Document:

EXHIBIT 10.3

                             JOINT VENTURE AGREEMENT

This Joint Venture Agreement [hereinafter "Agreement" or "JVA"] is entered into
by Corazon & Corazon ["Corazon"] and Ruby Mining Company, d/b/a Admiralty
Corporation ["Admiralty"], hereinafter "the Parties", for purposes of managing
the exploration and recovery of valuable shipwrecks and cargoes and other
underwater cultural heritage ["property"] at a site at Half Moon Reefs off the
coast of Honduras, such exploration and recovery to be referred to in this JVA
as "the Project".

   1.   ADMIRALTY'S DUTIES UNDER THE JVA.
          Admiralty agrees to use its best efforts, consistent with its sound
   business judgment, to pursue this Project. This shall include the provision
   of vessel platforms, personnel, and equipment for the exploration and
   recovery of property at the site, along with its proper stabilization,
   conservation, curation, storage, security, appraisal, and marketing.
   Admiralty agrees to host up to two (2) observers designated by Corazon on
   board any vessels engaged in operations at the site, providing for their
   transportation to and from the site on regularly-scheduled re-supply voyages
   only, their bunk and board (such expenses to be treated as a net expense
   under section 4.). Admiralty also agrees to give access to observers
   accredited by Corazon at any location or facility used and maintained by
   Admiralty of the stabilization, conservation, curation, storage, appraisal,
   and marketing of property recovered from the site.

   2.   CORAZON'S DUTIES UNDER THE JVA.
          Corazon agrees to use its best efforts, consistent with its sound
   business judgment, to pursue this Project. This shall include making the
   necessary disclosures of the site's location and other archival, historic,
   and operational data necessary for the success of the project. Such
   disclosures will be made to Admiralty and its officers and employees and
   agents under confidentiality terms and conditions agreeable to both parties.

   3.   DIVISION OF PROPERTY.
          The net proceeds of any property (as defined in the following
   sections) recovered from the site, pursuant to the Project, will be spilt
   among the Parties, according to the following formula: Corazon - 40%,
   Admiralty - 60%. Should another party establish a valid claim to part of the
   property, a 40% share by each Corazon and Admiralty shall be diminished
   equally unless mutually agreed otherwise.

        For Corazon property we mutually agree:

        At Corazon's option Admiralty will purchase Corazon's property on the
following basis:

          a. Coins                 base metal value times 2
          b. Bars                  base metal value times 1.2
          c. Jewelry/Jewels        international wholesale value
          d. Everything else       Admiralty's net times 0.25

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        At Admiralty's options Admiralty may purchase Corazon's property on the
following basis:

          a. Coins                base metal value times 5
          b. Bars                 base metal value times 1.5
          c. Jewelry/Jewels       international wholesale value times 1.5
          d. Everything else      Admiralty's net times 0.5

   It is agreed that Corazon may retain any amount up to and including 100% of
   its share for its own purposes either to keep or to give away. Corazon
   agrees not to sell any of its share directly or indirectly except via
   Admiralty.

   4.   DEFINITIONS OF NET PROCEEDS

          Sub-Section A. It is the intention of the Parties that the division of
   property recovered from the site, pursuant to this Project, will be net of
   reasonable, actual expenses. Only those reasonable, actual expenses directly
   attributable to the Project's operations will be deducted from gross
   proceeds. Among the categories of legitimate expenses to be deducted from the
   gross proceeds are the following:

        (a)    Reasonable, actual vessel operation expenses while a vessel is on
               station or traveling to and from the site (including
               depreciation, chartering (if applicable), fuel, food, insurance,
               crew and manning expenses, the costs of hosting Corazon's
               observers (as per section 1 above), as well as any repairs or
               equipment replacement attributable to activities undertaken for
               the Project);
        (b)    Reasonable, actual expenses for salaries, compensation, benefits
               and expenses of Project consultants, which shall include only
               archaeologists, conservators, appraisers, marketers and similar
               professionals or vendors. It is specifically contemplated by the
               parties that the salaries, compensation, benefits and expenses of
               the corporate directors, officers, counsel and principals of
               Corazon and Admiralty will not be subject to treatment as a net
               expense under this JVA;
        (c)    All reasonable, actual expenses related to the transport
               (including dockage, clearance and customs fees (if applicable),
               stabilization, conservation, curation, storage, appraisal,
               security, insurance, and marketing of property recovered from the
               site).

        Those  expenses not designated as net expenses shall be borne
        exclusively by the Party which incurs them.

           Sub-Section B. The Parties, may by mutual written agreement,
        supplement or modify this list of permissible net expenses, or designate
        or disqualify certain expenses as net expenses.

           Sub-Section C. Each Party agrees to ledger and documents all expenses
        to be treated as net expenses under this provision, and allow the
        examination, accounting and audit of

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        such expenses by the other Party, on demand within thirty (30) days of
        the presentation of the expense for deduction. If no demand is made
        within the prescribed period, the expense will be treated as a net
        expense.

   5.   VALUATION OF PROPERTY.

          Sub-Section A. All property recovered from the Project site will be
   subject to appraisal as individual items or lots.
          Sub-Section B. Admiralty will be responsible for the provision of at
   least two (2) appraisals for such property, such appraisals to be performed
   by independent, publicly recognized specialists or experts for the type of
   property being appraised. In the event that the two appraisals yield a
   valuation of an item (or lot of items) that is less than 50% of variance in
   value, the higher appraisal will control and be the final valuation. In the
   event that the two appraisals yield a valuation of an item (or lot of items)
   that is more than 50% variance in value, the average appraisal will control
   and be the final valuation. Corazon may, at his election, seek a third
   appraisal for an item (or lot of items), at its own expense and not subject
   to treatment as a net expense under section 4 of this JVA, if it so requests
   within thirty (30) days of receiving a valuation from Admiralty for a
   particular item (or lot of items). If a third appraisal is sought, the final
   valuation of an item (or lot of times) shall be average of all three
   appraisals, according to the following formula:

      ((Appraisal 1 + Appraisal 2)/2) + Appraisal 3
   ____________________________________________________
                           2

   and such will be the final valuation.

   6.   BORROWING AGAINST SHARE
          By Mutual written agreement of the Parties, a Party may seek to borrow
   against its share of proceeds under this JVA

   7.   INTANGIBLE AND INTELLECTUAL PROPERTY.

          Any intangible and intellectual property including to, but not limited
   to

             (a). Writings (such as books, catalogues, pamphlets and brochures);
   images (such as photographs, videos, films, prints, posters, postcards,
   website images (including thumbnail images for on-line indexes)); movie,
   television, video and media rights; all of these to included print, digital,
   or other mechanical means or any other media now known or later developed.
             (b). rights of publicity and rights of privacy;
             (c). any and all derivative works associated with the Project;
             (d). the marketing of any souvenir items associated with the
   Project; and
             (e). any or all rights in copyright or trademarks associated with
   the Project, shall be the property of Admiralty. Admiralty (at its sole
   discretion) shall develop and market such intangible and intellectual
   property rights in the Project.

                                                                               3

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     Corazon & Corazon is in the process of writing a book and producing a video
     concerning Corazon & Corazon. Some reference may be made in these works to
     the activities of this JVA. It is understood that the focus will be Corazon
     & Corazon and not ships found as a result of this JVA.

     8.   PROPRIETARY TECHNOLOGIES. Admiralty stipulates, and Corazon agrees,
          that in discharging its duties under this JVA, Admiralty will be
          employing proprietary technologies and trade secrets in the search
          for, recovery, and conservation of property from the site, pursuant to
          the Project. Under no circumstances will this JVA be construed as
          granting a license to Corazon, transferring to Corazon, or giving
          access to Corazon for these proprietary technologies and trade
          secrets, provided, however, that Admiralty hereby grants a
          royalty-free license to the Joint Venture created by this Agreement to
          utilize such technologies and trade secrets for the purposes set forth
          above. Admiralty may take all measures necessary to exclude Corazon's
          officers, employees, agents, vendors and contractors from access to
          these proprietary technologies and trade secrets. In the event that
          Admiralty decides to grant such access (at its sole discretion), such
          access may be conditioned under confidentiality terms and conditions
          to be stipulated by Admiralty.

     9.   JVA GOVERNANCE. As stipulated in sections 1 and 2 above, Admiralty and
          Corazon will fully cooperate in the successful pursuance of the
          Project. As indicated in those sections, Admiralty has the primary
          operational role for all aspects of the Project, but hereby recognizes
          its duty to regularly inform and consult with Corazon on all aspects
          of the Project. At any time, Corazon may request and obtain from
          Admiralty a full accounting of Project funds, finances, and expenses.

     10.  PROJECT PHASES. The initial term of this JVA shall be six (6) months.
          If at the conclusion of six months, no significant find of property at
          the site has been made, the JVA may be terminated by either Party at
          their sole discretion. If a significant find of property at the site
          has been made by the conclusion of the six month initial term, the JVA
          will be deemed to be extended of further term of two (2) years. At the
          conclusion of that two (2) year period, the JVA will be extended for
          further two (2) year terms, unless the Parties mutually agree to
          terminate the JVA.

     11.  DISPUTE SETTLEMENT PROVISIONS.

          A. Sub-Section A. Should any dispute arise out of this JVA (other than
             in regard to sections 7 and 8), the matter in dispute shall be
             referred to three persons for arbitration at Washington, District
             of Columbia, one arbitrator to be appointed by each of the parties
             hereto, and the third by the two so chosen; their decision or that
             of any two of them shall be final, and for the purpose of enforcing
             any award, this agreement may be made a rule of any court in the
             United States. This JVA shall be governed by the federal maritime
             law of the United States of America, and shall be construed as a
             contract for salvage and /or co-salvage. Any arbitration
             proceedings contemplated under this sub-section shall be conducted
             in accordance with

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             the Rules of the Society of Maritime Arbitrators, Inc. The
             arbitrators shall be members of the Society of Maritime
             Arbitrators, Inc.

          B. Sub-Section B. Should any controversy, claim or dispute arise out
             of the Parties' performance or lack of performance of their
             obligations under sections 7 and 8 of this JVA, the matter in
             dispute shall be referred to three persons for arbitration at
             Washington, District of Columbia, one arbitrator to be appointed by
             each of the Parties hereto, and the third by the two so chosen;
             their decision or that of any two of them shall be final. Sections
             7 and 8 of the JVA shall be governed by the laws of New York. Any
             arbitration proceedings contemplated under this sub-section shall
             be administered by the American Arbitration Association under its
             Commercial Arbitration Rules, and judgment on the award rendered by
             the arbitrators may be entered in any court having jurisdiction
             thereof.

     12.  AGREEMENT AMENDMENTS AND NOTIFICATIONS. This JVA reflects the full
          agreement of the Parties. The JVA may be amended by the written,
          mutual agreement of the Parties. Any notifications required under this
          JVA shall be made in writing, transmitted by courier, post, facsimile
          to the contact addresses listed below (or as they may be changed from
          time to time by subsequent notification).

     /s/ G. Howard Collingwood                     /s/ Dr. Steven Foster
     -------------------------                     ---------------------

     G. Howard Collingwood, CEO & COB              Dr. Steven Foster
     Admiralty Corporation                         Corazon & Corazon
     3490 Piedmont Road, #304                      2705 Airport Road, Suite 101
     Atlanta, GA 30305                             Dalton, GA 30721
     404-231-8500 Office                           706-275-4444 Office
     404-231-9400 Fax                                       404-428-2297 Cell
     404-433-5272 Cell

     Date 3-23-05                                  Date  3-23-05<Page>

                                                                   Exhibit 10.21

                                  OMTOOL, LTD.

               STOCK PURCHASE AND RESTRICTION AGREEMENT - OFFICER

       Omtool, Ltd. (the "COMPANY") hereby enters into this Stock Purchase and
Restriction Agreement, dated as of the date set forth below, with the
Stockholder named herein (the "AGREEMENT") and issues and sells the Shares
specified herein the following common stock pursuant to its 1997 Stock Plan, as
amended. The terms and conditions attached hereto are also part hereof.

<Table>
<S>                                                                <C>
------------------------------------------------------------------ ---------------------------
Name of Employee (the "STOCKHOLDER"):                              [NAME]
------------------------------------------------------------------ ---------------------------
------------------------------------------------------------------ ---------------------------
Date of this restricted stock purchase:                            [DATE]
------------------------------------------------------------------ ---------------------------
------------------------------------------------------------------ ---------------------------
Number of shares of the Company's Common Stock issued and sold     [NUMBER OF SHARES]
under this Agreement (the "SHARES"):
------------------------------------------------------------------ ---------------------------
------------------------------------------------------------------ ---------------------------
Purchase price per share:                                          $0.01
------------------------------------------------------------------ ---------------------------
------------------------------------------------------------------ ---------------------------
Number of Shares that are Vested Shares on Vesting Start Date:     None
------------------------------------------------------------------ ---------------------------
------------------------------------------------------------------ ---------------------------
Shares that are Unvested Shares on Vesting Start Date:             [NUMBER OF SHARES UNVESTED]
------------------------------------------------------------------ ---------------------------
------------------------------------------------------------------ ---------------------------
Vesting Start Date:                                                [VESTING START DATE]
------------------------------------------------------------------ ---------------------------

   Vesting Schedule:

------------------------------------------------------------------ ---------------------------
On the annual anniversary date of the Vesting Start Date            [1/4 OF UNVESTED SHARES]
commencing one year from the Vesting Start Date:
------------------------------------------------------------------ ---------------------------
</Table>

                                         OMTOOL, LTD.

-----------------------------------
Signature of Stockholder

                                         By:
-----------------------------------        -----------------------------------
Street Address                             Name of Officer:
                                           Title:

-----------------------------------
City / State / Zip Code

<Page>

                                  OMTOOL, LTD.

               STOCK PURCHASE AND RESTRICTION AGREEMENT - OFFICER

       Omtool, Ltd. (the "COMPANY") agrees to sell to the Stockholder, and the
Stockholder agrees to purchase from the Company, shares of the Company's Common
Stock, $.01 par value per share ("COMMON STOCK"), on the following terms and
conditions:

       1. GRANT UNDER PLAN. This stock purchase is made pursuant to and is
governed by the Company's 1997 Stock Plan, as amended (as the same may be
amended and/or restated from time to time, the "PLAN") and, unless the context
otherwise requires, terms used herein shall have the same meanings as in the
Plan. The Shares will be evidenced by this Agreement and the Stockholder will
not receive a certificate for the Shares. Initially, the Stockholder will have
his or her ownership of the Shares registered only in book-entry form in the
recording of the transfer agent for the Company's Common Stock. Book-entry
registration refers to a method of recording stock ownership in which no shares
are issued to stockholders. After any date on which the Shares have become
Vested Shares, the Stockholder may obtain, upon request from the Company to the
transfer agent for the Company's Common Stock, a certificate for the Vested
Shares registered in his or her name in book-entry form.

       2. PURCHASE AND SALE OF STOCK; PAYMENT OF PURCHASE PRICE. The Company
hereby sells to the Stockholder, and the Stockholder hereby purchases from the
Company, the Shares of Common Stock at the purchase price per Share set forth on
the cover page. The purchase price shall be paid by the Stockholder upon
execution and delivery of this Agreement by check payable to the Company.

       3. INVESTMENT REPRESENTATION. The Stockholder represents, warrants and
acknowledges that he or she has had an opportunity to ask questions of and
receive answers from a person or persons acting on behalf of the Company
concerning the terms and conditions of this investment. The Stockholder
represents and warrants to the Company that he or she is acquiring the Shares
with his or her own funds, for his or her own account for the purpose of
investment, and not with a view to any resale or other distribution thereof in
violation of the Securities Act of 1933, as amended (the "SECURITIES ACT"). As
applicable, the Company may place a legend on any stock certificate representing
the Shares to the effect that the Shares were acquired pursuant to an investment
representation without registration of the Shares and may make an appropriate
notation with respect to the same on its stock records. As applicable, the
Company may also place a legend on any stock certificate representing any of the
Shares reflecting the restrictions on transfer and any rights of repurchase and
rights of first refusal set forth herein and may make an appropriate notation on
its stock records with respect to the same.

       The Stockholder understands that the Company is under no obligation to
register the Shares under the Securities Act or to comply with the requirements
for any exemption that might otherwise be available, or to supply the
Stockholder with any information necessary to enable the

<Page>

                                      -2-

Stockholder to make routine sales of the Shares under Rule 144 or any other rule
of the Securities and Exchange Commission.

       4. VESTING IF EMPLOYMENT CONTINUES.

            (a) VESTING SCHEDULE. If the Stockholder has remained continuously
       an employee of the Company through the vesting dates specified on the
       cover page hereof, Unvested Shares shall become Vested Shares (or shall
       "VEST") on such dates in an amount equal to the number of shares set
       opposite the applicable date on the cover page hereof. Subject to Section
       4(b) below, if the Stockholder's employment by the Company ceases
       voluntarily or involuntarily, with or without cause, no additional
       Unvested Shares shall become Vested Shares under any circumstances with
       respect to the Stockholder. Any determination under this Agreement as to
       employment status or other matters referred to above shall be made in
       good faith by the Board of Directors of the Company or the Compensation
       Committee of the Board of Directors, whose decision shall be binding on
       all parties.

            (b) ACCELERATED VESTING DUE TO ACQUISITION. Upon the consummation of
       an Acquisition (as defined in the Plan), the vesting provisions of this
       Agreement shall be accelerated by a period of one year such that the
       Stockholder shall be credited with one year of additional service time to
       the Company as an employee.

            In the event that the Stockholder is employed by the Company
       immediately prior to the consummation of an Acquisition and is terminated
       without "CAUSE" (as defined below) or terminates his or her own
       employment "FOR GOOD REASON" (as defined below) following the
       consummation of the Acquisition, then all installments of this Agreement
       shall vest in full immediately prior to such termination.

            "GOOD REASON" shall mean, without the Stockholder's express written
       consent, (i) termination for redundancy due to an Acquisition; (ii) any
       reduction in the Stockholder's base annual salary as in effect
       immediately preceding an Acquisition or as the same may be increased from
       time to time or failure to continue coverage of the Stockholder under any
       compensation or benefit plan made available to similarly situated
       employees of the acquiring party; (iii) (a) a requirement that the
       location in which the Stockholder perform his or her principal duties
       for the Company be changed following an Acquisition to a new location
       (the "NEW LOCATION") that is outside a radius of 50 miles from the
       principal business address at which the Stockholder performed his or her
       principal duties immediately preceding an Acquisition (the "OLD
       LOCATION"), unless the New Location is closer to the Stockholder's then
       current principal residential address than the Old Location or (b) a
       requirement that the location at which the Stockholder perform his or
       her principal duties for the Company be changed following an
       Acquisition to a New Location that results in a commute of more than 75
       miles from the Stockholders's principal residential address; or (iv) a
       substantial change in the nature or scope of the functions or duties
       of the Stockholder from those attached to the position with the Company
       which the Stockholder held immediately prior to the Acquisition.

            "CAUSE" shall mean conduct involving one or more of the following:
       (i) disloyalty, gross negligence, willful misconduct, fraud or breach of
       fiduciary duty to the Company

<Page>

                                      -3-

       which causes material harm to the Company; (ii) deliberate disregard of
       the rules or policies of the Company, or willful breach of an employment
       or other agreement with the Company, which causes material harm to the
       Company; (iii) the unauthorized disclosure of any trade secret or
       confidential information of the Company which causes material harm to the
       Company; or (iv) the commission of an act which constitutes unfair
       competition with the Company or which induces any customer or supplier to
       breach a contract with the Company.

            (c) TERMINATION OF EMPLOYMENT. For purposes hereof, employment shall
       not be considered as having terminated during any leave of absence if
       such leave of absence has been approved in writing by the Company and if
       such written approval contractually obligates the Company to continue the
       employment of the Stockholder after the approved period of absence; in
       the event of such an approved leave of absence, vesting of Unvested
       Shares shall be suspended (and the period of the leave of absence shall
       be added to all vesting dates) unless otherwise provided in the Company's
       written approval of the leave of absence that specifically refers to this
       Agreement. For purposes hereof, employment shall include a consulting
       arrangement between the Stockholder and the Company that immediately
       follows termination of employment, but only if so stated in a written
       consulting agreement executed by the Company that specifically refers to
       this Agreement. This Agreement shall not be affected by any change of
       employment within or among the Company and its Subsidiaries so long as
       the Stockholder continuously remains an employee of the Company or any
       Subsidiary.

       5. RESTRICTIONS ON TRANSFER; PURCHASE BY THE COMPANY. The Stockholder
shall not sell, assign, transfer, pledge, encumber or dispose of all or any of
his or her Unvested Shares, except that Unvested Shares may be transferred only
pursuant to this Section 5 hereof. The Stockholder may not at any time transfer
any Shares to any individual, corporation, partnership or other entity that
engages in any business activity that is in competition, directly or indirectly,
with the products or services being developed, manufactured or sold by the
Company. The determination of whether any proposed transferee engages in any
business activity that is in competition with those of the Company shall be made
by the Board of Directors of the Company in good faith. This prohibition shall
be applicable in addition to and separately from the other provisions hereof.

       Upon the termination of the Stockholder's employment, the Stockholder
shall sell to the Company (or the Company's assignee) all of his or her Unvested
Shares in accordance with the procedures set forth below. The purchase price
(the "REPURCHASE PRICE") of such Shares (the "REPURCHASED SHARES") shall be the
purchase price per Share set forth on the cover page hereof (subject to
adjustment as herein provided). The sale of the Repurchased Shares shall take
place as soon as practicable at the principal executive offices of the Company
at the time and date set by the Company. Such sale shall be effected by the
Company's delivery of a stock power executed by the Stockholder in the form
attached hereto and a letter from the Company to the Company's transfer agent
noting the number of shares that are to be repurchased, against payment to the
Stockholder by the Company of the Repurchase Price by check for the Repurchased
Shares (which check may be delivered by mail). Upon the mailing of a check in

<Page>

                                      -4-

payment of the purchase price in accordance with the terms hereof, the Company
shall become the legal and beneficial owner of the Shares being repurchased and
all rights and interests therein or relating thereto, and the Company shall have
the right to retain and transfer to its own name the number of Shares being
repurchased by the Company.

       Notwithstanding the foregoing, the Stockholder may transfer all or any of
his or her Unvested Shares (x) as a gift to any member of his or her family or
to any trust for the benefit of any such family member or the Stockholder;
PROVIDED THAT any such transferee shall agree in writing with the Company, as a
condition precedent to such transfer, to be bound by all of the provisions of
this Agreement to the same extent as if such transferee were the Stockholder, or
(y) by will or the laws of descent and distribution, in which event each such
transferee shall be bound by all of the provisions of this Agreement to the same
extent as if such transferee were the Stockholder or (z) by court order, in
which event each such transferee shall be bound by all of the provisions of this
Agreement to the same extent as if such transferee were the Stockholder. As used
herein, the word "FAMILY" shall include any spouse, lineal ancestor or
descendant, brother or sister.

       6. DEATH; DISABILITY.

            (a) Upon the death or Disability (as defined below) of the
       Stockholder while in the employ of the Company, but only to the extent
       the Stockholder has any Unvested Shares, all Unvested Shares shall become
       Vested Shares.

            (b) DEFINITION OF DISABILITY. For purposes of this Agreement, the
       term "DISABILITY" shall mean "PERMANENT AND TOTAL DISABILITY" as defined
       in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended (the
       "CODE").

       7. WITHHOLDING TAXES. If the Company in its discretion determines that it
is obligated to withhold any tax in connection with the transfer of, or the
lapse of restrictions on, the Shares, the Stockholder hereby agrees that the
Company may withhold from the Stockholder's wages or other remuneration the
appropriate amount of tax. At the discretion of the Company, the amount required
to be withheld may be withheld in cash from such wages or other remuneration.
The Stockholder further agrees that, if the Company does not withhold an amount
from the Stockholder's wages or other remuneration sufficient to satisfy the
withholding obligation of the Company, the Stockholder will make reimbursement
on demand, in cash, for the amount underwithheld.

       8. FAILURE TO DELIVER SHARES. If any Stockholder (or his or her legal
representative) who has become obligated to sell Shares hereunder shall fail to
deliver such Shares to the Company in accordance with the terms of this
Agreement, the Company may, at its option, in addition to all other remedies it
may have, send to such Stockholder by registered mail, return receipt requested,
the purchase price for such Shares as is herein specified. Thereupon, the
Company: (i) shall cancel on its books the entry or entries and/or certificates
or certificates representing such Shares to be sold; and (ii) shall make, in
lieu thereof, a new entry or entries or

<Page>

                                      -5-

issue, in lieu thereof, a new certificate or certificates in the name of the
Company representing such Shares, and thereupon all of such Stockholder's rights
in and to such Shares shall terminate.

       9. ARBITRATION. Any dispute, controversy, or claim arising out of, in
connection with, or relating to the performance of this Agreement or its
termination shall be settled by arbitration in Massachusetts, pursuant to the
rules then obtaining of the American Arbitration Association. Any award shall be
final, binding and conclusive upon the parties and a judgment rendered thereon
may be entered in any court having jurisdiction thereof.

       10. PROVISION OF DOCUMENTATION TO STOCKHOLDER. By signing this Agreement
the Stockholder acknowledges receipt of a copy of this Agreement and a copy of
the Plan.

       11. MISCELLANEOUS.

            (a) NOTICES. All notices hereunder shall be in writing and shall be
       deemed given when sent by certified or registered mail, postage prepaid,
       return receipt requested, if to the Stockholder, to the address set forth
       on the cover page hereof or at the address shown on the records of the
       Company, and if to the Company, to the Company's principal executive
       offices, attention of the Corporate Secretary.

            (b) ENTIRE AGREEMENT; MODIFICATION. This Agreement constitutes the
       entire agreement between the parties relative to the subject matter
       hereof, and supersedes all proposals, written or oral, and all other
       communications between the parties relating to the subject matter of this
       Agreement. This Agreement may be modified, amended or rescinded only by a
       written agreement executed by both parties.

            (c) FRACTIONAL SHARES. All fractional Shares resulting from the
       adjustment provisions contained in the Plan shall be rounded down to the
       nearest whole share.

            (d) CHANGES IN CAPITAL STRUCTURE. In the event of any stock split,
       stock dividend, recapitalization, reorganization, merger, consolidation,
       combination, exchange of shares, liquidation, spin-off, split-up, or
       other similar change in capitalization or event, the securities received
       in respect of such event shall be "Shares" hereunder subject to this
       Agreement and shall retain the same status as "VESTED SHARES" or
       "UNVESTED SHARES" as the Shares in respect of which they were received,
       and the repurchase price per security subject to repurchase shall be
       appropriately adjusted by the Company.

            (e) SEVERABILITY. The invalidity, illegality or unenforceability of
       any provision of this Agreement shall in no way affect the validity,
       legality or enforceability of any other provision.

            (f) SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon and
       inure to the benefit of the parties hereto and their respective
       successors and assigns, subject to the limitations set forth herein.

<Page>

                                      -6-

            (g) GOVERNING LAW. This Agreement shall be governed by and
       interpreted in accordance with the laws of Delaware without giving effect
       to the principles of the conflicts of laws thereof.

            (h) NO OBLIGATION TO CONTINUE EMPLOYMENT. Neither the Plan, nor this
       Agreement, nor any provision hereof imposes any obligation on the Company
       to continue the Stockholder in employment or any other business
       relationship with the Company.

                                    * * * * *

<Page>

                                   STOCK POWER

       FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto ________________________________, taxpayer identification or social
security number __________________, residing at _______________________________
an aggregate of __________________ shares of common stock, $.01 par value per
share (the "Shares"), of Omtool, Ltd. (the "Corporation"), a Delaware
corporation standing in my name on the books of said Corporation, and do hereby
irrevocably constitute and appoint the Corporation as attorney-in-fact to
transfer the Shares in the books of the Corporation with full power of
substitution in the premises.

Dated:
       ----------------------------

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

                                         Print Name:
                                                    ---------------------------

Witness:
        ----------------------------

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