, CST or
Stream.

     All Replacement Options outstanding hereunder (x) be assumed or an
equivalent option shall be substituted by the successor corporation or a parent
or subsidiary of the successor corporation (unless the successor corporation
refuses to assume or substitute for the option), and (y) shall become
immediately exercisable in full immediately prior to the effectiveness of an
Acquisition Event and, unless assumed or substituted by the successor
corporation, will terminate, to the extent unexercised, upon the consummation of
an Acquisition Event, (i) if a Participant is employed by the Company, CST or
Stream (or a subsidiary thereof) at the time of the

                                       7
<PAGE>

occurrence of an Acquisition Event with respect to the Company, (ii) a
Participant is employed by CST (or a subsidiary thereof) at the time of an
occurrence of an Acquisition Event with respect to CST or (iii) a Participant is
employed by Stream (or a subsidiary thereof) at the time of an occurrence of an
Acquisition Event with respect to Stream. This paragraph shall also apply to a
Participant whose employment with the Company, CST or Stream, as applicable, is
terminated prior to the consummation of an Acquisition Event to the extent such
Participant's Replacement Options remain exercisable upon the consummation of
such Acquisition Event. For purposes of this paragraph, "employment" shall
include service for the applicable company as contemplated by the second
paragraph of Section 6(h) above.

7.   REPURCHASE RIGHTS
     -----------------

     (a)  Upon any termination of employment or service of a Participant with
the Company, CST or Stream (or a subsidiary thereof), as applicable, the Company
shall have the right to purchase, for cash, shares of Common Stock issued or
issuable upon exercise of Replacement Options granted hereunder to the extent
such Replacement Options were previously exercised or are exercisable at the
time of termination ("Vested Shares"), upon the terms set forth below:

          (i)  Termination for Any Reason Other Than Cause. If the termination
               -------------------------------------------
               of employment or service of the Participant is for any reason
               other than Cause (as defined below), the Company shall have the
               right to purchase: (A) from any holder of a Replacement Option
               granted hereunder and covering less than 2,000 shares of Common
               Stock (as adjusted for stock splits, stock dividends and similar
               events), all then Vested Shares, and (B) from any other holder of
               a Replacement Option granted hereunder: no Vested Shares if
               termination occurs on or prior to the second anniversary of the
               date of grant of the Replacement Option; up to 45% of the Vested
               Shares if termination occurs after the second anniversary and
               prior to or on the third anniversary of the date of grant of the
               Replacement Option; up to 35% of the Vested Shares if termination
               occurs after third anniversary of the date of grant of the
               Replacement Option and prior to or on the fourth anniversary of
               the date of grant of the Replacement Option; and up to 25% of the
               Vested Shares if termination occurs thereafter. The purchase
               price for the Vested Shares purchased by the Company shall equal
               the Fair Value (as defined below) thereof at the time of
               termination.

          (ii) Termination for Cause. If the termination of employment or
               ---------------------
               service of the Participant is for Cause (as defined below), the
               Company shall have the right to purchase all of the then Vested

                                       8
<PAGE>

               Shares at a price equal to the amount paid by the optionee for
               the Vested Shares (less, in the case of unexercised Replacement
               Options, the exercise price).

     (b)  The repurchase rights of the Company set forth in Section 7(a) shall
terminate upon the earlier of (i) the registration of any class of equity
securities of the Company under the Exchange Act or (ii) the closing of the
initial public offering of equity securities of the Company under the Securities
Act.

     (c)  The Company must exercise its purchase rights under this Section 7, by
written notice to the Participant, within 90 days after the termination of
employment or service. The closing of any purchase pursuant to this Section 7
shall take place as soon as reasonably practicable at the principal office of
the Company, or at such other time and location as the parties to such purchase
may mutually determine. At the closing, the holder of the Vested Shares, to be
sold shall deliver to the Company an instrument representing such Vested Shares,
duly endorsed for transfer, and the Company shall pay the purchase price
therefor, by check or wire transfer.

     (d)  As used in this Section 7, the following terms shall have the
following meanings:

          (i)  "Cause" shall mean: (i) fraud, embezzlement or other act of
               -------
               dishonesty by the Participant with respect to the Company, CST or
               Stream, as applicable, that causes material injury to such
               company, or (ii) conviction of, or a plea of nolo contendre to,
               any felony involving dishonesty or moral turpitude.

          (ii) "Fair Value" shall mean the fair value of the shares of Common
               ------------
               Stock as of the applicable date on the basis of a sale of such
               shares of Common Stock in an arms-length private sale between a
               willing buyer and a willing seller, neither acting under
               compulsion, without any discount for any lack of liquidity of
               such shares or the fact that such shares may represent a minority
               interest or that there may be restrictions on the voting rights
               of such shares, as determined in good faith by the Board of the
               Company; provided, however that in the event of a repurchase by
                        --------  -------
               the Company of Vested Shares from any holder of a Replacement
               Option granted hereunder and initially covering 2,000 or more
               shares of Common Stock (as adjusted for stock splits, stock
               dividends and similar events) (a "Major Holder"), the
               determination of Fair Value shall be subject to mutual agreement
               of the Company and such Major Holder. Absent such an agreement,
               Fair Value shall be determined by calculating the average of the
               sum of the determinations of Fair Value made by

                                       9
<PAGE>

               two independent nationally recognized investment banking firms,
               one of which shall be retained by the Company and one of which
               shall be retained by the Major Holder. However, if the
               determinations of Fair Value of such two firms differ from one
               another by more than 15%, the Company and such Major Holder shall
               mutually select a third independent investment banking firm to
               make a final determination of Fair Value with respect to the
               Vested Shares then being repurchased by the Company.

        (e) The Company may require that each certificate representing shares of
Common Stock subject to the repurchase rights set forth in this Section 7 shall
bear a legend referencing such repurchase rights.

8.   NO EMPLOYMENT RIGHTS
     --------------------

     Neither the adoption of the Plan nor the grant of a Replacement Option
shall confer upon any Participant any right to continue as an employee or
director of, or consultant or adviser to, the Company, CST or Stream or any
parent or subsidiary or affect in any way the right of the Company, CST, or
Stream or any parent or subsidiary to terminate such Participant at any time.
Except as specifically provided by the applicable board in any particular case,
the loss of existing or potential profit in Replacement Options granted under
this Plan shall not constitute an element of damages in the event of termination
of the relationship of a Participant even if the termination is in violation of
an obligation of the Company, CST, or Stream to the Participant by contract or
otherwise.

9.   AMENDMENT
     ---------

     With the consent of the Participant, the Board may at any time cancel an
existing Replacement Option in whole or in part and grant another option for
such number and class of shares as the Board specifies. The Board may at any
time or times amend the Plan or any outstanding Replacement Option for any
purpose that may at the time be permitted by law, provided that, except to the
extent expressly permitted by the Plan, no such amendment shall, without the
approval of the stockholders of the Company, effectuate a change for which
approval of the stockholders is required in order for the Plan to continue to
qualify under Rule 16b-3 (if applicable). No such amendment shall adversely
affect the rights of any Participant, without his or her consent, under any
Replacement Option previously granted.

                                       10

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