Document:

EXHIBIT 10.5

                                 INTERCARD, INC.
                            PLACEMENT AGENT AGREEMENT

                                                  Dated as of: January 25, 2003

Westrock Advisors, Inc.
230 Park Avenue, Floor 9
New York, New York 10169

Ladies and Gentlemen:

         The undersigned, Intercard, Inc., a Nevada corporation (the "COMPANY"),
hereby  agrees  with  Westrock  Advisors,  Inc.,  a New  York  corporation  (the
"PLACEMENT  AGENT")  and  Cornell  Capital  Partners,  LP,  a  Delaware  Limited
Partnership (the "INVESTOR") as follows:

         1. OFFERING.  The Company hereby engages the Placement  Agent to act as
its  exclusive  placement  agent in  connection  with the Equity  Line of Credit
Agreement  dated  the date  hereof,  (the  "EQUITY  LINE OF  CREDIT  AGREEMENT")
pursuant to which the Company shall issue and sell to the Investor, from time to
time, and the Investor  shall  purchase from the Company (the  "OFFERING") up to
Seven Million Five Hundred Thousand Dollars ($7,500,000) of the Company's common
stock  (the  "COMMITMENT  AMOUNT"),  par value  $0.001  per share  (the  "COMMON
STOCK"), at price per share equal to the Purchase Price, as that term is defined
in the  Equity  Line of Credit  Agreement.  Pursuant  to the terms  hereof,  the
Placement Agent shall render consulting  services to the Company with respect to
the Equity Line of Credit  Agreement and shall be available for  consultation in
connection  with the  advances to be  requested  by the Company  pursuant to the
Equity Line of Credit Agreement.

         All  capitalized  terms used herein and not  otherwise  defined  herein
shall have the same  meaning  ascribed  to them as in the Equity  Line of Credit
Agreement. The Investor will be granted certain registration rights with respect
to the Common Stock as more fully set forth in the Registration Rights Agreement
between the Company and the  Investor  dated the date hereof (the  "REGISTRATION
RIGHTS  AGREEMENT").  The  documents to be executed and  delivered in connection
with the Offering,  including,  but not limited,  to this Agreement,  the Equity
Line of Credit  Agreement,  the Registration  Rights  Agreement,  and the Escrow
Agreement with Wachovia  Bank,  N.A. (the "ESCROW  AGREEMENT"),  are referred to
sometimes  hereinafter  collectively as the "OFFERING  MATERIALS." The Company's
Common Stock is  sometimes  referred to  hereinafter  as the  "SECURITIES."  The
Placement Agent shall not be obligated to sell any Securities."

         2. COMPENSATION.

         A. As and for all of its services and obligations hereunder,  including
all benefits the Company  receives,  promptly after the first trading day of the
Company's  common  stock (but in not event more than three  business  days after
such date),  the  Company  shall issue to the  Placement  Agent or its  designee
shares of the Company's  Common Stock in an amount equal to Ten Thousand Dollars

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($10,000)  divided by the Closing Bid Price of the Company's Common Stock on the
first day of  trading  (collectively,  the  "PLACEMENT  AGENT'S  SHARES  "). The
Placement Agent shall be entitled to "piggy-back"  registration rights triggered
upon  registration of any shares of Common Stock by the Investor with respect to
the Placement Agent's Shares pursuant to the Registration Rights Agreement dated
the date hereof.

         3. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PLACEMENT AGENT.

         A. The Placement Agent represents, warrants and covenants as follows:

                  (i) The Placement  Agent has the necessary power to enter into
this Agreement and to consummate the transactions contemplated hereby.

                  (ii) The execution and delivery by the Placement Agent of this
Agreement and the consummation of the transactions  contemplated herein will not
result in any  violation  of, or be in conflict  with,  or  constitute a default
under, any agreement or instrument to which the Placement Agent is a party or by
which the Placement Agent or its properties are bound, or any judgment,  decree,
order or, to the Placement Agent's  knowledge,  any statute,  rule or regulation
applicable to the Placement Agent. This Agreement when executed and delivered by
the Placement Agent, will constitute the legal, valid and binding obligations of
the Placement  Agent,  enforceable in accordance  with their  respective  terms,
except  to the  extent  that (a) the  enforceability  hereof or  thereof  may be
limited by bankruptcy,  insolvency,  reorganization,  moratorium or similar laws
from time to time in effect and affecting the rights of creditors generally, (b)
the enforceability hereof or thereof is subject to general principles of equity,
or (c) the  indemnification  provisions  hereof or thereof  may be held to be in
violation of public policy.

                  (iii)  Upon  receipt  and  execution  of  this  Agreement  the
Placement Agent will promptly forward copies of this Agreement to the Company or
its counsel and the Investor or its counsel.

                  (iv)  The  Placement  Agent  will not  intentionally  take any
action  that it  reasonably  believes  would  cause the  Offering to violate the
provisions  of the  Securities  Act of 1933,  as amended (the "1933  ACT"),  the
Securities  Exchange  Act of 1934 (the "1934  ACT"),  the  respective  rules and
regulations  promulgated there under (the "RULES AND REGULATIONS") or applicable
"Blue Sky" laws of any state or jurisdiction.

                  (v) The  Placement  Agent will use all  reasonable  efforts to
determine  (a) whether the Investor is an  Accredited  Investor and (b) that any
information furnished by the Investor is true and accurate.  The Placement Agent
shall have no  obligation  to insure  that (x) any check,  note,  draft or other
means of payment  for the  Common  Stock will be  honored,  paid or  enforceable
against  the  Investor  in  accordance  with its  terms,  or (y)  subject to the
performance  of the  Placement  Agent's  obligations  and  the  accuracy  of the
Placement Agent's representations and warranties hereunder,  (1) the Offering is
exempt  from the  registration  requirements  of the 1933 Act or any  applicable
state "Blue Sky" law or (2) the Investor is an Accredited Investor.

                  (vi)  The  Placement   Agent  is  a  member  of  the  National
Association of Securities  Dealers,  Inc., and is a broker-dealer  registered as
such under the 1934 Act and under the securities laws of the states in which the

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Securities  will be offered or sold by the  Placement  Agent unless an exemption
for such state  registration is available to the Placement  Agent. The Placement
Agent is and at all times during the term hereof shall be in compliance with all
material rules and  regulations  applicable to the Placement Agent generally and
applicable to the Placement Agent's participation in the Offering.

         4. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

         A. The Company represents and warrants as follows:

                  (i) The  execution,  delivery and  performance of each of this
Agreement,  the Equity Line of Credit Agreement,  the Escrow Agreement,  and the
Registration Rights Agreement has been or will be duly and validly authorized by
the Company and is, or with respect to this Agreement, the Equity Line of Credit
Agreement,  the Escrow Agreement, and the Registration Rights Agreement will be,
a valid and binding agreement of the Company, enforceable in accordance with its
respective  terms,  except to the extent that (a) the  enforceability  hereof or
thereof may be limited by bankruptcy, insolvency, reorganization,  moratorium or
similar laws from time to time in effect and  affecting  the rights of creditors
generally,  (b) the  enforceability  hereof or  thereof  is  subject  to general
principles of equity or (c) the indemnification provisions hereof or thereof may
be held to be in  violation  of  public  policy.  The  Securities  to be  issued
pursuant to the transactions  contemplated by this Agreement and the Equity Line
of Credit  Agreement have been duly  authorized and, when issued and paid for in
accordance  with  (x) this  Agreement,  the  Equity  Line of  Agreement  and the
certificates/instruments  representing  such  Securities,  (y) will be valid and
binding  obligations  of the  Company,  enforceable  in  accordance  with  their
respective terms,  except to the extent that (1) the enforceability  thereof may
be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws
from time to time in effect and affecting the rights of creditors generally, and
(2) the  enforceability  thereof is subject to general principles of equity. All
corporate action required to be taken for the  authorization,  issuance and sale
of the Securities has been duly and validly taken by the Company.

                  (ii) The Company has a duly authorized, issued and outstanding
capitalization  as set forth herein and in the Equity Line of Credit  Agreement.
The  Company is not a party to or bound by any  instrument,  agreement  or other
arrangement  providing  for it to issue any  capital  stock,  rights,  warrants,
options or other securities, except for this Agreement, the agreements described
herein and as described in the Equity Line of Credit  Agreement,  dated the date
hereof  and  the  agreements  described  therein.  All  issued  and  outstanding
securities of the Company,  have been duly authorized and validly issued and are
fully paid and non-assessable;  the holders thereof have no rights of rescission
or  preemptive  rights  with  respect  thereto  and are not  subject to personal
liability  solely  by  reason  of  being  security  holders;  and  none  of such
securities  were issued in violation of the preemptive  rights of any holders of
any security of the Company. As of the date hereof, the authorized capital stock
of the Company consists of 800,000,000  shares of Common Stock, par value $0.001
per  share  of  which  500,000,000  shares  of  Common  Stock  were  issued  and
outstanding as of the date thereof.

                  (iii) The Common  Stock to be issued in  accordance  with this
Agreement and the Equity Line of Credit  Agreement has been duly  authorized and

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when issued and paid for in accordance with this  Agreement,  the Equity Line of
Credit  Agreement  and the  certificates/instruments  representing  such  Common
Stock,  will be validly  issued,  fully-paid  and  non-assessable;  the  holders
thereof will not be subject to personal liability solely by reason of being such
holders;  such  Securities  are not and will not be  subject  to the  preemptive
rights of any holder of any security of the Company.

                  (iv) The  Company has good and  marketable  title to, or valid
and enforceable  leasehold  estates in, all items of real and personal  property
necessary to conduct its business  (including,  without limitation,  any real or
personal property stated in the Offering  Materials to be owned or leased by the
Company), free and clear of all liens, encumbrances,  claims, security interests
and defects of any material nature whatsoever, other than those set forth in the
Offering Materials and liens for taxes not yet due and payable.

                  (v) There is no litigation or governmental  proceeding pending
or, to the best of the Company's knowledge, threatened against, or involving the
properties  or  business  of the  Company,  except as set forth in the  Offering
Materials.

                  (vi)  The  Company  has been  duly  organized  and is  validly
existing  as a  corporation  in good  standing  under  the laws of the  State of
Missouri.  Except as set forth in the Offering  Materials,  the Company does not
own or control,  directly or indirectly,  an interest in any other  corporation,
partnership,  trust, joint venture or other business entity. The Company is duly
qualified  or licensed  and in good  standing as a foreign  corporation  in each
jurisdiction   in  which  the   character  of  its   operations   requires  such
qualification or licensing and where failure to so qualify would have a material
adverse effect on the Company. The Company has all requisite corporate power and
authority,  and all material and necessary  authorizations,  approvals,  orders,
licenses,  certificates  and  permits  of and from all  governmental  regulatory
officials  and bodies  (domestic  and  foreign) to conduct its  businesses  (and
proposed  business) as described in the Offering  Materials.  Any disclosures in
the Offering  Materials  concerning the effects of foreign,  federal,  state and
local  regulation  on the  Company's  businesses  as currently  conducted and as
contemplated  are correct in all  material  respects  and do not omit to state a
material fact.  The Company has all corporate  power and authority to enter into
this Agreement,  the Equity Line of Credit  Agreement,  the Registration  Rights
Agreement,  and the Escrow Agreement, to carry out the provisions and conditions
hereof and  thereof,  and all  consents,  authorizations,  approvals  and orders
required in connection  herewith and therewith have been  obtained.  No consent,
authorization or order of, and no filing with, any court,  government  agency or
other body is  required by the Company  for the  issuance of the  Securities  or
execution and delivery of the Offering  Materials except for applicable  federal
and state  securities laws. The Company,  since its inception,  has not incurred
any  liability  arising  under or as a result of the  application  of any of the
provisions of the 1933 Act, the 1934 Act or the Rules and Regulations.

                  (vii)  There  has  been  no  material  adverse  change  in the
condition or prospects of the Company,  financial or otherwise,  from the latest
dates as of which such  condition or prospects,  respectively,  are set forth in
the Offering Materials,  and the outstanding debt, the property and the business
of the Company  conform in all  material  respects to the  descriptions  thereof
contained in the Offering Materials.

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                  (viii)  Except as set  forth in the  Offering  Materials,  the
Company is not in breach of, or in default  under,  any term or provision of any
material indenture, mortgage, deed of trust, lease, note, loan or Equity Line of
Credit  Agreement or any other  material  agreement or instrument  evidencing an
obligation for borrowed money, or any other material  agreement or instrument to
which  it is a party or by  which  it or any of its  properties  may be bound or
affected.  The Company is not in  violation  of any  provision of its charter or
by-laws or in violation of any franchise,  license, permit, judgment,  decree or
order, or in violation of any material statute, rule or regulation.  Neither the
execution  and delivery of the Offering  Materials  nor the issuance and sale or
delivery of the  Securities,  nor the  consummation  of any of the  transactions
contemplated  in the Offering  Materials nor the  compliance by the Company with
the terms and provisions hereof or thereof, has conflicted with or will conflict
with,  or has  resulted  in or will  result in a breach of, any of the terms and
provisions  of, or has  constituted or will  constitute a default under,  or has
resulted in or will result in the creation or imposition of any lien,  charge or
encumbrance  upon any property or assets of the Company or pursuant to the terms
of any indenture,  mortgage, deed of trust, note, loan or any other agreement or
instrument  evidencing an obligation for borrowed  money, or any other agreement
or  instrument to which the Company may be bound or to which any of the property
or assets of the Company is subject except (a) where such default,  lien, charge
or encumbrance  would not have a material  adverse effect on the Company and (b)
as  described  in the  Offering  Materials;  nor will such action  result in any
violation  of the  provisions  of the  charter or the by-laws of the Company or,
assuming  the  due  performance  by  the  Placement  Agent  of  its  obligations
hereunder,  any  material  statute or any  material  order,  rule or  regulation
applicable  to the  Company of any court or of any  foreign,  federal,  state or
other regulatory authority or other government body having jurisdiction over the
Company.

                  (ix) Subsequent to the dates as of which  information is given
in  the  Offering  Materials,  and  except  as may  otherwise  be  indicated  or
contemplated  herein or  therein  and the  securities  offered  pursuant  to the
Securities  Purchase  Agreement  dated the date hereof,  the Company has not (a)
issued any  securities  or  incurred  any  liability  or  obligation,  direct or
contingent,  for borrowed money, or (b) entered into any transaction  other than
in the ordinary course of business, or (c) declared or paid any dividend or made
any  other  distribution  on or in  respect  of its  capital  stock.  Except  as
described in the Offering Materials,  the Company has no outstanding obligations
to any officer or director of the Company.

                  (x)  There  are no  claims  for  services  in the  nature of a
finder's or origination  fee with respect to the sale of the Common Stock or any
other  arrangements,  agreements or understandings that may affect the Placement
Agent's  compensation,  as determined by the National  Association of Securities
Dealers, Inc.

                  (xi) The  Company  owns or  possesses,  free and  clear of all
liens or  encumbrances  and rights  thereto or  therein  by third  parties,  the
requisite  licenses  or  other  rights  to use all  trademarks,  service  marks,
copyrights,  service  names,  trade  names,  patents,  patent  applications  and
licenses necessary to conduct its business (including,  without limitation,  any
such  licenses or rights  described in the Offering  Materials as being owned or

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possessed by the Company)  and,  except as set forth in the Offering  Materials,
there is no claim or action by any person pertaining to, or proceeding,  pending
or threatened, which challenges the exclusive rights of the Company with respect
to any  trademarks,  service  marks,  copyrights,  service  names,  trade names,
patents,  patent  applications and licenses used in the conduct of the Company's
businesses (including, without limitation, any such licenses or rights described
in the Offering Materials as being owned or possessed by the Company) except any
claim or action that would not have a material  adverse  effect on the  Company;
the Company's  current  products,  services or processes do not infringe or will
not infringe on the patents currently held by any third party.

                  (xii)  Except as  described  in the  Offering  Materials,  the
Company  is not  under  any  obligation  to pay  royalties  or fees of any  kind
whatsoever  to any third party with respect to any  trademarks,  service  marks,
copyrights,  service names, trade names, patents, patent applications,  licenses
or technology it has developed, uses, employs or intends to use or employ, other
than to their respective licensors.

                  (xiii) Subject to the  performance  by the Placement  Agent of
its obligations  hereunder and the offer and sale of the Securities  comply, and
will continue to comply in all material  respects with the  requirements of Rule
506 of  Regulation  D  promulgated  by the SEC  pursuant to the 1933 Act and any
other  applicable  federal  and state laws,  rules,  regulations  and  executive
orders.  Neither the Offering  Materials nor any amendment or supplement thereto
nor any documents  prepared by the Company in connection  with the Offering will
contain any untrue  statement  of a material  fact or omit to state any 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.  All
statements of material  facts in the Offering  Materials are true and correct as
of the date of the Offering Materials.

                  (xiv) All  material  taxes which are due and payable  from the
Company  have been  paid in full or  adequate  provision  has been made for such
taxes on the books of the Company  except for those taxes disputed in good faith
the Company does not have any tax  deficiency or claim  outstanding  assessed or
proposed against it.

                  (xv) None of the Company nor any of its  officers,  directors,
employees or agents, nor any other person acting on behalf of the Company,  has,
directly  or  indirectly,  given or agreed to give any  money,  gift or  similar
benefit (other than legal price  concessions to customers in the ordinary course
of  business)  to any  customer,  supplier,  employee  or agent of a customer or
supplier,  or official or employee of any governmental agency or instrumentality
of any government  (domestic or foreign) or any political party or candidate for
office  (domestic  or foreign) or other person who is or may be in a position to
help or hinder the business of the Company (or assist it in connection  with any
actual or  proposed  transaction)  which (A) might  subject  the  Company to any
damage  or  penalty  in  any  civil,  criminal  or  governmental  litigation  or
proceeding, or (B) if not given in the past, might have had a materially adverse
effect on the assets,  business or operations of the Company as reflected in any
of the financial statements  contained in the Offering Materials,  or (C) if not
continued in the future, might adversely affect the assets, business, operations
or prospects of the Company in the future.

         5. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE INVESTOR.

         A. The Investor represents, warrants and covenants as follows:

                  (i) The  Investor has the  necessary  power to enter into this
Agreement and to consummate the transactions contemplated hereby.

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                  (ii)  The  execution  and  delivery  by the  Investor  of this
Agreement and the consummation of the transactions  contemplated herein will not
result in any  violation  of, or be in conflict  with,  or  constitute a default
under,  any agreement or instrument to which the Investor is a party or by which
the Investor or its properties are bound, or any judgment,  decree, order or, to
the  Investor's  knowledge,  any statute,  rule or regulation  applicable to the
Investor.  This  Agreement  when executed and  delivered by the  Investor,  will
constitute the legal, valid and binding obligations of the Investor, enforceable
in accordance  with their  respective  terms,  except to the extent that (a) the
enforceability  hereof or  thereof  may be limited  by  bankruptcy,  insolvency,
reorganization,  moratorium  or  similar  laws from  time to time in effect  and
affecting the rights of creditors  generally,  (b) the enforceability  hereof or
thereof is subject to general  principles of equity, or (c) the  indemnification
provisions hereof or thereof may be held to be in violation of public policy.

                  (iii) The Investor will promptly forward copies of any and all
due diligence questionnaires compiled by the Investor to the Placement Agent.

         6. CERTAIN COVENANTS AND AGREEMENTS OF THE COMPANY.

         The Company covenants and agrees at its expense and without any expense
to the Placement Agent as follows:

         A. To advise the Placement Agent of any material  adverse change in the
Company's  financial  condition,  prospects  or business  or of any  development
materially  affecting the Company or rendering untrue or misleading any material
statement in the Offering Materials occurring at any time as soon as the Company
is either informed or becomes aware thereof.

         B. To use its commercially reasonable efforts to cause the Common Stock
issuable  in  connection  with the  Equity  Line of  Credit to be  qualified  or
registered for sale on terms  consistent  with those stated in the  Registration
Rights  Agreement and under the  securities  laws of such  jurisdictions  as the
Placement  Agent  and the  Investor  shall  reasonably  request.  Qualification,
registration  and  exemption  charges  and fees  shall  be at the sole  cost and
expense of the Company.

         C. Upon  written  request,  to provide  and  continue  to  provide  the
Placement  Agent and the Investor copies of all quarterly  financial  statements
and audited annual financial statements prepared by or on behalf of the Company,
other reports prepared by or on behalf of the Company for public  disclosure and
all documents delivered to the Company's stockholders.

         D. To deliver, during the registration period of the Equity Line Credit
Agreement,  to the Placement Agent upon the Placement  Agent's  request,  within
forty five (45) days, a statement of its income for each such quarterly  period,
and its balance sheet and a statement of changes in  stockholders'  equity as of
the end of such quarterly  period,  all in reasonable  detail,  certified by its
principal  financial or accounting  officer;  (ii) within ninety (90) days after
the close of each fiscal year,  its balance sheet as of the close of such fiscal
year,   together  with  a  statement  of  income,  a  statement  of  changes  in
stockholders'  equity and a statement  of cash flow for such fiscal  year,  such
balance sheet, statement of income, statement of changes in stockholders' equity

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and statement of cash flow to be in reasonable  detail and accompanied by a copy
of the  certificate  or  report  thereon  of  independent  auditors  if  audited
financial  statements are prepared;  and (iii) a copy of all documents,  reports
and information  furnished to its  stockholders at the time that such documents,
reports and information are furnished to its stockholders.

         E. To comply with the terms of the Offering Materials.

         F. To ensure that any transactions between or among the Company, or any
of its officers, directors and affiliates be on terms and conditions that are no
less  favorable  to the  Company,  than the terms and  conditions  that would be
available in an "arm's length" transaction with an independent third party.

         7. INDEMNIFICATION.

         A.  The  Company  hereby  agrees  that it will  indemnify  and hold the
Placement   Agent  and  each  officer,   director,   shareholder,   employee  or
representative of the Placement Agent and each person controlling, controlled by
or under common  control with the Placement  Agent within the meaning of Section
15 of the  1933  Act or  Section  20 of the  1934  Act or the  SEC's  Rules  and
Regulations promulgated there under (the "RULES AND REGULATIONS"), harmless from
and  against  any  and all  loss,  claim,  damage,  liability,  cost or  expense
whatsoever (including, but not limited to, any and all reasonable legal fees and
other  expenses and  disbursements  incurred in connection  with  investigating,
preparing to defend or defending any action,  suit or proceeding,  including any
inquiry or investigation, commenced or threatened, or any claim whatsoever or in
appearing  or  preparing  for  appearance  as a witness in any  action,  suit or
proceeding,  including any inquiry, investigation or pretrial proceeding such as
a deposition)  to which the Placement  Agent or such  indemnified  person of the
Placement  Agent may become  subject under the 1933 Act, the 1934 Act, the Rules
and Regulations, or any other federal or state law or regulation,  common law or
otherwise,  arising  out of or based  upon (i) any untrue  statement  or alleged
untrue  statement  of a  material  fact  contained  in  (a)  Section  4 of  this
Agreement,  (b) the Offering Materials (except those written statements relating
to the Placement  Agent given by an indemnified  person for inclusion  therein),
(c) any application or other document or written  communication  executed by the
Company or based upon written information  furnished by the Company filed in any
jurisdiction  in order to qualify  the Common  Stock under the  securities  laws
thereof,  or any state  securities  commission  or agency;  (ii) the omission or
alleged omission from documents  described in clauses (a), (b) or (c) above of a
material fact required to be stated  therein or necessary to make the statements
therein not  misleading;  or (iii) the breach of any  representation,  warranty,
covenant or agreement made by the Company in this Agreement. The Company further
agrees that upon demand by an  indemnified  person,  at any time or from time to
time, it will promptly  reimburse such indemnified  person for any loss,  claim,
damage,  liability,  cost  or  expense  actually  and  reasonably  paid  by  the
indemnified  person as to which the Company has indemnified such person pursuant
hereto.  Notwithstanding  the foregoing  provisions of this Paragraph  6(A), any
such payment or reimbursement by the Company of fees,  expenses or disbursements
incurred by an indemnified person in any proceeding in which a final judgment by
a court of competent  jurisdiction  (after all appeals or the expiration of time
to appeal) is entered  against the Placement  Agent or such  indemnified  person
based upon specific finding of fact that the Placement Agent or such indemnified
person's gross negligence or willful  misfeasance will be promptly repaid to the
Company.

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         B. The Placement  Agent hereby  agrees that it will  indemnify and hold
the Company and each officer, director, shareholder,  employee or representative
of the  Company,  and each person  controlling,  controlled  by or under  common
control  with the  Company  within the  meaning of Section 15 of the 1933 Act or
Section  20 of the 1934 Act or the  Rules  and  Regulations,  harmless  from and
against any and all loss, claim, damage,  liability,  cost or expense whatsoever
(including,  but not  limited  to, any and all  reasonable  legal fees and other
expenses and disbursements incurred in connection with investigating,  preparing
to defend or defending any action, suit or proceeding,  including any inquiry or
investigation,  commenced or threatened, or any claim whatsoever or in appearing
or preparing  for  appearance  as a witness in any action,  suit or  proceeding,
including  any  inquiry,   investigation  or  pretrial   proceeding  such  as  a
deposition) to which the Company or such  indemnified  person of the Company may
become subject under the 1933 Act, the 1934 Act, the Rules and  Regulations,  or
any other federal or state law or regulation,  common law or otherwise,  arising
out of or based upon (i) the  conduct of the  Placement  Agent or its  officers,
employees or  representatives  in its acting as Placement Agent for the Offering
or (ii)  the  material  breach  of any  representation,  warranty,  covenant  or
agreement  made by the  Placement  Agent in this  Agreement  (iii)  any false or
misleading  information  provided to the Company by one of the Placement Agent's
indemnified persons.

         C. The  Investor  hereby  agrees  that it will  indemnify  and hold the
Placement   Agent  and  each  officer,   director,   shareholder,   employee  or
representative of the Placement Agent, and each person  controlling,  controlled
by or under  common  control  with the  Placement  Agent  within the  meaning of
Section  15 of the 1933 Act or  Section  20 of the  1934  Act or the  Rules  and
Regulations,  harmless  from  and  against  any and  all  loss,  claim,  damage,
liability,  cost or expense whatsoever  (including,  but not limited to, any and
all  reasonable  legal fees and other  expenses  and  disbursements  incurred in
connection with investigating, preparing to defend or defending any action, suit
or proceeding, including any inquiry or investigation,  commenced or threatened,
or any claim whatsoever or in appearing or preparing for appearance as a witness
in any action,  suit or  proceeding,  including  any inquiry,  investigation  or
pretrial  proceeding  such as a deposition) to which the Placement Agent or such
indemnified person of the Placement Agent may become subject under the 1933 Act,
the 1934 Act, the Rules and  Regulations,  or any other  federal or state law or
regulation,  common  law or  otherwise,  arising  out of or  based  upon (i) the
conduct of the Investor or its  officers,  employees or  representatives  in its
acting as the  Investor  for the  Offering  or (ii) the  material  breach of any
representation,  warranty,  covenant or  agreement  made by the  Investor in the
Offering  Materials  (iii) any false or misleading  information  provided to the
Placement Agent by one of the Investor's indemnified persons.

         D. The Placement  Agent hereby  agrees that it will  indemnify and hold
the Investor and each officer, director, shareholder, employee or representative
of the  Investor,  and each person  controlling,  controlled  by or under common
control  with the  Investor  within the meaning of Section 15 of the 1933 Act or
Section  20 of the 1934 Act or the  Rules  and  Regulations,  harmless  from and
against any and all loss, claim, damage,  liability,  cost or expense whatsoever
(including,  but not  limited  to, any and all  reasonable  legal fees and other
expenses and disbursements incurred in connection with investigating,  preparing
to defend or defending any action, suit or proceeding,  including any inquiry or
investigation,  commenced or threatened, or any claim whatsoever or in appearing
or preparing  for  appearance  as a witness in any action,  suit or  proceeding,
including  any  inquiry,   investigation  or  pretrial   proceeding  such  as  a
deposition) to which the Investor or such indemnified person of the Investor may

                                       9
<PAGE>

become subject under the 1933 Act, the 1934 Act, the Rules and  Regulations,  or
any other federal or state law or regulation,  common law or otherwise,  arising
out of or based upon (i) the  conduct of the  Placement  Agent or its  officers,
employees  or  representatives  in its  acting  as the  Placement  Agent for the
Offering or (ii) the material breach of any representation,  warranty,  covenant
or agreement made by the Placement  Agent in this  Agreement  (iii) any false or
misleading  information provided to the Investor by one of the Placement Agent's
indemnified persons.

         E.  Promptly  after  receipt  by an  indemnified  party  of  notice  of
commencement  of any action covered by Section 7(A),  (B), (C) or (D), the party
to be indemnified shall,  within five (5) business days, notify the indemnifying
party of the commencement  thereof; the omission by one (1) indemnified party to
so notify the indemnifying party shall not relieve the indemnifying party of its
obligation to indemnify any other  indemnified  party that has given such notice
and shall not relieve the  indemnifying  party of any liability  outside of this
indemnification  if not  materially  prejudiced  thereby.  In the event that any
action is brought against the indemnified  party, the indemnifying party will be
entitled to participate  therein and, to the extent it may desire, to assume and
control  the  defense  thereof  with  counsel  chosen by it which is  reasonably
acceptable to the indemnified party. After notice from the indemnifying party to
such  indemnified  party of its election to so assume the defense  thereof,  the
indemnifying  party  will not be liable to such  indemnified  party  under  such
Section  7(A),  (B),  (C), or (D) for any legal or other  expenses  subsequently
incurred by such indemnified  party in connection with the defense thereof,  but
the  indemnified  party may, at its own expense,  participate in such defense by
counsel  chosen by it,  without,  however,  impairing the  indemnifying  party's
control  of  the  defense.   Subject  to  the  proviso  of  this   sentence  and
notwithstanding  any other  statement  to the  contrary  contained  herein,  the
indemnified  party or  parties  shall  have the right to choose its or their own
counsel  and  control  the  defense  of any  action,  all at the  expense of the
indemnifying  party if,  (i) the  employment  of such  counsel  shall  have been
authorized in writing by the  indemnifying  party in connection with the defense
of  such  action  at  the  expense  of  the  indemnifying  party,  or  (ii)  the
indemnifying  party shall not have employed counsel  reasonably  satisfactory to
such  indemnified  party to have charge of the  defense of such action  within a
reasonable  time  after  notice of  commencement  of the  action,  or (iii) such
indemnified  party or parties shall have reasonably  concluded that there may be
defenses available to it or them which are different from or additional to those
available  to one  or  all  of the  indemnifying  parties  (in  which  case  the
indemnifying  parties  shall not have the right to direct  the  defense  of such
action on behalf of the  indemnified  party or parties),  in any of which events
such  fees  and  expenses  of one  additional  counsel  shall  be  borne  by the
indemnifying party; provided, however, that the indemnifying party shall not, in
connection with any one action or separate but substantially  similar or related
actions in the same jurisdiction  arising out of the same general allegations or
circumstance,  be liable for the  reasonable  fees and expenses of more than one
separate  firm of attorneys  at any time for all such  indemnified  parties.  No
settlement of any action or  proceeding  against an  indemnified  party shall be
made without the consent of the indemnifying party.

         F.  In  order  to  provide  for  just  and  equitable  contribution  in
circumstances in which the indemnification  provided for in Section 7(A) or 7(B)
is due in accordance  with its terms but is for any reason held by a court to be
unavailable  on grounds of policy or  otherwise,  the Company and the  Placement
Agent shall contribute to the aggregate losses,  claims, damages and liabilities
(including  legal or other expenses  reasonably  incurred in connection with the
investigation  or defense of same) which the other may incur in such  proportion
so that the  Placement  Agent  shall be  responsible  for  such  percent  of the

                                       10
<PAGE>

aggregate of such losses,  claims,  damages and  liabilities  as shall equal the
percentage of the gross  proceeds  paid to the  Placement  Agent and the Company
shall be responsible for the balance;  provided,  however, that no person guilty
of fraudulent  misrepresentation within the meaning of Section 11(f) of the 1933
Act shall be entitled to contribution from any person who was not guilty of such
fraudulent  misrepresentation.  For  purposes of this Section  7(F),  any person
controlling,  controlled by or under common control with the Placement Agent, or
any partner,  director,  officer,  employee,  representative or any agent of any
thereof,  shall have the same rights to  contribution as the Placement Agent and
each person controlling,  controlled by or under common control with the Company
within  the  meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act
and each officer of the Company and each  director of the Company shall have the
same rights to contribution  as the Company.  Any party entitled to contribution
will,  promptly after receipt of notice of commencement  of any action,  suit or
proceeding  against such party in respect of which a claim for  contribution may
be made against the other party under this Section 7(D),  notify such party from
whom contribution may be sought,  but the omission to so notify such party shall
not relieve the party from whom  contribution  may be sought from any obligation
they may have hereunder or otherwise if the party from whom  contribution may be
sought is not  materially  prejudiced  thereby.  The indemnity and  contribution
agreements  contained in this Section 7 shall remain operative and in full force
and  effect  regardless  of  any  investigation  made  by or on  behalf  of  any
indemnified person or any termination of this Agreement.

         8. PAYMENT OF EXPENSES.

         The Company  hereby  agrees to bear all of the  expenses in  connection
with the Offering,  including,  but not limited to the  following:  filing fees,
printing and duplicating  costs,  advertisements,  postage and mailing  expenses
with respect to the transmission of Offering  Materials,  registrar and transfer
agent fees,  escrow agent fees and expenses,  fees of the Company's  counsel and
accountants, issue and transfer taxes, if any.

         9. CONDITIONS OF CLOSING.

         The  Closing  shall  be  held at the  offices  of the  Investor  or its
counsel.  The  obligations of the Placement  Agent hereunder shall be subject to
the  continuing  accuracy of the  representations  and warranties of the Company
herein as of the date hereof and as of the Date of Closing (the "CLOSING  DATE")
with  respect to the  Company  as if it had been made on and as of such  Closing
Date;  the  accuracy  on and as of the  Closing  Date of the  statements  of the
officers  of the  Company  made  pursuant  to the  provisions  hereof;  and  the
performance  by the Company on and as of the Closing Date of its  covenants  and
obligations hereunder and to the following further conditions:

         A. Upon the  effectiveness  of a  registration  statement  covering the
Equity Line of Credit  Agreement,  the Placement Agent shall receive the opinion
of Counsel to the Company,  dated as of the date thereof, which opinion shall be
in form and substance reasonably satisfactory to the Investor, their counsel and
the Placement Agent.

         B. At or prior to the  Closing,  the  Placement  Agent  shall have been
furnished such documents, certificates and opinions as it may reasonably require
for the purpose of enabling them to review or pass upon the matters  referred to
in this  Agreement  and the  Offering  Materials,  or in order to  evidence  the
accuracy, completeness or satisfaction of any of the representations, warranties
or conditions herein contained.

                                       11
<PAGE>

         C. At and prior to the  Closing,  (i) there shall have been no material
adverse change nor development  involving a prospective  change in the condition
or prospects or the business activities,  financial or otherwise, of the Company
from the latest  dates as of which such  condition  is set forth in the Offering
Materials; (ii) there shall have been no transaction, not in the ordinary course
of  business  except  the  transactions  pursuant  to  the  Securities  Purchase
Agreement  entered  into by the  Company  which  has not been  disclosed  in the
Offering  Materials or to the  Placement  Agent in writing;  (iii) except as set
forth in the Offering  Materials,  the Company shall not be in default under any
provision of any instrument relating to any outstanding indebtedness for which a
waiver or extension has not been otherwise received; (iv) except as set forth in
the Offering Materials,  the Company shall not have issued any securities (other
than those to be issued as provided in the  Offering  Materials)  or declared or
paid any dividend or made any distribution of its capital stock of any class and
there shall not have been any change in the indebtedness (long or short term) or
liabilities or  obligations  of the Company  (contingent or otherwise) and trade
payable  debt;  (v) no material  amount of the assets of the Company  shall have
been pledged or mortgaged,  except as indicated in the Offering  Materials;  and
(v) no action, suit or proceeding,  at law or in equity,  against the Company or
affecting any of its  properties  or  businesses  shall be pending or threatened
before  or by  any  court  or  federal  or  state  commission,  board  or  other
administrative  agency,  domestic or foreign,  wherein an unfavorable  decision,
ruling or finding could materially adversely affect the businesses, prospects or
financial  condition  or  income  of the  Company,  except  as set  forth in the
Offering Materials.

         D. At Closing,  the Placement  Agent shall receive a certificate of the
Company signed by an executive officer and chief financial officer,  dated as of
the  applicable  Closing,  to the  effect  that  the  conditions  set  forth  in
subparagraph  (C) above  have been  satisfied  and  that,  as of the  applicable
closing,  the representations and warranties of the Company set forth herein are
true and correct.

         10. TERMINATION.

         This Agreement  shall be co-terminus  with, and terminate upon the same
terms and conditions as those set forth in, the Equity Line of Credit Agreement.
The  rights  of the  Investor  and the  obligations  of the  Company  under  the
Registration  Rights  Agreement,  and the rights of the Placement  Agent and the
obligations  of the Company  shall  survive the  termination  of this  Agreement
unabridged.

         11. MISCELLANEOUS.

                                       12
<PAGE>

         A. This Agreement may be executed in any number of  counterparts,  each
of which shall be deemed to be an original,  but all which shall be deemed to be
one and the same instrument.

         B. Any notice  required or  permitted  to be given  hereunder  shall be
given in writing  and shall be deemed  effective  when  deposited  in the United
States mail, postage prepaid, or when received if personally  delivered or faxed
(upon  confirmation  of receipt  received by the sending  party),  addressed  as
follows:

If to Placement Agent, to:           Westrock Advisors, Inc.
                                     230 Park Avenue, Floor 9
                                     New York, New York 10169
                                     Westrock Advisors, Inc.

If to the Company, to:               Intercard, Inc.
                                     45-B Progress Parkway
                                     Maryland Heights, Missouri 63043
                                     Telephone:        (314) 275-8066
                                     Facsimile:        (314) 275-4998

With a copy to:                      Eugene Portman, P.C.
                                     231 South Bemiston, Suite 960
                                     Clayton, Missouri 63105
                                     Telephone:        (314) 727-8330
                                     Facsimile:        (314) 727-8335

With a copy to:                      Kirkpatrick & Lockhart, LLP
                                     Miami Center - 20th Floor
                                     201 South Biscayne Boulevard
                                     Miami, Florida  33131-2399
                                     Attention:        Clayton E. Parker, Esq.
                                     Telephone:        (305) 539-3306
                                     Facsimile:        (305) 358-7095

If to the Investor:                  Cornell Capital Partners, LP
                                     101 Hudson Street - Suite 3606
                                     Jersey City, New Jersey  07302
                                     Attention:        Mark A. Angelo
                                                       Portfolio Manager
                                     Telephone:        (201) 985-8300
                                     Facsimile:        (201) 985-8266

With Copies to:                      Butler Gonzalez LLP
                                     1000 Stuyvesant Avenue - Suite No. 6
                                     Union, New Jersey  07083
                                     Attention:        David Gonzalez, Esq.
                                     Telephone:        (908) 810-8588
                                     Facsimile:        (908) 810-0973

                                       13
<PAGE>

or to such other address of which written notice is given to the others.

         C. This  Agreement  shall be governed by and  construed in all respects
under the laws of the State of  Missouri,  without  reference to its conflict of
laws rules or principles. Any suit, action, proceeding or litigation arising out
of or relating to this Agreement shall be brought and prosecuted in such federal
or state  court or courts  located  within the State of New York as  provided by
law.  The  parties  hereby  irrevocably  and  unconditionally   consent  to  the
jurisdiction  of each such court or courts  located within the State of New York
and to service of  process by  registered  or  certified  mail,  return  receipt
requested,  or by any other  manner  provided  by  applicable  law,  and  hereby
irrevocably and unconditionally  waive any right to claim that any suit, action,
proceeding  or litigation  so commenced  has been  commenced in an  inconvenient
forum.

         D. This Agreement and the other  agreements  referenced  herein contain
the entire  understanding  between the parties hereto and may not be modified or
amended except by a writing duly signed by the party against whom enforcement of
the modification or amendment is sought.

         E. If any  provision of this  Agreement  shall be held to be invalid or
unenforceable,  such invalidity or  unenforceability  shall not affect any other
provision of this Agreement.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       14
<PAGE>

         IN WITNESS WHEREOF,  the parties hereto have executed this Agreement as
of the date first written above.

                                        COMPANY:
                                        INTERCARD, INC.

                                        By: /S/ RAY SHERROD
                                           ------------------------------
                                        Name: Ray Sherrod
                                        Title: President

                                        PLACEMENT AGENT:
                                        WESTROCK ADVISORS, INC.

                                        By: /S/ DON HUNTER
                                          -------------------------------
                                        Name: Don Hunter
                                        Title: Managing Director

                                        INVESTOR:
                                        CORNELL CAPITAL PARTNERS, LP

                                        By: Yorkville Advisors, LLC
                                        Its: General Partner

                                        By: /S/ MARK A. ANGELO
                                          --------------------------------
                                        Name: Mark A. Angelo
                                        Title: Portfolio Manager

                                       15<PAGE>

                      TERMINATION AND SETTLEMENT AGREEMENT

     TERMINATION AND SETTLEMENT AGREEMENT made as of the 3rd day of October,
2003 (the "Effective Date"), by and between TTR Technologies, a Delaware
corporation, with offices at 1091 Boston Post Road, Rye, New York, ("TTR" or the
"Company"), and Daniel C. Stein residing at 21 Woodland Drive, Rye Brook, New
York ("STEIN"); and

     WHEREAS, STEIN currently serves as TTR's Chief Executive Officer and
President under that certain executive employment agreement between TTR and
STEIN, entered into as of May 2, 2002 (hereinafter, the "Employment Agreement")
and concurrently serves as a Director on the Board of Directors of TTR; and

     WHEREAS, the Company and STEIN desire to terminate STEIN's employment under
the Employment Agreement and his service on the Company's Board of Directors,
all on the terms and conditions set forth herein.

     NOW, THEREFORE, in consideration of the terms and conditions hereafter set
forth, and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties agree as follows:

     1.   RESIGNATION OF POSITIONS BY STEIN. Subject to the terms and conditions
set forth herein (including, without limitation, the payment by TTR of the
Settlement Amount), by his execution of this Agreement, STEIN hereby resigns,
effective as of the Effective Date, from his positions as TTR's Chief Executive
Officer, President, and as a director of TTR, and from any and all other offices
he has held at the Company and/or any of its affiliates and subsidiaries
including, without limitation, directorships and executive management positions.

     The parties acknowledge and agree that STEIN's signature to this Agreement
shall serve as adequate and complete legal notice of his resignation as a
director, officer, employee, and member of management, of the Board of Directors
of the Company and to all applicable affiliates and subsidiaries.

     The parties acknowledge and agree that the Company's signature to this
Agreement shall serve as its acceptance of STEIN's resignation from these
capacities, and of its responsibility to provide timely notification of such
resignation to the Company's Board of Directors, to the Company's affiliates and
subsidiaries, and to all authorities to whom such resignation must be reported
by law. STEIN agrees to execute any reasonably necessary document to facilitate
and effect any notification of his resignation of positions with the Company.

     2.   COMPANY PROPERTY. Except as otherwise provided herein, upon or
immediately prior to his signature hereto, STEIN shall return to the Company all
TTR property then in STEIN's possession.

     3.   TERMS RELATING TO TERMINATION OF EMPLOYMENT. (I) Subject to the terms
and conditions set forth herein and in consideration of the resignations and
releases contained herein, the Company hereby agrees to transfer or afford to
Stein the following (collectively, the items referenced in sub paragraphs (a),
(b), (c) and (d) are referred to as the "Settlement Amount"):

          (a)   upon execution and delivery by STEIN of this Agreement and in
     further consideration of the waiver of claims under the Employment
     Agreement, TTR shall remit

<PAGE>

     by wire transfer to a bank account designated in writing by STEIN the
     amount of seventy-eight thousand dollars ($78,000), together with salary
     payments due and payable under the Employment Agreement through the
     Effective Date, LESS, in each case, deductions and withholdings under
     applicable law customarily made by the Company and/or required by law, and,
     by his signature below, STEIN hereby waives any claim to any other payments
     (other than salary) due under the Employment Agreement;

          (b)   as set-off of certain amounts owed to STEIN and in consideration
     of the waiver by STEIN of amounts claimed under the Employment Agreement,
     TTR agrees that the unpaid balance of the original signing bonus of
     $100,000 (the "Sign-Up Bonus") advanced to STEIN under the Employment
     Agreement (par.4 (b) (i)) is no longer due and payable by STEIN;

          (c)   STEIN shall be authorized to retain (i) the computer (personal
     laptop) that he has been using as an employee of TTR, provided that STEIN
     delivers to TTR a copy of all files and databases on that laptop, other
     than STEIN's files of a personal nature, (ii) the cellular telephone that
     he has been using as an employee of TTR, provided appropriate arrangements
     are made with the communication carrier for the continued use of the
     cellular phone at STEIN's sole expense; and (iii) the file cabinets
     (without their contents) that he has been using as an employee of TTR,
     provided that the relocation of such cabinets shall be at STEIN's sole
     expense and liability; and

          (d)   TTR agrees to continue providing to STEIN, at its sole expense,
     continued health care coverage, as currently provided under the current
     Oxford Plan through October 31, 2003, in addition to the Company's
     obligation under law to continue STEIN's coverage under COBRA or applicable
     laws at STEIN's expense to the extent required by law.

     STEIN acknowledges and agrees that the Settlement Amount is being made in
full and final release by STEIN of any and all claims, rights or remedies that
he may have under the Employment Agreement or otherwise available to him under
law consistent with the release set forth in paragraph 6.1 below.

     All taxes, withholdings and deductions payable or due in respect of STEIN's
receipt of the Settlement Amount, or any component thereof, including, without
limitation, the Sign-Up Bonus, will be borne by STEIN. Notwithstanding the
foregoing, the Company will deduct from payments made under the Settlement
Amount amounts required to be withheld in respect of deductions and withholdings
under applicable law customarily made by TTR and/or required by law.

     (ii) WAIVER BY STEIN OF CLAIMS TO ESOPS. By his execution of this
Agreement, STEIN waives any and all rights to the employee stock options
previously issued to him by the Company under the Company's 2000 Equity
Incentive Plan, including, without limitation, the employee stock options issued
on or about May 2002 for the purchase of 550,000 shares of the Company's common
stock, par value $0.001 per share, and any other options grant made subsequent
thereto.

     4.   CONTINUING OBLIGATIONS OF STEIN. Notwithstanding anything else
contained herein, STEIN hereby acknowledges and agrees that the provisions of
Article 8 of the Employment Agreement (Confidentiality and Non-Competition) and
Article 9 (Cooperation Following Termination) shall continue in full force and
effect after the Effective Date of this Agreement, in accordance with their
terms and for the duration specified therein. Nothing contained in this
Agreement shall be construed or interpreted as a waiver by the Company or any

                                        2
<PAGE>

of its affiliates or subsidiaries of any right or remedy available under such
sections of the Employment Agreement in the event of a breach occurring after
the Effective Date of this Agreement.

     5.   INDEMNIFICATION

     TTR agrees to hold harmless and indemnify STEIN, his agents, attorneys,
heirs, successors, executors, personal representatives and assigns as, and in
the manner permitted by Section 145 of the Delaware General Corporation Law, to
the extent (and only to such extent) that the Company' directors and officers
insurance or such other insurance as the Company may have in effect at the time
of a Proceeding (as defined herein) does not provide coverage, or to the extent
(and only such extent) that the Damages (as defined herein) exceed such
insurance policy coverage limits, for any and all losses, claims, demands,
obligations, damages, rights, causes of action, liabilities or expenses,
including, without limitation, reasonable attorneys' fees, judgments, fines,
excise taxes or penalties, witness fees, amounts paid in settlement and other
expenses, whether liquidated or unliquidated, absolute or contingent, known or
unknown incurred in connection with any Proceeding (the "Damages"), relating to
any completed, actual, pending or threatened action, suit, claim or proceeding,
whether civil, criminal, administrative or investigative (including an action by
or in the right of the Company) and whether formal or informal (each a
"Proceeding"), in which STEIN is, was or becomes involved by reason of the fact
that STEIN was a director, officer, employee, trustee or agent of either of the
Company or any of its affiliates or that, being or having been such a director,
officer, employee, trustee or agent, STEIN is or was serving at the request of
the Company as a director, officer, employee, trustee or agent of another
corporation or of a partnership, company, corporation, joint venture, trust or
other enterprise, whether the basis of such proceeding is an alleged action (or
inaction) by STEIN in an official capacity as a director, officer, employee,
trustee or agent or in any other capacity while serving as a director, officer,
employee, trustee or agent.

     TTR hereby covenants and agrees to maintain in force, at the Company's sole
cost and expense, an officers and directors liability insurance policy providing
no less favorable coverage to STEIN as to the other directors and officers. Such
coverage shall be maintained by TTR for as long as STEIN may be subject to any
possible claim or threatened, pending or completed action, suit or proceeding,
whether civil, criminal or investigative, by reason of STEIN's employment by,
association with or affiliation with TTR as described in this section.

     6.   RELEASES.

     6.1  In consideration of the promises, covenants and releases contained
herein, the adequacy of which is hereby acknowledged, STEIN (on his behalf and
on behalf of each of his agents, attorneys, heirs, successors, executors,
personal representatives and assigns) does hereby absolutely and unconditionally
waive, release and forever discharge each of the Company, its affiliates and
subsidiaries, their respective past, present and future officers, directors,
shareholders, employees, agents, attorneys, successors and assigns (hereinafter,
the "Company Released Parties"), from any claims, demands, obligations,
liabilities, rights, causes of action and damages, whether liquidated or
unliquidated, absolute or contingent, known or unknown, from the beginning of
time to the Effective Date of this Agreement, or that arise under the Employment
Agreement or that arise under any body of labor or contract law, or any claim
for wrongful termination, or claims with respect to any other payment required
under law or by virtue of his position as an officer, director, and/or employee
of TTR and its affiliates and subsidiaries. Notwithstanding the foregoing, the
rights and obligations set forth in this Agreement shall remain in full force
and effect; no release hereunder shall be construed to release any rights under
this

                                        3
<PAGE>

Agreement or any applicable insurance policy, including any officer and director
liability insurance coverage or any errors and omissions coverage; no release
hereunder shall waive any indemnification rights applicable to STEIN as a former
officer and Director of the Company or shall be construed to waive any rights
STEIN has as a shareholder.

     6.2  In consideration of the promises, covenants and releases contained
herein, the adequacy of which is hereby acknowledged, TTR (on its behalf and on
behalf of its affiliates and subsidiaries and each of their respective, past,
present and future officers, directors, employees, attorneys, agents,
successors, executors, and assigns) does hereby absolutely and unconditionally
waive, release and forever discharge STEIN (and his agents, attorneys, heirs,
successors, executors, personal representatives and assigns), from any claims,
demands, obligations, liabilities, rights, causes of action and damages, whether
liquidated or unliquidated, absolute or contingent, known or unknown, from the
beginning of time to the Effective Date of this Agreement; PROVIDED, however,
that the foregoing release shall not be construed as a waiver of future claims
by Company arising from STEIN's conduct after the Effective Date of this
Agreement with respect to his obligations to Company under the confidentiality
provisions contained in the Employment Agreement and any undertakings of STEIN
pursuant to this Agreement.

     7.   NON-DISPARAGEMENT. STEIN (on behalf of his heirs and personal
representatives), agrees not to make disparaging remarks concerning the Company
or its subsidiaries and affiliates or their respective businesses or any of
their respective employees, consultants, stockholders, directors, affiliates,
subsidiaries or representatives. The Company agrees not to make disparaging
remarks concerning STEIN. Nothing contained herein shall be interpreted as
affecting either of the parties' obligations to comply with the specific terms
of any valid and effective subpoena, oral questions, interrogatories, requests
for information, civil investigative demand or order issued by a court of
competent jurisdiction or by a governmental body.

     8.   CERTAIN REPRESENTATIONS OF TTR. TTR hereby represents to STEIN that it
will refrain from taking any action that may interfere with the provision to
STEIN of insurance coverage by the insurance carrier under the Company's
directors and officers liability insurance policy.

     9.   PRESS RELEASE. On or immediately following the Effective Date, TTR
shall issue a press release in the form attached hereto relating to STEIN's
resignation. The Company intends to also file with the Securities and Exchange
Commission an appropriate special report on Form 8-K.

     10.  RELIANCE. The parties acknowledge and agree that in the execution of
this Agreement, neither has relied upon any representation by any party or
attorney, except as expressly stated or referred to herein.

     11.  HEADINGS. Section and subsection headings are not to be considered
part of this Agreement and are included solely for convenience and are not
intended to be full or accurate descriptions of the content thereof.

     12.  SUCCESSORS AND ASSIGNS. Except as otherwise provided in this
Agreement, all the terms and provisions of this Agreement shall be upon, and
shall inure to the benefit of, the parties hereto and their respective heirs,
personal representatives, successors and assigns.

                                        4
<PAGE>

     13.  NON-ASSIGNMENT. By their respective signatures below, each of the
Company and STEIN represents and warrants that prior to the Effective Date it
has not assigned or otherwise conveyed to any third party any claim against any
of, respectively, STEIN or the Company.

     14.  COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

     15.  ENTIRE AGREEMENT. This Agreement constitutes the entire agreement
among the parties hereto with respect to the subject matter hereof and
supersedes any prior or contemporaneous understanding or agreement or letters,
written or verbal, among the parties with respect to the subject matter hereof
other than as expressly referenced herein. No supplement, modification or waiver
or termination of this Agreement or any provision hereof shall be binding unless
executed in writing by the parties to be bound thereby.

     16.  GOVERNING LAW, JURISDICTION AND FORUM. Except as otherwise expressly
provided herein, this Agreement, its validity, construction and effect shall be
governed by and construed under the laws of the State of New York without
reference to its conflict of laws principles. The parties hereby irrevocably
consent to the jurisdiction of the courts of New York County, State of New York
or the United States District Court for the Southern District of New York for
all actions, disputes, controversies, differences or questions arising out of or
relating to this Agreement. Each of the Company and STEIN agree that in any
litigation involving the subject matter of this Agreement they waive the right
to a trial by Jury.

     17.  ATTORNEYS' FEES. The prevailing party shall be entitled to the payment
or reimbursement in full of any reasonable attorneys' fees and out of pocket
expenses incurred by it in connection with any claim, defense, cause of action,
right or remedy exercised in connection with this Agreement.

     18.  SEVERABILITY. If any provision or provisions of this Agreement shall
be held invalid, illegal or unenforceable for any reason whatsoever, the
validity, legality and enforceability of the remaining provisions of this
Agreement (including, without limitation, all portions of any paragraphs of this
Agreement containing any such provision held to be invalid, illegal or
unenforceable, that are not themselves invalid, illegal or unenforceable) shall
not in any way be affected or impaired thereby.

     19.  REPRESENTATION. Each of STEIN and TTR acknowledges that they have had
the opportunity to consult with legal counsel respecting this Agreement. Each
person executing this Agreement on behalf of a corporation hereby represents and
warrants that he has been authorized to do so by all necessary corporate action.

                  [REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

                                        5
<PAGE>

     IN WITNESS WHEREOF, each of the parties has set forth its/ his signature as
of the date first written above.

TTR TECHNOLOGIES,  INC.

By: /s/ Samuel Brill
   -------------------------
SAMUEL BRILL

Title: Chief Operating Officer

/s/ Daniel C. Stein
----------------------------
DANIEL C. STEIN

                                        6

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