Document:

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                                                                   Exhibit 10.12

                             SUBSCRIPTION AGREEMENT

                        Digital Descriptor Systems, Inc.
                             a Delaware Corporation

Mr. Garrett Cohn
Digital Descriptor Systems, Inc.
446 Lincoln Highway
Fairless Hills, PA  19030

Dear Mr. Cohn:

The undersigned (the "Subscriber") understands that Digital Descriptor Systems,
Inc., a Delaware corporation (the "Company") is offering for sale 13,333,333
shares of common stock of the Company in consideration of cash at $0.03 per
share, in $10,000.00 (u.s.) blocks, equaling 333,333 shares per block, for an
aggregate total of $400,000.

The Subscriber acknowledges and understands that the offering of the Shares (the
"Offering") is being made without registration of the Shares under the
Securities Act of 1933, as amended (the "Act"), or any securities, "blue sky" or
other similar laws of any state ("State Securities Laws").

 1. Subscription. The Subscriber hereby subscribes for and agrees to purchase
    _________Shares for the aggregate purchase consideration of ____________.

 2. Payment for the Shares. The undersigned herewith tenders the consideration
    ("Purchase Price") required to purchase the amount of Shares subscribed for
    hereunder. Payment of the Purchase Price is being made wire transfer or
    deposit by certified check into the following escrow account:

               Bank:              Union Bank of California
                                  The Private Bank - Newport Beach
                                  Irvine, CA 92612
               ABA Routing:       122 000 496
               Account No:        470 000 1879
               Account Name:      Owen M. Naccarato
                                  Attorney Fund Account III

    If this subscription is not accepted or the Offering is terminated by the
    Company for any reason all documents will be returned to the Subscriber.

                                       1
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 3. Acceptance of Subscription. The Subscriber understands and acknowledges that
    the Company has the unconditional right, exercisable in its sole and
    absolute discretion, to (i) accept or reject this Subscription Agreement, in
    whole or in part, (ii) no subscription shall be valid unless and until
    accepted by the Company, (iii) this Subscription Agreement shall be deemed
    to be accepted by the Company only when it is signed by an authorized
    officer of the Company on behalf of the Company, and (iv) notwithstanding
    anything in this Subscription Agreement to the contrary, the Company shall
    have no obligation to issue the Shares to any person to whom the issuance of
    the Shares would constitute a violation of the Act or any State Securities
    Laws. The Company will cause the Secretary of the Company to deliver the
    Shares purchased by the Subscriber to the Subscriber promptly after the
    Company has accepted this Subscription Agreement.

 4. Representations and Warranties of the Subscriber. The Subscriber hereby
    represents and warrants to and covenants with the Company, as well as each
    officer, director and agent of the Company, and each soliciting broker, if
    any, as follows:

                  (a) General
                      -------

                           (i) The Subscriber has all requisite authority to
                  enter into this Subscription Agreement and to perform all the
                  obligations required to be performed by the Subscriber
                  hereunder.

                           (ii) The Subscriber is the sole party in interest and
                  is not acquiring the Shares as an agent or otherwise for any
                  other person. The Subscriber is a resident of the state set
                  forth opposite its name on the signature page hereto and (a)
                  if a corporation, partnership, trust or other form of business
                  organization, it has its principal office within such state;
                  (b) if an individual, he or she has his or her principal
                  residence in such state; and (c) if a corporation,
                  partnership, trust or other form of business organization
                  which was organized for the specific purpose or acquiring the
                  Shares, all of the beneficial owners are residents of such
                  state.

                           (iii) The Subscriber recognizes that the total amount
                  of consideration tendered to purchase the Shares is placed at
                  the risk of the business and may be completely lost. The
                  purchase of the Shares of the Company as an investment
                  involves extreme risk.

                           (iv) The Subscriber realizes that the Shares cannot
                  readily be sold as there will be no public market therefor,
                  that it may not be possible to sell or dispose of the and
                  therefore the Shares must not be purchased unless the
                  Subscriber has liquid assets sufficient to assure that such
                  purchase will cause no undue financial difficulties and the
                  Subscriber can provide for current needs and possible personal
                  contingencies.

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                           (v) The Subscriber confirms and represents that
                  he/she is able (i) to bear the economic risk of his/her
                  investment, (ii) to hold the securities for an indefinite
                  period of time, and (iii) to afford a complete loss of his/her
                  investment. The Subscriber also represents that he/she has (i)
                  adequate means of providing for his/her current needs and
                  possible personal contingencies, and (ii) has no need for
                  liquidity in this particular investment.

                           (vi) The Subscriber represents that he/she has
                  sufficient knowledge and experience in financial and business
                  matters to be capable of evaluating the merits and risks of
                  the proposed investment.

                           (vii) The Subscriber has not become aware of the
                  offering of Shares of the Company by any form of general
                  solicitation or advertising, including, but not limited to
                  advertisements, articles, notices or other communications
                  published in any newspaper, magazine or other similar media or
                  broadcast over television or radio or any seminar or meeting
                  where those individuals that have attended have been invited
                  by any such or similar means of general solicitation or
                  advertising.

                  (b)      Information Concerning the Company.
                           ----------------------------------

                           (i) The Subscriber has been provided access to all
                  information requested in evaluating his/her purchase of the
                  Shares.

                           (ii) The Subscriber is familiar with the business and
                  financial condition, properties, operations and prospects of
                  the Company, and, at a reasonable time prior to the execution
                  of this Subscription Agreement, has been afforded the
                  opportunity to ask questions of and received satisfactory
                  answers from the Company's officers and directors, or other
                  persons acting on the Company's behalf, concerning the
                  business and financial condition, properties, operations and
                  prospects of the Company and concerning the terms and
                  conditions of the offering of the Shares and has asked such
                  questions as it desires to ask and all such questions have
                  been answered to the full satisfaction of the Subscriber.

                           (iii) The Subscriber understands that, unless the
                  Subscriber notifies the Company in writing to the contrary
                  before the Closing, all the representations and warranties
                  contained in this Subscription Agreement will be deemed to
                  have been reaffirmed and confirmed as of the Closing, taking
                  into account all information received by the Subscriber.

                           (iv) The Subscriber understands that the purchase of
                  the Shares involves various risks.

                                       3
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                           (v) No representations or warranties have been made
                  to the Subscriber by the Company as to the tax consequences of
                  this investment, or as to profits, losses or cash flow which
                  may be received or sustained as a result of this investment.

                           (vi) All documents, records and books pertaining to a
                  proposed investment in the Shares which the Subscriber has
                  requested have been made available to the Subscriber.

                  (c)      Status of the Subscriber
                           ------------------------

                           (i) The Subscriber represents that the Subscriber is
                  an Accredited Investor as the term Accredited Investor is
                  defined in Rule 501 of Regulation D of the Act. (check each
                  category of "Accredited Investor" below which is applicable to
                  the Subscriber):

         ( ) (A) a natural person whose individual net worth, or joint net worth
with that person's spouse, at the time of his purchase exceeds $1,000,000;

         ( ) (B) a natural person who had an individual income in excess of
$200,000 in each of the two most recent years or joint income with that person's
spouse in excess of $300,000 in each of those years and has a reasonable
expectation of reaching the same income level in the current year.

         ( ) (C) a bank as defined in Section 3(a)(2) of the Act or a savings
and loan association or other institution as defined in Section 3(a)(5) (A) of
the Act, whether acting in its individual or fiduciary capacity; broker or
dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934;
an insurance partnership as defined in Section 2(13) of the Act; an investment
company registered under the Investment Company Act of 1940 (the "1940 Act") or
business development company as defined in Section 2(a) (48) of the 1940 Act; a
Small Business Investment Company licensed by the U.S. Small Business as defined
under Section 301(c) or (d) of the Small Investment Act of 1958; a plan
established and maintained by a state, its political subdivisions, or any agency
or instrumentality of a state or its political subdivisions, for the benefit of
its employees if such plan has total assets in excess of $5,000,000; or an
employee benefit plan within the meaning of the Employee Retirement Income
Security Act of 1974 ("ERISA"), if the investment decision is made by a plan
fiduciary, as defined in Section 3(21) of ERISA, which fiduciary is either a
bank, savings and loan association, insurance company or registered investment
adviser, or if the employee benefit plan has total assets in excess of
$5,000,000 or, if a self-directed plan, with investment decisions made solely by
persons that are Accredited Investors (as listed in categories (A) - (G));

         ( ) (D) a private business development company as defined in Section
202(a) (22) of the Investment Advisors Act of 1970;

                                       4
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         ( ) (E) an organization described in Section 501 (c)(3) of the Internal
Revenue Code, a corporation, Massachusetts or similar business trust, or a
partnership, with total assets in excess of $5,000,000, and which was not formed
for the specific purpose of acquiring the Common Stock;

         ( ) (F) a trust, with total assets in excess of $5,000,000 not formed
for the specific purposes of acquiring the Common Stock whose purchase is
directed by a person who has such knowledge and experience in financial and
business matters that he is capable of evaluating the merits and risks of an
investment in the Common Stock; and

         ( ) (G) an entity in which all of the equity owners are Accredited
Investors (as listed in categories (A) - (F)) or is an Accredited Investor
defined by Regulation D.

                  (ii)    The Subscriber is a non-accredited investor and;

         ( ) (A) The Subscriber represents that he/she has sufficient knowledge
and experience in financial and business matters to be capable of evaluating the
merits and risks of the proposed investment.

         ( ) (B) Represents that he/she has received the current financial
information on the Company to review and in fact has reviewed the documents.

                  (iii) The Subscriber agrees to furnish any additional
information requested to assure compliance with applicable Federal and State
Securities Laws in connection with the purchase and sale of the Common Stock.

                  (d)     Restrictions on Transfer or Sale of the Shares or
                          Securities Underlying the Shares
                          --------------------------------------------------

                  (i) The Subscriber is acquiring the Shares subscribed solely
                  for the Subscriber's own beneficial account, for investment
                  purposes, and not with view to, or for resale in connection
                  with, any distribution of the Shares. The Subscriber
                  understands that the offer and the sale of the Shares has not
                  been registered under the Act or any State Securities Laws by
                  reason of specific exemptions under the provisions thereof
                  which depend in part upon the investment intent of the
                  Subscriber and of the other representations made by the
                  Subscriber in this Subscription Agreement. The Subscriber
                  understands that the Company is relying upon the
                  representations, covenants and agreements contained in this
                  Subscription Agreement (and any supplemental information) for
                  the purposes of determining whether this transaction meets the
                  requirements for such exemptions.

                                       5
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                  (ii) The Subscriber understands that the Shares are all
                  "restricted securities" under applicable federal securities
                  laws and that the Act and the rules of the Securities and
                  Exchange Commission (the "Commission") provide in substance
                  that the Subscriber may dispose of the Shares only pursuant to
                  an effective registration statement under the Act or an
                  exemption therefrom. The certificates evidencing the Shares
                  offered hereby will bear a legend which clearly sets forth
                  this restriction. The Subscriber understands that the
                  Subscriber may not at any time demand the purchase by the
                  Company of the Subscriber's Shares. The legend will state as
                  follows:

"THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (AACT@), OR THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES MAY NOT
BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER THE
ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR PURSUNAT TO AN EXEMPTION FROM
REGISTRATION AND DELIVERY TO COBB RESOURCES CORPORATION OF AN OPINION OF LEGAL
COUNSEL SATISFACTORY TO COBB RESOURCES CORPORATION THAT SUCH REGISTRATION IS NOT
REQUIRED UNDER THE ACT OR ANY APPLICABLE STATE SECURITIES LAWS".

                  (iii) The Subscriber agrees: (A) that the Subscriber will not
                  sell, assign, pledge, give, transfer or otherwise dispose of
                  the Shares, or any interest therein, or make any offer or
                  attempt to do any of the foregoing, except pursuant to a
                  registration of the Shares under the Act and all applicable
                  State Securities Laws or in a transaction which is exempt from
                  the registration provisions of the Act and all applicable
                  State Securities Laws; (B) that the Company and any transfer
                  agent for the Shares of the Company shall not be required to
                  give effect to any purported transfer of any of the Shares
                  except upon compliance with the foregoing restrictions; and
                  (C) that a restrictive legend will be placed on the
                  certificates representing the Shares.

                  (iv) The Subscriber has not offered or sold any portion of the
                  Shares subscribed for and has no present intention of dividing
                  such Shares with others or of reselling or otherwise disposing
                  of any portion of such Shares either currently or after the
                  passage of a fixed or determinable period of time or upon the
                  occurrence or nonoccurrence of any predetermined event or
                  circumstance.

 5. Survival and Indemnification. All representations, warranties and covenants
    contained in this Agreement and the indemnification contained in this
    Paragraph 5 shall survive (i) the acceptance of the Subscription Agreement
    by the Company (ii) changes in this transaction and documents related to
    this transaction which are not material or which are to the benefit of the
    Subscriber, and (iii) the death or disability of the Subscriber. The
    Subscriber acknowledges the meaning and legal consequences of the
    representations, warranties and covenants in Paragraph 4 hereof and that the
    Company has relied upon such representations, warranties and covenants in

                                       6
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    determining the Subscriber's qualification and suitability to purchase the
    Shares. The Subscriber hereby agrees to indemnify, defend and hold harmless
    the Company, and its officers, directors, employees, agents and controlling
    persons, from and against any and all losses, claims, damages, liabilities,
    expenses (including attorneys' fees and disbursements), judgment or amounts
    paid in settlement of actions arising out of or resulting from the untruth
    of any representation herein or the breach of any warranty or covenant
    herein. Notwithstanding the foregoing, however, no representation, warranty,
    covenant or acknowledgment made herein by the Subscriber shall in any manner
    be deemed to constitute a waiver of any rights granted to it under the
    Securities or State Securities laws.

 6. Conditions to Obligations of the Company. The obligations of the Company to
    sell the Shares specified herein is subject to the condition that the
    representations and warranties of the Subscriber contained in Paragraph 4
    hereof shall be true and correct on and as of the Closing in all respects
    with the same effect as though such representations and warranties had been
    made on and as of the Closing.

 7. Notices. All notices and other communications provided for herein shall be
    in writing and shall be deemed to have been duly given if delivered
    personally or sent by registered or certified mail, return receipt
    requested, postage prepaid, or overnight air courier guaranteeing next day
    delivery:

   (a) if to the Company, to it at the following address:

        Digital Descriptor Systems, Inc.
        446 Lincoln Highway
        Fairless Hills, PA  19030

    (b) if to the Subscriber, at the address set forth on the last page hereof
        or directly to the Subscriber at the address set forth on the signature
        page hereto, or at such other address as either party shall have
        specified by notice in writing to the other.

    All notice and communications shall be deemed to have been duly given: at
    the time delivered by hand, if personally delivered; two days after being
    deposited in the mail, postage prepaid, if mailed; and the next day after
    timely delivery to the courier, if sent by overnight air courier
    guaranteeing next day delivery.

    If a notice or communication is mailed in the manner provided above within
    the time prescribed, it is duly given, whether or not the addressee receives
    it.

                                       7
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 8. Notification of Changes. The Subscriber agrees and covenants to notify the
    Company immediately upon the occurrence of any event prior to the Closing
    which would cause any representation, warranty, covenant or other statement
    contained in the Subscription Agreement to by false or incorrect or of any
    change in any statement made herein occurring prior to the Closing.

 9. Assignability. This Subscription Agreement is not assignable by the
    Subscriber, and may not be modified, waived or terminated except by an
    instrument in writing signed by each of the parties hereto.

10. Binding Effect. Except as otherwise provided herein, this Subscription
    Agreement shall be binding upon and inure to the benefit of the parties and
    their heirs, executors, administrators, successors, legal representatives
    and assigns, and the agreements, representations, warranties and
    acknowledgments contained herein shall be deemed to be made by and be
    binding upon such heirs, executors, administrators, successors, legal
    representatives and assigns. If the Subscriber is more than one person, the
    obligation of the Subscriber shall be joint and several and the agreements,
    representations, warranties and acknowledgments contained herein shall be
    deemed to be made by and be binding upon each such person and his heirs,
    executors, administrators and successors.

11. Obligations Irrevocable. The obligations of the Subscriber shall be
    irrevocable, except with the consent of the Company, until the Closing or
    earlier termination of the Offering.

12. Entire Agreement. This Subscription Agreement constitutes the entire
    agreement of the Subscriber and the Company relating to the matters
    contained herein, superseding all prior contracts or agreements, whether
    oral or written.

13. Governing Law. This Subscription Agreement shall be governed and controlled
    as to the validity, enforcement, interpretations, construction and effect
    and in all other aspects by the substantive laws of the State of
    Pennsylvania.

14. Severability. If any provision of this Subscription Agreement or the
    application thereof to any Subscriber or circumstance shall be held invalid
    or unenforceable to any extent, the remainder of this Subscription Agreement
    and the application of such provision to other subscriptions or
    circumstances shall not be affected thereby and shall be enforced to the
    greatest extent permitted by law.

15. Headings. The headings in this Subscription Agreement are inserted for
    convenience and identification only and are not intended to describe,
    interpret, define, or limit the scope, extent or intent of this Subscription
    Agreement or any provision hereof.

16. Counterparts. This Subscription Agreement may be executed in any number of
    counterparts, each of which when so executed and delivered shall be deemed
    to be an original and all of which together shall be deemed to be one and
    the same agreement.

                                       8
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17. Documents Being Tendered. The Subscriber hereby tenders a completed and
    executed copy of this Subscription Agreement, along with the consideration
    for the Shares subscribed.

18. Amount of Shares Subscribed For. The Subscriber hereby subscribes to
    purchase the following number of Shares, for the following Subscription
    Amount.

    Shares:___________________________________________

    Consideration:____________________________________

         IN WITNESS WHEREOF, the undersigned Subscriber has executed this
Subscription Agreement this ____ day of _______________, 2001.

                                       9

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                                    EXECUTION

         Please execute this Subscription Agreement by completing the
appropriate section below.

 1. If the subscriber is an INDIVIDUAL, complete the following:

                                      ------------------------------------------
                                      Signature of Investor

                                      ------------------------------------------
                                      Name (Please type or print)

                                      ------------------------------------------
                                      Social Security Number (or Tax I.D.)

                                      Signature of Spouse or Co-Owner if funds
                                      are to be invested as joint tenants by the
                                      entirety or community property.

                                      ------------------------------------------
                                      Name (Please type or print)

         ACCEPTED by the Company this the ____ day of __________, 2001.

DIGITAL DESCRIPTOR SYSTEMS INC., A DELAWARE CORPORATION.

By:
   -------------------------------------
     Garrett U. Cohn, President

                                       10<PAGE>
                                                                    EXHIBIT 10.8

                               CAMINUS CORPORATION

                        1999 EMPLOYEE STOCK PURCHASE PLAN

      The purpose of this Plan is to provide eligible employees of Caminus
Corporation, a Delaware corporation (the "Company"), and certain of its
subsidiaries with opportunities to purchase shares of the Company's common
stock, $0.01 par value per share (the "Common Stock"). Ninety-five thousand, two
hundred thirty-eight (95,238) shares of Common Stock in the aggregate have been
approved for this purpose. This Plan is intended to qualify as an "employee
stock purchase plan" as defined in Section 423 of the Internal Revenue Code of
1986, as amended (the "Code"), and the regulations promulgated thereunder, and
shall be interpreted consistent therewith.

      1.    Administration. The Plan will be administered by the Board or by a
Committee appointed by the Board (the "Committee"). The Board or the Committee
has authority to make rules and regulations for the administration of the Plan
and its interpretation and decisions with regard thereto shall be final and
conclusive.

      2.    Eligibility. All employees of the Company, including Directors who
are employees, and all employees of any subsidiary of the Company (as defined in
Section 424(f) of the Code) designated by the Board or the Committee from time
to time (a "Designated Subsidiary"), are eligible to participate in any one or
more of the offerings of Options (as defined in Section 9) to purchase Common
Stock under the Plan provided that:

            (a)   they are customarily employed by the Company or a Designated
      Subsidiary for more than 20 hours a week and for more than five months in
      a calendar year; and

            (b)   they have been employed by the Company or a Designated
      Subsidiary for at least three months prior to enrolling in the Plan;
      provided, however, that, with respect to the first Plan Period (as defined
      below), they have been employed by the Company or a Designated Subsidiary
      since December 31, 1999; and

            (c)   they are employees of the Company or a Designated Subsidiary
      on the first day of the applicable Plan Period (as defined below).

      No employee may be granted an option hereunder if such employee,
immediately after the option is granted, owns 5% or more of the total combined
voting power or value of the stock of the Company or any subsidiary. For
purposes of the preceding sentence, the attribution rules of Section 424(d) of
the Code shall apply in determining the stock ownership of an employee, and all
stock which the employee has a contractual right to purchase shall be treated as
stock owned by the employee.
<PAGE>
      3.    Offerings. The Company will make one or more offerings ("Offerings")
to employees to purchase stock under this Plan. Offerings will begin on such
date or dates as may be established by the Board or the Committee from time to
time (the "Offering Commencement Dates"). Each Offering Commencement Date will
begin a six-month period (a "Plan Period") during which payroll deductions will
be made and held for the purchase of Common Stock at the end of the Plan Period.
The Board or the Committee may, at its discretion, choose a different Plan
Period of twelve (12) months or less for its Offerings.

      4.    Participation. An employee eligible on the Offering Commencement
Date of any Offering may participate in such Offering by completing and
forwarding a payroll deduction authorization form to the employee's appropriate
payroll office on or before the applicable Offering Commencement Date, as
determined by the Board or the Committee from time to time. The form will
authorize a regular payroll deduction from the Compensation received by the
employee during the Plan Period. Unless an employee files a new form or
withdraws from the Plan, his deductions and purchases will continue at the same
rate for future Offerings under the Plan as long as the Plan remains in effect.
The term "Compensation" means the amount of money reportable on the employee's
Federal Income Tax Withholding Statement, excluding overtime, shift premium,
allowances and reimbursements for expenses such as relocation allowances for
travel expenses, income or gains on the exercise of Company stock options or
stock appreciation rights, and similar items, whether or not shown on the
employee's Federal Income Tax Withholding Statement, but including, in the case
of salespersons, sales commissions to the extent determined by the Board or the
Committee.

      5.    Deductions. The Company will maintain payroll deduction accounts for
all participating employees. With respect to any Offering made under this Plan,
an employee may authorize a payroll deduction, as set forth below, from the
Compensation he or she receives during the Plan Period or such shorter period
during which deductions from payroll are made. Payroll deductions may be at the
rate of 1%, 2%, 3%, 4%, 5%, 6%, 7%, 8%, 9% or 10% of Compensation with any
change in compensation during the Plan Period to result in an automatic
corresponding change in the dollar amount withheld.

      No employee may be granted an Option (as defined in Section 9) which
permits his rights to purchase Common Stock under this Plan and any other
employee stock purchase plan (as defined in Section 423(b) of the Code) of the
Company and its subsidiaries, to accrue at a rate which exceeds $25,000 of the
fair market value of such Common Stock (determined at the Offering Commencement
Date of the Plan Period) for each calendar year in which the Option is
outstanding at any time.

      6.    Deduction Changes. An employee may decrease or discontinue his
payroll deduction once during any Plan Period, by filing a new payroll deduction
authorization form. However, an employee may not increase his payroll deduction
during a Plan Period. If an employee elects to discontinue his payroll
deductions during a Plan Period, but does not elect to withdraw his funds
pursuant to Section 8 hereof, funds deducted prior to his election to

                                      -2-
<PAGE>
discontinue will be applied to the purchase of Common Stock on the Exercise Date
(as defined below).

      7.    Interest. Interest will not be paid on any employee accounts, except
to the extent that the Board or the Committee, in its sole discretion, elects to
credit employee accounts with interest at such per annum rate as it may from
time to time determine.

      8.    Withdrawal of Funds. An employee may at any time prior to the close
of business on the last business day in a Plan Period and for any reason
permanently draw out the balance accumulated in the employee's account and
thereby withdraw from participation in an Offering. Partial withdrawals are not
permitted. The employee may not begin participation again during the remainder
of the Plan Period. The employee may participate in any subsequent Offering in
accordance with terms and conditions established by the Board or the Committee.

      9.    Purchase of Shares. On the Offering Commencement Date of each Plan
Period, the Company will grant to each eligible employee who is then a
participant in the Plan an option ("Option") to purchase on the last business
day of such Plan Period (the "Exercise Date"), at the Option Price hereinafter
provided for, the largest number of whole shares of Common Stock of the Company
as does not exceed the number of shares determined by multiplying $2,083 by the
number of full months in the Plan Period and dividing the result by the closing
price (as defined below) on the Offering Commencement Date of such Plan Period.

      The purchase price for each share purchased will be 85% of the closing
price of the Common Stock on (i) the first business day of such Plan Period or
(ii) the Exercise Date, whichever closing price shall be less. Such closing
price shall be (a) the closing price on any national securities exchange on
which the Common Stock is listed, (b) the closing price of the Common Stock on
the Nasdaq National Market or (c) the average of the closing bid and asked
prices in the over-the-counter-market, whichever is applicable, as published in
The Wall Street Journal. If no sales of Common Stock were made on such a day,
the price of the Common Stock for purposes of clauses (a) and (b) above shall be
the reported price for the next preceding day on which sales were made.
Notwithstanding the foregoing, in the event the first business day of a Plan
Period is the effective date of the Registration Statement on Form S-1 relating
to the Company's initial public offering of Common Stock, the closing price for
such first business day shall be deemed to be the initial public offering price
of the Common Stock.

      Each employee who continues to be a participant in the Plan on the
Exercise Date shall be deemed to have exercised his Option at the Option Price
on such date and shall be deemed to have purchased from the Company the number
of full shares of Common Stock reserved for the purpose of the Plan that his
accumulated payroll deductions on such date will pay for, but not in excess of
the maximum number determined in the manner set forth above.

      Any balance remaining in an employee's payroll deduction account at the
end of a Plan Period will be automatically refunded to the employee, except that
any balance which is less than the purchase price of one share of Common Stock
will be carried forward into the employee's

                                      -3-
<PAGE>
payroll deduction account for the following Offering, unless the employee elects
not to participate in the following Offering under the Plan, in which case the
balance in the employee's account shall be refunded.

      10.   Issuance of Certificates. Certificates representing shares of Common
Stock purchased under the Plan may be issued only in the name of the employee,
in the name of the employee and another person of legal age as joint tenants
with rights of survivorship, or (in the Company's sole discretion) in the name
of a brokerage firm, bank or other nominee holder designated by the employee.
The Company may, in its sole discretion and in compliance with applicable laws,
authorize the use of book entry registration of shares in lieu of issuing stock
certificates.

      11.   Rights on Retirement, Death or Termination of Employment. In the
event of a participating employee's termination of employment prior to the last
business day of a Plan Period, no payroll deduction shall be taken from any pay
due and owing to an employee and the balance in the employee's account shall be
paid to the employee or, in the event of the employee's death, (a) to a
beneficiary previously designated in a revocable notice signed by the employee
(with any spousal consent required under state law) or (b) in the absence of
such a designated beneficiary, to the executor or administrator of the
employee's estate or (c) if no such executor or administrator has been appointed
to the knowledge of the Company, to such other person(s) as the Company may, in
its discretion, designate. If, prior to the last business day of the Plan
Period, the Designated Subsidiary by which an employee is employed shall cease
to be a subsidiary of the Company, or if the employee is transferred to a
subsidiary of the Company that is not a Designated Subsidiary, the employee
shall be deemed to have terminated employment for the purposes of this Plan.

      12.   Optionees Not Stockholders. Neither the granting of an Option to an
employee nor the deductions from his pay shall constitute such employee a
stockholder of the shares of Common Stock covered by an Option under this Plan
until such shares have been purchased by and issued to him.

                                      -4-
<PAGE>
      13.   Transferability; Lock-up. Rights under this Plan are not
transferable by a participating employee other than by will or the laws of
descent and distribution, and are exercisable during the employee's lifetime
only by the employee. The Board or the Committee, in its sole discretion, may
provide that shares of Common Stock issuable upon the exercise of an Option may
not be sold, assigned, transferred, pledged or otherwise encumbered by the
employee for a period of up to 180 days from the Exercise Date of the applicable
Plan Period (the "Lock-up Provisions"); provided, however, that all participants
exercising Options during such Plan Period shall be subject to the same Lock-up
Provisions; and provided further, however, that the Company shall provide all
participants in such Plan Period with written notice (including electronic
notice) of the Lock-up Provisions at least 10 days prior to the Exercise Date of
such Plan Period.

      14.   Application of Funds. All funds received or held by the Company
under this Plan may be combined with other corporate funds and may be used for
any corporate purpose.

      15.   Adjustment in Case of Changes Affecting Common Stock. In the event
of a subdivision of outstanding shares of Common Stock, or the payment of a
dividend in Common Stock, the number of shares approved for this Plan, and the
share limitation set forth in Section 9, shall be increased proportionately, and
such other adjustment shall be made as may be deemed equitable by the Board or
the Committee. In the event of any other change affecting the Common Stock, such
adjustment shall be made as may be deemed equitable by the Board or the
Committee to give proper effect to such event.

      16.   Merger. If the Company shall at any time merge or consolidate with
another corporation and the holders of the capital stock of the Company
immediately prior to such merger or consolidation continue to hold at least 80%
by voting power of the capital stock of the surviving corporation ("Continuity
of Control"), the holder of each Option then outstanding will thereafter be
entitled to receive at the next Exercise Date upon the exercise of such Option
for each share as to which such Option shall be exercised the securities or
property which a holder of one share of the Common Stock was entitled to upon
and at the time of such merger or consolidation, and the Board or the Committee
shall take such steps in connection with such merger or consolidation as the
Board or the Committee shall deem necessary to assure that the provisions of
Section 15 shall thereafter be applicable, as nearly as reasonably may be, in
relation to the said securities or property as to which such holder of such
Option might thereafter be entitled to receive thereunder.

      In the event of a merger or consolidation of the Company with or into
another corporation which does not involve Continuity of Control, or of a sale
of all or substantially all of the assets of the Company while unexercised
Options remain outstanding under the Plan, (a) subject to the provisions of
clauses (b) and (c), after the effective date of such transaction, each holder
of an outstanding Option shall be entitled, upon exercise of such Option, to
receive in lieu of shares of Common Stock, shares of such stock or other
securities as the holders of shares of Common Stock received pursuant to the
terms of such transaction; or (b) all outstanding Options may be cancelled by
the Board or the Committee as of a date prior to the

                                      -5-
<PAGE>
effective date of any such transaction and all payroll deductions shall be paid
out to the participating employees; or (c) all outstanding Options may be
cancelled by the Board or the Committee as of the effective date of any such
transaction, provided that notice (including electronic notice) of such
cancellation shall be given to each holder of an Option, and each holder of an
Option shall have the right to exercise such Option in full based on payroll
deductions then credited to his account as of a date determined by the Board or
the Committee, which date shall not be less than ten (10) days preceding the
effective date of such transaction.

      17.   Amendment of the Plan. The Board may at any time, and from time to
time, amend this Plan in any respect, except that (a) if the approval of any
such amendment by the stockholders of the Company is required by Section 423 of
the Code, such amendment shall not be effected without such approval, and (b) in
no event may any amendment be made which would cause the Plan to fail to comply
with Section 423 of the Code.

      18.   Insufficient Shares. In the event that the total number of shares of
Common Stock specified in elections to be purchased under any Offering plus the
number of shares purchased under previous Offerings under this Plan exceeds the
maximum number of shares issuable under this Plan, the Board or the Committee
will allot the shares then available on a pro rata basis.

      19.   Termination of the Plan. This Plan may be terminated at any time by
the Board. Upon termination of this Plan all amounts in the accounts of
participating employees shall be promptly refunded.

      20.   Governmental Regulations. The Company's obligation to sell and
deliver Common Stock under this Plan is subject to listing on a national stock
exchange or quotation on the Nasdaq National Market (to the extent the Common
Stock is then so listed or quoted) and the approval of all governmental
authorities required in connection with the authorization, issuance or sale of
such stock.

      21.   Governing Law. The Plan shall be governed by Delaware law except to
the extent that such law is preempted by federal law.

      22.   Issuance of Shares. Shares may be issued upon exercise of an Option
from authorized but unissued Common Stock, from shares held in the treasury of
the Company, or from any other proper source.

      23.   Notification upon Sale of Shares. Each employee agrees, by entering
the Plan, to promptly give the Company notice of any disposition of shares
purchased under the Plan where such disposition occurs within two years after
the date of grant of the Option pursuant to which such shares were purchased.

      24.   Effective Date and Approval of Shareholders. The Plan shall take
effect upon the effectiveness of the Company's registration statement under the
Securities Act of 1933, as amended, relating to the Company's initial public
offering of Common Stock, subject to

                                      -6-
<PAGE>
approval by the stockholders of the Company as required by Section 423 of the
Code, which approval must occur within twelve months of the adoption of the Plan
by the Board.

                                    Adopted by the Board of Directors
                                    on September 30, 1999

                                    Approved by the stockholders
                                    on September 30, 1999

                                      -7-
<PAGE>
                               CAMINUS CORPORATION

                                 AMENDMENT NO. 1

                                       TO

                        1999 EMPLOYEE STOCK PURCHASE PLAN

      Section 17 of the 1999 Employee Stock Purchase Plan (the "Plan") of
Caminus Corporation, a Delaware corporation, is hereby amended and restated in
its entirety as follows:

      "Amendment of the Plan. The Board may at any time, and from time to time,
amend this Plan in any respect."

      Except to the extent amended hereby, the Plan is in all respects hereby
ratified and confirmed and shall continue in full force and effect.

                                    Approved by the Board of Directors on
                                    October 30, 2001.
<PAGE>
                               CAMINUS CORPORATION

                                 AMENDMENT NO. 2

                                       TO

                        1999 EMPLOYEE STOCK PURCHASE PLAN

      The second sentence of the first paragraph of the 1999 Employee Stock
Purchase Plan (the "Plan") of Caminus Corporation, a Delaware corporation, is
hereby amended and restated in its entirety as follows:

      "Five hundred ninety-five thousand, two hundred thirty-eight (595,238)
shares of Common Stock in the aggregate have been approved for this purpose."

      Except to the extent amended hereby, the Plan is in all respects hereby
ratified and confirmed and shall continue in full force and effect.

                                    Approved by the Board of Directors on
                                    October 30, 2001.

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