Document:

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                                                                    EXHIBIT 10.2

HOLDEN                                                        EXECUTION VERSION

                              EMPLOYMENT AGREEMENT

         This Employment Agreement (the "Agreement") is made by and among
Liberty Media Corporation, a Delaware corporation ("LMC"), Ascent Entertainment
Group, Inc., a Delaware corporation (the "Company") that is a wholly owned
indirect subsidiary of LMC, and David A. Holden (the "Executive") as of June 1,
2000 (the "Effective Date").

                                    RECITALS

         The Executive is employed as of the Effective Date by the Company
pursuant to the terms of an amended and restated employment agreement made as of
June 27, 1997 and amended and restated as of January 25, 2000 (the "Prior
Agreement"). The Board of Directors of the Company (the "Board") has determined
that it is in the best interests of the Company and its shareholders to continue
to employ the Executive, and the Executive desires to continue his employment
with the Company, pursuant to the terms of this Agreement.

                                    AGREEMENT

         In consideration of the mutual covenants set forth in this Agreement
and other good and valuable consideration, the receipt and sufficiency of which
are acknowledged, the parties, intending to be legally bound, agree as follows:

         1. Employment Period. The Company shall employ the Executive, and the
Executive shall serve the Company, on the terms and conditions set forth in this
Agreement, for the period beginning on the Effective Date and ending on July 31,
2001, unless earlier terminated as set forth herein (the "Employment Period").

         2. Position and Duties.

                  (a) During the Employment Period, the Executive shall (i)
serve as a senior executive officer of the Company and as a director and senior
executive officer of the Company's subsidiary, Ascent Sports Holdings, Inc.;
(ii) assist with the management of the sports-related businesses owned and
operated as of the Effective Date by the Company and its subsidiaries
(collectively, "Ascent") and the closing of the sale of such sports-related
businesses; (iii) assist with the preparation and filing of SEC filings for
Ascent and the maintenance of administrative functions for Ascent; (iv) seek and
develop community development opportunities for LMC and the Company to consider;
and (v) perform such other duties as mutually agreed by the Company and the
Executive.

                  (b) During the Employment Period, and excluding any periods of
vacation and sick leave to which the Executive is entitled, the Executive shall
devote reasonable attention and

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time during normal business hours to the business and affairs of the Company
and, to the extent necessary to discharge the responsibilities assigned to the
Executive under this Agreement, use the Executive's reasonable best efforts to
carry out such responsibilities faithfully and efficiently. Subject to the
provisions of Section 7 below, it shall not be considered a violation of the
foregoing for the Executive to (i) serve on corporate, civic or charitable
boards or committees, (ii) deliver lectures, fulfill speaking engagements or
teach at educational institutions, (iii) manage personal investments, and (iv)
engage in employment with, or provide consulting services to, one or more other
entities, so long as such activities do not significantly interfere with the
performance of the Executive's responsibilities as an employee of the Company in
accordance with this Agreement.

                  (c) The Executive's services shall be performed primarily at
the principal office location where the Executive performed his duties
immediately prior to the Effective Date (or otherwise within 35 miles of such
office), subject to any reasonable travel requirements necessary to perform his
duties hereunder (which shall not require any more travel than was customary for
the Executive prior to the Effective Date).

                  (d) During the Employment Term, the Executive shall report to
Gary S. Howard or such other individual as the Board designates by notice to the
Executive.

         3. Compensation.

                  (a) Base Salary. During the Employment Period, the Executive
shall be paid a monthly base salary of $20,714.29, or $290,000 for the entire
Employment Period (the "Base Salary"), payable pursuant to the Company's normal
payroll practices. Any compensation paid to the Executive on or after June 1,
2000 and prior to the execution of this Agreement by the parties, other than any
amounts paid with respect to equity incentive awards previously granted to the
Executive or with respect to fringe benefits not historically paid out of the
Executive's salary, shall be credited toward the Executive's Base Salary.

                  (b) Benefits. During the Employment Period, the Executive
shall be entitled to participate in savings and welfare benefit plans,
practices, policies and programs of the Company or any affiliate of the Company
(including 401(k), health insurance and other employee benefit plans) that are
provided generally to similarly situated employees of the Company. For purposes
of Section 5(a)(iii), the Company and the Executive agree that the value of all
benefits to be provided under this Section 3(b) during the Employment Period is
$65,000 (the "Benefit Amount").

                  (c) Expenses. During the Employment Period, the Executive
shall be entitled to receive prompt reimbursement for all reasonable business
expenses incurred by the Executive in accordance with the Company's policies,
practices and procedures.

                  (d) Vacation. During the Employment Period, the Executive
shall be entitled to paid vacation in accordance with the plans, policies,
programs and practices of the Company,

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provided that the Executive shall not be entitled to receive payment for any
unused vacation days remaining at the conclusion of the Employment Period.

                  (e) Equity Awards. Under the Prior Agreement, the Company
granted to the Executive certain options and stock appreciation rights which
vested prior to the Effective Date in accordance with the terms of the Prior
Agreement. In consideration of the benefits provided to the Executive under this
Agreement, and notwithstanding any provision of this Agreement or any
communication, documentation or other evidence to the contrary, the Executive
acknowledges and agrees that he will not be entitled to receive any stock
options, stock appreciation rights, restricted stock, stock units or other
performance or equity awards (collectively, "Awards") during the Employment
Period except as specifically provided in this Agreement, regardless of whether
the Company or any affiliate of the Company grants any such Award to any other
employee of the Company or any affiliate of the Company during the Employment
Period.

                  (f) Bonus and Other Payments. The Company shall pay the
Executive the following amounts:

                           (i) $90,000 upon execution of this Agreement,
representing earned bonus for 2000 and accrued vacation payments; and

                           (ii) $350,000 within ten business days following the
closing of the sale of Ascent's sports-related businesses (the "Sale Bonus").

                  (g) COBRA Coverage. Following the expiration of the Employment
Period, to the extent required by COBRA, Executive and his dependents may elect
eighteen months (or such other term as permitted by COBRA) of COBRA continuation
coverage, at their own expense, without any reimbursement or payment of premiums
for such coverage by the Company.

                  (h) Non-Competition Payment. As compensation for the covenants
made by the Executive under Sections 7(b) through 7(d) of this Agreement, the
Company and LMC shall be jointly and severally liable to pay to the Executive on
July 31, 2001 the sum of $918,000 (the "Non-Competition Payment").

         4. Termination of Employment.

                  (a) Death or Disability. The Executive's employment shall
terminate automatically upon the Executive's death during the Employment Period.
The Company shall be entitled to terminate the Executive's employment because of
the Executive's Disability during the Employment Period. "Disability" means that
(i) the Executive is unable to perform the Executive's duties under this
Agreement for a period of not less than 180 consecutive days, as a result of
physical or mental illness or injury, and (ii) a physician selected by the
Company or its insurers, and acceptable to the Executive or the Executive's
legal representative, has determined that the Executive's incapacity is total
and permanent. A termination of the Executive's employment by the

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Company for Disability shall be communicated to the Executive or the Executive's
legal representative by written notice, and shall be effective on the 10th day
after receipt of such notice by the Executive or the Executive's legal
representative (the "Disability Effective Date").

                  (b) By the Company. The Company may terminate the Executive's
employment during the Employment Period for Cause or without Cause. "Cause"
shall mean conviction of the Executive for commission of a felony or gross
misconduct by the Executive, in either case that is willful and results in
material and demonstrable damage to the business of the Company or any of its
affiliates. A termination of the Executive's employment by the Company shall be
communicated to the Executive by written notice and shall be effective (i) if
the termination is for Cause, immediately upon receipt of such notice by the
Executive, and (ii) if the termination is without Cause, on the 30th day after
receipt of such notice by the Executive.

                  (c) By the Executive. The Executive may terminate employment
for Good Reason or without Good Reason. "Good Reason" means, without the
Executive's written consent:

                           (i) the Company's assignment to the Executive of any
duties inconsistent in any material respect with the duties described in Section
2(a) of this Agreement; provided, that a diminution or reduction in the
Executive's duties, responsibilities or authority shall not be a basis for Good
Reason;

                           (ii) any failure by the Company to comply with any
provision of Section 3 of this Agreement;

                           (iii) any requirement by the Company that the
Executive's services be rendered primarily at a location or locations other than
that provided for in Section 2(c) of this Agreement; or

                           (iv) any failure by the Company to comply with
Section 9(c) of this Agreement.

An isolated, insubstantial and inadvertent failure or action by the Company that
is not taken in bad faith and is remedied by the Company promptly after receipt
of notice thereof from the Executive shall not be a basis for Good Reason;
provided, however, that any failure to comply with Section 9(c) of this
Agreement shall be a basis for Good Reason. A termination of employment by the
Executive for Good Reason shall be effectuated by giving the Company written
notice ("Notice of Termination for Good Reason") of the termination, setting
forth in reasonable detail the specific conduct of the Company that constitutes
Good Reason and the specific provision(s) of this Agreement upon which the
Executive is relying. A termination of employment by the Executive for Good
Reason shall be effective (unless disputed by the Company) on the fifth business
day following the date when the Notice of Termination for Good Reason is
received by the Company, unless the notice sets forth a later date (which date
shall in no event be later than 30 days after the notice is received by the
Company).

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                  (d) Date of Termination. The "Date of Termination" means the
date of the Executive's death, the Disability Effective Date, the date on which
the termination of the Executive's employment by the Company or by the Executive
for Good Reason is effective, or the last day the Executive provides services
under this Agreement, in the case of the Executive's termination of employment
without Good Reason, as the case may be.

         5. Obligations of the Company upon Termination. Following the
Executive's Date of Termination, the Company shall have the obligations to the
Executive set forth in this Section 5, and shall have no further obligations
under this Agreement, other than, if applicable, any obligations to reimburse
expenses due to the Executive under Section 3(c).

                  (a) Other Than for Cause; Death or Disability; Good Reason.
If, during the Employment Period, the Company terminates the Executive's
employment, other than for Cause, or the Executive's employment is terminated
because of death or Disability, or the Executive terminates employment for Good
Reason, the Company shall make the payments and provide the benefits set forth
in (i) through (v) below. In addition, if the Executive's employment is
terminated by the Company other than for Cause or Disability, or by the
Executive for Good Reason, the Company shall provide the Executive with
reasonable outplacement services. The payments and benefits provided pursuant to
this Section 5(a) are intended as liquidated damages for a termination of the
Executive's employment by the Company other than for Cause, or for the actions
of the Company leading to a termination of the Executive's employment by the
Executive for Good Reason, or for the Executive's termination of employment as a
result of death or Disability, and shall be the sole and exclusive remedy
therefor. The Company shall pay the Executive the amounts set forth below in a
lump sum in cash within 30 days following the Date of Termination:

                           (i) the unpaid amount of the Executive's Base Salary
for the period beginning on the Effective Date and ending on the Date of
Termination (the "Accrued Obligations");

                           (ii) an amount equal to (A) the Executive's Base
Salary, multiplied by (B) the percentage obtained by dividing (1) the number of
days beginning with the day immediately following the Termination Date and
ending on July 31, 2001, by (2) 426 (such percentage, the "Pro Rata
Percentage");

                           (iii) an amount equal to the Benefit Amount
multiplied by the Pro Rata Percentage;

                           (iv) the Sale Bonus (to the extent that the closing
of the sale of Ascent's sports-related businesses occurs on or prior to the
Termination Date and the Sale Bonus has not theretofore been paid); and

                           (v) the Non-Competition Payment.

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                  (b) Cause, Other than for Good Reason. If, during the
Employment Period, the Executive's employment is terminated by the Company for
Cause or the Executive voluntarily terminates employment other than for Good
Reason, the Company shall pay the Executive the Accrued Obligations in a lump
sum in cash within 30 days following the Date of Termination and,
notwithstanding anything in this Agreement to the contrary, the Company shall
have no obligation to make any other payment provided for under this Agreement.

         6. Full Settlement. The Company's obligation to make the payments
provided for in, and otherwise to perform its obligations under, this Agreement
shall not be affected by any set-off, counterclaim, recoupment, defense or other
claim, right or action that the Company may have against the Executive or
others. In no event shall the Executive be obligated to seek other employment or
take any other action by way of mitigation of the amounts payable to the
Executive under any of the provisions of this Agreement and such amounts shall
not be reduced, regardless of whether the Executive obtains other employment.

         7. Confidential Information; Noncompetition; Nonsolicitation.

                  (a) The Executive shall hold in a fiduciary capacity for the
benefit of LMC and the Company all secret or confidential information, knowledge
or data relating to LMC, the Company, and their respective affiliates (the
"Employing Entities") and the businesses of each of the Employing Entities that
the Executive obtains during the Executive's employment by the Company (before
and after the Effective Date) and that is not public knowledge (other than as a
result of the Executive's violation of this Section 7(a)) ("Confidential
Information"). The Executive shall not communicate, divulge or disseminate
Confidential Information at any time during or after the Executive's employment
with the Company, except with the prior written consent of LMC or the Company or
as otherwise required by law or legal process.

                  (b) For purposes of Sections 7(b) and (c), the "Noncompetition
Period" means the period during which the Executive is employed by the Company
pursuant to this Agreement and twenty-four months after the first to occur of
(i) the Executive's Date of Termination or (ii) the end of the scheduled
Employment Period. During the Noncompetition Period, the Executive shall not
solicit from any person or entity whatsoever any business of the type engaged in
by any entity that is an Employing Entity on the Effective Date.

                  (c) During the Noncompetition Period, the Executive shall not
induce or solicit any employee of any entity that is an Employing Entity on the
Effective Date to terminate his or her employment with any such Employing
Entity.

                  (d) The provisions of Sections 7(b) and (c) shall remain in
full force and effect until the expiration of the Noncompetition Period
notwithstanding the earlier termination of the Executive's employment hereunder.
In the event of a breach of the Executive's covenants under this Section 7, it
is understood and agreed that the Company shall be entitled to injunctive
relief, as well as any other legal remedies, specifically including repayment by
the Executive to the Company of

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a pro rata portion of the Non-Competition Payment based upon the number of days
remaining in the Non-Competition Period following the date on which the breach
occurred. For purposes of this Agreement, affiliates of LMC or the Company shall
include the entities set forth on Schedule 1 and all other entities controlling,
controlled by or under common control with LMC or the Company, as the case may
be, and "control" shall mean the possession, direct or indirect, of the power to
direct or cause the direction of the management and policies of a party, whether
by ownership of voting securities, by contract or otherwise.

         8. Dispute Resolution. At the option of the Executive or the Company,
any dispute, controversy, or question arising under, out of or relating to this
Agreement or the breach thereof, other than that for injunctive relief to this
Agreement or the breach thereof, shall be referred for decision by arbitration
in the Denver metropolitan area of the State of Colorado by a neutral arbitrator
selected by the parties hereto. The proceeding shall be governed by the Rules of
the American Arbitration Association then in effect or such rules last in effect
(in the event such Association is no longer in existence). If the parties are
unable to agree upon such a neutral arbitrator within 30 days after either party
has given the other written notice of the desire to submit the dispute,
controversy or question for decision as aforesaid, then either party may apply
to the American Arbitration Association for an appointment of a neutral
arbitrator, or if such Association is not then in existence or does not act in
the matter within 30 days of application, either party may apply to the
Presiding Judge of the District Court of any county in the Denver metropolitan
area of the State of Colorado for an appointment of a neutral arbitrator to hear
the parties and settle the dispute, controversy or question, and such Judge is
hereby authorized to make such appointment. In the event that either party
exercises the right to submit a dispute arising hereunder to arbitration, the
decision of the neutral arbitrator shall be final, conclusive and binding on all
interested persons and no action at law or equity shall be instituted or, if
instituted, further prosecuted by either party other than to enforce the award
of the neutral arbitrator. The award of the neutral arbitrator may be entered in
any court that has jurisdiction. In the event that the Executive is successful
in pursuing any material claim(s) or dispute(s) arising out of this Agreement,
the Company shall pay the Executive's reasonable attorney's fees and expenses
and the Executive's reasonable expenses of any arbitration in connection with
all of the Executive's claims or disputes (whether or not the Executive's
pursuit of every claim or dispute is successful). In any other case, the
Executive and the Company shall each bear all their own costs and attorneys'
fees, except the Company shall in all events pay the costs of any arbitrator
appointed hereunder.

         9. Successors.

                  (a) This Agreement is personal to the Executive and, without
the prior written consent of the Company, shall not be assignable by the
Executive otherwise than by will or the laws of descent and distribution. This
Agreement shall inure to the benefit of and be enforceable by the Executive's
legal representatives.

                  (b) This Agreement shall inure to the benefit of and be
binding upon LMC, the Company and their respective successors and assigns.

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                  (c) Each of LMC and the Company shall require any successors
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to
all or substantially all of its business or assets expressly to assume and agree
to perform this Agreement in the same manner and to the same extent that LMC or
the Company, as the case may be, would have been required to perform it if no
such succession had taken place. Except as specifically provided, herein, as
used in this Agreement, "LMC" and "the Company" shall mean both LMC or the
Company as defined above, as the case may be, and any such successor that
assumes and agrees to perform this Agreement, by operation of law or otherwise.

         10. Miscellaneous.

                  (a) This Agreement shall be governed by, and construed in
accordance with, the laws of the State of Colorado, without reference to
principles of conflict of laws. The captions of this Agreement are not part of
the provisions hereof and shall have no force or effect. This Agreement may not
be amended or modified except by a written agreement executed by the parties
hereto or their respective successors and legal representatives.

                  (b) All notices and other communications under this Agreement
shall be in writing and shall be given by hand delivery to the other party or by
registered or certified mail, return receipt requested, postage prepaid,
addressed as follows:

                    If to the Executive:      David A. Holden
                                              5220 South Flower Street
                                              Littleton, Colorado   80123

                    If to the Company:        Ascent Entertainment Group, Inc.
                                              9197 South Peoria Street
                                              Englewood, Colorado   80112
                                              Attn:    Charles Y. Tanabe, Esq.

                    If to LMC:                Liberty Media Corporation
                                              9197 South Peoria Street
                                              Englewood, Colorado   80112
                                              Attn:    Charles Y. Tanabe, Esq.

or to such other address as either party furnishes to the other in writing in
accordance with this Section 10(b). Notices and communications shall be
effective when actually received by the addressee.

                  (c) The invalidity or unenforceability of any provision of
this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement. If any provision of this Agreement shall be held
invalid or unenforceable in part, the remaining portion of such

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provision, together with all other provisions of this Agreement, shall remain
valid and enforceable and continue in full force and effect to the fullest
extent consistent with law.

                  (d) Notwithstanding any other provision of this Agreement, the
Company may withhold from amounts payable under this Agreement all federal,
state, local and foreign taxes that are required to be withheld by applicable
laws or regulations.

                  (e) Any party's failure to insist upon strict compliance with
any provision of, or to assert any right under, this Agreement shall not be
deemed to be a waiver of such provision or right or of any other provision of or
right under this Agreement.

                  (f) Each of the Executive, the Company and LMC acknowledges
that this Agreement supersedes any prior agreement between any of LMC, the
Company or any affiliate of either of the foregoing and the Executive (including
the Prior Agreement, any other employment agreement and any consulting
agreement), or between the Executive and any Company plan or practice,
concerning the subject matter hereof, including any severance policy or plan of
the Company or of any affiliate of LMC or the Company (collectively, the
"Severance Plans"). The Executive hereby irrevocably waives any rights to
severance benefits under the Severance Plans or to the grant or acceleration of
equity awards under the Severance Plans or any equity award plan of LMC, the
Company or of any affiliate of either of the foregoing except as may be provided
in this Agreement.

                  (g) The Executive shall be covered under the indemnification
policies of the Company applicable to similarly situated officers of the
Company.

                  (h) This Agreement may be executed in several counterparts,
each of which shall be deemed an original, and said counterparts shall
constitute but one and the same instrument.

                                      *****

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         IN WITNESS WHEREOF, the parties have executed this Agreement to be
effective as of the day and year first above written, notwithstanding the actual
date of signing.

                                       EXECUTIVE:

                                       ----------------------------------------
                                       David A. Holden

                                       COMPANY:

                                       ASCENT ENTERTAINMENT GROUP, INC.

                                       By:
                                           ------------------------------------
                                           Charles Y. Tanabe, Senior Vice
                                           President

                                       LMC:

                                       LIBERTY MEDIA CORPORATION

                                       By:
                                           ------------------------------------
                                           Charles Y. Tanabe, Senior Vice
                                           President

                                      -10-

<PAGE>   11

                                   SCHEDULE 1

Sprint Corporation (PCS Group)
Liberty Digital, Inc.
TV Guide, Inc.
UnitedGlobalCom, Inc.
USA Networks, Inc.
Liberty Livewire Corp.
Liberty Livewire LLC
ICG Communications, Inc.
Teligent, Inc.
Antec Corporation
On Command Corporation
Corus Entertainment, Inc.
Primedia, Inc.
TCI Satellite Entertainment, Inc.
Discovery Communications, Inc.
OVC, Inc.
Starz Encore Group LLC
BET Holdings II, Inc.
BET Movies/STARZ! 3, LLC
BET Film Productions
Courtroom Television Network LLC
Telemundo Network Group LLC
TruePosition, Inc.
Ascent Arena Company, LLC
International Cable Channels Partnership, Ltd.
One Media Place, Inc.
MacNeil/Lehrer Productions
Jupiter Telecommunications Co., Ltd.
Jupiter Programming Co., Ltd.
Multithematiques SA
Liberty Ireland CMI Limited
Liberty Cablevision of Puerto Rico, Inc.
ACTV, Inc.
DMX Music, Inc.
Online Retail Partners, Inc.
Liberty Digital Health Group, LLC
Katalyst Venture Partners 1, LP
XM Satellite Radio Holdings, Inc.
Astrolink International LLC
Sky Latin America Partners
iSky, Inc.

                                      -11-<PAGE>

                                                                    Exhibit 10.1

                              EMPLOYMENT AGREEMENT

     This EMPLOYMENT AGREEMENT, effective as of September 1, 2000, is by and
between The Ashton Technology Group, Inc., a Delaware corporation ("Ashton"),
Universal Trading Technologies Corporation, a Delaware corporation ("UTTC",
together with Ashton, the "Companies") and Fredric W. Rittereiser ("Employee").

     WHEREAS, the Companies wish to employ Employee and Employee desires to
accept such employment on the terms and conditions set forth herein.

     NOW, THEREFORE, in consideration of the foregoing and the mutual covenants
and premises contained herein, the parties agree as follows:

     1.   Employment.  Ashton shall employ Employee as Chief Executive Officer
          ----------
of Ashton and UTTC shall employ Employee as Chief Executive Officer of UTTC, and
Employee hereby accepts such employment and agrees to perform such duties and
undertake such responsibilities as are reasonably assigned to him from time to
time by the Boards of Directors of Ashton and of UTTC, respectively.

     2.   Full-time Best Efforts.  Employee shall devote substantially all of
          ----------------------
his professional time and attention to the performance of his obligations under
this Agreement, and will at all times faithfully, industriously and to the best
of his ability, experience and talent, perform all of his obligations hereunder,
consistent with his past practice prior to entering into this Agreement.  In
addition to the other restrictions provided herein, Employee shall not accept
employment with or consult with any other company during the term hereof.

     3.   Term of Employment.  Employee's term of employment shall begin on the
          ------------------
effective date of this Agreement and shall continue for a period of five (5)
years from such date or until such time that this Agreement shall be terminated
in accordance with Section 6 hereunder.

     4.   Compensation.  During the term of this Agreement, (i) Ashton shall pay
          ------------
Employee a base salary of $5,000 per month; (ii) UTTC shall pay Employee an
annual base salary of $300,000, payable twice per month; and (iii) Employee will
be eligible to participate in any bonus plan established for executives of the
Companies.

     5.   Benefits and Incentive Compensation.
          -----------------------------------

     (a) Employee shall be entitled to receive all benefits (such as medical,
dental and disability insurance, participation in the Companies' non-
contributory 401(k) plan, paid vacation, and retirement plan coverage) as are
generally available from time to time to similarly situated senior executives of
the Companies and the portion of such benefits paid by Employee shall be
consistent with the portion of such benefits paid by such similarly situated
employees of the Companies.  The Companies shall continue to provide life
insurance coverage for the benefit of the Employee or the Employee's family,
including a term life insurance policy in the amount of $5,000,000 and key man
life insurance policies in the amount of $2,000,000 and $1,000,000.
<PAGE>

The Companies will reimburse Employee for all reasonable business expenses
incurred in fulfilling his responsibilities upon submission of adequate
documentation for such expenses and subject to expense policies of the
Companies. Employee shall continue to receive a car allowance in conformity with
past practice.

     (b) Upon execution of this Agreement, Employee shall be granted a five-year
option to purchase 500,000 shares of Ashton's common stock at an exercise price
of $10.50 per share. The option package described above will vest in accordance
with the following schedule:

          20%    upon execution of this Agreement
          20%    1st anniversary of this Agreement
          60%    2nd anniversary of this Agreement

It is understood that the shares underlying these options will not initially be
registered under the Securities Act of 1933, as amended (the "Act"). However,
Ashton agrees that it will endeavor to register the underlying shares at such
time that other shares underlying management's or consultants' options are
registered pursuant to Form S-8 or any other appropriate registration statement.

     6.   Termination.
          -----------

        (a) Ashton or UTTC may terminate this Agreement at any time with or
without "Cause" (as hereinafter defined) upon written notice to Employee.  In
the event Ashton or UTTC determines that it has reason to terminate Employee for
Cause, the Board of Directors of such company shall provide Employee with
written notice specifying the basis underlying its determination.  In the event
such event of Cause may be capable of being cured, Employee shall have sixty
(60) days from the date of the written notice to cure any deficiencies in
Employee's performance specified in the notice provided by Ashton or UTTC.  In
the event Employee fails to cure such deficiency, Employee shall accrue no
additional rights or benefits pursuant to the terms of this Agreement from the
date of such termination.  For purposes of this Agreement, termination for
"cause" shall be defined as termination because of:  (i) his conviction of a
felony involving moral turpitude, (ii) gross and willful misconduct by Employee,
(iii) a finding of gross dishonesty of the Employee by the Board of Directors of
Ashton or UTTC, as the case may be, (iv) willful malfeasance or gross
negligence, or failure to act involving material non-feasance, (v)
insubordination or willful failure to perform assigned duties, or (vi)
Employee's material breach of his obligations contained in Sections 9 and 10.

        (b) Except as otherwise specifically provided herein, this Agreement
shall terminate immediately upon the death of Employee or if Employee is unable
to perform his duties hereunder by reason of illness, injury or incapacity for
ninety (90) consecutive days (during which time Employee shall continue to be
compensated as provided herein). In either such event, Employee or his personal
representative, beneficiaries or heirs shall be entitled to receive any benefits
provided under any benefit or similar plan or policy adopted by the Companies
and applicable to Employee, but Employee shall accrue no additional rights or
benefits pursuant to the terms of this Agreement from the date of such
termination.

                                      -2-
<PAGE>

     7.   Termination Benefits.  If Employee's employment shall be terminated by
          --------------------
Ashton or UTTC during the term of this Agreement for any reason other than for
Cause or upon the death or disability of Employee then Ashton or UTTC shall pay
Employee a termination benefit as follows:

        (a) (i) Employee will be paid his then-current salary by the respective
company for the remainder of the term of this Agreement; and (ii) current
benefits will continue for the remainder of the term of this Agreement. Payments
shall commence upon termination and be made at the same rate using the same
payment schedule as in effect immediately prior to such termination.

        (b) The Companies shall continue to provide medical and dental insurance
coverage to Employee at the same levels of coverage as in effect immediately
prior to such date for the remainder of the term of this Agreement.  All life
insurance policies, including, but not limited to those referenced in Section
5(a) hereto, in effect immediately prior the termination date shall be continued
at the same levels of coverage for the remainder of the term of this Agreement.

      (c) Employee will be paid all benefits accrued up to the termination date
under the Companies' Executive Incentive Compensation Plan.

      (d) All outstanding stock options granted to Employee shall vest
immediately upon the date of termination.

     8.  Change of Control
         -----------------

      (a) Employee understands and acknowledges that Ashton may be merged or
consolidated with or into another entity and that such entity shall
automatically succeed to the rights and obligations of Ashton hereunder.  A
"Change of Control" shall be deemed to have occurred as of the first day that
any one or more of the following conditions shall have been satisfied:

    (i)    Any company, other than a subsidiary or affiliate of Ashton as of the
           date of this Agreement, becomes the beneficial owner, directly or
           indirectly, of at least eighty percent (80%) or more of Ashton's
           operating assets; or

    (ii)   The Board of Directors of Ashton approves: (A) a plan of complete or
           substantial liquidation of Ashton; or (B) a merger, consolidation, or
           reorganization of Ashton with or into a company not affiliated with
           Ashton as of the date of this Agreement; or

    (iii)  The Board of Directors of Ashton approves the election or appointment
           of individuals to the Board from the organization which will then own
           substantially all of the assets of, or which will have merged or
           consolidated with Ashton (other than the election or appointment of
           individuals arising out of the normal retention and vacancy practices
           of the Board), whose membership on the Board would result in the
           voting membership

                                      -3-
<PAGE>

           immediately prior to such election or appointment to cease
           constituting at least seventy percent (70%) of the voting membership
           of the Board; or

    (iv)   Any company, other than a subsidiary or affiliate of Ashton as of the
           date of this Agreement, acquires the right, for monetary
           consideration or otherwise, to solely appoint or have sole approval
           of the selection or election of Ashton's Board members.

     However, in no event shall a Change of Control be deemed to have occurred,
with respect to Employee and for purposes of this Agreement, if Employee is part
of a purchasing group which consummates the Change-of-Control transaction.
Employee shall be deemed "part of a purchasing group" for purposes of the
preceding sentence if he or she is an equity participant in the purchasing
company or group (except for: (i) passive ownership of less than five percent
(5%) of the stock of the purchasing company; or (ii) ownership of equity
participation of less than five percent (5%) in the purchasing company or
group).

      For purposes of this Section, the term "Beneficial Owner" shall have the
meaning ascribed to such term in Rule 13d-3 of the General Rules and Regulations
under the Securities Exchange Act of 1934.

      (b) For purposes of this Agreement, the Employee's employment with Ashton
shall be considered terminated by reason of a "Qualifying Termination" if the
Employee's employment with Ashton is terminated during the remaining term of
this Agreement following a Change of Control, under any of the following
circumstances:

    (i)    The involuntary termination of the Employee's employment without
           Cause; or

    (ii)   The termination of Employee's employment for "Good Reason," as Good
           Reason is defined below, with proper notice delivered.

     "Good Reason" means, without the Employee's express written consent, the
occurrence of any one ore more of the following:

    (i)    A reduction or alteration in the nature or status of the Employee's
           authorities, duties, or responsibilities (including office, titles,
           and reporting requirements) from those in effect as of ninety (90)
           days prior to the Change of Control, other than an insubstantial and
           inadvertent act that is remedied by Ashton promptly after receipt of
           written notice thereof by the Employee; or

    (ii)   The requirement that the Employee be based at a work location in
           excess of fifty (50) miles from the location of Executive's principal
           job location or office immediately prior to the Change of Control.

                                      -4-
<PAGE>

     The Employee's right to terminate employment for Good Reason shall not be
affected by the Employee's incapacity due to physical or mental illness.
Employee shall provide written notice to Ashton (or any successor entity) of his
termination for Good Reason.

     For purposes of this Agreement, a Qualifying Termination shall not include
a termination of employment by reason of the Employee's death.  In the event of
a Qualifying Termination as defined above, the applicable provisions of Section
7 above will apply as though Ashton had terminated the Employee's employment
without cause, and the Effective Date of Termination will be thirty (30) days
after written notice of the Qualifying Termination.

     9.   Confidentiality and Non-Competition.
          -----------------------------------

        (a) During the course of his employment, Employee will be working with
and will have unlimited access to the most sensitive confidential information
and trade secrets of Ashton and its subsidiaries and affiliates (each, a
"Subsidiary"). Employee shall not, while employed by Ashton or any Subsidiary,
or at any time thereafter, without the prior written consent of Ashton, disclose
any trade secrets or confidential information of Ashton or any Subsidiary
(including but not limited to pricing information, customer lists, supplier
information, internal business procedures, management information systems and
techniques, market studies, expansion plans and similar non-public information
relating to the internal operations, business policies or practices of Ashton or
any Subsidiary) to any third party, or use or permit the use of any such trade
secrets or confidential information in any way to compete (directly or
indirectly) with Ashton or any Subsidiary or in any other manner adverse to
Ashton or any Subsidiary, unless (i) such information becomes known to the
public generally through no fault of Employee or (ii) disclosure of such
information is required by law or the order of any governmental authority.
Employee further covenants and agrees that, at all times during the term hereof
and at all times thereafter, Employee will hold all of the trade secrets and
confidential information in secrecy as trustee or custodian for Ashton or any
Subsidiary for the exclusive benefit of Ashton or such Subsidiary, as the case
may be, and will faithfully do everything in his power to assist Ashton or such
Subsidiary, as the case may be, in holding in secrecy the foregoing. The trade
secrets and confidential information of Ashton or any Subsidiary relate to the
conduct of Ashton's or such Subsidiary's business, as the case may be, are of
independent economic value to Ashton or such Subsidiary, as the case may be,
because they are not generally known and are the subject of efforts by Ashton or
such Subsidiary, as the case may be, to maintain their secrecy. Employee
acknowledges that the right to maintain the secrecy of the trade secrets and
confidential information of Ashton or any Subsidiary constitutes a proprietary
right which Ashton or such Subsidiary, as the case may be, is entitled to
protect and that the disclosure, or improper use of the trade secrets or the
confidential information of Ashton or any Subsidiary by Employee will cause
irreparable harm to Ashton or such Subsidiary, as the case may be. Upon request
from Ashton, Employee shall promptly return all records, notes, data, memoranda
and other information and documents, and copies thereof, which contain or may
contain any such trade secrets or confidential information, and shall confirm in
writing to Ashton that all such materials have been returned.

        (b) While employed by Ashton or any Subsidiary, and for a period of
twelve (12) months following the later of (i) termination of Employee's
employment with Ashton or (ii) the

                                      -5-
<PAGE>

final payment to Employee of termination benefits pursuant to Section 7 hereof
or any continuation of salary or other remuneration arrangement with Ashton,
Employee shall not: (A) own any interest in, accept employment with, serve as an
advisor, consultant, officer, director, agent or in any similar capacity to, or
accept compensation (in any form) from, any person, firm or entity (including
any new business started by Employee alone or with others) engaged in any
Competitive Business (as hereinafter defined); (B) contact or solicit any
manufacturer, vendor, customer, supplier or other business relation of Ashton or
any Subsidiary for the purpose of causing such party to cease, reduce or alter
the nature, amount or terms of business conducted with Ashton or any Subsidiary,
as the case may be, or to engage in any business relationship which might
materially harm Ashton or any Subsidiary; or (C) contact or solicit any
employees of Ashton or any Subsidiary (directly or indirectly) for the purpose
of causing, inviting or encouraging any such employee to alter or terminate his
or her employment relationship with Ashton or any Subsidiary, as the case may
be. Notwithstanding anything herein to the contrary, Employee shall be entitled
to own as a passive investor less than 2% of the capital stock of a company
without being in violation of this paragraph (b).

        (c) For purposes of this Section 9, a "Competitive Business" means any
business in which Ashton or any Subsidiary is engaged at the time of termination
in any geographic region in which Ashton or any Subsidiary is engaged in
business.

        (d) It is understood and agreed by the parties hereto that each of the
provisions of this Section 9 is independent of and severable from the others and
the invalidity of this Section 9 or any provision hereof shall not affect the
validity or hinder the enforceability of the remaining provisions of this
Agreement. The parties expressly agree and declare that the time limitation and
geographic scope set forth in this Section 9 are reasonable and are properly
required for the adequate protection of the business of Ashton and its
Subsidiaries. If any court shall determine that the duration or geographical
scope of any restriction contained in this Section 9 is unenforceable, it is the
intention of the parties that the provisions set forth herein shall not be
terminated but shall be deemed restricted, amended, or reformed to the extent
necessary to render it valid and enforceable, provided that such restriction,
amendment or reformation shall only be applicable to the enforcement of the
provisions hereof within the jurisdiction of the court which made such
determination.

        (e) Employee acknowledges and agrees that the provisions of this Section
9 are a reasonable and necessary protection of the immediate and substantial
interests of Ashton and its Subsidiaries, that any violation of these
restrictions would cause substantial injury to Ashton or its Subsidiaries, and
that the Companies would not have entered into this Agreement with Employee
without the additional consideration offered by Employee in binding himself to
the provisions of this Section 9.

     10.   Inventions, Patents and Intellectual Property.  Employee agrees that
           ---------------------------------------------
any inventions, developments, discoveries, improvements, processes, methods,
compositions, concepts, ideas or inventions (whether or not patentable or
copyrightable, or constituting trade secrets or proprietary information)
conceived, made, created, developed or reduced to practice by Employee, alone or
with others, during the term of this Agreement and applicable to the type of
businesses engaged in by or any prospective activity of Ashton or any of its
Subsidiaries during

                                      -6-
<PAGE>

such period (collectively, the "Intellectual Property") shall be the sole and
exclusive property of Ashton. By Employee's signature below, Employee hereby
assigns all of Employee's right, title and interest in the Intellectual Property
to Ashton and agrees to execute and deliver all documents requested by Ashton
(including, without limitation, applications for domestic or foreign patents,
copyrights, or other proprietary rights) to protect the respective rights of
Ashton thereto. All copyrightable works that Employee creates during the term of
this Agreement shall be deemed "works made for hire."

     11.  Remedies.  Employee agrees and acknowledges that a breach on the part
          --------
of Employee of the covenants contained in paragraphs 2, 9 and 10 will cause
irreparable damages to the Companies and that damages arising out of such breach
may be difficult to determine.  Employee, therefore, further agrees that, in
addition to all other remedies provided at law or at equity, Ashton and/or UTTC
shall be entitled as a matter of course to specific performance and temporary
and permanent injunctive relief from any court of competent jurisdiction
restraining any further breach of any such covenant by Employee, his employers,
employees, partners agents or other associates, or any of them, without the
necessity of proving actual damages to Ashton by reason of any such breach.
Moreover, Employee agrees that if Ashton and/or UTTC, as the case may be,
prevails in any suit under this paragraph of the Agreement, Employee will
reimburse Ashton and/or UTTC, as the case may be, for their expenses incurred in
connection with such a suit, including attorneys' fees and costs.

     12.   Miscellaneous.
           -------------

        (a) For purposes of this Agreement, notices and other communications
provided for herein shall be in writing and shall be deemed to have been duly
given when delivered in person or by first class United States mail, properly
addressed, postage prepaid. Notices to Ashton or UTTC shall be given to Ashton's
Secretary, addressed to Ashton's corporate headquarters. Notices to Employee
shall be addressed to Employee's most recent address as set forth in the
personnel records of Ashton. Each party shall be entitled to change the address
at which notice is to be given by providing notice to the other parties of such
change in the manner provided herein.

        (b) This Agreement sets forth the entire agreement of the parties with
respect to the subject matter hereof, and supersedes all prior agreements,
whether written or oral. This Agreement may be amended only by a writing signed
by each party hereto.

        (c) This Agreement shall be binding upon, and inure to the benefit of
the parties, their respective heirs, successors, personal representatives and
assigns.

        (d) No waiver of any provision of this Agreement shall be valid unless
it is in writing and signed by the person or party against whom it is charged.

        (e) The invalidity or unenforceability of any provision of this
Agreement shall not affect the other provisions hereof, and this Agreement shall
be construed as if such invalid or unenforceable provision were omitted.

                                      -7-
<PAGE>

        (f) This Agreement shall be subject to and governed by the laws of the
Commonwealth of Pennsylvania.

     EXECUTED as of the date first set forth above.

THE ASHTON TECHNOLOGY GROUP, INC.                EMPLOYEE

   /s/ Arthur J. Bacci                           /s/ Fredric W. Rittereiser
---------------------------                      --------------------------
By:      Arthur J. Bacci                         Fredric W. Rittereiser
Title:   President

UNIVERSAL TRADING TECHNOLOGIES
         CORPORATION

  /s/ Marc Gresack
---------------------------
By:     Marc Gresack
Title:  President

                                      -8-

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