Document:

DATED 1ST JUNE 2005

                       INTERNET TELECOMMUNICATIONS PLC (L)

                              CHARLIE YIASEMIS (2)

                             CONTRACT OF EMPLOYMENT

                             CONTRACT OF EMPLOYMENT
                                CHARLIE YIASEMIS

THIS AGREEMENT is made the 1st day of June 2004

BETWEEN

(1)      INTERNET  TELECOMMUNICATIONS  PLC  whose  registered  office  is  at 46
         Clerkenwell Close, London, EC1R 0AT ("the company")

(2)           CHARLIE YIASEMIS of 38b Falmouth  Gardens,  Redbridge,  Essex. IG4
              5JU ("the Chief Executive Officer")

NOW IT IS HEREBY AGREED as follows:-

1        DEFINITIONS

1.1           In this Agreement the words and  expressions  listed in schedule 3
              shall  unless the context  otherwise  requires  have the  meanings
              attributed to them in that Schedule

1.2           References  to any  enactment  shall be construed as references to
              such  enactment as from time to time amended or re-enacted  and to
              any regulation or order made under such enactment

1.3      Words denoting the singular shall include the plural and vice versa and
         words denoting any gender shall include all genders

2        THE APPOINTMENT

2.1      The Company will employ the  Director  and the Director  WILL serve the
         Company as a director

2.2           The employment (subject to termination as provided below) shall be
              for a fixed  period of 5 years  from  01/01/04  and  automatically
              renewed  on the 6th year but may be  terminated  by  either  party
              giving to the other twelve  months  notice in writing to expire at
              any time before expiry date of fixed term

2.3           The Director (subject always to the directions of the Board) shall
              carry out such duties and exercise  such powers in relation to the
              Company as may from time to time be  assigned  to or vested in him
              by the Board and such  duties  may relate to the  business  of the
              Company or any associated  company and which may be required to be
              performed anywhere in the United Kingdom or abroad

2.4      During the  Appointment  the Director shall  (without  prejudice to the
         generality of Clause 2.3) in the course of his duties:-

2.4.1         well and faithfully serve the Company and use his utmost endeavors
              to promote its interest but so far as  reasonably  possible not in
              any way which may conflict  with the interest of any member of the
              Group whose interests the Director shall use his best endeavors to
              promote
3        REMUNERATION EXPENSES AND BENEFITS

3.1           During the  Appointment  and subject as provided below the Company
              shall pay the Director a salary at the rate of  (pound)80,000  per
              annum which  shall  accrue from day to day and be payable by equal
              installments  in  arrears at the end of every  calendar  month (or
              equal in  shares  if  monies  are owed of such  other  date as the
              Company may  determine)  and which shall be  inclusive of any fees
              receivable by the Director of the Company

3.2           The Salary  shall be  reviewed on each Review Date The Company may
              in its entire  discretion  grant to the Director  such increase in
              the Salary as it may  determine is  appropriate  having  regard to
              increases  in the cost of living the  performance  of the Director
              and the profitability of the Company

3.3      During the appointment the Company shall pay to the Director the Profit
         Share on the terms and subject to the conditions of Schedule 2

3.4           The Director shall be reimbursed all reasonable  expenses properly
              incurred  by him in the  discharge  of his duties  hereunder  upon
              production of satisfactory documentary evidence

3.5           The Company may at their  discretion  provide the Director  with a
              car whose total price  including  car tax and VAT shall not exceed
              (pound)20,000  for the use of the Director in the  performance  of
              his duties to be replaced  with a car of  comparable  type every 3
              years during the  subsistence of the Appointment and shall pay for
              reasonable  running expenses  thereof  including car tax insurance
              maintenance repairs unless agreed otherwise The Director shall:-

3.5.1         comply with any reasonable  directions  from time to time given by
              the Company with regard to motor vehicles  provided by the Company
              for the use of its staff;

3.5.2    return the car to the Company at its place of business immediately upon
         the termination of the Appointment

3.6           The Company will procure  membership of insurance for the Director
              and  make  contributions  for  him in  travels  and  accommodation
              subject to the  Director  being so accepted  at standard  rates of
              premium and if not so accepted the Director  shall be  responsible
              for any increased premium over standard rates

3.7           Any benefits provided by the Company to the Director or his family
              which are not  expressly  referred to in this  Agreement  shall be
              regarded as ex-gratia and at the entire  discretion of the Company
              and shall form part of the Director's contract of Employment

4             TERMINATION OF THE APPOINTMENT

4.1      The  Appointment  may be terminated by the Company by summery Notice in
         writing:-

4.1.1         if the director shall at any time become or be unable  properly to
              perform his duties under this Agreement by reason of ill health or
              accident  either for a period or periods  aggregating  at least 90
              workings days in any period of twelve consecutive  calendar months
              or for 60 consecutive working days PROVIDED that the company shall
              not be  entitled  to give such  notice to the  Director  after the
              expiration  of  three  calendar  months  from  the end of any such
              period or periods;

4.1.2         if the  Director  shall have  committed  any gross  misconduct  or
              repeated or continued  (after  warning) any material breach of his
              obligations  under this  Agreement  or shall  have been  guilty of
              conduct  tending to bring himself or the company into disrepute or
              shall have  suffered a  bankruptcy  order to be made in respect of
              himself or compounded with his creditors generally; or

4.1.3    if for any reason the director  shall  otherwise than at the request of
         the board resign as a director of the Company

4.2           The  termination  by the  company  of  this  Agreement  shall  not
              prejudice any claim which the company may have for damages arising
              from any breach of this Agreement by the Director which gives rise
              to such termination

4.3           If the  Director  Shall at any time be  prevented  by  illness  or
              accident from  performing his for a period of 30 consecutive  days
              the Company may appoint a temporary  replacement  to undertake all
              or some of the Directors duties during any further period in which
              the Director is prevented by illness or accident  from  performing
              his duties

4.4           The Director  shall  notwithstanding  illness or other  incapacity
              remain  entitled  to  receive  the  salary  in full for one  month
              following the  commencement of such illness or incapacity  subject
              only to the amount receivable by him being reduced by an amount or
              amounts  equal to the  maximum  benefit  to  which a person  fully
              stamped  would  be  entitled  to  claim a  statutory  sick  pay or
              sickness  benefit  (whether or not such benefit is paid) under the
              appropriate legislation

4.5           If before the  expiration or  determination  of this agreement the
              Appointment  shall be terminated by reason of the  liquidation  of
              the Company for the purpose of  reconstruction or amalgamation and
              the  Director  shall be  offered  employment  with any  concern or
              undertaking  resulting from such reconstruction or amalgamation on
              terms  which  are  substantially  the  same as the  terms  of this
              Agreement  then he shall  have no claim  against  the  Company  in
              respect of the termination of the Appointment

4.6           Upon the termination of the Appointment for whatsoever  reason the
              Director  shall upon request of the Company  resign  without claim
              for the compensation  from office as a Director of the Company and
              from all  offices  held by him in the  Company and in the event of
              his failure to do so within  seven days of such  request the Board
              is hereby  irrevocably  authorized  to appoint  some person in his
              name and on his  behalf to  execute  any  documents  and to do all
              things requisite to give effect thereto

4.7           Pursuant   to   section   142   of   the   Employment   Protection
              (consolidation) Act 1978 in the event that the employment governed
              by this  contract  comes to an end by virtue of the  expiry of the
              fixed terms and clause 2.2 it is hereby  agreed that the  Director
              waives any right to claim redundancy or unfair  dismissal  arising
              out of expiry of this Agreement

4.8           Subject to the clauses in section 4 the Company may  terminate the
              Directors  Service  Agreement  immediately if they feel there is a
              breach of Contract and  therefore no payment or  liabilities  from
              the Director may be Claimed against the company.

5        CONFIDENTIALITY AND RESTRICTIONS

5.1           Director  agrees  that he shall  not  either  during  or after the
              termination of the Appointment  (otherwise than in the performance
              of his duties hereunder)  Without the prior written consent of the
              Board divulge to any person and shall during the  Appointment  use
              his best endeavors to prevent the publication of disclosure of any
              information  concerning  the business  accounts or finances of the
              Company or of any  customer or client of the Company or any of the
              secrets  dealings  transactions  or  affairs  of any  such  member
              customer  or client  which have or may have come to his  knowledge
              during the Appointment or previously or otherwise

5.2      The Director agrees that for a period of three years after  termination
         of the Appointment he shall not;- 5.2.1 Either alone or jointly with or
         for any other person  directly or Indirectly  carry on or be engaged or
         concerned  in England in The business of  Telecommunications  or in any
         other  business  competing  with or similar  to that  carried on by The
         Company in which the Director  shall have been concerned at the date of
         such  termination but this  restriction  shall not prevent the Director
         from  being a minority  holder of  securities  which are listed  and/or
         dealt in on The Stock Exchange in the Unlisted Securities Market;

5.2.2         Either alone or jointly  with or for any other person  directly or
              indirectly  solicit interfere with or endeavor to entice away from
              the Company any person who is then or was during the three  months
              preceding  the  date of such  termination  a  client  customer  or
              employee of or in the habit of dealing  with the Company  provided
              that such  restrictions  shall only apply to clients  customers or
              employees with whom the Director shall have been concerned: or

5.2.3         either alone or jointly  with or for any other person  directly or
              indirectly  undertake  any  business for or with any person who is
              then  or was  during  the 12  months  preceding  the  date of such
              termination a client or customer of the Company provided that such
              restriction shall only apply to clients or customers with whom the
              Director shall have been concerned.

5.3      if during the period of the  appointment  the Director  either alone or
         jointly with others makes any invention design or discovery  capable of
         use in  connection  with any  business  of the Company  such  invention
         design or discovery and any  intellectual  property  rights  associated
         with the same will  belong  automatically  to the  Company  or (for the
         extent that the same belong  automatically to the Director by operation
         of law) will forthwith be assigned to the Company. Upon making any such
         invention design or discovery the Director will immediately communicate
         all information  concerning the same to the company. If so requested at
         the Company's  expense but without  receiving payment the Director will
         execute  and  procure  execution  of all  documents  and do all  things
         necessary  to vest the title to such  invention  design or discovery in
         the company

5.4           the director  irrevocably  appoints the company to be his attorney
              in his  name  and on his  behalf  to  execute  any  documents  and
              generally to act and use his name for the purpose of giving to the
              Company (or its  nominee) the full  benefit of the  provisions  of
              Clause  5.3 and in  favour  of any third  party a  certificate  in
              writing  signed by any  director or the  secretary  of the company
              that any instrument or act falls within the authority conferred by
              this Clause 5.4 shall be conclusive evidence that such is the case

5.5           the  restrictions  contained  in  this  Clause  5  are  considered
              reasonable  by the  parties  but in the event that any part of any
              such  restrictions  shall be found void  illegal or  unenforceable
              such  restriction  or the  offending  part shall be deemed to have
              been   deleted   from  this   Agreement   and  the   validity  and
              enforceability  of the  remainder of this  Agreement  shall not be
              affected thereby

5.6           Upon the termination of the Appointment the Director shall deliver
              up to the Company  all notes  memoranda  and other  correspondence
              documents  papers and property  belonging to the company which may
              have been  prepared by him /or have come into his  possession  and
              shall not retain any copies  thereof and shall not permit the same
              to be used by any party

6      GENERAL

6.1           This Agreement governs the terms of the Director's employment with
              the Company  from the  commencement  date to the  exclusion of all
              other agreements or arrangements whether written or oral expressed
              or implied  between the Director  and the Company  relating to the
              services or  employment of the Director  which are cancelled  with
              immediate effect

6.2           If at any time so required by the board the Director shall undergo
              a medical examination by such doctor or doctors as the board shall
              nominate  at the expense of the Company and for the purpose of the
              Access to medical  Reports Act 1987  undertakes  to consent to the
              disclosure of the same by the Company

6.3      Schedule 1 to this agreement  contains the  particulars of the terms of
         employment of the Director required by the Act

6.4      The  terms  set out in the  schedules  hereto  shall  be  deemed  to be
         incorporated in the body of this agreement

6.5           The expiration or determination of this Agreement shall not affect
              such of the provisions  hereof as are expressed to operate or have
              effect  after  the  termination  of this  Agreement  and  shall be
              without prejudice to any right of action already accrued to either
              party in  respect  of any  breach of this  Agreement  by the other
              party.

6.6      The  construction  validity and  performance of this Agreement shall be
         governed by the laws of England

IN WITNESS  whereof the parties  hereto have executed this  Agreement by the day
and year first above written

SIGNED by Petrula  Demetriou  a Director  duly  authorised  for and on behalf of
Internet Telecommunications Plc In the presence of:-

Anastasia Pelakanou
Internet Telecommunications Plc

SIGNED by the said                          )
Charlie Yiasemis                    )
In the presence of                          )

                                   SCHEDULE 1

1        PERIOD OF EMPLOYMENT
              For the  purposes  of the Act the date upon  which the  Director's
              continuous  period of service began is 10/05/99  which is the date
              upon which the Director's service with Jonathan Ridgeway commenced
2        JOB TITLE
              The job title of the Director is Commercial & Strategy Director
3        NOTICE PERIOD
              See Clause 2.2 of this Agreement
4        REMUNERATION
              See Clause(s) 3.1 and 3.3 of this Agreement
5        HOLIDAYS
              The Director  shall in addition to statutory  holidays be entitled
              to 21 working days' holiday in every  calendar year and a rateable
              proportion  for any  part of such  calendar  year at such  time or
              times as shall be convenient to the Company. On the termination of
              the Appointment the entitlement of the Director to accrued holiday
              pay shall be calculated rateably on the above basis
6        SICK PAY
              Subject  to  clause  4.4 of the  Agreement  there are no terms and
              conditions  relating  to  incapacity  for work due to  sickness or
              injury. Any entitlement to payment during absence of work in other
              circumstances shall be at the discretion of the board
7        PENSIONS
         A  contracting-out  certificate  under the Social Security Pensions act
         1975 is not in force in respect of the appointment
     8         GRIEVANCE PROCEDURE
              The Director  should refer any grievance  about the Appointment or
              about any  decision  relating  to him to other  reference  body by
              giving  written  notice.  The  reference  will be dealt  with by a
              majority present at the relevant Board Meeting set out any further
              steps  consequent  upon  such  reference  or refer  to a  document
              containing details of any further steps to be taken
9              DISCIPLINARY RULES
              The  disciplinary  Rules are set out in the  Company's  Employee's
              Manual  entitled  "Employee  Handbook"  a copy of  which  has been
              provided to the director
     10        TERMS AND CONDITIONS RELATING TO HOURS OF WORK
              The hours of work of the  Director  shall be such  hours as may be
              requisite for the proper discharge of his duties hereunder
     11        EXPIRY OF APPOINTMENT
               As set out in Clause 2.2

                                   SCHEDULE 2

                               PROFIT SHARE SCHEME

To be announced or proposed at a later date in writing to the  Director,  or any
other persons appointed by the board.

                                   SCHEDULE 3
"ACT"
Employment protection (consolidation) Act 1978
"APPOINTMENT"
The appointment of the Director under Clause 2.1 of this Agreement
"ASSOCIATED COMPANY"
Any company whose equity share capital (as defined in Section  (744Companies Act
1985) is as to more  than 25 per cent and less  than 50 per  cent.  For the time
being beneficiary owned by the Company and/or any company in the Group including
any subsidiary of any associated company.
"BOARD"
The Board of Directors of the Company of Shareholders
"COMMENCEMENT DATE"
10/05/99
"FINANCIAL YEAR"
The same meaning as is attributed to it by Part XXVI Companies Act 1985
"GROUP"
The  Company  and any  holding  company of the Company for the time being of the
company or of any such holding company  together with any associated  company of
any of them.
"HOLDING COMPANY" AND "SUBSIDIARY"
The  same  meanings  as are  respectively  attributed  to  them by  Section  736
Companies Act 1985 "NET PROFITS" The  consolidated  profits (less losses) of the
Company as shown by the audited  consolidated  profit and loss accounts  thereof
for any financial year:-
(a)  After   deducting  all  expenses  of  working  and   management   including
depreciation  and  directors'  remuneration  (whether  by way of fees  salary or
commission  but  excluding  the profit share and the profit  shares of any other
employees  of the  Company);  (b)  Before  deducting  any  taxation  on  profits
including  corporation  tax and any other similar or  additional or  substituted
tax; (c) Without taking into account profits or losses of capital nature arising
on a disposal of fixed assets
         investments plant and any other property or assets of the Company;
(d)      after  deducting any part of the profits or adding back any part of the
         losses  attributable  to shares in any  company  not owned  directly or
         indirectly by the Company; and
(e)      After making such adjustments as the auditors of the Company  considers
         appropriate   including   adjustments  for   extraordinary   items  and
         adjustments to take account of any changes in accounting bases
"PROFIT SHARE"
The profit share referred to in Clause 3.3
"REVIEW DATE"
Each anniversary of the Commencement Date
"SALARY"
The salary set out in Clause 3.1PREFERRED STOCK PURCHASE AGREEMENT

         This Preferred Stock Purchase Agreement (the "Agreement"), entered into

AS OF this  _____  th day of  _____________________  2005,  by and  among  Green
Mountain  Capital,  Inc.,  a Nevada  corporation  ("GMCI");  Appleby  Partners &
Company,  LLC, a New York limited  liability company  ("Appleby");  Asset Growth
Partners & Company, LLC., a New York limited liability company doing business as
"AGP & Company"  ("AGP");  and Cayman  Lender,  Ltd., a Cayman  Island  exempted
company ("Cayman").

                              W I T N E S S E T H :

         WHEREAS, GMCI is in the process of a reorganization, which, among other
                  events,  will  entail  (a)  the  participation  by  GMCI  in a
                  business combination with a company known as Internet
         Telecommunications, PLC, an existing United Kingdom company ("ITPLC");

                  (b) the  financing of GMCI's  participation  in said  business
combination by means of which

                           (i) AGP will  advance  funds (the "AGP  Funding")  to
Cayman, and, thereafter

                           (ii) Cayman will the  re-advance  the proceeds of the
                  AGP  Funding to GMCI to be used by GMCI as working  capital to
                  participate in said business combination; so that, thereafter

                           (iii) GMCI shall be responsible  for repaying the AGP
                  Funding to Cayman; and, thereafter

                           (iv) once GMCI has  repaid  Cayman,  Cayman  shall be
                  responsible   for  repaying  the  AGP  Funding  to  AGP;  and,
                  thereafter

                           (v) once  Cayman has repaid  AGP,  it (AGP)  would be
                  free  to  distribute  these  proceeds  to  its  Owners  of  in
                  accordance with the terms of the Ownership/Operating Agreement
                  between it and its Owners.

         WHEREAS,  on August 11,  2005,  for the price of  $500,000.00,  Appleby
purchased all of the  2,500,000  Issued And  Outstanding  Shares of the SERIES A
Preferred Stock and all of the 3,000,000 Issued and Outstanding Shares of SERIES
C Preferred Stock of GMCI (the "GMCI Preferred") from the (prior) owner thereof;

         WHEREAS, in order to acquire the GMCI Preferred from its (prior) owner,
Appleby  borrowed  the  sum  of  $500,000.00   (the  "Original   Purchase  Money
$500,000.00")  from AGP, which  transaction  was evidenced by a promissory  note
(the "Original Stock Purchase  Note"),  with AGP being the Payee of the Original
Stock  Purchase  Note,  so that AGP is a creditor  of,  and has a claim  against
Appleby for the Original Purchase Money $500,000.00;

         WHEREAS,  GMCI  has  expressed  an  interest  in  buying  back the GMCI
Preferred   from   Appleby  for  a  price  of   $500,000.00   (the   "Repurchase
$500,000.00"),   there  being  a  Fairness  Opinion  to  the  effect  that  said
$500,000.00 price would be fair to GMCI;

         WHEREAS,  if there were to be a sale by  Appleby of the GMCI  Preferred
back to GMCI,  this  transaction  would be evidenced by a promissory note in the
form attached hereto as EXHIBIT A (the "Stock  Repurchase  Note"),  with Appleby
being the Payee of the Stock Repurchase Note;

         WHEREAS,  if there were to be a sale by  Appleby of the GMCI  Preferred
back to GMCI pursuant to the Stock  Repurchase  Note,  Appleby would be a direct
creditor of, and have a direct claim against GMCI for $500,000.00, i.e., for the
Repurchase $500,000.00;

         WHEREAS,  Cayman  Island  Counsel to Cayman have  advised  that Appleby
should NOT be a direct creditor of GMCI; that, instead,  any claim Appleby might
have  against  AGP  should  be a part  of the  AGP-to-Cayman-to-GMCI  series  of
advances  and  the  GMCI-to-Cayman-to-AGP  series  of  re-payments  contemplated
pursuant to the reorganization of GMCI;

         WHEREAS,  in order that Cayman may comply  with advice of counsel,  the
Parties have agreed

                  (a) that GMCI should execute and deliver the Stock  Repurchase
         Note to Appleby;

                  (b) that,  Appleby,  as Payee under the Stock Repurchase Note,
         should thereupon assign its rights as Payee to AGP; and

                  (c) that in  consideration  of which  assignment,  AGP  should
         issue  Ownership  Interests  in AGP to  Appleby  in an amount  equal to
         $500,000.00, so that

                           (i) Appleby  would not be a direct  creditor of GMCI;
but, instead, that

                           (ii) any claim  Appleby  might have against AGP would
                  be a part of the AGP-to-Cayman-to-GMCI  series of advances and
                  the  GMCI-to-Cayman-to-AGP  series of repayments  contemplated
                  pursuant to the re-organization of GMCI; and,

                           (iii)  AGP would  have  Appleby's  (former)  right to
                  receive the Repurchase  $500,000.00  from GMCI pursuant to the
                  Stock  Repurchase  Note,  and,  by virtue of having this claim
                  against GMCI,

                                    (A) AGP would  receive be entitled to repaid
                           the   Repurchase   $500.000.00   as   part   of   the
                           GMCI-to-Cayman-to-AGP series of repayments;

         WHEREAS, the fact remains that Appleby is still indebted to AGP for the
$500,000.00  Appleby  borrowed from AGP to purchase the GMCI  Preferred from its
(prior) owner, i.e., for the Original Purchase Money $500,000.00 pursuant to the
Original Stock Purchase Note for that sum; so that,

                  (a) even if  Appleby  were to  assign  to AGP its  (Appleby's)
         rights as Payee to receive the Repurchase  $500,000.00  from GMCI under
         the Stock Repurchase Note, and even if AGP were eventually to be repaid
         the Repurchase $500,000.00 pursuant to the GMCI-to-Cayman-to-AGP series
         of repayments,

                           (i) Appleby would still owe AGP the Original Purchase
Money $500,000.00;

         WHEREAS,  as a  condition  to the  assignment  by Appleby to AGP of its
(Appleby's)  rights as Payee to receive  the  Repurchase  $500,000.00  from GMCI
under the Stock Repurchase Note,

                  (a) Appleby has insisted that AGP cancel the Original Purchase
         Money  $500,000.00  debt owed by Appleby to AGP in connection  with the
         original  acquisition of the GMCI Preferred from its (prior) owner,  as
         evidenced by the Original Stock Purchase Note;

         WHEREAS, If Appleby were to make this demand,
                  (a) AGP  would,  in turn,  insist  that  once  the  Repurchase
         $500,000.00    had   been    received   by   AGP    pursuant   to   the
         GMCI-to-Cayman-to-AGP series of repayments,

                           (i)  Appleby,  as an Owner of AGP,  would  forego its
                  right to receive a PRO RATA  distribution  of that  Repurchase
                  $500,000.00, so that,

                                    (A) AGP - as the Limited  Liability  Company
                           itself - would retain that Repurchase  $500,000.00 as
                           a Company asset; and in effect

                                    (B)  the  original  claim  AGP  had  against
                           Appleby for having  financed the  acquisition  of the
                           GMCI  Preferred  would be satisfied by the receipt by
                           AGP of the  Repurchase  $500,000.00  which would have
                           been  received  by  Appleby  from  AGP  but  for  the
                           assignment  by  Appleby  to AGP  of  its  (Appleby's)
                           rights to receive  that money from GMCI  pursuant  to
                           the Stock Repurchase Note.

                            N O W T H E R E F O R E,

         In consideration of the  representations,  warranties,  covenants,  and
agreements herein contained,  which are given by each Party to the other Parties
in order to induce  them to enter  into this  Agreement,  and for other good and
valuable   consideration,   the  receipt   and   adequacy  of  which  is  hereby
acknowledged,  the Parties  hereto,  each  intending to be legally bound hereby,
agree as follows:

         1. RE-PURCHASE BY GMCI OF THE GMCI PREFERRED FROM APPLEBY.

         (a) GMCI agrees to buy the GMCI  Preferred  from  Appleby,  and Appleby
hereby agrees to sell the GMCI  Preferred to GMCI,  for the sum of  $500,000.00,
i.e., for the Repurchase $500,000.00.

         (b) To evidence this transaction,  simultaneously with the execution of
this  Agreement,  GMCI will  execute and deliver  the Stock  Repurchase  Note to
Appleby in the form set forth as EXHIBIT A to this Agreement.

          2. ASSIGNMENT BY APPLEBY TO AGP OF THE STOCK REPURCHASE NOTE.

         (a) Immediately  following the execution of the Stock  Repurchase Note,
Appleby, as Payee under said Note, shall assign to AGP its (Appleby's) rights to
be repaid by GMCI under said Note,  so that,  pursuant to this  Assignment,  AGP
shall  be a  creditor  of,  and  have a  claim  against  GMCI in the  amount  of
$500,000.00, i.e., for the Repurchase $500,000.00.

         (b) In consideration,  of which  assignment,  AGP shall issue Ownership
Interests in AGP to Appleby in an amount equal to $500,000.00.

         3. CANCELLATION BY AGP OF THE DEBT OWED TO AGP BY APPLEBY.

         (a) Simultaneously  with the execution of this Agreement,  and pursuant
to demand made upon it by Appleby,  AGP shall cancel the Original Purchase Money
$500,000.00  debt  owed  by  Appleby  to AGP in  connection  with  the  original
acquisition  of the  GMCI  Preferred  from  its  (prior)  owner,  as the same is
evidenced by the Original Stock Purchase Note; PROVIDED, HOWEVER, that,

                  (i) if AGP's claim  against GMCI in the amount of  $500,000.00
         as Assignee of Appleby under the Stock  Repurchase  Note, i.e., for the
         Repurchase $500,000.00, is NOT satisfied, then

                           (A) the Original  Stock Purchase Note shall be deemed
                  to have been  revived  and to continue to be in full force and
                  effect;

                           (B) Appleby  shall  continue to be in debt to AGP for
                  $500,000.00, i.e., for the Repurchase $500,000.00; and

                           (C) Appleby's relinquishment of its rights to receive
                  a pro rata distribution of the Repurchase  $500,000.00 (as set
                  forth below) shall be deemed to be null and void.

         4.       RELINQUISHMENT  BY  APPLEBY  OF ITS RIGHT TO  RECEIVE  CERTAIN
                  DISTRIBUTIONS  FROM  AGP  UNDER  THE  AGP  OWNERSHIP/OPERATING
                  AGREEMENT.

         (a) If and when AGP's claim  against GMCI in the amount of  $500,000.00
as Assignee of Appleby under the Stock Repurchase Note, i.e., for the Repurchase
$500,000.00, is satisfied, then Appleby, as an Owner of AGP shall relinquish its
rights  to  receive  a PRO RATA  distribution  of that  Repurchase  $500,000.00;
PROVIDED, HOWEVER, that

                  (i) the  relinquishment  by Appleby of its rights to receive a
         PRO RATA distribution of the Repurchase $500,000.00 shall not be deemed
         to be a  relinquishment  of any other  rights  Appleby  may have in the
         Ownership/Operating Agreement between AGP and its Owners, including but
         not limited to a relinquishment  of the right to receive  distributions
         from other sources or of other assets of AGP.

         5.       SATISFACTIONS OF DEBTS.

         (a) If and when AGP's claim  against GMCI (as Assignee of Appleby under
the  Stock  Repurchase  Note)  in the  amount  of  $500,000.00,  i.e.,  for  the
Repurchase $500,000.00, is satisfied, then

                  (i) the Original Stock Purchase Note shall be cancelled and be
of no force and effect, so that,

                           (A)  Appleby  shall  not be  liable  to AGP  for  the
                  Original Purchase Money $500,000.00  evidenced by the Original
                  Stock Purchase Note; and

                  (ii) the Stock Repurchase Note shall be cancelled and be of no
force and effect, so that,

                           (A) GMCI, as Maker, shall not be liable to

                                    (1) neither  Appleby (as the original Payee)
                           nor to AGP (as the  Assignee of the  Payee's  rights)
                           for the Repurchase $500,000.00 evidenced by the Stock
                           Repurchase Note; nor

                                     (B) shall  Appleby (as  Assignor) be liable
                           to AGP (as  Appleby's  Assignee)  for the  Repurchase
                           $500,000.00 evidenced by the Stock Repurchase Note.

         6.       GMCI'S WARRANTIES AND REPRESENTATIONS.

         In order to induce the other Parties to enter into this Agreement, GMCI
represents  and warrants to, and  covenants and agrees with the other Parties as
follows:

         (a) GMCI is not now,  nor in the  future  will be,  or allow  itself to
become, an Affiliate of Appleby or of AGP or of Cayman.

         (b) GMCI is a corporation duly organized and validly existing under the
laws of the  jurisdiction in which it was  incorporated.  GMCI has all requisite
corporate  power and  authority  to own,  lease and operate its  properties  and
assets, and to carry on its business as presently  conducted.  GMCI is qualified
to do  business  as a  foreign  corporation  in each  jurisdiction  in which the
ownership  of  its  property  or  the  nature  of  its  business  requires  such
qualification,  except  where  failure to so  qualify  would not have a material
adverse effect on GMCI.

         (c) This  Agreement  has been duly  authorized,  validly  executed  and
delivered on behalf of GMCI and is a valid and binding  agreement in  accordance
with its terms,  subject to general  principles  of equity and to  bankruptcy or
other laws  affecting  the  enforcement  of  creditors'  rights  generally.  All
corporate action on the part of GMCI, its directors and  shareholders  necessary
for the authorization, execution, delivery and performance of this Agreement has
been taken.

         (d) The  execution  and  delivery  of this  Agreement  do not,  and the
consummation of the transactions contemplated hereby will not, conflict with, or
result in any violation of, or default (with or without notice or lapse of time,
or both), or give rise to a right of  termination,  cancellation or acceleration
of any obligation or to a loss of a material  benefit,  under,  any provision of
the Articles of Incorporation, and any amendments thereto, By-laws, Stockholders
Agreements  and  any  amendments  thereto  of  GMCI  or any  material  mortgage,
indenture,   lease  or  other  agreement  or  instrument,   permit,  concession,
franchise,  license,  judgment,  order, decree, statute, law ordinance,  rule or
regulation applicable to GMCI , its properties or assets.

         7. APPLEBY'S WARRANTIES AND REPRESENTATIONS.

         In order to induce  the other  Parties  to enter  into this  Agreement,
Appleby  represents  and  warrants to, and  covenants  and agrees with the other
Parties as follows:

         (a) Appleby is not now,  nor in the future will be, or allow  itself to
become, an Affiliate of GMCI or of Cayman or of ITPLC.

         (b) Appleby is a limited  liability  company duly organized and validly
existing  under  the laws of the  jurisdiction  in  which  it was  incorporated.
Appleby  has all  requisite  corporate  power and  authority  to own,  lease and
operate its  properties  and assets,  and to carry on its  business as presently
conducted.   Appleby  is  qualified  to  do  business  as  a  foreign   business
organization in each  jurisdiction in which the ownership of its property or the
nature of its business requires such  qualification,  except where failure to so
qualify would not have a material adverse effect on Appleby.

         (c) This  Agreement  has been duly  authorized,  validly  executed  and
delivered  on  behalf  of  Appleby  and is a  valid  and  binding  agreement  in
accordance  with its  terms,  subject  to  general  principles  of equity and to
bankruptcy  or  other  laws  affecting  the  enforcement  of  creditors'  rights
generally.  All corporate action on the part of Appleby or its members necessary
for the authorization, execution, delivery and performance of this Agreement has
been taken.

         (d) The  execution  and  delivery  of this  Agreement  do not,  and the
consummation of the transactions contemplated hereby will not, conflict with, or
result in any violation of, or default (with or without notice or lapse of time,
or both), or give rise to a right of  termination,  cancellation or acceleration
of any obligation or to a loss of a material  benefit,  under,  any provision of
the charter or operating  agreement of Appleby,  and any amendments  thereto, or
any  material  mortgage,  indenture,  lease or other  agreement  or  instrument,
permit,  concession,  franchise,  license, judgment, order, decree, statute, law
ordinance, rule or regulation applicable to Appleby its properties or assets.

         8. AGP'S WARRANTIES AND REPRESENTATIONS.

         In order to induce the other Parties to enter into this Agreement,  AGP
represents  and warrants to, and  covenants and agrees with the other Parties as
follows:

         (a) AGP is not now,  nor in the  future  will be,  or allow  itself  to
become, an Affiliate of GMCI or of Cayman or of ITPLC.

         (b) AGP is a limited  liability  company  duly  organized  and  validly
existing under the laws of the  jurisdiction in which it was  incorporated.  AGP
has all requisite  corporate  power and authority to own,  lease and operate its
properties and assets, and to carry on its business as presently conducted.  AGP
is  qualified  to  do  business  as a  foreign  business  organization  in  each
jurisdiction  in which  the  ownership  of its  property  or the  nature  of its
business requires such  qualification,  except where failure to so qualify would
not have a material adverse effect on AGP.

         (c) This  Agreement  has been duly  authorized,  validly  executed  and
delivered on behalf of AGP and is a valid and binding  agreement  in  accordance
with its terms,  subject to general  principles  of equity and to  bankruptcy or
other laws  affecting  the  enforcement  of  creditors'  rights  generally.  All
corporate  action  on  the  part  of  AGP  or  its  members  necessary  for  the
authorization,  execution,  delivery and  performance of this Agreement has been
taken.

         (d) The  execution  and  delivery  of this  Agreement  do not,  and the
consummation of the transactions contemplated hereby will not, conflict with, or
result in any violation of, or default (with or without notice or lapse of time,
or both), or give rise to a right of  termination,  cancellation or acceleration
of any obligation or to a loss of a material  benefit,  under,  any provision of
the charter or operating  agreement of AGP, and any amendments  thereto,  or any
material mortgage,  indenture,  lease or other agreement or instrument,  permit,
concession, franchise, license, judgment, order, decree, statute, law ordinance,
rule or regulation applicable to AGP its properties or assets.

         9. CAYMAN'S WARRANTIES AND REPRESENTATIONS

         In order to induce  the other  Parties  to enter  into this  Agreement,
Cayman  represents  and  warrants  to, and  covenants  and agrees with the other
Parties as follows:

         (a) Cayman is not now,  nor in the future  will be, or allow  itself to
become, an Affiliate of GMCI or of ITPLC.

         (b) Cayman is a corporation  duly organized and validly  existing under
the  laws of the  jurisdiction  in  which it was  incorporated.  Cayman  has all
requisite corporate power and authority to own, lease and operate its properties
and assets,  and to carry on its  business  as  presently  conducted.  Cayman is
qualified to do business as a foreign  corporation in each jurisdiction in which
the  ownership  of its  property  or the nature of its  business  requires  such
qualification,  except  where  failure to so  qualify  would not have a material
adverse effect on Cayman.

         (c) This  Agreement  has been duly  authorized,  validly  executed  and
delivered on behalf of Cayman and is a valid and binding agreement in accordance
with its terms,  subject to general  principles  of equity and to  bankruptcy or
other laws  affecting  the  enforcement  of  creditors'  rights  generally.  All
corporate action on the part of Cayman, its directors and shareholders necessary
for the authorization, execution, delivery and performance of this Agreement has
been taken.

         (d) The  execution  and  delivery  of this  Agreement  do not,  and the
consummation of the transactions contemplated hereby will not, conflict with, or
result in any violation of, or default (with or without notice or lapse of time,
or both), or give rise to a right of  termination,  cancellation or acceleration
of any obligation or to a loss of a material  benefit,  under,  any provision of
the Articles of Incorporation, and any amendments thereto, By-laws, Stockholders
Agreements  and any  amendments  thereto  of  Cayman or any  material  mortgage,
indenture,   lease  or  other  agreement  or  instrument,   permit,  concession,
franchise,  license,  judgment,  order, decree, statute, law ordinance,  rule or
regulation applicable to Cayman , its properties or assets.

         10. TRUTH OF STATEMENTS; COMPLETENESS OF DOCUMENTS.

         In order to induce the other Parties to enter into this Agreement, each
Party states and undertakes as follows:

         (a) All documents or other materials delivered or to be delivered by or
on behalf of each Party to the others in connection  with this Agreement and the
transactions  contemplated  hereby  are to the  best of its  knowledge  true and
complete;

         (b) The  information  furnished  by or on behalf  of each  Party to the
others in  connection  with this  Agreement  and the  transactions  contemplated
hereby does not, to the best of its knowledge, contain any untrue statement of a
material fact and does not omit to state any material fact required to be stated
therein or necessary to make the statements therein not false or misleading.

         (c)  There is no fact  known to any of the  Parties  which has not been
disclosed  to the other  Parties  in writing  which has,  or insofar as any such
Party can  foresee,  which will have,  a Material  Adverse  Effect on any of the
other Parties,  as the term "Material  Adverse  Effect" is generally known to be
used in stock purchase agreements.

         (d) The representations and warranties of the Parties contained in this
Agreement  were true when  made and  shall be true as at the  execution  of this
Agreement.

         11. NOTICE.

         (a) Any notice, request,  instruction or other document required by the
terms of this  Agreement  to be  given to any  other  Party  hereto  shall be in
writing and shall be given either

                  (i) by  telephonic  facsimile,  in which case notice  shall be
         presumptively  deemed to have been given at the date and time displayed
         on  the  sender's   transmission   confirmation   receipt  showing  the
         successful receipt thereof by the recipient;

                  (ii) by nationally  recognized  courier or overnight  delivery
         service  in which the date of  delivery  is  recorded  by the  delivery
         service,  in which case notice  shall be  presumptively  deemed to have
         been given at the time that  records of the delivery  service  indicate
         the writing was delivered to the addressee;

                  (iii) by United  States or Royal  Mail sent by  registered  or
         certified mail,  postage  prepaid,  with return receipt  requested,  in
         which case notice shall be  presumptively  deemed to have been given at
         the time that  records  of the  United  States  Postal  Service  or Her
         Majesty's  Royal  Mail  indicate  the  writing  was  delivered  to  the
         addressee.

         (b) Notice shall be sent:

                  (i) If to GMCI, to:

                                    Green Mountain Capital, Inc.,
                                    201 South Biscayne Boulevard
                                    28th Floor
                                    Miami, Florida  33131

                     Attention: Shmuel Shneibalg, President

                                    Telephone Number:          (917) 620 -  6401
                                    Facsimile Telephone Number:(925) 955 -  0800

                  (i) If to AGP, to:

                                    AGP & Company, LLC
                                    81 Greene Street
                                    3rd Floor
                                    New York, New York  10012

                                 Attention: Steven W. Bingaman, Managing Partner

                                    Telephone Number:          (212) 274 -  8101
                                    Facsimile Telephone Number:(212) 274 -  8102

                  (iii) If to Appleby:

                                    Appleby Partners & Company, LLC.
                                    c/o AGP & Company, LLC
                                    81 Greene Street
                                    3rd Floor
                                    New York, New York  10012

                                Attention:  Steven W. Bingaman, Managing Partner

                                    Telephone Number:          (212) 274 -  8101
                                    Facsimile Telephone Number:(212) 274 -  8102

                  (iv) If to Cayman, to:

                                    Cayman Lender, Ltd.
                                    c/o Quin & Hampson
                                    Third Floor
                                    Harbour Centre
                                    P.O. Box 1348
                                    George Town
                                    Grand Cayman, Cayman Islands

                                    Attention: Kenneth Farrow

                                    Telephone Number:          (345) 949 -  4123
                                    Facsimile Telephone Number:(345) 949 -  4647

                  (v) or to such other address as a Party may have  specified in
writing  to the other  Parties  using  the  procedures  specified  above in this
Section.

         12.      CHOICE OF LAW, VENUE.

         (a) All questions  concerning the construction,  validity,  enforcement
and  interpretation  of this  Agreement  shall be governed by and  construed and
enforced in  accordance  with the internal  laws of the Cayman  Islands  without
regard to the rules of private international law thereof.

         (b) The Parties agree that the Grand Court of the Cayman  Islands shall
have  exclusive  jurisdiction  in  respect  of  any  dispute,  suit,  action  or
proceeding  ("Proceedings")  which may arise out of or in  connection  with this
Agreement  and that,  without  prejudice  to the rules of service of said Court,
Proceedings may be served by delivering the same in an envelope addressed to the
Party to be served at the  address  for such  Party set out in Section 8 of this
Agreement.

         13. MISCELLANEOUS.

         (a)  EXHIBITS;  ENTIRE  AGREEMENT.  All Exhibits to this  Agreement are
incorporated  herein by reference and shall  constitute  part of this Agreement.
This Agreement sets forth the entire agreement and  understanding of the Parties
relating to the subject  matter  hereof and thereof,  and it supersede all prior
and  contemporaneous  agreements,  negotiations and  understandings  between the
Parties, both oral and written, relating to the subject matter hereof.

         (b)  TITLE  AND  SUBTITLES.  The  titles  and  subtitles  used  in this
Agreement are used for the convenience of reference and are not to be considered
in construing or interpreting this Agreement.

         (c)   COUNTERPARTS.   This   Agreement  may  be  executed  in  multiple
counterparts,  each of which may be  executed  by less than all of the  Parties.
each of which  shall be  deemed  to be an  original  instrument  which  shall be
enforceable against the Parties actually executing such counterparts, and all of
which together shall constitute one and the same instrument.

         (d)  SEVERABILITY.  In the event that any  provision of this  Agreement
becomes or is declared by a court or other tribunal of competent jurisdiction to
be illegal,  unenforceable  or void, this Agreement shall continue in full force
and effect without said provision.

         (e)  AMENDMENT;  NO  WAIVER.  No Party  shall be liable or bound to any
other Party in any manner by any warranties, representations or covenants except
as  specifically  set forth in this Agreement.  Except as expressly  provided in
this  Agreement,  neither  this  Agreement  nor any term  hereof may be amended,
waived,  discharged or terminated other than by a written  instrument  signed by
all Parties hereto.  The failure of the any Party to insist on strict compliance
with this  Agreement,  or to exercise any right or remedy under this  Agreement,
shall not constitute a waiver of any rights provided under this  Agreement,  nor
estop a Party from thereafter demanding full and complete compliance nor prevent
a Party from exercising such a right or remedy in the future.

         (f)  TRANSACTION  COSTS.  Each Party  shall bear its own legal fees and
other out of pocket costs in connecting  with the  negotiation  and execution of
this Agreement.

         IN  WITNESS  WHEREOF,   the  undersigned  Parties  have  executed  this
Agreement as of the date first set forth above.

                                            GMCI:

                                            Green Mountain Capital, Inc.

                                       By:_______________________________

                                            Shmuel Shneibalg, President

                                            APPLEBY:

                                            Appleby Partners & Company, LLC

                                       By:_______________________________
                                            Steven W. Bingaman, Managing Member

          THE REMAINDER OF THIS PAGE HAS BEEN LEFT BLANK INTENTIONALLY.

                   SIGNATURES CONTINUE ON THE FOLLOWING PAGE.

                                            AGP:

         Asset Growth Partners & Company, LLC., a New York limited
         liability company doing business as "AGP & Company"

                                       By:______________________________

                                         Steven W. Bingaman, Managing Member

                                            CAYMAN:

                                           Cayman Lender, Ltd.

                                       By:_______________________________

                                          Steven W Bingaman, President

          THE REMAINDER OF THIS PAGE HAS BEEN LEFT BLANK INTENTIONALLY.

                      EXHIBITS BEGIN ON THE FOLLOWING PAGE

<PAGE>

                                    EXHIBIT A

                      TO PREFERRED STOCK PURCHASE AGREEMENT

                              STOCK REPURCHASE NOT    __________   ___ , 200___

         FOR  VALUE  RECEIVED,  on or  before  __________  ____,  200  ___,  the
undersigned,  Green Mountain Capital, Inc. (the "Maker" or "GMCI"),  promises to
pay to the  order of  Appleby  Partners  &  Company,  LLC,  a New  York  limited
liability company (the "Payee" or "Appleby") at the address set forth herein, or
at such  other  place as the Payee may from time to time  designate  by  written
notice to the Maker, the principal sum of $500,000.00, together with interest at
the rate of 8% PER ANNUM on any unpaid principal  balance in accordance with the
terms set forth below.

         DEFAULT

         If one or  more  of the  following  described  event  (the  "Events  of
Default") shall occur and continue for 30 days, unless a different time frame is
noted below:

         (a) the failure of the Maker to make any payment when due; or

         (b) any of the  representations or warranties made by the Maker herein,
or in any  certificate  or financial or other written  statements  heretofore or
hereafter  furnished  by or on  behalf  of the  Maker  in  connection  with  the
execution and delivery of this Note shall be false or misleading in any material
respect at the time made; or

         (c) the Maker  shall (i) become  insolvent;  (ii) admit in writing  its
inability to pay its debts  generally as they mature;  (iii) make an  assignment
for the benefit of creditors or commence  proceedings for its dissolution;  (iv)
apply for or consent to the appointment of a trustee, liquidator or receiver for
its or for a substantial  part of its property or business;  (v) file a petition
for  bankruptcy  relief,  consent to the filing of such  petition  or have filed
against it an involuntary  petition for bankruptcy  relief, all under federal or
state laws as applicable; or

then, or at any time thereafter,  unless cured, and in each and every such case,
unless  such  Event of Default  shall  have been  waived in writing by the Payee
(which waiver shall not be deemed to be a waiver of any  subsequent  default) at
the  option of the  Payee  and in the  Payee's  sole  discretion,  the Payee may
consider this Note  immediately due and payable,  without  presentment,  demand,
protest or (further) notice of any kind (other than notice of acceleration), all
of which are hereby  expressly  waived,  anything herein or in any note or other
instruments  contained  to the  contrary  notwithstanding,  and  the  Payee  may
immediately,  and without expiration of any period of grace, enforce any and all
of the  Payee's  rights  and  remedies  provided  herein or any other  rights or
remedies afforded by law.

         PLACE OF PAYMENT

         Unless directed otherwise by the Payee, payment shall paid to the Payee
at the following address:

                           Appleby Partners & Company, LLC.
                           c/o AGP & Company, LLC
                           81 Greene Street
                           3rd Floor
                           New York, New York  10012

                           Attention:  Steven W. Bingaman, Managing Partner

                           Telephone Number:               (212)  274  -  8101
                           Facsimile Telephone Number:    (212)  274  -  8102

         WAIVERS

         (a) The Maker waives demand,  presentment,  protest, notice of protest,
notice of dishonor,  and all other notices or demands of any kind or nature with
respect to this Note other than the initial demand for payment.

         (b) The Maker  agrees that a waiver of rights under this Note shall not
be deemed to be made by the Payee unless such waiver  shall be in writing,  duly
signed by the Payee, and each such waiver, if any, shall apply only with respect
to the specific  instance  involved and shall in no way impair the rights of the
Payee or the obligations of the Maker in any other respect at any other time.

         (c) The  Maker  agrees  that in the event  the  Payee  accepts  partial
payment of this Note, such acceptance shall not be deemed to constitute a waiver
of any right to demand  the  entire  unpaid  balance of this Note at any time in
accordance with the terms of this Note.

         COLLECTION COSTS.

         If the  indebtedness  represented  hereby is not paid in full when due,
the  Maker  will,  upon  demand,  pay to the  Payee  the  amount  of any and all
reasonable costs and expenses,  including,  without  limitation,  the reasonable
fees and disbursements of its counsel (whether or not suit is instituted) and of
any  experts  and  agents,  which the Payee  may  incur in  connection  with the
following: (i) the enforcement of this Note, and (ii) the enforcement of payment
of all obligations of Maker by any action or participation  in, or in connection
with the U. S. Bankruptcy Code, or any successor statute hereto.

         OTHER AGREEMENT

         This  Note is  subject  to the  terms and  conditions  of that  certain
Preferred  Stock  Purchase  Agreement  of even date  between  GMCI (the  Maker),
Appleby  (the  Payee) and Asset  Growth  Partners &  Company,  LLC.,  a New York
limited liability company doing business as "AGP & Company" ("AGP");  and Cayman
Lender,  Ltd., a Cayman Island exempted company  ("Cayman"),  unless  explicitly
stated  otherwise  by  this  Note or by the  subject  Preferred  Stock  Purchase
Agreement.

..
         MISCELLANEOUS.

         The covenants,  terms,  and conditions  contained in this Note apply to
and bind the heirs,  successors,  executors,  administrators  and assigns of the
Parties.

         IN WITNESS WHEREOF, the Maker has executed this Note intending it to be
effective as of the date first set forth above.

                                     MAKER:

                           Green Mountain Capital, Inc..

                           By: _______________________________
                            Shmuel Shneibalg, as President, and not Individually

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