Document:

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                                                                     Exhibit 4.6

                        Warrant to Purchase up to 80,000
                        Shares of Common Stock

           WARRANT TO PURCHASE UP TO 80,000 SHARES OF THE COMMON STOCK

                                       OF

                        INTERNET FINANCIAL SERVICES INC.
               and its wholly owned subsidiary, A.B. Watley, Inc.

         This Warrant has not been registered under the Securities Act of 1933,
as amended (the "Securities Act") or any securities laws of the State of New
York. This Warrant has been and any shares of Common Stock issued upon exercise
thereof ("Warrant Shares") will be acquired for investment (and not with a view
toward distribution or resale) directly from Internet Financial Services Inc.
and its wholly owned subsidiary A.B. Watley, Inc. (the "Company") in a
transaction not involving any public offering, and must be held indefinitely. No
sale, pledge or other transfer or disposition of the Warrant or Warrant Shares,
or of any interest therein, may be made unless in compliance with the terms
herein and unless and until (i) a registration statement under the Securities
Act has been filed with the Securities and Exchange Commission (the
"Commission") and pursuant to any applicable state securities laws and has
become effective with respect to such transfer or (ii) the Company shall have
received an opinion of counsel reasonably satisfactory to it that registration
under the Securities Act and applicable state law is not required with respect
to the intended transfer. Rule 144 will not be available for sales of the
Warrant or Warrant Shares. The above restrictions shall not apply to the
exercise of the right of redemption ("Put") as set forth in Paragraph 4 hereof.

         Any purported sale, pledge or other transfer or disposition of this
Warrant or of the Warrant Shares in violation of any provision of this Warrant
and the above securities laws restrictions shall be null and void.

                                            Dated: January 28, 1999
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         This certifies that in consideration of the sum of $10.00 and other
good and valuable consideration paid by New York Community Investment Company
L.L.C. ("Lender") to the Company the receipt of which is hereby acknowledged,
Lender or its registered assigns, is entitled to purchase, subject to the
provisions of this Warrant, for a period of five (5) years from the date hereof
being the closing of the certain loan from Lender to the Company in the amount
of $400,000. (the "Loan") made pursuant to a certain loan agreement (the "Loan
Agreement"), but not thereafter, from the Company, up to 80,000 shares of the
Company's Common Stock $.001 par value per share (the "Stock" or "Common
Stock"), such shares being hereinafter referred to as the "Warrant Shares". The
Company stipulates that, prior to the date hereof, there are 5,416,196 shares of
Common Stock issued and outstanding (including certain shares issuable upon the
closing of the Company's initial public offering of the Company's securities (an
"IPO"), but not including options and warrants to purchase an aggregate of
1,206,400 shares of Common Stock). The purchase price for the Warrant Shares
issuable hereunder is the price per share as determined in connection with the
Company's IPO or if there is no IPO, the price per share determined based upon a
$30 million valuation of the Company before the Loan and before the additional
capital infusion of $600,000. by investors in connection with the 1999 Private
Placement (as defined herein) up to the time of the exercise of the Warrant, as
from time to time adjusted pursuant to the terms hereof (such being hereinafter
referred to as the "Warrant Price").

         This Warrant is subject to the following terms and conditions:
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1.       Exercise of Warrant.

         This Warrant may be exercised in whole or in part by Lender or the
holder of this Warrant up to five (5) years from the date hereof. The registered
holder hereof must give written notice at the offices of the Company of their
intention to exercise the Warrant in whole or in part. Upon delivery of this
Warrant at the offices of the Company or at such other address as the Company
may designate by notice in writing to the registered holder hereof with the
Subscription Form annexed hereto duly executed, accompanied by payment of the
Warrant Price for the number of Warrant Shares purchased, the registered holder
of this Warrant shall be entitled to receive a certificate or certificates for
the Warrant Shares so purchased. The Warrant Shares deliverable hereunder shall,
upon payment therefor and issuance in accordance with this Warrant, be
fully-paid and non-assessable and the Company agrees that at all times during
the term of this Warrant it shall cause to be reserved for issuance such number
of shares of its Common Stock as shall be required for issuance and delivery
upon exercise of this Warrant. In the event of a partial exercise and purchase
of Warrant Shares, the Company shall issue an exchange Warrant that can
thereafter be utilized to exercise the purchase of the remaining Warrant Shares
not as yet purchased, which exchange Warrant shall be issued on the same terms
and conditions as set forth herein, but adjusted for the remaining number of
shares that is subject to the Warrant.

2.       Transfer or Assignment of Warrant.

         Any assignment or transfer of this Warrant which is permissible shall
be made by surrender of this Warrant at the offices of the Company or at such
other address as the Company may designate in writing to the registered holder
hereof with the Assignment Form annexed hereto duly executed and accompanied by
payment of any requisite transfer
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taxes and the Company shall, provided all conditions with respect thereto as set
forth herein have been complied with, without charge, execute and deliver a new
Warrant of like tenor and amount in the name of the assignee.

3.       Charges, Taxes and Expenses.

         The issuance of certificates for shares of Common Stock upon any
exercise of this Warrant shall be made without charge to the holder hereof for
any stock transfer tax or other expense in respect to the issuance of such
certificates, all of such taxes and expenses shall be paid by the Company, and
such certificates shall be issued only in the name of the registered holder of
this Warrant.

4.       Lender's Right of Redemption of the Warrant or Warrant Shares.

         Lender or the holder of this Warrant will have the right to sell the
Warrant or the Warrant Shares to the Company on the terms and conditions of this
Section 4, such right being hereinafter referred to as Lender's or the holder of
this Warrant's "Put". The Put may be exercised upon the earlier of either (a)
any time after five (5) years from the date hereof, in the event there has not
been an IPO, or (b) a default by the Company under any of the terms, covenants
and conditions of the Loan documents beyond any applicable notice and cure
provisions; in each case at a per share price ("Put Price") based upon Lender's
or the holder of this Warrant's proportionate share of the greater of the
following Company valuation formulae:

         i)       cumulative net earnings after taxes ("Net Earnings") from the
                  date hereof to the time of the exercise of the Put; or

         ii)      six (6) times the average pre-tax operating earnings
                  (operating earnings being equal to Net Earnings, plus
                  depreciation, taxes, amortization and interest expense) for
                  the two (2) full fiscal years immediately prior to the
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                  exercise of the Put; or

         iii)     six (6) times pre-tax operating earnings (operating earnings
                  being equal to Net Earnings, plus depreciation, taxes,
                  amortization and interest expense) for the full fiscal year
                  immediately prior to the exercise of the Put); or

         iv)      an appraisal conducted by a professional valuation firm
                  appointed by mutual consent of Lender or the holder of this
                  Warrant and the Company. In the event mutual consent is not
                  obtained, Lender or the holder of this Warrant and the Company
                  shall submit the issue of the selection of an appraiser to the
                  American Arbitration Association and shall abide by its
                  decision. Both parties shall share the cost of any such
                  appraisal and arbitration equally.

         The Put Price will be increased by the amount of the Warrant Price
actually paid if the Warrant or any portion thereof has been exercised into the
underlying Common Stock. The amount of the Put Price shall be determined as of
the date upon which the Put was exercised. The Put Price will be paid to Lender
or the holder of this Warrant in cash thirty (30) days after the Put exercise.

         The Put will terminate upon the completion of an IPO.

5.       The Make Up Provision

         If the Company within six (6) months of the Put's exercise a) becomes a
party to any merger or consolidation where the Company is not the surviving
entity or where more than fifty percent (50%) of the Company's ownership is
transferred; or b) sells substantially all of its assets, liquidates or disposes
of a material part of its business; or c) files a registration statement for and
consummates a public offering, the Company will then be obligated to recompute
the proceeds which would have been due to Lender or the holder of this Warrant
and remit the difference between such recomputation and the Put Price to Lender
or the
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holder of this Warrant in cash at the close of the sale as described in Section
4 subsection (a) and (b) hereof or the close of the public offering of the
Company.

6.       Certain Obligations of the Company.

         The Company will not, by amendment of its Certificate of Incorporation
or through reorganization, consolidation, merger, dissolution or sale of assets,
or by any other voluntary act or deed, avoid or seek to avoid the performance or
observance of any of the covenants, stipulations or conditions to be performed
or observed by the Company hereunder. The Company represents that the shares
issuable under this Warrant will represent 80,000 shares of the Company as of
the date hereof.

7.       Anti Dilution Protection for Stock Threshold Amount

         A. The Company and Lender or the holder of this Warrant agree that for
the purposes of this Section 7 the terms "Stock Threshold Amount" as defined
herein shall be $6.00 per share of Common Stock . The Stock Threshold Amount
and, in some cases, the number of shares purchasable upon the exercise of this
Warrant shall be subject to adjustment from time to time upon the occurrence of
certain events described in this Section 7.

         B. Notwithstanding anything to the contrary contained herein, the
Lender or the holder of this Warrant acknowledges that the Company intends to
issue up to 221,500 shares of Common Stock at a purchase price of $4.80 per
share in a private placement transaction (the "1999 Private Placement"). The
Lender or the holder of this Warrant agrees that the issuance of shares of
Common Stock in the 1999 Private Placement shall not require an adjustment to
the number of shares purchasable upon exercise of this Warrant pursuant to this
Section 7.

         7.1      Adjustment of Stock Threshold Amount and Number of Shares.
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         7.1.1    Subdivision or Combination of Stock and Stock Dividend. In
case the Company shall at any time subdivide its outstanding shares of Stock
into a greater number of shares or declare a dividend upon its Stock payment
solely in shares of Stock, the Stock Threshold Amount in effect immediately
prior to such subdivision or declaration shall be proportionately reduced, and
the number of shares issuable upon exercise of the Warrant shall be
proportionately increased. Conversely, in case the outstanding shares of Stock
of the Company shall be combined into a smaller number of shares, the Stock
Threshold Amount in effect immediately prior to such combination shall be
proportionately increased, and the number of shares issuable upon exercise of
the Warrant shall be proportionately reduced.

         7.1.2    Adjustment Due to Issuance of Shares. (a) If at any time or
from time to time after January 28, 1999 (the "Commencement Date"), the Company
shall issue or sell Additional Shares of Common Stock (as hereinafter defined)
other than as a dividend or other distribution on any class of stock and other
than upon a subdivision or combination of shares of Common Stock for a
consideration per share less than the Stock Threshold Amount, then forthwith
upon such issue or sale, the Company shall adjust Lender's or the holder of this
Warrant's exercise price to such consideration.

                  (b) For the purpose of this Section 7.1.2, the consideration
received by the Company for any issue or sale of securities shall (i) to the
extent it consists of cash, be computed as the gross offering price provided the
net amount of cash received is at least ninety (90%) percent of the gross
offering price in connection with such issue or sale. For the purposes of this
Section 7.1.2.(b), in determining the cash received pursuant to this sub-
section (i), the Company shall receive a credit in connection with an IPO for
expenses up to ten (10%) percent of the gross proceeds of such offering. For
example, if the gross offering
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price is $8.00 per share and the Company's proceeds are $6.25 per share, an
additional $.80 per share shall be added such that the amount of cash received
by the Company is deemed to be $7.05 per share; (ii) to the extent it consists
of a service or property other than cash, be computed at the fair value of that
service or property as determined in good faith by the Board; and (iii) if
Additional Shares of Common Stock, Convertible Securities (as hereinafter
defined), or rights or options to purchase either Additional Shares of Common
Stock or Convertible Securities are issued or sold together with other stock or
securities or other assets of the Company for a consideration that covers both,
be computed as the portion of the consideration so received that may be
reasonably determined in good faith by the Board to be allocable to such
Additional Shares of Common Stock, Convertible Securities or rights or options.

                  (c) For the purpose of the calculations provided in this
Section 7.1.2, if at any time or from time to time after the Commencement Date
the Company shall issue any rights or options for the purchase of, or stock or
other securities convertible into, Additional Shares of Common Stock (such
convertible stock or securities being hereinafter referred to as "Convertible
Securities"), then, and in each case, if the Effective Price (as hereinafter
defined) of such rights, options or Convertible Securities shall be less than
the Stock Threshold Amount, the Company shall be deemed to have issued at the
time of the issuance of such rights or options or Convertible Securities the
maximum number of Additional Shares of Common Stock issuable upon exercise
thereof and to have received as consideration for the issuance of such shares an
amount equal to the total amount of the consideration, if any, payable to the
Company upon exercise or conversion of such options or rights. "Effective Price"
shall mean the quotient determined by dividing the total of all of such
consideration by such maximum number of Additional Shares of Common Stock. No
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further adjustment shall be made as a result of the actual issuance of
Additional Shares of Common Stock on the exercise of any such rights or options
or the conversion of any such Convertible Securities. If any such rights or
options or the conversion privilege represented by any such Convertible
Securities shall expire without having been exercised, the adjustment to the
number of shares available hereunder upon the issuance of such rights, options
or Convertible Securities shall be readjusted to the number of shares that would
have been in effect had an adjustment been made on the basis that the only
Additional Shares of Common Stock so issued were the Additional Shares of Common
Stock, if any, actually issued or sold on the exercise of such rights or options
or rights of conversion of such Convertible Securities, and such Additional
Shares of Common Stock, if any, were issued or sold for the consideration
actually received by the Company for the granting of all such rights or options,
whether or not exercised, plus the consideration received by issuing or selling
the Convertible Securities actually converted plus the consideration, if any,
actually received by the Company on the conversion of such Convertible
Securities.

                  (d) For the purpose of the calculations provided for in this
Section 7.1.2, if at any time or from time to time after the Commencement Date
the Company shall issue any rights or options for the purchase of Convertible
Securities, then, in each such case, if the Effective Price thereof is less than
the then Stock Threshold Amount, the Company shall be deemed to have issued at
the time of the issuance of such rights or options the maximum number of
Additional Shares of Common Stock issuable upon conversion of the total amount
of Convertible Securities covered by such rights or options and to have received
as consideration for the issuance of such Additional Shares of Common Stock an
amount equal to the amount of consideration, if any, received by the Company for
the issuance of such rights or options; plus the minimum amounts of
consideration, if any, payable to the
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Company upon the conversion of such Convertible Securities. "Effective Price"
shall mean the quotient determined by dividing the total amount of such
consideration by such maximum number of Additional Shares of Common Stock. No
further adjustment of such stock purchase price adjusted upon the issuance of
such rights or options shall be made as a result of the actual issuance of the
Convertible Securities upon the exercise of such rights or options or upon the
actual issuance of Additional Shares of Common Stock upon the conversion of such
Convertible Securities.

         The provisions of subsection (d) above for readjustment upon the
expiration of rights or options or the rights of conversion of Convertible
Securities, shall apply mutatis mutandis to the rights, options and Convertible
Securities referred to in this subsection (d).

                  (e) The term "Additional Shares of Common Stock" as used
herein shall mean all shares of Common Stock issued or deemed issued by the
Company after the Commencement Date whether or not subsequently reacquired or
retired by the Company, other than (i) shares of Common Stock issued upon
conversion of convertible securities or the exercise of warrants outstanding as
of the Commencement Date; and (ii) shares of Common Stock issued to employees,
officers or directors pursuant to any stock offering, plan or arrangement
approved by the Board of Directors of the Company.

         7.2      Notice of Adjustment. Promptly after adjustment to provide for
the maintenance of the Stock Threshold Amount for Lender's or holder's Warrant
Shares or any increase or decrease in the number of shares purchasable upon the
exercise of this Warrant, the Company shall give written notice thereof, by
recognized overnight mail, e.g. Federal Express, addressed to the registered
holder of this Warrant at the address of such holder as shown on the books of
the Company. The notice shall be signed by the Company's chief financial officer
and shall state the effective date of the adjustment and the
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increase or decrease, if any, in the number of shares purchasable at such price
upon the exercise of this Warrant, setting forth in reasonable detail the method
of calculation and the facts upon which such calculation is based.

         7.3      Other Notices.  If at any time:

                  (a) the Company shall declare any cash dividend upon its
                  Stock;

                  (b) the Company shall declare any dividend upon its Stock
payable in stock (other than a dividend payable solely in shares of Stock) or
make any special dividend or other distribution to the holders of its Stock;

                  (c) there shall be any consolidation or merger of the Company
with another corporation, or a sale of all or substantially all of the Company's
assets to another corporation;

                  (d) there shall be a voluntary or involuntary dissolution,
liquidation or winding-up of the Company;

                  (e) in any one or more of said cases, the Company shall give,
by recognized overnight mail, e.g. Federal Express, addressed to the Lender or
registered holder of this Warrant at the address of the Lender or such holder as
shown on the books of the Company, (i) at least 10 days' prior written notice of
the date on which the books of the Company shall close or a record shall be
taken for such dividend, distribution or subscription rights or for determining
rights to vote in respect of any such dissolution, liquidation or winding-up;
(ii) at least 10 days' prior written notice of the date on which the books of
the Company shall close or a record shall be taken for determining rights to
vote in respect of any such reorganization, reclassification, consolidation,
merger or sale, and (iii) in the case of any such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or
winding-up, at least 10 days' written notice of the date when the
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same shall take place. Any notice given in accordance with clause (i) above
shall also specify, in the case of any such dividend, distribution or option
rights, the date on which the holders of Stock shall be entitled thereto. Any
notice given in accordance with clause (iii) above shall also specify the date
on which the holders of Stock shall be entitled to exchange their Stock for
securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or
winding-up, as the case may be. If the Lender or holder of this Warrant does not
exercise this Warrant prior to the occurrence of an event described above,
except as provided in Sections 7.1 and 7.4, the Lender or the holder of this
Warrant shall not be entitled to receive the benefits accruing to existing
holders of the Stock in such event.

         7.4      Changes in Stock. In case at any time following the
Commencement Date, the Company shall be a party to any transaction (including,
without limitation, a merger, consolidation, sale of all or substantially all of
the Company's assets or recapitalization of the Stock) in which the previously
outstanding Stock shall be changed into or exchanged for different securities of
the Company or common stock or other securities of another corporation or
interests in a noncorporate entity or other property (including cash) or any
combination of any of the foregoing (each such transaction being herein called
the "Transaction" and the date of consummation of the Transaction being herein
called the "Consummation Date"), then, as a condition of the consummation of the
Transaction, lawful and adequate provisions shall be made so that the Lender or
holder of this Warrant, upon the exercise hereof at any time on or after the
Consummation Date, shall be entitled to receive; and this Warrant shall
thereafter represent the right to receive, in lieu of the Stock issuable upon
such exercise prior to the Consummation Date, the highest amount of securities
or other property to which the Lender or holder of this Warrant would actually
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have been entitled as a stockholder upon the consummation of the Transaction if
such Lender or holder of this Warrant had exercised such Warrant immediately
prior thereto. The provisions of this Section 7.4 shall similarly apply to
successive Transactions.

         7.5      General

         (a) Notwithstanding anything contained herein to the contrary, the
provisions of Section 7 shall only apply if more than 5% of the Company's Common
Stock in the aggregate is sold in a single or multiple transaction(s) for a
consideration at least 30% less than the Stock Threshold Amount .

         (b) Notwithstanding anything herein to the contrary in this Warrant the
Company's obligation to issue shares due to any dilution of the Stock Threshold
Amount set forth above shall not alter or effect the right of Lender or the
holder of this Warrant, its successors and assigns to exercise this Warrant at
the Warrant Price.

         (c) Notwithstanding anything contained herein to the contrary, in the
event of an IPO by the Company by May 19, 1999, the provisions of Section 7.1.2
shall not be applicable and the number of shares of stock covered by this
Warrant on the date of the IPO shall be 140,000 shares and the Warrant Price
shall be the IPO price.

8.       Come Along Rights and Tag Along Rights

         A. In the event any shareholder(s) of the Company (the "Owner") offer
to sell all of their interests in the Company to a third party in an arms length
transaction, then Lender or the holder of this Warrant shall, at the written
request of the Company's Board of Directors, be required to sell to such third
party the same portion of Lender's or holder's ownership interest, as the
interests being transferred bears to Lender's or holder's entire interest for
the same purchase price (on a pro rata basis) that is paid by such third party
in such transaction (the "Come Along Rights") in accordance with this Paragraph
8. Any offer
<PAGE>

by the Owner to sell their interests in the Company shall be valid for a period
of sixty (60) days (the "Transfer Period"). The Come Along Rights shall operate
as follows: (a) if the purchase price is in excess of the formula employed in
the Put and all ownership interests are included in the sale, then Lender or the
holder of this Warrant shall participate pro rata as a seller in such
transaction on the same terms and conditions; or (b) if the purchase price is
less than the Put Price, then Lender or the holder of this Warrant shall be
deemed to exercise its Put at the Put Price. The Come Along Rights shall
terminate in the event the Company consummates an IPO.

         B. Lender or the holder of this Warrant shall be entitled to
participate pro rata on the same terms and conditions in the event any
shareholder of the Company owning a ten (10%) percent or greater ownership
interest (the "Principal Owner") of the Company sells twenty (20%) percent or
more of its ownership interest in the Company (the "Tag Along Rights"), except
for transfers among existing shareholders or their direct family, viz. mother,
father, sister, brother and children, and open market sales provided insiders
notify Lender or the holder of this Warrant of their intent to sell, which shall
be exempt. Any offer by a Principal Owner to sell its interests in the Company
shall be valid for the Transfer Period. The selling shareholder(s) shall notify
Lender or the holder of this Warrant in writing of the terms of any offer within
three (3) business days of such offer having been agreed to by the selling
shareholder(s) and a third party in writing. Lender or the holder of this
Warrant may exercise its Tag Along Rights by delivering written notice of such
exercise to the selling shareholder(s) at any time within fifteen (15) days
after commencement of the Transfer Period. The selling shareholder(s) shall
delay the consummation of the proposed sale for the lesser of such fifteen (15)
day period or until all of the shareholders entitled to Tag Along Rights
otherwise consent in writing. The Transfer Period shall begin upon the receipt
by
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Lender or the holder of this Warrant of such written notice from the selling
shareholder(s). The Tag Along Rights shall terminate in the event the Company
consummates an IPO.

9.       Registration Rights

         A. In the event the Company proposes to sell any security from and
after the date hereof that will be registered with the Commission under the
Securities Act in a public offering except on Form S-8 or just for the purpose
of employee benefits, then in such event, the Company agrees to use best efforts
to "piggy back" a registration of the Warrant Shares, as the case may be, so
that the Warrant Shares become publicly registered securities in such
registration. The aforesaid registration shall be at the sole cost and expense
of the Company. Upon registration of the Warrant Shares, the Lender or the
holder of this Warrant shall be entitled to dispose, sell, or transfer the
Warrant Shares as a publicly registered security, but not earlier than thirty
(30) days subsequent to the effectiveness of such Registration Statement.
Notwithstanding the foregoing, if an underwriter of such registered offering
determines that the inclusion of the Warrant Shares in such offering would be
detrimental to the Company, or the underwriter requests a one (1) year holdback
in an IPO, then Lender or the holder hereby consents to such one (1) year
holdback and the underwriter and the Company shall have the right to exclude
some or all of such securities from the offering, provided that such exclusion
is applied pro rata to all of the holders of securities wishing to participate
in the offering. The Company shall be further entitled to all "piggy back" and
demand registration rights afforded any other shareholder.

         B. Notwithstanding anything to the contrary contained in the foregoing,
the Lender or the holder of this Warrant agrees to execute a "lock-up" letter in
favor of Whale Securities Co., L.P. in connection with the proposed IPO in the
form attached hereto, provided that all other shareholders execute a "lock up"
letter, with the exclusion of the
<PAGE>

owner(s) of up to 80,000 shares of the Company (provided such owners are not
inside owners), who shall not be required to execute a "lock-up" letter.

10.      Registration Procedures

         Company Undertakings. In order to fulfill its agreement to use its best
efforts to effect the registration of the Warrant Shares under the Securities
Act, the Company shall (except as otherwise provided in this Agreement), as
expeditiously as possible:

         10.1.1 with respect to the obligations of the Company under Section 9
above, prepare and file with the Commission a Registration Statement or any
amendment thereto with respect to such securities, and thereafter to use its
best efforts to cause such Registration Statement to become effective and remain
effective until all the Warrant Shares are sold or become capable of being
publicly sold without registration under the Securities Act;

         10.1.2 prepare and file with the Commission such amendments and
supplements to the Registration Statement and the prospectus used in connection
therewith as may be necessary to comply with the provisions of the Securities
Act with respect to the sale or other disposition of all the Warrant Shares.

         10.1.3 furnish to Lender or the holder of this Warrant such numbers of
copies of a summary prospectus or other prospectus, including a preliminary
prospectus or any amendment or supplement to any prospectus, in conformity with
the requirements of the Securities Act, and such other documents as Lender or
the holder of this Warrant may reasonably request in order to facilitate the
public sale of the Warrant Shares owned by Lender or the holder of this Warrant;

         10.1.4 use its best efforts to register and qualify the Warrant Shares
covered by the Registration Statement under such other securities or blue sky
laws of such jurisdictions as
<PAGE>

Lender or the holder of this Warrant shall reasonably request, and do any and
all other acts and things which may be necessary or advisable to enable Lender
or the holder of this Warrant to consummate the public sale or other disposition
in such jurisdictions, except that the Company shall not for any such purpose be
required to qualify to do business as a foreign corporation in any jurisdiction
wherein it is not so qualified or to file therein any general consent to service
of process;

         10.1.5 otherwise use its best efforts to comply with all applicable
rules and regulations of the Commission, and make available to its security
holders, as soon as reasonably practicable, an earnings statement covering the
period of at least twelve months, beginning with the first fiscal quarter
beginning after the effective date of the registration statement, which earnings
statement shall satisfy the provisions of Section 11(a) of the Securities Act;

         10.1.6 notify Lender or the holder of this Warrant at any time when a
prospectus relating thereto covered by such Registration Statement is required
to be delivered under the Securities Act, of the happening of any event of which
it has knowledge as a result of which the prospectus included in such
registration statement, as then in effect, includes an untrue statement of a
material fact or omits to state a material fact required to be stated therein or
necessary to make the statements therein not misleading in the light of the
circumstances then existing.

         10.2     Expenses. All expenses incurred in any registration of the
Warrant Shares under this Warrant shall be paid by the Company, including,
without limitation, (i) printing expenses, fees and disbursements of counsel for
the Company, (ii) expenses of any special audits to which the Company shall
agree or which shall be necessary to comply with governmental requirements in
connection with any such registration, (iii) all registration and
<PAGE>

filing fees for the Warrant Shares under federal and state securities laws, and
(iv) expenses of complying with the securities or blue sky laws of any
jurisdictions; provided, however, the Company shall not be liable for (a) any
discounts or commissions due to any underwriter on account of the sale of the
Warrant Shares; (b) any stock transfer taxes incurred with respect to Warrant
Shares sold in the offering or (c) the fees and expenses of counsel for any
holder of the Warrant or Warrant Shares, provided that the Company will pay the
costs and expenses of Company counsel when the Company's counsel is representing
any or all owners of Warrant Shares or Lender or the holder of this Warrant.

         10.3     Indemnification.

         10.3.1   The Company's Indemnity. Without limitation of any other
indemnity provided to Lender or the holder of this Warrant or other owner of
Warrant Shares, in connection with an Offering referred to in Section 10, to the
extent permitted by law, the Company shall indemnify and hold harmless such
person, the affiliates, officers, directors and partners of such person, any
underwriter (as defined in the Securities Act) for such person, and each person,
if any, who controls such person or underwriter (within the meaning of the
Securities Act or the Securities Exchange Act of 1934, as amended [the "Exchange
Act"], against any losses, claims, damages or liabilities (joint or several) to
which they may become subject under the Securities Act or other federal or state
law, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any of the following statements,
omissions or violations (collectively a "Violation"):

         (i) any untrue statement or alleged untrue statement of a material fact
contained in a registration statement filed pursuant to Section 10, including
any preliminary prospectus or final prospectus contained therein or any
amendments or supplements thereto,
<PAGE>

         (ii) the omission or alleged omission to state therein a material fact
required to be stated therein, or necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading, or

         (iii) any violation or alleged violation by the Company of the
Securities Act, the Exchange Act, any state securities law or any rule or
regulation promulgated under the Securities Act, the Exchange Act or any state
securities law, in connection with a registration of Warrant Shares required
under Section 9.

The Company shall reimburse Lender or the holder of this Warrant, its
affiliates, officers or directors or partners, underwriters or controlling
persons for any legal or other expenses reasonably incurred by them in
connection with investigating or defending any such loss, claim, damage,
liability or action; provided, however, that the Company shall not be liable to
any of the foregoing in any such case for any such loss, claim, damage,
liability or action to the extent that it arises out of or is based upon a
violation which occurs in reliance upon and in conformity with written
information furnished expressly for use in connection with such registration by
any such holder, owner, or any other affiliate, officer, director, partner,
underwriter, or controlling person thereof.

         10.3.2   Lender's or holder of this Warrant's Indemnity. Lender or the
holder of this Warrant shall indemnify and hold harmless the Company, its
affiliates, officers, directors, shareholders and representatives, any
underwriter (as defined in the Securities Act) and each person, if any, who
controls the Company or the underwriter (within the meaning of the Securities
Act or the Exchange Act), against any losses, claims, damages, or liabilities
(joint or several) to which they may become subject under the Securities Act,
the Exchange Act or other federal or state laws, insofar as such losses, claims,
damages or liabilities (or
<PAGE>

actions and respect thereof) including, without limitation, reasonable attorneys
fees or expenses, arise out of or are based upon any statements or information
provided by Lender or the holder of this Warrant to the Company in connection
with the offer or sale of the Warrant Shares.

         10.4     Notice; Right to Defend. Promptly after receipt by an
indemnified party under this Section 10 of a notice of the commencement of any
action (including any governmental action), such indemnified party shall, if a
claim in respect thereof is to be made against any indemnifying party under this
Section 10, deliver to the indemnifying party a written notice of the
commencement thereof and the indemnifying party shall have the right to
participate in the defense of such action. If the indemnifying party agrees in
writing that it will be responsible for any costs, expenses, judgments, damages
and losses incurred by the indemnified party with respect to such claim, then
the indemnifying party, jointly with any other indemnifying party similarly
noticed, shall have the right to assume the defense of such action with counsel
mutually satisfactory to the parties; provided, however, that an indemnified
party shall have the right to retain its own counsel, with the fees and expenses
to be paid by the indemnifying party, if the indemnified party reasonably
believes that representation of such indemnified party by the counsel retained
by the indemnifying party would be inappropriate due to actual or potential
differing interests between such indemnified party and any other party
represented by such counsel in such proceeding. The failure to deliver written
notice to the indemnifying party within a reasonable time of the commencement of
any such action shall relieve such indemnifying party of any liability to the
indemnified party under this Section 10 only if and to the extent that such
failure is prejudicial to its ability to defend such action, and the omission so
to deliver written notice to the indemnifying party will not relieve it of any
liability that it may have to any indemnified
<PAGE>

party otherwise than under this Section 10.

         10.5     Contribution. If the indemnification rights provided for in
this Section 10 are held by a court of competent jurisdiction to be unavailable
to an indemnified party with respect to any loss, liability, claim, damage or
expense referred to therein, then the indemnifying party, in lieu of
indemnifying such indemnified party thereunder, shall contribute to the amount
paid or payable by such indemnified party as a result of such loss, liability,
claim, damage or expense in such proportion as is appropriate to reflect the
relative fault of the indemnifying party on the one hand and of the indemnified
party on the other hand in connection with the statements or omissions which
resulted in such loss, liability, claim, damage or expense as well as any other
relevant equitable considerations. The relative fault of the indemnifying party
and the indemnified party shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the
omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission. Notwithstanding the foregoing, the amount Lender or the
holder of this Warrant shall be obligated to contribute pursuant to this Section
10.5 shall be limited to an amount equal to the proceeds to Lender or the holder
of this Warrant of the Warrant Shares sold pursuant to the registration
statement which gives rise to such obligation to contribute (less the aggregate
amount of any damages which Lender or the holder of this Warrant has otherwise
been required to pay in respect of such loss, claim, damage, liability or action
or any substantially similar loss, claim, damage, liability or action arising
from the sale of such Warrant Shares).

         The indemnification and contribution rights provided by this Section 10
shall be
<PAGE>

continuing rights and shall survive the registration and sale of any securities
by any person entitled to indemnification or contribution hereunder and shall
survive the expiration or termination of this Agreement.

11.      Miscellaneous.

(A) The terms of this Warrant shall be binding upon and shall inure to the
benefit of any successors or permitted assigns of the Company and of the holder
or holders hereof and of the Warrant Shares.

(B) No holder of this Warrant, as such, shall be entitled to vote or receive
dividends or be deemed to be a stockholder of the Company for any purpose, nor
shall anything contained in this Warrant be construed to confer upon the holder
of this Warrant, as such, any rights of a stockholder of the Company or any
right to vote, give or withhold consent to any corporate action, receive
dividends or subscription rights, or otherwise.

(C) Receipt of this Warrant or the Warrant Shares shall constitute agreement to
all the terms and conditions contained herein including, but not limited to, the
securities laws restrictions, and shall be deemed a representation of investment
intent without a view toward distribution or resale.

(D) This Warrant and the performance of the parties hereunder shall be construed
and interpreted in accordance with the laws of the State of New York and New
York County shall have exclusive jurisdiction with respect to all controversies
and disputes arising hereunder.

(E) All notices permitted or required herein shall be given as provided in the
Loan Agreement.

12.      Disposition of this Warrant and the Warrant Shares
         and Registration Under Securities Laws.

(A) The holder of this Warrant or the Warrant Shares, by acceptance hereof
agrees,
<PAGE>

prior to the disposition of any such Warrant or Warrant Shares, to give written
notice to the Company expressing such holder's intention to effect such
disposition and describing the manner thereof.

(B) The holder also understands (i) that the Warrant and the Warrant Shares have
not been and will not be registered under the Securities Act or any applicable
state securities law and that the Company is and will be relying upon an
exemption from the registration requirements providing for issuance of
securities not involving any public offering, and (ii) that the Company has
relied upon the fact that the Warrant and Warrant Shares will be held for
investment and without a view to distribution. The holder confirms to the
Company that it is acquiring the Warrant and the Warrant Shares for its own
account for investment and not with a view to the resale or distribution
thereof, however that Lender or the holder of this Warrant shall be entitled to
assign any portion of the Warrant or Warrant Shares to any party who
participates with Lender or the holder of this Warrant ("Participant") in this
transaction or any member of Lender or the holder of this Warrant without any
such transfer being deemed a prohibited distribution of the Warrant or Warrant
Shares, provided that nothing herein shall be interpreted as an opinion that
such transfer complies with applicable federal or state securities laws. The
Company acknowledges that each Participant shares in the same rights or
obligations that Lender or the holder of this Warrant has obtained hereunder to
the extent of their respective participation interests in the event they were to
become a registered holder of their respective participation interest.

(C) Any substitute Warrant and each certificate for the Warrant Shares shall
contain a legend on the face thereof, in form and substance satisfactory to
counsel for the Company, setting forth the restrictions on transfer thereof
contained in this Warrant (including, but not limited to, the Put, and the above
securities law restrictions).
<PAGE>

(D) Prior to the date hereof, Lender or the holder of this Warrant has made an
investigation of the Company and its business and has had available to it all
information with respect thereto which it needed to make an informed investment
decision.

13.      Amendment to Warrant.

         Notwithstanding any of the provisions of this Warrant to the contrary,
any of the provisions of this Warrant may be changed by a writing executed by
the Company and by the holder hereof.

14.      Board Visitation

         Lender or the holder of this Warrant shall be given notice of all
meetings of the Board of Directors, receive copies of minutes of all meetings of
the Board of Directors and Lender or the holder of this Warrant shall be
entitled to send an observer to all meetings of the Board of Directors of the
Company from closing of the Loan until one (1) year following the exercise of
the Warrant hereunder. The rights granted herein shall not be in addition to the
rights granted in Section 15 of the Warrant to purchase up to 87,500 shares of
Common Stock, dated October 2, 1998, as amended by that certain Amendment to
Warrant, dated as of October 2, 1998, and as further amended by that certain
Second Amendment to Warrant, dated as of January 18, 1999 (the "Initial
Warrant"). At all times, the Lender or the holder of this Warrant and the
Initial Warrant shall have the right to send only one (1) observer to all
meetings of the Board of Directors.
<PAGE>

         IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by
its duly authorized officers and its corporate seal to be affixed hereto.

                                            INTERNET FINANCIAL SERVICES INC.

                                            By: /s/ Steven Malin
                                                --------------------------------
                                                Steven Malin,
                                                Chief Executive Officer

Attest:

-------------------------------

Agreed to and Accepted:

NEW YORK COMMUNITY INVESTMENT
COMPANY L.L.C.

By: /s/ Howard Sommer
    ---------------------------
    Howard Sommer, President

<PAGE>

                                SUBSCRIPTION FORM

         (To be executed by New York Community Investment Company L.L.C.
                     if they desire to exercise the Warrant)

TO:      INTERNET FINANCIAL SERVICES INC.

         The undersigned hereby exercises the right to purchase _____ shares of
the Common Stock of Internet Financial Services Inc. and its wholly owned
subsidiary, A.B. Watley, Inc., evidenced by the attached Warrant and herewith
makes payment of the purchase price of such shares in full, all in accordance
with the conditions and provisions thereof.

         The undersigned requests that certificates for such shares be issued
pursuant to the Warrant in the name of:

         -----------------------------------------------------------------------
                                      Name

         -----------------------------------------------------------------------
                                     Address

         -----------------------------------------------------------------------

Dated:

         -----------------------------------------------------------------------
                                    Signature

         -----------------------------------------------------------------------
                            Name of Registered Holder
                                 (Please Print)

         -----------------------------------------------------------------------
<PAGE>

           EXERCISE OF WARRANTS EVIDENCED BY THIS WARRANT CERTIFICATE

Number of Shares
of Stock for                     Date of
which exercised                  Exercise           Notation Made by
---------------                  --------           ----------------

<PAGE>

                                 ASSIGNMENT FORM
         (To be executed by Lender or the holder of this Warrant in the
               event of an Assignment or Transfer of the Warrant)

TO:      INTERNET FINANCIAL SERVICES INC. and
         its wholly owned subsidiary, A.B. Watley, Inc.

         The undersigned hereby assigns/transfers the Warrant to:

         -----------------------------------------------------------------------
                                      Name

         -----------------------------------------------------------------------
                                     Address

         -----------------------------------------------------------------------

         -----------------------------------------------------------------------
                                    Signature

         -----------------------------------------------------------------------
                            Name of Registered Holder
                                 (Please Print)

Dated:EXHIBIT 10.1

                               EXECUTIVE AGREEMENT

      This Executive  Agreement (the "Agreement") is made and entered into as of
this date by and between Guitron International Inc., a Delaware corporation (the
"Corporation"), and Richard Duffy ("the Executive").

      Whereas,  the Corporation  and the Executive  desire that the term of this
Agreement begin as of December 6, 1999 (the "Effective Date").

      Whereas, the Corporation desires to employ the Executive as its President,
to serve in such  position as its Chief  Executive  Officer and the Executive is
willing to accept such employment by the  Corporation,  on the terms and subject
to the conditions set forth in this Agreement.

      Now Therefore, it is agreed as follows:

1. Definitions

      For the  purposes of this  Agreement  the  following  terms shall have the
following meanings:

      1.1 "Change in Control" shall mean (i) the time that the Corporation first
determines  that any person and all other persons who constitute a group (within
the  meaning  of  Section  13(d)(3)  of the  Securities  Exchange  Act  of  1934
("Exchange Act") have acquired direct or indirect  beneficial  ownership (within
the meaning of Rule 13d-3 under the  Exchange  Act) of twenty  percent  (20%) or
more of the  Corporation's  outstanding  securities,  unless a  majority  of the
"Continuing  Directors",  as that term is defined in Paragraph 1.3, approves the
acquisition  not later than ten (10) business days after the  Corporation  makes
that determination,  or (ii) the first day on which a majority of the members of
the Corporation's Board of Directors are not "Continuing Directors."

      1.2 "Constructive  Termination"  shall mean termination by the Corporation
of the Executive's  employment by reason of material breach of this Agreement by
the Corporation,  such  "Constructive  Termination" to be effective upon 30 days
written notice thereof from the Executive to the Corporation.

      1.3 "Continuing  Directors"  shall mean, as of any date of  determination,
any member of the Board of Directors of the  Corporation who (i) was a member of
that Board of  Directors  on  December  6, 1999,  (ii) has been a member of that
Board  of  Directors  for the  two  years

                                      130
<PAGE>

immediately  preceding  such date of  determination,  or (iii) was nominated for
election or elected to the Board of Directors with the  affirmative  vote of the
greater of (x) a majority of the  Continuing  Directors  who were members of the
Board at the time of such nomination or election or (y) at least four Continuing
Directors.

      1.4 "Effective Date" shall mean December 6, 1999

      1.5  "Termination  For Cause" shall mean termination by the Corporation of
the  Executive's  employment  by the  Corporation  by reason of the  Executive's
willful dishonesty towards, fraud upon, or deliberate injury or attempted injury
to, the Corporation or by reason of the Executive's  willful  material breach of
this Agreement  which has resulted in material  injury to the  Corporation.  For
purposes of this paragraph,  no act, or failure to act, on the Executive's  part
shall be  considered  "willful" or  "deliberate"  unless done,  or omitted to be
done, by him not in good faith and without  reasonable belief that his action or
omission  was in the  best  interest  of the  Corporation.  Notwithstanding  the
foregoing,  the Executive  shall not be deemed to have been terminated for Cause
without (i) written  notice to the  Executive  setting forth the reasons for the
Corporation's  intention to terminate for Cause, (ii) an opportunity on not less
than 20 days  written  notice  from the  Corporation  to the  Executive  for the
Executive,  together  with his  counsel,  to be heard  before  the full Board of
Directors of the Corporation, and (iii) delivery to the Executive of a Notice of
Termination  as defined in  Paragraph  6.9  hereof  from the Board of  Directors
finding that, following such hearing before the Board, in the good faith opinion
of such  Board,  the  Executive  was  guilty  of  conduct  set  forth  above and
specifying the particulars thereof in detail.

      1.6  "Termination for Good Reason" shall mean termination by the Executive
of the Executive's  employment by the  Corporation  because of: (i) a "Change in
Control",  as defined in Paragraph 1.1, above, (ii) a failure by the Corporation
to comply with any material provision of this Agreement which has not been cured
within ten (10) days after  notice of such  noncompliance  has been given by the
Executive to the Company,  (iii) the determination by the Executive that because
of changes in the  composition  or  policies  of the Board of  Directors  of the
Corporation,  or of other events or  occurrences  of material  effect,  that the
Executive can no longer properly and effectively  discharge his responsibilities
as Chief Executive  Officer of the Corporation  after giving the Corporation not
less than thirty (30) days prior written  notice of the  effective  date of such
termination,  or (iv) any purported  termination of the  Executive's  employment
which  is not  effected  pursuant  to a Notice  of  Termination  satisfying  the
requirements of Paragraph 6.9 hereof (and for purposes of this agreement no such
purported termination shall be effective).

      1.7  "Termination  Other Than For Cause"  shall  mean  termination  by the
Corporation of the Executive's  employment by the  Corporation  (other than in a
Termination  for Cause) and shall include  "Constructive  Termination",  as that
term is defined in Paragraph 1.2.

                                      131
<PAGE>

      1.8 "Termination Upon a Change in Control" shall mean a termination by the
Corporation of the Executive's  employment with the Corporation  within 120 days
following a "Change in Control", as that term is defined in Paragraph 1.1.

      1.9 "Voluntary Termination" shall mean termination by the Executive of the
Executive's   employment  by  the  Corporation   other  than  (i)   Constructive
Termination,  (ii) Termination Upon a Change in Control,  (iii)  Termination for
Good  Reason,  and  (iv)  termination  by  reason  of the  Executive's  death or
disability as described in Paragraphs 6.4 and 6.5.

2. Employment

      During the term of this Agreement,  the Executive agrees to be employed by
the Corporation  and to serve as its President,  serving in such position as the
Corporation's  Chief  Executive  Officer  or in  such  other  positions  as  the
Corporation shall require,  and the Corporation  agrees to employ and retain the
Executive in such capacities.

3. Duties and Responsibilities

      The  Executive  shall devote a substantial  portion of his business  time,
energy,  and skill to the affairs of the Corporation,  reporting to its Board of
Directors,  and at all times  during the term of this  Agreement  the  Executive
shall  have  powers  and  duties at least  commensurate  with his  positions  as
President and Chief Executive Officer.

      The Corporation  hereby  acknowledges that the Executive has reviewed with
the Board of Directors of this  Corporation,  any positions held by him in other
business  organizations,  and the  Corporation  agrees  to and  approves  of the
Executive's continuance in such present capacities,  none of which are deemed by
the Corporation to reflect a conflict of interest with the  Executive's  duty of
loyalty to the  Corporation.  Any future  proposed  positions or  activities  in
outside  ventures  shall be  subject  to  review by the  Corporation's  Board of
Directors,  provided  however,  that  such  Board  shall not  prohibit  any such
activities unless a potential material conflict shall exist.

4. Term of Employment

      The term of employment of the Executive by the Corporation  shall be for a
period  of three (3)  years  beginning  with the  Effective  Date (the  "Initial
Term"),  unless  terminated  earlier pursuant to Section 6. At any time prior to
the  expiration of the Initial Term,  the  Corporation  and the Executive may by
mutual written  agreement  extend the Executive's  employment under the terms of
this Agreement for such additional periods as they shall mutually agree.

                                      132
<PAGE>

5. Salary, Benefits and Bonus Compensation

      5.1 Base  Salary.  As  payment  for the  services  to be  rendered  by the
Executive  as  provided  in  Section  3, the  Corporation  agrees  to pay to the
Executive a "Base  Salary" for the twelve (12)  calendar  months  beginning  the
Effective  Date at the rate of one hundred  thousand US dollars  ($100,000)  per
annum payable in cash,  subject to annual  review and increase,  as the Board of
Directors shall determine.

      5.2 Bonuses.  The Executive  shall be eligible to receive a  discretionary
bonus for each year (or portion  thereof)  during the term of this Agreement and
any  extensions  thereof,  with  the  actual  amount  of any  such  bonus  to be
determined  in the sole  discretion  of the Board of  Directors  based  upon its
evaluation of the  Executive's  performance  during such year.  All such bonuses
shall  be  reviewed  annually  by the  Compensation  Committee  of the  Board of
Directors, if any shall be in existence.

      5.3 Additional Benefits.  During the term of this Agreement, the Executive
shall be entitled to the following fringe benefits:

            5.3.1 Executive  Benefits.   The  Executive  shall  be  eligible  to
                  participate in such of the Corporation's benefits and deferred
                  compensation  plans as are now  generally  available  or later
                  made  generally   available  to  executive   officers  of  the
                  Corporation,   including,  without  limitation,  stock  option
                  plans,  profit sharing plans,  annual  physical  examinations,
                  dental and medical plans,  personal catastrophe and disability
                  insurance,    financial   planning,   retirement   plans   and
                  supplementary executive retirement plans, if any. For purposes
                  of establishing  the length of service under any benefit plans
                  or programs of the  Corporation,  the  Executive's  employment
                  with the  Corporation  will be deemed to have commenced on the
                  Effective Date.

            5.3.2 Vacation.  The  Executive  shall be entitled to vacation  time
                  during  each year  during the term of this  Agreement  and any
                  extensions thereof, in an amount to be determined by the Board
                  of Directors.

      5.4  Reimbursement  for Expenses.  During the term of this Agreement,  the
Corporation shall reimburse the Executive for reasonable and properly documented
out-of-pocket  business and/or entertainment  expenses incurred by the Executive
in connection with his duties under this Agreement.

      5.5  Compensation  Shares in Lieu of Cash  Payments.  Notwithstanding  the
requirements  of Paragraph 5.1, above,  the Executive and the Corporation  agree
and acknowledge that:

            5.5.1  From  time  to  time,  during  the  foreseeable  future,  the
Corporation  may  not  have  available  the  financial  resources  to pay to the
Executive,  in cash,  the  amount of his Base  Salary  then due to him.  In such
event,  with the consent of the Executive,  the  obligations of the

                                      133
<PAGE>

Corporation with respect to any unpaid amount of Base Salary may be satisfied by
the issuance to the  Executive of shares of the common stock of the  Corporation
("Compensation Shares"), which Compensation Shares shall constitute compensation
pursuant to the terms of this Executive Agreement.

            5.5.2 All  Compensation  Shares will be issued to the Executive at a
value, to be determined by the Board of Directors.  Where practical,  such value
shall be  determined  to be equal to a percentage of the average of the high and
low bid prices of the Corporation's common stock, during the trading period when
such Compensation Shares were earned, as traded in the  over-the-counter  market
and quoted in the OTC Bulletin  Board or such other public  market in the United
States in which the common stock of the Corporation shall then be traded.

            5.5.3 From time to time, all or part of the Compensation  Shares may
be registered by the  Corporation  under a  Registration  Statement on Form S-8,
including a Re-offer  Prospectus,  as and at such time as the Board of Directors
of the Corporation or the executive committee thereof shall determine.

6. Termination

      6.1  Termination  For Cause.  Termination For Cause may be effected by the
Corporation in accordance  with the procedures set forth in Paragraph 1.5 at any
time  during  the term of this  Agreement  and  shall  be  effected  by  written
notification to the Executive in accordance with Paragraph 6.9, below.  Upon the
effectiveness  of a Termination For Cause,  the Executive shall promptly be paid
all accrued salary,  bonus  compensation  to the extent earned,  vested deferred
compensation (other than pension play or profit sharing plan benefits which will
be paid in accordance with the applicable plan), any benefits under any plans of
in which the  Executive is a participant  to the full extent of the  Executive's
rights  under such plans,  accrued  vacation  pay and any  appropriate  business
expenses incurred by the Executive in connection with his duties hereunder,  all
to the date of  termination,  but the  Executive  shall  not be paid  any  other
compensation or reimbursement of any kind.

      6.2  Termination  Other Than For Cause.  Notwithstanding  anything else in
this Agreement, the Corporation may effect a Termination Other Than For Cause at
any time upon giving written notice to the Executive of such  termination.  Upon
the  effectiveness of any Termination  Other Than For Cause, the Executive shall
promptly be paid all accrued  salary,  bonus  compensation to the extent earned,
vested  deferred  compensation  (other than pension plan or profit  sharing plan
benefits  which  will be paid in  accordance  with  the  applicable  plan),  any
benefits  under any plans of in which the Executive is a participant to the full
extent  of the  Executive's  rights  under  such  plans  (including  accelerated
vesting,  if any, of awards  granted to the  Executive  under the  Corporation's
stock option plan),  accrued vacation pay and any appropriate  business expenses
incurred by the Executive in connection  with his duties  hereunder,  all to the
date of  termination,  and all severance  compensation  as provided in Paragraph
7.1.

                                      134
<PAGE>

      6.3  Termination  For Good Reason.  Notwithstanding  anything else in this
Agreement,  the Executive  may effect a Termination  for Good Reason at any time
upon giving written notice to the Corporation of such  termination in accordance
with the  provisions  of Paragraph  6.9 hereof.  Upon the  effectiveness  of any
Termination  for Good Reason the  Executive  shall  promptly be paid all accrued
salary,  bonus compensation to the extent earned,  vested deferred  compensation
(other than pension plan or profit  sharing plan benefits  which will be paid in
accordance with the applicable  plan),  any benefits under any plans of in which
the  Executive is a  participant  to the full extent of the  Executive's  rights
under such plans (including  accelerated  vesting,  if any, of awards granted to
the  Executive  under's  stock  option  plan),  accrued  vacation  pay  and  any
appropriate  business  expenses incurred by the Executive in connection with his
duties hereunder, all to the date of termination, and all severance compensation
as provided in Paragraph 7.1.

      6.4  Termination  by Reason of  Disability.  If,  during  the term of this
Agreement,  the  Executive  fails to perform his duties under this  Agreement on
account  of  illness  or  physical  or mental  incapacity,  and such  illness or
incapacity  continues for a period of more than six (6) consecutive  months, the
Corporation  shall  have  the  right to  terminate  the  Executive's  employment
hereunder by written  notification to the Executive and payment to the Executive
of all accrued salary, bonus compensation to the extent earned,  vested deferred
compensation (other than pension plan or profit sharing plan benefits which will
be paid in accordance with the applicable plan), any benefits under any plans of
in which the  Executive is a participant  to the full extent of the  Executive's
rights  under such plans,  accrued  vacation  pay and any  appropriate  business
expenses incurred by the Executive in connection with his duties hereunder,  all
to the date of  termination,  with the exception of medical and dental  benefits
which shall continue through the expiration of this Agreement, but the Executive
shall not be paid any other compensation or reimbursement of any kind.

      6.5 Death. In the event of the  Executive's  death during the term of this
Agreement,  the Executive's  employment shall be deemed to have terminated as of
the last day of the month  during  which his death  occurs  and the  Corporation
shall promptly pay to his estate or such beneficiaries as the Executive may from
time to time  designate all accrued  salary,  bonus  compensation  to the extent
earned,  vested deferred compensation (other than pension plan or profit sharing
plan benefits which will be paid in accordance  with the applicable  plan),  any
benefits  under any plans of in which the Executive is a participant to the full
extent of the Executive's rights under such plans,  accrued vacation pay and any
appropriate  business  expenses incurred by the Executive in connection with his
duties  hereunder,  all to the date of termination,  but the Executive's  estate
shall not be paid any other compensation or reimbursement of any kind.

      6.6 Voluntary Termination.  In the event of a Voluntary  Termination,  the
Corporation  shall promptly pay all accrued  salary,  bonus  compensation to the
extent earned,  vested deferred  compensation (other than pension plan or profit
sharing  plan  benefits  which will be paid in  accordance  with the  applicable
plan),  any benefits  under any plans of in which the Executive is a participant
to the full extent of the Executive's rights under such plans,  accrued vacation
pay

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and any appropriate  business  expenses  incurred by the Executive in connection
with  his  duties  hereunder,  all to the  date  of  termination,  but no  other
compensation or reimbursement of any kind.

      6.7  Termination  Upon a Change in Control.  In the event of a Termination
Upon the  effectiveness of a Change in Control,  the Executive shall immediately
be paid all accrued  salary,  bonus  compensation  to the extent earned,  vested
deferred  compensation  (other than pension plan or profit sharing plan benefits
which will be paid in accordance with the applicable  plan),  any benefits under
any plans of in which the Executive is a  participant  to the full extent of the
Executive's rights under such plans (including  accelerated  vesting, if any, of
any awards granted to the Executive under the Corporation's  Stock Option Plan),
accrued  vacation  pay and any  appropriate  business  expenses  incurred by the
Executive  in  connection  with  his  duties  hereunder,  all  to  the  date  of
termination, and all severance compensation as provided in Paragraph 7.1.

      6.8  Constructive  Termination.  The  Executive  may  give  notice  to the
Corporation that the Corporation has effected a Constructive  Termination of the
Executive's  employment by reason of the  Corporation's  material breach of this
Agreement,  by  written  notification  to the  Corporation  in  accordance  with
Paragraph 6.9, below. Upon the effectiveness of any Constructive Termination the
Executive shall  immediately be paid all accrued salary,  bonus  compensation to
the extent  earned,  vested  deferred  compensation  (other than pension plan or
profit  sharing  plan  benefits  which  will  be  paid in  accordance  with  the
applicable  plan),  any benefits  under any plans of in which the Executive is a
participant  to the full  extent of the  Executive's  rights  under  such  plans
(including  accelerated  vesting, if any, of any awards granted to the Executive
under  the  Corporation's  Stock  Option  Plan),  accrued  vacation  pay and any
appropriate  business  expenses incurred by the Executive in connection with her
duties hereunder, all to the date of termination, and all severance compensation
provided in Paragraph 7.1.

      6.9 Notice of  Termination.  The  Corporation  may effect a termination of
this  Agreement  pursuant to the  provisions  of this Section upon giving thirty
(30) days' written  notice to the Executive of such  termination.  The Executive
may effect a termination  of this  Agreement  pursuant to the provisions of this
Section upon giving thirty (30) days' written notice to the  Corporation of such
termination.

7. Severance Compensation

      7.1 Severance  Compensation  in the Event of:  Termination  Other Than for
Cause  Pursuant  to  Paragraph  6.2;  Termination  for Good  Reason  Pursuant to
Paragraph 6.3,;  Termination Upon a Change in Control Pursuant to Paragraph 6.7;
or a  Constructive  Termination  Pursuant  to  Paragraph  6.8.  In the event the
Executive's  employment  is terminated  in a  termination:  Other Than for Cause
pursuant to Paragraph  6.2; for Good Reason  pursuant to Paragraph 6.3; a Change
in Control pursuant to Paragraph 6.7; or a Constructive  Termination pursuant to
Paragraph 6.8, the Executive shall be paid as severance  compensation  twice the
amount of his Base Salary (at the rate payable at the time of such termination),
for a  period  of  twelve  (12)  months  from  the

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date of such  termination.  Notwithstanding  anything in this  Paragraph  to the
contrary, the Executive may in the Executive's sole discretion, by delivery of a
notice to the Corporation within thirty (30) days following a Termination Upon a
Change  in  Control,  elect to  receive  as  Severance  Compensation  a lump sum
severance payment by bank cashier's check equal to the present value of the flow
of cash payments that would otherwise be paid to the Executive  pursuant to this
Paragraph. The Executive shall also be entitled to an accelerated vesting of any
awards granted to the Executive  under any of the  Corporation's  then effective
stock option  plans or any other  employee  compensation  plans or to the extent
provided in any such plans.  The Executive  shall continue to accrue  retirement
benefits and shall  continue to enjoy any benefits  under any plans in which the
Executive is a participant  to the full extent of the  Executive's  rights under
such plans, including any perquisites provided under this Agreement, through the
remaining term of this Agreement; provided, however, that the benefits under any
such  plans  in  which  the  Executive  is a  participant,  including  any  such
perquisites, shall cease upon re-employment by a new employer.

      7.2 No  Severance  Compensation  Upon Other  Termination.  In the event of
Termination For Cause pursuant to Paragraph 6.1, or termination by reason of the
Executive's  Disability or Death pursuant to Paragraphs 6.4 or 6.5, or Voluntary
Termination  pursuant to Paragraph  6.6 hereof,  neither the  Executive  nor his
estate shall not be paid any severance compensation.

8. Outside Activities of the Executive; Covenant Not to Compete

      The  Corporation  acknowledges  that the  Executive  has  commitments  and
business  activities  not  related  to  the  Corporation.   There  shall  be  no
restriction on the Executive's  ability to fulfill such commitments or engage in
such  business  activities,  provided  that  during the term of the  Executive's
employment  under  this  Agreement  and  for a  period  of one  year  after  the
termination of such employment (other than a Termination Other Than For Cause or
a  Termination  Upon  Change in Control)  the  Executive  shall not  directly or
indirectly  compete with the Corporation and shall not divert away from, for the
Executive's personal benefit, or for the benefit of an organization in which the
Executive has a material  financial  interest,  any opportunity,  arising during
such period,  in the business  segments in which the Corporation is operating at
the time of such termination of employment, unless the Board of Directors of the
Corporation has determined not to pursue such opportunity.

9. Payment Obligations

      The Corporation's  obligation to pay the Executive the compensation and to
make the arrangements provided herein shall be unconditional,  and the Executive
shall have no obligation whatsoever to mitigate damages hereunder. If litigation
after a Change in Control shall be brought to enforce or interpret any provision
contained herein, the Corporation, to the extent permitted by applicable law and
the  Corporation's  Articles of  Incorporation  and Bylaws,  shall

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indemnify the  Executive  for the  Executive's  reasonable  attorneys'  fees and
disbursements incurred in such litigation.

10. Confidentiality

      The Executive  agrees that all  confidential  and proprietary  information
relating  to the  business  of the  Corporation  shall  be kept and  treated  as
confidential both during and after the term of this Agreement,  except as may be
permitted  in  writing  by the  Corporation's  Board  of  Directors  or as  such
information  is within the  public  domain or comes  within  the  public  domain
without any breach of this Agreement.

11. Withholdings

      All compensation and benefits to the Executive  hereunder shall be reduced
by all  federal,  state,  local and other  withholdings  and  similar  taxes and
payments required by applicable law.

12. Indemnification

      In addition to any rights to  indemnification  to which the  Executive  is
entitled to under the Corporation's  Articles of Incorporation  and Bylaws,  the
Corporation shall indemnify the Executive at all times during and after the term
of this  Agreement  to the maximum  extent  permitted  under  Delaware  Business
Corporation  Law or any  successor  provision  thereof and any other  applicable
state law,  and shall pay the  Executive's  expenses in  defending  any civil or
criminal action, suit, or proceeding in advance of the final disposition of such
action,  suit  or  proceeding,  to  the  maximum  extent  permitted  under  such
applicable state laws.

13. Notices

      Any notices  permitted or required under this Agreement shall be delivered
by hand,  certified  mail, or recognized  overnight  courier,  in all cases with
written proof of receipt  required,  addressed to the parties as set forth below
and shall be deemed given upon receipt to the Corporation at:

                                       Guitron International Inc.
                                       38 Place Du Commerce, Suite 230
                                       Nuns' Island, Montreal, Quebec
                                       Canada H3E 1T8

addressed to the Executive at:

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<PAGE>

                                       Richard Duffy
                                       1660 Stravinski Street
                                       Brossard, Quebec
                                       Canada J4X 2J4

or at any other address as any party may, from time to time, designate by notice
given in compliance with this Paragraph.

14. Law Governing

      This Agreement  shall be governed by and construed in accordance  with the
laws of the State of Delaware.

15. General

      15.1 Titles and Captions. All section titles or captions contained in this
Agreement are for  convenience  only and shall not be deemed part of the context
nor effect the interpretation of this Agreement.

      15.2 Entire Agreement.  This Agreement  contains the entire  understanding
between  and among the  parties  and  supersedes  any prior  understandings  and
agreements among them respecting the subject matter of this Agreement.

      15.3 Agreement  Binding.  This Agreement  shall be binding upon the heirs,
executors, administrators, successors and assigns of the parties hereto.

      15.4 Attorney Fees. In the event an arbitration, suit or action is brought
by any party under this Agreement to enforce any of its terms,  or in any appeal
therefrom,  it is  agreed  that  the  prevailing  party  shall  be  entitled  to
reasonable  attorneys fees to be fixed by the  arbitrator,  trial court,  and/or
appellate court.

      15.5 Computation of Time. In computing any period of time pursuant to this
Agreement, the day of the act, event or default from which the designated period
of time begins to run shall be included,  unless it is a Saturday,  Sunday, or a
legal  holiday,  in which  event the period  shall  begin to run on the next day
which is not a Saturday,  Sunday,  or legal  holiday,  in which event the period
shall  run  until the end of the next day  thereafter  which is not a  Saturday,
Sunday, or legal holiday.

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      15.6 Pronouns and Plurals.  All pronouns and any variations  thereof shall
be deemed to refer to the masculine,  feminine,  neuter,  singular, or plural as
the identity of the person or persons may require.

      15.7  Presumption.  This  Agreement  or any section  thereof  shall not be
construed  against any party due to the fact that said  Agreement or any section
thereof was drafted by said party.

      15.8 Further  Action.  The parties  hereto  shall  execute and deliver all
documents,  provide all  information and take or forbear from all such action as
may be necessary or appropriate to achieve the purposes of the Agreement.

      15.9 Parties in Interest.  Nothing  herein shall be construed to be to the
benefit of any third party,  nor is it intended that any provision  shall be for
the benefit of any third party.

      15.10  Savings  Clause.  If  any  provision  of  this  Agreement,  or  the
application  of such  provision  to any  person or  circumstance,  shall be held
invalid,  the remainder of this Agreement,  or the application of such provision
to persons  or  circumstances  other than those as to which it is held  invalid,
shall not be affected thereby.

Date: December 6, 1999
                                       GUITRON INTERNATIONAL INC.

                                       By /s/ Michael Ash
                                          ------------------------------------
                                          Michael Ash, Secretary/Treasurer

                                          /s/ Richard Duffy
                                          ---------------------
                                          Richard Duffy

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